MAINSTAY FUNDS TRUST (Form: N-CSR, Received: 01/08/2021 12:44:25)

Interest

Rate

Contracts

Risk

Futures Contracts—Net Assets—Net unrealized depreciation on investments and futures contracts (a)

$(118,375)

Total Fair Value

$(118,375)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act File Number 811-22321

MAINSTAY FUNDS TRUST

(Exact name of Registrant as specified in charter)

51 Madison Avenue, New York, NY 10010

(Address of principal executive offices) (Zip code)

J. Kevin Gao, Esq.

30 Hudson Street

Jersey City, New Jersey 07302

(Name and address of agent for service)

Registrant’s telephone number, including area code: (212) 576-7000

Date of fiscal year end: October 31

Date of reporting period: October 31, 2020

FORM N-CSR

Item 1. Reports to Stockholders.

MainStay Balanced Fund

Message from the President and Annual Report

October 31, 2020

Beginning on January 1, 2021, paper copies of each MainStay Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from MainStay Funds or from your financial intermediary. Instead, the reports will be made available on the MainStay Funds’ website. You will be notified by mail and provided with a website address to access the report each time a new report is posted to the website.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from MainStay Funds electronically by calling toll-free 800-624-6782, by sending an e-mail to MainStayShareholderServices@nylim.com, or by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper form free of charge. If you hold shares of a MainStay Fund directly, you can inform MainStay Funds that you wish to receive paper copies of reports by calling toll-free 800-624-6782 or by sending an e-mail to MainStayShareholderServices@nylim.com. If you hold shares of a MainStay Fund through a financial intermediary, please contact the financial intermediary to make this election. Your election to receive reports in paper form will apply to all MainStay Funds in which you are invested and may apply to all funds held with your financial intermediary.


Not FDIC/NCUA Insured		Not a Deposit		May Lose Value		No Bank Guarantee		Not Insured by Any Government Agency

LOGO

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Message from the President

Despite historically high levels of volatility generated by the global coronavirus pandemic and a host of other geopolitical and economic uncertainties, most broad U.S. stock and bond markets gained ground during the 12-month reporting period ended October 31, 2020.

The reporting period began on an upswing, with markets rising on generally positive underlying economic trends and the announcement of a U.S.-China trade deal. However, in mid-February 2020, stock and bond indices began to dip as growing numbers of COVID-19 cases appeared in hotspots around the world. By early March, the disease reached pandemic proportions. As governments struggled to support overburdened health care systems by issuing “stay-at-home” orders and other restrictions on nonessential activity, global economic activity slowed, driving most stocks and bonds sharply lower.

The United States was hit particularly hard by the pandemic, with more reported COVID-19 cases and deaths than any other country in the world throughout the second half of the reporting period. As the pandemic deepened, the U.S. Federal Reserve (“Fed”) twice cut interest rates and announced unlimited quantitative easing. The federal government declared a national emergency, and Congress passed and the President signed a $2 trillion stimulus package. Markets responded positively to these measures, as well as to a gradual lessening of restrictions on nonessential businesses, hopes for additional stimulus and apparent progress in the development of a vaccine. By late August, the S&P 500^® Index, a widely regarded benchmark of market performance, had not only regained all the ground it lost earlier in the reporting period, the Index had reached new record levels. However, a resurgence of coronavirus cases in many parts of the country and uncertainties related to the November 3, 2020, U.S. presidential election caused markets to falter as the reporting period drew to a close.

Nevertheless, for the reporting period as a whole, U.S. equity indices generally produced moderate gains. Returns proved strongest among large-cap, growth-oriented stocks, while small- and mid-cap issues lagged. Within the S&P 500^® Index, the information technology and consumer discretionary sectors produced exceptionally strong gains, buoyed by strong corporate and consumer spending, while the health care sector outperformed by a smaller margin. Materials and consumer staples sectors generated positive returns, but lagged the S&P 500^® Index. The industrials, utilities, communication services, financials, real estate and energy sectors ended the reporting period in negative territory, with the energy sector

suffering the steepest losses due to weak global demand. International equities declined sharply in February and March 2020 before recovering somewhat, but tended to lag their U.S. counterparts due to weaker underlying economic growth and somewhat less aggressive monetary and fiscal stimulus. Emerging-market equities tracked the performance of U.S. equity markets more closely, led by relatively strong returns in Asian markets, such as China and South Korea.

Fixed-income markets experienced an environment that tended to favor higher credit quality and longer duration securities. Corporate bonds followed the pattern of equities, with prices declining in March 2020 before subsequently recovering. Relatively speculative high-yield credit was hardest hit during the market sell-off in early 2020 and continued to underperform during the remainder of the reporting period. Similarly, among municipal bond issues, high-grade bonds outperformed, dipping briefly in mid-March before regaining the lost ground. Recognized safe havens, such as U.S. government bonds, attracted increased investment during the height of the market sell-off, driving yields lower and prices higher. As a result, long-term Treasury bonds delivered particularly strong gains for the reporting period as a whole. Emerging-market debt, on the other hand, underperformed most other bond types as investors sought to minimize currency and sovereign risks.

Although the ongoing pandemic continues to change the way that many of us work and live our lives, at New York Life Investments, we remain dedicated to providing you, as a MainStay investor, with products, information and services to help you to navigate today’s rapidly changing investment environment. By taking appropriate steps to minimize community spread of COVID-19 within our organization and despite the challenges posed by the coronavirus pandemic, we continue to innovate with you in mind, introducing new suites of Funds and providing continuous insights into ever-evolving markets and investment strategies. Our goal is to give you the tools you need to build a resilient portfolio in the face of uncertain times.

Sincerely,

LOGO

Kirk C. Lehneis

President

The opinions expressed are as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment. Past performance is no guarantee of future results.

Not part of the Annual Report

Table of Contents


Annual Report

Investment and Performance Comparison			5

Portfolio Management Discussion and Analysis			9

Portfolio of Investments			12

Financial Statements			25

Notes to Financial Statements			33

Report of Independent Registered Public Accounting Firm			43

Federal Income Tax Information			44

Proxy Voting Policies and Procedures and Proxy Voting Record			44

Shareholder Reports and Quarterly Portfolio Disclosure			44

Board of Trustees and Officers			45

Investors should refer to the Fund’s Summary Prospectus and/or Prospectus and consider the Fund’s investment objectives, strategies, risks, charges and expenses carefully before investing. The Summary Prospectus and/or Prospectus contain this and other information about the Fund. You may obtain copies of the Fund’s Summary Prospectus, Prospectus and Statement of Additional Information free of charge, upon request, by calling toll-free 800-624-6782, by writing to NYLIFE Distributors LLC, Attn: MainStay Marketing Department, 30 Hudson Street, Jersey City, NJ 07302 or by sending an e-mail to MainStayShareholderServices@nylim.com. These documents are also available via the MainStay Funds’ website at newyorklifeinvestments.com. Please read the Summary Prospectus and/or Prospectus carefully before investing.

Investment and Performance Comparison¹ (Unaudited)

Performance data quoted represents past performance. Past performance is no guarantee of future results. Because of market volatility and other factors, current performance may be lower or higher than the figures shown. Investment return and principal value will fluctuate, and as a result, when shares are redeemed, they may be worth more or less than their original cost. The graph below depicts the historical performance of Class I shares of the Fund. Performance will vary from class to class based on differences in class-specific expenses and sales charges. For performance information current to the most recent month-end, please call 800-624-6782 or visit newyorklifeinvestments.com.

LOGO

Average Annual Total Returns for the Year-Ended October 31, 2020

Class

Sales Charge

Inception
Date

One
Year

Five Years
or Since
Inception

Ten
Years

Gross
Expense
Ratio²

Class A Shares³

Maximum 3% Initial Sales Charge

With sales charges

Excluding sales charges

1/2/2004

–6.00

–0.53

3.00

4.17

6.24

6.84

1.13

Investor Class Shares^3, 4

Maximum 2.5% Initial Sales Charge

With sales charges

Excluding sales charges

2/28/2008

–6.21

–0.75

2.81

3.98

6.05

6.65

1.36

Class B Shares⁵

Maximum 5% CDSC

if Redeemed Within the First Six Years of Purchase

With sales charges

Excluding sales charges

1/2/2004

–6.30

–1.51

2.86

3.19

5.85

2.11

Class C Shares

Maximum 1% CDSC

if Redeemed Within One Year of Purchase

With sales charges

Excluding sales charges

12/30/2002

–2.47

–1.51

3.19

5.85

2.11

Class I Shares

No Sales Charge

5/1/1989

–0.27

4.43

7.11

0.88

Class R1 Shares

No Sales Charge

1/2/2004

–0.38

4.33

7.00

0.98

Class R2 Shares

No Sales Charge

1/2/2004

–0.60

4.10

6.75

1.23

Class R3 Shares

No Sales Charge

4/28/2006

–0.88

3.81

6.47

1.48

Class R6 Shares

No Sales Charge

12/15/2017

–0.17

4.49

N/A

0.78

The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on distributions or Fund share redemptions. Total returns reflect maximum applicable sales charges as indicated in the table above, if any, changes in share price, and reinvestment of dividend and capital gain distributions. The graph assumes the initial investment amount shown above and reflects the deduction of all sales charges that would have applied for the period of investment. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower. For more information on share classes and current fee waivers and/or expense limitations (if any), please refer to the Notes to Financial Statements.

2.	The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report.

3.	Prior to November 4, 2019, the maximum initial sales charge applicable was 5.5%, which is reflected in the average annual total return figures shown.

4.	Prior to June 30, 2020, the maximum initial sales charge for Investor Class shares was 3.0%, which is reflected in the average annual total return figures shown.

5.	Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders.

The footnotes on the next page are an integral part of the table and graph and should be carefully read in conjunction with them.


			5


Benchmark Performance	One Year			Five Years			Ten Years

Russell Midcap^® Value Index⁶		–6.94	%		5.32	%		9.40	%
Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index⁷		5.67			3.37			2.84
Balanced Composite Index⁸		–0.91			4.97			7.07
Morningstar Allocation – 50% to 70% Equity Category Average⁹		3.88			6.23			7.13

The Russell Midcap^® Value Index is the Fund’s primary broad-based securities market index for comparison purposes. The Russell Midcap^® Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap^® Index companies with lower price-to-book ratios and lower forecasted growth values. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

The Fund has selected the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index as a secondary benchmark. The Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index measures the performance of U.S. dollar denominated U.S. treasuries, government-related and investment grade U.S. corporate securities that have a remaining maturity of greater than one year and less than ten years. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

The Fund has selected the Balanced Composite Index as an additional benchmark. The Balanced Composite Index consists of the Russell Midcap^® Value Index and the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index weighted 60% and 40%, respectively. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

The Morningstar Allocation – 50% to 70% Equity Category Average is representative of funds that seek to provide both income and capital appreciation by investing in multiple asset classes, including stocks, bonds, and cash. These portfolios are dominated by domestic holdings and have equity exposures between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.

The footnotes on the preceding page are an integral part of the table and graph and should be carefully read in conjunction with them.


6		MainStay Balanced Fund

Cost in Dollars of a $1,000 Investment in MainStay Balanced Fund (Unaudited)

The example below is intended to describe the fees and expenses borne by shareholders during the six-month period from May 1, 2020, to October 31, 2020, and the impact of those costs on your investment.

Example

As a shareholder of the Fund you incur two types of costs: (1) transaction costs, including exchange fees and sales charges (loads) on purchases (as applicable), and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses (as applicable). This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 made at the beginning of the six-month period and held for the entire period from May 1, 2020, to October 31, 2020.

This example illustrates your Fund’s ongoing costs in two ways:

Actual Expenses

The second and third data columns in the table below provide information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid during the six months ended October 31, 2020. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then

multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The fourth and fifth data columns in the table below provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the six-month period shown. You may use this information to compare the ongoing costs of investing in the Fund with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as exchange fees or sales charges (loads). Therefore, the fourth and fifth data columns of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.



Share Class	Beginning Account Value 5/1/20		Ending Account Value (Based on Actual Returns and Expenses) 10/31/20		Expenses Paid During Period¹		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/20		Expenses Paid During Period¹		Net Expense Ratio During Period²

Class A Shares	$	1,000.00	$	1,069.10	$	5.88	$	1,019.46	$	5.74	1.13%

Investor Class Shares	$	1,000.00	$	1,067.70	$	7.12	$	1,018.25	$	6.95	1.37%

Class B Shares	$	1,000.00	$	1,063.70	$	11.00	$	1,014.48	$	10.74	2.12%

Class C Shares	$	1,000.00	$	1,063.70	$	11.00	$	1,014.48	$	10.74	2.12%

Class I Shares	$	1,000.00	$	1,070.70	$	4.58	$	1,020.71	$	4.47	0.88%

Class R1 Shares	$	1,000.00	$	1,069.80	$	5.31	$	1,020.01	$	5.18	1.02%

Class R2 Shares	$	1,000.00	$	1,068.50	$	6.40	$	1,018.95	$	6.24	1.23%

Class R3 Shares	$	1,000.00	$	1,067.30	$	7.64	$	1,017.75	$	7.46	1.47%

Class R6 Shares	$	1,000.00	$	1,071.10	$	4.01	$	1,021.27	$	3.91	0.77%

Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 366 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures.

2.	Expenses are equal to the Fund’s annualized expense ratio to reflect the six-month period.


			7

Portfolio Composition as of October 31, 2020 (Unaudited)

LOGO

See Portfolio of Investments beginning on page 12 for specific holdings within these categories. The Fund’s holdings are subject to change.

Top Ten Holdings or Issuers Held as of October 31, 2020 (excluding short-term investments) (Unaudited)

1.	United States Treasury Notes, 0.125%–1.625%, due 10/31/22–7/31/27

2.	Federal Farm Credit Bank, 0.75%–2.03%, due 4/5/27–10/15/30

3.	Federal Home Loan Bank, 0.375%–3.25%, due 9/13/24–6/9/28

4.	iShares Russell 1000 Value ETF

5.	Vanguard Mid-Cap Value ETF

6.	Federal National Mortgage Association, 0.50%–1.75%, due 7/2/24–8/5/30

7.	Federal Home Loan Mortgage Corporation, 0.375%–1.50%, due 2/12/25–8/12/30

8.	Bank of America Corp.

9.	JPMorgan Chase & Co.

10.	Becton Dickinson & Co.


8		MainStay Balanced Fund

Portfolio Management Discussion and Analysis (Unaudited)

Questions answered by portfolio managers Jae S. Yoon, CFA, and Jonathan Swaney of New York Life Investment Management LLC, the Fund’s Manager; Kenneth Sommer and AJ Rzad, CFA, of NYL Investors LLC, the Fund’s fixed income Subadvisor; and Migene Kim, CFA, and Mona Patni of MacKay Shields LLC, the Fund’s equity Subadvisor.

How did MainStay Balanced Fund perform relative to its benchmarks and peer group during the 12 months ended October 31, 2020?

For the 12 months ended October 31, 2020, Class I shares of MainStay Balanced Fund returned –0.27%, outperforming the –6.94% return of the Fund’s primary benchmark, the Russell Midcap^® Value Index. Over the same period, Class I shares underperformed the 5.67% return of the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index, which is the Fund’s secondary benchmark, and outperformed the –0.91% return of the Balanced Composite Index, which is an additional benchmark of the Fund. For the 12 months ended October 31, 2020, Class I shares of the Fund underperformed the 3.88% return of the Morningstar Allocation –50% to 70% Equity Category Average.¹

What factors affected relative performance in the equity portion of the Fund during the reporting period?

During the reporting period, market dynamics were influenced by several significant exogenous factors, most prominently the global COVID-19 pandemic, international trade disputes and uncertainties regarding the U.S. presidential election. While domestic equities rallied in the final months of 2019, the investment landscape abruptly changed during the first quarter of 2020 when the pandemic provoked the worst quarterly drop for most major equity market indices since the financial crisis of 2007-2008. Stock performance in the second quarter proved equally dramatic in the opposite direction—as global central banks intervened and massive fiscal stimulus was deployed, U.S. equity markets reported their best quarterly gain since 1999. The third quarter saw an extension of the equity market rally despite continuing restrictions on global mobility and economic activities.

following factors were also subject to sharp, volatile sell-offs amid market uncertainties and inflection points. Quality and profitability signals mitigated some downside risk, particularly during the March 2020 market downturn; however, hedge fund sentiment was not efficacious, with the hedge fund community in aggregate having a challenging time coping with market turmoil. The Fund’s balanced approach and defensive positioning with respect to risk helped contain some of the losses in this adverse investment climate.

During the reporting period, were there any liquidity events that materially impacted the performance of the equity portion of the Fund?

There were several liquidity episodes during the reporting period; however, they did not impact Fund performance materially as we avoided reacting to short-term events and making binary calls during moments of market turmoil. Trade implementation was challenging at these times as brokers priced market volatility in their bids, although our trading team navigated through this environment with care and caution.

During the reporting period, which sectors were the strongest positive contributors to the relative performance of the equity portion of the Fund and which sectors were particularly weak?

During the reporting period, the strongest positive sector contributions to the performance of the equity portion of the Fund relative to the Russell Midcap^® Value Index came from real estate, health care and information technology. (Contributions take weightings and total returns into account.) During the same period, the most significant sector detractors from benchmark-relative performance included industrials, materials and consumer staples.

During the reporting period, which individual stocks made the strongest positive contributions to absolute performance in the equity portion of the Fund and which stocks detracted the most?

During the reporting period, the individual stocks that made the strongest positive contributions to the absolute performance of the equity portion of the Fund included gold miner Newmont; construction machinery & heavy trucks maker Cummins; and semiconductor device manufacturer Skyworks Solutions. The stocks that detracted most from absolute performance in the equity portion of the Fund included residential mortgage-focused real estate investment trust (“REIT”) MFA Financial; residential REIT Equity Residential; and aerospace & defense contractor Raytheon Technologies.

1.	See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 for more information on benchmark and peer group returns.


			9

What were some of the largest purchases and sales in the equity portion of the Fund during the reporting period?

During the reporting period, the largest initial purchase in the equity portion of the Fund was in shares of flow control equipment maker Parker-Hannifin, while the largest position increase was in asset manager State Street. Over the same period, the largest full sale in the equity portion of the Fund was a position in health care supply distribution chain Cardinal Health, while the most significantly reduced position in the equity portion of the Fund was in mortgage insurer Fidelity National Financial.

How did sector weightings change in the equity portion of the Fund during the reporting period?

In the equity portion of the Fund, the largest increases in sector exposures relative to the Russell Midcap^® Value Index during the reporting period occurred in the real estate and utility sectors. Over the same period, the equity portion of the Fund saw its most significant decreases in sector exposures relative to the Index in industrials and materials.

How was the equity portion of the Fund positioned at the end of the reporting period?

As of October 31, 2020, the most overweight sector positions relative to the Russell Midcap^® Value Index in the equity portion of the Fund were in health care and consumer staples. As of the same date, the equity portion of the Fund was most significantly underweight relative to the Index in the real estate and utilities sectors.

What factors affected the relative performance of the fixed-income portion of the Fund during the reporting period?

Relative to the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index, the Fund held overweight positions in U.S. government agencies, corporates, asset-backed securities and commercial mortgage-backed securities (“CMBS”) throughout the reporting period. To facilitate these overweight positions, the Fund maintained an underweight position to the U.S. Treasury sector. The corporate sector was the best performing sector during the reporting period. Overweight positions relative to the Index in asset-backed securities were accretive to performance, as was an overweight exposure to U.S. government agencies. Conversely, relatively underweight exposure to U.S. Treasury securities detracted from performance during the same period. The Fund’s overweight position in CMBS, particularly the non-agency subsector, detracted from

performance as well, as did its overweight exposure to the mortgage-backed securities sector.

During the reporting period, were there any market events that materially impacted the fixed-income portion of the Fund’s performance or liquidity?

From a liquidity perspective, the first quarter of 2020 proved to be a challenging environment for all fixed-income investors. As investors flocked to the relative safety of cash and/or U.S. Treasury holdings, portfolio redemptions resulted in forced selling across the corporate landscape. This led to wider bid-ask spreads² and a more difficult environment in which to transact. While the U.S. Federal Reserve’s heavy-handed response opened the primary market, secondary liquidity remained challenging until investors became more confident in the stability of the market.

During the reporting period, the Fund’s performance was materially affected by the coronavirus pandemic. During March 2020, option-adjusted spreads (“OAS”)³ on risk assets moved sharply

wider as the virus spread throughout the United States, undermining the relative performance of the Fund’s overweight positions in corporates, CMBS and mortgage-backed securities compared to matched-duration⁴ U.S. Treasury bonds.

During the reporting period, how was the performance of the fixed-income portion of the Fund materially affected by investments in derivatives?

During the reporting period, the use of U.S. Treasury futures held by the fixed-income portion of the Fund had a positive impact on performance.

What was the duration strategy of the fixed-income portion of the Fund during the reporting period?

During most of the reporting period, the fixed-income portion of the Fund maintained a duration relatively close to that of the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index. On two occasions, the Fund’s duration deviated significantly from that of the Index. In the beginning of the reporting period, the Fund duration was shorter than that of the Index; this strategy had a negative impact on the Fund’s performance. The Fund ended the reporting period with a duration longer than that of the Index; this strategy had a slightly positive impact on the Fund’s performance. As of October 31, 2020, the effective duration of the fixed-income portion of the Fund was 4.12 years compared to a duration of 4.10 years for the Index.

2.	The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time.

3.	An option-adjusted spread is the measurement of the spread of a fixed-income security rate and the risk-free rate of return, which is then adjusted to take into account an embedded option.

4.	Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity.


10		MainStay Balanced Fund

During the reporting period, which sectors were the strongest positive contributors to the relative performance of the fixed-income portion of the Fund and which sectors were particularly weak?

During the reporting period, the fixed-income portion of the Fund maintained overweight positions relative to the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index in the financials, industrials and utilities sectors. Positioning in the industrials sector, particularly the basic, capital goods and consumer cyclical subsectors, enhanced the Fund’s performance relative to the Index. The Fund’s positioning within the financials sector was also accretive to performance relative to the Index, led by relatively overweight exposure to insurance companies. Within non-corporate sectors, the Fund’s relatively underweight exposure to the foreign agency subsector was accretive to performance, as was its overweight exposure to the asset-backed securities subsector. Conversely, relatively overweight positions in CMBS and mortgage-backed securities detracted from performance compared to the Index.

What were some of the largest purchases and sales in the fixed-income portion of the Fund during the reporting period?

During the reporting period, the fixed-income portion of the Fund generally sought to purchase corporate bonds during periods of market weakness and to sell corporate bonds as the market rallied.

How did the sector weightings of the fixed-income portion of the Fund change during the reporting period?

The fixed-income portion of the Fund held overweight positions relative to the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index in the financials, industrials and utilities sectors. Toward the end of the reporting period, the Fund’s corporate credit allocation was modestly reduced as credit spreads tightened to the tightest levels since February 2020 in response to an increase in virus cases, lack of further fiscal stimulus and the impending U.S. election.

Throughout the reporting period, we added to the Fund’s position in five- to ten-year U.S. government agency securities. Because of newly introduced Federal Housing Finance Agency liquidity rules, Fannie Mae and Freddie Mac were forced to extend the duration of their issuance, creating attractive opportunities in the three- to five-year part of the agency yield curve.⁵ The Fund sold U.S. Treasury securities to pay for U.S. government agency purchases, thereby reducing the Fund’s exposure to the Treasury sector. During the first quarter of 2020, we increased the Fund’s allocation to AAA-rated⁶ non-agency mortgage-backed securities due to attractive valuations versus shorter-duration alternatives. During this timeframe, we also increased the Fund’s allocation to non-agency CMBS, as we saw compelling relative value within AAA-rated conduit CMBS versus other alternatives. Throughout the reporting period, we added to the Fund’s asset-backed securities allocation with an emphasis on AAA-rated collateralized loan obligations, which remained one of our highest conviction sectors in terms of relative value within investment-grade fixed income.

How was the fixed-income portion of the Fund positioned at the end of the reporting period?

As of October 31, 2020, the fixed-income portion of the Fund held overweight positions in corporate bonds relative to the Bloomberg Barclays U.S. Intermediate Government/Credit Index. Within the corporate sector, the Fund’s most significantly overweight positions were in financials, industrials and utilities. The Fund also held overweight exposure to asset-backed securities and, to a lesser degree, CMBS and U.S. government agencies.

Within non-corporate sectors, as of the same date, the Fund was relatively underweight to the sovereign, supranational, foreign agency and foreign local government sectors. The Fund also held an underweight position relative to the Index in the U.S. Treasury sector.

5.	The yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting.

An obligation rated ‘AAA’ has the highest rating assigned by Standard & Poor’s (“S&P”), and in the opinion of S&P, the obligor’s capacity to meet its financial commitment on the obligation is extremely strong. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund.

The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.


			11

Portfolio of Investments October 31, 2020


	Principal Amount		Value
Long-Term Bonds 44.1%† Asset-Backed Securities 5.3%
Automobile Asset-Backed Securities 0.2%
Toyota Auto Loan Extended Note Trust Series 2020-1A, Class A 1.35%, due 5/25/33 (a)	$	750,000	$	768,307


Other Asset-Backed Securities 5.1%
AIMCO CLO Series 2017-AA, Class A 1.478% (3 Month LIBOR + 1.26%), due 7/20/29 (a)(b)		500,000		496,386
Apidos CLO XV Series 2013-15A, Class A1RR 1.228% (3 Month LIBOR + 1.01%), due 4/20/31 (a)(b)		500,000		493,289
Apidos CLO XXV Series 2016-25A, Class A1R 1.388% (3 Month LIBOR + 1.17%), due 10/20/31 (a)(b)		650,000		640,942
Apidos CLO XXXII Series 2019-32A, Class A1 1.538% (3 Month LIBOR + 1.32%), due 1/20/33 (a)(b)		600,000		596,788
Ares XLI CLO, Ltd. Series 2016-41A, Class AR 1.437% (3 Month LIBOR + 1.20%), due 1/15/29 (a)(b)		750,000		745,201
Bain Capital Credit CLO, Ltd. Series 2016-2A, Class AR 1.377% (3 Month LIBOR + 1.14%), due 1/15/29 (a)(b)		598,257		593,749
Benefit Street Partners CLO IV, Ltd. Series 2014-IVA, Class A1RR 1.468% (3 Month LIBOR + 1.25%), due 1/20/29 (a)(b)		500,000		496,960
Benefit Street Partners CLO XVIII, Ltd. Series 2019-18A, Class A 1.577% (3 Month LIBOR + 1.34%), due 10/15/32 (a)(b)		350,000		346,589
CAL Funding IV, Ltd. Series 2020-1A, Class A 2.22%, due 9/25/45 (a)		1,241,146		1,241,634
Cedar Funding IV CLO, Ltd. Series 2014-4A, Class AR 1.439% (3 Month LIBOR + 1.23%), due 7/23/30 (a)(b)		1,500,000		1,490,937
Cedar Funding XII CLO, Ltd. Series 2020-12A, Class A 1.495% (3 Month LIBOR + 1.27%), due 10/25/32 (a)(b)		800,000		800,000


	Principal Amount		Value
Other Asset-Backed Securities (continued)
Dryden CLO, Ltd. Series 2019-76A, Class A1 1.548% (3 Month LIBOR + 1.33%), due 10/20/32 (a)(b)	$	500,000	$	498,181
Elara HGV Timeshare Issuer LLC Series 2017-A, Class A 2.69%, due 3/25/30 (a)		115,475		117,818
Galaxy XIX CLO, Ltd. Series 2015-19A, Class A1R 1.435% (3 Month LIBOR + 1.22%), due 7/24/30 (a)(b)		500,000		494,227
Galaxy XXII CLO, Ltd. Series 2016-22A, Class A1R 1.23% (3 Month LIBOR + 1.00%), due 7/16/28 (a)(b)		241,724		239,043
Highbridge Loan Management, Ltd. Series 2010A-16, Class A1R 1.358% (3 Month LIBOR + 1.14%), due 1/20/28 (a)(b)		248,173		246,366
Hilton Grand Vacations Trust Series 2018-AA, Class A 3.54%, due 2/25/32 (a)		366,297		383,183
HPS Loan Management, Ltd. Series 2011A-17, Class AR 1.243% (3 Month LIBOR + 1.02%), due 5/6/30 (a)(b)		1,050,000		1,032,836
Magnetite XVIII, Ltd. Series 2016-18A, Class AR 1.36% (3 Month LIBOR + 1.08%), due 11/15/28 (a)(b)		600,000		595,564
Magnetite XXIII, Ltd. Series 2019-23A, Class A 1.515% (3 Month LIBOR + 1.30%), due 10/25/32 (a)(b)		350,000		347,437
Magnetite XXVIII, Ltd. Series 2020-28A, Class A 1.487% (3 Month LIBOR + 1.27%), due 10/25/31 (a)(b)		500,000		499,152
MVW Owner Trust Series 2019-1A, Class A 2.89%, due 11/20/36 (a)		334,923		343,823
Neuberger Berman Loan Advisers CLO 24, Ltd. Series 2017-24A, Class AR 1.238% (3 Month LIBOR + 1.02%), due 4/19/30 (a)(b)		350,000		346,152
Neuberger Berman Loan Advisers CLO 35, Ltd. Series 2019-35A, Class A1 1.558% (3 Month LIBOR + 1.34%), due 1/19/33 (a)(b)		900,000		895,651


12		MainStay Balanced Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Asset-Backed Securities (continued)
Other Asset-Backed Securities (continued)
Oaktree CLO, Ltd. Series 2020-1A, Class B 2.935% (3 Month LIBOR + 2.59%), due 7/15/29 (a)(b)	$	500,000	$	499,353
Octagon Investment Partners 29, Ltd. Series 2016-1A, Class AR 1.395% (3 Month LIBOR + 1.18%), due 1/24/33 (a)(b)		500,000		491,149
Octagon Investment Partners 30, Ltd. Series 2017-1A, Class A1 1.538% (3 Month LIBOR + 1.32%), due 3/17/30 (a)(b)		500,000		496,915
OHA Credit Funding, Ltd. Series 2020-6A, Class A1 1.902% (3 Month LIBOR + 1.65%), due 7/20/31 (a)(b)		400,000		400,688
Palmer Square CLO, Ltd. (a)(b)
Series 2014-1A, Class A1R2 1.348% (3 Month LIBOR + 1.13%), due 1/17/31		250,000		247,440
Series 2015-1A, Class A1R2 1.467% (3 Month LIBOR + 1.22%), due 5/21/29		750,000		745,919
Series-2015-2A, Class A2R2 1.768% (3 Month LIBOR + 1.55%), due 7/20/30		250,000		243,682
Regatta VI Funding, Ltd. Series 2016-1A, Class AR 1.298% (3 Month LIBOR + 1.08%), due 7/20/28 (a)(b)		838,285		832,642
Sierra Timeshare Receivables Funding LLC Series 2019-1A, Class A 3.20%, due 1/20/36 (a)		136,481		139,992
SMB Private Education Loan Trust (a)
Series 2020-B, Class A1A 1.29%, due 7/15/53		728,337		728,659
Series 2020-PTB, Class A2A 1.60%, due 9/15/54		800,000		801,957
Sofi Professional Loan Program LLC Series 2019-A, Class A1FX 3.18%, due 6/15/48 (a)		64,794		65,077
THL Credit Wind River CLO, Ltd. (a)(b)
Series 2017-4A, Class A 1.403% (3 Month LIBOR + 1.15%), due 11/20/30		507,000		500,381
Series 2017-2A, Class A 1.448% (3 Month LIBOR + 1.23%), due 7/20/30		250,000		247,653


	Principal Amount		Value
Other Asset-Backed Securities (continued)
TIAA CLO III, Ltd. Series 2017-2A, Class A 1.38% (3 Month LIBOR + 1.15%), due 1/16/31 (a)(b)	$	500,000	$	490,448
TICP CLO X, Ltd. Series 2018-10A, Class A 1.218% (3 Month LIBOR + 1.00%), due 4/20/31 (a)(b)		400,000		394,056
TICP CLO XIII, Ltd. Series 2019 13A, Class A 1.537% (3 Month LIBOR + 1.30%), due 7/15/32 (a)(b)		500,000		498,064
Treman Park CLO, Ltd. Series 2015-1A, Class ARR 1.288% (3 Month LIBOR + 1.07%), due 10/20/28 (a)(b)		390,000		387,763
Triton Container Finance VIII LLC Series 2020-1A, Class A 2.11%, due 9/20/45 (a)		992,917		992,652
Vantage Data Centers LLC Series 2020-1A, Class A2 1.645%, due 9/15/45 (a)		1,400,000		1,391,304
Voya CLO, Ltd. Series 2019-1A, Class AR 1.297% (3 Month LIBOR + 1.06%), due 4/15/31 (a)(b)		400,000		392,235
Westcott Park CLO, Ltd. Series 2016 1A, Class AR 1.428% (3 Month LIBOR + 1.21%), due 7/20/28 (a)(b)		600,000		596,191

				25,566,128

Total Asset-Backed Securities (Cost $26,417,120)				26,334,435


Corporate Bonds 18.8%
Aerospace & Defense 0.6%
BAE Systems Holdings, Inc. 3.85%, due 12/15/25 (a)		640,000		722,727
Boeing Co.
3.10%, due 5/1/26		360,000		364,916
3.25%, due 2/1/28		500,000		499,978
3.625%, due 2/1/31		550,000		548,374
5.15%, due 5/1/30		625,000		690,707

				2,826,702

Apparel 0.0%‡
Ralph Lauren Corp. 1.70%, due 6/15/22		225,000		229,511


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					13

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Corporate Bonds (continued)
Auto Manufacturers 1.6%
Daimler Finance North America LLC 1.18% (3 Month LIBOR + 0.90%), due 2/15/22 (a)(b)	$	850,000	$	855,522
Ford Motor Credit Co. LLC
3.087%, due 1/9/23		575,000		569,250
3.664%, due 9/8/24		1,275,000		1,264,099
General Motors Financial Co., Inc.
4.35%, due 4/9/25		955,000		1,043,625
5.20%, due 3/20/23		275,000		298,408
Hyundai Capital America 2.375%, due 10/15/27 (a)		475,000		478,660
Nissan Motor Co., Ltd. 4.81%, due 9/17/30 (a)		825,000		827,649
Toyota Motor Credit Corp. 1.80%, due 2/13/25		900,000		937,212
Volkswagen Group of America Finance LLC (a)
1.083% (3 Month LIBOR + 0.86%), due 9/24/21 (b)		400,000		401,857
4.00%, due 11/12/21		1,350,000		1,397,306

				8,073,588

Banks 4.9%
Australia & New Zealand Banking Group, Ltd. 3.70%, due 11/16/25		425,000		485,355
Bank of America Corp. 4.45%, due 3/3/26		3,445,000		3,963,467
BNP Paribas S.A. (a)
2.219%, due 6/9/26 (c)		375,000		387,782
2.588% (5 Year Treasury Constant Maturity Rate + 2.05%), due 8/12/35 (b)		675,000		649,996
Citigroup, Inc. 4.60%, due 3/9/26		1,225,000		1,412,278
Credit Suisse A.G. of New York 2.95%, due 4/9/25		725,000		791,469
Credit Suisse Group A.G. 2.193%, due 6/5/26 (a)(c)		1,000,000		1,033,517
Fifth Third Bancorp 4.30%, due 1/16/24		1,100,000		1,209,337
Goldman Sachs Group, Inc.
2.905%, due 7/24/23 (c)		5,000		5,193
3.85%, due 1/26/27		905,000		1,018,472
Huntington Bancshares, Inc. 2.625%, due 8/6/24		1,700,000		1,810,740
JPMorgan Chase & Co.(c)
2.083%, due 4/22/26		2,250,000		2,352,740
2.956%, due 5/13/31		725,000		772,087
KeyBank N.A. 1.25%, due 3/10/23		450,000		459,202


	Principal Amount		Value
Banks (continued)
Lloyds Banking Group PLC 2.907%, due 11/7/23 (c)	$	650,000	$	676,097
Mizuho Financial Group, Inc. (b)
0.88% (3 Month LIBOR + 0.63%), due 5/25/24		2,300,000		2,298,943
1.099% (3 Month LIBOR + 0.85%), due 9/13/23		475,000		477,605
Morgan Stanley
3.625%, due 1/20/27		220,000		249,893
4.35%, due 9/8/26		1,320,000		1,533,743
Santander UK PLC 2.10%, due 1/13/23		200,000		206,444
Swedbank A.B. 1.30%, due 6/2/23 (a)		1,325,000		1,348,647
Truist Bank 1.50%, due 3/10/25		575,000		591,250
UBS Group A.G. 1.364% (1 Year Treasury Constant Maturity Rate + 1.08%), due 1/30/27 (a)(b)		675,000		673,052

				24,407,309

Beverages 0.3%
Anheuser-Busch InBev Worldwide, Inc. 4.75%, due 1/23/29		1,000,000		1,211,025
Diageo Capital PLC 2.125%, due 4/29/32		475,000		493,332

				1,704,357

Building Materials 0.2%
Owens Corning 3.95%, due 8/15/29		850,000		952,076
Vulcan Materials Co. 3.50%, due 6/1/30		200,000		224,427

				1,176,503

Chemicals 0.7%
Albemarle Corp. 1.33% (3 Month LIBOR + 1.05%), due 11/15/22 (b)		850,000		848,625
Dow Chemical Co. 4.80%, due 11/30/28		10,000		12,026
E.I. du Pont de Nemours & Co. 1.70%, due 7/15/25		225,000		233,282
LYB International Finance III LLC 1.25%, due 10/1/25		225,000		225,572
NewMarket Corp. 4.10%, due 12/15/22		1,220,000		1,301,187
Nutrien, Ltd. 3.625%, due 3/15/24		250,000		271,716
Nutrition & Biosciences, Inc. 1.832%, due 10/15/27 (a)		450,000		451,122

				3,343,530


14		MainStay Balanced Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Corporate Bonds (continued)
Computers 0.1%
DXC Technology Co. 4.00%, due 4/15/23	$	250,000	$	264,777


Diversified Financial Services 0.6%
AIG Global Funding 0.90%, due 9/22/25 (a)		525,000		522,684
Blackstone Holdings Finance Co. LLC 1.60%, due 3/30/31 (a)		475,000		464,768
GE Capital Funding LLC 4.05%, due 5/15/27 (a)		1,850,000		2,010,468

				2,997,920

Electric 1.6%
Berkshire Hathaway Energy Co. 1.65%, due 5/15/31 (a)		600,000		593,604
Commonwealth Edison Co. 3.10%, due 11/1/24		340,000		368,933
DTE Electric Co. 2.65%, due 6/15/22		600,000		617,401
DTE Energy Co. 1.05%, due 6/1/25		350,000		351,221
Entergy Arkansas LLC 3.70%, due 6/1/24		715,000		783,568
Entergy Corp. 4.00%, due 7/15/22		1,345,000		1,416,457
Exelon Corp. 4.05%, due 4/15/30		350,000		405,143
FirstEnergy Transmission LLC 4.35%, due 1/15/25 (a)		1,385,000		1,512,024
NextEra Energy Capital Holdings, Inc. 3.25%, due 4/1/26		615,000		684,686
Pinnacle West Capital Corp. 1.30%, due 6/15/25		775,000		787,113
Southern California Edison Co. 1.20%, due 2/1/26		550,000		545,706

				8,065,856

Electrical Components & Equipment 0.4%
Emerson Electric Co.
0.875%, due 10/15/26		1,470,000		1,455,464
1.80%, due 10/15/27		500,000		519,326

				1,974,790

Electronics 0.1%
Flex, Ltd. 3.75%, due 2/1/26		375,000		410,347


Food 0.2%
Conagra Brands, Inc. 4.85%, due 11/1/28		665,000		815,978


	Principal Amount		Value
Health Care—Products 0.1%
Baxter International, Inc. 1.73%, due 4/1/31 (a)	$	625,000	$	623,806


Health Care—Services 0.1%
Fresenius Medical Care U.S. Finance III, Inc. 2.375%, due 2/16/31 (a)		415,000		408,148


Insurance 0.2%
Empower Finance 2020, L.P. 1.776%, due 3/17/31 (a)		200,000		197,864
MassMutual Global Funding II 1.55%, due 10/9/30 (a)		250,000		246,132
Metropolitan Life Global Funding I 2.95%, due 4/9/30 (a)		500,000		557,371

				1,001,367

Iron & Steel 0.4%
Nucor Corp. 2.00%, due 6/1/25		375,000		392,027
Reliance Steel & Aluminum Co. 4.50%, due 4/15/23		1,460,000		1,576,668
Steel Dynamics, Inc. 2.40%, due 6/15/25		275,000		288,563

				2,257,258

Machinery—Diversified 0.4%
CNH Industrial Capital LLC
1.95%, due 7/2/23		425,000		432,341
4.375%, due 4/5/22		450,000		472,019
Deere & Co. 3.10%, due 4/15/30		600,000		680,557
Flowserve Corp. 3.50%, due 10/1/30		400,000		398,460

				1,983,377

Media 0.2%
Comcast Corp. 3.10%, due 4/1/25		500,000		549,196
Discovery Communications LLC 3.625%, due 5/15/30		200,000		221,283

				770,479

Mining 0.1%
Anglo American Capital PLC 5.625%, due 4/1/30 (a)		550,000		676,001


Oil & Gas 0.4%
Chevron Corp. 2.236%, due 5/11/30		600,000		628,738
Equinor ASA 1.75%, due 1/22/26		300,000		311,234


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					15

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Corporate Bonds (continued)
Oil & Gas (continued)
Valero Energy Corp. 2.85%, due 4/15/25	$	900,000	$	921,961

				1,861,933

Oil & Gas Services 0.3%
Schlumberger Holdings Corp. 3.75%, due 5/1/24 (a)		1,345,000		1,452,019


Packaging & Containers 0.3%
WRKCo., Inc. 3.75%, due 3/15/25		1,270,000		1,413,081


Pharmaceuticals 1.5%
AbbVie, Inc. 2.95%, due 11/21/26 (a)		1,275,000		1,392,400
Bayer U.S. Finance II LLC 4.375%, due 12/15/28 (a)		885,000		1,020,441
Becton Dickinson & Co. 2.894%, due 6/6/22		2,413,000		2,496,072
Cigna Corp. 4.125%, due 11/15/25		1,745,000		1,995,820
CVS Health Corp. 1.75%, due 8/21/30		680,000		661,943

				7,566,676

Pipelines 0.9%
Energy Transfer Partners, L.P. / Regency Energy Finance Corp. 5.875%, due 3/1/22		1,685,000		1,761,053
Kinder Morgan, Inc. 5.00%, due 2/15/21 (a)		2,260,000		2,279,607
Texas Eastern Transmission, L.P. 2.80%, due 10/15/22 (a)		590,000		607,179

				4,647,839

Real Estate Investment Trusts 1.6%
American Campus Communities Operating Partnership, L.P. 3.30%, due 7/15/26		1,130,000		1,213,617
Federal Realty Investment Trust 1.25%, due 2/15/26		200,000		199,443
Highwoods Realty, L.P. 3.875%, due 3/1/27		1,975,000		2,135,516
Kimco Realty Corp. 3.80%, due 4/1/27		290,000		324,402
Realty Income Corp. 3.25%, due 10/15/22		880,000		920,946
SBA Tower Trust (a)
1.884%, due 1/15/26		400,000		412,418
2.836%, due 1/15/25		750,000		794,606


	Principal Amount		Value
Real Estate Investment Trusts (continued)
Spirit Realty L.P. 3.20%, due 2/15/31	$	475,000	$	473,470
VEREIT Operating Partnership, L.P. 3.95%, due 8/15/27		1,195,000		1,291,542

				7,765,960

Retail 0.0%‡
Advance Auto Parts, Inc. 1.75%, due 10/1/27		200,000		198,543


Software 0.1%
Fiserv, Inc. 4.20%, due 10/1/28		5,000		5,879
Infor, Inc. 1.75%, due 7/15/25 (a)		300,000		308,483

				314,362

Telecommunications 0.9%
AT&T, Inc.
1.65%, due 2/1/28		275,000		272,601
4.35%, due 3/1/29		1,030,000		1,199,548
T-Mobile USA, Inc. 2.55%, due 2/15/31 (a)		1,500,000		1,528,650
Verizon Communications, Inc.
3.376%, due 2/15/25		8,000		8,886
4.016%, due 12/3/29		1,131,000		1,337,656

				4,347,341

Total Corporate Bonds (Cost $88,918,651)				93,579,358


Foreign Government Bonds 0.3%
Colombia 0.1%
Colombia Government International Bond 3.875%, due 4/25/27		350,000		378,525


Mexico 0.1%
Mexico Government International Bond 3.75%, due 1/11/28		350,000		378,742


Philippines 0.1%
Philippine Government International Bond 3.00%, due 2/1/28		325,000		356,411


Poland 0.0%‡
Republic of Poland Government International Bond 5.00%, due 3/23/22		175,000		186,477

Total Foreign Government Bonds (Cost $1,173,383)				1,300,155


16		MainStay Balanced Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Mortgage-Backed Securities 3.6%
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 2.9%
Bank Series 2017-BNK5, Class A2 2.987%, due 6/15/60	$	600,000	$	615,270
Benchmark Mortgage Trust
Series 2018-B1, Class A2 3.571%, due 1/15/51		300,000		311,709
Series 2018-B2, Class A2 3.662%, due 2/15/51		250,000		260,850
CD Mortgage Trust Series 2017-CD4, Class A2 3.03%, due 5/10/50		1,200,000		1,228,862
CFCRE Commercial Mortgage Trust Series 2017-C8, Class A2 2.982%, due 6/15/50		1,600,000		1,635,977
Citigroup Commercial Mortgage Trust Series 2020-GC46, Class A5 2.717%, due 2/15/53		1,000,000		1,077,436
Colony Mortgage Capital, Ltd. Series 2019-IKPR, Class B 1.626% (1 Month LIBOR + 1.478%), due 11/15/38 (a)(b)		2,000,000		1,853,540
CSMC WEST Trust Series 2020-WEST, Class A 3.04%, due 2/15/35 (a)		1,250,000		1,207,059
DBJPM Mortgage Trust Series 2017-C6, Class A2 2.917%, due 6/10/50		1,500,000		1,539,722
Morgan Stanley Bank of America Merrill Lynch Trust Series 2017-C33, Class A2 3.14%, due 5/15/50		2,000,000		2,050,798
Morgan Stanley Capital I Trust Series 2017-H1, Class A2 3.089%, due 6/15/50		1,700,000		1,744,732
UBS Commercial Mortgage Trust Series 2018-C8, Class A2 3.713%, due 2/15/51		800,000		836,894

				14,362,849

Whole Loan (Collateralized Mortgage Obligations) 0.7%
COLT Mortgage Loan Trust Series 2019-4, Class A1 2.579%, due 11/25/49 (a)(d)		465,446		470,891
JPMorgan Mortgage Trust Series 2019-1, Class A11 1.099% (1 Month LIBOR + 0.95%), due 5/25/49 (a)(b)		164,867		164,769
New Residential Mortgage Loan Trust Series 2020-NQM1, Class A1 2.464%, due 1/26/60 (a)(d)		430,443		437,080


	Principal Amount		Value
Whole Loan (Collateralized Mortgage Obligations) (continued)
Sequoia Mortgage Trust (a)(d)
Series 2020-3, Class A1 3.00%, due 4/25/50	$	1,097,227	$	1,124,828
Series 2020-1, Class A1 3.50%, due 2/25/50		231,910		237,063
Series 2020-2, Class A1 3.50%, due 3/25/50		1,020,861		1,048,970

				3,483,601

Total Mortgage-Backed Securities (Cost $17,989,659)				17,846,450


U.S. Government & Federal Agencies 16.1%
Federal Farm Credit Bank 2.2%
0.75%, due 4/5/27		675,000		666,466
0.90%, due 8/19/27		1,125,000		1,116,260
0.98%, due 4/27/27		775,000		764,347
1.14%, due 8/20/29		1,300,000		1,278,710
1.23%, due 9/10/29		1,500,000		1,503,656
1.23%, due 7/29/30		1,125,000		1,120,342
1.25%, due 6/24/30		1,400,000		1,395,458
1.26%, due 10/15/30		900,000		891,128
1.37%, due 6/1/29		1,000,000		1,000,827
2.03%, due 1/21/28		1,200,000		1,305,108

				11,042,302

Federal Home Loan Bank 1.6%
0.375%, due 9/4/25		1,060,000		1,056,613
2.50%, due 12/10/27		1,700,000		1,903,572
2.875%, due 9/13/24		1,800,000		1,980,370
3.00%, due 3/10/28		500,000		580,854
3.125%, due 9/12/25		800,000		901,586
3.25%, due 6/9/28		1,200,000		1,409,750

				7,832,745

Federal Home Loan Mortgage Corporation 1.0%
0.375%, due 7/21/25		45,000		44,784
0.375%, due 9/23/25		250,000		248,215
0.65%, due 10/27/25		1,000,000		1,000,026
0.85%, due 12/30/27		525,000		519,213
1.30%, due 8/12/30		885,000		879,431
1.50%, due 2/12/25		2,000,000		2,091,624

				4,783,293

Federal National Mortgage Association 1.0%
0.50%, due 6/17/25		950,000		949,951
0.625%, due 4/22/25		740,000		746,729
0.75%, due 10/8/27		1,000,000		993,776
0.875%, due 8/5/30		1,475,000		1,435,171
1.75%, due 7/2/24		825,000		869,441

				4,995,068


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					17

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
U.S. Government & Federal Agencies (continued)
United States Treasury Notes 10.3%
0.125%, due 10/31/22	$	18,300,000	$	18,289,277
0.125%, due 10/15/23		11,835,000		11,810,960
0.25%, due 10/31/25		5,125,000		5,092,169
0.375%, due 7/31/27		8,025,000		7,903,371
1.625%, due 11/15/22		7,955,600		8,192,093

				51,287,870

Total U.S. Government & Federal Agencies (Cost $78,967,544)				79,941,278

Total Long-Term Bonds (Cost $213,466,357)				219,001,676




	Shares
Common Stocks 51.5%
Aerospace & Defense 0.9%
Boeing Co.		3,841		554,602
General Dynamics Corp.		4,460		585,732
Huntington Ingalls Industries, Inc.		1,179		173,879
L3Harris Technologies, Inc.		3,637		585,957
Northrop Grumman Corp.		2,714		786,571
Raytheon Technologies Corp.		10,160		551,891
Textron, Inc.		31,677		1,134,037

				4,372,669

Air Freight & Logistics 0.3%
FedEx Corp.		3,029		785,935
United Parcel Service, Inc., Class B		4,342		682,171

				1,468,106

Auto Components 0.2%
Aptiv PLC		7,958		767,867


Automobiles 0.2%
Ford Motor Co.		41,419		320,169
General Motors Co.		17,249		595,608

				915,777

Banks 1.6%
Bank of America Corp.		29,726		704,506
Citigroup, Inc.		14,282		591,561
First Horizon National Corp.		19,625		204,296
JPMorgan Chase & Co.		6,102		598,240
PacWest Bancorp		45,956		884,194
PNC Financial Services Group, Inc.		6,534		731,024
Signature Bank		11,700		944,658
Synovus Financial Corp.		36,806		956,956
Truist Financial Corp.		16,952		714,018
U.S. Bancorp		18,255		711,032
Wells Fargo & Co.		32,136		689,317

				7,729,802



	Shares		Value
Beverages 0.7%
Coca-Cola Co.		12,406	$	596,232
Constellation Brands, Inc., Class A		4,169		688,844
Keurig Dr. Pepper, Inc.		25,650		689,985
Molson Coors Beverage Co., Class B		29,473		1,039,218
PepsiCo., Inc.		5,283		704,171

				3,718,450

Biotechnology 0.8%
AbbVie, Inc.		10,022		852,872
Alexion Pharmaceuticals, Inc. (e)		6,620		762,227
Alkermes PLC (e)		14,370		233,513
Biogen, Inc. (e)		3,275		825,529
Exelixis, Inc. (e)		12,781		261,755
Gilead Sciences, Inc.		14,027		815,670
United Therapeutics Corp. (e)		2,534		340,139

				4,091,705

Building Products 1.2%
Carrier Global Corp.		16,551		552,638
Fortune Brands Home & Security, Inc.		1,715		138,692
Johnson Controls International PLC		35,493		1,498,159
Masco Corp.		23,511		1,260,190
Owens Corning		15,430		1,010,202
Trane Technologies PLC		10,955		1,454,276

				5,914,157

Capital Markets 3.0%
Ameriprise Financial, Inc.		8,692		1,397,934
Bank of New York Mellon Corp.		22,899		786,810
BlackRock, Inc.		1,351		809,533
Charles Schwab Corp.		18,633		766,003
CME Group, Inc.		3,857		581,327
Evercore, Inc., Class A		4,507		358,487
Franklin Resources, Inc.		45,145		846,469
Goldman Sachs Group, Inc.		3,626		685,459
Intercontinental Exchange, Inc.		8,603		812,123
Lazard, Ltd., Class A		27,381		921,918
LPL Financial Holdings, Inc.		12,620		1,008,716
Morgan Stanley		14,497		698,030
Nasdaq, Inc.		9,224		1,116,012
Raymond James Financial, Inc.		14,271		1,090,875
S&P Global, Inc.		2,520		813,280
State Street Corp.		23,807		1,402,232
T. Rowe Price Group, Inc.		4,809		609,108

				14,704,316

Chemicals 1.5%
Air Products & Chemicals, Inc.		2,157		595,850
Cabot Corp.		11,299		429,475
CF Industries Holdings, Inc.		37,914		1,046,805
Dow, Inc.		15,471		703,776
DuPont de Nemours, Inc.		10,561		600,709
Ecolab, Inc.		3,117		572,250


18		MainStay Balanced Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Shares		Value
Common Stocks (continued)
Chemicals (continued)
Huntsman Corp.		40,066	$	973,203
Linde PLC		2,709		596,901
LyondellBasell Industries N.V., Class A		15,911		1,089,108
Mosaic Co.		32,138		594,553
PPG Industries, Inc.		551		71,476
Valvoline, Inc.		8,561		168,395

				7,442,501

Commercial Services & Supplies 0.8%
ADT, Inc.		119,460		787,241
Cintas Corp.		1,797		565,246
Clean Harbors, Inc. (e)		16,432		870,403
Republic Services, Inc.		11,194		986,975
Waste Management, Inc.		7,416		800,261

				4,010,126

Communications Equipment 0.2%
Cisco Systems, Inc.		22,327		801,539


Construction & Engineering 0.2%
Quanta Services, Inc.		17,091		1,066,991


Consumer Finance 0.8%
Ally Financial, Inc.		387		10,325
American Express Co.		8,681		792,054
Capital One Financial Corp.		11,221		820,031
SLM Corp.		98,082		901,374
Synchrony Financial		48,835		1,221,852

				3,745,636

Containers & Packaging 0.2%
Ardagh Group S.A.		10,105		166,531
Berry Global Group, Inc. (e)		17,710		825,817
International Paper Co.		4,999		218,706

				1,211,054

Distributors 0.3%
Genuine Parts Co.		2,726		246,512
LKQ Corp. (e)		35,713		1,142,459

				1,388,971

Diversified Consumer Services 0.3%
Graham Holdings Co., Class B		2,183		830,282
H&R Block, Inc.		47,798		824,994

				1,655,276

Diversified Financial Services 0.3%
Berkshire Hathaway, Inc., Class B (e)		2,963		598,230
Jefferies Financial Group, Inc.		49,510		965,940

				1,564,170

Diversified Telecommunication Services 0.3%
AT&T, Inc.		26,643		719,894


	Shares		Value
Diversified Telecommunication Services (continued)
Verizon Communications, Inc.		10,687	$	609,052

				1,328,946

Electric Utilities 1.5%
American Electric Power Co., Inc.		6,601		593,628
Duke Energy Corp.		6,631		610,781
Entergy Corp.		12,511		1,266,364
Evergy, Inc.		4,532		250,166
Eversource Energy		7,466		651,558
Exelon Corp.		14,816		591,010
FirstEnergy Corp.		9,547		283,737
Hawaiian Electric Industries, Inc.		11,060		365,422
NextEra Energy, Inc.		2,041		149,422
NRG Energy, Inc.		29,794		942,086
OGE Energy Corp.		30,070		925,254
Southern Co.		10,193		585,588
Xcel Energy, Inc.		3,783		264,924

				7,479,940

Electrical Equipment 0.6%
Eaton Corp. PLC		7,829		812,572
Emerson Electric Co.		10,770		697,788
GrafTech International, Ltd.		76,900		519,075
nVent Electric PLC		7,598		137,144
Regal Beloit Corp.		9,965		983,047

				3,149,626

Electronic Equipment, Instruments & Components 0.8%
Arrow Electronics, Inc. (e)		12,831		999,407
Avnet, Inc.		34,883		860,564
Jabil, Inc.		28,360		939,850
SYNNEX Corp.		7,230		951,757

				3,751,578

Energy Equipment & Services 0.1%
Schlumberger N.V.		40,730		608,506


Entertainment 0.8%
Activision Blizzard, Inc.		10,449		791,303
Electronic Arts, Inc. (e)		6,639		795,551
Lions Gate Entertainment Corp., Class B (e)		128,630		806,510
Take-Two Interactive Software, Inc. (e)		5,387		834,554
Walt Disney Co.		4,979		603,704

				3,831,622

Equity Real Estate Investment Trusts 2.9%
Alexandria Real Estate Equities, Inc.		4,641		703,204
American Homes 4 Rent, Class A		15,511		438,496
AvalonBay Communities, Inc.		2,629		365,773
Boston Properties, Inc.		1,551		112,308
Camden Property Trust		253		23,337
Crown Castle International Corp.		3,863		603,401
CubeSmart		12,447		422,327


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					19

Portfolio of Investments October 31, 2020 (continued)


	Shares		Value
Common Stocks (continued)
Equity Real Estate Investment Trusts (continued)
CyrusOne, Inc.		6,224	$	442,215
Digital Realty Trust, Inc.		4,046		583,838
Duke Realty Corp.		16,985		645,260
Equity Residential		13,196		619,948
Essex Property Trust, Inc.		1,712		350,258
Extra Space Storage, Inc.		3,056		354,343
First Industrial Realty Trust, Inc.		9,339		371,786
Gaming & Leisure Properties, Inc.		12,327		448,086
Healthcare Trust of America, Inc., Class A		2,270		55,161
Healthpeak Properties, Inc.		17,289		466,284
Host Hotels & Resorts, Inc.		41,412		433,998
Invitation Homes, Inc.		21,356		582,164
Life Storage, Inc.		3,366		384,229
Medical Properties Trust, Inc.		2,711		48,310
Mid-America Apartment Communities, Inc.		5,355		624,554
Prologis, Inc.		6,149		609,981
Public Storage		2,614		598,789
Realty Income Corp.		6,348		367,295
Rexford Industrial Realty, Inc.		8,517		395,700
SBA Communications Corp.		2,772		804,906
Sun Communities, Inc.		4,060		558,778
UDR, Inc.		1,458		45,548
Ventas, Inc.		5,437		214,598
VICI Properties, Inc.		20,055		460,262
Welltower, Inc.		8,266		444,463
Weyerhaeuser Co.		30,307		827,078
WP Carey, Inc.		1,514		94,791

				14,501,469

Food & Staples Retailing 0.9%
Costco Wholesale Corp.		2,267		810,725
Kroger Co.		48,571		1,564,472
Sysco Corp.		11,998		663,609
Walgreens Boots Alliance, Inc.		22,603		769,406
Walmart, Inc.		5,915		820,706

				4,628,918

Food Products 1.0%
Bunge, Ltd.		11,170		633,674
General Mills, Inc.		11,962		707,194
Ingredion, Inc.		13,087		927,737
Kraft Heinz Co.		20,204		618,040
Mondelez International, Inc., Class A		13,208		701,609
Tyson Foods, Inc., Class A		23,282		1,332,429

				4,920,683

Health Care Equipment & Supplies 1.5%
Abbott Laboratories		6,692		703,396
Baxter International, Inc.		10,511		815,338
Becton Dickinson & Co.		2,552		589,844
Boston Scientific Corp. (e)		16,762		574,434


	Shares		Value
Health Care Equipment & Supplies (continued)
Danaher Corp.		3,105	$	712,722
Hill-Rom Holdings, Inc.		11,015		1,003,136
Hologic, Inc. (e)		14,635		1,007,181
ICU Medical, Inc. (e)		4,469		794,543
Medtronic PLC		6,758		679,652
Stryker Corp.		2,876		580,981
Zimmer Biomet Holdings, Inc.		76		10,039

				7,471,266

Health Care Providers & Services 1.9%
AmerisourceBergen Corp.		5,151		494,856
Anthem, Inc.		2,805		765,204
Centene Corp. (e)		12,668		748,679
Cigna Corp.		4,010		669,550
CVS Health Corp.		14,121		792,047
HCA Healthcare, Inc.		6,210		769,667
Humana, Inc.		1,932		771,409
McKesson Corp.		6,791		1,001,605
Molina Healthcare, Inc. (e)		4,705		877,341
Quest Diagnostics, Inc.		7,557		923,012
UnitedHealth Group, Inc.		2,602		793,974
Universal Health Services, Inc., Class B		9,572		1,048,613

				9,655,957

Hotels, Restaurants & Leisure 1.2%
Darden Restaurants, Inc.		9,150		841,068
Extended Stay America, Inc.		76,674		870,250
Las Vegas Sands Corp.		12,575		604,354
Marriott International, Inc., Class A		8,759		813,536
McDonald’s Corp.		3,252		692,676
Starbucks Corp.		8,135		707,420
Wyndham Destinations, Inc.		19,384		632,500
Yum! Brands, Inc.		8,478		791,252

				5,953,056

Household Durables 0.9%
Lennar Corp.
Class A		2,010		141,162
Class B		14,434		821,150
Mohawk Industries, Inc. (e)		10,257		1,058,420
PulteGroup, Inc.		27,911		1,137,653
Whirlpool Corp.		6,178		1,142,683

				4,301,068

Household Products 0.5%
Colgate-Palmolive Co.		9,269		731,231
Kimberly-Clark Corp.		6,198		821,793
Procter & Gamble Co.		5,162		707,710

				2,260,734

Independent Power & Renewable Electricity Producers 0.4%
AES Corp.		60,812		1,185,834
Vistra Corp.		58,857		1,022,346

				2,208,180


20		MainStay Balanced Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Shares		Value
Common Stocks (continued)
Industrial Conglomerates 0.5%
3M Co.		3,716	$	594,411
General Electric Co.		83,724		621,232
Honeywell International, Inc.		3,630		598,769
Roper Technologies, Inc.		1,745		647,988

				2,462,400

Insurance 2.0%
Aflac, Inc.		22,874		776,572
Allstate Corp.		9,260		821,825
American International Group, Inc.		19,765		622,400
American National Group, Inc.		3,034		208,739
Chubb, Ltd.		4,903		636,949
Fidelity National Financial, Inc.		1,145		35,827
First American Financial Corp.		5,331		237,709
Hartford Financial Services Group, Inc.		25,435		979,756
Marsh & McLennan Cos., Inc.		6,566		679,318
MetLife, Inc.		21,357		808,363
Principal Financial Group, Inc.		14,426		565,788
Progressive Corp.		7,773		714,339
Reinsurance Group of America, Inc.		3,600		363,672
Travelers Cos., Inc.		6,001		724,381
Unum Group		50,067		884,183
Willis Towers Watson PLC		3,821		697,256

				9,757,077

Interactive Media & Services 0.6%
Alphabet, Inc. (e)
Class A		459		741,794
Class C		458		742,423
Pinterest, Inc., Class A (e)		2,290		134,996
Twitter, Inc. (e)		5,535		228,928
Zillow Group, Inc., Class A (e)		10,677		953,776

				2,801,917

Internet & Direct Marketing Retail 0.3%
eBay, Inc.		15,767		750,982
Qurate Retail, Inc., Series A		127,004		859,817

				1,610,799

IT Services 1.7%
Alliance Data Systems Corp.		19,538		1,006,988
Amdocs, Ltd.		18,757		1,057,520
Automatic Data Processing, Inc.		5,003		790,274
Cognizant Technology Solutions Corp., Class A		11,567		826,115
DXC Technology Co.		30,263		557,444
Euronet Worldwide, Inc. (e)		4,550		404,222
Fidelity National Information Services, Inc.		4,431		552,058
Fiserv, Inc. (e)		6,280		599,552
Global Payments, Inc.		3,659		577,171
International Business Machines Corp.		6,500		725,790


	Shares		Value
IT Services (continued)
Leidos Holdings, Inc.		13,761	$	1,142,163
Twilio, Inc., Class A (e)		681		189,979

				8,429,276

Leisure Products 0.2%
Peloton Interactive, Inc., Class A (e)		1,437		158,372
Polaris, Inc.		10,808		982,015

				1,140,387

Life Sciences Tools & Services 1.4%
Agilent Technologies, Inc.		9,765		996,909
Bio-Rad Laboratories, Inc., Class A (e)		446		261,543
Bruker Corp.		21,913		932,179
Charles River Laboratories International, Inc. (e)		2,945		670,577
IQVIA Holdings, Inc. (e)		8,734		1,344,949
PerkinElmer, Inc.		351		45,472
PPD, Inc. (e)		25,522		839,163
PRA Health Sciences, Inc. (e)		8,214		800,372
Thermo Fisher Scientific, Inc.		1,511		714,884
Waters Corp. (e)		1,678		373,892

				6,979,940

Machinery 1.8%
AGCO Corp.		12,241		942,924
Caterpillar, Inc.		3,785		594,434
Crane Co.		17,169		871,327
Cummins, Inc.		2,688		591,064
Deere & Co.		3,589		810,791
Dover Corp.		4,280		473,839
Fortive Corp.		8,838		544,421
Gates Industrial Corp. PLC (e)		7,466		82,873
Illinois Tool Works, Inc.		3,650		714,962
ITT, Inc.		8,534		516,392
Otis Worldwide Corp.		12,118		742,591
PACCAR, Inc.		6,297		537,638
Parker-Hannifin Corp.		7,680		1,600,205

				9,023,461

Media 0.5%
Charter Communications, Inc., Class A (e)		1,444		871,916
Comcast Corp., Class A		16,666		703,972
News Corp.
Class A		73,620		966,631
Class B		3,597		46,833

				2,589,352

Metals & Mining 1.1%
Freeport-McMoRan, Inc.		43,059		746,643
Newmont Corp.		24,209		1,521,294
Reliance Steel & Aluminum Co.		9,741		1,061,672
Royal Gold, Inc.		4,014		476,903
Southern Copper Corp.		14,267		746,735


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					21

Portfolio of Investments October 31, 2020 (continued)


	Shares		Value
Common Stocks (continued)
Metals & Mining (continued)
Steel Dynamics, Inc.		22,486	$	707,859

				5,261,106

Mortgage Real Estate Investment Trusts 0.1%
AGNC Investment Corp.		19,977		279,079
Starwood Property Trust, Inc.		31,636		441,955

				721,034

Multi-Utilities 1.2%
Consolidated Edison, Inc.		13,865		1,088,264
Dominion Energy, Inc.		7,560		607,370
DTE Energy Co.		5,977		737,681
MDU Resources Group, Inc.		41,109		976,750
Public Service Enterprise Group, Inc.		15,651		910,106
Sempra Energy		4,704		589,694
WEC Energy Group, Inc.		12,669		1,273,868

				6,183,733

Multiline Retail 0.4%
Dollar Tree, Inc. (e)		11,441		1,033,351
Target Corp.		5,324		810,419

				1,843,770

Oil, Gas & Consumable Fuels 1.5%
Chevron Corp.		8,709		605,276
Cimarex Energy Co.		1,286		32,626
ConocoPhillips		20,378		583,218
Devon Energy Corp.		32,459		289,859
EOG Resources, Inc.		17,689		605,671
Exxon Mobil Corp.		18,526		604,318
HollyFrontier Corp.		48,194		892,071
Kinder Morgan, Inc.		49,909		593,917
Phillips 66		12,834		598,834
Pioneer Natural Resources Co.		10,174		809,444
Targa Resources Corp.		59,597		956,532
Valero Energy Corp.		18,449		712,316
Williams Cos., Inc.		19,422		372,708

				7,656,790

Personal Products 0.5%
Estee Lauder Cos., Inc., Class A		3,141		689,952
Herbalife Nutrition, Ltd. (e)		17,590		794,013
Nu Skin Enterprises, Inc., Class A		17,326		855,038

				2,339,003

Pharmaceuticals 1.0%
Bristol-Myers Squibb Co.		14,095		823,853
Catalent, Inc. (e)		1,150		100,935
Johnson & Johnson		5,841		800,860
Merck & Co., Inc.		10,668		802,340
Perrigo Co. PLC		22,991		1,008,615
Pfizer, Inc.		22,181		786,982


	Shares		Value
Pharmaceuticals (continued)
Zoetis, Inc.		4,544	$	720,451

				5,044,036

Professional Services 0.2%
ManpowerGroup, Inc.		13,612		923,846


Road & Rail 1.1%
CSX Corp.		9,248		730,037
J.B. Hunt Transport Services, Inc.		6,414		780,840
Knight-Swift Transportation Holdings, Inc.		25,225		958,298
Norfolk Southern Corp.		3,462		723,974
Schneider National, Inc., Class B		36,916		814,367
Uber Technologies, Inc. (e)		20,554		686,709
Union Pacific Corp.		3,949		699,723

				5,393,948

Semiconductors & Semiconductor Equipment 1.6%
Advanced Micro Devices, Inc. (e)		8,871		667,898
Analog Devices, Inc.		6,021		713,669
Broadcom, Inc.		2,315		809,393
Cirrus Logic, Inc. (e)		12,593		867,280
Intel Corp.		18,002		797,129
Micron Technology, Inc. (e)		13,990		704,257
MKS Instruments, Inc.		583		63,191
Qorvo, Inc. (e)		9,686		1,233,609
Skyworks Solutions, Inc.		8,729		1,233,320
Texas Instruments, Inc.		5,762		833,128

				7,922,874

Software 1.3%
Autodesk, Inc. (e)		3,375		794,947
CDK Global, Inc.		21,920		944,752
Citrix Systems, Inc.		9,510		1,077,198
Nuance Communications, Inc. (e)		8,349		266,417
Oracle Corp.		14,629		820,833
salesforce.com, Inc. (e)		3,014		700,062
SS&C Technologies Holdings, Inc.		11,637		689,143
Synopsys, Inc. (e)		4,027		861,214
Teradata Corp. (e)		22,423		411,911

				6,566,477

Specialty Retail 1.7%
Advance Auto Parts, Inc.		4,011		590,740
AutoNation, Inc. (e)		15,584		884,080
AutoZone, Inc. (e)		507		572,393
Best Buy Co., Inc.		12,964		1,446,134
Dick’s Sporting Goods, Inc.		16,313		924,132
Foot Locker, Inc.		25,350		934,908
Home Depot, Inc.		3,046		812,399
L Brands, Inc.		31,628		1,012,412
Ross Stores, Inc.		7,959		677,868
TJX Cos., Inc.		13,263		673,760

				8,528,826


22		MainStay Balanced Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Shares		Value
Common Stocks (continued)
Technology Hardware, Storage & Peripherals 0.6%
Dell Technologies, Inc., Class C (e)		11,267	$	678,949
HP, Inc.		88,930		1,597,183
Xerox Holdings Corp.		50,181		872,146

				3,148,278

Textiles, Apparel & Luxury Goods 0.3%
Carter’s, Inc.		10,955		892,285
PVH Corp.		9,590		559,001
Tapestry, Inc.		5,201		115,618

				1,566,904

Thrifts & Mortgage Finance 0.5%
MGIC Investment Corp.		92,959		935,167
New York Community Bancorp, Inc.		111,364		925,435
Rocket Cos., Inc., Class A (e)(f)		36,694		668,932

				2,529,534

Tobacco 0.3%
Altria Group, Inc.		18,913		682,381
Philip Morris International, Inc.		11,419		810,977

				1,493,358

Trading Companies & Distributors 0.2%
HD Supply Holdings, Inc. (e)		22,832		910,084


Water Utilities 0.0%‡
American Water Works Co., Inc.		1,105		166,314


Wireless Telecommunication Services 0.1%
T-Mobile U.S., Inc. (e)		5,527		605,593

Total Common Stocks (Cost $222,361,147)				256,220,779


Exchange-Traded Funds 3.5%
iShares Intermediate Government / Credit Bond ETF		570		66,838
iShares Russell 1000 Value ETF		62,377		7,281,267
iShares Russell Mid-Cap ETF (f)		31,421		1,814,563
SPDR S&P 500 ETF Trust		5,262		1,718,254
Vanguard Mid-Cap Value ETF		66,705		6,795,905

Total Exchange-Traded Funds (Cost $16,995,321)				17,676,827


	Principal Amount			Value
Short-Term Investments 1.0%
Repurchase Agreement 0.8%
Fixed Income Clearing Corp. 0.00%, dated 10/30/20 due 11/2/20 Proceeds at Maturity $3,868,908 (Collateralized by a United States Treasury Note with a rate of 1.50% and maturity date 11/30/24, with a Principal Amount of $3,739,000 and a Market Value of $3,946,468)	$	3,868,908		$	3,868,908

Total Repurchase Agreement (Cost $3,868,908)					3,868,908




	Shares
Unaffiliated Investment Company 0.2%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.09% (g)(h)		1,024,798			1,024,798

Total Unaffiliated Investment Company (Cost $1,024,798)					1,024,798

Total Short-Term Investments (Cost $4,893,706)					4,893,706

Total Investments (Cost $457,716,531)		100.1	%		497,792,988
Other Assets, Less Liabilities		(0.1	)		(313,197	)
Net Assets		100.0	%	$	497,479,791

†	Percentages indicated are based on Fund net assets.

‡	Less than one-tenth of a percent.

(a)	May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.

(b)	Floating rate—Rate shown was the rate in effect as of October 31, 2020.

(c)	Fixed to floating rate—Rate shown was the rate in effect as of October 31, 2020.

(d)	Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of October 31, 2020.

(e)	Non-income producing security.

(f)

All or a portion of this security was held on loan. As of October 31, 2020, the aggregate market value of securities on loan was $972,884; the total market value of collateral held by the Fund was $1,028,277. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $3,479 (See Note 2(I)).

(g)	Current yield as of October 31, 2020.

(h)	Represents a security purchased with cash collateral received for securities on loan.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					23

Portfolio of Investments October 31, 2020 (continued)

Futures Contracts

As of October 31, 2020, the Fund held the following futures contracts¹:


Type	Number of Contracts			Expiration Date		Value at Trade Date			Current Notional Amount			Unrealized Appreciation (Depreciation)²
Long Contracts
2-Year United States Treasury Note		29			December 2020	$	6,406,813		$	6,404,469		$	(2,344	)
5-Year United States Treasury Note		154			December 2020		19,402,085			19,342,641			(59,444	)
10-Year United States Treasury Note		49			December 2020		6,829,306			6,772,719			(56,587	)

Total Long Contracts													(118,375	)

Short Contracts
10-Year United States Treasury Ultra Note		(7	)		December 2020		(1,103,894	)		(1,100,969	)		2,925
United States Treasury Long Bond		(1	)		December 2020		(177,631	)		(172,469	)		5,162
United States Treasury Ultra Bond		(2	)		December 2020		(439,145	)		(430,000	)		9,145

Total Short Contracts													17,232

Net Unrealized Depreciation												$	(101,143	)

1.	As of October 31, 2020, cash in the amount of $157,794 was on deposit with a broker or futures commission merchant for futures transactions.

2.	Represents the difference between the value of the contracts at the time they were opened and the value as of October 31, 2020.

The following abbreviations are used in the preceding pages:

ETF—Exchange-Traded Fund

LIBOR—London Interbank Offered Rate

SPDR—Standard & Poor’s Depositary Receipt

The following is a summary of the fair valuations according to the inputs used as of October 31, 2020, for valuing the Fund’s assets and liabilities:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total

Asset Valuation Inputs
Investments in Securities (a)
Long-Term Bonds
Asset-Backed Securities	$	—		$	26,334,435	$	—	$	26,334,435
Corporate Bonds		—			93,579,358		—		93,579,358
Foreign Government Bonds		—			1,300,155		—		1,300,155
Mortgage-Backed Securities		—			17,846,450		—		17,846,450
U.S. Government & Federal Agencies		—			79,941,278		—		79,941,278

Total Long-Term Bonds		—			219,001,676		—		219,001,676

Common Stocks		256,220,779			—		—		256,220,779
Exchange-Traded Funds		17,676,827			—		—		17,676,827
Short-Term Investments
Repurchase Agreements		—			3,868,908		—		3,868,908
Unaffiliated Investment Company		1,024,798			—		—		1,024,798

Total Short-Term Investments		1,024,798			3,868,908		—		4,893,706

Total Investments in Securities		274,922,404			222,870,584		—		497,792,988

Other Financial Instruments
Futures Contracts (b)		17,232			—		—		17,232

Total Investments in Securities and Other Financial Instruments	$	274,939,636		$	222,870,584	$	—	$	497,810,220


Liability Valuation Inputs
Other Financial Instruments
Futures Contracts (b)	$	(118,375	)	$	—	$	—	$	(118,375	)

(a)	For a complete listing of investments and their industries, see the Portfolio of Investments.

(b)	The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments.


24		MainStay Balanced Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Statement of Assets and Liabilities as of October 31, 2020


Assets
Investment in securities, at value (identified cost $457,716,531) including securities on loan of $972,884	$	497,792,988
Cash collateral on deposit at broker for futures contracts		157,794
Receivables:
Investment securities sold		27,085,882
Dividends and interest		1,135,025
Fund shares sold		187,218
Securities lending		374
Other assets		31,280

Total assets		526,390,561


Liabilities
Due to custodian		274,379
Cash collateral received for securities on loan		1,024,798
Payables:
Investment securities purchased		26,701,006
Manager (See Note 3)		304,439
Fund shares redeemed		278,040
Transfer agent (See Note 3)		134,836
NYLIFE Distributors (See Note 3)		103,428
Shareholder communication		44,341
Professional fees		27,121
Custodian		8,986
Variation margin on futures contracts		4,227
Trustees		673
Accrued expenses		4,496

Total liabilities		28,910,770

Net assets	$	497,479,791


Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	16,730
Additional paid-in capital		457,068,007

		457,084,737
Total distributable earnings (loss)		40,395,054

Net assets	$	497,479,791


Class A
Net assets applicable to outstanding shares	$	252,573,690

Shares of beneficial interest outstanding		8,497,867

Net asset value per share outstanding	$	29.72
Maximum sales charge (3.00% of offering price)		0.92

Maximum offering price per share outstanding	$	30.64

Investor Class
Net assets applicable to outstanding shares	$	47,357,676

Shares of beneficial interest outstanding		1,591,784

Net asset value per share outstanding	$	29.75
Maximum sales charge (2.50% of offering price)		0.76

Maximum offering price per share outstanding	$	30.51

Class B
Net assets applicable to outstanding shares	$	10,671,460

Shares of beneficial interest outstanding		360,958

Net asset value and offering price per share outstanding	$	29.56

Class C
Net assets applicable to outstanding shares	$	30,769,128

Shares of beneficial interest outstanding		1,041,119

Net asset value and offering price per share outstanding	$	29.55

Class I
Net assets applicable to outstanding shares	$	152,036,141

Shares of beneficial interest outstanding		5,101,663

Net asset value and offering price per share outstanding	$	29.80

Class R1
Net assets applicable to outstanding shares	$	77,877

Shares of beneficial interest outstanding		2,617

Net asset value and offering price per share outstanding	$	29.76

Class R2
Net assets applicable to outstanding shares	$	1,693,371

Shares of beneficial interest outstanding		56,878

Net asset value and offering price per share outstanding	$	29.77

Class R3
Net assets applicable to outstanding shares	$	2,251,935

Shares of beneficial interest outstanding		75,828

Net asset value and offering price per share outstanding	$	29.70

Class R6
Net assets applicable to outstanding shares	$	48,513

Shares of beneficial interest outstanding		1,626

Net asset value and offering price per share outstanding (a)	$	29.83

(a)	The difference between the recalculated and stated NAV was caused by rounding.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					25

Statement of Operations for the year ended October 31, 2020


Investment Income (Loss)
Income
Dividends (a)	$	7,062,623
Interest		5,310,552
Securities lending		18,459
Other		746

Total income		12,392,380

Expenses
Manager (See Note 3)		3,698,398
Distribution/Service—Class A (See Note 3)		656,075
Distribution/Service—Investor Class (See Note 3)		123,544
Distribution/Service—Class B (See Note 3)		126,983
Distribution/Service—Class C (See Note 3)		381,046
Distribution/Service—Class R2 (See Note 3)		5,481
Distribution/Service—Class R3 (See Note 3)		11,224
Transfer agent (See Note 3)		821,787
Registration		127,745
Professional fees		104,042
Shareholder communication		66,228
Custodian		56,845
Trustees		12,492
Shareholder service (See Note 3)		5,006
Miscellaneous		31,131

Total expenses before waiver/reimbursement		6,228,027
Expense waiver/reimbursement from Manager (See Note 3)		(24,381	)

Net expenses		6,203,646

Net investment income (loss)		6,188,734


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions		5,043,796
Futures transactions		1,164,931

Net realized gain (loss)		6,208,727

Net change in unrealized appreciation (depreciation) on:
Investments		(17,678,635	)
Futures contracts		48,127

Net change in unrealized appreciation (depreciation)		(17,630,508	)

Net realized and unrealized gain (loss)		(11,421,781	)

Net increase (decrease) in net assets resulting from operations	$	(5,233,047	)

(a)	Dividends recorded net of foreign withholding taxes in the amount of $961.


26		MainStay Balanced Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Statements of Changes in Net Assets

for the years ended October 31, 2020 and October 31, 2019


	2020			2019
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	6,188,734		$	8,788,586
Net realized gain (loss)		6,208,727			13,932,201
Net change in unrealized appreciation (depreciation)		(17,630,508	)		17,962,219

Net increase (decrease) in net assets resulting from operations		(5,233,047	)		40,683,006

Distributions to shareholders:
Class A		(9,628,061	)		(21,432,331	)
Investor Class		(1,699,180	)		(4,027,560	)
Class B		(379,813	)		(1,322,812	)
Class C		(1,139,534	)		(5,204,565	)
Class I		(6,310,208	)		(17,527,178	)
Class R1		(32,148	)		(133,373	)
Class R2		(85,858	)		(274,081	)
Class R3		(67,625	)		(274,626	)
Class R6		(1,844	)		(230,853	)

Total distributions to shareholders		(19,344,271	)		(50,427,379	)

Capital share transactions:
Net proceeds from sale of shares		54,812,354			118,856,507
Net asset value of shares issued to shareholders in reinvestment of distributions		18,977,236			49,461,234
Cost of shares redeemed		(143,847,332	)		(204,538,002	)

Increase (decrease) in net assets derived from capital share transactions		(70,057,742	)		(36,220,261	)

Net increase (decrease) in net assets		(94,635,060	)		(45,964,634	)

Net Assets
Beginning of year		592,114,851			638,079,485

End of year	$	497,479,791		$	592,114,851


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					27

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class A	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	30.98		$	31.49		$	33.63		$	31.27		$	32.13


Net investment income (loss) (a)		0.36			0.44			0.44			0.39			0.40

Net realized and unrealized gain (loss) on investments		(0.54	)		1.58			(0.23	)		2.80			0.79


Total from investment operations		(0.18	)		2.02			0.21			3.19			1.19


Less distributions:

From net investment income		(0.41	)		(0.46	)		(0.48	)		(0.39	)		(0.40	)

From net realized gain on investments		(0.67	)		(2.07	)		(1.87	)		(0.44	)		(1.65	)


Total distributions		(1.08	)		(2.53	)		(2.35	)		(0.83	)		(2.05	)


Net asset value at end of year	$	29.72		$	30.98		$	31.49		$	33.63		$	31.27


Total investment return (b)		(0.53	%)		7.07	%		0.48	%(c)		10.32	%		3.95	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		1.21	%		1.47	%		1.35	%		1.19	%		1.30	%(d)

Net expenses (e)		1.13	%		1.12	%		1.10	%		1.10	%		1.11	%(f)

Portfolio turnover rate		217	%		194	%		200	%		191	%		271	%

Net assets at end of year (in 000’s)	$	252,574		$	279,636		$	265,314		$	281,174		$	240,565

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(c)	Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d)	Without the custody fee reimbursement, net investment income (loss) would have been 1.29%.

(e)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(f)	Without the custody fee reimbursement, net expenses would have been 1.12%.



	Year ended October 31,

Investor Class	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	31.01		$	31.51		$	33.65		$	31.29		$	32.14


Net investment income (loss) (a)		0.29			0.38			0.38			0.34			0.35

Net realized and unrealized gain (loss) on investments		(0.55	)		1.58			(0.23	)		2.79			0.80


Total from investment operations		(0.26	)		1.96			0.15			3.13			1.15


Less distributions:

From net investment income		(0.33	)		(0.39	)		(0.42	)		(0.33	)		(0.35	)

From net realized gain on investments		(0.67	)		(2.07	)		(1.87	)		(0.44	)		(1.65	)


Total distributions		(1.00	)		(2.46	)		(2.29	)		(0.77	)		(2.00	)


Net asset value at end of year	$	29.75		$	31.01		$	31.51		$	33.65		$	31.29


Total investment return (b)		(0.75	%)		6.79	%		0.29	%		10.13	%		3.82	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		0.97	%		1.26	%		1.18	%		1.05	%		1.14	%(c)

Net expenses (d)		1.38	%		1.33	%		1.28	%		1.26	%		1.26	%(e)

Expenses (before waiver/reimbursement) (d)		1.40	%		1.35	%		1.30	%		1.26	%		1.26	%(e)

Portfolio turnover rate		217	%		194	%		200	%		191	%		271	%

Net assets at end of year (in 000’s)	$	47,358		$	53,006		$	51,128		$	55,541		$	81,762

(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 distributions. For periods of less than one year, total return is not annualized.

(c)	Without the custody fee reimbursement, net investment income (loss) would have been 1.13%.

(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)	Without the custody fee reimbursement, net expenses would have been 1.27%.


28		MainStay Balanced Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class B	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	30.82		$	31.35		$	33.48		$	31.15		$	32.01


Net investment income (loss) (a)		0.07			0.16			0.14			0.09			0.12

Net realized and unrealized gain (loss) on investments		(0.54	)		1.54			(0.23	)		2.78			0.79


Total from investment operations		(0.47	)		1.70			(0.09	)		2.87			0.91


Less distributions:

From net investment income		(0.12	)		(0.16	)		(0.17	)		(0.10	)		(0.12	)

From net realized gain on investments		(0.67	)		(2.07	)		(1.87	)		(0.44	)		(1.65	)


Total distributions		(0.79	)		(2.23	)		(2.04	)		(0.54	)		(1.77	)


Net asset value at end of year	$	29.56		$	30.82		$	31.35		$	33.48		$	31.15


Total investment return (b)		(1.51	%)		6.00	%		(0.45	%)(c)		9.31	%		3.03	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		0.23	%		0.54	%		0.43	%		0.29	%		0.40	%(d)

Net expenses (e)		2.13	%		2.08	%		2.03	%		2.02	%		2.01	%(f)

Expenses (before waiver/reimbursement) (e)		2.15	%		2.10	%		2.05	%		2.02	%		2.01	%(f)

Portfolio turnover rate		217	%		194	%		200	%		191	%		271	%

Net assets at end of year (in 000’s)	$	10,671		$	15,049		$	18,795		$	24,551		$	27,999

(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 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)	Without the custody fee reimbursement, net investment income (loss) would have been 0.39%.

(e)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(f)	Without the custody fee reimbursement, net expenses would have been 2.02%.



	Year ended October 31,

Class C	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	30.81		$	31.33		$	33.46		$	31.13		$	32.00


Net investment income (loss) (a)		0.07			0.18			0.14			0.09			0.12

Net realized and unrealized gain (loss) on investments		(0.54	)		1.53			(0.23	)		2.78			0.78


Total from investment operations		(0.47	)		1.71			(0.09	)		2.87			0.90


Less distributions:

From net investment income		(0.12	)		(0.16	)		(0.17	)		(0.10	)		(0.12	)

From net realized gain on investments		(0.67	)		(2.07	)		(1.87	)		(0.44	)		(1.65	)


Total distributions		(0.79	)		(2.23	)		(2.04	)		(0.54	)		(1.77	)


Net asset value at end of year	$	29.55		$	30.81		$	31.33		$	33.46		$	31.13


Total investment return (b)		(1.51	%)		6.03	%		(0.45	%)(c)		9.32	%		3.00	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		0.23	%		0.59	%		0.43	%		0.29	%		0.40	%(d)

Net expenses (e)		2.13	%		2.08	%		2.03	%		2.02	%		2.01	%(f)

Expenses (before waiver/reimbursement) (e)		2.15	%		2.10	%		2.05	%		2.02	%		2.01	%(f)

Portfolio turnover rate		217	%		194	%		200	%		191	%		271	%

Net assets at end of year (in 000’s)	$	30,769		$	45,437		$	76,233		$	94,447		$	102,410

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(c)	Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d)	Without the custody fee reimbursement, net investment income (loss) would have been 0.39%.

(e)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(f)	Without the custody fee reimbursement, net expenses would have been 2.02%.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					29

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class I	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	31.06		$	31.56		$	33.71		$	31.35		$	32.20


Net investment income (loss) (a)		0.44			0.53			0.52			0.47			0.48

Net realized and unrealized gain (loss) on investments		(0.55	)		1.57			(0.24	)		2.80			0.79


Total from investment operations		(0.11	)		2.10			0.28			3.27			1.27


Less distributions:

From net investment income		(0.48	)		(0.53	)		(0.56	)		(0.47	)		(0.47	)

From net realized gain on investments		(0.67	)		(2.07	)		(1.87	)		(0.44	)		(1.65	)


Total distributions		(1.15	)		(2.60	)		(2.43	)		(0.91	)		(2.12	)


Net asset value at end of year	$	29.80		$	31.06		$	31.56		$	33.71		$	31.35


Total investment return (b)		(0.27	%)		7.32	%		0.70	%		10.57	%		4.23	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		1.47	%		1.75	%		1.61	%		1.45	%		1.55	%(c)

Net expenses (d)		0.88	%		0.87	%		0.85	%		0.85	%		0.86	%(e)

Portfolio turnover rate		217	%		194	%		200	%		191	%		271	%

Net assets at end of year (in 000’s)	$	152,036		$	177,076		$	217,380		$	291,941		$	296,970

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized.

(c)	Without the custody fee reimbursement, net investment income (loss) would have been 1.54%.

(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)	Without the custody fee reimbursement, net expenses would have been 0.87%.



	Year ended October 31,

Class R1	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	31.02		$	31.52		$	33.66		$	31.30		$	32.16


Net investment income (loss) (a)		0.49			0.50			0.49			0.44			0.44

Net realized and unrealized gain (loss) on investments		(0.63	)		1.57			(0.24	)		2.79			0.79


Total from investment operations		(0.14	)		2.07			0.25			3.23			1.23


Less distributions:

From net investment income		(0.45	)		(0.50	)		(0.52	)		(0.43	)		(0.44	)

From net realized gain on investments		(0.67	)		(2.07	)		(1.87	)		(0.44	)		(1.65	)


Total distributions		(1.12	)		(2.57	)		(2.39	)		(0.87	)		(2.09	)


Net asset value at end of year	$	29.76		$	31.02		$	31.52		$	33.66		$	31.30


Total investment return (b)		(0.38	%)		7.22	%		0.62	%		10.47	%		4.10	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		1.60	%		1.67	%		1.50	%		1.35	%		1.44	%(c)

Net expenses (d)		0.98	%		0.97	%		0.95	%		0.95	%		0.96	%(e)

Portfolio turnover rate		217	%		194	%		200	%		191	%		271	%

Net assets at end of year (in 000’s)	$	78		$	1,286		$	1,805		$	2,016		$	2,130

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. Class R1 shares are not subject to sales charges. For periods of less than one year, total return is not annualized.

(c)	Without the custody fee reimbursement, net investment income (loss) would have been 1.43%.

(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)	Without the custody fee reimbursement, net expenses would have been 0.97%.


30		MainStay Balanced Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class R2	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	31.02		$	31.53		$	33.67		$	31.26		$	32.12


Net investment income (loss) (a)		0.34			0.42			0.41			0.39			0.37

Net realized and unrealized gain (loss) on investments		(0.55	)		1.56			(0.24	)		2.81			0.78


Total from investment operations		(0.21	)		1.98			0.17			3.20			1.15


Less distributions:

From net investment income		(0.37	)		(0.42	)		(0.44	)		(0.35	)		(0.36	)

From net realized gain on investments		(0.67	)		(2.07	)		(1.87	)		(0.44	)		(1.65	)


Total distributions		(1.04	)		(2.49	)		(2.31	)		(0.79	)		(2.01	)


Net asset value at end of year	$	29.77		$	31.02		$	31.53		$	33.67		$	31.26


Total investment return (b)		(0.60	%)		6.95	%		0.37	%(c)		10.37	%		3.85	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		1.14	%		1.40	%		1.26	%		1.19	%		1.21	%(d)

Net expenses (e)		1.23	%		1.22	%		1.20	%		1.21	%		1.21	%(f)

Portfolio turnover rate		217	%		194	%		200	%		191	%		271	%

Net assets at end of year (in 000’s)	$	1,693		$	2,882		$	3,496		$	5,234		$	38,233

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. Class R2 shares are not subject to sales charges. For periods of less than one year, total return is not annualized.

(c)	Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d)	Without the custody fee reimbursement, net investment income (loss) would have been 1.20%.

(e)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(f)	Without the custody fee reimbursement, net expenses would have been 1.22%.



	Year ended October 31,

Class R3	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	30.95		$	31.45		$	33.59		$	31.25		$	32.10


Net investment income (loss) (a)		0.26			0.35			0.33			0.27			0.29

Net realized and unrealized gain (loss) on investments		(0.55	)		1.56			(0.24	)		2.78			0.80


Total from investment operations		(0.29	)		1.91			0.09			3.05			1.09


Less distributions:

From net investment income		(0.29	)		(0.34	)		(0.36	)		(0.27	)		(0.29	)

From net realized gain on investments		(0.67	)		(2.07	)		(1.87	)		(0.44	)		(1.65	)


Total distributions		(0.96	)		(2.41	)		(2.23	)		(0.71	)		(1.94	)


Net asset value at end of year	$	29.70		$	30.95		$	31.45		$	33.59		$	31.25


Total investment return (b)		(0.88	%)		6.68	%		0.12	%		9.88	%		3.63	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		0.86	%		1.15	%		1.00	%		0.82	%		0.94	%(c)

Net expenses (d)		1.48	%		1.47	%		1.45	%		1.45	%		1.46	%(e)

Portfolio turnover rate		217	%		194	%		200	%		191	%		271	%

Net assets at end of year (in 000’s)	$	2,252		$	3,048		$	3,880		$	5,490		$	3,548

(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 distributions. Class R3 shares are not subject to sales charges. For periods of less than one year, total return is not annualized.

(c)	Without the custody fee reimbursement, net investment income (loss) would have been 0.93%.

(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)	Without the custody fee reimbursement, net expenses would have been 1.47%.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					31

Financial Highlights selected per share data and ratios



	Year ended October 31,						December 15, 2017^ through October 31,

Class R6	2020			2019			2018

Net asset value at beginning of period	$	31.06		$	31.57		$	32.52


Net investment income (loss) (a)		0.61			0.53			0.48

Net realized and unrealized gain (loss) on investments		(0.69	)		1.59			(0.95	)


Total from investment operations		(0.08	)		2.12			(0.47	)


Less distributions:

From net investment income		(0.48	)		(0.56	)		(0.48	)

From net realized gain on investments		(0.67	)		(2.07	)		—


Total distributions		(1.15	)		(2.63	)		(0.48	)


Net asset value at end of period	$	29.83		$	31.06		$	31.57


Total investment return (b)		(0.17	%)		7.40	%		(1.48	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		1.94	%		1.75	%		1.65	% ††

Net expenses (c)		0.78	%		0.77	%		0.76	% ††

Portfolio turnover rate		217	%		194	%		200	%

Net assets at end of period (in 000’s)	$	49		$	14,697		$	48

^	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 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.


32		MainStay Balanced Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Notes to Financial Statements

Note 1–Organization and Business

The Fund currently has ten classes of shares registered for sale. Class I shares commenced operations on May 1, 1989. Class C shares commenced operations on December 30, 2002. Class A, Class B, Class R1 and Class R2 shares commenced operations on January 2, 2004. Class R3 shares commenced operations on April 28, 2006. Investor Class shares commenced operations on February 28, 2008. Class R6 shares commenced operations on December 15, 2017. SIMPLE Class shares were registered for sale effective as of August 31, 2020. As of October 31, 2020, SIMPLE Class shares were not yet offered for sale.

Class B shares of the MainStay Group of Funds are 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 funds in the MainStay Group of Funds as permitted by the current exchange privileges. Class B shareholders continue to be subject to any applicable contingent deferred sales charge (“CDSC”) at the time of redemption. All other features of the Class B shares, including but not limited to the fees and expenses applicable to Class B shares, remain unchanged. Unless redeemed, Class B 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.

Class A and Investor Class shares are offered at net asset value (“NAV”) per share plus an initial sales charge. No initial sales charge applies to investments of $250,000 or more (and certain other qualified purchases) in Class A and Investor Class shares. However, a CDSC 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. Class C shares are offered at NAV without an initial sales charge, although a 1.00% CDSC may be imposed on certain redemptions of such shares made within one year of the date of purchase of Class C shares. When Class B shares were offered, they were offered at NAV without an initial sales charge, although a CDSC that declines depending on the number of years a shareholder held its Class B shares may be imposed on certain redemptions of such shares made within six years of the date of purchase of such shares. Class I, Class R1, Class R2, Class R3 and Class R6 shares are offered at NAV without a sales charge. SIMPLE Class shares are currently expected to be offered at NAV without a sales charge. Depending upon eligibility, Class B shares convert to either Class A or Investor Class shares at the end of the calendar quarter eight years after the date they were purchased. In addition, depending upon eligibility, Class C shares convert to either Class A or Investor Class shares at the end of the calendar quarter ten years after the date they were purchased. Additionally,

Investor Class shares may convert automatically to Class A shares. Under certain circumstances and as may be permitted by the Trust’s multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under distribution plans pursuant to Rule 12b-1 under the 1940 Act, Class B and Class C shares are subject to higher distribution and/or service fees than Class A, Investor Class, Class R2, Class R3 and SIMPLE Class shares. Class I, Class R1 and Class R6 shares are not subject to a distribution and/or service fees. Class R1, Class R2 and Class R3 shares are subject to a shareholder service fee, which is in addition to any fees paid under the distribution plans for Class R2 and Class R3 shares.

The Fund’s investment objective is to seek total return.

Note 2–Significant Accounting Policies

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 Financial Services—Investment Companies. The Fund prepares its financial statements in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.

(A) Securities Valuation. Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the “Exchange”) (usually 4:00 p.m. Eastern time) on each day the Fund is open for business (“valuation date”).

The Board of Trustees of the Trust (the “Board”) adopted procedures establishing methodologies for the valuation of the Fund’s securities and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Trust (the “Valuation Committee”). The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for the day-to-day valuation of portfolio assets (including fair value measurements for the Fund’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisors (as defined in Note 3(A)). To assess the appropriateness of security valuations, the Manager, the Subadvisors or the Fund’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources.

The Board authorized the Valuation Committee to appoint a Valuation Subcommittee (the “Subcommittee”) to establish the prices of securities for which market quotations are not readily available or the prices of which are not otherwise readily determinable under the procedures. The Subcommittee meets (in person, via electronic mail or via teleconference) on an as-needed basis. The Valuation Committee meets to ensure that actions taken by the Subcommittee were appropriate.


			33

Notes to Financial Statements (continued)

For those securities valued through either a standardized fair valuation methodology or a fair valuation measurement, the Subcommittee deals with such valuation and the Valuation Committee reviews and affirms, if appropriate, the reasonableness of the valuation based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. Any action taken by the Subcommittee with respect to the valuation of a portfolio security or other asset is submitted for review and ratification (if appropriate) to the Valuation Committee and the Board at the next regularly scheduled meeting.

“Fair value” is defined as the price the Fund would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy that maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. “Inputs” refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

•

Level 1—quoted prices in active markets for an identical asset or liability

•

Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. The aggregate value by input level of the Fund’s assets and liabilities as of October 31, 2020, is included at the end of the Portfolio of Investments.

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:


• 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

An asset or liability for which market values cannot be measured using the methodologies described above is valued by methods deemed reasonable in good faith by the Valuation Committee, following the procedures established by the Board, to represent fair value. Under these procedures, the Fund generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Discounts may also be applied due to the nature and/or duration of any restrictions on the disposition of the asset or liability. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Fund’s valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Fund’s valuation procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security’s sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the year ended October 31, 2020, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisors, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. No securities held by the Fund as of October 31, 2020, were fair valued in such a manner.

Equity securities, including exchange-traded funds (“ETFs”), are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Futures contracts are valued at the last posted settlement price on the market where such futures are primarily traded. Investments in mutual funds, including money market funds, are valued at their respective NAVs as of the close of the Exchange on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Debt securities (other than convertible and municipal bonds) are valued at the evaluated bid prices (evaluated mean prices in the case of con-


34		MainStay Balanced Fund

vertible and municipal bonds) supplied by a pricing agent or brokers selected by the Manager, in consultation with the Subadvisors. The evaluations are market-based measurements processed through a pricing application and represents the pricing agent’s good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules based logic utilizes valuation techniques that reflect participants’ assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Manager, in consultation with the Subadvisors, to be representative of market values at the regular close of trading of the Exchange on each valuation date. Debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Debt securities, including corporate bonds, U.S. government and federal agency bonds, municipal bonds, foreign bonds, convertible bonds, asset-backed securities and mortgage-backed securities are generally categorized as Level 2 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Temporary cash investments that mature in 60 days or less at the time of purchase (“Short-Term Investments”) are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the value on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The valuation procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B) Income Taxes. The Fund’s policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Fund within the allowable time limits.

state and local income tax are required in the Fund’s financial statements. The Fund’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare and pay dividends from net investment income, if any, at least quarterly and distributions from net realized capital and currency gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

Investment income and realized and unrealized gains and losses on investments of the Fund are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

The Fund may place a debt security on non-accrual status and reduce related interest income by ceasing current accruals and writing off all or a portion of any interest receivables when the collection of all or a portion of such interest has become doubtful. A debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

(E) Expenses. Expenses of the Trust are allocated to the individual Funds in proportion to the net assets of the respective Funds when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than transfer agent expenses and fees incurred under the shareholder services plans and/or the distribution plans further discussed in Note 3(B)) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Fund, including those of related parties to the Fund, are shown in the Statement of Operations.

Additionally, the Fund may invest in ETFs and mutual funds, which are subject to management fees and other fees that may cause the costs of investing in ETFs and mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of ETFs and mutual funds are not included in the amounts shown as expenses in the Fund’s Statement of Operations or in the expense ratios included in the Financial Highlights.

(F) Use of Estimates. In preparing financial statements in conformity with GAAP, the Manager makes estimates and assumptions that


			35

Notes to Financial Statements (continued)

affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

(G) Repurchase Agreements. The Fund may enter into repurchase agreements (i.e., buy a security from another party with the agreement that it will be sold back in the future) to earn income. The Fund may enter into repurchase agreements only with counterparties, usually financial institutions, that are deemed by the Manager or the Subadvisors to be creditworthy, pursuant to guidelines established by the Board. During the term of any repurchase agreement, the Manager or the Subadvisors will continue to monitor the creditworthiness of the counterparty. Under the 1940 Act, repurchase agreements are considered to be collateralized loans by the Fund to the counterparty secured by the securities transferred to the Fund.

Repurchase agreements are subject to counterparty risk, meaning the Fund could lose money by the counterparty’s failure to perform under the terms of the agreement. The Fund mitigates this risk by ensuring the repurchase agreement is collateralized by cash, U.S. government securities, fixed income securities and/or other securities. The collateral is held by the Fund’s custodian and valued daily on a mark to market basis to determine if the value, including accrued interest, exceeds the repurchase price. In the event of the counterparty’s default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, such as in the event of default or bankruptcy by the counterparty, realization and/or retention of the collateral may be limited or subject to delay, to legal proceedings and possible realized loss to the Fund. Repurchase agreements as of October 31, 2020, are shown in the Portfolio of Investments.

(H) Futures Contracts. A futures contract is an agreement to purchase or sell a specified quantity of an underlying instrument at a specified future date and price, or to make or receive a cash payment based on the value of a financial instrument (e.g., foreign currency, interest rate, security or securities index). The Fund is subject to risks such as market price risk and/or interest rate risk in the normal course of investing in these contracts. Upon entering into a futures contract, the Fund is required to pledge to the broker or futures commission merchant an amount of cash and/or U.S. government securities equal to a certain percentage of the collateral amount, known as the “initial margin.” During the period the futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each day’s trading. The Fund agrees to receive from or pay to the broker or futures commission merchant an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as “variation margin.” When the futures contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract.

liquid market will exist at the time when the Fund seeks to close out a futures contract. If no liquid market exists, the Fund would remain obligated to meet margin requirements until the position is closed. Futures contracts may involve a small initial investment relative to the risk assumed, which could result in losses greater than if the Fund did not invest in futures contracts. Futures contracts may be more volatile than direct investments in the instrument underlying the futures and may not correlate to the underlying instrument, causing a given hedge not to achieve its objectives. The Fund’s activities in futures contracts have minimal counterparty risk as they are conducted through regulated exchanges that guarantee the futures against default by the counterparty. In the event of a bankruptcy or insolvency of a futures commission merchant that holds margin on behalf of the Fund, the Fund may not be entitled to the return of the entire margin owed to the Fund, potentially resulting in a loss. The Fund’s investment in futures contracts and other derivatives may increase the volatility of the Fund’s NAVs and may result in a loss to the Fund. Open futures contracts held as of October 31, 2020, are shown in the Portfolio of Investments.

(I) Securities Lending. In order to realize additional income, the Fund may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission (“SEC”). If the Fund engages in securities lending, the Fund will lend through its custodian, currently State Street Bank and Trust Company (“State Street”) (See Note 12 for securities lending agent change), acting as securities lending agent on behalf of the Fund. Under the current arrangement, State Street will manage the Fund’s collateral in accordance with the securities lending agency agreement between the Fund and State Street, and indemnify the Fund against counterparty risk. The loans will be collateralized by cash (which may be invested in a money market fund) and/or non-cash collateral (which may include U.S. Treasury securities and/or U.S. government agency securities issued or guaranteed by the United States government or its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. The Fund bears the risk of delay in recovery of, or loss of rights in, the securities loaned. The Fund may also record a realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. The Fund bears the risk of any loss on investment of cash collateral. The Fund will receive compensation for lending its securities in the form of fees or it will retain a portion of interest earned on the investment of any cash collateral. The Fund will also continue to receive interest and dividends on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Fund. Income earned from securities lending activities, if any, is reflected in the Statement of Operations. As of October 31, 2020, the Fund had securities on loan with an aggregate market value of $972,884; the total market value of collateral held by the Fund was $1,028,277. The market value of the collateral held included non-cash collateral, in the form of U.S. Treasury securities, with a value of $3,479 and cash collateral, which was invested into the State Street Navigator Securities Lending Government Money Market Portfolio, with a value of $1,024,798.

(J) Debt Securities Risk. The ability of issuers of debt securities held by the Fund to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region. Debt securities are also subject to the risks associated with changes in interest rates.


36		MainStay Balanced Fund

Investments in the Fund are not guaranteed, even though some of the Fund’s underlying investments are guaranteed by the U.S. government or its agencies or instrumentalities. The principal risk of mortgage-related and asset-backed securities is that the underlying debt may be prepaid ahead of schedule, if interest rates fall, thereby reducing the value of the Fund’s investment. If interest rates rise, less of the debt may be prepaid and the Fund may lose money because the Fund may be unable to invest in higher yielding assets. The Fund is subject to interest-rate risk and can lose principal value when interest rates rise. Bonds are also subject to credit risk, in which the bond issuer may fail to pay interest and principal in a timely manner.

The Fund may invest in foreign securities, which carry certain risks that are in addition to the usual risks inherent in domestic instruments. These risks include those resulting from currency fluctuations, future adverse political or economic developments and possible imposition of currency exchange blockages or other foreign governmental laws or restrictions. These risks are likely to be greater in emerging markets than in developed markets.

(K) LIBOR Replacement Risk. The Fund may invest in certain debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate (“LIBOR”), as a “benchmark” or “reference rate” for various interest rate calculations. The United Kingdom Financial Conduct Authority, which regulates LIBOR, announced that after 2021 it will cease its active encouragement of banks to provide the quotations needed to sustain LIBOR. As a result, it is anticipated that LIBOR will be discontinued or will no longer be sufficiently robust to be representative of its underlying market around that time. Although financial regulators and industry working groups have suggested alternative reference rates, such as the European Interbank Offer Rate (“EURIBOR”), Sterling Overnight Interbank Average Rate (“SONIA”) and Secured Overnight Financing Rate (“SOFR”), there are challenges to converting certain contracts and transactions to a new benchmark and neither the full effects of the transition process nor its ultimate outcome is known. Management is currently working to assess exposure and will modify contracts as necessary.

The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Fund’s performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, adversely affecting the Fund’s performance. Accordingly, the potential effect of a transition away from LIBOR on the Fund or the debt securities or other instruments based on LIBOR in which the Fund invests cannot yet be determined. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

(L) Indemnifications. Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.

(M) Quantitative Disclosure of Derivative Holdings. The following tables show additional disclosures related to the Fund’s derivative and hedging activities, including how such activities are accounted for and their effect on the Fund’s financial positions, performance and cash flows. The Fund entered into futures contracts in order to hedge against anticipated changes in interest rates that might otherwise have an adverse effect upon the value of the Fund’s securities as well as to help manage the duration and yield curve positioning of the portfolio.

Fair value of derivative instruments as of October 31, 2020:

Asset Derivatives


	Interest Rate Contracts Risk	Total

Futures Contracts—Net Assets—Net unrealized appreciation on investments and futures contracts (a)	$17,232	$	17,232

Total Fair Value	$17,232	$	17,232

Liability Derivatives

(a)	Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the year ended October 31, 2020:

Net Realized Gain (Loss) from:


			37

Notes to Financial Statements (continued)

Net Change in Unrealized Appreciation (Depreciation) from:

Average Notional Amount


	Interest Rate Contracts Risk	Total
Futures Contracts Long	$33,409,702	$	33,409,702
Futures Contracts Short	$(3,572,658)	$	(3,572,658	)

Note 3–Fees and Related Party Transactions

(A) Manager and Subadvisors. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company (“New York Life”), serves as the Fund’s Manager, pursuant to an Amended and Restated Management Agreement (“Management Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. MacKay Shields LLC (“MacKay Shields” or “Subadvisor”), a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life, serves as a Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the equity portion of the Fund, pursuant to the terms of an Amended and Restated Subadvisory Agreement (a “Subadvisory Agreement”) between New York Life Investments and MacKay Shields, and NYL Investors LLC (“NYL Investors” or the “Subadvisor,” and, together with MacKay Shields, the “Subadvisors”), a registered investment adviser and a direct, wholly-owned subsidiary of New York Life, serves as a Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the fixed-income portion of the Fund, pursuant to the terms of a Subadvisory Agreement between New York Life Investments and NYL Investors. New York Life Investments pays for the services of the Subadvisors.

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of the Fund’s average daily net assets as follows: 0.70% up to $1 billion; 0.65% from $1 billion to $2 billion; and 0.60% in excess of $2 billion. During the year ended October 31, 2020, the effective management fee rate was 0.70%.

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. This agreement will remain in effect until August 31, 2021, 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.

During the year ended October 31, 2020, New York Life Investments earned fees from the Fund in the amount of $3,698,398 and waived fees and/or reimbursed expenses, including the waiver/reimbursement of certain class specific expenses in the amount of $24,381 and paid MacKay Shields and NYL Investors $957,513 and $792,606, respectively.

State Street provides sub-administration and sub-accounting services to the Fund pursuant to an agreement with New York Life Investments (See Note 12 for sub-administration and sub-accounting service provider change). These services include calculating the daily NAVs of the Fund, maintaining the general ledger and sub-ledger accounts for the calculation of the Fund’s NAVs and assisting New York Life Investments in conducting various aspects of the Fund’s administrative operations. For providing these services to the Fund, State Street is compensated by New York Life Investments.

Pursuant to an agreement between the Trust and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Fund. The Fund will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Fund.

(B) Distribution, Service and Shareholder Service Fees. The Trust, on behalf of the Fund, has entered into a distribution agreement with NYLIFE Distributors LLC (the “Distributor”), an affiliate of New York Life Investments. The Fund has adopted distribution plans (the “Plans”) in accordance with the provisions of Rule 12b-1 under the 1940 Act.

Pursuant to the Class A, Investor Class and Class R2 Plans, the Distributor receives a monthly distribution fee from the Class A, Investor Class and Class R2 shares at an annual rate of 0.25% of the average daily net assets of the Class A, Investor Class and Class R2 shares for distribution and/or service activities as designated by the Distributor. Pursuant to the Class B and Class C Plans, Class B and Class C shares pay the Distributor a monthly distribution fee at an annual rate of 0.75% of the average daily net assets of the Class B and Class C shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class B and Class C shares, for a total 12b-1 fee of 1.00%. Pursuant to the Class R3 Plan, Class R3 shares pay the Distributor a monthly fee at an annual rate Of 0.25% of the average daily net assets of the Class R3 shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class R3 shares, for a total 12b-1 fee of 0.50%. Class I, Class R1 and Class R6 shares are not subject to a distribution and/or service fee.

The Plans provide that the distribution and service fees are payable to the Distributor regardless of the amounts actually expended by the Distributor for distribution of the Fund’s shares and service activities.

In accordance with the Shareholder Services Plans for the Class R1, Class R2 and Class R3 shares, the Manager has agreed to provide,


38		MainStay Balanced Fund

through its affiliates or independent third parties, various shareholder and administrative support services to shareholders of the Class R1, Class R2 and Class R3 shares. For its services, the Manager, its affiliates or independent third-party service providers are entitled to a shareholder service fee accrued daily and paid monthly at an annual rate of 0.10% of the average daily net assets of the Class R1, Class R2 and Class R3 shares. This is in addition to any fees paid under the Class R2 and Class R3 Plans.

During the year ended October 31, 2020, shareholder service fees incurred by the Fund were as follows:



Class R1	$	569
Class R2		2,192
Class R3		2,245

(C) Sales Charges. The Fund was advised by the Distributor that the amount of initial sales charges retained on sales of Class A and Investor Class shares during the year ended October 31, 2020, were $15,315 and $8,982, respectively.

The Fund was also advised that the Distributor retained CDSCs on redemptions of Class A, Class B and Class C shares during the year ended October 31, 2020, of $5,884, $11,605 and $4,525, respectively.

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund’s transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with DST Asset Manager Solutions, Inc. (“DST”), pursuant to which DST performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund’s share classes to a maximum of 0.35% of that share class’s average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until February 28, 2021 for all share classes, 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. During the year ended October 31, 2020, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:


Class	Expense		Waived
Class A	$	274,605	$	—
Investor Class		184,976		(12,015	)
Class B		47,534		(3,090	)
Class C		142,642		(9,276	)
Class I		166,737		—
Class R1		599		—
Class R2		2,293		—
Class R3		2,347		—
Class R6		54		—

(E) Small Account Fee. Shareholders with small accounts adversely impact the cost of providing transfer agency services. In an effort to reduce total transfer agency expenses, the Fund has implemented a small account fee on certain types of accounts. As described in the Fund’s prospectus, certain shareholders with an account balance of less than $1,000 ($5,000 for Class A share accounts) are charged an annual per account fee of $20 (assessed semi-annually), the proceeds from which offset transfer agent fees as reflected in the Statement of Operations. This small account fee will not apply to certain types of accounts as described further in the Fund’s prospectus.

(F) Capital. As of October 31, 2020, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:



Class R6	$	26,406	54.4	%

Note 4–Federal Income Tax

As of October 31, 2020, the cost and unrealized appreciation (depreciation) of the Fund’s investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:


	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)

Investments in Securities	$	462,475,500	$	44,581,603	$	(9,264,115	)	$	35,317,488

As of October 31, 2020, the components of accumulated gain (loss) on a tax basis were as follows:


Ordinary Income	Accumulated Capital and Other Gain (Loss)	Other Temporary Differences	Unrealized Appreciation (Depreciation)	Total Accumulated Gain (Loss)

$38,173	$5,049,528	$—	$35,307,353	$40,395,054

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is primarily due to wash sale adjustments, mark to market of futures contracts, and corporate action adjustments. The other temporary differences are primarily due to straddle loss deferral and cumulative bond amortization adjustments.

During the years ended October 31, 2020, and October 31, 2019, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets were as follows:


	2020		2019

Distributions paid from:
Ordinary Income	$	6,953,382	$	18,181,156
Long-Term Capital Gain		12,390,889		32,246,223
Total	$	19,344,271	$	50,427,379

Note 5–Custodian

State Street is the custodian of cash and securities held by the Fund (See Note 12 for custodian change). Custodial fees are charged to the Fund based on the Fund’s net assets and/or the market value of securities held by the Fund and the number of certain transactions incurred by the Fund.


			39

Notes to Financial Statements (continued)

Note 6–Line of Credit

The Fund and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 28, 2020, under the credit agreement (the “Credit Agreement”), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to JPMorgan Chase Bank NA, who serves as the agent to the syndicate. The commitment fee is allocated among the Fund and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Rate or the one-month London Interbank Offered Rate (“LIBOR”), whichever is higher. The Credit Agreement expires on July 27, 2021, although the Fund, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate of banks. Prior to July 28, 2020, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement, but State Street served as agent to the syndicate. During the year ended October 31, 2020, there were no borrowings made or outstanding with respect to the Fund under the Credit Agreement or the credit agreement for which State Street served as agent.

Note 7–Interfund Lending Program

Pursuant to an exemptive order issued by the SEC, the Fund, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Fund and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another subject to the conditions of the exemptive order. During the year ended October 31, 2020, there were no interfund loans made or outstanding with respect to the Fund.

Note 8–Purchases and Sales of Securities (in 000’s)

During the year ended October 31, 2020, purchases and sales of U.S. government securities were $403,420 and $441,661, respectively. Purchases and sales of securities, other than U.S. government securities and short-term securities, were $729,192 and $773,367, respectively.

Note 9–Capital Share Transactions

Transactions in capital shares for the years ended October 31, 2020, and October 31, 2019, were as follows:


Class A	Shares			Amount

Year ended October 31, 2020:
Shares sold		850,841		$	25,176,801
Shares issued to shareholders in reinvestment of distributions		318,603			9,414,225
Shares redeemed		(1,914,739	)		(55,913,883	)

Net increase (decrease) in shares outstanding before conversion		(745,295	)		(21,322,857	)
Shares converted into Class A (See Note 1)		230,256			6,838,268
Shares converted from Class A (See Note 1)		(14,231	)		(412,912	)

Net increase (decrease)		(529,270	)	$	(14,897,501	)

Year ended October 31, 2019:
Shares sold		1,889,678		$	57,440,618
Shares issued to shareholders in reinvestment of distributions		719,630			20,905,646
Shares redeemed		(2,306,906	)		(69,817,483	)

Net increase (decrease) in shares outstanding before conversion		302,402			8,528,781
Shares converted into Class A (See Note 1)		341,737			10,325,984
Shares converted from Class A (See Note 1)		(43,333	)		(1,315,002	)

Net increase (decrease)		600,806		$	17,539,763



Investor Class	Shares			Amount

Year ended October 31, 2020:
Shares sold		169,264		$	4,992,474
Shares issued to shareholders in reinvestment of distributions		57,089			1,693,568
Shares redeemed		(204,180	)		(6,015,316	)

Net increase (decrease) in shares outstanding before conversion		22,173			670,726
Shares converted into Investor Class (See Note 1)		41,213			1,195,346
Shares converted from Investor Class (See Note 1)		(181,180	)		(5,414,267	)

Net increase (decrease)		(117,794	)	$	(3,548,195	)

Year ended October 31, 2019:
Shares sold		397,518		$	12,159,006
Shares issued to shareholders in reinvestment of distributions		138,231			4,016,584
Shares redeemed		(402,455	)		(12,308,674	)

Net increase (decrease) in shares outstanding before conversion		133,294			3,866,916
Shares converted into Investor Class (See Note 1)		125,056			3,759,819
Shares converted from Investor Class (See Note 1)		(171,370	)		(5,208,098	)

Net increase (decrease)		86,980		$	2,418,637


40		MainStay Balanced Fund


Class B	Shares			Amount

Year ended October 31, 2020:
Shares sold		9,706		$	270,707
Shares issued to shareholders in reinvestment of distributions		11,771			351,184
Shares redeemed		(86,866	)		(2,512,784	)

Net increase (decrease) in shares outstanding before conversion		(65,389	)		(1,890,893	)
Shares converted from Class B (See Note 1)		(61,927	)		(1,801,660	)

Net increase (decrease)		(127,316	)	$	(3,692,553	)

Year ended October 31, 2019:
Shares sold		125,040		$	3,831,074
Shares issued to shareholders in reinvestment of distributions		42,203			1,214,994
Shares redeemed		(207,357	)		(6,286,677	)

Net increase (decrease) in shares outstanding before conversion		(40,114	)		(1,240,609	)
Shares converted from Class B (See Note 1)		(71,170	)		(2,113,858	)

Net increase (decrease)		(111,284	)	$	(3,354,467	)



Class C	Shares			Amount

Year ended October 31, 2020:
Shares sold		60,810		$	1,774,728
Shares issued to shareholders in reinvestment of distributions		36,587			1,091,023
Shares redeemed		(509,823	)		(14,860,399	)

Net increase (decrease) in shares outstanding before conversion		(412,426	)		(11,994,648	)
Shares converted from Class C (See Note 1)		(21,179	)		(611,819	)

Net increase (decrease)		(433,605	)	$	(12,606,467	)

Year ended October 31, 2019:
Shares sold		163,787		$	4,865,239
Shares issued to shareholders in reinvestment of distributions		174,755			5,024,650
Shares redeemed		(1,114,266	)		(33,353,313	)

Net increase (decrease) in shares outstanding before conversion		(775,724	)		(23,463,424	)
Shares converted from Class C (See Note 1)		(183,145	)		(5,468,548	)

Net increase (decrease)		(958,869	)	$	(28,931,972	)



Class I	Shares			Amount

Year ended October 31, 2020:
Shares sold		725,840		$	21,787,238
Shares issued to shareholders in reinvestment of distributions		211,303			6,251,124
Shares redeemed		(1,543,342	)		(45,968,711	)

Net increase in shares outstanding before conversion		(606,199	)		(17,930,349	)
Shares converted into Class I (See Note 1)		6,641			207,044

Net increase (decrease)		(599,558	)	$	(17,723,305	)

Year ended October 31, 2019:
Shares sold		828,633		$	25,051,103
Shares issued to shareholders in reinvestment of distributions		598,614			17,425,537
Shares redeemed		(2,613,819	)		(77,561,886	)

Net increase (decrease) in shares outstanding before conversion		(1,186,572	)		(35,085,246	)
Shares converted into Class I (See Note 1)		655			19,703

Net increase (decrease)		(1,185,917	)	$	(35,065,543	)


Class R1	Shares			Amount

Year ended October 31, 2020:
Shares sold		1,183		$	35,401
Shares issued to shareholders in reinvestment of distributions		1,049			32,148
Shares redeemed		(41,076	)		(1,086,376	)

Net increase (decrease)		(38,844	)	$	(1,018,827	)

Year ended October 31, 2019:
Shares sold		2,561		$	78,804
Shares issued to shareholders in reinvestment of distributions		4,592			133,388
Shares redeemed		(22,942	)		(696,149	)

Net increase (decrease)		(15,789	)	$	(483,957	)



Class R2	Shares			Amount

Year ended October 31, 2020:
Shares sold		11,249		$	333,907
Shares issued to shareholders in reinvestment of distributions		2,601			77,126
Shares redeemed		(49,856	)		(1,445,105	)

Net increase (decrease)		(36,006	)	$	(1,034,072	)

Year ended October 31, 2019:
Shares sold		22,580		$	697,982
Shares issued to shareholders in reinvestment of distributions		8,237			239,391
Shares redeemed		(48,819	)		(1,480,215	)

Net increase (decrease)		(18,002	)	$	(542,842	)



Class R3	Shares			Amount

Year ended October 31, 2020:
Shares sold		13,974		$	408,019
Shares issued to shareholders in reinvestment of distributions		2,198			64,994
Shares redeemed		(38,825	)		(1,193,537	)

Net increase (decrease)		(22,653	)	$	(720,524	)

Year ended October 31, 2019:
Shares sold		18,175		$	541,536
Shares issued to shareholders in reinvestment of distributions		9,327			270,055
Shares redeemed		(52,391	)		(1,542,974	)

Net increase (decrease)		(24,889	)	$	(731,383	)



Class R6	Shares			Amount

Year ended October 31, 2020:
Shares sold		1,055		$	33,079
Shares issued to shareholders in reinvestment of distributions		62			1,844
Shares redeemed		(472,636	)		(14,851,221	)

Net increase (decrease)		(471,519	)	$	(14,816,298	)

Year ended October 31, 2019:
Shares sold		513,133		$	14,191,145
Shares issued to shareholders in reinvestment of distributions		7,593			230,989
Shares redeemed		(49,102	)		(1,490,631	)

Net increase (decrease)		471,624		$	12,931,503


			41

Notes to Financial Statements (continued)

Note 10–Recent Accounting Pronouncement

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board issued Accounting Standards Update 2018-13, Fair Value Measurement Disclosure Framework— Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which adds, removes, and modifies certain fair value measurement disclosure requirements. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019. The Manager evaluated the implications of certain provisions of ASU 2018-13 and determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures, which are currently in place as of October 31, 2020. The Manager is evaluating the implications of certain other provisions of ASU 2018-13 related to new disclosure requirements and has not yet determined the impact of those provisions on the financial statement disclosures, if any.

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2020-04 (“ASU 2020-04”), which provides optional guidance to ease the potential accounting burden associated with transitioning away from LIBOR and other reference rates that are expected to be discontinued. ASU 2020-04 is effective immediately upon release of the update on March 12, 2020, through December 31, 2022. At this time, the Manager is evaluating the implications of certain other provisions of ASU 2020-04 related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

Note 11–Other Matters

An outbreak of COVID-19, first detected in December 2019, has developed into a global pandemic and has resulted in travel restrictions, closure of international borders, certain businesses and securities markets, restrictions on securities trading activities, prolonged quarantines, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The continued impact of COVID-19 is uncertain and could further adversely affect the global economy, national economies, individual issuers and capital markets in unforeseeable ways and result in a substantial and extended economic downturn. Developments that disrupt global economies and financial markets, such as COVID-19, may magnify factors that affect the Fund’s performance.

Note 12–Subsequent Events

In connection with the preparation of the financial statements of the Fund as of and for the year ended October 31, 2020, events and transactions subsequent to October 31, 2020, through the date the financial statements were issued have been evaluated by the Manager, for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified other than the following:

Effective at the close of business on November 20, 2020, all services provided by State Street were transitioned to JPMorgan Chase Bank, N.A.


42		MainStay Balanced Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders of the Fund and Board of Trustees

MainStay Funds Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of MainStay Balanced Fund (the Fund), one of the funds constituting MainStay Funds Trust, including the portfolio of investments, as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two year period then ended, and the financial highlights for each of the years or periods in the five year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2020, by correspondence with the custodian and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

LOGO

We have served as the auditor of one or more New York Life Investment Management investment companies since 2003.

Philadelphia, Pennsylvania

December 23, 2020


			43

Federal Income Tax Information

(Unaudited)

The Fund is required under the Internal Revenue Code to advise shareholders in a written statement as to the federal tax status of dividends paid by the Fund during such fiscal years. Accordingly, the Fund paid $12,359,833 as long term capital gain distributions.

For the fiscal year ended October 31, 2020, the Fund designated approximately $6,317,742 under the Internal Revenue Code as qualified dividend income eligible for reduced tax rates.

The dividends paid by the Fund during the fiscal year ended October 31, 2020 should be multiplied by 81.97% to arrive at the amount eligible for the corporate dividend-received deduction.

In February 2021, shareholders will receive an IRS Form 1099-DIV or substitute Form 1099, which will show the federal tax status of the distributions received by shareholders in calendar year 2020. The amounts that will be reported on such 1099-DIV or substitute Form 1099 will be the amounts you are to use on your federal income tax return and will differ from the amounts reported for the Fund’s fiscal year ended October 31, 2020.

Proxy Voting Policies and Procedures and Proxy Voting Record

A description of the policies and procedures that New York Life Investments uses to vote proxies related to the Fund’s securities is available free of charge upon request, by visiting the MainStay Funds’ website at newyorklifeinvestments.com or visiting the SEC’s website at www.sec.gov.

The Fund is required to file with the SEC its proxy voting records for the 12-month period ending June 30 on Form N-PX. The most recent Form N-PX or proxy voting record is available free of charge upon request by calling 800-624-6782; visiting the MainStay Funds’ website at newyorklifeinvestments.com; or visiting the SEC’s website at www.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC 60 days after its first and third fiscal quarter on Form N-PORT. The Fund’s holdings report is available free of charge by visiting the SEC’s website at www.sec.gov or upon request by calling New York Life Investments at 800-624-6782.


44		MainStay Balanced Fund

Board of Trustees and Officers (Unaudited)

The Trustees and officers of the Funds are listed below. The Board oversees the MainStay Group of Funds (which consists of MainStay Funds and MainStay Funds Trust), MainStay VP Funds Trust, MainStay MacKay DefinedTerm Municipal Opportunities Fund, the Manager and the Subadvisors, and elects the officers of the Funds who are responsible for the day-to-day operations of the Funds. Information pertaining to the Trustees and officers is set forth below. Each Trustee serves until his or her successor is elected and qualified or until his or her

resignation, death or removal. Under the Board’s retirement policy, unless an exception is made, a Trustee must tender his or her resignation by the end of the calendar year during which he or she reaches the age of 75. Officers are elected annually by the Board. The business address of each Trustee and officer listed below is 51 Madison Avenue, New York, New York 10010. A majority of the Trustees are not “interested persons” (as defined by the 1940 Act and rules adopted by the SEC thereunder) of the Fund (“Independent Trustees”).

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Interested Trustee

Yie-Hsin Hung*

1962

MainStay Funds:
Trustee since 2017

MainStay Funds Trust:
Trustee since 2017

Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010.

MainStay VP Funds Trust:
Trustee since 2017 (31 portfolios); and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017.

This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.”


			45

Board of Trustees and Officers (Unaudited) (continued)

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

David H. Chow

1957

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Founder and CEO, DanCourt Management, LLC since 1999

MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios);
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

Market Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and
Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018.

Susan B. Kerley

1951

MainStay Funds:
Chairman since 2017 and Trustee since 2007;

MainStay Funds Trust: Chairman since 2017 and Trustee since 1990.**

President, Strategic Management Advisors LLC since 1990

MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007 (31 portfolios)***;
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; and

Legg Mason Partners Funds: Trustee since 1991 (45 portfolios).

Alan R. Latshaw

1951

MainStay Funds:
Trustee;

MainStay Funds Trust:
Trustee and Audit Committee Financial Expert since 2007.**

Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006)

MainStay VP Funds Trust: Trustee and Audit Committee Financial Expert since 2007 (31 portfolios)***;
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee and Audit Committee Financial Expert since 2011; and
State Farm Associates Funds Trusts: Trustee since 2005 (4 portfolios).

Richard H. Nolan, Jr.

1946

MainStay Funds:
Trustee since 2007;

MainStay Funds Trust:
Trustee since 2007.**

Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004)

MainStay VP Funds Trust: Trustee since 2006 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Jacques P. Perold

1958

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Founder and Chief Executive Officer, CapShift LLC since 2018; President, Fidelity Management & Research Company (2009 to 2014); Founder, President and Chief Executive Officer, Geode Capital Management, LLC (2001 to 2009)

Allstate Corporation: Director since 2015;
MSCI, Inc.: and Director since 2017.


46		MainStay Balanced Fund

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

Richard S. Trutanic

1952

MainStay Funds: Trustee since 1994;

MainStay Funds Trust: Trustee since 2007.**

Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002)

MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust.

***

Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


			47

Board of Trustees and Officers (Unaudited) (continued)


	Name and Year of Birth	Position(s) Held and Length of Service	Principal Occupation(s) During Past Five Years
Officers of the Trust (Who are not Trustees)*	Kirk C. Lehneis 1974	President, MainStay Funds, MainStay Funds Trust since 2017	Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers since 2017 and Senior Managing Director since 2018, NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since 2017**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC
	Jack R. Benintende 1964	Treasurer and Principal Financial and Accounting Officer, MainStay Funds since 2007, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2007**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012)
	Yi-Chia Kuo 1981	Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust since January 2020	Chief Compliance Officer, Index IQ Trust, Index IQ ETF Trust and Index IQ Active ETF Trust since January 2020; Vice President and Chief Compliance Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since January 2020; Director and Associate General Counsel, New York Life Insurance Company (2015 to 2019)
	J. Kevin Gao 1967	Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust since 2010	Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2010**
	Scott T. Harrington 1959	Vice President— Administration, MainStay Funds since 2005, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2005**

The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board.

Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


48		MainStay Balanced Fund

MainStay Funds

Equity

U.S. Equity

MainStay Epoch U.S. All Cap Fund

MainStay Epoch U.S. Equity Yield Fund

MainStay MacKay Common Stock Fund

MainStay MacKay Growth Fund

MainStay MacKay S&P 500 Index Fund

MainStay MacKay Small Cap Core Fund

MainStay MacKay U.S. Equity Opportunities Fund

MainStay MAP Equity Fund

MainStay Winslow Large Cap Growth Fund¹

International Equity

MainStay Epoch International Choice Fund

MainStay MacKay International Equity Fund

MainStay MacKay International Opportunities Fund

Emerging Markets Equity

MainStay Candriam Emerging Markets Equity Fund

Global Equity

MainStay Epoch Capital Growth Fund

MainStay Epoch Global Equity Yield Fund

Fixed Income

Taxable Income

MainStay Candriam Emerging Markets Debt Fund

MainStay Floating Rate Fund

MainStay MacKay High Yield Corporate Bond Fund

MainStay MacKay Short Duration High Yield Fund

MainStay MacKay Total Return Bond Fund

MainStay MacKay Unconstrained Bond Fund

MainStay MacKay U.S. Infrastructure Bond Fund²

MainStay Short Term Bond Fund³

Tax-Exempt Income

MainStay MacKay California Tax Free Opportunities Fund⁴

MainStay MacKay High Yield Municipal Bond Fund

MainStay MacKay Intermediate Tax Free Bond Fund

MainStay MacKay New York Tax Free Opportunities Fund⁵

MainStay MacKay Short Term Municipal Fund

MainStay MacKay Tax Free Bond Fund

Money Market

MainStay Money Market Fund

Mixed Asset

MainStay Balanced Fund

MainStay Income Builder Fund

MainStay MacKay Convertible Fund

Speciality

MainStay CBRE Global Infrastructure Fund

MainStay CBRE Real Estate Fund

MainStay Cushing MLP Premier Fund

Asset Allocation

MainStay Conservative Allocation Fund

MainStay Conservative ETF Allocation Fund

MainStay Defensive ETF Allocation Fund

MainStay Equity Allocation Fund⁶

MainStay Equity ETF Allocation Fund

MainStay Growth Allocation Fund⁷

MainStay Growth ETF Allocation Fund

MainStay Moderate Allocation Fund

MainStay Moderate ETF Allocation Fund

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium S.A.⁸

Brussels, Belgium

Candriam Luxembourg S.C.A.⁸

Strassen, Luxembourg

CBRE Clarion Securities LLC

Radnor, Pennsylvania

Cushing Asset Management, LP

Dallas, Texas

Epoch Investment Partners, Inc.

New York, New York

MacKay Shields LLC⁸

New York, New York

Markston International LLC

White Plains, New York

NYL Investors LLC⁸

New York, New York

Winslow Capital Management, LLC

Minneapolis, Minnesota

Legal Counsel

Dechert LLP

Washington, District of Columbia

Independent Registered Public Accounting Firm

KPMG LLP

Philadelphia, Pennsylvania

Distributor

NYLIFE Distributors LLC⁸

Jersey City, New Jersey

Custodian⁹

State Street Bank and Trust Company

Boston, Massachusetts

1.	Formerly known as MainStay Large Cap Growth Fund.

2.	Formerly known as MainStay MacKay Infrastructure Bond Fund.

3.	Formerly known as MainStay Indexed Bond Fund.

4.	This Fund is registered for sale in AZ, CA, NV, OR, TX, UT and WA. Class A and Class I shares are registered for sale in MI. Class I and Class C2 shares are registered for sale in CO, FL, GA, HI, ID, MA, MD, NH, NJ and NY.

5.	This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT.

6.	Formerly known as MainStay Growth Allocation Fund.

7.	Formerly known as MainStay Moderate Growth Allocation Fund.

8.	An affiliate of New York Life Investment Management LLC.

JPMorgan Chase Bank, N.A., New York, New York is the custodian for the MainStay ETF Asset Allocation Funds and effective at the close of business on November 20, 2020, became the custodian for other MainStay Funds. The custodian for MainStay Cushing MLP Premier Fund is U.S. Bank National Association, Milwaukee, Wisconsin.

Not part of the Annual Report

For more information

800-624-6782

newyorklifeinvestments.com

“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. The MainStay Funds^® are managed by New York Life Investment Management LLC and distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, a wholly owned subsidiary of New York Life Insurance Company. NYLIFE Distributors LLC is a Member FINRA/SIPC.

1717230 MS203-20

MSBL11-12/20

(NYLIM) NL231

MainStay Candriam Emerging Markets Equity Fund

Message from the President and Annual Report

October 31, 2020


Not FDIC/NCUA Insured		Not a Deposit		May Lose Value		No Bank Guarantee		Not Insured by Any Government Agency

LOGO

This page intentionally left blank

Message from the President

Sincerely,

LOGO

Kirk C. Lehneis

President

Not part of the Annual Report

Table of Contents


Annual Report

Investment and Performance Comparison			5

Portfolio Management Discussion and Analysis			9

Portfolio of Investments			12

Financial Statements			17

Notes to Financial Statements			23

Report of Independent Registered Public Accounting Firm			32

Federal Income Tax Information			33

Proxy Voting Policies and Procedures and Proxy Voting Record			33

Shareholder Reports and Quarterly Portfolio Disclosure			33

Board of Trustees and Officers			34

Investment and Performance Comparison¹ (Unaudited)

LOGO

Average Annual Total Returns for the Year-Ended October 31, 2020


Class	Sales Charge		Inception Date		One Year			Since Inception			Gross Expense Ratio²

Class A Shares	Maximum 5.5% Initial Sales Charge	With sales charges Excluding sales charges		11/15/2017		14.47 21.14	%		1.07 3.02	%		1.80 1.80	%
Investor Class Shares³	Maximum 5% Initial Sales Charge	With sales charges Excluding sales charges		11/15/2017		14.44 21.11			0.94 2.88			1.95 1.95
Class C Shares	Maximum 1% CDSC if Redeemed Within One Year of Purchase	With sales charges Excluding sales charges		11/15/2017		19.23 20.23			2.12 2.12			2.70 2.70
Class I Shares	No Sales Charge			11/15/2017		21.60			3.34			1.55
Class R6 Shares	No Sales Charge			11/15/2017		21.61			3.39			1.45

and/or expense limitations (if any), please refer to the Notes to Financial Statements.

2.	The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report.

3.	Prior to June 30, 2020, the maximum initial sales charge for Investor Class shares was 5.5%, which is reflected in the average annual total return figures shown.

The footnotes on the next page are an integral part of the table and graph and should be carefully read in conjunction with them.


			5


Benchmark Performance	One Year			Since Inception

MSCI Emerging Markets Index⁴		8.25	%		2.20	%
Morningstar Diversified Emerging Markets Category Average⁵		6.67			1.33

The MSCI Emerging Markets Index is the Fund’s primary broad-based securities market index for comparison purposes. The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

5.	The Morningstar Diversified Emerging Markets Category Average is representative of funds that tend to divide their assets among 20 or more

nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. These portfolios invest predominantly in emerging market equities, but some funds also invest in both equities and fixed income investments from emerging markets. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.

The footnotes on the preceding page are an integral part of the table and graph and should be carefully read in conjunction with them.


6		MainStay Candriam Emerging Markets Equity Fund

Cost in Dollars of a $1,000 Investment in MainStay Candriam Emerging Markets Equity Fund (Unaudited)

Example

This example illustrates your Fund’s ongoing costs in two ways:

Actual Expenses

multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes



Share Class	Beginning Account Value 5/1/20		Ending Account Value (Based on Actual Returns and Expenses) 10/31/20		Expenses Paid During Period¹		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/20		Expenses Paid During Period¹		Net Expense Ratio During Period²

Class A Shares	$	1,000.00	$	1,282.80	$	8.61	$	1,017.60	$	7.61	1.50%

Investor Class Shares	$	1,000.00	$	1,281.60	$	8.72	$	1,017.50	$	7.71	1.52%

Class C Shares	$	1,000.00	$	1,277.00	$	12.99	$	1,013.72	$	11.49	2.27%

Class I Shares	$	1,000.00	$	1,283.70	$	6.60	$	1,019.36	$	5.84	1.15%

Class R6 Shares	$	1,000.00	$	1,284.20	$	6.60	$	1,019.36	$	5.84	1.15%

2.	Expenses are equal to the Fund’s annualized expense ratio to reflect the six-month period.


			7

Country Composition as of October 31, 2020 (Unaudited)



China	43.4	%

Republic of Korea	13.3

Taiwan	10.7

India	9.6

Brazil	5.7

South Africa	3.6

Russia	3.2

Hong Kong	2.1

Peru	1.0

Poland	1.0	%



Chile	0.6

Indonesia	0.6

Argentina	0.5

Malaysia	0.5

Canada	0.4

United States	0.4

Thailand	0.4

Mexico	0.2

Other Assets, Less Liabilities	0.4

	100.0	%

See Portfolio of Investments beginning on page 12 for specific holdings within these categories. The Fund’s holdings are subject to change.

Top Ten Holdings as of October 31, 2020 (excluding short-term investments) (Unaudited)

1.	Tencent Holdings, Ltd.

2.	Taiwan Semiconductor Manufacturing Co., Ltd.

3.	Samsung Electronics Co., Ltd.

4.	Alibaba Group Holding, Ltd., Sponsored, ADR

5.	Meituan, Class B

6.	JD.com, Inc., ADR

7.	Naspers, Ltd., Class N

8.	Reliance Industries, Ltd.

9.	Alibaba Group Holding, Ltd.

10.	China Construction Bank Corp., Class H


8		MainStay Candriam Emerging Markets Equity Fund

Portfolio Management Discussion and Analysis (Unaudited)

Questions answered by Jan Boudewijns, Philip Screve and Mohamed Lamine Saidi of Candriam Belgium, the Fund’s Subadvisor.

How did MainStay Candriam Emerging Markets Equity Fund perform relative to its benchmark and peer group during the 12 months ended October 31, 2020?

For the 12 months ended October 31, 2020, Class I shares of MainStay Candriam Emerging Markets Equity Fund returned 21.60%, outperforming the 8.25% return of the Fund’s primary benchmark, the MSCI Emerging Markets Index. Over the same period, Class I shares also outperformed the 6.67% return of the Morningstar Diversified Emerging Markets Category Average.¹

What factors affected the Fund’s relative performance during the reporting period?

During the reporting period, the Fund strongly outperformed its benchmark, the MSCI Emerging Markets Index, due to its investment process. The process focuses on the bottom-up selection of reasonably priced quality companies delivering strong and sustainable profitability, resulting in a structural tilt toward quality and growth stocks. Throughout the reporting period, the Fund followed the Candriam Emerging Markets strategy as much as technically possible, with the main differences linked to Russia sanctions-related restrictions. While the Fund’s bottom-up stock selection approach proved primarily responsible for its outperformance during the reporting period, allocation shifts further contributed to excess performance, most notably increasing overweight exposure to China and overweight exposure in technology stocks. (Contributions take weightings and total returns into account.) Performance further benefited from a timely shift toward industry areas less sensitive to the developing global pandemic, or even benefiting from it, such as e-commerce and fintech, and sectors supported by increased infrastructure spending, including industrials and materials. Additionally, unprecedented monetary stimulus helped the Fund’s investments in a number of precious metals miners.

The Fund produced the outperformance cited above despite an exceptionally volatile investment environment. Following strong returns in late-2019, 2020 started positively with the signing of a Phase I trade deal between the United States and China, and expected monetary support from the U.S. Federal Reserve (“Fed”) and global central banks. However, sentiment quickly turned negative, initially over rising tensions between the United States and Iran. Later in January, investor concerns intensified as news emerged from China of an outbreak of a new, unknown coronavirus, with China taking strong (though delayed) quarantine measures during the Chinese New Year period, usually a time of significant human migration. Concerns over the impact of an expected Chinese recession on the global economy prompted further declines in emerging markets despite the

closure of several North Asian markets for the Chinese New Year and a correction of commodity and oil prices. Safe havens, such as the U.S. dollar, U.S. Treasury securities and precious metals, performed relatively well in the prevailing risk-off environment.

While the January correction was mainly concentrated in emerging markets, negative sentiment broadened when novel coronavirus cases outside of China started to climb, especially in Italy, Iran and South Korea. In the last week of February, global equities experienced one of the worst weekly declines since the global financial crisis of 2007-2008, with emerging markets continuing their correction. However, Asia performed relatively well with China up during February, driven by liquidity and sentiment, and the hope of policy stimulus to support growth.

The global market correction turned into a bear market in March as the virus spread grew into a global pandemic. As countries imposed widespread personal quarantine measures, with production and travel coming to virtual halts, global economic activity slowed dramatically and oil prices collapsed. While China, Singapore and South Korea managed to contain the virus spread, Italy, Spain and later the United States were heavily impacted. Global financial markets declined sharply amid exceptionally high levels of volatility, while unprecedented monetary and fiscal support measures were announced in attempts to contain the health care and economic damage. In this environment of expected global recession, deflation and severe earnings downgrades, emerging markets as an asset class continued to underperform, with all markets and sectors losing, but with strong dispersion between markets. Markets in northern Asia (China, followed by Taiwan and South Korea) clearly outperformed, mainly due to more solid fundamentals, higher exposure to technology and quick containment of the virus outbreak. On the other hand, markets and currencies of more fundamentally weak economies (Indonesia, India, Turkey) and commodity-related markets (Brazil, Russia) suffered. From a sector perspective, defensive areas such as health care, communication services and information technology strongly outperformed cyclical areas such as financials, energy and commodities.

In the second quarter of 2020, markets experienced a V-shaped recovery. While the ongoing COVID-19 crisis continued to take center stage, investors proved willing to look beyond the crisis and reenter the market prompted by unprecedented financial and fiscal support packages, a gradual reopening and recovery of most economies, and hope for an early vaccine. Nevertheless, a host of worries continued to confront markets, including a worsening of the pandemic in countries where

1.	See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 for more information on benchmark and peer group returns.


			9

containment was not well handled, such as Brazil, Russia, India and, most prominently, the United States. Markets also contended with notable geopolitical tensions between the United States and China, China and India, and North and South Korea. Commodity and oil prices continued to weigh on global equities as well, with the latter briefly going negative in April. However, the troubled materials and energy sectors gradually started to recover in May. For the second quarter of 2020 as a whole, all sectors gained, with health care, materials and on-line services (information technology and communication services) leading the way. At the same time, gold, the best-performing asset during the first quarter of 2020, continued to do well, confirming the still-cautious stance of investors.

Markets continued their recovery but gradually grew more hesitant in the third quarter due to a resurgence of the pandemic in Europe, fiscal support uncertainty in the United States, worsening U.S.-China frictions and the upcoming U.S. elections. Still, emerging markets outperformed developed markets over the quarter. Uncertainty regarding the fragility of the global economic recovery kept investors looking for quality growth stocks and safe havens such as precious metals, aided by a weak U.S. dollar. Central bank rate cuts further supported equities. Among emerging market regions, northern Asia performed particularly well, led by Taiwan, South Korea and India. China also did well on the back of a strong economic recovery across manufacturing and services, but was hurt by ongoing U.S. pressure on several key Chinese companies. Most other regions lagged. In terms of sectors, information technology led performance; however, value stocks continued to lag their growth counterparts.

October started off in a positive mood for global and emerging markets, supported by fiscal and monetary stimulus and improving economic data. But sentiment turned cautious as a second wave of COVID-19 hit Europe and the United States, forcing some new confinement initiatives. Uncertainty regarding the upcoming U.S. election also resulted in a more risk-off environment. Metals prices and clean energy stocks held up well as many investment initiatives were expected world-wide; however, oil prices strongly corrected on expectations of lower demand and increased supply, not least from Libya. In this environment, markets saw a clear performance divergence, with developed markets underperforming emerging markets. Asia led the emerging market upswing, with Chinese gains driven by strong economic data, very low coronavirus levels, a major expected financial industry initial public offering and the country’s upcoming five-year plan. South Korea, Taiwan and India also remained slightly positive. Among the Association of Southeast Asian Nations, markets in Indonesia and the Philippines made gains while Thailand stocks suffered due to the country’s internal political tensions. Negatively performing regions included the EMEA (Europe, Middle East, Africa) and Latin America, with markets in Russia, Poland and especially

Turkey suffering the most severe declines. Most industry sectors produced gains, with the exception of energy, which fell sharply on the oil-price correction, and declining short- and long-term demand expectations.

During the reporting period, which sectors and/or countries were the strongest positive contributors to the Fund’s relative performance and which sectors and/or countries were particularly weak?

Favorable stock selection in the industrials, communication services and information technology sectors made the strongest positive sector contributions to the Fund’s performance relative to the MSCI Emerging Markets Index. Investments in the real estate, utilities and energy sectors were the most significant detractors from relative performance.

From a country perspective, favorable stock selection in China, Russia, South Africa and Taiwan made the strongest positive contributions to the Fund’s performance relative to the benchmark. Conversely, investments in Colombia, Turkey and Argentina were the most significant detractors from relative performance.

During the reporting period, which individual stocks made the strongest positive contributions to the Fund’s absolute performance and which stocks detracted the most?

The strongest positive contributions to the Fund’s absolute performance came from holdings in the Chinese provider of Internet, mobile and telecommunication services Tencent; Taiwanese semiconductor foundry TSMC; and Chinese e-commerce giant Alibaba Group Holding. Both Tencent and Alibaba benefited from the need for increased social distancing during the pandemic, with online gaming and e-commerce in strong demand. TSMC rose on strong leading-edge semiconductor demand and execution.

Brazilian oil and gas producer Petroleo Brasileiro detracted most from absolute performance, falling victim to lower oil prices and a weak Brazilian market. Other negative contributors to the Fund’s absolute performance included Indian financial company Bajaj Finance and Chinese coffeehouse chain Luckin Coffee. Bajaj Finance succumbed to growing asset quality fears in the hard-hit Indian market. Luckin Coffee suffered due to fraud allegations. During the reporting period, we reduced the Fund’s exposure in Petroleo Brasileiro and Bajaj Finance, and completely sold the position in Luckin Coffee.

What were some of the Fund’s largest purchases and sales during the reporting period?

During the reporting period, significant purchases were made in Chinese e-commerce company JD.com; Indian financial services group HDFC Bank; and Indian iron and steel manufacturer


10		MainStay Candriam Emerging Markets Equity Fund

JSW Steel. We believed JD.com was well positioned to ride China’s e-commerce opportunity in fast-moving consumer goods, as the pandemic accelerated the adoption of online consumption. In our view, HDFC Bank stood as one of India’s highest quality financial institutions, while JSW Steel was among India’s fastest growing steel companies. Both were added to the Fund following the pandemic-related market sell-off, and both benefited from the gradual reopening of the global economy.

Significant sales during the same period included holdings in Chinese e-commerce giant Alibaba Group Holding; Taiwanese semiconductor foundry TSMC; and Brazilian oil and gas producer Petroleo Brasileiro. The Fund’s Alibaba and TSMC positions were trimmed out of risk-concentration considerations, following strong outperformance of both stocks. The Fund’s holdings in Petroleo Brasileiro were reduced, with the stock price capped by a weaker oil-price environment.

How did the Fund’s sector and/or country weightings change during the reporting period?

During the reporting period, the Fund substantially increased its positions in the industrials, materials and consumer discre-

tionary sectors, while decreasing its sector weightings in consumer staples, communication services, and, to a lesser extent, information technology. During the same period, the Fund substantially increased its holdings in China and India, while decreasing exposure in Taiwan and Thailand.

How was the Fund positioned at the end of the reporting period?

As of October 31, 2020, the Fund sectors most substantially overweight relative to the MSCI Emerging Markets Index included materials, industrials and consumer discretionary. As of the same date, the Fund sectors most substantially underweight relative to the benchmark were consumer staples and communication services. From a country perspective, the Fund held relatively large exposures in China, South Korea and India, and relatively little exposure in Saudi Arabia, Mexico and Thailand.


			11

Portfolio of Investments October 31, 2020



	Shares		Value
Common Stocks 96.2%†
Argentina 0.5%
MercadoLibre, Inc. (Internet & Direct Marketing Retail) (a)		320	$	388,496


Brazil 5.2%
Afya, Ltd., Class A (Diversified Consumer Services) (a)		11,600		278,400
B3 S.A.—Brasil Bolsa Balcao (Capital Markets)		40,000		355,876
Banco BTG Pactual S.A. (Capital Markets)		37,000		467,501
Banco Santander Brasil S.A. (Banks)		60,000		335,137
Cosan S.A. (Oil, Gas & Consumable Fuels)		40,000		453,054
Equatorial Energia S.A. (Electric Utilities)		56,000		194,509
Localiza Rent a Car S.A. (Road & Rail)		46,000		486,459
Magazine Luiza S.A. (Multiline Retail)		120,000		515,097
Notre Dame Intermedica Participacoes S.A. (Health Care Providers & Services)		32,000		366,682
WEG S.A. (Electrical Equipment)		42,000		555,052
XP, Inc, Class A (Capital Markets) (a)		9,800		392,784

				4,400,551

Canada 0.4%
Pan American Silver Corp. (Metals & Mining)		11,000		349,800


Chile 0.6%
Sociedad Quimica y Minera de Chile S.A., Sponsored ADR (Chemicals)		13,000		481,130


China 43.4%
Aier Eye Hospital Group Co., Ltd., Class A (Health Care Providers & Services)		53,381		496,030
Air China, Ltd., Class H (Airlines)		250,000		161,238
Alibaba Group Holding, Ltd. (Internet & Direct Marketing Retail) (a)		42,000		1,588,442
Alibaba Group Holding, Ltd., Sponsored, ADR (Internet & Direct Marketing Retail) (a)		8,200		2,498,458
Alibaba Health Information Technology, Ltd. (Health Care Technology) (a)		72,000		188,068
Baidu, Inc., Sponsored ADR (Interactive Media & Services) (a)		3,280		436,404
Bank of Ningbo Co., Ltd., Class A (Banks)		130,000		659,294
Bilibili, Inc., Sponsored ADR (Entertainment) (a)(b)		9,000		402,030
China Aoyuan Group, Ltd. (Real Estate Management & Development)		160,000		149,836
China Construction Bank Corp., Class H (Banks)		2,060,000		1,421,606
China Lesso Group Holdings, Ltd. (Building Products)		120,000		193,796
China Mengniu Dairy Co., Ltd. (Food Products) (a)		96,000		451,364
China Merchants Bank Co., Ltd., Class H (Banks)		204,000		1,060,458



	Shares		Value
China (continued)
China Mobile, Ltd. (Wireless Telecommunication Services)		20,000	$	121,638
China National Building Material Co., Ltd., Class H (Construction Materials)		360,000		412,822
China Tourism Group Duty Free Corp., Ltd., Class A (Specialty Retail)		13,400		398,788
Chongqing Zhifei Biological Products Co., Ltd., Class A (Biotechnology)		9,998		239,020
CIFI Holdings Group Co., Ltd. (Real Estate Management & Development)		380,000		262,238
CNOOC, Ltd. (Oil, Gas & Consumable Fuels)		250,000		227,024
Contemporary Amperex Technology Co., Ltd., Class A (Electrical Equipment)		13,800		509,081
Country Garden Services Holdings Co., Ltd. (Commercial Services & Supplies)		82,000		514,582
East Money Information Co., Ltd., Class A (Capital Markets)		109,099		380,695
ENN Energy Holdings, Ltd. (Gas Utilities)		40,000		505,385
Geely Automobile Holdings, Ltd. (Automobiles)		170,000		349,100
Hangzhou Tigermed Consulting Co., Ltd., Class A (Life Sciences Tools & Services)		20,948		387,683
Hengli Petrochemical Co., Ltd., Class A (Chemicals)		170,000		489,687
Hundsun Technologies, Inc., Class A (Software)		27,180		377,020
Inner Mongolia Yili Industrial Group Co., Ltd., Class A (Food Products)		20,000		118,593
JD.com, Inc, Class A (Internet & Direct Marketing Retail) (a)		11,000		447,236
JD.com, Inc., ADR (Internet & Direct Marketing Retail) (a)		27,600		2,249,952
Lenovo Group, Ltd. (Technology Hardware, Storage & Peripherals)		440,000		275,266
Li Ning Co., Ltd. (Textiles, Apparel & Luxury Goods)		100,000		515,963
Longfor Group Holdings, Ltd. (Real Estate Management & Development) (c)		110,000		600,903
Luxshare Precision Industry Co., Ltd., Class A (Electronic Equipment, Instruments & Components)		52,682		431,350
Meituan, Class B (Internet & Direct Marketing Retail) (a)		62,000		2,304,856
MMG, Ltd. (Metals & Mining) (a)(b)		1,300,000		306,869
NetEase, Inc., ADR (Entertainment)		3,600		312,444
New Oriental Education & Technology Group, Inc., Sponsored ADR (Diversified Consumer Services) (a)		2,000		320,760
Offcn Education Technology Co., Ltd., Class A (Diversified Consumer Services)		88,000		519,053
Pinduoduo, Inc., ADR (Internet & Direct Marketing Retail) (a)		7,000		629,860


12		MainStay Candriam Emerging Markets Equity Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.



	Shares		Value
Common Stocks (continued)
China (continued)
Ping An Bank Co., Ltd., Class A (Banks)		139,974	$	370,816
Ping An Insurance Group Co. of China, Ltd., Class H (Insurance)		120,000		1,231,345
Sany Heavy Industry Co., Ltd., Class A (Machinery)		160,000		619,683
Shandong Linglong Tyre Co., Ltd., Class A (Auto Components)		101,900		454,734
Shenzhen Inovance Technology Co., Ltd., Class A (Machinery)		61,958		594,039
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A (Health Care Equipment & Supplies)		7,600		438,745
Shimao Group Holdings, Ltd. (Real Estate Management & Development)		122,000		430,403
Silergy Corp. (Semiconductors & Semiconductor Equipment)		5,600		344,573
Tencent Holdings, Ltd. (Interactive Media & Services)		54,000		4,116,608
Vipshop Holdings, Ltd., ADR (Internet & Direct Marketing Retail) (a)		18,000		385,200
Weichai Power Co., Ltd., Class H (Machinery)		108,000		203,950
Wuxi Biologics Cayman, Inc. (Life Sciences Tools & Services) (a)(c)		22,000		614,666
Xiaomi Corp., Class B (Technology Hardware, Storage & Peripherals) (a)(c)		230,000		652,693
Xinyi Solar Holdings, Ltd. (Semiconductors & Semiconductor Equipment)		350,000		636,569
Yantai Jereh Oilfield Services Group Co., Ltd., Class A (Energy Equipment & Services)		84,000		335,112
Yihai International Holding, Ltd. (Food Products) (a)		29,000		383,799
Yonyou Network Technology Co., Ltd., Class A (Software)		44,193		284,608
Zhejiang Dingli Machinery Co., Ltd., Class A (Machinery)		25,997		353,161
Zhongsheng Group Holdings, Ltd. (Specialty Retail)		69,000		490,410

				36,856,006

Hong Kong 2.1%
Hong Kong Exchanges & Clearing, Ltd. (Capital Markets)		7,600		362,918
Nine Dragons Paper Holdings, Ltd. (Paper & Forest Products)		430,000		571,299
Techtronic Industries Co., Ltd. (Machinery)		28,000		373,454
Xinyi Glass Holdings, Ltd. (Auto Components)		230,000		503,760

				1,811,431

India 9.6%
Asian Paints, Ltd. (Chemicals)		16,000		477,145
Bajaj Finance, Ltd. (Consumer Finance)		9,400		418,581



	Shares		Value
India (continued)
Biocon, Ltd. (Biotechnology) (a)		65,000	$	354,789
Divi’s Laboratories, Ltd. (Life Sciences Tools & Services)		5,000		212,124
HDFC Bank, Ltd. (Banks) (a)		52,000		829,670
Hero Motocorp, Ltd. (Automobiles)		11,000		416,340
ICICI Bank, Ltd. (Banks) (a)		110,000		584,084
ICICI Lombard General Insurance Co., Ltd. (Insurance) (c)		18,000		301,184
Info Edge India, Ltd. (Interactive Media & Services)		11,000		525,601
Infosys, Ltd. (IT Services)		62,000		887,154
JSW Steel, Ltd. (Metals & Mining)		164,000		682,047
Jubilant Foodworks, Ltd. (Hotels, Restaurants & Leisure)		11,400		335,351
Reliance Industries, Ltd. (Oil, Gas & Consumable Fuels)		61,000		1,699,225
Tata Consumer Products, Ltd. (Food Products)		65,000		433,290

				8,156,585

Indonesia 0.6%
PT Bank Central Asia Tbk (Banks)		270,000		534,461


Malaysia 0.5%
Dialog Group BHD (Energy Equipment & Services)		440,000		391,817


Mexico 0.2%
Alsea S.A.B. de C.V. (Hotels, Restaurants & Leisure) (a)		240,000		208,642


Peru 1.0%
Southern Copper Corp. (Metals & Mining)		16,600		868,844


Poland 1.0%
Allegro.eu S.A. (Internet & Direct Marketing Retail) (a)(c)		6,000		121,937
CD Projekt S.A. (Entertainment) (a)		3,400		288,071
Dino Polska S.A. (Food & Staples Retailing) (a)(c)		7,600		417,380

				827,388

Republic of Korea 12.8%
Hyundai Marine & Fire Insurance Co., Ltd. (Insurance)		38,000		780,294
Hyundai Mobis Co., Ltd. (Auto Components)		2,800		556,447
Kakao Corp. (Interactive Media & Services)		1,640		476,954
KB Financial Group, Inc. (Banks)		29,600		1,046,056
Kia Motors Corp. (Automobiles)		14,000		623,072
KIWOOM Securities Co., Ltd. (Capital Markets)		5,800		526,483
LG Chem, Ltd. (Chemicals)		1,200		646,162
NAVER Corp. (Interactive Media & Services)		2,000		511,148
NCSoft Corp. (Entertainment)		200		136,776
Orion Corp. (Food Products)		1,200		114,744


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					13

Portfolio of Investments October 31, 2020 (continued)



	Shares		Value
Common Stocks (continued)
Republic of Korea (continued)
Samsung Biologics Co., Ltd. (Life Sciences Tools & Services) (a)(c)		100	$	60,104
Samsung C&T Corp. (Industrial Conglomerates)		3,600		350,577
Samsung Electro-Mechanics Co., Ltd. (Electronic Equipment, Instruments & Components)		3,200		376,487
Samsung Electronics Co., Ltd. (Technology Hardware, Storage & Peripherals)		69,000		3,441,791
Samsung Engineering Co., Ltd. (Construction & Engineering) (a)		16,000		165,683
Samsung SDI Co., Ltd. (Electronic Equipment, Instruments & Components)		1,400		545,343
SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)		7,600		535,155

				10,893,276

Russia 3.2%
MMC Norilsk Nickel PJSC (Metals & Mining)		800		190,142
Polymetal International PLC (Metals & Mining)		25,400		539,489
Polyus PJSC (Metals & Mining) (a)		3,000		588,341
QIWI PLC, Sponsored ADR (IT Services)		12,800		186,752
Tatneft PJSC (Oil, Gas & Consumable Fuels)		36,000		186,381
TCS Group Holding PLC (Banks)		22,000		525,800
Yandex N.V., Class A (Interactive Media & Services) (a)		9,400		541,158

				2,758,063

South Africa 3.6%
AngloGold Ashanti, Ltd. (Metals & Mining)		14,800		335,429
Impala Platinum Holdings, Ltd. (Metals & Mining)		46,000		403,559
Kumba Iron Ore, Ltd. (Metals & Mining)		12,500		368,930
Naspers, Ltd., Class N (Internet & Direct Marketing Retail)		10,000		1,942,588

				3,050,506

Taiwan 10.7%
Accton Technology Corp. (Communications Equipment)		44,000		319,192
Airtac International Group (Machinery)		23,400		628,287
Alchip Technologies, Ltd. (Semiconductors & Semiconductor Equipment)		12,000		203,262
Chailease Holding Co., Ltd. (Diversified Financial Services)		180,000		871,572
Delta Electronics, Inc. (Electronic Equipment, Instruments & Components)		82,000		544,689
E.Sun Financial Holding Co., Ltd. (Banks)		680,000		577,691
Globalwafers Co., Ltd. (Semiconductors & Semiconductor Equipment)		14,000		203,122
MediaTek, Inc. (Semiconductors & Semiconductor Equipment)		42,000		995,542
Realtek Semiconductor Corp. (Semiconductors & Semiconductor Equipment)		34,000		422,571



	Shares			Value
Taiwan (continued)
Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & Semiconductor Equipment)		266,000		$	4,017,410
Wiwynn Corp. (Technology Hardware, Storage & Peripherals)		11,200			284,664

					9,068,002

Thailand 0.4%
Srisawad Corp. PCL, NVDR (Consumer Finance)		190,000			301,757


United States 0.4%
EPAM Systems, Inc. (IT Services) (a)		1,100			339,845

Total Common Stocks (Cost $66,569,523)					81,686,600


Preferred Stocks 1.0%
Brazil 0.5%
Petroleo Brasileiro S.A. 3.24% (Oil, Gas & Consumable Fuels)		130,000			429,108


Republic of Korea 0.5%
Samsung Electronics Co., Ltd. 2.78% (Technology Hardware, Storage & Peripherals)		10,400			459,188

Total Preferred Stocks (Cost $1,328,206)					888,296


Short-Term Investments 2.4%
Affiliated Investment Company 1.8%
MainStay U.S. Government Liquidity Fund, 0.02% (d)		1,530,278			1,530,278


Unaffiliated Investment Company 0.6%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.09% (d)(e)		484,286			484,286

Total Short-Term Investments (Cost $2,014,564)					2,014,564

Total Investments (Cost $69,912,293)		99.6	%		84,589,460
Other Assets, Less Liabilities		0.4			358,125
Net Assets		100.0	%	$	84,947,585


14		MainStay Candriam Emerging Markets Equity Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

†	Percentages indicated are based on Fund net assets.

(a)	Non-income producing security.

(b)

All or a portion of this security was held on loan. As of October 31, 2020, the aggregate market value of securities on loan was $674,259; the total market value of collateral held by the Fund was $733,483. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $249,197 (See Note 2(H)).

(c)	May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.

(d)	Current yield as of October 31, 2020.

(e)	Represents a security purchased with cash collateral received for securities on loan.

The following abbreviations are used in the preceding pages:

ADR—American Depositary Receipt

NVDR—Non-Voting Depositary Receipt

PCL—Provision for Credit Losses

The following is a summary of the fair valuations according to the inputs used as of October 31, 2020, for valuing the Fund’s assets:


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	$	81,686,600	$	—	$	—	$	81,686,600
Preferred Stocks		888,296		—		—		888,296
Short-Term Investments
Affiliated Investment Company		1,530,278		—		—		1,530,278
Unaffiliated Investment Company		484,286		—		—		484,286

Total Short-Term Investments		2,014,564		—		—		2,014,564

Total Investments in Securities	$	84,589,460	$	—	$	—	$	84,589,460

(a)	For a complete listing of investments and their industries, see the Portfolio of Investments.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					15

Portfolio of Investments October 31, 2020 (continued)

The table below sets forth the diversification of the Fund’s investments by industry.

Industry Diversification


	Value		Percent †
Airlines	$	161,238		0.2	%
Auto Components		1,514,941		1.8
Automobiles		1,388,512		1.6
Banks		7,945,073		9.4
Biotechnology		593,809		0.7
Building Products		193,796		0.2
Capital Markets		2,486,257		2.9
Chemicals		2,094,124		2.5
Commercial Services & Supplies		514,582		0.6
Communications Equipment		319,192		0.4
Construction & Engineering		165,683		0.2
Construction Materials		412,822		0.5
Consumer Finance		720,338		0.8
Diversified Consumer Services		1,118,213		1.3
Diversified Financial Services		871,572		1.0
Electric Utilities		194,509		0.2
Electrical Equipment		1,064,133		1.3
Electronic Equipment, Instruments & Components		1,897,869		2.2
Energy Equipment & Services		726,929		0.9
Entertainment		1,139,321		1.3
Food & Staples Retailing		417,380		0.5
Food Products		1,501,790		1.8
Gas Utilities		505,385		0.6
Health Care Equipment & Supplies		438,745		0.5
Health Care Providers & Services		862,712		1.0
Health Care Technology		188,068		0.2
Hotels, Restaurants & Leisure		543,993		0.6
Industrial Conglomerates		350,577		0.4
Insurance		2,312,823		2.7
Interactive Media & Services		6,607,873		7.8
Internet & Direct Marketing Retail		12,557,025		14.8
IT Services		1,413,751		1.7
Life Sciences Tools & Services		1,274,577		1.5
Machinery		2,772,574		3.3
Metals & Mining		4,633,450		5.5
Multiline Retail		515,097		0.6
Oil, Gas & Consumable Fuels		2,994,792		3.5
Paper & Forest Products		571,299		0.7
Real Estate Management & Development		1,443,380		1.7
Road & Rail		486,459		0.6
Semiconductors & Semiconductor Equipment		7,358,204		8.7
Software		661,628		0.8
Specialty Retail		889,198		1.0
Technology Hardware, Storage & Peripherals		5,113,602		6.0
Textiles, Apparel & Luxury Goods		515,963		0.6
Wireless Telecommunication Services		121,638		0.1

		82,574,896		97.2
Short-Term Investments		2,014,564		2.4
Other Assets, Less Liabilities		358,125		0.4

Net Assets	$	84,947,585		100.0	%

†	Percentages indicated are based on Fund net assets.


16		MainStay Candriam Emerging Markets Equity Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Statement of Assets and Liabilities as of October 31, 2020


Assets
Investment in unaffiliated securities, at value (identified cost $68,382,015) including securities on loan of $674,259	$	83,059,182
Investment in affiliated investment company, at value (identified cost $1,530,278)		1,530,278
Cash denominated in foreign currencies (identified cost $647,408)		644,092
Receivables:
Investment securities sold		771,147
Dividends		90,791
Securities lending		1,078
Other assets		41,609

Total assets		86,138,177


Liabilities
Cash collateral received for securities on loan		484,286
Payables:
Investment securities purchased		564,517
Manager (See Note 3)		46,309
Custodian		27,590
Foreign capital gains tax (See Note 2(C))		15,626
Professional fees		11,332
Offering costs		7,895
Shareholder communication		7,301
Transfer agent (See Note 3)		1,213
NYLIFE Distributors (See Note 3)		493
Trustees		109
Accrued expenses		23,921

Total liabilities		1,190,592

Net assets	$	84,947,585


Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	7,933
Additional paid-in capital		86,278,796

		86,286,729
Total distributable earnings (loss)		(1,339,144	)

Net assets	$	84,947,585


Class A
Net assets applicable to outstanding shares	$	1,110,903

Shares of beneficial interest outstanding		104,246

Net asset value per share outstanding	$	10.66
Maximum sales charge (5.50% of offering price)		0.62

Maximum offering price per share outstanding	$	11.28

Investor Class
Net assets applicable to outstanding shares	$	360,033

Shares of beneficial interest outstanding		33,800

Net asset value per share outstanding	$	10.65
Maximum sales charge (5.00% of offering price)		0.56

Maximum offering price per share outstanding	$	11.21

Class C
Net assets applicable to outstanding shares	$	217,160

Shares of beneficial interest outstanding		20,652

Net asset value and offering price per share outstanding	$	10.52

Class I
Net assets applicable to outstanding shares	$	30,175

Shares of beneficial interest outstanding		2,801

Net asset value and offering price per share outstanding	$	10.77

Class R6
Net assets applicable to outstanding shares	$	83,229,314

Shares of beneficial interest outstanding		7,771,953

Net asset value and offering price per share outstanding	$	10.71


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					17

Statement of Operations for the year ended October 31, 2020


Investment Income (Loss)
Income
Dividends-unaffiliated (a)	$	1,157,345
Dividends-affiliated		7,044
Securities lending		5,294
Other		12

Total income		1,169,695

Expenses
Manager (See Note 3)		703,446
Custodian		175,045
Professional fees		94,802
Registration		78,867
Shareholder communication		7,208
Transfer agent (See Note 3)		5,560
Distribution/Service—Class A (See Note 3)		1,405
Distribution/Service—Investor Class (See Note 3)		861
Distribution/Service—Class C (See Note 3)		1,763
Trustees		1,714
Miscellaneous		11,099

Total expenses before waiver/reimbursement		1,081,770
Expense waiver/reimbursement from Manager (See Note 3)		(267,577	)

Net expenses		814,193

Net investment income (loss)		355,502


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Unaffiliated investment transactions (b)		(1,547,958	)
Foreign currency forward transactions		777
Foreign currency transactions		(151,033	)

Net realized gain (loss)		(1,698,214	)

Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments (c)		12,102,457
Translation of other assets and liabilities in foreign currencies		(4,620	)

Net change in unrealized appreciation (depreciation)		12,097,837

Net realized and unrealized gain (loss)		10,399,623

Net increase (decrease) in net assets resulting from operations	$	10,755,125

(a)	Dividends recorded net of foreign withholding taxes in the amount of $152,405.

(b)	Realized gain (loss) on security transactions recorded net of foreign capital gains tax in the amount of $19,489.

(c)	Net change in unrealized appreciation (depreciation) on investments recorded net of foreign capital gains tax in the amount of $77,330.


18		MainStay Candriam Emerging Markets Equity Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Statements of Changes in Net Assets

for the years ended October 31, 2020 and October 31, 2019


	2020			2019
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	355,502		$	717,176
Net realized gain (loss)		(1,698,214	)		(5,585,530	)
Net change in unrealized appreciation (depreciation)		12,097,837			13,564,055

Net increase (decrease) in net assets resulting from operations		10,755,125			8,695,701

Distributions to shareholders:
Class A		(1,543	)		(159	)
Investor Class		(2,383	)		(455	)
Class C		(915	)		—
Class I		(627	)		(62,489	)
Class R6		(1,023,064	)		(536,251	)

Total distributions to shareholders		(1,028,532	)		(599,354	)

Capital share transactions:
Net proceeds from sale of shares		46,869,950			10,446,429
Net asset value of shares issued to shareholders in reinvestment of distributions		1,028,532			536,641
Cost of shares redeemed		(22,082,103	)		(40,479,438	)

Increase (decrease) in net assets derived from capital share transactions		25,816,379			(29,496,368	)

Net increase (decrease) in net assets		35,542,972			(21,400,021	)

Net Assets
Beginning of year		49,404,613			70,804,634

End of year	$	84,947,585		$	49,404,613


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					19

Financial Highlights selected per share data and ratios



	Year ended October 31,						November 15, 2017^ through October 31,

Class A	2020			2019			2018

Net asset value at beginning of period	$	8.97		$	7.98		$	10.00


Net investment income (loss) (a)		0.02			0.10			0.05

Net realized and unrealized gain (loss) on investments		1.88			0.94			(2.04	)

Net realized and unrealized gain (loss) on foreign currency transactions		(0.03	)		(0.01	)		(0.03	)


Total from investment operations		1.87			1.03			(2.02	)


Less distributions:

From net investment income		(0.18	)		(0.04	)		—


Net asset value at end of period	$	10.66		$	8.97		$	7.98


Total investment return (b)		21.14	%		12.96	%		(20.20	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		0.22	%		1.18	%		0.51	% ††

Net expenses (c)		1.50	%		1.50	%		1.50	% ††

Expenses (before waiver/reimbursement) (c)		2.00	%		1.77	%		1.89	% ††

Portfolio turnover rate		122	%		107	%		80	%

Net assets at end of period (in 000’s)	$	1,111		$	77		$	35

^	Inception date.

††	Annualized.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of 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,						November 15, 2017^ through October 31,

Investor Class	2020			2019			2018

Net asset value at beginning of period	$	8.95		$	7.97		$	10.00


Net investment income (loss) (a)		0.02			0.07			0.05

Net realized and unrealized gain (loss) on investments		1.87			0.95			(2.05	)

Net realized and unrealized gain (loss) on foreign currency transactions		(0.03	)		(0.01	)		(0.03	)


Total from investment operations		1.86			1.01			(2.03	)


Less distributions:

From net investment income		(0.16	)		(0.03	)		—


Net asset value at end of period	$	10.65		$	8.95		$	7.97


Total investment return (b)(c)		21.11	%		12.71	%		(20.30	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		0.17	%		0.76	%		0.53	% ††

Net expenses (d)		1.52	%		1.66	%		1.68	% ††

Expenses (before waiver/reimbursement) (d)		2.03	%		1.92	%		2.03	% ††

Portfolio turnover rate		122	%		107	%		80	%

Net assets at end of period (in 000’s)	$	360		$	121		$	108

^	Inception date.

††	Annualized.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of 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.


20		MainStay Candriam Emerging Markets Equity Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,						November 15, 2017^ through October 31,

Class C	2020			2019			2018

Net asset value at beginning of period	$	8.85		$	7.91		$	10.00


Net investment income (loss) (a)		(0.05	)		(0.01	)		0.00	‡

Net realized and unrealized gain (loss) on investments		1.86			0.96			(2.06	)

Net realized and unrealized gain (loss) on foreign currency transactions		(0.03	)		(0.01	)		(0.03	)


Total from investment operations		1.78			0.94			(2.09	)


Less distributions:

From net investment income		(0.11	)		—			—


Net asset value at end of period	$	10.52		$	8.85		$	7.91


Total investment return (b)		20.23	%		11.88	%		(20.90	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		(0.52	%)		(0.13	%)		0.04	% ††

Net expenses (c)		2.27	%		2.40	%		2.44	% ††

Expenses (before waiver/reimbursement) (c)		2.78	%		2.67	%		2.73	% ††

Portfolio turnover rate		122	%		107	%		80	%

Net assets at end of period (in 000’s)	$	217		$	56		$	93

^	Inception date.

‡	Less than one cent per share.

††	Annualized.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of 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,						November 15, 2017^ through October 31,

Class I	2020			2019			2018

Net asset value at beginning of period	$	8.99		$	8.00		$	10.00


Net investment income (loss) (a)		0.05			(0.02	)		0.03

Net realized and unrealized gain (loss) on investments		1.90			1.08			(2.01	)

Net realized and unrealized gain (loss) on foreign currency transactions		(0.03	)		(0.01	)		(0.02	)


Total from investment operations		1.92			1.05			(2.00	)


Less distributions:

From net investment income		(0.14	)		(0.06	)		(0.00	)‡


Net asset value at end of period	$	10.77		$	8.99		$	8.00


Total investment return (b)		21.60	%		13.28	%		(19.99	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		0.55	%		(0.26	%)		0.34	% ††

Net expenses (c)		1.15	%		1.15	%		1.19	% ††

Expenses (before waiver/reimbursement) (c)		1.79	%		1.52	%		1.79	% ††

Portfolio turnover rate		122	%		107	%		80	%

Net assets at end of period (in 000’s)	$	30		$	40		$	7,934

^	Inception date.

‡	Less than one cent per share.

††	Annualized.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of 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.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					21

Financial Highlights selected per share data and ratios



	Year ended October 31,						November 15, 2017^ through October 31,

Class R6	2020			2019			2018

Net asset value at beginning of period	$	9.00		$	8.01		$	10.00


Net investment income (loss) (a)		0.05			0.10			0.14

Net realized and unrealized gain (loss) on investments		1.89			0.96			(2.10	)

Net realized and unrealized gain (loss) on foreign currency transactions		(0.03	)		(0.01	)		(0.03	)


Total from investment operations		1.91			1.05			(1.99	)


Less distributions:

From net investment income		(0.20	)		(0.06	)		(0.00	)‡


Net asset value at end of period	$	10.71		$	9.00		$	8.01


Total investment return (b)		21.61	%		13.29	%		(19.89	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		0.51	%		1.11	%		1.54	% ††

Net expenses (c)		1.15	%		1.15	%		1.15	% ††

Expenses (before waiver/reimbursement) (c)		1.53	%		1.42	%		1.43	% ††

Portfolio turnover rate		122	%		107	%		80	%

Net assets at end of period (in 000’s)	$	83,230		$	49,111		$	62,635

^	Inception date.

‡	Less than one cent per share.

††	Annualized.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized.

(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.


22		MainStay Candriam Emerging Markets Equity Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Notes to Financial Statements

Note 1–Organization and Business

The Fund currently has six classes of shares registered for sale. Class A, Investor Class, Class C, Class I and Class R6 shares were first offered for sale on November 15, 2017. SIMPLE Class shares were registered for sale effective as of August 31, 2020. As of October 31, 2020, SIMPLE Class shares were not yet offered for sale.

Class A and Investor Class shares are offered at net asset value (“NAV”) per share plus an initial sales charge. No initial sales charge applies to investments of $1 million or more (and certain other qualified purchases) in Class A and Investor Class shares. A contingent deferred sales charge (“CDSC”) of 1.00% may be imposed on certain redemptions of Class A and Investor Class shares made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Class C shares are offered at NAV without an initial sales charge, although a 1.00% CDSC may be imposed on certain redemptions of such shares made within one year of the date of purchase of Class C shares. Class I and Class R6 shares are offered at NAV without a sales charge. SIMPLE Class shares are currently expected to be offered at NAV without a sales charge. Depending upon eligibility, Class C shares convert to either Class A or Investor Class shares at the end of the calendar quarter ten years after the date they were purchased. Additionally, Investor Class shares may convert automatically to Class A shares. Under certain circumstances and as may be permitted by the Trust’s multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under distribution plans pursuant to Rule 12b-1 under the 1940 Act, Class C shares are subject to higher distribution and/or service fees than Class A, Investor Class and SIMPLE Class shares. Class I and Class R6 shares are not subject to a distribution and/or service fee.

The Fund’s investment objective is to seek long-term capital appreciation.

Note 2–Significant Accounting Policies

The Board of Trustees of the Trust (the “Board”) adopted procedures establishing methodologies for the valuation of the Fund’s securities and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Trust (the “Valuation Committee”). The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for the day-to-day valuation of portfolio assets (including fair value measurements for the Fund’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)). To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Fund’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources.


			23

Notes to Financial Statements (continued)

liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

•

Level 1—quoted prices in active markets for an identical asset or liability

•

Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:


• Broker/dealer quotes		• Benchmark securities
• Two-sided markets		• Reference data (corporate actions or material event notices)
• Bids/offers		• Monthly payment information
• Industry and economic events		• Reported trades

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. No securities held by the Fund as of October 31, 2020 were fair valued in such a manner.

Certain securities held by the Fund may principally trade in foreign markets. Events may occur between the time the foreign markets close and the time at which the Fund’s NAVs are calculated. These events may include, but are not limited to, situations relating to a single issuer in a market sector, significant fluctuations in U.S. or foreign markets, natural disasters, armed conflicts, governmental actions or other developments not tied directly to the securities markets. Should the Manager or the Subadvisor conclude that such events may have affected the accuracy of the last price of such securities reported on the local foreign market, the Subcommittee may, pursuant to procedures adopted by the Board, adjust the value of the local price to reflect the estimated impact on the price of such securities as a result of such events. In this instance, securities are generally categorized as Level 3 in the hierarchy. Additionally, certain foreign equity securities are also fair valued whenever the movement of a particular index exceeds certain thresholds. In such cases, the securities are fair valued by applying factors provided by a third-party vendor in accordance with valuation procedures adopted by the Board and are generally categorized as Level 2 in the hierarchy. No foreign equity securities held by the Fund as of October 31, 2020, were fair valued in such a manner.

Equity securities are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. In addition, because closed-end funds and exchange-traded funds (“ETFs”) trade on a secondary market, their shares may trade at a premium or discount to the actual net asset value of their portfolio securities and their shares may have greater volatility because of the potential lack of liquidity. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs as of the close of the Exchange on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.


24		MainStay Candriam Emerging Markets Equity Fund

are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the value on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The Manager evaluates the Fund’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years (since inception) and has concluded that no provisions for federal, state and local income tax are required in the Fund’s financial statements. The Fund’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Foreign Taxes. The Fund may be subject to foreign taxes on income and other transaction-based taxes imposed by certain countries in which it invests. A portion of the taxes on gains on investments or currency purchases/repatriation may be reclaimable. The Fund will accrue such taxes and reclaims as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

The Fund may be subject to taxation on realized capital gains, repatriation proceeds and other transaction-based taxes imposed by certain countries in which it invests. The Fund will accrue such taxes as applicable based upon its current interpretation of tax rules and regulations that exist in the market in which it invests. Capital gains taxes relating to positions still held are reflected as a liability in the Statement of Assets and Liabilities, as well as an adjustment to the Fund’s net unrealized appreciation (depreciation). Taxes related to capital gains realized, if any, are reflected as part of net realized gain (loss) in the Statement of Operations. Changes in tax liabilities related to capital gains taxes on unrealized investment gains, if any, are reflected as part of the change in net unrealized appreciation (depreciation) on investments in the

Statement of Operations. Transaction-based charges are generally assessed as a percentage of the transaction amount.

(D) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare and pay dividends from net investment income and distributions from net realized capital and currency gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(E) Security Transactions and Investment Income. The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date, net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method. Distributions received from real estate investment trusts may be classified as dividends, capital gains and/or return of capital.

(F) Expenses. Expenses of the Trust are allocated to the individual Funds in proportion to the net assets of the respective Funds when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than transfer agent expenses and fees incurred under the shareholder services plans and/or the distribution plans further discussed in Note 3(B)) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Fund, including those of related parties to the Fund, are shown in the Statement of Operations.

Additionally, the Fund may invest in closed-end funds, ETFs and mutual funds, which are subject to management fees and other fees that may cause the costs of investing in closed-end funds, ETFs and mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of closed-end funds, ETFs and mutual funds are not included in the amounts shown as expenses in the Fund’s Statement of Operations or in the expense ratios included in the Financial Highlights.

(G) Use of Estimates. In preparing financial statements in conformity with GAAP, the Manager makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.


			25

Notes to Financial Statements (continued)

Fund’s collateral in accordance with the securities lending agency agreement between the Fund and State Street, and indemnify the Fund against counterparty risk. The loans will be collateralized by cash (which may be invested in a money market fund) and/or non-cash collateral (which may include U.S. Treasury securities and/or U.S. government agency securities issued or guaranteed by the United States government or its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. The Fund bears the risk of delay in recovery of, or loss of rights in, the securities loaned. The Fund may also record a realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. The Fund bears the risk of any loss on investment of cash collateral. The Fund will receive compensation for lending its securities in the form of fees or it will retain a portion of interest earned on the investment of any cash collateral. The Fund will also continue to receive interest and dividends on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Fund. Income earned from securities lending activities, if any, is reflected in the Statement of Operations. As of October 31, 2020, the Fund had securities on loan with an aggregate market value of $674,259; the total market value of collateral held by the Fund was $733,483. The market value of the collateral held included non-cash collateral, in the form of U.S. Treasury securities, with a value of $249,197 and cash collateral, which was invested into the State Street Navigator Securities Lending Government Money Market Portfolio, with a value of $484,286.

(I) Foreign Currency Forward Contracts. The Fund may enter into foreign currency forward contracts, which are agreements to buy or sell foreign currencies on a specified future date at a specified rate. The Fund is subject to foreign currency exchange rate risk in the normal course of investing in these transactions. During the period the forward contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each day’s trading. Cash movement occurs on settlement date. When the forward contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract. The Fund may purchase and sell foreign currency forward contracts for purposes of seeking to enhance portfolio returns and manage portfolio risk more efficiently. Foreign currency forward contracts may also be used to gain exposure to a particular currency or to hedge against the risk of loss due to changing currency exchange rates. Foreign currency forward contracts to purchase or sell a foreign currency may also be used in anticipation of future purchases or sales of securities denominated in foreign currency, even if the specific investments have not yet been selected.

forward contract will depreciate due to unfavorable changes in exchange rates. Illiquidity risk arises because the secondary market for foreign currency forward contracts may have less liquidity relative to markets for other securities and financial instruments. Risks also arise from the possible movements in the foreign exchange rates underlying these instruments. While the Fund may enter into forward contracts to reduce currency exchange risks, changes in currency exchange rates may result in poorer overall performance for the Fund than if it had not engaged in such transactions. Exchange rate movements can be large, depending on the currency, and can last for extended periods of time, affecting the value of the Fund’s assets. Moreover, there may be an imperfect correlation between the Fund’s holdings of securities denominated in a particular currency and forward contracts entered into by the Fund. Such imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund to the risk of currency exchange loss. The unrealized appreciation (depreciation) on forward contracts also reflects the Fund’s exposure at the valuation date to credit loss in the event of a counterparty’s failure to perform its obligations. As of October 31, 2020, the Fund did not hold any foreign currency forward contracts.

(J) Foreign Currency Transactions. The Fund’s books and records are maintained in U.S. dollars. Prices of securities denominated in foreign currency amounts are translated into U.S. dollars at the mean between the buying and selling rates last quoted by any major U.S. bank at the following dates:

(i)	market value of investment securities, other assets and liabilities—at the valuation date; and

(ii)	purchases and sales of investment securities, income and expenses—at the date of such transactions.

The assets and liabilities that are denominated in foreign currency amounts are presented at the exchange rates and market values at the close of the period. The realized and unrealized changes in net assets arising from fluctuations in exchange rates and market prices of securities are not separately presented.

Net realized gain (loss) on foreign currency transactions represents net currency gains or losses realized as a result of differences between the amounts of securities sale proceeds or purchase cost, dividends, interest and withholding taxes as recorded on the Fund’s books, and the U.S. dollar equivalent amount actually received or paid. Net currency gains or losses from valuing such foreign currency denominated assets and liabilities, other than investments at valuation date exchange rates, are reflected in unrealized foreign exchange gains or losses.

(K) Foreign Securities Risk. The Fund invests in foreign securities, which carry certain risks that are in addition to the usual risks inherent in domestic securities. These risks include those resulting from currency fluctuations, future adverse political or economic developments and possible imposition of currency exchange blockages or other foreign governmental laws or restrictions. These risks are likely to be greater in emerging markets than in developed markets. The ability of issuers of securities held by the Fund to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region. For example, the Fund’s portfolio has significant investments in the Asia-Pacific region. The development and stability of the Asia-Pacific region can be adversely affected by, among


26		MainStay Candriam Emerging Markets Equity Fund

other regional and global developments, trade barriers, exchange controls and other measures imposed or negotiated by the countries with which they trade. 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 effect of derivative instruments on the Statement of Operations for the year ended October 31, 2020:

Net Realized Gain (Loss) from:


	Foreign Exchange Contracts Risk		Total

Forward Contracts	$	777	$	777

Total Net Realized Gain (Loss)	$	777	$	777

Average Notional Amount


	Foreign Exchange Contracts Risk			Total

Forward Contracts Long	$	58,063		$	58,063
Forward Contracts Short	$	(27,196	)	$	(27,196	)

Note 3–Fees and Related Party Transactions

amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. Candriam Belgium S.A. (“Candriam Belgium” or the “Subadvisor”), a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life, serves as Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of a Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and Candriam Belgium, New York Life Investments pays for the services of the Subadvisor.

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of the Fund’s average daily net assets as follows: 1.00% up to $1 billion and 0.975% in excess of $1 billion. During the year ended October 31, 2020, the effective management fee rate was 1.00%, exclusive of any applicable waivers/reimbursements.

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) do not exceed the following percentages of average daily net assets: Class A, 1.50%; and Class I, 1.15% of its average daily net assets. New York Life Investments will apply an equivalent waiver or reimbursement, in an equal number of basis points of the Class A shares waiver/reimbursement, to Investor Class and Class C. In addition, New York Life Investments has also 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 R6 shares do not exceed those of Class I. These agreements will remain in effect until August 31, 2021, 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.

During the year ended October 31, 2020, New York Life Investments earned fees from the Fund in the amount of $703,446 and waived fees and/or reimbursed expenses in the amount of $267,577 and paid the Subadvisor fees in the amount of $217,935.


			27

Notes to Financial Statements (continued)

(B) Distribution and Service Fees. The Trust, on behalf of the Fund, has entered into a distribution agreement with NYLIFE Distributors LLC (the “Distributor”), an affiliate of New York Life Investments. The Fund has adopted distribution plans (the “Plans”) in accordance with the provisions of Rule 12b-1 under the 1940 Act.

Inc. (“DST”), pursuant to which DST performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund’s share classes to a maximum of 0.35% of that share class’s average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until February 28, 2021 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. During the year ended October 31, 2020, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:


Class	Expense		Waived
Class A	$	1,380	$	—
Investor Class		869		—
Class C		446		—
Class I		96		—
Class R6		2,769		—

(F) Investments in Affiliates (in 000’s). During the year ended October 31, 2020, purchases and sales transactions, income earned from investments and shares held of investment companies managed by New York Life Investments or its affiliates were as follows:


Affiliated Investment Company	Value, Beginning of Year		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Year		Dividend Income		Other Distributions		Shares End of Year
MainStay U.S. Government Liquidity Fund	$	133	$	69,065	$	(67,668	)	$	—	$	—	$	1,530	$	7	$	—		1,530

(G) Capital. As of October 31, 2020, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:



Class A	$	30,016	2.7	%
Class C		29,621	13.6
Class I		30,165	100.0
Class R6		30,168	0.0	‡

‡	Less than one-tenth of a percent.

Note 4–Federal Income Tax

As of October 31, 2020, the cost and unrealized appreciation (depreciation) of the Fund’s investment portfolio, including applicable

derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:


	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)

Investments in Securities	$	71,049,288	$	16,067,704	$	(2,527,532	)	$	13,540,172


28		MainStay Candriam Emerging Markets Equity Fund

As of October 31, 2020, the components of accumulated gain (loss) on a tax basis were as follows:


Ordinary Income	Accumulated Capital and Other Gain (Loss)	Other Temporary Differences	Unrealized Appreciation (Depreciation)	Total Accumulated Gain (Loss)

$450,906	$(15,298,976)	$(10,369)	$13,519,295	$(1,339,144)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is primarily due to wash sales and Passive Foreign Investment Company (PFIC) adjustments. The other temporary differences are primarily due to foreign taxes payable.

As of October 31, 2020, for federal income tax purposes, capital loss carryforwards of $15,298,976 were available as shown in the table below, to the extent provided by the regulations to offset future realized gains of the Fund through the years indicated. To the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders. No capital gain distributions shall be made until any capital loss carryforwards have been fully utilized.


Capital Loss Available Through	Short-Term Capital Loss Amounts (000’s)	Long-Term Capital Loss Amounts (000’s)

Unlimited	$11,842	$3,457

During the years ended October 31, 2020 and October 31, 2019, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:


	2020		2019

Distributions paid from:
Ordinary Income	$	1,028,532	$	599,354

Note 5–Custodian

Note 6–Line of Credit

Federal Funds Rate or the one-month London Interbank Offered Rate (“LIBOR”), whichever is higher. The Credit Agreement expires on July 27, 2021, although the Fund, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate of banks. Prior to July 28, 2020, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement, but State Street served as agent to the syndicate. During the year ended October 31, 2020, there were no borrowings made or outstanding with respect to the Fund under the Credit Agreement or the credit agreement for which State Street served as agent.

Note 7–Interfund Lending Program

Note 8–Purchases and Sales of Securities (in 000’s)

During the year ended October 31, 2020, purchases and sales of securities, other than short-term securities, were $105,203 and $82,043, respectively.

Note 9–Capital Share Transactions

Transactions in capital shares for the years ended October 31, 2020, and October 31, 2019, were as follows:


Class A	Shares			Amount

Year ended October 31, 2020:
Shares sold		85,514		$	819,852
Shares issued to shareholders in reinvestment of distributions		168			1,543
Shares redeemed		(16,986	)		(159,051	)

Net increase (decrease) in shares outstanding before conversion		68,696			662,344
Shares converted into Class A (See Note 1)		26,972			229,361

Net increase (decrease)		95,668		$	891,705

Year ended October 31, 2019:
Shares sold		9,107		$	80,841
Shares issued to shareholders in reinvestment of distributions		8			62
Shares redeemed		(4,448	)		(39,658	)

Net increase (decrease) in shares outstanding before conversion		4,667			41,245
Shares converted into Class A (See Note 1)		319			2,484
Shares converted from Class A (See Note 1)		(757	)		(6,585	)

Net increase (decrease)		4,229		$	37,144


			29

Notes to Financial Statements (continued)


Investor Class	Shares			Amount

Year ended October 31, 2020:
Shares sold		69,626		$	655,868
Shares issued to shareholders in reinvestment of distributions		251			2,383
Shares redeemed		(22,576	)		(216,494	)

Net increase (decrease) in shares outstanding before conversion		47,301			441,757
Shares converted from Investor Class (See Note 1)		(26,981	)		(229,361	)

Net increase (decrease)		20,320		$	212,396

Year ended October 31, 2019:
Shares sold		6,007		$	50,907
Shares issued to shareholders in reinvestment of distributions		49			383
Shares redeemed		(6,840	)		(60,536	)

Net increase (decrease) in shares outstanding before conversion		(784	)		(9,246	)
Shares converted into Investor Class (See Note 1)		1,063			9,216
Shares converted from Investor Class (See Note 1)		(319	)		(2,484	)

Net increase (decrease)		(40	)	$	(2,514	)



Class C	Shares			Amount

Year ended October 31, 2020:
Shares sold		17,452		$	162,687
Shares issued to shareholders in reinvestment of distributions		100			915
Shares redeemed		(3,170	)		(33,663	)

Net increase (decrease)		14,382		$	129,939

Year ended October 31, 2019:
Shares sold		3,371		$	29,814
Shares redeemed		(8,543	)		(70,658	)

Net increase (decrease) in shares outstanding before conversion		(5,172	)		(40,844	)
Shares converted from Class C (See Note 1)		(307	)		(2,631	)

Net increase (decrease)		(5,479	)	$	(43,475	)



Class I	Shares			Amount

Year ended October 31, 2020:
Shares issued to shareholders in reinvestment of distributions		68			627
Shares redeemed		(1,760	)		(18,830	)

Net increase (decrease)		(1,692	)	$	(18,203	)

Year ended October 31, 2019:
Shares sold		2,759		$	26,188
Shares issued to shareholders in reinvestment of distributions		14			108
Shares redeemed		(990,000	)		(8,621,993	)

Net increase (decrease)		(987,227	)	$	(8,595,697	)


Class R6	Shares			Amount

Year ended October 31, 2020:
Shares sold		4,713,936		$	45,231,543
Shares issued to shareholders in reinvestment of distributions		110,841			1,023,064
Shares redeemed		(2,510,116	)		(21,654,065	)

Net increase (decrease)		2,314,661		$	24,600,542

Year ended October 31, 2019:
Shares sold		1,235,514		$	10,258,679
Shares issued to shareholders in reinvestment of distributions		68,291			536,088
Shares redeemed		(3,669,682	)		(31,686,593	)

Net increase (decrease)		(2,365,877	)	$	(20,891,826	)

Note 10–Recent Accounting Pronouncement

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board issued Accounting Standards Update 2018-13, Fair Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which adds, removes, and modifies certain fair value measurement disclosure requirements. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019. The Manager evaluated the implications of certain provisions of ASU 2018-13 and determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures, which are currently in place as of October 31, 2020. The Manager is evaluating the implications of certain other provisions of ASU 2018-13 related to new disclosure requirements and has not yet determined the impact of those provisions on the financial statement disclosures, if any.

Note 11–Other Matters


30		MainStay Candriam Emerging Markets Equity Fund

Note 12–Subsequent Events

Effective at the close of business on November 20, 2020, all services provided by State Street were transitioned to JPMorgan Chase Bank, N.A.


			31

Report of Independent Registered Public Accounting Firm

To the Shareholders of the Fund and Board of Trustees

MainStay Funds Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of MainStay Candriam Emerging Markets Equity Fund (the Fund), one of the funds constituting MainStay Funds Trust, including the portfolio of investments, as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the two-year period then ended and for the period November 15, 2017 (commencement of operations) through October 31, 2018. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the two-year period then ended and for the period November 15, 2017 through October 31, 2018, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2020, by correspondence with the custodian, the transfer agent, and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

LOGO

We have served as the auditor of one or more New York Life Investment Management investment companies since 2003.

Philadelphia, Pennsylvania

December 23, 2020


32		MainStay Candriam Emerging Markets Equity Fund

Federal Income Tax Information

(Unaudited)

The Fund is required under the Internal Revenue Code to advise shareholders in a written statement as to the federal tax status of dividends paid by the Fund during such fiscal years.

For the fiscal year ended October 31, 2020, the Fund designated approximately $1,195,994 under the Internal Revenue Code as qualified dividend income eligible for reduced tax rates.

The dividends paid by the Fund during the fiscal year ended October 31, 2020 should be multiplied by 1.07% to arrive at the amount eligible for the corporate dividend-received deduction.

In accordance with federal tax law, the Fund elected to provide each shareholder with their portion of the Fund’s foreign taxes paid and the income sourced from foreign countries. Accordingly, the Fund made the following designations regarding its fiscal year ended October 31, 2020:

•

the total amount of taxes credited to foreign countries was $167,462.

•

the total amount of income sourced from foreign countries was $604,866.

Proxy Voting Policies and Procedures and Proxy Voting Record

Shareholder Reports and Quarterly Portfolio Disclosure


			33

Board of Trustees and Officers (Unaudited)

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Interested Trustee

Yie-Hsin Hung*

1962

MainStay Funds:
Trustee since 2017

MainStay Funds Trust:
Trustee since 2017

MainStay VP Funds Trust:
Trustee since 2017 (31 portfolios); and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017.


34		MainStay Candriam Emerging Markets Equity Fund

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

David H. Chow

1957

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Founder and CEO, DanCourt Management, LLC since 1999

Susan B. Kerley

1951

MainStay Funds:
Chairman since 2017 and Trustee since 2007;

MainStay Funds Trust: Chairman since 2017 and Trustee since 1990.**

President, Strategic Management Advisors LLC since 1990

MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007 (31 portfolios)***;
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; and

Legg Mason Partners Funds: Trustee since 1991 (45 portfolios).

Alan R. Latshaw

1951

MainStay Funds:
Trustee;

MainStay Funds Trust:
Trustee and Audit Committee Financial Expert since 2007.**

Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006)

Richard H. Nolan, Jr.

1946

MainStay Funds:
Trustee since 2007;

MainStay Funds Trust:
Trustee since 2007.**

Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004)

MainStay VP Funds Trust: Trustee since 2006 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Jacques P. Perold

1958

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Allstate Corporation: Director since 2015;
MSCI, Inc.: and Director since 2017.


			35

Board of Trustees and Officers (Unaudited) (continued)

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

Richard S. Trutanic

1952

MainStay Funds: Trustee since 1994;

MainStay Funds Trust: Trustee since 2007.**

MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust.

***

Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


36		MainStay Candriam Emerging Markets Equity Fund


	Name and Year of Birth	Position(s) Held and Length of Service	Principal Occupation(s) During Past Five Years
Officers of the Trust (Who are not Trustees)*	Kirk C. Lehneis 1974	President, MainStay Funds, MainStay Funds Trust since 2017	Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers since 2017 and Senior Managing Director since 2018, NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since 2017**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC
	Jack R. Benintende 1964	Treasurer and Principal Financial and Accounting Officer, MainStay Funds since 2007, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2007**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012)
	Yi-Chia Kuo 1981	Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust since January 2020	Chief Compliance Officer, Index IQ Trust, Index IQ ETF Trust and Index IQ Active ETF Trust since January 2020; Vice President and Chief Compliance Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since January 2020; Director and Associate General Counsel, New York Life Insurance Company (2015 to 2019)
	J. Kevin Gao 1967	Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust since 2010	Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2010**
	Scott T. Harrington 1959	Vice President— Administration, MainStay Funds since 2005, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2005**

Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


			37

MainStay Funds

Equity

U.S. Equity

MainStay Epoch U.S. All Cap Fund

MainStay Epoch U.S. Equity Yield Fund

MainStay MacKay Common Stock Fund

MainStay MacKay Growth Fund

MainStay MacKay S&P 500 Index Fund

MainStay MacKay Small Cap Core Fund

MainStay MacKay U.S. Equity Opportunities Fund

MainStay MAP Equity Fund

MainStay Winslow Large Cap Growth Fund¹

International Equity

MainStay Epoch International Choice Fund

MainStay MacKay International Equity Fund

MainStay MacKay International Opportunities Fund

Emerging Markets Equity

MainStay Candriam Emerging Markets Equity Fund

Global Equity

MainStay Epoch Capital Growth Fund

MainStay Epoch Global Equity Yield Fund

Fixed Income

Taxable Income

MainStay Candriam Emerging Markets Debt Fund

MainStay Floating Rate Fund

MainStay MacKay High Yield Corporate Bond Fund

MainStay MacKay Short Duration High Yield Fund

MainStay MacKay Total Return Bond Fund

MainStay MacKay Unconstrained Bond Fund

MainStay MacKay U.S. Infrastructure Bond Fund²

MainStay Short Term Bond Fund³

Tax-Exempt Income

MainStay MacKay California Tax Free Opportunities Fund⁴

MainStay MacKay High Yield Municipal Bond Fund

MainStay MacKay Intermediate Tax Free Bond Fund

MainStay MacKay New York Tax Free Opportunities Fund⁵

MainStay MacKay Short Term Municipal Fund

MainStay MacKay Tax Free Bond Fund

Money Market

MainStay Money Market Fund

Mixed Asset

MainStay Balanced Fund

MainStay Income Builder Fund

MainStay MacKay Convertible Fund

Speciality

MainStay CBRE Global Infrastructure Fund

MainStay CBRE Real Estate Fund

MainStay Cushing MLP Premier Fund

Asset Allocation

MainStay Conservative Allocation Fund

MainStay Conservative ETF Allocation Fund

MainStay Defensive ETF Allocation Fund

MainStay Equity Allocation Fund⁶

MainStay Equity ETF Allocation Fund

MainStay Growth Allocation Fund⁷

MainStay Growth ETF Allocation Fund

MainStay Moderate Allocation Fund

MainStay Moderate ETF Allocation Fund

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium S.A.⁸

Brussels, Belgium

Candriam Luxembourg S.C.A.⁸

Strassen, Luxembourg

CBRE Clarion Securities LLC

Radnor, Pennsylvania

Cushing Asset Management, LP

Dallas, Texas

Epoch Investment Partners, Inc.

New York, New York

MacKay Shields LLC⁸

New York, New York

Markston International LLC

White Plains, New York

NYL Investors LLC⁸

New York, New York

Winslow Capital Management, LLC

Minneapolis, Minnesota

Legal Counsel

Dechert LLP

Washington, District of Columbia

Independent Registered Public Accounting Firm

KPMG LLP

Philadelphia, Pennsylvania

Distributor

NYLIFE Distributors LLC⁸

Jersey City, New Jersey

Custodian⁹

State Street Bank and Trust Company

Boston, Massachusetts

1.	Formerly known as MainStay Large Cap Growth Fund.

2.	Formerly known as MainStay MacKay Infrastructure Bond Fund.

3.	Formerly known as MainStay Indexed Bond Fund.

4.	This Fund is registered for sale in AZ, CA, NV, OR, TX, UT and WA. Class A and Class I shares are registered for sale in MI. Class I and Class C2 shares are registered for sale in CO, FL, GA, HI, ID, MA, MD, NH, NJ and NY.

5.	This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT.

6.	Formerly known as MainStay Growth Allocation Fund.

7.	Formerly known as MainStay Moderate Growth Allocation Fund.

8.	An affiliate of New York Life Investment Management LLC.

Not part of the Annual Report

For more information

800-624-6782

newyorklifeinvestments.com

1795953 MS203-20

MSCEME11-12/20

(NYLIM) NL440

MainStay Asset Allocation Funds

Message from the President and Annual Report

October 31, 2020

MainStay Conservative Allocation Fund

MainStay Moderate Allocation Fund

MainStay Growth Allocation Fund (Formerly known as MainStay Moderate Growth Allocation Fund)

MainStay Equity Allocation Fund (Formerly known as MainStay Growth Allocation Fund)


Not FDIC/NCUA Insured		Not a Deposit		May Lose Value		No Bank Guarantee		Not Insured by Any Government Agency

LOGO

This page intentionally left blank

Message from the President

Sincerely,

LOGO

Kirk C. Lehneis

President

Not part of the Annual Report

Table of Contents


Annual Report

MainStay Conservative Allocation Fund			5

MainStay Moderate Allocation Fund			21

MainStay Growth Allocation Fund			37

MainStay Equity Allocation Fund			54

Notes to Financial Statements			69

Report of Independent Registered Public Accounting Firm			93

Federal Income Tax Information			94

Proxy Voting Policies and Procedures and Proxy Voting Record			94

Shareholder Reports and Quarterly Portfolio Disclosure			94

Board of Trustees and Officers			95

Investors should refer to each Fund’s Summary Prospectus and/or Prospectus and consider each Fund’s investment objectives, strategies, risks, charges and expenses carefully before investing. The Summary Prospectus and/or Prospectus contain this and other information about each Fund. You may obtain copies of each Fund’s Summary Prospectus, Prospectus and Statement of Additional Information free of charge, upon request, by calling toll-free 800-624-6782, by writing to NYLIFE Distributors LLC, Attn: MainStay Marketing Department, 30 Hudson Street, Jersey City, NJ 07302 or by sending an e-mail to MainStayShareholderServices@nylim.com. These documents are also available via the MainStay Funds’ website at newyorklifeinvestments.com. Please read each Fund’s Summary Prospectus and/or Prospectus carefully before investing.

MainStay Conservative Allocation Fund

Investment and Performance Comparison¹ (Unaudited)

Performance data quoted represents past performance. Past performance is no guarantee of future results. Because of market volatility and other factors, current performance may be lower or higher than the figures shown. Investment return and principal value will fluctuate, and as a result, when shares are redeemed, they may be worth more or less than their original cost. The graph below depicts the historical performance of Class I shares* of the Fund. Performance will vary from class to class based on differences in class-specific expenses and sales charges. For performance information current to the most recent month-end, please call 800-624-6782 or visit newyorklifeinvestments.com.

LOGO

Average Annual Total Returns for the Year-Ended October 31, 2020


Class	Sales Charge		Inception Date		One Year or Since Inception			Five Years or Since Inception			Ten Years			Gross Expense Ratio²

Class A Shares³	Maximum 3% Initial Sales Charge	With sales charges Excluding sales charges		4/4/2005		1.85 5.00	%		3.37 4.55	%		4.90 5.49	%		0.98 0.98	%
Investor Class Shares^3,4	Maximum 2.5% Initial Sales Charge	With sales charges Excluding sales charges		2/28/2008		1.66 4.80			3.22 4.39			4.73 5.33			1.19 1.19
Class B Shares⁵	Maximum 5% CDSC if Redeemed Within the First Six Years of Purchase	With sales charges Excluding sales charges		4/4/2005		–1.01 3.99			3.26 3.61			4.54 4.54			1.94 1.94
Class C Shares	Maximum 1% CDSC if Redeemed Within One Year of Purchase	With sales charges Excluding sales charges		4/4/2005		2.99 3.99			3.61 3.61			4.55 4.55			1.94 1.94
Class I Shares	No Sales Charge			4/4/2005		5.30			4.84			5.76			0.73
Class R2 Shares	No Sales Charge			6/14/2019		4.93			4.45			N/A			1.08
Class R3 Shares	No Sales Charge			2/29/2016		4.59			5.74			N/A			1.33
SIMPLE Class Shares	No Sales Charge			8/31/2020		–2.78			N/A			N/A			1.44

*	Previously, the chart presented the Fund’s annual returns for Class B shares. Class I shares are presented for consistency across the MainStay Fund complex.

2.	The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report.

3.	Prior to July 22, 2019, the maximum initial sales charge applicable was 5.5%, which is reflected in the average annual total return figures shown.

4.	Prior to June 30, 2020, the maximum initial sales charge for the Investor Class shares was 3.0%, which is reflected in the average total return figures shown.

5.	Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders.

The footnotes on the next page are an integral part of the table and graph and should be carefully read in conjunction with them.


			5


Benchmark Performance	One Year			Five Years			Ten Years

S&P 500^® Index⁶		9.71	%		11.71	%		13.01	%
MSCI EAFE^® Index⁷		–6.86			2.85			3.82
Bloomberg Barclays U.S. Aggregate Bond Index⁸		6.19			4.08			3.55
Conservative Allocation Composite Index⁹		6.47			6.48			6.73
Morningstar Allocation – 30% to 50% Equity Category Average¹⁰		2.76			4.82			5.44

The S&P 500^® Index is the Fund’s primary broad-based securities market index for comparison purposes. “S&P 500^®” is a trademark of The McGraw-Hill Companies, Inc. The S&P 500^® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

7.	The MSCI EAFE^® Index is the Fund’s secondary benchmark. The MSCI EAFE^® Index consists of international stocks representing the developed world outside of North America. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

The Fund has selected the Bloomberg Barclays U.S. Aggregate Bond Index as an additional benchmark. The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasurys, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

The Fund has selected the Conservative Allocation Composite Index as an additional benchmark. Effective February 28, 2014, the Conservative Allocation Composite Index consists of the S&P 500^® Index, the MSCI EAFE^® Index and the Bloomberg Barclays U.S. Aggregate Bond Index weighted 30%, 10% and 60%, respectively. Prior to February 28, 2014, the Conservative Allocation Composite Index consisted of the S&P 500^® Index, the MSCI EAFE^® Index and the Bloomberg Barclays U.S. Aggregate Bond Index weighted 35%, 5%, and 60%, respectively. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

10.

The Morningstar Allocation – 30% to 50% Equity Category Average is representative of funds that seek to provide both income and capital appreciation by investing in multiple asset classes, including stocks, bonds, and cash. These portfolios are dominated by domestic holdings and have equity exposures between 30% and 50%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.

The footnotes on the preceding page are an integral part of the table and graph and should be carefully read in conjunction with them.


6		MainStay Conservative Allocation Fund

Cost in Dollars of a $1,000 Investment in MainStay Conservative Allocation Fund (Unaudited)

Example

This example illustrates your Fund’s ongoing costs in two ways:

Actual Expenses

multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes



Share Class	Beginning Account Value 5/1/20		Ending Account Value (Based on Actual Returns and Expenses) 10/31/20		Expenses Paid During Period¹		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/20		Expenses Paid During Period¹		Net Expense Ratio During Period²

Class A Shares	$	1,000.00	$	1,073.50	$	1.98	$	1,023.23	$	1.93	0.38%

Investor Class Shares	$	1,000.00	$	1,072.10	$	2.86	$	1,022.37	$	2.80	0.55%

Class B Shares	$	1,000.00	$	1,067.90	$	6.76	$	1,018.60	$	6.60	1.30%

Class C Shares	$	1,000.00	$	1,068.90	$	6.76	$	1,018.60	$	6.60	1.30%

Class I Shares	$	1,000.00	$	1,074.90	$	0.68	$	1,024.48	$	0.66	0.13%

Class R2 Shares	$	1,000.00	$	1,073.20	$	2.50	$	1,022.72	$	2.44	0.48%

Class R3 Shares	$	1,000.00	$	1,071.00	$	3.80	$	1,021.47	$	3.71	0.73%

SIMPLE Class Shares^3,4	$	1,000.00	$	972.20	$	1.31	$	1,007.00	$	1.34	0.80%

Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 366 and multiplied by 184 (to reflect the six-month period) and 61 days for SIMPLE Class shares (to reflect the since-inception period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro rata share of the fees and expenses of the Underlying Funds in which it invests. Such indirect expenses are not included in the above-reported expense figures.

2.	Expenses are equal to the Fund’s annualized expense ratio to reflect the six-month period.

3.	The inception date was August 31, 2020.

Expenses paid during the period reflect ongoing costs for the period from inception through October 31, 2020. Had these shares been offered for the full six-month period ended October 31, 2020, and had the Fund provided a hypothetical 5% annualized return, expenses paid during the period would have been $4.06 for SIMPLE Class shares and the ending account value would have been $1,021.11 for SIMPLE Class shares.


			7

Investment Objectives of Underlying Funds as of October 31, 2020 (Unaudited)

LOGO

See Portfolio of Investments beginning on page 12 for specific holdings within these categories. The Fund’s holdings are subject to change.


8		MainStay Conservative Allocation Fund

Portfolio Management Discussion and Analysis (Unaudited)

Questions answered by portfolio managers Jae S. Yoon, CFA, Jonathan Swaney, Poul Kristensen, CFA, and Amit Soni, CFA, of New York Life Investment Management LLC, the Fund’s Manager.

How did MainStay Conservative Allocation Fund perform relative to its benchmarks and peer group during the 12 months ended October 31, 2020?

For the 12 months ended October 31, 2020, Class I shares of MainStay Conservative Allocation Fund returned 5.30%, underperforming the 9.71% return of the Fund’s primary benchmark, the S&P 500^® Index, and outperforming the –6.86% return of the MSCI EAFE^® Index, which is the Fund’s secondary benchmark. Over the same period, Class I shares of the Fund underperformed the 6.19% return of the Bloomberg Barclays U.S. Aggregate Bond Index and the 6.47% return of the Conservative Allocation Composite Index, both of which are additional benchmarks of the Fund. For the 12 months ended October 31, 2020, Class I shares of the Fund outperformed the 2.76% return of the Morningstar Allocation—30% to 50% Equity Category Average.¹

What factors affected the Fund’s relative performance during the reporting period?

The Fund is a “fund of funds,” meaning that it seeks to achieve its investment objective by investing primarily in mutual funds and exchange-traded funds (“ETFs”) managed by New York Life Investments or its affiliates (the “Underlying Funds”). The Underlying Funds may invest in U.S. equities, international equities and fixed-income instruments, making comparisons to any single index generally less suitable than a weighted combination of indices, which is a more useful yardstick by which to measure performance. The most influential factor affecting returns for the Fund during the reporting period (versus the performance of a weighted combination of indices) is the net performance of the Underlying Funds themselves, relative to their respective benchmarks.

Three main factors affected the Fund’s performance relative to its primary and secondary benchmarks during the reporting period. First, the Fund is considerably more diversified than its primary benchmark, the S&P 500^® Index, or its additional benchmarks. During the reporting period, the Fund’s out-of-benchmark investments—which included small-cap stocks, high-yield bonds and floating-rate bonds—significantly underperformed benchmark asset classes, detracting from the Fund’s relative performance. Second, the Fund’s asset class policy, discussed in detail below, is set to lean away from riskier equity and fixed-income securities. That stance marginally bolstered performance amid recent market turmoil. Third, the performance of the Underlying Funds versus their respective benchmarks is always an important determinant of relative return. During the reporting period, the performance of the Underlying Funds in which the Fund invested materially detracted from relative returns. While a few of the Underlying

Funds performed well, the majority underperformed their respective benchmarks.

During the reporting period, how was the Fund’s performance materially affected by investments in derivatives?

How did you allocate the Fund’s assets during the reporting period and why?

Allocations shifted frequently at the margin, but were broadly stable throughout the reporting period. The Fund’s general allocation theme was one of risk aversion. That stance was unhelpful in late 2019 and early 2020 as stock prices rose on easing trade tensions and U.S. Federal Reserve (“Fed”) support of funding markets, but was well rewarded through the pandemic-related market turmoil that followed, only to again become a drag on results as the economy reopened and the market rallied to new highs. The degree to which the Fund leaned toward fixed income and away from equities varied across time with little net effect. The Fund held significantly underweight exposure to equities in late February 2020 as prices began to slide; stock purchases were made in March at reduced prices, lessening the underweight; and the Fund trimmed equity exposure again as markets rallied in April and May. Spells of market weakness late in the reporting period provided opportunities to increase the Fund’s equity exposure a bit more, moving closer to neutral.

Positioning within asset classes had greater effect on the Fund’s performance than management of the overall stock/bond blend. A few positions stood out. The most notable was a preference for value over growth. This stance was predicated on our belief that those two classifications of stocks may have been mispriced relative to one another. Specifically, we thought growth-oriented issues looked relatively expensive after three years of strong returns, and were concerned that growing regulatory oversight of the information technology sector could lead to earnings disappointment in the future. However, the work-from-home, play-at-home culture that came with mandated lockdowns proved a boon for many growth funds, detracting from Fund performance. Another position, this one a tailwind, was the Fund’s decisive tilt toward large-cap stocks over stocks of smaller firms. Smaller businesses that lacked a substantial balance sheet to fall back on, that were more vulnerable to credit pressures, and that suffered from weak profit margins even before the pandemic, generally experienced comparatively

1.	See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 for more information on benchmark and peer group returns.


			9

poor stock performance during the reporting period. Lastly, we decided to allocate significantly less of the Fund’s capital to floating-rate loans than the benchmark does, choosing instead to hold cash and higher-quality, longer-duration² bonds. That stance benefited the Fund as loans came under pressure through the late winter and early spring.

How did the Fund’s allocations change over the course of the reporting period?

At the asset class level, the Fund’s allocations remained fairly stable throughout the reporting period, as described above. The largest change that arose at the Underlying Fund level occurred when MainStay Indexed Bond Fund became MainStay Short Term Bond Fund with a new investment mandate in December 2019. The Fund shifted most of the assets it had invested in MainStay Indexed Bond Fund into MainStay MacKay Total Return Bond Fund at that time. Similarly, the Fund shifted assets from MainStay MacKay Emerging Markets Equity Fund into MainStay Candriam Emerging Markets Equity Fund when the former was liquidated.

In other changes, two recently launched Underlying Funds became significant holdings within the Fund: IQ Candriam ESG U.S. Equity ETF and IQ Candriam ESG International Equity ETF. Both offered low-cost, low-tracking-error exposure to core market segments in addition to introducing a sustainability element to the Fund. Another holding in which the Fund significantly increased the size of its position was IQ 500 International ETF. Conversely, the Fund substantially reduced its holdings in MainStay Floating Rate Fund due to our credit quality concerns. Holdings of MainStay MacKay Common Stock Fund and IQ Chaikin U.S. Small Cap ETF also saw reductions.

In addition to the changes described above, the Fund sold its entire positions in several Underlying Funds during the reporting period. The largest holding to be closed was in MainStay MacKay U.S. Equity Opportunities Fund with the proceeds redirected to MainStay MacKay S&P 500 Index Fund, thereby reducing the Fund’s exposure to quantitatively driven investment strategies. Other closed positions included MainStay MacKay High Yield Municipal Bond Fund and MainStay MacKay Short Term Municipal Fund (with assets shifted to similar maturity taxable bond funds in both cases); IQ Enhanced Core Plus Bond U.S. ETF; MainStay MacKay Convertible Fund; and a few other smaller holdings.

New to the Fund and not already mentioned above was a position in VanEck Vectors Gold Miners ETF, reflecting our belief that gold was likely to do well in the prevailing environment of accommodative monetary and potentially expansive fiscal support, thereby rendering gold extraction all the more profitable.

During the reporting period, which Underlying Equity Funds had the highest total returns and which had the lowest total returns?

The Underlying Equity Funds in which the Fund was invested for the entire reporting period that generated the highest total returns were MainStay Winslow Large Cap Growth Fund, MainStay MacKay Growth Fund and MainStay Candriam Emerging Markets Equity Fund. Underlying Equity Funds with the lowest total returns included IQ Chaikin U.S. Small Cap ETF, IQ 500 International ETF and MainStay MacKay International Opportunities Fund.

Which Underlying Equity Funds were the strongest positive contributors to the Fund’s performance and which Underlying Equity Funds were particularly weak?

The positions that made the largest positive contributions to performance during the reporting period were MainStay Winslow Large Cap Growth Fund, MainStay MacKay Growth Fund and MainStay MacKay S&P 500 Index Fund. (Contributions take weightings and total returns into account.) Underlying Equity Funds that detracted from performance disproportionately included IQ 500 International ETF, MainStay Epoch U.S. Equity Yield Fund and MainStay MacKay Small Cap Core Fund.

During the reporting period, which Underlying Fixed-Income Funds had the highest total returns and which Underlying Fixed-Income Funds had the lowest total returns?

The Fund held only three Underlying Fixed-Income Funds continuously for the entire reporting period. Of these, MainStay MacKay Total Return Bond Fund provided the highest total return. The other two, MainStay MacKay Short Duration High Yield Fund and MainStay Floating Rate Fund, provided substantially lower total returns.

Which Underlying Fixed-Income Funds were the strongest positive contributors to the Fund’s performance and which Underlying Fixed-Income Funds were particularly weak?

The strongest positive contributor to Fund performance by far was MainStay MacKay Total Return Bond Fund. Smaller positive contributions were provided by MainStay MacKay Short Duration High Yield Fund and MainStay MacKay Convertible Fund. The most significant detractors from performance included MainStay Short Term Bond Fund, MainStay Floating Rate Fund (in which the Fund’s allocation was larger through the drawdown than when prices recovered) and MainStay MacKay Unconstrained Bond Fund.

2.	Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity.


10		MainStay Conservative Allocation Fund

How was the Fund positioned at the end of the reporting period?

small position in gold miners. We believe this stance positions the Fund to weather potential market volatility and opens a possible opportunity to move more aggressively back into both stocks and credit should market conditions appear favorable. Should another fiscal support package come into sight and a clear timeline for the distribution of an effective vaccine emerge, we anticipate rotating some of the Fund’s assets into Underlying Funds focused on smaller and more cyclical names.


			11

Portfolio of Investments October 31, 2020



	Shares		Value
Affiliated Investment Companies 97.8%†
Equity Funds 35.7%
IQ 50 Percent Hedged FTSE International ETF		466,062	$	8,943,730
IQ 500 International ETF		323,228		7,613,248
IQ Candriam ESG International Equity ETF (a)		330,308		7,576,869
IQ Candriam ESG U.S. Equity ETF (a)		475,979		13,322,557
IQ Chaikin U.S. Large Cap ETF		382,114		9,397,979
IQ Chaikin U.S. Small Cap ETF (a)		427,492		9,665,594
MainStay Candriam Emerging Markets Equity Fund Class R6 (a)		672,129		7,198,496
MainStay Epoch Capital Growth Fund Class I		151		2,189
MainStay Epoch International Choice Fund Class I		137,237		4,623,521
MainStay Epoch U.S. All Cap Fund Class R6		369,153		9,616,442
MainStay Epoch U.S. Equity Yield Fund Class R6 (a)		621,356		9,394,900
MainStay MacKay Common Stock Fund Class I		16,803		421,591
MainStay MacKay Growth Fund Class I (a)		225,281		9,849,268
MainStay MacKay International Equity Fund Class R6		236,321		4,360,127
MainStay MacKay International Opportunities Fund Class I		725,664		4,680,535
MainStay MacKay S&P 500 Index Fund Class I		399,907		18,659,670
MainStay MacKay Small Cap Core Fund Class I (a)		439,774		10,290,717
MainStay MAP Equity Fund Class I		259,549		10,638,894
MainStay Winslow Large Cap Growth Fund Class R6		1,321,439		16,372,635

Total Equity Funds (Cost $140,239,055)				162,628,962



	Shares			Value
Fixed Income Funds 62.1%
IQ S&P High Yield Low Volatility Bond ETF		187,773		$	4,660,526
MainStay Floating Rate Fund Class R6 (a)		1,584,221			14,004,509
MainStay MacKay Short Duration High Yield Fund Class I		3,624,548			34,288,222
MainStay MacKay Total Return Bond Fund Class R6 (a)		20,297,033			230,371,329

Total Fixed Income Funds (Cost $273,541,676)					283,324,586

Total Affiliated Investment Companies (Cost $413,780,731)					445,953,548


Short-Term Investment 2.1%
Affiliated Investment Company 2.1%
MainStay U.S. Government Liquidity Fund, 0.02% (b)		9,630,943			9,630,943

Total Short-Term Investment (Cost $9,630,943)					9,630,943

Total Investments (Cost $423,411,674)		99.9	%		455,584,491
Other Assets, Less Liabilities		0.1			645,274
Net Assets		100.0	%	$	456,229,765

†	Percentages indicated are based on Fund net assets.

(a)	As of October 31, 2020, the Fund’s ownership exceeds 5% of the outstanding shares of the Underlying Fund’s share class.

(b)	Current yield as of October 31, 2020.

Swap Contracts

Open OTC total return equity swap contracts as of October 31, 2020 were as follows¹:

Swap
Counterparty

Reference Obligation

Floating Rate²

Termination
Date(s)

Payment
Frequency
Paid/
Received

Notional
Amount
Long/
(Short)
(000)*

Unrealized
Appreciation³

Citigroup

iShares MSCI EAFE ETF

1 month LIBOR BBA plus 0.40%

12/01/2020

Monthly

6,688

—

Citigroup

iShares MSCI Emerging Markets ETF

1 month LIBOR BBA minus 0.65%

12/01/2020

Monthly

(7,009

)

—

Citigroup

Russell 1000 Value Total Return Index

1 month LIBOR BBA plus 0.27%

12/07/2020

Monthly

18,354

—

Citigroup

Russell 2000 Total Return Index

1 month LIBOR BBA minus 0.24%

12/07/2020

Monthly

(19,682

)

—

Citigroup

Russell 2000 Value Index Total Return

1 month LIBOR BBA plus 0.24%

12/02/2021

Monthly

2,290

—

Citigroup

Russell Midcap Index Total Return

1 month LIBOR BBA plus 0.24%

12/07/2020

Monthly

2,706

—

Citigroup

S&P 500 Total Return Index

1 month LIBOR BBA plus 0.24%

12/02/2021

Monthly

754

—

Citigroup

VanEck Vectors Gold Miners ETF

1 month LIBOR BBA plus 0.50%

12/01/2020

Monthly

7,034

—

1	As of October 31, 2020, cash in the amount of $1,300,000 was pledged from brokers for OTC swap contracts.


12		MainStay Conservative Allocation Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

2	Fund pays the floating rate and receives the total return of the reference entity.

3	Reflects the value at reset date as of October 31, 2020.

*	Notional amounts reflected as a positive value indicate a long position held by the Portfolio or Index and a negative value indicates a short position.

The following abbreviations are used in the preceding pages:

BBA—British Bankers’ Association

ETF—Exchange-Traded Fund

FTSE—Financial Times Stock Exchange

LIBOR—London Interbank Offered Rate

The following is a summary of the fair valuations according to the inputs used as of October 31, 2020, for valuing the Fund’s assets:


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 (a)
Affiliated Investment Companies
Equity Funds	$	162,628,962	$	—	$	—	$	162,628,962
Fixed Income Funds		283,324,586		—		—		283,324,586
Short-Term Investment		9,630,943		—		—		9,630,943

Total Investments in Securities	$	455,584,491	$	—	$	—	$	455,584,491

(a)	For a complete listing of investments, see the Portfolio of Investments.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					13

Statement of Assets and Liabilities as of October 31, 2020


Assets
Investment in affiliated investment companies, at value (identified cost $423,411,674)	$	455,584,491
Cash collateral on deposit at broker for swap contracts		1,300,000
Receivables:
Dividends and Interest		657,049
Fund shares sold		295,462
Manager (See Note 3)		7,301
Other assets		46,784

Total assets		457,891,087


Liabilities
Payables:
Investment securities purchased		1,218,246
Fund shares redeemed		146,680
NYLIFE Distributors (See Note 3)		130,015
Transfer agent (See Note 3)		81,746
Shareholder communication		44,625
Professional fees		17,156
Dividends and interest on OTC swaps contracts		12,954
Custodian		6,418
Trustees		612
Accrued expenses		2,870

Total liabilities		1,661,322

Net assets	$	456,229,765


Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	37,350
Additional paid-in capital		412,384,440

		412,421,790
Total distributable earnings (loss)		43,807,975

Net assets	$	456,229,765


Class A
Net assets applicable to outstanding shares	$	355,167,089

Shares of beneficial interest outstanding		29,038,068

Net asset value per share outstanding	$	12.23
Maximum sales charge (3.00% of offering price)		0.38

Maximum offering price per share outstanding	$	12.61

Investor Class
Net assets applicable to outstanding shares	$	41,762,421

Shares of beneficial interest outstanding		3,414,648

Net asset value per share outstanding	$	12.23
Maximum sales charge (2.50% of offering price)		0.31

Maximum offering price per share outstanding	$	12.54

Class B
Net assets applicable to outstanding shares	$	13,235,912

Shares of beneficial interest outstanding		1,096,346

Net asset value and offering price per share outstanding	$	12.07

Class C
Net assets applicable to outstanding shares	$	36,802,091

Shares of beneficial interest outstanding		3,049,421

Net asset value and offering price per share outstanding	$	12.07

Class I
Net assets applicable to outstanding shares	$	7,877,430

Shares of beneficial interest outstanding		637,552

Net asset value and offering price per share outstanding	$	12.36

Class R2
Net assets applicable to outstanding shares	$	109,134

Shares of beneficial interest outstanding		8,924

Net asset value and offering price per share outstanding	$	12.23

Class R3
Net assets applicable to outstanding shares	$	1,248,587

Shares of beneficial interest outstanding		102,423

Net asset value and offering price per share outstanding	$	12.19

SIMPLE Class
Net assets applicable to outstanding shares	$	27,101

Shares of beneficial interest outstanding		2,216

Net asset value and offering price per share outstanding	$	12.23


14		MainStay Conservative Allocation Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Statement of Operations for the year ended October 31, 2020


Investment Income (Loss)
Income
Dividend distributions from affiliated investment companies	$	11,197,864
Interest		479
Other		76

Total income		11,198,419

Expenses
Distribution/Service—Class A (See Note 3)		857,692
Distribution/Service—Investor Class (See Note 3)		109,277
Distribution/Service—Class B (See Note 3)		150,220
Distribution/Service—Class C (See Note 3)		401,727
Distribution/Service—Class R2 (See Note 3)		257
Distribution/Service—Class R3 (See Note 3)		4,918
Distribution/Service—SIMPLE Class (See Note 3)		21
Transfer agent (See Note 3)		445,348
Registration		109,960
Professional fees		102,130
Shareholder communication		68,114
Custodian		31,982
Trustees		10,636
Shareholder service (See Note 3)		1,087
Miscellaneous		20,210

Total expenses before waiver/reimbursement		2,313,579
Expense waiver/reimbursement from Manager (See Note 3)		(57,898	)

Net expenses		2,255,681

Net investment income (loss)		8,942,738


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Affiliated investment company transactions		11,690,746
Realized capital gain distributions from affiliated investment companies		5,859,475
Swap transactions		(631,443	)

Net realized gain (loss)		16,918,778

Net change in unrealized appreciation (depreciation) on:
Affiliated investment companies		(4,337,001	)

Net change in unrealized appreciation (depreciation)		(4,337,001	)

Net realized and unrealized gain (loss)		12,581,777

Net increase (decrease) in net assets resulting from operations	$	21,524,515


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					15

Statements of Changes in Net Assets

for the years ended October 31, 2020 and October 31, 2019


	2020			2019
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	8,942,738		$	8,369,797
Net realized gain (loss)		16,918,778			3,914,565
Net change in unrealized appreciation (depreciation)		(4,337,001	)		22,444,494

Net increase (decrease) in net assets resulting from operations		21,524,515			34,728,856

Distributions to shareholders:
Class A		(8,953,768	)		(16,847,159	)
Investor Class		(1,083,776	)		(2,117,475	)
Class B		(309,853	)		(1,099,638	)
Class C		(821,143	)		(2,890,855	)
Class I		(251,310	)		(436,015	)
Class R2		(2,596	)		(400	)
Class R3		(21,331	)		(22,103	)

Total distributions to shareholders		(11,443,777	)		(23,413,645	)

Capital share transactions:
Net proceeds from sale of shares		69,586,971			109,461,604
Net asset value of shares issued in connection with the acquisition of MainStay Retirement 2010 Fund		—			5,989,180
Net asset value of shares issued in connection with the acquisition of MainStay Retirement 2020 Fund		—			27,690,083
Net asset value of shares issued to shareholders in reinvestment of distributions		11,288,137			23,104,378
Cost of shares redeemed		(85,507,617	)		(151,571,440	)

Increase (decrease) in net assets derived from capital share transactions		(4,632,509	)		14,673,805

Net increase (decrease) in net assets		5,448,229			25,989,016

Net Assets
Beginning of year		450,781,536			424,792,520

End of year	$	456,229,765		$	450,781,536


16		MainStay Conservative Allocation Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class A	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	11.96		$	11.69		$	12.51		$	11.60		$	11.81


Net investment income (loss) (a)		0.25			0.24			0.22			0.22			0.23

Net realized and unrealized gain (loss) on investments		0.33			0.69			(0.55	)		0.95			0.01


Total from investment operations		0.58			0.93			(0.33	)		1.17			0.24


Less distributions:

From net investment income		(0.26	)		(0.28	)		(0.25	)		(0.23	)		(0.25	)

From net realized gain on investments		(0.05	)		(0.38	)		(0.24	)		(0.03	)		(0.20	)


Total distributions		(0.31	)		(0.66	)		(0.49	)		(0.26	)		(0.45	)


Net asset value at end of year	$	12.23		$	11.96		$	11.69		$	12.51		$	11.60


Total investment return (b)		5.00	%		8.54	%		(2.73	%)		10.36	%		2.10	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		2.10	%		2.11	%		1.77	%		1.83	%		1.99	%

Net expenses (c)		0.37	%		0.38	%		0.36	%		0.36	%		0.36	%

Portfolio turnover rate		70	%		46	%		59	%		36	%		44	%

Net assets at end of year (in 000’s)	$	355,167		$	334,242		$	299,016		$	314,722		$	253,377

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(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	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	11.97		$	11.69		$	12.51		$	11.59		$	11.81


Net investment income (loss) (a)		0.23			0.22			0.20			0.20			0.21

Net realized and unrealized gain (loss) on investments		0.33			0.70			(0.54	)		0.96			0.01


Total from investment operations		0.56			0.92			(0.34	)		1.16			0.22


Less distributions:

From net investment income		(0.25	)		(0.26	)		(0.24	)		(0.21	)		(0.24	)

From net realized gain on investments		(0.05	)		(0.38	)		(0.24	)		(0.03	)		(0.20	)


Total distributions		(0.30	)		(0.64	)		(0.48	)		(0.24	)		(0.44	)


Net asset value at end of year	$	12.23		$	11.97		$	11.69		$	12.51		$	11.59


Total investment return (b)		4.80	%		8.43	%		(2.88	%)		10.18	%		1.96	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		1.93	%		1.92	%		1.60	%		1.63	%		1.85	%

Net expenses (c)		0.55	%		0.55	%		0.51	%		0.51	%		0.50	%

Expenses (before waiver/reimbursement) (c)		0.61	%		0.59	%		0.54	%		0.51	%		0.50	%

Portfolio turnover rate		70	%		46	%		59	%		36	%		44	%

Net assets at end of year (in 000’s)	$	41,762		$	44,934		$	37,828		$	37,533		$	74,166

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(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.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					17

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class B	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	11.84		$	11.64		$	12.46		$	11.55		$	11.76


Net investment income (loss) (a)		0.15			0.14			0.11			0.11			0.13

Net realized and unrealized gain (loss) on investments		0.31			0.69			(0.55	)		0.95			0.01


Total from investment operations		0.46			0.83			(0.44	)		1.06			0.14


Less distributions:

From net investment income		(0.18	)		(0.25	)		(0.14	)		(0.12	)		(0.15	)

From net realized gain on investments		(0.05	)		(0.38	)		(0.24	)		(0.03	)		(0.20	)


Total distributions		(0.23	)		(0.63	)		(0.38	)		(0.15	)		(0.35	)


Net asset value at end of year	$	12.07		$	11.84		$	11.64		$	12.46		$	11.55


Total investment return (b)		3.99	%		7.61	%		(3.63	%)		9.30	%		1.29	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		1.23	%		1.22	%		0.89	%		0.95	%		1.11	%

Net expenses (c)		1.30	%		1.30	%		1.26	%		1.27	%		1.25	%

Expenses (before waiver/reimbursement) (c)		1.36	%		1.34	%		1.29	%		1.27	%		1.25	%

Portfolio turnover rate		70	%		46	%		59	%		36	%		44	%

Net assets at end of year (in 000’s)	$	13,236		$	17,273		$	21,988		$	29,807		$	32,850

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(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	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	11.84		$	11.64		$	12.45		$	11.54		$	11.76


Net investment income (loss) (a)		0.14			0.14			0.11			0.11			0.13

Net realized and unrealized gain (loss) on investments		0.32			0.69			(0.54	)		0.95			0.00	‡


Total from investment operations		0.46			0.83			(0.43	)		1.06			0.13


Less distributions:

From net investment income		(0.18	)		(0.25	)		(0.14	)		(0.12	)		(0.15	)

From net realized gain on investments		(0.05	)		(0.38	)		(0.24	)		(0.03	)		(0.20	)


Total distributions		(0.23	)		(0.63	)		(0.38	)		(0.15	)		(0.35	)


Net asset value at end of year	$	12.07		$	11.84		$	11.64		$	12.45		$	11.54


Total investment return (b)		3.99	%		7.61	%		(3.56	%)		9.31	%		1.20	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		1.21	%		1.24	%		0.89	%		0.93	%		1.10	%

Net expenses (c)		1.30	%		1.30	%		1.26	%		1.27	%		1.25	%

Expenses (before waiver/reimbursement) (c)		1.36	%		1.34	%		1.29	%		1.27	%		1.25	%

Portfolio turnover rate		70	%		46	%		59	%		36	%		44	%

Net assets at end of year (in 000’s)	$	36,802		$	44,222		$	57,482		$	74,457		$	75,946

‡	Less than one cent per share.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.


18		MainStay Conservative Allocation Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class I	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	12.08		$	11.80		$	12.61		$	11.69		$	11.90


Net investment income (loss) (a)		0.29			0.28			0.26			0.25			0.26

Net realized and unrealized gain (loss) on investments		0.33			0.69			(0.54	)		0.96			0.01


Total from investment operations		0.62			0.97			(0.28	)		1.21			0.27


Less distributions:

From net investment income		(0.29	)		(0.31	)		(0.29	)		(0.26	)		(0.28	)

From net realized gain on investments		(0.05	)		(0.38	)		(0.24	)		(0.03	)		(0.20	)


Total distributions		(0.34	)		(0.69	)		(0.53	)		(0.29	)		(0.48	)


Net asset value at end of year	$	12.36		$	12.08		$	11.80		$	12.61		$	11.69


Total investment return (b)		5.30	%		8.91	%		(2.38	%)(c)		10.54	%		2.42	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		2.40	%		2.38	%		2.12	%		2.05	%		2.28	%

Net expenses (d)		0.12	%		0.13	%		0.11	%		0.12	%		0.11	%

Portfolio turnover rate		70	%		46	%		59	%		36	%		44	%

Net assets at end of year (in 000’s)	$	7,878		$	9,272		$	8,036		$	12,532		$	12,224

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized.

(c)	Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.



Class R2	Year ended October 31, 2020			June 14, 2019^ through October 31, 2019

Net asset value at beginning of period	$	11.96		$	11.61


Net investment income (loss) (a)		0.24			0.08

Net realized and unrealized gain (loss) on investments		0.34			0.32


Total from investment operations		0.58			0.40


Less distributions:

From net investment income		(0.26	)		(0.05	)

From net realized gain on investments		(0.05	)		—


Total distributions		(0.31	)		(0.05	)


Net asset value at end of period	$	12.23		$	11.96


Total investment return (b)		4.93	%		3.44	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		2.00	%		1.83	%††

Net expenses (c)		0.47	%		0.49	%††

Portfolio turnover rate		70	%		46	%

Net assets at end of period (in 000’s)	$	109		$	100

^	Inception date.

††	Annualized.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of 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.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					19

Financial Highlights selected per share data and ratios


	Year ended October 31,												February 29, 2016^ through October 31, 2016
Class R3	2020			2019			2018			2017			February 29, 2016^ through October 31, 2016

Net asset value at beginning of period	$	11.94		$	11.67		$	12.50		$	11.58		$	10.88


Net investment income (loss) (a)		0.20			0.19			0.15			0.18			0.10

Net realized and unrealized gain (loss) on investments		0.34			0.70			(0.52	)		0.96			0.72


Total from investment operations		0.54			0.89			(0.37	)		1.14			0.82


Less distributions:

From net investment income		(0.24	)		(0.24	)		(0.22	)		(0.19	)		(0.12	)

From net realized gain on investments		(0.05	)		(0.38	)		(0.24	)		(0.03	)		—


Total distributions		(0.29	)		(0.62	)		(0.46	)		(0.22	)		(0.12	)


Net asset value at end of period	$	12.19		$	11.94		$	11.67		$	12.50		$	11.58


Total investment return (b)		4.59	%		8.20	%		(3.06	%)		9.98	%		7.59	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		1.66	%		1.68	%		1.25	%		1.46	%		1.34	%††

Net expenses (c)		0.73	%		0.73	%		0.71	%		0.71	%		0.71	%††

Portfolio turnover rate		70	%		46	%		59	%		36	%		44	%

Net assets at end of period (in 000’s)	$	1,249		$	739		$	442		$	62		$	56

^	Inception date.

††	Annualized.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of 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.



SIMPLE Class	August 31, 2020^ through October 31, 2020

Net asset value at beginning of period*	$	12.58


Net investment income (loss) (a)		0.03

Net realized and unrealized gain (loss) on investments		(0.38	)


Total from investment operations		(0.35	)


Net asset value at end of period	$	12.23


Total investment return (b)		(2.78	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss) ††		1.25	%

Net expenses (c)††		0.80	%

Expenses (before waiver/reimbursement) (c)††		0.88	%

Portfolio turnover rate		70	%

Net assets at end of period (in 000’s)	$	27

^	Inception date.

††	Annualized.

*	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 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.


20		MainStay Conservative Allocation Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

MainStay Moderate Allocation Fund

Investment and Performance Comparison¹ (Unaudited)

Performance data quoted represents past performance. Past performance is no guarantee of future results. Because of market volatility and other factors, current performance may be lower or higher than the figures shown. Investment return and principal value will fluctuate, and as a result, when shares are redeemed, they may be worth more or less than their original cost. The graph below depicts the historical performance of Class I shares* of the Fund. Performance will vary from class to class based on differences in class-specific expenses and sales charges. For performance information current to the most recent month-end, please call 800-624-6782 or visit newyorklifeinvestments.com.

LOGO

Average Annual Total Returns for the Year-Ended October 31, 2020


Class	Sales Charge		Inception Date		One Year or Since Inception			Five Years or Since Inception			Ten Years			Gross Expense Ratio²

Class A Shares³	Maximum 3% Initial Sales Charge	With sales charges Excluding sales charges		4/4/2005		1.82 4.96	%		4.12 5.31	%		6.07 6.68	%		1.06 1.06	%
Investor Class Shares^3,4	Maximum 2.5% Initial Sales Charge	With sales charges Excluding sales charges		2/28/2008		1.68 4.83			3.94 5.12			5.89 6.49			1.33 1.33
Class B Shares⁵	Maximum 5% CDSC if Redeemed Within the First Six Years of Purchase	With sales charges Excluding sales charges		4/4/2005		–0.97 4.03			4.00 4.34			5.70 5.70			2.08 2.08
Class C Shares	Maximum 1% CDSC if Redeemed Within One Year of Purchase	With sales charges Excluding sales charges		4/4/2005		3.11 4.11			4.34 4.34			5.71 5.71			2.08 2.08
Class I Shares	No Sales Charge			4/4/2005		5.33			5.57			6.95			0.81
Class R2 Shares	No Sales Charge			6/14/2019		4.89			5.20			N/A			1.16
Class R3 Shares	No Sales Charge			2/29/2016		4.70			7.04			N/A			1.41
SIMPLE Class Shares	No Sales Charge			8/31/2020		–3.80			N/A			N/A			1.58

*	Previously, the chart presented the Fund’s annual returns for Class B shares. Class I shares are presented for consistency across the MainStay Fund complex.

2.	The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report.

3.	Prior to July 22, 2019, the maximum initial sales charge applicable was 5.5%, which is reflected in the average annual total return figures shown.

4.	Prior to June 30, 2020, the maximum initial sales charge for Investor Class shares was 3.0%, which is reflected in the average annual total return figures shown.

5.	Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders.

The footnotes on the next page are an integral part of the table and graph and should be carefully read in conjunction with them.


			21


Benchmark Performance	One Year			Five Years			Ten Years

S&P 500^® Index⁶		9.71	%		11.71	%		13.01	%
MSCI EAFE^® Index⁷		–6.86			2.85			3.82
Bloomberg Barclays U.S. Aggregate Bond Index⁸		6.19			4.08			3.55
Moderate Allocation Composite Index⁹		6.31			7.56			8.16
Morningstar Allocation – 50% to 70% Equity Category Average¹⁰		3.88			6.23			7.13

7.	The MSCI EAFE^® Index is the Fund’s secondary benchmark. The MSCI EAFE^® Index consists of international stocks representing the developed world outside of North America. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

The Fund has selected the Moderate Allocation Composite Index as an additional benchmark. Effective February 28, 2014, the Moderate Allocation Composite Index consists of the S&P 500^® Index, the MSCI EAFE^® Index and the Bloomberg Barclays U.S. Aggregate Bond Index weighted 45%, 15% and 40%, respectively. Prior to February 28, 2014, the Moderate Allocation Composite Index consisted of the S&P 500^® Index, the MSCI EAFE^® Index and the Bloomberg Barclays U.S. Aggregate Bond Index weighted 50%, 10%, and 40%, respectively. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

10.

The footnotes on the preceding page are an integral part of the table and graph and should be carefully read in conjunction with them.


22		MainStay Moderate Allocation Fund

Cost in Dollars of a $1,000 Investment in MainStay Moderate Allocation Fund (Unaudited)

Example

This example illustrates your Fund’s ongoing costs in two ways:

Actual Expenses

multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes



Share Class	Beginning Account Value 5/1/20		Ending Account Value (Based on Actual Returns and Expenses) 10/31/20		Expenses Paid During Period¹		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/20		Expenses Paid During Period¹		Net Expense Ratio During Period²

Class A Shares	$	1,000.00	$	1,092.00	$	1.89	$	1,023.33	$	1.83	0.36%

Investor Class Shares	$	1,000.00	$	1,091.10	$	2.89	$	1,022.37	$	2.80	0.55%

Class B Shares	$	1,000.00	$	1,087.10	$	6.82	$	1,018.60	$	6.60	1.30%

Class C Shares	$	1,000.00	$	1,087.10	$	6.82	$	1,018.60	$	6.60	1.30%

Class I Shares	$	1,000.00	$	1,093.00	$	0.58	$	1,024.58	$	0.56	0.11%

Class R2 Shares	$	1,000.00	$	1,091.20	$	2.42	$	1,022.82	$	2.34	0.46%

Class R3 Shares	$	1,000.00	$	1,090.50	$	3.73	$	1,021.57	$	3.61	0.71%

SIMPLE Class Shares^3,4	$	1,000.00	$	962.00	$	1.31	$	1,007.00	$	1.34	0.80%

Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 366 and multiplied by 184 (to reflect the six-month period) and 61 days for SIMPLE Class shares (to reflect the since-inception period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro rata share of the fees and expenses of the Underlying Funds in which it invests. Such indirect expenses are not included in the above-reported expense figures.

2.	Expenses are equal to the Fund’s annualized expense ratio to reflect the six-month period.

3.	The inception date was August 31, 2020.


			23

Investment Objectives of Underlying Funds as of October 31, 2020 (Unaudited)

LOGO

See Portfolio of Investments beginning on page 28 for specific holdings within these categories. The Fund’s holdings are subject to change.

‡	Less than one-tenth of a percent.


24		MainStay Moderate Allocation Fund

Portfolio Management Discussion and Analysis (Unaudited)

Questions answered by portfolio managers Jae S. Yoon, CFA, Jonathan Swaney, Poul Kristensen, CFA, and Amit Soni, CFA, of New York Life Investment Management LLC, the Fund’s Manager.

How did MainStay Moderate Allocation Fund perform relative to its benchmarks and peer group during the 12 months ended October 31, 2020?

For the 12 months ended October 31, 2020, Class I shares of MainStay Moderate Allocation Fund returned 5.33%, underperforming the 9.71% return of the Fund’s primary benchmark, the S&P 500^® Index, and outperforming the –6.86% return of the MSCI EAFE^® Index, the Fund’s secondary benchmark. Over the same period, Class I shares of the Fund underperformed the 6.19% return of the Bloomberg Barclays U.S. Aggregate Bond Index and the 6.31% return of the Moderate Allocation Composite Index, both of which are additional benchmarks of the Fund. For the 12 months ended October 31, 2020, Class I shares of the Fund outperformed the 3.88% return of the Morningstar Allocation—50% to 70% Equity Category Average.¹

What factors affected the Fund’s relative performance during the reporting period?

Three main factors affected the Fund’s performance relative to its primary and secondary benchmarks during the reporting period. First, the Fund is considerably more diversified than its primary benchmark, the S&P 500^® Index, or its additional benchmarks. During the reporting period, the Fund’s out-of-benchmark investments—which included small-cap stocks, high-yield bonds and floating-rate bonds—significantly underperformed benchmark asset classes, detracting from the Fund’s relative performance. Second, the Fund’s asset class policy, discussed in detail below, is set to lean away from riskier equity and fixed-income securities. That stance marginally bolstered performance amid recent market turmoil. Third, the performance of the Underlying Funds in which the Fund invested materially detracted from relative returns. While a few of the Underlying Funds performed well, the majority underperformed their respective benchmarks. The performance of the Underlying Funds versus their respective benchmarks is always an important determinant of relative return.

During the reporting period, how was the Fund’s performance materially affected by investments in derivatives?

Total return swaps were used to express most of the Fund’s asset class policy biases. As such, the swaps can be seen as contributing positively, though very modestly, to the Fund’s relative returns. These contracts were also used to curb larger systematic risks observable within the pool of Underlying Funds. In addition, derivatives enhanced the Fund’s returns to a small degree by helping restrain exposure to the underperforming value risk factor.

How did you allocate the Fund’s assets during the reporting period and why?

1.	See page 21 for other share class returns, which may be higher or lower than Class I share returns. See page 22 for more information on benchmark and peer group returns.


			25

even before the pandemic, generally experienced comparatively poor stock performance during the reporting period. Lastly, we decided to allocate significantly less of the Fund’s capital to floating-rate loans than the benchmark does, choosing instead to hold cash and higher-quality, longer-duration² bonds. That stance benefited the Fund as loans came under pressure through the late winter and early spring.

How did the Fund’s allocations change over the course of the reporting period?

During the reporting period, which Underlying Equity Funds had the highest total returns and which had the lowest total returns?

Which Underlying Equity Funds were the strongest positive contributors to the Fund’s performance and which Underlying Equity Funds were particularly weak?

During the reporting period, which Underlying Fixed-Income Funds had the highest total returns and which Underlying Fixed-Income Funds had the lowest total returns?

Which Underlying Fixed-Income Funds were the strongest positive contributors to the Fund’s performance and which Underlying Fixed-Income Funds were particularly weak?

The strongest positive contributor to Fund performance by far was MainStay MacKay Total Return Bond Fund. Smaller positive contributions were provided by MainStay MacKay U.S. Infrastructure Bond Fund and MainStay MacKay Convertible Fund. The most significant detractors from performance included MainStay Floating Rate Fund (in which the Fund’s allocation was larger through the drawdown than when prices recovered), MainStay Short Term Bond Fund and MainStay MacKay Unconstrained Bond Fund.

2.	Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity.


26		MainStay Moderate Allocation Fund

How was the Fund positioned at the end of the reporting period?

As the reporting period wound down with the election looming, fiscal support on hold and the rate of new COVID-19 infections accelerating, the Fund maintained a modestly defensive posture. As of October 31, 2020, the Fund held slightly underweight exposure to equities, leaned toward large-cap stocks over smaller companies, tilted in favor of developed markets over emerging markets, shied away from bank loans and held a


			27

Portfolio of Investments October 31, 2020



	Shares		Value
Affiliated Investment Companies 98.1%†
Equity Funds 56.0%
IQ 50 Percent Hedged FTSE International ETF (a)		738,316	$	14,168,284
IQ 500 International ETF (a)		803,623		18,928,375
IQ Candriam ESG International Equity ETF (a)		597,756		13,711,805
IQ Candriam ESG U.S. Equity ETF (a)		978,372		27,384,437
IQ Chaikin U.S. Large Cap ETF (a)		1,128,399		27,752,635
IQ Chaikin U.S. Small Cap ETF (a)		929,193		21,009,054
MainStay Candriam Emerging Markets Equity Fund Class R6 (a)		2,099,970		22,490,679
MainStay Epoch Capital Growth Fund Class I		36,616		529,836
MainStay Epoch International Choice Fund Class I (a)		463,512		15,615,703
MainStay Epoch U.S. All Cap Fund Class R6 (a)		1,142,460		29,761,081
MainStay Epoch U.S. Equity Yield Fund Class R6 (a)		1,851,311		27,991,822
MainStay MacKay Common Stock Fund Class I		50,439		1,265,506
MainStay MacKay Growth Fund Class I (a)		569,087		24,880,497
MainStay MacKay International Equity Fund Class R6 (a)		599,373		11,058,441
MainStay MacKay International Opportunities Fund Class I (a)		2,406,178		15,519,848
MainStay MacKay S&P 500 Index Fund Class I (a)		1,025,116		47,831,910
MainStay MacKay Small Cap Core Fund Class I (a)		982,107		22,981,314
MainStay MAP Equity Fund Class I (a)		781,141		32,018,968
MainStay Winslow Large Cap Growth Fund Class R6		3,483,414		43,159,494

Total Equity Funds (Cost $356,678,646)				418,059,689



	Shares			Value
Fixed Income Funds 42.1%
IQ S&P High Yield Low Volatility Bond ETF (a)		310,256		$	7,700,554
MainStay Floating Rate Fund Class R6		434,982			3,845,240
MainStay MacKay Short Duration High Yield Fund Class I		3,953,651			37,401,541
MainStay MacKay Total Return Bond Fund Class R6 (a)		23,407,546			265,675,647

Total Fixed Income Funds (Cost $303,936,640)					314,622,982

Total Affiliated Investment Companies (Cost $660,615,286)					732,682,671


Short-Term Investment 1.9%
Affiliated Investment Company 1.9%
MainStay U.S. Government Liquidity Fund, 0.02% (b)		14,012,893			14,012,893

Total Short-Term Investment (Cost $14,012,893)					14,012,893

Total Investments (Cost $674,628,179)		100.0	%		746,695,564
Other Assets, Less Liabilities		0.0	‡		108,289
Net Assets		100.0	%	$	746,803,853

†	Percentages indicated are based on Fund net assets.

‡	Less than one-tenth of a percent.

(a)	As of October 31, 2020, the Fund’s ownership exceeds 5% of the outstanding shares of the Underlying Fund’s share class.

(b)	Current yield as of October 31, 2020.

Swap Contracts

Open OTC total return equity swap contracts as of October 31, 2020 were as follows¹:

Swap
Counterparty

Reference Obligation

Floating Rate²

Termination
Date(s)

Payment
Frequency
Paid/
Received

Notional
Amount
Long/
(Short)
(000)*

Unrealized
Appreciation³

Citigroup

iShares MSCI EAFE ETF

1 month LIBOR BBA plus 0.40%

12/01/2020

Monthly

14,735

—

Citigroup

iShares MSCI Emerging Markets ETF

1 month LIBOR BBA minus 0.65%

12/01/2020

Monthly

(15,441

)

—

Citigroup

Russell 1000 Value Total Return Index

1 month LIBOR BBA plus 0.27%

12/07/2020

Monthly

30,287

—

Citigroup

Russell 2000 Total Return Index

1 month LIBOR BBA minus 0.24%

12/07/2020

Monthly

(34,235

)

—

Citigroup

Russell 2000 Value Index Total Return

1 month LIBOR BBA plus 0.24%

12/02/2021

Monthly

3,766

—

Citigroup

Russell Midcap Index Total Return

1 month LIBOR BBA plus 0.24%

12/07/2020

Monthly

6,175

—

Citigroup

S&P 500 Total Return Index

1 month LIBOR BBA plus 0.24%

12/02/2021

Monthly

1,246

—

Citigroup

VanEck Vectors Gold Miners ETF

1 month LIBOR BBA plus 0.50%

12/01/2020

Monthly

11,617

—

1.	As of October 31, 2020, cash in the amount of $2,300,000 was pledged from brokers for OTC swap contracts.


28		MainStay Moderate Allocation Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

2.	Fund pays the floating rate and receives the total return of the reference entity.

3.	Reflects the value at reset date as of October 31, 2020.

*	Notional amounts reflected as a positive value indicate a long position held by the Portfolio or Index and a negative value indicates a short position.

The following abbreviations are used in the preceding pages:

BBA—British Bankers’ Association

ETF—Exchange-Traded Fund

FTSE—Financial Times Stock Exchange

LIBOR—London Interbank Offered Rate

The following is a summary of the fair valuations according to the inputs used as of October 31, 2020, for valuing the Fund’s assets:


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 (a)
Affiliated Investment Companies
Equity Funds	$	418,059,689	$	—	$	—	$	418,059,689
Fixed Income Funds		314,622,982		—		—		314,622,982
Short-Term Investment		14,012,893		—		—		14,012,893

Total Investments in Securities	$	746,695,564	$	—	$	—	$	746,695,564

(a)	For a complete listing of investments, see the Portfolio of Investments.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					29

Statement of Assets and Liabilities as of October 31, 2020


Assets
Investment in affiliated investment companies, at value (identified cost $674,628,179)	$	746,695,564
Cash collateral on deposit at broker for swap contracts		2,300,000
Receivables:
Dividends and Interest		714,819
Fund shares sold		451,663
Manager (See Note 3)		19,347
Other assets		45,577

Total assets		750,226,970


Liabilities
Payables:
Investment securities purchased		1,945,845
Fund shares redeemed		973,389
NYLIFE Distributors (See Note 3)		206,317
Transfer agent (See Note 3)		167,741
Shareholder communication		72,304
Dividends and interest on OTC swaps contracts		24,479
Professional fees		22,188
Custodian		6,287
Trustees		1,005
Accrued expenses		3,562

Total liabilities		3,423,117

Net assets	$	746,803,853


Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	55,731
Additional paid-in capital		645,082,034

		645,137,765
Total distributable earnings (loss)		101,666,088

Net assets	$	746,803,853


Class A
Net assets applicable to outstanding shares	$	568,079,262

Shares of beneficial interest outstanding		42,347,730

Net asset value per share outstanding	$	13.41
Maximum sales charge (3.00% of offering price)		0.41

Maximum offering price per share outstanding	$	13.82

Investor Class
Net assets applicable to outstanding shares	$	101,831,338

Shares of beneficial interest outstanding		7,585,953

Net asset value per share outstanding	$	13.42
Maximum sales charge (2.50% of offering price)		0.34

Maximum offering price per share outstanding	$	13.76

Class B
Net assets applicable to outstanding shares	$	31,682,011

Shares of beneficial interest outstanding		2,394,408

Net asset value and offering price per share outstanding	$	13.23

Class C
Net assets applicable to outstanding shares	$	35,483,083

Shares of beneficial interest outstanding		2,682,700

Net asset value and offering price per share outstanding	$	13.23

Class I
Net assets applicable to outstanding shares	$	8,585,739

Shares of beneficial interest outstanding		634,995

Net asset value and offering price per share outstanding	$	13.52

Class R2
Net assets applicable to outstanding shares	$	141,321

Shares of beneficial interest outstanding		10,543

Net asset value and offering price per share outstanding	$	13.40

Class R3
Net assets applicable to outstanding shares	$	963,327

Shares of beneficial interest outstanding		72,066

Net asset value and offering price per share outstanding	$	13.37

SIMPLE Class
Net assets applicable to outstanding shares	$	37,772

Shares of beneficial interest outstanding		2,815

Net asset value and offering price per share outstanding	$	13.42


30		MainStay Moderate Allocation Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Statement of Operations for the year ended October 31, 2020


Investment Income (Loss)
Income
Dividend distributions from affiliated investment companies	$	16,733,697
Interest		793
Other		125

Total income		16,734,615

Expenses
Distribution/Service—Class A (See Note 3)		1,392,629
Distribution/Service—Investor Class (See Note 3)		261,584
Distribution/Service—Class B (See Note 3)		359,077
Distribution/Service—Class C (See Note 3)		396,659
Distribution/Service—Class R2 (See Note 3)		352
Distribution/Service—Class R3 (See Note 3)		4,684
Distribution/Service—SIMPLE Class (See Note 3)		24
Transfer agent (See Note 3)		913,938
Registration		118,175
Shareholder communication		114,144
Professional fees		105,324
Custodian		34,020
Trustees		17,619
Shareholder service (See Note 3)		1,077
Miscellaneous		28,275

Total expenses before waiver/reimbursement		3,747,581
Expense waiver/reimbursement from Manager (See Note 3)		(189,581	)

Net expenses		3,558,000

Net investment income (loss)		13,176,615


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Affiliated investment company transactions		19,181,198
Realized capital gain distributions from affiliated investment companies		15,665,665
Swap transactions		524,868

Net realized gain (loss)		35,371,731

Net change in unrealized appreciation (depreciation) on:
Affiliated investment companies		(13,740,645	)

Net change in unrealized appreciation (depreciation)		(13,740,645	)

Net realized and unrealized gain (loss)		21,631,086

Net increase (decrease) in net assets resulting from operations	$	34,807,701


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					31

Statements of Changes in Net Assets

for the years ended October 31, 2020 and October 31, 2019


	2020			2019
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	13,176,615		$	11,901,184
Net realized gain (loss)		35,371,731			17,248,446
Net change in unrealized appreciation (depreciation)		(13,740,645	)		30,192,321

Net increase (decrease) in net assets resulting from operations		34,807,701			59,341,951

Distributions to shareholders:
Class A		(21,900,859	)		(32,751,950	)
Investor Class		(3,720,348	)		(5,715,758	)
Class B		(1,134,789	)		(2,830,087	)
Class C		(1,247,417	)		(3,281,736	)
Class I		(491,902	)		(914,013	)
Class R2		(5,717	)		—
Class R3		(35,111	)		(22,135	)

Total distributions to shareholders		(28,536,143	)		(45,515,679	)

Capital share transactions:
Net proceeds from sale of shares		84,720,414			243,099,929
Net asset value of shares issued in connection with the acquisition of MainStay Retirement 2030 Fund		—			48,401,868
Net asset value of shares issued to shareholders in reinvestment of distributions		28,344,237			45,176,124
Cost of shares redeemed		(128,342,097	)		(281,331,772	)

Increase (decrease) in net assets derived from capital share transactions		(15,277,446	)		55,346,149

Net increase (decrease) in net assets		(9,005,888	)		69,172,421

Net Assets
Beginning of year		755,809,741			686,637,320

End of year	$	746,803,853		$	755,809,741


32		MainStay Moderate Allocation Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class A	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	13.28		$	13.14		$	14.23		$	12.83		$	13.32


Net investment income (loss) (a)		0.24			0.23			0.20			0.20			0.20

Net realized and unrealized gain (loss) on investments		0.41			0.81			(0.53	)		1.67			(0.06	)


Total from investment operations		0.65			1.04			(0.33	)		1.87			0.14


Less distributions:

From net investment income		(0.26	)		(0.27	)		(0.31	)		(0.25	)		(0.24	)

From net realized gain on investments		(0.26	)		(0.63	)		(0.45	)		(0.22	)		(0.39	)


Total distributions		(0.52	)		(0.90	)		(0.76	)		(0.47	)		(0.63	)


Net asset value at end of year	$	13.41		$	13.28		$	13.14		$	14.23		$	12.83


Total investment return (b)		4.96	%		8.88	%		(2.58	%)		14.98	%		1.15	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		1.87	%		1.82	%		1.47	%		1.52	%		1.61	%

Net expenses (c)		0.36	%		0.36	%		0.34	%		0.35	%		0.35	%

Portfolio turnover rate		59	%		45	%		52	%		33	%		37	%

Net assets at end of year (in 000’s)	$	568,079		$	553,530		$	480,956		$	500,627		$	349,764

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(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	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	13.28		$	13.14		$	14.22		$	12.81		$	13.31


Net investment income (loss) (a)		0.22			0.21			0.18			0.18			0.18

Net realized and unrealized gain (loss) on investments		0.41			0.81			(0.54	)		1.67			(0.08	)


Total from investment operations		0.63			1.02			(0.36	)		1.85			0.10


Less distributions:

From net investment income		(0.23	)		(0.25	)		(0.27	)		(0.22	)		(0.21	)

From net realized gain on investments		(0.26	)		(0.63	)		(0.45	)		(0.22	)		(0.39	)


Total distributions		(0.49	)		(0.88	)		(0.72	)		(0.44	)		(0.60	)


Net asset value at end of year	$	13.42		$	13.28		$	13.14		$	14.22		$	12.81


Total investment return (b)		4.83	%		8.64	%		(2.78	%)		14.89	%		0.90	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		1.68	%		1.60	%		1.30	%		1.32	%		1.43	%

Net expenses (c)		0.55	%		0.55	%		0.51	%		0.53	%		0.53	%

Expenses (before waiver/reimbursement) (c)		0.66	%		0.64	%		0.58	%		0.53	%		0.53	%

Portfolio turnover rate		59	%		45	%		52	%		33	%		37	%

Net assets at end of year (in 000’s)	$	101,831		$	104,946		$	84,202		$	84,951		$	168,146

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(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.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					33

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class B	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	13.09		$	12.94		$	14.00		$	12.62		$	13.11


Net investment income (loss) (a)		0.13			0.12			0.08			0.08			0.09

Net realized and unrealized gain (loss) on investments		0.39			0.79			(0.53	)		1.65			(0.08	)


Total from investment operations		0.52			0.91			(0.45	)		1.73			0.01


Less distributions:

From net investment income		(0.12	)		(0.13	)		(0.16	)		(0.13	)		(0.11	)

From net realized gain on investments		(0.26	)		(0.63	)		(0.45	)		(0.22	)		(0.39	)


Total distributions		(0.38	)		(0.76	)		(0.61	)		(0.35	)		(0.50	)


Net asset value at end of year	$	13.23		$	13.09		$	12.94		$	14.00		$	12.62


Total investment return (b)		4.03	%		7.82	%		(3.45	%)		13.98	%		0.17	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		1.00	%		0.96	%		0.60	%		0.63	%		0.71	%

Net expenses (c)		1.30	%		1.30	%		1.26	%		1.29	%		1.28	%

Expenses (before waiver/reimbursement) (c)		1.40	%		1.38	%		1.33	%		1.29	%		1.28	%

Portfolio turnover rate		59	%		45	%		52	%		33	%		37	%

Net assets at end of year (in 000’s)	$	31,682		$	40,817		$	50,416		$	67,352		$	71,339

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(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	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	13.08		$	12.93		$	14.00		$	12.62		$	13.11


Net investment income (loss) (a)		0.13			0.13			0.08			0.08			0.09

Net realized and unrealized gain (loss) on investments		0.40			0.78			(0.54	)		1.65			(0.08	)


Total from investment operations		0.53			0.91			(0.46	)		1.73			0.01


Less distributions:

From net investment income		(0.12	)		(0.13	)		(0.16	)		(0.13	)		(0.11	)

From net realized gain on investments		(0.26	)		(0.63	)		(0.45	)		(0.22	)		(0.39	)


Total distributions		(0.38	)		(0.76	)		(0.61	)		(0.35	)		(0.50	)


Net asset value at end of year	$	13.23		$	13.08		$	12.93		$	14.00		$	12.62


Total investment return (b)		4.11	%		7.83	%		(3.52	%)		13.98	%		0.17	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		0.99	%		1.00	%		0.59	%		0.61	%		0.69	%

Net expenses (c)		1.30	%		1.30	%		1.26	%		1.29	%		1.28	%

Expenses (before waiver/reimbursement) (c)		1.40	%		1.38	%		1.33	%		1.29	%		1.28	%

Portfolio turnover rate		59	%		45	%		52	%		33	%		37	%

Net assets at end of year (in 000’s)	$	35,483		$	43,681		$	57,496		$	69,641		$	69,090

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.


34		MainStay Moderate Allocation Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class I	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	13.37		$	13.24		$	14.34		$	12.92		$	13.41


Net investment income (loss) (a)		0.30			0.28			0.24			0.24			0.24

Net realized and unrealized gain (loss) on investments		0.40			0.79			(0.54	)		1.68			(0.07	)


Total from investment operations		0.70			1.07			(0.30	)		1.92			0.17


Less distributions:

From net investment income		(0.29	)		(0.31	)		(0.35	)		(0.28	)		(0.27	)

From net realized gain on investments		(0.26	)		(0.63	)		(0.45	)		(0.22	)		(0.39	)


Total distributions		(0.55	)		(0.94	)		(0.80	)		(0.50	)		(0.66	)


Net asset value at end of year	$	13.52		$	13.37		$	13.24		$	14.34		$	12.92


Total investment return (b)		5.33	%		9.04	%		(2.39	%)		15.32	%		1.41	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		2.31	%		2.15	%		1.75	%		1.76	%		1.87	%

Net expenses (c)		0.11	%		0.11	%		0.09	%		0.10	%		0.10	%

Portfolio turnover rate		59	%		45	%		52	%		33	%		37	%

Net assets at end of year (in 000’s)	$	8,586		$	11,687		$	13,108		$	14,973		$	13,068

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of 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.



Class R2	Year ended October 31, 2020			June 14, 2019^ through October 31, 2019

Net asset value at beginning of period	$	13.27		$	12.78


Net investment income (loss) (a)		0.24			0.06

Net realized and unrealized gain (loss) on investments		0.40			0.43


Total from investment operations		0.64			0.49


Less distributions:

From net investment income		(0.25	)		—

From net realized gain on investments		(0.26	)		—


Total distributions		(0.51	)		—


Net asset value at end of period	$	13.40		$	13.27


Total investment return (b)		4.89	%		3.83	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		1.81	%		1.13	%††

Net expenses (c)		0.46	%		0.47	%††

Portfolio turnover rate		59	%		45	%

Net assets at end of period (in 000’s)	$	141		$	147

^	Inception date.

††	Annualized.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of 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.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					35

Financial Highlights selected per share data and ratios



	Year ended October 31,												February 29, 2016^ through October 31,

Class R3	2020			2019			2018			2017			2016

Net asset value at beginning of period	$	13.24		$	13.09		$	14.20		$	12.80		$	11.77


Net investment income (loss) (a)		0.20			0.17			0.13			0.09			0.07

Net realized and unrealized gain (loss) on investments		0.42			0.82			(0.50	)		1.73			0.96


Total from investment operations		0.62			0.99			(0.37	)		1.82			1.03


Less distributions:

From net investment income		(0.23	)		(0.21	)		(0.29	)		(0.20	)		—

From net realized gain on investments		(0.26	)		(0.63	)		(0.45	)		(0.22	)		—


Total distributions		(0.49	)		(0.84	)		(0.74	)		(0.42	)		—


Net asset value at end of period	$	13.37		$	13.24		$	13.09		$	14.20		$	12.80


Total investment return (b)		4.70	%		8.46	%		(2.91	%)		14.63	%		8.75	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		1.54	%		1.32	%		0.94	%		0.64	%		0.85	%††

Net expenses (c)		0.71	%		0.71	%		0.69	%		0.69	%		0.70	%††

Portfolio turnover rate		59	%		45	%		52	%		33	%		37	%

Net assets at end of period (in 000’s)	$	964		$	1,004		$	459		$	212		$	64

^	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 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.



SIMPLE Class	August 31, 2020^ through October 31, 2020

Net asset value at beginning of period*	$	13.95


Net investment income (loss) (a)		0.02

Net realized and unrealized gain (loss) on investments		(0.55	)


Total from investment operations		(0.53	)


Net asset value at end of period	$	13.42


Total investment return (b)		(3.80	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss) ††		0.95	%

Net expenses (c)††		0.80	%

Expenses (before waiver/reimbursement) (c)††		0.93	%

Portfolio turnover rate		59	%

Net assets at end of period (in 000’s)	$	38

^	Inception date.

††	Annualized.

*	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 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.


36		MainStay Moderate Allocation Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

MainStay Growth Allocation Fund (Formerly known as MainStay Moderate Growth Allocation Fund)

Investment and Performance Comparison¹ (Unaudited)

Performance data quoted represents past performance. Past performance is no guarantee of future results. Because of market volatility and other factors, current performance may be lower or higher than the figures shown. Investment return and principal value will fluctuate, and as a result, when shares are redeemed, they may be worth more or less than their original cost. The graph below depicts the historical performance of Class I shares* of the Fund. Performance will vary from class to class based on differences in class-specific expenses and sales charges. For performance information current to the most recent month-end, please call 800-624-6782 or visit newyorklifeinvestments.com.

LOGO

Average Annual Total Returns for the Year-Ended October 31, 2020


Class	Sales Charge		Inception Date		One Year or Since Inception			Five Years or Since Inception			Ten Years			Gross Expense Ratio²

Class A Shares³	Maximum 3% Initial Sales Charge	With sales charges Excluding sales charges		4/4/2005		0.77 3.89	%		4.25 5.44	%		6.82 7.43	%		1.16 1.16	%
Investor Class Shares^3,4	Maximum 2.5% Initial Sales Charge	With sales charges Excluding sales charges		2/28/2008		0.59 3.70			4.06 5.24			6.63 7.24			1.45 1.45
Class B Shares⁵	Maximum 5% CDSC if Redeemed Within the First Six Years of Purchase	With sales charges Excluding sales charges		4/4/2005		–2.01 2.97			4.13 4.46			6.45 6.45			2.20 2.20
Class C Shares	Maximum 1% CDSC if Redeemed Within One Year of Purchase	With sales charges Excluding sales charges		4/4/2005		1.97 2.97			4.46 4.46			6.45 6.45			2.20 2.20
Class I Shares	No Sales Charge			4/4/2005		4.16			5.70			7.70			0.91
Class R1 Shares	No Sales Charge			6/14/2019		4.02			6.01			N/A			1.01
Class R2 Shares	No Sales Charge			6/14/2019		3.75			5.80			N/A			1.26
Class R3 Shares	No Sales Charge			2/29/2016		3.53			7.71			N/A			1.51
SIMPLE Class Shares	No Sales Charge			8/31/2020		–4.66			N/A			N/A			1.70

*	Previously, the chart presented the Fund’s annual returns for Class B shares. Class I shares are presented for consistency across the MainStay Fund complex.

2.	The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report.

3.	Prior to July 22, 2019, the maximum initial sales charge applicable was 5.5%, which is reflected in the average annual total return figures shown.

4.	Prior to June 30, 2020, the maximum initial sales charge for Investor Class shares was 3.0%, which is reflected in the average annual total return figures shown.

5.	Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders.

The footnotes on the preceding page are an integral part of the table and graph and should be carefully read in conjunction with them.


			37


Benchmark Performance	One Year			Five Years			Ten Years

S&P 500^® Index⁶		9.71	%		11.71	%		13.01	%
MSCI EAFE^® Index⁷		–6.86			2.85			3.82
Bloomberg Barclays U.S. Aggregate Bond Index⁸		6.19			4.08			3.55
Growth Allocation Composite Index⁹		5.95			8.56			9.54
Morningstar Allocation – 70% to 85% Equity Category Average¹⁰		1.83			6.21			7.46

7.	The MSCI EAFE^® Index is the Fund’s secondary benchmark. The MSCI EAFE^® Index consists of international stocks representing the developed world outside of North America. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

The Fund has selected the Growth Allocation Composite Index as an additional benchmark. Effective February 28, 2014, the Growth Allocation Composite Index consists of the S&P 500^® Index, the MSCI EAFE^® Index and the Bloomberg Barclays U.S. Aggregate Bond Index weighted 60%, 20% and 20%, respectively. Prior to February 28, 2014, the Growth Allocation Composite Index consisted of the S&P 500^® Index, the MSCI EAFE^® Index and the Bloomberg Barclays U.S. Aggregate Bond Index weighted 65%, 15%, and 20%, respectively. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

10.

The Morningstar Allocation – 70% to 85% Equity Category Average is representative of funds that seek to provide both income and capital appreciation by investing in multiple asset classes, including stocks, bonds, and cash. These portfolios are dominated by domestic holdings and have equity exposures between 70% and 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.

The footnotes on the preceding page are an integral part of the table and graph and should be carefully read in conjunction with them.


38		MainStay Growth Allocation Fund

Cost in Dollars of a $1,000 Investment in MainStay Growth Allocation Fund (Unaudited)

Example

This example illustrates your Fund’s ongoing costs in two ways:

Actual Expenses

multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes



Share Class	Beginning Account Value 5/1/20		Ending Account Value (Based on Actual Returns and Expenses) 10/31/20		Expenses Paid During Period¹		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/20		Expenses Paid During Period¹		Net Expense Ratio During Period²

Class A Shares	$	1,000.00	$	1,113.40	$	1.97	$	1,023.28	$	1.88	0.37%

Investor Class Shares	$	1,000.00	$	1,112.60	$	2.92	$	1,022.37	$	2.80	0.55%

Class B Shares	$	1,000.00	$	1,108.50	$	6.89	$	1,018.60	$	6.60	1.30%

Class C Shares	$	1,000.00	$	1,108.50	$	6.89	$	1,018.60	$	6.60	1.30%

Class I Shares	$	1,000.00	$	1,115.20	$	0.64	$	1,024.53	$	0.61	0.12%

Class R1 Shares	$	1,000.00	$	1,114.40	$	1.22	$	1,023.98	$	1.17	0.23%

Class R2 Shares	$	1,000.00	$	1,113.50	$	2.50	$	1,022.77	$	2.39	0.47%

Class R3 Shares	$	1,000.00	$	1,111.60	$	3.82	$	1,021.52	$	3.66	0.72%

SIMPLE Class Shares^3,4	$	1,000.00	$	953.40	$	1.30	$	1,007.00	$	1.34	0.80%

Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 366 and multiplied by 184 (to reflect the six-month period) and 61 days for SIMPLE Class shares (to reflect the since-inception period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro rata share of the fees and expenses of the Underlying Funds in which it invests. Such indirect expenses are not included in the above-reported expense figures.

2.	Expenses are equal to the Fund’s annualized expense ratio to reflect the six-month period.

3.	The inception date was August 31, 2020.


			39

Investment Objectives of Underlying Funds as of October 31, 2020 (Unaudited)

LOGO

See Portfolio of Investments beginning on page 44 for specific holdings within these categories. The Fund’s holdings are subject to change.

‡	Less than one-tenth of a percent.


40		MainStay Growth Allocation Fund

Portfolio Management Discussion and Analysis (Unaudited)

Questions answered by portfolio managers Jae S. Yoon, CFA, Jonathan Swaney, Poul Kristensen, CFA, and Amit Soni, CFA, of New York Life Investment Management LLC, the Fund’s Manager.

How did MainStay Growth Allocation Fund perform relative to its benchmarks and peer group during the 12 months ended October 31, 2020?

For the 12 months ended October 31, 2020, Class I shares of MainStay Growth Allocation Fund returned 4.16%, underperforming the 9.71% return of the Fund’s primary benchmark, the S&P 500^® Index, and outperforming the –6.86% return of the MSCI EAFE^® Index, the Fund’s secondary benchmark. Over the same period, Class I shares of the Fund underperformed the 6.19% return of the Bloomberg Barclays U.S. Aggregate Bond Index and the 5.95% return of the Growth Allocation Composite Index, which are additional benchmarks of the Fund. For the 12 months ended October 31, 2020, Class I shares of the Fund outperformed the 1.83% return of the Morningstar Allocation—70% to 85% Equity Category Average.¹

Were there any changes to the Fund during the reporting period?

Effective July 31, 2020, the Fund was renamed MainStay Growth Allocation Fund. For more information about this change, refer to the supplement dated June 25, 2020.

What factors affected the Fund’s relative performance during the reporting period?

from relative returns. While a few of the Underlying Funds performed well, the majority underperformed their respective benchmarks. The performance of the Underlying Funds versus their respective benchmarks is always an important determinant of relative return.

During the reporting period, how was the Fund’s performance materially affected by investments in derivatives?

How did you allocate the Fund’s assets during the reporting period and why?

1.	See page 37 for other share class returns, which may be higher or lower than Class I share returns. See page 38 for more information on benchmark and peer group returns.


			41

lockdowns proved a boon for many growth funds, detracting from Fund performance. Another position, this one a tailwind, was the Fund’s decisive tilt toward large-cap stocks over stocks of smaller firms. Smaller businesses that lacked a substantial balance sheet to fall back on, that were more vulnerable to credit pressures, and that suffered from weak profit margins even before the pandemic, generally experienced comparatively poor stock performance during the reporting period. Lastly, we decided to allocate significantly less of the Fund’s capital to floating-rate loans than the benchmark does, choosing instead to hold cash and higher-quality, longer-duration² bonds. That stance benefited the Fund as loans came under pressure through the late winter and early spring.

How did the Fund’s allocations change over the course of the reporting period?

During the reporting period, which Underlying Equity Funds had the highest total returns and which had the lowest total returns?

Which Underlying Equity Funds were the strongest positive contributors to the Fund’s performance and which Underlying Equity Funds were particularly weak?

During the reporting period, which Underlying Fixed-Income Funds had the highest total returns and which Underlying Fixed-Income Funds had the lowest total returns?

Which Underlying Fixed-Income Funds were the strongest positive contributors to the Fund’s performance and which Underlying Fixed-Income Funds were particularly weak?

2.	Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity.


42		MainStay Growth Allocation Fund

The most significant detractors from performance included MainStay Floating Rate Fund (in which the Fund’s allocation was larger through the drawdown than when prices recovered), MainStay MacKay High Yield Municipal Bond Fund and MainStay MacKay Unconstrained Bond Fund.

How was the Fund positioned at the end of the reporting period?

weight exposure to equities, leaned toward large-cap stocks over smaller companies, tilted in favor of developed markets over emerging markets, shied away from bank loans, and held a small position in gold miners. We believe this stance positions the Fund to weather potential market volatility and opens a possible opportunity to move more aggressively back into both stocks and credit should market conditions appear favorable. Should another fiscal support package come into sight and a clear timeline for the distribution of an effective vaccine emerge, we anticipate rotating some of the Fund’s assets into Underlying Funds focused on smaller and more cyclical names.


			43

Portfolio of Investments October 31, 2020



	Shares		Value
Affiliated Investment Companies 98.2%†
Equity Funds 76.5%
IQ 50 Percent Hedged FTSE International ETF (a)		750,731	$	14,406,528
IQ 500 International ETF (a)		1,039,228		24,477,768
IQ Candriam ESG International Equity ETF (a)		618,720		14,192,694
IQ Candriam ESG U.S. Equity ETF (a)		1,052,878		29,469,845
IQ Chaikin U.S. Large Cap ETF (a)		1,460,603		35,923,093
IQ Chaikin U.S. Small Cap ETF (a)		1,219,295		27,568,260
MainStay Candriam Emerging Markets Equity Fund Class R6 (a)		2,962,009		31,723,114
MainStay Epoch Capital Growth Fund Class I		70,270		1,016,806
MainStay Epoch International Choice Fund Class I (a)		706,325		23,796,100
MainStay Epoch U.S. All Cap Fund Class R6 (a)		1,610,176		41,945,094
MainStay Epoch U.S. Equity Yield Fund Class R6 (a)		2,556,979		38,661,516
MainStay MacKay Common Stock Fund Class I		71,130		1,784,645
MainStay MacKay Growth Fund Class I (a)		799,113		34,937,226
MainStay MacKay International Equity Fund Class R6 (a)		899,777		16,600,895
MainStay MacKay International Opportunities Fund Class I (a)		3,634,073		23,439,768
MainStay MacKay S&P 500 Index Fund Class I (a)		1,305,643		60,921,302
MainStay MacKay Small Cap Core Fund Class I (a)		1,827,194		42,756,342
MainStay MAP Equity Fund Class I (a)		1,082,456		44,369,879
MainStay Winslow Large Cap Growth Fund Class R6		4,880,487		60,469,233

Total Equity Funds (Cost $481,876,904)				568,460,108



	Shares			Value
Fixed Income Funds 21.7%
IQ S&P High Yield Low Volatility Bond ETF (a)		310,384		$	7,703,731
MainStay Floating Rate Fund Class R6		435,628			3,850,955
MainStay MacKay Short Duration High Yield Fund Class I		3,954,701			37,411,472
MainStay MacKay Total Return Bond Fund Class R6 (a)		9,899,029			112,353,978

Total Fixed Income Funds (Cost $158,816,394)					161,320,136

Total Affiliated Investment Companies (Cost $640,693,298)					729,780,244


Short-term Investment 1.8%
Affiliated Investment Company 1.8%
MainStay U.S. Government Liquidity Fund, 0.02% (b)		13,548,365			13,548,365

Total Short-Term Investment (Cost $13,548,365)					13,548,365

Total Investments (Cost $654,241,663)		100.0	%		743,328,609
Other Assets, Less Liabilities		(0.0	)‡		(125,323	)
Net Assets		100.0	%	$	743,203,286

†	Percentages indicated are based on Fund net assets.

‡	Less than one-tenth of a percent.

(a)	As of October 31, 2020, the Fund’s ownership exceeds 5% of the outstanding shares of the Underlying Fund’s share class.

(b)	Current yield as of October 31, 2020.

Swap Contracts

Open OTC total return equity swap contracts as of October 31, 2020 were as follows¹:

Swap

Counterparty

Reference Obligation

Floating Rate²

Termination
Date(s)

Payment

Frequency

Paid/

Received

Notional

Amount
Long/
(Short)
(000)*

Unrealized
Appreciation³

Citigroup

iShares MSCI EAFE ETF

1 month LIBOR BBA plus 0.40%

12/02/2020

Monthly

14,741

—

Citigroup

iShares MSCI Emerging Markets ETF

1 month LIBOR BBA minus 0.65%

12/02/2020

Monthly

(15,448

)

—

Citigroup

Russell 1000 Growth Total Return

1 month LIBOR BBA minus 0.03%

8/05/2021

Monthly

(612

)

—

Citigroup

Russel 1000 Value Index Total Return

1 month LIBOR BBA plus 0.20%

12/07/2020

Monthly

29,644

—

Citigroup

Russell 2000 Total Return Index

1 month LIBOR BBA minus 0.25%

12/07/2020

Monthly

(32,528

)

—

Citigroup

Russell 2000 Value Index Total Return

1 month LIBOR BBA plus 0.24%

12/02/2021

Monthly

3,755

—

Citigroup

Russell Midcap Index Total Return

1 month LIBOR BBA plus 0.24%

12/07/2020

Monthly

7,035

—

Citigroup

VanEck Vectors Gold Miners ETF

1 month LIBOR BBA plus 0.50%

12/02/2020

Monthly

11,615

—

1.	As of October 31, 2020, cash in the amount of $2,200,000 was pledged from brokers for OTC swap contracts.


44		MainStay Growth Allocation Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

2.	Fund pays the floating rate and receives the total return of the reference entity.

3.	Reflects the value at reset date as of October 31, 2020.

*	Notional amounts reflected as a positive value indicate a long position held by the Portfolio or Index and a negative value indicates a short position.

The following abbreviations are used in the preceding pages:

BBA—British Bankers’ Association

ETF—Exchange-Traded Fund

FTSE—Financial Times Stock Exchange

LIBOR—London Interbank Offered Rate

The following is a summary of the fair valuations according to the inputs used as of October 31, 2020, for valuing the Fund’s assets:


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 (a)
Affiliated Investment Companies
Equity Funds	$	568,460,108	$	—	$	—	$	568,460,108
Fixed Income Funds		161,320,136		—		—		161,320,136
Short-Term Investment		13,548,365		—		—		13,548,365

Total Investments in Securities	$	743,328,609	$	—	$	—	$	743,328,609

(a)	For a complete listing of investments, see the Portfolio of Investments.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					45

Statement of Assets and Liabilities as of October 31, 2020


Assets
Investment in affiliated investment companies, at value (identified cost $654,241,663)	$	743,328,609
Cash collateral on deposit at broker for swap contracts		2,200,000
Receivables:
Fund shares sold		434,685
Dividends and Interest		399,399
Manager (See Note 3)		22,129
Other assets		48,042

Total assets		746,432,864


Liabilities
Payables:
Investment securities purchased		1,546,494
Fund shares redeemed		1,143,964
NYLIFE Distributors (See Note 3)		205,369
Transfer agent (See Note 3)		201,538
Shareholder communication		74,974
Dividends and interest on OTC swaps contracts		24,174
Professional fees		21,875
Custodian		6,627
Trustees		1,001
Accrued expenses		3,562

Total liabilities		3,229,578

Net assets	$	743,203,286


Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	51,927
Additional paid-in capital		626,633,683

		626,685,610
Total distributable earnings (loss)		116,517,676

Net assets	$	743,203,286


Class A
Net assets applicable to outstanding shares	$	542,938,414

Shares of beneficial interest outstanding		37,886,722

Net asset value per share outstanding	$	14.33
Maximum sales charge (3.00% of offering price)		0.44

Maximum offering price per share outstanding	$	14.77

Investor Class
Net assets applicable to outstanding shares	$	126,513,997

Shares of beneficial interest outstanding		8,826,422

Net asset value per share outstanding	$	14.33
Maximum sales charge (2.50% of offering price)		0.37

Maximum offering price per share outstanding	$	14.70

Class B
Net assets applicable to outstanding shares	$	32,739,533

Shares of beneficial interest outstanding		2,322,508

Net asset value and offering price per share outstanding	$	14.10

Class C
Net assets applicable to outstanding shares	$	31,564,063

Shares of beneficial interest outstanding		2,238,765

Net asset value and offering price per share outstanding	$	14.10

Class I
Net assets applicable to outstanding shares	$	8,062,712

Shares of beneficial interest outstanding		555,209

Net asset value and offering price per share outstanding	$	14.52

Class R1
Net assets applicable to outstanding shares	$	31,825

Shares of beneficial interest outstanding		2,193

Net asset value and offering price per share outstanding	$	14.51

Class R2
Net assets applicable to outstanding shares	$	88,739

Shares of beneficial interest outstanding		6,197

Net asset value and offering price per share outstanding	$	14.32

Class R3
Net assets applicable to outstanding shares	$	1,084,306

Shares of beneficial interest outstanding		76,154

Net asset value and offering price per share outstanding	$	14.24

SIMPLE Class
Net assets applicable to outstanding shares	$	179,697

Shares of beneficial interest outstanding		12,539

Net asset value and offering price per share outstanding	$	14.33


46		MainStay Growth Allocation Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Statement of Operations for the year ended October 31, 2020


Investment Income (Loss)
Income
Dividend distributions from affiliated investment companies	$	15,607,957
Interest		956
Other		125

Total income		15,609,038

Expenses
Distribution/Service—Class A (See Note 3)		1,347,330
Distribution/Service—Investor Class (See Note 3)		333,605
Distribution/Service—Class B (See Note 3)		376,996
Distribution/Service—Class C (See Note 3)		335,818
Distribution/Service—Class R2 (See Note 3)		238
Distribution/Service—Class R3 (See Note 3)		6,053
Distribution/Service—SIMPLE Class (See Note 3)		40
Transfer agent (See Note 3)		1,055,115
Professional fees		121,714
Shareholder communication		120,837
Registration		117,772
Custodian		39,158
Trustees		17,760
Shareholder service (See Note 3)		1,334
Miscellaneous		26,909

Total expenses before waiver/reimbursement		3,900,679
Expense waiver/reimbursement from Manager (See Note 3)		(252,200	)

Net expenses		3,648,479

Net investment income (loss)		11,960,559


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Affiliated investment company transactions		16,268,145
Realized capital gain distributions from affiliated investment companies		20,615,425
Swap transactions		(593,615	)

Net realized gain (loss)		36,289,955

Net change in unrealized appreciation (depreciation) on:
Affiliated investment companies		(20,431,629	)

Net change in unrealized appreciation (depreciation)		(20,431,629	)

Net realized and unrealized gain (loss)		15,858,326

Net increase (decrease) in net assets resulting from operations	$	27,818,885


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					47

Statements of Changes in Net Assets

for the years ended October 31, 2020 and October 31, 2019


	2020			2019
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	11,960,559		$	10,214,732
Net realized gain (loss)		36,289,955			25,752,192
Net change in unrealized appreciation (depreciation)		(20,431,629	)		20,652,610

Net increase (decrease) in net assets resulting from operations		27,818,885			56,619,534

Distributions to shareholders:
Class A		(24,258,592	)		(43,963,341	)
Investor Class		(5,544,925	)		(10,091,854	)
Class B		(1,425,921	)		(4,344,612	)
Class C		(1,220,566	)		(3,869,617	)
Class I		(485,415	)		(754,206	)
Class R1		(1,161	)		—
Class R2		(4,340	)		—
Class R3		(56,217	)		(34,155	)

Total distributions to shareholders		(32,997,137	)		(63,057,785	)

Capital share transactions:
Net proceeds from sale of shares		73,731,809			288,029,932
Net asset value of shares issued in connection with the acquisition of MainStay Retirement 2040 Fund		—			40,416,312
Net asset value of shares issued in connection with the acquisition of MainStay Retirement 2050 Fund		—			24,525,394
Net asset value of shares issued to shareholders in reinvestment of distributions		32,868,088			62,810,691
Cost of shares redeemed		(136,672,934	)		(336,933,245	)

Increase (decrease) in net assets derived from capital share transactions		(30,073,037	)		78,849,084

Net increase (decrease) in net assets		(35,251,289	)		72,410,833

Net Assets
Beginning of year		778,454,575			706,043,742

End of year	$	743,203,286		$	778,454,575


48		MainStay Growth Allocation Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class A	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	14.40		$	14.76		$	15.96		$	13.90		$	14.65


Net investment income (loss) (a)		0.24			0.22			0.16			0.17			0.18

Net realized and unrealized gain (loss) on investments		0.32			0.77			(0.55	)		2.41			(0.18	)


Total from investment operations		0.56			0.99			(0.39	)		2.58			—


Less distributions:

From net investment income		(0.26	)		(0.28	)		(0.36	)		(0.20	)		(0.20	)

From net realized gain on investments		(0.37	)		(1.07	)		(0.45	)		(0.32	)		(0.55	)


Total distributions		(0.63	)		(1.35	)		(0.81	)		(0.52	)		(0.75	)


Net asset value at end of year	$	14.33		$	14.40		$	14.76		$	15.96		$	13.90


Total investment return (b)		3.89	%		8.17	%		(2.75	%)		19.05	%		0.15	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		1.69	%		1.55	%		1.02	%		1.16	%		1.29	%

Net expenses (c)		0.37	%		0.37	%		0.35	%		0.36	%		0.36	%

Portfolio turnover rate		47	%		42	%		47	%		32	%		32	%

Net assets at end of year (in 000’s)	$	542,938		$	545,586		$	484,182		$	499,998		$	296,060

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(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	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	14.40		$	14.76		$	15.93		$	13.88		$	14.63


Net investment income (loss) (a)		0.21			0.18			0.14			0.14			0.15

Net realized and unrealized gain (loss) on investments		0.32			0.79			(0.55	)		2.40			(0.17	)


Total from investment operations		0.53			0.97			(0.41	)		2.54			(0.02	)


Less distributions:

From net investment income		(0.23	)		(0.26	)		(0.31	)		(0.17	)		(0.18	)

From net realized gain on investments		(0.37	)		(1.07	)		(0.45	)		(0.32	)		(0.55	)


Total distributions		(0.60	)		(1.33	)		(0.76	)		(0.49	)		(0.73	)


Net asset value at end of year	$	14.33		$	14.40		$	14.76		$	15.93		$	13.88


Total investment return (b)		3.70	%		7.94	%		(2.86	%)		18.80	%		(0.04	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		1.54	%		1.32	%		0.87	%		0.96	%		1.09	%

Net expenses (c)		0.55	%		0.55	%		0.52	%		0.55	%		0.55	%

Expenses (before waiver/reimbursement) (c)		0.67	%		0.68	%		0.61	%		0.55	%		0.55	%

Portfolio turnover rate		47	%		42	%		47	%		32	%		32	%

Net assets at end of year (in 000’s)	$	126,514		$	139,892		$	110,200		$	116,058		$	221,041

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(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.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					49

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class B	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	14.16		$	14.50		$	15.66		$	13.65		$	14.39


Net investment income (loss) (a)		0.12			0.10			0.03			0.04			0.05

Net realized and unrealized gain (loss) on investments		0.30			0.76			(0.55	)		2.36			(0.18	)


Total from investment operations		0.42			0.86			(0.52	)		2.40			(0.13	)


Less distributions:

From net investment income		(0.11	)		(0.13	)		(0.19	)		(0.07	)		(0.06	)

From net realized gain on investments		(0.37	)		(1.07	)		(0.45	)		(0.32	)		(0.55	)


Total distributions		(0.48	)		(1.20	)		(0.64	)		(0.39	)		(0.61	)


Net asset value at end of year	$	14.10		$	14.16		$	14.50		$	15.66		$	13.65


Total investment return (b)		2.97	%		7.14	%		(3.60	%)		17.91	%		(0.81	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		0.87	%		0.73	%		0.18	%		0.31	%		0.39	%

Net expenses (c)		1.30	%		1.30	%		1.27	%		1.30	%		1.30	%

Expenses (before waiver/reimbursement) (c)		1.42	%		1.42	%		1.36	%		1.31	%		1.30	%

Portfolio turnover rate		47	%		42	%		47	%		32	%		32	%

Net assets at end of year (in 000’s)	$	32,739		$	43,800		$	55,493		$	75,863		$	80,344

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(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	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	14.16		$	14.50		$	15.66		$	13.65		$	14.38


Net investment income (loss) (a)		0.11			0.10			0.02			0.04			0.05

Net realized and unrealized gain (loss) on investments		0.31			0.76			(0.54	)		2.36			(0.17	)


Total from investment operations		0.42			0.86			(0.52	)		2.40			(0.12	)


Less distributions:

From net investment income		(0.11	)		(0.13	)		(0.19	)		(0.07	)		(0.06	)

From net realized gain on investments		(0.37	)		(1.07	)		(0.45	)		(0.32	)		(0.55	)


Total distributions		(0.48	)		(1.20	)		(0.64	)		(0.39	)		(0.61	)


Net asset value at end of year	$	14.10		$	14.16		$	14.50		$	15.66		$	13.65


Total investment return (b)		2.97	%		7.14	%		(3.60	%)		17.91	%		(0.81	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		0.81	%		0.76	%		0.14	%		0.25	%		0.36	%

Net expenses (c)		1.30	%		1.30	%		1.27	%		1.30	%		1.30	%

Expenses (before waiver/reimbursement) (c)		1.42	%		1.42	%		1.36	%		1.31	%		1.30	%

Portfolio turnover rate		47	%		42	%		47	%		32	%		32	%

Net assets at end of year (in 000’s)	$	31,564		$	36,721		$	47,590		$	55,873		$	51,005

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(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.


50		MainStay Growth Allocation Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class I	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	14.58		$	14.94		$	16.14		$	14.05		$	14.80


Net investment income (loss) (a)		0.31			0.25			0.21			0.21			0.21

Net realized and unrealized gain (loss) on investments		0.30			0.78			(0.56	)		2.43			(0.17	)


Total from investment operations		0.61			1.03			(0.35	)		2.64			0.04


Less distributions:

From net investment income		(0.30	)		(0.32	)		(0.40	)		(0.23	)		(0.24	)

From net realized gain on investments		(0.37	)		(1.07	)		(0.45	)		(0.32	)		(0.55	)


Total distributions		(0.67	)		(1.39	)		(0.85	)		(0.55	)		(0.79	)


Net asset value at end of year	$	14.52		$	14.58		$	14.94		$	16.14		$	14.05


Total investment return (b)		4.16	%		8.40	%		(2.48	%)		19.35	%		0.41	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		2.18	%		1.74	%		1.32	%		1.40	%		1.54	%

Net expenses (c)		0.11	%		0.13	%		0.10	%		0.11	%		0.11	%

Portfolio turnover rate		47	%		42	%		47	%		32	%		32	%

Net assets at end of year (in 000’s)	$	8,063		$	11,037		$	8,129		$	8,435		$	6,976

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. 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.



Class R1	Year ended October 31, 2020			June 14, 2019^ through October 31, 2019

Net asset value at beginning of period	$	14.58		$	13.99


Net investment income (loss) (a)		0.25			0.05

Net realized and unrealized gain (loss) on investments		0.34			0.54


Total from investment operations		0.59			0.59


Less distributions:

From net investment income		(0.29	)		—

From net realized gain on investments		(0.37	)		—


Total distributions		(0.66	)		—


Net asset value at end of period	$	14.51		$	14.58


Total investment return (b)		4.02	%		4.22	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		1.74	%		0.95	%††

Net expenses (c)		0.21	%		0.23	%††

Portfolio turnover rate		47	%		42	%

Net assets at end of period (in 000’s)	$	32		$	25

^	Inception date.

††	Annualized.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of 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.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					51

Financial Highlights selected per share data and ratios



Class R2	Year ended October 31, 2020			June 14, 2019^ through October 31, 2019

Net asset value at beginning of period	$	14.40		$	13.82


Net investment income (loss) (a)		0.25			0.04

Net realized and unrealized gain (loss) on investments		0.29			0.54


Total from investment operations		0.54			0.58


Less distributions:

From net investment income		(0.25	)		—

From net realized gain on investments		(0.37	)		—


Total distributions		(0.62	)		—


Net asset value at end of period	$	14.32		$	14.40


Total investment return (b)		3.75	%		4.20	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		1.79	%		0.68	%††

Net expenses (c)		0.47	%		0.49	%††

Portfolio turnover rate		47	%		42	%

Net assets at end of period (in 000’s)	$	89		$	130

^	Inception date.

††	Annualized.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. Class R2 shares are not subject to sales charges. For periods of less than one year, total return is not annualized.

(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.



	Year ended October 31,												February 29, 2016^ through October 31,

Class R3	2020			2019			2018			2017			2016

Net asset value at beginning of period	$	14.33		$	14.68		$	15.90		$	13.87		$	12.58


Net investment income (loss) (a)		0.20			0.12			0.06			0.03			0.04

Net realized and unrealized gain (loss) on investments		0.31			0.83			(0.49	)		2.48			1.25


Total from investment operations		0.51			0.95			(0.43	)		2.51			1.29


Less distributions:

From net investment income		(0.23	)		(0.23	)		(0.34	)		(0.16	)		—

From net realized gain on investments		(0.37	)		(1.07	)		(0.45	)		(0.32	)		—


Total distributions		(0.60	)		(1.30	)		(0.79	)		(0.48	)		—


Net asset value at end of period	$	14.24		$	14.33		$	14.68		$	15.90		$	13.87


Total investment return (b)		3.53	%		7.81	%		(3.04	%)		18.58	%		10.25	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		1.43	%		0.90	%		0.38	%		0.21	%		0.39	%††

Net expenses (c)		0.72	%		0.73	%		0.70	%		0.70	%		0.71	%††

Portfolio turnover rate		47	%		42	%		47	%		32	%		32	%

Net assets at end of period (in 000’s)	$	1,084		$	1,262		$	449		$	185		$	43

^	Inception date.

††	Annualized.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of 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.


52		MainStay Growth Allocation Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



SIMPLE Class	August 31, 2020^ through October 31, 2020

Net asset value at beginning of period *	$	15.03


Net investment income (loss) (a)		0.02

Net realized and unrealized gain (loss) on investments		(0.72	)


Total from investment operations		(0.70	)


Net asset value at end of year	$	14.33


Total investment return (b)		(4.66	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss) ††		0.80	%

Net expenses (c)††		0.80	%

Expenses (before waiver/reimbursement) (c) ††		0.95	%

Portfolio turnover rate		47	%

Net assets at end of period (in 000’s)	$	180

^	Inception date.

††	Annualized.

*	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 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.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					53

MainStay Equity Allocation Fund (Formerly known as MainStay Growth Allocation Fund)

Investment and Performance Comparison¹ (Unaudited)

Performance data quoted represents past performance. Past performance is no guarantee of future results. Because of market volatility and other factors, current performance may be lower or higher than the figures shown. Investment return and principal value will fluctuate, and as a result, when shares are redeemed, they may be worth more or less than their original cost. The graph below depicts the historical performance of Class I shares* of the Fund. Performance will vary from class to class based on differences in class-specific expenses and sales charges. For performance information current to the most recent month-end, please call 800-624-6782 or visit newyorklifeinvestments.com.

LOGO

Average Annual Total Returns for the Year-Ended October 31, 2020


Class	Sales Charge		Inception Date		One Year or Since Inception			Five Years or Since Inception			Ten Years			Gross Expense Ratio²

Class A Shares³	Maximum 3% Initial Sales Charge	With sales charges Excluding sales charges		4/4/2005		0.59 3.70	%		4.64 5.83	%		7.43 8.04	%		1.24 1.24	%
Investor Class Shares^3,4	Maximum 2.5% Initial Sales Charge	With sales charges Excluding sales charges		2/28/2008		0.44 3.55			4.48 5.67			7.27 7.88			1.53 1.53
Class B Shares⁵	Maximum 5% CDSC if Redeemed Within the First Six Years of Purchase	With sales charges Excluding sales charges		4/4/2005		–2.12 2.80			4.58 4.90			7.10 7.10			2.28 2.28
Class C Shares	Maximum 1% CDSC if Redeemed Within One Year of Purchase	With sales charges Excluding sales charges		4/4/2005		1.81 2.79			4.87 4.87			7.09 7.09			2.28 2.28
Class I Shares	No Sales Charge			4/4/2005		4.02			6.10			8.33			0.99
Class R3 Shares	No Sales Charge			2/29/2016		3.30			8.52			N/A			1.59
SIMPLE Class Shares	No Sales Charge			8/31/2020		–5.48			N/A			N/A			1.78

*	Previously, the chart presented the Fund’s annual returns for Class B shares. Class I shares are presented for consistency across the MainStay Fund complex.

2.	The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report.

3.	Prior to July 22, 2019, the maximum initial sales charge applicable was 5.5%, which is reflected in the average annual total return figures shown.

4.	Prior to June 30, 2020, the maximum initial sales charge for Investor Class shares was 3.0%, which is reflected in the average annual total return figures shown.

5.	Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders.

The footnotes on the next page are an integral part of the table and graph and should be carefully read in conjunction with them.


54		MainStay Equity Allocation Fund


Benchmark Performance	One Year			Five Years			Ten Years

S&P 500^® Index⁶		9.71	%		11.71	%		13.01	%
MSCI EAFE^® Index⁷		–6.86			2.85			3.82
Equity Allocation Composite Index⁸		5.37			9.48			10.84
Morningstar Allocation – 85%+ Equity Category Average⁹		2.47			6.84			8.40

7.	The MSCI EAFE^® Index is the Fund’s secondary benchmark. The MSCI EAFE^® Index consists of international stocks representing the developed world outside of North America. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

8.	The Fund has selected the Equity Allocation Composite Index as an additional benchmark. Effective February 28, 2014, the Equity Allocation Composite Index consists of the S&P 500^® Index and the MSCI EAFE^® Index

weighted 75% and 25%, respectively. Prior to February 28, 2014, the Equity Allocation Composite Index consisted of the S&P 500^® Index and the MSCI EAFE^® Index weighted 80% and 20%, respectively. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

The Morningstar Allocation – 85%+ Equity Category Average is representative of funds that seek to provide both income and capital appreciation by investing in multiple asset classes, including stocks, bonds, and cash. These portfolios are dominated by domestic holdings and have equity exposures of over 85%. These funds typically allocate at least 10% to equities of foreign companies and do not exclusively allocate between cash and equities. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.

The footnotes on the preceding page are an integral part of the table and graph and should be carefully read in conjunction with them.


			55

Cost in Dollars of a $1,000 Investment in MainStay Equity Allocation Fund (Unaudited)

Example

This example illustrates your Fund’s ongoing costs in two ways:

Actual Expenses

multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes



Share Class	Beginning Account Value 5/1/20		Ending Account Value (Based on Actual Returns and Expenses) 10/31/20		Expenses Paid During Period¹		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/20		Expenses Paid During Period¹		Net Expense Ratio During Period²

Class A Shares	$	1,000.00	$	1,135.20	$	2.20	$	1,023.08	$	2.08	0.41%

Investor Class Shares	$	1,000.00	$	1,134.60	$	2.95	$	1,022.37	$	2.80	0.55%

Class B Shares	$	1,000.00	$	1,130.30	$	6.96	$	1,018.60	$	6.60	1.30%

Class C Shares	$	1,000.00	$	1,130.10	$	6.96	$	1,018.60	$	6.60	1.30%

Class I Shares	$	1,000.00	$	1,136.50	$	0.86	$	1,024.33	$	0.81	0.16%

Class R3 Shares	$	1,000.00	$	1,133.00	$	4.07	$	1,021.32	$	3.86	0.76%

SIMPLE Class Shares^3,4	$	1,000.00	$	945.20	$	1.30	$	1,007.00	$	1.34	0.80%

Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 366 and multiplied by 184 (to reflect the six-month period) and 61 days for SIMPLE Class shares (to reflect the since-inception period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro rata share of the fees and expenses of the Underlying Funds in which it invests. Such indirect expenses are not included in the above-reported expense figures.

2.	Expenses are equal to the Fund’s annualized expense ratio to reflect the six-month period.

3.	The inception date was August 31, 2020.


56		MainStay Equity Allocation Fund

Investment Objectives of Underlying Funds as of October 31, 2020 (Unaudited)

LOGO

See Portfolio of Investments beginning on page 60 for specific holdings within these categories. The Fund’s holdings are subject to change.


			57

Portfolio Management Discussion and Analysis (Unaudited)

Questions answered by portfolio managers Jae S. Yoon, CFA, Jonathan Swaney, Poul Kristensen, CFA, and Amit Soni, CFA, of New York Life Investment Management LLC, the Fund’s Manager.

How did MainStay Equity Allocation Fund perform relative to its benchmarks and peer group during the 12 months ended October 31, 2020?

For the 12 months ended October 31, 2020, Class I shares of MainStay Equity Allocation Fund returned 4.02%, underperforming the 9.71% return of the Fund’s primary benchmark, the S&P 500^® Index, and outperforming the –6.86% return of the MSCI EAFE^® Index, which is the Fund’s secondary benchmark. Over the same period, Class I shares of the Fund underperformed the 5.37% return of the Equity Allocation Composite Index, which is an additional benchmark of the Fund, and outperformed the 2.47% return of the Morningstar Allocation—85%+ Equity Category Average.¹

Were there any changes to the Fund during the reporting period?

Effective July 31, 2020, the Fund was renamed MainStay Equity Allocation Fund and the Fund’s principal investment strategies and investment policies were modified. For more information about these changes, refer to the supplement dated June 25, 2020.

What factors affected the Fund’s relative performance during the reporting period?

The Fund is a “fund of funds,” meaning that it seeks to achieve its investment objective by investing primarily in mutual funds and exchange-traded funds (“ETFs”) managed by New York Life Investments or its affiliates (the “Underlying Funds”). The Underlying Funds may invest in U.S. equities and international equities, making comparisons to any single index generally less suitable than a weighted combination of indices, which is a more useful yardstick by which to measure performance. The most influential factor affecting returns for the Fund during the reporting period (versus the performance of a weighted combination of indices) is the net performance of the Underlying Funds themselves, relative to their respective benchmarks.

Three main factors affected the Fund’s performance relative to its primary and secondary benchmarks during the reporting period. First, the Fund is more diversified than its primary benchmark, the S&P 500^® Index, which consists only of large-cap U.S. stocks. During the reporting period, the Fund’s out-of-benchmark investments, including international and small-cap stocks, detracted from the Fund’s relative performance. Second, the Fund’s asset class policy, discussed in detail below, had a slight but negative impact on performance. Third, the performance of the Underlying Funds versus their respective benchmarks is always an important determinant of relative return. During the reporting period, the performance of the Underlying Funds in which the Fund invested materially

detracted from relative returns. While a few of the Underlying Funds performed well, the majority underperformed their respective benchmarks.

During the reporting period, how was the Fund’s performance materially affected by investments in derivatives?

Total return swaps were used to express most of the Fund’s asset class policy biases. As such, the swaps can be seen as having had little impact on active returns during the reporting period. However, these contracts were also used to curb larger systematic risks observable within the pool of Underlying Funds. In this respect, derivatives enhanced the Fund’s returns to a moderate degree by helping restrain exposure to the underperforming value risk factor.

How did you allocate the Fund’s assets during the reporting period and why?

Allocations shifted frequently at the margin, but were broadly stable throughout the reporting period. The Fund’s general allocation theme was one of risk aversion. That stance was unhelpful in late 2019 and early 2020 as stock prices rose on easing trade tensions and U.S. Federal Reserve (“Fed”) support of funding markets, but was well rewarded through the pandemic-related market turmoil that followed, only to again become a drag on results as the economy reopened and the market rallied to new highs. The degree to which the Fund held cash rather than being fully invested varied across time with little net effect. The Fund held significantly underweight exposure to equities in late February 2020 as prices began to slide; stock purchases were made in March at reduced prices, lessening the underweight; and the Fund trimmed equity exposure again as markets rallied in April and May. Spells of market weakness late in the reporting period provided opportunities to increase the Fund’s equity exposure a bit more, moving closer to neutral.

Positioning within asset classes had greater effect on the Fund’s performance than management of the overall stock/cash blend. Two principal positions stood out. The most notable was a preference for value over growth. This stance was predicated on our belief that those two classifications of stocks may have been mispriced relative to one another. Specifically, we thought growth-oriented issues looked relatively expensive after three years of strong returns, and were concerned that growing regulatory oversight of the information technology sector could lead to earnings disappointment in the future. However, the work-from-home, play-at-home culture that came with mandated lockdowns proved a boon for many growth funds, detracting from Fund performance. The other position, this one

1.	See page 54 for other share class returns, which may be higher or lower than Class I share returns. See page 55 for more information on benchmark and peer group returns.


58		MainStay Equity Allocation Fund

a tailwind, was the Fund’s decisive tilt toward large-cap stocks over stocks of smaller firms. Smaller businesses that lacked a substantial balance sheet to fall back on, that were more vulnerable to credit pressures, and that suffered from weak profit margins even before the pandemic, generally experienced comparatively poor stock performance during the reporting period.

How did the Fund’s allocations change over the course of the reporting period?

Two recently launched Underlying Funds became significant holdings within the Fund during the reporting period: IQ Candriam ESG U.S. Equity ETF and IQ Candriam ESG International Equity ETF. Both offered low-cost, low-tracking-error exposure to core market segments in addition to introducing a sustainability element to the Fund. Another holding in which the Fund significantly increased the size of its position was IQ 500 International ETF.

In addition to Fund launches, there was also a Fund closure. The Fund shifted its holdings in MainStay MacKay Emerging Markets Equity Fund into MainStay Candriam Emerging Markets Equity Fund when the former was liquidated. The Fund also reduced or exited its positions in several Underlying Funds during the reporting period. The largest holding to be closed was in MainStay MacKay U.S. Equity Opportunities Fund with the proceeds redirected to MainStay MacKay S&P 500 Index Fund, thereby reducing the Fund’s exposure to quantitatively driven investment strategies. The same shift away from quantitative strategies informed the Fund’s partial sale of holdings in MainStay MacKay Common Stock Fund and MainStay MacKay Growth Fund. Other entirely closed positions included IQ Global Resources ETF and MainStay Epoch Capital Growth Fund.

During the reporting period, which Underlying Equity Funds had the highest total returns and which had the lowest total returns?

The Underlying Equity Funds in which the Fund was invested for the entire reporting period that generated the highest total

returns were MainStay Winslow Large Cap Growth Fund, MainStay MacKay Growth Fund and MainStay Candriam Emerging Market Equity Fund. Underlying Equity Funds with the lowest total returns included IQ Chaikin U.S. Small Cap ETF, IQ 500 International ETF and MainStay MacKay International Opportunities Fund.

Which Underlying Equity Funds were the strongest positive contributors to the Fund’s performance and which Underlying Equity Funds were particularly weak?

The positions that made the strongest positive contributions to performance during the reporting period were MainStay Winslow Large Cap Growth Fund, MainStay MacKay Growth Fund and MainStay MacKay S&P 500 Index Fund. (Contributions take weightings and total returns into account.) Underlying Equity Funds that detracted from performance disproportionately included IQ 500 International ETF, MainStay Epoch U.S. Equity Yield Fund and MainStay MacKay International Opportunities Fund.

How was the Fund positioned at the end of the reporting period?

As the reporting period wound down with the election looming, fiscal support on hold, and the rate of new COVID-19 infections accelerating, the Fund maintained a modestly defensive posture. As of October 31, 2020, the Fund held slightly underweight exposure to equities by carrying a cash balance rather than being fully invested, leaned toward large-cap stocks over smaller companies, tilted in favor of developed markets over emerging markets and held a small position in gold miners. We believe this stance positions the Fund to weather potential market volatility and opens a possible opportunity to move more aggressively back into stocks should market conditions appear favorable. Should another fiscal support package come into sight and a clear timeline for the distribution of an effective vaccine emerge, we anticipate rotating some of the Fund’s assets into Underlying Funds focused on smaller and more cyclical names.


			59

Portfolio of Investments October 31, 2020



	Shares		Value
Affiliated Investment Companies 96.7%†
Equity Funds 96.7%
IQ 50 Percent Hedged FTSE International ETF		359,918	$	6,906,826
IQ 500 International ETF (a)		724,810		17,072,030
IQ Candriam ESG International Equity ETF (a)		255,838		5,868,617
IQ Candriam ESG U.S. Equity ETF (a)		831,258		23,266,745
IQ Chaikin U.S. Large Cap ETF (a)		830,769		20,432,514
IQ Chaikin U.S. Small Cap ETF (a)		554,948		12,547,374
MainStay Candriam Emerging Markets Equity Fund Class R6 (a)		2,035,029		21,795,156
MainStay Epoch Capital Growth Fund Class I		9,314		134,767
MainStay Epoch International Choice Fund Class I (a)		427,336		14,396,962
MainStay Epoch U.S. All Cap Fund Class R6 (a)		972,658		25,337,747
MainStay Epoch U.S. Equity Yield Fund Class R6 (a)		1,781,175		26,931,360
MainStay MacKay Common Stock Fund Class I		51,606		1,294,785
MainStay MacKay Growth Fund Class I (a)		508,597		22,235,874
MainStay MacKay International Equity Fund Class R6 (a)		721,851		13,318,158
MainStay MacKay International Opportunities Fund Class I (a)		2,264,389		14,605,311
MainStay MacKay S&P 500 Index Fund Class I (a)		867,583		40,481,443



	Shares			Value
Equity Funds (continued)
MainStay MacKay Small Cap Core Fund Class I (a)		1,055,771		$	24,705,039
MainStay MAP Equity Fund Class I (a)		750,607			30,767,388
MainStay Winslow Large Cap Growth Fund Class R6		3,195,779			39,595,701

Total Affiliated Investment Companies (Cost $315,062,643)					361,693,797


Short-Term Investment 3.2%
Affiliated Investment Company 3.2%
MainStay U.S. Government Liquidity Fund, 0.02% (b)		11,904,623			11,904,623

Total Short-Term Investment (Cost $11,904,623)					11,904,623

Total Investments (Cost $326,967,266)		99.9	%		373,598,420
Other Assets, Less Liabilities		0.1			218,669
Net Assets		100.0	%	$	373,817,089

†	Percentages indicated are based on Fund net assets.

(a)	As of October 31, 2020, the Fund’s ownership exceeds 5% of the outstanding shares of the Underlying Fund’s share class.

(b)	Current yield as of October 31, 2020.

Swap Contracts

Open OTC total return equity swap contracts as of October 31, 2020 were as follows¹:

Swap

Counterparty

Reference Obligation

Floating Rate²

Termination
Date(s)

Payment
Frequency
Paid/
Received

Notional
Amount
Long/
(Short)
(000)*

Unrealized
Appreciation³

Citigroup

iShares MSCI EAFE ETF

1 month LIBOR BBA plus 0.40%

12/01/2020

Monthly

7,425

—

Citigroup

iShares MSCI Emerging Markets ETF

1 month LIBOR BBA minus 0.65%

12/01/2020

Monthly

(7,781

)

—

Citigroup

iShares MSCI USA Quality Factor ETF

1 month LIBOR BBA minus 0.40%

12/01/2020

Monthly

(1,338

)

—

Citigroup

Russell 1000 growth Total Return

1 month LIBOR BBA minus 0.04%

8/05/2021

Monthly

(185

)

—

Citigroup

Russell 1000 Value Total Return Index

1 month LIBOR BBA plus 0.20%

12/07/2020

Monthly

15,053

—

Citigroup

Russell 2000 Total Return Index

1 month LIBOR BBA minus 0.45%

12/07/2020

Monthly

(5,011

)

—

Citigroup

Russell 2000 Value Index Total Return

1 month LIBOR BBA plus 0.24%

12/02/2021

Monthly

1,888

—

Citigroup

Russell Midcap Index Total Return

1 month LIBOR BBA plus 0.24%

12/07/2020

Monthly

2,769

—

Citigroup

S&P 500 Information Technology

1 month LIBOR BBA minus 0.05%

9/13/2021

Monthly

(8,524

)

—

Citigroup

VanEck Vectors Gold Miners ETF

1 month LIBOR BBA plus 0.50%

12/01/2020

Monthly

5,850

—

1	As of October 31, 2020, cash in the amount of $900,000 was pledged from brokers for OTC swap contracts.

2	Fund pays the floating rate and receives the total return of the reference entity.

3	Reflects the value at reset date as of October 31, 2020.

*	Notional amounts reflected as a positive value indicate a long position held by the Portfolio or Index and a negative value indicates a short position.


60		MainStay Equity Allocation Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

The following abbreviations are used in the preceding pages:

BBA—British Bankers’ Association

ETF—Exchange-Traded Fund

FTSE—Financial Times Stock Exchange

LIBOR—London Interbank Offered Rate

The following is a summary of the fair valuations according to the inputs used as of October 31, 2020, for valuing the Fund’s assets:


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 (a)
Affiliated Investment Companies
Equity Funds	$	361,693,797	$	—	$	—	$	361,693,797
Short-Term Investment		11,904,623		—		—		11,904,623

Total Investments in Securities	$	373,598,420	$	—	$	—	$	373,598,420

(a)	For a complete listing of investments, see the Portfolio of Investments.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					61

Statement of Assets and Liabilities as of October 31, 2020


Assets
Investment in affiliated investment companies, at value (identified cost $326,967,266)	$	373,598,420
Cash collateral on deposit at broker for swap contracts		900,000
Receivables:
Fund shares sold		222,687
Manager (See Note 3)		18,571
Dividends and Interest		535
Other assets		44,006

Total assets		374,784,219


Liabilities
Payables:
Fund shares redeemed		521,813
Investment securities purchased		144,528
Transfer agent (See Note 3)		112,262
NYLIFE Distributors (See Note 3)		106,143
Shareholder communication		39,061
Dividends and interest on OTC swaps contracts		17,256
Professional fees		16,581
Custodian		6,192
Trustees		499
Accrued expenses		2,795

Total liabilities		967,130

Net assets	$	373,817,089


Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	25,238
Additional paid-in capital		312,727,077

		312,752,315
Total distributable earnings (loss)		61,064,774

Net assets	$	373,817,089


Class A
Net assets applicable to outstanding shares	$	258,742,624

Shares of beneficial interest outstanding		17,416,628

Net asset value per share outstanding	$	14.86
Maximum sales charge (3.00% of offering price)		0.46

Maximum offering price per share outstanding	$	15.32

Investor Class
Net assets applicable to outstanding shares	$	73,492,325

Shares of beneficial interest outstanding		4,953,079

Net asset value per share outstanding	$	14.84
Maximum sales charge (2.50% of offering price)		0.38

Maximum offering price per share outstanding	$	15.22

Class B
Net assets applicable to outstanding shares	$	19,650,834

Shares of beneficial interest outstanding		1,364,871

Net asset value and offering price per share outstanding	$	14.40

Class C
Net assets applicable to outstanding shares	$	15,805,030

Shares of beneficial interest outstanding		1,095,898

Net asset value and offering price per share outstanding	$	14.42

Class I
Net assets applicable to outstanding shares	$	4,727,462

Shares of beneficial interest outstanding		312,137

Net asset value and offering price per share outstanding	$	15.15

Class R3
Net assets applicable to outstanding shares	$	1,375,102

Shares of beneficial interest outstanding		93,293

Net asset value and offering price per share outstanding	$	14.74

SIMPLE Class
Net assets applicable to outstanding shares	$	23,712

Shares of beneficial interest outstanding		1,598

Net asset value and offering price per share outstanding	$	14.84


62		MainStay Equity Allocation Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Statement of Operations for the year ended October 31, 2020


Investment Income (Loss)
Income
Dividend distributions from affiliated investment companies	$	6,371,811
Interest		2,100
Other		62

Total income		6,373,973

Expenses
Distribution/Service—Class A (See Note 3)		628,449
Distribution/Service—Investor Class (See Note 3)		185,716
Distribution/Service—Class B (See Note 3)		223,793
Distribution/Service—Class C (See Note 3)		168,506
Distribution/Service—Class R3 (See Note 3)		6,308
Distribution/Service—SIMPLE Class (See Note 3)		20
Transfer agent (See Note 3)		636,042
Registration		102,889
Professional fees		77,636
Shareholder communication		64,255
Custodian		29,487
Trustees		8,751
Shareholder service (See Note 3)		1,261
Miscellaneous		16,973

Total expenses before waiver/reimbursement		2,150,086
Expense waiver/reimbursement from Manager (See Note 3)		(196,581	)

Net expenses		1,953,505

Net investment income (loss)		4,420,468


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Realized capital gain distributions from affiliated investment companies		12,729,908
Affiliated investment company transactions		5,716,849
Swap transactions		1,482,516

Net realized gain (loss)		19,929,273

Net change in unrealized appreciation (depreciation) on:
Affiliated investment companies		(10,632,389	)

Net change in unrealized appreciation (depreciation)		(10,632,389	)

Net realized and unrealized gain (loss)		9,296,884

Net increase (decrease) in net assets resulting from operations	$	13,717,352


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					63

Statements of Changes in Net Assets

for the years ended October 31, 2020 and October 31, 2019


	2020			2019
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	4,420,468		$	3,409,283
Net realized gain (loss)		19,929,273			19,200,288
Net change in unrealized appreciation (depreciation)		(10,632,389	)		7,742,000

Net increase (decrease) in net assets resulting from operations		13,717,352			30,351,571

Distributions to shareholders:
Class A		(13,636,883	)		(23,980,405	)
Investor Class		(3,741,832	)		(6,830,497	)
Class B		(1,118,722	)		(2,920,089	)
Class C		(810,025	)		(2,209,986	)
Class I		(256,613	)		(630,436	)
Class R3		(56,607	)		(55,710	)

Total distributions to shareholders		(19,620,682	)		(36,627,123	)

Capital share transactions:
Net proceeds from sale of shares		48,229,460			148,996,627
Net asset value of shares issued in connection with the acquisition of MainStay Retirement 2060 Fund		—			1,894,586
Net asset value of shares issued to shareholders in reinvestment of distributions		19,507,022			36,420,849
Cost of shares redeemed		(62,267,515	)		(172,814,310	)

Increase (decrease) in net assets derived from capital share transactions		5,468,967			14,497,752

Net increase (decrease) in net assets		(434,363	)		8,222,200

Net Assets
Beginning of year		374,251,452			366,029,252

End of year	$	373,817,089		$	374,251,452


64		MainStay Equity Allocation Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class A	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	15.10		$	15.60		$	17.01		$	14.37		$	15.36


Net investment income (loss) (a)		0.19			0.15			0.12			0.12			0.10

Net realized and unrealized gain (loss) on investments		0.38			0.93			(0.59	)		3.08			(0.28	)


Total from investment operations		0.57			1.08			(0.47	)		3.20			(0.18	)


Less distributions:

From net investment income		(0.28	)		(0.18	)		(0.36	)		(0.13	)		(0.15	)

From net realized gain on investments		(0.53	)		(1.40	)		(0.58	)		(0.43	)		(0.66	)


Total distributions		(0.81	)		(1.58	)		(0.94	)		(0.56	)		(0.81	)


Net asset value at end of year	$	14.86		$	15.10		$	15.60		$	17.01		$	14.37


Total investment return (b)		3.70	%		8.72	%		(3.15	%)		22.91	%		(1.07	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		1.29	%		1.06	%		0.69	%		0.73	%		0.73	%

Net expenses (c)		0.41	%		0.43	%		0.38	%		0.40	%		0.41	%

Portfolio turnover rate		36	%		35	%		48	%		30	%		25	%

Net assets at end of year (in 000’s)	$	258,743		$	248,068		$	236,201		$	242,172		$	128,723

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(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	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	15.08		$	15.58		$	16.98		$	14.34		$	15.33


Net investment income (loss) (a)		0.17			0.13			0.09			0.09			0.08

Net realized and unrealized gain (loss) on investments		0.38			0.93			(0.59	)		3.09			(0.28	)


Total from investment operations		0.55			1.06			(0.50	)		3.18			(0.20	)


Less distributions:

From net investment income		(0.26	)		(0.16	)		(0.32	)		(0.11	)		(0.13	)

From net realized gain on investments		(0.53	)		(1.40	)		(0.58	)		(0.43	)		(0.66	)


Total distributions		(0.79	)		(1.56	)		(0.90	)		(0.54	)		(0.79	)


Net asset value at end of year	$	14.84		$	15.08		$	15.58		$	16.98		$	14.34


Total investment return (b)		3.55	%		8.52	%		(3.34	%)		22.80	%		(1.23	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		1.18	%		0.89	%		0.56	%		0.61	%		0.57	%

Net expenses (c)		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%

Expenses (before waiver/reimbursement) (c)		0.72	%		0.72	%		0.64	%		0.59	%		0.60	%

Portfolio turnover rate		36	%		35	%		48	%		30	%		25	%

Net assets at end of year (in 000’s)	$	73,492		$	75,913		$	66,924		$	71,378		$	123,415

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(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.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					65

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class B	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	14.64		$	15.13		$	16.51		$	13.96		$	14.92


Net investment income (loss) (a)		0.08			0.04			(0.02	)		(0.01	)		(0.02	)

Net realized and unrealized gain (loss) on investments		0.34			0.89			(0.60	)		2.99			(0.27	)


Total from investment operations		0.42			0.93			(0.62	)		2.98			(0.29	)


Less distributions:

From net investment income		(0.13	)		(0.02	)		(0.18	)		(0.00	)‡		(0.01	)

From net realized gain on investments		(0.53	)		(1.40	)		(0.58	)		(0.43	)		(0.66	)


Total distributions		(0.66	)		(1.42	)		(0.76	)		(0.43	)		(0.67	)


Net asset value at end of year	$	14.40		$	14.64		$	15.13		$	16.51		$	13.96


Total investment return (b)		2.80	%		7.73	%		(4.09	%)		21.85	%		(1.88	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		0.55	%		0.28	%		(0.13	%)		(0.05	%)		(0.13	%)

Net expenses (c)		1.30	%		1.30	%		1.30	%		1.30	%		1.30	%

Expenses (before waiver/reimbursement) (c)		1.47	%		1.47	%		1.39	%		1.35	%		1.35	%

Portfolio turnover rate		36	%		35	%		48	%		30	%		25	%

Net assets at end of year (in 000’s)	$	19,651		$	25,905		$	32,586		$	43,643		$	45,733

‡	Less than one cent per share.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(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	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	14.66		$	15.15		$	16.53		$	13.97		$	14.94


Net investment income (loss) (a)		0.07			0.05			(0.03	)		(0.02	)		(0.02	)

Net realized and unrealized gain (loss) on investments		0.35			0.88			(0.59	)		3.01			(0.28	)


Total from investment operations		0.42			0.93			(0.62	)		2.99			(0.30	)


Less distributions:

From net investment income		(0.13	)		(0.02	)		(0.18	)		(0.00	)‡		(0.01	)

From net realized gain on investments		(0.53	)		(1.40	)		(0.58	)		(0.43	)		(0.66	)


Total distributions		(0.66	)		(1.42	)		(0.76	)		(0.43	)		(0.67	)


Net asset value at end of year	$	14.42		$	14.66		$	15.15		$	16.53		$	13.97


Total investment return (b)		2.79	%		7.72	%		(4.08	%)		21.90	%		(2.02	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		0.49	%		0.33	%		(0.16	%)		(0.15	%)		(0.16	%)

Net expenses (c)		1.30	%		1.30	%		1.30	%		1.30	%		1.30	%

Expenses (before waiver/reimbursement) (c)		1.47	%		1.47	%		1.39	%		1.35	%		1.35	%

Portfolio turnover rate		36	%		35	%		48	%		30	%		25	%

Net assets at end of year (in 000’s)	$	15,805		$	18,411		$	23,998		$	29,233		$	24,268

‡	Less than one cent per share.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(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.


66		MainStay Equity Allocation Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class I	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	15.37		$	15.86		$	17.29		$	14.59		$	15.58


Net investment income (loss) (a)		0.24			0.21			0.16			0.15			0.13

Net realized and unrealized gain (loss) on investments		0.39			0.93			(0.61	)		3.15			(0.27	)


Total from investment operations		0.63			1.14			(0.45	)		3.30			(0.14	)


Less distributions:

From net investment income		(0.32	)		(0.23	)		(0.40	)		(0.17	)		(0.19	)

From net realized gain on investments		(0.53	)		(1.40	)		(0.58	)		(0.43	)		(0.66	)


Total distributions		(0.85	)		(1.63	)		(0.98	)		(0.60	)		(0.85	)


Net asset value at end of year	$	15.15		$	15.37		$	15.86		$	17.29		$	14.59


Total investment return (b)		4.02	%		8.97	%		(2.98	%)		23.27	%		(0.79	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		1.60	%		1.40	%		0.96	%		0.95	%		0.94	%

Net expenses (c)		0.16	%		0.16	%		0.13	%		0.15	%		0.16	%

Portfolio turnover rate		36	%		35	%		48	%		30	%		25	%

Net assets at end of year (in 000’s)	$	4,727		$	4,894		$	5,915		$	6,751		$	4,593

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. 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,												February 29, 2016^ through October 31, 2016
Class R3	2020			2019			2018			2017			February 29, 2016^ through October 31, 2016

Net asset value at beginning of period	$	15.00		$	15.51		$	16.96		$	14.34		$	12.94


Net investment income (loss) (a)		0.11			0.06			0.00	‡		0.01			(0.03	)

Net realized and unrealized gain (loss) on investments		0.40			0.97			(0.53	)		3.13			1.43


Total from investment operations		0.51			1.03			(0.53	)		3.14			1.40


Less distributions:

From net investment income		(0.24	)		(0.14	)		(0.34	)		(0.09	)		—

From net realized gain on investments		(0.53	)		(1.40	)		(0.58	)		(0.43	)		—


Total distributions		(0.77	)		(1.54	)		(0.92	)		(0.52	)		—


Net asset value at end of period	$	14.74		$	15.00		$	15.51		$	16.96		$	14.34


Total investment return (b)		3.30	%		8.34	%		(3.51	%)		22.46	%		10.82	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		0.78	%		0.40	%		0.01	%		0.06	%		(0.29	%)††

Net expenses (c)		0.76	%		0.77	%		0.73	%		0.73	%		0.75	% ††

Expenses (before reimbursement/waiver) (c)		0.76	%		0.77	%		0.73	%		0.73	%		0.76	% ††

Portfolio turnover rate		36	%		35	%		48	%		30	%		25	%

Net assets at end of period (in 000’s)	$	1,375		$	1,060		$	405		$	204		$	28

^	Inception date.

‡	Less than one cent per share.

††	Annualized.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of 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.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					67

Financial Highlights selected per share data and ratios



SIMPLE Class	August 31, 2020^ through October 31, 2020

Net asset value at beginning of period *	$	15.70


Net investment income (loss) (a)		(0.01	)

Net realized and unrealized gain (loss) on investments		(0.85	)


Total from investment operations		(0.86	)


Net asset value at end of period	$	14.84


Total investment return (b)		(5.48	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss) ††		(0.27	%)

Net expenses (c)††		0.80	%

Expenses (before waiver/reimbursement) (c)††		0.97	%

Portfolio turnover rate		36	%

Net assets at end of period (in 000’s)	$	24

^	Inception date.

††	Annualized.

*	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 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.


68		MainStay Equity Allocation Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Notes to Financial Statements

Note 1–Organization and Business

MainStay Funds Trust (the “Trust”) was organized as a Delaware statutory trust on April 28, 2009. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and is comprised of thirty-four funds (collectively referred to as the “Funds” and each individually, referred to as a “Fund”). These financial statements and notes relate to the MainStay Conservative Allocation Fund, MainStay Moderate Allocation Fund, MainStay Growth Allocation Fund (formerly known as MainStay Moderate Growth Allocation Fund) and MainStay Equity Allocation Fund (formerly known as MainStay Growth Allocation Fund) (collectively referred to as the “Allocation Funds” and each individually referred to as an “Allocation Fund”). Each is a “diversified company,” as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

The following table lists each Allocation Funds shares that have been registered and commenced operations:


Fund		Share Classes Commenced Operations¹

MainStay Conservative Allocation Fund²		Class A, Investor Class, Class B, Class C, Class I, Class R2, and Class R3 and SIMPLE Class
MainStay Moderate Allocation Fund²		Class A, Investor Class, Class B, Class C, Class I, Class R2, Class R3 and SIMPLE Class
MainStay Growth Allocation Fund		Class A, Investor Class, Class B, Class C, Class I, Class R1, Class R2, Class R3 and SIMPLE Class
MainStay Equity Allocation Fund^2,3		Class A, Investor Class, Class B, Class C, Class I, Class R3 and SIMPLE Class

1.	For each Allocation Fund, Class R6 shares were registered for sale effective as of February 28, 2020, but as of October 31, 2020 were not yet offered for sale.

2.	For the MainStay Conservative Allocation Fund, MainStay Moderate Allocation Fund and MainStay Equity Allocation, Class R1 shares were registered for sale as of February 28, 2019, but as of October 31, 2020 were not yet offered for sale.

3.	For the MainStay Equity Allocation Fund, Class R2 shares were registered for sale effective February 28, 2019, but as of October 31, 2020 were not yet offered for sale.

Class A and Investor Class shares are offered at net asset value (“NAV”) per share plus an initial sales charge. No initial sales charge applies to investments of $250,000 or more (and certain other qualified purchases) in Class A and Investor Class shares. However, a CDSC 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. Class C shares are offered at NAV without an initial sales charge, although a CDSC of 1.00% may be imposed on certain redemptions of such shares made within one year of the date of purchase of Class C shares. When Class B shares were offered, they were offered at NAV without an initial sales charge, although a CDSC that declines depending on the number of years a shareholder held its Class B shares may be imposed on certain redemptions of such shares made within six years of the date of purchase of such shares. Class I, Class R1, Class R2, Class R3 and SIMPLE Class shares are offered at NAV without a sales charge. Depending upon eligibility, Class B shares convert to either Class A or Investor Class shares at the end of the calendar quarter eight years after the date they were purchased. In addition, depending upon eligibility, Class C shares convert to either Class A or Investor Class shares at the end of the calendar quarter ten years after the date they were purchased. Additionally, Investor Class shares may convert automatically to Class A shares. Under certain circumstances and as may be permitted by the Trust’s multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of an Allocation Fund may be converted to one or more other share classes of the Allocation Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under distribution plans pursuant to Rule 12b-1 under the 1940 Act, Class B and Class C shares are subject to higher distribution and/or service fees than Class A, Investor Class, Class R2, Class R3 and SIMPLE Class shares. Class I and Class R1 shares are not subject to a distribution and/or service fee. Class R1, Class R2 and Class R3 shares are subject to a shareholder service fee, which is in addition to fees paid under the distribution plans for Class R2 and Class R3 shares.

The investment objective for each of the Allocation Funds is as follows:

The MainStay Conservative Allocation Fund seeks current income and, secondarily, long-term growth of capital.

The MainStay Moderate Allocation Fund seeks long-term growth of capital and, secondarily, current income.

The MainStay Growth Allocation Fund seeks long-term growth of capital and, secondarily, current income.

The MainStay Equity Allocation Fund seeks long-term growth of capital.

The Allocation Funds are “funds-of-funds” that seek to achieve their investment objectives by investing primarily in mutual funds and exchange-traded funds (“ETFs”) managed by New York Life Investment Management LLC (“New York Life Investments” or “Manager”) or its affiliates (the “Underlying Funds”). The MainStay Equity Allocation Fund invests, under normal circumstances, at least 80% of its assets (net assets plus any borrowings for investment purposes) in Underlying Equity Funds.

Note 2–Significant Accounting Policies

The Allocation Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 Financial Services – Investment Companies. The Allocation Funds prepare their financial statements in accordance with generally accepted accounting principles (“GAAP”) in the United States


			69

Notes to Financial Statements (continued)

of America and follow the significant accounting policies described below.

The Board of Trustees of the Trust (the “Board”) adopted procedures establishing methodologies for the valuation of each Allocation Fund’s securities and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Trust (the “Valuation Committee”). The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for the day-to-day valuation of portfolio assets (including fair value measurements for the Allocation Funds’ assets and liabilities) rests with New York Life Investments. To assess the appropriateness of security valuations, the Manager or the Allocation Funds’ third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources.

“Fair value” is defined as the price an Allocation Fund would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy that maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. “Inputs” refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Allocation Funds. Unobservable inputs reflect each Allocation Fund’s

own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

•

Level 1—quoted prices in active markets for an identical asset or liability

•

Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

•

Level 3—significant unobservable inputs (including each Allocation Fund’s own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. The aggregate value by input level of each Allocation Fund’s assets and liabilities as of October 31, 2020, is included at the end of each Allocation Fund’s Portfolio of Investments.

Investments in mutual funds, including money market funds, are valued at their respective NAVs at the close of business each day. Investments in ETFs are valued at the last quoted sales price as of the close of regular trading on the relevant exchange on each valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Securities held by the Underlying Funds are valued using policies consistent with those used by the Underlying Funds. Equity securities, including shares of ETFs, are generally valued at the last quoted sales price as of the close of regular trading on the relevant exchange on each valuation date. Debt securities are generally valued at the evaluated bid prices supplied by a pricing agent or brokers selected by the Underlying Fund’s manager, in consultation with the Underlying Fund’s subadvisor(s), if any.

Total return swap contracts, which are arrangements to exchange a market-linked return for a periodic payment, are based on a notional principal amount. To the extent that the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Allocation Funds will receive a payment from or make a payment to the counterparty. Total return swap contracts are marked to market daily based upon quotations from market makers and these securities are generally categorized as Level 2 in the hierarchy.

(B) Income Taxes. Each Allocation Fund is treated as a separate entity for federal income tax purposes. The Allocation Funds’ policy is to comply with the requirements of the Internal Revenue Code of 1986, as


70		MainStay Asset Allocation Funds

amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of each Allocation Fund within the allowable time limits.

The Manager evaluates each Allocation Fund’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Manager analyzed the Allocation Funds’ tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Allocation Funds’ financial statements. The Allocation Funds’ federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The MainStay Moderate Allocation Fund, MainStay Growth Allocation Fund and MainStay Equity Allocation Fund each intend to declare and pay dividends from net investment income and distributions from net realized capital and currency gains, if any, at least annually. The MainStay Conservative Allocation Fund intends to declare and dividends from net investment income, if any, at least quarterly and distributions from net realized capital and currency gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the respective Allocation Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D) Security Transactions and Investment Income. The Allocation Funds record security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividends and distributions received by the Allocation Funds from the Underlying Funds are recorded on the ex-dividend date. Distributions received from real estate investment trusts may be classified as dividends, capital gains and/or return of capital.

Investment income and realized and unrealized gains and losses on investments of the Allocation Funds are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

(E) Expenses. Expenses of the Trust are allocated to the individual Funds in proportion to the net assets of the respective Funds when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than transfer agent expenses and fees incurred under the shareholder services plans and/or the distribution plans further discussed in Note 3(B)) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Allocation Funds, including those of related parties to the Allocation Funds, are shown in the Statement of Operations.

In addition, the Allocation Funds bear a pro rata share of the fees and expenses of the Underlying Funds in which they invest. Because the Underlying Funds have varied expense and fee levels and the Allocation Funds may own different proportions of the Underlying Funds at different times, the amount of fees and expenses incurred indirectly by each Allocation Fund may vary. Shares of the Underlying Funds are subject to management fees and other fees that may cause the costs of investing in Underlying Funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of the Underlying Funds are not included in the amounts shown in each Allocation Fund’s Statement of Operations or in the expense ratios included in the Financial Highlights.

(F) Use of Estimates. In preparing financial statements in conformity with GAAP, the Manager makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

(G) Repurchase Agreements. The Allocation Funds may enter into repurchase agreements (i.e., buy a security from another party with the agreement that it will be sold back in the future) to earn income. The Allocation Funds may enter into repurchase agreements only with counterparties, usually financial institutions, that are deemed by the Manager to be creditworthy, pursuant to guidelines established by the Board. During the term of any repurchase agreement, the Manager will continue to monitor the creditworthiness of the counterparty. Under the 1940 Act, repurchase agreements are considered to be collateralized loans by the Allocation Fund to the counterparty secured by the securities transferred to the respective Allocation Fund.

Repurchase agreements are subject to counterparty risk, meaning an Allocation Fund could lose money by the counterparty’s failure to perform under the terms of the agreement. The Allocation Funds mitigate this risk by ensuring the repurchase agreement is collateralized by cash, U.S. government securities, fixed income securities and/or other securities. The collateral is held by the Allocation Funds’ custodian and valued daily on a mark to market basis to determine if the value, including accrued interest, exceeds the repurchase price. In the event of the counterparty’s default on the obligation to repurchase, the Allocation Funds have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, such as in the event of default or bankruptcy by the counterparty, realization and/or retention of the collateral may be limited or subject to delay, to legal proceedings and possible realized loss to the respective Allocation Fund. As of October 31, 2020, the Allocation Funds did not hold any repurchase agreements.

(H) LIBOR Replacement Risk. The Allocation Funds may invest in certain debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as a “benchmark” or “reference rate” for various interest rate calculations. The United Kingdom Financial Conduct Authority, which regulates LIBOR, announced that after 2021 it will cease its active encouragement of banks to provide the quotations needed to sustain LIBOR. As a result, it is anticipated that LIBOR will be discontinued or will no longer be sufficiently robust to be representative of its underlying market around that time. Although financial regulators and industry working groups have suggested alternative reference rates, such as the European Interbank Offer Rate (“EURIBOR”), Sterling Overnight Interbank Average Rate


			71

Notes to Financial Statements (continued)

(“SONIA”) and Secured Overnight Financing Rate (“SOFR”), there are challenges to converting certain contracts and transactions to a new benchmark and neither the full effects of the transition process nor its ultimate outcome is known. Management is currently working to assess exposure and will modify contracts as necessary.

The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Allocation Funds’ performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, adversely affecting the Allocation Funds’ performance. Accordingly, the potential effect of a transition away from LIBOR on the Fund or the debt securities or other instruments based on LIBOR in which the Fund invests cannot yet be determined. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

(I) Swap Contracts. Total return swap contracts are agreements between counterparties to exchange cash flow, one based on a market-linked return of an individual asset or group of assets (such as an index), and the other on a fixed or floating rate. As a total return swap, an equity swap may be structured in different ways. For example, when the Allocation Funds enter into a “long” equity swap, the counterparty may agree to pay the Allocation Funds the amount, if any, by which the notional amount of the equity swap would have increased in value had it been invested in a particular referenced security or securities, plus the dividends that would have been received on those securities. In return, the Allocation Funds will generally agree to pay the counterparty interest on the notional amount of the equity swap plus the amount, if any, by which that notional amount would have decreased in value had it been invested in such referenced security or securities, plus, in certain instances, commissions or trading spreads on the notional amounts. Therefore, the Allocation Funds return on the equity swap generally should equal the gain or loss on the notional amount, plus dividends on the referenced security or securities less the interest paid by the Allocation Funds on the notional amount. Alternatively, when the Allocation Funds enter into a “short” equity swap, the counterparty will generally agree to pay the Allocation Funds the amount, if any, by which the notional amount of the equity swap would have decreased in value had the Allocation Funds sold a particular referenced security or securities short, less the dividend expense that the Allocation Funds would have incurred on the referenced security or securities, as adjusted for interest payments or other economic factors. In this situation, the Allocation Funds will generally be obligated to pay the amount, if any, by which the notional amount of the swap would have increased in value had it been invested directly in the referenced security or securities.

Equity swaps generally do not involve the delivery of securities or other referenced assets. Accordingly, the risk of loss with respect to equity swaps is normally limited to the net amount of payments that the Allocation Funds are contractually obligated to make. If the other party to an equity swap defaults, the Allocation Funds risk of loss consists of the net amount of payments that the Allocation Funds are contractually entitled to receive, if any. The Allocation Funds will segregate cash or liquid assets, enter into offsetting transactions or use other measures permitted by applicable law to “cover” the Allocation Funds current obligations. The Allocation Funds and New York Life Investments, however, believe these transactions do not constitute senior securities under the 1940 Act and, accordingly, will not treat them as being subject to the Allocation Funds borrowing restrictions.

Equity swaps are derivatives and their value can be very volatile. The Allocation Funds may engage in total return swaps to gain exposure to securities, along with offsetting long total return swap positions to maintain appropriate currency balances and risk exposures across all swap positions. To the extent that the Manager, or Subadvisor does not accurately analyze and predict future market trends, the values or assets or economic factors, the Allocation Funds may suffer a loss, which may be substantial. As of October 31, 2020, open swap agreements are shown in the Portfolio of Investments.

(J) Indemnifications. Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Allocation Funds enter into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Allocation Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Allocation Funds that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Allocation Funds.

(K) Quantitative Disclosure of Derivative Holdings. The following tables show additional disclosures related to the Allocation Funds’ derivative and hedging activities, including how such activities are accounted for and their effect on the Allocation Funds’ financial positions, performance and cash flows. The Allocation Funds entered into total return swap contracts to seek to enhance returns or reduce the risk of loss by hedging certain of the Allocation Portfolios’ holdings. These derivatives are not accounted for as hedging instruments.

MainStay Conservative Allocation Fund

The effect of derivative instruments on the Statement of Operations for the year ended October 31, 2020:

Net Realized Gain (Loss) from:


	Equity Contracts Risk			Total

Swap Contracts	$	(631,443	)	$	(631,443	)

Total Net Realized Gain (Loss)	$	(631,443	)	$	(631,443	)


72		MainStay Asset Allocation Funds

Average Notional Amount


	Equity Contracts Risk			Total

Swap Contracts Long	$	29,471,315		$	29,471,315
Swap Contracts Short	$	(19,363,571	)	$	(19,363,571	)

MainStay Moderate Allocation Fund

The effect of derivative instruments on the Statement of Operations for the year ended October 31, 2020:

Net Realized Gain (Loss) from:


	Equity Contracts Risk		Total

Swap Contracts	$	524,868	$	524,868

Total Net Realized Gain (Loss)	$	524,868	$	524,868

Average Notional Amount


	Equity Contracts Risk			Total

Swap Contracts Long	$	48,413,869		$	48,413,869
Swap Contracts Short	$	(31,983,213	)	$	(31,983,213	)

MainStay Growth Allocation Fund

The effect of derivative instruments on the Statement of Operations for the year ended October 31, 2020:

Net Realized Gain (Loss) from:


	Equity Contracts Risk			Total

Swap Contracts	$	(593,615	)	$	(593,615	)

Total Net Realized Gain (Loss)	$	(593,615	)	$	(593,615	)

Average Notional Amount


	Equity Contracts Risk			Total

Swap Contracts Long	$	46,842,443		$	46,842,443
Swap Contracts Short	$	(31,187,748	)	$	(31,187,748	)

MainStay Equity Allocation Fund

The effect of derivative instruments on the Statement of Operations for the year ended October 31, 2020:

Net Realized Gain (Loss) from:


	Equity Contracts Risk		Total

Swap Contracts	$	1,482,516	$	1,482,516

Total Net Realized Gain (Loss)	$	1,482,516	$	1,482,516

Average Notional Amount


	Equity Contracts Risk			Total

Swap Contracts Long	$	17,059,304		$	17,059,304
Swap Contracts Short	$	(15,881,542	)	$	(15,881,542	)

Note 3–Fees and Related Party Transactions

(A) Manager. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company (“New York Life”), serves as the Allocation Funds’ Manager, pursuant to an Amended and Restated Management Agreement (“Management Agreement”) and is responsible for the day-to-day portfolio management of the Allocation Funds. The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services, and keeps most of the financial and accounting records required to be maintained by the Allocation Funds. Except for the portion of salaries and expenses that are the responsibility of the Allocation Funds, the Manager pays the salaries and expenses of all personnel affiliated with the Allocation Funds and certain operational expenses of the Allocation Funds. The Allocation Funds reimburse New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Allocation Funds.

The Allocation Funds do not pay any fees to the Manager in return for the services performed under the Management Agreement. The Allocation Funds do, however, indirectly pay a proportionate share of the management fees paid to the managers of the Underlying Portfolios/Funds in which the Allocation Funds invest.


			73

Notes to Financial Statements (continued)


Fund	Class A			Investor Class			Class B			Class C			Class I			Class R1			Class R2			Class R3			SIMPLE Class

MainStay Conservative Allocation Fund		0.50	%		0.55	%		1.30	%		1.30	%		0.25	%		0.35	%		0.60	%		0.85	%		0.80	%
MainStay Moderate Allocation Fund		0.50			0.55			1.30			1.30			0.25			0.35			0.60			0.85			0.80
MainStay Growth Allocation Fund		0.50			0.55			1.30			1.30			0.25			0.35			0.60			0.85			0.80
MainStay Equity Allocation Fund		0.50			0.55			1.30			1.30			0.25			0.35			0.60			0.85			0.80

This agreement will remain in effect until August 31, 2021, 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.

During the year ended October 31, 2020, New York Life Investments waived its fees and/or reimbursed expenses of the Allocation Funds as follows:


Fund	Total

MainStay Conservative Allocation Fund	$	57,898
MainStay Moderate Allocation Fund		189,581
MainStay Growth Allocation Fund		252,200
MainStay Equity Allocation Fund		196,581

State Street Bank and Trust Company (“State Street”) provides sub-administration and sub-accounting services to the Allocation Funds pursuant to an agreement with New York Life Investments (See Note 13 for sub-administration and sub-accounting service provider change). These services include calculating the daily NAVs of the Allocation Funds, maintaining the general ledger and sub-ledger accounts for the calculation of the Allocation Funds’ respective NAVs, and assisting New York Life Investments in conducting various aspects of the Allocation Funds’ administrative operations. For providing these services to the Allocation Funds, State Street is compensated by New York Life Investments.

Pursuant to an agreement between the Trust and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Allocation Funds. The Allocation Funds will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Allocation Funds.

(B) Distribution, Service and Shareholder Service Fees. The Trust, on behalf of the Allocation Funds, has entered into a distribution agreement with NYLIFE Distributors LLC (the “Distributor”), an affiliate of New York Life Investments. The Allocation Funds have adopted distribution plans (the “Plans”) in accordance with the provisions of Rule 12b-1 under the 1940 Act.

of the average daily net assets of the Class B and Class C shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class B and Class C shares, for a total 12b-1 fee of 1.00%. Pursuant to the Class R3 and SIMPLE Class Plan, Class R3 and SIMPLE Class shares pay the Distributor a monthly fee at an annual rate of 0.25% of the average daily net assets of the Class R3 and SIMPLE Class shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class R3 and SIMPLE Class shares, for a total 12b-1 fee of 0.50%. Class I and Class R1 shares are not subject to a distribution and/or service fee.

The Plans provide that the distribution and service fees are payable to the Distributor regardless of the amounts actually expended by the Distributor for distribution of the Allocation Funds’ shares and service activities.

In accordance with the Shareholder Services Plans for the Class R1, Class R2 and Class R3 shares, the Manager has agreed to provide, through its affiliates or independent third parties, various shareholder and administrative support services to shareholders of the Class R1, Class R2 and Class R3 shares. For its services, the Manager, its affiliates or independent third-party service providers are entitled to a shareholder service fee accrued daily and paid monthly at an annual rate of 0.10% of the average daily net assets of the Class R1, Class R2 and Class R3 shares. This is in addition to any fees paid under the Class R2 and Class R3 Plans.

(C) Sales Charges. The Allocation Funds were advised by the Distributor that the amount of initial sales charges retained on sales of Class A and Investor Class shares during the year ended October 31, 2020, as follows:


MainStay Conservative Allocation Fund

Class A	$	40,610
Investor Class		20,514


MainStay Moderate Allocation Fund

Class A	$	66,999
Investor Class		62,732


MainStay Growth Allocation Fund

Class A	$	67,205
Investor Class		64,827


MainStay Equity Allocation Fund

Class A	$	35,609
Investor Class		41,750


74		MainStay Asset Allocation Funds

The Allocation Funds were also advised that the Distributor retained CDSCs on redemptions of Class A, Investor Class, Class B and Class C shares during the year ended October 31, 2020, were as follows:


MainStay Conservative Allocation Fund
Class A	$	3,085
Class B		8,619
Class C		3,842


MainStay Moderate Allocation Fund
Class A	$	5,343
Investor Class		22
Class B		21,550
Class C		3,998


MainStay Growth Allocation Fund
Class A	$	1,330
Class B		36,474
Class C		1,982


MainStay Equity Allocation Fund
Class A	$	2,374
Investor Class		4
Class B		12,855
Class C		2,224

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Allocation Funds’ transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with DST Asset Manager Solutions, Inc. ("DST"), pursuant to which DST performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to each of the Fund’s share classes to a maximum of 0.35% of that share class’s average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until August 31, 2021 for SIMPLE Class shares and February 28, 2021 for all other share classes, 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. During the year ended October 31, 2020, transfer agent expenses incurred by the Allocation

Funds and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:


MainStay Conservative Allocation Fund
Class	Expense		Waived

Class A	$	160,940	$	—
Investor Class		123,860		—
Class B		42,423		—
Class C		113,611		—
Class I		3,993		—
Class R2		48		—
Class R3		461		—
SIMPLE Class		12		—


MainStay Moderate Allocation Fund
Class	Expense		Waived

Class A	$	278,849	$	—
Investor Class		366,496		—
Class B		125,099		—
Class C		138,310		—
Class I		4,628		—
Class R2		70		—
Class R3		469		—
SIMPLE Class		17		—


MainStay Growth Allocation Fund
Class	Expense		Waived

Class A	$	303,414	$	—
Investor Class		486,686		—
Class B		137,098		—
Class C		122,286		—
Class I		4,848		—
Class R1		16		—
Class R2		54		—
Class R3		685		—
SIMPLE Class		28		—


MainStay Equity Allocation Fund
Class	Expense		Waived

Class A	$	186,228	$	—
Investor Class		291,938		—
Class B		87,521		—
Class C		66,017		—
Class I		3,386		—
Class R3		936		—
SIMPLE Class		16		—

(E) Small Account Fee. Shareholders with small accounts adversely impact the cost of providing transfer agency services. In an effort to reduce total transfer agency expenses, the Allocation Funds


			75

Notes to Financial Statements (continued)

have implemented a small account fee on certain types of accounts. As described in the Fund’s prospectus, certain shareholders with an account balance of less than $1,000 ($5,000 for Class A share accounts) are charged an annual per account fee of $20 (assessed

semi-annually), the proceeds from which offset transfer agent fees as reflected in the Statement of Operations. This small account fee will not apply to certain types of accounts as described further in the Fund’s prospectus.

MainStay Conservative Allocation Fund


Affiliated Investment Companies	Value, Beginning of Year		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales			Change in Unrealized Appreciation/ (Depreciation)			Value, End of Year		Dividend Income			Other Distributions			Shares End of Year

IQ 50 Percent Hedged FTSE International ETF	$	9,330	$	630	$	(273	)	$	9		$	(752	)	$	8,944	$	190		$	—			466
IQ 500 International ETF		1,176		8,436		(479	)		(61	)		(1,459	)		7,613		151			—			323
IQ Candriam ESG International Equity ETF		—		6,911		(54	)		1			719			7,577		65			—			330
IQ Candriam ESG U.S. Equity ETF		—		13,073		(50	)		0	(a)		300			13,323		38			—			476
IQ Chaikin U.S. Large Cap ETF		9,302		2,860		(2,534	)		(66	)		(164	)		9,398		190			—			382
IQ Chaikin U.S. Small Cap ETF		15,236		3,865		(8,713	)		143			(866	)		9,665		65			—			427
IQ Enhanced Core Bond U.S. ETF		5,522		—		(5,482	)		220			(260	)		—		19			—			—
IQ Global Resources ETF		4,033		21		(4,172	)		274			(156	)		—		72			—			—
IQ S&P High Yield Low Volatility Bond ETF		5,670		4,737		(5,600	)		(151	)		3			4,659		132			—			188
MainStay Candriam Emerging Markets Equity Fund Class R6		5,308		4,717		(3,752	)		(310	)		1,236			7,199		118			—			672
MainStay Epoch Capital Growth Fund Class I		4,071		234		(4,505	)		1,057			(855	)		2		29			192			0	(b)
MainStay Epoch International Choice Fund Class I		6,984		195		(2,232	)		2			(325	)		4,624		194			—			137
MainStay Epoch U.S. All Cap Fund Class R6		11,000		1,883		(2,363	)		(128	)		(776	)		9,616		75			1,062			369
MainStay Epoch U.S. Equity Yield Fund Class R6		13,985		3,013		(6,196	)		(234	)		(1,173	)		9,395		346			243			621
MainStay Floating Rate Fund Class R6		24,302		1,204		(10,882	)		(566	)		(53	)		14,005		658			—			1,584
MainStay MacKay Common Stock Fund Class I		7,244		722		(7,260	)		113			(397	)		422		96			350			17
MainStay MacKay Convertible Fund Class I		5,485		151		(5,499	)		303			(440	)		—		42			95			—
MainStay MacKay Emerging Markets Equity Fund Class R6		5,329		205		(5,724	)		788			(598	)		—		205			—			—
MainStay MacKay Growth Fund Class I		12,400		2,455		(8,078	)		1,753			1,319			9,849		81			371			225
MainStay MacKay High Yield Municipal Bond Fund Class I		8,054		—		(7,756	)		—			(298	)		—		2			—			—
MainStay MacKay High Yield Municipal Bond Fund Class R6		—		7870		(8,066	)		196			—			—		104			0	(a)		—
MainStay MacKay International Equity Fund Class R6		132		4,144		(15	)		1			98			4,360		12			50			236
MainStay MacKay International Opportunities Fund Class I		5,065		1,022		(411	)		(133	)		(863	)		4,680		487			—			726
MainStay MacKay S&P 500 Index Fund Class I		2,077		15,176		(1,653	)		(114	)		3,174			18,660		43			283			400
MainStay MacKay Short Duration High Yield Fund Class I		35,989		11,452		(11,637	)		(436	)		(1,080	)		34,288		1,730			—			3,625
MainStay MacKay Short Term Municipal Fund Class I		4,411		—		(4,406	)		28			(33	)		—		3			—			—
MainStay MacKay Small Cap Core Fund Class I		15,364		92		(4,173	)		68			(1,060	)		10,291		69			—			440
MainStay MacKay Total Return Bond Fund Class R6		34,229		197,867		(9,926	)		(388	)		8,589			230,371		5,246			—			20,297
MainStay MacKay U.S. Equity Opportunities Fund Class I		9,784		1,105		(10,064	)		1,215			(2,040	)		—		390			714			—
MainStay MacKay U.S. Infrastructure Bond Fund Class I (c)		6,147		—		(6,160	)		—			13			—		1			—			—
MainStay MacKay U.S. Infrastructure Bond Fund Class R6 (c)		—		12153		(12,736	)		583			—			—		(16	)*		—			—
MainStay MacKay Unconstrained Bond Fund Class R6		3,967		37		(3,912	)		9			(101	)		—		36			—			—
MainStay MAP Equity Fund Class I		15,247		2,306		(6,385	)		592			(1,121	)		10,639		140			1,094			260
MainStay Short Term Bond Class I (d)		141,545		204		(140,454	)		6,374			(7,669	)		—		76			90			—
MainStay U.S. Government Liquidity Fund		10,116		105,841		(106,326	)		—			—			9,631		100			—			9,631
MainStay Winslow Large Cap Growth Fund Class R6 (e)		12,824		5,666		(5,417	)		549			2,751			16,373		9			1,315			1,321

	$	451,328	$	420,247	$	(423,345	)	$	11,691		$	(4,337	)	$	455,584	$	11,198		$	5,859


76		MainStay Asset Allocation Funds

MainStay Moderate Allocation Fund


Affiliated Investment Companies	Value, Beginning of Year		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales			Change in Unrealized Appreciation/ (Depreciation)			Value, End of Year		Dividend Income			Other Distributions		Shares End of Year

IQ 50 Percent Hedged FTSE International ETF	$	15,546	$	74	$	(210	)	$	2		$	(1,244	)	$	14,168	$	316		$	—		738
IQ 500 International ETF		1,882		21,271		(472	)		(60	)		(3,693	)		18,928		374			—		804
IQ Candriam ESG International Equity ETF		—		12,383		—			—			1,329			13,712		118			—		598
IQ Candriam ESG U.S. Equity ETF		—		26,765		(87	)		1			705			27,384		70			—		978
IQ Chaikin U.S. Large Cap ETF		28,035		5,586		(5,198	)		43			(713	)		27,753		569			—		1,128
IQ Chaikin U.S. Small Cap ETF		23,409		8,694		(8,872	)		86			(2,308	)		21,009		124			—		929
IQ Enhanced Core Bond U.S. ETF		12,227		—		(12,137	)		556			(646	)		—		41			—		—
IQ Global Resources ETF		9,998		58		(10,348	)		611			(319	)		—		179			—		—
IQ S&P High Yield Low Volatility Bond ETF		2,907		7,835		(2,863	)		(190	)		12			7,701		147			—		310
MainStay Candriam Emerging Markets Equity Fund Class R6		15,196		12,863		(8,091	)		(1,487	)		4,010			22,491		288			—		2,100
MainStay Epoch Capital Growth Fund Class I		6,950		405		(7,248	)		1,715			(1,292	)		530		50			329		37
MainStay Epoch International Choice Fund Class I		23,833		714		(7,934	)		988			(1,985	)		15,616		636			—		464
MainStay Epoch U.S. All Cap Fund Class R6		34,988		4,892		(6,846	)		(144	)		(3,129	)		29,761		239			3,399		1,142
MainStay Epoch U.S. Equity Yield Fund Class R6		47,672		2,611		(16,858	)		(196	)		(5,237	)		27,992		1,061			832		1,851
MainStay Floating Rate Fund Class R6		21,721		501		(17,759	)		(414	)		(204	)		3,845		365			—		435
MainStay MacKay Common Stock Fund Class I		20,375		1,581		(19,700	)		(634	)		(356	)		1,266		272			986		50
MainStay MacKay Convertible Fund Class I		9,594		268		(9,623	)		514			(753	)		—		74			165		—
MainStay MacKay Emerging Markets Equity Fund Class R6		15,195		495		(16,136	)		1,661			(1,215	)		—		495			—		—
MainStay MacKay Growth Fund Class I		37,221		3,781		(22,768	)		3,827			2,820			24,881		242			1,115		569
MainStay MacKay High Yield Municipal Bond Fund Class I		12,816		—		(12,344	)		—			(472	)		—		4			—		—
MainStay MacKay High Yield Municipal Bond Fund Class R6		—		12,538		(12,786	)		248			—			—		171			1		—
MainStay MacKay International Equity Fund Class R6		3,192		7,492		(3	)		0	(a)		377			11,058		42			172		599
MainStay MacKay International Opportunities Fund Class I		17,506		1,758		(488	)		(161	)		(3,095	)		15,520		1,684			—		2,406
MainStay MacKay S&P 500 Index Fund Class I		2,517		39,516		(719	)		(39	)		6,557			47,832		52			342		1,025
MainStay MacKay Short Duration High Yield Fund Class I		51,223		5,886		(17,963	)		(588	)		(1,156	)		37,402		2,034			—		3,954
MainStay MacKay Short Term Municipal Fund Class I		7,372		—		(7,364	)		49			(57	)		—		4			—		—
MainStay MacKay Small Cap Core Fund Class I		23,590		1,621		(173	)		5			(2,062	)		22,981		123			—		982
MainStay MacKay Total Return Bond Fund Class R6		60,946		224,865		(27,887	)		(967	)		8,719			265,676		5,540			—		23,408
MainStay MacKay U.S. Equity Opportunities Fund Class I		22,306		2,050		(22,437	)		3,345			(5,264	)		—		724			1,326		—
MainStay MacKay U.S. Infrastructure Bond Fund Class I (c)		12,636		—		(12,672	)		—			36			—		0	(a)		—		—
MainStay MacKay U.S. Infrastructure Bond Fund Class R6 (c)		—		20,924		(21,987	)		1,063			—			—		(81	)*		—		—
MainStay MacKay Unconstrained Bond Fund Class R6		8,821		80		(8,704	)		(2	)		(195	)		—		79			—		—
MainStay MAP Equity Fund Class I		40,469		6,287		(13,815	)		3,094			(4,016	)		32,019		372			2,917		781
MainStay Short Term Bond Class I (d)		110,962		376		(110,303	)		4,696			(5,731	)		—		128			153		—
MainStay U.S. Government Liquidity Fund		15,350		182,182		(183,519	)		—			—			14,013		169			—		14,013
MainStay Winslow Large Cap Growth Fund Class R6 (e)		39,680		9,395		(14,312	)		1,559			6,836			43,158		29			3,929		3,483

	$	756,135	$	625,747	$	(640,626	)	$	19,181		$	(13,741	)	$	746,696	$	16,734		$	15,666


			77

Notes to Financial Statements (continued)

MainStay Growth Allocation Fund


Affiliated Investment Companies	Value, Beginning of Year		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales			Change in Unrealized Appreciation/ (Depreciation)			Value, End of Year		Dividend Income			Other Distributions			Shares End of Year

IQ 50 Percent Hedged FTSE International ETF	$	15,867	$	41	$	(235	)	$	11		$	(1,277	)	$	14,407	$	322		$	—			751
IQ 500 International ETF		8,599		21,179		(561	)		(70	)		(4,669	)		24,478		482			—			1,039
IQ Candriam ESG International Equity ETF		—		12,941		—			—			1,252			14,193		117			—			619
IQ Candriam ESG U.S. Equity ETF		—		29,710		—			—			(240	)		29,470		55			—			1,053
IQ Chaikin U.S. Large Cap ETF		35,695		7,031		(5,577	)		71			(1,297	)		35,923		731			—			1,461
IQ Chaikin U.S. Small Cap ETF		40,245		3,909		(13,634	)		(192	)		(2,760	)		27,568		249			—			1,219
IQ Enhanced Core Bond U.S. ETF		23		—		(23	)		1			(1	)		—		0	(a)		—			—
IQ Enhanced Core Plus Bond U.S. ETF		2,598		—		(2,578	)		100			(120	)		—		10			—			—
IQ Global Resources ETF		13,494		45		(13,933	)		796			(402	)		—		241			—			—
IQ S&P High Yield Low Volatility Bond ETF		2,524		7,884		(2,556	)		(157	)		9			7,704		140			—			310
MainStay Candriam Emerging Markets Equity Fund Class R6		18,898		18,248		(8,667	)		(2,053	)		5,297			31,723		401			—			2,962
MainStay Epoch Capital Growth Fund Class I		7,586		424		(7,634	)		1,833			(1,192	)		1,017		55			357			70
MainStay Epoch International Choice Fund Class I		33,737		948		(9,446	)		1,334			(2,777	)		23,796		948			—			706
MainStay Epoch U.S. All Cap Fund Class R6		46,102		5,663		(5,056	)		(172	)		(4,592	)		41,945		313			4,453			1,610
MainStay Epoch U.S. Equity Yield Fund Class R6		65,947		3,673		(23,595	)		(645	)		(6,718	)		38,662		1,451			1,152			2,557
MainStay Floating Rate Fund Class R6		25,041		594		(21,157	)		(389	)		(238	)		3,851		386			—			436
MainStay MacKay Common Stock Fund Class I		21,316		2,933		(22,174	)		(822	)		532			1,785		286			1,037			71
MainStay MacKay Convertible Fund Class I		10,900		279		(10,915	)		587			(851	)		—		83			188			—
MainStay MacKay Emerging Markets Equity Fund Class R6		18,985		687		(20,248	)		1,861			(1,285	)		—		687			—			—
MainStay MacKay Growth Fund Class I		46,227		10,119		(29,563	)		3,588			4,566			34,937		301			1,388			799
MainStay MacKay High Yield Municipal Bond Fund Class I		12,398		—		(11,906	)		—			(492	)		—		4			—			—
MainStay MacKay High Yield Municipal Bond Fund Class R6		—		12,485		(12,733	)		248			—			—		172			0	(a)		—
MainStay MacKay International Equity Fund Class R6		9,653		6,203		(64	)		6			803			16,601		86			355			900
MainStay MacKay International Opportunities Fund Class I		26,011		2,530		(273	)		(28	)		(4,800	)		23,440		2,498			—			3,634
MainStay MacKay S&P 500 Index Fund Class I		4,828		52,147		(2,379	)		419			5,906			60,921		98			657			1,306
MainStay MacKay Short Duration High Yield Fund Class I		51,734		5,803		(18,322	)		(528	)		(1,276	)		37,411		2,069			—			3,955
MainStay MacKay Short Term Municipal Fund Class I		7,403		—		(7,396	)		47			(54	)		—		4			—			—
MainStay MacKay Small Cap Core Fund Class I		48,628		398		(2,619	)		528			(4,179	)		42,756		252			—			1,827
MainStay MacKay Total Return Bond Fund Class R6		16,673		108,406		(14,409	)		(578	)		2,262			112,354		1,557			—			9,899
MainStay MacKay U.S. Equity Opportunities Fund Class I		28,074		2,400		(28,867	)		4,664			(6,271	)		—		847			1,553			—
MainStay MacKay U.S. Infrastructure Bond Fund Class I (c)		12,541		—		(12,577	)		—			36			—		0	(a)		—			—
MainStay MacKay U.S. Infrastructure Bond Fund Class R6 (c)		—		21,370		(22,454	)		1,084			—			—		(84	)*		—			—
MainStay MacKay Unconstrained Bond Fund Class R6		7,622		48		(7,571	)		45			(144	)		—		48			—			—
MainStay MAP Equity Fund Class I		52,871		8,551		(15,384	)		3,121			(4,789	)		44,370		484			3,790			1,082
MainStay Short Term Bond Class I (d)		15,836		5,034		(20,689	)		(76	)		(105	)		—		132			157			—
MainStay U.S. Government Liquidity Fund		15,613		193,396		(195,461	)		—			—			13,548		144			—			13,548
MainStay Winslow Large Cap Growth Fund Class R6 (e)		55,662		12,452		(18,713	)		1,634			9,434			60,469		39			5,528			4,880

	$	779,331	$	557,531	$	(589,369	)	$	16,268		$	(20,432	)	$	743,329	$	15,608		$	20,615


78		MainStay Asset Allocation Funds

MainStay Equity Allocation Fund


Affiliated Investment Companies	Value, Beginning of Year		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales			Change in Unrealized Appreciation/ (Depreciation)			Value, End of Year		Dividend Income		Other Distributions		Shares End of Year

IQ 50 Percent Hedged FTSE International ETF	$	7,505	$	115	$	(112	)	$	3		$	(604	)	$	6,907	$	154	$	—		360
IQ 500 International ETF		14,317		7,468		(1,510	)		(136	)		(3,067	)		17,072		360		—		725
IQ Candriam ESG International Equity ETF		—		5,900		—			—			(31	)		5,869		27		—		256
IQ Candriam ESG U.S. Equity ETF		—		22,865		—			—			402			23,267		64		—		831
IQ Chaikin U.S. Large Cap ETF		24,618		2,895		(6,585	)		164			(659	)		20,433		430		—		831
IQ Chaikin U.S. Small Cap ETF		20,869		76		(6,648	)		47			(1,797	)		12,547		127		—		555
IQ Global Resources ETF		5,523		32		(5,716	)		413			(252	)		—		99		—		—
MainStay Candriam Emerging Markets Equity Fund Class R6		9,688		10,426		(1,143	)		(192	)		3,015			21,794		215		—		2,035
MainStay Epoch Capital Growth Fund Class I		3,679		230		(3,945	)		876			(706	)		135		27		174		9
MainStay Epoch International Choice Fund Class I		17,938		538		(3,267	)		495			(1,307	)		14,397		511		—		427
MainStay Epoch U.S. All Cap Fund Class R6		30,671		3,024		(5,340	)		117			(3,134	)		25,338		196		2,786		973
MainStay Epoch U.S. Equity Yield Fund Class R6		34,230		8,650		(10,886	)		(1,082	)		(3,981	)		26,931		887		662		1,781
MainStay MacKay Common Stock Fund Class I		16,093		1,647		(15,533	)		(1,446	)		534			1,295		216		786		52
MainStay MacKay Emerging Markets Equity Fund Class R6		9,707		544		(10,541	)		1,366			(1,076	)		—		370		—		—
MainStay MacKay Growth Fund Class I		33,828		2,171		(18,579	)		2,373			2,443			22,236		223		1,027		509
MainStay MacKay International Equity Fund Class R6		8,803		4,031		(202	)		(5	)		691			13,318		73		300		722
MainStay MacKay International Opportunities Fund Class I		13,720		5,002		(1,145	)		(158	)		(2,814	)		14,605		1,387		—		2,264
MainStay MacKay S&P 500 Index Fund Class I		1,011		37,818		(1,001	)		253			2,400			40,481		21		138		868
MainStay MacKay Small Cap Core Fund Class I		25,180		4,125		(2,235	)		(65	)		(2,300	)		24,705		130		—		1,056
MainStay MacKay U.S. Equity Opportunities Fund Class I		14,983		1,287		(15,686	)		1,894			(2,478	)		—		454		833		—
MainStay MAP Equity Fund Class I		32,198		6,945		(6,129	)		(236	)		(2,011	)		30,767		298		2,337		751
MainStay U.S. Government Liquidity Fund		14,546		83,665		(86,306	)		—			—			11,905		76		—		11,905
MainStay Winslow Large Cap Growth Fund Class R6 (e)		35,734		9,149		(12,423	)		1,036			6,100			39,596		27		3,687		3,196

	$	374,841	$	218,603	$	(214,932	)	$	5,717		$	(10,632	)	$	373,598	$	6,372	$	12,730

*	Return of capital exceeded dividend distribution.

(a)	Less than $500.

(b)	Less than 500 shares.

(c)	Prior to August 31, 2020, known as MacKay Infrastructure Bond Fund.

(d)	Prior to December 5, 2019, known as MainStay Indexed Bond Fund Class I.

(e)	Prior to February 28, 2020, known as MainStay Large Cap Growth Fund Class R6.

(G) Capital. As of October 31, 2020, New York Life and its affiliates beneficially held shares of the Allocation Funds with the values and percentages of net assets as follows:


MainStay Conservative Allocation Fund

Class R3	$	32,454	2.6	%
SIMPLE Class		24,304	89.7


MainStay Moderate Allocation Fund

Class R3	$	34,362	3.6	%
SIMPLE Class		24,050	63.7


MainStay Growth Allocation Fund

Class R3	$	35,371	3.3	%
SIMPLE Class		23,836	13.3


MainStay Equity Allocation Fund

Class R3	$	36,639	2.7	%
SIMPLE Class		23,631	99.7

Note 4–Federal Income Tax

As of October 31, 2020, the cost and unrealized appreciation (depreciation) of the each Allocation Fund’s investment portfolio,


			79

Notes to Financial Statements (continued)

including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

MainStay Conservative Allocation Fund


	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)

Investments in Affiliates	$	425,483,363	$	33,593,511	$	(3,492,383	)	$	30,101,128

MainStay Moderate Allocation Fund


	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)

Investments in Affiliates	$	681,469,928	$	71,685,673	$	(6,460,037	)	$	65,225,636

MainStay Growth Allocation Fund


	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)

Investments in Affiliates	$	662,321,829	$	88,957,974	$	(7,951,194	)	$	81,006,780

MainStay Equity Allocation Fund


	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)

Investments in Affiliates	$	330,931,124	$	46,658,648	$	(3,991,352	)	$	42,667,296

As of October 31, 2020, the components of accumulated gain (loss) on a tax basis were as follows:

MainStay Conservative Allocation Fund


Ordinary Income	Accumulated Capital and Other Gain (Loss)	Other Temporary Differences	Unrealized Appreciation (Depreciation)	Total Accumulated Gain (Loss)

$113,101	$13,593,746	$—	$30,101,128	$43,807,975

MainStay Moderate Allocation Fund


Ordinary Income	Accumulated Capital and Other Gain (Loss)	Other Temporary Differences	Unrealized Appreciation (Depreciation)	Total Accumulated Gain (Loss)

$6,556,565	$29,883,887	$—	$65,225,636	$101,666,088

MainStay Growth Allocation Fund


Ordinary Income	Accumulated Capital and Other Gain (Loss)	Other Temporary Differences	Unrealized Appreciation (Depreciation)	Total Accumulated Gain (Loss)

$2,392,647	$33,118,249	$—	$81,006,780	$116,517,676

MainStay Equity Allocation Fund


Ordinary Income	Accumulated Capital and Other Gain (Loss)	Other Temporary Differences	Unrealized Appreciation (Depreciation)	Total Accumulated Gain (Loss)

$572,716	$17,824,762	$—	$42,667,296	$61,064,774

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is primarily due to wash sale adjustments.

The following table discloses the current year reclassifications between total distributable earnings (loss) and additional paid-in capital arising from permanent differences; net assets as of October 31, 2020, were not affected.

MainStay Moderate Allocation Fund


Total Distributable Earnings (Loss)	Additional Paid-In Capital
$(2,958,049)	$	2,958,049

MainStay Growth Allocation Fund


Total Distributable Earnings (Loss)	Additional Paid-In Capital
$(2,930,107)	$	2,930,107

MainStay Equity Allocation Fund


Total Distributable Earnings (Loss)	Additional Paid-In Capital
$(1,602,158)	$	1,602,158

The reclassifications for the Fund are primarily due to equalization.


80		MainStay Xxxx Fund

During the years ended October 31, 2020 and October 31, 2019, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:



	2020						2019
Fund	Tax Based Distributions from Ordinary Income		Tax Based Distributions from Long-Term Capital Gains		Total		Tax Based Distributions from Ordinary Income		Tax Based Distributions from Long-Term Capital Gains		Total

MainStay Conservative Allocation Fund	$	9,198,346	$	2,245,431	$	11,443,777	$	11,056,946	$	12,356,699		23,413,645
MainStay Moderate Allocation Fund		13,963,635		14,572,508		28,536,143		14,428,859		31,086,820		45,515,679
MainStay Growth Allocation Fund		12,956,780		20,040,357		32,997,137		13,491,308		49,566,477		63,057,785
MainStay Equity Allocation Fund		6,391,973		13,228,709		19,620,682		4,341,921		32,285,202		36,627,123

Note 5–Custodian

State Street is the custodian of cash and securities held by the Allocation Funds (See Note 13 for custodian change). Custodial fees are charged to each Allocation Fund based on the Allocation Funds’ net assets and/or the market value of securities held by the Allocation Fund and the number of certain transactions incurred by the Allocation Fund.

Note 6–Line of Credit

The Allocation Funds and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 28, 2020, under the credit agreement (the “Credit Agreement”), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to JP Morgan Chase Bank NA, who serves as the agent to the syndicate. The commitment fee is allocated among the Fund and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Rate or the one-month London Interbank Offered Rate (“LIBOR”), whichever is higher. The Credit Agreement expires on July 27, 2021, although the Allocation Fund, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate of banks. Prior to July 28, 2020, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement, but State Street served as agent to the syndicate. During the year ended October 31, 2020, there were no borrowings made or outstanding with respect to the Allocation Funds under the Credit Agreement.

Note 7–Interfund Lending Program

Pursuant to an exemptive order issued by the SEC, the Allocation Funds, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Allocation Funds and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. During the year ended October 31, 2020, there were no interfund loans made or outstanding with respect to the Allocation Funds.

Note 8–Purchases and Sales of Securities (in 000’s)

During the year ended October 31, 2020, purchases and sales of securities were as follows:



	Other
Fund	Purchases		Sales
MainStay Conservative Allocation Fund	$	300,484	$	302,917
MainStay Moderate Allocation Fund		418,554		431,715
MainStay Growth Allocation Fund		339,648		369,030
MainStay Equity Allocation Fund		134,940		128,626

Note 9–Capital Share Transactions

Transactions in capital shares for the years ended October 31, 2020, and October 31, 2019, were as follows:

MainStay Conservative Allocation Fund


Class A	Shares			Amount

Year ended October 31, 2020:
Shares sold		4,555,270		$	54,134,250
Shares issued to shareholders in reinvestment of distributions		748,023			8,838,479
Shares redeemed		(5,264,826	)		(62,758,118	)

Net increase (decrease) in shares outstanding before conversion		38,467			214,611
Shares converted into Class A (See Note 1)		1,078,679			13,029,268
Shares converted from Class A (See Note 1)		(17,626	)		(202,003	)

Net increase (decrease)		1,099,520		$	13,041,876


Year ended October 31, 2019:
Shares sold		6,016,027		$	70,899,293
Shares issued in connection with the acquisition of MainStay Retirement 2010 Fund		403,969			4,689,875
Shares issued in connection with the acquisition of MainStay Retirement 2020 Fund		1,926,270			22,363,038
Shares issued to shareholders in reinvestment of distributions		1,519,988			16,674,268
Shares redeemed		(8,469,106	)		(99,186,557	)

Net increase (decrease) in shares outstanding before conversion		1,397,148			15,439,917
Shares converted into Class A (See Note 1)		1,107,977			12,880,546
Shares converted from Class A (See Note 1)		(154,063	)		(1,797,435	)

Net increase (decrease)		2,351,062		$	26,523,028


			81

Notes to Financial Statements (continued)


Investor Class	Shares			Amount

Year ended October 31, 2020:
Shares sold		824,431		$	9,792,729
Shares issued to shareholders in reinvestment of distributions		91,231			1,079,940
Shares redeemed		(529,487	)		(6,320,941	)

Net increase (decrease) in shares outstanding before conversion		386,175			4,551,728
Shares converted into Investor Class (See Note 1)		147,572			1,756,832
Shares converted from Investor Class (See Note 1)		(872,820	)		(10,567,390	)

Net increase (decrease)		(339,073	)	$	(4,258,830	)


Year ended October 31, 2019:
Shares sold		2,028,949		$	23,929,056
Shares issued in connection with the acquisition of MainStay Retirement 2010 Fund		56,610			657,334
Shares issued in connection with the acquisition of MainStay Retirement 2020 Fund		284,725			3,306,117
Shares issued to shareholders in reinvestment of distributions		192,767			2,111,773
Shares redeemed		(1,777,181	)		(20,997,608	)

Net increase (decrease) in shares outstanding before conversion		785,870			9,006,672
Shares converted into Investor Class (See Note 1)		357,306			4,144,654
Shares converted from Investor Class (See Note 1)		(625,146	)		(7,306,445	)

Net increase (decrease)		518,030		$	5,844,881



Class B	Shares			Amount

Year ended October 31, 2020:
Shares sold		39,533		$	470,803
Shares issued to shareholders in reinvestment of distributions		25,596			300,141
Shares redeemed		(197,490	)		(2,328,031	)

Net increase (decrease) in shares outstanding before conversion		(132,361	)		(1,557,087	)
Shares converted from Class B (See Note 1)		(230,140	)		(2,719,083	)

Net increase (decrease)		(362,501	)	$	(4,276,170	)


Year ended October 31, 2019:
Shares sold		527,140		$	6,202,291
Shares issued to shareholders in reinvestment of distributions		97,677			1,065,590
Shares redeemed		(816,807	)		(9,549,935	)
Net increase (decrease) in shares outstanding before conversion		(191,990	)		(2,282,054	)
Shares converted from Class B (See Note 1)		(238,281	)		(2,747,315	)

Net increase (decrease)		(430,271	)	$	(5,029,369	)


Class C	Shares			Amount

Year ended October 31, 2020:
Shares sold		275,411		$	3,236,982
Shares issued to shareholders in reinvestment of distributions		68,242			799,730
Shares redeemed		(920,352	)		(10,825,879	)

Net increase (decrease) in shares outstanding before conversion		(576,699	)		(6,789,167	)
Shares converted from Class C (See Note 1)		(110,122	)		(1,302,106	)

Net increase (decrease)		(686,821	)	$	(8,091,273	)


Year ended October 31, 2019:

Shares sold		569,847		$	6,626,410
Shares issued to shareholders in reinvestment of distributions		257,313			2,805,507
Shares redeemed		(1,576,023	)		(18,245,543	)
Net increase (decrease) in shares outstanding before conversion		(748,863	)		(8,813,626	)
Shares converted from Class C (See Note 1)		(455,209	)		(5,215,352	)

Net increase (decrease)		(1,204,072	)	$	(14,028,978	)



Class I	Shares			Amount

Year ended October 31, 2020:
Shares sold		121,201		$	1,463,681
Shares issued to shareholders in reinvestment of distributions		20,782			248,251
Shares redeemed		(272,227	)		(3,243,975	)

Net increase in shares outstanding before conversion		(130,244	)		(1,532,043	)
Shares converted into Class I (See Note 1)		356			4,482

Net increase (decrease)		(129,888	)	$	(1,527,561	)


Year ended October 31, 2019:
Shares sold		132,049		$	1,530,178
Shares issued in connection with the acquisition of MainStay Retirement 2010 Fund		49,606			581,729
Shares issued in connection with the acquisition of MainStay Retirement 2020 Fund		163,393			1,916,106
Shares issued to shareholders in reinvestment of distributions		38,697			429,890
Shares redeemed		(301,320	)		(3,509,145	)

Net increase (decrease) in shares outstanding before conversion		82,425			948,758
Shares converted into Class I (See Note 1)		3,672			41,347

Net increase (decrease)		86,097		$	990,105



Class R2	Shares			Amount

Year ended October 31, 2020:
Shares sold		1,111		$	13,003
Shares issued to shareholders in reinvestment of distributions		219			2,596
Shares redeemed		(805	)		(9,888	)

Net increase (decrease)		525		$	5,711


Period ended October 31, 2019 (a):
Shares sold		910		$	10,775
Shares issued in connection with the acquisition of MainStay Retirement 2020 Fund		7,956			92,364
Shares issued to shareholders in reinvestment of distributions		34			400
Shares redeemed		(501	)		(5,968	)

Net increase (decrease)		8,399		$	97,571


82		MainStay Asset Allocation Funds


Class R3	Shares			Amount

Year ended October 31, 2020:
Shares sold		40,680		$	447,674
Shares issued to shareholders in reinvestment of distributions		1,616			19,000
Shares redeemed		(1,777	)		(20,785	)

Net increase (decrease)		40,519		$	445,889


Year ended October 31, 2019:
Shares sold		22,897		$	263,601
Shares issued in connection with the acquisition of MainStay Retirement 2010 Fund		5,201			60,242
Shares issued in connection with the acquisition of MainStay Retirement 2020 Fund		1,076			12,458
Shares issued to shareholders in reinvestment of distributions		1,539			16,950
Shares redeemed		(6,711	)		(76,684	)

Net increase (decrease)		24,002		$	276,567



SIMPLE Class	Shares			Amount

Period ended October 31, 2020 (b):
Shares sold		2,216		$	27,849

Net increase (decrease)		2,216		$	27,849

(a)	The inception date of the class was June 14, 2019.

(b)	The inception date of the class was August 31, 2020.

MainStay Moderate Allocation Fund


Class A	Shares			Amount

Year ended October 31, 2020:
Shares sold		3,980,972		$	51,876,101
Shares issued to shareholders in reinvestment of distributions		1,649,087			21,767,987
Shares redeemed		(7,300,012	)		(94,067,591	)

Net increase (decrease) in shares outstanding before conversion		(1,669,953	)		(20,423,503	)
Shares converted into Class A (See Note 1)		2,346,618			30,922,266
Shares converted from Class A (See Note 1)		(25,967	)		(318,880	)

Net increase (decrease)		650,698		$	10,179,883


Year ended October 31, 2019:
Shares sold		12,022,049		$	157,200,137
Shares issued in connection with the acquisition of MainStay Retirement 2030 Fund		2,883,731			36,850,624
Shares issued to shareholders in reinvestment of distributions		2,798,003			32,569,156
Shares redeemed		(14,276,465	)		(185,825,139	)

Net increase (decrease) in shares outstanding before conversion		3,427,318			40,794,778
Shares converted into Class A (See Note 1)		1,878,385			24,052,935
Shares converted from Class A (See Note 1)		(211,888	)		(2,712,517	)

Net increase (decrease)		5,093,815		$	62,135,196


Investor Class	Shares			Amount

Year ended October 31, 2020:
Shares sold		2,140,418		$	27,805,461
Shares issued to shareholders in reinvestment of distributions		280,917			3,716,653
Shares redeemed		(1,042,213	)		(13,639,757	)

Net increase (decrease) in shares outstanding before conversion		1,379,122			17,882,357
Shares converted into Investor Class (See Note 1)		292,774			3,788,048
Shares converted from Investor Class (See Note 1)		(1,986,800	)		(26,285,522	)

Net increase (decrease)		(314,904	)	$	(4,615,117	)


Year ended October 31, 2019:
Shares sold		4,478,090		$	58,408,771
Shares issued in connection with the acquisition of MainStay Retirement 2030 Fund		668,413			8,552,282
Shares issued to shareholders in reinvestment of distributions		489,140			5,708,268
Shares redeemed		(3,566,356	)		(46,753,717	)

Net increase (decrease) in shares outstanding before conversion		2,069,287			25,915,604
Shares converted into Investor Class (See Note 1)		566,052			7,201,363
Shares converted from Investor Class (See Note 1)		(1,140,698	)		(14,713,705	)

Net increase (decrease)		1,494,641		$	18,403,262



Class B	Shares			Amount

Year ended October 31, 2020:
Shares sold		49,147		$	643,908
Shares issued to shareholders in reinvestment of distributions		85,393			1,120,352
Shares redeemed		(343,812	)		(4,428,240	)

Net increase (decrease) in shares outstanding before conversion		(209,272	)		(2,663,980	)
Shares converted from Class B (See Note 1)		(515,047	)		(6,618,766	)

Net increase (decrease)		(724,319	)	$	(9,282,746	)


Year ended October 31, 2019:
Shares sold		1,124,815		$	14,616,824
Shares issued to shareholders in reinvestment of distributions		238,888			2,763,939
Shares redeemed		(1,636,197	)		(21,072,504	)

Net increase (decrease) in shares outstanding before conversion		(272,494	)		(3,691,741	)
Shares converted from Class B (See Note 1)		(505,333	)		(6,375,585	)

Net increase (decrease)		(777,827	)	$	(10,067,326	)


			83

Notes to Financial Statements (continued)


Class C	Shares			Amount

Year ended October 31, 2020:
Shares sold		222,124		$	2,860,726
Shares issued to shareholders in reinvestment of distributions		93,150			1,222,134
Shares redeemed		(854,209	)		(11,040,666	)

Net increase (decrease) in shares outstanding before conversion		(538,935	)		(6,957,806	)
Shares converted from Class C (See Note 1)		(117,390	)		(1,495,118	)

Net increase (decrease)		(656,325	)	$	(8,452,924	)


Year ended October 31, 2019:
Shares sold		864,808		$	11,107,591
Shares issued to shareholders in reinvestment of distributions		277,648			3,209,615
Shares redeemed		(1,651,036	)		(21,068,518	)
Net increase (decrease) in shares outstanding before conversion		(508,580	)		(6,751,312	)
Shares converted from Class C (See Note 1)		(598,051	)		(7,465,742	)

Net increase (decrease)		(1,106,631	)	$	(14,217,054	)



Class I	Shares			Amount

Year ended October 31, 2020:
Shares sold		101,719		$	1,358,661
Shares issued to shareholders in reinvestment of distributions		35,866			476,302
Shares redeemed		(376,366	)		(4,920,331	)

Net increase (decrease)		(238,781	)	$	(3,085,368	)


Year ended October 31, 2019:
Shares sold		113,836		$	1,475,945
Shares issued in connection with the acquisition of MainStay Retirement 2030 Fund		179,425			2,307,928
Shares issued to shareholders in reinvestment of distributions		77,118			903,043
Shares redeemed		(488,387	)		(6,270,373	)

Net increase (decrease) in shares outstanding before conversion		(118,008	)		(1,583,457	)
Shares converted into Class I (See Note 1)		1,556			19,995

Net increase (decrease)		(116,452	)	$	(1,563,462	)



Class R2	Shares			Amount

Year ended October 31, 2020:
Shares sold		397		$	5,096
Shares issued to shareholders in reinvestment of distributions		432			5,717
Shares redeemed		(1,335	)		(16,920	)

Net increase (decrease)		(506	)	$	(6,107	)


Period ended October 31, 2019 (a):
Shares sold		587		$	7,676
Shares issued in connection with the acquisition of MainStay Retirement 2030 Fund		14,696			187,792
Shares redeemed		(4,234	)		(55,397	)

Net increase (decrease)		11,049		$	140,071


Class R3	Shares			Amount

Year ended October 31, 2020:
Shares sold		10,784		$	139,435
Shares issued to shareholders in reinvestment of distributions		2,661			35,092
Shares redeemed		(17,176	)		(228,592	)

Net increase (decrease)		(3,731	)	$	(54,065	)


Year ended October 31, 2019:
Shares sold		22,192		$	282,985
Shares issued in connection with the acquisition of MainStay Retirement 2030 Fund		39,433			503,242
Shares issued to shareholders in reinvestment of distributions		1,899			22,103
Shares redeemed		(22,287	)		(286,124	)

Net increase (decrease) in shares outstanding before conversion		41,237			522,206
Shares converted from Class R3 (See Note 1)		(537	)		(6,744	)

Net increase (decrease)		40,700		$	515,462



SIMPLE Class	Shares			Amount

Period ended October 31, 2020 (b):
Shares sold		2,241		$	31,026
Net increase (decrease) in shares outstanding before conversion		2,241			31,026
Shares converted into SIMPLE Class (See Note 1)		574			7,972

Net increase (decrease)		2,815		$	38,998

(a)	The inception date of the class was June 14, 2019.

(b)	The inception date of the class was August 31, 2020.

MainStay Growth Allocation Fund


Class A	Shares			Amount

Year ended October 31, 2020:
Shares sold		3,068,182		$	42,357,978
Shares issued to shareholders in reinvestment of distributions		1,676,335			24,172,839
Shares redeemed		(7,195,515	)		(100,026,192	)

Net increase (decrease) in shares outstanding before conversion		(2,450,998	)		(33,495,375	)
Shares converted into Class A (See Note 1)		2,502,392			35,854,845
Shares converted from Class A (See Note 1)		(51,533	)		(687,081	)

Net increase (decrease)		(139	)	$	1,672,389


Year ended October 31, 2019:
Shares sold		12,735,593		$	181,300,582
Shares issued in connection with the acquisition of MainStay Retirement 2040 Fund		1,966,703			27,189,671
Shares issued in connection with the acquisition of MainStay Retirement 2050 Fund		917,037			12,678,036
Shares issued to shareholders in reinvestment of distributions		3,518,487			43,805,142
Shares redeemed		(15,854,795	)		(224,618,703	)

Net increase (decrease) in shares outstanding before conversion		3,283,025			40,354,728
Shares converted into Class A (See Note 1)		2,027,769			28,283,092
Shares converted from Class A (See Note 1)		(220,450	)		(3,068,520	)

Net increase (decrease)		5,090,344		$	65,569,300


84		MainStay Asset Allocation Funds


Investor Class	Shares			Amount

Year ended October 31, 2020:
Shares sold		1,937,477		$	26,904,667
Shares issued to shareholders in reinvestment of distributions		383,654			5,539,985
Shares redeemed		(1,281,335	)		(17,937,941	)

Net increase (decrease) in shares outstanding before conversion		1,039,796			14,506,711
Shares converted into Investor Class (See Note 1)		264,556			3,621,432
Shares converted from Investor Class (See Note 1)		(2,191,990	)		(31,581,352	)

Net increase (decrease)		(887,638	)	$	(13,453,209	)


Year ended October 31, 2019:
Shares sold		5,342,797		$	75,796,048
Shares issued in connection with the acquisition of MainStay Retirement 2040 Fund		795,399			11,003,388
Shares issued in connection with the acquisition of MainStay Retirement 2050 Fund		725,471			10,036,021
Shares issued to shareholders in reinvestment of distributions		808,572			10,082,913
Shares redeemed		(4,654,144	)		(66,214,299	)

Net increase (decrease) in shares outstanding before conversion		3,018,095			40,704,071
Shares converted into Investor Class (See Note 1)		556,025			7,696,300
Shares converted from Investor Class (See Note 1)		(1,326,819	)		(18,602,064	)

Net increase (decrease)		2,247,301		$	29,798,307



Class B	Shares			Amount

Year ended October 31, 2020:
Shares sold		15,077		$	199,799
Shares issued to shareholders in reinvestment of distributions		99,366			1,419,936
Shares redeemed		(431,351	)		(5,931,247	)

Net increase (decrease) in shares outstanding before conversion		(316,908	)		(4,311,512	)
Shares converted from Class B (See Note 1)		(453,254	)		(6,187,533	)

Net increase (decrease)		(770,162	)	$	(10,499,045	)


Year ended October 31, 2019:
Shares sold		1,219,203		$	17,174,069
Shares issued to shareholders in reinvestment of distributions		350,661			4,327,147
Shares redeemed		(1,749,728	)		(24,451,262	)

Net increase (decrease) in shares outstanding before conversion		(179,864	)		(2,950,046	)
Shares converted from Class B (See Note 1)		(554,059	)		(7,592,983	)

Net increase (decrease)		(733,923	)	$	(10,543,029	)


Class C	Shares			Amount

Year ended October 31, 2020:
Shares sold		182,885		$	2,518,183
Shares issued to shareholders in reinvestment of distributions		84,385			1,205,856
Shares redeemed		(534,301	)		(7,414,089	)

Net increase (decrease) in shares outstanding before conversion		(267,031	)		(3,690,050	)
Shares converted from Class C (See Note 1)		(87,272	)		(1,179,655	)

Net increase (decrease)		(354,303	)	$	(4,869,705	)


Year ended October 31, 2019:
Shares sold		833,909		$	11,658,902
Shares issued to shareholders in reinvestment of distributions		311,047			3,838,316
Shares redeemed		(1,339,176	)		(18,580,954	)

Net increase (decrease) in shares outstanding before conversion		(194,220	)		(3,083,736	)
Shares converted from Class C (See Note 1)		(494,660	)		(6,715,825	)

Net increase (decrease)		(688,880	)	$	(9,799,561	)



Class I	Shares			Amount

Year ended October 31, 2020:
Shares sold		82,979		$	1,147,287
Shares issued to shareholders in reinvestment of distributions		32,381			472,121
Shares redeemed		(317,430	)		(4,544,108	)

Net increase in shares outstanding before conversion		(202,070	)		(2,924,700	)
Shares converted into Class I (See Note 1)		365			5,465

Net increase (decrease)		(201,705	)	$	(2,919,235	)


Year ended October 31, 2019:
Shares sold		125,109		$	1,780,933
Shares issued in connection with the acquisition of MainStay Retirement 2040 Fund		131,300			1,836,371
Shares issued in connection with the acquisition of MainStay Retirement 2050 Fund		100,703			1,408,450
Shares issued to shareholders in reinvestment of distributions		57,823			727,410
Shares redeemed		(202,157	)		(2,863,021	)

Net increase (decrease)		212,778		$	2,890,143



Class R1	Shares			Amount

Year ended October 31, 2020:
Shares sold		373		$	4,987
Shares issued to shareholders in reinvestment of distributions		80			1,161
Shares redeemed		(3	)		(52	)

Net increase (decrease)		450		$	6,096


Period ended October 31, 2019 (a):
Shares sold		32		$	445
Shares issued in connection with the acquisition of MainStay Retirement 2040 Fund		1,181			16,518
Shares issued in connection with the acquisition of MainStay Retirement 2050 Fund		530			7,422

Net increase (decrease)		1,743		$	24,385


			85

Notes to Financial Statements (continued)


Class R2	Shares			Amount

Year ended October 31, 2020:
Shares sold		181		$	2,641
Shares issued to shareholders in reinvestment of distributions		301			4,340
Shares redeemed		(3,336	)		(48,954	)

Net increase (decrease)		(2,854	)	$	(41,973	)


Period ended October 31, 2019 (a):
Shares sold		192		$	2,793
Shares issued in connection with the acquisition of MainStay Retirement 2040 Fund		3,693			51,052
Shares issued in connection with the acquisition of MainStay Retirement 2050 Fund		8,153			112,710
Shares redeemed		(2,987	)		(42,430	)

Net increase (decrease)		9,051		$	124,125



Class R3	Shares			Amount

Year ended October 31, 2020:
Shares sold		40,591		$	562,546
Shares issued to shareholders in reinvestment of distributions		3,608			51,850
Shares redeemed		(56,120	)		(770,351	)

Net increase (decrease)		(11,921	)	$	(155,955	)


Year ended October 31, 2019:
Shares sold		22,864		$	316,160
Shares issued in connection with the acquisition of MainStay Retirement 2040 Fund		23,183			319,312
Shares issued in connection with the acquisition of MainStay Retirement 2050 Fund		20,528			282,755
Shares issued to shareholders in reinvestment of distributions		2,396			29,763
Shares redeemed		(11,505	)		(162,576	)

Net increase (decrease)		57,466		$	785,414



SIMPLE Class	Shares			Amount

Period ended October 31, 2020 (b):
Shares sold		2,253		$	33,721
Net increase (decrease) in shares outstanding before conversion		2,253			33,721
Shares converted into SIMPLE Class (See Note 1)		10,286			153,879

Net increase (decrease)		12,539		$	187,600

(a)	The inception date of the class was June 14, 2019.

(b)	The inception date of the class was August 31, 2020.

MainStay Equity Allocation Fund


Class A	Shares			Amount

Year ended October 31, 2020:
Shares sold		1,931,070		$	27,082,898
Shares issued to shareholders in reinvestment of distributions		897,152			13,555,975
Shares redeemed		(3,120,522	)		(44,762,253	)

Net increase (decrease) in shares outstanding before conversion		(292,300	)		(4,123,380	)
Shares converted into Class A (See Note 1)		1,297,821			19,275,661
Shares converted from Class A (See Note 1)		(20,097	)		(263,137	)

Net increase (decrease)		985,424		$	14,889,144


Year ended October 31, 2019:
Shares sold		5,963,158		$	88,848,438
Shares issued in connection with the acquisition of MainStay Retirement 2060 Fund		42,811			616,955
Shares issued to shareholders in reinvestment of distributions		1,861,579			23,884,088
Shares redeemed		(7,469,433	)		(110,622,511	)

Net increase (decrease) in shares outstanding before conversion		398,115			2,726,970
Shares converted into Class A (See Note 1)		1,032,098			15,040,283
Shares converted from Class A (See Note 1)		(141,191	)		(2,039,925	)

Net increase (decrease)		1,289,022		$	15,727,328



Investor Class	Shares			Amount

Year ended October 31, 2020:
Shares sold		1,263,235		$	18,001,306
Shares issued to shareholders in reinvestment of distributions		247,282			3,736,474
Shares redeemed		(641,225	)		(9,331,023	)

Net increase (decrease) in shares outstanding before conversion		869,292			12,406,757
Shares converted into Investor Class (See Note 1)		146,615			2,051,268
Shares converted from Investor Class (See Note 1)		(1,096,498	)		(16,439,492	)

Net increase (decrease)		(80,591	)	$	(1,981,467	)


Year ended October 31, 2019:
Shares sold		2,785,151		$	41,205,599
Shares issued in connection with the acquisition of MainStay Retirement 2060 Fund		83,744			1,206,017
Shares issued to shareholders in reinvestment of distributions		531,968			6,825,129
Shares redeemed		(2,253,438	)		(33,502,401	)

Net increase (decrease) in shares outstanding before conversion		1,147,425			15,734,344
Shares converted into Investor Class (See Note 1)		318,469			4,584,917
Shares converted from Investor Class (See Note 1)		(728,670	)		(10,645,898	)

Net increase (decrease)		737,224		$	9,673,363


86		MainStay Asset Allocation Funds


Class B	Shares			Amount

Year ended October 31, 2020:
Shares sold		20,634		$	270,100
Shares issued to shareholders in reinvestment of distributions		74,978			1,105,929
Shares redeemed		(219,674	)		(3,052,600	)

Net increase (decrease) in shares outstanding before conversion		(124,062	)		(1,676,571	)
Shares converted from Class B (See Note 1)		(280,314	)		(3,857,734	)

Net increase (decrease)		(404,376	)	$	(5,534,305	)


Year ended October 31, 2019:
Shares sold		715,984		$	10,419,580
Shares issued to shareholders in reinvestment of distributions		227,464			2,850,126
Shares redeemed		(1,044,341	)		(15,060,657	)

Net increase (decrease) in shares outstanding before conversion		(100,893	)		(1,790,951	)
Shares converted from Class B (See Note 1)		(283,553	)		(4,001,145	)

Net increase (decrease)		(384,446	)	$	(5,792,096	)



Class C	Shares			Amount

Year ended October 31, 2020:
Shares sold		116,621		$	1,602,083
Shares issued to shareholders in reinvestment of distributions		54,379			803,179
Shares redeemed		(272,878	)		(3,834,122	)

Net increase (decrease) in shares outstanding before conversion		(101,878	)		(1,428,860	)
Shares converted from Class C (See Note 1)		(57,811	)		(766,566	)

Net increase (decrease)		(159,689	)	$	(2,195,426	)


Year ended October 31, 2019:
Shares sold		427,531		$	6,172,442
Shares issued to shareholders in reinvestment of distributions		174,146			2,185,528
Shares redeemed		(718,500	)		(10,289,653	)

Net increase (decrease) in shares outstanding before conversion		(116,823	)		(1,931,683	)
Shares converted from Class C (See Note 1)		(211,713	)		(2,957,394	)

Net increase (decrease)		(328,536	)	$	(4,889,077	)



Class I	Shares			Amount

Year ended October 31, 2020:
Shares sold		58,859		$	883,398
Shares issued to shareholders in reinvestment of distributions		16,530			254,066
Shares redeemed		(81,587	)		(1,197,521	)

Net increase (decrease)		(6,198	)	$	(60,057	)


Year ended October 31, 2019:
Shares sold		108,286		$	1,635,578
Shares issued to shareholders in reinvestment of distributions		48,015			626,110
Shares redeemed		(212,141	)		(3,131,218	)

Net increase (decrease) in shares outstanding before conversion		(55,840	)		(869,530	)
Shares converted into Class I (See Note 1)		1,315			19,162

Net increase (decrease)		(54,525	)	$	(850,368	)


Class R3	Shares			Amount

Year ended October 31, 2020:
Shares sold		25,100		$	364,584
Shares issued to shareholders in reinvestment of distributions		3,420			51,399
Shares redeemed		(5,937	)		(89,996	)

Net increase (decrease)		22,583		$	325,987


Year ended October 31, 2019:
Shares sold		50,357		$	714,990
Shares issued in connection with the acquisition of MainStay Retirement 2060 Fund		4,996			71,614
Shares issued to shareholders in reinvestment of distributions		3,902			49,868
Shares redeemed		(14,673	)		(207,870	)

Net increase (decrease)		44,582		$	628,602



SIMPLE Class	Shares			Amount

Period ended October 31, 2020 (a):
Shares sold		1,598		$	25,091

Net increase (decrease)		1,598		$	25,091

(a)	The inception date of the class was August 31, 2020.

Note 10–Fund Acquisition

At a meeting held on December 10-12, 2018, the Board approved the Reorganization. The Reorganization was completed on June 14, 2019.

The aggregate net assets of the Allocation Funds immediately before the Reorganization and the combined net assets after the Reorganization were as follows:


Fund	Net Assets Before the Acquisition		Combined Net Assets After the Acquisition

MainStay Conservative Allocation Fund	$	414,993,458	$	448,672,721
MainStay Moderate Allocation Fund		692,306,436		740,708,304
MainStay Growth Allocation Fund		698,794,711		763,736,417
MainStay Equity Allocation Fund		365,359,764		367,254,350


			87

Notes to Financial Statements (continued)

The charts below show a summary of net assets, shares outstanding, net asset value per share outstanding and total distributable earnings (loss), before and after the Reorganization:

MainStay Conservative Allocation Fund



	Before Reorganization						After Reorganization
	MainStay Retirement 2010 Fund		MainStay Retirement 2020 Fund		MainStay Conservative Allocation Fund		MainStay Conservative Allocation Fund
Net Assets:
Class A	$	4,689,875	$	22,363,038	$	299,387,322	$	326,440,235
Investor Class		657,334		3,306,117		41,879,392		45,842,843
Class B		—		—		18,760,846		18,760,846
Class C		—		—		47,373,401		47,373,401
Class I		581,729		1,916,106		6,954,923		9,452,758
Class R2		—		92,364		—		92,364
Class R3		60,242		12,458		637,574		710,274
Shares Outstanding:
Class A		567,235		3,061,569		25,788,144		28,118,383
Investor Class		78,791		450,126		3,606,675		3,948,010
Class B		—		—		1,624,182		1,624,182
Class C		—		—		4,102,811		4,102,811
Class I		69,792		260,975		593,071		806,070
Class R2		—		12,507		—		7,956
Class R3		7,057		1,641		55,048		61,325
Net Asset Value Per Share Outstanding:
Class A	$	8.27	$	7.30	$	11.61	$	11.61
Investor Class	$	8.34	$	7.34	$	11.61	$	11.61
Class B	$	—	$	—	$	11.55	$	11.55
Class C	$	—	$	—	$	11.55	$	11.55
Class I	$	8.34	$	7.34	$	11.73	$	11.73
Class R2	$	—	$	7.38	$	—	$	11.61
Class R3	$	8.54	$	7.59	$	11.58	$	11.58
Total distributable earnings (loss)	$	407,596	$	2,179,994	$	17,939,758	$	21,081,208


88		MainStay Asset Allocation Funds

MainStay Moderate Allocation Fund



	Before Reorganization				After Reorganization
	MainStay Retirement 2030 Fund		MainStay Moderate Allocation Fund		MainStay Moderate Allocation Fund
Net Assets:
Class A	$	36,850,624	$	496,970,212	$	533,820,836
Investor Class		8,552,282		95,540,324		104,092,606
Class B		—		42,768,352		42,768,352
Class C		—		46,609,978		46,609,978
Class I		2,307,928		9,972,143		12,280,071
Class R2		187,792		—		187,792
Class R3		503,242		445,427		948,669
Shares Outstanding:
Class A		5,728,504		38,890,176		41,773,907
Investor Class		1,321,287		7,467,047		8,135,460
Class B		—		3,382,663		3,382,663
Class C		—		3,688,113		3,688,113
Class I		345,899		775,262		954,687
Class R2		29,019		—		14,696
Class R3		76,126		34,902		74,335
Net Asset Value Per Share Outstanding:
Class A	$	6.43	$	12.78	$	12.78
Investor Class	$	6.47	$	12.79	$	12.79
Class B	$	—	$	12.64	$	12.64
Class C	$	—	$	12.64	$	12.64
Class I	$	6.67	$	12.86	$	12.86
Class R2	$	6.47	$	—	$	12.78
Class R3	$	6.61	$	12.76	$	12.76
Total distributable earnings (loss)	$	5,637,043	$	64,607,861	$	70,976,311


			89

Notes to Financial Statements (continued)

MainStay Growth Allocation Fund



	Before Reorganization						After Reorganization
	MainStay Retirement 2040 Fund		MainStay Retirement 2050 Fund		MainStay Growth Allocation Fund		MainStay Growth Allocation Fund
Net Assets:
Class A	$	27,189,671	$	12,678,036	$	487,302,232	$	527,169,939
Investor Class		11,003,388		10,036,021		118,601,493		139,640,902
Class B		—		—		46,004,568		46,004,568
Class C		—		—		38,805,513		38,805,513
Class I		1,836,371		1,408,450		7,561,774		10,806,595
Class R1		16,518		7,422		—		23,940
Class R2		51,052		112,710		—		163,762
Class R3		319,312		282,755		519,131		1,121,198
Shares Outstanding:
Class A		3,871,782		1,657,233		35,247,954		38,131,694
Investor Class		1,547,991		1,314,482		8,573,283		10,094,153
Class B		—		—		3,371,697		3,371,697
Class C		—		—		2,844,519		2,844,519
Class I		251,457		182,209		540,665		772,668
Class R1		2,202		943		—		1,711
Class R2		7,138		14,635		—		11,846
Class R3		44,284		36,440		37,690		81,401
Net Asset Value Per Share Outstanding:
Class A	$	7.02	$	7.65	$	13.82	$	13.82
Investor Class	$	7.11	$	7.63	$	13.83	$	13.83
Class B	$	—	$	—	$	13.64	$	13.64
Class C	$	—	$	—	$	13.64	$	13.64
Class I	$	7.30	$	7.73	$	13.99	$	13.99
Class R1	$	7.50	$	7.87	$	—	$	13.99
Class R2	$	7.15	$	7.70	$	—	$	13.82
Class R3	$	7.21	$	7.76	$	13.77	$	13.77
Total distributable earnings (loss)	$	5,298,965	$	3,012,209	$	85,295,937	$	95,134,258


90		MainStay Asset Allocation Funds

MainStay Equity Allocation Fund



	Before Reorganization				After Reorganization
	MainStay Retirement 2060 Fund		MainStay Equity Allocation Fund		MainStay Equity Allocation Fund
Net Assets:
Class A	$	616,955	$	237,888,558	$	238,505,513
Investor Class		1,206,017		74,017,988		75,224,005
Class B		—		27,247,888		27,247,888
Class C		—		19,552,137		19,552,137
Class I		—		5,885,396		5,885,396
Class R3		71,614		767,797		839,411
Shares Outstanding:
Class A		58,319		16,507,148		16,549,959
Investor Class		114,449		5,139,707		5,223,451
Class B		—		1,943,205		1,943,205
Class C		—		1,392,486		1,392,486
Class I		—		401,400		401,400
Class R3		6,790		53,567		58,563
Net Asset Value Per Share Outstanding:
Class A	$	10.58	$	14.41	$	14.41
Investor Class	$	10.54	$	14.40	$	14.40
Class B	$	—	$	14.02	$	14.02
Class C	$	—	$	14.04	$	14.04
Class I	$	—	$	14.66	$	14.66
Class R3	$	10.55	$	14.33	$	14.33
Total distributable earnings (loss)	$	599,473	$	51,327,825	$	51,544,827

Assuming the Reorganization had been completed on November 1, 2018, the beginning of the annual reporting period of the Allocation Funds, the Allocation Funds’ pro forma results of operations for the year ended October 31, 2019, are as follows (Unaudited):


Fund	Net investment income (loss)	Net realized and unrealized gain (loss)		Net change in net assets resulting from operations

MainStay Conservative Allocation Fund	$10,121,872	$	38,261,672	$	48,383,544
MainStay Moderate Allocation Fund	14,792,347		74,829,091		89,621,438
MainStay Growth Allocation Fund	13,705,644		80,145,528		93,851,172
MainStay Equity Allocation Fund	3,508,525		27,813,571		31,322,096

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Retirement Funds that have been included in the Allocation Funds’ Statement of Operations since June 14, 2019.

For financial reporting purposes, assets received and shares issued by the Allocation Funds were recorded at fair value; however, the cost

basis of the investments received from Retirement Funds were carried forward to align ongoing reporting of the Allocation Funds’ realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes as follows:


Fund	Cost

MainStay Retirement 2010 Fund	$	5,336,509
MainStay Retirement 2020 Fund		24,340,200
MainStay Retirement 2030 Fund		40,552,632
MainStay Retirement 2040 Fund		34,127,371
MainStay Retirement 2050 Fund		20,410,886
MainStay Retirement 2060 Fund		1,638,461

Note 11–Recent Accounting Pronouncement


			91

Notes to Financial Statements (continued)

Manager is evaluating the implications of certain other provisions of ASU 2018-13 related to new disclosure requirements and has not yet determined the impact of those provisions on the financial statement disclosures, if any.

Note 12–Other Matters

antines, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The continued impact of COVID-19 is uncertain and could further adversely affect the global economy, national economies, individual issuers and capital markets in unforeseeable ways and result in a substantial and extended economic downturn. Developments that disrupt global economies and financial markets, such as COVID-19, may magnify factors that affect the Fund’s performance.

Note 13–Subsequent Events

Effective at the close of business on November 20, 2020, all services provided by State Street were transitioned to JPMorgan Chase Bank, N.A.


92		MainStay Asset Allocation Funds

Report of Independent Registered Public Accounting Firm

To the Shareholders of the Funds and Board of Trustees

MainStay Funds Trust:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of MainStay Conservative Allocation Fund, MainStay Moderate Allocation Fund, MainStay Growth Allocation Fund (formerly, MainStay Moderate Growth Allocation Fund), and MainStay Equity Allocation Fund (formerly, MainStay Growth Allocation Fund) (each a Fund and collectively, the Funds), four of the funds constituting MainStay Funds Trust, including the portfolios of investments, as of October 31, 2020, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of October 31, 2020, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2020, by correspondence with the custodian, the transfer agent and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

LOGO

We have served as the auditor of one or more New York Life Investment Management investment companies since 2003.

Philadelphia, Pennsylvania

December 23, 2020


			93

Federal Income Tax Information

(Unaudited)

The Allocation Funds are required under the Internal Revenue Code to advise shareholders in a written statement as to the federal tax status of dividends paid by the Allocation Funds during such fiscal years. Accordingly, the Allocation Funds paid the following as long term capital gain distributions.



MainStay Conservative Allocation Fund	$	1,863,144
MainStay Moderate Allocation Fund		14,572,508
MainStay Growth Allocation Fund		20,040,357
MainStay Equity Allocation Fund		13,228,709

For the fiscal year ended October 31, 2020, the Allocation Funds designated approximately the following amounts under the Internal Revenue Code as qualified dividend income eligible for reduced tax rates.


	QDI$
MainStay Conservative Allocation Fund	$	2,610,821
MainStay Moderate Allocation Fund		6,175,964
MainStay Growth Allocation Fund		8,680,438
MainStay Equity Allocation Fund		6,028,877

The dividends paid by the following Allocation Funds during the fiscal year ended October 31, 2020 which are not designated as capital gain distributions should be multiplied by the following percentages to arrive at the amount eligible for the corporate dividend received deduction.


	DRD%
MainStay Conservative Allocation Fund	18.2	%
MainStay Moderate Allocation Fund	27.5	%
MainStay Growth Allocation Fund	41.3	%
MainStay Equity Allocation Fund	58.6	%

The list of qualified Fund of Funds passing through foreign tax credits for the tax year ended October 31, 2020 is listed below.


		FTC$
MainStay Conservative Allocation Fund	$	124,793
MainStay Moderate Allocation Fund		333,613
MainStay Growth Allocation Fund		473,306
MainStay Equity Allocation Fund		248,714

In February 2021, shareholders will receive an IRS Form 1099-DIV or substitute Form 1099, which will show the federal tax status of the distributions received by shareholders in calendar year 2020. The amounts that will be reported on such 1099-DIV or substitute Form 1099 will be the amounts you are to use on your federal income tax return and will differ from the amounts which we must report for the Allocation Funds’ fiscal year ended October 31, 2020.

Proxy Voting Policies and Procedures and Proxy Voting Record

A description of the policies and procedures that New York Life Investments uses to vote proxies related to the Allocation Funds’ securities is available free of charge upon request, by visiting the MainStay Funds’ website at newyorklifeinvestments.com or visiting the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

Each Allocation Fund is required to file with the SEC its proxy voting records for the 12-month period ending June 30 on Form N-PX. The most recent Form N-PX or proxy voting record is available free of charge upon request by calling 800-624-6782; visiting the MainStay Funds’ website at newyorklifeinvestments.com; or visiting the SEC’s website at www.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

Each Allocation Fund is required to file its complete schedule of portfolio holdings with the SEC 60 days after its first and third fiscal quarter on Form N-PORT. The Allocation Funds’ holdings report is available free of charge by visiting the SEC’s website at www.sec.gov or upon request by calling New York Life Investments at 800-624-6782.


94		MainStay Asset Allocation Funds

Board of Trustees and Officers (Unaudited)

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Interested Trustee

Yie-Hsin Hung*

1962

MainStay Funds:
Trustee since 2017

MainStay Funds Trust:
Trustee since 2017

MainStay VP Funds Trust:
Trustee since 2017 (31 portfolios); and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017.


			95

Board of Trustees and Officers (Unaudited) (continued)

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

David H. Chow

1957

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Founder and CEO, DanCourt Management, LLC since 1999

Susan B. Kerley

1951

MainStay Funds:
Chairman since 2017 and Trustee since 2007;

MainStay Funds Trust: Chairman since 2017 and Trustee since 1990.**

President, Strategic Management Advisors LLC since 1990

MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007 (31 portfolios)***;
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; and

Legg Mason Partners Funds: Trustee since 1991 (45 portfolios).

Alan R. Latshaw

1951

MainStay Funds:
Trustee;

MainStay Funds Trust:
Trustee and Audit Committee Financial Expert since 2007.**

Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006)

Richard H. Nolan, Jr.

1946

MainStay Funds:
Trustee since 2007;

MainStay Funds Trust:
Trustee since 2007.**

Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004)

MainStay VP Funds Trust: Trustee since 2006 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Jacques P. Perold

1958

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Allstate Corporation: Director since 2015;
MSCI, Inc.: and Director since 2017.


96		MainStay Asset Allocation Funds

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

Richard S. Trutanic

1952

MainStay Funds: Trustee since 1994;

MainStay Funds Trust: Trustee since 2007.**

MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust.

***

Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


			97

Board of Trustees and Officers (Unaudited) (continued)


	Name and Year of Birth	Position(s) Held and Length of Service	Principal Occupation(s) During Past Five Years
Officers of the Trust (Who are not Trustees)*	Kirk C. Lehneis 1974	President, MainStay Funds, MainStay Funds Trust since 2017	Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers since 2017 and Senior Managing Director since 2018, NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since 2017**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC
	Jack R. Benintende 1964	Treasurer and Principal Financial and Accounting Officer, MainStay Funds since 2007, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2007**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012)
	Yi-Chia Kuo 1981	Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust since January 2020	Chief Compliance Officer, Index IQ Trust, Index IQ ETF Trust and Index IQ Active ETF Trust since January 2020; Vice President and Chief Compliance Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since January 2020; Director and Associate General Counsel, New York Life Insurance Company (2015 to 2019)
	J. Kevin Gao 1967	Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust since 2010	Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2010**
	Scott T. Harrington 1959	Vice President— Administration, MainStay Funds since 2005, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2005**

Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


98		MainStay Asset Allocation Funds

MainStay Funds

Equity

U.S. Equity

MainStay Epoch U.S. All Cap Fund

MainStay Epoch U.S. Equity Yield Fund

MainStay MacKay Common Stock Fund

MainStay MacKay Growth Fund

MainStay MacKay S&P 500 Index Fund

MainStay MacKay Small Cap Core Fund

MainStay MacKay U.S. Equity Opportunities Fund

MainStay MAP Equity Fund

MainStay Winslow Large Cap Growth Fund¹

International Equity

MainStay Epoch International Choice Fund

MainStay MacKay International Equity Fund

MainStay MacKay International Opportunities Fund

Emerging Markets Equity

MainStay Candriam Emerging Markets Equity Fund

Global Equity

MainStay Epoch Capital Growth Fund

MainStay Epoch Global Equity Yield Fund

Fixed Income

Taxable Income

MainStay Candriam Emerging Markets Debt Fund

MainStay Floating Rate Fund

MainStay MacKay High Yield Corporate Bond Fund

MainStay MacKay Short Duration High Yield Fund

MainStay MacKay Total Return Bond Fund

MainStay MacKay Unconstrained Bond Fund

MainStay MacKay U.S. Infrastructure Bond Fund²

MainStay Short Term Bond Fund³

Tax-Exempt Income

MainStay MacKay California Tax Free Opportunities Fund⁴

MainStay MacKay High Yield Municipal Bond Fund

MainStay MacKay Intermediate Tax Free Bond Fund

MainStay MacKay New York Tax Free Opportunities Fund⁵

MainStay MacKay Short Term Municipal Fund

MainStay MacKay Tax Free Bond Fund

Money Market

MainStay Money Market Fund

Mixed Asset

MainStay Balanced Fund

MainStay Income Builder Fund

MainStay MacKay Convertible Fund

Speciality

MainStay CBRE Global Infrastructure Fund

MainStay CBRE Real Estate Fund

MainStay Cushing MLP Premier Fund

Asset Allocation

MainStay Conservative Allocation Fund

MainStay Conservative ETF Allocation Fund

MainStay Defensive ETF Allocation Fund

MainStay Equity Allocation Fund⁶

MainStay Equity ETF Allocation Fund

MainStay Growth Allocation Fund⁷

MainStay Growth ETF Allocation Fund

MainStay Moderate Allocation Fund

MainStay Moderate ETF Allocation Fund

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium S.A.⁸

Brussels, Belgium

Candriam Luxembourg S.C.A.⁸

Strassen, Luxembourg

CBRE Clarion Securities LLC

Radnor, Pennsylvania

Cushing Asset Management, LP

Dallas, Texas

Epoch Investment Partners, Inc.

New York, New York

MacKay Shields LLC⁸

New York, New York

Markston International LLC

White Plains, New York

NYL Investors LLC⁸

New York, New York

Winslow Capital Management, LLC

Minneapolis, Minnesota

Legal Counsel

Dechert LLP

Washington, District of Columbia

Independent Registered Public Accounting Firm

KPMG LLP

Philadelphia, Pennsylvania

Distributor

NYLIFE Distributors LLC⁸

Jersey City, New Jersey

Custodian⁹

State Street Bank and Trust Company

Boston, Massachusetts

1.	Formerly known as MainStay Large Cap Growth Fund.

2.	Formerly known as MainStay MacKay Infrastructure Bond Fund.

3.	Formerly known as MainStay Indexed Bond Fund.

4.	This Fund is registered for sale in AZ, CA, NV, OR, TX, UT and WA. Class A and Class I shares are registered for sale in MI. Class I and Class C2 shares are registered for sale in CO, FL, GA, HI, ID, MA, MD, NH, NJ and NY.

5.	This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT.

6.	Formerly known as MainStay Growth Allocation Fund.

7.	Formerly known as MainStay Moderate Growth Allocation Fund.

8.	An affiliate of New York Life Investment Management LLC.

Not part of the Annual Report

For more information

800-624-6782

newyorklifeinvestments.com

1718020 MS203-20

MSAA11-12/20

(NYLIM) NL224

MainStay Epoch Capital

Growth Fund

Message from the President and Annual Report

October 31, 2020


Not FDIC/NCUA Insured		Not a Deposit		May Lose Value		No Bank Guarantee		Not Insured by Any Government Agency

LOGO

This page intentionally left blank

Message from the President

Sincerely,

LOGO

Kirk C. Lehneis

President

Not part of the Annual Report

Table of Contents


Annual Report

Investment and Performance Comparison			5

Portfolio Management Discussion and Analysis			9

Portfolio of Investments			11

Financial Statements			15

Notes to Financial Statements			20

Report of Independent Registered Public Accounting Firm			28

Federal Income Tax Information			29

Proxy Voting Policies and Procedures and Proxy Voting Record			29

Shareholder Reports and Quarterly Portfolio Disclosure			29

Board of Trustees and Officers			30

Investment and Performance Comparison¹ (Unaudited)

LOGO

Average Annual Total Returns for the Year-Ended October 31, 2020


Class	Sales Charge		Inception Date		One Year			Since Inception			Gross Expense Ratio²
Class A Shares	Maximum 5.5% Initial Sales Charge	With sales charges Excluding sales charges		6/30/2016		8.97 15.31	%		11.62 13.08	%		1.25 1.25	%
Investor Class Shares³	Maximum 5% Initial Sales Charge	With sales charges Excluding sales charges		6/30/2016		8.81 15.14			11.41 12.87			1.54 1.54
Class C Shares	Maximum 1% CDSC if Redeemed Within One Year of Purchase	With sales charges Excluding sales charges		6/30/2016		13.24 14.24			12.02 12.02			2.29 2.29
Class I Shares	No Sales Charge			6/30/2016		15.58			13.34			1.00

and/or expense limitations (if any), please refer to the Notes to Financial Statements.

2.	The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report.

3.	Prior to June 30, 2020, the maximum initial sales charge for Investor Class shares was 5.5%, which is reflected in the average annual total return figures shown.

The footnotes on the next page are an integral part of the table and graph and should be carefully read in conjunction with them.


			5


Benchmark Performance	One Year			Since Inception

MSCI World Index⁴		4.36	%		9.84	%
Morningstar World Large Stock Category Average⁵		5.91			9.37

The MSCI World Index is the Fund’s primary broad-based securities market index for comparison purposes. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

The Morningstar World Large Stock Category Average is representative of funds that invest the majority of their assets in developed markets, with the remainder divided among the globe’s smaller markets. These portfolios typically have 20%-60% of assets in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.

The footnotes on the preceding page are an integral part of the table and graph and should be carefully read in conjunction with them.


6		MainStay Epoch Capital Growth Fund

Cost in Dollars of a $1,000 Investment in MainStay Epoch Capital Growth Fund (Unaudited)

Example

This example illustrates your Fund’s ongoing costs in two ways:

Actual Expenses

multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes



Share Class	Beginning Account Value 5/1/20		Ending Account Value (Based on Actual Returns and Expenses) 10/31/20		Expenses Paid During Period¹		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/20		Expenses Paid During Period¹		Net Expense Ratio During Period²

Class A Shares	$	1,000.00	$	1,177.00	$	6.18	$	1,019.46	$	5.74	1.13%

Investor Class Shares	$	1,000.00	$	1,176.50	$	7.22	$	1,018.50	$	6.70	1.32%

Class C Shares	$	1,000.00	$	1,171.10	$	11.30	$	1,014.73	$	10.48	2.07%

Class I Shares	$	1,000.00	$	1,178.30	$	4.98	$	1,020.56	$	4.62	0.91%

2.	Expenses are equal to the Fund’s annualized expense ratio to reflect the six-month period.


			7

Country Composition as of October 31, 2020 (Unaudited)



United States	58.5	%

Japan	5.0

Canada	3.7

China	3.5

Australia	3.3

United Kingdom	3.3

Sweden	2.8

Italy	2.5

Denmark	2.4

Hong Kong	2.2

Netherlands	1.8

Jordan	1.3

Spain	1.3

Switzerland	1.2

Taiwan	1.2



Ireland	1.0	%

France	0.9

Mexico	0.8

Portugal	0.6

Indonesia	0.5

Malaysia	0.5

Malta	0.5

New Zealand	0.5

Norway	0.5

Singapore	0.5

South Africa	0.3

Other Assets, Less Liabilities	–0.6

	100.0	%

See Portfolio of Investments beginning on page 11 for specific holdings within these categories. The Fund’s holdings are subject to change.

Top Ten Holdings as of October 31, 2020 (excluding short-term investments) (Unaudited)

1.	Microsoft Corp.

2.	LPL Financial Holdings, Inc.

3.	Monster Beverage Corp.

4.	NEXON Co., Ltd.

5.	Costco Wholesale Corp.

6.	Masimo Corp.

7.	Monolithic Power Systems, Inc.

8.	Fastenal Co.

CSL, Ltd.

10.	Mastercard, Inc., Class A


8		MainStay Epoch Capital Growth Fund

Portfolio Management Discussion and Analysis (Unaudited)

Questions answered by portfolio managers William W. Priest, CFA, Steven D. Bleiberg, Michael A. Welhoelter, CFA, and David J. Siino, CFA, CAIA, of Epoch Investment Partners, Inc., the Fund’s Subadvisor.

How did MainStay Epoch Capital Growth Fund perform relative to its benchmark and peer group during the 12 months ended October 31, 2020?

For the 12 months ended October 31, 2020, Class I shares of MainStay Epoch Capital Growth Fund returned 15.58%, outperforming the 4.36% return of the Fund’s primary benchmark, the MSCI World Index. Over the same period, Class I shares also outperformed the 5.91% return of the Morningstar World Large Stock Category Average.¹

What factors affected the Fund’s relative performance during the reporting period?

The Fund outperformed the MSCI World Index on the basis of both security selection and sector allocations.

Stock selection within the health care sector made the strongest positive contribution to the Fund’s performance relative to the MSCI World Index. (Contributions take weightings and total returns into account.) Underweight allocations to the energy and financials sectors, along with overweight allocation to the information technology sector, further bolstered the Fund’s relative returns. The most significant detractors from relative performance were stock selections in the consumer discretionary and information technology sectors.

During the reporting period, which individual stocks made the strongest positive contributions to the Fund’s absolute performance and which stocks detracted the most?

Investments in Nvidia, Nexon, and Veeva Systems provided the largest positive contributions to the Fund’s absolute performance during the reporting period.

Nvidia makes 3D graphics processors and related software. Its two largest reporting segments—Datacenter and Gaming—were strong beneficiaries of work-from-home and social distancing measures put in place globally in response to the pandemic. The company’s newest product, the Ampere chip, was well-received and early orders were strong. Second quarter fiscal results, announced in August 2020, included strong guidance for the rest of the year and emphasized continued positive momentum across segments. The company also announced its intent to acquire Arm Holdings, and while the news helped the stock’s performance, we did not view this as positive news, as we expect the ROIC (return on invested capital) on the transaction will initially be quite low. As a result, the Fund sold its position.

Nexon is a developer of online games for PCs and mobile devices. As such, its business was not only relatively unscathed by the coronavirus outbreak, it also benefited from the fact that so many people were spending more time at home.

Veeva Systems produces cloud-based software and mobile apps that help pharmaceutical and biotechnology companies manage important business functions, such as customer relationship management and regulatory compliance. The company posted strong growth as its pharma and biopharma customer base continued to spend on enterprise software, new product launches and diversification into non-health-care-related end markets.

The most significant detractors from the Fund’s absolute performance included holdings in Alaska Air Group and Southwest Airlines, both victims of the sharp, pandemic-related decline in air travel. The Fund sold its shares of Alaska Air in light of the company’s heavy reliance on business travel, which, in our view, is likely to rebound more slowly than leisure travel. The Fund continues to hold shares in Southwest, because of the company’s greater reliance on leisure travel and our belief that Southwest has sustainable competitive advantages versus its peers.

What were some of the Fund’s largest purchases and sales during the reporting period?

Significant new purchases during the reporting period included shares of LPL Financial Holdings, Fastenal and Texas Instruments.

LPL Financial is the largest independent broker-dealer in the United States, with a network of over 16,000 financial advisers overseeing nearly $700 billion of client assets as of March 31, 2020; Fastenal is a distributor of industrial and construction maintenance repair and operations supplies, primarily in North America; and Texas Instruments (“TI”) is the leading global manufacturer of analog and embedded processing semiconductors, with roughly 20% of the global market.

The Fund’s most significant sales included positions in Nvidia and Alaska Air, both mentioned earlier. The sale of Nvidia shares reflected our opinion that the company’s decision to acquire Arm Holdings was a poor use of capital likely to earn a weak return on investment. The Fund sold its position in Alaska Air because the pandemic—which caused air travel to drop steeply—has had a negative impact on the company’s business. Alaska relies heavily on business travel to generate profits, and we believe that business travel will be slow to recover even after a COVID-19 vaccine is approved. We think that many businesses will conclude, based on their experience over the last nine months, that they do not need to return to

1.	See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 for more information on benchmark and peer group returns.


			9

their pre-pandemic levels of travel, and can conduct more meetings remotely.

How did the Fund’s sector and/or country weightings change during the reporting period?

The Fund’s weightings in the information technology, health care and communication services sectors increased during the reporting period, with some of the increase attributable to relatively strong stock appreciation in those sectors. During the same period, the Fund’s weightings decreased in the industrials, materials and consumer staples sectors. The biggest increases in the Fund’s country weightings were in the United States and Taiwan, while the biggest decreases were in Japan and France.

How was the Fund positioned at the end of the reporting period?

As of October 31, 2020, the Fund held its largest overweight allocations relative to the MSCI World Index in the health care, information technology and industrials sectors. As of the same date, the Fund’s most significantly underweight allocations were in the utilities, real estate and energy sectors. From a country perspective, the Fund’s largest overweights were in China, Sweden and Italy, while its most significant underweights were in the United States, Japan and Germany.


10		MainStay Epoch Capital Growth Fund

Portfolio of Investments October 31, 2020



	Shares		Value
Common Stocks 98.8%†
Australia 3.3%
CSL, Ltd. (Biotechnology)		4,683	$	946,556
REA Group, Ltd. (Interactive Media & Services)		3,969		329,951
Regis Resources, Ltd. (Metals & Mining)		117,171		341,792
Saracen Mineral Holdings, Ltd. (Metals & Mining) (a)		147,661		585,381

				2,203,680

Canada 3.7%
Alimentation Couche-Tard, Inc., Class B (Food & Staples Retailing)		19,754		608,351
Canadian National Railway Co. (Road & Rail)		6,386		634,382
Constellation Software, Inc. (Software)		698		732,730
Kirkland Lake Gold, Ltd. (Metals & Mining)		9,604		437,561

				2,413,024

China 3.5%
A-Living Services Co., Ltd., Class H (Commercial Services & Supplies) (b)		25,750		107,949
Autohome, Inc., ADR (Interactive Media & Services)		7,001		668,945
Hangzhou Robam Appliances Co., Ltd., Class A (Household Durables)		58,700		320,037
Yum China Holdings, Inc. (Hotels, Restaurants & Leisure)		6,421		341,790
Zhejiang Weixing New Building Materials Co., Ltd., Class A (Building Products)		302,939		845,491

				2,284,212

Denmark 2.4%
Coloplast A/S, Class B (Health Care Equipment & Supplies)		3,720		542,869
Genmab A/S (Biotechnology) (a)		1,437		478,625
Novo Nordisk A/S, Class B (Pharmaceuticals)		8,578		550,954

				1,572,448

France 0.9%
Sartorius Stedim Biotech (Life Sciences Tools & Services)		1,535		582,087


Hong Kong 2.2%
AIA Group, Ltd. (Insurance)		34,400		324,143
Hong Kong Exchanges & Clearing, Ltd. (Capital Markets)		15,600		744,936
WH Group, Ltd. (Food Products) (b)		479,500		376,673

				1,445,752

Indonesia 0.5%
PT Bank Central Asia Tbk (Banks)		164,900		326,417


Ireland 1.0%
Accenture PLC, Class A (IT Services)		2,882		625,135



	Shares		Value
Italy 2.5%
DiaSorin S.p.A. (Health Care Equipment & Supplies)		1,633	$	358,503
FinecoBank Banca Fineco S.p.A (Banks) (a)		51,779		708,577
Recordati Industria Chimica e Farmaceutica S.p.A (Pharmaceuticals)		10,973		568,569

				1,635,649

Japan 5.0%
Chugai Pharmaceutical Co., Ltd. (Pharmaceuticals)		6,900		265,007
Digital Arts, Inc. (Software)		5,300		373,093
Lasertec Corp. (Semiconductors & Semiconductor Equipment)		5,700		492,173
NEXON Co., Ltd. (Entertainment)		41,000		1,143,121
Unicharm Corp. (Household Products)		14,200		656,459
Zenkoku Hosho Co., Ltd. (Diversified Financial Services)		9,700		379,865

				3,309,718

Jordan 1.3%
Hikma Pharmaceuticals PLC (Pharmaceuticals)		26,001		845,476


Malaysia 0.5%
Hartalega Holdings Bhd (Health Care Equipment & Supplies)		75,300		326,209


Malta 0.5%
Kindred Group PLC (Hotels, Restaurants & Leisure)		43,221		329,316


Mexico 0.8%
Wal-Mart de Mexico S.A.B. de C.V. (Food & Staples Retailing)		217,700		527,123


Netherlands 1.8%
ASML Holding N.V. (Semiconductors & Semiconductor Equipment)		1,800		654,068
BE Semiconductor Industries N.V. (Semiconductors & Semiconductor Equipment)		12,920		521,990

				1,176,058

New Zealand 0.5%
Fisher & Paykel Healthcare Corp., Ltd. (Health Care Equipment & Supplies)		14,810		342,733


Norway 0.5%
Salmar ASA (Food Products) (a)		6,289		317,854


Portugal 0.6%
Jeronimo Martins SGPS S.A. (Food & Staples Retailing)		26,615		422,801


Singapore 0.5%
Singapore Exchange, Ltd. (Capital Markets)		50,700		321,433


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					11

Portfolio of Investments October 31, 2020 (continued)



	Shares		Value
Common Stocks (continued)
South Africa 0.3%
FirstRand, Ltd. (Diversified Financial Services)		78,919	$	182,340


Spain 1.3%
Amadeus IT Group S.A. (IT Services)		7,453		355,799
Industria de Diseno Textil S.A. (Specialty Retail) (c)		20,682		510,410

				866,209

Sweden 2.8%
Atlas Copco A.B., Class B (Machinery)		13,206		506,519
Epiroc A.B., Class B (Machinery)		20,124		288,571
Evolution Gaming Group A.B. (Hotels, Restaurants & Leisure) (b)		5,737		426,162
Swedish Match A.B. (Tobacco)		8,048		606,512

				1,827,764

Switzerland 1.2%
Kuehne & Nagel International A.G., Registered (Marine)		1,989		397,171
Partners Group Holding A.G. (Capital Markets)		404		364,193

				761,364

Taiwan 1.2%
eMemory Technology, Inc. (Semiconductors & Semiconductor Equipment)		9,000		179,349
Largan Precision Co., Ltd. (Electronic Equipment, Instruments & Components)		3,000		317,269
Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & Semiconductor Equipment)		21,000		317,164

				813,782

United Kingdom 3.3%
Admiral Group PLC (Insurance)		14,826		528,195
Ferguson PLC (Trading Companies & Distributors)		6,763		676,560
Fevertree Drinks PLC (Beverages)		14,993		391,382
Games Workshop Group PLC (Leisure Products)		1,258		169,004
Howden Joinery Group PLC (Trading Companies & Distributors) (a)		51,975		428,780

				2,193,921

United States 56.7%
Adobe, Inc. (Software) (a)		1,109		495,834
Alexion Pharmaceuticals, Inc. (Biotechnology) (a)		7,595		874,488
Align Technology, Inc. (Health Care Equipment & Supplies) (a)		2,052		874,316
Alphabet, Inc., Class A (Interactive Media & Services) (a)		530		856,538
Amazon.com, Inc. (Internet & Direct Marketing Retail) (a)		160		485,784
American Express Co. (Consumer Finance)		3,420		312,041
Apple, Inc. (Technology Hardware, Storage & Peripherals)		7,692		837,351
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment)		10,993		651,115



	Shares		Value
United States (continued)
Arista Networks, Inc. (Communications Equipment) (a)		2,694	$	562,777
Automatic Data Processing, Inc. (IT Services)		4,048		639,422
Booking Holdings, Inc. (Internet & Direct Marketing Retail) (a)		292		473,770
Bruker Corp. (Life Sciences Tools & Services)		7,915		336,704
Copart, Inc. (Commercial Services & Supplies) (a)		6,533		720,982
Costco Wholesale Corp. (Food & Staples Retailing)		2,840		1,015,641
Deckers Outdoor Corp. (Textiles, Apparel & Luxury Goods) (a)		2,307		584,525
Dollar General Corp. (Multiline Retail)		1,549		323,292
Domino’s Pizza, Inc. (Hotels, Restaurants & Leisure)		1,396		528,135
Donaldson Co., Inc. (Machinery)		5,772		274,170
Electronic Arts, Inc. (Entertainment) (a)		4,600		551,218
Expeditors International of Washington, Inc. (Air Freight & Logistics)		3,511		310,267
Exponent, Inc. (Professional Services)		7,748		539,183
Fastenal Co. (Trading Companies & Distributors)		22,099		955,340
Fortinet, Inc. (Software) (a)		6,591		727,449
Gentex Corp. (Auto Components)		23,579		652,431
Home Depot, Inc. (Specialty Retail)		2,443		651,573
IDEXX Laboratories, Inc. (Health Care Equipment & Supplies) (a)		1,368		581,154
Incyte Corp. (Biotechnology) (a)		5,150		446,196
Intuit, Inc. (Software)		2,177		685,058
Intuitive Surgical, Inc. (Health Care Equipment & Supplies) (a)		411		274,170
Jack Henry & Associates, Inc. (IT Services)		1,905		282,416
Jazz Pharmaceuticals PLC (Pharmaceuticals) (a)		2,408		346,993
KLA Corp. (Semiconductors & Semiconductor Equipment)		3,497		689,538
Lam Research Corp. (Semiconductors & Semiconductor Equipment)		2,268		775,837
Liberty Media Corp-Liberty SiriusXM (Media) (a)
Class A		8,034		277,735
Class C		753		26,054
LPL Financial Holdings, Inc. (Capital Markets)		14,509		1,159,704
Masimo Corp. (Health Care Equipment & Supplies) (a)		4,530		1,013,905
Mastercard, Inc., Class A (IT Services)		3,093		892,764
Mettler-Toledo International, Inc. (Life Sciences Tools & Services) (a)		725		723,485
Microsoft Corp. (Software)		5,800		1,174,326
Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment)		3,078		983,729
Monster Beverage Corp. (Beverages) (a)		14,975		1,146,636
MSCI, Inc. (Capital Markets)		858		300,163
NIKE, Inc., Class B (Textiles, Apparel & Luxury Goods)		3,992		479,359
Paychex, Inc. (IT Services)		7,790		640,727
Rollins, Inc. (Commercial Services & Supplies)		4,641		268,482


12		MainStay Epoch Capital Growth Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.



	Shares		Value
Common Stocks (continued)
United States (continued)
S&P Global, Inc. (Capital Markets)		1,814	$	585,432
Southwest Airlines Co. (Airlines)		9,004		355,928
Starbucks Corp. (Hotels, Restaurants & Leisure)		6,708		583,328
T. Rowe Price Group, Inc. (Capital Markets)		3,642		461,296
Take-Two Interactive Software, Inc. (Entertainment) (a)		4,149		642,763
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		4,606		665,982
TJX Cos., Inc. (Specialty Retail)		9,151		464,871
Trex Co., Inc. (Building Products) (a)		9,283		645,540
Union Pacific Corp. (Road & Rail)		3,315		587,385
UnitedHealth Group, Inc. (Health Care Providers & Services)		2,142		653,610
Veeva Systems, Inc., Class A (Health Care Technology) (a)		2,450		661,622
West Pharmaceutical Services, Inc. (Health Care Equipment & Supplies)		1,200		326,484
Western Alliance Bancorp (Banks)		7,371		303,685
Wingstop, Inc. (Hotels, Restaurants & Leisure)		5,365		624,110
Xilinx, Inc. (Semiconductors & Semiconductor Equipment)		4,662		553,333
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)		3,301		308,082
Zoetis, Inc. (Pharmaceuticals)		3,148		499,115

				37,325,343

Total Common Stocks (Cost $47,881,463)				64,977,848


Short-Term Investments 1.8%
Affiliated Investment Company 1.1%
United States 1.1%
MainStay U.S. Government Liquidity Fund, 0.02% (d)		738,880		738,880



	Shares			Value
Unaffiliated Investment Company 0.7%
United States 0.7%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.09% (d)(e)		487,661		$	487,661

Total Short-Term Investments (Cost $1,226,541)					1,226,541

Total Investments (Cost $49,108,004)		100.6	%		66,204,389
Other Assets, Less Liabilities		(0.6	)		(401,266	)
Net Assets		100.0	%	$	65,803,123

†	Percentages indicated are based on Fund net assets.

(a)	Non-income producing security.

(b)	May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.

(c)	All or a portion of this security was held on loan. As of October 31, 2020, the aggregate market value of securities on loan was $459,310. The Fund received cash collateral with a value of $487,661 (See Note 2(J)).

(d)	Current yield as of October 31, 2020.

(e)	Represents a security purchased with cash collateral received for securities on loan.

The following abbreviation is used in the preceding pages:

ADR—American Depositary Receipt

The following is a summary of the fair valuations according to the inputs used as of October 31, 2020, for valuing the Fund’s assets:


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	$	64,977,848	$	—	$	—	$	64,977,848
Short-Term Investments
Affiliated Investment Company		738,880		—		—		738,880
Unaffiliated Investment Company		487,661		—		—		487,661

Total Short-Term Investments		1,226,541		—		—		1,226,541

Total Investments in Securities	$	66,204,389	$	—	$	—	$	66,204,389

(a)	For a complete listing of investments and their industries, see the Portfolio of Investments.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					13

Portfolio of Investments October 31, 2020 (continued)

The table below sets forth the diversification of the Fund’s investments by industry.

Industry Diversification


	Value			Percent †
Air Freight & Logistics	$	310,267			0.5	%
Airlines		355,928			0.5
Auto Components		652,431			1.0
Banks		1,338,679			2.0
Beverages		1,538,018			2.3
Biotechnology		2,745,865			4.2
Building Products		1,491,031			2.3
Capital Markets		3,937,157			6.0
Commercial Services & Supplies		1,097,413			1.7
Communications Equipment		562,777			0.8
Consumer Finance		312,041			0.5
Diversified Financial Services		562,205			0.8
Electronic Equipment, Instruments & Components		317,269			0.5
Entertainment		2,337,102			3.5
Food & Staples Retailing		2,573,916			3.9
Food Products		694,527			1.1
Health Care Equipment & Supplies		4,640,343			7.0
Health Care Providers & Services		653,610			1.0
Health Care Technology		661,622			1.0
Hotels, Restaurants & Leisure		3,140,923			4.8
Household Durables		320,037			0.5
Household Products		656,459			1.0
Insurance		852,338			1.3
Interactive Media & Services		1,855,434			2.8
Internet & Direct Marketing Retail		959,554			1.5
IT Services		3,436,263			5.2
Leisure Products		169,004			0.3
Life Sciences Tools & Services		1,642,276			2.5
Machinery		1,069,260			1.6
Marine		397,171			0.6
Media		303,789			0.5
Metals & Mining		1,364,734			2.1
Multiline Retail		323,292			0.5
Pharmaceuticals		3,076,114			4.7
Professional Services		539,183			0.8
Road & Rail		1,221,767			1.9
Semiconductors & Semiconductor Equipment		6,484,278			9.8
Software		4,188,490			6.4
Specialty Retail		1,626,854			2.5
Technology Hardware, Storage & Peripherals		837,351			1.3
Textiles, Apparel & Luxury Goods		1,063,884			1.6
Tobacco		606,512			0.9
Trading Companies & Distributors		2,060,680			3.1

		64,977,848			98.8
Short-Term Investments		1,226,541			1.8
Other Assets, Less Liabilities		(401,266	)		-0.6

Net Assets	$	65,803,123			100.0	%

†	Percentages indicated are based on Fund net assets.


14		MainStay Epoch Capital Growth Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Statement of Assets and Liabilities as of October 31, 2020


Assets
Investment in unaffiliated securities, at value (identified cost $48,369,124) including securities on loan of $459,310	$	65,465,509
Investment in affiliated investment company, at value (identified cost $738,880)		738,880
Cash denominated in foreign currencies (identified cost $9,993)		9,895
Receivables:
Dividends		137,057
Fund shares sold		15,907
Securities lending		260
Other assets		24,845

Total assets		66,392,353


Liabilities
Cash collateral received for securities on loan		487,661
Payables:
Manager (See Note 3)		69,778
Shareholder communication		12,208
Professional fees		6,837
Transfer agent (See Note 3)		3,264
Custodian		3,000
NYLIFE Distributors (See Note 3)		2,770
Trustees		88
Accrued expenses		3,624

Total liabilities		589,230

Net assets	$	65,803,123


Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	4,551
Additional paid-in capital		36,613,126

		36,617,677
Total distributable earnings (loss)		29,185,446

Net assets	$	65,803,123


Class A
Net assets applicable to outstanding shares	$	6,732,934

Shares of beneficial interest outstanding		466,551

Net asset value per share outstanding	$	14.43
Maximum sales charge (5.50% of offering price)		0.84

Maximum offering price per share outstanding	$	15.27

Investor Class
Net assets applicable to outstanding shares	$	1,415,758

Shares of beneficial interest outstanding		98,335

Net asset value per share outstanding	$	14.40
Maximum sales charge (5.00% of offering price)		0.76

Maximum offering price per share outstanding	$	15.16

Class C
Net assets applicable to outstanding shares	$	1,152,338

Shares of beneficial interest outstanding		81,702

Net asset value and offering price per share outstanding	$	14.10

Class I
Net assets applicable to outstanding shares	$	56,502,093

Shares of beneficial interest outstanding		3,904,817

Net asset value and offering price per share outstanding	$	14.47


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					15

Statement of Operations for the year ended October 31, 2020


Investment Income (Loss)
Income
Dividends (a)	$	1,230,800
Securities lending		32,487

Total income		1,263,287

Expenses
Manager (See Note 3)		792,344
Professional fees		67,505
Registration		59,067
Custodian		37,411
Distribution/Service—Class A (See Note 3)		12,821
Distribution/Service—Investor Class (See Note 3)		3,231
Distribution/Service—Class C (See Note 3)		11,303
Transfer agent (See Note 3)		13,770
Shareholder communication		9,227
Interest expense		5,193
Trustees		2,009
Miscellaneous		5,685

Total expenses before waiver/reimbursement		1,019,566
Expense waiver/reimbursement from Manager (See Note 3)		(33,434	)

Net expenses		986,132

Net investment income (loss)		277,155


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Unaffiliated investment transactions		19,412,188
Foreign currency transactions		(8,103	)

Net realized gain (loss)		19,404,085

Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		(2,806,579	)
Translation of other assets and liabilities in foreign currencies		5,164

Net change in unrealized appreciation (depreciation)		(2,801,415	)

Net realized and unrealized gain (loss)		16,602,670

Net increase (decrease) in net assets resulting from operations	$	16,879,825

(a)	Dividends recorded net of foreign withholding taxes in the amount of $68,680.


16		MainStay Epoch Capital Growth Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Statements of Changes in Net Assets

for the years ended October 31, 2020 and October 31, 2019


	2020			2019
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	277,155		$	755,061
Net realized gain (loss) on Investments		19,404,085			5,726,107
Net change in unrealized appreciation (depreciation)		(2,801,415	)		11,926,408

Net increase (decrease) in net assets resulting from operations		16,879,825			18,407,576

Distributions to shareholders:
Class A		(216,436	)		(17,118	)
Investor Class		(60,202	)		(5,917	)
Class C		(58,323	)		(2,740	)
Class I		(6,493,759	)		(7,920,870	)

Total distributions to shareholders		(6,828,720	)		(7,946,645	)

Capital share transactions:
Net proceeds from sale of shares		5,483,276			4,347,500
Net asset value of shares issued in connection with the acquisition of MainStay Epoch Global Choice Fund		—			15,678,147
Net asset value of shares issued to shareholders in reinvestment of distributions		6,767,399			7,906,281
Cost of shares redeemed		(82,415,573	)		(19,787,500	)

Increase (decrease) in net assets derived from capital share transactions		(70,164,898	)		8,144,428

Net increase (decrease) in net assets		(60,113,793	)		18,605,359

Net Assets
Beginning of year		125,916,916			107,311,557

End of year	$	65,803,123		$	125,916,916


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					17

Financial Highlights selected per share data and ratios



	Year ended October 31,												June 30, 2016^ through October 31,

Class A	2020			2019			2018			2017			2016

Net asset value at beginning of period	$	13.20		$	12.21		$	12.55		$	10.10		$	10.00


Net investment income (loss)		0.00	(a)‡		0.07	(a)		0.07	(a)		0.05	(a)		0.01

Net realized and unrealized gain (loss) on investments		1.92			1.81			0.02			2.42			0.09

Net realized and unrealized gain (loss) on foreign currency transactions ‡		(0.00	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)


Total from investment operations		1.92			1.88			0.09			2.47			0.10


Less distributions:

From net investment income		(0.07	)		(0.08	)		(0.07	)		(0.02	)		—

From net realized gain on investments		(0.62	)		(0.81	)		(0.36	)		—			—


Total distributions		(0.69	)		(0.89	)		(0.43	)		(0.02	)		—


Net asset value at end of period	$	14.43		$	13.20		$	12.21		$	12.55		$	10.10


Total investment return (b)		15.31	%		16.82	%		0.63	%		24.52	%		1.00	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		0.01	%		0.58	%		0.57	%		0.46	%		0.22	%††

Net expenses (c)		1.13	%		1.15	%		1.15	%		1.15	%		1.20	%††

Expenses (before waiver/reimbursement) (c)		1.16	%		1.27	%		1.15	%		1.15	%		1.61	%††

Portfolio turnover rate		43	%		46	%		51	%		56	%		26	%

Net assets at end of period (in 000’s)	$	6,733		$	4,041		$	268		$	110		$	25

^	Inception date.

‡	Less than one cent per share.

††	Annualized.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of 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,												June 30, 2016^ through October 31,

Investor Class	2020			2019			2018			2017			2016

Net asset value at beginning of period	$	13.16		$	12.18		$	12.54		$	10.10		$	10.00


Net investment income (loss)		(0.02	)(a)		0.04	(a)		0.05	(a)		0.05	(a)		0.01

Net realized and unrealized gain (loss) on investments		1.92			1.80			0.01			2.41			0.09

Net realized and unrealized gain (loss) on foreign currency transactions ‡		(0.00	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)


Total from investment operations		1.90			1.84			0.06			2.46			0.10


Less distributions:

From net investment income		(0.04	)		(0.05	)		(0.06	)		(0.02	)		—

From net realized gain on investments		(0.62	)		(0.81	)		(0.36	)		—			—


Total distributions		(0.66	)		(0.86	)		(0.42	)		(0.02	)		—


Net asset value at end of period	$	14.40		$	13.16		$	12.18		$	12.54		$	10.10


Total investment return (b)		15.14	%		16.42	%		0.40	%		24.43	%		1.00	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		(0.17	%)		0.30	%		0.40	%		0.39	%		0.23	%††

Net expenses (c)		1.34	%		1.43	%		1.40	%		1.27	%		1.20	%††

Expenses (before waiver/reimbursement) (c)		1.36	%		1.54	%		1.40	%		1.27	%		1.61	%††

Portfolio turnover rate		43	%		46	%		51	%		56	%		26	%

Net assets at end of period (in 000’s)	$	1,416		$	1,177		$	78		$	75		$	25

^	Inception date.

‡	Less than one cent per share.

††	Annualized.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.


18		MainStay Epoch Capital Growth Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,												June 30, 2016^ through October 31,

Class C	2020			2019			2018			2017			2016

Net asset value at beginning of period	$	12.97		$	12.04		$	12.44		$	10.08		$	10.00


Net investment income (loss)		(0.12	)(a)		(0.06	)(a)		(0.05	)(a)		(0.03	)(a)		(0.02	)

Net realized and unrealized gain (loss) on investments		1.87			1.80			0.01			2.39			0.10

Net realized and unrealized gain (loss) on foreign currency transactions ‡		(0.00	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)


Total from investment operations		1.75			1.74			(0.04	)		2.36			0.08


Less distributions:

From net realized gain on investments		(0.62	)		(0.81	)		(0.36	)		—			—


Net asset value at end of period	$	14.10		$	12.97		$	12.04		$	12.44		$	10.08


Total investment return (b)		14.24	%		15.59	%		(0.38	%)		23.41	%		0.80	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		(0.92	%)		(0.46	%)		(0.40	%)		(0.27	%)		(0.50	%)††

Net expenses (c)		2.09	%		2.17	%		2.15	%		1.99	%		1.95	% ††

Expenses (before waiver/reimbursement) (c)		2.11	%		2.27	%		2.15	%		1.99	%		2.36	% ††

Portfolio turnover rate		43	%		46	%		51	%		56	%		26	%

Net assets at end of period (in 000’s)	$	1,152		$	1,236		$	41		$	41		$	25

^	Inception date.

‡	Less than one cent per share.

††	Annualized.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of 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,												June 30, 2016^ through October 31,

Class I	2020			2019			2018			2017			2016

Net asset value at beginning of period	$	13.23		$	12.24		$	12.57		$	10.11		$	10.00


Net investment income (loss)		0.04	(a)		0.08	(a)		0.11	(a)		0.09	(a)		0.02

Net realized and unrealized gain (loss) on investments		1.92			1.83			0.01			2.40			0.09

Net realized and unrealized gain (loss) on foreign currency transactions ‡		(0.00	)		(0.00	)		(0.00	)		(0.00	)		(0.00	)


Total from investment operations		1.96			1.91			0.12			2.49			0.11


Less distributions:

From net investment income		(0.10	)		(0.11	)		(0.09	)		(0.03	)		—

From net realized gain on investments		(0.62	)		(0.81	)		(0.36	)		—			—


Total distributions		(0.72	)		(0.92	)		(0.45	)		(0.03	)		—


Net asset value at end of period	$	14.47		$	13.23		$	12.24		$	12.57		$	10.11


Total investment return (b)		15.58	%		17.11	%		0.87	%		24.74	%		1.10	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		0.29	%		0.66	%		0.83	%		0.78	%		0.63	%††

Net expenses (c)		0.90	%		0.90	%		0.90	%		0.93	%		0.95	%††

Expenses (before waiver/reimbursement) (c)		0.93	%		1.00	%		0.90	%		0.93	%		1.36	%††

Portfolio turnover rate		43	%		46	%		51	%		56	%		26	%

Net assets at end of period (in 000’s)	$	56,502		$	119,464		$	106,925		$	107,596		$	82,970

^	Inception date.

‡	Less than one cent per share.

††	Annualized.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of 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.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					19

Notes to Financial Statements

Note 1–Organization and Business

The Fund currently has six classes of shares registered for sale. Class A, Investor Class, Class C and Class I shares commenced operations on June 30, 2016. Class R6 shares were registered for sale effective as of February 28, 2017. As of October 31, 2020, Class R6 shares were not yet offered for sale. SIMPLE Class shares were registered for sale effective as of August 31, 2020. As of October 31, 2020, SIMPLE Class shares were not yet offered for sale.

Class A and Investor Class shares are offered at net asset value (“NAV”) per share plus an initial sales charge. No initial sales charge applies to investments of $1 million or more (and certain other qualified purchases) in Class A and Investor Class shares. However, a contingent deferred sales charge (“CDSC”) 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. Class C shares are offered at NAV without an initial sales charge, although a 1.00% CDSC may be imposed on certain redemptions of such shares made within one year of the date of purchase of Class C shares. Class I shares are offered at NAV without a sales charge. Class R6 and SIMPLE Class shares are currently expected to be offered at NAV without a sales charge. Depending upon eligibility, Class C shares convert to either Class A or Investor Class shares at the end of the calendar quarter ten years after the date they were purchased. Additionally, Investor Class shares may convert automatically to Class A shares. Under certain circumstances and as may be permitted by the Trust’s multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under distribution plans pursuant to Rule 12b-1 under the 1940 Act, Class C shares are subject to higher distribution and/or service fees than Class A, Investor Class and SIMPLE Class shares. Class I and Class R6 shares are not subject to a distribution and/or service fee.

The Fund’s investment objective is to seek long-term capital appreciation.

Note 2–Significant Accounting Policies

accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.

The Board of Trustees of the Trust (the “Board”) adopted procedures establishing methodologies for the valuation of the Fund’s securities and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Trust (the “Valuation Committee”). The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for the day-to-day valuation of portfolio assets (including fair value measurements for the Fund’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)). To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Fund’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources.


20		MainStay Epoch Capital Growth Fund

market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

•

Level 1—quoted prices in active markets for an identical asset or liability

•

Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:


• Broker/dealer quotes		• Benchmark securities
• Two-sided markets		• Reference data (corporate actions or material event notices)
• Bids/offers		• Monthly payment information
• Industry and economic events		• Reported trades

October 31, 2020, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. No securities held by the Fund as of October 31, 2020 were fair valued in such a manner.

These securities are generally categorized as Level 1 in the hierarchy.


			21

Notes to Financial Statements (continued)

involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the value on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The Manager evaluates the Fund’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund’s financial statements. The Fund’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

Additionally, the Fund may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Fund’s Statement of Operations or in the expense ratios included in the Financial Highlights.

(H) Repurchase Agreements. The Fund may enter into repurchase agreements (i.e., buy a security from another party with the agreement that it will be sold back in the future) to earn income. The Fund may enter into repurchase agreements only with counterparties, usually financial institutions, that are deemed by the Manager or the Subadvisor to be creditworthy, pursuant to guidelines established by the Board. During the term of any repurchase agreement, the Manager or the Subadvisor will continue to monitor the creditworthiness of the counterparty. Under the 1940 Act, repurchase agreements are considered to be collateralized loans by the Fund to the counterparty secured by the securities transferred to the Fund.


22		MainStay Epoch Capital Growth Fund

Repurchase agreements are subject to counterparty risk, meaning the Fund could lose money by the counterparty’s failure to perform under the terms of the agreement. The Fund mitigates this risk by ensuring the repurchase agreement is collateralized by cash, U.S. government securities, fixed income securities and/or other securities. The collateral is held by the Fund’s custodian and valued daily on a mark to market basis to determine if the value, including accrued interest, exceeds the repurchase price. In the event of the counterparty’s default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, such as in the event of default or bankruptcy by the counterparty, realization and/or retention of the collateral may be limited or subject to delay, to legal proceedings and possible realized loss to the Fund. As of October 31, 2020, the Fund did not hold any repurchase agreements.

(I) Foreign Currency Transactions. The Fund’s books and records are maintained in U.S. dollars. Prices of securities denominated in foreign currency amounts are translated into U.S. dollars at the mean between the buying and selling rates last quoted by any major U.S. bank at the following dates:

(i)	market value of investment securities, other assets and liabilities—at the valuation date; and

(ii)	purchases and sales of investment securities, income and expenses—at the date of such transactions.

also record a realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. The Fund bears the risk of any loss on investment of cash collateral. The Fund will receive compensation for lending its securities in the form of fees or it will retain a portion of interest earned on the investment of any cash collateral. The Fund will also continue to receive interest and dividends on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Fund. Income earned from securities lending activities, if any, is reflected in the Statement of Operations. As of October 31, 2020, the Fund had securities on loan with an aggregate market value of $459,310 and received cash collateral, which was invested into the State Street Navigator Securities Lending Government Money Market Portfolio, with a value of $487,661.

Note 3–Fees and Related Party Transactions

(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company (“New York Life”), serves as the Fund’s Manager, pursuant to an Amended and Restated Management Agreement (“Management Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. Epoch Investment Partners, Inc. (“Epoch” or the “Subadvisor”), a registered investment adviser, serves as Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of an Amended and


			23

Notes to Financial Statements (continued)

Restated Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and Epoch, New York Life Investments pays for the services of the Subadvisor.

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of 0.75% of the Fund’s average daily net assets.

During the year ended October 31, 2020, New York Life Investments earned fees from the Fund in the amount of $792,344 and waived fees and/or reimbursed expenses, including the voluntary waiver/reimbursement of certain class specific expenses in the amount of $33,434 and paid the Subadvisor in the amount of $379,430.

shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class C shares, for a total 12b-1 fee of 1.00%. Class I shares are not subject to a distribution and/or service fee.

The Fund was also advised that the Distributor retained CDSCs on redemptions of Class A and Class C shares during the year ended October 31, 2020, were $98 and $5, respectively.

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund’s transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with DST Asset Manager Solutions, Inc. (“DST”), pursuant to which DST performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund’s share classes to a maximum of 0.35% of that share class’s average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until February 28, 2021, 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. During the year ended October 31, 2020, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:


Class	Expense		Waived
Class A	$	517	$	—
Investor Class		2,608		—
Class C		2,295		—
Class I		8,350		—


24		MainStay Epoch Capital Growth Fund


Affiliated Investment Company	Value, Beginning of Year		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Year		Dividend Income		Other Distributions		Shares End of Year
MainStay U.S. Government Liquidity Fund	$	1,025	$	25,240	$	(25,526	)	$	—	$	—	$	739	$	10	$	—		739

Note 4–Federal Income Tax


	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)

Investments in Securities	$	49,195,298	$	18,240,682	$	(1,231,591	)	$	17,009,091

As of October 31, 2020, the components of accumulated gain (loss) on a tax basis were as follows:


Ordinary Income	Accumulated Capital and Other Gain (Loss)	Other Temporary Differences	Unrealized Appreciation (Depreciation)	Total Accumulated Gain (Loss)

$1,391,366	$10,832,548	$(51,422)	$17,012,954	$29,185,446

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is primarily due to Passive Foreign Investment Company (“PFIC”) adjustments. The other temporary differences are primarily due to amortization of organizational expenses.


Total Distributable Earnings (Loss)	Additional Paid-In Capital
$(7,132,973)	$	7,132,973

The reclassifications for the Fund are primarily due to equalization.

During the years ended October 31, 2020, and October 31, 2019, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets were as follows:


	2020		2019

Distributions paid from:
Ordinary Income	$	1,782,438	$	1,611,971
Long-Term Capital Gain		5,046,282		6,334,674
Total	$	6,828,720	$	7,946,645

Note 5–Custodian

Note 6–Line of Credit

Effective July 28, 2020, under the credit agreement (the “Credit Agreement”), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to JP Morgan Chase Bank NA, who serves as the agent to the syndicate. The commitment fee is allocated among the Fund and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Rate or the one-month London Interbank Offered Rate (“LIBOR”), whichever is higher. The Credit Agreement expires on July 27, 2021, although the Fund, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate of banks. Prior to July 28, 2020, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement, but State Street served as agent to the syndicate.

During the year ended October 31, 2020, the Fund utilized the line of credit for 26 days, maintained an average daily balance of $5,708,077 at a weighted average interest rate of 1.36% and incurred interest expense in the amount of $5,193. As of October 31, 2020, there were no borrowings outstanding with respect to the Fund under the Credit Agreement.

Note 7–Interfund Lending Program


			25

Notes to Financial Statements (continued)

Note 8–Purchases and Sales of Securities (in 000’s)

During the year ended October 31, 2020, purchases and sales of securities, other than short-term securities, were $44,887 and $121,227, respectively.

Note 9–Capital Share Transactions

Transactions in capital shares for the years ended October 31, 2020, and October 31, 2019, were as follows:


Class A	Shares			Amount

Year ended October 31, 2020:
Shares sold		239,000		$	3,229,497
Shares issued to shareholders in reinvestment of distributions		16,668			211,190
Shares redeemed		(116,611	)		(1,575,416	)

Net increase (decrease) in shares outstanding before conversion		139,057			1,865,271
Shares converted into Class A (See Note 1)		21,301			286,849

Net increase (decrease)		160,358		$	2,152,120

Year ended October 31, 2019:
Shares sold		52,504		$	622,982
Shares issued in connection with the acquisition of MainStay Epoch Global Choice Fund		353,817			4,236,858
Shares issued to shareholders in reinvestment of distributions		1,553			17,117
Shares redeemed		(122,937	)		(1,522,873	)

Net increase (decrease) in shares outstanding before conversion		284,937			3,354,084
Shares converted into Class A (See Note 1)		6,894			84,888
Shares converted from Class A (See Note 1)		(7,552	)		(91,116	)

Net increase (decrease)		284,279		$	3,347,856



Investor Class	Shares			Amount

Year ended October 31, 2020:
Shares sold		50,554		$	634,358
Shares issued to shareholders in reinvestment of distributions		4,752			60,202
Shares redeemed		(25,159	)		(311,389	)

Net increase (decrease) in shares outstanding before conversion		30,147			383,171
Shares converted into Investor Class (See Note 1)		132			1,674
Shares converted from Investor Class (See Note 1)		(21,330	)		(286,849	)

Net increase (decrease)		8,949		$	97,996

Year ended October 31, 2019:
Shares sold		12,695		$	152,329
Shares issued in connection with the acquisition of MainStay Epoch Global Choice Fund		88,624			1,060,519
Shares issued to shareholders in reinvestment of distributions		537			5,917
Shares redeemed		(20,040	)		(247,246	)

Net increase (decrease) in shares outstanding before conversion		81,816			971,519
Shares converted into Investor Class (See Note 1)		8,095			97,660
Shares converted from Investor Class (See Note 1)		(6,899	)		(84,888	)

Net increase (decrease)		83,012		$	984,291


Class C	Shares			Amount

Year ended October 31, 2020:
Shares sold		29,319		$	371,654
Shares issued to shareholders in reinvestment of distributions		4,637			57,917
Shares redeemed		(47,422	)		(579,725	)

Net increase (decrease) in shares outstanding before conversion		(13,466	)		(150,154	)
Shares converted from Class C (See Note 1)		(134	)		(1,674	)

Net increase (decrease)		(13,600	)	$	(151,828	)

Year ended October 31, 2019:
Shares sold		26,716		$	285,259
Shares issued in connection with the acquisition of MainStay Epoch Global Choice Fund		81,829			969,195
Shares issued to shareholders in reinvestment of distributions		252			2,740
Shares redeemed		(16,353	)		(200,053	)

Net increase (decrease) in shares outstanding before conversion		92,444			1,057,141
Shares converted from Class C (See Note 1)		(540	)		(6,544	)

Net increase (decrease)		91,904		$	1,050,597



Class I	Shares			Amount

Year ended October 31, 2020:
Shares sold		95,403		$	1,247,767
Shares issued to shareholders in reinvestment of distributions		507,736			6,438,090
Shares redeemed		(5,728,339	)		(79,949,043	)

Net increase (decrease)		(5,125,200	)	$	(72,263,186	)

Year ended October 31, 2019:
Shares sold		273,154		$	3,286,930
Shares issued in connection with the acquisition of MainStay Epoch Global Choice Fund		785,469			9,411,575
Shares issued to shareholders in reinvestment of distributions		715,109			7,880,507
Shares redeemed		(1,477,350	)		(17,817,328	)

Net increase (decrease)		296,382		$	2,761,684


26		MainStay Epoch Capital Growth Fund

Note 10–Recent Accounting Pronouncement

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board issued Accounting Standards Update 2018-13, Fair Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which adds, removes, and modifies certain fair value measurement disclosure requirements. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019. The Manager evaluated the implications of certain provisions of ASU 2018-13 and determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures, which are currently in place as of October 31, 2020. The Manager is evaluating the implications of certain other provisions of ASU 2018-13 related to new disclosure requirements and has not yet determined the impact of those provisions on the financial statement disclosures, if any.

Note 11–Other Matters

Note 12–Subsequent Events

Effective at the close of business on November 20, 2020, all services provided by State Street were transitioned to JPMorgan Chase Bank, N.A.


			27

Report of Independent Registered Public Accounting Firm

To the Shareholders of the Fund and Board of Trustees

MainStay Funds Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of MainStay Epoch Capital Growth Fund (the Fund), one of the funds constituting MainStay Funds Trust, including the portfolio of investments, as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the four-year period then ended and the period from June 30, 2016 (commencement of operations) through October 31, 2016. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the four-year period then ended and the period from June 30, 2016 through October 31, 2016, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2020, by correspondence with the custodian and the transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

LOGO

We have served as the auditor of one or more New York Life Investment Management investment companies since 2003.

Philadelphia, Pennsylvania

December 23, 2020


28		MainStay Epoch Capital Growth Fund

Federal Income Tax Information

(Unaudited)

For the fiscal year ended October 31, 2020, the Fund designated approximately $1,550,156 under the Internal Revenue Code as qualified dividend income eligible for reduced tax rates.

The dividends paid by the Fund during the fiscal year ended October 31, 2020 should be multiplied by 42.27% to arrive at the amount eligible for the corporate dividend-received deduction.

Proxy Voting Policies and Procedures and Proxy Voting Record

Shareholder Reports and Quarterly Portfolio Disclosure


			29

Board of Trustees and Officers (Unaudited)

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Interested Trustee

Yie-Hsin Hung*

1962

MainStay Funds:
Trustee since 2017

MainStay Funds Trust:
Trustee since 2017

MainStay VP Funds Trust:
Trustee since 2017 (31 portfolios); and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017.


30		MainStay Epoch Capital Growth Fund

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

David H. Chow

1957

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Founder and CEO, DanCourt Management, LLC since 1999

Susan B. Kerley

1951

MainStay Funds:
Chairman since 2017 and Trustee since 2007;

MainStay Funds Trust: Chairman since 2017 and Trustee since 1990.**

President, Strategic Management Advisors LLC since 1990

MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007 (31 portfolios)***;
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; and

Legg Mason Partners Funds: Trustee since 1991 (45 portfolios).

Alan R. Latshaw

1951

MainStay Funds:
Trustee;

MainStay Funds Trust:
Trustee and Audit Committee Financial Expert since 2007.**

Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006)

Richard H. Nolan, Jr.

1946

MainStay Funds:
Trustee since 2007;

MainStay Funds Trust:
Trustee since 2007.**

Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004)

MainStay VP Funds Trust: Trustee since 2006 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Jacques P. Perold

1958

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Allstate Corporation: Director since 2015;
MSCI, Inc.: and Director since 2017.


			31

Board of Trustees and Officers (Unaudited) (continued)

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

Richard S. Trutanic

1952

MainStay Funds: Trustee since 1994;

MainStay Funds Trust: Trustee since 2007.**

MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust.

***

Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


32		MainStay Epoch Capital Growth Fund


	Name and Year of Birth	Position(s) Held and Length of Service	Principal Occupation(s) During Past Five Years
Officers of the Trust (Who are not Trustees)*	Kirk C. Lehneis 1974	President, MainStay Funds, MainStay Funds Trust since 2017	Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers since 2017 and Senior Managing Director since 2018, NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since 2017**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC
	Jack R. Benintende 1964	Treasurer and Principal Financial and Accounting Officer, MainStay Funds since 2007, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2007**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012)
	Yi-Chia Kuo 1981	Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust since January 2020	Chief Compliance Officer, Index IQ Trust, Index IQ ETF Trust and Index IQ Active ETF Trust since January 2020; Vice President and Chief Compliance Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since January 2020; Director and Associate General Counsel, New York Life Insurance Company (2015 to 2019)
	J. Kevin Gao 1967	Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust since 2010	Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2010**
	Scott T. Harrington 1959	Vice President— Administration, MainStay Funds since 2005, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2005**

Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


			33

MainStay Funds

Equity

U.S. Equity

MainStay Epoch U.S. All Cap Fund

MainStay Epoch U.S. Equity Yield Fund

MainStay MacKay Common Stock Fund

MainStay MacKay Growth Fund

MainStay MacKay S&P 500 Index Fund

MainStay MacKay Small Cap Core Fund

MainStay MacKay U.S. Equity Opportunities Fund

MainStay MAP Equity Fund

MainStay Winslow Large Cap Growth Fund¹

International Equity

MainStay Epoch International Choice Fund

MainStay MacKay International Equity Fund

MainStay MacKay International Opportunities Fund

Emerging Markets Equity

MainStay Candriam Emerging Markets Equity Fund

Global Equity

MainStay Epoch Capital Growth Fund

MainStay Epoch Global Equity Yield Fund

Fixed Income

Taxable Income

MainStay Candriam Emerging Markets Debt Fund

MainStay Floating Rate Fund

MainStay MacKay High Yield Corporate Bond Fund

MainStay MacKay Short Duration High Yield Fund

MainStay MacKay Total Return Bond Fund

MainStay MacKay Unconstrained Bond Fund

MainStay MacKay U.S. Infrastructure Bond Fund²

MainStay Short Term Bond Fund³

Tax-Exempt Income

MainStay MacKay California Tax Free Opportunities Fund⁴

MainStay MacKay High Yield Municipal Bond Fund

MainStay MacKay Intermediate Tax Free Bond Fund

MainStay MacKay New York Tax Free Opportunities Fund⁵

MainStay MacKay Short Term Municipal Fund

MainStay MacKay Tax Free Bond Fund

Money Market

MainStay Money Market Fund

Mixed Asset

MainStay Balanced Fund

MainStay Income Builder Fund

MainStay MacKay Convertible Fund

Speciality

MainStay CBRE Global Infrastructure Fund

MainStay CBRE Real Estate Fund

MainStay Cushing MLP Premier Fund

Asset Allocation

MainStay Conservative Allocation Fund

MainStay Conservative ETF Allocation Fund

MainStay Defensive ETF Allocation Fund

MainStay Equity Allocation Fund⁶

MainStay Equity ETF Allocation Fund

MainStay Growth Allocation Fund⁷

MainStay Growth ETF Allocation Fund

MainStay Moderate Allocation Fund

MainStay Moderate ETF Allocation Fund

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium S.A.⁸

Brussels, Belgium

Candriam Luxembourg S.C.A.⁸

Strassen, Luxembourg

CBRE Clarion Securities LLC

Radnor, Pennsylvania

Cushing Asset Management, LP

Dallas, Texas

Epoch Investment Partners, Inc.

New York, New York

MacKay Shields LLC⁸

New York, New York

Markston International LLC

White Plains, New York

NYL Investors LLC⁸

New York, New York

Winslow Capital Management, LLC

Minneapolis, Minnesota

Legal Counsel

Dechert LLP

Washington, District of Columbia

Independent Registered Public Accounting Firm

KPMG LLP

Philadelphia, Pennsylvania

Distributor

NYLIFE Distributors LLC⁸

Jersey City, New Jersey

Custodian⁹

State Street Bank and Trust Company

Boston, Massachusetts

1.	Formerly known as MainStay Large Cap Growth Fund.

2.	Formerly known as MainStay MacKay Infrastructure Bond Fund.

3.	Formerly known as MainStay Indexed Bond Fund.

4.	This Fund is registered for sale in AZ, CA, NV, OR, TX, UT and WA. Class A and Class I shares are registered for sale in MI. Class I and Class C2 shares are registered for sale in CO, FL, GA, HI, ID, MA, MD, NH, NJ and NY.

5.	This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT.

6.	Formerly known as MainStay Growth Allocation Fund.

7.	Formerly known as MainStay Moderate Growth Allocation Fund.

8.	An affiliate of New York Life Investment Management LLC.

Not part of the Annual Report

For more information

800-624-6782

newyorklifeinvestments.com

1716812 MS203-20

MSECG11-12/20

(NYLIM) NL284

MainStay Epoch Global Equity

Yield Fund

Message from the President and Annual Report

October 31, 2020


Not FDIC/NCUA Insured		Not a Deposit		May Lose Value		No Bank Guarantee		Not Insured by Any Government Agency

LOGO

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Message from the President

Sincerely,

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Kirk C. Lehneis

President

Not part of the Annual Report

Table of Contents


Annual Report

Investment and Performance Comparison			5

Portfolio Management Discussion and Analysis			9

Portfolio of Investments			12

Financial Statements			16

Notes to Financial Statements			23

Report of Independent Registered Public Accounting Firm			32

Federal Income Tax Information			33

Proxy Voting Policies and Procedures and Proxy Voting Record			33

Shareholder Reports and Quarterly Portfolio Disclosure			33

Board of Trustees and Officers			34

Investment and Performance Comparison^{1 (Unaudited)}

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Average Annual Total Returns for the Year-Ended October 31, 2020

Class

Sales Charge

Inception
Date

One
Year

Five Years
or Since
Inception

Ten Years
or Since
Inception

Gross
Expense
Ratio²

Class A Shares³

Maximum 5.5% Initial Sales Charge

With sales charges

Excluding sales charges

8/2/2006

–16.35

–11.48

1.02

2.17

4.92

5.51

1.14

Investor Class Shares⁴

Maximum 5% Initial Sales Charge

With sales charges

Excluding sales charges

11/16/2009

–16.40

–11.53

1.02

2.17

4.91

5.50

1.11

Class C Shares

Maximum 1% CDSC

if Redeemed Within One Year of Purchase

With sales charges

Excluding sales charges

11/16/2009

–12.99

–12.14

1.41

4.72

1.86

Class I Shares³

No Sales Charge

12/27/2005

–11.31

2.43

5.78

0.89

Class R2 Shares

No Sales Charge

2/28/2014

–11.66

2.04

2.01

1.24

Class R3 Shares

No Sales Charge

2/29/2016

–11.87

3.04

N/A

1.49

Class R6 Shares

No Sales Charge

6/17/2013

–12.32

2.29

3.73

0.74

2.	The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report.

Performance figures for Class A shares and Class I shares include the historical performance of the Institutional shares and the Class P shares, respectively, of the Epoch Global Equity Shareholder Yield Fund (the predecessor to the Fund) through November 15, 2009. The Epoch Global Equity Shareholder Yield Fund was subject to a different fee structure and was advised by Epoch Investment Partners, Inc, the Fund’s subadvisor.

4.	Prior to June 30, 2020, the maximum initial sales charge for Investor Class shares was 5.5%, which is reflected in the average annual total return figures shown.

The footnotes on the next page are an integral part of the table and graph and should be carefully read in conjunction with them.


			5


Benchmark Performance	One Year			Five Years			Ten Years

MSCI World Index⁵		4.36	%		8.13	%		8.64	%
Global Equity Yield Composite Index⁶		–7.21			5.57			7.30
Morningstar World Large Stock Category Average⁷		5.91			7.46			7.53

The Fund has selected the Global Equity Yield Composite Index as its secondary benchmark. The Global Equity Yield Composite Index consists of the MSCI World High Dividend Yield Index and the MSCI World Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI World High Dividend Yield Index is based on the MSCI World Index and is designed to reflect the performance of equities in the MSCI World Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable

and persistent. The MSCI World Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the MSCI large and mid-cap equity universe across 23 developed markets countries. The MSCI World Minimum Volatility (USD) Index is calculated by optimizing the MSCI World Index for the lowest absolute risk (within a given set of constraints). Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

The footnotes on the preceding page are an integral part of the table and graph and should be carefully read in conjunction with them.


6		MainStay Epoch Global Equity Yield Fund

Cost in Dollars of a $1,000 Investment in MainStay Epoch Global Equity Yield Fund (Unaudited)

Example

This example illustrates your Fund’s ongoing costs in two ways:

Actual Expenses

multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes



Share Class	Beginning Account Value 5/1/20		Ending Account Value (Based on Actual Returns and Expenses) 10/31/20		Expenses Paid During Period¹		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/20		Expenses Paid During Period¹		Net Expense Ratio During Period²

Class A Shares	$	1,000.00	$	1,046.10	$	5.61	$	1,019.66	$	5.53	1.09%

Investor Class Shares	$	1,000.00	$	1,045.90	$	5.81	$	1,019.46	$	5.74	1.13%

Class C Shares	$	1,000.00	$	1,042.10	$	9.44	$	1,015.89	$	9.32	1.84%

Class I Shares	$	1,000.00	$	1,046.90	$	4.32	$	1,020.91	$	4.27	0.84%

Class R2 Shares	$	1,000.00	$	1,045.30	$	6.43	$	1,018.85	$	6.34	1.25%

Class R3 Shares	$	1,000.00	$	1,044.10	$	7.66	$	1,017.65	$	7.56	1.49%

Class R6 Shares	$	1,000.00	$	1,035.00	$	3.79	$	1,021.42	$	3.76	0.74%

2.	Expenses are equal to the Fund’s annualized expense ratio to reflect the six-month period.


			7

Country Composition as of October 31, 2020 (Unaudited)



United States	59.8	%

United Kingdom	6.8

Germany	6.5

France	5.5

Canada	5.1

Italy	3.0

Switzerland	2.8

Japan	2.1

Republic of Korea	2.1



Taiwan	1.8	%

Denmark	0.6

Norway	0.6

Singapore	0.6

Sweden	0.6

Australia	0.2

Other Assets, Less Liabilities	1.9


	100.0	%

See Portfolio of Investments beginning on page 12 for specific holdings within these categories. The Fund’s holdings are subject to change.

Top Ten Holdings as of October 31, 2020 (excluding short-term investment) (Unaudited)

1.	Microsoft Corp.

2.	Verizon Communications, Inc.

3.	Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR

4.	Snam S.p.A.

5.	Nutrien, Ltd.

6.	Unilever PLC

7.	Takeda Pharmaceutical Co., Ltd.

8.	AbbVie, Inc.

9.	Samsung Electronics Co., Ltd.

10.	Eaton Corp. PLC


8		MainStay Epoch Global Equity Yield Fund

Portfolio Management Discussion and Analysis (Unaudited)

Questions answered by portfolio managers Kera Van Valen, CFA, John Tobin, PhD, CFA, Michael A. Welhoelter, CFA, and William W. Priest, CFA, of Epoch Investment Partners, Inc., the Fund’s Subadvisor.

How did MainStay Epoch Global Equity Yield Fund perform relative to its benchmarks and peer group during the 12 months ended October 31, 2020?

For the 12 months ended October 31, 2020, Class I shares of MainStay Epoch Global Equity Yield Fund returned –11.31%, underperforming the 4.36% return of the Fund’s primary benchmark, the MSCI World Index. Over the same period, Class I shares underperformed the –7.21% return of the Global Equity Yield Composite Index, which is the Fund’s secondary benchmark, and the 5.91% return of the Morningstar World Large Stock Category Average.¹

What factors affected the Fund’s relative performance during the reporting period?

The Fund participated in the market rally during the end of 2019. However, performance was challenged during the pandemic-related sell-off in February and March 2020. Fund performance encountered additional headwinds throughout the remainder of the reporting period when the market rally was led by a handful of U.S. mega-cap stocks in the information technology, consumer discretionary and communication services sectors.

Compared to the MSCI World Index, the Fund held underweight exposure to the information technology sector, a stance that significantly detracted from relative returns. Disappointing stock selection in information technology further detracted as the high-flying technology hardware and software stocks that drove the market’s rise did not tend to exhibit the Fund’s targeted shareholder-yield characteristics. Stock selection in communication services was undermined by the Fund’s telecommunications holdings, and by holdings in a movie theater chain operator that the Fund sold in March near the nadir of the market’s sell-off. Relatively overweight exposure to pharmaceuticals in the health care sector detracted as the market contemplated the potential regulatory implications of the U.S. presidential election outcome and progress on a COVID-19 vaccine. By country, holdings in the United States detracted most, followed by holdings in France.

On the positive side, strong stock selection along with underweight exposure in the industrials sector enhanced the Fund’s benchmark-relative performance.

During the reporting period, were there any market events that materially impacted the Fund’s performance or liquidity?

The sharp sell-off across all sectors that began in February 2020 was broadly based and indiscriminate. Concerns about the capacity for businesses to continue with their shareholder

distribution practices weighed on performance as equity markets sold off and owning dividend-yielding companies undermined returns. While government restrictions placed strains on wide sectors of the global economy, not all businesses faced the same degree of stress. As the recovery ensued, the Fund participated modestly; however, exposure to dividend-yielding stocks remained a headwind as the market was primarily driven by a handful of mega-cap names in the information technology, consumer discretionary and communication services sectors.

During the reporting period, the strongest positive sector contributions to the Fund’s performance relative to the MSCI World Index came from industrials, with over half the effect derived from holdings in the aerospace & defense and air freight & logistics industries. (Contributions take weightings and total returns into account.) Relatively underweight exposure to the industrials sector also contributed positively. Within financials, underweight exposure to the banking industry enhanced relative returns, though the effect was offset by disappointing results from the Fund’s insurance industry holdings.

During the same period, underweight exposure to the information technology sector—the strongest performing sector by far in the benchmark—proved the most significant detractor from the Fund’s relative performance. Stock selection within the sector also detracted. Stock selection in communication services was challenged by the Fund’s telecommunications holdings, and by holdings in a movie theater chain operator that the Fund exited in the midst of the market sell-off. Stock selection and underweight exposure in the consumer discretionary sector further detracted from relative returns, along with stock selection in health care as the Fund’s pharmaceutical holdings were pressured. Overweight exposure to the energy sector further dampened relative results as an oil price war disrupted supply, and global oil demand remained subdued due to the pandemic-related economic slowdown.

On a country basis, the strongest positive contribution to the Fund’s relative performance came from investments in Japan, while U.S. holdings detracted.

During the reporting period, which individual stocks made the strongest positive contributions to the Fund’s absolute performance and which stocks detracted the most?

Top contributors to the Fund’s absolute performance during the reporting period included semiconductor manufacturer Taiwan

1.	See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 for more information on benchmark and peer group returns.


			9

Semiconductor (“TSMC”), and consumer electronics and services company Apple.

Shares in TSMC, one of the largest semiconductor manufacturers in the world, benefited from production stumbles by competitor Intel and from increased demand for foundry services. With Intel delaying the launch of their next node size, expectations grew that TSMC would see additional foundry demand, making the company one of the two top suppliers of leading-edge semiconductor production in the world, along with Samsung. As of October 31, 2020, the company pays a well-covered dividend.

Apple shares outperformed on strong underlying demand both on its service and accessories side, as well as a return of iPhone sales growth. Customer demand for the company’s iPhone 11 handset lineup proved strong despite the anticipation of a 5G variant which was announced in October. Additionally, service adoption expanded to provide a strong driver of revenue growth regardless of iPhone demand. As of October 31, 2020, Apple returns cash to shareholders through dividends and share repurchases.

Paris-based global real estate company Unibail-Rodamco-Westfield and U.S. regulated utility CenterPoint Energy were the largest detractors from the Fund’s absolute performance during the reporting period. Both were discussed in detail in the Fund’s April 30, 2020 semiannual report. Other significant detractors during the full reporting period included Paris-based global insurance company AXA and U.K.-based financial services provider Lloyds Banking Group.

AXA shares traded lower in the March 2020 market sell-off (comparable with shares of the company’s insurance and financial company peers), and then partially recovered as lockdowns were eased and equity markets recovered. Concerns about the impact of low interest rates on investment income, higher mortality experience, and disputes regarding claims for coverage under business interruption contracts remained challenges for the insurance industry. Facing pressure from regulators, AXA’s board decided to pay the annual dividend for 2019 in two installments. While the first was paid, a subsequent regulatory notice in late July 2020 led AXA to cancel the second installment, which pressured shares. A further headwind emerged in September with an adverse ruling in a U.K. court case regarding coverage for business interruption claims. While AXA was not directly involved, the case increased uncertainty as to the ultimate resolution of certain business interruption claims. In our opinion, as of October 31, 2020, AXA’s business franchise remains strong and the company enjoys robust capital strength and liquidity. The company continues to have a transparent capital allocation policy with the ability to pay an attractive, growing dividend supported by earnings, and to maintain a strong regulatory capital position. Debt reduction also remains a focus for management.

Lloyds is one of the largest banks operating in the U.K. Following the Global Financial Crisis of 2007-2008, the company repositioned itself as a straightforward, low-risk bank focused on consumer lending (mortgages, autos and credit cards), business lending to small and medium enterprises, insurance and wealth management. Shares traded lower—comparable with shares of the company’s financial-sector peers—in the March market sell-off, and shares remained depressed as the U.K. economy continued to struggle with the effects of the pandemic. The Fund sold its position at the end of March on concerns that regulators would either request or require banks to discontinue shareholder distributions in light of pandemic-related economic uncertainty. Following the decision to sell, under pressure from the Bank of England, Lloyds and the other major U.K. banks canceled dividends that they had announced on 2019 earnings.

What were some of the Fund’s largest purchases and sales during the reporting period?

A few positions were initiated during the reporting period, including holdings in industrial equipment distributor MSC Industrial (“MSC”) and medical device maker Medtronic.

Addressing a highly fragmented market, MSC focuses on product availability and customer service. Cash flows are sustained by maintaining strong customer relationships and by providing superior logistics and in-stock products to support customer needs. Growth is driven by market-share gains and by moving the company’s sales force from fulfillment to a partnership with its customers. This partnership allows MSC to provide customers with unique insights that drive down their bill of materials, and improve their products and manufacturing processes, pushing MSC’s cash margins higher. By leveraging its infrastructure and implementing a strong cost-reduction program, we believe the company is positioned to experience margin expansion and lower working capital requirements through better inventory management, leading to better cash generation. As of October 31, 2020, MSC returns cash through a growing dividend and regular share repurchases.

Medtronic develops and sells therapeutic and diagnostic medical devices to treat a variety of conditions, including cardiac rhythm diseases, vascular and heart disease, spinal conditions and diabetes. The company has also developed a line of advanced surgical devices and systems. Cash flows are sustained by Medtronic’s diversification across business segments, customer type and geography. Cash flow growth drivers include sales growth through penetration of existing markets and the creation of new markets with innovative new therapies; margin expansion from cost reduction and improved sourcing; and higher cash conversion from better working capital management. As of October 31, 2020, Medtronic returns capital to shareholders through regular share repurchases and a consistently growing dividend with a 40% earnings payout target.


10		MainStay Epoch Global Equity Yield Fund

Positions closed during the reporting period included global integrated energy company Royal Dutch Shell (another top detractor from the Fund’s total performance) and U.S. health care plan provider UnitedHealth Group.

Royal Dutch Shell shares declined along with those of other integrated oil companies as the energy sector suffered from supply dislocations caused by conflicts between major oil-producing countries, particularly Russia and Saudi Arabia, as well as the pandemic-related slump in energy demand. Given Shell’s weakened balance sheet, measured by net debt leverage or gearing, we became concerned about the company’s ability to maintain its dividend in a prolonged down cycle. We sold the Fund’s position to invest the proceeds in other more attractive opportunities.

In our opinion, UnitedHealth faced possible near-term slowing of earning and cash flow growth driven by a confluence of factors. These included continued customer assistance measures; normalization in medical utilization; rising acuity as a result of missed and deferred treatment; COVID-19 vaccine and treatment costs; and a shift from higher-margin commercial membership to lower-margin Medicaid membership. In light of these challenges, the Fund exited its position in favor of other opportunities.

How did the Fund’s sector and country weightings change during the reporting period?

During the reporting period, the Fund’s most significant sector allocation changes were decreases in exposure to energy and

utilities. During the same period, the Fund significantly increased its information technology weighting and made smaller increases in its exposure to the communication services and health care sectors. From a country perspective, the Fund’s most significant allocation changes included increased exposure to the United States, South Korea and Taiwan, and reduced exposure to the U.K. and France. The Fund’s sector and country allocations are a result of our bottom-up fundamental investment process and reflect the companies and securities that we confidently believe can collect and distribute sustainable, growing shareholder yield.

How was the Fund positioned at the end of the reporting period?

As of October 31, 2020, the Fund’s largest sector allocations on an absolute basis were to information technology and health care, and its smallest total sector allocations were to real estate and energy. As of the same date, relative to the MSCI World Index, the Fund held its most overweight exposure to utilities, a defensive sector that is typically more heavily represented in the Fund. The Fund’s most significant underweight exposures were to the information technology and consumer discretionary sectors.


			11

Portfolio of Investments October 31, 2020



	Shares		Value
Common Stocks 96.6%†
Australia 0.2%
Macquarie Group, Ltd. (Capital Markets)		24,298	$	2,164,772


Canada 5.1%
BCE, Inc. (Diversified Telecommunication Services)		385,725		15,500,800
Fortis, Inc. (Electric Utilities)		244,530		9,659,697
Restaurant Brands International, Inc. (Hotels, Restaurants & Leisure)		151,270		7,866,040
Rogers Communications, Inc., Class B (Wireless Telecommunication Services)		174,600		7,092,511
Royal Bank of Canada (Banks)		167,919		11,741,600
TELUS Corp. (Diversified Telecommunication Services)		750,191		12,826,954

				64,687,602

Denmark 0.6%
Novo Nordisk A/S, Class B (Pharmaceuticals)		111,352		7,151,997


France 5.5%
AXA S.A. (Insurance)		511,330		8,218,183
Cie Generale des Etablissements Michelin SCA (Auto Components)		102,889		11,101,022
Danone S.A. (Food Products)		141,640		7,819,153
Orange S.A. (Diversified Telecommunication Services)		669,896		7,513,272
Sanofi (Pharmaceuticals)		178,609		16,094,274
SCOR S.E. (Insurance) (a)		205,466		4,991,714
TOTAL S.E. (Oil, Gas & Consumable Fuels)		457,512		13,757,965

				69,495,583

Germany 6.5%
Allianz S.E., Registered (Insurance)		94,426		16,612,559
BASF S.E. (Chemicals)		212,460		11,647,074
Bayer A.G., Registered (Pharmaceuticals)		117,142		5,506,292
Deutsche Post A.G., Registered (Air Freight & Logistics)		335,839		14,878,772
Deutsche Telekom A.G., Registered (Diversified Telecommunication Services)		447,191		6,807,131
Muenchener Rueckversicherungs-Gesellschaft A.G., Registered (Insurance)		72,778		17,019,990
Siemens A.G., Registered (Industrial Conglomerates)		81,064		9,507,207

				81,979,025

Italy 3.0%
Assicurazioni Generali S.p.A. (Insurance)		628,918		8,430,722
Snam S.p.A. (Gas Utilities)		3,833,198		18,705,561
Terna Rete Elettrica Nazionale S.p.A. (Electric Utilities)		1,639,999		11,085,785

				38,222,068



	Shares		Value
Japan 2.1%
Takeda Pharmaceutical Co., Ltd. (Pharmaceuticals)		571,400	$	17,677,679
Tokio Marine Holdings, Inc. (Insurance)		203,100		9,038,091

				26,715,770

Norway 0.6%
Orkla ASA (Food Products)		847,615		7,997,901


Republic of Korea 2.1%
Hyundai Glovis Co., Ltd. (Air Freight & Logistics)		58,479		8,632,443
Samsung Electronics Co., Ltd.
GDR (Technology Hardware, Storage & Peripherals)		12,672		16,004,736
GDR (Technology Hardware, Storage & Peripherals) (b)		1,219		1,539,597

				26,176,776

Singapore 0.6%
Singapore Exchange, Ltd. (Capital Markets)		1,202,600		7,624,376


Sweden 0.6%
Atlas Copco A.B., Class A (Machinery)		179,945		7,945,292


Switzerland 2.8%
Nestle S.A., Registered (Food Products)		106,898		12,019,394
Novartis A.G., Registered (Pharmaceuticals)		136,295		10,626,239
Roche Holding A.G. (Pharmaceuticals)		38,305		12,312,993

				34,958,626

Taiwan 1.8%
Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR (Semiconductors & Semiconductor Equipment)		273,481		22,936,851


United Kingdom 6.8%
AstraZeneca PLC, Sponsored ADR (Pharmaceuticals)		180,836		9,070,734
BAE Systems PLC (Aerospace & Defense)		2,177,163		11,197,439
British American Tobacco PLC (Tobacco)		391,515		12,416,440
British American Tobacco PLC,, Sponsored ADR (Tobacco)		131,395		4,188,873
Coca-Cola European Partners PLC (Beverages)		179,945		6,425,836
GlaxoSmithKline PLC (Pharmaceuticals)		750,515		12,560,066
National Grid PLC (Multi-Utilities)		918,435		10,934,557
Unilever PLC (Personal Products)		320,249		18,271,423

				85,065,368

United States 58.3%
AbbVie, Inc. (Biotechnology)		207,561		17,663,441
Altria Group, Inc. (Tobacco)		408,440		14,736,515


12		MainStay Epoch Global Equity Yield Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.



	Shares		Value
Common Stocks (continued)
United States (continued)
Ameren Corp. (Multi-Utilities)		161,238	$	13,079,627
American Electric Power Co., Inc. (Electric Utilities)		139,413		12,537,411
American Tower Corp. (Equity Real Estate Investment Trusts)		33,851		7,773,882
Amgen, Inc. (Biotechnology)		48,995		10,628,975
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)		112,243		13,304,163
Apple, Inc. (Technology Hardware, Storage & Peripherals)		152,218		16,570,451
AT&T, Inc. (Diversified Telecommunication Services)		517,566		13,984,633
BlackRock, Inc. (Capital Markets)		16,034		9,607,733
Broadcom, Inc. (Semiconductors & Semiconductor Equipment)		37,174		12,997,146
Chevron Corp. (Oil, Gas & Consumable Fuels)		91,309		6,345,976
Cisco Systems, Inc. (Communications Equipment)		401,456		14,412,270
CME Group, Inc. (Capital Markets)		33,851		5,102,023
Coca-Cola Co. (Beverages)		212,015		10,189,441
Comcast Corp., Class A (Media)		183,954		7,770,217
Dominion Energy, Inc. (Multi-Utilities)		202,661		16,281,785
Dow, Inc. (Chemicals)		242,676		11,039,331
Duke Energy Corp. (Electric Utilities)		112,688		10,379,692
Eaton Corp. PLC (Electrical Equipment)		168,810		17,520,790
Emerson Electric Co. (Electrical Equipment)		160,881		10,423,480
Entergy Corp. (Electric Utilities)		135,404		13,705,593
Enterprise Products Partners, L.P. (Oil, Gas & Consumable Fuels)		576,360		9,550,285
Evergy, Inc. (Electric Utilities)		132,732		7,326,806
Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods)		516,675		8,302,967
Hasbro, Inc. (Leisure Products)		99,326		8,216,247
Home Depot, Inc. (Specialty Retail)		34,452		9,188,693
Intel Corp. (Semiconductors & Semiconductor Equipment)		185,290		8,204,641
International Business Machines Corp. (IT Services)		153,711		17,163,370
Iron Mountain, Inc. (Equity Real Estate Investment Trusts)		557,653		14,532,437
Johnson & Johnson (Pharmaceuticals)		103,780		14,229,276
JPMorgan Chase & Co. (Banks)		102,688		10,067,532
Kimberly-Clark Corp. (Household Products)		110,016		14,587,021
KLA Corp. (Semiconductors & Semiconductor Equipment)		87,300		17,213,814
Las Vegas Sands Corp. (Hotels, Restaurants & Leisure)		165,247		7,941,771
Lazard, Ltd., Class A (Capital Markets)		236,512		7,963,359
Leggett & Platt, Inc. (Household Durables)		176,827		7,378,991



	Shares		Value
United States (continued)
Lockheed Martin Corp. (Aerospace & Defense)		31,726	$	11,108,224
LyondellBasell Industries N.V., Class A (Chemicals)		121,596		8,323,246
Magellan Midstream Partners, L.P. (Oil, Gas & Consumable Fuels)		215,578		7,661,642
Maxim Integrated Products, Inc. (Semiconductors & Semiconductor Equipment)		52,558		3,660,665
McDonald’s Corp. (Hotels, Restaurants & Leisure)		32,069		6,830,697
Medtronic PLC (Health Care Equipment & Supplies)		69,710		7,010,735
Merck & Co., Inc. (Pharmaceuticals)		213,351		16,046,129
MetLife, Inc. (Insurance)		368,062		13,931,147
Microsoft Corp. (Software)		136,295		27,595,649
MSC Industrial Direct Co., Inc., Class A (Trading Companies & Distributors)		26,332		1,834,287
Nutrien, Ltd. (Chemicals)		458,503		18,651,902
PepsiCo., Inc. (Beverages)		81,955		10,923,782
Pfizer, Inc. (Pharmaceuticals)		382,161		13,559,072
Philip Morris International, Inc. (Tobacco)		234,731		16,670,596
Phillips 66 (Oil, Gas & Consumable Fuels)		120,260		5,611,332
PNC Financial Services Group, Inc. (Banks)		62,589		7,002,457
Procter & Gamble Co. (Household Products)		75,274		10,320,065
T. Rowe Price Group, Inc. (Capital Markets)		53,003		6,713,360
Target Corp. (Multiline Retail)		58,297		8,873,969
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		120,260		17,388,393
Truist Financial Corp. (Banks)		220,923		9,305,277
United Parcel Service, Inc., Class B (Air Freight & Logistics)		58,348		9,167,054
Vail Resorts, Inc. (Hotels, Restaurants & Leisure)		38,750		8,991,550
Verizon Communications, Inc. (Diversified Telecommunication Services)		418,685		23,860,858
Watsco, Inc. (Trading Companies & Distributors)		51,222		11,480,899
WEC Energy Group, Inc. (Multi-Utilities)		149,212		15,003,267
Welltower, Inc. (Equity Real Estate Investment Trusts)		182,618		9,819,370

				735,267,409

Total Common Stocks (Cost $1,153,657,702)				1,218,389,416


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					13

Portfolio of Investments October 31, 2020 (continued)



	Shares			Value
Short-Term Investment 1.5%
Affiliated Investment Company 1.5%
United States 1.5%
MainStay U.S. Government Liquidity Fund, 0.02% (c)		18,691,765		$	18,691,765

Total Short-Term Investment (Cost $18,691,765)					18,691,765

Total Investments (Cost $1,172,349,467)		98.1	%		1,237,081,181
Other Assets, Less Liabilities		1.9			24,302,418
Net Assets		100.0	%	$	1,261,383,599

†	Percentages indicated are based on Fund net assets.

(a)	Non-income producing security.

(b)	May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.

(c)	Current yield as of October 31, 2020.

The following abbreviations are used in the preceding pages:

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

The following is a summary of the fair valuations according to the inputs used as of October 31, 2020, for valuing the Fund’s assets:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total

Asset Valuation Inputs
Investments in Securities (a)
Common Stocks	$	1,218,389,416	$	—	$	—	$	1,218,389,416
Short-Term Investment
Affiliated Investment Company		18,691,765		—		—		18,691,765

Total Investments in Securities	$	1,237,081,181	$	—	$	—	$	1,237,081,181

(a)	For a complete listing of investments and their industries, see the Portfolio of Investments.


14		MainStay Epoch Global Equity Yield Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

The table below sets forth the diversification of the Fund’s investments by industry.

Industry Diversification


	Value		Percent †
Aerospace & Defense	$	22,305,663		1.8	%
Air Freight & Logistics		32,678,269		2.6
Auto Components		11,101,022		0.9
Banks		38,116,866		3.0
Beverages		27,539,059		2.2
Biotechnology		28,292,416		2.2
Capital Markets		39,175,623		3.1
Chemicals		49,661,553		3.9
Communications Equipment		14,412,270		1.1
Diversified Telecommunication Services		80,493,648		6.4
Electric Utilities		64,694,984		5.1
Electrical Equipment		27,944,270		2.2
Equity Real Estate Investment Trusts		32,125,689		2.5
Food Products		27,836,448		2.2
Gas Utilities		18,705,561		1.5
Health Care Equipment & Supplies		7,010,735		0.6
Hotels, Restaurants & Leisure		31,630,058		2.5
Household Durables		7,378,991		0.6
Household Products		24,907,086		2.0
Industrial Conglomerates		9,507,207		0.8
Insurance		78,242,406		6.2
IT Services		17,163,370		1.4
Leisure Products		8,216,247		0.6
Machinery		7,945,292		0.6
Media		7,770,217		0.6
Multi-Utilities		55,299,236		4.4
Multiline Retail		8,873,969		0.7
Oil, Gas & Consumable Fuels		42,927,200		3.4
Personal Products		18,271,423		1.4
Pharmaceuticals		134,834,751		10.7
Semiconductors & Semiconductor Equipment		95,705,673		7.6
Software		27,595,649		2.2
Specialty Retail		9,188,693		0.7
Technology Hardware, Storage & Peripherals		34,114,784		2.7
Textiles, Apparel & Luxury Goods		8,302,967		0.7
Tobacco		48,012,424		3.8
Trading Companies & Distributors		13,315,186		1.1
Wireless Telecommunication Services		7,092,511		0.6

		1,218,389,416		96.6
Short-Term Investment		18,691,765		1.5
Other Assets, Less Liabilities		24,302,418		1.9

Net Assets	$	1,261,383,599		100.0	%

†	Percentages indicated are based on Fund net assets.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					15

Statement of Assets and Liabilities as of October 31, 2020


Assets
Investment in unaffiliated securities, at value (identified cost $1,153,657,702)	$	1,218,389,416
Investment in affiliated investment company, at value (identified cost $18,691,765)		18,691,765
Receivables:
Investment securities sold		28,108,016
Dividends		9,006,329
Fund shares sold		1,047,107
Securities lending		1,198
Other assets		63,961

Total assets		1,275,307,792


Liabilities
Due to custodian		1,087,678
Payables:
Investment securities purchased		8,637,413
Fund shares redeemed		2,710,651
Manager (See Note 3)		903,426
Transfer agent (See Note 3)		391,753
Shareholder communication		64,557
NYLIFE Distributors (See Note 3)		63,602
Professional fees		39,369
Custodian		23,372
Trustees		1,836
Accrued expenses		536

Total liabilities		13,924,193

Net assets	$	1,261,383,599


Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	79,866
Additional paid-in capital		1,413,636,683

		1,413,716,549
Total distributable earnings (loss)		(152,332,950	)

Net assets	$	1,261,383,599


Class A
Net assets applicable to outstanding shares	$	103,165,906

Shares of beneficial interest outstanding		6,517,404

Net asset value per share outstanding	$	15.83
Maximum sales charge (5.50% of offering price)		0.92

Maximum offering price per share outstanding	$	16.75

Investor Class
Net assets applicable to outstanding shares	$	7,897,314

Shares of beneficial interest outstanding		499,934

Net asset value per share outstanding	$	15.80
Maximum sales charge (5.00% of offering price)		0.83

Maximum offering price per share outstanding	$	16.63

Class C
Net assets applicable to outstanding shares	$	42,298,047

Shares of beneficial interest outstanding		2,689,341

Net asset value and offering price per share outstanding	$	15.73

Class I
Net assets applicable to outstanding shares	$	1,106,793,016

Shares of beneficial interest outstanding		70,081,852

Net asset value and offering price per share outstanding	$	15.79

Class R2
Net assets applicable to outstanding shares	$	458,560

Shares of beneficial interest outstanding		28,952

Net asset value and offering price per share outstanding	$	15.84

Class R3
Net assets applicable to outstanding shares	$	445,752

Shares of beneficial interest outstanding		28,176

Net asset value and offering price per share outstanding	$	15.82

Class R6
Net assets applicable to outstanding shares	$	325,004

Shares of beneficial interest outstanding		20,829

Net asset value and offering price per share outstanding	$	15.60


16		MainStay Epoch Global Equity Yield Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Statement of Operations for the year ended October 31, 2020


Investment Income (Loss)
Income
Dividends-unaffiliated (a)	$	61,853,946
Dividends-affiliated		195,286
Securities lending		157,643
Other		259

Total income		62,207,134

Expenses
Manager (See Note 3)		11,376,635
Transfer agent (See Note 3)		2,468,710
Distribution/Service—Class A (See Note 3)		275,509
Distribution/Service—Investor Class (See Note 3)		22,025
Distribution/Service—Class C (See Note 3)		715,046
Distribution/Service—Class R2 (See Note 3)		1,310
Distribution/Service—Class R3 (See Note 3)		2,436
Professional fees		181,884
Registration		149,571
Custodian		132,632
Trustees		38,520
Interest expense		2,374
Shareholder service (See Note 3)		1,011
Shareholder communication		370
Miscellaneous		76,624

Total expenses before waiver/reimbursement		15,444,657
Expense waiver/reimbursement from Manager (See Note 3)		(812,717	)

Net expenses		14,631,940

Net investment income (loss)		47,575,194


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Unaffiliated investment transactions		(200,324,101	)
Foreign currency transactions		(277,547	)

Net realized gain (loss)		(200,601,648	)

Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		(66,714,924	)
Translation of other assets and liabilities in foreign currencies		325,890

Net change in unrealized appreciation (depreciation)		(66,389,034	)

Net realized and unrealized gain (loss)		(266,990,682	)

Net increase (decrease) in net assets resulting from operations	$	(219,415,488	)

(a)	Dividends recorded net of foreign withholding taxes in the amount of $3,015,965.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					17

Statements of Changes in Net Assets

for the years ended October 31, 2020 and October 31, 2019


	2020			2019
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	47,575,194		$	70,637,852
Net realized gain (loss)		(200,601,648	)		37,848,324
Net change in unrealized appreciation (depreciation)		(66,389,034	)		104,390,082

Net increase (decrease) in net assets resulting from operations		(219,415,488	)		212,876,258

Distributions to shareholders:
Class A		(5,145,312	)		(11,156,669	)
Investor Class		(414,339	)		(851,967	)
Class C		(3,136,339	)		(10,468,761	)
Class I		(70,734,292	)		(184,934,046	)
Class R2		(23,851	)		(50,124	)
Class R3		(20,647	)		(57,129	)
Class R6		(2,664,103	)		(7,059,652	)

Total distributions to shareholders		(82,138,883	)		(214,578,348	)

Capital share transactions:
Net proceeds from sale of shares		361,913,175			349,377,188
Net asset value of shares issued to shareholders in reinvestment of distributions		69,769,141			175,740,279
Cost of shares redeemed		(828,069,448	)		(1,210,497,335	)

Increase (decrease) in net assets derived from capital share transactions		(396,387,132	)		(685,379,868	)

Net increase (decrease) in net assets		(697,941,503	)		(687,081,958	)

Net Assets
Beginning of year		1,959,325,102			2,646,407,060

End of year	$	1,261,383,599		$	1,959,325,102


18		MainStay Epoch Global Equity Yield Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class A	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	18.75		$	18.38		$	19.66		$	17.42		$	18.83


Net investment income (loss) (a)		0.46			0.57			0.60			0.49			0.53

Net realized and unrealized gain (loss) on investments		(2.59	)		1.42			(1.30	)		2.24			(0.41	)

Net realized and unrealized gain (loss) on foreign currency transactions ‡		0.00			(0.00	)		(0.00	)		0.00			(0.00	)


Total from investment operations		(2.13	)		1.99			(0.70	)		2.73			0.12


Less distributions:

From net investment income		(0.45	)		(0.59	)		(0.56	)		(0.49	)		(0.51	)

From net realized gain on investments		(0.34	)		(1.03	)		(0.02	)		—			(1.02	)


Total distributions		(0.79	)		(1.62	)		(0.58	)		(0.49	)		(1.53	)


Net asset value at end of year	$	15.83		$	18.75		$	18.38		$	19.66		$	17.42


Total investment return (b)		(11.48	%)		11.66	%		(3.64	%)		15.88	%		0.87	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		2.74	%		3.17	%		3.07	%		2.62	%		2.97	%

Net expenses (c)		1.09	% (d)		1.10	%(d)		1.10	%		1.14	%		1.11	%(d)

Expenses (before waiver/reimbursement) (c)		1.14	%		1.14	%		1.16	%		1.14	%		1.11	%

Portfolio turnover rate		40	%		24	%		15	%		18	%		21	%

Net assets at end of year (in 000’s)	$	103,166		$	125,791		$	134,136		$	782,204		$	900,737

‡	Less than one cent per share.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(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%. (See Note 6)



	Year ended October 31,

Investor Class	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	18.72		$	18.35		$	19.63		$	17.39		$	18.80


Net investment income (loss) (a)		0.46			0.57			0.54			0.49			0.53

Net realized and unrealized gain (loss) on investments		(2.59	)		1.42			(1.24	)		2.25			(0.41	)

Net realized and unrealized gain (loss) on foreign currency transactions ‡		0.00			(0.00	)		(0.00	)		0.00			(0.00	)


Total from investment operations		(2.13	)		1.99			(0.70	)		2.74			0.12


Less distributions:

From net investment income		(0.45	)		(0.59	)		(0.56	)		(0.50	)		(0.51	)

From net realized gain on investments		(0.34	)		(1.03	)		(0.02	)		—			(1.02	)


Total distributions		(0.79	)		(1.62	)		(0.58	)		(0.50	)		(1.53	)


Net asset value at end of year	$	15.80		$	18.72		$	18.35		$	19.63		$	17.39


Total investment return (b)		(11.53	%)		11.67	%		(3.65	%)		15.93	%		0.87	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		2.70	%		3.15	%		2.80	%		2.66	%		3.04	%

Net expenses (c)		1.13	% (d)		1.11	%(d)		1.10	%		1.11	%		1.11	%(d)

Portfolio turnover rate		40	%		24	%		15	%		18	%		21	%

Net assets at end of year (in 000’s)	$	7,897		$	10,067		$	9,582		$	10,849		$	10,419

‡	Less than one cent per share.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(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%. (See Note 6)


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					19

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class C	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	18.62		$	18.25		$	19.53		$	17.30		$	18.71


Net investment income (loss) (a)		0.34			0.44			0.40			0.35			0.40

Net realized and unrealized gain (loss) on investments		(2.57	)		1.41			(1.25	)		2.24			(0.41	)

Net realized and unrealized gain (loss) on foreign currency transactions ‡		0.00			(0.00	)		(0.00	)		0.00			(0.00	)


Total from investment operations		(2.23	)		1.85			(0.85	)		2.59			(0.01	)


Less distributions:

From net investment income		(0.32	)		(0.45	)		(0.41	)		(0.36	)		(0.38	)

From net realized gain on investments		(0.34	)		(1.03	)		(0.02	)		—			(1.02	)


Total distributions		(0.66	)		(1.48	)		(0.43	)		(0.36	)		(1.40	)


Net asset value at end of year	$	15.73		$	18.62		$	18.25		$	19.53		$	17.30


Total investment return (b)		(12.14	%)		10.88	%		(4.41	%)		15.08	%		0.11	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		2.00	%		2.47	%		2.08	%		1.91	%		2.26	%

Net expenses (c)		1.84	% (d)		1.85	%(d)		1.84	%		1.86	%		1.86	%(d)

Expenses (before waiver/reimbursement) (c)		1.88	%		1.87	%		1.85	%		1.86	%		1.86	%

Portfolio turnover rate		40	%		24	%		15	%		18	%		21	%

Net assets at end of year (in 000’s)	$	42,298		$	97,872		$	138,182		$	189,291		$	221,557

‡	Less than one cent per share.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(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%. (See Note 6)



	Year ended October 31,

Class I	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	18.72		$	18.34		$	19.63		$	17.39		$	18.80


Net investment income (loss) (a)		0.50			0.62			0.59			0.53			0.57

Net realized and unrealized gain (loss) on investments		(2.59	)		1.43			(1.25	)		2.25			(0.40	)

Net realized and unrealized gain (loss) on foreign currency transactions ‡		0.00			(0.00	)		(0.00	)		0.00			(0.00	)


Total from investment operations		(2.09	)		2.05			(0.66	)		2.78			0.17


Less distributions:

From net investment income		(0.50	)		(0.64	)		(0.61	)		(0.54	)		(0.56	)

From net realized gain on investments		(0.34	)		(1.03	)		(0.02	)		—			(1.02	)


Total distributions		(0.84	)		(1.67	)		(0.63	)		(0.54	)		(1.58	)


Net asset value at end of year	$	15.79		$	18.72		$	18.34		$	19.63		$	17.39


Total investment return (b)		(11.31	%)		12.03	%		(3.44	%)		16.20	%		1.12	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		2.98	%		3.44	%		3.03	%		2.87	%		3.25	%

Net expenses (c)		0.84	% (d)		0.85	%(d)		0.85	%		0.89	%		0.86	%(d)

Expenses (before waiver/reimbursement) (c)		0.89	%		0.89	%		0.91	%		0.89	%		0.86	%

Portfolio turnover rate		40	%		24	%		15	%		18	%		21	%

Net assets at end of year (in 000’s)	$	1,106,793		$	1,657,341		$	2,279,815		$	2,850,185		$	2,817,292

‡	Less than one cent per share.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. 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%. (See Note 6)


20		MainStay Epoch Global Equity Yield Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class R2	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	18.77		$	18.39		$	19.67		$	17.42		$	18.83


Net investment income (loss) (a)		0.44			0.55			0.50			0.48			0.50

Net realized and unrealized gain (loss) on investments		(2.60	)		1.42			(1.24	)		2.25			(0.39	)

Net realized and unrealized gain (loss) on foreign currency transactions ‡		0.00			(0.00	)		(0.00	)		0.00			(0.00	)


Total from investment operations		(2.16	)		1.97			(0.74	)		2.73			0.11


Less distributions:

From net investment income		(0.43	)		(0.56	)		(0.52	)		(0.48	)		(0.50	)

From net realized gain on investments		(0.34	)		(1.03	)		(0.02	)		—			(1.02	)


Total distributions		(0.77	)		(1.59	)		(0.54	)		(0.48	)		(1.52	)


Net asset value at end of year	$	15.84		$	18.77		$	18.39		$	19.67		$	17.42


Total investment return (b)		(11.66	%)		11.55	%		(3.81	%)		15.83	%		0.77	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		2.59	%		3.02	%		2.60	%		2.58	%		2.86	%

Net expenses (c)		1.24	% (d)		1.24	%(d)		1.27	%		1.23	%		1.21	%(d)

Portfolio turnover rate		40	%		24	%		15	%		18	%		21	%

Net assets at end of year (in 000’s)	$	459		$	632		$	583		$	293		$	374

‡	Less than one cent per share.

(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 distributions. Class R2 shares are not subject to sales charges. For periods of less than one year, total return is not annualized.

(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(d)	Net of interest expense of less than 0.01%. (See Note 6)



	Year ended October 31,												February 29, 2016^ through October 31,

Class R3	2020			2019			2018			2017			2016

Net asset value at beginning of period	$	18.74		$	18.36		$	19.65		$	17.41		$	16.80


Net investment income (loss) (a)		0.40			0.53			0.47			0.29			0.29

Net realized and unrealized gain (loss) on investments		(2.60	)		1.40			(1.26	)		2.39			0.69

Net realized and unrealized gain (loss) on foreign currency transactions		0.00	‡		(0.00	)‡		(0.00	)‡		0.00	‡		0.01


Total from investment operations		(2.20	)		1.93			(0.79	)		2.68			0.99


Less distributions:

From net investment income		(0.38	)		(0.52	)		(0.48	)		(0.44	)		(0.38	)

From net realized gain on investments		(0.34	)		(1.03	)		(0.02	)		—			—


Total distributions		(0.72	)		(1.55	)		(0.50	)		(0.44	)		(0.38	)


Net asset value at end of period	$	15.82		$	18.74		$	18.36		$	19.65		$	17.41


Total investment return (b)		(11.87	%)		11.28	%		(4.10	%)		15.53	%		5.84	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		2.33	%		2.92	%		2.42	%		1.54	%		2.42	%††

Net expenses (c)		1.49	% (d)		1.49	%(d)		1.52	%		1.50	%		1.45	%††

Portfolio turnover rate		40	%		24	%		15	%		18	%		21	%

Net assets at end of period (in 000’s)	$	446		$	568		$	690		$	543		$	51

^	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 distributions. Class R3 shares are not subject to sales charges. For periods of less than one year, total return is not annualized.

(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(d)	Net of interest expense of less than 0.01%. (See Note 6)


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					21

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class R6	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	18.73		$	18.35		$	19.64		$	17.40		$	18.81


Net investment income (loss) (a)		0.54			0.63			0.63			0.48			0.53

Net realized and unrealized gain (loss) on investments		(2.81	)		1.43			(1.27	)		2.33			(0.34	)

Net realized and unrealized gain (loss) on foreign currency transactions ‡		0.00			(0.00	)		(0.00	)		0.00			(0.00	)


Total from investment operations		(2.27	)		2.06			(0.64	)		2.81			0.19


Less distributions:

From net investment income		(0.52	)		(0.65	)		(0.63	)		(0.57	)		(0.58	)

From net realized gain on investments		(0.34	)		(1.03	)		(0.02	)		—			(1.02	)


Total distributions		(0.86	)		(1.68	)		(0.65	)		(0.57	)		(1.60	)


Net asset value at end of year	$	15.60		$	18.73		$	18.35		$	19.64		$	17.40


Total investment return (b)		(12.32	%)		12.14	%		(3.32	%)		16.36	%		1.25	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		3.18	%		3.50	%		3.25	%		2.55	%		3.04	%

Net expenses (c)		0.74	% (d)		0.75	%(d)		0.74	%		0.74	%		0.74	%(d)

Expenses (before waiver/reimbursement) (c)		0.76	%		0.75	%		0.74	%		0.74	%		0.74	%

Portfolio turnover rate		40	%		24	%		15	%		18	%		21	%

Net assets at end of year (in 000’s)	$	325		$	67,054		$	83,418		$	111,720		$	33,404

‡	Less than one cent per share.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. 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 less than 0.01%. (See Note 6)


22		MainStay Epoch Global Equity Yield Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Notes to Financial Statements

Note 1–Organization and Business

The Fund currently has eight classes of shares registered for sale. Investor Class and Class C shares commenced operations on November 16, 2009. Class I and Class A shares commenced operations (under former designations) on December 27, 2005 and August 2, 2006, respectively. Class R6 shares commenced operations on June 17, 2013. Class R2 shares commenced operations on February 28, 2014. Class R3 shares commenced operations on February 29, 2016. SIMPLE Class shares were registered for sale effective as of August 31, 2020. As of October 31, 2020, SIMPLE Class shares were not yet offered for sale.

Class A and Investor Class shares are offered at net asset value (“NAV”) per share plus an initial sales charge. No initial sales charge applies to investments of $1 million or more (and certain other qualified purchases) in Class A and Investor Class shares. However, a contingent deferred sales charge (“CDSC”) 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. Class C shares are offered at NAV without an initial sales charge, although a 1.00% CDSC may be imposed on certain redemptions of such shares made within one year of the date of purchase of Class C shares. Class I, Class R2, Class R3 and Class R6 shares are offered at NAV without a sales charge. SIMPLE Class shares are currently expected to be offered at NAV without a sales charge. In addition, depending upon eligibility, Class C shares convert to either Class A or Investor Class shares at the end of the calendar quarter ten years after the date they were purchased. Additionally, Investor Class shares may convert automatically to Class A shares. Under certain circumstances and as may be permitted by the Trust’s multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that Class C shares are subject to higher distribution and/or service fees than Class A, Investor Class, Class R2, Class R3 and SIMPLE Class shares under distribution plans pursuant to Rule 12b-1 under the 1940 Act. Class I and Class R6 shares are not subject to a distribution and/or service fee. Class R2 and Class R3 shares are subject to a shareholder service fee, which is in addition to fees paid under the distribution plans for Class R2 and Class R3 shares.

The Fund’s investment objective is to seek a high level of income. Capital appreciation is a secondary investment objective.

Note 2–Significant Accounting Policies

The Board of Trustees of the Trust (the “Board”) adopted procedures establishing methodologies for the valuation of the Fund’s securities and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Trust (the “Valuation Committee”). The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for the day-to-day valuation of portfolio assets (including fair value measurements for the Fund’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)). To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Fund’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources.


			23

Notes to Financial Statements (continued)

purposes. “Inputs” refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

•

Level 1—quoted prices in active markets for an identical asset or liability

•

Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:


• Broker/dealer quotes		• Benchmark securities
• Two-sided markets		• Reference data (corporate actions or material event notices)
• Bids/offers		• Monthly payment information
• Industry and economic events		• Reported trades

same security determined by other funds using their own valuation procedures. Although the Fund’s valuation procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security’s sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the year ended October 31, 2020, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. No securities held by the Fund as of October 31, 2020, were fair valued in such a manner.


24		MainStay Epoch Global Equity Yield Fund

The Manager evaluates the Fund’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund’s financial statements. The Fund’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

positions still held are reflected as a liability in the Statement of Assets and Liabilities, as well as an adjustment to the Fund’s net unrealized appreciation (depreciation). Taxes related to capital gains realized, if any, are reflected as part of net realized gain (loss) in the Statement of Operations. Changes in tax liabilities related to capital gains taxes on unrealized investment gains, if any, are reflected as part of the change in net unrealized appreciation (depreciation) on investments in the Statement of Operations. Transaction-based charges are generally assessed as a percentage of the transaction amount.

(D) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare and pay dividends from net investment income, if any, at least quarterly and distributions from net realized capital and currency gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(H) Repurchase Agreements. The Fund may enter into repurchase agreements (i.e., buy a security from another party with the agreement that it will be sold back in the future) to earn income. The


			25

Notes to Financial Statements (continued)

Fund may enter into repurchase agreements only with counterparties, usually financial institutions, that are deemed by the Manager or the Subadvisor to be creditworthy, pursuant to guidelines established by the Board. During the term of any repurchase agreement, the Manager or the Subadvisor will continue to monitor the creditworthiness of the counterparty. Under the 1940 Act, repurchase agreements are considered to be collateralized loans by the Fund to the counterparty secured by the securities transferred to the Fund.

Repurchase agreements are subject to counterparty risk, meaning the Fund could lose money by the counterparty’s failure to perform under the terms of the agreement. The Fund mitigates this risk by ensuring the repurchase agreement is collateralized by cash, U.S. government securities, fixed income securities and/or other securities. The collateral is held by the Fund’s custodian and valued daily on a mark to market basis to determine if the value, including accrued interest, exceeds the repurchase price. In the event of the counterparty’s default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, such as in the event of default or bankruptcy by the counterparty, realization and/or retention of the collateral may be limited or subject to delay, to legal proceedings and possible realized loss to the Fund. As of October 31, 2020, the Fund did not hold any repurchase agreements.

(i)	market value of investment securities, other assets and liabilities— at the valuation date; and

(ii)	purchases and sales of investment securities, income and expenses—at the date of such transactions.

(L) Large Transaction Risks. From time to time, the 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 the Fund’s performance if the Fund were required to sell securities or invest cash at times when it otherwise would not do so. This activity could also accelerate the realization of capital gains and increase the Fund’s transaction costs. The Fund has adopted procedures designed to mitigate the negative impacts of such large transactions, but there can be no assurance that these procedures will be effective.

(M) Indemnifications. Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.


26		MainStay Epoch Global Equity Yield Fund

Note 3–Fees and Related Party Transactions

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of 0.70% of the Fund’s average daily net assets.

During the year ended October 31, 2020, New York Life Investments earned fees from the Fund in the amount of $11,376,635 and waived fees and/or reimbursed expenses, including the voluntary waiver/reimbursement of certain class-specific expenses, in the amount of $812,717 and paid the Subadvisor in the amount of $5,688,317.

Pursuant to the Class A, Investor Class and Class R2 Plans, the Distributor receives a monthly distribution fee from the Class A, Investor Class and Class R2 shares at an annual rate of 0.25% of the average daily net assets of the Class A, Investor Class and Class R2 shares for distribution and/or service activities as designated by the Distributor. Pursuant to the Class C Plan, Class C shares pay the Distributor a monthly distribution fee at an annual rate of 0.75% of the average daily net assets of the Class C shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class C shares, for a total 12b-1 fee of 1.00%. Pursuant to the Class R3 Plan, Class R3 shares pay the Distributor a monthly fee at an annual rate of 0.25% of the average daily net assets of the Class R3 shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class R3 shares, for a total 12b-1 fee of 0.50%. Class I and Class R6 shares are not subject to a distribution and/or service fee.

In accordance with the Shareholder Services Plan for the Class R2 and Class R3 shares, the Manager has agreed to provide, through its affiliates or independent third parties, various shareholder and administrative support services to shareholders of the Class R2 and Class R3 shares. For its services, the Manager, its affiliates or independent third-party service providers are entitled to a shareholder service fee accrued daily and paid monthly at an annual rate of 0.10% of the average daily net assets of the Class R2 and Class R3 shares. This is in addition to any fees paid under the Class R2 and Class R3 Plans.

During the year ended October 31, 2020, shareholder service fees incurred by the Fund were as follows:



Class R2	$	524
Class R3		487

The Fund was also advised that the Distributor retained CDSCs on redemptions of Class A and Class C shares during the year ended October 31, 2020, of $1,297 and $2,405, respectively.


			27

Notes to Financial Statements (continued)

of that share class’s average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until February 28, 2021, 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. During the year ended October 31, 2020, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:


Class		Expense		Waived

Class A	$	173,229	$	—
Investor Class		12,504		—
Class C		100,080		—
Class I		2,179,554		—
Class R2		824		—
Class R3		762		—
Class R6		1,757		—


Affiliated Investment Company	Value, Beginning of Year		Purchases at Cost		Proceeds from Sales			Net Realized Gain/ (Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Year		Dividend Income		Other Distributions		Shares End of Year

MainStay U.S. Government Liquidity Fund	$	38,943	$	513,991	$	(534,242	)	$	—	$	—	$	18,692	$	195	$	—		18,692

(G) Capital. As of October 31, 2020, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:



Class R2	$	28,559	6.2	%
Class R3		28,752	6.5

Note 4–Federal Income Tax


	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)

Investments in Securities	$	1,189,047,634	$	166,866,517	$	(118,834,245	)	$	48,032,272

As of October 31, 2020, the components of accumulated gain (loss) on a tax basis were as follows:


Ordinary Income	Accumulated Capital and Other Gain (Loss)	Other Temporary Differences	Unrealized Appreciation (Depreciation)	Total Accumulated Gain (Loss)

$4,918,670	$(205,555,324)	$—	$48,303,704	$(152,332,950)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is primarily due to wash sale adjustments and partnerships. The other temporary differences are primarily due to mark to market of forward contracts.

As of October 31, 2020, for federal income tax purposes, capital loss carryforwards of $205,555,324 were available as shown in the table below, to the extent provided by the regulations to offset future realized gains of the Fund through the years indicated. To the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders. No capital gain distributions shall be made until any capital loss carryforwards have been fully utilized.


Capital Loss Available Through	Short-Term Capital Loss Amounts (000’s)	Long-Term Capital Loss Amounts (000’s)

Unlimited	$69,975	$135,580

During the years ended October 31, 2020, and October 31, 2019, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets were as follows:


	2020		2019

Distributions paid from:
Ordinary Income	$	46,400,441	$	71,357,536
Long-Term Capital Gain		35,738,442		143,220,812
Total	$	82,138,883	$	214,578,348


28		MainStay Epoch Global Equity Yield Fund

Note 5–Custodian

Note 6–Line of Credit

Effective July 28, 2020, under the credit agreement (the “Credit Agreement”), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to JP Morgan Chase Bank NA, who serves as the agent to the syndicate. The commitment fee is allocated among the Fund and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Rate or the one-month London Interbank Offered Rate (“LIBOR”), whichever is higher. The Credit Agreement expires on July 27, 2021, although the Fund, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate of banks. Prior to July 28, 2020, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement, but State Street served as agent to the syndicate.

During the year ended October 31, 2020 the Fund utilized the line of credit for a total of 4 days, maintained an average daily balance of $20,619,250 at a weighted average interest rate of 1.03% and incurred interest expense in the amount of $2,374. As of October 31, 2020, there were no borrowings outstanding with respect to the Fund under the Credit Agreement or the credit agreement for which State Street served as agent.

Note 7–Interfund Lending Program

Note 8–Purchases and Sales of Securities (in 000’s)

During the year ended October 31, 2020, purchases and sales of securities, other than short-term securities, were $623,851 and $1,049,709, respectively.

Note 9–Capital Share Transactions

Transactions in capital shares for the years ended October 31, 2020, and October 31, 2019, were as follows:


Class A	Shares			Amount

Year ended October 31, 2020:
Shares sold		1,967,589		$	32,849,885
Shares issued to shareholders in reinvestment of distributions		281,903			4,699,048
Shares redeemed		(2,495,861	)		(40,787,576	)

Net increase (decrease) in shares outstanding before conversion		(246,369	)		(3,238,643	)
Shares converted into Class A (See Note 1)		71,291			1,178,778
Shares converted from Class A (See Note 1)		(14,681	)		(255,118	)

Net increase (decrease)		(189,759	)	$	(2,314,983	)

Year ended October 31, 2019:
Shares sold		1,388,390		$	24,952,515
Shares issued to shareholders in reinvestment of distributions		575,361			10,059,761
Shares redeemed		(2,595,613	)		(46,495,593	)

Net increase (decrease) in shares outstanding before conversion		(631,862	)		(11,483,317	)
Shares converted into Class A (See Note 1)		52,327			953,215
Shares converted from Class A (See Note 1)		(12,638	)		(229,039	)

Net increase (decrease)		(592,173	)	$	(10,759,141	)



Investor Class	Shares			Amount

Year ended October 31, 2020:
Shares sold		72,783		$	1,217,338
Shares issued to shareholders in reinvestment of distributions		24,777			412,254
Shares redeemed		(104,256	)		(1,752,343	)

Net increase (decrease) in shares outstanding before conversion		(6,696	)		(122,751	)
Shares converted into Investor Class (See Note 1)		3,709			60,290
Shares converted from Investor Class (See Note 1)		(34,880	)		(596,092	)

Net increase (decrease)		(37,867	)	$	(658,553	)

Year ended October 31, 2019:
Shares sold		80,288		$	1,437,101
Shares issued to shareholders in reinvestment of distributions		48,480			846,922
Shares redeemed		(85,134	)		(1,537,099	)

Net increase (decrease) in shares outstanding before conversion		43,634			746,924
Shares converted into Investor Class (See Note 1)		12,496			227,930
Shares converted from Investor Class (See Note 1)		(40,658	)		(738,751	)

Net increase (decrease)		15,472		$	236,103


			29

Notes to Financial Statements (continued)


Class C	Shares			Amount

Year ended October 31, 2020:
Shares sold		180,256		$	3,062,043
Shares issued to shareholders in reinvestment of distributions		138,025			2,312,613
Shares redeemed		(2,842,169	)		(46,642,965	)

Net increase (decrease) in shares outstanding before conversion		(2,523,888	)		(41,268,309	)
Shares converted from Class C (See Note 1)		(42,044	)		(668,840	)

Net increase (decrease)		(2,565,932	)	$	(41,937,149	)

Year ended October 31, 2019:
Shares sold		393,915		$	6,921,596
Shares issued to shareholders in reinvestment of distributions		458,454			7,937,006
Shares redeemed		(3,152,085	)		(56,057,971	)

Net increase (decrease) in shares outstanding before conversion		(2,299,716	)		(41,199,369	)
Shares converted from Class C (See Note 1)		(15,619	)		(282,220	)

Net increase (decrease)		(2,315,335	)	$	(41,481,589	)



Class I	Shares			Amount

Year ended October 31, 2020:
Shares sold		19,441,904		$	320,299,767
Shares issued to shareholders in reinvestment of distributions		3,586,988			59,636,707
Shares redeemed		(41,503,028	)		(672,684,989	)

Net increase in shares outstanding before conversion		(18,474,136	)		(292,748,515	)
Shares converted into Class I (See Note 1)		16,253			280,982

Net increase (decrease)		(18,457,883	)	$	(292,467,533	)

Year ended October 31, 2019:
Shares sold		17,629,092		$	313,628,741
Shares issued to shareholders in reinvestment of distributions		8,605,612			149,729,860
Shares redeemed		(61,974,606	)		(1,079,357,568	)

Net increase (decrease) in shares outstanding before conversion		(35,739,902	)		(615,998,967	)
Shares converted into Class I (See Note 1)		3,931			68,865

Net increase (decrease)		(35,735,971	)	$	(615,930,102	)



Class R2	Shares			Amount

Year ended October 31, 2020:
Shares sold		1,271		$	22,020
Shares issued to shareholders in reinvestment of distributions		1,430			23,851
Shares redeemed		(7,402	)		(123,706	)

Net increase (decrease)		(4,701	)	$	(77,835	)

Year ended October 31, 2019:
Shares issued to shareholders in reinvestment of distributions		2,861			50,124
Shares redeemed		(897	)		(16,605	)

Net increase (decrease)		1,964		$	33,519


Class R3	Shares			Amount

Year ended October 31, 2020:
Shares sold		3,768		$	63,647
Shares issued to shareholders in reinvestment of distributions		1,222			20,565
Shares redeemed		(7,128	)		(104,448	)

Net increase (decrease)		(2,138	)	$	(20,236	)

Year ended October 31, 2019:
Shares sold		6,744		$	120,703
Shares issued to shareholders in reinvestment of distributions		3,263			56,954
Shares redeemed		(17,285	)		(314,213	)

Net increase (decrease)		(7,278	)	$	(136,556	)



Class R6	Shares			Amount

Year ended October 31, 2020:
Shares sold		313,727		$	4,398,475
Shares issued to shareholders in reinvestment of distributions		161,020			2,664,103
Shares redeemed		(4,034,612	)		(65,973,421	)

Net increase (decrease)		(3,559,865	)	$	(58,910,843	)

Year ended October 31, 2019:
Shares sold		129,598		$	2,316,532
Shares issued to shareholders in reinvestment of distributions		405,153			7,059,652
Shares redeemed		(1,499,964	)		(26,718,286	)

Net increase (decrease)		(965,213	)	$	(17,342,102	)

Note 10–Recent Accounting Pronouncement


30		MainStay Epoch Global Equity Yield Fund

Note 11–Other Matters

Note 12–Subsequent Events

Effective at the close of business on November 20, 2020, all services provided by State Street were transitioned to JPMorgan Chase Bank, N.A.


			31

Report of Independent Registered Public Accounting Firm

To the Shareholders of the Fund and Board of Trustees

MainStay Funds Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of MainStay Epoch Global Equity Yield Fund (the Fund), one of the funds constituting MainStay Funds Trust, including the portfolio of investments, as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2020, by correspondence with the custodian, the transfer agent, and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

LOGO

We have served as the auditor of one or more New York Life Investment Management investment companies since 2003.

Philadelphia, Pennsylvania

December 23, 2020


32		MainStay Epoch Global Equity Yield Fund

Federal Income Tax Information

(Unaudited)

The Fund is required under the Internal Revenue Code to advise shareholders in a written statement as to the federal tax status of dividends paid by the Fund during such fiscal years. Accordingly, the Fund paid $35,486,141 as long term capital gain distributions.

For the fiscal year ended October 31, 2020, the Fund designated approximately $46,400,441 under the Internal Revenue Code as qualified dividend income eligible for reduced tax rates.

The dividends paid by the Fund during the fiscal year ended October 31, 2020 should be multiplied by 62.61% to arrive at the amount eligible for the corporate dividend-received deduction.

Proxy Voting Policies and Procedures and Proxy Voting Record

Shareholder Reports and Quarterly Portfolio Disclosure


			33

Board of Trustees and Officers (Unaudited)

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Interested Trustee

Yie-Hsin Hung*

1962

MainStay Funds:
Trustee since 2017

MainStay Funds Trust:
Trustee since 2017

MainStay VP Funds Trust:
Trustee since 2017 (31 portfolios); and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017.


34		MainStay Epoch Global Equity Yield Fund

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

David H. Chow

1957

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Founder and CEO, DanCourt Management, LLC since 1999

Susan B. Kerley

1951

MainStay Funds:
Chairman since 2017 and Trustee since 2007;

MainStay Funds Trust: Chairman since 2017 and Trustee since 1990.**

President, Strategic Management Advisors LLC since 1990

MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007 (31 portfolios)***;
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; and

Legg Mason Partners Funds: Trustee since 1991 (45 portfolios).

Alan R. Latshaw

1951

MainStay Funds:
Trustee;

MainStay Funds Trust:
Trustee and Audit Committee Financial Expert since 2007.**

Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006)

Richard H. Nolan, Jr.

1946

MainStay Funds:
Trustee since 2007;

MainStay Funds Trust:
Trustee since 2007.**

Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004)

MainStay VP Funds Trust: Trustee since 2006 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Jacques P. Perold

1958

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Allstate Corporation: Director since 2015;
MSCI, Inc.: and Director since 2017.


			35

Board of Trustees and Officers (Unaudited) (continued)

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

Richard S. Trutanic

1952

MainStay Funds: Trustee since 1994;

MainStay Funds Trust: Trustee since 2007.**

MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust.

***

Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


36		MainStay Epoch Global Equity Yield Fund


	Name and Year of Birth	Position(s) Held and Length of Service	Principal Occupation(s) During Past Five Years
Officers of the Trust (Who are not Trustees)*	Kirk C. Lehneis 1974	President, MainStay Funds, MainStay Funds Trust since 2017	Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers since 2017 and Senior Managing Director since 2018, NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since 2017**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC
	Jack R. Benintende 1964	Treasurer and Principal Financial and Accounting Officer, MainStay Funds since 2007, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2007**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012)
	Yi-Chia Kuo 1981	Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust since January 2020	Chief Compliance Officer, Index IQ Trust, Index IQ ETF Trust and Index IQ Active ETF Trust since January 2020; Vice President and Chief Compliance Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since January 2020; Director and Associate General Counsel, New York Life Insurance Company (2015 to 2019)
	J. Kevin Gao 1967	Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust since 2010	Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2010**
	Scott T. Harrington 1959	Vice President— Administration, MainStay Funds since 2005, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2005**

Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


			37

MainStay Funds

Equity

U.S. Equity

MainStay Epoch U.S. All Cap Fund

MainStay Epoch U.S. Equity Yield Fund

MainStay MacKay Common Stock Fund

MainStay MacKay Growth Fund

MainStay MacKay S&P 500 Index Fund

MainStay MacKay Small Cap Core Fund

MainStay MacKay U.S. Equity Opportunities Fund

MainStay MAP Equity Fund

MainStay Winslow Large Cap Growth Fund¹

International Equity

MainStay Epoch International Choice Fund

MainStay MacKay International Equity Fund

MainStay MacKay International Opportunities Fund

Emerging Markets Equity

MainStay Candriam Emerging Markets Equity Fund

Global Equity

MainStay Epoch Capital Growth Fund

MainStay Epoch Global Equity Yield Fund

Fixed Income

Taxable Income

MainStay Candriam Emerging Markets Debt Fund

MainStay Floating Rate Fund

MainStay MacKay High Yield Corporate Bond Fund

MainStay MacKay Short Duration High Yield Fund

MainStay MacKay Total Return Bond Fund

MainStay MacKay Unconstrained Bond Fund

MainStay MacKay U.S. Infrastructure Bond Fund²

MainStay Short Term Bond Fund³

Tax-Exempt Income

MainStay MacKay California Tax Free Opportunities Fund⁴

MainStay MacKay High Yield Municipal Bond Fund

MainStay MacKay Intermediate Tax Free Bond Fund

MainStay MacKay New York Tax Free Opportunities Fund⁵

MainStay MacKay Short Term Municipal Fund

MainStay MacKay Tax Free Bond Fund

Money Market

MainStay Money Market Fund

Mixed Asset

MainStay Balanced Fund

MainStay Income Builder Fund

MainStay MacKay Convertible Fund

Speciality

MainStay CBRE Global Infrastructure Fund

MainStay CBRE Real Estate Fund

MainStay Cushing MLP Premier Fund

Asset Allocation

MainStay Conservative Allocation Fund

MainStay Conservative ETF Allocation Fund

MainStay Defensive ETF Allocation Fund

MainStay Equity Allocation Fund⁶

MainStay Equity ETF Allocation Fund

MainStay Growth Allocation Fund⁷

MainStay Growth ETF Allocation Fund

MainStay Moderate Allocation Fund

MainStay Moderate ETF Allocation Fund

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium S.A.⁸

Brussels, Belgium

Candriam Luxembourg S.C.A.⁸

Strassen, Luxembourg

CBRE Clarion Securities LLC

Radnor, Pennsylvania

Cushing Asset Management, LP

Dallas, Texas

Epoch Investment Partners, Inc.

New York, New York

MacKay Shields LLC⁸

New York, New York

Markston International LLC

White Plains, New York

NYL Investors LLC⁸

New York, New York

Winslow Capital Management, LLC

Minneapolis, Minnesota

Legal Counsel

Dechert LLP

Washington, District of Columbia

Independent Registered Public Accounting Firm

KPMG LLP

Philadelphia, Pennsylvania

Distributor

NYLIFE Distributors LLC⁸

Jersey City, New Jersey

Custodian⁹

State Street Bank and Trust Company

Boston, Massachusetts

1.	Formerly known as MainStay Large Cap Growth Fund.

2.	Formerly known as MainStay MacKay Infrastructure Bond Fund.

3.	Formerly known as MainStay Indexed Bond Fund.

4.	This Fund is registered for sale in AZ, CA, NV, OR, TX, UT and WA. Class A and Class I shares are registered for sale in MI. Class I and Class C2 shares are registered for sale in CO, FL, GA, HI, ID, MA, MD, NH, NJ and NY.

5.	This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT.

6.	Formerly known as MainStay Growth Allocation Fund.

7.	Formerly known as MainStay Moderate Growth Allocation Fund.

8.	An affiliate of New York Life Investment Management LLC.

Not part of the Annual Report

For more information

800-624-6782

newyorklifeinvestments.com

1717040 MS203-20

MSEGE11-12/20

(NYLIM) NL241

MainStay Epoch International Choice Fund

Message from the President and Annual Report

October 31, 2020


Not FDIC/NCUA Insured		Not a Deposit		May Lose Value		No Bank Guarantee		Not Insured by Any Government Agency

LOGO

This page intentionally left blank

Message from the President

Sincerely,

LOGO

Kirk C. Lehneis

President

Not part of the Annual Report

Table of Contents


Annual Report

Investment and Performance Comparison			5

Portfolio Management Discussion and Analysis			9

Portfolio of Investments			11

Financial Statements			13

Notes to Financial Statements			20

Report of Independent Registered Public Accounting Firm			28

Federal Income Tax Information			29

Proxy Voting Policies and Procedures and Proxy Voting Record			29

Shareholder Reports and Quarterly Portfolio Disclosure			29

Board of Trustees and Officers			30

Investment and Performance Comparison^{1 (Unaudited)}

LOGO

Average Annual Total Returns for the Year-Ended October 31, 2020

Class

Sales Charge

Inception
Date

One Year
or Since
Inception

Five

Year

Ten

Years

Gross
Expense
Ratio²

Class A Shares

Maximum 5.5% Initial Sales Charge

With sales charges

Excluding sales charges

9/1/2006

–8.21

–2.87

1.69

2.85

2.56

3.15

1.20

Investor Class Shares³

Maximum 5% Initial Sales Charge

With sales charges

Excluding sales charges

4/29/2008

–8.43

–3.10

1.49

2.64

2.39

2.97

1.43

Class C Shares

Maximum 1% CDSC

if Redeemed Within One Year of Purchase

With sales charges

Excluding sales charges

9/1/2006

–4.76

–3.81

1.83

2.18

Class I Shares

No Sales Charge

12/31/1997

–2.61

3.12

3.45

0.95

Class R1 Shares

No Sales Charge

9/1/2006

–2.69

3.01

3.34

1.05

Class R2 Shares

No Sales Charge

9/1/2006

–2.94

2.76

3.05

1.30

Class R3 Shares

No Sales Charge

9/1/2006

–3.21

2.49

2.79

1.55

SIMPLE Class Shares

No Sales Charge

8/31/2020

–6.43

N/A

1.68

been lower. For more information on share classes and current fee waivers and/or expense limitations (if any), please refer to the Notes to Financial Statements.

2.	The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report.

3.	Prior to June 30, 2020, the maximum initial sales charge for Investor Class shares was 5.5%, which is reflected in the average annual total return figures shown.

The footnotes on the next page are an integral part of the table and graph and should be carefully read in conjunction with them.


			5


Benchmark Performance	One Year	Five Year			Ten Years

MSCI EAFE^® Index⁴	–6.86%		2.85	%		3.82	%
Morningstar Foreign Large Blend Category Average⁵	–4.19		3.23			3.65

The MSCI EAFE^® Index is the Fund’s primary broad-based securities market index for comparison purposes. The MSCI EAFE^® Index consists of international stocks representing the developed world outside North America. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

5.	The Morningstar Foreign Large Blend Category Average is representative of funds that invest in a variety of big international stocks. Most of these portfolios divide their assets among a dozen or more developed markets,

including Japan, Britain, France, and Germany. These portfolios primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.

The footnotes on the preceding page are an integral part of the table and graph and should be carefully read in conjunction with them.


6		MainStay Epoch International Choice Fund

Cost in Dollars of a $1,000 Investment in MainStay Epoch International Choice Fund (Unaudited)

Example

This example illustrates your Fund’s ongoing costs in two ways:

Actual Expenses

multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes



Share Class	Beginning Account Value 5/1/20		Ending Account Value (Based on Actual Returns and Expenses) 10/31/20		Expenses Paid During Period¹		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/20		Expenses Paid During Period¹		Net Expense Ratio During Period²

Class A Shares	$	1,000.00	$	1,087.50	$	6.35	$	1,019.05	$	6.14	1.21%

Investor Class Shares	$	1,000.00	$	1,086.00	$	7.66	$	1,017.80	$	7.41	1.46%

Class C Shares	$	1,000.00	$	1,082.20	$	11.57	$	1,014.03	$	11.19	2.21%

Class I Shares	$	1,000.00	$	1,088.90	$	4.99	$	1,020.36	$	4.82	0.95%

Class R1 Shares	$	1,000.00	$	1,088.40	$	5.51	$	1,019.86	$	5.33	1.05%

Class R2 Shares	$	1,000.00	$	1,086.90	$	6.82	$	1,018.60	$	6.60	1.30%

Class R3 Shares	$	1,000.00	$	1,085.40	$	8.18	$	1,017.29	$	7.91	1.56%

SIMPLE Class Shares^3,4	$	1,000.00	$	935.70	$	2.77	$	1,005.47	$	2.87	1.72%

Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 366 and multiplied by 184 (to reflect the six-month period) and 61 days for SIMPLE Class share (to reflect the since-inception period. The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures.

2.	Expenses are equal to the Fund’s annualized expense ratio to reflect the six-month period.

3.	The inception date was August 31, 2020.

Expenses paid during the period reflect ongoing costs for the period from inception through October 31, 2020. Had these shares been offered for the full six-month period ended October 31, 2020, and had the Fund provided a hypothetical 5% annualized return, expenses paid during the period would have been $8.72 for SIMPLE Class shares and the ending account value would have been $1,016.49 for SIMPLE Class shares.


			7

Country Composition as of October 31, 2020 (Unaudited)



Japan	22.3	%

France	18.6

Switzerland	15.5

United Kingdom	12.0

Netherlands	11.3

United States	8.9

Spain	6.4



Republic of Korea	4.3	%

Finland	2.2

Macao	2.0

Other Assets, Less Liabilities	–3.5


	100.0	%

See Portfolio of Investments beginning on page 11 for specific holdings within these categories. The Fund’s holdings are subject to change.

Top Ten Holdings as of October 31, 2020 (excluding short-term investments) (Unaudited)

1.	Samsung Electronics Co., Ltd., GDR

2.	Cellnex Telecom S.A.

3.	Takeda Pharmaceutical Co., Ltd.

4.	Nestle S.A., Registered

5.	SoftBank Group Corp.

6.	Roche Holding A.G.

7.	Bureau Veritas S.A.

8.	Ubisoft Entertainment S.A.

9.	Koninklijke Philips N.V.

10.	Sony Corp.


8		MainStay Epoch International Choice Fund

Portfolio Management Discussion and Analysis (Unaudited)

Questions answered by portfolio managers Michael A. Welhoelter, CFA, William J. Booth, CFA, and Glen Petraglia, CFA, of Epoch Investment Partners, Inc., the Fund’s Subadvisor.

How did MainStay Epoch International Choice Fund perform relative to its benchmark and peer group during the 12 months ended October 31, 2020?

For the 12 months ended October 31, 2020, Class I shares of MainStay Epoch International Choice Fund returned –2.61%, outperforming the –6.86% return of the Fund’s primary benchmark, the MSCI EAFE^® Index. Over the same period, Class I shares also outperformed the –4.19% return of the Morningstar Foreign Large Blend Category Average.¹

What factors affected the Fund’s relative performance during the reporting period?

Relative to the MSCI EAFE^® Index, the Fund’s underweight exposure to the energy sector, the worst performing sector in the Index, as well as overweight exposure to information technology, the Index’s best performing sector, notably bolstered returns. Performance was further enhanced by positive stock selection in the communications services sector and, to a lesser degree, the materials and information technology sectors. Relatively strong gains in these areas were offset somewhat by comparatively weak stock selection in the financials and industrials sectors.

During the reporting period, were there any market events that materially impacted the Fund’s performance or liquidity?

The COVID-19 pandemic created an unprecedented market environment, which resulted in extreme volatility. The MSCI EAFE^® Index declined almost 23% in the first quarter of 2020, before rebounding 15% and 5% in the second and third quarters, respectively. The Fund outperformed the Index in each of these varied market environments.

From a sector perspective, the strongest positive contributors to the Fund’s performance relative to the MSCI EAFE^® Index included communication services, materials and information technology. (Contributions take weightings and total returns into account.) Conversely, the financials, industrials and health care sectors detracted from returns relative to the Index.

From a country perspective, the Fund’s investments in the Netherlands and Spain made the strongest positive contributions to relative returns, while holdings in Denmark detracted most significantly.

During the reporting period, which individual stocks made the strongest positive contributions to the Fund’s absolute performance and which stocks detracted the most?

The Fund’s top contributors to absolute performance included shares in Japanese conglomerate SoftBank Group; Europe’s largest telecommunication towers company Cellnex Telecom; and semiconductor equipment manufacturer ASML Holding.

SoftBank’s portfolio of holdings extends from mobile and fixed-line telecommunications to e-commerce, digital content, technology services and beyond. The company’s most significant asset is a 25% stake in Alibaba Group, a Chinese multinational Internet behemoth with a sizeable global position in e-commerce, fintech, cloud computing, artificial intelligence, and advertising. During the reporting period, SoftBank demonstrated that it was serious about capital stewardship and maximizing shareholder value. The company neared completion of almost 4.5 trillion yen in asset sales, and made significant progress on a 2.5 trillion yen share buyback program to which it committed through 2021. Meanwhile, management of the company’s controversial SoftBank Vision Fund subsidiary demonstrated heightened discipline and an improved strategy. These positive steps resulted in a tightening of the group’s discount to tax-effected NAV (net asset value). Accordingly, the Fund continued to own the stock based on the group’s unique asset base and improving capital allocation policies, but reduced its position size following strong share price performance.

Cellnex is essentially an out-sourced infrastructure provider, operating telecommunications towers for mobile phone companies. The stock performed well, particularly during the second quarter of 2020, due to the announcement of three M&A (merger and acquisition) transactions as well as its ‘quality growth’ investment case.

ASML develops, produces and markets photolithography machines used in the manufacture of semiconductors. Lithography orders were up strongly during the reporting period, with demand coming mostly from essential logic-driven technology migrations rather than capacity additions. The company saw bookings more than double, driven by demand for new tools, including for leading-edge extreme ultraviolet machines, allowing ASML to post one of its best-ever book-to-bill ratios. We continue to like this well-managed global leader but reduced the Fund’s position size in light of the stock’s strong appreciation.

The most significant detractors from the Fund’s absolute performance included leading U.K. mortgage provider and consumer lender Lloyds Banking Group; France-based aircraft engine manufacturer Safran; and France-based insurer AXA.

1.	See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 for more information on benchmark and peer group returns.


			9

Shares in Lloyds were negatively affected by Brexit-related uncertainty and economic distress in the U.K. Although we believed that management executed well and shares appeared cheap, in our opinion the outlook for the company remained uncertain with Brexit negotiations between the U.K. and the European Union unresolved. Declining interest rates and a depressed business environment provided a challenging backdrop. Furthermore, we were disappointed by the surprise news in early July 2020 that CEO Antonio Horta-Osorio would be leaving the firm next year without a clear indication of who might replace him. As a result, we opted to sell the Fund’s position.

Safran came under pressure during the reporting period along with the rest of the air travel industry from pandemic-related travel bans, quarantine policies and air traveler safety concerns. At the trough, global daily flights were 80% below normal levels. There were signs of a gradual resumption in activity during the course of the summer, with daily flights down 45% from normal levels in August. However, in the third quarter the recovery appeared to stall and, in some regions, backtrack. For a time, the Fund maintained a small position as an attractive option on a quicker-than-expected resolution to the COVID-19 crisis, but such a resolution appeared increasingly unlikely as the reporting period progressed. When shares rebounded over 75% from their March lows, we believed them to be pricing in a faster recovery than was likely to materialize and sold the rest of the Fund’s position.

Exposure to pandemic-related business interruption claims created uncertainty for AXA. While management guided for manageable ultimate loss expectations, uncertainty as to when economies would reopen and events would resume normalized schedules remained. Additionally, the French regulator requested that AXA pause its dividend payments after they were one of the few European corporates to pay in the prior quarter. The Fund continued to hold shares in AXA as the company remained strongly capitalized and cash flow generative. We expect profitability to remain resilient and capital return to resume when allowed.

What were some of the Fund’s largest purchases and sales during the reporting period?

The Fund’s largest purchases during the reporting period included newly initiated positions in Cellnex and SoftBank, both described above.

The Fund’s purchase of Cellnex shares reflected our view that telecommunications outsourcing in Europe is still in its infancy

compared to the United States, creating a long runway for the company’s growth via M&A. We believe the Cellnex business model is very attractive, with both long-term contracts and price escalators. We further expect the roll-out of 5G wireless services to create additional growth opportunities.

The Fund purchased shares in SoftBank during the first quarter of 2020 at a time when stock in companies with higher leverage was being indiscriminately sold. We believed SoftBank’s leverage to be misunderstood, with the sell-off providing an entry point at a substantial discount to the group’s net asset value.

The Fund’s largest closed positions included holdings of multinational enterprise software and cloud company SAP and Lloyds Banking Group, described above.

During the third quarter of 2020, SAP announced a significant reset of mid-term expectations and reversed course on their recently communicated business strategy in response to the pandemic. With the accelerated move by businesses to cloud-based business models, SAP anticipated multiple investment years leading to reduced margin targets, larger license revenue declines and a lack of profit growth until 2023. In light of these changes and management’s damaged credibility, the Fund exited its position to re-allocate capital to names we believe have a superior risk-return profile.

As described earlier, we believe Lloyds faces a challenging business environment and senior management uncertainty. Accordingly, we sold the Fund’s position and reallocated the capital to names we believe have a superior risk-return profile.

How did the Fund’s sector weightings change during the reporting period?

The Fund’s largest increases in sector weight during the reporting period were in industrials and communication services. Conversely, the Fund saw reductions in exposure to the consumer discretionary and financials sectors.

How was the Fund positioned at the end of the reporting period?

As of October 31, 2020, the Fund’s largest overweight sector exposures relative to the MSCI EAFE^® Index included communication services and information technology. The Fund’s most significantly underweight sector positions as of the same date included financials and utilities.


10		MainStay Epoch International Choice Fund

Portfolio of Investments October 31, 2020



	Shares		Value

Common Stocks 97.3%†
Finland 2.2%
Nordea Bank Abp (Banks) (a)		888,453	$	6,657,606


France 18.6%
AXA S.A. (Insurance)		352,269		5,661,728
Bureau Veritas S.A. (Professional Services) (a)		479,083		10,517,622
Kering S.A. (Textiles, Apparel & Luxury Goods)		7,974		4,815,268
Pernod Ricard S.A. (Beverages)		41,417		6,675,906
Sanofi (Pharmaceuticals)		100,696		9,073,614
Schneider Electric S.E. (Electrical Equipment)		64,735		7,856,015
Ubisoft Entertainment S.A. (Entertainment) (a)		116,575		10,283,150

				54,883,303

Japan 22.3%
Asahi Group Holdings, Ltd. (Beverages)		257,900		7,939,364
Hoya Corp. (Health Care Equipment & Supplies)		78,700		8,870,147
Keyence Corp. (Electronic Equipment, Instruments & Components)		19,200		8,665,170
Secom Co., Ltd. (Commercial Services & Supplies)		97,400		8,182,177
SoftBank Group Corp. (Wireless Telecommunication Services)		169,000		10,965,347
Sony Corp. (Household Durables)		116,900		9,685,186
Takeda Pharmaceutical Co., Ltd. (Pharmaceuticals)		376,200		11,638,682

				65,946,073

Macao 2.0%
Sands China, Ltd. (Hotels, Restaurants & Leisure)		1,720,700		6,026,057


Netherlands 11.3%
Akzo Nobel N.V. (Chemicals)		70,310		6,772,017
ASML Holding N.V. (Semiconductors & Semiconductor Equipment)		24,857		9,032,309
Koninklijke DSM N.V. (Chemicals)		47,652		7,628,187
Koninklijke Philips N.V. (Health Care Equipment & Supplies)		212,419		9,864,828

				33,297,341

Republic of Korea 4.3%
Samsung Electronics Co., Ltd., GDR (Technology Hardware, Storage & Peripherals)		10,116		12,776,508


Spain 6.4%
Cellnex Telecom S.A. (Diversified Telecommunication Services)		197,025		12,648,121
Industria de Diseno Textil S.A. (Specialty Retail) (b)		249,554		6,158,727

				18,806,848



	Shares			Value

Switzerland 15.5%
ABB, Ltd., Registered (Electrical Equipment)		361,886		$	8,781,246
Nestle S.A., Registered (Food Products)		100,298			11,277,304
Roche Holding A.G. (Pharmaceuticals)		33,381			10,730,192
STMicroelectronics N.V. (Semiconductors & Semiconductor Equipment)		195,294			5,947,796
Swiss Re A.G. (Insurance)		125,510			8,998,339

					45,734,877

United Kingdom 12.0%
Croda International PLC (Chemicals)		96,250			7,523,905
Intercontinental Hotels Group PLC (Hotels, Restaurants & Leisure) (a)		126,630			6,424,163
Linde PLC (Chemicals)		43,818			9,654,858
Rentokil Initial PLC (Commercial Services & Supplies) (a)		464,108			3,162,584
Unilever PLC (Personal Products)		155,025			8,844,766

					35,610,276

United States 2.7%
Willis Towers Watson PLC (Insurance)		43,950			8,019,996

Total Common Stocks (Cost $258,766,636)					287,758,885


Short-Term Investments 6.2%
Affiliated Investment Company 4.2%
United States 4.2%
MainStay U.S. Government Liquidity Fund, 0.02% (c)		12,460,481			12,460,481


Unaffiliated Investment Company 2.0%
United States 2.0%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.09% (c)(d)		5,884,468			5,884,468

Total Short-Term Investments (Cost $18,344,949)					18,344,949

Total Investments (Cost $277,111,585)		103.5	%		306,103,834
Other Assets, Less Liabilities		(3.5	)		(10,474,712	)
Net Assets		100.0	%	$	295,629,122

†	Percentages indicated are based on Fund net assets.

(a)	Non-income producing security.

(b)	All or a portion of this security was held on loan. As of October 31, 2020, the aggregate market value of securities on loan was $5,542,363. The Fund received cash collateral with a value of $5,884,468 (See Note 2(I)).

(c)	Current yield as of October 31, 2020.

(d)	Represents a security purchased with cash collateral received for securities on loan.

The following abbreviation is used in the preceding pages:

GDR—Global Depositary Receipt


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					11

Portfolio of Investments October 31, 2020 (continued)

The following is a summary of the fair valuations according to the inputs used as of October 31, 2020, for valuing the Fund’s assets and liabilities:


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	$	287,758,885	$	—	$	—	$	287,758,885
Short-Term Investments
Affiliated Investment Company		12,460,481		—		—		12,460,481
Unaffiliated Investment Company		5,884,468		—		—		5,884,468

Total Short-Term Investments		18,344,949		—		—		18,344,949

Total Investments in Securities	$	306,103,834	$	—	$	—	$	306,103,834

(a)	For a complete listing of investments and their industries, see the Portfolio of Investments.

The table below sets forth the diversification of the Fund’s investments by industry.

Industry Diversification


	Value			Percent ^†
Banks	$	6,657,606			2.3	%
Beverages		14,615,270			4.9
Chemicals		31,578,967			10.7
Commercial Services & Supplies		11,344,761			3.8
Diversified Telecommunication Services		12,648,121			4.3
Electrical Equipment		16,637,261			5.6
Electronic Equipment, Instruments & Components		8,665,170			2.9
Entertainment		10,283,150			3.5
Food Products		11,277,304			3.8
Health Care Equipment & Supplies		18,734,975			6.3
Hotels, Restaurants & Leisure		12,450,220			4.2
Household Durables		9,685,186			3.3
Insurance		22,680,063			7.7
Personal Products		8,844,766			3.0
Pharmaceuticals		31,442,488			10.6
Professional Services		10,517,622			3.6
Semiconductors & Semiconductor Equipment		14,980,105			5.1
Specialty Retail		6,158,727			2.1
Technology Hardware, Storage & Peripherals		12,776,508			4.3
Textiles, Apparel & Luxury Goods		4,815,268			1.6
Wireless Telecommunication Services		10,965,347			3.7

		287,758,885			97.3
Short-Term Investments		18,344,949			6.2
Other Assets, Less Liabilities		(10,474,712	)		–3.5

Net Assets	$	295,629,122			100.0	%

†	Percentages indicated are based on Fund net assets.


12		MainStay Epoch International Choice Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Statement of Assets and Liabilities as of October 31, 2020


Assets
Investment in unaffiliated securities, at value (identified cost $264,651,104) including securities on loan of $5,542,363	$	293,643,353
Investment in affiliated investment company, at value (identified cost $12,460,481)		12,460,481
Cash denominated in foreign currencies (identified cost $11,378)		11,222
Receivables:
Dividends		3,341,857
Fund shares sold		29,201
Investment securities sold		6,284
Securities lending		1,224
Other assets		49,425

Total assets		309,543,047


Liabilities
Cash collateral received for securities on loan		5,884,468
Payables:
Investment securities purchased		7,641,107
Manager (See Note 3)		219,106
Fund shares redeemed		61,482
Transfer agent (See Note 3)		39,453
Professional fees		20,853
Shareholder communication		19,274
NYLIFE Distributors (See Note 3)		13,774
Custodian		12,457
Trustees		432
Accrued Expenses		1,519

Total liabilities		13,913,925

Net assets	$	295,629,122


Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	8,781
Additional paid-in capital		386,855,090

		386,863,871
Total distributable earnings (loss)		(91,234,749	)

Net assets	$	295,629,122


Class A
Net assets applicable to outstanding shares	$	20,108,094

Shares of beneficial interest outstanding		597,065

Net asset value per share outstanding	$	33.68
Maximum sales charge (5.50% of offering price)		1.96

Maximum offering price per share outstanding	$	35.64

Investor Class
Net assets applicable to outstanding shares	$	5,308,199

Shares of beneficial interest outstanding		157,968

Net asset value per share outstanding	$	33.60
Maximum sales charge (5.00% of offering price)		1.77

Maximum offering price per share outstanding	$	35.37

Class C
Net assets applicable to outstanding shares	$	4,740,175

Shares of beneficial interest outstanding		144,063

Net asset value and offering price per share outstanding	$	32.90

Class I
Net assets applicable to outstanding shares	$	252,973,869

Shares of beneficial interest outstanding		7,509,464

Net asset value and offering price per share outstanding	$	33.69

Class R1
Net assets applicable to outstanding shares	$	201,414

Shares of beneficial interest outstanding		5,995

Net asset value and offering price per share outstanding	$	33.60

Class R2
Net assets applicable to outstanding shares	$	7,826,956

Shares of beneficial interest outstanding		232,590

Net asset value and offering price per share outstanding	$	33.65

Class R3
Net assets applicable to outstanding shares	$	4,447,022

Shares of beneficial interest outstanding		133,028

Net asset value and offering price per share outstanding	$	33.43

SIMPLE Class
Net assets applicable to outstanding shares	$	23,393

Shares of beneficial interest outstanding		696

Net asset value and offering price per share outstanding (a)	$	33.59

(a)	The difference between the recalculated and stated NAV was caused by rounding.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					13

Statement of Operations for the year ended October 31, 2020


Investment Income (Loss)
Income
Dividends-unaffiliated (a)	$	5,983,411
Dividends-affiliated		31,560
Securities lending		30,737
Other		55

Total income		6,045,763

Expenses
Manager (See Note 3)		2,825,644
Transfer agent (See Note 3)		248,129
Distribution/Service—Class A (See Note 3)		54,053
Distribution/Service—Investor Class (See Note 3)		14,225
Distribution/Service—Class C (See Note 3)		56,033
Distribution/Service—Class R2 (See Note 3)		22,926
Distribution/Service—Class R3 (See Note 3)		23,650
Distribution/Service—SIMPLE Class (See Note 3)		20
Professional fees		94,037
Registration		92,201
Custodian		71,485
Shareholder communication		26,498
Shareholder service (See Note 3)		14,119
Trustees		8,275
Interest expense (See Note 6)		4,508
Miscellaneous		33,188

Total expenses before waiver/reimbursement		3,588,991
Expense waiver/reimbursement from Manager (See Note 3)		(14,213	)

Net expenses		3,574,778

Net investment income (loss)		2,470,985


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Unaffiliated investment transactions		23,005,782
Foreign currency transactions		(263,023	)

Net realized gain (loss)		22,742,759

Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		(32,373,866	)
Translation of other assets and liabilities in foreign currencies		183,114

Net change in unrealized appreciation (depreciation)		(32,190,752	)

Net realized and unrealized gain (loss)		(9,447,993	)

Net increase (decrease) in net assets resulting from operations	$	(6,977,008	)

(a)	Dividends recorded net of foreign withholding taxes in the amount of $766,814.


14		MainStay Epoch International Choice Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Statements of Changes in Net Assets

for the years ended October 31, 2020 and October 31, 2019


	2020			2019
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	2,470,985		$	10,597,122
Net realized gain (loss)		22,742,759			13,630,452
Net change in unrealized appreciation (depreciation)		(32,190,752	)		6,353,725

Net increase (decrease) in net assets resulting from operations		(6,977,008	)		30,581,299

Distributions to shareholders:
Class A		(593,066	)		(348,611	)
Investor Class		(147,791	)		(73,466	)
Class C		(96,034	)		(42,169	)
Class I		(9,881,928	)		(8,607,745	)
Class R1		(6,332	)		(3,835	)
Class R2		(264,219	)		(199,809	)
Class R3		(114,342	)		(57,544	)

Total distributions to shareholders		(11,103,712	)		(9,333,179	)

Capital share transactions:
Net proceeds from sale of shares		11,259,590			38,408,212
Net asset value of shares issued to shareholders in reinvestment of distributions		10,980,506			9,255,544
Cost of shares redeemed		(115,962,014	)		(200,160,065	)

Increase (decrease) in net assets derived from capital share transactions		(93,721,918	)		(152,496,309	)

Net increase (decrease) in net assets		(111,802,638	)		(131,248,189	)

Net Assets
Beginning of year		407,431,760			538,679,949

End of year	$	295,629,122		$	407,431,760


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					15

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class A	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	35.57		$	33.37		$	36.20		$	30.39		$	32.22


Net investment income (loss) (a)		0.17			0.74			0.50			0.34			0.40

Net realized and unrealized gain (loss) on investments		(1.13	)		1.95			(2.93	)		6.41			(1.83	)

Net realized and unrealized gain (loss) on foreign currency transactions		(0.01	)		0.01			(0.01	)		0.00	‡		(0.01	)


Total from investment operations		(0.97	)		2.70			(2.44	)		6.75			(1.44	)


Less distributions:

From net investment income		(0.92	)		(0.50	)		(0.39	)		(0.94	)		(0.39	)


Net asset value at end of year	$	33.68		$	35.57		$	33.37		$	36.20		$	30.39


Total investment return (b)		(2.87	%)		8.30	%		(6.82	%)		22.95	%		(4.49	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		0.48	%		2.19	%		1.40	%		1.05	%		1.32	%

Net expenses (c)		1.20	% (d)		1.19	% (d)		1.18	% (d)		1.23	%		1.24	% (d)

Portfolio turnover rate		52	%		47	%		44	%		8	%		46	%

Net assets at end of year (in 000’s)	$	20,108		$	23,114		$	23,409		$	33,997		$	36,584

‡	Less than one cent per share.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(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%. (See Note 6)



	Year ended October 31,

Investor Class	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	35.49		$	33.30		$	36.13		$	30.36		$	32.19


Net investment income (loss) (a)		0.08			0.66			0.45			0.30			0.37

Net realized and unrealized gain (loss) on investments		(1.12	)		1.94			(2.95	)		6.39			(1.84	)

Net realized and unrealized gain (loss) on foreign currency transactions		(0.01	)		0.01			(0.01	)		0.00	‡		(0.01	)


Total from investment operations		(1.05	)		2.61			(2.51	)		6.69			(1.48	)


Less distributions:

From net investment income		(0.84	)		(0.42	)		(0.32	)		(0.92	)		(0.35	)


Net asset value at end of year	$	33.60		$	35.49		$	33.30		$	36.13		$	30.36


Total investment return (b)		(3.10	%)		8.02	%		(7.00	%)		22.74	%		(4.63	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		0.23	%		1.97	%		1.27	%		0.92	%		1.24	%

Net expenses (c)		1.46	% (d)		1.41	% (d)		1.38	% (d)		1.39	%		1.39	% (d)

Expenses (before waiver/reimbursement) (c)		1.46	% (d)		1.42	% (d)		1.38	% (d)		1.39	%		1.39	% (d)

Portfolio turnover rate		52	%		47	%		44	%		8	%		46	%

Net assets at end of year (in 000’s)	$	5,308		$	6,306		$	5,901		$	6,757		$	7,802

‡	Less than one cent per share.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(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%. (See Note 6)


16		MainStay Epoch International Choice Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class C	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	34.73		$	32.54		$	35.41		$	29.74		$	31.52


Net investment income (loss) (a)		(0.17	)		0.42			0.19			0.04			0.14

Net realized and unrealized gain (loss) on investments		(1.12	)		1.91			(2.99	)		6.30			(1.81	)

Net realized and unrealized gain (loss) on foreign currency transactions		(0.01	)		0.01			(0.01	)		0.00	‡		(0.01	)


Total from investment operations		(1.30	)		2.34			(2.81	)		6.34			(1.68	)


Less distributions:

From net investment income		(0.53	)		(0.15	)		(0.06	)		(0.67	)		(0.10	)


Net asset value at end of year	$	32.90		$	34.73		$	32.54		$	35.41		$	29.74


Total investment return (b)		(3.81	%)		7.25	%		(7.96	%)		21.82	%		(5.35	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		(0.51	%)		1.27	%		0.53	%		0.13	%		0.47	%

Net expenses (c)		2.21	% (d)		2.16	% (d)		2.13	% (d)		2.14	%		2.14	% (d)

Expenses (before waiver/reimbursement) (c)		2.21	% (d)		2.17	% (d)		2.13	% (d)		2.14	%		2.14	% (d)

Portfolio turnover rate		52	%		47	%		44	%		8	%		46	%

Net assets at end of year (in 000’s)	$	4,740		$	6,416		$	9,354		$	11,625		$	12,156

‡	Less than one cent per share.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(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%. (See Note 6)



	Year ended October 31,

Class I	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	35.58		$	33.40		$	36.25		$	30.46		$	32.30


Net investment income (loss) (a)		0.26			0.80			0.60			0.39			0.54

Net realized and unrealized gain (loss) on investments		(1.13	)		1.97			(2.95	)		6.45			(1.88	)

Net realized and unrealized gain (loss) on foreign currency transactions		(0.01	)		0.01			(0.01	)		0.00	‡		(0.01	)


Total from investment operations		(0.88	)		2.78			(2.36	)		6.84			(1.35	)


Less distributions:

From net investment income		(1.01	)		(0.60	)		(0.49	)		(1.05	)		(0.49	)


Net asset value at end of year	$	33.69		$	35.58		$	33.40		$	36.25		$	30.46


Total investment return (b)		(2.61	%)		8.57	%		(6.62	%)		23.29	%		(4.21	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		0.76	%		2.40	%		1.67	%		1.21	%		1.81	%

Net expenses (c)		0.95	% (d)		0.94	% (d)		0.93	% (d)		0.95	%		0.95	% (d)

Expenses (before waiver/reimbursement) (c)		0.96	% (d)		0.94	% (d)		0.93	% (d)		0.99	%		0.99	% (d)

Portfolio turnover rate		52	%		47	%		44	%		8	%		46	%

Net assets at end of year (in 000’s)	$	252,974		$	355,348		$	479,523		$	549,162		$	753,205

‡	Less than one cent per share.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. 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%. (See Note 6)


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					17

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class R1	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	35.48		$	33.30		$	36.18		$	30.39		$	32.23


Net investment income (loss) (a)		0.21			0.81			0.64			0.36			0.49

Net realized and unrealized gain (loss) on investments		(1.11	)		1.92			(3.02	)		6.44			(1.86	)

Net realized and unrealized gain (loss) on foreign currency transactions		(0.01	)		0.01			(0.02	)		0.00	‡		(0.01	)


Total from investment operations		(0.91	)		2.74			(2.40	)		6.80			(1.38	)


Less distributions:

From net investment income		(0.97	)		(0.56	)		(0.48	)		(1.01	)		(0.46	)


Net asset value at end of year	$	33.60		$	35.48		$	33.30		$	36.18		$	30.39


Total investment return (b)		(2.69	%)		8.45	%		(6.72	%)		23.16	%		(4.33	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		0.63	%		2.43	%		1.79	%		1.14	%		1.62	%

Net expenses (c)		1.05	% (d)		1.04	% (d)		1.03	% (d)		1.05	%		1.05	% (d)

Expenses (before waiver/reimbursement) (c)		1.06	% (d)		1.04	% (d)		1.03	% (d)		1.12	%		1.09	% (d)

Portfolio turnover rate		52	%		47	%		44	%		8	%		46	%

Net assets at end of year (in 000’s)	$	201		$	230		$	229		$	257		$	1,330

‡	Less than one cent per share.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. Class R1 shares are not subject to sales charges. For periods of less than one year, total return is not annualized.

(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(d)	Net of interest expense of less than 0.01%. (See Note 6)



	Year ended October 31,

Class R2	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	35.54		$	33.33		$	36.16		$	30.37		$	32.19


Net investment income (loss) (a)		0.13			0.71			0.48			0.31			0.40

Net realized and unrealized gain (loss) on investments		(1.13	)		1.95			(2.95	)		6.41			(1.85	)

Net realized and unrealized gain (loss) on foreign currency transactions		(0.01	)		0.01			(0.01	)		0.00	‡		(0.01	)


Total from investment operations		(1.01	)		2.67			(2.48	)		6.72			(1.46	)


Less distributions:

From net investment income		(0.88	)		(0.46	)		(0.35	)		(0.93	)		(0.36	)


Net asset value at end of year	$	33.65		$	35.54		$	33.33		$	36.16		$	30.37


Total investment return (b)		(2.94	%)		8.17	%		(6.92	%)		22.83	%		(4.55	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		0.39	%		2.12	%		1.33	%		0.96	%		1.32	%

Net expenses (c)		1.30	% (d)		1.29	% (d)		1.28	% (d)		1.30	%		1.30	% (d)

Expenses (before waiver/reimbursement) (c)		1.31	% (d)		1.29	% (d)		1.28	% (d)		1.34	%		1.34	% (d)

Portfolio turnover rate		52	%		47	%		44	%		8	%		46	%

Net assets at end of year (in 000’s)	$	7,827		$	10,884		$	14,656		$	23,119		$	34,189

‡	Less than one cent per share.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. Class R2 shares are not subject to sales charges. For periods of less than one year, total return is not annualized.

(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(d)	Net of interest expense of less than 0.01%. (See Note 6)


18		MainStay Epoch International Choice Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class R3	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	35.31		$	33.10		$	35.90		$	30.13		$	31.94


Net investment income (loss) (a)		0.04			0.62			0.40			0.24			0.31

Net realized and unrealized gain (loss) on investments		(1.12	)		1.94			(2.94	)		6.36			(1.84	)

Net realized and unrealized gain (loss) on foreign currency transactions		(0.01	)		0.01			(0.01	)		0.00	‡		(0.01	)


Total from investment operations		(1.09	)		2.57			(2.55	)		6.60			(1.54	)


Less distributions:

From net investment income		(0.79	)		(0.36	)		(0.25	)		(0.83	)		(0.27	)


Net asset value at end of year	$	33.43		$	35.31		$	33.10		$	35.90		$	30.13


Total investment return (b)		(3.21	%)		7.90	%		(7.15	%)		22.53	%		(4.84	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		0.12	%		1.85	%		1.13	%		0.74	%		1.03	%

Net expenses (c)		1.55	% (d)		1.54	% (d)		1.53	% (d)		1.59	%		1.59	% (d)

Portfolio turnover rate		52	%		47	%		44	%		8	%		46	%

Net assets at end of year (in 000’s)	$	4,447		$	5,134		$	5,609		$	7,360		$	9,011

‡	Less than one cent per share.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. Class R3 shares are not subject to sales charges. For periods of less than one year, total return is not annualized.

(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(d)	Net of interest expense of less than 0.01%. (See Note 6)



SIMPLE Class	August 31, 2020^ through October 31, 2020

Net asset value at beginning of period *	$	35.90


Net investment income (loss) (a)		(0.02	)

Net realized and unrealized gain (loss) on investments		(2.27	)

Net realized and unrealized gain (loss) on foreign currency transactions		(0.02	)


Total from investment operations		(2.31	)


Net asset value at end of period	$	33.59


Total investment return (b)		(6.43	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss) ††		(0.29	%)

Net expenses (c)(d) ††		1.69	%

Portfolio turnover rate		52	%

Net assets at end of period (in 000’s)	$	23

^	Inception date.

††	Annualized.

*	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 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%. (See Note 6)


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					19

Notes to Financial Statements

Note 1–Organization and Business

The Fund currently has nine classes of shares registered for sale. Class A, Class C, Class R1, Class R2 and Class R3 shares commenced operations on September 1, 2006. Class I shares commenced operations (under a former designation) on December 31, 1997. Investor Class shares commenced operations on April 29, 2008. SIMPLE Class shares commenced operations on August 31, 2020. Class R6 shares were registered for sale effective as of February 28, 2017. As of October 31, 2020, Class R6 shares were not yet offered for sale.

Class A and Investor Class shares are offered at net asset value (“NAV”) per share plus an initial sales charge. No initial sales charge applies to investments of $1 million or more (and certain other qualified purchases) in Class A and Investor Class shares. However, a contingent deferred sales charge (“CDSC”) 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. Class C shares are offered at NAV without an initial sales charge, although a 1.00% CDSC may be imposed on certain redemptions of such shares made within one year of the date of purchase of Class C shares. Class I, Class R1, Class R2, Class R3 and SIMPLE Class shares are offered at NAV without a sales charge. Class R6 shares are currently expected to be offered at NAV without a sales charge. In addition, depending upon eligibility, Class C shares convert to either Class A or Investor Class shares at the end of the calendar quarter ten years after the date they were purchased. Additionally, Investor Class shares may convert automatically to Class A shares. Under certain circumstances and as may be permitted by the Trust’s multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under distribution plans pursuant to Rule 12b-1 under the 1940 Act, Class C shares are subject to higher distribution and/or service fees than Class A, Investor Class, Class R2, Class R3 and SIMPLE Class shares. Class I, Class R1 and Class R6 shares are not subject to a distribution and/or service fee. Class R1, Class R2 and Class R3 shares are subject to a shareholder service fee, which is in addition to fees paid under the distribution plans for Class R2 and Class R3 shares.

The Fund’s investment objective is to seek total return.

Note 2–Significant Accounting Policies

pares its financial statements in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.

The Board of Trustees of the Trust (the “Board”) adopted procedures establishing methodologies for the valuation of the Fund’s securities and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Trust (the “Valuation Committee”). The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for the day-to-day valuation of portfolio assets (including fair value measurements for the Fund’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)). To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Fund’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources.


20		MainStay Epoch International Choice Fund

market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

•

Level 1—quoted prices in active markets for an identical asset or liability

•

Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:


• Broker/dealer quotes		• Benchmark securities
• Two-sided markets		• Reference data (corporate actions or material event notices)
• Bids/offers		• Monthly payment information
• Industry and economic events		• Reported trades

reliable market price were readily available. During the year ended October 31, 2020, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. No securities held by the Fund as of October 31, 2020 were fair valued in such a manner.


			21

Notes to Financial Statements (continued)

The Manager evaluates the Fund’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund’s financial statements. The Fund’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

Additionally, the Fund may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Statement of Operations or in the expense ratios included in the Financial Highlights.

(H) Foreign Currency Transactions. The Fund’s books and records are maintained in U.S. dollars. Prices of securities denominated in foreign currency amounts are translated into U.S. dollars at the mean between the buying and selling rates last quoted by any major U.S. bank at the following dates:

(i)	market value of investment securities, other assets and liabilities— at the valuation date; and

(ii)	purchases and sales of investment securities, income and expenses—at the date of such transactions.

The assets and liabilities that are denominated in foreign currency amounts are presented at the exchange rates and market values at the


22		MainStay Epoch International Choice Fund

close of the period. The realized and unrealized changes in net assets arising from fluctuations in exchange rates and market prices of securities are not separately presented.

(I) Securities Lending. In order to realize additional income, the Fund may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission (“SEC”). If the Fund engages in securities lending, the Fund will lend through its custodian, currently State Street Bank and Trust Company (“State Street”) (See Note 12 for securities lending agent change), acting as securities lending agent on behalf of the Fund. Under the current arrangement, State Street will manage the Fund’s collateral in accordance with the securities lending agency agreement between the Fund and State Street, and indemnify the Fund against counterparty risk. The loans will be collateralized by cash (which may be invested in a money market fund) and/or non-cash collateral (which may include U.S. Treasury securities and/or U.S. government agency securities issued or guaranteed by the United States government or its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. The Fund bears the risk of delay in recovery of, or loss of rights in, the securities loaned. The Fund may also record a realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. The Fund bears the risk of any loss on investment of cash collateral. The Fund will receive compensation for lending its securities in the form of fees or it will retain a portion of interest earned on the investment of any cash collateral. The Fund will also continue to receive interest and dividends on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Fund. Income earned from securities lending activities, if any, is reflected in the Statement of Operations. As of October 31, 2020, the Fund had securities on loan with an aggregate market value of $5,542,363 and received cash collateral, which was invested into the State Street Navigator Securities Lending Government Money Market Portfolio, with a value of $5,884,468.

(J) Foreign Securities Risk. The Fund invests in foreign securities, which carry certain risks that are in addition to the usual risks inherent in domestic securities. These risks include those resulting from currency fluctuations, future adverse political or economic developments and possible imposition of currency exchange blockages or other foreign governmental laws or restrictions. These risks are likely to be greater in emerging markets than in developed markets. The ability of issuers of securities held by the Fund to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region.

the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.

Note 3–Fees and Related Party Transactions

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of the Fund’s average daily net assets as follows: 0.80% up to $5 billion; 0.775% from $5 billion to $7.5 billion; and 0.75% in excess of $7.5 billion. During the year ended October 31, 2020, the effective management fee rate (exclusive of any applicable waivers/reimbursements) was 0.80%.

Additionally, New York Life Investments has also agreed to voluntarily waive fees and/or reimburse expenses of the appropriate class of the Fund 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) do not exceed the following percentages of average daily net assets: Class R1, 1.05%;


			23

Notes to Financial Statements (continued)

and Class R2, 1.30%. This voluntary waiver and/or reimbursement may be discontinued at any time without notice.

During the year ended October 31, 2020, New York Life Investments earned fees from the Fund in the amount of $2,825,644 and waived fees and/or reimbursed expenses, including the voluntary waiver/reimbursement of certain class specific expenses in the amount of $14,213 and paid the Subadvisor in the amount of $1,405,716.

Pursuant to the Class A, Investor Class and Class R2 Plans, the Distributor receives a monthly distribution fee from the Class A, Investor Class and Class R2 shares at an annual rate of 0.25% of the average daily net assets of the Class A, Investor Class and Class R2 shares for distribution and/or service activities as designated by the Distributor. Pursuant to the Class C Plan, Class C shares pay the Distributor a monthly distribution fee at an annual rate of 0.75% of the average daily net assets of the Class C shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class C shares, for a total 12b-1 fee of 1.00%. Pursuant to the Class R3 and SIMPLE Class Plan, Class R3 and SIMPLE Class shares pay the Distributor a monthly fee at an annual rate of 0.25% of the average daily net assets of the Class R3 and SIMPLE Class shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class R3 and SIMPLE Class shares, for a total 12b-1 fee of 0.50%. Class I and Class R1 shares are not subject to a distribution and/or service fee.

rate of 0.10% of the average daily net assets of the Class R1, Class R2 and Class R3 shares. This is in addition to any fees paid under the Class R2 and Class R3 Plans.

During the year ended October 31, 2020, shareholder service fees incurred by the Fund were as follows:



Class R1	$	219
Class R2		9,170
Class R3		4,730

The Fund was also advised that the Distributor retained CDSCs on redemptions of Class A and Class C shares during the year ended October 31, 2020, of $51 and $12, respectively.

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund’s transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with DST Asset Manager Solutions, Inc. (“DST”), pursuant to which DST performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund’s share classes to a maximum of 0.35% of that share class’s average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until August 31, 2021 for SIMPLE Class shares and February 28, 2021 for all other share classes, 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. During the year ended October 31, 2020, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:


Class	Expense		Waived
Class A	$	13,419	$	—
Investor Class		17,772		—
Class C		17,505		—
Class I		190,653		—
Class R1		135		—
Class R2		5,699		—
Class R3		2,933		—
SIMPLE Class		13		—


24		MainStay Epoch International Choice Fund


Affiliated Investment Company	Value, Beginning of Year		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Year		Dividend Income		Other Distributions		Shares End of Year

MainStay U.S. Government Liquidity Fund	$	6,081	$	91,051	$	(84,672	)	$	—	$	—	$	12,460	$	32	$	—		12,460

(G) Capital. As of October 31, 2020, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:



SIMPLE Class	$	23,393	100.0	%

Note 4–Federal Income Tax


	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)

Investments in Securities	$	277,793,450	$	46,153,379	$	(17,842,995	)	$	28,310,384

As of October 31, 2020, the components of accumulated gain (loss) on a tax basis were as follows:


Ordinary Income	Accumulated Capital and Other Gain (Loss)	Other Temporary Differences	Unrealized Appreciation (Depreciation)	Total Accumulated Gain (Loss)

$2,171,818	$(121,816,202)	$(73,855)	$28,483,490	$(91,234,749)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is primarily due to wash sale adjustments. The other temporary differences are primarily due to foreign taxes payable.

As of October 31, 2020, for federal income tax purposes, capital loss carryforwards of $121,816,202 were available as shown in the table below, to the extent provided by the regulations to offset future realized gains of the Fund through the years indicated. To the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders. No capital gain distributions shall be made until any capital loss carryforwards have been fully utilized.


Capital Loss Available Through	Short-Term Capital Loss Amounts (000’s)	Long-Term Capital Loss Amounts (000’s)

Unlimited	$86,867	$34,949

The Fund utilized $22,192,909 of capital loss carryforwards during the year ended October 31, 2020.

During the years ended October 31, 2020, and October 31, 2019, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets were as follows:


	2020		2019

Distributions paid from:
Ordinary Income	$	11,103,712	$	9,333,179

Note 5–Custodian

Note 6–Line of Credit

Effective July 28, 2020, under the credit agreement (the “Credit Agreement”), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to JP Morgan Chase Bank NA, who serves as the agent to the syndicate. The commitment fee is allocated among the Fund and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Rate or the one-month London Interbank Offered Rate (“LIBOR”), whichever is higher. The Credit Agreement expires on July 27, 2021, although the Fund, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate of banks. Prior to July 28, 2020, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement, but State Street served as agent to the syndicate.


			25

Notes to Financial Statements (continued)

During the year ended October 31, 2020, the Fund utilized the line of credit for 11 days, maintained an average daily balance of $13,232,182, at a weighted average interest rate of 1.20% and incurred interest expense in the amount of $4,508. As of October 31, 2020, there were no borrowings outstanding with respect to the Fund under the Credit Agreement.

Note 7–Interfund Lending Program

Note 8–Purchases and Sales of Securities (in 000’s)

During the year ended October 31, 2020, purchases and sales of securities, other than short-term securities, were $178,899 and $280,567, respectively.

Note 9–Capital Share Transactions

Transactions in capital shares for the years ended October 31, 2020, and October 31, 2019, were as follows:


Class A	Shares			Amount

Year ended October 31, 2020:
Shares sold		45,816		$	1,584,483
Shares issued to shareholders in reinvestment of distributions		16,255			578,034
Shares redeemed		(131,556	)		(4,470,389	)

Net increase (decrease) in shares outstanding before conversion		(69,485	)		(2,307,872	)
Shares converted into Class A (See Note 1)		17,297			624,193
Shares converted from Class A (See Note 1)		(634	)		(19,458	)

Net increase (decrease)		(52,822	)	$	(1,703,137	)

Year ended October 31, 2019:
Shares sold		95,056		$	3,239,530
Shares issued to shareholders in reinvestment of distributions		10,853			338,414
Shares redeemed		(166,560	)		(5,662,319	)

Net increase (decrease) in shares outstanding before conversion		(60,651	)		(2,084,375	)
Shares converted into Class A (See Note 1)		13,286			448,051
Shares converted from Class A (See Note 1)		(4,203	)		(141,470	)

Net increase (decrease)		(51,568	)	$	(1,777,794	)


Investor Class	Shares			Amount

Year ended October 31, 2020:
Shares sold		9,664		$	320,204
Shares issued to shareholders in reinvestment of distributions		4,140			147,224
Shares redeemed		(18,461	)		(629,678	)

Net increase (decrease) in shares outstanding before conversion		(4,657	)		(162,250	)
Shares converted into Investor Class (See Note 1)		1,568			51,241
Shares converted from Investor Class (See Note 1)		(16,594	)		(599,457	)

Net increase (decrease)		(19,683	)	$	(710,466	)

Year ended October 31, 2019:
Shares sold		22,437		$	769,810
Shares issued to shareholders in reinvestment of distributions		2,345			73,144
Shares redeemed		(31,717	)		(1,082,901	)

Net increase (decrease) in shares outstanding before conversion		(6,935	)		(239,947	)
Shares converted into Investor Class (See Note 1)		13,426			449,080
Shares converted from Investor Class (See Note 1)		(6,054	)		(204,679	)

Net increase (decrease)		437		$	4,454



Class C	Shares			Amount

Year ended October 31, 2020:
Shares sold		705		$	23,145
Shares issued to shareholders in reinvestment of distributions		2,660			93,255
Shares redeemed		(42,219	)		(1,431,418	)

Net increase (decrease) in shares outstanding before conversion		(38,854	)		(1,315,018	)
Shares converted from Class C (See Note 1)		(1,823	)		(60,828	)

Net increase (decrease)		(40,677	)	$	(1,375,846	)

Year ended October 31, 2019:
Shares sold		5,810		$	186,624
Shares issued to shareholders in reinvestment of distributions		1,330			40,847
Shares redeemed		(93,066	)		(3,088,180	)

Net increase (decrease) in shares outstanding before conversion		(85,926	)		(2,860,709	)
Shares converted from Class C (See Note 1)		(16,745	)		(550,982	)

Net increase (decrease)		(102,671	)	$	(3,411,691	)



Class I	Shares			Amount

Year ended October 31, 2020:
Shares sold		223,965		$	7,156,222
Shares issued to shareholders in reinvestment of distributions		275,900			9,791,683
Shares redeemed		(2,978,309	)		(103,949,238	)

Net increase in shares outstanding before conversion		(2,478,444	)		(87,001,333	)
Shares converted into Class I (See Note 1)		140			4,309

Net increase (decrease)		(2,478,304	)	$	(86,997,024	)

Year ended October 31, 2019:
Shares sold		802,422		$	27,291,160
Shares issued to shareholders in reinvestment of distributions		275,577			8,578,698
Shares redeemed		(5,445,753	)		(177,927,525	)

Net increase (decrease)		(4,367,754	)	$	(142,057,667	)


26		MainStay Epoch International Choice Fund


Class R1	Shares			Amount

Year ended October 31, 2020:
Shares sold		5,602		$	194,538
Shares issued to shareholders in reinvestment of distributions		163			5,764
Shares redeemed		(6,242	)		(205,781	)

Net increase (decrease)		(477	)	$	(5,479	)

Year ended October 31, 2019:
Shares sold		1,185		$	39,616
Shares issued to shareholders in reinvestment of distributions		113			3,511
Shares redeemed		(1,687	)		(58,962	)

Net increase (decrease)		(389	)	$	(15,835	)



Class R2	Shares			Amount

Year ended October 31, 2020:
Shares sold		37,649		$	1,244,859
Shares issued to shareholders in reinvestment of distributions		7,208			256,320
Shares redeemed		(118,556	)		(3,997,761	)

Net increase (decrease)		(73,699	)	$	(2,496,582	)

Year ended October 31, 2019:
Shares sold		140,549		$	4,639,758
Shares issued to shareholders in reinvestment of distributions		5,497			171,382
Shares redeemed		(279,437	)		(9,241,826	)

Net increase (decrease)		(133,391	)	$	(4,430,686	)



Class R3	Shares			Amount

Year ended October 31, 2020:
Shares sold		21,759		$	711,139
Shares issued to shareholders in reinvestment of distributions		3,056			108,226
Shares redeemed		(37,202	)		(1,277,749	)

Net increase (decrease)		(12,387	)	$	(458,384	)

Year ended October 31, 2019:
Shares sold		68,632		$	2,241,714
Shares issued to shareholders in reinvestment of distributions		1,596			49,548
Shares redeemed		(94,284	)		(3,098,352	)

Net increase (decrease)		(24,056	)	$	(807,090	)



SIMPLE Class	Shares			Amount

Period ended October 31, 2020 (a):
Shares sold		696		$	25,000

Net increase (decrease)		696		$	25,000

(a)	The inception date of the class was August 31, 2020.

Note 10–Recent Accounting Pronouncement

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board issued Accounting Standards

Update 2018-13, Fair Value Measurement Disclosure Framework— Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which adds, removes, and modifies certain fair value measurement disclosure requirements. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019. The Manager evaluated the implications of certain provisions of ASU 2018-13 and determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures, which are currently in place as of October 31, 2020. The Manager is evaluating the implications of certain other provisions of ASU 2018-13 related to new disclosure requirements and has not yet determined the impact of those provisions on the financial statement disclosures, if any.

Note 11–Other Matters

Note 12–Subsequent Events

Effective at the close of business on November 20, 2020, all services provided by State Street were transitioned to JPMorgan Chase Bank, N.A.


			27

Report of Independent Registered Public Accounting Firm

To the Shareholders of the Fund and Board of Trustees

MainStay Funds Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of MainStay Epoch International Choice Fund (the Fund), one of the funds constituting MainStay Funds Trust, including the portfolio of investments, as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2020, by correspondence with the custodian, the transfer agent, and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

LOGO

We have served as the auditor of one or more New York Life Investment Management investment companies since 2003.

Philadelphia, Pennsylvania

December 23, 2020


28		MainStay Epoch International Choice Fund

Federal Income Tax Information (Unaudited)

The Fund is required under the Internal Revenue Code to advise shareholders in a written statement as to the federal tax status of dividends paid by the Fund during such fiscal years.

For the fiscal year ended October 31, 2020, the Fund designated approximately $11,710,521 under the Internal Revenue Code as qualified dividend income eligible for reduced tax rates.

•

the total amount of taxes credited to foreign countries was $609,317.

•

the total amount of income sourced from foreign countries was $2,631,756.

Proxy Voting Policies and Procedures and Proxy Voting Record

Shareholder Reports and Quarterly Portfolio Disclosure


			29

Board of Trustees and Officers (Unaudited)

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Interested Trustee

Yie-Hsin Hung*

1962

MainStay Funds:
Trustee since 2017

MainStay Funds Trust:
Trustee since 2017

MainStay VP Funds Trust:
Trustee since 2017 (31 portfolios); and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017.


30		MainStay Epoch International Choice Fund

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

David H. Chow

1957

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Founder and CEO, DanCourt Management, LLC since 1999

Susan B. Kerley

1951

MainStay Funds:
Chairman since 2017 and Trustee since 2007;

MainStay Funds Trust: Chairman since 2017 and Trustee since 1990.**

President, Strategic Management Advisors LLC since 1990

MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007 (31 portfolios)***;
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; and

Legg Mason Partners Funds: Trustee since 1991 (45 portfolios).

Alan R. Latshaw

1951

MainStay Funds:
Trustee;

MainStay Funds Trust:
Trustee and Audit Committee Financial Expert since 2007.**

Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006)

Richard H. Nolan, Jr.

1946

MainStay Funds:
Trustee since 2007;

MainStay Funds Trust:
Trustee since 2007.**

Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004)

MainStay VP Funds Trust: Trustee since 2006 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Jacques P. Perold

1958

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Allstate Corporation: Director since 2015;
MSCI, Inc.: and Director since 2017.


			31

Board of Trustees and Officers (Unaudited) (continued)

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

Richard S. Trutanic

1952

MainStay Funds: Trustee since 1994;

MainStay Funds Trust: Trustee since 2007.**

MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust.

***

Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


32		MainStay Epoch International Choice Fund


	Name and Year of Birth	Position(s) Held and Length of Service	Principal Occupation(s) During Past Five Years
Officers of the Trust (Who are not Trustees)*	Kirk C. Lehneis 1974	President, MainStay Funds, MainStay Funds Trust since 2017	Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers since 2017 and Senior Managing Director since 2018, NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since 2017**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC
	Jack R. Benintende 1964	Treasurer and Principal Financial and Accounting Officer, MainStay Funds since 2007, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2007**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012)
	Yi-Chia Kuo 1981	Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust since January 2020	Chief Compliance Officer, Index IQ Trust, Index IQ ETF Trust and Index IQ Active ETF Trust since January 2020; Vice President and Chief Compliance Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since January 2020; Director and Associate General Counsel, New York Life Insurance Company (2015 to 2019)
	J. Kevin Gao 1967	Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust since 2010	Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2010**
	Scott T. Harrington 1959	Vice President— Administration, MainStay Funds since 2005, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2005**

Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


			33

MainStay Funds

Equity

U.S. Equity

MainStay Epoch U.S. All Cap Fund

MainStay Epoch U.S. Equity Yield Fund

MainStay MacKay Common Stock Fund

MainStay MacKay Growth Fund

MainStay MacKay S&P 500 Index Fund

MainStay MacKay Small Cap Core Fund

MainStay MacKay U.S. Equity Opportunities Fund

MainStay MAP Equity Fund

MainStay Winslow Large Cap Growth Fund¹

International Equity

MainStay Epoch International Choice Fund

MainStay MacKay International Equity Fund

MainStay MacKay International Opportunities Fund

Emerging Markets Equity

MainStay Candriam Emerging Markets Equity Fund

Global Equity

MainStay Epoch Capital Growth Fund

MainStay Epoch Global Equity Yield Fund

Fixed Income

Taxable Income

MainStay Candriam Emerging Markets Debt Fund

MainStay Floating Rate Fund

MainStay MacKay High Yield Corporate Bond Fund

MainStay MacKay Short Duration High Yield Fund

MainStay MacKay Total Return Bond Fund

MainStay MacKay Unconstrained Bond Fund

MainStay MacKay U.S. Infrastructure Bond Fund²

MainStay Short Term Bond Fund³

Tax-Exempt Income

MainStay MacKay California Tax Free Opportunities Fund⁴

MainStay MacKay High Yield Municipal Bond Fund

MainStay MacKay Intermediate Tax Free Bond Fund

MainStay MacKay New York Tax Free Opportunities Fund⁵

MainStay MacKay Short Term Municipal Fund

MainStay MacKay Tax Free Bond Fund

Money Market

MainStay Money Market Fund

Mixed Asset

MainStay Balanced Fund

MainStay Income Builder Fund

MainStay MacKay Convertible Fund

Speciality

MainStay CBRE Global Infrastructure Fund

MainStay CBRE Real Estate Fund

MainStay Cushing MLP Premier Fund

Asset Allocation

MainStay Conservative Allocation Fund

MainStay Conservative ETF Allocation Fund

MainStay Defensive ETF Allocation Fund

MainStay Equity Allocation Fund⁶

MainStay Equity ETF Allocation Fund

MainStay Growth Allocation Fund⁷

MainStay Growth ETF Allocation Fund

MainStay Moderate Allocation Fund

MainStay Moderate ETF Allocation Fund

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium S.A.⁸

Brussels, Belgium

Candriam Luxembourg S.C.A.⁸

Strassen, Luxembourg

CBRE Clarion Securities LLC

Radnor, Pennsylvania

Cushing Asset Management, LP

Dallas, Texas

Epoch Investment Partners, Inc.

New York, New York

MacKay Shields LLC⁸

New York, New York

Markston International LLC

White Plains, New York

NYL Investors LLC⁸

New York, New York

Winslow Capital Management, LLC

Minneapolis, Minnesota

Legal Counsel

Dechert LLP

Washington, District of Columbia

Independent Registered Public Accounting Firm

KPMG LLP

Philadelphia, Pennsylvania

Distributor

NYLIFE Distributors LLC⁸

Jersey City, New Jersey

Custodian⁹

State Street Bank and Trust Company

Boston, Massachusetts

1.	Formerly known as MainStay Large Cap Growth Fund.

2.	Formerly known as MainStay MacKay Infrastructure Bond Fund.

3.	Formerly known as MainStay Indexed Bond Fund.

4.	This Fund is registered for sale in AZ, CA, NV, OR, TX, UT and WA. Class A and Class I shares are registered for sale in MI. Class I and Class C2 shares are registered for sale in CO, FL, GA, HI, ID, MA, MD, NH, NJ and NY.

5.	This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT.

6.	Formerly known as MainStay Growth Allocation Fund.

7.	Formerly known as MainStay Moderate Growth Allocation Fund.

8.	An affiliate of New York Life Investment Management LLC.

Not part of the Annual Report

For more information

800-624-6782

newyorklifeinvestments.com

1756402 MS203-20

MSEIC11-12/20

(NYLIM) NL319

MainStay Epoch U.S. All Cap Fund

Message from the President and Annual Report

October 31, 2020


Not FDIC/NCUA Insured		Not a Deposit		May Lose Value		No Bank Guarantee		Not Insured by Any Government Agency

LOGO

This page intentionally left blank

Message from the President

Sincerely,

LOGO

Kirk C. Lehneis

President

Not part of the Annual Report

Table of Contents


Annual Report

Investment and Performance Comparison			5

Portfolio Management Discussion and Analysis			9

Portfolio of Investments			11

Financial Statements			13

Notes to Financial Statements			19

Report of Independent Registered Public Accounting Firm			27

Federal Income Tax Information			28

Proxy Voting Policies and Procedures and Proxy Voting Record			28

Shareholder Reports and Quarterly Portfolio Disclosure			28

Board of Trustees and Officers			29

Investment and Performance Comparison¹ (Unaudited)

LOGO

Average Annual Total Returns for the Year-Ended October 31, 2020

Class

Sales Charge

Inception
Date

One
Year

Five Years
or Since
Inception

Ten
Years

Gross
Expense
Ratio²

Class A Shares

Maximum 5.5% Initial Sales Charge

With sales charges

Excluding sales charges

1/2/2004

–6.49

–1.05

6.13

7.34

9.30

9.92

1.22

Investor Class Shares³

Maximum 5% Initial Sales Charge

With sales charges

Excluding sales charges

2/28/2008

–6.72

–1.29

5.85

7.05

8.94

9.55

1.53

Class B Shares⁴

Maximum 5% CDSC

if Redeemed Within the First
Six Years of Purchase

With sales charges

Excluding sales charges

1/2/2004

–6.29

–2.04

6.02

6.25

8.74

2.28

Class C Shares

Maximum 1% CDSC

if Redeemed Within One Year of Purchase

With sales charges

Excluding sales charges

1/2/2004

–2.90

–2.05

6.23

8.73

2.28

Class I Shares

No Sales Charge

1/2/1991

–0.81

7.61

10.19

0.97

Class R6 Shares

No Sales Charge

2/28/2018

–0.69

3.24

N/A

0.89

2.	The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report.

3.	Prior to June 30, 2020, the maximum initial sales charge for Investor Class shares was 5.5%, which is reflected in the average annual total return figures shown.

4.	Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders.

The footnotes on the next page are an integral part of the table and graph and should be carefully read in conjunction with them.


			5


Benchmark Performance	One Year			Five Years			Ten Years

Russell 3000^® Index⁵		10.15	%		11.48	%		12.80	%
Morningstar Large Blend Category Average⁶		6.30			9.64			11.28

The Russell 3000^® Index is the Fund’s primary broad-based securities market index for comparison purposes. The Russell 3000^® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

6.	The Morningstar Large Blend Category Average is representative of funds that represent the overall US stock market in size, growth rates and price.

Stocks in the top 70% of the capitalization of the US equity market are defined as large cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of US industries, and owing to their broad exposure, the portfolios’ returns are often similar to those of the S&P 500^® Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.

The footnotes on the preceding page are an integral part of the table and graph and should be carefully read in conjunction with them.


6		MainStay Epoch U.S. All Cap Fund

Cost in Dollars of a $1,000 Investment in MainStay Epoch U.S. All Cap Fund (Unaudited)

Example

This example illustrates your Fund’s ongoing costs in two ways:

Actual Expenses

multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes



Share Class	Beginning Account Value 5/1/20		Ending Account Value (Based on Actual Returns and Expenses) 10/31/20		Expenses Paid During Period¹		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/20		Expenses Paid During Period¹		Net Expense Ratio During Period²

Class A Shares	$	1,000.00	$	1,151.10	$	6.70	$	1,018.90	$	6.29	1.24%

Investor Class Shares	$	1,000.00	$	1,149.50	$	8.10	$	1,017.60	$	7.61	1.50%

Class B Shares	$	1,000.00	$	1,145.40	$	12.13	$	1,013.83	$	11.39	2.25%

Class C Shares	$	1,000.00	$	1,145.30	$	12.13	$	1,013.83	$	11.39	2.25%

Class I Shares	$	1,000.00	$	1,152.20	$	5.36	$	1,020.16	$	5.03	0.99%

Class R6 Shares	$	1,000.00	$	1,152.70	$	4.92	$	1,020.56	$	4.62	0.91%

2.	Expenses are equal to the Fund’s annualized expense ratio to reflect the six-month period.


			7

Industry Composition as of October 31, 2020 (Unaudited)



Software	10.6	%

Interactive Media & Services	9.6

Semiconductors & Semiconductor Equipment	9.1

Life Sciences Tools & Services	6.7

Specialty Retail	4.5

Health Care Providers & Services	4.4

Banks	3.8

Multiline Retail	3.5

Food & Staples Retailing	3.3

Insurance	3.2

Capital Markets	3.1

Health Care Equipment & Supplies	3.0

Food Products	2.6

Media	2.5

Entertainment	1.9

Wireless Telecommunication Services	1.9

Hotels, Restaurants & Leisure	1.8

IT Services	1.6

Pharmaceuticals	1.6

Communications Equipment	1.5



Electrical Equipment	1.5	%

Chemicals	1.4

Household Durables	1.4

Road & Rail	1.4

Thrifts & Mortgage Finance	1.4

Aerospace & Defense	1.3

Diversified Financial Services	1.2

Real Estate Management & Development	1.2

Air Freight & Logistics	1.1

Biotechnology	1.1

Construction Materials	1.1

Professional Services	1.1

Machinery	1.0

Construction & Engineering	0.9

Oil, Gas & Consumable Fuels	0.9

Beverages	0.8

Short-Term Investment	2.3

Other Assets, Less Liabilities	–1.3

	100.0	%

See Portfolio of Investments beginning on page 11 for specific holdings within these categories. The Fund’s holdings are subject to change.

Top Ten Holdings as of October 31, 2020 (excluding short-term investments) (Unaudited)

1.	Microsoft Corp.

2.	Facebook, Inc., Class A

3.	Alphabet, Inc., Class C

4.	Broadcom, Inc.

5.	Danaher Corp.

6.	UnitedHealth Group, Inc.

7.	Agilent Technologies, Inc.

8.	Walmart, Inc.

9.	Universal Display Corp.

10.	Charles River Laboratories International, Inc.


8		MainStay Epoch U.S. All Cap Fund

Portfolio Management Discussion and Analysis (Unaudited)

Questions answered by portfolio managers David N. Pearl, Michael A. Welhoelter, CFA, William W. Priest, CFA, and Justin Howell, CFA, of Epoch Investment Partners, Inc., the Fund’s Subadvisor.

How did MainStay Epoch U.S. All Cap Fund perform relative to its benchmark and peer group during the 12 months ended October 31, 2020?

For the 12 months ended October 31, 2020, Class I shares of MainStay Epoch U.S. All Cap Fund returned –0.81%, underperforming the 10.15% return of the Fund’s primary benchmark, the Russell 3000^® Index. Over the same period, Class I shares also underperformed the 6.30% return of the Morningstar Large Blend Category Average.¹

What factors affected the Fund’s relative performance during the reporting period?

The Fund underperformed the Russell 3000^® Index during the reporting period largely due to disappointing security selection in the consumer discretionary, industrials and real estate sectors. In addition, the strong performance of a few companies that constituted a large percentage of the Index, but were not held in the Fund, further detracted from relative returns.

During the reporting period, which sectors were the strongest positive contributors to the Fund’s relative performance and which sectors were particularly weak?

During the reporting period, the health care, energy and financials sectors provided the strongest positive contributions to relative performance. (Contributions take weightings and total returns into account.) Over the same period, the consumer discretionary, information technology and industrials sectors detracted most from the Fund’s relative performance.

During the reporting period, which individual stocks made the strongest positive contributions to the Fund’s absolute performance and which stocks detracted the most?

Systems software developer Microsoft made the strongest positive contribution to absolute performance, with shares driven higher by rising revenues and net income. Much of the growth came from Microsoft’s Azure cloud computing business, which scored a high-profile win from the U.S. Department of Defense for the Joint Enterprise Defense Infrastructure cloud contract, worth up to $10 billion over a decade. Additionally, rival Salesforce said it would tap Azure to run its marketing cloud service. We believe Microsoft is successfully transitioning its customers to the cloud and is also moving to more of a recurring revenue model with Office 365. In our opinion, the cloud computing opportunity is vast, and the company is investing appropriately to capture their fair share of this growth.

Social media company Facebook, another leading contributor to the Fund’s absolute performance, reported better-than-

expected revenue and counted growing numbers of monthly users across its family of apps. While the company saw a steep decline in ad revenue in March due to the coronavirus pandemic, investors were buoyed by the fact that revenues began to stabilize by the first few weeks of April, injecting optimism into the stock. As of October 31, 2020, Facebook remains one of the world’s most profitable companies, and has made significant investments toward transitioning its monetization strategy on both the Facebook and Instagram platforms. The company is focused on increasing its average revenue per user. Fueling this growth has been advertising revenue, as Facebook continues to find new ways of increasing ad space within its platforms without diluting the end-user experience. In our opinion, the current valuation does not reflect the company’s potential eventual return to double-digit growth.

One of the most prominent detractors from the Fund’s absolute performance was aircraft maker Boeing. The company’s stock came under pressure due to the grounding of the company’s 737 MAX aircraft and, more recently, the perceived fear that a decline in air travel due to the COVID-19 pandemic may lead to new-plane order cancellations. The outlook for the commercial air travel industry grew worse during the reporting period, with forecasts for the return of air service and customers en mass increasingly extended, a trend that will likely have a large and adverse impact on the financial health of the airline companies and Boeing. We took particular note of United Airlines’ decision on May 9, 2020, to abandon its effort to raise $2.25 billion in the bond market. The proposed bond offering—backed by a pool of 360 aircraft owned by United (representing 40 percent of its fleet)—was designed to repay a loan the airline secured from a group of banks in early March, when the pandemic was taking hold outside China. Sources familiar with the deal said that the interest rate demanded by investors proved to be too high for the company. That event helped inform our decision to sell the Fund’s position in Boeing.

Another prominent detractor from the Fund’s absolute performance was real estate investment trust Ventas. Ventas is one of the largest owners and operators of nursing homes and assisted living facilities. Prior to the pandemic, Ventas’ shares had come under pressure due to a temporary increase in supply in its senior housing business due to new construction. With the advent of the pandemic, investors grew concerned that senior housing was among the most vulnerable real estate sectors because so many senior-housing residents are in their 70s and 80s, a high-risk demographic. With a net decline in occupancy likely in our opinion, and supply dynamics not expected to improve in 2020, we opted to sell the Fund’s Ventas shares in March.

1.	See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 for more information on benchmark and peer group returns.


			9

What were some of the Fund’s largest purchases and sales during the reporting period?

Significant new purchases during the reporting period included shares in semiconductor equipment manufacturer Lam Research and defense contractor Northrop Grumman.

Lam Research is focused on the etch, deposition, and clean markets, which are key steps in the semiconductor manufacturing process, especially for 3D NAND flash storage, advanced DRAM and leading-edge logic/foundry chipmakers. The company’s flagship Kiyo, Vector and Sabre products are sold in all major geographies to key customers such as Samsung Electronics and Taiwan Semiconductor Manufacturing. Lam’s leadership position creates scale advantages that fuel research and development spending. The company’s large installed base creates stickiness and offers Lam an intimate look into problems faced by chipmakers, providing valuable information it can use to implement solutions and additional capabilities in future tools. Chipmakers have endured significant challenges in terms of cost and complexity. Equipment providers are vital to making the pursuit more economical via advanced chip manufacturing tools. Lam has benefited from the sharp rise in etch, deposition and clean steps required as a result of major inflections—including FinFET and planar to 3D NAND—that feature multiple patterning and vertical layers well suited to Lam’s advanced etch and deposition offerings. Consequently, we believe Lam is poised to grow faster than the overall equipment industry, capturing a larger share of the market with technically superior tools.

Northrop Grumman is diversified across short-cycle and long-cycle businesses. The firm’s segments include aeronautics, mission systems, defense services and space systems. The company’s aerospace segment creates the fuselage for the massive F-35 program and produces various piloted and autonomous flight systems. Mission systems creates a variety of sensors and processors for defense hardware. The defense systems segment manufactures long-range missiles and provides defense information technology services. Finally, the company’s space systems segment produces various space structures, sensors and satellites. After a substantial boom in defense spending over 2018-19 to modernize the military, we are expecting a slowdown in defense budget growth to inflationary levels. However, we believe that defense prime contractors will continue to see business growth because of the 2018 National Defense Strategy’s focus toward defending against great powers conflicts. The three biggest stock-specific growth opportunities we see for Northrop are the Ground Based Strategic Deterrent, the further militarization of space and the development of the B-21 bomber. Regulated margins, mature markets, customer-paid research and development, and long-term revenue visibility allow defense prime contractors to deliver

a lot of cash to shareholders, which we view positively. In our opinion, the growth and stability in the company’s forward cash flows is undervalued.

During the reporting period, the Fund sold its position in semiconductor equipment maker Applied Materials for several reasons. The company reported second quarter 2020 revenue and profit growth that fell short of expectations. Although the company’s display business has been posting record growth levels for several years, we believe that growth rate could slow, due partly to lower demand growth for consumer electronics products such as TVs and smartphones, and partly to the current trade tensions between the U.S. and China. One of the key drivers of this projected decline in growth has been the weakness in the TV space, with delays in some major TV factory projects pushing equipment demand into 2021. We believe there could be some pressure in the market for advanced OLED digital displays as well. Although OLED investments and production are expected to pick up in 2021 compared to 2020, it appears that Applied Materials’ OLED production equipment is falling behind the technology sold by its rivals in the backplane and encapsulation space, resulting in some market share losses. With the stock price up over 40% since the low point reached in mid-March, we opted to sell the Fund’s holdings and reinvested the proceeds into Lam Research, described above.

Another major sale involved holdings in pharmaceutical developer Pfizer after the company reported a major clinical failure in its adjuvant breast cancer study seeking to combine Pallas with cancer drug Ibrance. Although Pfizer’s management team reiterated its expectation for 6% revenue growth through 2025 (based on the strength of its overall portfolio), in our opinion, the trial failure increased the risk embedded in the company’s revenue forecast. With the shares having recovered by over 25% since the low point reached on March 23, we opted to sell the Fund’s position.

How did the Fund’s sector weightings change during the reporting period?

During the reporting period, the Fund’s most significant sector weightings increases were in information technology and consumer staples. Over the same period, the Fund reduced its sector weightings in industrials and financials.

How was the Fund positioned at the end of the reporting period?

As of October 31, 2020, the Fund held its largest overweight allocations relative to the Russell 3000^® Index in the communication services and financials sectors. As of the same date, the Fund’s most significantly underweight positions relative to the benchmark were in information technology and utilities.


10		MainStay Epoch U.S. All Cap Fund

Portfolio of Investments October 31, 2020



	Shares		Value

Common Stocks 99.0%†
Aerospace & Defense 1.3%
Northrop Grumman Corp.		22,646	$	6,563,264


Air Freight & Logistics 1.1%
XPO Logistics, Inc. (a)		61,793		5,561,370


Banks 3.8%
Bank of America Corp.		374,632		8,878,778
Bank OZK		257,058		6,369,897
Citizens Financial Group, Inc.		130,934		3,567,952

				18,816,627

Beverages 0.8%
Coca-Cola Co.		79,763		3,833,410


Biotechnology 1.1%
Alexion Pharmaceuticals, Inc. (a)		48,833		5,622,632


Capital Markets 3.1%
KKR & Co., Inc.		205,553		7,019,635
Morgan Stanley		168,745		8,125,072

				15,144,707

Chemicals 1.4%
Linde PLC		32,466		7,153,558


Communications Equipment 1.5%
Arista Networks, Inc. (a)		36,608		7,647,411


Construction & Engineering 0.9%
Jacobs Engineering Group, Inc.		45,626		4,334,470


Construction Materials 1.1%
Martin Marietta Materials, Inc.		20,040		5,337,654


Diversified Financial Services 1.2%
Equitable Holdings, Inc.		277,300		5,959,177


Electrical Equipment 1.5%
AMETEK, Inc.		75,153		7,380,025


Entertainment 1.9%
Electronic Arts, Inc. (a)		78,427		9,397,907


Food & Staples Retailing 3.3%
Performance Food Group Co. (a)		155,183		5,215,700
Walmart, Inc.		80,965		11,233,894

				16,449,594



	Shares		Value

Food Products 2.6%
Lamb Weston Holdings, Inc.		81,165	$	5,149,919
McCormick & Co., Inc.		42,019		7,584,850

				12,734,769

Health Care Equipment & Supplies 3.0%
Danaher Corp.		63,730		14,628,584


Health Care Providers & Services 4.4%
Centene Corp. (a)		164,670		9,731,997
UnitedHealth Group, Inc.		39,881		12,169,288

				21,901,285

Hotels, Restaurants & Leisure 1.8%
Restaurant Brands International, Inc.		123,118		6,402,136
Vail Resorts, Inc.		10,621		2,464,497

				8,866,633

Household Durables 1.4%
NVR, Inc. (a)		1,803		7,127,421


Insurance 3.2%
American International Group, Inc.		169,880		5,349,521
MetLife, Inc.		131,669		4,983,672
Willis Towers Watson PLC		28,992		5,290,460

				15,623,653

Interactive Media & Services 9.6%
Alphabet, Inc., Class C (a)		14,496		23,498,161
Facebook, Inc., Class A (a)		91,520		24,079,827

				47,577,988

IT Services 1.6%
Visa, Inc., Class A		43,021		7,817,346


Life Sciences Tools & Services 6.7%
Agilent Technologies, Inc.		113,231		11,559,753
Charles River Laboratories International, Inc. (a)		47,296		10,769,299
Thermo Fisher Scientific, Inc.		22,445		10,619,178

				32,948,230

Machinery 1.0%
Middleby Corp. (a)		50,837		5,060,315


Media 2.5%
Liberty Media Corp-Liberty SiriusXM, Class A (a)		182,907		6,323,095
Nexstar Media Group, Inc., Class A		70,477		5,807,305

				12,130,400

Multiline Retail 3.5%
Dollar General Corp.		34,537		7,208,217
Dollar Tree, Inc. (a)		114,033		10,299,461

				17,507,678


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					11

Portfolio of Investments October 31, 2020 (continued)



	Shares		Value

Common Stocks (continued)
Oil, Gas & Consumable Fuels 0.9%
Texas Pacific Land Trust (b)		9,686	$	4,362,671


Pharmaceuticals 1.6%
Merck & Co., Inc.		107,486		8,084,022


Professional Services 1.1%
Insperity, Inc.		69,341		5,310,134


Real Estate Management & Development 1.2%
Jones Lang LaSalle, Inc.		54,311		6,129,540


Road & Rail 1.4%
Norfolk Southern Corp.		33,134		6,928,982


Semiconductors & Semiconductor Equipment 9.1%
Broadcom, Inc.		42,219		14,761,029
Lam Research Corp.		29,126		9,963,422
Micron Technology, Inc. (a)		189,520		9,540,437
Universal Display Corp.		54,511		10,810,076

				45,074,964

Software 10.6%
Aspen Technology, Inc. (a)		63,730		6,998,191
Dropbox, Inc., Class A (a)		352,253		6,432,140
Microsoft Corp.		193,529		39,183,817

				52,614,148

Specialty Retail 4.5%
CarMax, Inc. (a)		57,651		4,983,352
Home Depot, Inc.		34,136		9,104,413
TJX Cos., Inc.		161,864		8,222,691

				22,310,456



	Shares			Value

Thrifts & Mortgage Finance 1.4%
Axos Financial, Inc. (a)		262,804		$	7,164,037


Wireless Telecommunication Services 1.9%
T-Mobile U.S., Inc. (a)		87,779			9,617,945

Total Common Stocks (Cost $374,949,573)					490,723,007


Short-Term Investments 2.3%
Affiliated Investment Company 1.4%
MainStay U.S. Government Liquidity Fund, 0.02% (c)		6,949,870			6,949,870


Unaffiliated Investment Company 0.9%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.09% (c)(d)		4,545,186			4,545,186

Total Short-Term Investments (Cost $11,495,056)					11,495,056

Total Investments (Cost $386,444,629)		101.3	%		502,218,063
Other Assets, Less Liabilities		(1.3	)		(6,528,413	)
Net Assets		100.0	%	$	495,689,650

†	Percentages indicated are based on Fund net assets.

(a)	Non-income producing security.

(b)	All or a portion of this security was held on loan. As of October 31, 2020, the aggregate market value of securities on loan was $4,318,981. The Fund received cash collateral with a value of $4,545,186 (See Note 2(H)).

(c)	Current yield as of October 31, 2020.

(d)	Represents a security purchased with cash collateral received for securities on loan.

The following is a summary of the fair valuations according to the inputs used as of October 31, 2020, for valuing the Fund’s assets:


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	$	490,723,007	$	—	$	—	$	490,723,007
Short-Term Investments
Affiliated Investment Company		6,949,870		—		—		6,949,870
Unaffiliated Investment Company		4,545,186		—		—		4,545,186

Total Short-Term Investments		11,495,056		—		—		11,495,056

Total Investments in Securities	$	502,218,063	$	—	$	—	$	502,218,063

(a)	For a complete listing of investments and their industries, see the Portfolio of Investments.


12		MainStay Epoch U.S. All Cap Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Statement of Assets and Liabilities as of October 31, 2020


Assets
Investment in unaffiliated securities, at value (identified cost $379,494,759) including securities on loan of $4,318,981	$	495,268,193
Investment in affiliated investment company, at value (identified cost $6,949,870)		6,949,870
Receivables:
Fund shares sold		111,132
Dividends		110,338
Securities lending		1,596
Other assets		21,591

Total assets		502,462,720


Liabilities
Cash collateral received for securities on loan		4,545,186
Payables:
Fund shares redeemed		1,766,445
Manager (See Note 3)		372,758
Transfer agent (See Note 3)		28,920
Professional fees		23,938
Shareholder communication		14,742
NYLIFE Distributors (See Note 3)		13,572
Custodian		3,842
Trustees		709
Accrued expenses		2,958

Total liabilities		6,773,070

Net assets	$	495,689,650


Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	19,377
Additional paid-in capital		378,770,470

		378,789,847
Total distributable earnings (loss)		116,899,803

Net assets	$	495,689,650


Class A
Net assets applicable to outstanding shares	$	37,977,801

Shares of beneficial interest outstanding		1,678,140

Net asset value per share outstanding	$	22.63
Maximum sales charge (5.50% of offering price)		1.32

Maximum offering price per share outstanding	$	23.95

Investor Class
Net assets applicable to outstanding shares	$	9,720,645

Shares of beneficial interest outstanding		442,135

Net asset value per share outstanding	$	21.99
Maximum sales charge (5.00% of offering price)		1.16

Maximum offering price per share outstanding	$	23.15

Class B
Net assets applicable to outstanding shares	$	1,615,830

Shares of beneficial interest outstanding		90,372

Net asset value and offering price per share outstanding	$	17.88

Class C
Net assets applicable to outstanding shares	$	1,801,802

Shares of beneficial interest outstanding		100,701

Net asset value and offering price per share outstanding	$	17.89

Class I
Net assets applicable to outstanding shares	$	42,187,827

Shares of beneficial interest outstanding		1,619,953

Net asset value and offering price per share outstanding	$	26.04

Class R6
Net assets applicable to outstanding shares	$	402,385,745

Shares of beneficial interest outstanding		15,446,104

Net asset value and offering price per share outstanding	$	26.05


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					13

Statement of Operations for the year ended October 31, 2020


Investment Income (Loss)
Income
Dividends-unaffiliated (a)	$	7,407,055
Dividends-affiliated		87,880
Securities lending		18,505

Total income		7,513,440

Expenses
Manager (See Note 3)		4,762,810
Transfer agent (See Note 3)		187,940
Distribution/Service—Class A (See Note 3)		96,018
Distribution/Service—Investor Class (See Note 3)		24,584
Distribution/Service—Class B (See Note 3)		19,517
Distribution/Service—Class C (See Note 3)		21,317
Registration		97,707
Professional fees		97,268
Custodian		28,364
Shareholder communication		21,554
Trustees		13,360
Interest expense		9,975
Miscellaneous		28,049

Total expenses before waiver/reimbursement		5,408,463
Expense waiver/reimbursement from Manager (See Note 3)		(9,262	)

Net expenses		5,399,201

Net investment income (loss)		2,114,239


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on unaffiliated investments		431,098
Net change in unrealized appreciation (depreciation) on unaffiliated investments		(1,446,998	)

Net realized and unrealized gain (loss)		(1,015,900	)

Net increase (decrease) in net assets resulting from operations	$	1,098,339

(a)	Dividends recorded net of foreign withholding taxes in the amount of $29,442.


14		MainStay Epoch U.S. All Cap Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Statements of Changes in Net Assets

for the years ended October 31, 2020 and October 31, 2019


	2020			2019
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	2,114,239		$	4,412,853
Net realized gain (loss)		431,098			74,938,702
Net change in unrealized appreciation (depreciation)		(1,446,998	)		18,701,112

Net increase (decrease) in net assets resulting from operations		(1,098,339	)		98,052,667

Distributions to shareholders:
Class A		(4,654,940	)		(2,801,464	)
Investor Class		(1,214,379	)		(748,452	)
Class B		(328,517	)		(267,413	)
Class C		(330,063	)		(335,188	)
Class I		(11,268,555	)		(7,662,366	)
Class R6		(52,208,934	)		(43,716,388	)

Total distributions to shareholders		(70,005,388	)		(55,531,271	)

Capital share transactions:
Net proceeds from sale of shares		32,303,028			49,289,222
Net asset value of shares issued to shareholders in reinvestment of distributions		69,838,068			55,401,254
Cost of shares redeemed		(225,016,525	)		(183,433,740	)

Increase (decrease) in net assets derived from capital share transactions		(122,875,429	)		(78,743,264	)

Net increase (decrease) in net assets		(191,782,478	)		(36,221,868	)

Net Assets
Beginning of year		687,472,128			723,693,996

End of year	$	495,689,650		$	687,472,128


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					15

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class A	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	25.79		$	24.52		$	28.13		$	23.22		$	26.66


Net investment income (loss) (a)		0.02			0.08			0.09			0.16			0.37

Net realized and unrealized gain (loss) on investments		(0.19	)		3.19			(0.00	)‡		5.82			(0.60	)


Total from investment operations		(0.17	)		3.27			0.09			5.98			(0.23	)


Less distributions:

From net investment income		(0.12	)		(0.10	)		—			(0.45	)		(0.24	)

From net realized gain on investments		(2.87	)		(1.90	)		(3.70	)		(0.62	)		(2.97	)


Total distributions		(2.99	)		(2.00	)		(3.70	)		(1.07	)		(3.21	)


Net asset value at end of year	$	22.63		$	25.79		$	24.52		$	28.13		$	23.22


Total investment return (b)		(1.05	%)		14.69	%		0.01	%		26.53	%		(0.79	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		0.08	%		0.32	%		0.33	%		0.64	%		1.60	%

Net expenses (c)		1.24	% (d)		1.22	%(d)		1.17	%		1.15	%		1.15	%

Portfolio turnover rate		41	%		51	%		41	%		42	%		45	%

Net assets at end of year (in 000’s)	$	37,978		$	39,919		$	33,828		$	33,568		$	21,248

‡	Less than one cent per share.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(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%. (See Note 6)



	Year ended October 31,

Investor Class	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	25.14		$	23.96		$	27.64		$	22.82		$	26.24


Net investment income (loss) (a)		(0.04	)		0.02			0.02			0.10			0.29

Net realized and unrealized gain (loss) on investments		(0.18	)		3.11			(0.00	)‡		5.71			(0.58	)


Total from investment operations		(0.22	)		3.13			0.02			5.81			(0.29	)


Less distributions:

From net investment income		(0.06	)		(0.05	)		—			(0.37	)		(0.16	)

From net realized gain on investments		(2.87	)		(1.90	)		(3.70	)		(0.62	)		(2.97	)


Total distributions		(2.93	)		(1.95	)		(3.70	)		(0.99	)		(3.13	)


Net asset value at end of year	$	21.99		$	25.14		$	23.96		$	27.64		$	22.82


Total investment return (b)		(1.29	%)		14.37	%		(0.28	%)		26.22	%		(1.07	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		(0.18	%)		0.07	%		0.08	%		0.38	%		1.28	%

Net expenses (c)		1.50	% (d)		1.48	%(d)		1.43	%		1.46	%		1.48	%

Expenses (before waiver/reimbursement) (c)		1.57	% (d)		1.53	%(d)		1.48	%		1.46	%		1.48	%

Portfolio turnover rate		41	%		51	%		41	%		42	%		45	%

Net assets at end of year (in 000’s)	$	9,721		$	10,316		$	9,225		$	9,973		$	11,846

‡	Less than one cent per share.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(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%. (See Note 6)


16		MainStay Epoch U.S. All Cap Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class B	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	21.06		$	20.48		$	24.31		$	20.18		$	23.56


Net investment income (loss) (a)		(0.16	)		(0.13	)		(0.14	)		(0.09	)		0.12

Net realized and unrealized gain (loss) on investments		(0.15	)		2.61			0.01			5.05			(0.53	)


Total from investment operations		(0.31	)		2.48			(0.13	)		4.96			(0.41	)


Less distributions:

From net investment income		—			—			—			(0.21	)		—

From net realized gain on investments		(2.87	)		(1.90	)		(3.70	)		(0.62	)		(2.97	)


Total distributions		(2.87	)		(1.90	)		(3.70	)		(0.83	)		(2.97	)


Net asset value at end of year	$	17.88		$	21.06		$	20.48		$	24.31		$	20.18


Total investment return (b)		(2.04	%)		13.55	%		(1.03	%)		25.26	%		(1.78	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		(0.90	%)		(0.66	%)		(0.66	%)		(0.39	%)		0.58	%

Net expenses (c)		2.25	% (d)		2.23	% (d)		2.18	%		2.21	%		2.23	%

Expenses (before waiver/reimbursement) (c)		2.31	% (d)		2.28	% (d)		2.23	%		2.21	%		2.23	%

Portfolio turnover rate		41	%		51	%		41	%		42	%		45	%

Net assets at end of year (in 000’s)	$	1,616		$	2,435		$	2,889		$	3,906		$	3,707

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(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%. (See Note 6)



	Year ended October 31,

Class C	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	21.07		$	20.49		$	24.32		$	20.19		$	23.59


Net investment income (loss) (a)		(0.16	)		(0.12	)		(0.15	)		(0.09	)		0.12

Net realized and unrealized gain (loss) on investments		(0.15	)		2.60			0.02			5.05			(0.55	)


Total from investment operations		(0.31	)		2.48			(0.13	)		4.96			(0.43	)


Less distributions:

From net investment income		—			—			—			(0.21	)		—

From net realized gain on investments		(2.87	)		(1.90	)		(3.70	)		(0.62	)		(2.97	)


Total distributions		(2.87	)		(1.90	)		(3.70	)		(0.83	)		(2.97	)


Net asset value at end of year	$	17.89		$	21.07		$	20.49		$	24.32		$	20.19


Total investment return (b)		(2.05	%)		13.54	%		(1.03	%)		25.24	%		(1.86	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		(0.92	%)		(0.63	%)		(0.67	%)		(0.40	%)		0.58	%

Net expenses (c)		2.25	% (d)		2.23	% (d)		2.18	%		2.21	%		2.23	%

Expenses (before waiver/reimbursement) (c)		2.32	% (d)		2.28	% (d)		2.23	%		2.21	%		2.23	%

Portfolio turnover rate		41	%		51	%		41	%		42	%		45	%

Net assets at end of year (in 000’s)	$	1,802		$	2,490		$	3,642		$	4,218		$	3,661

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(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%. (See Note 6)


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					17

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class I	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	29.23		$	27.52		$	31.11		$	25.57		$	29.02


Net investment income (loss) (a)		0.10			0.16			0.21			0.26			0.47

Net realized and unrealized gain (loss) on investments		(0.24	)		3.62			(0.05	)		6.40			(0.65	)


Total from investment operations		(0.14	)		3.78			0.16			6.66			(0.18	)


Less distributions:

From net investment income		(0.18	)		(0.17	)		(0.05	)		(0.50	)		(0.30	)

From net realized gain on investments		(2.87	)		(1.90	)		(3.70	)		(0.62	)		(2.97	)


Total distributions		(3.05	)		(2.07	)		(3.75	)		(1.12	)		(3.27	)


Net asset value at end of year	$	26.04		$	29.23		$	27.52		$	31.11		$	25.57


Total investment return (b)		(0.81	%)		14.97	%		0.25	%		26.83	%		(0.51	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		0.38	%		0.58	%		0.70	%		0.92	%		1.86	%

Net expenses (c)		0.99	% (d)		0.97	%(d)		0.90	%		0.90	%		0.90	%

Portfolio turnover rate		41	%		51	%		41	%		42	%		45	%

Net assets at end of year (in 000’s)	$	42,188		$	105,913		$	102,791		$	727,524		$	669,617

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. 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%. (See Note 6)



	Year ended October 31,						February 28, 2018^ through October 31,

Class R6	2020			2019			2018

Net asset value at beginning of period	$	29.23		$	27.53		$	28.88


Net investment income (loss) (a)		0.11			0.18			0.10

Net realized and unrealized gain (loss) on investments		(0.22	)		3.61			(1.45	)


Total from investment operations		(0.11	)		3.79			(1.35	)


Less distributions:

From net investment income		(0.20	)		(0.19	)		—

From net realized gain on investments		(2.87	)		(1.90	)		—


Total distributions		(3.07	)		(2.09	)		—


Net asset value at end of period	$	26.05		$	29.23		$	27.53


Total investment return (b)		(0.69	%)		15.04	%		(4.67	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		0.43	%		0.68	%		0.53	% ††

Net expenses (c)		0.90	% (d)		0.89	%(d)		0.87	% ††

Portfolio turnover rate		41	%		51	%		41	%

Net assets at end of period (in 000’s)	$	402,386		$	526,399		$	571,319

^	Inception date.

††	Annualized.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of 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 less than 0.01%. (See Note 6)


18		MainStay Epoch U.S. All Cap Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Notes to Financial Statements

Note 1–Organization and Business

The Fund currently has seven classes of shares registered for sale. Class I shares commenced operations on January 2, 1991. Class A, Class B and Class C shares commenced operations on January 2, 2004. Investor Class shares commenced operations on February 28, 2008. Class R6 shares commenced operations on February 28, 2018. SIMPLE Class shares were registered for sale effective as of August 31, 2020. As of October 31, 2020, SIMPLE Class shares were not yet offered for sale.

Class A and Investor Class shares are offered at net asset value (“NAV”) per share plus an initial sales charge. No initial sales charge applies to investments of $1 million or more (and certain other qualified purchases) in Class A and Investor Class shares. However, a CDSC 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. Class C shares are offered at NAV without an initial sales charge, although a 1.00% CDSC may be imposed on certain redemptions of such shares made within one year of the date of purchase of Class C shares. When Class B shares were offered, they were offered at NAV without an initial sales charge, although a CDSC that declines depending on the number of years a shareholder held its Class B shares may be imposed on certain redemptions of such shares made within six years of the date of purchase of such shares. Class I and Class R6 shares are offered at NAV without a sales charge. Depending upon eligibility, Class B shares convert to either Class A or Investor Class shares at the end of the calendar quarter eight years after the date they were purchased. SIMPLE Class shares are currently expected to be offered at NAV without a sales charge. Depending upon eligibility, Class C shares convert to either Class A or Investor Class shares at the end of the calendar quarter ten years after the date they were purchased. Additionally, Investor Class shares may convert automatically to Class A shares. Under certain circumstances and as may be permitted by the Trust’s multiple class plan pursuant to Rule 18f-3 under the

1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under distribution plans pursuant to Rule 12b-1 under the 1940 Act, Class B and Class C shares are subject to higher distribution and/or service fees than Class A, Investor Class and SIMPLE Class shares. Class I and Class R6 shares are not subject to a distribution and/or service fee.

The Fund’s investment objective is to seek long-term capital appreciation.

Note 2–Significant Accounting Policies

The Board of Trustees of the Trust (the “Board”) adopted procedures establishing methodologies for the valuation of the Fund’s securities and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Trust (the “Valuation Committee”). The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for the day-to-day valuation of portfolio assets (including fair value measurements for the Fund’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)). To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Fund’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources.


			19

Notes to Financial Statements (continued)

information that is reasonably available and deemed relevant by the Valuation Committee. Any action taken by the Subcommittee with respect to the valuation of a portfolio security or other asset is submitted for review and ratification (if appropriate) to the Valuation Committee and the Board at the next regularly scheduled meeting.

•

Level 1—quoted prices in active markets for an identical asset or liability

•

Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:


• Broker/dealer quotes		• Benchmark securities
• Two-sided markets		• Reference data (corporate actions or material event notices)
• Bids/offers		• Monthly payment information
• Industry and economic events		• Reported trades

which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Discounts may also be applied due to the nature and/or duration of any restrictions on the disposition of the asset or liability. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Fund’s valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Fund’s valuation procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security’s sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the year ended October 31, 2020, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. No securities held by the Fund as of October 31, 2020 were fair valued in such a manner.


20		MainStay Epoch U.S. All Cap Fund

thereafter assuming a constant amortization to maturity of the difference between such cost and the value on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The Manager evaluates the Fund’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund’s financial statements. The Fund’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare and pay dividends from net investment income and distributions from net realized capital and currency gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(G) Repurchase Agreements. The Fund may enter into repurchase agreements (i.e., buy a security from another party with the agreement that it will be sold back in the future) to earn income. The Fund may enter into repurchase agreements only with counterparties, usually financial institutions, that are deemed by the Manager or the Subadvisor to be creditworthy, pursuant to guidelines established by the Board. During the term of any repurchase agreement, the Manager or the Subadvisor will continue to monitor the creditworthiness of the counterparty. Under the 1940 Act, repurchase agreements are considered to be collateralized loans by the Fund to the counterparty secured by the securities transferred to the Fund.

Repurchase agreements are subject to counterparty risk, meaning the Fund could lose money by the counterparty’s failure to perform under the terms of the agreement. The Fund mitigates this risk by ensuring the repurchase agreement is collateralized by cash, U.S. government securities, fixed income securities and/or other securities. The collateral is held by the Fund’s custodian and valued daily on a mark to market basis to determine if the value, including accrued interest, exceeds the repurchase price. In the event of the counterparty’s default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, such as in the event of default or bankruptcy by the counterparty, realization and/or retention of the collateral may be limited or subject to delay, to legal proceedings and possible realized loss to the Fund. As of October 31, 2020, the Fund did not hold any repurchase agreements.


			21

Notes to Financial Statements (continued)

Fund’s collateral in accordance with the securities lending agency agreement between the Fund and State Street, and indemnify the Fund against counterparty risk. The loans will be collateralized by cash (which may be invested in a money market fund) and/or non-cash collateral (which may include U.S. Treasury securities and/or U.S. government agency securities issued or guaranteed by the United States government or its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. The Fund bears the risk of delay in recovery of, or loss of rights in, the securities loaned. The Fund may also record a realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. The Fund bears the risk of any loss on investment of cash collateral. The Fund will receive compensation for lending its securities in the form of fees or it will retain a portion of interest earned on the investment of any cash collateral. The Fund will also continue to receive interest and dividends on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Fund. Income earned from securities lending activities, if any, is reflected in the Statement of Operations. As of October 31, 2020, the Fund had securities on loan with an aggregate market value of $4,318,981 and received cash collateral, which was invested into the State Street Navigator Securities Lending Government Money Market Portfolio, with a value of $4,545,186.

(I) Indemnifications. Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.

Note 3–Fees and Related Party Transactions

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of the Fund’s average daily net assets as follows: 0.85% up to $500 million; 0.825% from $500 million to $1 billion; and 0.80% in excess of $1 billion. During the year ended October 31, 2020, the effective management fee rate was 0.85% (exclusive of any applicable waivers/reimbursements).

During the year ended October 31, 2020, New York Life Investments earned fees from the Fund in the amount of $4,762,810 and waived fees and/or reimbursed expenses, including the waiver/reimbursement of certain class specific expenses in the amount of $9,262 and paid the Subadvisor in the amount of $2,381,405.


22		MainStay Epoch U.S. All Cap Fund

The Fund was also advised that the Distributor retained CDSCs on redemptions of Class A, Investor Class, Class B and Class C shares during the year ended October 31, 2020, of $479, $6, $968 and $126, respectively.

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. During the year ended October 31, 2020, transfer agent expenses incurred by the Fund and any applicable reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, as follows:


Class	Expense		Waived
Class A	$	33,777	$	—
Investor Class		40,947		(6,578	)
Class B		8,094		(1,271	)
Class C		8,865		(1,413	)
Class I		79,488		—
Class R6		16,769		—


Affiliated Investment Company	Value, Beginning of Year		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Year		Dividend Income		Other Distributions		Shares End of Year
MainStay U.S. Government Liquidity Fund	$	17,292	$	198,012	$	(208,354	)	$	—	$	—	$	6,950	$	88	$	—		6,950

(G) Capital. As of October 31, 2020, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:



Class R6	$	149,006,291	37.0	%

Note 4–Federal Income Tax


	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)

Investments in Securities	$	386,918,565	$	135,088,452	$	(19,788,954	)	$	115,299,498

As of October 31, 2020, the components of accumulated gain (loss) on a tax basis were as follows:


Ordinary Income	Accumulated Capital and Other Gain (Loss)	Other Temporary Differences	Unrealized Appreciation (Depreciation)	Total Accumulated Gain (Loss)

$1,164,598	$435,707	$—	$115,299,498	$116,899,803

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is primarily due to wash sale adjustments.


			23

Notes to Financial Statements (continued)

During the years ended October 31, 2020, and October 31, 2019, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets were as follows:


	2020		2019

Distributions paid from:
Ordinary Income	$	4,307,634	$	4,703,797
Long-Term Capital Gain		65,697,754		50,827,474
Total	$	70,005,388	$	55,531,271

Note 5–Custodian

Note 6–Line of Credit

Effective July 28, 2020, under the credit agreement (the “Credit Agreement”), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to JP Morgan Chase Bank NA, who serves as the agent to the syndicate. The commitment fee is allocated among the Fund and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Rate or the one-month London Interbank Offered Rate (“LIBOR”), whichever is higher. The Credit Agreement expires on July 27, 2021, although the Fund, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate of banks. Prior to July 28, 2020, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement, but State Street served as agent to the syndicate.

During the year ended October 31, 2020, the Fund utilized the line of credit for 10 days, maintained an average daily balance of $16,482,500 at a weighted average interest rate of 2.30% and incurred interest expense in the amount of $9,975. As of October 31, 2020, there were no borrowings outstanding with respect to the Fund under the Credit Agreement or the credit agreement for which State Street served as agent.

Note 7–Interfund Lending Program

money for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. During the year ended October 31, 2020, there were no interfund loans made or outstanding with respect to the Fund.

Note 8–Purchases and Sales of Securities (in 000’s)

During the year ended October 31, 2020, purchases and sales of securities, other than short-term securities, were $227,078 and $391,595, respectively.

Note 9–Capital Share Transactions

Transactions in capital shares for the years ended October 31, 2020, and October 31, 2019, were as follows:


Class A	Shares			Amount

Year ended October 31, 2020:
Shares sold		315,916		$	6,801,299
Shares issued to shareholders in reinvestment of distributions		197,430			4,629,738
Shares redeemed		(436,659	)		(9,302,128	)

Net increase (decrease) in shares outstanding before conversion		76,687			2,128,909
Shares converted into Class A (See Note 1)		57,617			1,299,364
Shares converted from Class A (See Note 1)		(4,069	)		(79,741	)

Net increase (decrease)		130,235		$	3,348,532

Year ended October 31, 2019:
Shares sold		452,661		$	11,143,079
Shares issued to shareholders in reinvestment of distributions		124,815			2,768,390
Shares redeemed		(456,740	)		(11,103,602	)

Net increase (decrease) in shares outstanding before conversion		120,736			2,807,867
Shares converted into Class A (See Note 1)		62,390			1,517,092
Shares converted from Class A (See Note 1)		(14,584	)		(352,749	)

Net increase (decrease)		168,542		$	3,972,210


24		MainStay Epoch U.S. All Cap Fund


Investor Class	Shares			Amount

Year ended October 31, 2020:
Shares sold		76,586		$	1,625,572
Shares issued to shareholders in reinvestment of distributions		53,116			1,213,154
Shares redeemed		(58,331	)		(1,243,200	)

Net increase (decrease) in shares outstanding before conversion		71,371			1,595,526
Shares converted into Investor Class (See Note 1)		13,988			282,664
Shares converted from Investor Class (See Note 1)		(53,508	)		(1,177,861	)

Net increase (decrease)		31,851		$	700,329

Year ended October 31, 2019:
Shares sold		136,507		$	3,320,603
Shares issued to shareholders in reinvestment of distributions		34,491			747,426
Shares redeemed		(129,042	)		(3,138,121	)

Net increase (decrease) in shares outstanding before conversion		41,956			929,908
Shares converted into Investor Class (See Note 1)		28,797			665,702
Shares converted from Investor Class (See Note 1)		(45,405	)		(1,095,911	)

Net increase (decrease)		25,348		$	499,699



Class B	Shares			Amount

Year ended October 31, 2020:
Shares sold		1,195		$	19,324
Shares issued to shareholders in reinvestment of distributions		17,559			328,176
Shares redeemed		(26,244	)		(455,473	)

Net increase (decrease) in shares outstanding before conversion		(7,490	)		(107,973	)
Shares converted from Class B (See Note 1)		(17,761	)		(303,252	)

Net increase (decrease)		(25,251	)	$	(411,225	)

Year ended October 31, 2019:
Shares sold		40,434		$	836,521
Shares issued to shareholders in reinvestment of distributions		14,637			267,413
Shares redeemed		(61,441	)		(1,247,295	)

Net increase (decrease) in shares outstanding before conversion		(6,370	)		(143,361	)
Shares converted from Class B (See Note 1)		(19,067	)		(362,930	)

Net increase (decrease)		(25,437	)	$	(506,291	)


Class C	Shares			Amount

Year ended October 31, 2020:
Shares sold		18,319		$	287,980
Shares issued to shareholders in reinvestment of distributions		16,909			316,367
Shares redeemed		(51,503	)		(910,340	)

Net increase (decrease) in shares outstanding before conversion		(16,275	)		(305,993	)
Shares converted from Class C (See Note 1)		(1,230	)		(21,174	)

Net increase (decrease)		(17,505	)	$	(327,167	)

Year ended October 31, 2019:
Shares sold		34,645		$	702,514
Shares issued to shareholders in reinvestment of distributions		17,755			324,563
Shares redeemed		(92,542	)		(1,813,005	)

Net increase (decrease) in shares outstanding before conversion		(40,142	)		(785,928	)
Shares converted from Class C (See Note 1)		(19,393	)		(371,204	)

Net increase (decrease)		(59,535	)	$	(1,157,132	)



Class I	Shares			Amount

Year ended October 31, 2020:
Shares sold		287,240		$	7,644,227
Shares issued to shareholders in reinvestment of distributions		413,882			11,141,699
Shares redeemed		(2,704,864	)		(69,058,920	)

Net increase (decrease)		(2,003,742	)	$	(50,272,994	)

Year ended October 31, 2019:
Shares sold		422,036		$	11,490,020
Shares issued to shareholders in reinvestment of distributions		302,116			7,577,074
Shares redeemed		(835,208	)		(21,549,288	)

Net increase (decrease)		(111,056	)	$	(2,482,194	)



Class R6	Shares			Amount

Year ended October 31, 2020:
Shares sold		719,244		$	15,924,626
Shares issued to shareholders in reinvestment of distributions		1,940,131			52,208,934
Shares redeemed		(5,219,421	)		(144,046,464	)

Net increase (decrease)		(2,560,046	)	$	(75,912,904	)

Year ended October 31, 2019:
Shares sold		834,960		$	21,796,485
Shares issued to shareholders in reinvestment of distributions		1,744,469			43,716,388
Shares redeemed		(5,324,854	)		(144,582,429	)

Net increase (decrease)		(2,745,425	)	$	(79,069,556	)

Note 10–Recent Accounting Pronouncement


			25

Notes to Financial Statements (continued)

2019. The Manager evaluated the implications of certain provisions of ASU 2018-13 and determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures, which are currently in place as of October 31, 2020. The Manager is evaluating the implications of certain other provisions of ASU 2018-13 related to new disclosure requirements and has not yet determined the impact of those provisions on the financial statement disclosures, if any.

Note 11–Other Matters

An outbreak of COVID-19, first detected in December 2019, has developed into a global pandemic and has resulted in travel restrictions,

closure of international borders, certain businesses and securities markets, restrictions on securities trading activities, prolonged quarantines, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The continued impact of COVID-19 is uncertain and could further adversely affect the global economy, national economies, individual issuers and capital markets in unforeseeable ways and result in a substantial and extended economic downturn. Developments that disrupt global economies and financial markets, such as COVID-19, may magnify factors that affect the Fund’s performance.

Note 12–Subsequent Events

Effective at the close of business on November 20, 2020, all services provided by State Street were transitioned to JPMorgan Chase Bank, N.A.


26		MainStay Epoch U.S. All Cap Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders of the Fund and Board of Trustees

MainStay Funds Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of MainStay Epoch U.S. All Cap Fund (the Fund), one of the funds constituting MainStay Funds Trust, including the portfolio of investments, as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2020, by correspondence with the custodian and the transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

LOGO

We have served as the auditor of one or more New York Life Investment Management investment companies since 2003.

Philadelphia, Pennsylvania

December 23, 2020


			27

Federal Income Tax Information

(Unaudited)

The Fund is required under the Internal Revenue Code to advise shareholders in a written statement as to the federal tax status of dividends paid by the Fund during such fiscal years. Accordingly, the Fund paid $65,697,754 as long term capital gain distributions.

For the fiscal year ended October 31, 2020, the Fund designated approximately $4,307,634 under the Internal Revenue Code as qualified dividend income eligible for reduced tax rates.

The dividends paid by the Fund during the fiscal year ended October 31, 2020 should be multiplied by 100.00% to arrive at the amount eligible for the corporate dividend-received deduction.

Proxy Voting Policies and Procedures and Proxy Voting Record

Shareholder Reports and Quarterly Portfolio Disclosure


28		MainStay Epoch U.S. All Cap Fund

Board of Trustees and Officers (Unaudited)

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Interested Trustee

Yie-Hsin Hung*

1962

MainStay Funds:
Trustee since 2017

MainStay Funds Trust:
Trustee since 2017

MainStay VP Funds Trust:
Trustee since 2017 (31 portfolios); and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017.


			29

Board of Trustees and Officers (Unaudited) (continued)

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

David H. Chow

1957

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Founder and CEO, DanCourt Management, LLC since 1999

Susan B. Kerley

1951

MainStay Funds:
Chairman since 2017 and Trustee since 2007;

MainStay Funds Trust: Chairman since 2017 and Trustee since 1990.**

President, Strategic Management Advisors LLC since 1990

MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007 (31 portfolios)***;
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; and

Legg Mason Partners Funds: Trustee since 1991 (45 portfolios).

Alan R. Latshaw

1951

MainStay Funds:
Trustee;

MainStay Funds Trust:
Trustee and Audit Committee Financial Expert since 2007.**

Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006)

Richard H. Nolan, Jr.

1946

MainStay Funds:
Trustee since 2007;

MainStay Funds Trust:
Trustee since 2007.**

Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004)

MainStay VP Funds Trust: Trustee since 2006 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Jacques P. Perold

1958

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Allstate Corporation: Director since 2015;
MSCI, Inc.: and Director since 2017.


30		MainStay Epoch U.S. All Cap Fund

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

Richard S. Trutanic

1952

MainStay Funds: Trustee since 1994;

MainStay Funds Trust: Trustee since 2007.**

MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust.

***

Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


			31

Board of Trustees and Officers (Unaudited) (continued)


	Name and Year of Birth	Position(s) Held and Length of Service	Principal Occupation(s) During Past Five Years
Officers of the Trust (Who are not Trustees)*	Kirk C. Lehneis 1974	President, MainStay Funds, MainStay Funds Trust since 2017	Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers since 2017 and Senior Managing Director since 2018, NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since 2017**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC
	Jack R. Benintende 1964	Treasurer and Principal Financial and Accounting Officer, MainStay Funds since 2007, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2007**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012)
	Yi-Chia Kuo 1981	Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust since January 2020	Chief Compliance Officer, Index IQ Trust, Index IQ ETF Trust and Index IQ Active ETF Trust since January 2020; Vice President and Chief Compliance Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since January 2020; Director and Associate General Counsel, New York Life Insurance Company (2015 to 2019)
	J. Kevin Gao 1967	Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust since 2010	Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2010**
	Scott T. Harrington 1959	Vice President— Administration, MainStay Funds since 2005, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2005**

Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


32		MainStay Epoch U.S. All Cap Fund

MainStay Funds

Equity

U.S. Equity

MainStay Epoch U.S. All Cap Fund

MainStay Epoch U.S. Equity Yield Fund

MainStay MacKay Common Stock Fund

MainStay MacKay Growth Fund

MainStay MacKay S&P 500 Index Fund

MainStay MacKay Small Cap Core Fund

MainStay MacKay U.S. Equity Opportunities Fund

MainStay MAP Equity Fund

MainStay Winslow Large Cap Growth Fund¹

International Equity

MainStay Epoch International Choice Fund

MainStay MacKay International Equity Fund

MainStay MacKay International Opportunities Fund

Emerging Markets Equity

MainStay Candriam Emerging Markets Equity Fund

Global Equity

MainStay Epoch Capital Growth Fund

MainStay Epoch Global Equity Yield Fund

Fixed Income

Taxable Income

MainStay Candriam Emerging Markets Debt Fund

MainStay Floating Rate Fund

MainStay MacKay High Yield Corporate Bond Fund

MainStay MacKay Short Duration High Yield Fund

MainStay MacKay Total Return Bond Fund

MainStay MacKay Unconstrained Bond Fund

MainStay MacKay U.S. Infrastructure Bond Fund²

MainStay Short Term Bond Fund³

Tax-Exempt Income

MainStay MacKay California Tax Free Opportunities Fund⁴

MainStay MacKay High Yield Municipal Bond Fund

MainStay MacKay Intermediate Tax Free Bond Fund

MainStay MacKay New York Tax Free Opportunities Fund⁵

MainStay MacKay Short Term Municipal Fund

MainStay MacKay Tax Free Bond Fund

Money Market

MainStay Money Market Fund

Mixed Asset

MainStay Balanced Fund

MainStay Income Builder Fund

MainStay MacKay Convertible Fund

Speciality

MainStay CBRE Global Infrastructure Fund

MainStay CBRE Real Estate Fund

MainStay Cushing MLP Premier Fund

Asset Allocation

MainStay Conservative Allocation Fund

MainStay Conservative ETF Allocation Fund

MainStay Defensive ETF Allocation Fund

MainStay Equity Allocation Fund⁶

MainStay Equity ETF Allocation Fund

MainStay Growth Allocation Fund⁷

MainStay Growth ETF Allocation Fund

MainStay Moderate Allocation Fund

MainStay Moderate ETF Allocation Fund

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium S.A.⁸

Brussels, Belgium

Candriam Luxembourg S.C.A.⁸

Strassen, Luxembourg

CBRE Clarion Securities LLC

Radnor, Pennsylvania

Cushing Asset Management, LP

Dallas, Texas

Epoch Investment Partners, Inc.

New York, New York

MacKay Shields LLC⁸

New York, New York

Markston International LLC

White Plains, New York

NYL Investors LLC⁸

New York, New York

Winslow Capital Management, LLC

Minneapolis, Minnesota

Legal Counsel

Dechert LLP

Washington, District of Columbia

Independent Registered Public Accounting Firm

KPMG LLP

Philadelphia, Pennsylvania

Distributor

NYLIFE Distributors LLC⁸

Jersey City, New Jersey

Custodian⁹

State Street Bank and Trust Company

Boston, Massachusetts

1.	Formerly known as MainStay Large Cap Growth Fund.

2.	Formerly known as MainStay MacKay Infrastructure Bond Fund.

3.	Formerly known as MainStay Indexed Bond Fund.

4.	This Fund is registered for sale in AZ, CA, NV, OR, TX, UT and WA. Class A and Class I shares are registered for sale in MI. Class I and Class C2 shares are registered for sale in CO, FL, GA, HI, ID, MA, MD, NH, NJ and NY.

5.	This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT.

6.	Formerly known as MainStay Growth Allocation Fund.

7.	Formerly known as MainStay Moderate Growth Allocation Fund.

8.	An affiliate of New York Life Investment Management LLC.

Not part of the Annual Report

For more information

800-624-6782

newyorklifeinvestments.com

1716815 MS203-20

MSEUAC11-12/20

(NYLIM) NL259

MainStay Epoch U.S. Equity Yield Fund

Message from the President and Annual Report

October 31, 2020


Not FDIC/NCUA Insured		Not a Deposit		May Lose Value		No Bank Guarantee		Not Insured by Any Government Agency

LOGO

This page intentionally left blank

Message from the President

Sincerely,

LOGO

Kirk C. Lehneis

President

Not part of the Annual Report

Table of Contents


Annual Report

Investment and Performance Comparison			5

Portfolio Management Discussion and Analysis			9

Portfolio of Investments			11

Financial Statements			14

Notes to Financial Statements			22

Report of Independent Registered Public Accounting Firm			31

Federal Income Tax Information			32

Proxy Voting Policies and Procedures and Proxy Voting Record			32

Shareholder Reports and Quarterly Portfolio Disclosure			32

Board of Trustees and Officers			33

Investment and Performance Comparison¹ (Unaudited)

LOGO

Average Annual Total Returns for the Year-Ended October 31, 2020

Class

Sales Charge

Inception
Date

One Year
or Since
Inception

Five Years

or Since

Inception

Ten

Years

Gross
Expense
Ratio²

Class A Shares

Maximum 5.5% Initial Sales Charge

With sales charges

Excluding sales charges

2/3/2009

–13.79

–8.77

4.80

6.00

8.24

8.86

1.08

Investor Class Shares³

Maximum 5% Initial Sales Charge

With sales charges

Excluding sales charges

11/16/2009

–13.99

–8.99

4.61

5.80

8.08

8.69

1.35

Class B Shares⁴

Maximum 5% CDSC
if Redeemed Within the First Six Years of Purchase

With sales charges Excluding sales charges

5/8/2017

–14.09

–9.71

2.09

2.61

N/A

2.10

Class C Shares

Maximum 1% CDSC

if Redeemed Within One Year of Purchase

With sales charges

Excluding sales charges

11/16/2009

–10.53

–9.66

5.00

7.89

2.10

Class I Shares

No Sales Charge

12/3/2008

–8.50

6.28

9.13

0.83

Class R1 Shares

No Sales Charge

5/8/2017

–8.66

3.74

N/A

0.93

Class R2 Shares

No Sales Charge

5/8/2017

–8.87

3.47

N/A

1.18

Class R3 Shares

No Sales Charge

5/8/2017

–9.06

3.23

N/A

1.43

Class R6 Shares

No Sales Charge

5/8/2017

–8.46

3.97

N/A

0.74

SIMPLE Class Shares

No Sales Charge

8/31/2020

–4.16

N/A

1.60

2.	The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report.

3.	Prior to June 30, 2020, the maximum initial sales charge for Investor Class shares was 5.5%, which is reflected in the average annual total return figures shown.

4.	Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders.

The footnotes on the next page are an integral part of the table and graph and should be carefully read in conjunction with them.


			5


Benchmark Performance	One Year			Five Years			Ten Years

Russell 1000^® Value Index⁵		–7.57	%		5.82	%		9.48	%
U.S. Equity Yield Composite Index⁶		–4.70			8.31			10.98
Morningstar Large Value Category Average⁷		–7.37			5.38			8.64

The Fund has selected the Russell 1000^® Value Index as its primary benchmark. The Russell 1000^® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000^® Index companies with lower price-to-book ratios and lower expected growth values. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

The Fund has selected the U.S. Equity Yield Composite Index as its secondary benchmark. The U.S. Equity Yield Composite Index consists of the MSCI USA High Dividend Yield Index and the MSCI USA Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI USA High Dividend Yield Index is based on the MSCI USA Index and includes large and mid-cap stocks. The MSCI USA High Dividend Yield Index is designed to reflect the performance of equities in the MSCI USA Index (excluding real estate investment trusts) with higher dividend income and quality

characteristics than average dividend yields that are both sustainable and persistent. The MSCI USA Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the large and mid-cap USA equity universe. The MSCI USA Minimum Volatility (USD) Index is calculated by optimizing the MSCI USA Index in USD for the lowest absolute risk (within a given set of constraints). Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.

The footnotes on the preceding page are an integral part of the table and graph and should be carefully read in conjunction with them.


6		MainStay Epoch U.S. Equity Yield Fund

Cost in Dollars of a $1,000 Investment in MainStay Epoch U.S. Equity Yield Fund (Unaudited)

Example

This example illustrates your Fund’s ongoing costs in two ways:

Actual Expenses

multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes



Share Class	Beginning Account Value 5/1/20		Ending Account Value (Based on Actual Returns and Expenses) 10/31/20		Expenses Paid During Period¹		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/20		Expenses Paid During Period¹		Net Expense Ratio During Period²

Class A Shares	$	1,000.00	$	1,056.90	$	5.58	$	1,019.71	$	5.48	1.08%

Investor Class Shares	$	1,000.00	$	1,055.90	$	6.82	$	1,018.50	$	6.70	1.32%

Class B Shares	$	1,000.00	$	1,051.20	$	10.67	$	1,014.73	$	10.48	2.07%

Class C Shares	$	1,000.00	$	1,052.00	$	10.68	$	1,014.73	$	10.48	2.07%

Class I Shares	$	1,000.00	$	1,058.20	$	3.78	$	1,021.47	$	3.71	0.73%

Class R1 Shares	$	1,000.00	$	1,057.80	$	4.81	$	1,020.46	$	4.72	0.93%

Class R2 Shares	$	1,000.00	$	1,056.40	$	6.10	$	1,019.20	$	5.99	1.18%

Class R3 Shares	$	1,000.00	$	1,055.10	$	7.39	$	1,017.95	$	7.25	1.43%

Class R6 Shares	$	1,000.00	$	1,058.90	$	3.78	$	1,021.47	$	3.71	0.73%

SIMPLE Class Shares^3,4	$	1,000.00	$	958.40	$	2.56	$	1,005.72	$	2.62	1.57%

Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 366 and multiplied by 184 (to reflect the six-month period) and 61 days for SIMPLE Class share (to reflect the since-inception period. The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures.

2.	Expenses are equal to the Fund’s annualized expense ratio to reflect the six-month period.

3.	The inception date was August 31, 2020.

Expenses paid during the period reflect ongoing costs for the period from inception through October 31, 2020. Had these shares been offered for the full six-month period ended October 31, 2020, and had the Fund provided a hypothetical 5% annualized return, expenses paid during the period would have been $7.96 for SIMPLE Class shares and the ending account value would have been $1,017.24 for SIMPLE Class shares.


			7

Industry Composition as of October 31, 2020 (Unaudited)



Semiconductors & Semiconductor Equipment	6.6	%

Electric Utilities	6.1

Pharmaceuticals	6.0

Insurance	5.5

Multi-Utilities	5.0

Banks	4.7

Chemicals	4.2

Household Products	4.0

Capital Markets	3.5

Diversified Telecommunication Services	3.3

Biotechnology	3.2

Beverages	3.1

Tobacco	3.1

Equity Real Estate Investment Trusts	2.9

Electrical Equipment	2.8

Oil, Gas & Consumable Fuels	2.8

Aerospace & Defense	2.6

Hotels, Restaurants & Leisure	2.5

Software	2.3

Commercial Services & Supplies	2.0

IT Services	2.0



Health Care Equipment & Supplies	1.9	%

Health Care Providers & Services	1.8

Food & Staples Retailing	1.6

Media	1.5

Multiline Retail	1.4

Industrial Conglomerates	1.3

Communications Equipment	1.2

Specialty Retail	1.2

Trading Companies & Distributors	1.1

Air Freight & Logistics	1.0

Containers & Packaging	1.0

Technology Hardware, Storage & Peripherals	1.0

Textiles, Apparel & Luxury Goods	0.7

Food Products	0.6

Household Durables	0.6

Leisure Products	0.6

Short-Term Investment	3.3

Other Assets, Less Liabilities	0.0	‡


	100.0	%

See Portfolio of Investments beginning on page 11 for specific holdings within these categories. The Fund’s holdings are subject to change.

‡	Less than one-tenth of a percent.

Top Ten Holdings as of October 31, 2020 (excluding short-term investment) (Unaudited)

1.	Microsoft Corp.

2.	Verizon Communications, Inc.

3.	Johnson & Johnson

4.	Medtronic PLC

5.	Merck & Co., Inc.

6.	Procter & Gamble Co.

7.	MetLife, Inc.

8.	Amgen, Inc.

9.	Walmart, Inc.

10.	Kimberly-Clark Corp.


8		MainStay Epoch U.S. Equity Yield Fund

Portfolio Management Discussion and Analysis (Unaudited)

Questions answered by portfolio managers Kera Van Valen, CFA, John Tobin, PhD, CFA, Michael A. Welhoelter, CFA, and William W. Priest, CFA, of Epoch Investment Partners, Inc., the Fund’s Subadvisor.

How did MainStay Epoch U.S. Equity Yield Fund perform relative to its benchmarks and peer group during the 12 months ended October 31, 2020?

For the 12 months ended October 31, 2020, Class I shares of MainStay Epoch U.S. Equity Yield Fund returned –8.50%, underperforming the –7.57% return of the Fund’s primary benchmark, the Russell 1000^® Value Index. Over the same period, Class I shares underperformed the –4.70% return of the U.S. Equity Yield Composite Index, which is the Fund’s secondary benchmark, and the –7.37% return of the Morningstar Large Value Category Average.¹

What factors affected the Fund’s relative performance during the reporting period?

The Fund underperformed the Russell 1000^® Value Index during the reporting period largely due to investments in the health care sector, where disappointing stock selection and, to a lesser degree, underweight exposure detracted from relative returns. Stock selection in the communication services, utilities and consumer staples sectors also detracted from the Fund’s relative performance.

During the reporting period, were there any market events that materially impacted the Fund’s performance or liquidity?

The sharp sell-off across all sectors that began in February 2020 was broadly based and indiscriminate. Owning dividend-yielding companies was a headwind, as concerns about the capacity for businesses to continue with their shareholder distribution practices weighed on equity performance as the markets sold off. While government restrictions placed strains on wide sectors of the global economy, not all businesses faced the same degree of stress. As the recovery ensued, the Fund participated modestly, but owning dividend-yielding companies remained a drag on performance as gains in the broader markets were primarily driven by growth stocks.

During the reporting period, which sectors were the strongest positive contributors to the Fund’s relative performance and which sectors were particularly weak?

During the reporting period, the strongest positive sector contribution to the Fund’s performance relative to the Russell 1000^® Value Index came from information technology, largely as a result of stock selection and, to a lesser degree, overweight allocation. (Contributions take weightings and total returns into account.) Underweight exposure in the lagging financials sector also contributed positively to relative results, particularly the Fund’s underweight exposure to banks. Underweight exposure to energy, the worst performing sector in the Index, also

contributed positively, although the effect was partially offset by disappointing stock selection in the sector.

Over the same period, the health care sector was the largest detractor from the Fund’s relative performance. Stock selection within communication services, utilities and consumer staples also detracted from relative performance.

During the reporting period, which individual stocks made the strongest positive contributions to the Fund’s absolute performance and which stocks detracted the most?

Shares in nationwide discount retailer Target and global consumer electronics company Apple were among the top positive contributors to the Fund’s absolute performance.

Target’s stock outperformed on accelerating comparable sales growth, market share gains across all five of its merchandise categories, and strong flow-through to earnings despite elevated investments. Later in the reporting period, shares also responded favorably to indications that the company was experiencing a successful back-to-school shopping season and was positioning for a strong holiday season by planning to offer Black Friday pricing during the entire month of November. Target returns excess cash to shareholders through an attractive and growing dividend, which is well covered by free cash flow. The company halted share repurchase activity in response to the COVID-19 pandemic.

Apple shares outperformed on strong underlying demand for its service and accessories, as well as a return of iPhone sales growth. The company’s iPhone 11 handset lineup proved popular with customers despite widespread anticipation of a 5G variant which was announced in October. Additionally, demand for services expanded to become a strong growth driver for the company regardless of iPhone demand. Apple returns cash to shareholders through dividends and share repurchases.

Integrated midstream and downstream energy company Phillips 66 and global integrated energy company Royal Dutch Shell were the largest detractors from the Fund’s absolute performance during the reporting period.

Shares in Phillips 66 declined along with those of the company’s midstream and downstream peers when commodity prices fell as the energy sector experienced prolonged demand destruction related to the pandemic. However, management remained focused on generating cash flows from the company’s market-leading refining, chemicals and marketing businesses, as well as from its mostly fee-based midstream operations. Cash flow growth was driven by greenfield and brownfield projects that increased production volumes, and by cost controls that improved margins. Phillips 66 returned cash to share-

1.	See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 for more information on benchmark and peer group returns.


			9

holders through an attractive dividend and we maintained the Fund’s position in Phillips 66.

Royal Dutch Shell shares declined along with shares of other integrated oil companies, as the energy sector suffered from supply dislocations caused by conflicts between major oil-producing countries, particularly Russia and Saudi Arabia, as well as the pandemic-related slump in energy demand. Given Shell’s weakened balance sheet, measured by net debt leverage or gearing, we became concerned about the company’s ability to maintain its dividend in a prolonged down cycle. We sold the Fund’s position to invest in other more attractive opportunities.

What were some of the Fund’s largest purchases and sales during the reporting period?

New purchases initiated during the reporting period included industrial equipment distributor MSC Industrial (“MSC”) and global play and entertainment company Hasbro.

Addressing a highly fragmented market, MSC focuses on product availability and customer service. Cash flows are sustained by strong customer relationships, and by providing superior logistics and in-stock products to support customer needs. Growth is driven by market share gains and by moving the company’s sales force from fulfillment to a partnership with its customers. This partnership allows MSC to provide customers with unique insights that drive down their bill of materials and improve their products and manufacturing processes, pushing MSC’s cash margins higher. By leveraging its infrastructure and implementing a strong cost-reduction program, we believe the company is positioned to experience margin expansion and lower working capital requirements through better inventory management, leading to strong cash generation. MSC returns cash through a growing dividend and regular share repurchases.

Hasbro monetizes its collection of iconic owned and licensed brands through a broad range of entertainment offerings. Owned brands include Nerf, Play-Doh and Transformers, and licensed brands include Disney’s Marvel, Star Wars and Princesses. Cash flows are sustained by cross-generational consumer loyalty as well as the relatively recession-resilient nature of its products, since caretakers often prioritize gifts for children over other discretionary expenses. Cash flow growth

drivers include market growth, share gains due to the relative attractiveness of Hasbro’s brands, and margin expansion as its brands continue to scale and its product mix shifts to digital gaming. Hasbro returns cash to shareholders through an attractive dividend. The company historically repurchased shares but plans to prioritize debt reduction over the next few years following the acquisition of eOne, an independent TV and film studio.

Notable positions closed during the reporting period included global integrated energy company Exxon Mobil and mid-Atlantic regional bank M&T Bank. As the energy sector experienced prolonged demand destruction due to the pandemic, Exxon Mobil’s ability to leverage its balance sheet to support both growth and dividends became increasingly challenging. The Fund exited its position to reallocate assets to more attractive shareholder yield opportunities. Regarding M&T Bank, the Fund exited its position on concerns regarding concentrated loan exposure to pandemic-affected markets. As was the case with Exxon Mobil, the trade was made in order to fund other shareholder yield opportunities.

How did the Fund’s sector weightings change during the reporting period?

The Fund’s most significant sector weighting changes during the reporting period were increases in health care and information technology, and reductions in utilities and energy. The Fund’s sector allocations are a result of our bottom-up fundamental investment process and reflect the companies and securities that we confidently believe can collect and distribute sustainable, growing shareholder yield.

How was the Fund positioned at the end of the reporting period?

As of October 31, 2020. the Fund’s largest sector allocations on an absolute basis were to financials and information technology, and its smallest sector allocations were to energy and real estate. As of the same date, relative to the Russell 1000^® Value Index, the Fund held its most overweight exposure to consumer staples and utilities, a defensive sector that is typically more heavily represented in the Fund. The Fund’s most significant underweight exposures were in the financials and communication services sectors.


10		MainStay Epoch U.S. Equity Yield Fund

Portfolio of Investments October 31, 2020



	Shares		Value
Common Stocks 96.7%†
Aerospace & Defense 2.6%
General Dynamics Corp.		37,818	$	4,966,638
Lockheed Martin Corp.		30,402		10,644,652
Raytheon Technologies Corp.		128,656		6,988,594

				22,599,884

Air Freight & Logistics 1.0%
United Parcel Service, Inc., Class B		53,761		8,446,391


Banks 4.7%
Bank of America Corp.		215,044		5,096,543
JPMorgan Chase & Co.		125,640		12,317,746
PNC Financial Services Group, Inc.		58,767		6,574,852
Truist Financial Corp.		247,301		10,416,318
U.S. Bancorp		163,137		6,354,186

				40,759,645

Beverages 3.1%
Coca-Cola Co.		190,945		9,176,817
Coca-Cola European Partners PLC		188,720		6,739,191
PepsiCo., Inc.		84,534		11,267,537

				27,183,545

Biotechnology 3.2%
AbbVie, Inc.		160,542		13,662,124
Amgen, Inc.		65,996		14,317,172

				27,979,296

Capital Markets 3.5%
BlackRock, Inc.		21,672		12,986,079
CME Group, Inc.		48,570		7,320,471
Lazard, Ltd., Class A		161,654		5,442,890
T. Rowe Price Group, Inc.		35,964		4,555,200

				30,304,640

Chemicals 4.2%
Dow, Inc.		260,253		11,838,909
LyondellBasell Industries N.V., Class A		83,422		5,710,236
Nutrien, Ltd.		319,832		13,010,766
PPG Industries, Inc.		43,379		5,627,124

				36,187,035

Commercial Services & Supplies 2.0%
Republic Services, Inc.		100,477		8,859,057
Waste Management, Inc.		80,456		8,682,007

				17,541,064

Communications Equipment 1.2%
Cisco Systems, Inc.		285,861		10,262,410


Containers & Packaging 1.0%
Amcor PLC		831,630		8,673,901



	Shares		Value
Diversified Telecommunication Services 3.3%
AT&T, Inc.		386,925	$	10,454,713
Verizon Communications, Inc.		325,533		18,552,126

				29,006,839

Electric Utilities 6.1%
Alliant Energy Corp.		114,196		6,312,755
American Electric Power Co., Inc.		106,039		9,536,087
Duke Energy Corp.		84,573		7,790,019
Entergy Corp.		134,959		13,660,550
Evergy, Inc.		147,565		8,145,588
Eversource Energy		91,579		7,992,099

				53,437,098

Electrical Equipment 2.8%
Eaton Corp. PLC		130,510		13,545,633
Emerson Electric Co.		172,406		11,170,185

				24,715,818

Equity Real Estate Investment Trusts 2.9%
American Tower Corp.		34,852		8,003,762
Iron Mountain, Inc.		419,940		10,943,636
Welltower, Inc.		124,577		6,698,505

				25,645,903

Food & Staples Retailing 1.6%
Walmart, Inc.		102,331		14,198,426


Food Products 0.6%
McCormick & Co., Inc.		29,661		5,354,107


Health Care Equipment & Supplies 1.9%
Medtronic PLC		162,114		16,303,805


Health Care Providers & Services 1.8%
CVS Health Corp.		129,397		7,257,878
UnitedHealth Group, Inc.		28,222		8,611,661

				15,869,539

Hotels, Restaurants & Leisure 2.5%
Las Vegas Sands Corp.		112,342		5,399,156
McDonald’s Corp.		49,312		10,503,456
Vail Resorts, Inc.		26,695		6,194,308

				22,096,920

Household Durables 0.6%
Leggett & Platt, Inc.		126,802		5,291,447


Household Products 4.0%
Colgate-Palmolive Co.		63,401		5,001,705
Kimberly-Clark Corp.		105,297		13,961,329
Procter & Gamble Co.		114,625		15,715,088

				34,678,122


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					11

Portfolio of Investments October 31, 2020 (continued)



	Shares		Value
Common Stocks (continued)
Industrial Conglomerates 1.3%
Honeywell International, Inc.		68,962	$	11,375,282


Insurance 5.5%
Allianz S.E., Sponsored ADR		403,023		7,073,054
Arthur J. Gallagher & Co.		116,050		12,035,545
Marsh & McLennan Cos., Inc.		59,322		6,137,454
MetLife, Inc.		392,912		14,871,719
Travelers Cos., Inc.		63,401		7,653,135

				47,770,907

IT Services 2.0%
Automatic Data Processing, Inc.		33,739		5,329,413
International Business Machines Corp.		54,502		6,085,693
Paychex, Inc.		74,524		6,129,599

				17,544,705

Leisure Products 0.6%
Hasbro, Inc.		67,850		5,612,552


Media 1.5%
Comcast Corp., Class A		305,997		12,925,313


Multi-Utilities 5.0%
Ameren Corp.		139,408		11,308,777
CMS Energy Corp.		76,378		4,837,019
Dominion Energy, Inc.		118,274		9,502,133
NiSource, Inc.		239,515		5,501,659
WEC Energy Group, Inc.		121,982		12,265,290

				43,414,878

Multiline Retail 1.4%
Target Corp.		79,032		12,030,251


Oil, Gas & Consumable Fuels 2.8%
Chevron Corp.		110,859		7,704,701
Enterprise Products Partners, L.P.		404,507		6,702,681
Magellan Midstream Partners, L.P.		140,891		5,007,266
Phillips 66		103,073		4,809,386

				24,224,034

Pharmaceuticals 6.0%
Eli Lilly & Co.		52,278		6,820,188
Johnson & Johnson		123,836		16,979,154
Merck & Co., Inc.		212,820		16,006,192
Pfizer, Inc.		358,161		12,707,552

				52,513,086

Semiconductors & Semiconductor Equipment 6.6%
Analog Devices, Inc.		104,556		12,393,023
Broadcom, Inc.		24,045		8,406,853
Intel Corp.		228,213		10,105,272
KLA Corp.		58,694		11,573,283



	Shares			Value
Semiconductors & Semiconductor Equipment (continued)
Maxim Integrated Products, Inc.		22,987		$	1,601,044
Texas Instruments, Inc.		93,062			13,455,835

					57,535,310

Software 2.3%
Microsoft Corp.		96,770			19,593,022


Specialty Retail 1.2%
Home Depot, Inc.		38,827			10,355,549


Technology Hardware, Storage & Peripherals 1.0%
Apple, Inc.		80,085			8,718,053


Textiles, Apparel & Luxury Goods 0.7%
Hanesbrands, Inc.		354,453			5,696,060


Tobacco 3.1%
Altria Group, Inc.		288,456			10,407,493
British American Tobacco PLC, Sponsored ADR		230,617			7,352,070
Philip Morris International, Inc.		132,363			9,400,420

					27,159,983

Trading Companies & Distributors 1.1%
MSC Industrial Direct Co., Inc., Class A		18,107			1,261,334
Watsco, Inc.		35,964			8,060,971

					9,322,305

Total Common Stocks (Cost $773,712,494)					842,327,125


Short-Term Investment 3.3%
Affiliated Investment Company 3.3%
MainStay U.S. Government Liquidity Fund, 0.02% (a)		28,293,523			28,293,523

Total Short-Term Investment (Cost $28,293,523)					28,293,523

Total Investments (Cost $802,006,017)		100.0	%		870,620,648
Other Assets, Less Liabilities		0.0	‡		114,688
Net Assets		100.0	%	$	870,735,336

†	Percentages indicated are based on Fund net assets.

‡	Less than one-tenth of a percent.

(a)	Current yield as of October 31, 2020.

The following abbreviation is used in the preceding pages:

ADR—American Depositary Receipt


12		MainStay Epoch U.S. Equity Yield Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

The following is a summary of the fair valuations according to the inputs used as of October 31, 2020, for valuing the Fund’s assets:


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	$	842,327,125	$	—	$	—	$	842,327,125
Short-Term Investment
Affiliated Investment Company		28,293,523		—		—		28,293,523

Total Investments in Securities	$	870,620,648	$	—	$	—	$	870,620,648

(a)	For a complete listing of investments and their industries, see the Portfolio of Investments.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					13

Statement of Assets and Liabilities as of October 31, 2020


Assets
Investment in unaffiliated securities, at value (identified cost $773,712,494)	$	842,327,125
Investment in affiliated investment company, at value (identified cost $28,293,523)		28,293,523
Receivables:
Investment securities sold		2,489,131
Dividends		1,952,487
Fund shares sold		218,127
Securities lending		214
Other assets		83,340

Total assets		875,363,947


Liabilities
Payables:
Investment securities purchased		2,903,081
Fund shares redeemed		827,368
Manager (See Note 3)		453,467
Transfer agent (See Note 3)		211,120
NYLIFE Distributors (See Note 3)		129,413
Shareholder communication		57,829
Professional fees		34,524
Custodian		4,421
Trustees		1,210
Accrued expenses		6,178

Total liabilities		4,628,611

Net assets	$	870,735,336


Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	58,045
Additional paid-in capital		849,838,957

		849,897,002
Total distributable earnings (loss)		20,838,334

Net assets	$	870,735,336


Class A
Net assets applicable to outstanding shares	$	379,695,377

Shares of beneficial interest outstanding		25,385,202

Net asset value per share outstanding	$	14.96
Maximum sales charge (5.50% of offering price)		0.87

Maximum offering price per share outstanding	$	15.83

Investor Class
Net assets applicable to outstanding shares	$	81,365,487

Shares of beneficial interest outstanding		5,466,103

Net asset value per share outstanding	$	14.89
Maximum sales charge (5.00% of offering price)		0.78

Maximum offering price per share outstanding	$	15.67

Class B
Net assets applicable to outstanding shares	$	8,894,199

Shares of beneficial interest outstanding		616,319

Net asset value and offering price per share outstanding	$	14.43

Class C
Net assets applicable to outstanding shares	$	17,919,876

Shares of beneficial interest outstanding		1,241,922

Net asset value and offering price per share outstanding	$	14.43

Class I
Net assets applicable to outstanding shares	$	269,100,166

Shares of beneficial interest outstanding		17,806,356

Net asset value and offering price per share outstanding	$	15.11

Class R1
Net assets applicable to outstanding shares	$	530,189

Shares of beneficial interest outstanding		35,091

Net asset value and offering price per share outstanding	$	15.11

Class R2
Net assets applicable to outstanding shares	$	2,134,603

Shares of beneficial interest outstanding		142,765

Net asset value and offering price per share outstanding	$	14.95

Class R3
Net assets applicable to outstanding shares	$	3,184,276

Shares of beneficial interest outstanding		212,920

Net asset value and offering price per share outstanding	$	14.96

Class R6
Net assets applicable to outstanding shares	$	107,887,207

Shares of beneficial interest outstanding		7,137,186

Net asset value and offering price per share outstanding	$	15.12

SIMPLE Class
Net assets applicable to outstanding shares	$	23,956

Shares of beneficial interest outstanding		1,609

Net asset value and offering price per share outstanding	$	14.89


14		MainStay Epoch U.S. Equity Yield Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Statement of Operations for the year ended October 31, 2020


Investment Income (Loss)
Income
Dividends-unaffiliated (a)	$	33,395,512
Dividends-affiliated		117,035
Securities lending		5,003

Total income		33,517,550

Expenses
Manager (See Note 3)		6,794,785
Distribution/Service—Class A (See Note 3)		1,028,183
Distribution/Service—Investor Class (See Note 3)		220,445
Distribution/Service—Class B (See Note 3)		114,168
Distribution/Service—Class C (See Note 3)		255,712
Distribution/Service—Class R2 (See Note 3)		6,096
Distribution/Service—Class R3 (See Note 3)		18,717
Distribution/Service—SIMPLE Class (See Note 3)		21
Transfer agent (See Note 3)		1,223,087
Registration		162,638
Professional fees		132,081
Shareholder communication		99,996
Custodian		26,913
Trustees		23,248
Shareholder service (See Note 3)		6,868
Interest expense		363
Miscellaneous		43,993

Total expenses before waiver/reimbursement		10,157,314
Expense waiver/reimbursement from Manager (See Note 3)		(338,590	)

Net expenses		9,818,724

Net investment income (loss)		23,698,826


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on unaffiliated investments		(50,103,104	)
Net change in unrealized appreciation (depreciation) on unaffiliated investments		(67,038,827	)

Net realized and unrealized gain (loss)		(117,141,931	)

Net increase (decrease) in net assets resulting from operations	$	(93,443,105	)

(a)	Dividends recorded net of foreign withholding taxes in the amount of $215,170.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					15

Statements of Changes in Net Assets

for the years ended October 31, 2020 and October 31, 2019


	2020			2019
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	23,698,826		$	24,224,726
Net realized gain (loss)		(50,103,104	)		18,602,725
Net change in unrealized appreciation (depreciation)		(67,038,827	)		103,067,308

Net increase (decrease) in net assets resulting from operations		(93,443,105	)		145,894,759

Distributions to shareholders:
Class A		(16,706,327	)		(21,403,064	)
Investor Class		(3,466,598	)		(4,957,109	)
Class B		(399,186	)		(761,646	)
Class C		(864,846	)		(1,689,523	)
Class I		(12,528,780	)		(15,135,175	)
Class R1		(31,602	)		(45,635	)
Class R2		(97,989	)		(140,339	)
Class R3		(142,203	)		(185,001	)
Class R6		(6,826,494	)		(10,255,817	)
SIMPLE Class		(53	)		—

Total distributions to shareholders		(41,064,078	)		(54,573,309	)

Capital share transactions:
Net proceeds from sale of shares		148,903,903			216,145,005
Net asset value of shares issued to shareholders in reinvestment of distributions		40,502,287			53,754,499
Cost of shares redeemed		(268,406,883	)		(314,955,226	)

Increase (decrease) in net assets derived from capital share transactions		(79,000,693	)		(45,055,722	)

Net increase (decrease) in net assets		(213,507,876	)		46,265,728

Net Assets
Beginning of year		1,084,243,212			1,037,977,484

End of year	$	870,735,336		$	1,084,243,212


16		MainStay Epoch U.S. Equity Yield Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class A	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	17.07		$	15.70		$	16.31		$	14.23		$	14.06


Net investment income (loss) (a)		0.36			0.36			0.33			0.31			0.29

Net realized and unrealized gain (loss) on investments		(1.83	)		1.84			(0.06	)		2.13			0.69


Total from investment operations		(1.47	)		2.20			0.27			2.44			0.98


Less distributions:

From net investment income		(0.34	)		(0.37	)		(0.32	)		(0.30	)		(0.26	)

From net realized gain on investments		(0.30	)		(0.46	)		(0.56	)		(0.06	)		(0.55	)


Total distributions		(0.64	)		(0.83	)		(0.88	)		(0.36	)		(0.81	)


Net asset value at end of year	$	14.96		$	17.07		$	15.70		$	16.31		$	14.23


Total investment return (b)		(8.77	%)		14.49	%		1.62	%		17.34	%		7.43	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		2.31	%		2.21	%		2.06	%		1.92	%		2.04	%(c)

Net expenses (d)		1.08	%(e)		1.08	%		1.07	%		1.08	%		1.16	%(f)

Expenses (before waiver/reimbursement) (d)		1.09	%		1.08	%		1.07	%		1.08	%		1.33	%

Portfolio turnover rate		29	%		18	%		17	%		28	%		14	%

Net assets at end of year (in 000’s)	$	379,695		$	450,979		$	405,863		$	435,116		$	26,701

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(c)	Without the custody fee reimbursement, net investment income (loss) would have been 2.03%.

(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%. (See Note 6)

(f)	Without the custody fee reimbursement, net expenses would have been 1.17%.



	Year ended October 31,

Investor Class	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	16.99		$	15.63		$	16.24		$	14.17		$	14.01


Net investment income (loss) (a)		0.32			0.32			0.30			0.30			0.27

Net realized and unrealized gain (loss) on investments		(1.82	)		1.83			(0.06	)		2.10			0.68


Total from investment operations		(1.50	)		2.15			0.24			2.40			0.95


Less distributions:

From net investment income		(0.30	)		(0.33	)		(0.29	)		(0.27	)		(0.24	)

From net realized gain on investments		(0.30	)		(0.46	)		(0.56	)		(0.06	)		(0.55	)


Total distributions		(0.60	)		(0.79	)		(0.85	)		(0.33	)		(0.79	)


Net asset value at end of year	$	14.89		$	16.99		$	15.63		$	16.24		$	14.17


Total investment return (b)		(8.99	%)		14.25	%		1.45	%		17.12	%		7.30	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		2.07	%		2.01	%		1.90	%		1.89	%		1.92	%(c)

Net expenses (d)		1.33	%(e)		1.30	%		1.24	%		1.28	%		1.34	%(f)

Expenses (before waiver/reimbursement) (d)		1.38	%		1.35	%		1.29	%		1.28	%		1.51	%

Portfolio turnover rate		29	%		18	%		17	%		28	%		14	%

Net assets at end of year (in 000’s)	$	81,365		$	100,602		$	98,939		$	114,150		$	2,861

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(c)	Without the custody fee reimbursement, net investment income (loss) would have been 1.91%.

(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%. (See Note 6)

(f)	Without the custody fee reimbursement, net expenses would have been 1.35%.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					17

Financial Highlights selected per share data and ratios



	Year ended October 31,									May 8, 2017^ through October 31,

Class B	2020			2019			2018			2017

Net asset value at beginning of period	$	16.48		$	15.18		$	15.79		$	14.97


Net investment income (loss) (a)		0.21			0.20			0.18			0.07

Net realized and unrealized gain (loss) on investments		(1.78	)		1.77			(0.06	)		0.84


Total from investment operations		(1.57	)		1.97			0.12			0.91


Less distributions:

From net investment income		(0.18	)		(0.21	)		(0.17	)		(0.09	)

From net realized gain on investments		(0.30	)		(0.46	)		(0.56	)		—


Total distributions		(0.48	)		(0.67	)		(0.73	)		(0.09	)


Net asset value at end of period	$	14.43		$	16.48		$	15.18		$	15.79


Total investment return (b)		(9.71	%)		13.40	%		0.70	%		6.11	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		1.36	%		1.29	%		1.18	%		0.98	%††

Net expenses (c)		2.08	%(d)		2.05	%		1.99	%		2.04	%††

Expenses (before waiver/reimbursement) (c)		2.13	%		2.10	%		2.04	%		2.04	%††

Portfolio turnover rate		29	%		18	%		17	%		28	%

Net assets at end of period (in 000’s)	$	8,894		$	14,579		$	17,984		$	26,167

^	Inception date.

††	Annualized.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of 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%. (See Note 6)



	Year ended October 31,

Class C	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	16.47		$	15.17		$	15.79		$	13.80		$	13.66


Net investment income (loss) (a)		0.20			0.20			0.18			0.16			0.15

Net realized and unrealized gain (loss) on investments		(1.76	)		1.77			(0.07	)		2.06			0.69


Total from investment operations		(1.56	)		1.97			0.11			2.22			0.84


Less distributions:

From net investment income		(0.18	)		(0.21	)		(0.17	)		(0.17	)		(0.15	)

From net realized gain on investments		(0.30	)		(0.46	)		(0.56	)		(0.06	)		(0.55	)


Total distributions		(0.48	)		(0.67	)		(0.73	)		(0.23	)		(0.70	)


Net asset value at end of year	$	14.43		$	16.47		$	15.17		$	15.79		$	13.80


Total investment return (b)		(9.66	%)		13.41	%		0.63	%		16.20	%		6.55	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		1.35	%		1.30	%		1.16	%		1.06	%		1.09	%(c)

Net expenses (d)		2.08	%(e)		2.05	%		1.99	%		2.04	%		2.07	%(f)

Expenses (before waiver/reimbursement) (d)		2.13	%		2.10	%		2.04	%		2.04	%		2.24	%

Portfolio turnover rate		29	%		18	%		17	%		28	%		14	%

Net assets at end of year (in 000’s)	$	17,920		$	30,663		$	40,888		$	54,550		$	8,416

(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 distributions. For periods of less than one year, total return is not annualized.

(c)	Without the custody fee reimbursement, net investment income (loss) would have been 1.08%.

(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%. (See Note 6)

(f)	Without the custody fee reimbursement, net expenses would have been 2.08%.


18		MainStay Epoch U.S. Equity Yield Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class I	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	17.24		$	15.85		$	16.46		$	14.35		$	14.17


Net investment income (loss) (a)		0.41			0.40			0.39			0.37			0.31

Net realized and unrealized gain (loss) on investments		(1.85	)		1.86			(0.08	)		2.13			0.72


Total from investment operations		(1.44	)		2.26			0.31			2.50			1.03


Less distributions:

From net investment income		(0.39	)		(0.41	)		(0.36	)		(0.33	)		(0.30	)

From net realized gain on investments		(0.30	)		(0.46	)		(0.56	)		(0.06	)		(0.55	)


Total distributions		(0.69	)		(0.87	)		(0.92	)		(0.39	)		(0.85	)


Net asset value at end of year	$	15.11		$	17.24		$	15.85		$	16.46		$	14.35


Total investment return (b)		(8.50	%)		14.76	%		1.86	%		17.66	%		7.76	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		2.63	%		2.46	%		2.37	%		2.31	%		2.18	%(c)

Net expenses (d)		0.76	%(e)		0.83	%		0.81	%		0.83	%		0.87	%(f)

Expenses (before waiver/reimbursement) (d)		0.84	%		0.83	%		0.81	%		0.83	%		1.04	%

Portfolio turnover rate		29	%		18	%		17	%		28	%		14	%

Net assets at end of year (in 000’s)	$	269,100		$	313,261		$	276,587		$	587,427		$	63,995

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized.

(c)	Without the custody fee reimbursement, net investment income (loss) would have been 2.16%.

(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%. (See Note 6)

(f)	Without the custody fee reimbursement, net expenses would have been 0.89%.



	Year ended October 31,									May 8, 2017^ through October 31,

Class R1	2020			2019			2018			2017

Net asset value at beginning of period	$	17.24		$	15.84		$	16.45		$	15.59


Net investment income (loss) (a)		0.41			0.38			0.37			0.17

Net realized and unrealized gain (loss) on investments		(1.88	)		1.87			(0.07	)		0.86


Total from investment operations		(1.47	)		2.25			0.30			1.03


Less distributions:

From net investment income		(0.36	)		(0.39	)		(0.35	)		(0.17	)

From net realized gain on investments		(0.30	)		(0.46	)		(0.56	)		—


Total distributions		(0.66	)		(0.85	)		(0.91	)		(0.17	)


Net asset value at end of period	$	15.11		$	17.24		$	15.84		$	16.45


Total investment return (b)		(8.66	%)		14.73	%		1.69	%		6.70	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		2.54	%		2.32	%		2.31	%		2.15	%††

Net expenses (c)		0.93	%(d)		0.93	%		0.92	%		0.92	%††

Expenses (before waiver/reimbursement)(c)		0.94	%		0.93	%		0.92	%		0.92	%††

Portfolio turnover rate		29	%		18	%		17	%		28	%

Net assets at end of period (in 000’s)	$	530		$	1,009		$	778		$	1,835

^	Inception date.

††	Annualized.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. Class R1 shares are not subject to sales charges. For periods of less than one year, total return is not annualized.

(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(d)	Net of interest expense of less than 0.01%. (See Note 6)


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					19

Financial Highlights selected per share data and ratios



	Year ended October 31,									May 8, 2017^ through October 31,

Class R2	2020			2019			2018			2017

Net asset value at beginning of period	$	17.06		$	15.69		$	16.30		$	15.46


Net investment income (loss) (a)		0.35			0.34			0.32			0.15

Net realized and unrealized gain (loss) on investments		(1.84	)		1.84			(0.06	)		0.84


Total from investment operations		(1.49	)		2.18			0.26			0.99


Less distributions:

From net investment income		(0.32	)		(0.35	)		(0.31	)		(0.15	)

From net realized gain on investments		(0.30	)		(0.46	)		(0.56	)		—


Total distributions		(0.62	)		(0.81	)		(0.87	)		(0.15	)


Net asset value at end of period	$	14.95		$	17.06		$	15.69		$	16.30


Total investment return (b)		(8.87	%)		14.39	%		1.51	%		6.45	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		2.23	%		2.12	%		2.02	%		1.85	%††

Net expenses (c)		1.18	%(d)		1.18	%		1.17	%		1.17	%††

Expenses (before waiver/reimbursement)(c)		1.19	%		1.18	%		1.17	%		1.17	%††

Portfolio turnover rate		29	%		18	%		17	%		28	%

Net assets at end of period (in 000’s)	$	2,135		$	2,812		$	2,665		$	5,506

^	Inception date.

††	Annualized.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. Class R2 shares are not subject to sales charges. For periods of less than one year, total return is not annualized.

(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(d)	Net of interest expense of less than 0.01%. (See Note 6)



	Year ended October 31,									May 8, 2017^ through October 31,

Class R3	2020			2019			2018			2017

Net asset value at beginning of period	$	17.06		$	15.69		$	16.30		$	15.46


Net investment income (loss) (a)		0.31			0.30			0.28			0.12

Net realized and unrealized gain (loss) on investments		(1.83	)		1.84			(0.07	)		0.86


Total from investment operations		(1.52	)		2.14			0.21			0.98


Less distributions:

From net investment income		(0.28	)		(0.31	)		(0.26	)		(0.14	)

From net realized gain on investments		(0.30	)		(0.46	)		(0.56	)		—


Total distributions		(0.58	)		(0.77	)		(0.82	)		(0.14	)


Net asset value at end of period	$	14.96		$	17.06		$	15.69		$	16.30


Total investment return (b)		(9.06	%)		14.11	%		1.25	%		6.34	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		1.96	%		1.86	%		1.75	%		1.55	%††

Net expenses (c)		1.43	%(d)		1.43	%		1.42	%		1.42	%††

Expenses (before waiver/reimbursement)(c)		1.44	%		1.43	%		1.42	%		1.42	%††

Portfolio turnover rate		29	%		18	%		17	%		28	%

Net assets at end of period (in 000’s)	$	3,184		$	4,339		$	3,817		$	5,422

^	Inception date.

††	Annualized.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. Class R3 shares are not subject to sales charges. For periods of less than one year, total return is not annualized.

(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(d)	Net of interest expense of less than 0.01%. (See Note 6)


20		MainStay Epoch U.S. Equity Yield Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,									May 8, 2017^ through October 31,

Class R6	2020			2019			2018			2017

Net asset value at beginning of period	$	17.25		$	15.85		$	16.46		$	15.59


Net investment income (loss) (a)		0.42			0.42			0.37			0.23

Net realized and unrealized gain (loss) on investments		(1.86	)		1.86			(0.04	)		0.82


Total from investment operations		(1.44	)		2.28			0.33			1.05


Less distributions:

From net investment income		(0.39	)		(0.42	)		(0.38	)		(0.18	)

From net realized gain on investments		(0.30	)		(0.46	)		(0.56	)		–


Total distributions		(0.69	)		(0.88	)		(0.94	)		(0.18	)


Net asset value at end of period	$	15.12		$	17.25		$	15.85		$	16.46


Total investment return (b)		(8.46	%)		14.94	%		1.95	%		6.79	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		2.68	%		2.60	%		2.31	%		2.94	%††

Net expenses (c)		0.73	%(d)		0.73	%		0.73	%		0.72	%††

Expenses (before waiver/reimbursement) (c)		0.74	%		0.73	%		0.73	%		0.72	%††

Portfolio turnover rate		29	%		18	%		17	%		28	%

Net assets at end of period (in 000’s)	$	107,887		$	165,999		$	190,456		$	723

^	Inception date.

††	Annualized.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of 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 less than 0.01%. (See Note 6)



SIMPLE Class	August 31, 2020^ through October 31, 2020

Net asset value at beginning of period *	$	15.57


Net investment income (loss) (a)		0.03

Net realized and unrealized gain (loss) on investments		(0.68	)


Total from investment operations		(0.65	)


Less distributions:

From net investment income		(0.03	)


Net asset value at end of period	$	14.89


Total investment return (b)		(4.16	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)††		0.98	%

Net expenses (c) ††		1.57	%(d)

Expenses (before waiver/reimbursement) (c)††		1.63	%

Portfolio turnover rate		29	%

Net assets at end of period (in 000’s)	$	24

^	Inception date.

††	Annualized.

*	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 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%. (See Note 6)


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					21

Notes to Financial Statements

Note 1–Organization and Business

The Fund currently has ten classes of shares registered for sale. Investor Class and Class C shares commenced operations on November 16, 2009. Class A and Class I shares commenced operations (under former designations) on February 3, 2009 and December 3, 2008, respectively. Class B, Class R1, Class R2, Class R3 and Class R6 shares were registered for sale effective as of February 16, 2017, but were not offered for sale until May 8, 2017. SIMPLE Class shares commenced operations on August 31, 2020.

Class A and Investor Class shares are offered at net asset value (“NAV”) per share plus an initial sales charge. No initial sales charge applies to investments of $1 million or more (and certain other qualified purchases) in Class A and Investor Class shares. However, a CDSC 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. Class B and Class C shares are offered at NAV without an initial sales charge, although a CDSC that declines depending on the number of years a shareholder held its Class B shares may be imposed on redemptions made within six years of the date of purchase of such shares and a 1.00% CDSC may be imposed on redemptions made within one year of the date of purchase of Class C shares. Class I, Class R1, Class R2, Class R3, Class R6 and SIMPLE Class shares are offered at NAV without a sales charge. Depending upon eligibility, Class B shares convert to either Class A or Investor Class shares at the end of the calendar quarter eight years after the date they were purchased. In addition, depending upon eligibility, Class C shares convert to either Class A or Investor Class shares at the end of the calendar quarter ten years after the date they were purchased. Additionally, Investor Class shares may convert automatically to Class A shares. Under certain circumstances and as may be permitted by the Trust’s multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within

these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that Class B and Class C shares are subject to higher distribution and/or service fees than Class A, Investor Class, Class R2, Class R3 and SIMPLE Class shares under distribution plans pursuant to Rule 12b-1 under the 1940 Act. Class I, Class R1 and Class R6 shares are not subject to a distribution and/or service fee. Class R1, Class R2 and Class R3 shares are subject to a shareholder service fee, which is in addition to fees paid under a distribution plan for Class R1, Class R2 and Class R3 shares.

The Fund’s investment objective is to seek current income and capital appreciation.

Note 2–Significant Accounting Policies

The Board of Trustees of the Trust (the “Board”) adopted procedures establishing methodologies for the valuation of the Fund’s securities and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Trust (the “Valuation Committee”). The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for the day-to-day valuation of portfolio assets (including fair value measurements for the Fund’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)). To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Fund’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources.


22		MainStay Epoch U.S. Equity Yield Fund

•

Level 1—quoted prices in active markets for an identical asset or liability

•

Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:


• Broker/dealer quotes		• Benchmark securities
• Two-sided markets		• Reference data (corporate actions or material event notices)
• Bids/offers		• Monthly payment information
• Industry and economic events		• Reported trades

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. No securities held by the Fund as of October 31, 2020, were fair valued in such a manner.


			23

Notes to Financial Statements (continued)

after assuming a constant amortization to maturity of the difference between such cost and the value on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The Manager evaluates the Fund’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund’s financial statements. The Fund’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

Additionally, the Fund may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Statement of Operations or in the expense ratios included in the Financial Highlights.

(G) Repurchase Agreements. The Fund may enter into repurchase agreements (i.e., buy a security from another party with the agreement that it will be sold back in the future) to earn income. The Fund may enter into repurchase agreements only with counterparties, usually financial institutions, that are deemed by the Manager or the Subadvisor to be creditworthy, pursuant to guidelines established by the Board. During the term of any repurchase agreement, the Manager or the Subadvisor will continue to monitor the creditworthiness of the counterparty. Under the 1940 Act, repurchase agreements are considered to be collateralized loans by the Fund to the counterparty secured by the securities transferred to the Fund.

Repurchase agreements are subject to counterparty risk, meaning the Fund could lose money by the counterparty’s failure to perform under the terms of the agreement. The Fund mitigates this risk by ensuring the repurchase agreement is collateralized by cash, U.S. government securities, fixed income securities and/or other securities. The collateral is held by the Fund’s custodian and valued daily on a mark to market basis to determine if the value, including accrued interest, exceeds the repurchase price. In the event of the counterparty’s default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, such as in the event of default or bankruptcy by the counterparty, realization and/or retention of the collateral may be limited or subject to delay, to legal proceedings and possible realized loss to the Fund. As of October 31, 2020, the Fund did not hold any repurchase agreements.


24		MainStay Epoch U.S. Equity Yield Fund

(I) Large Transaction Risks. From time to time, the 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 the Fund’s performance if the Fund were required to sell securities or invest cash at times when it otherwise would not do so. This activity could also accelerate the realization of capital gains and increase the Fund’s transaction costs. The Fund has adopted procedures designed to mitigate the negative impacts of such large transactions, but there can be no assurance that these procedures will be effective.

(J) Indemnifications. Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.

Note 3–Fees and Related Party Transactions

amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. Epoch Investment Partners, Inc. (“Epoch” or the “Subadvisor”), a registered investment adviser, serves as Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of an Amended and Restated Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and Epoch, New York Life Investments pays for the services of the Subadvisor.

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of the Fund’s average daily net assets as follows: 0.70% up to $500 million; 0.68% from $500 million to $1 billion; 0.66% from $1 billion to $2 billion; and 0.65% in excess of $2 billion. During the year ended October 31, 2020, the effective management fee rate was 0.69% (exclusive of any applicable waivers/reimbursements).

Effective February 28, 2020, 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 I do not exceed 0.73%. 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) of Class R6 do not exceed those of Class I. These agreements will remain in effect until August 31, 2021, 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.

During the year ended October 31, 2020, New York Life Investments earned fees from the Fund in the amount of $6,794,785 and waived fees and/or reimbursed expenses of $338,590, including the waiver/reimbursement of certain class specific expenses in Note 3(D) and paid the Subadvisor in the amount of $3,256,817.


			25

Notes to Financial Statements (continued)

Life Investments. The Fund has adopted distribution plans (the “Plans”) in accordance with the provisions of Rule 12b-1 under the 1940 Act.

Pursuant to the Class A and Investor Class Plans, the Distributor receives a monthly distribution fee from the Class A and Investor Class shares at an annual rate of 0.25% of the average daily net assets of the Class A and Investor Class shares for distribution and/or service activities as designated by the Distributor. Pursuant to the Class B and Class C Plans, the Distributor receives a monthly distribution fee at an annual rate of 0.75% of the average daily net assets of the Class B and Class C shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class B and Class C shares, for a total 12b-1 fee of 1.00%. Pursuant to the Class R3 and SIMPLE Class shares Plans, Class R3 and SIMPLE Class shares pay the Distributor a monthly fee at an annual rate of 0.25% of the average daily net assets of the Class R3 and SIMPLE Class shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class R3 and SIMPLE Class shares, for a total 12b-1 fee of 0.50%. Class I, Class R1 and Class R6 shares are not subject to a distribution and/or service fee.

During the year ended October 31, 2020, shareholder service fees incurred by the Fund were as follows:



Class R1	$	686
Class R2		2,439
Class R3		3,743

The Fund was also advised that the Distributor retained CDSCs on redemptions of Class A, Investor Class, Class B and Class C shares

during the year ended October 31, 2020, of $10,179, $42, $6,193 and $1,572, respectively.

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund’s transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with DST Asset Manager Solutions, Inc. (“DST”), pursuant to which DST performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund’s share classes to a maximum of 0.35% of that share class’s average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until August 31, 2021 for SIMPLE Class shares and February 28, 2021 for all other share classes, 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. During the year ended October 31, 2020, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:


Class		Expense		Waived
Class A	$	420,271	$	—
Investor Class		348,725		(40,753	)
Class B		44,992		(5,104	)
Class C		100,930		(11,579	)
Class I		294,993		—
Class R1		693		—
Class R2		2,491		—
Class R3		3,823		—
Class R6		6,153		—
SIMPLE Class		16		(2	)


Affiliated Investment Company	Value, Beginning of Year		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Year		Dividend Income		Other Distributions		Shares End of Year
MainStay U.S. Government Liquidity Fund	$	21,574	$	230,505	$	(223,785	)	$	—	$	—	$	28,294	$	117	$	—		28,294


26		MainStay Epoch U.S. Equity Yield Fund

(G) Capital. As of October 31, 2020, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:



SIMPLE Class	$	23,956	100.0	%

Note 4–Federal Income Tax


	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrea- lized Appre- ciation/ (Depre- ciation)

Investments in Securities	$	795,932,804	$	151,232,586	$	(76,544,742	)	$	74,687,844

As of October 31, 2020, the components of accumulated gain (loss) on a tax basis were as follows:


Ordinary Income	Accumulated Capital and Other Gain (Loss)	Other Temporary Differences	Unrealized Appreciation (Depreciation)	Total Accumulated Gain (Loss)

$2,156,983	$(50,052,360)	$—	$68,733,711	$20,838,334

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is primarily due to wash sale and partnerships adjustments.


Total Distributable Earnings (Loss)	Additional Paid-In Capital
$4,233	$	(4,233	)

The reclassifications for the Fund are primarily due to different book and tax treatment of investments in partnerships.

As of October 31, 2020, for federal income tax purposes, capital loss carryforwards of $50,052,360 were available as shown in the table below, to the extent provided by the regulations to offset future realized gains of the Fund through the years indicated. To the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders. No capital gain distributions shall be made until any capital loss carryforwards have been fully utilized.


Capital Loss Available Through	Short-Term Capital Loss Amounts (000’s)		Long-Term Capital Loss Amounts (000’s)
Unlimited	$	34,528	$	15,524

During the years ended October 31, 2020, and October 31, 2019, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets were as follows:


	2020		2019

Distributions paid from:
Ordinary Income	$	21,923,519	$	35,491,080
Long-Term Capital Gain		19,140,559		19,082,229
Total	$	41,064,078	$	54,573,309

Note 5–Custodian

Note 6–Line of Credit

Effective July 28, 2020, under the credit agreement (the “Credit Agreement”), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to JP Morgan Chase Bank NA, who serves as the agent to the syndicate. The commitment fee is allocated among the Fund and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Rate or the one-month London Interbank Offered Rate (“LIBOR”), whichever is higher. The Credit Agreement expires on July 27, 2021, although the Fund, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate of banks. Prior to July 28, 2020, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement, but State Street served as agent to the syndicate.

During the year ended October 31, 2020, the Fund utilized the line of credit for 1 day, maintained an average daily balance of $9,322,000 at a weighted average interest rate of 1.40% and incurred interest expense in the amount of $363. As of October 31, 2020, there were no borrowings outstanding with respect to the Fund under the Credit Agreement.

Note 7–Interfund Lending Program


			27

Notes to Financial Statements (continued)

Note 8–Purchases and Sales of Securities (in 000’s)

During the year ended October 31, 2020, purchases and sales of securities, other than short-term securities, were $274,948 and $375,142, respectively.

Note 9–Capital Share Transactions

Transactions in capital shares for the years ended October 31, 2020, and October 31, 2019, were as follows:


Class A	Shares			Amount

Year ended October 31, 2020:
Shares sold		2,332,674		$	36,272,057
Shares issued to shareholders in reinvestment of distributions		1,043,950			16,404,472
Shares redeemed		(4,998,543	)		(75,708,799	)

Net increase (decrease) in shares outstanding before conversion		(1,621,919	)		(23,032,270	)
Shares converted into Class A (See Note 1)		622,803			10,121,700
Shares converted from Class A (See Note 1)		(36,798	)		(537,284	)

Net increase (decrease)		(1,035,914	)	$	(13,447,854	)

Year ended October 31, 2019:
Shares sold		4,702,971		$	77,691,655
Shares issued to shareholders in reinvestment of distributions		1,332,318			21,041,413
Shares redeemed		(6,318,356	)		(103,782,522	)

Net increase (decrease) in shares outstanding before conversion		(283,067	)		(5,049,454	)
Shares converted into Class A (See Note 1)		951,644			15,571,313
Shares converted from Class A (See Note 1)		(103,812	)		(1,707,384	)

Net increase (decrease)		564,765		$	8,814,475



Investor Class	Shares			Amount

Year ended October 31, 2020:
Shares sold		270,284		$	4,138,236
Shares issued to shareholders in reinvestment of distributions		219,312			3,451,003
Shares redeemed		(525,089	)		(8,114,014	)

Net increase (decrease) in shares outstanding before conversion		(35,493	)		(524,775	)
Shares converted into Investor Class (See Note 1)		89,418			1,358,880
Shares converted from Investor Class (See Note 1)		(509,950	)		(8,361,449	)

Net increase (decrease)		(456,025	)	$	(7,527,344	)

Year ended October 31, 2019:
Shares sold		1,026,010		$	17,038,130
Shares issued to shareholders in reinvestment of distributions		314,204			4,928,944
Shares redeemed		(1,306,273	)		(21,582,437	)

Net increase (decrease) in shares outstanding before conversion		33,941			384,637
Shares converted into Investor Class (See Note 1)		263,249			4,228,114
Shares converted from Investor Class (See Note 1)		(706,414	)		(11,569,134	)

Net increase (decrease)		(409,224	)	$	(6,956,383	)


Class B	Shares			Amount

Year ended October 31, 2020:
Shares sold		7,068		$	110,395
Shares issued to shareholders in reinvestment of distributions		25,338			394,504
Shares redeemed		(133,598	)		(1,997,777	)

Net increase (decrease) in shares outstanding before conversion		(101,192	)		(1,492,878	)
Shares converted from Class B (See Note 1)		(167,336	)		(2,481,456	)

Net increase (decrease)		(268,528	)	$	(3,974,334	)

Year ended October 31, 2019:
Shares sold		326,593		$	5,351,595
Shares issued to shareholders in reinvestment of distributions		49,762			753,012
Shares redeemed		(469,339	)		(7,562,556	)

Net increase (decrease) in shares outstanding before conversion		(92,984	)		(1,457,949	)
Shares converted from Class B (See Note 1)		(207,286	)		(3,209,391	)

Net increase (decrease)		(300,270	)	$	(4,667,340	)



Class C	Shares			Amount

Year ended October 31, 2020:
Shares sold		235,502		$	3,705,877
Shares issued to shareholders in reinvestment of distributions		52,734			818,324
Shares redeemed		(881,029	)		(13,010,985	)

Net increase (decrease) in shares outstanding before conversion		(592,793	)		(8,486,784	)
Shares converted from Class C (See Note 1)		(26,684	)		(385,344	)

Net increase (decrease)		(619,477	)	$	(8,872,128	)

Year ended October 31, 2019:
Shares sold		590,708		$	9,149,077
Shares issued to shareholders in reinvestment of distributions		101,158			1,529,828
Shares redeemed		(1,310,681	)		(20,348,493	)

Net increase (decrease) in shares outstanding before conversion		(618,815	)		(9,669,588	)
Shares converted from Class C (See Note 1)		(214,491	)		(3,317,125	)

Net increase (decrease)		(833,306	)	$	(12,986,713	)



Class I	Shares			Amount

Year ended October 31, 2020:
Shares sold		6,046,881		$	89,114,571
Shares issued to shareholders in reinvestment of distributions		781,886			12,338,626
Shares redeemed		(7,211,459	)		(107,323,610	)

Net increase in shares outstanding before conversion		(382,692	)		(5,870,413	)
Shares converted into Class I (See Note 1)		19,579			287,919

Net increase (decrease)		(363,113	)	$	(5,582,494	)

Year ended October 31, 2019:
Shares sold		6,098,389		$	97,779,508
Shares issued to shareholders in reinvestment of distributions		931,241			14,877,827
Shares redeemed		(6,113,172	)		(99,531,468	)

Net increase (decrease) in shares outstanding before conversion		916,458			13,125,867
Shares converted into Class I (See Note 1)		2,105			33,984
Shares converted from Class I (See Note 1)		(203,456	)		(3,267,504	)

Net increase (decrease)		715,107		$	9,892,347


28		MainStay Epoch U.S. Equity Yield Fund


Class R1	Shares			Amount

Year ended October 31, 2020:
Shares sold		8,452		$	133,176
Shares issued to shareholders in reinvestment of distributions		1,949			31,602
Shares redeemed		(33,874	)		(451,774	)

Net increase (decrease)		(23,473	)	$	(286,996	)

Year ended October 31, 2019:
Shares sold		28,076		$	451,616
Shares issued to shareholders in reinvestment of distributions		2,852			45,634
Shares redeemed		(21,460	)		(351,710	)

Net increase (decrease)		9,468		$	145,540



Class R2	Shares			Amount

Year ended October 31, 2020:
Shares sold		22,786		$	344,684
Shares issued to shareholders in reinvestment of distributions		6,091			96,110
Shares redeemed		(50,907	)		(757,593	)

Net increase (decrease)		(22,030	)	$	(316,799	)

Year ended October 31, 2019:
Shares sold		44,943		$	730,593
Shares issued to shareholders in reinvestment of distributions		8,777			138,490
Shares redeemed		(58,775	)		(958,721	)

Net increase (decrease)		(5,055	)	$	(89,638	)



Class R3	Shares			Amount

Year ended October 31, 2020:
Shares sold		42,848		$	656,589
Shares issued to shareholders in reinvestment of distributions		8,905			141,099
Shares redeemed		(93,160	)		(1,445,161	)

Net increase (decrease)		(41,407	)	$	(647,473	)

Year ended October 31, 2019:
Shares sold		35,858		$	581,261
Shares issued to shareholders in reinvestment of distributions		11,644			183,534
Shares redeemed		(36,421	)		(585,223	)

Net increase (decrease)		11,081		$	179,572


Class R6	Shares			Amount

Year ended October 31, 2020:
Shares sold		927,546		$	14,403,318
Shares issued to shareholders in reinvestment of distributions		433,166			6,826,494
Shares redeemed		(3,848,764	)		(59,597,170	)

Net increase (decrease) in shares outstanding before conversion		(2,488,052	)		(38,367,358	)
Shares converted from Class R6 (See Note 1)		(232	)		(2,966	)

Net increase (decrease)		(2,488,284	)	$	(38,370,324	)

Year ended October 31, 2019:
Shares sold		474,748		$	7,371,570
Shares issued to shareholders in reinvestment of distributions		643,826			10,255,817
Shares redeemed		(3,710,907	)		(60,252,096	)

Net increase (decrease) in shares outstanding before conversion		(2,592,333	)		(42,624,709	)
Shares converted into Class R6 (See Note 1)		203,456			3,267,504
Shares converted from Class R6 (See Note 1)		(1,890	)		(30,377	)

Net increase (decrease)		(2,390,767	)	$	(39,387,582	)



SIMPLE Class	Shares			Amount

Period ended October 31, 2020 (a):
Shares sold		1,605		$	25,000
Shares issued to shareholders in reinvestment of distributions		4			53

Net increase (decrease)		1,609		$	25,053

(a)	The inception date of the class was August 31, 2020.

Note 10–Recent Accounting Pronouncement

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board issued Accounting Standards Update 2018-13, Fair Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which adds, removes, and modifies certain fair value measurement disclosure requirements. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019. The Manager evaluated the implications of certain provisions of ASU 2018-13 and determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures, which are currently in place as of October 31, 2020. The Manager is evaluating the implications of certain other provisions of ASU 2018-13 related to new disclosure requirements and has not yet determined the impact of those provisions on the financial statement disclosures, if any.


			29

Notes to Financial Statements (continued)

Note 11–Other Matters

Note 12–Subsequent Events

Effective at the close of business on November 20, 2020, all services provided by State Street were transitioned to JPMorgan Chase Bank, N.A.


30		MainStay Epoch U.S. Equity Yield Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders of the Fund and Board of Trustees

MainStay Funds Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of MainStay Epoch U.S. Equity Yield Fund (the Fund), one of the funds constituting MainStay Funds Trust, including the portfolio of investments, as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2020, by correspondence with the custodian, the transfer agent, and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

LOGO

We have served as the auditor of one or more New York Life Investment Management investment companies since 2003.

Philadelphia, Pennsylvania

December 23, 2020


			31

Federal Income Tax Information

(Unaudited)

For the fiscal year ended October 31, 2020, the Fund designated approximately $21,923,519 under the Internal Revenue Code as qualified dividend income eligible for reduced tax rates.

The dividends paid by the Fund during the fiscal year ended October 31, 2020 should be multiplied by 100.00% to arrive at the amount eligible for the corporate dividend-received deduction.

Proxy Voting Policies and Procedures and Proxy Voting Record

Shareholder Reports and Quarterly Portfolio Disclosure


32		MainStay Epoch U.S. Equity Yield Fund

Board of Trustees and Officers (Unaudited)

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Interested Trustee

Yie-Hsin Hung*

1962

MainStay Funds:
Trustee since 2017

MainStay Funds Trust:
Trustee since 2017

MainStay VP Funds Trust:
Trustee since 2017 (31 portfolios); and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017.


			33

Board of Trustees and Officers (Unaudited) (continued)

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

David H. Chow

1957

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Founder and CEO, DanCourt Management, LLC since 1999

Susan B. Kerley

1951

MainStay Funds:
Chairman since 2017 and Trustee since 2007;

MainStay Funds Trust: Chairman since 2017 and Trustee since 1990.**

President, Strategic Management Advisors LLC since 1990

MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007 (31 portfolios)***;
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; and

Legg Mason Partners Funds: Trustee since 1991 (45 portfolios).

Alan R. Latshaw

1951

MainStay Funds:
Trustee;

MainStay Funds Trust:
Trustee and Audit Committee Financial Expert since 2007.**

Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006)

Richard H. Nolan, Jr.

1946

MainStay Funds:
Trustee since 2007;

MainStay Funds Trust:
Trustee since 2007.**

Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004)

MainStay VP Funds Trust: Trustee since 2006 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Jacques P. Perold

1958

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Allstate Corporation: Director since 2015;
MSCI, Inc.: and Director since 2017.


34		MainStay Epoch U.S. Equity Yield Fund

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

Richard S. Trutanic

1952

MainStay Funds: Trustee since 1994;

MainStay Funds Trust: Trustee since 2007.**

MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust.

***

Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


			35

Board of Trustees and Officers (Unaudited) (continued)


	Name and Year of Birth	Position(s) Held and Length of Service	Principal Occupation(s) During Past Five Years
Officers of the Trust (Who are not Trustees)*	Kirk C. Lehneis 1974	President, MainStay Funds, MainStay Funds Trust since 2017	Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers since 2017 and Senior Managing Director since 2018, NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since 2017**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC
	Jack R. Benintende 1964	Treasurer and Principal Financial and Accounting Officer, MainStay Funds since 2007, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2007**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012)
	Yi-Chia Kuo 1981	Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust since January 2020	Chief Compliance Officer, Index IQ Trust, Index IQ ETF Trust and Index IQ Active ETF Trust since January 2020; Vice President and Chief Compliance Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since January 2020; Director and Associate General Counsel, New York Life Insurance Company (2015 to 2019)
	J. Kevin Gao 1967	Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust since 2010	Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2010**
	Scott T. Harrington 1959	Vice President— Administration, MainStay Funds since 2005, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2005**

Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


36		MainStay Epoch U.S. Equity Yield Fund

MainStay Funds

Equity

U.S. Equity

MainStay Epoch U.S. All Cap Fund

MainStay Epoch U.S. Equity Yield Fund

MainStay MacKay Common Stock Fund

MainStay MacKay Growth Fund

MainStay MacKay S&P 500 Index Fund

MainStay MacKay Small Cap Core Fund

MainStay MacKay U.S. Equity Opportunities Fund

MainStay MAP Equity Fund

MainStay Winslow Large Cap Growth Fund¹

International Equity

MainStay Epoch International Choice Fund

MainStay MacKay International Equity Fund

MainStay MacKay International Opportunities Fund

Emerging Markets Equity

MainStay Candriam Emerging Markets Equity Fund

Global Equity

MainStay Epoch Capital Growth Fund

MainStay Epoch Global Equity Yield Fund

Fixed Income

Taxable Income

MainStay Candriam Emerging Markets Debt Fund

MainStay Floating Rate Fund

MainStay MacKay High Yield Corporate Bond Fund

MainStay MacKay Short Duration High Yield Fund

MainStay MacKay Total Return Bond Fund

MainStay MacKay Unconstrained Bond Fund

MainStay MacKay U.S. Infrastructure Bond Fund²

MainStay Short Term Bond Fund³

Tax-Exempt Income

MainStay MacKay California Tax Free Opportunities Fund⁴

MainStay MacKay High Yield Municipal Bond Fund

MainStay MacKay Intermediate Tax Free Bond Fund

MainStay MacKay New York Tax Free Opportunities Fund⁵

MainStay MacKay Short Term Municipal Fund

MainStay MacKay Tax Free Bond Fund

Money Market

MainStay Money Market Fund

Mixed Asset

MainStay Balanced Fund

MainStay Income Builder Fund

MainStay MacKay Convertible Fund

Speciality

MainStay CBRE Global Infrastructure Fund

MainStay CBRE Real Estate Fund

MainStay Cushing MLP Premier Fund

Asset Allocation

MainStay Conservative Allocation Fund

MainStay Conservative ETF Allocation Fund

MainStay Defensive ETF Allocation Fund

MainStay Equity Allocation Fund⁶

MainStay Equity ETF Allocation Fund

MainStay Growth Allocation Fund⁷

MainStay Growth ETF Allocation Fund

MainStay Moderate Allocation Fund

MainStay Moderate ETF Allocation Fund

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium S.A.⁸

Brussels, Belgium

Candriam Luxembourg S.C.A.⁸

Strassen, Luxembourg

CBRE Clarion Securities LLC

Radnor, Pennsylvania

Cushing Asset Management, LP

Dallas, Texas

Epoch Investment Partners, Inc.

New York, New York

MacKay Shields LLC⁸

New York, New York

Markston International LLC

White Plains, New York

NYL Investors LLC⁸

New York, New York

Winslow Capital Management, LLC

Minneapolis, Minnesota

Legal Counsel

Dechert LLP

Washington, District of Columbia

Independent Registered Public Accounting Firm

KPMG LLP

Philadelphia, Pennsylvania

Distributor

NYLIFE Distributors LLC⁸

Jersey City, New Jersey

Custodian⁹

State Street Bank and Trust Company

Boston, Massachusetts

1.	Formerly known as MainStay Large Cap Growth Fund.

2.	Formerly known as MainStay MacKay Infrastructure Bond Fund.

3.	Formerly known as MainStay Indexed Bond Fund.

4.	This Fund is registered for sale in AZ, CA, NV, OR, TX, UT and WA. Class A and Class I shares are registered for sale in MI. Class I and Class C2 shares are registered for sale in CO, FL, GA, HI, ID, MA, MD, NH, NJ and NY.

5.	This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT.

6.	Formerly known as MainStay Growth Allocation Fund.

7.	Formerly known as MainStay Moderate Growth Allocation Fund.

8.	An affiliate of New York Life Investment Management LLC.

Not part of the Annual Report

For more information

800-624-6782

newyorklifeinvestments.com

1716817 MS203-20

MSEUE11-12/20

(NYLIM) NL239

MainStay Floating Rate Fund

Message from the President and Annual Report

October 31, 2020


Not FDIC/NCUA Insured		Not a Deposit		May Lose Value		No Bank Guarantee		Not Insured by Any Government Agency

LOGO

This page intentionally left blank

Message from the President

Sincerely,

LOGO

Kirk C. Lehneis

President

Not part of the Annual Report

Table of Contents


Annual Report

Investment and Performance Comparison			5

Portfolio Management Discussion and Analysis			9

Portfolio of Investments			11

Financial Statements			32

Notes to Financial Statements			39

Report of Independent Registered Public Accounting Firm			49

Federal Income Tax Information			50

Proxy Voting Policies and Procedures and Proxy Voting Record			50

Shareholder Reports and Quarterly Portfolio Disclosure			50

Board of Trustees and Officers			51

Investment and Performance Comparison¹ (Unaudited)

LOGO

Average Annual Total Returns for the Year-Ended October 31, 2020

Class

Sales Charge

Inception
Date

One Year

or Since

Inception

Five Years

or Since

Inception

Ten

Years

Gross
Expense
Ratio²

Class A Shares

Maximum 3% Initial Sales Charge

With sales charges

Excluding sales charges

5/3/2004

–1.50

1.55

2.71

3.34

2.94

3.25

1.09

Investor Class Shares³

Maximum 2.5% Initial Sales Charge

With sales charges

Excluding sales charges

2/28/2008

–1.50

1.55

2.71

3.33

2.92

3.23

1.08
1.08

Class B Shares⁴

Maximum 3% CDSC
if Redeemed Within the First Four Years of Purchase

With sales charges

Excluding sales charges

5/3/2004

–2.15
0.79

2.56
2.56

2.47

1.83
1.83

Class C Shares

Maximum 1% CDSC
if Redeemed Within One Year of Purchase

With sales charges

Excluding sales charges

5/3/2004

–0.30

0.68

2.54
2.54

2.45

1.83

Class I Shares

No Sales Charge

5/3/2004

1.69

3.58

3.50

0.84

Class R3 Shares

No Sales Charge

2/29/2016

1.08

3.77

N/A

1.44

Class R6 Shares

No Sales Charge

2/28/2019

1.92

2.25

N/A

0.64

SIMPLE Class Shares

No Sales Charge

8/31/2020

0.57

N/A

1.33

2.	The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report.

3.	Prior to June 30, 2020, the maximum initial sales charge for Investor Class shares was 3%, which is reflected in the average annual total return figures shown.

4.	Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders.

The footnotes on the next page are an integral part of the table and graph and should be carefully read in conjunction with them.


			5


Benchmark Performance	One Year			Five Years			Ten Years

S&P/LSTA Leveraged Loan Index⁵		1.72	%		4.09	%		4.12	%
Credit Suisse Leveraged Loan Index⁶		1.50			4.10			4.31
Morningstar Bank Loan Category Average⁷		–0.26			2.91			3.15

The S&P/LSTA Leveraged Loan Index is the Fund’s primary broad-based securities market index for comparison purposes. The S&P/LSTA Leveraged Loan Index is a broad-based index designed to reflect the performance of U.S. dollar facilities in the leveraged loan market. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

6.	The Credit Suisse Leveraged Loan Index is the Fund’s secondary benchmark. The Credit Suisse Leveraged Loan Index represents tradable, senior-secured, U.S. dollar-denominated non-investment-grade loans.

Results assume reinvestment of all income and capital gains. An investment cannot be made directly in an index.

The Morningstar Bank Loan Category Average is representative of funds that invest in floating-rate bank loans instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmark. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.

The footnotes on the preceding page are an integral part of the table and graph and should be carefully read in conjunction with them.


6		MainStay Floating Rate Fund

Cost in Dollars of a $1,000 Investment in MainStay Floating Rate Fund (Unaudited)

Example

This example illustrates your Fund’s ongoing costs in two ways:

Actual Expenses

multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes



Share Class	Beginning Account Value 5/1/20		Ending Account Value (Based on Actual Returns and Expenses) 10/31/20		Expenses Paid During Period¹		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/20		Expenses Paid During Period¹		Net Expense Ratio During Period²

Class A Shares	$	1,000.00	$	1,081.70	$	5.91	$	1,019.46	$	5.74	1.13%

Investor Class Shares	$	1,000.00	$	1,081.60	$	5.96	$	1,019.41	$	5.79	1.14%

Class B Shares	$	1,000.00	$	1,077.40	$	9.87	$	1,015.63	$	9.58	1.89%

Class C Shares	$	1,000.00	$	1,077.50	$	9.87	$	1,015.63	$	9.58	1.89%

Class I Shares	$	1,000.00	$	1,083.10	$	4.61	$	1,020.71	$	4.47	0.88%

Class R3 Shares	$	1,000.00	$	1,079.80	$	7.69	$	1,017.75	$	7.46	1.47%

Class R6 Shares	$	1,000.00	$	1,084.20	$	3.51	$	1,021.77	$	3.40	0.67%

SIMPLE Class Shares^3,4	$	1,000.00	$	1,005.70	$	2.38	$	1,006.05	$	2.29	1.37%

Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 366 and multiplied by 184 (to reflect the six-month period) and 61 days for SIMPLE Class share (to reflect the since-inception period. The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures.

2.	Expenses are equal to the Fund’s annualized expense ratio to reflect the six-month period.

3.	The inception date was August 31, 2020.

Expenses paid during the period reflect ongoing costs for the period from inception through October 31, 2020. Had these shares been offered for the full six-month period ended October 31, 2020, and had the Fund provided a hypothetical 5% annualized return, expenses paid during the period would have been $6.95 for SIMPLE Class shares and the ending account value would have been $1,018.25 for SIMPLE Class shares.


			7

Industry Composition as of October 31, 2020 (Unaudited)



Electronics	13.4	%

Healthcare, Education & Childcare	9.4

Hotels, Motels, Inns & Gaming	5.8

Utilities	5.2

Broadcasting & Entertainment	4.5

Diversified/Conglomerate Service	4.5

Telecommunications	4.5

Chemicals, Plastics & Rubber	4.1

Containers, Packaging & Glass	4.1

Diversified/Conglomerate Manufacturing	3.9

Leisure, Amusement, Motion Pictures & Entertainment	3.4

Buildings & Real Estate	3.1

Insurance	3.1

Beverage, Food & Tobacco	2.7

Retail Store	2.4

Aerospace & Defense	2.3

Automobile	2.3

Mining, Steel, Iron & Non-Precious Metals	1.7

Oil & Gas	1.7

Personal, Food & Miscellaneous Services	1.6

Banking	1.5

Machinery (Non-Agriculture, Non-Construct & Non-Electronic)	1.4

Personal & Nondurable Consumer Products (Manufacturing Only)	1.0

Printing & Publishing	1.0

Finance	0.9

Commercial Services	0.8

Environmental Controls	0.5

Ecological	0.4

Electric	0.4

Lodging	0.4

Retail	0.4

Auto Manufacturers	0.3



Cargo Transport	0.3	%

Chemicals	0.3

Home and Office Furnishings, Housewares & Durable Consumer Products	0.3

Affiliated Investment Company	0.2

Building Materials	0.2

Entertainment	0.2

Food	0.2

Media	0.2

Mining	0.2

Miscellaneous—Manufacturing	0.2

Packaging & Containers	0.2

Software	0.2

Distribution & Wholesale	0.1

Household Products & Wares	0.1

Iron & Steel	0.1

Manufacturing	0.1

Metals & Mining	0.1

Oil & Gas Services	0.1

Personal Transportation	0.1

Pharmaceuticals	0.1

Real Estate	0.1

Real Estate Investment Trusts	0.1

Trucking & Leasing	0.1

Communications Equipment	0.0	‡

Health Care—Services	0.0	‡

Health Care Equipment & Supplies	0.0	‡

Independent Power & Renewable Electricity Producers	0.0	‡

Oil, Gas & Consumable Fuels	0.0	‡

Short-Term Investments	4.3

Other Assets, Less Liabilities	–0.8

	100.0	%

See Portfolio of Investments beginning on page 11 for specific holdings within these categories. The Fund’s holdings are subject to change.

‡	Less than one-tenth of a percent.

Top Ten Holdings or Issuers Held as of October 31, 2020 (excluding short-term investments) (Unaudited)

1.	Charter Communications Operating LLC, 1.90%, due 4/30/25

2.	Granite Acquisition, Inc., 4.75%–8.25%, due 9/19/22–12/19/22

3.	Bausch Health Cos., Inc., 3.149%–5.50%, due 6/2/25–11/1/25

4.	ECI Macola Max Holdings LLC-5.25%, due 9/27/24–9/30/27

5.	Calpine Corp., 2.40%, due 1/15/24–4/5/26

6.	Scientific Games International, Inc., 2.898%–7.00%, due 8/14/24–5/15/28

7.	Vistra Operations Co. LLC, 1.897%–5.00%, due 12/31/25–7/31/27

8.	GFL Environmental, Inc., 3.75%–8.50%, due 5/30/25–5/1/27

9.	Asurion LLC, 3.148%–6.648%, due 8/4/22–8/4/25

10.	Univision Communications, Inc., 3.75%–6.625%, due 3/15/24–6/1/27


8		MainStay Floating Rate Fund

Portfolio Management Discussion and Analysis (Unaudited)

Questions answered by portfolio managers Robert H. Dial, Mark A. Campellone and Arthur S. Torrey of NYL Investors LLC, the Fund’s Subadvisor.

How did MainStay Floating Rate Fund perform relative to its benchmarks and peer group during the 12 months ended October 31, 2020?

For the 12 months ended October 31, 2020, Class I shares of MainStay Floating Rate Fund returned 1.69%, underperforming the 1.72% return of the Fund’s primary benchmark, the S&P/LSTA Leveraged Loan Index and outperforming the 1.50% return of the Credit Suisse Leveraged Loan Index, which is the Fund’s secondary benchmark. Over the same period, Class I shares outperformed the –0.26% return of the Morningstar Bank Loan Category Average.¹

What factors affected the Fund’s relative performance during the reporting period?

The Fund’s performance relative to the S&P/ LSTA Leveraged Loan Index benefited from its positioning away from the pandemic-sensitive leisure sector and its comparatively overweight exposure to the utilities and packaging sectors. Relative performance suffered due the Fund’s underweight exposure to the electronics and health care sectors, and from a market weight in the insurance sector.

During the reporting period, were there any market events that materially impacted the Fund’s performance or liquidity?

Market conditions were mixed during the reporting period, with the floating-rate market generally realizing positive performance until mid-February 2020 when all types of risk assets—including equities, high-yield credit and loans—declined sharply in response to the global spread of the COVID-19 pandemic. The sell-off in February and March was the most severe since the Global Financial Crisis of 2007-2008. Markets began recovering in the last week of March and continued to bounce back throughout the rest of the reporting period. By October 31, 2020, most areas of the market had recovered virtually all of the ground they lost earlier.

What was the Fund’s duration² strategy during the reporting period?

Floating-rate loans are, by their nature, a low-duration asset. Loans earn a stated spread³ over a floating reference rate, which is LIBOR.⁴ Issuers can generally borrow under a 30- to 90-day range with LIBOR. The weighted-average time to LIBOR reset on the Fund’s portfolio averaged approximately 40 days during the reporting period.

During the reporting period, which sectors were the strongest positive contributors to the Fund’s relative performance and which sectors were particularly weak?

The strongest positive contributions to the Fund’s performance relative to the S&P/LSTA Leveraged Loan Index included overweight exposure to the utilities and packaging sectors, and underweight exposure to the leisure sector. (Contributions take weightings and total returns into account.) Conversely, the most significant detractors from the Fund’s relative performance were underweight positions in the electronics and health care sectors, and a market weight in the insurance sector.

What were some of the Fund’s largest purchases and sales during the reporting period?

The Fund’s largest purchases during the reporting period included loans issued by private equity investor Royalty Pharma, telecommunication services provider Sprint Communications and communications infrastructure company Zayo Group. These investments reflected our favorable view toward the business prospects and managements of these issuers at the time of purchase. The largest sales during the reporting period were loans issued by Caesars Resort Collection (a subsidiary of casino and resort operator Caesars Entertainment); contract life sciences research firm Pharmaceutical Product Development (“PPD”); and communications and entertainment infrastructure company CommScope. In each instance, the sales were not of the Fund’s full position. The reduction in the Fund’s Caesars Resort Collection holdings reflected our concerns about business disruption caused by the pandemic. Partial sales of PPD and CommScope holdings helped maintain the Fund’s liquidity and relative value.

How did the Fund’s sector weightings change during the reporting period?

In response to the impact of the COVID-19 pandemic on financial markets and the prospects for future economic growth, the Fund undertook several portfolio management responses. The Fund reduced exposure to sectors we believed to be particularly vulnerable to the effects of the pandemic, including automobiles, building materials, energy, gaming and retail. Offsetting these reductions, the Fund increased exposure to sectors we believed to be more resilient, including aerospace & defense; broadcasting; packaging; food products; telecom and utilities.

1.	See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 for more information on benchmark and peer group returns.

2.	Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity.

3.	The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time.

4.	The London InterBank Offered Rate (“LIBOR”) is a composite of interest rates at which banks borrow from one another in the London market, and it is a widely used benchmark for short-term interest rates.


			9

How was the Fund positioned at the end of the reporting period?

As of October 31, 2020, we believe the Fund is well positioned for the current investment environment. From a credit-rating perspective, we have increased the Fund’s allocation to higher-credit-quality issuers rated BBB, while modestly reducing the Fund’s allocation to issuers rated BB; the Fund’s exposure to issues rated B is relatively unchanged.⁵ The Fund also holds a

higher average cash position. By sector, the Fund’s largest overweight positions relative to the S&P/ LSTA Leveraged Loan Index are in gaming, utilities and building materials, while the most underweight exposures are in health care, electronics and business services. By asset type, we have modestly increased the Fund’s allocation to high-yield bonds when we have found attractive relative value.

An obligation rated ‘BBB’ by Standard & Poor’s (“S&P”) is deemed by S&P to exhibit adequate protection parameters. In the opinion of S&P, however, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation. An obligation rated ‘BB’ by S&P is deemed by S&P to be less vulnerable to nonpayment than other speculative issues. In the opinion of S&P, however, the obligor faces major ongoing uncertainties or exposure to adverse business, financial or economic conditions which could lead to the obligor’s inadequate capacity to meet its financial commitment on the obligation. An obligation rated ‘B’ by S&P is deemed by S&P to be more vulnerable to nonpayment than obligations rated ‘BB’, but in the opinion of S&P, the obligor currently has the capacity to meet its financial commitment on the obligation. It is the opinion of S&P that adverse business, financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its financial commitment on the obligation. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund.


10		MainStay Floating Rate Fund

Portfolio of Investments October 31, 2020


	Principal Amount		Value
Long-Term Bonds 96.2%† Corporate Bonds 5.8%
Aerospace & Defense 0.3%
Howmet Aerospace, Inc. 6.875%, due 5/1/25	$	500,000	$	556,250
Spirit AeroSystems, Inc. 7.50%, due 4/15/25 (a)		2,100,000		2,115,729

				2,671,979

Auto Manufacturers 0.3%
Ford Motor Co.
8.50%, due 4/21/23		700,000		772,625
9.00%, due 4/22/25		1,400,000		1,649,753

				2,422,378

Building Materials 0.2%
Jeld-Wen, Inc. (a)
4.625%, due 12/15/25		590,000		597,375
4.875%, due 12/15/27		780,000		805,350
U.S. Concrete, Inc. 5.125%, due 3/1/29 (a)		400,000		407,000

				1,809,725

Chemicals 0.3%
Atotech Alpha 3 B.V. / Alpha U.S. Bidco, Inc. 6.25%, due 2/1/25 (a)		1,600,000		1,612,000
Nouryon Holding B.V. 8.00%, due 10/1/26 (a)		1,000,000		1,052,500

				2,664,500

Commercial Services 0.6%
Herc Holdings, Inc. 5.50%, due 7/15/27 (a)		850,000		873,481
Jaguar Holding Co. II / PPD Development, L.P. 4.625%, due 6/15/25 (a)		2,800,000		2,892,372
Prime Security Services Borrower LLC / Prime Finance, Inc. 6.25%, due 1/15/28 (a)		1,000,000		1,010,480
Refinitiv U.S. Holdings, Inc. 8.25%, due 11/15/26 (a)		1,000,000		1,089,950

				5,866,283

Distribution & Wholesale 0.1%
IAA, Inc. 5.50%, due 6/15/27 (a)		500,000		525,625
KAR Auction Services, Inc. 5.125%, due 6/1/25 (a)		400,000		403,000

				928,625

Electric 0.4%
Clearway Energy Operating LLC 5.75%, due 10/15/25		1,776,000		1,860,360


	Principal Amount		Value
Electric (continued)
Vistra Operations Co. LLC 5.00%, due 7/31/27 (a)	$	1,500,000	$	1,567,500

				3,427,860

Entertainment 0.2%
Caesars Resort Collection LLC / CRC Finco, Inc. 5.75%, due 7/1/25 (a)		500,000		512,815
Scientific Games International, Inc. 7.00%, due 5/15/28 (a)		1,350,000		1,340,969

				1,853,784

Environmental Controls 0.5%
Advanced Disposal Services, Inc. 5.625%, due 11/15/24 (a)		1,200,000		1,227,852
GFL Environmental, Inc. (a)
3.75%, due 8/1/25		2,000,000		2,000,000
4.25%, due 6/1/25		1,200,000		1,224,000
8.50%, due 5/1/27		462,000		503,580

				4,955,432

Food 0.2%
Post Holdings, Inc. 5.50%, due 12/15/29 (a)		240,000		259,500
U.S. Foods, Inc. 6.25%, due 4/15/25 (a)		1,200,000		1,254,000

				1,513,500

Health Care—Services 0.0%‡
Acadia Healthcare Co., Inc. 5.00%, due 4/15/29 (a)		240,000		247,272


Household Products & Wares 0.1%
Prestige Brands, Inc. 6.375%, due 3/1/24 (a)		700,000		715,750


Insurance 0.1%
GTCR AP Finance, Inc. 8.00%, due 5/15/27 (a)		900,000		960,750


Iron & Steel 0.1%
Carpenter Technology Corp. 6.375%, due 7/15/28		630,000		660,847


Lodging 0.4%
Boyd Gaming Corp.
4.75%, due 12/1/27		600,000		583,506
8.625%, due 6/1/25 (a)		2,000,000		2,189,400
Hilton Domestic Operating Co., Inc. 5.375%, due 5/1/25 (a)		1,000,000		1,033,380

				3,806,286


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					11

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Corporate Bonds (continued)
Media 0.2%
Radiate Holdco LLC / Radiate Finance, Inc. 4.50%, due 9/15/26 (a)	$	730,000	$	732,007
Univision Communications, Inc. 6.625%, due 6/1/27 (a)		1,400,000		1,415,750

				2,147,757

Mining 0.2%
Kaiser Aluminum Corp. 6.50%, due 5/1/25 (a)		1,550,000		1,643,000


Miscellaneous—Manufacturing 0.2%
Koppers, Inc. 6.00%, due 2/15/25 (a)		2,000,000		2,045,000


Oil & Gas Services 0.1%
USA Compression Partners, L.P. / USA Compression Finance Corp. 6.875%, due 4/1/26		640,000		634,630


Packaging & Containers 0.2%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 5.25%, due 4/30/25 (a)		1,000,000		1,046,330
Plastipak Holdings, Inc. 6.25%, due 10/15/25 (a)		530,000		530,663

				1,576,993

Pharmaceuticals 0.1%
Bausch Health Cos., Inc. 5.50%, due 11/1/25 (a)		700,000		719,110


Real Estate 0.1%
Realogy Group LLC / Realogy Co-Issuer Corp. 7.625%, due 6/15/25 (a)		560,000		591,500


Real Estate Investment Trusts 0.1%
Iron Mountain, Inc. 5.00%, due 7/15/28 (a)		650,000		663,540
RHP Hotel Properties, L.P. / RHP Finance Corp. 4.75%, due 10/15/27		300,000		277,236

				940,776

Retail 0.4%
1011778 B.C. ULC / New Red Finance, Inc. 4.00%, due 10/15/30 (a)		3,120,000		3,100,500
IRB Holding Corp. 7.00%, due 6/15/25 (a)		580,000		618,126

				3,718,626


	Principal Amount		Value
Software 0.2%
Logan Merger Sub, Inc 5.50%, due 9/1/27 (a)	$	2,200,000	$	2,230,250


Telecommunications 0.1%
Frontier Communications Corp. 5.875%, due 10/15/27 (a)		560,000		573,944
Telesat Canada / Telesat LLC 4.875%, due 6/1/27 (a)		900,000		915,750

				1,489,694

Trucking & Leasing 0.1%
DAE Funding LLC 5.00%, due 8/1/24 (a)		1,000,000		1,010,400

Total Corporate Bonds (Cost $51,535,221)				53,252,707


Floating Rate Loans 79.5% (b)
Aerospace & Defense 1.7%
Asplundh Tree Expert LLC Term Loan B 2.64% (1 Month LIBOR + 2.50%), due 9/7/27		3,383,333		3,373,464
Dynasty Acquisition Co., Inc.
2020 Term Loan B1 3.72% (3 Month LIBOR + 3.50%), due 4/6/26		1,826,651		1,627,623
2020 CAD Term Loan B2 3.72% (3 Month LIBOR + 3.50%), due 4/6/26		982,071		875,066
Frontier Communications Corp. 2020 DIP Exit Term Loan 5.75% (3 Month LIBOR + 4.75%), due 10/8/21		2,100,000		2,068,500
Russell Investments U.S. Inst’l Holdco, Inc. 2020 Term Loan 4.00% (3 Month LIBOR + 3.00%), due 6/2/25 (c)		1,548,133		1,533,302
Science Applications International Corp. 2018 Term Loan B 2.023% (1 Month LIBOR + 1.875%), due 10/31/25		2,058,000		2,011,053
TransDigm, Inc.
2020 Term Loan E 2.398% (1 Month LIBOR + 2.25%), due 5/30/25		975,131		915,811
2020 Term Loan F 2.398% (1 Month LIBOR + 2.25%), due 12/9/25		3,415,938		3,207,187

				15,612,006


12		MainStay Floating Rate Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Floating Rate Loans (continued)
Automobile 2.3%
American Axle and Manufacturing, Inc. Term Loan B 3.00% (1 Month LIBOR + 2.25%), due 4/6/24	$	2,019,159	$	1,943,441
Autokiniton U.S. Holdings, Inc. 2018 Term Loan B 6.523% (1 Month LIBOR + 6.375%), due 5/22/25 (c)(d)		3,128,000		2,987,240
Belron Finance U.S. LLC
2019 USD Term Loan B 2.464% (3 Month LIBOR + 2.25%), due 10/30/26		1,240,625		1,203,406
USD Term Loan B 2.492% (3 Month LIBOR + 2.25%), due 11/7/24		2,431,250		2,379,586
Chassix, Inc. 2017 1st Lien Term Loan 6.50% (3 Month LIBOR + 5.50%), due 11/15/23		2,413,928		2,136,326
Clarios Global L.P. Term Loan B 3.648% (1 Month LIBOR + 3.50%), due 4/30/26		964,224		934,092
IAA, Inc. Term Loan B 2.438% (1 Month LIBOR + 2.25%), due 6/28/26		1,418,750		1,376,188
KAR Auction Services, Inc. 2019 Term Loan B6 2.438% (1 Month LIBOR + 2.25%), due 9/19/26		740,019		711,343
Mavis Tire Express Services Corp. 2018 1st Lien Term Loan 3.47% (3 Month LIBOR + 3.25%), due 3/20/25		4,130,400		3,941,091
Wand NewCo 3, Inc. 2020 Term Loan 3.148% (1 Month LIBOR + 3.00%), due 2/5/26		3,286,664		3,167,522

				20,780,235

Banking 1.5%
Apollo Commercial Real Estate Finance, Inc. Term Loan B 2.897% (1 Month LIBOR + 2.75%), due 5/15/26		1,481,250		1,392,375
Broadstreet Partners, Inc. 2020 Term Loan B 3.398% (1 Month LIBOR + 3.25%), due 1/27/27		3,354,509		3,226,199


	Principal Amount		Value
Banking (continued)
Brookfield Property REIT, Inc. 1st Lien Term Loan B 2.648% (1 Month LIBOR + 2.50%), due 8/27/25	$	1,385,492	$	1,149,266
Edelman Financial Center LLC 2018 1st Lien Term Loan 3.152% (1 Month LIBOR + 3.00%), due 7/21/25		2,751,000		2,652,423
Greenhill & Co., Inc. Term Loan B 3.399% (1 Month LIBOR + 3.25%), due 4/12/24 (c)(d)		1,657,924		1,633,055
Jane Street Group LLC 2020 Term Loan 3.148% (1 Month LIBOR + 3.00%), due 1/31/25		3,381,153		3,328,323

				13,381,641

Beverage, Food & Tobacco 1.9%
8th Avenue Food & Provisions, Inc. 2018 1st Lien Term Loan 3.647% (1 Month LIBOR + 3.50%), due 10/1/25		2,358,000		2,317,914
American Seafoods Group LLC 2017 1st Lien Term Loan 3.75% (1 Month LIBOR + 2.75%, 3 Month LIBOR + 2.75%), due 8/21/23		1,183,256		1,171,423
Arctic Glacier U.S.A., Inc. 2018 Term Loan B 4.50% (3 Month LIBOR + 3.50%), due 3/20/24 (c)		961,552		816,718
ASP MSG Acquisition Co., Inc. 2017 Term Loan B 5.00% (1 Month LIBOR + 4.00%), due 8/16/23 (c)		1,056,686		1,019,702
B&G Foods, Inc. 2019 Term Loan B4 2.648% (1 Month LIBOR + 2.50%), due 10/10/26		825,833		819,640
CHG PPC Parent LLC 2018 Term Loan B 2.898% (1 Month LIBOR + 2.75%), due 3/31/25		3,665,625		3,537,328
H Food Holdings LLC 2018 Term Loan B 3.835% (1 Month LIBOR + 3.687%), due 5/23/25		1,636,971		1,570,982
U.S. Foods, Inc. 2016 Term Loan B 1.898% (1 Month LIBOR + 1.75%), due 6/27/23		4,780,135		4,571,998


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					13

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Floating Rate Loans (continued)
Beverage, Food & Tobacco (continued)
United Natural Foods, Inc. Term Loan B 4.398% (1 Month LIBOR + 4.25%), due 10/22/25	$	1,808,520	$	1,778,567

				17,604,272

Broadcasting & Entertainment 3.6%
Charter Communications Operating LLC 2019 Term Loan B1 1.90% (1 Month LIBOR + 1.75%), due 4/30/25		9,725,000		9,509,222
Clear Channel Outdoor Holdings, Inc. Term Loan B 3.714%-3.715% (2 Month LIBOR + 3.50%, 3 Month LIBOR + 3.50%), due 8/21/26		1,237,500		1,127,156
Diamond Sports Group LLC Term Loan 3.40% (1 Month LIBOR + 3.25%), due 8/24/26		2,965,025		1,824,415
Gray Television, Inc. 2018 Term Loan C 2.649% (1 Month LIBOR + 2.50%), due 1/2/26		3,011,963		2,942,687
Nexstar Broadcasting, Inc. 2019 Term Loan B4 2.899% (1 Month LIBOR + 2.75%), due 9/18/26		2,761,797		2,685,848
Radiate Holdco LLC 2020 Term Loan 4.25% (1 Month LIBOR + 3.50%), due 9/25/26		4,755,487		4,673,008
Terrier Media Buyer, Inc.
2020 Term Loan B 4.398% (1 Month LIBOR + 4.25%), due 12/17/26 (c)		1,496,250		1,445,751
Term Loan B 4.398% (1 Month LIBOR + 4.25%), due 12/17/26		1,654,167		1,610,487
Univision Communications, Inc. Term Loan C5 3.75% (1 Month LIBOR + 2.75%), due 3/15/24		5,032,477		4,859,037
WideOpenWest Finance LLC 2017 Term Loan B 4.25% (1 Month LIBOR + 3.25%), due 8/18/23		2,888,172		2,817,773

				33,495,384


	Principal Amount		Value
Buildings & Real Estate 3.1%
American Bath Group LLC 2018 Term Loan B 5.00% (1 Month LIBOR + 4.00%), due 9/30/23 (c)	$	984,849	$	980,540
Core & Main L.P. 2017 Term Loan B 3.75% (3 Month LIBOR + 2.75%), due 8/1/24		3,518,681		3,408,722
Cornerstone Building Brands, Inc. 2018 Term Loan 3.895% (1 Month LIBOR + 3.75%), due 4/12/25		3,650,313		3,572,744
Cushman & Wakefield U.S. Borrower LLC 2020 Term Loan B 2.898% (1 Month LIBOR + 2.75%), due 8/21/25		3,930,250		3,750,115
Hamilton Holdco LLC 2018 Term Loan B 2.23% (3 Month LIBOR + 2.00%), due 1/2/27		1,466,250		1,422,262
Jeld-Wen, Inc. 2017 1st Lien Term Loan 2.148% (1 Month LIBOR + 2.00%), due 12/14/24		1,671,484		1,627,608
Realogy Group LLC 2018 Term Loan B 3.00% (1 Month LIBOR + 2.25%), due 2/8/25		3,351,896		3,209,440
SIWF Holdings, Inc.
1st Lien Term Loan 4.398% (1 Month LIBOR + 4.25%), due 6/15/25		1,841,983		1,759,094
2nd Lien Term Loan 8.648% (3 Month LIBOR + 8.50%), due 6/15/26		480,000		434,400
SRS Distribution, Inc. 2018 1st Lien Term Loan 3.148% (1 Month LIBOR + 3.00%), due 5/23/25		3,613,075		3,495,650
VC GB Holdings, Inc. 2017 1st Lien Term Loan 4.00% (1 Month LIBOR + 3.00%), due 2/28/24 (c)		1,082,662		1,058,302
Wilsonart LLC 2017 Term Loan B 4.25% (3 Month LIBOR + 3.25%), due 12/19/23		3,899,332		3,831,093

				28,549,970


14		MainStay Floating Rate Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Floating Rate Loans (continued)
Cargo Transport 0.3%
Genesee & Wyoming, Inc. Term Loan 2.22% (3 Month LIBOR + 2.00%), due 12/30/26	$	2,985,000	$	2,916,906


Chemicals, Plastics & Rubber 2.8%
Allnex USA, Inc. Term Loan B3 4.00% (3 Month LIBOR + 3.25%), due 9/13/23 (c)		833,923		809,948
Aruba Investments, Inc. 2020 USD Term Loan TBD-% , due 10/28/27 (c)		1,066,655		1,058,655
Cabot Microelectronics Corp. 2019 Term Loan B1 2.188% (1 Month LIBOR + 2.00%), due 11/17/25		1,846,350		1,820,962
Emerald Performance Materials LLC 2020 Term Loan B 5.00% (1 Month LIBOR + 4.00%), due 8/12/25		1,722,654		1,708,299
Encapsys LLC 2020 Term Loan B2 4.25% (1 Month LIBOR + 3.25%), due 11/7/24		956,827		938,488
Flex Acquisition Co., Inc. 1st Lien Term Loan 4.00% (1 Month LIBOR + 3.00%, 3 Month LIBOR + 3.00%), due 12/29/23		1,664,781		1,621,426
Flint Group U.S. LLC 1st Lien Term Loan B2 5.25%-5.25% (3 Month LIBOR + 4.25%, PIK), due 9/21/23 (c)(e)		2,081,905		1,863,305
Ineos U.S. Finance LLC 2017 Term Loan B 2.148% (1 Month LIBOR + 2.00%), due 4/1/24		2,412,785		2,343,919
Innophos, Inc. 2020 Term Loan B 3.648% (1 Month LIBOR + 3.50%), due 2/7/27		2,487,490		2,439,295
Minerals Technologies, Inc. 2017 Term Loan B 3.00% (1 Month LIBOR + 2.25%, 3 Month LIBOR + 2.25%), due 2/14/24 (c)		1,356,092		1,342,532
PQ Corp. 2018 Term Loan B 2.464% (3 Month LIBOR + 2.25%), due 2/7/27		2,727,861		2,644,321


	Principal Amount		Value
Chemicals, Plastics & Rubber (continued)
TricorBraun Holdings, Inc. 2016 1st Lien Term Loan 4.75% (3 Month LIBOR + 3.75%), due 11/30/23	$	2,879,591	$	2,829,198
Tronox Finance LLC Term Loan B 3.178%-3.22% (1 Month LIBOR + 3.00%, 3 Month LIBOR + 3.00%), due 9/23/24		2,924,647		2,860,670
Univar, Inc. 2019 USD Term Loan B5 2.148% (1 Month LIBOR + 2.00%), due 7/1/26		595,500		578,007
Venator Materials Corp. Term Loan B 3.148% (1 Month LIBOR + 3.00%), due 8/8/24		1,413,856		1,357,302
Zep, Inc. 2017 1st Lien Term Loan 5.00% (6 Month LIBOR + 4.00%), due 8/12/24 (c)		48,056		45,173

				26,261,500

Commercial Services 0.2%
MHI Holdings LLC Term Loan B TBD-% , due 9/21/26		1,800,000		1,777,500


Containers, Packaging & Glass 4.1%
Alliance Laundry Systems LLC Term Loan B 4.25% (3 Month LIBOR + 3.50%), due 10/8/27		1,575,000		1,558,856
Anchor Glass Container Corp. 2017 1st Lien Term Loan 3.75% (1 Month LIBOR + 2.75%), due 12/7/23		2,680,906		1,949,019
Berry Global, Inc. Term Loan Y 2.147% (1 Month LIBOR + 2.00%), due 7/1/26		3,703,125		3,572,194
BWAY Holding Co. 2017 Term Loan B 3.48% (2 Month LIBOR + 3.25%, 3 Month LIBOR + 3.25%), due 4/3/24		4,817,755		4,495,568
Charter NEX U.S., Inc. Incremental Term Loan 3.398% (1 Month LIBOR + 3.25%), due 5/16/24		853,890		831,902
Clearwater Paper Corp. Term Loan B 3.237%-3.25% (1 Month LIBOR + 3.00%, 2 Month LIBOR + 3.00%, 3 Month LIBOR + 3.00%), due 7/26/26		1,493,750		1,482,547


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					15

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Floating Rate Loans (continued)
Containers, Packaging & Glass (continued)
Consolidated Container Co. LLC 2017 1st Lien Term Loan 3.75% (1 Month LIBOR + 2.75%), due 5/22/24	$	2,890,453	$	2,836,257
Fort Dearborn Co.
2016 1st Lien Term Loan 5.00% (1 Month LIBOR + 4.00%, 3 Month LIBOR + 4.00%), due 10/19/23		2,376,332		2,299,101
2016 2nd Lien Term Loan 9.50% (3 Month LIBOR + 8.50%), due 10/21/24 (c)		1,500,000		1,429,999
Graham Packaging Co., Inc. Term Loan 4.50% (1 Month LIBOR + 3.75%), due 8/4/27		2,625,000		2,594,999
Klockner-Pentaplast of America, Inc. 2017 Term Loan B2 5.25% (6 Month LIBOR + 4.25%), due 6/30/22		4,850,000		4,699,306
Pretium Packaging LLC 2020 Term Loan TBD-% , due 10/29/27 (d)		1,733,333		1,703,000
Reynolds Consumer Products LLC Term Loan 1.898% (1 Month LIBOR + 1.75%), due 2/4/27		2,386,490		2,338,760
Reynolds Group Holdings, Inc.
2017 Term Loan 2.898% (1 Month LIBOR + 2.75%), due 2/5/23		1,013,051		993,152
2020 Term Loan 3.398% (1 Month LIBOR + 3.25%), due 2/5/26		1,125,000		1,095,938
Tank Holding Corp. 2020 Term Loan 3.648% (1 Month LIBOR + 3.50%), due 3/26/26		1,730,436		1,672,034
Trident TPI Holdings, Inc. 2017 Term Loan B1 4.00% (3 Month LIBOR + 3.00%), due 10/17/24		2,022,345		1,952,826

				37,505,458

Diversified/Conglomerate Manufacturing 3.6%
Allied Universal Holdco LLC 2019 Term Loan B 4.398% (1 Month LIBOR + 4.25%), due 7/10/26		992,500		970,583
EWT Holdings III Corp. 2020 Term Loan 2.898% (1 Month LIBOR + 2.75%), due 12/20/24		3,727,222		3,643,360


	Principal Amount		Value
Diversified/Conglomerate Manufacturing (continued)
Filtration Group Corp. 2018 1st Lien Term Loan 3.148% (1 Month LIBOR + 3.00%), due 3/29/25	$	2,907,173	$	2,823,071
Gardner Denver, Inc. 2020 USD Term Loan B2 1.898% (1 Month LIBOR + 1.75%), due 3/1/27		3,411,661		3,291,400
GYP Holdings III Corp. 2018 Term Loan B 2.898% (1 Month LIBOR + 2.75%), due 6/1/25		2,627,058		2,581,554
Hyster-Yale Group, Inc. Term Loan B 3.398% (1 Month LIBOR + 3.25%), due 5/30/23 (c)(d)		837,500		808,187
Ingersoll-Rand Services Co. 2020 USD Spinco Term Loan 1.898% (1 Month LIBOR + 1.75%), due 3/1/27		868,704		838,082
Iron Mountain, Inc. 2018 Term Loan B 1.898% (1 Month LIBOR + 1.75%), due 1/2/26		3,278,283		3,147,152
LTI Holdings, Inc. 2018 Add On 1st Lien Term Loan 3.648% (1 Month LIBOR + 3.50%), due 9/6/25		1,359,595		1,261,874
Pre-Paid Legal Services, Inc. 2018 1st Lien Term Loan 3.398% (1 Month LIBOR + 3.25%), due 5/1/25		3,840,993		3,704,158
Quikrete Holdings, Inc. 2016 1st Lien Term Loan 2.648% (1 Month LIBOR + 2.50%), due 2/1/27		2,359,006		2,310,842
Red Ventures LLC
2020 Term Loan B TBD-%, due 11/8/24		2,000,000		1,957,500
2020 Term Loan B2 2.648% (1 Month LIBOR + 2.50%), due 11/8/24		3,696,547		3,549,347
TRC Cos., Inc. Term Loan 4.50% (1 Month LIBOR + 3.50%), due 6/21/24 (c)		2,451,459		2,391,705

				33,278,815

Diversified/Conglomerate Service 4.5%
Applied Systems, Inc. 2017 1st Lien Term Loan 4.25% (3 Month LIBOR + 3.25%), due 9/19/24		906,562		901,059


16		MainStay Floating Rate Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Floating Rate Loans (continued)
Diversified/Conglomerate Service (continued)
BidFair MergerRight, Inc. Term Loan B 6.50% (1 Month LIBOR + 5.50%), due 1/15/27	$	2,308,922	$	2,285,833
Blackhawk Network Holdings, Inc. 2018 1st Lien Term Loan 3.148% (1 Month LIBOR + 3.00%), due 6/15/25		2,925,113		2,737,175
BrightView Landscapes LLC 2018 1st Lien Term Loan B 2.688% (1 Month LIBOR + 2.50%), due 8/15/25		1,454,176		1,426,304
CCC Information Services, Inc. 2017 1st Lien Term Loan 4.00% (1 Month LIBOR + 3.00%), due 4/29/24		1,885,385		1,862,604
Change Healthcare Holdings LLC 2017 Term Loan B 3.50% (1 Month LIBOR + 2.50%, 3 Month LIBOR + 2.50%), due 3/1/24		2,740,513		2,673,957
Element Materials Technology Group U.S. Holdings, Inc. 2017 Term Loan B 4.50% (3 Month LIBOR + 3.50%), due 6/28/24 (c)		1,925,166		1,826,501
Greeneden U.S. Holdings II LLC 2018 Term Loan B 3.398% (1 Month LIBOR + 3.25%), due 12/1/23		1,436,885		1,429,102
IRI Holdings, Inc. 2018 1st Lien Term Loan 4.398% (1 Month LIBOR + 4.25%), due 12/1/25		3,168,252		3,104,887
Mitchell International, Inc. 2017 1st Lien Term Loan 3.398% (1 Month LIBOR + 3.25%), due 11/29/24		1,923,950		1,828,955
MKS Instruments, Inc. 2019 Term Loan B6 1.898% (1 Month LIBOR + 1.75%), due 2/2/26		1,284,502		1,265,235
Monitronics International, Inc. Takeback Term Loan 7.75% (1 Month LIBOR + 6.50%), due 3/29/24 (c)		1,844,458		1,443,288
MX Holdings U.S., Inc. 2018 Term Loan B1C 3.50% (1 Month LIBOR + 2.75%), due 7/31/25		4,170,898		4,094,433


	Principal Amount		Value
Diversified/Conglomerate Service (continued)
Prime Security Services Borrower LLC 2019 Term Loan B1 4.25% (1 Month LIBOR + 3.25%, 3 Month LIBOR + 3.25%, 12 Month LIBOR + 3.25%), due 9/23/26	$	4,861,650	$	4,788,725
TruGreen, Ltd. Partnership 2019 Term Loan 3.898% (1 Month LIBOR + 3.75%), due 3/19/26		1,992,889		1,972,960
Verint Systems, Inc. 2018 Term Loan B 2.14% (1 Month LIBOR + 2.00%), due 6/28/24		2,902,500		2,858,962
Verscend Holding Corp. 2018 Term Loan B 4.648% (1 Month LIBOR + 4.50%), due 8/27/25		2,939,986		2,878,737
WEX, Inc. Term Loan B3 2.398% (1 Month LIBOR + 2.25%), due 5/15/26		1,915,825		1,843,583

				41,222,300

Ecological 0.1%
Sophia, L.P. 2020 1st Lien Term Loan 4.50% (3 Month LIBOR + 3.75%), due 10/7/27		892,858		876,954


Electronics 12.2%
ASG Technologies Group, Inc. 2018 Term Loan 4.50% (1 Month LIBOR + 3.50%), due 7/31/24 (c)(d)		2,745,035		2,594,058
Banff Merger Sub, Inc. 2018 Term Loan B 4.398% (1 Month LIBOR + 4.25%), due 10/2/25		3,791,338		3,672,858
Barracuda Networks, Inc. 1st Lien Term Loan 4.25% (3 Month LIBOR + 3.75%), due 2/12/25		1,958,693		1,927,681
Camelot U.S. Acquisition 1 Co.
Term Loan B 3.148% (1 Month LIBOR + 3.00%), due 10/30/26		3,267,415		3,185,729
2020 Incremental Term Loan B 4.00% (1 Month LIBOR + 3.00%), due 10/30/26		1,250,000		1,230,469
Castle U.S. Holding Corp. Term Loan B 3.97% (3 Month LIBOR + 3.75%), due 1/29/27		2,300,842		2,155,123


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					17

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Floating Rate Loans (continued)
Electronics (continued)
Cologix, Inc. 2017 1st Lien Term Loan 4.00% (1 Month LIBOR + 3.00%), due 3/20/24	$	3,845,180	$	3,744,244
Colorado Buyer, Inc. (c)
Term Loan B 4.00% (6 Month LIBOR + 3.00%), due 5/1/24		1,451,250		1,260,514
2nd Lien Term Loan 8.25% (6 Month LIBOR + 7.25%), due 5/1/25		1,200,000		696,000
CommScope, Inc. 2019 Term Loan B 3.398% (1 Month LIBOR + 3.25%), due 4/6/26		5,376,922		5,165,878
DCert Buyer, Inc. 2019 Term Loan B 4.148% (1 Month LIBOR + 4.00%), due 10/16/26		1,990,000		1,945,846
Dell International LLC 2019 Term Loan B 2.75% (1 Month LIBOR + 2.00%), due 9/19/25		2,231,027		2,206,392
Diebold, Inc. 2017 Term Loan B 2.938% (1 Month LIBOR + 2.75%), due 11/6/23		954,632		909,287
ECI Macola Max Holdings LLC
2020 Term Loan TBD-%, due 9/30/27		3,500,000		3,427,084
1st Lien Term Loan 5.25% (1 Month LIBOR + 4.25%), due 9/27/24		3,880,000		3,846,050
EIG Investors Corp. 2018 1st Lien Term Loan 4.75% (3 Month LIBOR + 3.75%), due 2/9/23		2,842,210		2,813,787
Epicor Software Corp. 2020 Term Loan 5.25% (1 Month LIBOR + 4.25%), due 7/30/27		3,817,147		3,799,969
Finastra U.S.A., Inc.
1st Lien Term Loan 4.50% (3 Month LIBOR + 3.50%), due 6/13/24		3,063,642		2,887,057
2nd Lien Term Loan 8.25% (6 Month LIBOR + 7.25%), due 6/13/25		2,450,000		2,381,400
Flexential Intermediate Corp. 2017 1st Lien Term Loan 3.72% (3 Month LIBOR + 3.50%), due 8/1/24		2,716,000		2,360,658


	Principal Amount		Value
Electronics (continued)
Flexera Software LLC 2018 1st Lien Term Loan 4.25% (2 Month LIBOR + 3.25%, 3 Month LIBOR + 3.25%), due 2/26/25	$	1,817,643	$	1,795,681
Go Daddy Operating Co. LLC 2017 Repriced Term Loan 1.898% (1 Month LIBOR + 1.75%), due 2/15/24		2,208,553		2,152,725
Hyland Software, Inc.
2018 1st Lien Term Loan 4.25% (1 Week LIBOR + 3.50%), due 7/1/24		3,451,657		3,398,805
2017 2nd Lien Term Loan 7.75% (1 Month LIBOR + 7.00%), due 7/7/25		1,246,667		1,240,433
Informatica LLC 2020 USD Term Loan B 3.398% (1 Month LIBOR + 3.25%), due 2/25/27		2,985,000		2,877,540
MA FinanceCo. LLC Term Loan B3 2.648% (1 Month LIBOR + 2.50%), due 6/21/24		399,538		376,066
McAfee LLC 2018 Term Loan B 3.895% (1 Month LIBOR + 3.75%), due 9/30/24		5,909,373		5,843,815
MH Sub I LLC 2017 1st Lien Term Loan 3.648% (1 Month LIBOR + 3.50%), due 9/13/24		4,121,466		3,979,791
Project Alpha Intermediate Holding, Inc.
2019 Incremental Term Loan B 4.48% (3 Month LIBOR + 4.25%), due 4/26/24		1,382,500		1,354,850
2017 Term Loan B 4.50% (3 Month LIBOR + 3.50%), due 4/26/24		917,885		897,232
Project Leopard Holdings, Inc. 2018 Term Loan 5.50% (3 Month LIBOR + 4.50%), due 7/7/23		1,940,138		1,896,484
Refinitiv U.S. Holdings, Inc. 2018 Term Loan 3.398% (1 Month LIBOR + 3.25%), due 10/1/25		2,426,628		2,388,545
Rocket Software, Inc. 2018 Term Loan 4.398% (1 Month LIBOR + 4.25%), due 11/28/25		2,068,500		1,994,810


18		MainStay Floating Rate Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Floating Rate Loans (continued)
Electronics (continued)
Seattle Spinco, Inc. Term Loan B3 2.648% (1 Month LIBOR + 2.50%), due 6/21/24	$	2,698,182	$	2,539,664
Solera LLC Term Loan B 2.916% (2 Month LIBOR + 2.75%), due 3/3/23		1,350,987		1,312,628
SS&C Technologies, Inc. 2018 Term Loan B3 1.898% (1 Month LIBOR + 1.75%), due 4/16/25		4,841,135		4,700,224
Surf Holdings LLC Term Loan 3.75% (3 Month LIBOR + 3.50%), due 3/5/27		1,745,625		1,682,783
Tempo Acquisition LLC 2020 Extended Term Loan 3.75% (1 Month LIBOR + 3.25%), due 11/2/26		2,933,005		2,830,350
Tibco Software, Inc.
2020 Term Loan B3 3.90% (1 Month LIBOR + 3.75%), due 6/30/26		1,496,250		1,448,868
2020 2nd Lien Term Loan 7.40% (1 Month LIBOR + 7.25%), due 3/3/28		600,000		582,000
Ultimate Software Group, Inc.
Term Loan B 3.898% (1 Month LIBOR + 3.75%), due 5/4/26		1,980,000		1,941,018
2020 Incremental Term Loan B 4.75% (3 Month LIBOR + 4.00%), due 5/4/26		1,440,000		1,429,000
Vertiv Group Corp. Term Loan B 3.148% (1 Month LIBOR + 3.00%), due 3/2/27		2,985,000		2,908,509
VS Buyer LLC Term Loan B 3.398% (1 Month LIBOR + 3.25%), due 2/28/27		1,492,500		1,460,784
Web.com Group, Inc.
2018 Term Loan B 3.899% (1 Month LIBOR + 3.75%), due 10/10/25		1,589,498		1,523,268
2018 2nd Lien Term Loan 7.899% (1 Month LIBOR + 7.75%), due 10/9/26		1,225,704		1,153,694


	Principal Amount		Value
Electronics (continued)
Western Digital Corp. 2018 Term Loan B4 1.898% (1 Month LIBOR + 1.75%), due 4/29/23	$	2,101,934	$	2,081,791
Xerox Business Services LLC Term Loan B 2.648% (1 Month LIBOR + 2.50%), due 12/7/23		2,892,189		2,747,580

				112,749,022

Finance 0.9%
Amentum Government Services Holdings LLC Term Loan B 3.648% (1 Month LIBOR + 3.50%), due 2/1/27		623,438		596,941
Brand Energy & Infrastructure Services, Inc. 2017 Term Loan 5.25% (3 Month LIBOR + 4.25%), due 6/21/24		1,540,472		1,428,788
Deerfield Dakota Holding LLC 2020 USD Term Loan B 4.75% (1 Month LIBOR + 3.75%), due 4/9/27		1,496,250		1,472,684
iStar, Inc. 2016 Term Loan B 2.89%-2.898% (1 Month LIBOR + 2.75%), due 6/28/23		630,585		624,280
ON Semiconductor Corp. 2019 Term Loan B 2.148% (1 Month LIBOR + 2.00%), due 9/19/26		490,038		478,399
Transplace Holdings, Inc. 1st Lien Term Loan 4.75% (3 Month LIBOR + 3.75%), due 10/7/24 (c)		1,242,162		1,222,754
USS Ultimate Holdings, Inc.
1st Lien Term Loan 4.75% (3 Month LIBOR + 3.75%), due 8/25/24		1,843,000		1,801,532
2nd Lien Term Loan 8.75% (3 Month LIBOR + 7.75%), due 8/25/25 (c)		600,000		567,000

				8,192,378

Healthcare, Education & Childcare 7.8%
Acadia Healthcare Co., Inc 2018 Term Loan B4 2.648% (1 Month LIBOR + 2.50%), due 2/16/23		1,267,953		1,256,224
Agiliti Health, Inc. Term Loan 3.188% (1 Month LIBOR + 3.00%), due 1/4/26		2,068,500		2,001,274


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					19

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Floating Rate Loans (continued)
Healthcare, Education & Childcare (continued)
AHP Health Partners, Inc. 2018 Term Loan 5.50% (1 Month LIBOR + 4.50%), due 6/30/25	$	3,046,127	$	3,030,896
Akorn, Inc. 2020 Take Back Term Loan 8.50% (3 Month LIBOR + 7.50%), due 10/1/25		149,190		149,438
Alliance Healthcare Services, Inc. 2017 Term Loan B 5.50% (1 Month LIBOR + 4.50%), due 10/24/23 (c)		962,002		868,207
Alvogen Pharma U.S., Inc. 2020 Extended Term Loan 6.25% (6 Month LIBOR + 5.25%), due 12/31/23		943,433		904,123
Amneal Pharmaceuticals LLC 2018 Term Loan B 3.688% (1 Month LIBOR + 3.50%), due 5/4/25		4,140,791		3,933,751
Athenahealth, Inc. 2019 Term Loan B 4.75% (3 Month LIBOR + 4.50%), due 2/11/26		2,234,335		2,184,063
Avantor Funding, Inc. Term Loan B3 3.25% (1 Month LIBOR + 2.25%), due 11/21/24		1,670,069		1,655,456
Carestream Dental Equipment, Inc. 2017 1st Lien Term Loan 4.25% (3 Month LIBOR + 3.25%), due 9/1/24		1,944,874		1,789,284
Carestream Health, Inc.
2020 Extended 2nd Lien PIK Term Loan 5.50% (3 Month LIBOR + 4.50%, PIK), due 8/8/23 (d)(e)		2,098,239		1,531,715
2020 Extended Term Loan 7.75% (3 Month LIBOR + 6.75%), due 5/8/23		2,816,616		2,703,952
Compassus Intermediate, Inc. Term Loan B 6.00% (3 Month LIBOR + 5.00%), due 12/31/26 (c)		3,039,531		2,991,406
Da Vinci Purchaser Corp. 2019 Term Loan 5.00% (3 Month LIBOR + 4.00%), due 1/8/27		3,823,750		3,774,359
DaVita, Inc. 2020 Term Loan B 1.898% (1 Month LIBOR + 1.75%), due 8/12/26		3,712,570		3,628,458


	Principal Amount		Value
Healthcare, Education & Childcare (continued)
Elanco Animal Health, Inc. Term Loan B 1.899% (1 Month LIBOR + 1.75%), due 8/1/27	$	2,832,164	$	2,766,922
Emerald TopCo, Inc. Term Loan 3.714%-3.714% (1 Month LIBOR + 3.50%, 3 Month LIBOR + 3.50%), due 7/24/26		2,475,000		2,380,641
Envision Healthcare Corp. 2018 1st Lien Term Loan 3.898% (1 Month LIBOR + 3.75%), due 10/10/25		3,311,000		2,358,260
eResearchTechnology, Inc. 2020 1st Lien Term Loan 5.50% (1 Month LIBOR + 4.50%), due 2/4/27		2,793,000		2,772,924
ExamWorks Group, Inc. 2017 Term Loan 4.25% (3 Month LIBOR + 3.25%), due 7/27/23		4,697,044		4,639,505
Gentiva Health Services, Inc. 2020 Term Loan 3.438% (1 Month LIBOR + 3.25%), due 7/2/25		3,134,268		3,063,747
Grifols Worldwide Operations U.S.A., Inc. 2019 Term Loan B 2.094% (1 Week LIBOR + 2.00%), due 11/15/27		992,500		967,136
HCA, Inc. Term Loan B12 1.898% (1 Month LIBOR + 1.75%), due 3/13/25		2,462,500		2,449,308
Jaguar Holding Co. II 2018 Term Loan 3.50% (1 Month LIBOR + 2.50%), due 8/18/22		1,649,911		1,636,037
Ortho-Clinical Diagnostics S.A. 2018 Term Loan B 3.39% (1 Month LIBOR + 3.25%), due 6/30/25		1,882,412		1,816,527
RegionalCare Hospital Partners Holdings, Inc. 2018 Term Loan B 3.898% (1 Month LIBOR + 3.75%), due 11/16/25		4,364,175		4,229,614
Select Medical Corp. 2017 Term Loan B 2.78% (3 Month LIBOR + 2.50%), due 3/6/25		4,354,845		4,240,530


20		MainStay Floating Rate Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Floating Rate Loans (continued)
Healthcare, Education & Childcare (continued)
Sound Inpatient Physicians 2018 1st Lien Term Loan 2.898% (1 Month LIBOR + 2.75%), due 6/27/25 (c)	$	1,955,000	$	1,906,125
Team Health Holdings, Inc. 1st Lien Term Loan 3.75% (1 Month LIBOR + 2.75%), due 2/6/24		2,781,921		2,254,747
U.S. Anesthesia Partners, Inc. 2017 Term Loan 4.00% (6 Month LIBOR + 3.00%), due 6/23/24		2,388,953		2,229,940

				72,114,569

Home and Office Furnishings, Housewares & Durable Consumer Products 0.3%
Serta Simmons Bedding LLC 1st Lien Term Loan 4.50% (3 Month LIBOR + 3.50%), due 11/8/23		5,915,884		2,957,942


Hotels, Motels, Inns & Gaming 5.0%
Affinity Gaming LLC Initial Term Loan 4.25% (3 Month LIBOR + 3.25%), due 7/1/23		3,058,621		2,793,539
Aimbridge Acquisition Co., Inc. 2019 Term Loan B 3.902% (1 Month LIBOR + 3.75%), due 2/2/26		2,227,500		1,974,122
AP Gaming I LLC 2018 Incremental Term Loan 4.50% (3 Month LIBOR + 3.50%), due 2/15/24		3,000,751		2,723,181
Caesars Resort Collection LLC
2017 1st Lien Term Loan B 2.898% (1 Month LIBOR + 2.75%), due 12/23/24		2,135,288		1,997,088
2020 Term Loan B1 4.648% (1 Month LIBOR + 4.50%, 3 Month LIBOR + 4.50%), due 7/21/25		1,950,000		1,882,563
Churchill Downs, Inc. 2017 Term Loan B 2.15% (1 Month LIBOR + 2.00%), due 12/27/24		2,431,250		2,340,078
CityCenter Holdings LLC 2017 Term Loan B 3.00% (1 Month LIBOR + 2.25%), due 4/18/24		4,583,281		4,296,826


	Principal Amount		Value
Hotels, Motels, Inns & Gaming (continued)
Everi Payments, Inc.
Term Loan B 3.75% (1 Month LIBOR + 2.75%), due 5/9/24	$	4,253,389	$	4,090,344
2020 Incremental Term Loan 11.50% (1 Month LIBOR + 10.50%), due 5/9/24 (c)(d)		798,000		798,000
Golden Entertainment, Inc. 2017 1st Lien Term Loan 3.75% (1 Month LIBOR + 3.00%), due 10/21/24		1,600,000		1,542,000
Hilton Worldwide Finance LLC 2019 Term Loan B2 1.899% (1 Month LIBOR + 1.75%), due 6/22/26		1,720,157		1,628,006
PCI Gaming Authority Term Loan 2.648% (1 Month LIBOR + 2.50%), due 5/29/26		658,702		636,059
Penn National Gaming, Inc. 2018 1st Lien Term Loan B 3.00% (1 Month LIBOR + 2.25%), due 10/15/25		1,310,000		1,261,284
Scientific Games International, Inc. 2018 Term Loan B5 2.898% (1 Month LIBOR + 2.75%), due 8/14/24		5,714,781		5,305,820
Station Casinos LLC 2020 Term Loan B 2.50% (1 Month LIBOR + 2.25%), due 2/8/27		1,999,876		1,914,048
UFC Holdings LLC 2019 Term Loan 4.25% (6 Month LIBOR + 3.25%), due 4/29/26		3,858,117		3,775,330
Wyndham Destinations, Inc. 2018 1st Lien Term Loan 2.464% (3 Month LIBOR + 2.25%), due 5/30/25		3,920,000		3,738,700
Wyndham Hotels & Resorts, Inc. Term Loan B 1.898% (1 Month LIBOR + 1.75%), due 5/30/25		3,430,000		3,259,213

				45,956,201

Insurance 3.0%
AmWINS Group, Inc. 2017 Term Loan B 3.75% (1 Month LIBOR + 2.75%), due 1/25/24		1,840,724		1,813,688


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					21

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Floating Rate Loans (continued)
Insurance (continued)
AssuredPartners, Inc. 2020 Term Loan B 3.648% (1 Month LIBOR + 3.50%), due 2/12/27	$	5,036,037	$	4,852,221
Asurion LLC
2017 Term Loan B4 3.148% (1 Month LIBOR + 3.00%), due 8/4/22		1,823,334		1,793,705
2018 Term Loan B6 3.148% (1 Month LIBOR + 3.00%), due 11/3/23		3,431,039		3,362,418
2018 Term Loan B7 3.148% (1 Month LIBOR + 3.00%), due 11/3/24		806,283		790,013
2017 2nd Lien Term Loan 6.648% (1 Month LIBOR + 6.50%), due 8/4/25		375,758		375,758
Hub International, Ltd. 2018 Term Loan B 3.214%-3.215% (3 Month LIBOR + 3.00%), due 4/25/25		1,601,592		1,537,928
NFP Corp. 2020 Term Loan 3.398% (1 Month LIBOR + 3.25%), due 2/15/27		2,412,875		2,307,312
Ryan Specialty Group LLC Term Loan 4.00% (1 Month LIBOR + 3.25%), due 9/1/27		1,000,000		989,583
Sedgwick Claims Management Services, Inc. 2018 Term Loan B 3.398% (1 Month LIBOR + 3.25%), due 12/31/25		4,905,076		4,698,140
USI, Inc.
2017 Repriced Term Loan 3.22% (3 Month LIBOR + 3.00%), due 5/16/24		4,355,103		4,190,881
2019 Incremental Term Loan B 4.22% (3 Month LIBOR + 4.00%), due 12/2/26		992,500		978,853

				27,690,500

Leisure, Amusement, Motion Pictures & Entertainment 2.4%
Alterra Mountain Co. Term Loan B1 2.898% (1 Month LIBOR + 2.75%), due 7/31/24		4,877,235		4,691,290
Boyd Gaming Corp. Term Loan B3 2.344% (1 Week LIBOR + 2.25%), due 9/15/23		2,004,877		1,945,044


	Principal Amount		Value
Leisure, Amusement, Motion Pictures & Entertainment (continued)
Creative Artists Agency LLC 2019 Term Loan B 3.898% (1 Month LIBOR + 3.75%), due 11/27/26	$	2,481,250	$	2,378,898
Fitness International LLC
2018 Term Loan A 4.25% (3 Month LIBOR + 3.25%), due 1/8/25		1,660,313		1,232,782
2018 Term Loan B 4.25% (3 Month LIBOR + 3.25%), due 4/18/25		291,959		210,576
Life Time Fitness, Inc. 2017 Term Loan B 3.75% (3 Month LIBOR + 2.75%), due 6/10/22		1,825,527		1,680,137
Lions Gate Capital Holdings LLC 2018 Term Loan B 2.398% (1 Month LIBOR + 2.25%), due 3/24/25		1,381,245		1,327,722
Marriott Ownership Resorts, Inc. 2019 Term Loan B 1.898% (1 Month LIBOR + 1.75%), due 8/29/25		2,724,623		2,581,581
TKC Holdings, Inc. 2017 1st Lien Term Loan 4.75% (2 Month LIBOR + 3.75%, 3 Month LIBOR + 3.75%), due 2/1/23		2,711,109		2,530,367
William Morris Endeavor Entertainment LLC 2018 1st Lien Term Loan 2.90% (1 Month LIBOR + 2.75%), due 5/18/25		4,570,581		3,884,994

				22,463,391

Machinery (Non-Agriculture, Non-Construct & Non-Electronic) 1.1%
Advanced Drainage Systems, Inc. Term Loan B 2.438% (1 Month LIBOR + 2.25%), due 7/31/26		581,786		576,453
Altra Industrial Motion Corp. 2018 Term Loan B 2.148% (1 Month LIBOR + 2.00%), due 10/1/25		2,820,896		2,753,899
Columbus McKinnon Corp. 2018 Term Loan B 3.50% (3 Month LIBOR + 2.50%), due 1/31/24		2,536,818		2,511,449
CPM Holdings, Inc.
2018 1st Lien Term Loan 3.899% (1 Month LIBOR + 3.75%), due 11/17/25		1,468,813		1,348,859


22		MainStay Floating Rate Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Floating Rate Loans (continued)
Machinery (Non-Agriculture, Non-Construct & Non-Electronic) (continued)
CPM Holdings, Inc. (continued)
2018 2nd Lien Term Loan 8.399% (1 Month LIBOR + 8.25%), due 11/15/26 (c)	$	1,000,000	$	912,500
Welbilt, Inc. 2018 Term Loan B 2.648% (1 Month LIBOR + 2.50%), due 10/23/25		1,994,060		1,824,565

				9,927,725

Manufacturing 0.1%
Weber-Stephen Products LLC Term Loan B TBD-% , due 10/20/27		720,000		711,450


Mining, Steel, Iron & Non-Precious Metals 1.7%
American Rock Salt Co. LLC 2018 1st Lien Term Loan 4.50% (1 Month LIBOR + 3.50%), due 3/21/25		3,026,891		3,015,540
Covia Holdings Corp. Term Loan 8.25% (PRIME + 5.00%), due 6/1/25 (c)(f)(g)		1,657,063		1,241,761
Gates Global LLC 2017 Repriced Term Loan B 3.75% (1 Month LIBOR + 2.75%), due 4/1/24		3,638,864		3,562,673
GrafTech Finance, Inc. 2018 Term Loan B 4.50% (1 Month LIBOR + 3.50%), due 2/12/25		3,962,449		3,893,107
MRC Global (U.S)., Inc. 2018 1st Lien Term Loan B 3.148% (1 Month LIBOR + 3.00%), due 9/20/24 (d)		3,209,059		2,952,335
U.S. Silica Co. 2018 Term Loan B 5.00% (1 Month LIBOR + 4.00%), due 5/1/25		1,437,637		1,208,128

				15,873,544

Oil & Gas 1.4%
Apergy Corp. 2018 1st Lien Term Loan 2.688% (1 Month LIBOR + 2.50%), due 5/9/25 (c)		640,964		615,325
Buckeye Partners, L.P. 2019 Term Loan B 2.897% (1 Month LIBOR + 2.75%), due 11/1/26		2,363,125		2,308,109


	Principal Amount		Value
Oil & Gas (continued)
Fleet U.S. Bidco, Inc. Term Loan B 3.398% (1 Month LIBOR + 3.25%), due 10/7/26	$	1,237,500	$	1,206,563
GIP III Stetson I, L.P. 2018 Term Loan B 4.402% (1 Month LIBOR + 4.25%), due 7/18/25 (c)		2,177,830		1,420,644
Keane Group Holdings LLC 2018 1st Lien Term Loan 4.50% (1 Month LIBOR + 3.50%), due 5/25/25		954,065		830,037
Lucid Energy Group II Borrower LLC 2018 1st Lien Term Loan 4.00% (1 Month LIBOR + 3.00%), due 2/17/25		2,535,000		2,292,063
Medallion Midland Acquisition LLC 1st Lien Term Loan 4.25% (1 Month LIBOR + 3.25%), due 10/30/24		1,361,500		1,278,108
PES Holdings LLC 2018 Term Loan C 4.75%-6.99% (PIK, PRIME—0.50%), due 12/31/22 (c)(e)(f)(g)		1,959,972		97,999
Prairie ECI Acquiror L.P. Term Loan B 4.898% (1 Month LIBOR + 4.75%), due 3/11/26		1,185,525		1,058,081
Seadrill Partners Finco LLC Term Loan B 7.00% (3 Month LIBOR + 6.00%), due 2/21/21 (c)(f)(g)		1,470,474		137,594
Summit Midstream Partners Holdings LLC Term Loan B 7.00% (3 Month LIBOR + 6.00%), due 5/13/22 (c)		1,038,051		207,610
Traverse Midstream Partners LLC 2017 Term Loan 6.50% (1 Month LIBOR + 5.50%), due 9/27/24		1,885,414		1,736,151

				13,188,284

Personal & Nondurable Consumer Products 0.1%
Prestige Brands, Inc. Term Loan B4 2.148 % (1 Month LIBOR + 2.00%), due 1/26/24		574,967		570,655


Personal & Nondurable Consumer Products (Manufacturing Only) 1.0%
American Builders & Contractors Supply Co., Inc. 2019 Term Loan 2.148% (1 Month LIBOR + 2.00%), due 1/15/27		2,722,500		2,638,271


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					23

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Floating Rate Loans (continued)
Personal & Nondurable Consumer Products (Manufacturing Only) (continued)
Kronos Acquisition Holdings, Inc. 2015 Term Loan B 5.00% (3 Month LIBOR + 4.00%), due 5/15/23	$	1,261,345	$	1,247,155
SRAM LLC 2018 Term Loan B 3.75% (1 Month LIBOR + 2.75%, 6 Month LIBOR + 2.75%), due 3/15/24		1,137,876		1,130,764
Varsity Brands, Inc. 2017 Term Loan B 4.50% (1 Month LIBOR + 3.50%), due 12/15/24		4,376,350		3,760,016

				8,776,206

Personal Transportation 0.1%
Delta Air Lines, Inc. 2020 1st Lien Term Loan B 4.75% (3 Month LIBOR + 3.75%), due 10/20/27		514,286		511,929
Uber Technologies, Inc. 2018 Incremental Term Loan 3.648% (1 Month LIBOR + 3.50%), due 7/13/23		527,018		517,026

				1,028,955

Personal, Food & Miscellaneous Services 1.0%
Aramark Services, Inc.
2018 Term Loan B3 1.898% (1 Month LIBOR + 1.75%), due 3/11/25		1,480,650		1,409,394
2019 Term Loan B4 1.898% (1 Month LIBOR + 1.75%), due 1/15/27		1,741,250		1,652,737
IRB Holding Corp. 2020 Term Loan B 3.75% (3 Month LIBOR + 2.75%), due 2/5/25		2,417,602		2,294,996
KFC Holding Co. 2018 Term Loan B 1.897% (1 Month LIBOR + 1.75%), due 4/3/25		2,839,122		2,768,854
Weight Watchers International, Inc. 2017 Term Loan B 5.50% (1 Month LIBOR + 4.75%), due 11/29/24		1,255,620		1,248,295

				9,374,276


	Principal Amount		Value
Printing & Publishing 0.6%
Getty Images, Inc. 2019 Term Loan B 4.688% (1 Month LIBOR + 4.50%), due 2/19/26	$	998,088	$	928,222
McGraw-Hill Global Education Holdings LLC 2016 Term Loan B 5.00% (1 Week LIBOR + 4.00%), due 5/4/22		1,406,900		1,267,717
Prometric Holdings, Inc. 1st Lien Term Loan 4.00% (1 Month LIBOR + 3.00%), due 1/29/25		1,154,885		1,076,930
Severin Acquisition LLC 2018 Term Loan B 3.397% (1 Month LIBOR + 3.25%), due 8/1/25		2,443,813		2,355,225

				5,628,094

Radio and TV Broadcasting 0.1%
Nielsen Finance LLC Term Loan B4 2.147% (1 Month LIBOR + 2.00%), due 10/4/23		1,198,625		1,169,409


Retail Store 2.3%
Alphabet Holding Co., Inc. 2017 1st Lien Term Loan 3.648% (1 Month LIBOR + 3.50%), due 9/26/24		2,766,029		2,672,675
Applecaramel Buyer LLC Term Loan B 4.50% (6 Month LIBOR + 4.00%), due 10/19/27		2,000,000		1,967,916
Bass Pro Group LLC Term Loan B 5.75% (3 Month LIBOR + 5.00%), due 9/25/24		2,860,256		2,843,970
Belk, Inc. 2019 Term Loan B 7.75% (3 Month LIBOR + 6.75%), due 7/31/25		1,295,444		437,860
BJ’s Wholesale Club, Inc. 2017 1st Lien Term Loan 2.145% (1 Month LIBOR + 2.00%), due 2/3/24		3,324,541		3,268,958
CNT Holdings III Corp. 2017 Term Loan 4.00% (1 Month LIBOR + 3.00%), due 1/22/23		1,481,304		1,478,712


24		MainStay Floating Rate Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Floating Rate Loans (continued)
Retail Store (continued)
EG America LLC 2018 Term Loan 4.22% (3 Month LIBOR + 4.00%), due 2/7/25	$	1,452,718	$	1,389,162
Harbor Freight Tools USA, Inc. 2020 Term Loan B 4.00% (1 Month LIBOR + 3.25%), due 10/19/27		2,039,095		2,006,596
HD Supply, Inc. Term Loan B5 1.898% (1 Month LIBOR + 1.75%), due 10/17/23		477,613		474,181
Party City Holdings, Inc. 2018 Term Loan B 3.25% (1 Month LIBOR + 2.50%, 3 Month LIBOR + 2.50%), due 8/19/22		1,052,859		802,805
Petco Animal Supplies, Inc. 2017 Term Loan B 4.25% (3 Month LIBOR + 3.25%), due 1/26/23		1,788,981		1,656,596
Sally Holdings LLC Term Loan B2 4.50%, due 7/5/24		1,890,008		1,880,558

				20,879,989

Telecommunications 3.5%
Avaya, Inc. 2018 Term Loan B 4.398% (1 Month LIBOR + 4.25%), due 12/15/24		2,242,575		2,199,726
CenturyLink, Inc. 2020 Term Loan B 2.398% (1 Month LIBOR + 2.25%), due 3/15/27		3,721,875		3,577,652
CSC Holdings LLC 2019 Term Loan B5 2.648% (1 Month LIBOR + 2.50%), due 4/15/27		4,665,370		4,504,028
Frontier Communications Corp. 2017 Term Loan B1 6.00% (PRIME + 2.75%), due 6/15/24 (c)(f)		1,979,644		1,936,092
Level 3 Financing, Inc. 2019 Term Loan B 1.898% (1 Month LIBOR + 1.75%), due 3/1/27		2,500,000		2,406,250
Microchip Technology, Inc. 2018 Term Loan B 2.15% (1 Month LIBOR + 2.00%), due 5/29/25		2,844,438		2,811,252


	Principal Amount		Value
Telecommunications (continued)
SBA Senior Finance II LLC 2018 Term Loan B 1.90% (1 Month LIBOR + 1.75%), due 4/11/25	$	6,380,614	$	6,177,231
West Corp. 2017 Term Loan 5.00% (1 Month LIBOR + 4.00%), due 10/10/24		3,859,342		3,577,471
Zayo Group Holdings, Inc. Term Loan 3.148% (1 Month LIBOR + 3.00%), due 3/9/27		5,389,583		5,189,156

				32,378,858

Utilities 5.2%
Astoria Energy LLC Term Loan B 5.00% (1 Month LIBOR + 4.00%), due 12/24/21		3,091,652		3,065,889
Brookfield WEC Holdings, Inc. 2020 Term Loan 3.75% (1 Month LIBOR + 3.00%), due 8/1/25		2,456,250		2,395,227
Calpine Corp.
Term Loan B5 2.40% (1 Month LIBOR + 2.25%), due 1/15/24		5,347,560		5,209,010
Term Loan B9 2.40% (1 Month LIBOR + 2.25%), due 4/5/26		2,073,750		2,017,499
Compass Power Generation LLC 2018 Term Loan B 4.50% (1 Month LIBOR + 3.50%), due 12/20/24		1,503,231		1,470,160
Edgewater Generation LLC Term Loan 3.898% (1 Month LIBOR + 3.75%), due 12/13/25		4,888,031		4,714,505
ExGen Renewables IV LLC Term Loan B 4.00% (3 Month LIBOR + 3.00%), due 11/28/24		2,088,830		2,069,681
Granite Acquisition, Inc.
Term Loan B 4.75% (3 Month LIBOR + 3.75%), due 9/19/22		6,283,162		6,264,834
2nd Lien Term Loan B 8.25% (3 Month LIBOR + 7.25%), due 12/19/22		1,513,603		1,487,115
Granite Generation LLC Term Loan B 4.75% (1 Month LIBOR + 3.75%, 3 Month LIBOR + 3.75%), due 11/9/26		4,829,283		4,773,747


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					25

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Floating Rate Loans (continued)
Utilities (continued)
Hamilton Projects Acquiror LLC Term Loan B 5.75% (3 Month LIBOR + 4.75%), due 6/17/27	$	2,493,750	$	2,483,359
Helix Gen Funding LLC Term Loan B 4.75% (1 Month LIBOR + 3.75%), due 6/3/24		3,616,568		3,568,850
Pacific Gas & Electric Co. 2020 Term Loan 5.50% (3 Month LIBOR + 4.50%), due 6/23/25		3,241,875		3,215,535
Southeast PowerGen LLC Term Loan B 4.50% (1 Month LIBOR + 3.50%), due 12/2/21		806,048		733,504
Vistra Operations Co. LLC 1st Lien Term Loan B3 1.897%-1.898% (1 Month LIBOR + 1.75%), due 12/31/25		5,000,456		4,876,835

				48,345,750

Total Floating Rate Loans (Cost $770,546,151)				733,240,139


Foreign Floating Rate Loans 10.9% (b)
Aerospace & Defense 0.3%
AI Convoy (Luxembourg) S.A.R.L Term Loan B 4.50% (3 Month LIBOR + 3.50%, 6 Month LIBOR + 3.50%), due 1/17/27		1,616,875		1,584,537
Kestrel Bidco, Inc. Term Loan B 4.00% (6 Month LIBOR + 3.00%), due 12/11/26		1,240,625		1,091,130

				2,675,667

Beverage, Food & Tobacco 0.8%
Froneri International, Ltd. 2020 USD Term Loan 2.398% (1 Month LIBOR + 2.25%), due 1/31/27		3,007,463		2,891,997
JBS USA Lux S.A. 2019 Term Loan B 2.148% (1 Month LIBOR + 2.00%), due 5/1/26		3,413,748		3,329,115
Sunshine Investments B.V. Term Loan B3 3.515% (3 Month LIBOR + 3.25%), due 3/28/25		1,237,500		1,211,203

				7,432,315


	Principal Amount		Value
Broadcasting & Entertainment 0.7%
Altice France S.A.
Term Loan B12 3.836% (1 Month LIBOR + 3.687%), due 1/31/26	$	3,879,976	$	3,744,177
2018 Term Loan B13 4.237% (3 Month LIBOR + 4.00%), due 8/14/26		2,041,665		1,974,801
Numericable Group S.A. Term Loan B11 2.898% (1 Month LIBOR + 2.75%), due 7/31/25		438,129		417,427

				6,136,405

Chemicals, Plastics & Rubber 1.3%
Allnex (Luxembourg) & Cy S.C.A. 2016 Term Loan B2 4.00% (3 Month LIBOR + 3.25%), due 9/13/23 (c)		1,106,816		1,074,995
Alpha 3 B.V. 2017 Term Loan B1 4.00% (3 Month LIBOR + 3.00%), due 1/31/24		1,866,720		1,830,786
Diamond (BC) B.V. Term Loan 3.214%-3.215% (1 Month LIBOR + 3.00%, 3 Month LIBOR + 3.00%), due 9/6/24		2,251,845		2,148,636
Flint Group GmbH Term Loan C 5.25% (3 Month LIBOR + 4.25%, PIK), due 9/21/23 (c)(e)		344,163		308,026
Oxea Holding Drei GmbH 2017 USD Term Loan B2 3.75% (3 Month LIBOR + 3.50%), due 10/14/24		3,063,699		2,914,343
Starfruit Finco B.V. 2018 Term Loan B 3.145% (1 Month LIBOR + 3.00%), due 10/1/25		3,598,704		3,481,746

				11,758,532

Diversified/Conglomerate Manufacturing 0.3%
AI Ladder (Luxembourg) Subco S.A R.L. 2018 Term Loan 4.648% (1 Month LIBOR + 4.50%), due 7/9/25 (c)		1,992,351		1,897,714
Bright Bidco B.V. 2018 Term Loan B 4.50% (6 Month LIBOR + 3.50%), due 6/30/24		2,885,380		1,346,512

				3,244,226


26		MainStay Floating Rate Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Foreign Floating Rate Loans (continued)
Ecological 0.3%
GFL Environmental, Inc. 2018 Term Loan B 4.00% (1 Month LIBOR + 3.00%, 3 Month LIBOR + 3.00%), due 5/30/25	$	2,670,917	$	2,640,869


Electronics 1.2%
ION Trading Technologies S.A R.L. Incremental Term Loan B 5.00% (3 Month LIBOR + 4.00%), due 11/21/24		1,898,368		1,857,688
Oberthur Technologies S.A. 2016 Term Loan B1 3.97% (3 Month LIBOR + 3.75%), due 1/10/24		2,193,696		2,108,006
SS&C Technologies Holdings Europe S.A R.L. 2018 Term Loan B4 1.898% (1 Month LIBOR + 1.75%), due 4/16/25		3,401,234		3,302,235
Trader Corp. 2017 Term Loan B 4.00% (1 Month LIBOR + 3.00%), due 9/28/23		4,034,981		3,934,106

				11,202,035

Healthcare, Education & Childcare 1.6%
Auris Luxembourg III S.A.R.L. 2019 Term Loan B2 3.898% (1 Month LIBOR + 3.75%), due 2/27/26		1,391,069		1,293,694
Bausch Health Cos., Inc. 2018 Term Loan B 3.149% (1 Month LIBOR + 3.00%), due 6/2/25		6,838,827		6,668,923
Endo Luxembourg Finance Co. I S.A R.L. 2017 Term Loan B 5.00% (3 Month LIBOR + 4.25%), due 4/29/24		2,535,083		2,412,132
Mallinckrodt International Finance S.A. Term Loan B 5.50% (3 Month LIBOR + 4.75%), due 9/24/24 (f)		2,147,025		1,974,368
Sunshine Luxembourg VII S.A R.L. Term Loan B1 5.25% (3 Month LIBOR + 4.25%), due 10/1/26		2,888,225		2,854,288

				15,203,405


	Principal Amount		Value
Hotels, Motels, Inns & Gaming 0.8%
Four Seasons Hotels, Ltd. New 1st Lien Term Loan 2.148% (1 Month LIBOR + 2.00%), due 11/30/23	$	1,460,894	$	1,402,458
Gateway Casinos & Entertainment, Ltd. 2018 Term Loan B 4.50% (3 Month LIBOR + 3.50%, PIK), due 12/1/23 (c)(e)		3,191,609		2,850,905
GVC Holdings (Gibraltar), Ltd. 2020 Term Loan B3 3.25% (3 Month LIBOR + 2.25%), due 3/29/24		2,925,000		2,883,562
Stars Group Holdings B.V. 2018 Incremental Term Loan 3.72% (3 Month LIBOR + 3.50%), due 7/10/25		96,013		95,871

				7,232,796

Leisure, Amusement, Motion Pictures & Entertainment 1.0%
Bombardier Recreational Products, Inc.
2020 Term Loan 2.148% (1 Month LIBOR + 2.00%), due 5/24/27		4,306,750		4,138,067
2020 Incremental Term Loan B2 6.00% (3 Month LIBOR + 5.00%), due 5/24/27		598,500		600,744
Delta 2 (LUX) S.A.R.L. 2018 Term Loan 3.50% (1 Month LIBOR + 2.50%), due 2/1/24		3,650,036		3,499,472
DHX Media, Ltd. Term Loan B 5.25% (1 Month LIBOR + 4.25%), due 12/29/23		1,536,055		1,480,373

				9,718,656

Machinery (Non-Agriculture, Non-Construct & Non-Electronic) 0.3%
Titan Acquisition, Ltd. 2018 Term Loan B 3.361% (3 Month LIBOR + 3.00%), due 3/28/25		2,526,888		2,392,422


Oil & Gas 0.3%
NorthRiver Midstream Finance L.P. 2018 Term Loan B 3.475% (3 Month LIBOR + 3.25%), due 10/1/25		2,744,000		2,570,214


Personal, Food & Miscellaneous Services 0.6%
1011778 B.C. Unlimited Liability Co. Term Loan B4 1.898% (1 Month LIBOR + 1.75%), due 11/19/26		2,100,730		2,013,637


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					27

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Foreign Floating Rate Loans (continued)
Personal, Food & Miscellaneous Services (continued)
Jacobs Douwe Egberts International B.V. 2018 Term Loan B 2.188% (1 Month LIBOR + 2.00%), due 11/1/25	$	4,069,569	$	4,054,309

				6,067,946

Printing & Publishing 0.4%
Springer Nature Deutschland GmbH Term Loan B16 4.50% (1 Month LIBOR + 3.50%), due 8/14/24		3,590,066		3,558,653


Retail Store 0.1%
EG Group, Ltd. 2018 Term Loan B 4.22% (3 Month LIBOR + 4.00%), due 2/7/25		1,241,450		1,187,137


Telecommunications 0.9%
Connect Finco S.A.R.L. Term Loan B 5.50% (1 Month LIBOR + 4.50%), due 12/11/26		2,736,250		2,678,789
Intelsat Jackson Holdings S.A.
2020 DIP Term Loan 5.05% (3 Month LIBOR + 5.50%), due 7/13/22		205,623		208,502
2017 Term Loan B3 8.00% (PRIME + 4.75%), due 11/27/23		2,702,081		2,715,591
Telesat Canada Term Loan B5 2.90% (1 Month LIBOR + 2.75%), due 12/7/26		2,481,250		2,388,203

				7,991,085

Total Foreign Floating Rate Loans (Cost $105,857,721)				101,012,363

Total Long-Term Bonds (Cost $927,939,093)				887,505,209




	Shares
Affiliated Investment Company 0.2%
Fixed Income Fund 0.2%
MainStay MacKay High Yield Corporate Bond Fund Class I		282,663		1,529,207

Total Affiliated Investment Company (Cost $1,605,526)				1,529,207



	Shares		Value
Common Stocks 0.1%
Communications Equipment 0.0%‡
Energy Future Holdings Corp. (c)(d)(h)(i)		175,418	$	0
Millennium Corporate Trust (c)(d)(h)		4,973		0
Millennium Lender Trust (c)(d)(h)(i)		5,298		0

				0


Metals & Mining 0.1%
AFGlobal Corp. (c)(d)(h)(i)		60,753		756,982


Oil, Gas & Consumable Fuels 0.0%‡
Ascent Resources (c)(d)(h)(i)		244,062		156,200
Philadelphia Energy Solutions, Inc., Class A (c)(d)(h)(i)		89,705		0

				156,200

Pharmaceuticals 0.0%‡
Akorn, Inc. (c)(d)(h)(i)		12,701		142,886

Total Common Stocks (Cost $3,852,942)				1,056,068



	Number of Rights
Rights 0.0%‡
Independent Power & Renewable Electricity Producers 0.0%‡
Vistra Energy Corp. Expires 12/31/46 (c)(d)(h)(i)		107,130		116,772

Total Rights (Cost $87,847)				116,772



	Number of Warrants
Warrants 0.0%‡
Health Care Equipment & Supplies 0.0%‡
AP Exhaust Acquisition LLC Expires 7/25/24 (c)(d)(h)(i)		1,922		19
Carestream Health, Inc. Expires 12/21/31 (c)(d)(h)(i)		43		1

				20

Oil, Gas & Consumable Fuels 0.0%‡
Ascent Resources (c)(d)(h)(i)
1st Lien Warrants Expires 3/30/23		23,368		234
2nd Lien Tranche A Expires 3/30/23		30,044		300
2nd Lien Tranche B Expires 3/30/23		62,000		620

				1,154

Total Warrants (Cost $140,380)				1,174


28		MainStay Floating Rate Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount			Value
Short-Term Investments 4.3%
Repurchase Agreement 0.3%
Fixed Income Clearing Corp. 0.00%, dated 10/31/20 due 11/2/20 Proceeds at Maturity $2,885,656 (Collateralized by a United States Treasury Note with a rate of 2.375% and a maturity date of 5/15/27, with a Principal Amount of $2,609,200 and a Market Value of $2,943,460)	$	2,885,656		$	2,885,656

Total Repurchase Agreement (Cost $2,885,656)					2,885,656


U.S. Government & Federal Agencies 4.0% (j)
United States Treasury Bills 4.0%
0.076%, due 11/17/20		3,143,000			3,142,896
0.08%, due 11/27/20		2,514,000			2,513,857
0.083%, due 12/15/20		1,161,000			1,160,884
0.084%, due 12/10/20		1,325,000			1,324,882
0.086%, due 11/17/20		10,522,000			10,521,602
0.089%, due 11/5/20		4,263,000			4,262,958
0.092%, due 12/1/20		4,981,000			4,980,622
0.094%, due 11/10/20		7,176,000			7,175,833
0.103%, due 11/3/20		1,837,000			1,836,990

Total U.S. Government & Federal Agencies (Cost $36,920,524)					36,920,524

Total Short-Term Investments (Cost $39,806,180)					39,806,180

Total Investments (Cost $973,431,968)		100.8	%		930,014,610
Other Assets, Less Liabilities		(0.8	)		(7,073,150	)
Net Assets		100.0	%	$	922,941,460

†	Percentages indicated are based on Fund net assets.

‡	Less than one-tenth of a percent.

(a)	May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.

(b)	Floating rate—Rate shown was the rate in effect as of October 31, 2020.

(c)	Illiquid security—As of October 31, 2020, the total market value of these securities deemed illiquid under procedures approved by the Board of Trustees was $51,273,146, which represented 5.6% of the Fund’s net assets. (Unaudited)

(d)	Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(e)	PIK ("Payment-in-Kind")—issuer may pay interest or dividends with additional securities and/or in cash.

(f)	Issue in default.

(g)	Issue in non-accrual status.

(h)	Fair valued security—Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of October 31, 2020, the total market value of fair valued securities was $1,174,014, which represented 0.1% of the Fund’s net assets.

(i)	Non-income producing security.

(j)	Interest rate shown represents yield to maturity.

The following abbreviations are used in the preceding pages:

LIBOR—London Interbank Offered Rate

TBD—To Be Determined


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					29

Portfolio of Investments October 31, 2020 (continued)

The following is a summary of the fair valuations according to the inputs used as of October 31, 2020, for valuing the Fund’s assets:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total

Asset Valuation Inputs
Investments in Securities (a)
Long-Term Bonds
Corporate Bonds	$	—	$	53,252,707	$	—	$	53,252,707
Floating Rate Loans (b)		—		718,232,549		15,007,590		733,240,139
Foreign Floating Rate Loans		—		101,012,363		—		101,012,363

Total Long-Term Bonds		—		872,497,619		15,007,590		887,505,209

Affiliated Investment Company
Fixed Income Funds		1,529,207		—		—		1,529,207
Common Stocks (c)		—		—		1,056,068		1,056,068
Rights (d)		—		—		116,772		116,772
Warrants (e)		—		—		1,174		1,174
Short-Term Investments
Repurchase Agreement		—		2,885,656		—		2,885,656
U.S. Government & Federal Agencies		—		36,920,524		—		36,920,524

Total Short-Term Investments		—		39,806,180		—		39,806,180

Total Investments in Securities	$	1,529,207	$	912,303,799	$	16,181,604	$	930,014,610

(a)	For a complete listing of investments and their industries, see the Portfolio of Investments.

(b)	The Level 3 securities valued at $15,007,590 within the Floating Rate Loans section of the Portfolio of Investments were valued by a pricing service without adjustment.

(c)	The Level 3 securities valued at $0, $756,982, $156,200 and $142,886 are held in Communications Equipment, Metals & Mining, Oil, Gas & Consumable Fuels and Pharmaceuticals, respectively, within the Common Stocks section of the Portfolio of Investments.

(d)	The Level 3 security valued at $116,772 is held in Independent Power & Renewable Electricity Producers within the Rights section of the Portfolio of Investments.

(e)	The Level 3 securities valued at $20 and $1,154 are held in Health Care Equipment & Supplies and Oil, Gas & Consumable Fuels, respectively, within the Warrants section of the Portfolio of Investments.


30		MainStay Floating Rate Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:


Investments in Securities	Balance as of October 31, 2019		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases		Sales (a)			Transfers in to Level 3		Transfers out of Level 3			Balance as of October 31, 2020		Change in Unrealized Appreciation (Depreciation) from Investments Still Held as of October 31, 2020
Long-Term Bonds
Floating Rate Loans	$	10,043,998	$	73,639	$	8,347		$	(460,563	)	$	4,149,579	$	(6,571,289	)	$	8,640,948	$	(877,069	)	$	15,007,590	$	(504,616	)
Foreign Floating Rate Loans		1,033,251		983		(356,124	)		175,215			—		(853,325	)		—		—			—		—
Common Stocks		3,834,633		—		(644,724	)		(2,324,004	)		201,205		(11,042	)		—		—			1,056,068		(2,963,185	)
Rights		96,417		—		—			20,355			—		—			—		—			116,772		20,355
Warrants		81,492		—		(197,664	)		39,177			127,585		(49,416	)		—		—			1,174		(133,780	)

Total	$	15,089,791	$	74,622	$	(1,190,165	)	$	(2,549,820	)	$	4,478,369	$	(7,485,072	)	$	8,640,948	$	(877,069	)	$	16,181,604	$	(3,581,226	)

(a)	Sales include principal reductions.

As of October 31, 2020, loan assignments with a market value of 8,640,948 transferred from Level 2 to Level 3 as the fair value obtained by an independent pricing service, utilized significant unobservable inputs. As of October 31, 2019, the fair value obtained for this loan assignment, as determined by an independent pricing service, utilized significant other observable inputs.

As of October 31, 2020, loan assignments with a market value of $877,069 transferred from Level 3 to Level 2 as the fair value obtained from an independent pricing service, utilized significant other observable inputs. As of October 31, 2019, the fair value obtained for this loan assignment, as determined by an independent pricing service, utilized significant unobservable inputs.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					31

Statement of Assets and Liabilities as of October 31, 2020


Assets
Investment in unaffiliated securities, at value (identified cost $971,826,442)	$	928,485,403
Investment in affiliated investment company, at value (identified cost $1,605,526)		1,529,207
Unrealized appreciation on unfunded commitments (See Note 5)		2,879
Receivables:
Investment securities sold		5,490,634
Dividends and interest		2,882,420
Fund shares sold		712,102
Other assets		58,804

Total assets		939,161,449


Liabilities
Payables:
Investment securities purchased		13,829,802
Fund shares redeemed		1,130,808
Manager (See Note 3)		472,692
Transfer agent (See Note 3)		319,875
NYLIFE Distributors (See Note 3)		113,040
Shareholder communication		65,284
Professional fees		42,291
Custodian		8,444
Trustees		1,249
Accrued expenses		17,985
Dividend payable		218,519

Total liabilities		16,219,989

Net assets	$	922,941,460


Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	104,394
Additional paid-in capital		1,053,363,244

		1,053,467,638
Total distributable earnings (loss)		(130,526,178	)

Net assets	$	922,941,460


Class A
Net assets applicable to outstanding shares	$	279,188,139

Shares of beneficial interest outstanding		31,583,840

Net asset value per share outstanding	$	8.84
Maximum sales charge (3.00% of offering price)		0.27

Maximum offering price per share outstanding	$	9.11

Investor Class
Net assets applicable to outstanding shares	$	20,568,812

Shares of beneficial interest outstanding		2,326,804

Net asset value per share outstanding	$	8.84
Maximum sales charge (2.50% of offering price)		0.23

Maximum offering price per share outstanding	$	9.07

Class B
Net assets applicable to outstanding shares	$	1,583,983

Shares of beneficial interest outstanding		179,041

Net asset value and offering price per share outstanding	$	8.85

Class C
Net assets applicable to outstanding shares	$	55,152,694

Shares of beneficial interest outstanding		6,237,079

Net asset value and offering price per share outstanding	$	8.84

Class I
Net assets applicable to outstanding shares	$	445,467,534

Shares of beneficial interest outstanding		50,388,209

Net asset value and offering price per share outstanding	$	8.84

Class R3
Net assets applicable to outstanding shares	$	523,289

Shares of beneficial interest outstanding		59,173

Net asset value and offering price per share outstanding	$	8.84

Class R6
Net assets applicable to outstanding shares	$	120,431,863

Shares of beneficial interest outstanding		13,617,048

Net asset value and offering price per share outstanding	$	8.84

SIMPLE Class
Net assets applicable to outstanding shares	$	25,146

Shares of beneficial interest outstanding		2,844

Net asset value and offering price per share outstanding	$	8.84


32		MainStay Floating Rate Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Statement of Operations for the year ended October 31, 2020


Investment Income (Loss)
Income
Interest	$	48,448,230
Dividends-affiliated		149,516
Securities lending		21,855
Dividends-unaffiliated		483
Other		1,023

Total income		48,621,107

Expenses
Manager (See Note 3)		6,171,685
Transfer agent (See Note 3)		2,077,176
Distribution/Service—Class A (See Note 3)		738,729
Distribution/Service—Investor Class (See Note 3)		53,774
Distribution/Service—Class B (See Note 3)		23,049
Distribution/Service—Class C (See Note 3)		701,352
Distribution/Service—Class R3 (See Note 3)		2,296
Distribution/Service—SIMPLE Class (See Note 3)		20
Professional fees		186,966
Registration		180,975
Shareholder communication		109,345
Custodian		53,117
Trustees		24,218
Shareholder service (See Note 3)		459
Miscellaneous		79,136

Total expenses		10,402,297

Net investment income (loss)		38,218,810


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Unaffiliated investment transactions		(33,813,117	)
Affiliated investment company transactions		(638,612	)

Net realized gain (loss)		(34,451,729	)

Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		(2,698,707	)
Affiliated investments		(47,321	)
Unfunded commitments		24,375

Net change in unrealized appreciation (depreciation)		(2,721,653	)

Net realized and unrealized gain (loss)		(37,173,382	)

Net increase (decrease) in net assets resulting from operations	$	1,045,428


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					33

Statements of Changes in Net Assets

for the years ended October 31, 2020 and October 31, 2019


	2020			2019
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	38,218,810		$	67,411,863
Net realized gain (loss)		(34,451,729	)		(12,463,278	)
Net change in unrealized appreciation (depreciation)		(2,721,653	)		(28,522,433	)

Net increase (decrease) in net assets resulting from operations		1,045,428			26,426,152

Distributions to shareholders:
Class A		(10,522,933	)		(16,596,482	)
Investor Class		(762,499	)		(1,097,841	)
Class B		(66,199	)		(169,219	)
Class C		(1,995,961	)		(4,475,218	)
Class I		(20,109,843	)		(42,590,379	)
Class R3		(14,407	)		(13,896	)
Class R6		(4,747,393	)		(2,449,067	)
SIMPLE Class		(114	)		—

Total distributions to shareholders		(38,219,349	)		(67,392,102	)

Capital share transactions:
Net proceeds from sale of shares		421,730,401			408,541,183
Net asset value of shares issued to shareholders in reinvestment of distributions		33,963,067			57,869,792
Cost of shares redeemed		(734,801,144	)		(787,347,737	)

Increase (decrease) in net assets derived from capital share transactions		(279,107,676	)		(320,936,762	)

Net increase (decrease) in net assets		(316,281,597	)		(361,902,712	)

Net Assets
Beginning of year		1,239,223,057			1,601,125,769

End of year	$	922,941,460		$	1,239,223,057


34		MainStay Floating Rate Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class A	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	9.02		$	9.28		$	9.35		$	9.29		$	9.15


Net investment income (loss)		0.31	(a)		0.43	(a)		0.40			0.35			0.32

Net realized and unrealized gain (loss) on investments		(0.18	)		(0.26	)		(0.07	)		0.06			0.14


Total from investment operations		0.13			0.17			0.33			0.41			0.46


Less distributions:

From net investment income		(0.31	)		(0.43	)		(0.40	)		(0.35	)		(0.32	)


Net asset value at end of year	$	8.84		$	9.02		$	9.28		$	9.35		$	9.29


Total investment return (b)		1.55	%		1.94	%		3.54	%		4.50	%		5.23	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		3.56	%		4.76	%		4.23	%		3.76	%		3.59	%(c)

Net expenses (d)		1.14	%		1.09	%		1.05	%		1.01	%		1.07	%(e)

Portfolio turnover rate		22	%		19	%		32	%		58	%		36	%

Net assets at end of year (in 000’s)	$	279,188		$	338,392		$	383,590		$	371,186		$	318,281

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(c)	Without the custody fee reimbursement, net investment income (loss) would have been 3.58%.

(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)	Without the custody fee reimbursement, net expenses would have been 1.08%.



	Year ended October 31,

Investor Class	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	9.02		$	9.28		$	9.35		$	9.29		$	9.15


Net investment income (loss)		0.31	(a)		0.43	(a)		0.40			0.35			0.33

Net realized and unrealized gain (loss) on investments		(0.18	)		(0.26	)		(0.07	)		0.06			0.14


Total from investment operations		0.13			0.17			0.33			0.41			0.47


Less distributions:

From net investment income		(0.31	)		(0.43	)		(0.40	)		(0.35	)		(0.33	)


Net asset value at end of year	$	8.84		$	9.02		$	9.28		$	9.35		$	9.29


Total investment return (b)		1.55	%		1.95	%		3.54	%		4.44	%		5.24	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		3.55	%		4.77	%		4.24	%		3.66	%		3.60	%

Net expenses (c)		1.13	%		1.08	%		1.05	%		1.06	%		1.06	%(d)

Portfolio turnover rate		22	%		19	%		32	%		58	%		36	%

Net assets at end of year (in 000’s)	$	20,569		$	23,496		$	21,731		$	21,238		$	29,269

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(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)	Without the custody fee reimbursement, net expenses would have been 1.07%.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					35

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class B	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	9.03		$	9.28		$	9.36		$	9.29		$	9.16


Net investment income (loss)		0.25	(a)		0.37	(a)		0.33			0.28			0.25

Net realized and unrealized gain (loss) on investments		(0.18	)		(0.25	)		(0.08	)		0.07			0.14


Total from investment operations		0.07			0.12			0.25			0.35			0.39


Less distributions:

From net investment income		(0.25	)		(0.37	)		(0.33	)		(0.28	)		(0.26	)


Net asset value at end of year	$	8.85		$	9.03		$	9.28		$	9.36		$	9.29


Total investment return (b)		0.79	%		1.19	%		2.66	%(c)		3.78	%		4.34	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		2.87	%		4.04	%		3.47	%		2.92	%		2.85	%(d)

Net expenses (e)		1.88	%		1.83	%		1.80	%		1.81	%		1.81	%(f)

Portfolio turnover rate		22	%		19	%		32	%		58	%		36	%

Net assets at end of year (in 000’s)	$	1,584		$	3,119		$	5,259		$	6,536		$	7,621

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(c)	Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d)	Without the custody fee reimbursement, net investment income (loss) would have been 2.84%.

(e)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(f)	Without the custody fee reimbursement, net expenses would have been 1.82%.



	Year ended October 31,

Class C	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	9.03		$	9.28		$	9.36		$	9.29		$	9.16


Net investment income (loss)		0.25	(a)		0.37	(a)		0.33			0.28			0.26

Net realized and unrealized gain (loss) on investments		(0.19	)		(0.25	)		(0.08	)		0.07			0.13


Total from investment operations		0.06			0.12			0.25			0.35			0.39


Less distributions:

From net investment income		(0.25	)		(0.37	)		(0.33	)		(0.28	)		(0.26	)


Net asset value at end of year	$	8.84		$	9.03		$	9.28		$	9.36		$	9.29


Total investment return (b)		0.68	%		1.30	%		2.66	%(c)		3.66	%		4.34	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		2.85	%		4.03	%		3.48	%		2.94	%		2.85	%(d)

Net expenses (e)		1.88	%		1.83	%		1.80	%		1.81	%		1.81	%(f)

Portfolio turnover rate		22	%		19	%		32	%		58	%		36	%

Net assets at end of year (in 000’s)	$	55,153		$	86,012		$	142,134		$	154,399		$	159,480

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(c)	Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d)	Without the custody fee reimbursement, net investment income (loss) would have been 2.84%.

(e)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(f)	Without the custody fee reimbursement, net expenses would have been 1.82%.


36		MainStay Floating Rate Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class I	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	9.03		$	9.28		$	9.35		$	9.29		$	9.16


Net investment income (loss)		0.33	(a)		0.46	(a)		0.42			0.38			0.35

Net realized and unrealized gain (loss) on investments		(0.19	)		(0.25	)		(0.07	)		0.06			0.13


Total from investment operations		0.14			0.21			0.35			0.44			0.48


Less distributions:

From net investment income		(0.33	)		(0.46	)		(0.42	)		(0.38	)		(0.35	)


Net asset value at end of year	$	8.84		$	9.03		$	9.28		$	9.35		$	9.29


Total investment return (b)		1.69	%		2.31	%		3.80	%		4.76	%		5.38	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		3.85	%		5.02	%		4.49	%		4.01	%		3.84	%(c)

Net expenses (d)		0.89	%		0.84	%		0.80	%		0.76	%		0.82	%(e)

Portfolio turnover rate		22	%		19	%		32	%		58	%		36	%

Net assets at end of year (in 000’s)	$	445,468		$	716,692		$	1,048,033		$	943,093		$	805,208

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized.

(c)	Without the custody fee reimbursement, net investment income (loss) would have been 3.83%.

(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)	Without the custody fee reimbursement, net expenses would have been 0.83%.



	Year ended October 31,												February 29, 2016^ through October 31, 2016
Class R3	2020			2019			2018			2017			February 29, 2016^ through October 31, 2016

Net asset value at beginning of period	$	9.03		$	9.28		$	9.35		$	9.29		$	8.82


Net investment income (loss)		0.28	(a)		0.40	(a)		0.36			0.32			0.20

Net realized and unrealized gain (loss) on investments		(0.19	)		(0.25	)		(0.07	)		0.06			0.47


Total from investment operations		0.09			0.15			0.29			0.38			0.67


Less distributions:

From net investment income		(0.28	)		(0.40	)		(0.36	)		(0.32	)		(0.20	)


Net asset value at end of period	$	8.84		$	9.03		$	9.28		$	9.35		$	9.29


Total investment return (b)		1.08	%		1.69	%		3.18	%		4.14	%		7.64	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		3.14	%		4.37	%		3.97	%		3.52	%		3.25	%††

Net expenses (c)		1.49	%		1.43	%		1.40	%		1.35	%		1.42	%††

Portfolio turnover rate		22	%		19	%		32	%		58	%		36	%

Net assets at end of period (in 000’s)	$	523		$	436		$	379		$	62		$	27

^	Inception date.

††	Annualized.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of 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.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					37

Financial Highlights selected per share data and ratios



Class R6	Year ended October 31, 2020			February 28, 2019^ through October 31, 2019

Net asset value at beginning of period	$	9.03		$	9.18


Net investment income (loss) (a)		0.35			0.32

Net realized and unrealized gain (loss) on investments		(0.19	)		(0.15	)


Total from investment operations		0.16			0.17


Less distributions:

From net investment income		(0.35	)		(0.32	)


Net asset value at end of period	$	8.84		$	9.03


Total investment return (b)		1.92	%		1.84	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		3.99	%		5.18	%††

Net expenses (c)		0.67	%		0.64	%††

Portfolio turnover rate		22	%		19	%

Net assets at end of period (in 000’s)	$	120,432		$	71,077

^	Inception date.

††	Annualized.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of 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.



SIMPLE Class	August 31, 2020^ through October 31, 2020

Net asset value at beginning of period*	$	8.83


Net investment income (loss) (a)		0.04

Net realized and unrealized gain (loss) on investments		0.01


Total from investment operations		0.05


Less distributions:

From net investment income		(0.04	)


Net asset value at end of period	$	8.84


Total investment return (b)		0.57	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss) ††		2.72	%

Net expenses ††(c)		1.37	%

Portfolio turnover rate		22	%

Net assets at end of period (in 000’s)	$	25

^	Inception date.

††	Annualized.

*	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 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.


38		MainStay Floating Rate Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Notes to Financial Statements

Note 1–Organization and Business

The Fund currently has eight classes of shares registered for sale. Class A, Class B, Class C and Class I shares commenced operations on May 3, 2004. Investor Class shares commenced operations on February 28, 2008. Class R3 shares commenced operations on February 29, 2016. Class R6 shares commenced operations on February 28, 2019. SIMPLE Class shares commenced operations on August 31, 2020.

Class A and Investor Class shares are offered at net asset value (“NAV”) per share plus an initial sales charge. No initial sales charge applies to investments of $250,000 or more (and certain other qualified purchases) in Class A and Investor Class shares. However, a CDSC of 1.00% may be imposed on certain redemptions of Class A and Investor Class shares made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. However, a CDSC 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. For purchases of Class A and Investor Class shares made from August 1, 2017 through April 14, 2019, a CDSC of 1.00% may be imposed on certain redemptions (for investments of $500,000 which paid no initial sales charge) of such shares within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Class C shares are offered at NAV without an initial sales charge, although a 1.00% CDSC may be imposed on redemptions of such shares made within one year of the date of purchase of Class C shares. Investments in Class C shares are subject to a purchase maximum of $250,000. When Class B shares were offered, they were offered at NAV without an initial sales charge, although a CDSC that declines depending on the number of years a shareholder held its Class B shares may be imposed on certain redemptions of such shares made within six years of the date of purchase of such shares. Class I, Class R3, Class R6 and SIMPLE Class shares are offered at NAV without a sales charge. Depending upon eligibility, Class B shares convert to

Class A or Investor Class shares at the end of the calendar quarter four years after the date they were purchased. In addition, depending upon eligibility, Class C shares convert to either Class A or Investor Class shares at the end of the calendar quarter ten years after the date they were purchased. Additionally, Investor Class shares may convert automatically to Class A shares. Under certain circumstances and as may be permitted by the Trust’s multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under distribution plans pursuant to Rule 12b-1 under the 1940 Act, Class B and Class C shares are subject to higher distribution and/or service fees than Class A, Investor Class, Class R3 and SIMPLE Class shares. Class I and Class R6 shares are not subject to a distribution and/or service fee. Class R3 shares are subject to a shareholder service fee, which is in addition to fees paid under the distribution plan for Class R3 shares.

The Fund’s investment objective is to seek high current income.

Note 2–Significant Accounting Policies

The Board of Trustees of the Trust (the “Board”) adopted procedures establishing methodologies for the valuation of the Fund’s securities and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Trust (the “Valuation Committee”). The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for the day-to-day valuation of portfolio assets (including fair value measurements for the Fund’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)). To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Fund’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources.


			39

Notes to Financial Statements (continued)

Subcommittee meets (in person, via electronic mail or via teleconference) on an as-needed basis. The Valuation Committee meets to ensure that actions taken by the Subcommittee were appropriate.

•

Level 1—quoted prices in active markets for an identical asset or liability

•

Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:


• 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

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. Securities that were fair valued in such a manner as of October 31, 2020, are shown in the Portfolio of Investments.

Equity securities, rights and warrants are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on


40		MainStay Floating Rate Fund

each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Debt securities (other than convertible and municipal bonds) are valued at the evaluated bid prices (evaluated mean prices in the case of convertible and municipal bonds) supplied by a pricing agent or brokers selected by the Manager, in consultation with the Subadvisor. The evaluations are market-based measurements processed through a pricing application and represents the pricing agent’s good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules based logic utilizes valuation techniques that reflect participants’ assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Manager, in consultation with the Subadvisor, to be representative of market values at the regular close of trading of the Exchange on each valuation date. Debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Debt securities, including corporate bonds, U.S. government and federal agency bonds, municipal bonds, foreign bonds, convertible bonds, asset-backed securities and mortgage-backed securities are generally categorized as Level 2 in the hierarchy.

Loan assignments, participations and commitments are valued at the average of bid quotations obtained from the engaged independent pricing service and are generally categorized as Level 2 in the hierarchy. Certain loan assignments, participations and commitments may be valued by utilizing significant unobservable inputs obtained from the pricing service and are generally categorized as Level 3 in the hierarchy.

the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

A portfolio investment may be classified as an illiquid investment under the Trust’s written liquidity risk management program and related procedures (“Liquidity Program”). Illiquidity of an investment might prevent the sale of such investment at a time when the Manager or the Subadvisor might wish to sell, and these investments could have the effect of decreasing the overall level of the Fund’s liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid investments, requiring the Fund to rely on judgments that may be somewhat subjective in measuring value, which could vary materially from the amount that the Fund could realize upon disposition. Difficulty in selling illiquid investments may result in a loss or may be costly to the Fund. An illiquid investment is any investment that the Manager or Subadvisor reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The liquidity classification of each investment will be made using information obtained after reasonable inquiry and taking into account, among other things, relevant market, trading and investment-specific considerations in accordance with the Liquidity Program. Illiquid investments are often valued in accordance with methods deemed by the Board in good faith to be reasonable and appropriate to accurately reflect their fair value. The liquidity of the Fund’s investments was determined as of October 31, 2020, and can change at any time. Illiquid investments as of October 31, 2020, are shown in the Portfolio of Investments.

The Manager evaluates the Fund’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund’s financial statements. The Fund’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare dividends from net investment income, if any, daily and intends to pay them at least monthly and pays distributions from net realized capital and currency gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with


			41

Notes to Financial Statements (continued)

federal income tax regulations and may differ from determinations using GAAP.

(D) Security Transactions and Investment Income. The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date, net of any foreign tax withheld at the source. Premiums and discount on purchased securities other than bank loans, are accreted and amortized, respectively on the effective interest rate method. Premiums and discounts on purchased bank loan securities are accreted and amortized, respectively, on the straight line method. Distributions received from real estate investment trusts may be classified as dividends, capital gains and/or return of capital. Dividends and distributions received by the Fund from investments in underlying funds are recorded on the ex-dividend date. Income from payment-in-kind securities, to the extent the Fund held any such securities during the year ended October 31, 2020, is accreted daily based on the effective interest method.

Additionally, the Fund may invest in exchange-traded funds (“ETFs”) and mutual funds, which are subject to management fees and other fees that may cause the costs of investing in ETFs and mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of ETFs and mutual funds are not included in the amounts shown as expenses in the Statement of Operations or in the expense ratios included in the Financial Highlights.

usually financial institutions, that are deemed by the Manager or the Subadvisor to be creditworthy, pursuant to guidelines established by the Board. During the term of any repurchase agreement, the Manager or the Subadvisor will continue to monitor the creditworthiness of the counterparty. Under the 1940 Act, repurchase agreements are considered to be collateralized loans by the Fund to the counterparty secured by the securities transferred to the Fund.

(H) Rights and Warrants. Rights are certificates that permit the holder to purchase a certain number of shares, or a fractional share, of a new stock from the issuer at a specific price. Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. These investments can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of these investments do not necessarily move in tandem with the prices of the underlying securities.

There is risk involved in the purchase of rights and warrants in that these investments are speculative investments. The Fund could also lose the entire value of its investment in warrants if such warrants are not exercised by the date of its expiration. The Fund is exposed to risk until the sale or exercise of each right or warrant is completed. Rights and Warrants as of October 31, 2020 are shown in the Portfolio of Investments.

(I) Loan Assignments, Participations and Commitments. The Fund primarily invests in loan assignments and participations (“loans”). Commitments are agreements to make money available to a borrower in a specified amount, at a specified rate and within a specified time. The Fund records an investment when the borrower withdraws money on a commitment or when a funded loan is purchased (trade date) and records interest as earned. These loans pay interest at rates that are periodically reset by reference to a base lending rate plus a spread. These base lending rates are generally the prime rate offered by a designated U.S. bank or the London Interbank Offered Rate (“LIBOR”).

The loans in which the Fund invests are generally readily marketable, but may be subject to some restrictions on resale. For example, the Fund may be contractually obligated to receive approval from the agent bank and/or borrower prior to the sale of these investments. If the Fund purchases an assignment from a lender, the Fund will generally have direct contractual rights against the borrower in favor of the lender. If the Fund purchases a participation interest either from a lender or a participant, the Fund typically will have established a direct contractual


42		MainStay Floating Rate Fund

relationship with the seller of the participation interest, but not with the borrower. Consequently, the Fund is subject to the credit risk of the lender or participant who sold the participation interest to the Fund, in addition to the usual credit risk of the borrower. In the event that the borrower, selling participant or intermediate participants become insolvent or enter into bankruptcy, the Fund may incur certain costs and delays in realizing payment, or may suffer a loss of principal and/or interest.

Unfunded commitments represent the remaining obligation of the Fund to the borrower. At any point in time, up to the maturity date of the issue, the borrower may demand the unfunded portion. Unfunded amounts, if any, are marked to market and any unrealized gains or losses are recorded in the Statement of Assets and Liabilities. As of October 31, 2020, the Fund held unfunded commitments. (See Note 5)

(J) Securities Lending. In order to realize additional income, the Fund may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission (“SEC”). If the Fund engages in securities lending, the Fund will lend through its custodian, currently State Street Bank and Trust Company (“State Street”) (See Note 12 for securities lending agent change), acting as securities lending agent on behalf of the Fund. Under the current arrangement, State Street will manage the Fund’s collateral in accordance with the securities lending agency agreement between the Fund and State Street, and indemnify the Fund against counterparty risk. The loans will be collateralized by cash (which may be invested in a money market fund) and/or non-cash collateral (which may include U.S. Treasury securities and/or U.S. government agency securities issued or guaranteed by the United States government or its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. The Fund bears the risk of delay in recovery of, or loss of rights in, the securities loaned. The Fund may also record a realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. The Fund bears the risk of any loss on investment of cash collateral. The Fund will receive compensation for lending its securities in the form of fees or it will retain a portion of interest earned on the investment of any cash collateral. The Fund will also continue to receive interest and dividends on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Fund. Income earned from securities lending activities, if any, is reflected in the Statement of Operations. As of October 31, 2020, the Fund did not have any portfolio securities on loan.

(K) Debt Securities and Loan Risk. The ability of issuers of debt securities held by the Fund to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region. Debt securities are also subject to the risks associated with changes in interest rates.

The Fund’s principal investments include floating rate loans, which are usually rated below investment grade and are generally considered speculative because they present a greater risk of loss, including default, than higher rated debt securities. These securities pay investors a higher interest rate because of the increased risk of loss. Although certain floating rate loans are collateralized, there is no guarantee that the value of the collateral will be sufficient to repay the loan. In a recession or serious credit event, the Fund’s NAVs could decrease and you could lose money.

In addition, floating rate loans generally are subject to extended settlement periods that may be longer than seven days. As a result, the Fund may be adversely affected by selling other investments at an unfavorable time and/or under unfavorable conditions or engaging in borrowing trans-actions, such as borrowing against its credit facility, to raise cash to meet redemption obligations or pursue other investment opportunities. In certain circumstances, floating rate loans may not be deemed to be securities. As a result, the Fund may not have the protection of the anti-fraud provisions of the federal securities laws. In such cases, the Fund generally must rely on the contractual provisions in the loan agreement and common-law fraud protections under applicable state law.

(L) LIBOR Risk. The Fund may invest in certain debt securities, derivatives or other financial instruments that utilize the LIBOR, as a “benchmark” or “reference rate” for various interest rate calculations. In July 2017, the United Kingdom Financial Conduct Authority, which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. Although financial regulators and industry working groups have suggested alternative reference rates, such as European Interbank Offer Rate (“EURIBOR”), Sterling Overnight Interbank Average Rate (“SONIA”) and Secured Overnight Financing Rate (“SOFR”), global consensus on alternative rates is lacking and the process for amending existing contracts or instruments to transition away from LIBOR remains unclear. Management is currently working to assess exposure and will modify contracts as necessary.

(M) Foreign Securities Risk. The ability of issuers of debt securities held by the Fund to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region. Debt securities are also subject to the risks associated with changes in interest rates. The Fund may invest in foreign securities, which carry certain risks that are in addition to the usual risks inherent in domestic securities. These risks include those resulting from currency fluctuations, future adverse political or economic developments and possible imposition of currency exchange blockages or other foreign governmental laws or restrictions. These risks are likely


			43

Notes to Financial Statements (continued)

to be greater in emerging markets than in developed markets. The ability of issuers of debt securities held by the Fund to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region.

(N) Indemnifications. Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.

Note 3–Fees and Related Party Transactions

(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company (“New York Life”), serves as the Fund’s Manager, pursuant to an Amended and Restated Management Agreement (“Management Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. NYL Investors LLC (“NYL Investors” or the “Subadvisor”), a registered investment adviser and a direct, wholly-owned subsidiary of New York Life, serves as Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of a Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and NYL Investors, New York Life Investments pays for the services of the Subadvisor.

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of the Fund’s average daily net assets as follows: 0.60% up to $1 billion; 0.575% from $1 billion to $3 billion; and 0.565% in excess of $3 billion. During the year ended October 31, 2020, the effective management fee rate was 0.60%.

During the year ended October 31, 2020, New York Life Investments earned fees from the Fund in the amount of $6,171,685 and paid the Subadvisor in the amount of $3,085,842.

Pursuant to the Class A and Investor Class Plans, the Distributor receives a monthly distribution fee from the Class A and Investor Class shares at an annual rate of 0.25% of the average daily net assets of the Class A and Investor Class shares for distribution and/or service activities as designated by the Distributor. Pursuant to the Class B and Class C Plans, Class B and Class C shares pay the Distributor a monthly distribution fee at an annual rate of 0.75% of the average daily net assets of the Class B and Class C shares along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class B and Class C shares, for a total 12b-1 fee of 1.00%. Pursuant to the Class R3 and SIMPLE Class shares Plan, Class R3 and SIMPLE Class shares pay the Distributor a monthly fee at an annual rate of 0.25% of the average daily net assets of the Class R3 and SIMPLE Class shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class R3 and SIMPLE Class shares, for a total 12b-1 fee of 0.50%. Class I and Class R6 shares are not subject to a distribution and/or service fee.

In accordance with the Shareholder Services Plan for the Class R3 shares, the Manager has agreed to provide, through its affiliates or independent third parties, various shareholder and administrative support services to shareholders of the Class R3 shares. For its services, the Manager, its affiliates or independent third-party service providers are entitled to a shareholder service fee accrued daily and paid monthly at an annual rate of 0.10% of the average daily net assets of the Class R3 shares. This is in addition to any fees paid under the Class R3 Plan.

During the year ended October 31, 2020, shareholder service fees incurred by the Fund were as follows:



Class R3	$	459


44		MainStay Floating Rate Fund

The Fund was also advised that the Distributor retained CDSCs on redemptions of Class A, Class B and Class C shares during the year ended October 31, 2020, of $38,940, $4,587 and $10,771, respectively.

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund’s transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with DST Asset Manager Solutions, Inc. (“DST”), pursuant to which DST performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund’s share classes to a maximum of 0.35% of that share class’s average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until August 31, 2021 for SIMPLE Class shares and February 28, 2021 for all other share classes, 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. During the year ended October 31, 2020, transfer agent expenses incurred by the Fund and

any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:


Class	Expense		Waived

Class A	$	672,833	$	—
Investor Class		48,159		—
Class B		5,163		—
Class C		157,116		—
Class I		1,188,100		—
Class R3		1,037		—
Class R6		4,759		—
SIMPLE Class		9		—


Affiliated Investment Company	Value, Beginning of Year		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales			Change in Unrealized Appreciation/ (Depreciation)			Value, End of Year		Dividend Income		Other Distributions		Shares End of Year

MainStay MacKay High Yield Corporate Bond Fund Class I	$	1,221	$	7,000	$	(6,006	)	$	(639	)	$	(47	)	$	1,529	$	150	$	—		283

(G) Capital. As of October 31, 2020, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:



Class R3	$	29,649	5.7	%
Class R6		25,869	0.0
SIMPLE Class		25,085	99.8

Note 4–Federal Income Tax


	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)

Investments in Securities	$	973,445,957	$	2,079,673	$	(45,511,020	)	$	(43,431,347	)

As of October 31, 2020, the components of accumulated gain (loss) on a tax basis were as follows:


Ordinary Income	Accumulated Capital and Other Gain (Loss)	Other Temporary Differences	Unrealized Appreciation (Depreciation)	Total Accumulated Gain (Loss)

$438,906	$(87,007,585)	$(520,245)	$(43,437,254)	$(130,526,178)

As of October 31, 2020, for federal income tax purposes, capital loss carryforwards of $87,007,585 were available as shown in the table below, to the extent provided by the regulations to offset future realized gains of the Fund through the years indicated. To the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to share-


			45

Notes to Financial Statements (continued)

holders. No capital gain distributions shall be made until any capital loss carryforwards have been fully utilized.


Capital Loss Available Through	Short-Term Capital Loss Amounts (000’s)		Long-Term Capital Loss Amounts (000’s)

Unlimited	$	12,001	$	75,006

During the years ended October 31, 2020, and October 31, 2019, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets were as follows:


	2020		2019
Distributions paid from:
Ordinary Income	$	38,219,349	$	67,392,102

Note 5–Commitments and Contingencies

As of October 31, 2020, the Fund had unfunded commitments pursuant to the following loan agreements:


Borrower	Unfunded Commitments		Unrealized Appreciation/ (Depreciation)
Intelsat Jackson Holdings S.A.
2020 DIP Term Loan 5.05% (3 Month LIBOR + 5.50%), due 7/13/22	$	205,623	$	2,879

Commitments are available until maturity date.

Note 6–Custodian

Note 7–Line of Credit

Effective July 28, 2020, under the credit agreement (the “Credit Agreement”), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to JP Morgan Chase Bank NA, who serves as the agent to the syndicate. The commitment fee is allocated among the Fund and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Rate or the one-month LIBOR, whichever is higher. The Credit Agreement expires on July 27, 2021, although the Fund, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate of banks. Prior to July 28, 2020, the aggregate commitment amount and the commitment fee were the same as those under the

current Credit Agreement, but State Street served as agent to the syndicate. During the year ended October 31, 2020, there were no borrowings made or outstanding with respect to the Fund under the Credit Agreement or the credit agreement for which State Street served as agent.

Note 8–Interfund Lending Program

Note 9–Purchases and Sales of Securities (in 000’s)

During the year ended October 31, 2020, purchases and sales of securities, other than short-term securities, were $215,203 and $488,594, respectively.

Note 10–Capital Share Transactions

Transactions in capital shares for the years ended October 31, 2020, and October 31, 2019, were as follows:


Class A	Shares			Amount

Year ended October 31, 2020:
Shares sold		7,514,805		$	65,926,964
Shares issued to shareholders in reinvestment of distributions		1,092,678			9,580,788
Shares redeemed		(14,895,988	)		(128,631,458	)

Net increase (decrease) in shares outstanding before conversion		(6,288,505	)		(53,123,706	)
Shares converted into Class A (See Note 1)		411,788			3,619,575
Shares converted from Class A (See Note 1)		(35,269	)		(299,342	)

Net increase (decrease)		(5,911,986	)	$	(49,803,473	)

Year ended October 31, 2019:
Shares sold		12,997,002		$	118,586,137
Shares issued to shareholders in reinvestment of distributions		1,674,392			15,240,679
Shares redeemed		(19,132,832	)		(174,238,387	)

Net increase (decrease) in shares outstanding before conversion		(4,461,438	)		(40,411,571	)
Shares converted into Class A (See Note 1)		785,621			7,170,615
Shares converted from Class A (See Note 1)		(174,295	)		(1,589,648	)

Net increase (decrease)		(3,850,112	)	$	(34,830,604	)


46		MainStay Floating Rate Fund


Investor Class	Shares			Amount

Year ended October 31, 2020:
Shares sold		350,736		$	3,071,570
Shares issued to shareholders in reinvestment of distributions		84,641			741,391
Shares redeemed		(554,264	)		(4,840,508	)

Net increase (decrease) in shares outstanding before conversion		(118,887	)		(1,027,547	)
Shares converted into Investor Class (See Note 1)		88,715			770,502
Shares converted from Investor Class (See Note 1)		(246,579	)		(2,173,906	)

Net increase (decrease)		(276,751	)	$	(2,430,951	)

Year ended October 31, 2019:
Shares sold		674,574		$	6,144,114
Shares issued to shareholders in reinvestment of distributions		116,710			1,062,606
Shares redeemed		(574,125	)		(5,224,802	)

Net increase (decrease) in shares outstanding before conversion		217,159			1,981,918
Shares converted into Investor Class (See Note 1)		348,438			3,184,634
Shares converted from Investor Class (See Note 1)		(304,289	)		(2,769,718	)

Net increase (decrease)		261,308		$	2,396,834



Class B	Shares			Amount

Year ended October 31, 2020:
Shares sold		30,627		$	271,910
Shares issued to shareholders in reinvestment of distributions		5,817			51,077
Shares redeemed		(151,686	)		(1,315,517	)

Net increase (decrease) in shares outstanding before conversion		(115,242	)		(992,530	)
Shares converted from Class B (See Note 1)		(50,958	)		(450,253	)

Net increase (decrease)		(166,200	)	$	(1,442,783	)

Year ended October 31, 2019:
Shares sold		77,026		$	698,613
Shares issued to shareholders in reinvestment of distributions		15,121			137,731
Shares redeemed		(240,602	)		(2,194,521	)

Net increase (decrease) in shares outstanding before conversion		(148,455	)		(1,358,177	)
Shares converted from Class B (See Note 1)		(72,673	)		(662,832	)

Net increase (decrease)		(221,128	)	$	(2,021,009	)


Class C	Shares			Amount

Year ended October 31, 2020:
Shares sold		626,809		$	5,580,245
Shares issued to shareholders in reinvestment of distributions		209,233			1,834,843
Shares redeemed		(3,976,492	)		(34,517,599	)

Net increase (decrease) in shares outstanding before conversion		(3,140,450	)		(27,102,511	)
Shares converted from Class C (See Note 1)		(149,408	)		(1,309,722	)

Net increase (decrease)		(3,289,858	)	$	(28,412,233	)

Year ended October 31, 2019:
Shares sold		1,125,120		$	10,269,105
Shares issued to shareholders in reinvestment of distributions		452,872			4,123,342
Shares redeemed		(6,777,779	)		(61,742,551	)

Net increase (decrease) in shares outstanding before conversion		(5,199,787	)		(47,350,104	)
Shares converted from Class C (See Note 1)		(587,489	)		(5,380,449	)

Net increase (decrease)		(5,787,276	)	$	(52,730,553	)



Class I	Shares			Amount

Year ended October 31, 2020:
Shares sold		20,292,680		$	178,350,288
Shares issued to shareholders in reinvestment of distributions		1,932,498			16,996,203
Shares redeemed		(51,237,430	)		(452,297,579	)

Net increase in shares outstanding before conversion		(29,012,252	)		(256,951,088	)
Shares converted into Class I (See Note 1)		4,755			42,279

Net increase (decrease)		(29,007,497	)	$	(256,908,809	)

Year ended October 31, 2019:
Shares sold		27,498,631		$	250,316,560
Shares issued to shareholders in reinvestment of distributions		3,827,830			34,843,484
Shares redeemed		(58,227,942	)		(530,288,431	)

Net increase (decrease) in shares outstanding before conversion		(26,901,481	)		(245,128,387	)
Shares converted into Class I (See Note 1)		5,210			47,398
Shares converted from Class I (See Note 1)		(6,647,777	)		(61,026,595	)

Net increase (decrease)		(33,544,048	)	$	(306,107,584	)



Class R3	Shares			Amount

Year ended October 31, 2020:
Shares sold		14,015		$	122,516
Shares issued to shareholders in reinvestment of distributions		1,290			11,295
Shares redeemed		(4,393	)		(39,356	)

Net increase (decrease)		10,912		$	94,455

Year ended October 31, 2019:
Shares sold		31,182		$	283,231
Shares issued to shareholders in reinvestment of distributions		1,414			12,883
Shares redeemed		(25,151	)		(229,773	)

Net increase (decrease)		7,445		$	66,341


			47

Notes to Financial Statements (continued)


Class R6	Shares			Amount

Year ended October 31, 2020:
Shares sold		18,428,506		$	168,381,908
Shares issued to shareholders in reinvestment of distributions		547,422			4,747,356
Shares redeemed		(13,208,597	)		(113,159,127	)

Net increase (decrease) in shares outstanding before conversion		5,767,331			59,970,137
Shares converted from Class R6 (See Note 1)		(22,832	)		(199,133	)

Net increase (decrease)		5,744,499		$	59,771,004

Period ended October 31, 2019 (a):
Shares sold		2,428,084		$	22,243,423
Shares issued to shareholders in reinvestment of distributions		268,318			2,449,067
Shares redeemed		(1,471,630	)		(13,429,272	)

Net increase (decrease) in shares outstanding before conversion		1,224,772			11,263,218
Shares converted into Class R6 (See Note 1)		6,647,777			61,026,595

Net increase (decrease)		7,872,549		$	72,289,813



SIMPLE Class	Shares			Amount

Period ended October 31, 2020 (b):
Shares sold		2,831		$	25,000
Shares issued to shareholders in reinvestment of distributions		13			114

Net increase (decrease)		2,844		$	25,114

(a)	The inception date of the class was February 28, 2019.

(b)	The inception date of the class was August 31, 2020.

Note 11–Recent Accounting Pronouncement

disclosures, which are currently in place as of October 31, 2020. The Manager is evaluating the implications of certain other provisions of ASU 2018-13 related to new disclosure requirements and has not yet determined the impact of those provisions on the financial statement disclosures, if any.

Note 12–Subsequent Events

Effective at the close of business on November 20, 2020, all services provided by State Street were transitioned to JPMorgan Chase Bank, N.A.

Note 13–Other Matters


48		MainStay Floating Rate Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders of the Fund and Board of Trustees

MainStay Funds Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of MainStay Floating Rate Fund (the Fund), one of the funds constituting MainStay Funds Trust, including the portfolio of investments, as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2020, by correspondence with custodians, the transfer agent, agents, and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

LOGO

We have served as the auditor of one or more New York Life Investment Management investment companies since 2003.

Philadelphia, Pennsylvania

December 23, 2020


			49

Federal Income Tax Information

(Unaudited)

The Fund is required under the Internal Revenue Code to advise shareholders in a written statement as to the federal tax status of dividends paid by the Fund during such fiscal years.

For the fiscal year ended October 31, 2020, the Fund designated approximately $152,830 under the Internal Revenue Code as qualified dividend income eligible for reduced tax rates.

Proxy Voting Policies and Procedures and Proxy Voting Record

Shareholder Reports and Quarterly Portfolio Disclosure


50		MainStay Floating Rate Fund

Board of Trustees and Officers (Unaudited)

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Interested Trustee

Yie-Hsin Hung*

1962

MainStay Funds:
Trustee since 2017

MainStay Funds Trust:
Trustee since 2017

MainStay VP Funds Trust:
Trustee since 2017 (31 portfolios); and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017.


			51

Board of Trustees and Officers (Unaudited) (continued)

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

David H. Chow

1957

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Founder and CEO, DanCourt Management, LLC since 1999

Susan B. Kerley

1951

MainStay Funds:
Chairman since 2017 and Trustee since 2007;

MainStay Funds Trust: Chairman since 2017 and Trustee since 1990.**

President, Strategic Management Advisors LLC since 1990

MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007 (31 portfolios)***;
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; and

Legg Mason Partners Funds: Trustee since 1991 (45 portfolios).

Alan R. Latshaw

1951

MainStay Funds:
Trustee;

MainStay Funds Trust:
Trustee and Audit Committee Financial Expert since 2007.**

Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006)

Richard H. Nolan, Jr.

1946

MainStay Funds:
Trustee since 2007;

MainStay Funds Trust:
Trustee since 2007.**

Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004)

MainStay VP Funds Trust: Trustee since 2006 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Jacques P. Perold

1958

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Allstate Corporation: Director since 2015;
MSCI, Inc.: and Director since 2017.


52		MainStay Floating Rate Fund

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

Richard S. Trutanic

1952

MainStay Funds: Trustee since 1994;

MainStay Funds Trust: Trustee since 2007.**

MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust.

***

Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


			53

Board of Trustees and Officers (Unaudited) (continued)


	Name and Year of Birth	Position(s) Held and Length of Service	Principal Occupation(s) During Past Five Years
Officers of the Trust (Who are not Trustees)*	Kirk C. Lehneis 1974	President, MainStay Funds, MainStay Funds Trust since 2017	Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers since 2017 and Senior Managing Director since 2018, NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since 2017**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC
	Jack R. Benintende 1964	Treasurer and Principal Financial and Accounting Officer, MainStay Funds since 2007, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2007**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012)
	Yi-Chia Kuo 1981	Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust since January 2020	Chief Compliance Officer, Index IQ Trust, Index IQ ETF Trust and Index IQ Active ETF Trust since January 2020; Vice President and Chief Compliance Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since January 2020; Director and Associate General Counsel, New York Life Insurance Company (2015 to 2019)
	J. Kevin Gao 1967	Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust since 2010	Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2010**
	Scott T. Harrington 1959	Vice President— Administration, MainStay Funds since 2005, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2005**

Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


54		MainStay Floating Rate Fund

MainStay Funds

Equity

U.S. Equity

MainStay Epoch U.S. All Cap Fund

MainStay Epoch U.S. Equity Yield Fund

MainStay MacKay Common Stock Fund

MainStay MacKay Growth Fund

MainStay MacKay S&P 500 Index Fund

MainStay MacKay Small Cap Core Fund

MainStay MacKay U.S. Equity Opportunities Fund

MainStay MAP Equity Fund

MainStay Winslow Large Cap Growth Fund¹

International Equity

MainStay Epoch International Choice Fund

MainStay MacKay International Equity Fund

MainStay MacKay International Opportunities Fund

Emerging Markets Equity

MainStay Candriam Emerging Markets Equity Fund

Global Equity

MainStay Epoch Capital Growth Fund

MainStay Epoch Global Equity Yield Fund

Fixed Income

Taxable Income

MainStay Candriam Emerging Markets Debt Fund

MainStay Floating Rate Fund

MainStay MacKay High Yield Corporate Bond Fund

MainStay MacKay Short Duration High Yield Fund

MainStay MacKay Total Return Bond Fund

MainStay MacKay Unconstrained Bond Fund

MainStay MacKay U.S. Infrastructure Bond Fund²

MainStay Short Term Bond Fund³

Tax-Exempt Income

MainStay MacKay California Tax Free Opportunities Fund⁴

MainStay MacKay High Yield Municipal Bond Fund

MainStay MacKay Intermediate Tax Free Bond Fund

MainStay MacKay New York Tax Free Opportunities Fund⁵

MainStay MacKay Short Term Municipal Fund

MainStay MacKay Tax Free Bond Fund

Money Market

MainStay Money Market Fund

Mixed Asset

MainStay Balanced Fund

MainStay Income Builder Fund

MainStay MacKay Convertible Fund

Speciality

MainStay CBRE Global Infrastructure Fund

MainStay CBRE Real Estate Fund

MainStay Cushing MLP Premier Fund

Asset Allocation

MainStay Conservative Allocation Fund

MainStay Conservative ETF Allocation Fund

MainStay Defensive ETF Allocation Fund

MainStay Equity Allocation Fund⁶

MainStay Equity ETF Allocation Fund

MainStay Growth Allocation Fund⁷

MainStay Growth ETF Allocation Fund

MainStay Moderate Allocation Fund

MainStay Moderate ETF Allocation Fund

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium S.A.⁸

Brussels, Belgium

Candriam Luxembourg S.C.A.⁸

Strassen, Luxembourg

CBRE Clarion Securities LLC

Radnor, Pennsylvania

Cushing Asset Management, LP

Dallas, Texas

Epoch Investment Partners, Inc.

New York, New York

MacKay Shields LLC⁸

New York, New York

Markston International LLC

White Plains, New York

NYL Investors LLC⁸

New York, New York

Winslow Capital Management, LLC

Minneapolis, Minnesota

Legal Counsel

Dechert LLP

Washington, District of Columbia

Independent Registered Public Accounting Firm

KPMG LLP

Philadelphia, Pennsylvania

Distributor

NYLIFE Distributors LLC⁸

Jersey City, New Jersey

Custodian⁹

State Street Bank and Trust Company

Boston, Massachusetts

1.	Formerly known as MainStay Large Cap Growth Fund.

2.	Formerly known as MainStay MacKay Infrastructure Bond Fund.

3.	Formerly known as MainStay Indexed Bond Fund.

4.	This Fund is registered for sale in AZ, CA, NV, OR, TX, UT and WA. Class A and Class I shares are registered for sale in MI. Class I and Class C2 shares are registered for sale in CO, FL, GA, HI, ID, MA, MD, NH, NJ and NY.

5.	This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT.

6.	Formerly known as MainStay Growth Allocation Fund.

7.	Formerly known as MainStay Moderate Growth Allocation Fund.

8.	An affiliate of New York Life Investment Management LLC.

Not part of the Annual Report

For more information

800-624-6782

newyorklifeinvestments.com

1717041 MS203-20

MSFR11-12/20

(NYLIM) NL225

MainStay MacKay California Tax Free Opportunities Fund

Message from the President and Annual Report

October 31, 2020


Not FDIC/NCUA Insured		Not a Deposit		May Lose Value		No Bank Guarantee		Not Insured by Any Government Agency

LOGO

This page intentionally left blank

Message from the President

Sincerely,

LOGO

Kirk C. Lehneis

President

Not part of the Annual Report

Table of Contents


Annual Report

Investment and Performance Comparison			5

Portfolio Management Discussion and Analysis			9

Portfolio of Investments			11

Financial Statements			29

Notes to Financial Statements			35

Report of Independent Registered Public Accounting Firm			43

Federal Income Tax Information			44

Proxy Voting Policies and Procedures and Proxy Voting Record			44

Shareholder Reports and Quarterly Portfolio Disclosure			44

Board of Trustees and Officers			45

Investment and Performance Comparison¹ (Unaudited)

LOGO

Average Annual Total Returns for the Year-Ended October 31, 2020

Class

Sales Charge

Inception
Date

One Year
or Since
Inception

Five
Years

Since
Inception

Gross
Expense
Ratio²

Class A Shares

Maximum 4.5% Initial Sales Charge

With sales charges

Excluding sales charges

2/28/2013

–2.16

2.46

3.27

4.23

3.58

4.20

0.81

Investor Class Shares³

Maximum 4% Initial Sales Charge

With sales charges

Excluding sales charges

2/28/2013

–2.08
2.53

3.26
4.22

3.53
4.15

0.83

Class C Shares

Maximum 1% CDSC

if Redeemed Within One Year of Purchase

With sales charges

Excluding sales charges

2/28/2013

1.18
2.18

3.96
3.96

3.88
3.88

1.08

Class C2 Shares

Maximum 1% CDSC

if Redeemed Within One Year of Purchase

With sales charges

Excluding sales charges

8/31/2020

–1.39
–0.40

N/A
N/A

1.23

Class I Shares

No Sales Charge

2/28/2013

2.81

4.51

4.48

0.56

Class R6 Shares

No Sales Charge

11/1/2019

2.83

N/A

0.54

been lower. For more information on share classes and current fee waivers and/or expense limitations (if any), please refer to the Notes to Financial Statements.

2.	The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report.

3.	Prior to June 30, 2020, the maximum initial sales charge for Investor Class shares was 4.5%, which is reflected in the average annual total return figures shown.


			5


Benchmark Performance	One Year			Five Years			Since Inception

Bloomberg Barclays California Municipal Bond Index⁴		3.65	%		3.67	%		3.62	%
Morningstar Muni California Long Category Average⁵		2.31			3.63			3.49

The Bloomberg Barclays California Municipal Bond Index is the Fund’s primary broad-based securities market index for comparison purposes. The Bloomberg Barclays California Municipal Bond Index is a market-value-weighted index of California investment grade tax exempt fixed-rate municipal bonds with maturities of one year or more. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

The Morningstar Muni California Long Category Average is representative of funds that invest at least 80% of assets in California municipal debt. These portfolios have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.

The footnotes on the preceding page are an integral part of the table and graph and should be carefully read in conjunction with them.


6		MainStay MacKay California Tax Free Opportunities Fund

Cost in Dollars of a $1,000 Investment in MainStay MacKay California Tax Free Opportunities Fund (Unaudited)

Example

This example illustrates your Fund’s ongoing costs in two ways:

Actual Expenses

multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes



Share Class	Beginning Account Value 5/1/20		Ending Account Value (Based on Actual Returns and Expenses) 10/31/20		Expenses Paid During Period¹		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/20		Expenses Paid During Period¹		Net Expense Ratio During Period²

Class A Shares	$	1,000.00	$	1,062.80	$	3.89	$	1,021.37	$	3.81	0.75%

Investor Class Shares	$	1,000.00	$	1,063.70	$	3.99	$	1,021.27	$	3.91	0.77%

Class C Shares	$	1,000.00	$	1,062.30	$	5.29	$	1,020.01	$	5.18	1.02%

Class C2 Shares^3,4	$	1,000.00	$	996.00	$	1.93	$	1,006.40	$	1.94	1.16%

Class I Shares	$	1,000.00	$	1,065.10	$	2.60	$	1,022.62	$	2.54	0.50%

Class R6 Shares	$	1,000.00	$	1,065.20	$	2.49	$	1,022.72	$	2.44	0.48%

Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 366 and multiplied by 184 (to reflect the six-month period) and 61 days for Class C2 share (to reflect the since-inception period. The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures.

2.	Expenses are equal to the Fund’s annualized expense ratio to reflect the six-month period.

3.	The inception date was August 31, 2020.

Expenses paid during the period reflect ongoing costs for the period from inception through October 31, 2020. Had these shares been offered for the full six-month period ended October 31, 2020, and had the Fund provided a hypothetical 5% annualized return, expenses paid during the period would have been 5.89 for Class C2 shares and the ending account value would have been $1,019.30 for Class C2 shares.


			7

Industry Composition as of October 31, 2020 (Unaudited)



School District	28.7	%

General	17.3

General Obligation	11.0

Water	7.2

Airport	7.1

Medical	4.8

Higher Education	3.4

Power	3.0

Education	2.9

Transportation	2.9



Housing	2.8	%

Tobacco Settlement	1.8

Development	1.4

Utilities	1.4

Pollution	0.9

Multi-Family Housing	0.8

Nursing Homes	0.3

Mello-Roos	0.2

Other Assets, Less Liabilities	2.1


	100.0	%

See Portfolio of Investments beginning on page 11 for specific holdings within these categories. The Fund’s holdings are subject to change.

Top Ten Issuers Held as of October 31, 2020 (excluding short-term investment) (Unaudited)

1.	San Francisco City & County International Airports Commission, Revenue Bonds, 5.00%, due 5/1/27–5/1/45

2.	State of California, Unlimited General Obligation, 3.00%–4.00%, due 9/1/34–3/1/46

3.	City of Los Angeles, Department of Airports, Revenue Bonds, 5.00%–5.25%, due 5/15/25–5/15/48

4.	Sacramento Municipal Utility District, Revenue Bonds, 4.00%–5.00%, due 8/15/37–8/15/45

5.	Anaheim Public Financing Authority, Public Improvement Project, Revenue Bonds, 5.00%, due 9/1/26–9/1/28

6.	Norman Y Mineta San Jose International Airport SJC, Revenue Bonds, 4.00%–5.25%, due 3/1/22–3/1/47

7.	Los Angeles Unified School District, Unlimited General Obligation, 3.00%–5.00%, due 7/1/25–7/1/38

8.	Guam Government, Waterworks Authority, Revenue Bonds, 5.00%–5.50%, due 7/1/33–1/1/50

9.	Invesco California Value Municipal Income Trust, 1.149%, due 12/1/22

10.	Puerto Rico Sales Tax Financing Corp., Revenue Bonds, 4.50%–5.00%, due 7/1/34–7/1/58


8		MainStay MacKay California Tax Free Opportunities Fund

Portfolio Management Discussion and Analysis (Unaudited)

Questions answered by portfolio managers John Loffredo, CFA, Robert DiMella, CFA, Michael Petty, David Dowden, Scott Sprauer and Frances Lewis of MacKay Shields LLC, the Fund’s Subadvisor.

How did MainStay MacKay California Tax Free Opportunities Fund perform relative to its benchmark and peer group during the 12 months ended October 31, 2020?

For the 12 months ended October 31, 2020, Class I shares of MainStay MacKay California Tax Free Opportunities Fund returned 2.81%, underperforming the 3.65% return of the Fund’s primary benchmark, the Bloomberg Barclays California Municipal Bond Index. Over the same period, Class I shares outperformed the 2.31% return of the Morningstar Muni California Long Category Average.¹

What factors affected the Fund’s relative performance during the reporting period?

During the reporting period, the below-investment-grade, tax-exempt segment of the municipal bond market underperformed the investment-grade, tax-exempt segment of the municipal bond market, and the municipal market as a whole underperformed the taxable bond market. Short-end maturities outperformed long-end maturities. Among ratings categories, higher-rated bonds outperformed their lower-rated counterparts.

The Fund underperformed the Bloomberg Barclays California Municipal Bond Index largely due to security selection and yield curve² positioning. With regard to security selection, the most significant detractors from the Fund’s relative performance were holdings in the education sector. Holdings in the local general obligation sector were the largest detractors with regard to yield curve effect. Conversely, the Fund’s allocation to U.S. territories (which are not included in the benchmark) bolstered relative returns.

During the reporting period, were there any market events that materially impacted the Fund’s performance or liquidity?

The rapid spread of the COVID-19 pandemic in March 2020 resulted in a significant risk-off response in the global financial markets. The municipal bond market’s response to the crisis reflected the significant disruption to our economy, the financial markets and, of course, our personal lives. During the early months of the pandemic, municipal volatility surged and credit spreads³ widened. The extreme volatility in the municipal market was primarily due to a liquidity squeeze exacerbated by a sharp repricing of credit risk. Market technical conditions were

upended as investors in municipal bond mutual funds and exchange-traded funds sought to exit a market that offered little liquidity, resulting in severe price declines. During this time, yields of variable-rate demand notes spiked to over 9% and the new-issue market was shut down. Credit spreads widened as market participants attempted to discount the impact of an abrupt shutdown of the U.S. economy. Notably, some high-yield municipal bonds experienced price swings exceeding 10 points in a day. (A point represents one percent of a bond’s face value.) In our view, leveraged open-end mutual funds that were ill-prepared to meet shareholder redemptions contributed to municipal market volatility as they resorted to forced sales. (Contributions take weightings and total returns into account.)

The pandemic produced a significant credit shift in the municipal market. With mandatory stay-at-home requirements and the closing of large segments of the economy, including travel, leisure and retail, the economic conditions of state and local governments and related entities weakened. Fortunately, the municipal market’s credit condition at the start of 2020 was at an all-time high as state governments had accumulated large reserves due to record tax revenues in the wake of the Great Recession of 2007-2009. Nevertheless, as of the end of the reporting period, we believe that several municipal “front-line” sectors—including infrastructure, hospitals, state and local governments, and higher education—are likely to be the sectors most immediately impacted by the pandemic-related economic slowdown. We expect the magnitude of the impact to be a function of the duration and the severity of the crisis, as well as the specific geographic location of the credits.

Since the end of 2019, our municipal bond management team has increased the Fund’s overall credit quality, and added additional liquidity and cash reserves to offset short-term financial losses. As always, the team continues to assess the ability of each municipal issuer to manage through these times. We continue to believe there will be limited defaults in the municipal market, reflective of historical market trends.

During the reporting period, how was the Fund’s performance materially affected by investments in derivatives?

During the reporting period, the Fund used U.S. Treasury futures in an attempt to maintain a neutral duration relative to the Bloomberg Barclays California Municipal Bond Index. This hedge detracted from performance.

1.	See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 for more information on benchmark and peer group returns.

2.	The yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting.

3.	The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time.


			9

What was the Fund’s duration⁴ strategy during the reporting period?

The Fund’s duration was targeted to remain in a neutral range relative to the municipal bonds in which the Fund can invest, as outlined in the Fund’s prospectus. In addition to investment-grade California municipal bonds, the Fund may also invest in bonds of U.S. territories (Puerto Rico, Guam and the U.S. Virgin Islands) and up to 20% of net assets in municipal securities rated below investment grade. As of October 31, 2020, the Fund’s modified duration to worst⁵ was 6.26 years, while the benchmark’s modified duration to worst was 5.07 years. The longer duration of the Fund during this time of dislocation was mostly driven by below-investment- grade holdings trading at a discount, as well as lower coupon holdings that were also trading below par.

During the reporting period, which sectors were the strongest positive contributors to the Fund’s relative performance and which sectors were particularly weak?

During the reporting period, bonds in the local general obligation, special tax and transportation sectors made positive contributions to the Fund’s performance relative to the Bloomberg Barclays California Municipal Bond Index. Conversely, hospital-backed bonds detracted from relative returns. In addition, off benchmark U.S. territories added to relative performance. From a credit perspective, bonds rated B-, A+ and AA+ enhanced relative results while bonds rated AA and AA- detracted.⁶ Among maturities, 15- to 30-year maturities contributed positively to relative performance, while 15-and-shorter-year maturities undermined relative returns.

What were some of the Fund’s largest purchases and sales during the reporting period?

The Fund remained focused on diversification and liquidity, so no individual transaction was considered significant during the reporting period.

How did the Fund’s sector weightings change during the reporting period?

Although there were no material changes in the Fund’s sector weightings during the reporting period, the Fund increased its sector exposure to local general obligation, leasing and state general obligation bonds, while decreasing sector exposure to special tax, hospital and transportation bonds. From a credit-rating perspective, the Fund increased its exposure to bonds rated AA and AAA, while decreasing its exposure to securities rated BBB, A, and B.⁷

How was the Fund positioned at the end of the reporting period?

Compared to the Bloomberg Barclays California Municipal Bond Index, as of October 31, 2020 the Fund held overweight exposure to the local general obligation and special tax sectors, and underweight exposure to the state general obligation and prerefunded/ETM (escrowed to maturity) sectors. In addition, the Fund held overweight exposure to U.S. territories that are not held in the benchmark, and overweight exposure to credits rated BB.⁸ As of the same date, the Fund held relatively underweight exposure to securities rated AA.

4.	Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity.

Modified duration is inversely related to the approximate percentage change in price for a given change in yield. Duration to worst is the duration of a bond computed using the bond’s nearest call date or maturity, whichever comes first. This measure ignores future cash flow fluctuations due to embedded optionality.

An obligation rated ‘AA’ by Standard & Poor’s (“S&P”) is deemed by S&P to differ from the highest-rated obligations only to a small degree. In the opinion of S&P, the obligor’s capacity to meet its financial commitment on the obligation is very strong. An obligation rated ‘A’ by S&P is deemed by S&P to be somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. In the opinion of S&P, however, the obligor’s capacity to meet its financial commitment on the obligation is still strong. An obligation rated ‘B’ by S&P is deemed by S&P to be more vulnerable to nonpayment than obligations rated ‘BB’, but in the opinion of S&P, the obligor currently has the capacity to meet its financial commitment on the obligation. It is the opinion of S&P that adverse business, financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its financial commitment on the obligation. Ratings from ‘AA’ to ‘CCC may be modified by the addition of a plus (+) or minus (–) sign to show relative standing within the major rating categories. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund.

An obligation rated ‘AAA’ has the highest rating assigned by S&P, and in the opinion of S&P, the obligor’s capacity to meet its financial commitment on the obligation is extremely strong. An obligation rated ‘BBB’ by S&P is deemed by S&P to exhibit adequate protection parameters. In the opinion of S&P, however, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund.


10		MainStay MacKay California Tax Free Opportunities Fund

Portfolio of Investments October 31, 2020


	Principal Amount		Value
Municipal Bonds 97.9%† Long-Term Municipal Bonds 97.8%
Airport 7.1%
Antonio B Won Pat International Airport Authority, Guam Airport, Revenue Bonds Series C, Insured: AGM 6.00%, due 10/1/34 (a)	$	1,000,000	$	1,096,530
California Municipal Finance Authority, LAX Integrated Express Solutions Project, Revenue Bonds (a)
Insured: AGM 3.25%, due 12/31/32		1,000,000		1,048,830
5.00%, due 6/30/31		3,100,000		3,690,302
City of Los Angeles, Department of Airports, Revenue Bonds
Series B 5.00%, due 5/15/25 (a)		710,000		840,448
Series D 5.00%, due 5/15/26 (a)		1,000,000		1,213,110
Series A 5.00%, due 5/15/29 (a)		3,125,000		3,978,719
Series A 5.00%, due 5/15/31 (a)		2,815,000		3,374,453
5.00%, due 5/15/37 (a)		875,000		1,064,954
Subseries E 5.00%, due 5/15/37		1,250,000		1,532,612
Series A 5.00%, due 5/15/40		6,175,000		7,680,650
Series A 5.25%, due 5/15/48 (a)		1,375,000		1,628,770
Norman Y Mineta San Jose International Airport SJC, Revenue Bonds (a)
Series A, Insured: BAM 4.00%, due 3/1/42		4,755,000		5,166,212
Series A 5.00%, due 3/1/41		2,500,000		2,884,700
Series A 5.00%, due 3/1/47		4,390,000		5,018,824
Series A-1 5.25%, due 3/1/22		3,200,000		3,242,624
Palm Springs Airport Passenger Facilities, Palm Springs International Airport, Revenue Bonds (a)
Insured: BAM 5.00%, due 6/1/30		640,000		742,080
Insured: BAM 5.00%, due 6/1/31		1,130,000		1,308,597
Sacramento County, California Airport System, Revenue Bonds Series C 5.00%, due 7/1/38 (a)		3,000,000		3,537,090


	Principal Amount		Value
Airport (continued)
San Francisco City & County Airport Commission, San Francisco International Airport, Revenue Bonds Series E 5.00%, due 5/1/50 (a)	$	4,100,000	$	4,821,559
San Francisco City & County International Airports Commission, Revenue Bonds
Series H 5.00%, due 5/1/27 (a)		7,000,000		8,621,200
Series D 5.00%, due 5/1/30		2,595,000		3,321,055
Series D 5.00%, due 5/1/31		2,200,000		2,793,406
Series D 5.00%, due 5/1/38		4,600,000		5,657,908
Series E 5.00%, due 5/1/45 (a)		3,460,000		4,091,139

				78,355,772

Development 1.4%
California Health Facilities Financing Authority, Los Angeles Biomedical Research Institute, Revenue Bonds
5.00%, due 9/1/30		1,300,000		1,554,345
5.00%, due 9/1/31		1,365,000		1,623,340
5.00%, due 9/1/32		1,435,000		1,696,615
5.00%, due 9/1/34		1,590,000		1,866,596
California Municipal Finance Authority, United Airlines, Inc. Project, Revenue Bonds Series B 4.00%, due 7/15/29 (a)		3,000,000		2,986,770
California Statewide Communities Development Authority, Revenue Bonds Insured: AGM 5.00%, due 11/15/49		1,000,000		1,182,540
California Statewide Communities Development Authority, Southern California Edison Co., Revenue Bonds 2.625%, due 11/1/33 (b)		1,655,000		1,731,759
City of Irvine, Special Assessment 5.00%, due 9/2/44		1,800,000		2,228,202

				14,870,167

Education 2.9%
California Enterprise Development Authority, Thacher School Project, Revenue Bonds 4.00%, due 9/1/44		3,450,000		3,954,183


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					11

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Education (continued)
California Infrastructure & Economic Development Bank, Equitable School Revolving Fund, Revenue Bonds
Series B 5.00%, due 11/1/39	$	300,000	$	364,701
Series B 5.00%, due 11/1/44		350,000		419,832
Series B 5.00%, due 11/1/49		500,000		596,715
California Infrastructure & Economic Development Bank, Revenue Bonds
Series B 4.00%, due 11/1/45		850,000		963,041
Series B 4.00%, due 11/1/55		915,000		1,025,614
California Infrastructure & Economic Development Bank, Wonderful Foundations Charter School, Revenue Bonds 5.00%, due 1/1/55 (c)		2,645,000		2,726,625
California Municipal Finance Authority, Creative Center Los Altos Project, Pinewood & Oakwood Schools, Revenue Bonds (c)
Series B 4.00%, due 11/1/36		400,000		388,932
Series B 4.50%, due 11/1/46		1,600,000		1,580,656
California Municipal Finance Authority, Palmdale Aerospace Academy Projects, Revenue Bonds 5.00%, due 7/1/46 (c)		795,000		836,936
California Municipal Finance Authority, Partnerships Uplift Community Project, Revenue Bonds Series A 5.30%, due 8/1/47		500,000		509,800
California School Facilities Financing Authority, Azusa Unified School District, Revenue Bonds Insured: AGM (zero coupon), due 8/1/49		7,905,000		2,421,539
California School Finance Authority, Aspire Public Schools, Revenue Bonds (c)
5.00%, due 8/1/27		500,000		580,055
5.00%, due 8/1/28		700,000		806,883
5.00%, due 8/1/36		600,000		671,874
5.00%, due 8/1/41		750,000		831,338
5.00%, due 8/1/46		975,000		1,073,397


	Principal Amount		Value
Education (continued)
California School Finance Authority, Charter School Classical Academies Project, Revenue Bonds
Series A 5.00%, due 10/1/37 (c)	$	1,485,000	$	1,660,260
California School Finance Authority, Grimmway Schools Obligation, Revenue Bonds Series A 5.00%, due 7/1/46 (c)		750,000		791,115
California School Finance Authority, High Tech High Learning Project, Revenue Bonds (c)
Series A 5.00%, due 7/1/37		500,000		551,380
Series A 5.00%, due 7/1/49		500,000		541,105
California School Finance Authority, KIPP LA Projects, Revenue Bonds Series A 5.00%, due 7/1/34		600,000		658,992
California State Municipal Finance Authority, Charter School, King Chavez Academy, Revenue Bonds (c)
Series A 5.00%, due 5/1/36		1,275,000		1,358,691
Series A 5.00%, due 5/1/46		1,325,000		1,392,442
California State Municipal Finance Authority, Charter School, Palmdale Aerospace Academy Projects, Revenue Bonds 5.00%, due 7/1/36 (c)		1,300,000		1,391,026
Del Mar Union School District, Special Tax Insured: BAM 4.00%, due 9/1/44		1,450,000		1,661,903
Irvine Unified School District, Community Facilities District No. 9, Special Tax
Series A 5.00%, due 9/1/33		410,000		515,583
Series A 5.00%, due 9/1/34		225,000		281,948
Series A 5.00%, due 9/1/36		550,000		680,746
Oxnard California School District, COPS, Property Acquisition and Improvement Project, Certificate of Participation Insured: BAM 2.00%, due 8/1/45 (b)(d)		1,000,000		1,091,160

				32,328,472


12		MainStay MacKay California Tax Free Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
General 17.3%
Anaheim Public Financing Authority, Public Improvement Project, Revenue Bonds
Series A, Insured: AGM 5.00%, due 9/1/26	$	8,000,000	$	9,777,600
Series A, Insured: AGM 5.00%, due 9/1/27		5,000,000		6,230,450
Series A, Insured: AGM 5.00%, due 9/1/28		2,250,000		2,838,802
Anaheim Public Financing Authority, Revenue Bonds
Series A 5.00%, due 5/1/33		1,000,000		1,100,210
Series A, Insured: BAM 5.00%, due 9/1/35		4,500,000		5,323,635
Burlingame California Financing Authority, Revenue Bonds 5.00%, due 7/1/47		1,515,000		1,857,223
California Housing Finance, Revenue Bonds Series N 4.00%, due 4/1/45		4,000,000		4,669,840
California Infrastructure & Economic Development Bank, Green Bond, Revenue Bonds
5.00%, due 8/1/37		1,050,000		1,321,152
5.00%, due 8/1/38		1,200,000		1,504,044
California Infrastructure & Economic Development Bank, The Salvation Army Western Territory, Revenue Bonds
4.00%, due 9/1/33		1,225,000		1,355,732
4.00%, due 9/1/34		1,000,000		1,101,640
California Municipal Finance Authority, Orange County Civic Center Infrastructure Program, Revenue Bonds 5.00%, due 6/1/37		2,085,000		2,560,922
California Statewide Communities Development Authority, California Baptist University, Revenue Bonds Series A 6.375%, due 11/1/43		500,000		543,645
Cathedral City Redevelopment Agency Successor Agency, Merged Redevelopment Project Area, Tax Allocation
Series A, Insured: AGM 5.00%, due 8/1/26		1,000,000		1,158,880


	Principal Amount		Value
General (continued)
Cathedral City Redevelopment Agency Successor Agency, Merged Redevelopment Project Area, Tax Allocation (continued)
Series A, Insured: AGM 5.00%, due 8/1/34	$	1,000,000	$	1,127,240
City of Irvine, Community Facilities District, Special Tax 5.00%, due 9/1/49		1,385,000		1,528,652
City of Newark CA, Civic Center Financing Project, Certificates of Participation
3.00%, due 6/1/39		3,550,000		3,699,348
3.00%, due 6/1/40		3,560,000		3,698,448
3.00%, due 6/1/41		650,000		672,952
City of Santa Ana CA, Gas Tax, Revenue Bonds 4.00%, due 1/1/38		1,360,000		1,591,350
Coronado Community Development Successor Agency, Tax Allocation Series A 5.00%, due 9/1/33		525,000		612,187
County of Los Angeles CA, Vermont Corridor County Administration Building, Revenue Bonds Series A 5.00%, due 12/1/38		1,910,000		2,359,079
Del Mar California Race Track Authority, Revenue Bonds 5.00%, due 10/1/30		1,000,000		994,550
GDB Debt Recovery Authority of Puerto Rico, Revenue Bonds 7.50%, due 8/20/40		1,305,459		900,767
Greenfield Redevelopment Agency, Tax Allocation Insured: BAM 4.00%, due 2/1/26		285,000		333,852
Guam Government, Business Privilege Tax, Revenue Bonds Series D 5.00%, due 11/15/27		1,000,000		1,125,860
Invesco California Value Municipal Income Trust 1.149%, due 12/1/22 (b)(c)		15,000,000		15,000,000
Livermore Valley Water Financing Authority, Revenue Bonds Series A 5.00%, due 7/1/47		3,945,000		4,698,613
Lodi CA, Public Financing Authority, Revenue Bonds
Insured: AGM 5.00%, due 9/1/31		1,330,000		1,696,295
Insured: AGM 5.00%, due 9/1/32		1,650,000		2,084,989


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					13

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
General (continued)
Los Angeles County Metropolitan Transportation Authority, Revenue Bonds
Series A 4.00%, due 6/1/36	$	5,000,000	$	6,012,900
Series A 4.00%, due 6/1/37		3,750,000		4,491,712
Madera Redevelopment Agency, Tax Allocation Series A 5.00%, due 9/1/37		1,180,000		1,431,564
Mesa Water District, Certificates of Participation 4.00%, due 3/15/45		1,450,000		1,707,447
Montclair Financing Authority, Public Facilities Project, Revenue Bonds Insured: AGM 5.00%, due 10/1/32		1,000,000		1,163,250
Mountain House Public Financing Authority, Green Bond, Revenue Bonds Series B, Insured: BAM 4.00%, due 12/1/40		1,380,000		1,561,498
Mountain View, Shoreline Regional Park Community, Tax Allocation Series A, Insured: AGM 5.00%, due 8/1/36		1,645,000		2,059,211
Orange California Public Facilities Financing Authority, Revenue Bonds Series A 4.00%, due 11/1/50		2,000,000		2,233,460
Orange County Local Transportation Authority, Revenue Bonds 4.00%, due 2/15/38		10,000,000		11,745,400
Pico Rivera Public Financing Authority, Revenue Bonds Insured: NATL-RE 5.25%, due 9/1/34		1,560,000		1,932,606
Puerto Rico Convention Center District Authority, Revenue Bonds Series A, Insured: AGC 4.50%, due 7/1/36		1,100,000		1,100,407
Puerto Rico Sales Tax Financing Corp., Revenue Bonds
Series A-1 4.50%, due 7/1/34		1,500,000		1,570,500
Series A-1 5.00%, due 7/1/58		12,000,000		12,784,200


	Principal Amount		Value
General (continued)
Riverside County Public Financing Authority, Project Area No. 1 Desert Communities & Interstate 215 Corridor Project, Tax Allocation Series A, Insured: BAM 4.00%, due 10/1/32	$	1,050,000	$	1,164,072
Riverside County Public Financing Authority, Tax Allocation Series A, Insured: BAM 4.00%, due 10/1/40		1,000,000		1,104,210
Riverside County Transportation Commission, Sales Tax, Revenue Bonds Series B 4.00%, due 6/1/36		5,000,000		5,793,000
Sacramento Transient Occupancy Tax Revenue, Convention Center Complex, Revenue Bonds Series C 5.00%, due 6/1/48		4,860,000		5,398,488
San Bernardino County Financing Authority, Court House Facilities Project, Revenue Bonds Series C, Insured: NATL-RE 5.50%, due 6/1/37		1,150,000		1,174,633
San Diego County Regional Transportation Commission, Revenue Bonds
Series A 5.00%, due 4/1/38		1,000,000		1,314,920
Series A 5.00%, due 4/1/39		1,000,000		1,310,610
Series A 5.00%, due 4/1/40		675,000		881,159
Series A 5.00%, due 4/1/44		2,800,000		3,610,264
San Francisco Bay Area Rapid Transit District, Revenue Bonds Series A 4.00%, due 7/1/36		1,850,000		2,145,463
San Francisco City & County Redevelopment Agency, Mission Bay South Redevelopment Project, Tax Allocation Series C 5.00%, due 8/1/36		1,250,000		1,470,438
San Joaquin County Transportation Authority, Sales Tax Revenue, Revenue Bonds Series K 5.00%, due 3/1/37		1,705,000		2,078,071


14		MainStay MacKay California Tax Free Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
General (continued)
San Mateo County Joint Powers Financing Authority, Capital Projects, Revenue Bonds Series A 5.00%, due 7/15/43	$	3,000,000	$	3,675,270
South Orange County Public Financing Authority, Special Tax Series A 5.00%, due 8/15/32		775,000		813,146
Stockton Public Financing Authority, Water Revenue, Revenue Bonds
Series A, Insured: BAM 4.00%, due 10/1/37		2,500,000		2,826,475
Series A, Insured: BAM 5.00%, due 10/1/32		1,275,000		1,592,093
Series A, Insured: BAM 5.00%, due 10/1/34		1,500,000		1,852,680
Territory of Guam, Business Privilege Tax, Revenue Bonds Series B1 5.00%, due 1/1/27		1,500,000		1,550,730
Territory of Guam, Hotel Occupancy Tax, Revenue Bonds Series A 6.50%, due 11/1/40		1,740,000		1,760,306
Territory of Guam, Revenue Bonds Series A 5.125%, due 1/1/42		2,890,000		2,970,284
Transbay Joint Powers Authority, Green Bond, Tax Allocation
5.00%, due 10/1/45		1,000,000		1,225,750
5.00%, due 10/1/49		1,200,000		1,464,528
Virgin Islands Public Finance Authority, Matching Fund Loan, Revenue Bonds
Series A 5.00%, due 10/1/25		620,000		617,700
Subseries A 6.00%, due 10/1/39		780,000		745,976
Series A 6.625%, due 10/1/29		280,000		281,140
Series A 6.75%, due 10/1/37		2,450,000		2,459,163
Virgin Islands Public Finance Authority, Revenue Bonds Series A, Insured: AGM 5.00%, due 10/1/32		1,205,000		1,288,507
West Hollywood Public Financing Authority, Revenue Bonds Series A 3.00%, due 4/1/42		3,300,000		3,435,861

				189,267,049


	Principal Amount		Value
General Obligation 11.0%
California State, Unlimited General Obligation
5.00%, due 11/1/27	$	2,380,000	$	3,077,435
5.00%, due 4/1/28		2,930,000		3,816,120
5.00%, due 8/1/37		2,900,000		3,642,951
City & County of San Francisco CA, Unlimited General Obligation Series R1 4.00%, due 6/15/32		1,000,000		1,206,500
City of Foster City CA, Levee Protection Planning & Improvements Project, Unlimited General Obligation 3.00%, due 8/1/45		2,500,000		2,640,575
Coast Community College District, Election 2012, Unlimited General Obligation Series D 4.50%, due 8/1/39		500,000		598,355
Commonwealth of Puerto Rico, Public Improvement, Unlimited General Obligation
Insured: AMBAC 4.50%, due 7/1/23		330,000		330,406
Series A, Insured: AGC 5.00%, due 7/1/23		270,000		275,481
Series A-4, Insured: AGM 5.00%, due 7/1/31		410,000		411,443
Series A, Insured: AGM 5.00%, due 7/1/35		2,175,000		2,278,530
Series C, Insured: AGM 5.25%, due 7/1/26		445,000		454,972
Series A-4, Insured: AGM 5.25%, due 7/1/30		175,000		175,763
Series A, Insured: AGM 5.50%, due 7/1/27		620,000		634,564
Glendale Community College District, Unlimited General Obligation Series B 3.00%, due 8/1/47		6,500,000		6,810,570
Hartnell Community College District, Unlimited General Obligation
Series A (zero coupon), due 8/1/37		2,500,000		1,386,525
Series B 3.00%, due 8/1/38		375,000		403,774
Series B 3.00%, due 8/1/40		525,000		561,309
Series B 3.00%, due 8/1/45		3,500,000		3,698,030


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					15

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
General Obligation (continued)
Kern Community College District, Safety Repair & Improvement, Unlimited General Obligation Series C 5.75%, due 11/1/34	$	650,000	$	754,676
Kern Community College District, Unlimited General Obligation (zero coupon), due 8/1/23		2,000,000		1,947,780
Long Beach Community College District, Unlimited General Obligation Series C 4.00%, due 8/1/49		3,000,000		3,444,660
Los Angeles Community College District, Unlimited General Obligation
Series I 4.00%, due 8/1/33		2,865,000		3,325,864
Series I 4.00%, due 8/1/34		4,000,000		4,633,640
Los Rios Community College District, Unlimited General Obligation
Series D 4.00%, due 8/1/35		250,000		291,643
Series D 4.00%, due 8/1/39		1,000,000		1,151,470
Mount San Jacinto Community College District, Election 2014, Unlimited General Obligation Series B 4.00%, due 8/1/38		1,985,000		2,326,202
North Orange County Community College District, Unlimited General Obligation
Series B 4.00%, due 8/1/32		450,000		558,482
Series B 4.00%, due 8/1/33		300,000		368,073
Palo Verde Community College District, Election 2014, Unlimited General Obligation Series A, Insured: AGM 4.00%, due 8/1/45		500,000		553,970
Palomar Community College District, Election 2006, Unlimited General Obligation Series B (zero coupon), due 8/1/39 (d)		2,000,000		2,506,320
Puerto Rico Municipal Finance Agency, Revenue Bonds Series A, Insured: AGM 5.25%, due 8/1/21		300,000		306,258


	Principal Amount		Value
General Obligation (continued)
San Bernardino Community College District, Election 2018, Unlimited General Obligation Series A 4.00%, due 8/1/49	$	5,675,000	$	6,422,114
San Diego Community College District, Unlimited General Obligation 4.00%, due 8/1/36		6,000,000		6,880,080
San Francisco Bay Area Rapid Transit District, Election 2016, Green Bonds, Unlimited General Obligation Series B-1 4.00%, due 8/1/37		9,695,000		11,608,017
San Francisco Bay Area Rapid Transit District, Green Bonds, Unlimited General Obligation
3.00%, due 8/1/37		1,505,000		1,661,339
3.00%, due 8/1/38		2,590,000		2,834,159
San Jose Evergreen Community College District, Election of 2016, Unlimited General Obligation
Series B 3.00%, due 9/1/38		1,500,000		1,624,935
Series B 3.00%, due 9/1/39		2,250,000		2,425,230
Series B 3.00%, due 9/1/40		2,500,000		2,687,125
Santa Monica Community College District, Election 2016, Unlimited General Obligation Series A 4.00%, due 8/1/47		1,250,000		1,435,187
Southwestern Community College District, Unlimited General Obligation Series A 4.00%, due 8/1/47		2,000,000		2,267,220
State of California, Unlimited General Obligation
3.00%, due 11/1/34		3,750,000		4,181,437
4.00%, due 9/1/34		3,500,000		4,021,185
4.00%, due 3/1/36		5,000,000		5,978,500
4.00%, due 3/1/40		3,500,000		4,137,455
4.00%, due 3/1/46		3,000,000		3,485,310
Tahoe Forest, California Hospital District, Unlimited General Obligation 5.00%, due 8/1/29		1,815,000		2,184,117
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds Series A 5.00%, due 10/1/32		1,250,000		1,165,763


16		MainStay MacKay California Tax Free Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
General Obligation (continued)
Virgin Islands Public Finance Authority, Revenue Bonds Series A 5.00%, due 10/1/29	$	1,500,000	$	1,421,445

				120,992,959

Higher Education 3.4%
California Educational Facilities Authority, Claremont McKenna College, Revenue Bonds Series A 4.00%, due 1/1/39		1,800,000		1,995,624
California Educational Facilities Authority, Loma Linda University, Revenue Bonds
Series A 5.00%, due 4/1/23		570,000		619,601
Series A 5.00%, due 4/1/24		280,000		313,611
California Educational Facilities Authority, Loyola Marymount University, Revenue Bonds
Series B 5.00%, due 10/1/31		525,000		665,327
Series B 5.00%, due 10/1/35		640,000		796,672
California Educational Facilities Authority, Mount St. Mary’s University, Revenue Bonds Series A 5.00%, due 10/1/38		620,000		762,315
California Municipal Finance Authority, California Lutheran University, Revenue Bonds
5.00%, due 10/1/31		235,000		276,811
5.00%, due 10/1/33		225,000		262,280
5.00%, due 10/1/35		225,000		260,388
5.00%, due 10/1/36		285,000		328,825
5.00%, due 10/1/37		310,000		355,418
California Municipal Finance Authority, Pomona College, Revenue Bonds 4.00%, due 1/1/43		10,000,000		11,498,000
California Municipal Finance Authority, Revenue Bonds Series B 5.00%, due 10/1/54 (c)		1,380,000		1,504,932
California State Municipal Finance Authority, California Baptist University, Revenue Bonds Series A 5.00%, due 11/1/46 (c)		1,000,000		1,043,620


	Principal Amount		Value
Higher Education (continued)
California State Municipal Finance Authority, National University, Revenue Bonds Series A 5.00%, due 4/1/31	$	1,000,000	$	1,276,890
California State Municipal Finance Authority, Southern California Institute of Architecture Project, Revenue Bonds 5.00%, due 12/1/38		845,000		958,805
California State University, Systemwide, Revenue Bonds Series A 4.00%, due 11/1/37		2,375,000		2,674,131
California Statewide Communities Development Authority, Lancer Plaza Project, Revenue Bonds 5.875%, due 11/1/43		1,000,000		1,054,150
Rio Hondo Community College District, Election 2004, Unlimited General Obligation Series C (zero coupon), due 8/1/42 (d)		2,000,000		2,626,360
University of California, Revenue Bonds Series BE 4.00%, due 5/15/47		6,500,000		7,599,865

				36,873,625

Housing 2.8%
California Community College Financing Authority, Orange Coast College Project, Revenue Bonds 5.00%, due 5/1/29		800,000		859,936
California Municipal Finance Authority, CHF Davis I LLC, Revenue Bonds Insured: BAM 5.00%, due 5/15/29		5,000,000		6,201,350
California Municipal Finance Authority, Claremont Colleges Project, Revenue Bonds Series A-P3 5.00%, due 7/1/40 (c)		1,000,000		1,093,980
California Municipal Finance Authority, Mobile Home Park Senior Caritas Projects, Revenue Bonds
Series A 4.00%, due 8/15/42		1,540,000		1,655,377
Series A 5.00%, due 8/15/29		805,000		969,920
Series A 5.00%, due 8/15/31		140,000		166,515


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					17

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Housing (continued)
California Municipal Finance Authority, Windsor Mobile Country Club, Revenue Bonds Series A 4.00%, due 11/15/37	$	1,320,000	$	1,421,508
California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Revenue Bonds (c)
Series A 3.00%, due 6/1/29		750,000		714,893
Series A 5.00%, due 6/1/34		375,000		398,351
Series A 5.00%, due 6/1/51		1,750,000		1,799,770
California Statewide Communities Development Authority, Provident Group, Pomona Properties, Revenue Bonds Series A 5.75%, due 1/15/45 (c)		400,000		405,644
California Statewide Communities Development Authority, Student Housing, Revenue Bonds 5.00%, due 5/15/40		1,025,000		1,122,221
California Statewide Communities Development Authority, University of California, Irvine Campus Apartments, Revenue Bonds Series A 5.00%, due 5/15/47		3,500,000		3,849,230
Hastings Campus Housing Finance Authority, Revenue Bonds
Series A 5.00%, due 7/1/45		5,000,000		5,221,550
Series A 5.00%, due 7/1/61		5,000,000		5,126,800

				31,007,045

Medical 4.8%
California Health Facilities Financing Authority, Children’s Hospital of Orange County, Revenue Bonds
Series A 4.00%, due 11/1/36		310,000		362,691
Series A 4.00%, due 11/1/37		500,000		582,105
Series A 4.00%, due 11/1/38		250,000		287,885


	Principal Amount		Value
Medical (continued)
California Health Facilities Financing Authority, Children’s Hospital, Revenue Bonds Series A 5.00%, due 8/15/47	$	1,000,000	$	1,142,890
California Health Facilities Financing Authority, City of Hope Obligated Group, Revenue Bonds
5.00%, due 11/15/37		1,600,000		1,816,464
5.00%, due 11/15/49		2,500,000		2,917,425
California Health Facilities Financing Authority, CommonSpirit Health Obligated Group, Revenue Bonds
Series A 4.00%, due 4/1/40		3,000,000		3,362,730
Series A 4.00%, due 4/1/49		7,500,000		8,236,575
California Health Facilities Financing Authority, El Camino Hospital, Revenue Bonds 5.00%, due 2/1/36		1,035,000		1,224,353
California Health Facilities Financing Authority, Stanford Health Care, Revenue Bonds Series A 5.00%, due 11/15/36		3,000,000		3,711,000
California Municipal Finance Authority, Healthright 360, Revenue Bonds Series A 5.00%, due 11/1/39 (c)		1,000,000		1,071,010
California Public Finance Authority, Henry Mayo Newhall Hospital, Revenue Bonds 5.00%, due 10/15/47		1,000,000		1,100,570
California State Educational Facilities Authority, Sutter Health, Revenue Bonds
Series A 5.00%, due 11/15/34		475,000		582,972
Series A 5.00%, due 11/15/37		5,175,000		6,284,106
Series A 5.00%, due 11/15/38		1,600,000		1,937,904
California State Health Facilities Financing Authority, Children’s Hospital, Revenue Bonds Series A 5.00%, due 8/15/42		500,000		575,820
California State Health Facilities Financing Authority, El Camino Hospital, Revenue Bonds 4.125%, due 2/1/47		750,000		818,955


18		MainStay MacKay California Tax Free Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Medical (continued)
California State Health Facilities Financing Authority, Kaiser Permanente, Revenue Bonds Series C 5.00%, due 6/1/41 (b)	$	5,000,000	$	6,584,000
California State Municipal Finance Authority, Community Medical Centers, Revenue Bonds
Series A 5.00%, due 2/1/27		1,100,000		1,342,242
Series A 5.00%, due 2/1/37		1,000,000		1,158,500
California Statewide Communities Development Authority, Emanate Health, Revenue Bonds
Series A 4.00%, due 4/1/45		1,000,000		1,125,890
Series A 5.00%, due 4/1/34		1,275,000		1,621,443
California Statewide Communities Development Authority, Methodist Hospital of Southern California Project, Revenue Bonds
5.00%, due 1/1/38		1,500,000		1,755,840
5.00%, due 1/1/48		1,000,000		1,143,430
Washington Township Health Care District, Revenue Bonds Series B 4.00%, due 7/1/36		1,380,000		1,470,984

				52,217,784

Mello-Roos 0.2%
City of Rocklin CA, Community Facilities District No. 10, Special Tax 5.00%, due 9/1/39		1,150,000		1,267,105
Rio Elementary School District Community Facilities District No. 1, Special Tax Insured: BAM 5.00%, due 9/1/35		500,000		604,495

				1,871,600

Multi-Family Housing 0.8%
California Community Housing Agency, Revenue Bonds Series A 5.00%, due 2/1/50 (c)		5,250,000		5,856,690
Federal Home Loan Mortgage Corp., Revenue Bonds Series M-057 2.40%, due 10/15/29		3,000,000		3,217,500

				9,074,190


	Principal Amount		Value
Nursing Homes 0.3%
ABAG Finance Authority for Nonprofit Corp., Episcopal Senior Communities, Revenue Bonds Series A 5.00%, due 7/1/42	$	500,000	$	517,795
California Municipal Finance Authority, Asian Community Center, Revenue Bonds Insured: California Mortgage Insurance 5.00%, due 4/1/48		1,545,000		1,822,714
California Statewide Communities Development Authority, Redwoods Project, Revenue Bonds Insured: California Mortgage Insurance 5.375%, due 11/15/44		535,000		595,642

				2,936,151

Pollution 0.9%
South Bayside Waste Management Authority, Green Bond, Shoreway Environment Center, Revenue Bonds
Series B, Insured: AGM 5.00%, due 9/1/25 (a)		1,515,000		1,839,316
Series B, Insured: AGM 5.00%, due 9/1/27 (a)		1,670,000		2,127,380
Series B, Insured: AGM 5.00%, due 9/1/29 (a)		420,000		553,186
Series B, Insured: AGM 5.00%, due 9/1/30 (a)		715,000		934,355
Series B, Insured: AGM 5.00%, due 9/1/31 (a)		410,000		529,814
Series A, Insured: AGM 5.00%, due 9/1/32		500,000		647,625
Series A, Insured: AGM 5.00%, due 9/1/39		2,530,000		3,187,243

				9,818,919

Power 3.0%
California Riverside Electric, Revenue Bonds Series A 5.00%, due 10/1/31		750,000		981,810
Guam Power Authority, Revenue Bonds
Series A 5.00%, due 10/1/34		1,000,000		1,047,530
Series A 5.00%, due 10/1/40		1,000,000		1,142,960
Los Angeles Department of Water & Power, Revenue Bonds Series C 5.00%, due 7/1/37		2,860,000		3,688,456


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					19

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Power (continued)
Puerto Rico Electric Power Authority, Revenue Bonds
Series UU, Insured: AGC 4.25%, due 7/1/27	$	460,000	$	460,248
Series SS, Insured: NATL-RE 5.00%, due 7/1/22		640,000		642,950
Series UU, Insured: AGM 5.00%, due 7/1/24		225,000		229,568
Sacramento Municipal Utility District, Revenue Bonds
4.00%, due 8/15/45		7,500,000		8,846,850
Series G 5.00%, due 8/15/37		8,000,000		10,397,440
Turlock Irrigation District, Revenue Bonds
5.00%, due 1/1/38		600,000		776,520
5.00%, due 1/1/39		500,000		645,015
5.00%, due 1/1/44		3,165,000		4,015,246

				32,874,593

School District 28.7%
Alta Loma School District, Unlimited General Obligation Series B 5.00%, due 8/1/44		3,375,000		4,065,491
Alvord Unified School District, Election 2012, Unlimited General Obligation Series A, Insured: AGM 5.25%, due 8/1/37		825,000		937,019
Banning CA Unified School District, Election 2016, Unlimited General Obligation Series A, Insured: AGM 4.00%, due 8/1/46		500,000		558,860
Beaumont CA Unified School District, Election 2008, Unlimited General Obligation Series D, Insured: BAM 5.25%, due 8/1/44		1,000,000		1,201,030
Beaumont Unified School District, Unlimited General Obligation Series F 2.50%, due 8/1/46		1,000,000		981,780
Brawley Union High School District, Unlimited General Obligation Insured: BAM 5.00%, due 8/1/44		1,280,000		1,531,597
Cabrillo Unified School District, Election 2018, Unlimited General Obligation Series A 5.00%, due 8/1/45		4,245,000		5,123,630


	Principal Amount		Value
School District (continued)
Campbell Union High School District, Election 2016, Unlimited General Obligation Series B 4.00%, due 8/1/38	$	2,500,000	$	2,837,075
Central Union High School District, Election 2016, Unlimited General Obligation 5.25%, due 8/1/46		2,000,000		2,424,300
Ceres Unified School District, Unlimited General Obligation Insured: BAM (zero coupon), due 8/1/37		500,000		287,550
Chaffey Joint Union High School District, Unlimited General Obligation Series D 4.00%, due 8/1/49		5,000,000		5,729,500
Chino Valley Unified School District, Limited General Obligation
Series B 3.375%, due 8/1/50		3,050,000		3,319,681
Series B 4.00%, due 8/1/45		1,000,000		1,171,310
Chowchilla Elementary School District, Unlimited General Obligation 5.00%, due 8/1/43		960,000		1,155,158
Compton Unified School District, Unlimited General Obligation Series B, Insured: BAM 3.00%, due 6/1/49		3,125,000		3,236,969
Corona-Norco Unified School District, Unlimited General Obligation Series C 4.00%, due 8/1/49		935,000		1,067,807
Cuyama Joint Unified School District, Unlimited General Obligation Series B, Insured: MAC 5.25%, due 8/1/48		500,000		603,615
Davis Joint Unified School District, Unlimited General Obligation
Insured: BAM 3.00%, due 8/1/38		4,190,000		4,495,912
Insured: BAM 3.00%, due 8/1/41		4,695,000		4,992,945
Denair Unified School District, Election 2007, Unlimited General Obligation Insured: AGM (zero coupon), due 8/1/41		4,260,000		2,309,985
Desert Sands Unified School District, Unlimited General Obligation 2.00%, due 8/1/40		1,100,000		1,034,407


20		MainStay MacKay California Tax Free Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
School District (continued)
Dublin Unified School District, Green Bond, Unlimited General Obligation Series C 3.00%, due 8/1/41	$	3,000,000	$	3,248,490
El Monte Union High School District, Unlimited General Obligation Series A 4.00%, due 6/1/38		1,195,000		1,375,684
El Rancho Unified School District, Election 2016, Unlimited General Obligation Series A, Insured: BAM 5.25%, due 8/1/46		2,745,000		3,288,428
El Segundo Unified School District, Unlimited General Obligation
Series B 2.00%, due 8/1/45		1,360,000		1,214,684
Series B 2.00%, due 8/1/46		1,510,000		1,343,356
Series B 2.00%, due 8/1/47		1,675,000		1,481,655
Series B 2.00%, due 8/1/48		1,850,000		1,626,668
Series B 2.125%, due 8/1/50		5,700,000		5,181,357
Enterprise Elementary School District, Unlimited General Obligation Insured: AGM 5.00%, due 8/1/49		4,130,000		4,891,696
Etiwanda School District, Election of 2016, Unlimited General Obligation Series A 4.00%, due 8/1/49		2,000,000		2,292,760
Eureka City Schools, Unlimited General Obligation Insured: BAM 4.00%, due 8/1/49		3,500,000		3,983,665
Folsom Cordova Unified School District, School Facilities Improvement District No. 5, Unlimited General Obligation Series A 5.25%, due 10/1/35		4,710,000		5,676,869
Fontana Unified School District, Unlimited General Obligation Series C (zero coupon), due 8/1/33		2,825,000		1,595,786
Fresno Unified School District, Election 2010, Unlimited General Obligation Series F 4.00%, due 8/1/32		1,475,000		1,705,292


	Principal Amount		Value
School District (continued)
Holtville Unified School District, Unlimited General Obligation Series A, Insured: AGM 5.00%, due 8/1/44	$	1,240,000	$	1,523,774
Huntington Beach School District, Unlimited General Obligation
Series B 4.00%, due 8/1/44		1,525,000		1,720,535
Series B 4.00%, due 8/1/48		1,500,000		1,685,055
Inglewood Unified School District, Election 2012, Unlimited General Obligation
Series B, Insured: BAM 5.00%, due 8/1/25		250,000		302,538
Series B, Insured: BAM 5.00%, due 8/1/35		800,000		967,064
Inglewood Unified School District, Unlimited General Obligation
Series C, Insured: BAM 5.00%, due 8/1/32		400,000		488,884
Series C, Insured: BAM 5.00%, due 8/1/34		585,000		710,307
Jefferson Union High School District, Unlimited General Obligation Series A 4.00%, due 8/1/45		1,250,000		1,422,213
Jurupa Unified School District, Unlimited General Obligation
Series C 4.00%, due 8/1/43		1,675,000		1,937,925
Series B 5.00%, due 8/1/33		1,555,000		1,936,457
Series B 5.00%, due 8/1/37		1,000,000		1,228,340
Series C 5.25%, due 8/1/43		2,000,000		2,529,740
Kerman CA Unified School District, Election 2016, Unlimited General Obligation Insured: BAM 5.25%, due 8/1/46		1,755,000		2,102,437
Lemoore Union High School District, Election 2016, Unlimited General Obligation Series A 5.50%, due 8/1/42		560,000		695,078
Lennox School District, Election 2016, Unlimited General Obligation Insured: AGM 4.00%, due 8/1/47		3,000,000		3,326,130


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					21

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
School District (continued)
Livermore Valley Joint Unified School District, Unlimited General Obligation 3.00%, due 8/1/40	$	2,890,000	$	3,036,378
Local Public Schools Funding Authority, School Improvement District, Unlimited General Obligation
Series A, Insured: BAM 3.00%, due 8/1/37		1,000,000		1,070,250
Series A, Insured: BAM 3.00%, due 8/1/38		1,250,000		1,331,988
Series A, Insured: BAM 3.00%, due 8/1/40		1,230,000		1,298,782
Lodi Unified School District, Election of 2016, Unlimited General Obligation
Series 2020 3.00%, due 8/1/43		3,475,000		3,617,023
Series 2020 4.00%, due 8/1/38		2,830,000		3,266,782
Series 2020 4.00%, due 8/1/39		1,300,000		1,496,911
Long Beach Unified School District, Election 2016, Unlimited General Obligation
Series A 5.00%, due 8/1/32		3,985,000		4,924,344
Series A 5.00%, due 8/1/33		2,825,000		3,478,422
Long Beach Unified School District, Unlimited General Obligation Series A 4.00%, due 8/1/43		6,500,000		7,314,385
Los Angeles Unified School District, Election of 2005, Unlimited General Obligation Series M-1 5.25%, due 7/1/42		2,990,000		3,701,411
Los Angeles Unified School District, Unlimited General Obligation
Series C 3.00%, due 7/1/38		4,500,000		4,793,085
Series C 4.00%, due 7/1/33		3,125,000		3,753,437
Series C 4.00%, due 7/1/38		4,500,000		5,266,305
Series A 5.00%, due 7/1/25		1,250,000		1,505,862
Lucia Mar Unified School District, Unlimited General Obligation
Series C 3.00%, due 8/1/47		7,000,000		7,402,570


	Principal Amount		Value
School District (continued)
Lucia Mar Unified School District, Unlimited General Obligation (continued)
Series C 4.00%, due 8/1/49	$	1,500,000	$	1,731,735
Manteca Unified School District, Unlimited General Obligation
Series C 2.25%, due 8/1/42		2,925,000		2,774,889
Series C 4.00%, due 8/1/45		2,000,000		2,291,620
Marysville Joint Unified School District, Unlimited General Obligation
Insured: AGM (zero coupon), due 8/1/35		1,500,000		955,290
Insured: AGM (zero coupon), due 8/1/36		2,000,000		1,212,340
Insured: AGM (zero coupon), due 8/1/37		2,000,000		1,155,720
Moraga Elementary School District, Unlimited General Obligation Series B 3.00%, due 8/1/44		1,335,000		1,404,300
Moreno Valley Unified School District, Unlimited General Obligation Series B, Insured: AGM 5.00%, due 8/1/47		3,250,000		3,961,587
Mountain View-Whisman School District, Unlimited General Obligation
Series A 3.00%, due 9/1/34		505,000		568,302
Series A 3.00%, due 9/1/36		750,000		836,235
Series A 3.00%, due 9/1/40		1,160,000		1,274,585
Napa Valley Unified School District, Unlimited General Obligation Series C, Insured: AGM 4.00%, due 8/1/44		10,000,000		11,150,000
Natomas Unified School District, Unlimited General Obligation Series A, Insured: AGM 4.00%, due 8/1/49		5,000,000		5,551,500
Needles Unified School District, Election 2008, Unlimited General Obligation Series B, Insured: AGM (zero coupon), due 8/1/45 (d)		1,250,000		1,265,550
Newport Mesa Unified School District, Capital Appreciation, Election 2005, Unlimited General Obligation Insured: NATL-RE (zero coupon), due 8/1/30		4,000,000		3,470,680


22		MainStay MacKay California Tax Free Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
School District (continued)
Oceanside Unified School District, Unlimited General Obligation Series C (zero coupon), due 8/1/51	$	25,000	$	3,880
Oxnard Union High School District, Unlimited General Obligation
Series A 4.00%, due 8/1/38		1,000,000		1,136,590
Series B 4.00%, due 8/1/42		1,500,000		1,734,105
Perris Union High School District, Unlimited General Obligation Series A, Insured: AGM 4.00%, due 9/1/38		3,550,000		4,171,498
Redwood City School District, Election 2015, Unlimited General Obligation 5.25%, due 8/1/44		2,000,000		2,501,860
Redwood City School District, Unlimited General Obligation Series C 4.00%, due 8/1/44		1,800,000		2,092,428
Riverside Unified School District, Election 2016, Unlimited General Obligation Series B 4.00%, due 8/1/42		1,700,000		1,942,403
Robla School District, Election 2018, Unlimited General Obligation
Series A, Insured: AGM 4.00%, due 8/1/35		435,000		501,707
Series A, Insured: AGM 4.00%, due 8/1/36		500,000		574,065
Series A, Insured: AGM 4.00%, due 8/1/37		500,000		572,450
Series A, Insured: AGM 4.00%, due 8/1/40		2,070,000		2,342,474
Series A, Insured: AGM 5.00%, due 8/1/44		1,720,000		2,053,783
San Bernardino City Unified School District, Election 2012, Unlimited General Obligation Series C, Insured: AGM 5.00%, due 8/1/34		655,000		777,734
San Bernardino City Unified School District, Unlimited General Obligation Series F, Insured: AGM 3.00%, due 8/1/44		6,335,000		6,613,867
San Diego Unified School District, Election 2012, Unlimited General Obligation Series I 4.00%, due 7/1/34		1,000,000		1,173,130


	Principal Amount		Value
School District (continued)
San Diego Unified School District, Unlimited General Obligation
Series D-2 2.00%, due 7/1/45	$	6,750,000	$	6,227,415
Series D-2 3.00%, due 7/1/40		7,500,000		8,055,450
San Leandro CA Unified School District, Election 2016, Unlimited General Obligation Series A, Insured: BAM 5.25%, due 8/1/42		1,000,000		1,214,680
San Leandro Unified School District, Election 2016, Unlimited General Obligation
Series B, Insured: BAM 5.00%, due 8/1/35		500,000		626,135
Series B, Insured: BAM 5.00%, due 8/1/36		1,955,000		2,439,175
San Lorenzo Valley Unified School District, Unlimited General Obligation
Series A 4.00%, due 8/1/45		1,000,000		1,150,460
Series A 5.00%, due 8/1/50		1,705,000		2,077,883
San Mateo Union High School District, Unlimited General Obligation Series A 2.25%, due 9/1/42		2,000,000		1,951,760
San Rafael CA, Elementary School District, Unlimited General Obligation Series C 4.00%, due 8/1/47		1,720,000		1,949,809
San Ysidro School District, Unlimited General Obligation
Insured: AGM (zero coupon), due 8/1/47		3,000,000		837,930
Series A, Insured: BAM 4.00%, due 8/1/40		975,000		1,109,726
Series A, Insured: BAM 4.00%, due 8/1/45		2,320,000		2,606,822
Sanger Unified School District, Unlimited General Obligation Series B, Insured: BAM 3.00%, due 8/1/45		500,000		523,480
Santa Barbara Unified School District, Election 2010, Unlimited General Obligation
Series A (zero coupon), due 8/1/36 (d)		1,000,000		1,393,150
Series B 5.00%, due 8/1/38		1,000,000		1,130,420


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					23

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
School District (continued)
Santa Barbara Unified School District, Election 2016, Unlimited General Obligation Series B 4.00%, due 8/1/42	$	2,750,000	$	3,185,655
Santa Monica-Malibu Unified School District, School Facilities Improvement District No. 1, Unlimited General Obligation Series A 4.00%, due 8/1/39		1,015,000		1,187,124
Santee CA, School District, Unlimited General Obligation 5.00%, due 8/1/48		2,205,000		2,644,148
Shasta Union High School District, Election 2016, Unlimited General Obligation
4.00%, due 8/1/44		1,135,000		1,291,482
5.25%, due 8/1/43		1,000,000		1,223,070
Simi Valley Unified School District, Unlimited General Obligation
Series B 4.00%, due 8/1/33		175,000		206,626
Series B 4.00%, due 8/1/38		370,000		427,106
Series B 4.00%, due 8/1/39		350,000		403,015
Series B 4.00%, due 8/1/40		1,455,000		1,671,344
Series B 5.00%, due 8/1/42		1,375,000		1,670,845
Series B 5.00%, due 8/1/44		1,200,000		1,452,300
Temecula Valley Unified School District, Election 2012, Unlimited General Obligation Series C 5.25%, due 8/1/44		1,000,000		1,201,380
Turlock Unified School District, School Facilities Improvement District No. 1, Unlimited General Obligation
4.00%, due 8/1/33		480,000		554,318
4.00%, due 8/1/34		515,000		592,250
4.00%, due 8/1/35		545,000		625,126
Vacaville Unified School District, Unlimited General Obligation
Series D 4.00%, due 8/1/30		200,000		247,592
Series C 4.00%, due 8/1/31		490,000		574,167


	Principal Amount		Value
School District (continued)
Vacaville Unified School District, Unlimited General Obligation (continued)
Series C 4.00%, due 8/1/32	$	555,000	$	646,014
Series C 4.00%, due 8/1/33		625,000		721,769
Series D 4.00%, due 8/1/36		300,000		354,195
Series D 4.00%, due 8/1/37		300,000		352,590
Series D 4.00%, due 8/1/38		500,000		585,945
Series D 4.00%, due 8/1/40		500,000		582,705
Series D 4.00%, due 8/1/45		2,050,000		2,358,443
Series C 5.00%, due 8/1/39		500,000		606,270
Series C 5.00%, due 8/1/40		1,225,000		1,483,855
Series C 5.00%, due 8/1/41		1,350,000		1,632,757
Series C 5.00%, due 8/1/42		1,000,000		1,207,600
Washington Unified School District, Capital Appreciation, Election 2004, Unlimited General Obligation Series B, Insured: BAM (zero coupon), due 8/1/31		2,400,000		1,981,200
West Contra Costa Unified School District, Unlimited General Obligation
Series E, Insured: AGM 3.00%, due 8/1/35		855,000		927,761
Series E, Insured: AGM 3.00%, due 8/1/36		1,000,000		1,079,980
Series E, Insured: AGM 3.00%, due 8/1/37		750,000		806,760
Series E, Insured: AGM 3.00%, due 8/1/38		675,000		717,336
Series E, Insured: AGM 3.00%, due 8/1/39		700,000		741,300
Series E, Insured: AGM 3.00%, due 8/1/40		650,000		683,105
Series E, Insured: AGM 3.00%, due 8/1/45		4,000,000		4,136,440
Series D 4.00%, due 8/1/38		1,500,000		1,709,775
Series E 4.00%, due 8/1/38		1,500,000		1,709,775


24		MainStay MacKay California Tax Free Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
School District (continued)
Westminster School District, Election 2008, Unlimited General Obligation Series B, Insured: BAM (zero coupon), due 8/1/48	$	5,000,000	$	879,450

				313,959,598

Tobacco Settlement 1.8%
California County Tobacco Securitization Agency, Asset-Backed, Revenue Bonds Series A 5.00%, due 6/1/47		1,275,000		1,275,178
California County Tobacco Securitization Agency, Revenue Bonds
Series B-2 (zero coupon), due 6/1/55		3,500,000		624,435
Series A 4.00%, due 6/1/34		300,000		355,503
Series A 4.00%, due 6/1/35		500,000		587,715
Series A 4.00%, due 6/1/36		300,000		349,782
Series A 4.00%, due 6/1/37		275,000		319,597
Series A 4.00%, due 6/1/38		275,000		318,563
Series A 4.00%, due 6/1/39		350,000		404,135
Series A 4.00%, due 6/1/40		500,000		575,470
Series A 4.00%, due 6/1/49		1,500,000		1,668,930
5.25%, due 6/1/46		1,165,000		1,164,977
California Statewide Financing Authority, Turbo Pooled Program C, Revenue Bonds (zero coupon), due 6/1/55		20,000,000		1,439,000
Children’s Trust Fund, Asset-Backed, Revenue Bonds Series A (zero coupon), due 5/15/50		1,500,000		226,905
Golden State Tobacco Securitization Corp., Asset-Backed, Revenue Bonds Series A-2 5.30%, due 6/1/37 (d)		2,500,000		2,578,175
Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed, Revenue Bonds 5.625%, due 6/1/47		1,025,000		1,025,102


	Principal Amount		Value
Tobacco Settlement (continued)
Tobacco Securitization Authority of Northern California, Revenue Bonds
Series A-1 5.375%, due 6/1/38	$	820,000	$	822,886
Series A-1 5.50%, due 6/1/45		2,585,000		2,597,899
Tobacco Securitization Authority of Southern California, Revenue Bonds Series A, Class 1 5.00%, due 6/1/48		2,400,000		2,901,888

				19,236,140

Transportation 2.9%
Alameda Corridor Transportation Authority, Revenue Bonds Series A, Insured: AGM 5.00%, due 10/1/29		1,000,000		1,111,940
City of Long Beach Harbor, Revenue Bonds
Series A 5.00%, due 5/15/36		1,000,000		1,255,070
Series A 5.00%, due 5/15/37		1,000,000		1,250,630
Series A 5.00%, due 5/15/38		2,000,000		2,493,500
Foothill-Eastern Transportation Corridor Agency, Revenue Bonds Series C 6.50%, due 1/15/43		500,000		569,475
Peninsula Corridor Joint Powers Board, Revenue Bonds
Series A 5.00%, due 10/1/32		500,000		615,650
Series A 5.00%, due 10/1/33		500,000		612,580
Series A 5.00%, due 10/1/34		500,000		610,090
Series A 5.00%, due 10/1/35		350,000		425,366
Series A 5.00%, due 10/1/44		4,035,000		4,618,864
Port of Oakland, Revenue Bonds (a)
Series D 5.00%, due 11/1/28		2,250,000		2,784,285
Series D 5.00%, due 11/1/29		1,850,000		2,265,621
Puerto Rico Highway & Transportation Authority, Revenue Bonds
Series D, Insured: AGM 5.00%, due 7/1/32		1,205,000		1,229,474
Series G, Insured: AGC 5.00%, due 7/1/42		40,000		40,812


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					25

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Transportation (continued)
Puerto Rico Highway & Transportation Authority, Revenue Bonds (continued)
Series N, Insured: NATL-RE 5.25%, due 7/1/32	$	640,000	$	666,918
Insured: AMBAC 5.50%, due 7/1/26		460,000		505,126
San Francisco Municipal Transportation Agency, Revenue Bonds 5.00%, due 3/1/44		1,500,000		1,665,495
San Joaquin Hills Transportation Corridor Agency, Junior Lien, Revenue Bonds
Series B 5.25%, due 1/15/44		4,000,000		4,407,840
Series B 5.25%, due 1/15/49		500,000		548,990
San Joaquin Hills Transportation Corridor Agency, Revenue Bonds
Series A 5.00%, due 1/15/44		3,500,000		3,848,635
Senior Lien-Series A 5.00%, due 1/15/50		500,000		547,300

				32,073,661

Utilities 1.4%
California Infrastructure & Economic Development Bank, Independent System Operator Corp. Project, Revenue Bonds 5.00%, due 2/1/39		1,000,000		1,076,960
Guam Government, Waterworks Authority, Revenue Bonds
5.25%, due 7/1/33		1,100,000		1,242,329
5.50%, due 7/1/43		3,500,000		3,976,000
Imperial Irrigation District Electric, Revenue Bonds
Series C 5.00%, due 11/1/37		1,000,000		1,210,280
Series B-2 5.00%, due 11/1/41		5,475,000		6,661,980
Turlock Irrigation District, Revenue Bonds 5.50%, due 1/1/41		1,000,000		1,008,000

				15,175,549

Water 7.1%
City of Clovis, California, Sewer Revenue Bonds Insured: AGM 5.25%, due 8/1/29		500,000		608,300
City of Oxnard Wastewater, Revenue Bonds
Insured: BAM 4.00%, due 6/1/32		1,920,000		2,231,885


	Principal Amount		Value
Water (continued)
City of Oxnard Wastewater, Revenue Bonds (continued)
Insured: BAM 4.00%, due 6/1/34	$	2,080,000	$	2,382,578
Insured: BAM 5.00%, due 6/1/30		1,340,000		1,681,405
City of Oxnard Water Revenue, Revenue Bonds Insured: BAM 5.00%, due 6/1/35		1,125,000		1,363,545
City of San Francisco CA, Public Utilities Commission Water, Green Bond, Revenue Bonds Series A 4.00%, due 11/1/50		4,000,000		4,698,720
City of San Francisco CA, Public Utilities Commission Water, Revenue Bonds Series D 3.00%, due 11/1/50		3,750,000		3,953,175
City of Santa Cruz CA, Water Revenue, Green Bond, Revenue Bonds 5.00%, due 3/1/49		2,000,000		2,517,140
City of Vernon CA, Water System, Revenue Bonds
Series A, Insured: AGM 3.375%, due 8/1/40		650,000		697,723
Series A, Insured: AGM 3.50%, due 8/1/45		725,000		773,669
Series A, Insured: AGM 5.00%, due 8/1/30		985,000		1,287,897
Series A, Insured: AGM 5.00%, due 8/1/35		1,000,000		1,273,250
Colton Utility Authority, Revenue Bonds Insured: AGM 4.00%, due 3/1/47		2,500,000		2,752,750
Commonwealth of Puerto Rico, Aqueduct & Sewer Authority, Revenue Bonds Series A 6.00%, due 7/1/44		1,000,000		1,015,000
Contra Costa Water District, Water Revenue, Revenue Bonds Series V 5.00%, due 10/1/44		6,000,000		7,713,780
Culver City Wastewater Facilities, Revenue Bonds Series A 4.00%, due 9/1/44		1,690,000		1,951,646
Eastern Municipal Water District Financing Authority, Revenue Bonds
Series A 4.00%, due 7/1/37		1,700,000		2,090,881


26		MainStay MacKay California Tax Free Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Water (continued)
Eastern Municipal Water District Financing Authority, Revenue Bonds (continued)
Series A 4.00%, due 7/1/38	$	1,500,000	$	1,835,340
Eastern Municipal Water District, Water & Wastewater, Revenue Bonds Series A 5.00%, due 7/1/45		2,850,000		3,409,968
Guam Government, Waterworks Authority, Revenue Bonds
5.00%, due 1/1/46		6,290,000		7,037,315
Series A 5.00%, due 1/1/50		2,500,000		2,991,675
Los Angeles County Sanitation Districts Financing Authority, Green Bonds, Revenue Bonds Series A 4.00%, due 10/1/33		1,000,000		1,134,650
Los Angeles Department of Water & Power, Revenue Bonds Series A 5.00%, due 7/1/35		1,500,000		1,845,720
Moulton-Niguel Water District, Revenue Bonds 5.00%, due 9/1/39		3,685,000		4,733,235
Oxnard Financing Authority, Waste Water, Revenue Bonds Insured: AGM 5.00%, due 6/1/34		1,000,000		1,124,170
Puerto Rico Commonwealth, Aqueduct & Sewer Authority, Revenue Bonds
Series A, Insured: AGC 5.00%, due 7/1/28		100,000		102,030
Series A 5.00%, due 7/1/33		355,000		366,538
Series A 5.50%, due 7/1/28		1,500,000		1,573,125
Rancho Water District Financing Authority, Revenue Bonds Series A 4.00%, due 8/1/37		2,750,000		3,339,902
San Joaquin Area Flood Control Agency, Special Assessment
Insured: AGM 3.00%, due 10/1/32		660,000		690,248
Insured: AGM 3.00%, due 10/1/34		700,000		725,060
Insured: AGM 3.25%, due 10/1/40		2,000,000		2,067,420


	Principal Amount			Value
Water (continued)
San Joaquin Area Flood Control Agency, Special Assessment (continued)
Insured: AGM 3.375%, due 10/1/45	$	1,250,000		$	1,288,150
Insured: AGM 3.375%, due 10/1/50		1,000,000			1,023,610
Santa Margarita-Dana Point Authority, Water District Improvement, Revenue Bonds 4.00%, due 8/1/36		2,025,000			2,353,009
Silicon Valley Clean Water, Revenue Bonds 5.00%, due 8/1/45		500,000			590,630
Watereuse Finance Authority, Revenue Bonds Series A 5.50%, due 5/1/36		500,000			584,285
West Sacramento CA, Financing Authority, Water Capital Projects, Revenue Bonds Insured: BAM 4.00%, due 10/1/39		300,000			342,147

					78,151,571

Total Long-Term Municipal Bonds (Cost $1,022,723,157)					1,071,084,845


Short-Term Municipal Notes 0.1%
Water 0.1%
Metropolitan Water District of Southern California, Revenue Bonds (e)
Series A-2 0.10%, due 7/1/37		560,000			560,000
Series A 0.11%, due 7/1/47		800,000			800,000

Total Short-Term Municipal Notes (Cost $1,360,000)					1,360,000

Total Municipal Bonds (Cost $1,024,083,157)		97.7	%		1,072,444,845

Other Assets, Less Liabilities		2.1			22,669,945
Net Assets		100.0	%	$	1,095,114,790


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					27

Portfolio of Investments October 31, 2020 (continued)

†	Percentages indicated are based on Fund net assets.

(a)	Interest on these securities was subject to alternative minimum tax.

(b)	Floating rate—Rate shown was the rate in effect as of October 31, 2020.

(c)	May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.

(d)	Step coupon—Rate shown was the rate in effect as of October 31, 2020.

(e)

Variable-rate demand notes (VRDNs) — Provide the right to sell the security at face value on either that day or within the rate-reset period. VRDNs will normally trade as if the maturity is the earlier put date, even though stated maturity is longer. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. The maturity date shown is the final maturity.

Futures Contracts

As of October 31, 2020, the Portfolio held the following futures contracts¹:


Type	Number of Contracts			Expiration Date		Value at Trade Date			Current Notional Amount			Unrealized Appreciation (Depreciation)²
Short Contracts
10-Year United States Treasury Note		(220	)		December 2020	$	(30,608,678	)	$	(30,408,125	)	$	200,553
United States Treasury Long Bond		(113	)		December 2020		(19,879,789	)		(19,488,969	)		390,820

Net Unrealized Appreciation												$	591,373

1.	As of October 31, 2020, cash in the amount of $872,100 was on deposit with a broker or futures commission merchant for futures transactions.

2.	Represents the difference between the value of the contracts at the time they were opened and the value as of October 31, 2020.

The following abbreviations are used in the preceding pages:

AGC—Assured Guaranty Corp.

AGM—Assured Guaranty Municipal Corp.

AMBAC—Ambac Assurance Corp.

BAM—Build America Mutual Assurance Co.

CHF—Collegiate Housing Foundation

MAC—Municipal Assurance Corp.

NATL-RE—National Public Finance Guarantee Corp.

The following is a summary of the fair valuations according to the inputs used as of October 31, 2020, for valuing the Fund’s assets and liabilities:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total

Asset Valuation Inputs
Investments in Securities (a)
Municipal Bonds
Long-Term Municipal Bonds	$	—	$	1,071,084,845	$	—	$	1,071,084,845
Short-Term Municipal Notes		—		1,360,000		—		1,360,000

Total Investments in Securities		—		1,072,444,845		—		1,072,444,845

Other Financial Instruments
Futures Contracts (b)		591,373		—		—		591,373

Total Investments in Securities and Other Financial Instruments	$	591,373	$	1,072,444,845	$	—	$	1,073,036,218

(a)	For a complete listing of investments and their industries, see the Portfolio of Investments.

(b)	The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments.


28		MainStay MacKay California Tax Free Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Statement of Assets and Liabilities as of October 31, 2020


Assets
Investment in securities, at value (identified cost $1,024,083,157)	$	1,072,444,845
Cash		29,281,475
Cash collateral on deposit at broker for futures contracts		872,100
Receivables:
Interest		10,517,563
Fund shares sold		4,119,509
Variation margin on futures contracts		83,624
Other assets		13,711

Total assets		1,117,332,827


Liabilities
Payables:
Investment securities purchased		15,684,011
Fund shares redeemed		5,162,972
Manager (See Note 3)		397,986
NYLIFE Distributors (See Note 3)		105,001
Transfer agent (See Note 3)		42,381
Professional fees		33,647
Shareholder communication		17,595
Custodian		5,273
Trustees		1,404
Accrued expenses		1,773
Dividend payable		765,994

Total liabilities		22,218,037

Net assets	$	1,095,114,790


Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	101,821
Additional paid-in capital		1,073,462,160

		1,073,563,981
Total distributable earnings (loss)		21,550,809

Net assets	$	1,095,114,790


Class A
Net assets applicable to outstanding shares	$	373,965,769

Shares of beneficial interest outstanding		34,772,462

Net asset value per share outstanding	$	10.75
Maximum sales charge (4.50% of offering price)		0.51

Maximum offering price per share outstanding	$	11.26

Investor Class
Net assets applicable to outstanding shares	$	672,155

Shares of beneficial interest outstanding		62,496

Net asset value per share outstanding	$	10.76
Maximum sales charge (4.00% of offering price)		0.45

Maximum offering price per share outstanding	$	11.21

Class C
Net assets applicable to outstanding shares	$	61,661,631

Shares of beneficial interest outstanding		5,732,610

Net asset value and offering price per share outstanding	$	10.76

Class C2
Net assets applicable to outstanding shares	$	24,904

Shares of beneficial interest outstanding		2,316

Net asset value and offering price per share outstanding	$	10.75

Class I
Net assets applicable to outstanding shares	$	655,579,186

Shares of beneficial interest outstanding		60,952,496

Net asset value and offering price per share outstanding	$	10.76

Class R6
Net assets applicable to outstanding shares	$	3,211,145

Shares of beneficial interest outstanding		298,477

Net asset value and offering price per share outstanding	$	10.76


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					29

Statement of Operations for the year ended October 31, 2020


Investment Income (Loss)
Income
Interest	$	25,084,239
Other		166

Total income		25,084,405

Expenses
Manager (See Note 3)		4,627,009
Distribution/Service—Class A (See Note 3)		839,162
Distribution/Service—Investor Class (See Note 3)		1,559
Distribution/Service—Class C (See Note 3)		296,081
Distribution/Service—Class C2 (See Note 3)		27
Transfer agent (See Note 3)		229,546
Professional fees		125,598
Custodian		32,390
Shareholder communication		30,377
Trustees		22,079
Registration		15,846
Miscellaneous		38,357

Total expenses before waiver/reimbursement		6,258,031
Expense waiver/reimbursement from Manager (See Note 3)		(485,454	)

Net expenses		5,772,577

Net investment income (loss)		19,311,828


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions		(4,393,049	)
Futures transactions		(3,956,765	)

Net realized gain (loss)		(8,349,814	)

Net change in unrealized appreciation (depreciation) on:
Investments		11,204,335
Futures contracts		361,887

Net change in unrealized appreciation (depreciation)		11,566,222

Net realized and unrealized gain (loss)		3,216,408

Net increase (decrease) in net assets resulting from operations	$	22,528,236


30		MainStay MacKay California Tax Free Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Statements of Changes in Net Assets

for the years ended October 31, 2020 and October 31, 2019


	2020			2019
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	19,311,828		$	16,386,846
Net realized gain (loss)		(8,349,814	)		(1,614,721	)
Net change in unrealized appreciation (depreciation)		11,566,222			36,136,610

Net increase (decrease) in net assets resulting from operations		22,528,236			50,908,735

Distributions to shareholders:
Class A		(8,444,924	)		(5,599,873	)
Investor Class		(15,590	)		(11,700	)
Class C		(1,330,416	)		(976,136	)
Class C2		(85	)		—
Class I		(14,540,611	)		(9,795,746	)
Class R6		(69,947	)		—

Total distributions to shareholders		(24,401,573	)		(16,383,455	)

Capital share transactions:
Net proceeds from sale of shares		560,826,541			440,709,491
Net asset value of shares issued to shareholders in reinvestment of distributions		16,605,174			10,919,757
Cost of shares redeemed		(255,608,127	)		(114,670,427	)

Increase (decrease) in net assets derived from capital share transactions		321,823,588			336,958,821

Net increase (decrease) in net assets		319,950,251			371,484,101

Net Assets
Beginning of year		775,164,539			403,680,438

End of year	$	1,095,114,790		$	775,164,539


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					31

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class A	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	10.76		$	10.12		$	10.29		$	10.48		$	10.11


Net investment income (loss)		0.23			0.28			0.31			0.32			0.33

Net realized and unrealized gain (loss) on investments		0.03			0.64			(0.17	)		(0.19	)		0.37


Total from investment operations		0.26			0.92			0.14			0.13			0.70


Less distributions:

From net investment income		(0.27	)		(0.28	)		(0.31	)		(0.32	)		(0.33	)


Net asset value at end of year	$	10.75		$	10.76		$	10.12		$	10.29		$	10.48


Total investment return (a)		2.46	%		9.20	%		1.39	%		1.36	%		6.98	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		1.97	%		2.65	%		3.04	%		3.17	%		3.01	%

Net expenses (b)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%

Expenses (before waiver/reimbursement) (b)		0.80	%		0.81	%		0.82	%		0.82	%		0.83	%
Portfolio turnover rate		29	%(c)		47	%(c)		32	%		83	%		27	%

Net assets at end of year (in 000’s)	$	373,966		$	292,589		$	145,668		$	107,278		$	146,843

(a)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(b)	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.

(c)	The portfolio turnover rate includes variable rate demand notes.



	Year ended October 31,

Investor Class	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	10.76		$	10.12		$	10.29		$	10.49		$	10.11


Net investment income (loss)		0.23			0.28			0.31			0.32			0.33

Net realized and unrealized gain (loss) on investments		0.04			0.64			(0.17	)		(0.20	)		0.38


Total from investment operations		0.27			0.92			0.14			0.12			0.71


Less distributions:

From net investment income		(0.27	)		(0.28	)		(0.31	)		(0.32	)		(0.33	)


Net asset value at end of year	$	10.76		$	10.76		$	10.12		$	10.29		$	10.49


Total investment return (a)		2.53	%		9.18	%		1.36	%		1.23	%		7.04	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		1.95	%		2.65	%		3.03	%		3.15	%		3.04	%

Net expenses (b)		0.77	%		0.77	%		0.78	%		0.79	%		0.79	%

Expenses (before waiver/reimbursement) (b)		0.82	%		0.83	%		0.85	%		0.86	%		0.87	%
Portfolio turnover rate		29	%(c)		47	%(c)		32	%		83	%		27	%

Net assets at end of year (in 000’s)	$	672		$	506		$	343		$	285		$	369

(a)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(b)	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.

(c)	The portfolio turnover rate includes variable rate demand notes.


32		MainStay MacKay California Tax Free Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class C	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	10.77		$	10.12		$	10.29		$	10.48		$	10.11


Net investment income (loss)		0.19			0.25			0.28			0.30			0.30

Net realized and unrealized gain (loss) on investments		0.04			0.65			(0.17	)		(0.19	)		0.37


Total from investment operations		0.23			0.90			0.11			0.11			0.67


Less distributions:

From net investment income		(0.24	)		(0.25	)		(0.28	)		(0.30	)		(0.30	)


Net asset value at end of year	$	10.76		$	10.77		$	10.12		$	10.29		$	10.48


Total investment return (a)		2.18	%		9.01	%		1.11	%		1.07	%		6.67	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		1.70	%		2.38	%		2.76	%		2.89	%		2.75	%

Net expenses (b)		1.02	%		1.02	%		1.03	%		1.04	%		1.04	%

Expenses (before waiver/reimbursement) (b)		1.07	%		1.08	%		1.10	%		1.11	%		1.12	%
Portfolio turnover rate		29	%(c)		47	%(c)		32	%		83	%		27	%

Net assets at end of year (in 000’s)	$	61,662		$	52,964		$	29,450		$	26,623		$	26,156

(a)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(b)	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.

(c)	The portfolio turnover rate includes variable rate demand notes.



Class C2	August 31, 2020^ through October 31, 2020

Net asset value at beginning of period	$	10.83


Net investment income (loss)		0.03

Net realized and unrealized gain (loss) on investments		(0.07	)


Total from investment operations		(0.04	)


Less distributions:

From net investment income		(0.04	)


Net asset value at end of period	$	10.75


Total investment return (a)		(0.40	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss) ††		1.49	%

Net expenses ††(b)		1.16	%

Expenses (before waiver/reimbursement) ††(b)		1.22	%

Portfolio turnover rate (c)		29	%

Net assets at end of period (in 000’s)	$	25

^	Inception date.

††	Annualized.

(a)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(b)	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.

(c)	The portfolio turnover rate includes variable rate demand notes.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					33

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class I	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	10.76		$	10.12		$	10.29		$	10.48		$	10.11


Net investment income (loss)		0.28			0.31			0.34			0.35			0.36

Net realized and unrealized gain (loss) on investments		0.02			0.64			(0.17	)		(0.19	)		0.37


Total from investment operations		0.30			0.95			0.17			0.16			0.73


Less distributions:

From net investment income		(0.30	)		(0.31	)		(0.34	)		(0.35	)		(0.36	)


Net asset value at end of year	$	10.76		$	10.76		$	10.12		$	10.29		$	10.48


Total investment return (a)		2.81	%		9.48	%		1.65	%		1.62	%		7.25	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		2.20	%		2.91	%		3.29	%		3.42	%		3.28	%

Net expenses (b)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%

Expenses (before waiver/reimbursement) (b)		0.55	%		0.56	%		0.57	%		0.57	%		0.58	%

Portfolio turnover rate		29	%(c)		47	%(c)		32	%		83	%		27	%

Net assets at end of year (in 000’s)	$	655,579		$	429,106		$	228,220		$	148,819		$	154,379

(a)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized.

(b)	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.

(c)	The portfolio turnover rate includes variable rate demand notes.



Class R6	November 1, 2019^ through October 31, 2020

Net asset value at beginning of period	$	10.77


Net investment income (loss)		0.25

Net realized and unrealized gain (loss) on investments		0.04


Total from investment operations		0.29


Less distributions:

From net investment income		(0.30	)


Net asset value at end of period	$	10.76


Total investment return (a)		2.83	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		2.25	%

Net expenses (b)		0.48	%

Expenses (before waiver/reimbursement) (b)		0.53	%

Portfolio turnover rate (c)		29	%

Net assets at end of period (in 000’s)	$	3,211

^	Inception date.

(a)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized.

(b)	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.

(c)	The portfolio turnover rate includes variable rate demand notes.


34		MainStay MacKay California Tax Free Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Notes to Financial Statements

Note 1–Organization and Business

The Fund currently has seven classes of shares registered for sale. Class A, Investor Class, Class C and Class I shares have an inception date of February 28, 2013. Class R6 shares commenced operations on November 1, 2019. Class C2 shares commenced operations on August 31, 2020. SIMPLE Class shares were registered for sale effective as of August 31, 2020. As of October 31, 2020, SIMPLE Class shares were not yet offered for sale.

Class A and Investor Class shares are offered at net asset value (“NAV”) per share plus an initial sales charge. No initial sales charge applies to investments of $250,000 or more (and certain other qualified purchases) in Class A and Investor Class shares. However, a contingent deferred sales charge (“CDSC”) 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. Class C and Class C2 shares are offered at NAV without an initial sales charge, although a 1.00% CDSC may be imposed on certain redemptions of such shares made within one year of the date of purchase of Class C and Class C2 shares. Class I and Class R6 shares are offered at NAV without a sales charge. SIMPLE Class shares are currently expected to be offered at NAV without a sales charge. In addition, depending upon eligibility, Class C shares convert to either Class A or Investor Class shares at the end of the calendar quarter ten years after the date they were purchased. Additionally, Investor Class shares may convert automatically to Class A shares based on a shareholder’s account balance as described in the Fund’s prospectus. Under certain circumstances and as may be permitted by the Trust’s multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under distribution plans pursuant to Rule 12b-1 under the 1940 Act, Class C and Class C2 shares are subject to higher distribution and/or service fees than Class A, Investor Class and SIMPLE Class shares. Class I and Class R6 shares are not subject to a distribution and/or service fee.

The Fund’s investment objective is to seek current income exempt from federal and California income taxes.

Note 2–Significant Accounting Policies

accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.

The Board of Trustees of the Trust (the “Board”) adopted procedures establishing methodologies for the valuation of the Fund’s securities and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Trust (the “Valuation Committee”). The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for the day-to-day valuation of portfolio assets (including fair value measurements for the Fund’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)). To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Fund’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources.


			35

Notes to Financial Statements (continued)

•

Level 1—quoted prices in active markets for an identical asset or liability

•

Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:


• 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

approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the year ended October 31, 2020, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. No securities held by the Fund as of October 31, 2020 were fair valued in such a manner.

Municipal debt securities are valued at the evaluated mean prices supplied by a pricing agent or broker(s) selected by the Manager, in consultation with the Subadvisor. The evaluations are market-based measurements processed through a pricing application and represents the pricing agent’s good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules-based logic utilizes valuation techniques that reflect participants’ assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Manager, in consultation with the Subadvisor, to be representative of market values, at the regular close of trading of the Exchange on each valuation date. Debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Municipal debt securities are generally categorized as Level 2 in the hierarchy.


36		MainStay MacKay California Tax Free Opportunities Fund

The Manager evaluates the Fund’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund’s financial statements. The Fund’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare dividends from net investment income, if any, daily and intends to pay them at least monthly and declares and pays distributions from net realized capital gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D) Security Transactions and Investment Income. The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Interest income is accrued as earned using the effective interest rate method. Distributions received from real estate investment trusts may be classified as dividends, capital gains and/or return of capital. Discounts and premiums on securities purchased for the Fund are accreted and amortized, respectively, on the effective interest rate method.

tion of such interest has become doubtful. A debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Additionally, the Fund may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Statement of Operations or in the expense ratios included in the Financial Highlights.

(G) Futures Contracts. A futures contract is an agreement to purchase or sell a specified quantity of an underlying instrument at a specified future date and price, or to make or receive a cash payment based on the value of a financial instrument (e.g., interest rate, security or securities index). The Fund is subject to risks such as market price risk and/or interest rate risk in the normal course of investing in these contracts. Upon entering into a futures contract, the Fund is required to pledge to the broker or futures commission merchant an amount of cash and/or U.S. government securities equal to a certain percentage of the collateral amount, known as the “initial margin.” During the period the futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each day’s trading. The Fund agrees to receive from or pay to the broker or futures commission merchant an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as “variation margin.” When the futures contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract.


			37

Notes to Financial Statements (continued)

direct investments in the instrument underlying the futures and may not correlate to the underlying instrument, causing a given hedge not to achieve its objectives. The Fund’s activities in futures contracts have minimal counterparty risk as they are conducted through regulated exchanges that guarantee the futures against default by the counterparty. In the event of a bankruptcy or insolvency of a futures commission merchant that holds margin on behalf of the Fund, the Fund may not be entitled to the return of the entire margin owed to the Fund, potentially resulting in a loss. The Fund’s investment in futures contracts and other derivatives may increase the volatility of the Fund’s NAVs and may result in a loss to the Fund. Open futures contracts held as of October 31, 2020, are shown in the Portfolio of Investments.

(H) Municipal Bond Risk. The ability of issuers of debt securities held by the Fund to meet their obligations may be affected by economic or political developments in a specific industry or region. Because the Fund’s principal investments include municipal bonds issued by or on behalf of the State of California, and its political subdivisions, agencies and instrumentalities, events in California will affect the Fund’s investments and performance. These events may include fiscal or political policy changes, tax base erosion or declines in tax revenues, budget deficits and other financial difficulties, and these events may be made worse due to economic challenges posed by COVID-19. The Fund may invest a substantial amount of its assets in municipal bonds whose interest is paid solely from revenues of similar projects, such as tobacco settlement bonds. If the Fund concentrates its investments in this manner, it assumes the legal and economic risks relating to such projects and this may have a significant impact on the Fund’s investment performance.

Certain of the issuers in which the Fund may invest have recently experienced, or may experience, significant financial difficulties and repeated credit rating downgrades. On May 3, 2017, the Commonwealth of Puerto Rico began proceedings pursuant to the Puerto Rico Oversight, Management, and Economic Stability Act (“PROMESA”) to seek bankruptcy-type protections from approximately $74 billion in debt and approximately $48 billion in unfunded pension obligations. In addition, the economic downturn following the outbreak of COVID-19 and the resulting pressure on Puerto Rico’s budget have further contributed to its financial challenges. Puerto Rico has reached agreements with certain bondholders to restructure outstanding debt issued by certain of Puerto Rico’s instrumentalities and is negotiating the restructuring of its debt with certain other bondholders. Any agreement to restructure such outstanding debt must be approved by the judge overseeing the debt restructuring. Puerto Rico’s debt restructuring process and other economic, political, social, environmental or health factors or developments could occur rapidly and may significantly affect the value of municipal securities of Puerto Rico. Due to the ongoing budget impact from Covid-19 on the Commonwealth’s finances, the Federal Oversight and Management Board or the Commonwealth could seek to revise or even terminate earlier agreements reached with certain creditors prior to the outbreak of COVID-19. Any agreement between the Federal Oversight and Management Board and creditors is subject to approval by the judge overseeing the Title III proceedings. The composition of the Federal Oversight and Management Board is changing significantly due to existing members either stepping down or being replaced as the current board’s term has expired. There is no assurance that newly appointed board members will approve the restructuring agreements the prior board had negotiated.

The Fund’s vulnerability to potential losses associated with such developments may be reduced through investing in municipal securities that feature credit enhancements (such as bond insurance). The bond insurance provider pays both principal and interest when due to the bond holder. The magnitude of Puerto Rico’s debt restructuring or other adverse economic developments could pose significant strains on the ability of municipal securities insurers to meet all future claims. As of October 31, 2020, 70.8% of the Puerto Rico municipal securities held by the Fund were insured.

(J) Quantitative Disclosure of Derivative Holdings. The following tables show additional disclosures related to the Fund’s derivative and hedging activities, including how such activities are accounted for and their effect on the Fund’s financial positions, performance and cash flows. The Fund entered into futures contracts to help manage the duration and yield curve positioning of the portfolio. These derivatives are not accounted for as hedging instruments.

Fair value of derivative instruments as of October 31, 2020:

Asset Derivatives


	Interest Rate Contracts Risk		Total

Futures Contracts—Net Assets—Net unrealized appreciation on investments and futures contracts (a)	$	591,373	$	591,373

Total Fair Value	$	591,373	$	591,373

(a)	Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the year ended October 31, 2020:

Net Realized Gain (Loss) from:


	Interest Rate Contracts Risk			Total

Futures Contracts	$	(3,956,765	)	$	(3,956,765	)

Total Net Realized Gain (Loss)	$	(3,956,765	)	$	(3,956,765	)


38		MainStay MacKay California Tax Free Opportunities Fund

Net Change in Unrealized Appreciation (Depreciation) from:


	Interest Rate Contracts Risk		Total

Futures Contracts	$	361,887	$	361,887

Total Net Change in Unrealized Appreciation (Depreciation)	$	361,887	$	361,887

Average Notional Amount


	Interest Rate Contracts Risk			Total

Futures Contracts Short	$	(50,940,492	)	$	(50,940,492	)

Note 3–Fees and Related Party Transactions

(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company (“New York Life”), serves as the Fund’s Manager, pursuant to an Amended and Restated Management Agreement (“Management Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. MacKay Shields LLC (“MacKay Shields” or the “Subadvisor”), a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life, serves as Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of an Amended and Restated Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and MacKay Shields, New York Life Investments pays for the services of the Subadvisor.

Effective February 28, 2020, pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of the Fund’s average daily net assets as follows: 0.50% up to $1 billion and 0.48% in excess of $1 billion. New York Life Investments has contractually agreed to waive a portion of its management fee so that the management fee does not exceed he Fund’s average daily net assets as follows: 0.45% up to $1 billion and 0.43% in excess of $1 billion. This agreement will remain in effect until February 28, 2021, 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.

Prior to February 28, 2020, pursuant to the Management Agreement, the Fund paid the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of 0.50% of the Fund’s average daily net assets. New York Life Investments had contractually agreed to waive a portion of its management fee so that the management fee does not exceed 0.45% of the Fund’s average daily net assets.

During the year ended October 31, 2020, the effective management fee rate was 0.50% of the Fund’s average daily net assets (exclusive of any applicable waivers/reimbursements).

New York Life Investments has also 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 A do not exceed 0.75% of its average daily net assets. New York Life Investments will apply an equivalent waiver or reimbursement, in an equal number of basis points, to Investor Class, Class C, Class C2 and Class I. 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. These agreements will remain in effect until August 31, 2021, 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.

During the year ended October 31, 2020, New York Life Investments earned fees from the Fund in the amount of $4,627,009 and waived fees and/or reimbursed expenses in the amount of $485,454 and paid the Subadvisor fees in the amount of $2,070,000.

Pursuant to the Class A and Investor Class Plans, the Distributor receives a monthly distribution fee from Class A and Investor Class shares at an annual rate of 0.25% of the average daily net assets of the Class A and Investor Class shares for distribution and/or service activities as designated by the Distributor. Pursuant to the Class C Plan, Class C shares pay the Distributor a monthly distribution fee at an annual rate of 0.25% of the average daily net assets of the Class C shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class C shares, for a total 12b-1 fee of


			39

Notes to Financial Statements (continued)

0.50%. Pursuant to the Class C2 Plan, Class C2 shares pay the Distributor a monthly distribution fee at an annual rate of 0.40% of the average daily net assets of the Class C2 shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class C shares, for a total 12b-1 fee of 0.65%. Class I and Class R6 shares are not subject to a distribution and/or service fee.

The Fund was also advised that the Distributor retained CDSCs on redemptions of Class A and Class C shares during the year ended October 31, 2020, of $144,937 and $16,627, respectively.

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund’s transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with DST Asset Manager Solutions, Inc. (“DST”), pursuant to which DST performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund’s share classes to a maximum of 0.35% of that share class’s average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until August 31, 2021 for Class C2 shares and February 28, 2021 for all other share classes, 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. During the year ended October 31, 2020, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:


Class		Expense		Waived
Class A	$	78,743	$	—
Investor Class		272		—
Class C2		2		—
Class C		25,775		—
Class I		124,655		—
Class R6		99		—

apply to certain types of accounts as described further in the Fund’s prospectus.

(F) Capital. As of October 31, 2020, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:


Class C2	$	24,858	99.8	%
Class R6		25,618	0.8

Note 4–Federal Income Tax


	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)

Investments in Securities	$	1,028,422,028	$	49,171,637	$	(5,148,820	)	$	44,022,817

As of October 31, 2020, the components of accumulated gain (loss) on a tax basis were as follows:


Undistributed Tax Exempt Income	Accumulated Capital and Other Gain (Loss)	Other Temporary Differences	Unrealized Appreciation (Depreciation)	Total Accumulated Gain (Loss)

$783,575	$(17,905,133)	$(765,994)	$39,438,361	$21,550,809

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is primarily due to mark to market of futures contracts, and cumulative bond amortization adjustments. The other temporary differences are primarily due to dividends payable.

As of October 31, 2020, for federal income tax purposes, capital loss carryforwards of $17,905,133 were available as shown in the table below, to the extent provided by the regulations to offset future realized gains of the Fund through the years indicated. To the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders. No capital gain distributions shall be made until any capital loss carryforwards have been fully utilized.


Capital Loss Available Through	Short-Term Capital Loss Amounts (000’s)	Long-Term Capital Loss Amounts (000’s)

Unlimited	$14,747	$3,158

During the years ended October 31, 2020, and October 31, 2019, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets were as follows:


	2020		2019

Distributions paid from:
Ordinary Income	$	344,603	$	141,328
Exempt Interest Dividends		24,056,970		16,242,127
Total	$	24,401,573	$	16,383,455


40		MainStay MacKay California Tax Free Opportunities Fund

Note 5–Custodian

Note 6–Line of Credit

Note 7–Interfund Lending Program

Note 8–Purchases and Sales of Securities (in 000’s)

During the year ended October 31, 2020, purchases and sales of securities, other than short-term securities, were $589,579 and $262,047, respectively.

Note 9–Capital Share Transactions

Transactions in capital shares for the years ended October 31, 2020, and October 31, 2019, were as follows:


Class A	Shares			Amount

Year ended October 31, 2020:
Shares sold		15,364,215		$	165,522,071
Shares issued to shareholders in reinvestment of distributions		646,812			6,952,966
Shares redeemed		(8,397,726	)		(87,737,921	)

Net increase (decrease) in shares outstanding before conversion		7,613,301			84,737,116
Shares converted into Class A (See Note 1)		12,481			134,788
Shares converted from Class A (See Note 1)		(35,652	)		(389,338	)

Net increase (decrease)		7,590,130		$	84,482,566

Year ended October 31, 2019:
Shares sold		16,051,177		$	168,848,148
Shares issued to shareholders in reinvestment of distributions		427,979			4,518,728
Shares redeemed		(3,708,661	)		(38,776,991	)

Net increase (decrease) in shares outstanding before conversion		12,770,495			134,589,885
Shares converted into Class A (See Note 1)		25,348			267,699
Shares converted from Class A (See Note 1)		(7,675	)		(81,104	)

Net increase (decrease)		12,788,168		$	134,776,480



Investor Class	Shares			Amount

Year ended October 31, 2020:
Shares sold		34,785		$	373,425
Shares issued to shareholders in reinvestment of distributions		1,428			15,340
Shares redeemed		(9,830	)		(106,319	)

Net increase (decrease) in shares outstanding before conversion		26,383			282,446
Shares converted into Investor Class (See Note 1)		1,596			15,719
Shares converted from Investor Class (See Note 1)		(12,481	)		(134,788	)

Net increase (decrease)		15,498		$	163,377

Year ended October 31, 2019:
Shares sold		35,906		$	376,458
Shares issued to shareholders in reinvestment of distributions		1,084			11,421
Shares redeemed		(8,156	)		(85,383	)

Net increase (decrease) in shares outstanding before conversion		28,834			302,496
Shares converted into Investor Class (See Note 1)		7,994			84,407
Shares converted from Investor Class (See Note 1)		(23,710	)		(250,857	)

Net increase (decrease)		13,118		$	136,046


			41

Notes to Financial Statements (continued)


Class C	Shares			Amount

Year ended October 31, 2020:
Shares sold		2,081,990		$	22,255,317
Shares issued to shareholders in reinvestment of distributions		94,756			1,018,484
Shares redeemed		(1,358,716	)		(14,447,185	)

Net increase (decrease) in shares outstanding before conversion		818,030			8,826,616
Shares converted from Class C (See Note 1)		(5,258	)		(57,004	)

Net increase (decrease)		812,772		$	8,769,612

Year ended October 31, 2019:
Shares sold		2,509,999		$	26,397,192
Shares issued to shareholders in reinvestment of distributions		72,487			764,506
Shares redeemed		(559,124	)		(5,897,045	)

Net increase (decrease) in shares outstanding before conversion		2,023,362			21,264,653
Shares converted from Class C (See Note 1)		(13,261	)		(142,751	)

Net increase (decrease)		2,010,101		$	21,121,902



Class C2	Shares			Amount

Period ended October 31, 2020 (a):
Shares sold		2,308		$	25,000
Shares issued to shareholders in reinvestment of distributions		8			85

Net increase (decrease)		2,316		$	25,085



Class I	Shares			Amount

Year ended October 31, 2020:
Shares sold		34,582,281		$	368,151,490
Shares issued to shareholders in reinvestment of distributions		794,861			8,548,352
Shares redeemed		(14,328,906	)		(152,011,170	)

Net increase in shares outstanding before conversion		21,048,236			224,688,672
Shares converted into Class I (See Note 1)		39,319			430,623

Net increase (decrease)		21,087,555		$	225,119,295

Year ended October 31, 2019:
Shares sold		23,472,252		$	245,087,693
Shares issued to shareholders in reinvestment of distributions		533,237			5,625,102
Shares redeemed		(6,702,808	)		(69,911,008	)

Net increase (decrease) in shares outstanding before conversion		17,302,681			180,801,787
Shares converted into Class I (See Note 1)		11,311			122,606

Net increase (decrease)		17,313,992		$	180,924,393



Class R6	Shares			Amount

Year ended October 31, 2020 (b):
Shares sold		412,645		$	4,499,238
Shares issued to shareholders in reinvestment of distributions		6,522			69,947
Shares redeemed		(120,690	)		(1,305,532	)

Net increase (decrease)		298,477		$	3,263,653

(a)	The inception date of the class was August 31, 2020.

(b)	The inception date of the class was November 1, 2019.

Note 10–Recent Accounting Pronouncement

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board issued Accounting Standards Update 2018-13, Fair Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which adds, removes, and modifies certain fair value measurement disclosure requirements. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019. The Manager evaluated the implications of certain provisions of ASU 2018-13 and determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures, which are currently in place as of October 31, 2020. The Manager is evaluating the implications of certain other provisions of ASU 2018-13 related to new disclosure requirements and has not yet determined the impact of those provisions on the financial statement disclosures, if any.

Note 11–Other Matters

Note 12–Subsequent Events

Effective at the close of business on November 20, 2020, all services provided by State Street were transitioned to JPMorgan Chase Bank, N.A.


42		MainStay MacKay California Tax Free Opportunities Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders of the Fund and Board of Trustees

MainStay Funds Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of MainStay MacKay California Tax Free Opportunities Fund (the Fund), one of the funds constituting MainStay Funds Trust, including the portfolio of investments, as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

LOGO

We have served as the auditor of one or more New York Life Investment Management investment companies since 2003.

Philadelphia, Pennsylvania

December 23, 2020


			43

Federal Income Tax Information (Unaudited)

The Fund is required under the Internal Revenue Code to advise shareholders in a written statement as to the federal tax status of dividends paid by the Fund during such fiscal years.

For Federal individual income tax purposes, the Fund designated 98.6% of the ordinary income dividends paid during its fiscal year ended October 31, 2020 as attributable to interest income from Tax Exempt Municipal Bonds. Such dividends are currently exempt from Federal income taxes under Section 103(a) of the Internal Revenue Code.

Proxy Voting Policies and Procedures and Proxy Voting Record

Shareholder Reports and Quarterly Portfolio Disclosure


44		MainStay MacKay California Tax Free Opportunities Fund

Board of Trustees and Officers (Unaudited)

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Interested Trustee

Yie-Hsin Hung*

1962

MainStay Funds:
Trustee since 2017

MainStay Funds Trust:
Trustee since 2017

MainStay VP Funds Trust:
Trustee since 2017 (31 portfolios); and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017.


			45

Board of Trustees and Officers (Unaudited) (continued)

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

David H. Chow

1957

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Founder and CEO, DanCourt Management, LLC since 1999

Susan B. Kerley

1951

MainStay Funds:
Chairman since 2017 and Trustee since 2007;

MainStay Funds Trust: Chairman since 2017 and Trustee since 1990.**

President, Strategic Management Advisors LLC since 1990

MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007 (31 portfolios)***;
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; and

Legg Mason Partners Funds: Trustee since 1991 (45 portfolios).

Alan R. Latshaw

1951

MainStay Funds:
Trustee;

MainStay Funds Trust:
Trustee and Audit Committee Financial Expert since 2007.**

Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006)

Richard H. Nolan, Jr.

1946

MainStay Funds:
Trustee since 2007;

MainStay Funds Trust:
Trustee since 2007.**

Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004)

MainStay VP Funds Trust: Trustee since 2006 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Jacques P. Perold

1958

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Allstate Corporation: Director since 2015;
MSCI, Inc.: and Director since 2017.


46		MainStay MacKay California Tax Free Opportunities Fund

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

Richard S. Trutanic

1952

MainStay Funds: Trustee since 1994;

MainStay Funds Trust: Trustee since 2007.**

MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust.

***

Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


			47

Board of Trustees and Officers (Unaudited) (continued)


	Name and Year of Birth	Position(s) Held and Length of Service	Principal Occupation(s) During Past Five Years
Officers of the Trust (Who are not Trustees)*	Kirk C. Lehneis 1974	President, MainStay Funds, MainStay Funds Trust since 2017	Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers since 2017 and Senior Managing Director since 2018, NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since 2017**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC
	Jack R. Benintende 1964	Treasurer and Principal Financial and Accounting Officer, MainStay Funds since 2007, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2007**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012)
	Yi-Chia Kuo 1981	Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust since January 2020	Chief Compliance Officer, Index IQ Trust, Index IQ ETF Trust and Index IQ Active ETF Trust since January 2020; Vice President and Chief Compliance Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since January 2020; Director and Associate General Counsel, New York Life Insurance Company (2015 to 2019)
	J. Kevin Gao 1967	Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust since 2010	Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2010**
	Scott T. Harrington 1959	Vice President— Administration, MainStay Funds since 2005, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2005**

Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


48		MainStay MacKay California Tax Free Opportunities Fund

MainStay Funds

Equity

U.S. Equity

MainStay Epoch U.S. All Cap Fund

MainStay Epoch U.S. Equity Yield Fund

MainStay MacKay Common Stock Fund

MainStay MacKay Growth Fund

MainStay MacKay S&P 500 Index Fund

MainStay MacKay Small Cap Core Fund

MainStay MacKay U.S. Equity Opportunities Fund

MainStay MAP Equity Fund

MainStay Winslow Large Cap Growth Fund¹

International Equity

MainStay Epoch International Choice Fund

MainStay MacKay International Equity Fund

MainStay MacKay International Opportunities Fund

Emerging Markets Equity

MainStay Candriam Emerging Markets Equity Fund

Global Equity

MainStay Epoch Capital Growth Fund

MainStay Epoch Global Equity Yield Fund

Fixed Income

Taxable Income

MainStay Candriam Emerging Markets Debt Fund

MainStay Floating Rate Fund

MainStay MacKay High Yield Corporate Bond Fund

MainStay MacKay Short Duration High Yield Fund

MainStay MacKay Total Return Bond Fund

MainStay MacKay Unconstrained Bond Fund

MainStay MacKay U.S. Infrastructure Bond Fund²

MainStay Short Term Bond Fund³

Tax-Exempt Income

MainStay MacKay California Tax Free Opportunities Fund⁴

MainStay MacKay High Yield Municipal Bond Fund

MainStay MacKay Intermediate Tax Free Bond Fund

MainStay MacKay New York Tax Free Opportunities Fund⁵

MainStay MacKay Short Term Municipal Fund

MainStay MacKay Tax Free Bond Fund

Money Market

MainStay Money Market Fund

Mixed Asset

MainStay Balanced Fund

MainStay Income Builder Fund

MainStay MacKay Convertible Fund

Speciality

MainStay CBRE Global Infrastructure Fund

MainStay CBRE Real Estate Fund

MainStay Cushing MLP Premier Fund

Asset Allocation

MainStay Conservative Allocation Fund

MainStay Conservative ETF Allocation Fund

MainStay Defensive ETF Allocation Fund

MainStay Equity Allocation Fund⁶

MainStay Equity ETF Allocation Fund

MainStay Growth Allocation Fund⁷

MainStay Growth ETF Allocation Fund

MainStay Moderate Allocation Fund

MainStay Moderate ETF Allocation Fund

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium S.A.⁸

Brussels, Belgium

Candriam Luxembourg S.C.A.⁸

Strassen, Luxembourg

CBRE Clarion Securities LLC

Radnor, Pennsylvania

Cushing Asset Management, LP

Dallas, Texas

Epoch Investment Partners, Inc.

New York, New York

MacKay Shields LLC⁸

New York, New York

Markston International LLC

White Plains, New York

NYL Investors LLC⁸

New York, New York

Winslow Capital Management, LLC

Minneapolis, Minnesota

Legal Counsel

Dechert LLP

Washington, District of Columbia

Independent Registered Public Accounting Firm

KPMG LLP

Philadelphia, Pennsylvania

Distributor

NYLIFE Distributors LLC⁸

Jersey City, New Jersey

Custodian⁹

State Street Bank and Trust Company

Boston, Massachusetts

1.	Formerly known as MainStay Large Cap Growth Fund.

2.	Formerly known as MainStay MacKay Infrastructure Bond Fund.

3.	Formerly known as MainStay Indexed Bond Fund.

4.	This Fund is registered for sale in AZ, CA, NV, OR, TX, UT and WA. Class A and Class I shares are registered for sale in MI. Class I and Class C2 shares are registered for sale in CO, FL, GA, HI, ID, MA, MD, NH, NJ and NY.

5.	This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT.

6.	Formerly known as MainStay Growth Allocation Fund.

7.	Formerly known as MainStay Moderate Growth Allocation Fund.

8.	An affiliate of New York Life Investment Management LLC.

Not part of the Annual Report

For more information

800-624-6782

newyorklifeinvestments.com

1716277 MS203-20

MSCTF11-12/20

(NYLIM) NL237

MainStay MacKay Growth Fund

Message from the President and Annual Report

October 31, 2020


Not FDIC/NCUA Insured		Not a Deposit		May Lose Value		No Bank Guarantee		Not Insured by Any Government Agency

LOGO

This page intentionally left blank

Message from the President

Sincerely,

LOGO

Kirk C. Lehneis

President

Not part of the Annual Report

Table of Contents


Annual Report

Investment and Performance Comparison			5

Portfolio Management Discussion and Analysis			9

Portfolio of Investments			10

Financial Statements			13

Notes to Financial Statements			19

Report of Independent Registered Public Accounting Firm			27

Federal Income Tax Information			28

Proxy Voting Policies and Procedures and Proxy Voting Record			28

Shareholder Reports and Quarterly Portfolio Disclosure			28

Board of Trustees and Officers			29

Investment and Performance Comparison¹ (Unaudited)

Performance data quoted represents past performance. Past performance is no guarantee of future results. Because of market volatility and other factors, current performance may be lower or higher than the figures shown. Investment return and principal value will fluctuate, and as a result, when shares are redeemed, they may be worth more or less than their original cost. The graph below depicts the historical performance of Class I shares* of the Fund. Performance will vary from class to class based on differences in class-specific expenses and sales charges. For performance information current to the most recent month-end, please call 800-624-6782 or visit newyorklifeinvestments.com.

(With sales charges)

LOGO

Average Annual Total Returns for the Year-Ended October 31, 2020


Class	Sales Charge		Inception Date		One Year			Five Years			Ten Years or Since Inception			Gross Expense Ratio²

Class A Shares	Maximum 5.5% Initial Sales Charge	With sales charges Excluding sales charges		8/7/2006		15.48 22.21	%		11.47 12.73	%		11.39 12.02	%		1.06 1.06	%
Investor Class Shares³	Maximum 5% Initial Sales Charge	With sales charges Excluding sales charges		1/18/2013		15.14 21.84			11.18 12.44			11.07 11.88			1.43 1.43
Class B Shares⁴	Maximum 5% CDSC if Redeemed Within First Six Years of Purchase	With sales charges Excluding sales charges		1/18/2013		15.93 20.93			11.35 11.61			11.04 11.04			2.18 2.18
Class C Shares	Maximum 1% CDSC if Redeemed Within One Year of Purchase	With sales charges Excluding sales charges		1/18/2013		19.94 20.94			11.60 11.60			11.04 11.04			2.18 2.18
Class I Shares	No Sales Charge			11/2/2009		22.53			13.01			12.30			0.81
Class R2 Shares	No Sales Charge			1/18/2013		22.08			12.63			12.01			1.16

*	Previously, the bar chart presented the Fund’s annual returns for Class A shares. Class I shares are presented for consistency across the MainStay Fund complex

The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on distributions or Fund-share redemptions. Total returns reflect maximum applicable sales charges as indicated in the table above if any changes in share price, and reinvestment of dividend and capital gain distributions. The graph assumes the initial investment amount shown above and reflects the deduction of all sales charges that would have applied for the period of investment. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have

been lower. For more information on share classes and current fee waivers and/or expense limitations (if any), please refer to the Notes to Financial Statements.

2.	The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report.

3.	Prior to June 30, 2020, the maximum initial sales charge for Investor Class shares was 5.5%, which is reflected in the average annual total return figures shown.

4.	Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders.

The footnotes on the next page are an integral part of the table and graph and should be carefully read in conjunction with them.


			5


Benchmark Performance	One Year			Five Years			Ten Years

Russell 1000^® Growth Index⁵		29.22	%		17.32	%		16.31	%
S&P 500^® Index⁶		9.71			11.71			13.01
Morningstar Large Growth Category Average⁷		25.92			14.64			14.19

The Russell 1000^® Growth Index is the Fund’s primary broad-based securities market index for comparison purposes. 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. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

6.	The S&P 500^® Index is the Fund’s secondary benchmark. “S&P 500^®” Index is a trademark of the McGraw-Hill Companies, Inc. The S&P 500^® Index is widely regarded as the standard index for measuring large-cap U.S. stock

market performance. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

The Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these portfolios focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.

The footnotes on the preceding page are an integral part of the table and graph and should be carefully read in conjunction with them.


6		MainStay MacKay Growth Fund

Cost in Dollars of a $1,000 Investment in MainStay MacKay Growth Fund (Unaudited)

Example

This example illustrates your Fund’s ongoing costs in two ways:

Actual Expenses

multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes



Share Class	Beginning Account Value 5/1/20		Ending Account Value (Based on Actual Returns and Expenses) 10/31/20		Expenses Paid During Period¹		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/20		Expenses Paid During Period¹		Net Expense Ratio During Period²

Class A Shares	$	1,000.00	$	1,198.90	$	5.75	$	1,019.91	$	5.28	1.04%

Investor Class Shares	$	1,000.00	$	1,197.20	$	7.35	$	1,018.45	$	6.75	1.33%

Class B Shares	$	1,000.00	$	1,192.50	$	11.46	$	1,014.68	$	10.53	2.08%

Class C Shares	$	1,000.00	$	1,193.00	$	11.47	$	1,014.68	$	10.53	2.08%

Class I Shares	$	1,000.00	$	1,200.40	$	4.37	$	1,021.17	$	4.01	0.79%

Class R2 Shares	$	1,000.00	$	1,198.30	$	6.30	$	1,019.41	$	5.79	1.14%

2.	Expenses are equal to the Fund’s annualized expense ratio to reflect the six-month period.


			7

Industry Composition as of October 31, 2020 (Unaudited)



Software	20.1	%

Internet & Direct Marketing Retail	11.0

Interactive Media & Services	10.3

Technology Hardware, Storage & Peripherals	10.2

IT Services	7.0

Semiconductors & Semiconductor Equipment	6.7

Biotechnology	5.8

Health Care Providers & Services	5.6

Specialty Retail	3.6

Entertainment	2.5

Life Sciences Tools & Services	2.3

Automobiles	1.8

Capital Markets	1.4

Multiline Retail	1.2

Pharmaceuticals	1.2

Media	1.1

Health Care Equipment & Supplies	1.0

Aerospace & Defense	0.9

Electronic Equipment, Instruments & Components	0.6

Health Care Technology	0.6



Hotels, Restaurants & Leisure	0.6	%

Personal Products	0.6

Beverages	0.5

Construction & Engineering	0.5

Leisure Products	0.5

Professional Services	0.5

Food & Staples Retailing	0.4

Household Products	0.4

Textiles, Apparel & Luxury Goods	0.4

Metals & Mining	0.3

Consumer Finance	0.2

Road & Rail	0.2

Equity Real Estate Investment Trusts	0.1

Oil, Gas & Consumable Fuels	0.1

Diversified Consumer Services	0.0	‡

Exchange- Traded Fund	0.0	‡

Short-Term Investment	0.0	‡

Other Assets, Less Liabilities	–0.2

	100.0	%

See Portfolio of Investments beginning on page 10 for specific holdings within these categories. The Fund’s holdings are subject to change.

‡	Less than one-tenth of a percent.

Top Ten Holdings as of October 31, 2020 (excluding short-term investment) (Unaudited)

1.	Apple, Inc.

2.	Microsoft Corp.

3.	Amazon.com, Inc.

4.	Alphabet, Inc.

5.	Facebook, Inc., Class A

6.	NVIDIA Corp.

7.	PayPal Holdings, Inc.

8.	Visa, Inc., Class A

9.	Tesla, Inc.

10.	Mastercard, Inc., Class A


8		MainStay MacKay Growth Fund

Portfolio Management Discussion and Analysis (Unaudited)

Questions answered by portfolio managers Migene Kim, CFA, and Mona Patni of MacKay Shields LLC, the Fund’s Subadvisor.

How did MainStay MacKay Growth Fund perform relative to its benchmarks and peer group during the 12 months ended October 31, 2020?

For the 12 months ended October 31, 2020, Class I shares of MainStay MacKay Growth Fund returned 22.53%, underperforming the 29.22% return of the Fund’s primary benchmark, the Russell 1000^® Growth Index and outperforming the 9.71% return of the Fund’s secondary benchmark, the S&P 500^® Index. Over the same period, Class I shares underperformed the 25.92% return of the Morningstar Large Growth Category Average.¹

What factors affected the Fund’s relative performance during the reporting period?

During the reporting period, market dynamics were influenced by several significant exogenous factors, most prominently the global COVID-19 pandemic, international trade disputes and uncertainties regarding the U.S. presidential election. Although U.S. equities proved quite resilient during the reporting period, markets were subject to many volatility surges, abrupt short-term style gyrations and frequent risk-appetite reversals. Large-cap growth stocks were the definitive winner both before and after the pandemic-driven market sell-off as investors piled onto familiar technology and Internet names that were seen as less impacted by “contact economy.” Similarly, investors penalized smaller and cheaper stocks, deeming them comparatively risky. These extreme market conditions led to a collapse in market breadth, diminished diversification and factor dislocations, which provided a challenging backdrop for the Fund’s diversified stock selection framework.

As investors’ demand for large-cap growth assets remained unabated, further reinforced by the work-from-home trend and the powerful rally of select bellwether names such as Apple and Amazon.com during the reporting period, the underlying growth benchmark itself became increasingly more concentrated. This led the Fund to hold significantly underweight exposure to the top weights in the Russell 1000^® Growth Index, presenting headwinds both in terms of performance and risk controls.

During the reporting period, which sectors were the strongest positive contributors to the Fund’s relative performance, and which sectors were particularly weak?

During the reporting period, the strongest positive contributions to the Fund’s performance relative to the Russell 1000^® Growth Index came from the materials and utilities sectors.

(Contributions take weightings and total returns into account.) During the same period, the most significant detractors from relative performance were the information technology, health care and consumer discretionary sectors.

During the reporting period, which individual stocks made the strongest positive contributions to the Fund’s absolute performance and which stocks detracted the most?

The individual stocks that made the strongest positive contributions to the Fund’s absolute performance during the reporting period included technology hardware, storage & peripherals maker Apple; Internet & direct marketing retailer Amazon.com; and systems software developer Microsoft. The stocks that detracted most significantly from the Fund’s absolute performance during the same period were hotels, resorts & cruise line operator Norwegian Cruise Line; life & health insurer Athene; and aerospace & defense contractor Boeing.

What were some of the Fund’s largest purchases and sales during the reporting period?

During the reporting period, the Fund’s largest initial purchase was in electric car maker Tesla, while its largest increased position was in Apple, mentioned above. During the same period, the Fund sold its full position in semiconductor manufacturer Texas Instruments, while its most significantly reduced position size was in REIT (real estate investment trust) American Tower.

How did the Fund’s sector and/or country weightings change during the reporting period?

The Fund’s largest increases in sector exposures relative to the Russell 1000^® Growth Index were in health care and communication services. The Fund’s largest decreases in benchmark-relative sector exposures were in consumer staples and information technology.

How was the Fund positioned at the end of the reporting period?

As of October 31, 2020, the Fund held its largest overweight exposures relative to the Russell 1000^® Growth Index in the consumer discretionary and health care sectors. As of the same date, the Fund held its most significantly underweight exposures relative to the Russell 1000^® Growth Index in the consumer staples and industrials sectors.

1.	See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 for more information on benchmark and peer group returns.


			9

Portfolio of Investments October 31, 2020



	Shares		Value
Common Stocks 100.2%†
Aerospace & Defense 0.9%
Lockheed Martin Corp.		19,091	$	6,684,332


Automobiles 1.8%
Tesla, Inc. (a)		35,167		13,646,203


Beverages 0.5%
Coca-Cola Co.		23,014		1,106,053
PepsiCo., Inc.		17,036		2,270,728

				3,376,781

Biotechnology 5.8%
AbbVie, Inc.		45,866		3,903,197
Alexion Pharmaceuticals, Inc. (a)		36,589		4,212,857
Alkermes PLC (a)		125,142		2,033,558
Amgen, Inc.		30,349		6,583,912
Biogen, Inc. (a)		17,604		4,437,440
Exelixis, Inc. (a)		183,200		3,751,936
Incyte Corp. (a)		57,298		4,964,299
Moderna, Inc. (a)		13,504		911,115
Regeneron Pharmaceuticals, Inc. (a)		12,022		6,534,678
Seagen, Inc. (a)		5,785		964,938
United Therapeutics Corp. (a)		827		111,008
Vertex Pharmaceuticals, Inc. (a)		25,376		5,287,343

				43,696,281

Capital Markets 1.4%
LPL Financial Holdings, Inc.		55,223		4,413,975
S&P Global, Inc.		18,725		6,043,119

				10,457,094

Construction & Engineering 0.5%
Quanta Services, Inc.		55,444		3,461,369


Consumer Finance 0.2%
SLM Corp.		177,754		1,633,559


Diversified Consumer Services 0.0%‡
Graham Holdings Co., Class B		747		284,114


Electronic Equipment, Instruments & Components 0.6%
Jabil, Inc.		121,544		4,027,968
SYNNEX Corp.		4,101		539,856

				4,567,824

Entertainment 2.5%
Activision Blizzard, Inc.		17,935		1,358,218
Electronic Arts, Inc. (a)		32,066		3,842,469
Lions Gate Entertainment Corp., Class B (a)		203,596		1,276,547
Netflix, Inc. (a)		11,479		5,461,019
Roku, Inc. (a)		5,020		1,016,048
Spotify Technology S.A. (a)		4,318		1,035,845



	Shares		Value
Entertainment (continued)
Take-Two Interactive Software, Inc. (a)		30,265	$	4,688,654

				18,678,800

Equity Real Estate Investment Trusts 0.1%
American Tower Corp.		3,471		797,115


Food & Staples Retailing 0.4%
Costco Wholesale Corp.		8,336		2,981,120
Sprouts Farmers Market, Inc. (a)		3,949		75,229

				3,056,349

Health Care Equipment & Supplies 1.0%
Hill-Rom Holdings, Inc.		5,930		540,045
Hologic, Inc. (a)		52,241		3,595,226
West Pharmaceutical Services, Inc.		13,087		3,560,580

				7,695,851

Health Care Providers & Services 5.6%
Amedisys, Inc. (a)		9,478		2,454,802
Anthem, Inc.		18,068		4,928,951
Cardinal Health, Inc.		84,994		3,891,875
Centene Corp. (a)		57,723		3,411,429
HCA Healthcare, Inc.		40,627		5,035,311
Humana, Inc.		12,622		5,039,712
McKesson Corp.		33,925		5,003,598
Molina Healthcare, Inc. (a)		14,349		2,675,658
UnitedHealth Group, Inc.		31,900		9,733,966

				42,175,302

Health Care Technology 0.6%
Cerner Corp.		21,624		1,515,626
Veeva Systems, Inc., Class A (a)		12,417		3,353,211

				4,868,837

Hotels, Restaurants & Leisure 0.6%
Domino’s Pizza, Inc.		11,866		4,489,145


Household Products 0.4%
Procter & Gamble Co.		21,590		2,959,989


Interactive Media & Services 10.3%
Alphabet, Inc. (a)
Class A		11,134		17,993,769
Class C		13,062		21,173,632
Facebook, Inc., Class A (a)		130,801		34,415,051
Zillow Group, Inc., Class A (a)		41,802		3,734,173

				77,316,625

Internet & Direct Marketing Retail 11.0%
Amazon.com, Inc. (a)		19,910		60,449,746
Booking Holdings, Inc. (a)		4,447		7,215,258
eBay, Inc.		108,954		5,189,479
Etsy, Inc. (a)		36,387		4,424,295


10		MainStay MacKay Growth Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.



	Shares		Value
Common Stocks (continued)
Internet & Direct Marketing Retail (continued)
Qurate Retail, Inc., Series A		587,676	$	3,978,567
Wayfair, Inc., Class A (a)		4,015		995,840

				82,253,185

IT Services 7.0%
Accenture PLC, Class A		11,015		2,389,264
DXC Technology Co.		127,850		2,354,997
GoDaddy, Inc., Class A (a)		64,300		4,548,582
Leidos Holdings, Inc.		4,571		379,393
Mastercard, Inc., Class A		41,964		12,112,489
PayPal Holdings, Inc. (a)		78,570		14,624,234
Twilio, Inc., Class A (a)		5,427		1,513,970
Visa, Inc., Class A		80,292		14,589,859

				52,512,788

Leisure Products 0.5%
Polaris, Inc.		42,500		3,861,550


Life Sciences Tools & Services 2.3%
Bruker Corp.		29,821		1,268,585
Charles River Laboratories International, Inc. (a)		20,556		4,680,601
IQVIA Holdings, Inc. (a)		30,168		4,645,570
PPD, Inc. (a)		53,876		1,771,443
PRA Health Sciences, Inc. (a)		42,729		4,163,514
Thermo Fisher Scientific, Inc.		1,133		536,045

				17,065,758

Media 1.1%
Altice U.S.A., Inc., Class A (a)		63,528		1,712,080
Charter Communications, Inc., Class A (a)		10,667		6,440,948

				8,153,028

Metals & Mining 0.3%
Newmont Corp.		34,941		2,195,692


Multiline Retail 1.2%
Dollar General Corp.		32,140		6,707,940
Target Corp.		16,583		2,524,264

				9,232,204

Oil, Gas & Consumable Fuels 0.1%
Cheniere Energy, Inc. (a)		10,984		525,804


Personal Products 0.6%
Herbalife Nutrition, Ltd. (a)		67,297		3,037,787
Nu Skin Enterprises, Inc., Class A		28,704		1,416,542

				4,454,329

Pharmaceuticals 1.2%
Eli Lilly & Co.		26,184		3,415,965
Merck & Co., Inc.		55,274		4,157,157



	Shares		Value
Pharmaceuticals (continued)
Zoetis, Inc.		7,600	$	1,204,980

				8,778,102

Professional Services 0.5%
ManpowerGroup, Inc.		58,892		3,997,000


Road & Rail 0.2%
Schneider National, Inc., Class B		56,282		1,241,581


Semiconductors & Semiconductor Equipment 6.7%
Advanced Micro Devices, Inc. (a)		41,091		3,093,741
Applied Materials, Inc.		75,728		4,485,370
Broadcom, Inc.		29,340		10,258,144
KLA Corp.		18,522		3,652,168
NVIDIA Corp.		35,981		18,039,434
QUALCOMM, Inc.		89,296		11,015,555

				50,544,412

Software 20.1%
Adobe, Inc. (a)		18,820		8,414,422
Alteryx, Inc., Class A (a)		2,470		309,615
Anaplan, Inc. (a)		6,225		344,554
Atlassian Corp. PLC, Class A (a)		6,033		1,156,043
Autodesk, Inc. (a)		25,668		6,045,841
Cadence Design Systems, Inc. (a)		6,498		710,686
CDK Global, Inc.		59,631		2,570,096
Citrix Systems, Inc.		32,482		3,679,236
Coupa Software, Inc. (a)		3,156		844,861
DocuSign, Inc. (a)		8,450		1,709,013
Dropbox, Inc., Class A (a)		231,915		4,234,768
Fair Isaac Corp. (a)		6,773		2,651,291
Fortinet, Inc. (a)		42,137		4,650,661
Manhattan Associates, Inc. (a)		14,670		1,254,285
Microsoft Corp.		352,101		71,289,889
Oracle Corp.		10,655		597,852
Proofpoint, Inc. (a)		42,977		4,114,618
RingCentral, Inc., Class A (a)		3,683		951,466
salesforce.com, Inc. (a)		38,188		8,869,927
ServiceNow, Inc. (a)		17,832		8,872,668
SS&C Technologies Holdings, Inc.		23,506		1,392,025
Synopsys, Inc. (a)		17,220		3,682,669
Workday, Inc., Class A (a)		27,621		5,803,725
Zendesk, Inc. (a)		5,446		604,179
Zoom Video Communications, Inc., Class A (a)		13,519		6,231,042

				150,985,432

Specialty Retail 3.6%
AutoNation, Inc. (a)		73,216		4,153,544
Best Buy Co., Inc.		40,313		4,496,915
Home Depot, Inc.		15,727		4,194,548
Lowe’s Cos., Inc.		62,068		9,812,951
Tractor Supply Co.		35,418		4,718,032

				27,375,990


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					11

Portfolio of Investments October 31, 2020 (continued)



	Shares			Value
Common Stocks (continued)
Technology Hardware, Storage & Peripherals 10.2%
Apple, Inc.		701,341		$	76,347,981


Textiles, Apparel & Luxury Goods 0.4%
NIKE, Inc., Class B		24,420			2,932,354

Total Common Stocks (Cost $441,343,000)					752,302,760


Exchange-Traded Fund 0.0%‡
iShares Russell 1000 Growth ETF		471			98,712

Total Exchange-Traded Fund (Cost $62,016)					98,712


Short-Term Investment 0.0%‡
Affiliated Investment Company 0.0%‡
MainStay U.S. Government Liquidity Fund, 0.02% (b)		16,205			16,205

Total Short-Term Investment (Cost $16,205)					16,205

Total Investments (Cost $441,421,221)		100.2	%		752,417,677
Other Assets, Less Liabilities		(0.2	)		(1,144,925	)
Net Assets		100.0	%	$	751,272,752

†	Percentages indicated are based on Fund net assets.

‡	Less than one-tenth of a percent.

(a)	Non-income producing security.

(b)	Current yield as of October 31, 2020.

The following abbreviation is used in the preceding pages:

ETF—Exchange-Traded Fund

The following is a summary of the fair valuations according to the inputs used as of October 31, 2020, for valuing the Fund’s assets:


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	$	752,302,760	$	—	$	—	$	752,302,760
Exchange-Traded Fund		98,712		—		—		98,712
Short-Term Investment
Affiliated Investment Company		16,205		—		—		16,205

Total Investments in Securities	$	752,417,677	$	—	$	—	$	752,417,677

(a)	For a complete listing of investments and their industries, see the Portfolio of Investments.


12		MainStay MacKay Growth Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Statement of Assets and Liabilities as of October 31, 2020


Assets
Investment in unaffiliated securities, at value (identified cost $441,405,016)	$	752,401,472
Investment in affiliated investment company, at value (identified cost $16,205)		16,205
Receivables:
Dividends		143,352
Fund shares sold		112,090
Securities lending		15
Other assets		20,102

Total assets		752,693,236


Liabilities
Payables:
Fund shares redeemed		557,432
Manager (See Note 3)		463,477
NYLIFE Distributors (See Note 3)		159,517
Transfer agent (See Note 3)		154,488
Shareholder communication		48,427
Professional fees		28,432
Custodian		4,666
Trustees		1,028
Accrued expenses		3,017

Total liabilities		1,420,484

Net assets	$	751,272,752


Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	17,667
Additional paid-in capital		414,387,530

		414,405,197
Total distributable earnings (loss)		336,867,555

Net assets	$	751,272,752


Class A
Net assets applicable to outstanding shares	$	531,715,184

Shares of beneficial interest outstanding		12,492,488

Net asset value per share outstanding	$	42.56
Maximum sales charge (5.50% of offering price)		2.48

Maximum offering price per share outstanding	$	45.04

Investor Class
Net assets applicable to outstanding shares	$	97,708,831

Shares of beneficial interest outstanding		2,332,518

Net asset value per share outstanding	$	41.89
Maximum sales charge (5.00% of offering price)		2.20

Maximum offering price per share outstanding	$	44.09

Class B
Net assets applicable to outstanding shares	$	16,381,791

Shares of beneficial interest outstanding		420,435

Net asset value and offering price per share outstanding	$	38.96

Class C
Net assets applicable to outstanding shares	$	3,068,128

Shares of beneficial interest outstanding		78,776

Net asset value and offering price per share outstanding	$	38.95

Class I
Net assets applicable to outstanding shares	$	102,290,023

Shares of beneficial interest outstanding		2,339,856

Net asset value and offering price per share outstanding	$	43.72

Class R2
Net assets applicable to outstanding shares	$	108,795

Shares of beneficial interest outstanding		2,575

Net asset value and offering price per share outstanding (a)	$	42.24

(a)	The difference between the recalculated and stated NAV was caused by rounding.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					13

Statement of Operations for the year ended October 31, 2020


Investment Income (Loss)
Income
Dividends-unaffiliated	$	7,833,078
Dividends-affiliated		1,011
Securities lending		137
Other		127

Total income		7,834,353

Expenses
Manager (See Note 3)		5,074,101
Distribution/Service—Class A (See Note 3)		1,196,427
Distribution/Service—Investor Class (See Note 3)		266,747
Distribution/Service—Class B (See Note 3)		175,039
Distribution/Service—Class C (See Note 3)		31,256
Distribution/Service—Class R2 (See Note 3)		177
Transfer agent (See Note 3)		895,816
Professional fees		108,653
Registration		98,461
Shareholder communication		71,115
Custodian		29,434
Trustees		17,666
Shareholder service (See Note 3)		71
Miscellaneous		34,333

Total expenses before waiver/reimbursement		7,999,296
Expense waiver/reimbursement from Manager (See Note 3)		(92,008	)

Net expenses		7,907,288

Net investment income (loss)		(72,935	)


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on unaffiliated investments		29,311,805
Net change in unrealized appreciation (depreciation) on unaffiliated investments		121,106,263

Net realized and unrealized gain (loss)		150,418,068

Net increase (decrease) in net assets resulting from operations	$	150,345,133


14		MainStay MacKay Growth Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Statements of Changes in Net Assets

for the years ended October 31, 2020 and October 31, 2019


	2020			2019
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	(72,935	)	$	1,837,673
Net realized gain (loss)		29,311,805			24,123,585
Net change in unrealized appreciation (depreciation)		121,106,263			35,653,377

Net increase (decrease) in net assets resulting from operations		150,345,133			61,614,635

Distributions to shareholders:
Class A		(15,403,716	)		(39,089,823	)
Investor Class		(3,676,176	)		(9,719,648	)
Class B		(628,523	)		(2,226,518	)
Class C		(104,423	)		(470,307	)
Class I		(5,087,745	)		(8,223,341	)
Class R2		(2,047	)		(5,344	)

Total distributions to shareholders		(24,902,630	)		(59,734,981	)

Capital share transactions:
Net proceeds from sale of shares		36,498,118			147,078,395
Net asset value of shares issued to shareholders in reinvestment of distributions		24,744,914			59,305,848
Cost of shares redeemed		(144,222,198	)		(156,159,398	)

Increase (decrease) in net assets derived from capital share transactions		(82,979,166	)		50,224,845

Net increase (decrease) in net assets		42,463,337			52,104,499

Net Assets
Beginning of year		708,809,415			656,704,916

End of year	$	751,272,752		$	708,809,415


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					15

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class A	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	36.07		$	36.41		$	34.18		$	29.07		$	32.33


Net investment income (loss) (a)		(0.00	)‡		0.10			0.09			0.12			(0.04	)

Net realized and unrealized gain (loss) on investments		7.78			2.87			3.47			7.39			(0.97	)


Total from investment operations		7.78			2.97			3.56			7.51			(1.01	)


Less distributions:

From net investment income		(0.16	)		(0.06	)		(0.02	)		—			—

From net realized gain on investments		(1.13	)		(3.25	)		(1.31	)		(2.40	)		(2.25	)


Total distributions		(1.29	)		(3.31	)		(1.33	)		(2.40	)		(2.25	)


Net asset value at end of year	$	42.56		$	36.07		$	36.41		$	34.18		$	29.07


Total investment return (b)		22.21	%		8.90	%		10.74	%		27.88	%		(3.39	%)

Ratios of net investment income (loss) to average net assets:

Before waivers and reimbursements		0.01	%		0.30	%		0.23	%		0.39	%		(0.15	%)

After expense waivers and reimbursements		0.01	%		0.30	%		0.23	%		0.39	%		(0.14	%)(c)

Ratios of expenses to average net assets:

Before waivers/reimbursements (d)		1.04	%		1.06	%		1.06	%		1.09	%		1.16	%

After waivers/reimbursements (d)		1.04	%		1.06	%		1.06	%		1.09	%		1.15	% (e)

Portfolio turnover rate		150	%		153	%		116	%		139	%		137	%

Net assets at end of year (in 000’s)	$	531,715		$	436,508		$	431,854		$	391,245		$	260,670

‡	Less than one cent per share.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(c)	Without the custody fee reimbursement, net investment income (loss) would have been (0.15)%.

(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)	Without the custody fee reimbursement, net expenses After expense waivers and reimbursements would have been 1.16%.



	Year ended October 31,

Investor Class	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	35.53		$	35.94		$	33.82		$	28.86		$	32.17


Net investment income (loss) (a)		(0.10	)		0.01			0.00	‡		0.06			(0.10	)

Net realized and unrealized gain (loss) on investments		7.65			2.83			3.43			7.30			(0.96	)


Total from investment operations		7.55			2.84			3.43			7.36			(1.06	)


Less distributions:

From net investment income		(0.06	)		—			—			—			—

From net realized gain on investments		(1.13	)		(3.25	)		(1.31	)		(2.40	)		(2.25	)


Total distributions		(1.19	)		(3.25	)		(1.31	)		(2.40	)		(2.25	)


Net asset value at end of year	$	41.89		$	35.53		$	35.94		$	33.82		$	28.86


Total investment return (b)		21.84	%		8.61	%		10.47	%		27.54	%		(3.60	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		(0.26	%)		0.03	%		0.01	%		0.21	%		(0.34	%)

Net expenses (c)		1.34	%		1.33	%		1.31	%		1.35	%		1.35	%

Expenses (before waiver/reimbursement) (c)		1.41	%		1.42	%		1.37	%		1.35	%		1.35	%

Portfolio turnover rate		150	%		153	%		116	%		139	%		137	%

Net assets at end of year (in 000’s)	$	97,709		$	110,762		$	108,043		$	134,867		$	200,772

‡	Less than one cent per share.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.


16		MainStay MacKay Growth Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class B	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	33.31		$	34.13		$	32.42		$	27.95		$	31.45


Net investment income (loss) (a)		(0.36	)		(0.22	)		(0.26	)		(0.16	)		(0.30	)

Net realized and unrealized gain (loss) on investments		7.14			2.65			3.28			7.03			(0.95	)


Total from investment operations		6.78			2.43			3.02			6.87			(1.25	)


Less distributions:

From net realized gain on investments		(1.13	)		(3.25	)		(1.31	)		(2.40	)		(2.25	)


Net asset value at end of year	$	38.96		$	33.31		$	34.13		$	32.42		$	27.95


Total investment return (b)		20.93	%		7.79	%		9.63	%		26.61	%		(4.30	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		(1.01	%)		(0.69	%)		(0.74	%)		(0.56	%)		(1.09	%)

Net expenses (c)		2.08	%		2.08	%		2.06	%		2.10	%		2.10	%

Expenses (before waiver/reimbursement) (c)		2.15	%		2.18	%		2.12	%		2.10	%		2.10	%

Portfolio turnover rate		150	%		153	%		116	%		139	%		137	%

Net assets at end of year (in 000’s)	$	16,382		$	18,749		$	23,554		$	30,064		$	33,468

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(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	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	33.30		$	34.12		$	32.41		$	27.94		$	31.44


Net investment income (loss) (a)		(0.36	)		(0.21	)		(0.27	)		(0.17	)		(0.31	)

Net realized and unrealized gain (loss) on investments		7.14			2.64			3.29			7.04			(0.94	)


Total from investment operations		6.78			2.43			3.02			6.87			(1.25	)


Less distributions:

From net realized gain on investments		(1.13	)		(3.25	)		(1.31	)		(2.40	)		(2.25	)


Net asset value at end of year	$	38.95		$	33.30		$	34.12		$	32.41		$	27.94


Total investment return (b)		20.94	%		7.80	%		9.63	%		26.62	%		(4.34	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		(1.02	%)		(0.67	%)		(0.77	%)		(0.58	%)		(1.10	%)

Net expenses (c)		2.08	%		2.08	%		2.06	%		2.10	%		2.10	%

Expenses (before waiver/reimbursement) (c)		2.15	%		2.18	%		2.12	%		2.10	%		2.10	%

Portfolio turnover rate		150	%		153	%		116	%		139	%		137	%

Net assets at end of year (in 000’s)	$	3,068		$	3,144		$	5,331		$	4,884		$	4,831

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(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.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					17

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class I	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	37.01		$	37.28		$	34.96		$	29.62		$	32.83


Net investment income (loss) (a)		0.11			0.19			0.18			0.20			(0.02	)

Net realized and unrealized gain (loss) on investments		7.97			2.95			3.55			7.54			(0.94	)


Total from investment operations		8.08			3.14			3.73			7.74			(0.96	)


Less distributions:

From net investment income		(0.24	)		(0.16	)		(0.10	)		—			—

From net realized gain on investments		(1.13	)		(3.25	)		(1.31	)		(2.40	)		(2.25	)


Total distributions		(1.37	)		(3.41	)		(1.41	)		(2.40	)		(2.25	)


Net asset value at end of year	$	43.72		$	37.01		$	37.28		$	34.96		$	29.62


Total investment return (b)		22.53	%		9.18	%		11.03	%		28.16	%		(3.17	%)

Ratios of net investment income (loss) to average net assets:

Before waivers and reimbursements		0.28	%		0.53	%		0.49	%		0.62	%		(0.12	%)

After expense waivers and reimbursements		0.28	%		0.53	%		0.49	%		0.62	%		(0.07	%)

Ratios of expenses to average net assets:

Before waivers/reimbursements (c)		0.79	%		0.81	%		0.81	%		0.83	%		0.98	%

After waivers/reimbursements (c)		0.79	%		0.81	%		0.81	%		0.83	%		0.92	%

Portfolio turnover rate		150	%		153	%		116	%		139	%		137	%

Net assets at end of year (in 000’s)	$	102,290		$	139,588		$	87,866		$	87,115		$	15,473

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized.

(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.



	Year ended October 31,

Class R2	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	35.81		$	36.16		$	33.97		$	28.94		$	32.22


Net investment income (loss) (a)		(0.04	)		0.07			0.05			0.09			(0.06	)

Net realized and unrealized gain (loss) on investments		7.72			2.86			3.45			7.34			(0.97	)


Total from investment operations		7.68			2.93			3.50			7.43			(1.03	)


Less distributions:

From net investment income		(0.12	)		(0.03	)		—			—			—

From net realized gain on investments		(1.13	)		(3.25	)		(1.31	)		(2.40	)		(2.25	)


Total distributions		(1.25	)		(3.28	)		(1.31	)		(2.40	)		(2.25	)


Net asset value at end of year	$	42.24		$	35.81		$	36.16		$	33.97		$	28.94


Total investment return (b)		22.08	%		8.81	%		10.64	%		27.72	%		(3.46	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		(0.11	%)		0.21	%		0.13	%		0.31	%		(0.23	%)

Net expenses (c)		1.14	%		1.16	%		1.16	%		1.19	%		1.24	%

Portfolio turnover rate		150	%		153	%		116	%		139	%		137	%

Net assets at end of year (in 000’s)	$	109		$	59		$	58		$	52		$	38

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. 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.


18		MainStay MacKay Growth Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Notes to Financial Statements

Note 1–Organization and Business

The Fund currently has eight classes of shares registered for sale. Investor Class, Class B, Class C and Class R2 were first offered as of the close of business on January 18, 2013. Class A shares commenced operations on August 7, 2006. Class I shares commenced operations on November 2, 2009. Class R6 shares were registered for sale effective as of February 28, 2017. As of October 31, 2020, Class R6 were not yet offered for sale. SIMPLE Class shares were registered for sale effective as of August 31, 2020. As of October 31, 2020, SIMPLE Class shares were not yet offered for sale.

Class A and Investor Class shares are offered at net asset value (“NAV”) per share plus an initial sales charge. No initial sales charge applies to investments of $1 million or more (and certain other qualified purchases) in Class A and Investor Class shares. However, a CDSC 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 Class C shares are offered at NAV without an initial sales charge, although a 1.00% CDSC may be imposed on certain redemptions of such shares made within one year of the date of purchase of Class C shares. When Class B shares were offered, they were offered at NAV without an initial sales charge, although a CDSC that declines depending on the number of years a shareholder held its Class B shares may be imposed on certain redemptions of such shares made within six years of the date of purchase of such shares. Class I and Class R2 shares are offered at NAV without a sales charge. Class R6 and SIMPLE Class shares are currently expected to be offered at NAV without a sales charge. Depending upon eligibility, Class B shares convert to either Class A or Investor Class shares at the end of the calendar quarter eight years after the date they were purchased. In addition, depending upon eligibility, Class C shares convert to either Class A or Investor Class shares at the end of the calendar quarter ten years after the date they were purchased. Additionally, Investor Class shares may convert automatically to Class A shares. Under certain

circumstances and as may be permitted by the Trust’s multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under a distribution plan pursuant to Rule 12b-1 under the 1940 Act, Class B and Class C shares are subject to higher distribution and/or service fees than Class A, Investor Class, Class R2 and SIMPLE Class shares. Class I and Class R6 shares are not subject to a distribution and/or service fee. Class R2 shares are subject to a shareholder service fee. This is in addition to any fees paid under a distribution plan, where applicable.

The Fund’s investment objective is to seek long-term growth of capital.

Note 2–Significant Accounting Policies

The Board of Trustees of the Trust (the “Board”) adopted procedures establishing methodologies for the valuation of the Fund’s securities and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Trust (the “Valuation Committee”). The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for the day-to-day valuation of portfolio assets (including fair value measurements for the Fund’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)). To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Fund’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources.


			19

Notes to Financial Statements (continued)

appropriate, the reasonableness of the valuation based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. Any action taken by the Subcommittee with respect to the valuation of a portfolio security or other asset is submitted for review and ratification (if appropriate) to the Valuation Committee and the Board at the next regularly scheduled meeting.

•

Level 1—quoted prices in active markets for an identical asset or liability

•

Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:


• Broker/dealer quotes		• Benchmark securities
• Two-sided markets		• Reference data (corporate actions or material event notices)
• Bids/offers		• Monthly payment information
• Industry and economic events		• Reported trades

An asset or liability for which market values cannot be measured using the methodologies described above is valued by methods deemed reasonable in good faith by the Valuation Committee, following the

procedures established by the Board, to represent fair value. Under these procedures, the Fund generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Discounts may also be applied due to the nature and/or duration of any restrictions on the disposition of the asset or liability. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Fund’s valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Fund’s valuation procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security’s sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the year ended October 31, 2020, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. No securities held by the Fund as of October 31, 2020 were fair valued in such a manner.


20		MainStay MacKay Growth Fund

The Manager evaluates the Fund’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund’s financial statements. The Fund’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare and pay dividends from net investment income and distributions from net realized capital and currency gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

Investment income and realized and unrealized gains and losses on investments of the Fund are allocated pro rata to the separate classes of

shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

(G) Repurchase Agreements. The Fund may enter into repurchase agreements (i.e., buy a security from another party with the agreement that it will be sold back in the future) to earn income. The Fund may enter into repurchase agreements only with counterparties, usually financial institutions, that are deemed by the Manager or the Subadvisor to be creditworthy, pursuant to guidelines established by the Board. During the term of any repurchase agreement, the Manager or the Subadvisor will continue to monitor the creditworthiness of the counterparty. Under the 1940 Act, repurchase agreements are considered to be collateralized loans by the Fund to the counterparty secured by the securities transferred to the Fund.

Repurchase agreements are subject to counterparty risk, meaning the Fund could lose money by the counterparty’s failure to perform under the terms of the agreement. The Fund mitigates this risk by ensuring the repurchase agreement is collateralized by cash, U.S. government securities, fixed income securities and/or other securities. The collateral is held by the Fund’s custodian and valued daily on a mark to market basis to determine if the value, including accrued interest, exceeds the repurchase price. In the event of the counterparty’s default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, such as in the event of default or bankruptcy by the counterparty, realization and/or retention of the collateral may be limited or subject to delay, to legal proceedings and possible realized loss to the Fund. As of October 31, 2020, the Fund did not hold any repurchase agreements.


			21

Notes to Financial Statements (continued)

lending agent change), acting as securities lending agent on behalf of the Fund. Under the current arrangement, State Street will manage the Fund’s collateral in accordance with the securities lending agency agreement between the Fund and State Street, and indemnify the Fund against counterparty risk. The loans will be collateralized by cash (which may be invested in a money market fund) and/or non-cash collateral (which may include U.S. Treasury securities and/or U.S. government agency securities issued or guaranteed by the United States government or its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. The Fund bears the risk of delay in recovery of, or loss of rights in, the securities loaned. The Fund may also record a realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. The Fund bears the risk of any loss on investment of cash collateral. The Fund will receive compensation for lending its securities in the form of fees or it will retain a portion of interest earned on the investment of any cash collateral. The Fund will also continue to receive interest and dividends on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Fund. Income earned from securities lending activities, if any, is reflected in the Statement of Operations. As of October 31, 2020, the Fund did not have any portfolio securities on loan.

Note 3–Fees and Related Party Transactions

(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company (“New York Life”), serves as the Fund’s Manager, pursuant to an Amended and Restated Management Agreement (“Management Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services, and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. MacKay Shields LLC (“MacKay Shields or the “Subadvisor”), a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life, serves as Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of an Amended and Restated Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and MacKay Shields, New York Life Investments pays for the services of the Subadvisor.

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of the Fund’s average daily net assets as follows: 0.70% up to $500 million; 0.65% from $500 million to $1 billion; 0.625% from $1 billion to $2 billion; and 0.60% in excess of $2 billion. During the year ended October 31, 2020, the effective management fee rate (exclusive of any applicable waivers/reimbursements) was 0.68%.

Additionally, New York Life Investments has agreed to voluntarily 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) applicable to Class I shares do not exceed 0.92% of its average daily net assets of the Fund’s Class I shares. This voluntary waiver or reimbursement may be discontinued at any time without notice.

During the year ended October 31, 2020, New York Life Investments earned fees from the Fund in the amount of $5,074,101 and waived fees and/or reimbursed expenses, including the voluntary waiver/reimbursement of certain class specific expenses in the amount of $92,008 and paid the Subadvisor in the amount of $2,491,046.

Pursuant to the Class A, Investor Class and Class R2 Plans, the Distributor receives a monthly distribution fee from the Class A, Investor Class


22		MainStay MacKay Growth Fund

and Class R2 shares at an annual rate of 0.25% of the average daily net assets of the Class A, Investor Class and Class R2 shares for distribution and/or service activities as designated by the Distributor. Pursuant to the Class B and Class C Plans, Class B and Class C shares pay the Distributor a monthly distribution fee at an annual rate of 0.75% of the average daily net assets of the Class B and Class C shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class B and Class C shares, for a total 12b-1 fee of 1.00%. Class I shares are not subject to a distribution and/or service fee.

In accordance with the Shareholder Services Plan for the Class R2 shares, the Manager has agreed to provide, through its affiliates or independent third parties, various shareholder and administrative support services to shareholders of the Class R2 shares. For its services, the Manager, its affiliates or independent third-party service providers are entitled to a Shareholder Service Fee accrued daily and paid monthly at an annual rate of 0.10% of the average daily net assets of the Class R2 shares. This is in addition to any fees paid under the Class R2 Plan.

During the year ended October 31, 2020, shareholder service fees incurred by the Fund were as follows:



Class R2	$	71

The Fund was also advised that the Distributor retained CDSCs on redemptions of Class A, Investor Class, Class B and Class C shares during the year ended October 31, 2020, of $92, $6, $7,058 and $402, respectively.

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of

New York Life Investments, is the Fund’s transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with DST Asset Manager Solutions, Inc. (“DST”), pursuant to which DST performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund’s share classes to a maximum of 0.35% of that share class’s average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until February 28, 2021, 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. During the year ended October 31, 2020, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:


Class	Expense		Waived
Class A	$	278,309	$	—
Investor Class		450,549		(77,103	)
Class B		73,910		(12,647	)
Class C		13,197		(2,258	)
Class I		79,810		—
Class R2		41		—


Affiliated Investment Company	Value, Beginning of Year		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Year		Dividend Income		Other Distributions		Shares End of Year
MainStay U.S. Government Liquidity Fund	$	29	$	31,786	$	(31,799	)	$	—	$	—	$	16	$	1	$	—		16

(G) Capital. As of October 31, 2020, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:



Class R2	$	60,473	55.6	%

Note 4–Federal Income Tax

As of October 31, 2020, the cost and unrealized appreciation (depreciation) of the Fund’s investment portfolio, including applicable


			23

Notes to Financial Statements (continued)

derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:


	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)

Investments in Securities	$	443,811,239	$	319,022,796	$	(10,416,358	)	$	308,606,438

As of October 31, 2020, the components of accumulated gain (loss) on a tax basis were as follows:


Ordinary Income	Accumulated Capital and Other Gain (Loss)	Other Temporary Differences	Unrealized Appreciation (Depreciation)	Total Accumulated Gain (Loss)

$ —	$28,261,117	$ —	$308,606,438	$336,867,555

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is primarily due to wash sale adjustments.


Total Distributable Earnings (Loss)		Additional Paid-In Capital

$(308,997)		$308,997

The reclassifications for the Fund are primarily due to equalization.

During the years ended October 31, 2020, and October 31, 2019, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets were as follows:


	2020		2019

Distributions paid from:
Ordinary Income	$	1,475,413	$	29,876,958
Long-Term Capital Gain		23,427,217		29,858,023
Total	$	24,902,630	$	59,734,981

Note 5–Custodian

Note 6–Line of Credit

Effective July 28, 2020, under the credit agreement (the “Credit Agreement”), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to JP Morgan Chase Bank NA, who serves as the agent to the syndicate. The commitment fee is allocated among the Fund and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Rate or the one-month London Interbank Offered Rate (“LIBOR”), whichever is higher. The Credit Agreement expires on July 27, 2021, although the Fund, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate of banks. Prior to July 28, 2020, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement, but State Street served as agent to the syndicate. During the year ended October 31, 2020, there were no borrowings made or outstanding with respect to the Fund under the Credit Agreement or the credit agreement for which State Street served as agent.

Note 7–Interfund Lending Program

Note 8–Purchases and Sales of Securities (in 000’s)

During the year ended October 31, 2020, purchases and sales of securities, other than short-term securities, were $1,107,743 and $1,215,071, respectively.


24		MainStay MacKay Growth Fund

Note 9–Capital Share Transactions

Transactions in capital shares for the years ended October 31, 2020, and October 31, 2019, were as follows:


Class A	Shares			Amount

Year ended October 31, 2020:
Shares sold		473,414		$	18,528,543
Shares issued to shareholders in reinvestment of distributions		425,258			15,262,561
Shares redeemed		(1,298,637	)		(49,809,704	)

Net increase (decrease) in shares outstanding before conversion		(399,965	)		(16,018,600	)
Shares converted into Class A (See Note 1)		826,899			33,047,928
Shares converted from Class A (See Note 1)		(35,553	)		(1,252,348	)

Net increase (decrease)		391,381		$	15,776,980

Year ended October 31, 2019:
Shares sold		1,228,978		$	43,512,659
Shares issued to shareholders in reinvestment of distributions		1,159,911			38,706,235
Shares redeemed		(2,262,231	)		(78,734,527	)

Net increase (decrease) in shares outstanding before conversion		126,658			3,484,367
Shares converted into Class A (See Note 1)		212,425			7,236,196
Shares converted from Class A (See Note 1)		(99,369	)		(3,391,088	)

Net increase (decrease)		239,714		$	7,329,475



Investor Class	Shares			Amount

Year ended October 31, 2020:
Shares sold		63,065		$	2,351,254
Shares issued to shareholders in reinvestment of distributions		103,520			3,666,605
Shares redeemed		(215,785	)		(8,192,794	)

Net increase (decrease) in shares outstanding before conversion		(49,200	)		(2,174,935	)
Shares converted into Investor Class (See Note 1)		29,114			1,058,148
Shares converted from Investor Class (See Note 1)		(765,119	)		(30,325,947	)

Net increase (decrease)		(785,205	)	$	(31,442,734	)

Year ended October 31, 2019:
Shares sold		364,193		$	12,722,734
Shares issued to shareholders in reinvestment of distributions		294,183			9,693,220
Shares redeemed		(570,354	)		(19,673,873	)

Net increase (decrease) in shares outstanding before conversion		88,022			2,742,081
Shares converted into Investor Class (See Note 1)		143,240			4,784,809
Shares converted from Investor Class (See Note 1)		(120,074	)		(4,079,243	)

Net increase (decrease)		111,188		$	3,447,647


Class B	Shares			Amount

Year ended October 31, 2020:
Shares sold		3,567		$	117,449
Shares issued to shareholders in reinvestment of distributions		18,907			627,151
Shares redeemed		(63,215	)		(2,234,960	)

Net increase (decrease) in shares outstanding before conversion		(40,741	)		(1,490,360	)
Shares converted from Class B (See Note 1)		(101,662	)		(3,490,030	)

Net increase (decrease)		(142,403	)	$	(4,980,390	)

Year ended October 31, 2019:
Shares sold		170,458		$	5,626,071
Shares issued to shareholders in reinvestment of distributions		71,379			2,219,881
Shares redeemed		(245,861	)		(8,022,985	)

Net increase (decrease) in shares outstanding before conversion		(4,024	)		(177,033	)
Shares converted from Class B (See Note 1)		(123,319	)		(3,835,165	)

Net increase (decrease)		(127,343	)	$	(4,012,198	)



Class C	Shares			Amount

Year ended October 31, 2020:
Shares sold		10,964		$	381,883
Shares issued to shareholders in reinvestment of distributions		3,102			102,837
Shares redeemed		(28,616	)		(1,034,924	)

Net increase (decrease) in shares outstanding before conversion		(14,550	)		(550,204	)
Shares converted from Class C (See Note 1)		(1,089	)		(37,131	)

Net increase (decrease)		(15,639	)	$	(587,335	)

Year ended October 31, 2019:
Shares sold		33,392		$	1,058,788
Shares issued to shareholders in reinvestment of distributions		15,030			467,279
Shares redeemed		(86,312	)		(2,715,460	)

Net increase (decrease) in shares outstanding before conversion		(37,890	)		(1,189,393	)
Shares converted from Class C (See Note 1)		(23,938	)		(742,206	)

Net increase (decrease)		(61,828	)	$	(1,931,599	)



Class I	Shares			Amount

Year ended October 31, 2020:
Shares sold		452,184		$	15,077,191
Shares issued to shareholders in reinvestment of distributions		138,219			5,083,713
Shares redeemed		(2,049,697	)		(82,944,646	)

Net increase in shares outstanding before conversion		(1,459,294	)		(62,783,742	)
Shares converted into Class I (See Note 1)		27,838			999,380

Net increase (decrease)		(1,431,456	)	$	(61,784,362	)

Year ended October 31, 2019:
Shares sold		2,525,805		$	84,153,853
Shares issued to shareholders in reinvestment of distributions		240,453			8,213,889
Shares redeemed		(1,352,577	)		(47,004,179	)

Net increase (decrease) in shares outstanding before conversion		1,413,681			45,363,563
Shares converted into Class I (See Note 1)		773			26,697

Net increase (decrease)		1,414,454		$	45,390,260


			25

Notes to Financial Statements (continued)


Class R2	Shares			Amount

Year ended October 31, 2020:
Shares sold		994		$	41,798
Shares issued to shareholders in reinvestment of distributions		57			2,047
Shares redeemed		(135	)		(5,170	)

Net increase (decrease)		916		$	38,675

Year ended October 31, 2019:
Shares sold		128		$	4,290
Shares issued to shareholders in reinvestment of distributions		161			5,344
Shares redeemed		(245	)		(8,374	)

Net increase (decrease)		44		$	1,260

Note 10–Recent Accounting Pronouncement

that are expected to be discontinued. ASU 2020-04 is effective immediately upon release of the update on March 12, 2020, through December 31, 2022. At this time, the Manager is evaluating the implications of certain other provisions of ASU 2020-04 related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

Note 11–Other Matters

Note 12–Subsequent Events

Effective at the close of business on November 20, 2020, all services provided by State Street were transitioned to JPMorgan Chase Bank, N.A.


26		MainStay MacKay Growth Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders of the Fund and Board of Trustees

MainStay Funds Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of MainStay MacKay Growth Fund (the Fund), one of the funds constituting MainStay Funds Trust, including the portfolio of investments, as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2020, by correspondence with the custodian and the transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

LOGO

We have served as the auditor of one or more New York Life Investment Management investment companies since 2003.

Philadelphia, Pennsylvania

December 23, 2020


			27

Federal Income Tax Information

(Unaudited)

The Fund is required under the Internal Revenue Code to advise shareholders in a written statement as to the federal tax status of dividends paid by the Fund during such fiscal years. Accordingly, the Fund paid $21,949,962 as long term capital gain distributions.

For the fiscal year ended October 31, 2020, the Fund designated approximately $1,475,413 under the Internal Revenue Code as qualified dividend income eligible for reduced tax rates.

The dividends paid by the Fund during the fiscal year ended October 31, 2020 should be multiplied by 100.00% to arrive at the amount eligible for the corporate dividend-received deduction.

Proxy Voting Policies and Procedures and Proxy Voting Record

Shareholder Reports and Quarterly Portfolio Disclosure


28		MainStay MacKay Growth Fund

Board of Trustees and Officers (Unaudited)

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Interested Trustee

Yie-Hsin Hung*

1962

MainStay Funds:
Trustee since 2017

MainStay Funds Trust:
Trustee since 2017

MainStay VP Funds Trust:
Trustee since 2017 (31 portfolios); and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017.


			29

Board of Trustees and Officers (Unaudited) (continued)

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

David H. Chow

1957

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Founder and CEO, DanCourt Management, LLC since 1999

Susan B. Kerley

1951

MainStay Funds:
Chairman since 2017 and Trustee since 2007;

MainStay Funds Trust: Chairman since 2017 and Trustee since 1990.**

President, Strategic Management Advisors LLC since 1990

MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007 (31 portfolios)***;
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; and

Legg Mason Partners Funds: Trustee since 1991 (45 portfolios).

Alan R. Latshaw

1951

MainStay Funds:
Trustee;

MainStay Funds Trust:
Trustee and Audit Committee Financial Expert since 2007.**

Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006)

Richard H. Nolan, Jr.

1946

MainStay Funds:
Trustee since 2007;

MainStay Funds Trust:
Trustee since 2007.**

Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004)

MainStay VP Funds Trust: Trustee since 2006 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Jacques P. Perold

1958

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Allstate Corporation: Director since 2015;
MSCI, Inc.: and Director since 2017.


30		MainStay MacKay Growth Fund

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

Richard S. Trutanic

1952

MainStay Funds: Trustee since 1994;

MainStay Funds Trust: Trustee since 2007.**

MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust.

***

Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


			31

Board of Trustees and Officers (Unaudited) (continued)


	Name and Year of Birth	Position(s) Held and Length of Service	Principal Occupation(s) During Past Five Years
Officers of the Trust (Who are not Trustees)*	Kirk C. Lehneis 1974	President, MainStay Funds, MainStay Funds Trust since 2017	Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers since 2017 and Senior Managing Director since 2018, NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since 2017**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC
	Jack R. Benintende 1964	Treasurer and Principal Financial and Accounting Officer, MainStay Funds since 2007, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2007**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012)
	Yi-Chia Kuo 1981	Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust since January 2020	Chief Compliance Officer, Index IQ Trust, Index IQ ETF Trust and Index IQ Active ETF Trust since January 2020; Vice President and Chief Compliance Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since January 2020; Director and Associate General Counsel, New York Life Insurance Company (2015 to 2019)
	J. Kevin Gao 1967	Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust since 2010	Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2010**
	Scott T. Harrington 1959	Vice President— Administration, MainStay Funds since 2005, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2005**

Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


32		MainStay MacKay Growth Fund

MainStay Funds

Equity

U.S. Equity

MainStay Epoch U.S. All Cap Fund

MainStay Epoch U.S. Equity Yield Fund

MainStay MacKay Common Stock Fund

MainStay MacKay Growth Fund

MainStay MacKay S&P 500 Index Fund

MainStay MacKay Small Cap Core Fund

MainStay MacKay U.S. Equity Opportunities Fund

MainStay MAP Equity Fund

MainStay Winslow Large Cap Growth Fund¹

International Equity

MainStay Epoch International Choice Fund

MainStay MacKay International Equity Fund

MainStay MacKay International Opportunities Fund

Emerging Markets Equity

MainStay Candriam Emerging Markets Equity Fund

Global Equity

MainStay Epoch Capital Growth Fund

MainStay Epoch Global Equity Yield Fund

Fixed Income

Taxable Income

MainStay Candriam Emerging Markets Debt Fund

MainStay Floating Rate Fund

MainStay MacKay High Yield Corporate Bond Fund

MainStay MacKay Short Duration High Yield Fund

MainStay MacKay Total Return Bond Fund

MainStay MacKay Unconstrained Bond Fund

MainStay MacKay U.S. Infrastructure Bond Fund²

MainStay Short Term Bond Fund³

Tax-Exempt Income

MainStay MacKay California Tax Free Opportunities Fund⁴

MainStay MacKay High Yield Municipal Bond Fund

MainStay MacKay Intermediate Tax Free Bond Fund

MainStay MacKay New York Tax Free Opportunities Fund⁵

MainStay MacKay Short Term Municipal Fund

MainStay MacKay Tax Free Bond Fund

Money Market

MainStay Money Market Fund

Mixed Asset

MainStay Balanced Fund

MainStay Income Builder Fund

MainStay MacKay Convertible Fund

Speciality

MainStay CBRE Global Infrastructure Fund

MainStay CBRE Real Estate Fund

MainStay Cushing MLP Premier Fund

Asset Allocation

MainStay Conservative Allocation Fund

MainStay Conservative ETF Allocation Fund

MainStay Defensive ETF Allocation Fund

MainStay Equity Allocation Fund⁶

MainStay Equity ETF Allocation Fund

MainStay Growth Allocation Fund⁷

MainStay Growth ETF Allocation Fund

MainStay Moderate Allocation Fund

MainStay Moderate ETF Allocation Fund

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium S.A.⁸

Brussels, Belgium

Candriam Luxembourg S.C.A.⁸

Strassen, Luxembourg

CBRE Clarion Securities LLC

Radnor, Pennsylvania

Cushing Asset Management, LP

Dallas, Texas

Epoch Investment Partners, Inc.

New York, New York

MacKay Shields LLC⁸

New York, New York

Markston International LLC

White Plains, New York

NYL Investors LLC⁸

New York, New York

Winslow Capital Management, LLC

Minneapolis, Minnesota

Legal Counsel

Dechert LLP

Washington, District of Columbia

Independent Registered Public Accounting Firm

KPMG LLP

Philadelphia, Pennsylvania

Distributor

NYLIFE Distributors LLC⁸

Jersey City, New Jersey

Custodian⁹

State Street Bank and Trust Company

Boston, Massachusetts

1.	Formerly known as MainStay Large Cap Growth Fund.

2.	Formerly known as MainStay MacKay Infrastructure Bond Fund.

3.	Formerly known as MainStay Indexed Bond Fund.

4.	This Fund is registered for sale in AZ, CA, NV, OR, TX, UT and WA. Class A and Class I shares are registered for sale in MI. Class I and Class C2 shares are registered for sale in CO, FL, GA, HI, ID, MA, MD, NH, NJ and NY.

5.	This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT.

6.	Formerly known as MainStay Growth Allocation Fund.

7.	Formerly known as MainStay Moderate Growth Allocation Fund.

8.	An affiliate of New York Life Investment Management LLC.

Not part of the Annual Report

For more information

800-624-6782

newyorklifeinvestments.com

1716827 MS203-20

MSG11-12/20

(NYLIM) NL223

MainStay MacKay High Yield Municipal Bond Fund

Message from the President and Annual Report

October 31, 2020


Not FDIC/NCUA Insured		Not a Deposit		May Lose Value		No Bank Guarantee		Not Insured by Any Government Agency

LOGO

This page intentionally left blank

Message from the President

Sincerely,

LOGO

Kirk C. Lehneis

President

Not part of the Annual Report

Table of Contents


Annual Report

Investment and Performance Comparison			5

Portfolio Management Discussion and Analysis			9

Portfolio of Investments			11

Financial Statements			53

Notes to Financial Statements			59

Report of Independent Registered Public Accounting Firm			68

Federal Income Tax Information			69

Proxy Voting Policies and Procedures and Proxy Voting Record			69

Shareholder Reports and Quarterly Portfolio Disclosure			69

Board of Trustees and Officers			70

Investment and Performance Comparison¹ (Unaudited)

LOGO

Average Annual Total Returns for the Year-Ended October 31, 2020

Class

Sales Charge

Inception
Date

One
Year

Five
Years

Ten
Years

Gross
Expense
Ratio²

Class A Shares

Maximum 4.5% Initial Sales Charge

With sales charges Excluding sales charges

3/31/2010

–2.97

1.60

4.15

5.12

5.69

6.18

0.86

Investor Class Shares³

Maximum 4% Initial Sales Charge

With sales charges

Excluding sales charges

3/31/2010

–2.98

1.59

4.14

5.10

5.67

6.16

0.87

Class C Shares

Maximum 1% CDSC

if Redeemed Within One Year of Purchase

With sales charges

Excluding sales charges

3/31/2010

–0.23

0.75

4.30

5.36

1.62

Class I Shares

No Sales Charge

3/31/2010

1.86

5.38

6.44

0.61

Class R6 Shares

No Sales Charge

11/1/2019

1.80

N/A

0.56

been lower. For more information on share classes and current fee waivers and/or expense limitations (if any), please refer to the Notes to Financial Statements.

2.	The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report.

3.	Prior to June 30, 2020, the maximum initial sales charge for Investor Class shares was 4.5%, which is reflected in the average annual total return figures shown.

The footnotes on the next page are an integral part of the table and graph and should be carefully read in conjunction with them.


			5


Benchmark Performance	One Year			Five Years			Ten Years

Bloomberg Barclays Municipal Bond Index⁴		3.59	%		3.70	%		3.99	%

Bloomberg Barclays High Yield Municipal Bond Index⁵		1.23			5.78			5.93
High Yield Municipal Bond Composite Index⁶		2.27			4.97			5.17
Morningstar High Yield Muni Category Average⁷		0.18			4.05			4.85

The Bloomberg Barclays Municipal Bond Index is the Fund’s primary broad-based securities market index for comparison purposes. The Bloomberg Barclays Municipal Bond Index is considered representative of the broad based market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

5.	The Fund has selected the Bloomberg Barclays High Yield Municipal Bond Index as an additional benchmark. The Bloomberg Barclays Municipal High Yield Bond Index is a flagship measure of the non-investment grade and non-rated U.S. dollar-denominated tax-exempt bond market.

6.	The High Yield Municipal Bond Composite Index is the Fund’s secondary benchmark. The High Yield Municipal Bond Composite Index consists of the

Bloomberg Barclays High Yield Municipal Bond Index and the Bloomberg Barclays Municipal Bond Index weighted 60%/40%, respectively. The Bloomberg Barclays High Yield Municipal Bond Index is made up of bonds that are non-investment grade, unrated, or rated below Ba1 by Moody’s Investors Service with a remaining maturity of at least one year. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

The Morningstar High Yield Muni Category Average is representative of funds that invest a substantial portion of assets in high-income municipal securities that are not rated or that are rated at the level of or below BBB by a major ratings agency such as Standard & Poor’s or Moody’s. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.

The footnotes on the preceding page are an integral part of the table and graph and should be carefully read in conjunction with them.


6		MainStay MacKay High Yield Municipal Bond Fund

Cost in Dollars of a $1,000 Investment in MainStay MacKay High Yield Municipal Bond Fund (Unaudited)

Example

This example illustrates your Fund’s ongoing costs in two ways:

Actual Expenses

multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes



Share Class	Beginning Account Value 5/1/20		Ending Account Value (Based on Actual Returns and Expenses) 10/31/20		Expenses Paid During Period¹		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/20		Expenses Paid During Period¹		Net Expense Ratio During Period²

Class A Shares	$	1,000.00	$	1,095.00	$	4.58	$	1,020.76	$	4.42	0.87%

Investor Class Shares	$	1,000.00	$	1,095.00	$	4.63	$	1,020.71	$	4.47	0.88%

Class C Shares	$	1,000.00	$	1,090.20	$	8.56	$	1,016.94	$	8.26	1.63%

Class I Shares	$	1,000.00	$	1,096.30	$	3.21	$	1,022.07	$	3.10	0.61%

Class R6 Shares	$	1,000.00	$	1,095.80	$	2.95	$	1,022.32	$	2.85	0.56%

2.	Expenses are equal to the Fund’s annualized expense ratio to reflect the six-month period.


			7

Portfolio Composition as of October 31, 2020 (Unaudited)



Illinois	11.5	%

California	10.7

Puerto Rico	8.9

Texas	5.5

New York	5.3

Ohio	5.2

New Jersey	4.3

Florida	3.6

Pennsylvania	3.2

Colorado	2.9

Massachusetts	2.5

District of Columbia	2.3

Wisconsin	2.3

Virginia	1.9

Michigan	1.8

Minnesota	1.6

Georgia	1.4

Arizona	1.2

Kentucky	1.2

U.S. Virgin Islands	1.2

Guam	1.0

South Carolina	1.0

Alabama	0.7

Arkansas	0.7

Iowa	0.7

Missouri	0.7

Alaska	0.6

Connecticut	0.6

Delaware	0.6



Indiana	0.6	%

North Carolina	0.6

Tennessee	0.6

Utah	0.6

Hawaii	0.5

Nevada	0.5

North Dakota	0.5

Washington	0.5

Louisiana	0.4

Maryland	0.4

Multi-State	0.4

West Virginia	0.4

Kansas	0.3

New Hampshire	0.3

Oklahoma	0.3

Rhode Island	0.3

Montana	0.2

Maine	0.1

New Mexico	0.1

Oregon	0.1

Vermont	0.1

Idaho	0.0	‡

Mississippi	0.0	‡

South Dakota	0.0	‡

Wyoming	0.0	‡

Other Assets, Less Liabilities	7.1


	100.0	%

See Portfolio of Investments beginning on page 11 for specific holdings within these categories. The Fund’s holdings are subject to change.

‡	Less than one-tenth of a percent.

Top Ten Issuers Held as of October 31, 2020 (excluding short-term investment) (Unaudited)

1.	Golden State Tobacco Securitization Corp., Revenue Bonds, (zero coupon)–5.25%, due 6/1/36–6/1/47

2.	Puerto Rico Sales Tax Financing Corp., Revenue Bonds, (zero coupon)–5.00%, due 7/1/27–7/1/58

3.	State of Illinois, Unlimited General Obligation, 3.25%–5.75%, due 11/1/20–10/1/45

4.	Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, 4.00%–5.00%, due 6/1/48–6/1/55

5.	Puerto Rico Commonwealth, Aqueduct & Sewer Authority, Revenue Bonds, 5.00%–6.00%, due 7/1/21–7/1/47

6.	Metropolitan Washington Airports Authority Dulles Toll Road, Metrorail & Capital Improvement Project, Revenue Bonds, 4.00%, due 10/1/44–10/1/53

7.	Hillsborough County Industrial Development Authority, Tampa General Hospital Project, Revenue Bonds, 4.00%, due 8/1/50

8.	New York Transportation Development Corp., Delta Air Lines, Inc., Revenue Bonds, 4.00%–5.00%, due 10/1/30–10/1/45

9.	Chicago Board of Education, Unlimited General Obligation, 5.00%–7.00%, due 12/1/20–12/1/46

10.	Tobacco Settlement Financing Corp., Revenue Bonds, (zero coupon)–5.00%, due 6/1/46–6/1/52


8		MainStay MacKay High Yield Municipal Bond Fund

Portfolio Management Discussion and Analysis (Unaudited)

Questions answered by portfolio managers John Loffredo, CFA, Robert DiMella, CFA, Michael Petty, David Dowden, Scott Sprauer and Frances Lewis of MacKay Shields LLC, the Fund’s Subadvisor.

How did MainStay MacKay High Yield Municipal Bond Fund perform relative to its benchmarks and peer group during the 12 months ended October 31, 2020?

For the 12 months ended October 31, 2020, Class I shares of MainStay MacKay High Yield Municipal Bond Fund returned 1.86%, underperforming the 3.59% return of the Fund’s primary benchmark, the Bloomberg Barclays Municipal Bond Index. During the same period, Class I shares outperformed the 1.23% return of the Fund’s secondary benchmark, the Bloomberg Barclays High Yield Municipal Bond Index, but underperformed the 2.27% return of the High Yield Municipal Bond Composite Index, an additional benchmark of the Fund. For the 12 months ended October 31, 2020, Class I shares outperformed the 0.18% return of the Morningstar High Yield Muni Category Average.¹

What factors affected the Fund’s relative performance during the reporting period?

The below-investment-grade, tax-exempt segment of the municipal bond market underperformed the investment-grade, tax-exempt segment, while the overall municipal market underperformed the taxable bond market. Bonds with short-end maturities outperformed those with long-end maturities. Among ratings categories, higher-quality bonds outperformed their lower-quality counterparts. Municipal bonds from Texas and Michigan generally outperformed the market, while issues from Illinois and New York underperformed.

The Fund underperformed the Bloomberg Barclays Municipal Bond Index during the reporting period primarily due to security selection and relatively overweight allocation to non-investment-grade bonds.

During the reporting period, were there any market events that materially impacted the Fund’s performance or liquidity?

The rapid spread of the COVID-19 pandemic in March 2020 resulted in a significant risk-off response in the global financial markets. The municipal bond market’s response to the crisis reflected the significant disruption to our economy, the financial markets and, of course, our personal lives. During the early months of the pandemic, municipal volatility surged and credit spreads² widened. The extreme volatility in the municipal market was primarily due to a liquidity squeeze exacerbated by a sharp repricing of credit risk. Market technical conditions were upended as investors in municipal bond mutual funds and exchange-traded funds sought to exit a market that offered little

liquidity, resulting in severe price declines. During this time, yields of variable-rate demand notes spiked to over 9% and the new-issue market was shut down. Credit spreads widened as market participants attempted to discount the impact of an abrupt shutdown of the U.S. economy. Notably, some high-yield municipal bonds experienced price swings exceeding 10 points in a day. (A point represents one percent of a bond’s face value.) In our view, leveraged open-end mutual funds that were ill-prepared to meet shareholder redemptions contributed to municipal market volatility as they resorted to forced sales.

The pandemic produced a significant credit shift in the municipal market. With mandatory stay-at-home requirements and the closing of large segments of the economy, including travel, leisure and retail, the economic conditions of state and local governments and related entities weakened. Fortunately, the municipal market’s credit condition at the start of 2020 was at an all-time high as state governments had accumulated large reserves due to record tax revenues in the wake of the Great Recession of 2007-2009. Nevertheless, as of the end of the reporting period, we believe that several municipal “front-line” sectors, including infrastructure, hospitals, state and local governments and higher education, are likely to be the most immediately impacted by the pandemic-related economic slowdown. We expect the magnitude of the impact to be a function of the duration and the severity of the crisis, as well as the specific geographic location of the credits.

Since the end of 2019, the Fund had been increasing its overall credit quality and its cash reserves leading up to the beginning of the pandemic. Accordingly, the Fund was in a strong position with significant cash reserves at the onset of price declines and spread widening that occurred in March 2020. Although the market staged a strong rally from May through the end of the reporting period, the team continued to assess both the liquidity characteristics and the ability of each municipal issuer’s management team to manage through these challenging times. As of October 31, 2020, we continue to believe there will be limited defaults in the municipal market, reflective of the historical market trends.

What was the Fund’s duration³ strategy during the reporting period?

The Fund’s duration was targeted to maintain a neutral range relative to the Fund’s investable universe as outlined in the prospectus. In addition to investment-grade bonds, the Fund normally invests a substantial amount of its assets in municipal securities rated below investment grade. Since the Fund’s

1.	See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 for more information on benchmark and peer group returns.

2.	The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time.

3.	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.


			9

investable universe is broader than that of the Bloomberg Barclays Municipal Bond Index, the Fund’s duration may differ from that of the Index. As of October 31, 2020, the Fund’s modified duration to worst⁴ was 5.98 years, while the Index had a modified duration to worst of 4.83 years.

During the reporting period, which sectors were the strongest positive contributors to the Fund’s relative performance and which sectors were particularly weak?

Across sectors, security selection in the tobacco sector provided the strongest positive contribution to the Fund’s performance relative to the Bloomberg Barclays Municipal Bond Index. (Contributions take weightings and total returns into account.) Tobacco credits rallied as high-yield fund inflows provided an appetite for these bonds. Water/sewer and transportation further bolstered relative results. Conversely, holdings in the education and state general obligation sectors detracted from relative performance. Across states, security selection among bonds from Ohio, Georgia and Colorado proved accretive to performance. Holdings in bonds from Puerto Rico and New York detracted as the pandemic particularly undermined bonds in those locations. From a ratings perspective, underweight exposure to bonds rated AAA and AA detracted from performance relative to the benchmark, while holdings in the A and BBB ratings categories enhanced relative returns.⁵ Lastly, holdings of bonds maturing in 20 years and over benefited relative results, while exposure to bonds maturing in 10 years or less detracted.

What were some of the Fund’s largest purchases and sales during the reporting period?

The Fund remained focused on diversification and liquidity, so no individual transaction was considered significant.

How did the Fund’s sector weighting change during the reporting period?

During the reporting period, the Fund increased its sector exposure to transportation and leasing while it decreased holdings in the hospital, prerefunded/ETM (escrowed to maturity) and special tax sectors. Across localities, the Fund increased its exposure to Florida and the District of Columbia, and decreased its exposure to Georgia, Puerto Rico and Pennsylvania. Regarding ratings, the Fund increased its exposure to credits rated BB and B, while decreasing exposure to credits rated AA and BBB.⁶

How was the Fund positioned at the end of the reporting period?

As of October 31, 2020, the Fund held overweight exposure relative to the Bloomberg Barclays Municipal Bond Index in the hospital and tobacco sectors, and underweight exposure to the state and local general obligations sectors. Across localities, the Fund held relatively overweight exposure to bonds from Puerto Rico and Illinois, and underweight exposure to bonds from New York and Texas. As of the same date, the Fund held an overweight position relative to the Index in credits rated BBB and lower, and an underweight position in securities rated AA and AAA.

An obligation rated ‘AAA’ has the highest rating assigned by Standard & Poor’s (“S&P”), and in the opinion of S&P, the obligor’s capacity to meet its financial commitment on the obligation is extremely strong. An obligation rated ‘AA’ by S&P is deemed by S&P to differ from the highest-rated obligations only to a small degree. In the opinion of S&P, the obligor’s capacity to meet its financial commitment on the obligation is very strong. An obligation rated ‘A’ by S&P is deemed by S&P to be somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. In the opinion of S&P, however, the obligor’s capacity to meet its financial commitment on the obligation is still strong. An obligation rated ‘BBB’ by S&P is deemed by S&P to exhibit adequate protection parameters. In the opinion of S&P, however, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund.

An obligation rated ‘BB’ by S&P is deemed by S&P to be less vulnerable to nonpayment than other speculative issues. In the opinion of S&P, however, the obligor faces major ongoing uncertainties or exposure to adverse business, financial or economic conditions which could lead to the obligor’s inadequate capacity to meet its financial commitment on the obligation. An obligation rated ‘B’ by S&P is deemed by S&P to be more vulnerable to nonpayment than obligations rated ‘BB’, but in the opinion of S&P, the obligor currently has the capacity to meet its financial commitment on the obligation. It is the opinion of S&P that adverse business, financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its financial commitment on the obligation. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund.


10		MainStay MacKay High Yield Municipal Bond Fund

Portfolio of Investments October 31, 2020


	Principal Amount		Value
Municipal Bonds 92.1%† Long-Term Municipal Bonds 86%
Alabama 0.7%
Alabama Special Care Facilities Financing Authority-Birmingham AL, Methodist Home for the Aging, Revenue Bonds Series S 5.75%, due 6/1/45	$	1,250,000	$	1,264,775
County of Jefferson AL, Sewer, Revenue Bonds
Senior Lien-Series A, Insured: AGM 5.50%, due 10/1/53		11,960,000		13,306,935
Series D 6.00%, due 10/1/42		2,500,000		2,898,125
Homewood Educational Building Authority, Samford University Project, Revenue Bonds
Series A 4.00%, due 12/1/33		400,000		453,276
Series A 4.00%, due 12/1/35		1,000,000		1,125,350
Series A 4.00%, due 12/1/36		615,000		689,181
Series A 4.00%, due 12/1/37		650,000		725,940
Series A 4.00%, due 12/1/39		1,760,000		1,953,037
Series A 4.00%, due 12/1/41		2,750,000		3,030,720
Montgomery Educational Building Authority, Faulkner University, Revenue Bonds Series A 5.00%, due 10/1/43		5,080,000		5,260,035
Prichard Water Works & Sewer Board, Revenue Bonds 4.00%, due 11/1/49		3,000,000		3,231,630
Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Revenue Bonds (a)
Series A 4.50%, due 5/1/32		5,000,000		5,341,900
Series A 5.25%, due 5/1/44		16,500,000		18,122,445

				57,403,349

Alaska 0.6%
Alaska Industrial Development & Export Authority, Interior Gas Utility Project, Revenue Bonds 5.00%, due 6/1/40		1,795,000		1,982,685
5.00%, due 6/1/50		3,485,000		3,785,442


	Principal Amount		Value
Alaska (continued)
Alaska Industrial Development & Export Authority, Tanana Chiefs Conference Project, Revenue Bonds
Series A 4.00%, due 10/1/44	$	10,000,000	$	11,128,100
Series A 4.00%, due 10/1/49		6,140,000		6,787,586
Northern Tobacco Securitization Corp., Asset-Backed, Revenue Bonds Series A 5.00%, due 6/1/46		24,160,000		24,262,438

				47,946,251

Arizona 1.2%
Arizona Health Facilities Authority, Phoenix Children’s Hospital, Revenue Bonds Series A 5.00%, due 2/1/42		7,945,000		8,258,351
Arizona Industrial Development Authority, Revenue Bonds Series B 5.00%, due 3/1/37 (a)		3,280,000		3,440,130
Arizona Industrial Development Authority, American Charter Schools, Revenue Bonds (a) 6.00%, due 7/1/37		3,035,000		3,542,998
6.00%, due 7/1/47		6,935,000		7,956,803
Arizona Industrial Development Authority, Basis Schools Projects, Revenue Bonds Series A 5.375%, due 7/1/50 (a)		1,500,000		1,605,825
Arizona Industrial Development Authority, Eastern Michigan University Parking Project, Revenue Bonds 5.00%, due 5/1/51		1,000,000		1,003,560
Arizona Industrial Development Authority, NCCU Properties LLC, Central University Project, Revenue Bonds
Series A, Insured: BAM 4.00%, due 6/1/44		2,500,000		2,701,225
Series A, Insured: BAM 5.00%, due 6/1/58		3,000,000		3,453,840
Arizona Industrial Development Authority, Revenue Bonds (a)
5.00%, due 6/1/31		4,000,000		3,933,760
Series B 5.00%, due 3/1/42		3,435,000		3,563,263
Series A 5.00%, due 12/15/50		1,500,000		1,580,685


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					11

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Arizona (continued)
Arizona Industrial Development Authority, University of Indianapolis, Health Pavilion Project, Revenue Bonds
Series A 4.00%, due 10/1/49	$	1,000,000	$	1,017,060
Series A 5.00%, due 10/1/45		1,875,000		2,092,275
Florence Town, Inc. Industrial Development Authority, Legacy Traditional School Project, Revenue Bonds 6.00%, due 7/1/43		2,450,000		2,599,719
Industrial Development Authority of the City of Phoenix, Basis Schools Projects, Revenue Bonds (a)
Series A 5.00%, due 7/1/35		1,700,000		1,804,992
5.00%, due 7/1/45		1,000,000		1,045,550
Series A 5.00%, due 7/1/46		4,120,000		4,305,894
Industrial Development Authority of the City of Phoenix, Downtown Phoenix Student LLC, Revenue Bonds
Series A 5.00%, due 7/1/37		1,000,000		1,070,820
Series A 5.00%, due 7/1/59		2,200,000		2,281,246
Industrial Development Authority of the City of Phoenix, Great Hearts Academies, Revenue Bonds 6.40%, due 7/1/47		1,000,000		1,038,880
Industrial Development Authority of the City of Phoenix, Villa Montessori, Inc., Revenue Bonds 5.00%, due 7/1/45		1,150,000		1,222,093
Industrial Development Authority of the County of Pima, American Leadership AC, Revenue Bonds 5.625%, due 6/15/45 (a)		3,985,000		4,202,063
Industrial Development Authority of the County of Pima, Charter Schools Project, Revenue Bonds Series Q 5.375%, due 7/1/31		1,815,000		1,870,866
Industrial Development Authority of the County of Yavapai, Agribusiness & Equine Center, Revenue Bonds 7.875%, due 3/1/42		500,000		512,415


	Principal Amount		Value
Arizona (continued)
Maricopa County Industrial Development Authority, Horizon Community Learning Center, Revenue Bonds 5.00%, due 7/1/35	$	3,000,000	$	3,124,200
Maricopa County Pollution Control Corp., El Paso Electric Co. Project, Revenue Bonds
Series A 3.60%, due 2/1/40		14,400,000		15,408,864
Series B 3.60%, due 4/1/40		9,000,000		9,625,770
Phoenix Industrial Development Authority, Espiritu Community Development Corp., Revenue Bonds Series A 6.25%, due 7/1/36		895,000		895,448
Pinal County Industrial Development Authority, Environmental Facilities, Revenue Bonds 7.25%, due 10/1/33 (a)(b)		3,300,000		3,203,079

				98,361,674

Arkansas 0.6%
Arkansas Development Finance Authority, Baptist Health, Revenue Bonds 4.00%, due 12/1/44		650,000		715,923
Arkansas Development Finance Authority, Revenue Bonds 4.75%, due 9/1/49 (a)(b)		44,000,000		43,797,160
Series C 5.00%, due 2/1/33		1,425,000		1,582,163
Series C 5.00%, due 2/1/35		1,170,000		1,294,277
Arkansas Development Finance Authority, Washington Regional Medical Center, Revenue Bonds 4.00%, due 2/1/42		6,725,000		7,249,685

				54,639,208

California 8.2%
Alameda Corridor Transportation Authority, Revenue Bonds Series 1999-A, Insured: NATL-RE (zero coupon), due 10/1/35		3,440,000		2,261,766
Antelope Valley Healthcare District, Revenue Bonds Series A 5.00%, due 3/1/46		1,095,000		1,085,200


12		MainStay MacKay High Yield Municipal Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
California (continued)
Bassett Unified School District, Unlimited General Obligation
Series C, Insured: NATL-RE (zero coupon), due 8/1/41	$	2,050,000	$	1,185,577
Series C, Insured: NATL-RE (zero coupon), due 8/1/42		2,000,000		1,114,060
California Community Housing Agency, Revenue Bonds Series A 5.00%, due 2/1/50 (a)		17,500,000		19,522,300
California County Tobacco Securitization Agency, Revenue Bonds 5.25%, due 6/1/46		3,275,000		3,274,935
California Infrastructure & Economic Development Bank, Wonderful Foundations Charter School, Revenue Bonds 5.00%, due 1/1/55 (a)		3,325,000		3,427,609
California Municipal Finance Authority, Baptist University, Revenue Bonds (a)
Series A 5.375%, due 11/1/40		3,000,000		3,199,050
Series A 5.50%, due 11/1/45		6,000,000		6,387,060
California Municipal Finance Authority, CHF Davis 1 LLC, Revenue Bonds 5.00%, due 5/15/48		20,000,000		22,979,800
California Municipal Finance Authority, Healthright 360, Revenue Bonds Series A 5.00%, due 11/1/49 (a)		2,000,000		2,095,360
California Municipal Finance Authority, LAX Integrated Express Solutions Project, Revenue Bonds (b)
Insured: AGM 3.25%, due 12/31/32		5,965,000		6,256,271
Series A 5.00%, due 12/31/43		36,000,000		41,037,840
Series B 5.00%, due 6/1/48		3,000,000		3,396,750
California Municipal Finance Authority, NorthBay Healthcare, Revenue Bonds Series A 5.00%, due 11/1/47		5,515,000		6,073,283
California Municipal Finance Authority, Palmdale Aerospace Academy Projects, Revenue Bonds 5.00%, due 7/1/46 (a)		2,665,000		2,805,579


	Principal Amount		Value
California (continued)
California Municipal Finance Authority, Partnerships Uplift Community Project, Revenue Bonds Series A 5.30%, due 8/1/47	$	1,525,000	$	1,554,890
California Municipal Finance Authority, Southwestern Law School, Revenue Bonds 6.50%, due 11/1/41		1,000,000		1,044,190
California Municipal Finance Authority, United Airlines, Inc. Project, Revenue Bonds Series B 4.00%, due 7/15/29 (b)		20,000,000		19,911,800
California Municipal Finance Authority, West Village Student Housing Project, Revenue Bonds 5.00%, due 5/15/51		20,000,000		22,928,600
California Municipal Finance Authority, William Jessup University, Revenue Bonds
5.00%, due 8/1/28		1,000,000		1,081,190
5.00%, due 8/1/48		2,675,000		2,729,891
California School Finance Authority, High Tech High Learning Project, Revenue Bonds Series A 5.00%, due 7/1/49 (a)		3,000,000		3,246,630
California School Finance Authority, Teach Public Schools Obligated Group, Revenue Bonds Series A 5.00%, due 6/1/58 (a)		2,000,000		2,085,420
California Statewide Communities Development Authority, California Baptist University, Revenue Bonds
Series A 6.375%, due 11/1/43		3,535,000		3,843,570
7.50%, due 11/1/41		1,000,000		1,070,810
California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Revenue Bonds (a)
Series A 5.00%, due 6/1/36		2,250,000		2,335,208
Series A 5.00%, due 6/1/46		2,000,000		2,043,820
Series A 5.00%, due 6/1/51		1,250,000		1,285,550
California Statewide Communities Development Authority, Lancer Plaza Project, Revenue Bonds 5.625%, due 11/1/33		680,000		719,943
5.875%, due 11/1/43		435,000		458,555


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					13

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
California (continued)
California Statewide Communities Development Authority, Loma Linda University Medical Center, Revenue Bonds
Series A 5.00%, due 12/1/41 (a)	$	1,700,000	$	1,857,590
Series A 5.00%, due 12/1/46 (a)		4,545,000		4,918,372
Series A 5.25%, due 12/1/56 (a)		20,000,000		22,006,400
5.50%, due 12/1/54		3,800,000		4,112,132
Series A 5.50%, due 12/1/58 (a)		24,275,000		27,451,384
California Statewide Communities Development Authority, Methodist Hospital of Southern California Project, Revenue Bonds 4.375%, due 1/1/48		2,185,000		2,309,785
5.00%, due 1/1/43		7,500,000		8,666,925
California Statewide Communities Development Authority, Redlands Community Hospital Obligated Group, Revenue Bonds 5.00%, due 10/1/46		1,560,000		1,744,002
California Statewide Communities Development Authority, University of California, Irvine Campus Apartments, Revenue Bonds Series A 5.00%, due 5/15/50		2,000,000		2,195,860
California Statewide Financing Authority, Turbo Pooled Program C, Revenue Bonds (zero coupon), due 6/1/55		128,700,000		9,259,965
Cathedral City Public Financing Authority, Tax Allocation
Series A, Insured: NATL-RE (zero coupon), due 8/1/23		925,000		891,635
Series A, Insured: NATL-RE (zero coupon), due 8/1/26		1,085,000		983,683
City of San Buenaventura CA, Community Memorial Health System, Revenue Bonds 7.50%, due 12/1/41		6,150,000		6,422,875
Davis Redevelopment Agency, Davis Redevelopment Project, Tax Allocation Series A 7.00%, due 12/1/36		1,375,000		1,473,739


	Principal Amount		Value
California (continued)
Del Mar Race Track Authority, Revenue Bonds 5.00%, due 10/1/35	$	1,665,000	$	1,602,263
Fontana Unified School District, Unlimited General Obligation
Series C (zero coupon), due 8/1/38		10,000,000		4,074,200
Series C (zero coupon), due 8/1/39		17,900,000		6,863,397
Series C (zero coupon), due 8/1/43		16,000,000		4,833,920
Series C (zero coupon), due 8/1/44		8,000,000		2,283,760
Foothill-Eastern Transportation Corridor Agency, Revenue Bonds
Subseries B-2 3.50%, due 1/15/53 (c)		13,715,000		14,549,832
Series C 6.50%, due 1/15/43		5,000,000		5,694,750
Fresno Unified School District, Election 2001, Unlimited General Obligation Series G (zero coupon), due 8/1/41		10,000,000		2,516,900
Golden State Tobacco Securitization Corp., Asset-Backed, Revenue Bonds Series A-2 5.30%, due 6/1/37 (c)		20,365,000		21,001,814
Golden State Tobacco Securitization Corp., Revenue Bonds
Series B (zero coupon), due 6/1/47		625,000,000		132,825,000
Series A-1 3.50%, due 6/1/36		7,575,000		7,672,566
Series A-1 5.00%, due 6/1/47		20,385,000		20,968,419
Series A-2 5.00%, due 6/1/47		33,460,000		34,417,625
Series A-1 5.25%, due 6/1/47		4,000,000		4,121,680
Hastings Campus Housing Finance Authority, Revenue Bonds Series A 5.00%, due 7/1/61		60,000,000		61,521,600
Inland Empire Tobacco Securitization Authority, Revenue Bonds Series E (zero coupon), due 6/1/57 (a)		30,000,000		1,643,400
Mendocino-Lake Community College District, Unlimited General Obligation Series B, Insured: AGM (zero coupon), due 8/1/39		8,400,000		2,221,128


14		MainStay MacKay High Yield Municipal Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
California (continued)
Riverside County Transportation Commission, Revenue Bonds Senior Lien-Series A 5.75%, due 6/1/48	$	1,480,000	$	1,598,444
Rohnerville School District, Unlimited General Obligation
Series B, Insured: AGM (zero coupon), due 8/1/42		1,000,000		538,480
Series B, Insured: AGM (zero coupon), due 8/1/47		1,000,000		450,800
San Francisco City & County Redevelopment Agency, District #6 Mission Bay Public, Special Tax
Series C (zero coupon), due 8/1/37		5,015,000		2,066,982
Series C (zero coupon), due 8/1/38		2,000,000		770,960
San Francisco City & County Redevelopment Agency, Mission Bay South Redevelopment, Tax Allocation Series D 7.00%, due 8/1/41		435,000		442,060
San Joaquin Hills Transportation Corridor Agency, Junior Lien, Revenue Bonds
Series B 5.25%, due 1/15/44		16,500,000		18,182,340
Series B 5.25%, due 1/15/49		4,220,000		4,633,476
San Joaquin Hills Transportation Corridor Agency, Revenue Bonds Senior Lien-Series A 5.00%, due 1/15/50		18,150,000		19,866,990
Santa Ana Unified School District, Election 2008, Unlimited General Obligation Series B, Insured: AGC (zero coupon), due 8/1/47		25,000,000		10,090,500
Sierra Kings Health Care District, Unlimited General Obligation 5.00%, due 8/1/37		2,465,000		2,725,575
Stockton Unified School District, Election 2008, Unlimited General Obligation
Series D, Insured: AGM (zero coupon), due 8/1/42		9,080,000		5,336,679
Series B (zero coupon), due 6/1/50		16,260,000		2,595,909
Tobacco Securitization Authority of Northern California, Revenue Bonds
Series A-1 5.375%, due 6/1/38		2,470,000		2,478,694
Series A-1 5.50%, due 6/1/45		5,100,000		5,125,449


	Principal Amount		Value
California (continued)
Tobacco Securitization Authority of Southern California, Asset-Backed, Revenue Bonds Series B-2, Class A (zero coupon), due 6/1/54	$	19,000,000	$	3,256,220
Turlock Public Financing Authority, Tax Allocation 7.50%, due 9/1/39		500,000		511,865
Westminster School District, Unlimited General Obligation Series B, Insured: BAM (zero coupon), due 8/1/53		20,000,000		2,387,800

				698,608,331

Colorado 2.9%
3rd and Havana Metropolitan District, Limited General Obligation Series A 5.25%, due 12/1/49		2,250,000		2,263,140
Arista Metropolitan District, Limited General Obligation Series A 5.125%, due 12/1/48		3,500,000		3,642,555
Arkansas River Power Authority, Revenue Bonds Series A 5.00%, due 10/1/43		14,675,000		16,578,054
Belleview Station Metropolitan District No. 2, Limited General Obligation 5.125%, due 12/1/46		2,375,000		2,410,221
Broadway Park North Metropolitan District No. 2, Limited General Obligation (a) 5.00%, due 12/1/40		1,000,000		1,033,510
5.00%, due 12/1/49		1,000,000		1,022,630
Broadway Station Metropolitan District No. 2, Unlimited General Obligation Series A 5.125%, due 12/1/48		3,000,000		3,110,280
Central Platte Valley Metropolitan District, Unlimited General Obligation Series A 5.375%, due 12/1/33		1,500,000		1,622,730
City & County of Denver CO, United Airlines Project, Revenue Bonds 5.00%, due 10/1/32 (b)		7,100,000		7,195,921
Colorado Health Facilities Authority, CommonSpirit Health Obligated Group, Revenue Bonds
Series A-2 3.25%, due 8/1/49		12,000,000		11,585,520


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					15

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Colorado (continued)
Colorado Health Facilities Authority, CommonSpirit Health Obligated Group, Revenue Bonds (continued)
Series A 4.00%, due 8/1/44	$	20,195,000	$	21,902,083
Series A 4.00%, due 8/1/49		5,905,000		6,360,748
Series A-2 5.00%, due 8/1/44		12,000,000		14,199,840
Colorado Health Facilities Authority, Covenant Retirement Communities, Revenue Bonds 5.00%, due 12/1/35		3,500,000		3,892,210
Series A 5.00%, due 12/1/48		7,500,000		8,479,650
Colorado Health Facilities Authority, Frasier Meadows Retirement Community Project, Revenue Bonds Series A 5.25%, due 5/15/47		2,000,000		2,276,600
Colorado Health Facilities Authority, Mental Health Center of Denver Project, Revenue Bonds Series A 5.75%, due 2/1/44		4,175,000		4,411,889
Copper Ridge Metropolitan District, Revenue Bonds 5.00%, due 12/1/39		4,250,000		4,005,455
Copperleaf Metropolitan District No. 4, Limited General Obligation Series A 5.00%, due 12/1/49		1,500,000		1,518,645
Denver Health & Hospital Authority, 550 Acoma, Inc., Certificates of Participation 5.00%, due 12/1/48		1,755,000		2,018,636
Denver Health & Hospital Authority, Revenue Bonds Series A 5.25%, due 12/1/45		4,250,000		4,534,240
Dominion Water & Sanitation District, Revenue Bonds
Senior Lien 5.75%, due 12/1/36		9,935,000		10,357,237
6.00%, due 12/1/46		980,000		1,022,297
E-470 Public Highway Authority, Revenue Bonds
Series B, Insured: NATL-RE (zero coupon), due 9/1/22		5,000,000		4,945,100


	Principal Amount		Value
Colorado (continued)
E-470 Public Highway Authority, Revenue Bonds (continued)
Series B, Insured: NATL-RE (zero coupon), due 9/1/25	$	245,000	$	234,879
Series B, Insured: NATL-RE (zero coupon), due 9/1/26		4,540,000		4,264,240
Series B, Insured: NATL-RE (zero coupon), due 9/1/29		4,510,000		3,917,160
Series B, Insured: NATL-RE (zero coupon), due 9/1/30		500,000		422,190
Series B, Insured: NATL-RE (zero coupon), due 9/1/35		2,245,000		1,301,988
Series B, Insured: NATL-RE (zero coupon), due 9/1/37		1,170,000		612,284
Series B, Insured: NATL-RE (zero coupon), due 9/1/39		515,000		242,962
(zero coupon), due 9/1/40		5,250,000		3,162,023
(zero coupon), due 9/1/41		3,925,000		2,272,340
Eagle County Airport Terminal Corp., Revenue Bonds Series B 5.00%, due 5/1/33 (b)		2,435,000		2,750,211
Fruita Co. Healthcare, Canyons Hospital & Medical Center Project, Revenue Bonds Series A 5.50%, due 1/1/48 (a)		10,000,000		10,699,200
Green Valley Ranch East Metropolitan District No. 6, Limited General Obligation Series A 5.875%, due 12/1/50		1,325,000		1,371,441
Jefferson Center Metropolitan District No. 1, Revenue Bonds Series B 5.75%, due 12/15/50		4,615,000		4,719,991
Jones District Community Authority Board, Revenue Bonds Series A (zero coupon), due 12/1/50		5,050,000		3,821,790
Karl’s Farm Metropolitan District No. 2, Limited General Obligation Series A 5.625%, due 12/1/50 (a)		1,485,000		1,517,239
Mayfield Metropolitan District, Limited General Obligation Series A 5.75%, due 12/1/50		1,190,000		1,251,797
Mirabelle Metropolitan District No. 2, Limited General Obligation Series A 5.00%, due 12/1/49		1,250,000		1,262,900


16		MainStay MacKay High Yield Municipal Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Colorado (continued)
Nine Mile Metropolitan District, Revenue Bonds 5.125%, due 12/1/40	$	1,505,000	$	1,508,883
North Range Metropolitan general Obligation 5.25%, due 12/1/50		2,000,000		1,999,840
Park Creek Metropolitan District, Revenue Bonds
Series A, Insured: AGM 4.00%, due 12/1/39		4,055,000		4,750,838
Series A, Insured: AGM 4.00%, due 12/1/46		21,450,000		24,668,358
Park Creek Metropolitan District, Senior Ltd., Property, Tax Allocation Senior Lien-Series A 5.00%, due 12/1/45		4,000,000		4,587,040
Raindance Metropolitan District No. 2, Limited General Obligation Series A 5.00%, due 12/1/49		2,500,000		2,525,125
Raindance Metropolitan District No. 2, Non-Potable Wat Enterprise Revenue Bonds Series 2020 5.25%, due 12/1/50		1,500,000		1,512,690
Southglenn Metropolitan District, Special Revenue, Limited General Obligation 5.00%, due 12/1/46		2,100,000		2,129,274
Sterling Ranch Community Authority Board, Revenue Bonds
Series A 4.25%, due 12/1/50		1,250,000		1,283,000
Series A 5.00%, due 12/1/47		3,500,000		3,546,200
Village Metropolitan District, Limited General Obligation 5.00%, due 12/1/40		750,000		781,328
5.00%, due 12/1/49		1,000,000		1,030,080
Villages at Castle Rock CO, Metropolitan District No. 6, Cobblestone Ranch Project, Limited General Obligation Series 2 (zero coupon), due 12/1/37		44,000,000		13,678,720

				248,215,202

Connecticut 0.6%
City of Hartford CT, Unlimited General Obligation
Series B, Insured: State Guaranteed 5.00%, due 4/1/26		60,000		65,874


	Principal Amount		Value
Connecticut (continued)
City of Hartford CT, Unlimited General Obligation (continued)
Series B, Insured: State Guaranteed 5.00%, due 4/1/27	$	500,000	$	547,100
Series B, Insured: State Guaranteed 5.00%, due 4/1/30		640,000		694,816
Series B, Insured: State Guaranteed 5.00%, due 4/1/33		100,000		107,959
Connecticut Health & Educational Facilities Authority, Griffin Health Obligated Group, Revenue Bonds Series G-1 5.00%, due 7/1/50 (a)		1,750,000		1,852,917
Connecticut Health & Educational Facilities Authority, Mary Wade Home Issue, Revenue Bonds (a)
Series A-1 4.50%, due 10/1/34		2,350,000		2,353,008
Series A-1 5.00%, due 10/1/39		1,000,000		1,020,250
Connecticut State Health & Educational Facilities Authority, McLean Issue, Revenue Bonds (a)
Series B-1 3.25%, due 1/1/27		750,000		754,335
Series A 5.00%, due 1/1/30		500,000		549,155
Connecticut State Health & Educational Facilities Authority, University of Hartford Issue, Revenue Bonds
Series N 4.00%, due 7/1/39		5,850,000		5,806,827
Series N 4.00%, due 7/1/49		7,750,000		7,333,515
Series N 5.00%, due 7/1/31		575,000		638,210
Series N 5.00%, due 7/1/32		575,000		633,380
Series N 5.00%, due 7/1/33		475,000		518,662
Series N 5.00%, due 7/1/34		700,000		762,006
Connecticut State Health & Educational Facility Authority, Church Home of Hartford, Inc., Revenue Bonds Series A 5.00%, due 9/1/53 (a)		1,500,000		1,527,975
Connecticut State Health & Educational Facility Authority, University of New Haven, Revenue Bonds Series K-3 5.00%, due 7/1/48		3,695,000		3,856,176


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					17

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Connecticut (continued)
Connecticut State Higher Education Supplement Loan Authority, Revenue Bonds Series B 3.25%, due 11/15/35 (b)	$	9,020,000	$	9,026,134
Hartford Stadium Authority, Stadium Authority Lease, Revenue Bonds Series A 5.00%, due 2/1/36		1,475,000		1,398,698
State of Connecticut, Unlimited General Obligation
Series C 5.00%, due 6/15/28		5,000,000		6,435,350
Series E 5.00%, due 9/15/37		2,250,000		2,749,860

				48,632,207

Delaware 0.6%
Delaware State Health Facilities Authority, Beebe Medical Center, Revenue Bonds 4.25%, due 6/1/38		2,235,000		2,447,258
4.375%, due 6/1/48		9,650,000		10,385,137
5.00%, due 6/1/37		1,000,000		1,187,600
5.00%, due 6/1/43		5,000,000		5,858,750
Delaware State Health Facilities Authority, Christiana Health Care System Obligated Group, Revenue Bonds Series A 5.00%, due 10/1/40		7,000,000		8,708,210
Delaware State Health Facilities Authority, Nanticoke Memorial Hospital Project, Revenue Bonds 5.00%, due 7/1/32		3,855,000		4,317,330
Kent County DE, Student Housing & Dining Facility, CHF-Dover LLC, Delaware State University Project, Revenue Bonds
Series A 5.00%, due 7/1/40		1,050,000		1,019,225
Series A 5.00%, due 7/1/48		2,735,000		2,620,239
Series A 5.00%, due 7/1/53		4,340,000		4,112,758
Series A 5.00%, due 7/1/58		6,950,000		6,514,443

				47,170,950


	Principal Amount		Value
District of Columbia 2.3%
District of Columbia International School, Revenue Bonds 5.00%, due 7/1/49	$	1,670,000	$	1,881,121
5.00%, due 7/1/54		1,905,000		2,140,420
District of Columbia, Center Strategic & International Studies, Revenue Bonds 6.625%, due 3/1/41		1,000,000		1,020,840
District of Columbia, Friendship Public Charter School, Revenue Bonds 5.00%, due 6/1/46		1,400,000		1,527,358
District of Columbia, Howard University, Revenue Bonds Series A 6.50%, due 10/1/41		885,000		907,302
District of Columbia, KIPP DC Project, Revenue Bonds 4.00%, due 7/1/49		1,375,000		1,453,458
District of Columbia, Methodist Home, Revenue Bonds Series A-R 5.25%, due 1/1/39		1,015,000		904,598
District of Columbia, Provident Group-Howard Properties, Revenue Bonds 5.00%, due 10/1/30		1,500,000		1,479,450
5.00%, due 10/1/45		5,355,000		4,960,444
District of Columbia, Revenue Bonds 5.00%, due 6/1/55		4,200,000		4,711,266
District of Columbia, Tobacco Settlement Financing Corp., Revenue Bonds Series A (zero coupon), due 6/15/46		85,000,000		17,603,500
District of Columbia, Unrefunded-Howard University, Revenue Bonds Series A 6.25%, due 10/1/32		1,400,000		1,434,020
Metropolitan Washington Airports Authority Dulles Toll Road, Metrorail & Capital Improvement Project, Revenue Bonds
Series B 4.00%, due 10/1/44		23,780,000		26,124,708
Series B 4.00%, due 10/1/49		6,185,000		6,750,124
Insured: AGM 4.00%, due 10/1/53		17,500,000		19,136,075
Series B 4.00%, due 10/1/53		53,285,000		57,915,999
Metropolitan Washington Airports Authority Dulles Toll Road, Metrorail & Capital, Revenue Bonds 5.00%, due 10/1/53		40,000,000		41,674,000


18		MainStay MacKay High Yield Municipal Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
District of Columbia (continued)
Metropolitan Washington Airports Authority Dulles Toll Road, Revenue Bonds 2nd Senior Lien (zero coupon), due 10/1/39	$	5,005,000	$	2,732,179

				194,356,862

Florida 3.2%
Capital Projects Finance Authority, Revenue Bonds Series F-1, Insured: NATL-RE 5.00%, due 10/1/31		4,120,000		4,120,000
Capital Trust Agency, Inc., Odyssey Charter School, Revenue Bonds Series A 5.50%, due 7/1/47 (a)		2,000,000		2,129,260
Capital Trust Agency, Inc., Wonderful Foundations Charter School, Revenue Bonds
(zero coupon), due 1/1/60		16,000,000		991,200
5.00%, due 1/1/55 (a)		10,780,000		10,799,727
Celebration Pointe Community Development District, Special Assessment 5.125%, due 5/1/45		2,630,000		2,719,525
City of Atlantic Beach FL, Fleet Landing Project, Revenue Bonds Series B 5.625%, due 11/15/43		1,500,000		1,586,520
City of Atlantic Beach Health Care Facilities, Fleet Landing Project, Revenue Bonds
Series B-2 3.00%, due 11/15/23		3,500,000		3,500,070
Series B-1 3.25%, due 11/15/24		2,155,000		2,155,323
Series A 5.00%, due 11/15/48		3,000,000		3,219,240
City of Fort Myers FL, Utility System Revenue Bonds Series A 4.00%, due 10/1/49		10,500,000		11,994,360
City of Orlando FL, Unrefunded Third Lien, Tourist Development Tax, Revenue Bonds Insured: AGC 5.50%, due 11/1/38		325,000		325,764
City of Tallahassee FL, Memorial Healthcare, Inc., Revenue Bonds Series A 5.00%, due 12/1/55		7,500,000		8,209,800


	Principal Amount		Value
Florida (continued)
Collier County Educational Facilities Authority, Marian University Project, Revenue Bonds 5.25%, due 6/1/28	$	2,250,000	$	2,328,165
6.125%, due 6/1/43		2,500,000		2,582,000
County of Bay FL, Bay Haven Charter Academy, Inc., Revenue Bonds
Series A 5.00%, due 9/1/45		250,000		262,453
Series A 6.00%, due 9/1/40		1,000,000		1,002,660
County of Osceola FL, Transportation Revenue Bonds
Series A-1 4.00%, due 10/1/54		4,345,000		4,602,311
Series A-1 5.00%, due 10/1/44		4,730,000		5,516,977
Series A-1 5.00%, due 10/1/49		6,900,000		7,995,927
Escambia County Health Facilities Authority Revenue, Baptist Health Care Corp., Revenue Bonds
Insured: AGM 4.00%, due 8/15/50		4,510,000		4,897,860
Series A 4.00%, due 8/15/50		9,990,000		10,590,399
Florida Development Finance Corp., Florida Charter Foundation, Inc. Projects, Revenue Bonds Series A 4.75%, due 7/15/36 (a)		4,605,000		4,822,264
Florida Development Finance Corp., Mater Academy Project, Revenue Bonds
Series A 5.00%, due 6/15/50		6,500,000		7,212,010
Series A 5.00%, due 6/15/55		5,100,000		5,622,954
Florida State Higher Educational Facilities Financial Authority, Ringling College Project, Revenue Bonds 4.00%, due 3/1/47		6,670,000		6,381,523
Florida State Higher Educational Facilities Financial Authority, Saint Leo University Project, Revenue Bonds 5.00%, due 3/1/44		1,370,000		1,454,022
5.00%, due 3/1/49		1,630,000		1,721,459
Hillsborough County Industrial Development Authority, Tampa General Hospital Project, Revenue Bonds 4.00%, due 8/1/50		100,000,000		107,716,000


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					19

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Florida (continued)
Lee County Industrial Development Authority, Preserve Project, Revenue Bonds Series A 5.75%, due 12/1/52 (a)	$	7,425,000	$	7,360,106
Martin County Health Facilities Authority, Martin Memorial Medical Center, Revenue Bonds 5.00%, due 11/15/45		3,500,000		4,149,705
Miami Beach Health Facilities Authority, Sinai Medical Center Florida, Revenue Bonds 5.00%, due 11/15/29		1,825,000		1,926,196
5.00%, due 11/15/39		2,230,000		2,444,258
Mid-Bay Bridge Authority, Revenue Bonds
Series A 5.00%, due 10/1/35		1,500,000		1,688,370
Series C 5.00%, due 10/1/40		1,000,000		1,104,280
Series A 7.25%, due 10/1/40		2,500,000		2,658,200
North Sumter County Utility Dependent District, Revenue Bonds 5.00%, due 10/1/49		2,750,000		3,310,120
5.00%, due 10/1/54		7,000,000		8,392,160
Osceola County Expressway Authority, Poinciana, Revenue Bonds Senior Lien (zero coupon), due 10/1/36 (c)		4,000,000		4,844,520
Pinellas County Educational Facilities Authority, Pinellas Academy Math & Science Project, Revenue Bonds Series A 5.00%, due 12/15/48 (a)		3,280,000		3,595,569
Polk County Industrial Development Authority, Carpenter’s Home Estates, Inc. Project, Revenue Bonds 5.00%, due 1/1/49		1,750,000		1,833,510
5.00%, due 1/1/55		800,000		835,160
Seminole County Industrial Development Authority, Legacy Pointe at UCF Project, Revenue Bonds 5.25%, due 11/15/39		1,000,000		921,940
Series A 5.50%, due 11/15/49		1,000,000		907,490
5.75%, due 11/15/54		1,000,000		918,040
V-Dana Community Development District, Assessment Area 1-2020 Project, Special Assessment 4.00%, due 5/1/51 (a)		1,200,000		1,208,496

				274,557,893


	Principal Amount		Value
Georgia 1.4%
Cedartown Polk County Hospital Authority, Antic Certs-Polk Medical Center, Revenue Bonds 5.00%, due 7/1/39	$	8,100,000	$	9,077,832
Cobb County Development Authority, Kennesaw State University, Revenue Bonds Junior Lien 5.00%, due 7/15/38		2,390,000		2,540,809
Fulton County Residential Care Facilities for the Elderly Authority, Lenbrook Square Foundation, Inc., Revenue Bonds 5.00%, due 7/1/36		4,000,000		4,238,240
Gainesville & Hall County Development Authority, Educational Facilities, Riverside Military Academy, Revenue Bonds 5.125%, due 3/1/52		1,500,000		1,334,565
Main Street Natural Gas, Inc., Revenue Bonds
Series A 4.00%, due 5/15/39		6,800,000		7,523,656
Series A 5.00%, due 5/15/38		3,500,000		4,700,640
Series A 5.00%, due 5/15/49		18,750,000		26,077,688
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project, Revenue Bonds
Series B 4.00%, due 1/1/49		35,610,000		39,048,145
5.00%, due 1/1/56		6,000,000		7,095,960
Series A 5.00%, due 1/1/63		3,000,000		3,547,980
Municipal Electric Authority of Georgia, Revenue Bonds Series A 4.00%, due 1/1/49		7,200,000		7,935,912
Private Colleges & Universities Authority, Mercer University Project, Revenue Bonds 5.00%, due 10/1/45		6,000,000		6,395,400

				119,516,827

Guam 1.0%
Antonio B. Won Pat International Airport Authority, Revenue Bonds Series C 6.375%, due 10/1/43 (b)		3,000,000		3,220,650


20		MainStay MacKay High Yield Municipal Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Guam (continued)
Guam Department of Education, John F. Kennedy High School Refunding & Energy Efficiency Project, Certificate of Participation
Series A 4.25%, due 2/1/30	$	1,190,000	$	1,202,400
Series A 5.00%, due 2/1/40		5,125,000		5,231,087
Guam Government Waterworks Authority, Water & Wastewater Systems Revenue, Revenue Bonds 5.00%, due 7/1/40		9,020,000		10,367,498
Guam Government, Business Privilege Tax, Revenue Bonds Series A 5.125%, due 1/1/42		3,420,000		3,515,008
Guam Government, Hotel Occupancy Tax, Revenue Bonds Series A 6.50%, due 11/1/40		3,990,000		4,036,563
Guam Government, Waterworks Authority, Revenue Bonds 5.00%, due 1/1/46		4,200,000		4,699,002
5.50%, due 7/1/43		13,565,000		15,409,840
Port Authority of Guam, Revenue Bonds Series A 5.00%, due 7/1/48		5,200,000		6,024,824
Territory of Guam, Revenue Bonds
Series D 5.00%, due 11/15/29		1,455,000		1,628,494
Series D 5.00%, due 11/15/39		26,250,000		28,773,150

				84,108,516

Hawaii 0.5%
Kauai County Community Facilities District, Kukui’ula Development Project, Special Tax
Series 2008-1 5.00%, due 5/15/44		1,300,000		1,420,692
Series 2008-1 5.00%, due 5/15/49		2,750,000		2,994,832
State of Hawaii Department of Budget & Finance, Hawaii Pacific University, Revenue Bonds 6.625%, due 7/1/33		2,085,000		2,149,927
Series A 6.875%, due 7/1/43		4,640,000		4,765,466


	Principal Amount		Value
Hawaii (continued)
State of Hawaii Department of Budget & Finance, Hawaiian Electric Co., Inc, Revenue Bonds (b) 3.50%, due 10/1/49	$	25,875,000	$	26,117,449
Series B 4.00%, due 3/1/37		4,200,000		4,465,944
State of Hawaii Department of Budget & Finance, Revenue Bonds 5.00%, due 1/1/45 (a)		1,500,000		1,222,980

				43,137,290

Idaho 0.0%‡
Idaho Health Facilities Authority, Madison Memorial Hospital, Revenue Bonds 5.00%, due 9/1/37		1,000,000		1,111,300


Illinois 11.2%
Bridgeview Finance Corp., Sales Tax, Revenue Bonds Series A 5.00%, due 12/1/37		1,260,000		1,187,021
Chicago Board of Education Dedicated Capital Improvement, Revenue Bonds 5.00%, due 4/1/37		435,000		475,003
Chicago Board of Education Dedicated Capital Improvement, Unlimited General Obligation
Series C 5.00%, due 12/1/34		2,270,000		2,460,294
Series B 7.00%, due 12/1/42 (a)		10,000,000		12,432,700
Series A 7.00%, due 12/1/46 (a)		4,000,000		4,944,320
Chicago Board of Education, Dedicated Capital Improvement, Revenue Bonds 5.00%, due 4/1/35		1,615,000		1,769,071
5.00%, due 4/1/36		1,270,000		1,390,726
5.00%, due 4/1/42		3,500,000		3,771,635
Chicago Board of Education, Revenue Bonds 5.00%, due 4/1/46		5,000,000		5,350,050
6.00%, due 4/1/46		35,000,000		40,213,600
Chicago Board of Education, School Reform Board, Unlimited General Obligation Series A-A, Insured: AGC 5.50%, due 12/1/26		19,400,000		22,843,888
Chicago Board of Education, School Reform, Unlimited General Obligation
Series A, Insured: NATL-RE (zero coupon), due 12/1/27		5,425,000		4,400,272
Series B-1, Insured: NATL-RE (zero coupon), due 12/1/30		13,300,000		9,451,379


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					21

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Illinois (continued)
Chicago Board of Education, School Reform, Unlimited General Obligation (continued)
Series A, Insured: NATL-RE (zero coupon), due 12/1/31	$	170,000	$	115,615
Series B-1, Insured: NATL-RE (zero coupon), due 12/1/31		1,095,000		744,699
Chicago Board of Education, Unlimited General Obligation
Series F 5.00%, due 12/1/31		21,515,000		21,538,666
Series B 5.00%, due 12/1/32		1,250,000		1,375,063
Series B 5.00%, due 12/1/33		3,450,000		3,634,788
Series G 5.00%, due 12/1/34		5,000,000		5,419,150
Series H 5.00%, due 12/1/36		4,730,000		5,092,223
Series A 5.00%, due 12/1/41		1,805,000		1,818,880
Series A 5.00%, due 12/1/42		21,065,000		21,329,366
Series D 5.00%, due 12/1/46		6,500,000		6,871,735
Series H 5.00%, due 12/1/46		7,000,000		7,379,540
Series A, Insured: NATL-RE 5.25%, due 12/1/20		860,000		863,001
Series C 5.25%, due 12/1/39		1,405,000		1,479,535
Series A 5.25%, due 12/1/41		5,295,000		5,348,903
Series A 5.50%, due 12/1/39		6,995,000		7,088,873
Series B 6.50%, due 12/1/46		1,900,000		2,220,264
Series A 7.00%, due 12/1/44		11,375,000		13,407,030
Chicago O’Hare International Airport Special Facility, AMT-Trips Obligated Group, Revenue Bonds (b)
5.00%, due 7/1/38		1,500,000		1,711,095
5.00%, due 7/1/48		5,000,000		5,587,500
Chicago Transit Authority, Second Lien, Revenue Bonds 5.00%, due 12/1/46		9,000,000		10,386,540
Chicago, Unlimited General Obligation
Series A 5.50%, due 1/1/49		18,650,000		19,751,282
Series A 6.00%, due 1/1/38		40,020,000		43,801,490


	Principal Amount		Value
Illinois (continued)
City of Chicago IL, City Colleges, Unlimited General Obligation Insured: NATL-RE (zero coupon), due 1/1/34	$	300,000	$	185,796
City of Chicago IL, Unlimited General Obligation
Series A 4.625%, due 1/1/32		145,000		145,000
Series A 5.00%, due 1/1/35		13,020,000		13,248,631
Series A 5.00%, due 1/1/36		3,250,000		3,301,577
Series C 5.00%, due 1/1/38		2,000,000		2,048,260
Series A 5.00%, due 1/1/39		6,000,000		6,113,040
Series A 5.00%, due 1/1/40		7,700,000		7,767,074
Series A 5.00%, due 1/1/44		6,500,000		6,569,030
Series A 5.25%, due 1/1/35		6,000,000		6,002,040
Series B 5.50%, due 1/1/31		2,360,000		2,491,853
Series 2005D 5.50%, due 1/1/37		3,500,000		3,643,115
Series 2005D 5.50%, due 1/1/40		1,245,000		1,292,571
Series A 5.75%, due 1/1/34		3,850,000		4,154,727
City of Chicago IL, Wastewater Transmission Second Lien, Revenue Bonds 5.00%, due 1/1/39		240,000		261,643
City of Chicago IL, Waterworks Second Lien, Revenue Bonds 4.00%, due 11/1/37		15,200,000		15,618,000
City of Romeoville IL, Lewis University, Revenue Bonds
Series B 4.125%, due 10/1/41		1,000,000		1,028,800
Series B 4.125%, due 10/1/46		2,100,000		2,148,909
Series B 5.00%, due 10/1/36		1,000,000		1,075,280
Series B 5.00%, due 10/1/39		1,275,000		1,363,982
Illinois Finance Authority, Charter School Project, Revenue Bonds Series A 7.125%, due 10/1/41		1,500,000		1,546,365


22		MainStay MacKay High Yield Municipal Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Illinois (continued)
Illinois Finance Authority, Chicago International School Project, Revenue Bonds 5.00%, due 12/1/47	$	3,000,000	$	3,205,050
Illinois Finance Authority, Christian Homes, Inc., Revenue Bonds 5.00%, due 5/15/40		1,265,000		1,329,136
Illinois Finance Authority, Columbia College Chicago, Revenue Bonds 5.00%, due 12/1/37		10,000,000		10,749,800
Illinois Finance Authority, Franciscan Communities, Inc., Revenue Bonds Series A 5.00%, due 5/15/47		1,155,000		1,232,443
Illinois Finance Authority, Friendship Village Schaumburg, Revenue Bonds 5.00%, due 2/15/37		7,675,000		6,817,779
5.125%, due 2/15/45		6,015,000		5,101,743
Illinois Finance Authority, Navistar International Corp., Revenue Bonds 4.75%, due 10/15/40 (a)(d)		21,800,000		22,155,776
Illinois Finance Authority, Noble Network Charter Schools, Revenue Bonds 5.00%, due 9/1/32		1,830,000		1,964,212
6.25%, due 9/1/39		150,000		163,187
Illinois Finance Authority, Roosevelt University Project, Revenue Bonds 5.50%, due 4/1/32		2,000,000		2,000,320
Illinois Finance Authority, Rosalind Franklin University of Medicine & Science, Revenue Bonds
Series C 4.25%, due 8/1/42		2,900,000		2,982,215
Series C 5.00%, due 8/1/49		1,300,000		1,404,013
Illinois Finance Authority, Student Housing & Academic Facility, CHF-Chicago LLC, University of Illinois at Chicago Project, Revenue Bonds Series A 5.00%, due 2/15/50		1,835,000		1,704,605
Illinois Finance Authority, Student Housing & Academic Facility, University of Illinois at Chicago Project, Revenue Bonds 5.00%, due 2/15/47		6,500,000		6,102,005
Illinois Finance Authority, University of Illinois Health Services, Revenue Bonds 4.00%, due 10/1/50		3,500,000		3,734,185
4.00%, due 10/1/55		6,700,000		7,101,330


	Principal Amount		Value
Illinois (continued)
Metropolitan Pier & Exposition Authority, Capital Appreciation-McCormick Place Expansion, Revenue Bonds
Series A, Insured: NATL-RE (zero coupon), due 12/15/31	$	5,000,000	$	3,492,400
Series A, Insured: NATL-RE (zero coupon), due 12/15/32		18,945,000		12,635,178
Series A, Insured: NATL-RE (zero coupon), due 6/15/33		26,320,000		17,107,474
Series A, Insured: NATL-RE (zero coupon), due 12/15/33		12,600,000		8,042,328
Series A, Insured: NATL-RE (zero coupon), due 6/15/37		16,000,000		8,800,640
Series A, Insured: NATL-RE (zero coupon), due 12/15/37		65,600,000		35,428,592
Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Revenue Bonds
Series B (zero coupon), due 12/15/54		57,560,000		12,243,588
Series A 4.00%, due 6/15/50		22,800,000		22,927,680
Series A, Insured: BAM 5.00%, due 6/15/42		395,000		405,069
Series A 5.00%, due 12/15/45		750,000		828,405
5.00%, due 6/15/50		18,000,000		19,786,140
Series A 5.00%, due 6/15/57		2,000,000		2,157,500
Metropolitan Pier & Exposition Authority, McCormick Place Expansion, Revenue Bonds
Series A, Insured: NATL-RE (zero coupon), due 6/15/34		46,915,000		29,255,256
Series A, Insured: NATL-RE (zero coupon), due 12/15/36		33,845,000		18,990,768
Metropolitan Pier & Exposition Authority, McCormick Place Project, Revenue Bonds
Series B (zero coupon), due 12/15/50		35,930,000		9,272,096
Series B (zero coupon), due 12/15/51		56,600,000		13,921,336
(zero coupon), due 12/15/56		22,500,000		4,326,750
Insured: AGM (zero coupon), due 12/15/56		10,000,000		2,507,100
Insured: State Appropriations 4.25%, due 6/15/42		1,660,000		1,673,712
Series A 5.00%, due 6/15/42		7,150,000		7,326,176


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					23

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Illinois (continued)
Metropolitan Pier & Exposition Authority, Revenue Bonds Series B, Insured: AGM (zero coupon), due 12/15/50	$	10,000,000	$	3,210,200
Northern Illinois University, Revenue Bonds
Series B, Insured: BAM 4.00%, due 4/1/37		1,300,000		1,437,241
Series B, Insured: BAM 4.00%, due 4/1/39		1,300,000		1,427,556
Series B, Insured: BAM 4.00%, due 4/1/41		1,350,000		1,472,580
Sangamon County Water Reclamation District, Alternative Revenue Source, Unlimited General Obligation
Series A, Insured: BAM 4.00%, due 1/1/44		5,000,000		5,650,900
Series A 4.00%, due 1/1/49		14,000,000		15,539,720
State of Illinois, Rebuild Illinois Program, Unlimited General Obligation Series C 4.00%, due 11/1/41		20,000,000		19,095,800
State of Illinois, Unlimited General Obligation
Series D 3.25%, due 11/1/26		5,540,000		5,466,761
Insured: BAM 4.00%, due 6/1/41		25,955,000		26,752,597
Series C 4.00%, due 10/1/41		7,900,000		7,543,473
Series C 4.00%, due 10/1/42		9,000,000		8,569,890
Series C 4.25%, due 10/1/45		24,000,000		23,245,680
Series A 4.50%, due 12/1/41		6,775,000		6,747,358
Series D 5.00%, due 11/1/20		2,500,000		2,500,000
Series A 5.00%, due 12/1/25		3,270,000		3,568,649
Series D 5.00%, due 11/1/26		4,245,000		4,587,487
Series D 5.00%, due 11/1/27		11,000,000		11,937,860
Series A 5.00%, due 12/1/27		2,315,000		2,543,722
Series B 5.00%, due 12/1/27		9,365,000		10,290,262
5.00%, due 2/1/28		2,700,000		2,935,251


	Principal Amount		Value
Illinois (continued)
State of Illinois, Unlimited General Obligation (continued)
Series C 5.00%, due 11/1/29	$	14,635,000	$	15,658,426
Series A 5.00%, due 1/1/31		8,110,000		8,256,142
Series A 5.00%, due 12/1/31		2,985,000		3,176,010
Series A 5.00%, due 12/1/39		2,400,000		2,487,696
Series A 5.00%, due 5/1/40		2,000,000		2,074,620
5.50%, due 7/1/38		3,000,000		3,091,710
5.75%, due 5/1/45		17,420,000		19,304,321
Upper Illinois River Valley Development Authority, Morris Hospital, Revenue Bonds 5.00%, due 12/1/48		15,305,000		17,286,538
Upper Illinois River Valley Development Authority, Prairie View Timber Oaks Apartments, Revenue Bonds Series A-1 5.00%, due 12/1/43		5,700,000		4,998,957
Village of Bridgeview IL, Revenue Bonds Series A 5.00%, due 12/1/42		7,500,000		6,873,075
Village of Bridgeview IL, Unlimited General Obligation
Series A 5.125%, due 12/1/44		100,000		89,149
Series A 5.50%, due 12/1/43		2,805,000		2,650,333
Series A 5.625%, due 12/1/41		4,190,000		4,065,096
Series A 5.75%, due 12/1/35		2,705,000		2,683,008
Village of Matteson IL, Utility Revenue Source, Unlimited General Obligation Insured: AGM 4.00%, due 12/1/26		200,000		200,238
Village of Oak Lawn IL, Unlimited General Obligation
Insured: NATL-RE 4.40%, due 12/1/26		400,000		400,660
Insured: NATL-RE 4.45%, due 12/1/28		430,000		430,692
Insured: NATL-RE 4.50%, due 12/1/30		475,000		475,765
Insured: NATL-RE 4.50%, due 12/1/32		520,000		520,723
Insured: NATL-RE 4.50%, due 12/1/34		575,000		575,817


24		MainStay MacKay High Yield Municipal Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Illinois (continued)
Village of Riverdale, Unlimited General Obligation 8.00%, due 10/1/36	$	1,750,000	$	1,808,765

				948,167,605

Indiana 0.4%
Carmel Redevelopment District, Certificates of Participation Series C 6.50%, due 7/15/35		1,000,000		1,012,200
City of Valparaiso IN, Revenue Bonds 7.00%, due 1/1/44 (b)		5,500,000		6,167,315
Gary Chicago International Airport Authority, Revenue Bonds (b)
5.00%, due 2/1/29		1,170,000		1,289,715
5.25%, due 2/1/34		750,000		818,603
Indiana Finance Authority, BHI Senior Living, Inc., Revenue Bonds
5.00%, due 11/15/48		5,000,000		5,358,300
5.00%, due 11/15/53		4,400,000		4,684,152
Indiana Finance Authority, Educational Facilities-Marian University Project, Revenue Bonds 6.375%, due 9/15/41		670,000		705,081
Indiana Finance Authority, King’s Daughters Hospital & Healthcare, Revenue Bonds 5.50%, due 8/15/40		4,835,000		4,843,461
5.50%, due 8/15/45		210,000		210,361
Indiana Finance Authority, Marquette Manor LLC, Revenue Bonds 5.00%, due 3/1/39		5,505,000		5,594,456
Indiana Finance Authority, University of Indianapolis Education Facilities Project, Revenue Bonds 5.00%, due 10/1/43		2,000,000		2,182,180

				32,865,824

Iowa 0.7%
City of Coralville IA, Annual Appropriation, Revenue Bonds Series B 4.25%, due 5/1/37		7,365,000		6,769,393
City of Coralville IA, Tax Allocation Series C 4.50%, due 5/1/47		2,930,000		2,889,800
Iowa Finance Authority, Iowa Fertilizer Company Project, Revenue Bonds 3.125%, due 12/1/22		5,000,000		5,065,850
5.25%, due 12/1/25		7,500,000		7,985,550


	Principal Amount		Value
Iowa (continued)
Iowa Finance Authority, Lifespace Communities, Inc., Revenue Bonds Series A1 4.00%, due 5/15/55	$	3,750,000	$	3,627,150
Iowa Finance Authority, Northcrest, Inc., Project, Revenue Bonds Series A 5.00%, due 3/1/48		1,500,000		1,552,500
Iowa Higher Education Loan Authority, Des Moines University Project, Revenue Bonds 4.00%, due 10/1/45		3,000,000		3,235,140
4.00%, due 10/1/50		11,000,000		11,764,940
Iowa Tobacco Settlement Authority, Revenue Bonds
Series C 5.375%, due 6/1/38		6,145,000		6,229,125
Series C 5.625%, due 6/1/46		6,730,000		6,822,134
Xenia Rural Water District, Revenue Bonds 5.00%, due 12/1/36		3,000,000		3,459,540
5.00%, due 12/1/41		3,000,000		3,421,680

				62,822,802

Kansas 0.3%
Wyandotte County-Kansas City Unified Government, Revenue Bonds (zero coupon), due 9/1/34 (a)		59,995,000		25,542,271


Kentucky 1.0%
City of Campbellsville KY, Campbellsville University Project, Revenue Bonds 5.00%, due 3/1/39		4,730,000		4,750,055
City of Columbia KY, Lindsey Wilson College Project, Revenue Bonds 5.00%, due 12/1/33		3,855,000		4,085,336
City of Glasgow KY, Healthcare Revenue, T. J. Samson Community Hospital, Revenue Bonds 6.45%, due 2/1/41		1,000,000		1,029,860
Kentucky Economic Development Finance Authority, CommonSpirit Health Obligated Group, Revenue Bonds
Series A-1 5.00%, due 8/1/44		5,000,000		5,916,600
Series A-2 5.00%, due 8/1/44		6,000,000		7,099,920
Series A-2 5.00%, due 8/1/49		6,300,000		7,405,587


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					25

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Kentucky (continued)
Kentucky Economic Development Finance Authority, Owensboro Health, Revenue Bonds
Series A 5.00%, due 6/1/41	$	4,425,000	$	4,820,241
Series A 5.00%, due 6/1/45		9,725,000		10,441,538
Kentucky Economic Development Finance Authority, Revenue Bonds 5.00%, due 7/1/32		6,450,000		6,996,509
Kentucky Municipal Power Agency, Prairie State Project, Revenue Bonds Series 2019A 4.00%, due 9/1/45		21,445,000		23,033,217
Louisville / Jefferson County Metropolitan Government, Norton Healthcare, Inc., Revenue Bonds Series A 4.00%, due 10/1/34		5,575,000		6,164,779

				81,743,642

Louisiana 0.4%
Calcasieu Parish, Lake Charles Memorial Hospital Project, Revenue Bonds 5.00%, due 12/1/34		2,000,000		2,207,720
City of New Orleans LA, Water System, Revenue Bonds 5.00%, due 12/1/44		5,500,000		6,232,765
Louisiana Public Facilities Authority, Belle Chasse Education Foundation, Revenue Bonds 6.50%, due 5/1/31		3,700,000		3,809,298
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Revenue Bonds 5.00%, due 5/15/47		5,000,000		5,589,900
Parish of St. John the Baptist LA, Marathon Oil Corp Project, Revenue Bonds Series B2 2.375%, due 6/1/37 (d)		12,500,000		12,642,375

				30,482,058

Maine 0.1%
City of Portland Airport Revenue, Green Bond, Revenue Bonds 4.00%, due 1/1/40		1,400,000		1,534,078
Maine Health & Higher Educational Facilities Authority, Eastern Maine Medical Center Obligation Group, Revenue Bonds
5.00%, due 7/1/33		3,825,000		4,048,609


	Principal Amount		Value
Maine (continued)
Maine Health & Higher Educational Facilities Authority, Eastern Maine Medical Center Obligation Group, Revenue Bonds (continued)
5.00%, due 7/1/43	$	2,590,000	$	2,689,223

				8,271,910

Maryland 0.4%
City of Baltimore MD, Convention Center Hotel, Revenue Bonds 5.00%, due 9/1/42		1,595,000		1,392,993
5.00%, due 9/1/46		12,715,000		11,072,603
County of Baltimore, Oak Crest Village, Inc. Facility, Revenue Bonds 4.00%, due 1/1/45		1,750,000		1,860,355
4.00%, due 1/1/50		2,500,000		2,645,400
County of Frederick MD, Oakdale Lake Linganore Project, Tax Allocation 3.75%, due 7/1/39		1,410,000		1,337,188
County of Frederick MD, Special Tax Series C 4.00%, due 7/1/50		1,000,000		983,740
Frederick County Educational Facilities, Mount St. Mary’s University, Revenue Bonds (a)
Series A 5.00%, due 9/1/37		3,000,000		3,164,700
Series A 5.00%, due 9/1/45		500,000		519,740
Maryland Health & Higher Educational Facilities Authority, Broadmead Issue, Revenue Bonds
Series A 5.00%, due 7/1/38		1,000,000		1,095,400
Series A 5.00%, due 7/1/48		3,000,000		3,258,900
Maryland Health & Higher Educational Facilities Authority, Charlestown Community, Revenue Bonds 6.25%, due 1/1/45		1,000,000		1,009,520
Maryland Health & Higher Educational Facilities Authority, Green Street Academy, Inc., Revenue Bonds (a)
Series A 5.125%, due 7/1/37		1,260,000		1,337,566
Series A 5.375%, due 7/1/52		1,530,000		1,614,318
Maryland Health & Higher Educational Facilities Authority, Meritus Medical Center, Revenue Bonds 5.00%, due 7/1/45		4,000,000		4,428,240
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds 5.25%, due 1/1/37		1,000,000		1,077,290

				36,797,953


26		MainStay MacKay High Yield Municipal Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Massachusetts 2.3%
Invesco Muni, Inc. 1.00%, due 12/1/22 (a)	$	80,000,000	$	80,000,000
Massachusetts Development Finance Agency, CareGroup Obligated Group, Revenue Bonds Series J2 5.00%, due 7/1/53		6,785,000		7,830,772
Massachusetts Development Finance Agency, Dexter Southfield, Revenue Bonds 5.00%, due 5/1/41		3,000,000		3,340,590
Massachusetts Development Finance Agency, Green Bonds-Boston Medical Center, Revenue Bonds 5.00%, due 7/1/44		1,000,000		1,103,060
Massachusetts Development Finance Agency, Lawrence General Hospital, Revenue Bonds Series A 5.50%, due 7/1/44		6,000,000		5,577,480
Massachusetts Development Finance Agency, Linden Ponds, Inc., Revenue Bonds (a)
5.00%, due 11/15/33		3,000,000		3,252,420
5.125%, due 11/15/46		6,000,000		6,387,660
Massachusetts Development Finance Agency, Milford Regional Medical Center, Revenue Bonds (a)
Series G 5.00%, due 7/15/35		270,000		309,023
Series G 5.00%, due 7/15/36		235,000		268,215
Series G 5.00%, due 7/15/37		245,000		278,590
Series G 5.00%, due 7/15/46		1,100,000		1,244,639
Massachusetts Development Finance Agency, North Hill Community, Revenue Bonds Series A 6.50%, due 11/15/43 (a)		2,000,000		2,370,140
Massachusetts Development Finance Agency, UMass Boston Student Housing Project, Revenue Bonds 5.00%, due 10/1/48		21,405,000		20,925,100
Massachusetts Development Finance Agency, UMass Dartmouth Student Housing Project, Revenue Bonds 5.00%, due 10/1/43		2,000,000		1,910,020
5.00%, due 10/1/48		9,000,000		8,550,090
5.00%, due 10/1/54		15,000,000		14,175,000


	Principal Amount		Value
Massachusetts (continued)
Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group, Revenue Bonds Series L 5.00%, due 7/1/44	$	8,455,000	$	9,719,192
Massachusetts Development Finance Agency, UMass Memorial Healthcare, Revenue Bonds Series I 5.00%, due 7/1/46		2,000,000		2,260,500
Massachusetts Development Finance Agency, Wellforce Obligated Group, Revenue Bonds Series A 4.00%, due 7/1/44		17,750,000		18,834,347
Massachusetts Development Finance Agency, Western New England University, Revenue Bonds 5.00%, due 9/1/40		1,325,000		1,451,749
5.00%, due 9/1/45		1,175,000		1,277,989
Massachusetts Educational Financing Authority, Revenue Bonds Series B 3.00%, due 7/1/35 (b)		11,100,000		11,234,976

				202,301,552

Michigan 1.8%
Calhoun County Hospital Finance Authority, Oaklawn Hospital, Revenue Bonds 5.00%, due 2/15/41		3,260,000		3,536,415
5.00%, due 2/15/47		3,000,000		3,177,960
Chandler Park Academy, Revenue Bonds 5.125%, due 11/1/30		1,050,000		1,051,354
5.125%, due 11/1/35		605,000		605,647
City of Detroit MI, Unlimited General Obligation
Insured: AMBAC 4.60%, due 4/1/24		20,150		20,159
5.00%, due 4/1/27		850,000		929,075
5.00%, due 4/1/31		1,000,000		1,080,490
5.00%, due 4/1/33		1,200,000		1,292,988
5.00%, due 4/1/35		1,000,000		1,075,230
5.00%, due 4/1/37		1,100,000		1,177,869
5.00%, due 4/1/38		850,000		908,846
Insured: AMBAC 5.25%, due 4/1/22		58,125		58,215
Insured: AMBAC 5.25%, due 4/1/24		45,725		45,767
5.50%, due 4/1/50		2,070,000		2,309,830


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					27

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Michigan (continued)
City of Detroit MI, Water Supply System, Great Lakes Water Authority, Revenue Bonds Senior Lien-Series C 4.50%, due 7/1/27	$	165,000	$	169,707
City of Detroit MI, Water Supply System, Revenue Bonds Senior Lien-Series A 5.00%, due 7/1/36		655,000		675,849
City of Detroit MI, Water Supply System, Unrefunded-2015, Revenue Bonds 2nd Lien-Series B, Insured: NATL-RE 5.00%, due 7/1/34		10,000		10,035
Great Lakes Water Authority, Sewage Disposal System, Revenue Bonds Senior Lien-Series A 5.25%, due 7/1/39		5,000,000		5,415,000
Great Lakes Water Authority, Water Supply System, Revenue Bonds
Senior Lien-Series C 5.00%, due 7/1/41		1,620,000		1,671,565
Senior Lien-Series A 5.25%, due 7/1/41		10,840,000		11,202,923
Michigan Finance Authority, College for Creative Studies, Revenue Bonds 5.00%, due 12/1/36		1,000,000		1,023,860
5.00%, due 12/1/40		1,700,000		1,731,841
5.00%, due 12/1/45		4,700,000		4,765,706
Michigan Finance Authority, Landmark Academy Project, Revenue Bonds 5.00%, due 6/1/45		2,920,000		2,941,988
Michigan Finance Authority, Limited Obligation, Lawrence Technological University Project, Revenue Bonds 5.00%, due 2/1/37		1,550,000		1,571,452
5.25%, due 2/1/32		3,600,000		3,769,236
Michigan Finance Authority, Local Government Loan Program, Public Lighting Authority Project, Revenue Bonds Series B 5.00%, due 7/1/44		4,000,000		4,251,720
Michigan Finance Authority, Local Government Loan Program, Revenue Bonds
5.00%, due 7/1/34		1,000,000		1,168,470
Series D4 5.00%, due 7/1/34		1,000,000		1,139,550
5.00%, due 7/1/35		2,000,000		2,332,980
Michigan Finance Authority, Presbyterian Villages Hospital, Revenue Bonds 5.50%, due 11/15/45		1,000,000		1,040,010


	Principal Amount		Value
Michigan (continued)
Michigan Finance Authority, Public School Academy-Detroit, Revenue Bonds 7.00%, due 10/1/31	$	2,120,000	$	1,963,035
7.00%, due 10/1/36		1,740,000		1,549,018
Michigan Finance Authority, Public School Academy-Voyageur, Revenue Bonds 5.90%, due 7/15/46 (a)		2,060,000		1,773,845
Michigan Finance Authority, Revenue Bonds
Series B (zero coupon), due 6/1/45		50,000,000		10,828,500
Series B-2, Class 2 (zero coupon), due 6/1/65		181,000,000		20,628,570
Series A, Class 1 4.00%, due 6/1/49		7,000,000		7,617,470
Series C-1 5.00%, due 7/1/44		1,000,000		1,077,990
Michigan Finance Authority, Universal Learning Academy Project, Revenue Bonds 5.75%, due 11/1/40		2,630,000		2,857,258
Michigan Finance Authority, Wayne County Criminal Justice Center Project, Revenue Bonds 4.00%, due 11/1/48		7,000,000		7,837,900
Michigan Municipal Bond Authority, Local Government Loan Program, Revenue Bonds Series C, Insured: AMBAC 4.50%, due 5/1/31		305,000		304,997
Michigan Public Educational Facilities Authority, Richfield Public School Academy, Revenue Bonds 5.00%, due 9/1/36		150,000		150,074
Michigan Strategic Fund, Holland Home Obligated Group, Revenue Bonds 5.00%, due 11/15/42		6,265,000		6,621,854
Michigan Strategic Fund, I-75 Improvement Project, Revenue Bonds (b)
5.00%, due 12/31/43		1,500,000		1,713,930
5.00%, due 6/30/48		18,000,000		20,428,920
Michigan Tobacco Settlement Finance Authority, Revenue Bonds Series B (zero coupon), due 6/1/52		19,950,000		1,996,596
Wayne County Michigan, Capital Improvement, Limited General Obligation Series A, Insured: AGM 5.00%, due 2/1/38		4,115,000		4,127,592

				153,629,286


28		MainStay MacKay High Yield Municipal Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Minnesota 1.6%
City of Blaine MN, Senior Housing and Healthcare, Crest View Senior Community, Revenue Bonds Series A 6.125%, due 7/1/45	$	2,100,000	$	1,945,524
City of Ham Lake MN, Charter School Lease, Parnassus Preparatory School Project, Revenue Bonds Series A 5.00%, due 11/1/47		3,500,000		3,717,490
City of Rochester MN, Samaritan Bethany, Inc., Revenue Bonds 5.00%, due 8/1/48		2,000,000		2,056,780
Crookston Health Care Facilities, Riverview Health Project, Revenue Bonds 5.00%, due 5/1/51		4,000,000		3,827,800
Duluth Economic Development Authority Health Care Facilities, Cambia Hills of Bethel Project, Revenue Bonds 5.625%, due 12/1/55		6,000,000		5,773,560
Duluth Economic Development Authority Health Care Facilities, Essentia Health Obligated Group, Revenue Bonds
Series A 5.00%, due 2/15/48		8,550,000		9,873,369
Series A 5.00%, due 2/15/53		26,250,000		30,197,213
Series A 5.25%, due 2/15/58		50,655,000		59,224,306
Forest Lake Charter School Lease Revenue, Lakes International Language Academy Project, Revenue Bonds Series A 5.375%, due 8/1/50		1,250,000		1,379,175
Housing & Redevelopment Authority of The City of St. Paul Minnesota, Healtheast Care System, Revenue Bonds 5.00%, due 11/15/29		1,745,000		2,139,702
5.00%, due 11/15/40		1,775,000		2,176,487
Housing & Redevelopment Authority of The City of St. Paul Minnesota, Hmong College Preparatory Academy Project, Revenue Bonds Series A 5.75%, due 9/1/46		3,000,000		3,412,170


	Principal Amount		Value
Minnesota (continued)
Housing & Redevelopment Authority of The City of St. Paul Minnesota, Nova Classical Academy, Revenue Bonds Series A 6.625%, due 9/1/42	$	1,000,000	$	1,052,250
Minneapolis MN, Charter School Lease, Twin Cities International School Project, Revenue Bonds Series A 5.00%, due 12/1/47 (a)		4,085,000		4,255,222
Minnesota Higher Education Facilities Authority, Augsburg College, Revenue Bonds Series A 5.00%, due 5/1/46		325,000		324,626

				131,355,674

Mississippi 0.0%‡
Mississippi Development Bank, Magnolia Regional Health Center Project, Revenue Bonds Series A 6.75%, due 10/1/36		1,250,000		1,276,338


Missouri 0.5%
Branson Industrial Development Authority, Branson Landing-Retail Project, Tax Allocation 5.25%, due 6/1/21		15,000		14,978
5.50%, due 6/1/29		3,510,000		3,420,951
Kansas City Industrial Development Authority, Kansas City Parking LLC, Revenue Bonds 6.25%, due 9/1/32		1,000,000		1,000,000
Kansas City Land Clearance Redevelopment Authority, Convention Center Hotel Project, Tax Allocation 5.00%, due 2/1/50 (a)		5,000,000		5,127,900
Lee’s Summit Industrial Development Authority, Fair Community Improvement District, Special Assessment 5.00%, due 5/1/35		1,130,000		1,126,542
6.00%, due 5/1/42		2,800,000		2,799,832
Lees Summit MO, Special Obligation Tax, Improvement Summit Fair Project, Tax Allocation 4.875%, due 11/1/37 (a)		5,545,000		5,037,189
Maryland Heights Industrial Development Authority, St. Louis Community Ice Center Project, Revenue Bonds Series A 5.00%, due 3/15/49		7,750,000		6,665,077


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					29

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Missouri (continued)
Missouri Health & Educational Facilities Authority, A.T. Still University of Health Sciences, Revenue Bonds 4.00%, due 10/1/43	$	1,125,000	$	1,229,085
Missouri Health & Educational Facilities Authority, Capital Region Medical Center, Revenue Bonds 5.00%, due 11/1/40		2,000,000		2,335,060
Missouri Health & Educational Facilities Authority, Maryville University of St. Louis Project, Revenue Bonds
Series A 4.00%, due 6/15/41		3,300,000		3,461,568
Series A 5.00%, due 6/15/45		3,520,000		4,060,074
Saint Louis MO, Land Clearance Authority, Scottrade Center Project, Revenue Bonds Series A 5.00%, due 4/1/48		3,250,000		3,529,533
St. Joseph Industrial Development Authority, Living Community of St. Joseph, Revenue Bonds Series A 4.50%, due 1/1/40		2,000,000		1,826,780
St. Louis County Industrial Development Authority, Nazareth Living Center Project, Revenue Bonds 5.125%, due 8/15/45		1,900,000		1,906,650

				43,541,219

Montana 0.2%
Montana Facilities Finance Authority, Kalispell Regional Medical Center, Revenue Bonds Series B 5.00%, due 7/1/48		5,765,000		6,530,073
Montana Facility Finance Authority, Montana Children’s Home & Hospital Project, Revenue Bonds 4.00%, due 7/1/50		10,000,000		10,346,000

				16,876,073

Nevada 0.3%
City of Reno NV, Revenue Bonds Series D (zero coupon), due 7/1/58 (a)		9,000,000		872,370
City of Reno NV, Transportation Rail Access Project, Revenue Bonds
Series C (zero coupon), due 7/1/58 (a)		18,000,000		2,475,720
Series A 4.00%, due 6/1/43		2,500,000		2,529,900


	Principal Amount		Value
Nevada (continued)
Las Vegas NV, New Convention & Visitors Authority, Revenue Bonds
Series B 4.00%, due 7/1/39	$	4,710,000	$	4,958,453
Series B 4.00%, due 7/1/40		4,640,000		4,873,206
Las Vegas Redevelopment Agency, Tax Allocation 5.00%, due 6/15/45		2,750,000		3,022,223
State of Nevada Department of Business & Industry, Somerset Academy of Las Vegas, Revenue Bonds (a)
Series A 5.00%, due 12/15/38		1,000,000		1,038,780
Series A 5.00%, due 12/15/48		3,465,000		3,563,960
Tahoe-Douglas Visitors Authority, Revenue Bonds 5.00%, due 7/1/34		2,000,000		2,202,320
5.00%, due 7/1/40		2,500,000		2,702,425

				28,239,357

New Hampshire 0.2%
Manchester Housing & Redevelopment Authority, Inc., Revenue Bonds
Series B, Insured: ACA (zero coupon), due 1/1/21		2,375,000		2,357,377
Series B, Insured: ACA (zero coupon), due 1/1/26		1,975,000		1,508,466
National Finance Authority, The Vista Project, Revenue Bonds Series A 5.75%, due 7/1/54 (a)		1,500,000		1,540,980
New Hampshire Health & Education Facilities Authority Act, Kendal at Hanover, Revenue Bonds 5.00%, due 10/1/46		1,800,000		1,905,516
New Hampshire Health & Education Facilities Authority Act, Southern New Hampshire University, Revenue Bonds 5.00%, due 1/1/42		2,825,000		2,919,185
New Hampshire Health & Education Facilities Authority, Catholic Medical Center, Revenue Bonds 5.00%, due 7/1/44		3,000,000		3,312,990

				13,544,514

New Jersey 3.4%
City of Atlantic NJ, Unlimited General Obligation Insured: AGM 4.00%, due 11/1/26		805,000		852,302


30		MainStay MacKay High Yield Municipal Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
New Jersey (continued)
Essex County Improvement Authority, North Star Academy Charter School, Revenue Bonds 4.00%, due 7/15/60 (a)	$	12,255,000	$	12,696,180
New Jersey Economic Development Authority, Continental Airlines, Inc. Project, Revenue Bonds (b) 5.25%, due 9/15/29		10,420,000		10,646,531
Series B 5.625%, due 11/15/30		15,085,000		15,676,181
New Jersey Economic Development Authority, Motor Vehicle Surcharge, Revenue Bonds Series A 4.00%, due 7/1/34		1,000,000		1,041,620
New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Revenue Bonds
Series A 4.00%, due 11/1/39		2,000,000		2,088,740
Series A 4.00%, due 11/1/44		11,500,000		11,858,685
Series A 5.00%, due 11/1/35		10,000,000		11,509,200
Series A 5.00%, due 11/1/36		3,500,000		4,011,420
New Jersey Economic Development Authority, Port Newark Container Terminal LLC Project, Revenue Bonds 5.00%, due 10/1/47 (b)		10,000,000		10,805,100
New Jersey Economic Development Authority, Private Activity The Goethals, Revenue Bonds Insured: AGM 5.125%, due 7/1/42 (b)		1,705,000		1,880,069
New Jersey Economic Development Authority, Provident Group-Kean Properties, Revenue Bonds
Series A 5.00%, due 7/1/37		500,000		489,400
Series A 5.00%, due 1/1/50		3,100,000		2,842,297
New Jersey Economic Development Authority, Revenue Bonds (b) 5.125%, due 1/1/34		3,000,000		3,288,630
5.375%, due 1/1/43		2,000,000		2,188,340
New Jersey Economic Development Authority, Rowan Properties LLC, Revenue Bonds Series A 5.00%, due 1/1/48		12,410,000		11,575,676


	Principal Amount		Value
New Jersey (continued)
New Jersey Economic Development Authority, School Facilities Construction, Revenue Bonds 5.00%, due 6/15/44	$	1,000,000	$	1,126,330
5.00%, due 6/15/49		7,090,000		7,960,865
New Jersey Economic Development Authority, Team Academy Charter School Project, Revenue Bonds 6.00%, due 10/1/43		2,055,000		2,249,876
New Jersey Economic Development Authority, UMM Energy Partners, Revenue Bonds Series A 5.125%, due 6/15/43 (b)		2,000,000		2,094,400
New Jersey Educational Facilities Authority, College of St. Elizabeth, Revenue Bonds Series D 5.00%, due 7/1/46		2,190,000		2,186,715
New Jersey Health Care Facilities Financing Authority, St. Peter’s University Hospital, Revenue Bonds 5.75%, due 7/1/37		2,520,000		2,527,207
6.25%, due 7/1/35		2,725,000		2,793,888
New Jersey Health Care Facilities Financing Authority, University Hospital, Revenue Bonds Series A, Insured: AGM 5.00%, due 7/1/46		3,750,000		4,125,450
New Jersey State Economic Development Authority, State Government Buildings Project, Revenue Bonds Series C 5.00%, due 6/15/42		9,210,000		10,285,083
New Jersey Transportation Trust Fund Authority, Revenue Bonds Series BB 4.00%, due 6/15/50		5,105,000		5,227,061
New Jersey Turnpike Authority, Revenue Bonds Series E 5.00%, due 1/1/45		8,830,000		10,008,010
South Jersey Port Corp., Revenue Bonds
Series B 5.00%, due 1/1/42 (b)		14,845,000		16,112,615
Series B 5.00%, due 1/1/48 (b)		10,710,000		11,513,785
Series A 5.00%, due 1/1/49		8,455,000		9,300,162


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					31

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
New Jersey (continued)
South Jersey Transportation Authority LLC, Revenue Bonds Series A 5.00%, due 11/1/39	$	500,000	$	549,030
South Jersey Transportation Authority, Revenue Bonds
Series A 4.00%, due 11/1/50		25,000,000		27,128,250
Series A 5.00%, due 11/1/45		10,500,000		12,563,670
Tobacco Settlement Financing Corp., Revenue Bonds
Series A 5.00%, due 6/1/46		10,215,000		11,784,841
Series B 5.00%, due 6/1/46		38,700,000		43,798,725

				286,786,334

New Mexico 0.1%
New Mexico Hospital Equipment Loan Council, Gerald Champion, Revenue Bonds 5.50%, due 7/1/42		7,250,000		7,617,720
Santa Fe Retirement Facilities, El Castillo Retirement Project, Revenue Bonds Series B-1 2.625%, due 5/15/25		1,000,000		976,320

				8,594,040

New York 5.2%
Albany Industrial Development Agency, Brighter Choice Charter School, Revenue Bonds Series A 5.00%, due 4/1/32		1,500,000		1,501,620
Build NYC Resource Corp., Metropolitan Lighthouse Charter School Project, Revenue Bonds Series A 5.00%, due 6/1/47 (a)		1,225,000		1,309,488
Build NYC Resource Corp., Pratt Paper, Inc. Project, Revenue Bonds 5.00%, due 1/1/35 (a)(b)		1,500,000		1,639,200
City of New Rochelle NY, Iona College Project, Revenue Bonds Series A 5.00%, due 7/1/40		3,455,000		3,691,771
City of Newburgh NY, Limited General Obligation
Series A 5.00%, due 6/15/21		750,000		766,043


	Principal Amount		Value
New York (continued)
City of Newburgh NY, Limited General Obligation (continued)
Series A 5.00%, due 6/15/26	$	960,000	$	1,032,547
Series A 5.50%, due 6/15/31		750,000		812,723
Dutchess County Industrial Development Agency, Bard College Civic Facility, Revenue Bonds
Series A-2 4.50%, due 8/1/36		500,000		467,760
Series A-1 5.00%, due 8/1/46		14,765,000		14,105,447
Erie County Tobacco Asset Securitization Corp., Revenue Bonds Subseries B (zero coupon), due 6/1/47		40,000,000		7,561,600
Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project, Revenue Bonds Series A 4.00%, due 11/1/42		3,605,000		3,543,354
Metropolitan Transportation Authority, Green Bond, Revenue Bonds
Series A-1 4.00%, due 11/15/46		21,945,000		22,034,316
Series A-2 5.00%, due 11/15/27		3,400,000		3,668,498
Series B 5.00%, due 11/15/28		1,190,000		1,305,597
Series D1 5.00%, due 11/15/45		26,000,000		28,288,000
Metropolitan Transportation Authority, Revenue Bonds 4.00%, due 11/15/45		11,685,000		11,723,327
Series F 5.00%, due 11/15/22		5,045,000		5,142,520
Series D 5.00%, due 11/15/27		2,305,000		2,487,026
Series F 5.00%, due 11/15/30		10,260,000		10,531,890
Series B 5.00%, due 11/15/40		15,000,000		15,660,300
Monroe County Industrial Development Corp., St. Ann’s Community Project, Revenue Bonds 5.00%, due 1/1/40		3,000,000		3,117,960
MTA Hudson Rail Yards Trust Obligations, Revenue Bonds Series A 5.00%, due 11/15/56		7,400,000		8,039,656


32		MainStay MacKay High Yield Municipal Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
New York (continued)
Nassau County Tobacco Settlement Corp., Asset-Backed, Revenue Bonds
Series A-3 5.00%, due 6/1/35	$	2,075,000	$	2,075,145
Series A-3 5.125%, due 6/1/46		13,155,000		13,156,579
New York City Industrial Development Agency, Queens Baseball Stadium, Revenue Bonds
Insured: AMBAC 5.00%, due 1/1/36		1,500,000		1,500,105
Insured: AMBAC 5.00%, due 1/1/39		5,695,000		5,695,342
New York Convention Center Development Corp., Hotel Unit Fee, Revenue Bonds Series A (zero coupon), due 11/15/47		10,000,000		3,609,600
New York Counties Tobacco Trust V, Pass Through, Revenue Bonds Series S 1 (zero coupon), due 6/1/38		2,500,000		884,675
New York Liberty Development Corp., World Trade Center, Revenue Bonds (a)
Class 1 5.00%, due 11/15/44		2,000,000		2,049,080
Class 2 5.15%, due 11/15/34		4,150,000		4,308,862
Class 2 5.375%, due 11/15/40		6,500,000		6,726,915
Class 3 7.25%, due 11/15/44		10,500,000		10,891,545
New York State Dormitory Authority, Montefiore Obligated Group, Revenue Bonds
Series A 4.00%, due 8/1/37		3,250,000		3,553,972
Series A 4.00%, due 8/1/38		3,250,000		3,543,767
Series A 5.00%, due 8/1/32		3,845,000		4,562,323
Series A 5.00%, due 8/1/35		2,350,000		2,758,947
New York State Dormitory Authority, Orange Regional Medical Center, Revenue Bonds (a) 5.00%, due 12/1/29		1,000,000		1,176,650
5.00%, due 12/1/30		1,200,000		1,404,816


	Principal Amount		Value
New York (continued)
New York State Dormitory Authority, Revenue Bonds
Series A 4.00%, due 7/1/50	$	6,000,000	$	6,684,720
Series A 4.00%, due 7/1/53		3,845,000		4,276,409
New York State Dormitory Authority, Touro College & University System, Revenue Bonds 5.00%, due 1/1/47		9,000,000		9,534,060
New York Transportation Development Corp., American Airlines, Inc., Revenue Bonds 5.00%, due 8/1/26 (b)		10,200,000		10,240,494
New York Transportation Development Corp., Delta Air Lines, Inc., Revenue Bonds (b) 4.00%, due 10/1/30		4,500,000		4,622,355
4.375%, due 10/1/45		42,540,000		43,102,804
5.00%, due 10/1/35		11,000,000		12,014,750
5.00%, due 10/1/40		42,740,000		45,858,738
New York Transportation Development Corp., John F. Kennedy International Airport, Revenue Bonds (b) 5.25%, due 8/1/31		5,030,000		5,184,371
5.375%, due 8/1/36		6,470,000		6,705,314
New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Revenue Bonds Series A 5.25%, due 1/1/50 (b)		35,110,000		37,846,122
Oneida County Local Development Corp., Mohawk Valley Health System Project, Revenue Bonds
Series A, Insured: AGM 3.00%, due 12/1/40		3,755,000		3,877,451
Series A, Insured: AGM 3.00%, due 12/1/44		6,750,000		6,884,257
Orange County Funding Corp., Mount St. Mary College, Revenue Bonds Series A 5.00%, due 7/1/42		1,430,000		1,451,164
Port Authority of New York & New Jersey, JFK International Airport, Revenue Bonds 6.00%, due 12/1/42		3,500,000		3,514,245
Riverhead Industrial Development Agency, Revenue Bonds 7.00%, due 8/1/43		1,500,000		1,650,135


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					33

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
New York (continued)
Rockland Tobacco Asset Securitization Corp., Asset-Backed, Revenue Bonds Series B (zero coupon), due 8/15/50 (a)	$	13,000,000	$	1,866,410
Southold Local Development Corp., Peconic Landing, Inc. Project, Revenue Bonds 4.00%, due 12/1/45		815,000		809,866
Suffolk County Economic Development Corp., Peconic Landing Southold, Revenue Bonds 6.00%, due 12/1/40		900,000		903,915
Suffolk Tobacco Asset Securitization Corp., Revenue Bonds
Series B 6.00%, due 6/1/48		1,125,000		1,126,181
Series C 6.625%, due 6/1/44		13,000,000		13,408,200
Tompkins County Development Corp., Kendal at Ithaca, Inc. Project, Revenue Bonds 5.00%, due 7/1/44		915,000		965,600
Westchester County Local Development Corp., Pace University, Revenue Bonds Series A 5.50%, due 5/1/42		6,205,000		6,684,088

				445,540,615

North Carolina 0.6%
North Carolina Department of Transportation, I-77 Hot Lanes Project, Revenue Bonds 5.00%, due 6/30/54 (b)		10,000,000		10,527,400
North Carolina Medical Care Commission Retirement Facilities Revenue, Sharon Towers, Revenue Bonds 5.00%, due 7/1/49		1,500,000		1,586,295
North Carolina Medical Care Commission Retirement Facilities Revenue, The Pines at Davidson Project, Revenue Bonds Series A 5.00%, due 1/1/49		4,500,000		4,816,170
North Carolina Medical Care Commission Retirement Facilities Revenue, United Methodist Retirement Homes, Revenue Bonds Series A 5.00%, due 10/1/47		4,100,000		4,327,058


	Principal Amount		Value
North Carolina (continued)
North Carolina Turnpike Authority, Revenue Bonds
Insured: AGM 3.00%, due 1/1/42	$	2,800,000	$	2,931,208
5.00%, due 1/1/49		10,000,000		11,880,800
Insured: AGM 5.00%, due 1/1/49		5,000,000		6,094,750
Series A 5.00%, due 7/1/54		10,000,000		11,092,000

				53,255,681

North Dakota 0.5%
Cass County Health Facilities, Essentia Health Obligated Group, Revenue Bonds Series B 5.25%, due 2/15/53		9,500,000		11,159,935
Ward County ND, Health Care Facilities, Trinity Health Obligated Group, Revenue Bonds Series C 5.00%, due 6/1/48		28,640,000		31,133,398

				42,293,333

Ohio 5.0%
Akron Bath Copley Joint Township Hospital District, Revenue Bonds 5.25%, due 11/15/46		20,725,000		24,022,969
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds
Series A-2, Class 1 4.00%, due 6/1/48		1,500,000		1,627,155
Series B-2, Class 2 5.00%, due 6/1/55		148,900,000		159,422,763
Cleveland-Cuyahoga County Port Authority, Center for Dialysis Care Project, Revenue Bonds Series A 5.00%, due 12/1/42		5,205,000		5,783,119
Cleveland-Cuyahoga County Port Authority, Euclid Avenue Development Corp. Project, Revenue Bonds 4.00%, due 8/1/44		12,720,000		13,592,210
Cleveland-Cuyahoga County Port Authority, Revenue Bonds
Series A 5.00%, due 12/1/47		1,435,000		1,577,783
7.00%, due 12/1/18 (e)(f)(g)		710,000		184,600
7.35%, due 12/1/31 (e)(f)(g)		6,000,000		1,560,000
County of Cuyahoga OH, MetroHealth System, Revenue Bonds
4.75%, due 2/15/47		1,440,000		1,585,483
5.00%, due 2/15/37		5,350,000		6,117,939


34		MainStay MacKay High Yield Municipal Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Ohio (continued)
County of Cuyahoga OH, MetroHealth System, Revenue Bonds (continued)
5.00%, due 2/15/52	$	7,000,000	$	7,800,100
5.00%, due 2/15/57		8,610,000		9,574,750
5.50%, due 2/15/57		33,730,000		39,095,094
County of Hamilton OH, Christ Hospital Project, Revenue Bonds 5.50%, due 6/1/42		2,500,000		2,704,875
County of Hamilton OH, Life Enriching Communities Project, Revenue Bonds
5.00%, due 1/1/42		1,080,000		1,115,208
5.00%, due 1/1/46		2,090,000		2,219,517
County of Lucas Ohio Hospital Revenue, ProMedica Healthcare Obligated Group, Revenue Bonds Series A 5.25%, due 11/15/48		53,350,000		60,398,602
Franklin County Convention Facilities Authority, Greater Columbus Convention Center Hotel Expansion Project, Revenue Bonds 5.00%, due 12/1/51		4,500,000		4,513,410
Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Revenue Bonds Series A 3.25%, due 9/1/29		1,500,000		1,515,735
Ohio Higher Educational Facilities Commission, Cleveland Institute of Art, Revenue Bonds
5.25%, due 12/1/48		1,000,000		1,009,130
5.50%, due 12/1/53		1,215,000		1,241,949
Ohio Higher Educational Facilities Commission, Menorah Park Obligated Group, Revenue Bonds 5.25%, due 1/1/48		5,210,000		4,727,815
Ohio Higher Educational Facility Commission, Tiffin University Project, Revenue Bonds
4.00%, due 11/1/49		5,000,000		4,571,900
5.00%, due 11/1/44		750,000		799,875
Ohio Higher Educational Facility Commission, University of Findlay Project, Revenue Bonds
5.00%, due 3/1/39		1,675,000		1,709,153
5.00%, due 3/1/44		9,610,000		9,687,457
Ohio Hospital Revenue, University Hospitals Health System, Inc., Revenue Bonds Series A 4.00%, due 1/15/50		25,000,000		27,297,750


	Principal Amount		Value
Ohio (continued)
Ohio State Air Quality Development Authority Exempt Facilities, Pratt Paper LLC Project, Revenue Bonds 4.50%, due 1/15/48 (a)(b)	$	10,560,000	$	11,316,730
Port Authority of Greater Cincinnati Development Authority, Convention Center Hotel Acquisition & Demolition Project, Revenue Bonds Series A 3.00%, due 5/1/23		5,500,000		5,478,880
Summit County Development Finance Authority, Cleveland-Flats East Development, Tax Allocation Series B 6.875%, due 5/15/40		1,115,000		1,118,189
Toledo-Lucas County Port Authority, University of Toledo Project, Revenue Bonds
Series A 5.00%, due 7/1/34		1,400,000		1,441,846
Series A 5.00%, due 7/1/39		2,000,000		2,041,240
Series A 5.00%, due 7/1/46		9,790,000		9,930,095

				426,783,321

Oklahoma 0.3%
Norman Regional Hospital Authority, Revenue Bonds
4.00%, due 9/1/37		2,215,000		2,374,303
5.00%, due 9/1/37		3,500,000		3,975,930
Oklahoma Development Finance Authority, Provident OK Educational Resources, Inc. Cross Village Student Housing Project, Revenue Bonds
Series A 5.00%, due 8/1/47		20,110,000		7,842,900
Series A 5.25%, due 8/1/57		25,250,000		9,847,500
Tulsa County Industrial Authority, Montereau, Inc., Project, Revenue Bonds 5.25%, due 11/15/45		1,250,000		1,317,512

				25,358,145

Oregon 0.1%
Astoria Hospital Facilities Authority, Columbia Memorial Hospital, Revenue Bonds 3.50%, due 8/1/42		845,000		878,479


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					35

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Oregon (continued)
Medford Hospital Facilities Authority, Revenue Bonds 5.00%, due 10/1/42	$	4,605,000	$	4,834,099
Oregon State Facilities Authority, College Housing Northwest Project, Revenue Bonds 5.00%, due 10/1/48 (a)		1,560,000		1,525,477
Oregon State Facilities Authority, Prerefunded-Samaritan Health, Revenue Bonds 5.00%, due 10/1/46		190,000		238,729
Oregon State Facilities Authority, Unrefunded-Samaritan Health, Revenue Bonds 5.00%, due 10/1/46		2,810,000		3,183,955
Yamhill County Hospital Authority, Friendsview Retirement Community, Revenue Bonds Series A 5.00%, due 11/15/46		1,000,000		1,042,770

				11,703,509

Pennsylvania 3.2%
Allegheny County Higher Education Building Authority, Carlow University Project, Revenue Bonds 7.00%, due 11/1/40		1,000,000		1,065,440
Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group, Revenue Bonds Series A 4.00%, due 4/1/44		16,500,000		17,914,380
Allegheny County Industrial Development Authority, Propel Charitable School Sunrise, Revenue Bonds 6.00%, due 7/15/38		3,100,000		3,264,269
Allegheny County Industrial Development Authority, Propel Charter Montour, Revenue Bonds Series A 6.75%, due 8/15/35		265,000		265,713
Allentown Neighborhood Improvement Development Zone Authority, City Center Project, Revenue Bonds (a)
5.00%, due 5/1/42		28,325,000		29,576,176
5.125%, due 5/1/32		4,600,000		4,833,082
5.375%, due 5/1/42		4,225,000		4,417,238
Chambersburg Area Municipal Authority, Education Facilities, Revenue Bonds
5.50%, due 10/1/33		1,230,000		1,255,486
5.75%, due 10/1/38		3,450,000		3,539,493


	Principal Amount		Value
Pennsylvania (continued)
Chambersburg Area Municipal Authority, Education Facilities, Revenue Bonds (continued)
5.75%, due 10/1/43	$	2,290,000	$	2,335,548
6.00%, due 10/1/48		3,350,000		3,463,900
Chester County Industrial Development Authority, Woodlands at Greystone Project, Special Assessment 5.125%, due 3/1/48 (a)		1,049,000		1,053,060
City of Erie Higher Education Building Authority, Mercyhurst University Project, Revenue Bonds
5.00%, due 9/15/27		820,000		852,890
5.00%, due 9/15/28		860,000		891,330
5.00%, due 9/15/29		175,000		180,661
5.00%, due 9/15/37		4,590,000		4,596,655
City of Harrisburg PA, Unlimited General Obligation Series F, Insured: AMBAC (zero coupon), due 9/15/22		545,000		501,896
City of York PA, Unlimited General Obligation 7.25%, due 11/15/41		270,000		288,260
Commonwealth Financing Authority PA, Tobacco Master Settlement Payment, Revenue Bonds Insured: AGM 4.00%, due 6/1/39		14,000,000		15,798,860
Cumberland County Municipal Authority, Asbury Pennsylvania Obligation Group, Revenue Bonds 5.25%, due 1/1/32		300,000		301,353
Cumberland County Municipal Authority, Diakon Lutheran Social Ministries Project, Revenue Bonds Series A 5.00%, due 1/1/39		2,000,000		2,230,820
Dauphin County General Authority, Harrisburg University Science Technology Project, Revenue Bonds (a)
5.00%, due 10/15/34		6,150,000		5,893,422
5.125%, due 10/15/41		5,000,000		4,627,800
Delaware County Authority, Cabrini University, Revenue Bonds 5.00%, due 7/1/42		1,405,000		1,470,108
Erie County Hospital Authority, St. Mary’s Home Erie Project, Revenue Bonds Series A, Insured: AGC 4.50%, due 7/1/23		120,000		120,374


36		MainStay MacKay High Yield Municipal Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Pennsylvania (continued)
Franklin County Industrial Development Authority, Menno-Haven, Inc. Project, Revenue Bonds
5.00%, due 12/1/39	$	375,000	$	395,884
5.00%, due 12/1/49		1,020,000		1,056,281
General Authority of Southcentral Pennsylvania, York Academy Regional Charter School Project, Revenue Bonds (a)
Series A 6.00%, due 7/15/38		3,000,000		3,358,200
Series A 6.50%, due 7/15/48		4,500,000		5,101,785
Huntingdon County General Authority, Aicup Financing Program, Juniata College, Revenue Bonds Series 002 5.00%, due 5/1/46		4,255,000		4,424,136
Lancaster County Hospital Authority, St. Anne’s Retirement Community, Inc. Project, Revenue Bonds
5.00%, due 3/1/45		500,000		518,580
5.00%, due 3/1/50		750,000		774,705
Lancaster Industrial Development Authority, Willow Valley Communities Project, Revenue Bonds
4.00%, due 12/1/44		1,550,000		1,666,188
4.00%, due 12/1/49		1,900,000		2,024,127
5.00%, due 12/1/44		1,675,000		1,887,608
5.00%, due 12/1/49		2,365,000		2,655,564
Montgomery County Higher Education & Health Authority, Philadelphia Presbyterian Homes Project, Revenue Bonds 4.00%, due 12/1/48		4,005,000		3,810,077
Montgomery County Higher Education & Health Authority, Thomas Jefferson University Project, Revenue Bonds
4.00%, due 9/1/44		3,000,000		3,225,840
4.00%, due 9/1/49		6,750,000		7,209,810
Series A 4.00%, due 9/1/49		1,660,000		1,761,758
4.00%, due 9/1/51		4,000,000		4,264,640
Montgomery County Industrial Development Authority, ACTS Retirement—Life Communities, Inc., Revenue Bonds 5.00%, due 11/15/36		5,000,000		5,699,000


	Principal Amount		Value
Pennsylvania (continued)
Montgomery County Industrial Development Authority, Albert Einstein Healthcare, Revenue Bonds
5.25%, due 1/15/45	$	6,300,000	$	6,580,350
5.25%, due 1/15/46		1,000,000		1,043,460
New Wilmington Municipal Authority, Westminster College Project, Revenue Bonds 5.25%, due 5/1/46		3,700,000		3,911,899
Northeastern Pennsylvania Hospital & Education Authority, King’s College Project, Revenue Bonds
5.00%, due 5/1/44		1,000,000		1,080,130
5.00%, due 5/1/49		1,350,000		1,452,803
Northeastern Pennsylvania Hospital & Education Authority, Wilkes University Project, Revenue Bonds Series A 5.25%, due 3/1/42		7,640,000		7,727,325
Pennsylvania Economic Development Financing Authority, American Airlines Group, Revenue Bonds Series B 8.00%, due 5/1/29		245,000		245,750
Pennsylvania Economic Development Financing Authority, Bridges Finance Co., Revenue Bonds 4.125%, due 12/31/38 (b)		4,000,000		4,269,840
Pennsylvania Higher Educational Facilities Authority, Holy Family University, Revenue Bonds
Series A 6.25%, due 9/1/33		1,560,000		1,650,168
Series A 6.50%, due 9/1/38		1,000,000		1,056,610
Pennsylvania Higher Educational Facilities Authority, Shippensburg University Student Services, Revenue Bonds 5.00%, due 10/1/44		1,000,000		1,089,700
Pennsylvania Higher Educational Facilities Authority, Shippensburg University, Revenue Bonds 6.25%, due 10/1/43		1,000,000		1,054,280
Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, Revenue Bonds 4.00%, due 8/15/49		10,335,000		11,671,729


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					37

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Pennsylvania (continued)
Pennsylvania Higher Educational Facilities Authority, Widener University, Revenue Bonds
Series A 5.50%, due 7/15/38	$	2,500,000	$	2,609,050
5.50%, due 7/15/43		2,400,000		2,492,688
Pennsylvania Turnpike Commission, Revenue Bonds Series C 5.00%, due 12/1/44		16,535,000		18,508,783
Philadelphia Authority for Industrial Development, First Philadelphia Preparatory Charter School Project, Revenue Bonds Series A 7.25%, due 6/15/43		4,500,000		5,013,315
Philadelphia Authority for Industrial Development, Health Activity, Revenue Bonds 6.50%, due 6/1/45		2,200,000		2,200,704
Philadelphia Authority for Industrial Development, International Education & Community Initiatives Project, Revenue Bonds (a)
Series A 5.125%, due 6/1/38		2,000,000		2,080,740
Series A 5.25%, due 6/1/48		3,085,000		3,199,978
Philadelphia Authority for Industrial Development, MaST Charter School Project, Revenue Bonds
5.00%, due 8/1/40		600,000		689,760
5.00%, due 8/1/50		1,050,000		1,181,439
Philadelphia Authority for Industrial Development, New Foundation Charter School Project, Revenue Bonds 6.625%, due 12/15/41		1,000,000		1,131,300
Philadelphia Authority for Industrial Development, Nueva Esperanza, Inc., Revenue Bonds 8.20%, due 12/1/43		1,800,000		1,953,306
Philadelphia Authority for Industrial Development, Russel Byers Charter School, Revenue Bonds
5.00%, due 5/1/40		1,105,000		1,213,997
5.00%, due 5/1/50		3,130,000		3,387,317
Philadelphia Authority for Industrial Development, Tacony Academy Charter School, Revenue Bonds 7.375%, due 6/15/43		1,500,000		1,624,500


	Principal Amount		Value
Pennsylvania (continued)
Philadelphia Authority for Industrial Development, University of the Arts, Revenue Bonds 5.00%, due 3/15/45 (a)	$	5,500,000	$	5,598,010
Scranton Redevelopment Authority, Revenue Bonds Series A 5.00%, due 11/15/28		9,000,000		8,756,280
Scranton-Lackawanna Health & Welfare Authority, Marywood University Project, Revenue Bonds
5.00%, due 6/1/36		1,000,000		1,016,490
5.00%, due 6/1/46		2,625,000		2,627,415
Susquehanna Area Regional Airport Authority, Revenue Bonds Series B, Insured: BAM 4.00%, due 1/1/33		3,000,000		3,067,050
West Shore Area Authority, Holy Spirit Hospital Sisters, Revenue Bonds 6.50%, due 1/1/41		1,200,000		1,212,084

				272,970,647

Puerto Rico 8.9%
Children’s Trust Fund, Asset-Backed, Revenue Bonds
Series A (zero coupon), due 5/15/50		46,000,000		6,958,420
5.375%, due 5/15/33		2,740,000		2,755,618
5.625%, due 5/15/43		37,890,000		38,068,083
Children’s Trust Fund Puerto Rico Tobacco Settlement, Revenue Bonds 5.50%, due 5/15/39		1,475,000		1,510,533
Commonwealth of Puerto Rico, Aqueduct & Sewer Authority, Revenue Bonds
Series A, Insured: AGC 5.125%, due 7/1/47		4,800,000		4,924,368
Series A 6.00%, due 7/1/38		12,180,000		12,362,700
Series A 6.00%, due 7/1/44		36,755,000		37,306,325
Commonwealth of Puerto Rico, Public Improvement, Unlimited General Obligation
Insured: AMBAC 4.50%, due 7/1/23		605,000		605,744
Series A 4.75%, due 7/1/18 (e)(f)		625,000		422,656
Series A, Insured: AGC 5.00%, due 7/1/25		250,000		255,075
Series A 5.00%, due 7/1/27		160,000		108,600


38		MainStay MacKay High Yield Municipal Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Puerto Rico (continued)
Commonwealth of Puerto Rico, Public Improvement, Unlimited General Obligation (continued)
Series A-4, Insured: AGM 5.00%, due 7/1/31	$	5,000,000	$	5,017,600
Series A, Insured: AGM 5.00%, due 7/1/35		550,000		576,180
Series A 5.25%, due 7/1/20 (e)(f)		1,520,000		1,041,200
Series A 5.25%, due 7/1/24 (e)(f)		7,435,000		5,083,681
Series A-4, Insured: AGM 5.25%, due 7/1/30		7,080,000		7,110,869
Series A, Insured: NATL-RE 5.50%, due 7/1/21		1,205,000		1,218,339
Series B 5.75%, due 7/1/38		2,090,000		1,413,363
Series C 6.00%, due 7/1/39 (e)(f)		1,175,000		797,531
Series B 6.50%, due 7/1/37		5,190,000		3,613,537
Commonwealth of Puerto Rico, Unlimited General Obligation
Series A 5.00%, due 7/1/24		1,240,000		844,750
Series A 5.00%, due 7/1/28		650,000		442,813
Series A 5.25%, due 7/1/29		2,480,000		1,701,900
Series A 5.25%, due 7/1/33		1,370,000		940,163
Series A 5.25%, due 7/1/37		1,500,000		1,029,375
Series A 5.375%, due 7/1/33		1,055,000		714,763
Series A 6.00%, due 7/1/38		12,670,000		8,789,812
Commonwealth of Puerto Rico, Unrefunded, Public Improvement, Unlimited General Obligation Series A 5.00%, due 7/1/33		1,949,000		1,320,448
GDB Debt Recovery Authority of Puerto Rico, Revenue Bonds 7.50%, due 8/20/40		138,232,939		95,380,728
Puerto Rico Commonwealth, Aqueduct & Sewer Authority, Revenue Bonds
Senior Lien-Series A 5.00%, due 7/1/21		2,080,000		2,121,600
Senior Lien-Series A 5.00%, due 7/1/22		4,705,000		4,893,200


	Principal Amount		Value
Puerto Rico (continued)
Puerto Rico Commonwealth, Aqueduct & Sewer Authority, Revenue Bonds (continued)
Series A 5.00%, due 7/1/33	$	18,150,000	$	18,739,875
Series A 5.25%, due 7/1/42		34,535,000		35,657,387
Series B 5.35%, due 7/1/27		7,625,000		7,529,687
Series A 5.50%, due 7/1/28		13,510,000		14,168,612
Series A 6.00%, due 7/1/47		15,295,000		16,040,631
Puerto Rico Convention Center District Authority, Revenue Bonds
Series A, Insured: AGC 4.50%, due 7/1/36		6,240,000		6,242,309
Series A, Insured: AMBAC 5.00%, due 7/1/31		7,765,000		7,768,494
Puerto Rico Electric Power Authority, Build America Bonds, Revenue Bonds (e)(f)
Series EEE 5.95%, due 7/1/30		10,225,000		6,518,437
Series EEE-RSA-1 5.95%, due 7/1/30		16,310,000		11,233,512
Series EEE 6.05%, due 7/1/32		1,225,000		791,656
Series EEE-RSA-1 6.05%, due 7/1/32		10,025,000		6,992,437
Series YY 6.125%, due 7/1/40		22,010,000		14,251,475
Series YY-RSA-1 6.125%, due 7/1/40		20,495,000		14,320,881
Series EEE 6.25%, due 7/1/40		8,685,000		5,623,537
Puerto Rico Electric Power Authority, Revenue Bonds
Series DDD-RSA-1 3.30%, due 7/1/19 (e)(f)		800,000		536,000
Series ZZ-RSA-1 4.25%, due 7/1/20 (e)(f)		435,000		297,975
Series ZZ-RSA-1 4.375%, due 7/1/21 (e)(f)		25,000		17,188
Series CCC-RSA-1 4.375%, due 7/1/22 (e)(f)		115,000		79,063
Series ZZ-RSA-1 4.50%, due 7/1/23 (e)(f)		95,000		65,550
Series CCC-RSA-1 4.60%, due 7/1/24 (e)(f)		200,000		138,000
Series CCC-RSA-1 4.625%, due 7/1/25 (e)(f)		1,085,000		748,650


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					39

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Puerto Rico (continued)
Puerto Rico Electric Power Authority, Revenue Bonds (continued)
Series ZZ-RSA-1 4.625%, due 7/1/25 (e)(f)	$	65,000	$	44,850
Series XX-RSA-1 4.75%, due 7/1/26 (e)(f)		320,000		220,800
Series ZZ-RSA-1 4.75%, due 7/1/27 (e)(f)		405,000		279,450
Series A-RSA-1 4.80%, due 7/1/29 (e)(f)		690,000		476,100
Series DDD-RSA-1 5.00%, due 7/1/20 (e)(f)		3,020,000		2,091,350
Series TT-RSA-1 5.00%, due 7/1/20 (e)(f)		2,195,000		1,520,038
Series DDD-RSA-1 5.00%, due 7/1/21 (e)(f)		275,000		191,125
Series TT-RSA-1 5.00%, due 7/1/21 (e)(f)		1,215,000		844,425
Series PP, Insured: NATL-RE 5.00%, due 7/1/22		200,000		200,922
Series SS, Insured: NATL-RE 5.00%, due 7/1/22		1,140,000		1,145,255
Series RR, Insured: NATL-RE 5.00%, due 7/1/23		4,580,000		4,608,167
Series TT-RSA-1 5.00%, due 7/1/23 (e)(f)		365,000		253,675
Series RR, Insured: NATL-RE 5.00%, due 7/1/24		115,000		115,886
Series CCC-RSA-1 5.00%, due 7/1/25 (e)(f)		575,000		399,625
Series SS, Insured: NATL-RE 5.00%, due 7/1/25		770,000		775,929
Series TT-RSA-1 5.00%, due 7/1/25 (e)(f)		810,000		562,950
Series TT-RSA-1 5.00%, due 7/1/26 (e)(f)		1,050,000		729,750
Series TT, Insured: AGM 5.00%, due 7/1/27		150,000		153,045
Series TT-RSA-1 5.00%, due 7/1/27 (e)(f)		545,000		378,775
Series TT-RSA-1 5.00%, due 7/1/32 (e)(f)		1,250,000		868,750
Series TT-RSA-1 5.00%, due 7/1/37 (e)(f)		1,620,000		1,125,900
Series A-RSA-1 5.00%, due 7/1/42 (e)(f)		4,525,000		3,144,875
Series A-RSA-1 5.05%, due 7/1/42 (e)(f)		825,000		573,375
Series ZZ-RSA-1 5.25%, due 7/1/23 (e)(f)		620,000		430,900


	Principal Amount		Value
Puerto Rico (continued)
Puerto Rico Electric Power Authority, Revenue Bonds (continued)
Series AAA-RSA-1 5.25%, due 7/1/24 (e)(f)	$	3,000,000	$	2,088,750
Series AAA-RSA-1 5.25%, due 7/1/26 (e)(f)		110,000		76,588
Series ZZ-RSA-1 5.25%, due 7/1/26 (e)(f)		5,030,000		3,502,138
Series VV, Insured: NATL-RE 5.25%, due 7/1/29		630,000		655,471
Series AAA-RSA-1 5.25%, due 7/1/30 (e)(f)		985,000		685,806
Series VV, Insured: NATL-RE 5.25%, due 7/1/30		3,850,000		4,006,233
Series VV, Insured: NATL-RE 5.25%, due 7/1/32		345,000		359,511
Series WW-RSA-1 5.25%, due 7/1/33 (e)(f)		3,060,000		2,130,525
Series XX-RSA-1 5.25%, due 7/1/35 (e)(f)		2,265,000		1,577,006
Series XX-RSA-1 5.25%, due 7/1/40 (e)(f)		13,955,000		9,716,169
Series ZZ-RSA-1 5.25%, due 7/1/49 (e)(f)		225,000		156,094
Series BBB 5.40%, due 7/1/28 (e)(f)		5,620,000		3,779,450
Series WW-RSA-1 5.50%, due 7/1/21 (e)(f)		2,120,000		1,481,350
Series WW-RSA-1 5.50%, due 7/1/38 (e)(f)		3,500,000		2,445,625
Series XX 5.75%, due 7/1/36		4,055,000		2,853,706
Series 2013A-RSA-1 6.75%, due 7/1/36 (e)(f)		11,730,000		8,386,950
Series 2013A-RSA-1 7.00%, due 7/1/33 (e)(f)		1,500,000		1,081,875
Series 2013A-RSA-1 7.00%, due 7/1/40 (e)(f)		140,000		100,975
Series 2013A-RSA-1 7.00%, due 7/1/43 (e)(f)		5,000,000		3,606,250
Puerto Rico Highway & Transportation Authority, Revenue Bonds
Insured: AMBAC (zero coupon), due 7/1/27		200,000		150,856
Series A, Insured: AGM 4.75%, due 7/1/38		650,000		650,306
Series A, Insured: NATL-RE 4.75%, due 7/1/38		1,070,000		1,076,623
Insured: NATL-RE 5.00%, due 7/1/22		345,000		345,555
Insured: AGC 5.00%, due 7/1/23		2,870,000		2,928,261


40		MainStay MacKay High Yield Municipal Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Puerto Rico (continued)
Puerto Rico Highway & Transportation Authority, Revenue Bonds (continued)
Insured: NATL-RE 5.00%, due 7/1/28	$	460,000	$	460,359
Series N, Insured: AMBAC 5.25%, due 7/1/30		3,680,000		3,974,106
Series N, Insured: AMBAC 5.25%, due 7/1/31		9,295,000		9,996,587
Series CC, Insured: AGM 5.25%, due 7/1/32		4,500,000		5,171,670
Series N, Insured: NATL-RE 5.25%, due 7/1/33		7,490,000		7,804,505
Series CC, Insured: AGM 5.25%, due 7/1/36		1,850,000		2,136,917
Series L, Insured: AMBAC 5.25%, due 7/1/38		1,035,000		1,094,130
Series N, Insured: AGC, AGM 5.50%, due 7/1/25		2,245,000		2,492,377
Insured: NATL-RE 5.50%, due 7/1/28		7,550,000		7,972,422
Series CC, Insured: NATL-RE 5.50%, due 7/1/29		5,010,000		5,300,780
Series CC, Insured: AGC 5.50%, due 7/1/31		2,790,000		3,260,143
Series CC, Insured: AGM 5.50%, due 7/1/31		465,000		543,357
Puerto Rico Infrastructure Financing Authority, Revenue Bonds Series A 8.25%, due 5/1/17 (a)(e)(f)(g)		7,100,000		4,490,750
Puerto Rico Municipal Finance Agency, Revenue Bonds Series A, Insured: AGM 5.00%, due 8/1/27		2,530,000		2,581,359
Puerto Rico Public Building Revenue Bonds 7.00%, due 7/1/25 (e)(f)		5,000,000		3,975,000
Puerto Rico Public Buildings Authority, Government Facilities, Revenue Bonds
Series I 5.00%, due 7/1/36		5,785,000		4,201,356
Series N 5.00%, due 7/1/37		6,710,000		5,015,725
Series K, Insured: AGM, State Guaranteed 5.25%, due 7/1/27		5,970,000		6,163,906
Series N 5.50%, due 7/1/22		5,000,000		3,831,250
Series P 6.75%, due 7/1/36 (e)(f)		3,903,000		3,039,461


	Principal Amount		Value
Puerto Rico (continued)
Puerto Rico Public Buildings Authority, Revenue Bonds
Series G, Insured: AGC 4.75%, due 7/1/32	$	270,000	$	270,394
Insured: AGC 5.25%, due 7/1/33		680,000		702,086
Series D, Insured: AMBAC 5.45%, due 7/1/31		305,000		305,262
Series Q 5.625%, due 7/1/39		1,845,000		1,406,813
Puerto Rico Public Buildings Authority, Unrefunded, Government Facilities, Revenue Bonds Series I 5.25%, due 7/1/33		3,795,000		2,846,250
Puerto Rico Sales Tax Financing Corp., COFINA, Revenue Bonds Class 2 (zero coupon), due 8/1/54		516,302		99,151
Puerto Rico Sales Tax Financing Corp., Revenue Bonds
Series A-1 (zero coupon), due 7/1/27		700,000		593,152
Series A-1 (zero coupon), due 7/1/31		879,000		634,840
Series A-1 (zero coupon), due 7/1/33		990,000		650,628
Series A-2 4.329%, due 7/1/40		4,728,000		4,864,072
Series A-1 4.50%, due 7/1/34		725,000		759,075
Series A-2 4.536%, due 7/1/53		112,000		116,274
Series A-1 4.75%, due 7/1/53		31,723,000		33,377,989
Series A-2 4.784%, due 7/1/58		3,639,000		3,825,462
Series A-1 5.00%, due 7/1/58		121,998,000		129,970,569

				755,997,497

Rhode Island 0.3%
Providence Redevelopment Agency, Port Providence Lease, Certificates of Participation
Series A, Insured: AGC (zero coupon), due 9/1/24		1,735,000		1,620,351
Series A, Insured: AGC (zero coupon), due 9/1/26		685,000		607,595
Series A, Insured: AGC (zero coupon), due 9/1/29		1,835,000		1,470,697
Series A, Insured: AGC (zero coupon), due 9/1/30		1,835,000		1,416,877


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					41

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Rhode Island (continued)
Providence Redevelopment Agency, Port Providence Lease, Certificates of Participation (continued)
Series A, Insured: AGC (zero coupon), due 9/1/32	$	1,500,000	$	1,076,055
Series A, Insured: AGC (zero coupon), due 9/1/34		1,000,000		665,620
Series A, Insured: AGC (zero coupon), due 9/1/35		360,000		230,238
Series A, Insured: AGC (zero coupon), due 9/1/36		470,000		288,693
Rhode Island Health & Educational Building Corp., Lifespan Obligated Group, Revenue Bonds 5.00%, due 5/15/39		750,000		829,523
Rhode Island Health & Educational Building Corp., Public Schools Financing Project, Revenue Bonds Insured: AMBAC 5.00%, due 5/15/21		65,000		65,261
Rhode Island Turnpike & Bridge Authority, Motor Fuel Tax, Revenue Bonds Series A 4.00%, due 10/1/44		1,500,000		1,724,595
Tobacco Settlement Financing Corp., Revenue Bonds Series A (zero coupon), due 6/1/52		97,920,000		15,139,411

				25,134,916

South Carolina 1.0%
South Carolina Jobs-Economic Development Authority, Bishop Gadsden Episcopal Retirement Community, Revenue Bonds
Series A 4.00%, due 4/1/54		1,160,000		1,153,609
Series A 5.00%, due 4/1/54		3,000,000		3,258,720
South Carolina Jobs-Economic Development Authority, The Woodlands at Furman, Revenue Bonds 5.25%, due 11/15/52		1,625,000		1,678,950
South Carolina Jobs-Economic Development Authority, Woodlands at Furman Project, Revenue Bonds
Series A 5.00%, due 11/15/54		1,000,000		1,014,960
5.25%, due 11/15/47		5,375,000		5,569,736


	Principal Amount		Value
South Carolina (continued)
South Carolina Public Service Authority, Revenue Bonds
Series B 2.75%, due 12/1/51 (c)	$	1,710,000	$	1,705,588
Series C 5.00%, due 12/1/46		5,900,000		6,621,334
Series E 5.00%, due 12/1/48		21,570,000		23,593,266
Series A 5.00%, due 12/1/50		4,660,000		5,266,779
Series B 5.00%, due 12/1/56		6,055,000		7,030,400
Series E 5.25%, due 12/1/55		13,900,000		16,029,063
Series A 5.50%, due 12/1/54		5,100,000		5,726,739
South Carolina Public Service Authority, Santee Cooper Project, Revenue Bonds Series D 5.00%, due 12/1/43		5,570,000		5,864,597

				84,513,741

South Dakota 0.0%‡
South Dakota Health & Educational Facilities Authority, Revenue Bonds Series E 5.00%, due 11/1/42		3,150,000		3,352,419


Tennessee 0.6%
Chattanooga-Hamilton County Hospital Authority, Revenue Bonds 5.00%, due 10/1/44		6,500,000		6,945,250
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Lipscomb University Project, Revenue Bonds
Series A 5.00%, due 10/1/45		11,910,000		12,431,420
Series A 5.25%, due 10/1/58		9,000,000		9,628,830
Metropolitan Government of Nashville & Davidson County Health & Educational Facilities Board, Trevecca Nazarine University Project, Revenue Bonds 5.00%, due 10/1/48		1,000,000		1,075,580
Metropolitan Nashville Airport Authority, Revenue Bonds Series B 5.00%, due 7/1/54 (b)		19,050,000		22,356,699

				52,437,779


42		MainStay MacKay High Yield Municipal Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Texas 4.9%
Bexar County Health Facilities Development Corp., Army Retirement Residence Foundation, Revenue Bonds 5.00%, due 7/15/41	$	3,300,000	$	3,440,877
Central Texas Regional Mobility Authority, Revenue Bonds
(zero coupon), due 1/1/23		1,000,000		972,830
(zero coupon), due 1/1/33		315,000		223,174
(zero coupon), due 1/1/34		3,275,000		2,238,037
(zero coupon), due 1/1/35		3,700,000		2,443,961
(zero coupon), due 1/1/36		2,000,000		1,272,280
(zero coupon), due 1/1/39		3,500,000		1,985,550
4.00%, due 1/1/41		6,250,000		6,695,375
5.00%, due 1/1/33		1,225,000		1,345,846
5.00%, due 1/1/42		2,340,000		2,570,841
5.00%, due 1/1/46		12,215,000		13,810,645
Central Texas Turnpike System, Revenue Bonds Series C 5.00%, due 8/15/42		12,000,000		13,407,000
City of Houston TX, Airport System Revenue, United Airlines, Inc., Revenue Bonds 5.00%, due 7/1/29 (b)		11,400,000		11,669,952
City of Houston TX, Airport System, Revenue Bonds Series B-1 5.00%, due 7/15/30 (b)		2,000,000		2,052,040
City of Lago Vista TX, Tessera on Lake Travis, Special Assessment 4.875%, due 9/1/50 (a)		1,250,000		1,262,563
Clifton Higher Education Finance Corp., Idea Public Schools, Revenue Bonds
5.75%, due 8/15/41		1,750,000		1,824,708
6.00%, due 8/15/43		3,500,000		3,848,845
Clifton Higher Education Finance Corp., Revenue Bonds Series A 5.00%, due 12/1/45		2,500,000		2,663,850
Danbury Higher Education Authority, Golden Rule School, Inc., Revenue Bonds Series A 4.00%, due 8/15/49		4,000,000		4,029,960
Decatur Hospital Authority, Wise Regional Health System, Revenue Bonds Series A 5.25%, due 9/1/44		3,250,000		3,470,968


	Principal Amount		Value
Texas (continued)
Grand Parkway Transportation Corp., 1st Tier Toll, Revenue Bonds
4.00%, due 10/1/49	$	75,140,000	$	85,671,622
Series A 5.50%, due 4/1/53		600,000		689,982
Harris County Cultural Education Facilities Finance Corp., Revenue Bonds 7.00%, due 1/1/43		1,500,000		1,706,850
Harris County Cultural Education Facilities Finance Corp., YMCA Greater Houston Area, Revenue Bonds
Series A 5.00%, due 6/1/33		900,000		927,594
Series A 5.00%, due 6/1/38		1,960,000		2,006,530
Harris County-Houston Sports Authority Cap Appreciation, Senior Lien, Revenue Bonds Series A, Insured: AGM (zero coupon), due 11/15/40		1,060,000		418,541
Harris County-Houston Sports Authority, Revenue Bonds
Series H, Insured: NATL-RE (zero coupon), due 11/15/24		970,000		884,177
Series H, Insured: NATL-RE (zero coupon), due 11/15/26		600,000		510,610
Series H, Insured: NATL-RE (zero coupon), due 11/15/29		735,000		542,347
Series A-3, Insured: NATL-RE (zero coupon), due 11/15/32		1,670,000		926,817
Series H, Insured: NATL-RE (zero coupon), due 11/15/32		250,000		156,295
Series A-3, Insured: NATL-RE (zero coupon), due 11/15/33		890,000		464,242
Series H, Insured: NATL-RE (zero coupon), due 11/15/33		185,000		108,589
Series A, Insured: AGM (zero coupon), due 11/15/34		2,035,000		1,179,893
Series A, Insured: NATL-RE (zero coupon), due 11/15/34		1,805,000		897,464
Series A, Insured: AGM, NATL-RE (zero coupon), due 11/15/38		36,815,000		16,537,298
Series H, Insured: NATL-RE (zero coupon), due 11/15/38		1,395,000		594,465
Series H, Insured: NATL-RE (zero coupon), due 11/15/39		1,525,000		609,100
Series H, Insured: NATL-RE (zero coupon), due 11/15/40		1,855,000		693,566
Series H, Insured: NATL-RE (zero coupon), due 11/15/41		700,000		245,000


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					43

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Texas (continued)
Hemphill County Hospital District, Unlimited General Obligation 4.625%, due 2/1/39	$	2,765,000	$	2,961,564
Montgomery County Toll Road Authority, Revenue Bonds 5.00%, due 9/15/48		2,500,000		2,707,400
New Hope Cultural Education Facilities Corp., Collegiate Housing Denton Women’s University Dining Project, Revenue Bonds Insured: AGM 4.00%, due 7/1/48		1,000,000		1,040,660
New Hope Cultural Education Facilities Corp., Collegiate Housing Tarleton State, Revenue Bonds Series A 5.00%, due 4/1/46		3,000,000		3,398,160
New Hope Cultural Education Facilities Corp., Cumberland Academy Project, Revenue Bonds Series A 5.00%, due 8/15/40 (a)		5,000,000		5,188,950
New Hope Cultural Education Facilities Corp., Jubilee Academic Center Project, Revenue Bonds (a)
Series A 5.00%, due 8/15/36		5,000,000		5,036,350
Series A 5.125%, due 8/15/47		2,085,000		2,096,530
New Hope Cultural Education Facilities Corp., Quality Senior Housing Foundation of East Texas, Inc., Revenue Bonds Series A-1 5.00%, due 12/1/54		3,770,000		3,975,201
New Hope Cultural Education Facilities Corp., Stephenville Tarleton State, Revenue Bonds Series A 6.00%, due 4/1/45		3,550,000		3,967,267
New Hope Cultural Education Facilities Finance Corp., Legacy at Midtown Park Project, Revenue Bonds Series A 5.50%, due 7/1/54		1,500,000		1,495,305
New Hope Cultural Education Facilities Finance Corp., Revenue Bonds Series A 5.00%, due 8/15/50 (a)		4,180,000		4,465,619


	Principal Amount		Value
Texas (continued)
New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc., Project, Revenue Bonds 5.00%, due 1/1/55	$	1,500,000	$	1,499,880
North East Texas Regional Mobility Authority, Revenue Bonds
Series B 5.00%, due 1/1/41		6,000,000		6,600,180
Series B 5.00%, due 1/1/46		3,535,000		3,859,866
North Texas Tollway Authority, Revenue Bonds 5.00%, due 1/1/50		1,750,000		2,058,263
Port Beaumont Navigation District Dock & Wharf Facilities, Jefferson Gulf Coast Energy Project, Revenue Bonds (a)(b)
Series A 3.625%, due 1/1/35		2,595,000		2,565,132
Series A 4.00%, due 1/1/50		9,930,000		9,937,150
Port Freeport, Senior Lien, Revenue Bonds (b)
Series A 4.00%, due 6/1/38		1,650,000		1,857,455
Series A 4.00%, due 6/1/39		1,620,000		1,818,110
Port of Port Arthur Navigation District, Unlimited General Obligation 4.00%, due 3/1/47 (b)		4,450,000		4,836,927
Red River Educational Finance Corp., Houston Baptist University Project, Revenue Bonds 5.50%, due 10/1/46		6,250,000		6,766,562
Tarrant County Cultural Education Facilities Finance Corp., Barton Creek Senior Living CTR, Revenue Bonds 5.00%, due 11/15/40		1,500,000		1,555,980
Tarrant County Cultural Education Facilities Finance Corp., Buckner Retirement Services, Revenue Bonds Series B 5.00%, due 11/15/40		1,250,000		1,400,200
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds 5.00%, due 12/15/26		3,500,000		3,777,060
Texas Private Activity Bond Surface Transportation Corp., North Tarrant Express Managed Lanes Project, Revenue Bonds
Series A 4.00%, due 12/31/38		6,135,000		6,854,390
Series A 4.00%, due 12/31/39		5,000,000		5,568,600


44		MainStay MacKay High Yield Municipal Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Texas (continued)
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility, Revenue Bonds (b)
5.00%, due 6/30/58	$	68,200,000	$	77,693,440
Senior Lien 6.75%, due 6/30/43		11,700,000		13,230,477
Texas Private Activity Bond Surface Transportation Corp., Senior Lien, Blueridge Transportation Group LLC, Revenue Bonds (b)
5.00%, due 12/31/50		5,235,000		5,687,827
5.00%, due 12/31/55		10,390,000		11,268,994
Texas Public Finance Authority Charter School Finance Corp., ED—Burnham Wood Project, Revenue Bonds Series A 6.25%, due 9/1/36		400,000		400,000
Texas Transportation Commission, First Tier, State Highway 249, Revenue Bonds Series A 5.00%, due 8/1/57		10,000,000		11,351,100
Travis County Health Facilities Development Corp., Westminster Manor, Revenue Bonds 7.125%, due 11/1/40		1,000,000		1,000,000

				414,920,883

U.S. Virgin Islands 1.2%
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds Series A 5.00%, due 10/1/32		15,600,000		14,548,716
Virgin Islands Public Finance Authority, Matching Fund Loan, Revenue Bonds
Series A 4.00%, due 10/1/22		855,000		843,842
Series C 5.00%, due 10/1/22		5,815,000		5,763,654
Series B 5.00%, due 10/1/25		2,825,000		2,785,591
Series A 5.00%, due 10/1/29		9,215,000		9,134,922
Series B 5.25%, due 10/1/29		6,410,000		6,302,376
Subseries A 6.00%, due 10/1/39		780,000		745,976
Series A 6.625%, due 10/1/29		2,880,000		2,891,722
Series A 6.75%, due 10/1/37		12,910,000		12,958,283


	Principal Amount		Value
U.S. Virgin Islands (continued)
Virgin Islands Public Finance Authority, Revenue Bonds
Series C 5.00%, due 10/1/30	$	17,270,000	$	16,271,103
Series A 5.00%, due 10/1/34		2,600,000		2,398,760
Series C 5.00%, due 10/1/39		9,910,000		8,994,019
Virgin Islands Public Finance Authority, Senior Lien-Matching Fund Loan Note, Revenue Bonds Senior Lien-Series B 5.00%, due 10/1/25		14,425,000		14,371,483
Virgin Islands Water & Power Authority-Electric System, Revenue Bonds
Series A 4.00%, due 7/1/21		430,000		424,732
Series A 5.00%, due 7/1/31		1,145,000		1,034,485

				99,469,664

Utah 0.4%
Medical School Campus Public Infrastructure District, Limited General Obligation (a)
Series A 5.25%, due 2/1/40		1,430,000		1,396,023
Series A 5.50%, due 2/1/50		2,915,000		2,817,289
Mida Mountain Village Public Infrastructure District, Special Assessment
Series A 4.50%, due 8/1/40		1,500,000		1,522,020
Series A 5.00%, due 8/1/50		6,000,000		6,084,360
Utah Charter School Finance Authority, Da Vinci Academy, Revenue Bonds 7.75%, due 3/15/39		700,000		718,718
Utah Infrastructure Agency, Telecommunication, Revenue Bonds
4.00%, due 10/15/39		2,175,000		2,256,497
4.00%, due 10/15/42		1,970,000		2,021,122
Series A 5.00%, due 10/15/32		1,615,000		1,808,800
Series A 5.00%, due 10/15/34		3,385,000		3,768,757
Series A 5.00%, due 10/15/37		1,100,000		1,212,794
Series A 5.00%, due 10/15/40		4,130,000		4,520,244
Series A 5.375%, due 10/15/40		6,260,000		7,015,958

				35,142,582


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					45

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Vermont 0.1%
Vermont Educational & Health Buildings Financing Agency, Developmental & Mental Health Services, Revenue Bonds Series A, Insured: AGC 4.75%, due 8/15/36	$	500,000	$	510,340
Vermont Student Assistance Corp., Education Loan, Revenue Bonds Subseries B 4.50%, due 6/15/45 (b)		3,500,000		3,626,000

				4,136,340

Virginia 1.9%
Farmville Industrial Development Authority Facilities, Longwood University Student Project, Revenue Bonds
Series A 5.00%, due 1/1/48		7,000,000		7,294,700
Series A 5.00%, due 1/1/55		16,000,000		16,595,840
Series A 5.00%, due 1/1/59		7,605,000		7,887,754
Henrico County Economic Development Authority, Residential Care Facility, Revenue Bonds Series C 5.00%, due 12/1/47		2,200,000		2,327,424
Lynchburg Economic Development Authority, Randolph College Project, Revenue Bonds 5.00%, due 9/1/48		3,705,000		4,110,179
Newport News Economic Development Authority, LifeSpire, Revenue Bonds 5.00%, due 12/1/38		2,575,000		2,717,629
Norfolk Redevelopment and Housing Authority, Norfolk Retirement Community, Harbors Edge Project, Revenue Bonds
Series B 4.00%, due 1/1/25		1,200,000		1,200,108
Series A 5.25%, due 1/1/54		3,300,000		3,425,334
Roanoke Economic Development Authority, Lynchburg College, Revenue Bonds Series A 4.00%, due 9/1/48		4,890,000		4,779,975


	Principal Amount		Value
Virginia (continued)
Salem Economic Development Authority, Educational Facilities, Roanoke College, Revenue Bonds
4.00%, due 4/1/45	$	1,000,000	$	1,003,800
5.00%, due 4/1/49		1,000,000		1,095,400
Tobacco Settlement Financing Corp., Convertible-Senior, Revenue Bonds Senior Lien-Series B2 5.20%, due 6/1/46		2,000,000		2,011,680
Tobacco Settlement Financing Corp., Revenue Bonds Series B1 5.00%, due 6/1/47		29,205,000		29,328,537
Virginia College Building Authority, Marymount University Project, Revenue Bonds Series B 5.00%, due 7/1/45 (a)		1,945,000		1,948,948
Virginia Small Business Financing Authority, Elizabeth River Crossing, Revenue Bonds Senior Lien 5.50%, due 1/1/42 (b)		18,245,000		19,052,889
Virginia Small Business Financing Authority, Express Lanes LLC, Revenue Bonds Senior Lien 5.00%, due 1/1/40 (b)		10,000,000		10,338,700
Virginia Small Business Financing Authority, National Senior Campuses Obligated Group, Revenue Bonds 4.00%, due 1/1/51		15,000,000		15,965,400
Virginia Small Business Financing Authority, Transform I-66 P3 Project, Revenue Bonds (b)
5.00%, due 12/31/52		12,160,000		13,593,421
5.00%, due 12/31/56		17,040,000		19,016,981

				163,694,699

Washington 0.5%
Pend Oreille County Public Utility, District No. 1 Box Canyon, Revenue Bonds
4.00%, due 1/1/41		3,000,000		3,060,990
5.00%, due 1/1/48		5,430,000		5,881,993
Port of Seattle Industrial Development Corp., King County Public Hospital District, Special Facilities Delta Airlines, Revenue Bonds 5.00%, due 4/1/30 (b)		1,825,000		1,872,176


46		MainStay MacKay High Yield Municipal Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Washington (continued)
Washington Higher Educational Facilities Authority, Seattle Pacific University Project, Revenue Bonds 5.00%, due 10/1/45	$	3,800,000	$	4,423,694
Washington Higher Educational Facilities Authority, Whitworth University Project, Revenue Bonds Series A 5.00%, due 10/1/40		3,000,000		3,225,570
Washington State Convention Center Public Facilities District, Revenue Bonds 4.00%, due 7/1/58		8,760,000		8,888,334
Washington State Housing Finance Commission, Riverview Retirement Community, Revenue Bonds 5.00%, due 1/1/48		3,000,000		3,052,020
Whidbey Island Public Hospital District, Unlimited General Obligation
5.375%, due 12/1/39		9,920,000		10,404,493
5.50%, due 12/1/33		2,070,000		2,187,970
Whidbey Island Public Hospital District, Whidbey General Hospital, Limited General Obligation
3.75%, due 12/1/32		100,000		100,694
4.00%, due 12/1/37		290,000		291,911

				43,389,845

West Virginia 0.4%
County of Ohio WV, Special District Excise Tax, The Highlands Project, Revenue Bonds Series B 4.25%, due 3/1/35		4,000,000		3,858,360
Glenville State College, Board of Governors, Revenue Bonds 5.25%, due 6/1/47		4,000,000		3,910,160
Monongalia County Commission Special District, University Town Center, Revenue Bonds Series A 5.50%, due 6/1/37 (a)		4,000,000		4,118,200
West Virginia Hospital Finance Authority, Cabell Huntington Hospital Obligated Group, Revenue Bonds
Series A 4.00%, due 1/1/37		5,125,000		5,598,294
Series A 4.00%, due 1/1/38		2,500,000		2,712,975
Series A 4.125%, due 1/1/47		13,650,000		14,557,588

				34,755,577


	Principal Amount		Value
Wisconsin 2.2%
Public Fin Auth Wi Revenue Bonds
5.00%, due 1/1/40	$	4,335,000	$	4,889,446
5.00%, due 1/1/45		3,060,000		3,408,106
Public Finance Authority Education Revenue, Coral Academy of Science Las Vegas, Revenue Bonds Series A 5.00%, due 7/1/48		2,000,000		2,214,980
Public Finance Authority Education Revenue, Guilford College, Revenue Bonds Series A 5.00%, due 1/1/48		11,495,000		10,522,408
Public Finance Authority Education Revenue, Wilson Preparatory Academy, Revenue Bonds Series A 5.00%, due 6/15/49 (a)		1,100,000		1,133,583
Public Finance Authority Educational Facilities, Lake Erie College Project, Revenue Bonds Series A 5.875%, due 10/1/54 (a)		2,000,000		1,995,500
Public Finance Authority Educational Facilities, Wingate University, Revenue Bonds Series A 5.25%, due 10/1/38		3,250,000		3,480,848
Public Finance Authority, Affinity Living Group NC-12 Obligated Group, Revenue Bonds 6.75%, due 11/1/24 (a)		10,000,000		10,110,900
Public Finance Authority, Appalachian State University Project, Revenue Bonds
Series A, Insured: AGM 4.00%, due 7/1/50		1,000,000		1,070,590
Series A, Insured: AGM 4.00%, due 7/1/55		1,250,000		1,333,700
Series A, Insured: AGM 4.00%, due 7/1/59		1,600,000		1,706,768
Public Finance Authority, Bancroft NeuroHealth Project, Revenue Bonds Series A 5.00%, due 6/1/36 (a)		750,000		802,613
Public Finance Authority, Cullowhee LLC, Revenue Bonds 5.25%, due 7/1/47		2,000,000		2,062,820


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					47

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Wisconsin (continued)
Public Finance Authority, Fellowship Senior Living Project, Revenue Bonds
Series A 4.00%, due 1/1/46	$	2,955,000	$	2,806,304
Series A 4.00%, due 1/1/52		12,085,000		11,191,556
Public Finance Authority, FFAH North Carolina & Missouri Portfolio, Revenue Bonds
Series A 4.75%, due 12/1/35		1,150,000		1,211,318
Series A 5.00%, due 12/1/45		3,200,000		3,371,232
Series A 5.15%, due 12/1/50		2,250,000		2,370,668
Public Finance Authority, Glenridge Palmer Ranch, Revenue Bonds Series A 8.25%, due 6/1/46 (a)		1,000,000		1,044,540
Public Finance Authority, Guilford College, Revenue Bonds 5.50%, due 1/1/47		6,160,000		5,786,334
Public Finance Authority, Irving Convention Center Hotel Project, Revenue Bonds Series A-2 7.00%, due 1/1/50 (a)		13,990,000		12,849,115
Public Finance Authority, National Gypsum Co., Revenue Bonds 4.00%, due 8/1/35 (b)		4,000,000		3,810,840
Public Finance Authority, NC A&T Real Estate Foundation LLC Project, Revenue Bonds
Series A 5.00%, due 6/1/44		1,350,000		1,408,320
Series A 5.00%, due 6/1/49		7,125,000		7,395,607
Series B 5.00%, due 6/1/49		2,720,000		2,823,306
Public Finance Authority, Nevada State College, Revenue Bonds 5.00%, due 5/1/55 (a)		8,600,000		7,323,846
Public Finance Authority, North Carolina Leadership Academy, Revenue Bonds 4.00%, due 6/15/29 (a)		325,000		331,880
Public Finance Authority, Roseman University Health Sciences, Revenue Bonds
5.00%, due 4/1/30 (a)		700,000		766,381
5.00%, due 4/1/40 (a)		300,000		321,138


	Principal Amount		Value
Wisconsin (continued)
Public Finance Authority, Roseman University Health Sciences, Revenue Bonds (continued)
5.00%, due 4/1/50 (a)	$	1,000,000	$	1,054,460
5.50%, due 4/1/32		1,250,000		1,285,300
5.875%, due 4/1/45		6,650,000		7,146,622
Public Finance Authority, Senior-Obligation Group, Revenue Bonds Series B 5.00%, due 7/1/42 (b)		10,000,000		10,356,600
Public Finance Authority, Ultimate Medical Academy Project, Revenue Bonds (a)
5.00%, due 10/1/22		2,245,000		2,324,338
5.00%, due 10/1/24		2,200,000		2,338,600
Series A 5.00%, due 10/1/29		3,000,000		3,274,620
5.00%, due 10/1/34		1,090,000		1,158,376
Series A 5.00%, due 10/1/39		17,000,000		17,821,270
Public Finance Authority, WakeMed Obligated Group, Revenue Bonds Series A 4.00%, due 10/1/49		7,000,000		7,591,360
Public Finance Authority, Wisconsin Airport Facilities, AFCO Investors II Portfolio, Revenue Bonds 5.75%, due 10/1/31 (a)(b)		1,670,000		1,721,436
Public Finance Authority, Wisconsin Senior Living, Rose Villa Project, Revenue Bonds Series A 5.75%, due 11/15/44 (a)		1,400,000		1,487,724
Public Finance Authority, Wonderful Foundations Charter School, Revenue Bonds (a)
Series B (zero coupon), due 1/1/60		70,000,000		4,336,500
Series A-1 5.00%, due 1/1/55		4,295,000		4,302,731
Wisconsin Health & Educational Facilities Authority, Rogers Memorial Hospital, Inc. Revenue Bonds Series A 5.00%, due 7/1/49		2,400,000		2,736,744
Wisconsin Health & Educational Facilities Authority, Sauk-Prairie Memorial Hospital, Inc., Revenue Bonds 5.375%, due 2/1/48		4,400,000		4,478,188


48		MainStay MacKay High Yield Municipal Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Wisconsin (continued)
Wisconsin Health & Educational Facilities Authority, St. Camillus Health System, Inc., Revenue Bonds
Series B-3 2.25%, due 11/1/26	$	3,000,000	$	2,924,130
Series B-2 2.55%, due 11/1/27		3,000,000		2,947,020

				188,830,666

Wyoming 0.0%‡
West Park Hospital District, West Park Hospital Project, Revenue Bonds Series B 6.50%, due 6/1/27		500,000		514,020
Wyoming Community Development Authority, Revenue Bonds 6.50%, due 7/1/43		930,000		941,923

				1,455,943

Total Long-Term Municipal Bonds (Cost $6,981,130,709)				7,315,742,114


Short-Term Municipal Notes 6.1%
Arkansas 0.1%
Tender Option Bond Trust Receipts, Limited General Obligation Series 2020-XF0954, State AId Withholding 0.17%, due 6/1/50 (a)(h)		8,000,000		8,000,000


California 2.4%
Bay Area Toll Authority, Revenue Bonds (h)
Series G1 0.07%, due 4/1/47		23,330,000		23,330,000
Series E1 0.08%, due 4/1/45		25,000,000		25,000,000
California Infrastructure & Economic Development Bank, Brightline West Passenger Rail Project, Revenue Bonds Series A 0.45%, due 1/1/50 (a)(b)(h)		28,000,000		27,988,800
Northern California Gas Authority No. 1, Gas Project, Revenue Bonds Series B 0.871%, due 7/1/27 (h)		34,335,000		34,017,058
Nuveen AMT-Free Quality Municipal Income Fund Series A 0.60%, due 9/11/26 (h)		20,000,000		20,000,000


	Principal Amount		Value
California (continued)
Nuveen Enhanced Dividend Advantage Mutual Fund Series A 0.60%, due 3/1/40 (h)	$	38,000,000	$	38,000,000
Regents of the University of California Medical Center Pooled, Revenue Bonds Series O-2 0.08%, due 5/15/45 (h)		10,000,000		10,000,000
Sacramento Transportation Authority, Revenue Bonds Series A 0.08%, due 10/1/38 (h)		16,100,000		16,100,000
Tender Option Bond Trust Receipts, Revenue Bonds Series 2018-XF2698 0.14%, due 11/1/25 (a)(h)		4,800,000		4,800,000
University of California, Revenue Bonds Series AL-4 0.10%, due 5/15/48 (h)		8,625,000		8,625,000

				207,860,858

Florida 0.4%
Lee Memorial Health Systems, Revenue Bonds Series B 0.31%, due 4/1/49 (h)		14,000,000		14,000,000
Tender Option Bond Trust Receipts, Revenue Bonds Series 2020-XF2920 0.16%, due 12/1/48 (a)(h)		16,770,000		16,770,000

				30,770,000

Illinois 0.3%
Illinois Finance Authority, Northshore University Health System, Revenue Bonds Series C 0.11%, due 8/15/49 (h)		9,575,000		9,575,000
Illinois Finance Authority, Northwestern Memorial Hospital, Revenue Bonds 0.11%, due 8/15/42 (h)		15,605,000		15,605,000

				25,180,000

Indiana 0.2%
Indiana Finance Authority, Educational Facilities-DePauw University Project, Revenue Bonds Series A 0.10%, due 7/1/36 (h)		3,000,000		3,000,000


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					49

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Short-Term Municipal Notes (continued)
Indiana (continued)
Indiana Finance Authority, Republic Services, Inc., Project, Revenue Bonds (b)(h)
0.28%, due 5/1/34	$	6,000,000	$	6,001,620
0.28%, due 12/1/37		12,000,000		12,003,240

				21,004,860

Kentucky 0.2%
County of Meade KY, Nucor Corp., Revenue Bonds 0.21%, due 7/1/60 (b)(h)		8,160,000		8,160,000
Kentucky Economic Development Finance Authority, Republic Services, Inc., Revenue Bonds Series A 0.28%, due 4/1/31 (b)(h)		6,000,000		6,001,620

				14,161,620

Massachusetts 0.1%
Massachusetts Development Finance Agency, Boston University, Revenue Bonds Series U-6C 0.09%, due 10/1/42 (h)		7,000,000		7,000,000


Missouri 0.2%
RIB Floater Trust, Revenue Bonds Series 2019-016 0.16%, due 6/1/45 (a)(h)		15,000,000		15,000,000


Nevada 0.2%
State of Nevada Department of Business & Industry, Brightline West Passenger Rail Project, Revenue Bonds 0.50%, due 1/1/50 (a)(b)(h)		12,500,000		12,494,250
Tender Option Bond Trust Receipts, Revenue Bonds Series 2019-XF2806 0.16%, due 7/1/49 (a)(h)		5,000,000		5,000,000

				17,494,250

New Hampshire 0.1%
New Hampshire Business Finance Authority, Waste Management, Revenue Bonds (b)(h)
0.40%, due 9/1/21		4,210,000		4,209,789
0.40%, due 4/1/24		3,000,000		2,999,850

				7,209,639


	Principal Amount		Value
New Jersey 0.8%
New Jersey Turnpike Authority, Revenue Bonds Series D-1 0.804%, due 1/1/24 (h)	$	66,500,000	$	66,440,150
Tender Option Bond Trust Receipts, Revenue Bonds Series 2018-XF2702 0.15%, due 7/1/24 (a)(h)		2,070,000		2,070,000

				68,510,150

Ohio 0.2%
State of Ohio, University Hospitals Health System, Revenue Bonds 0.11%, due 1/15/46 (h)		9,750,000		9,750,000
Tender Option Bond Trust Receipts, Revenue Bonds Series 2020-XF2906 0.16%, due 11/15/40 (a)(h)		10,140,000		10,140,000

				19,890,000

Puerto Rico 0.0%‡
Puerto Rico Electric Power Authority, Revenue Bonds Series UU, Insured: AGM 0.671%, due 7/1/29 (h)		4,065,000		3,638,988


Texas 0.6%
Harris County Health Facilities Development Corp., Methodist Hospital System, Revenue Bonds (h)
Series A-1 0.10%, due 12/1/41		23,775,000		23,775,000
Series A-2 0.10%, due 12/1/41		16,855,000		16,855,000
Mission Economic Development Corp., Waste Management, Revenue Bonds (b)(h)
0.40%, due 7/1/40		7,500,000		7,499,625
0.40%, due 5/1/46		7,000,000		6,999,650

				55,129,275

Utah 0.2%
City of Murray UT, Murray City Hospital, IHC Health Services, Inc., Revenue Bonds (h)
Series C 0.10%, due 5/15/36		11,180,000		11,180,000
Series D 0.10%, due 5/15/36		1,810,000		1,810,000

				12,990,000


50		MainStay MacKay High Yield Municipal Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Short-Term Municipal Notes (continued)
Virginia 0.0%‡
Virginia Small Business Financing Authority, University Real Estate, Revenue Bonds 0.15%, due 7/1/30 (h)	$	60,000	$	60,000


Wisconsin 0.1%
Tender Option Bond Trust Receipts, Revenue Bonds Series 2020-XL0147 0.18%, due 6/1/45 (a)(h)		5,315,000		5,315,000

Total Short-Term Municipal Notes (Cost $519,300,719)				519,214,640

Total Municipal Bonds (Cost $7,500,431,428)				7,834,956,754



	Shares
Closed-End Funds 0.8%
California 0.1%
BlackRock MuniHoldings California Quality Fund, Inc.		652,094		9,292,340


Massachusetts 0.1%
DWS Municipal Income Trust		124,496		1,353,271
Eaton Vance Municipal Bond Fund		154,604		2,008,306
Pioneer Municipal High Income Trust		332,691		3,772,716

				7,134,293

Michigan 0.0%‡
BlackRock MuniYield Michigan Quality Fund, Inc.		244,978		3,314,552


Multi-State 0.4%
BlackRock Investment Quality Municipal Trust, Inc.		22,632		355,775
BlackRock Muni Intermediate Duration Fund, Inc.		240,316		3,364,424
BlackRock Municipal 2030 Target Term Trust		442,357		10,996,995
BlackRock Municipal Income Investment Quality Trust		38,091		543,939
BlackRock MuniEnhanced Fund, Inc.		383,598		4,284,790
BlackRock MuniHoldings Fund II, Inc.		18,164		263,378
BlackRock MuniHoldings Investment Quality Fund		70,458		927,932
BlackRock MuniHoldings Quality Fund, Inc.		116,998		1,476,515
BlackRock MuniYield Quality Fund II, Inc.		621,423		8,103,356


	Shares			Value
Multi-State (continued)
BNY Mellon Municipal Bond Infrastructure Fund, Inc.		17,508		$	227,954
Pioneer Municipal High Income Advantage Trust		316,387			3,448,618

					33,993,676

New Jersey 0.1%
BlackRock MuniHoldings New Jersey Quality Fund, Inc.		394,470			5,337,179


New York 0.1%
BlackRock MuniHoldings New York Quality Fund, Inc.		421,662			5,603,888
BlackRock MuniYield New York Quality Fund, Inc.		223,574			2,825,975
BlackRock New York Municipal Fund		15,812			216,625
BlackRock New York Municipal Income Trust		42,359			566,340

Total New York (Cost $9,618,419)					9,212,828


Pennsylvania 0.0%‡
Invesco Pennsylvania Value Municipal Income Trust		68,544			820,472

Total Closed-End Funds (Cost $69,973,603)					69,105,340

Total Investments (Cost $7,570,405,031)		92.9	%		7,904,062,094
Other Assets, Less Liabilities		7.1			599,651,057
Net Assets		100.0	%	$	8,503,713,151

†	Percentages indicated are based on Fund net assets.

‡	Less than one-tenth of a percent.

(a)	May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.

(b)	Interest on these securities was subject to alternative minimum tax.

(c)	Step coupon—Rate shown was the rate in effect as of October 31, 2020.

(d)	Floating rate—Rate shown was the rate in effect as of October 31, 2020.

(e)	Issue in non-accrual status.

(f)	Issue in default.

(g)	Illiquid security—As of October 31, 2020, the total market value of these securities deemed illiquid under procedures approved by the Board of Trustees was $6,235,350, which represented 0.1% of the Fund’s net assets. (Unaudited)

(h)	Variable-rate demand notes (VRDNs)—Provide the right to sell the security at face value on either that day or within the rate-reset period. VRDNs will normally trade as if the maturity is the earlier put date, even


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					51

Portfolio of Investments October 31, 2020 (continued)

though stated maturity is longer. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. The maturity date shown is the final maturity.

Futures Contracts

As of October 31, 2020, the Portfolio held the following futures contracts¹:


Type	Number of Contracts			Expiration Date		Value at Trade Date			Current Notional Amount			Unrealized Appreciation (Depreciation)²

Short Contracts
United States Treasury Long Bond		(250	)		December 2020	$	(43,981,835	)	$	(43,117,188	)	$	864,647

1.	As of October 31, 2020, cash in the amount of $1,175,000 was on deposit with a broker or futures commission merchant for futures transactions.

2.	Represents the difference between the value of the contracts at the time they were opened and the value as of October 31, 2020.

The following abbreviations are used in the preceding pages:

ACA—ACA Financial Guaranty Corp.

AGC—Assured Guaranty Corp.

AGM—Assured Guaranty Municipal Corp.

AMBAC—Ambac Assurance Corp.

BAM—Build America Mutual Assurance Co.

CHF—Swiss Franc

NATL-RE—National Public Finance Guarantee Corp.

The following is a summary of the fair valuations according to the inputs used as of October 31, 2020, for valuing the Fund’s assets and liabilities:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total

Asset Valuation Inputs
Investments in Securities (a)
Municipal Bonds
Long-Term Municipal Bonds	$	—	$	7,315,742,114	$	—	$	7,315,742,114
Short-Term Municipal Notes		—		519,214,640		—		519,214,640

Total Municipal Bonds		—		7,834,956,754		—		7,834,956,754

Closed-End Funds		69,105,340		—		—		149,105,340

Total Investments in Securities		69,105,340		7,834,956,754		—		7,904,062,094

Other Financial Instruments
Futures Contracts (b)		864,647		—		—		864,647

Total Investments in Securities and Other Financial Instruments	$	69,969,987	$	7,834,956,754	$	—	$	7,904,926,741

(a)	For a complete listing of investments and their industries, see the Portfolio of Investments.

(b)	The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments.


52		MainStay MacKay High Yield Municipal Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Statement of Assets and Liabilities as of October 31, 2020


Assets
Investment in securities, at value (identified cost $7,570,405,031)	$	7,904,062,094
Cash		538,973,102
Cash collateral on deposit at broker for futures contracts		1,175,000
Receivables:
Dividends and interest		91,032,266
Fund shares sold		44,246,869
Investment securities sold		2,506,500
Variation margin on futures contracts		93,740
Other assets		173,507

Total assets		8,582,263,078


Liabilities
Payables:
Investment securities purchased		48,578,682
Fund shares redeemed		17,235,585
Manager (See Note 3)		3,738,762
NYLIFE Distributors (See Note 3)		743,911
Transfer agent (See Note 3)		674,392
Professional fees		140,402
Shareholder communication		137,641
Custodian		12,020
Trustees		10,506
Accrued expenses		10,698
Dividend payable		7,267,328

Total liabilities		78,549,927

Net assets	$	8,503,713,151


Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	667,117
Additional paid-in capital		8,232,705,625

		8,233,372,742
Total distributable earnings (loss)		270,340,409

Net assets	$	8,503,713,151


Class A
Net assets applicable to outstanding shares	$	2,073,225,726

Shares of beneficial interest outstanding		162,662,777

Net asset value per share outstanding	$	12.75
Maximum sales charge (4.50% of offering price)		0.60

Maximum offering price per share outstanding	$	13.35

Investor Class
Net assets applicable to outstanding shares	$	5,210,937

Shares of beneficial interest outstanding		409,326

Net asset value per share outstanding	$	12.73
Maximum sales charge (4.00% of offering price)		0.53

Maximum offering price per share outstanding	$	13.26

Class C
Net assets applicable to outstanding shares	$	355,498,181

Shares of beneficial interest outstanding		27,959,375

Net asset value and offering price per share outstanding	$	12.71

Class I
Net assets applicable to outstanding shares	$	6,063,242,911

Shares of beneficial interest outstanding		475,572,252

Net asset value and offering price per share outstanding	$	12.75

Class R6
Net assets applicable to outstanding shares	$	6,535,396

Shares of beneficial interest outstanding		513,017

Net asset value and offering price per share outstanding	$	12.74


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					53

Statement of Operations for the year ended October 31, 2020


Investment Income (Loss)
Income
Interest	$	291,560,023
Dividends		1,698,435
Other		1,272

Total income		293,259,730

Expenses
Manager (See Note 3)		38,975,759
Distribution/Service—Class A (See Note 3)		5,319,422
Distribution/Service—Investor Class (See Note 3)		13,237
Distribution/Service—Class C (See Note 3)		4,038,664
Transfer agent (See Note 3)		4,162,871
Professional fees		569,026
Registration		290,313
Shareholder communication		287,480
Trustees		174,332
Custodian		75,942
Miscellaneous		245,220

Total expenses		54,152,266

Net investment income (loss)		239,107,464


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions		(5,257,792	)
Futures transactions		(13,190,115	)

Net realized gain (loss)		(18,447,907	)

Net change in unrealized appreciation (depreciation) on:
Investments		(132,381,959	)
Futures contracts		(1,714,412	)

Net change in unrealized appreciation (depreciation)		(134,096,371	)

Net realized and unrealized gain (loss)		(152,544,278	)

Net increase (decrease) in net assets resulting from operations	$	86,563,186


54		MainStay MacKay High Yield Municipal Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Statements of Changes in Net Assets

for the years ended October 31, 2020 and October 31, 2019


	2020			2019
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	239,107,464		$	228,840,515
Net realized gain (loss)		(18,447,907	)		1,346,567
Net change in unrealized appreciation (depreciation)		(134,096,371	)		304,320,466

Net increase (decrease) in net assets resulting from operations		86,563,186			534,507,548

Distributions to shareholders:
Class A		(71,801,368	)		(73,277,109	)
Investor Class		(178,402	)		(175,578	)
Class C		(10,617,139	)		(12,555,282	)
Class I		(171,136,444	)		(145,298,311	)
Class R6		(1,490,352	)		—

Total distributions to shareholders		(255,223,705	)		(231,306,280	)

Capital share transactions:
Net proceeds from sale of shares		4,385,326,767			3,025,448,392
Net asset value of shares issued to shareholders in reinvestment of distributions		184,287,567			176,215,173
Cost of shares redeemed		(2,962,509,546	)		(1,480,797,277	)

Increase (decrease) in net assets derived from capital share transactions		1,607,104,788			1,720,866,288

Net increase (decrease) in net assets		1,438,444,269			2,024,067,556

Net Assets
Beginning of year		7,065,268,882			5,041,201,326

End of year	$	8,503,713,151		$	7,065,268,882


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					55

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class A	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	12.98		$	12.33		$	12.32		$	12.52		$	12.04


Net investment income (loss)		0.40			0.47			0.48			0.49			0.49

Net realized and unrealized gain (loss) on investments		(0.20	)		0.66			0.01			(0.19	)		0.51


Total from investment operations		0.20			1.13			0.49			0.30			1.00


Less distributions:

From net investment income		(0.43	)		(0.47	)		(0.48	)		(0.49	)		(0.49	)

From net realized gain on investments		(0.00	)‡		(0.01	)		—			(0.01	)		(0.03	)


Total distributions		(0.43	)		(0.48	)		(0.48	)		(0.50	)		(0.52	)


Net asset value at end of year	$	12.75		$	12.98		$	12.33		$	12.32		$	12.52


Total investment return (a)		1.60	%		9.28	%		4.03	%		2.48	%		8.43	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		3.15	%		3.69	%		3.84	%		3.99	%		3.91	%

Net expenses (b)		0.86	%		0.87	%		0.87	%		0.87	%		0.87	%

Portfolio turnover rate		37	%(c)		27	%(c)		32	%		34	%		41	%

Net assets at end of year (in 000’s)	$	2,073,226		$	2,210,862		$	1,616,061		$	882,736		$	874,512

‡	Less than one cent per share.

(a)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(b)	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.

(c)	The portfolio turnover rate includes variable rate demand notes.



	Year ended October 31,

Investor Class	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	12.96		$	12.32		$	12.30		$	12.50		$	12.02


Net investment income (loss)		0.40			0.47			0.48			0.49			0.49

Net realized and unrealized gain (loss) on investments		(0.20	)		0.65			0.02			(0.19	)		0.51


Total from investment operations		0.20			1.12			0.50			0.30			1.00


Less distributions:

From net investment income		(0.43	)		(0.47	)		(0.48	)		(0.49	)		(0.49	)

From net realized gain on investments		(0.00	)‡		(0.01	)		—			(0.01	)		(0.03	)


Total distributions		(0.43	)		(0.48	)		(0.48	)		(0.50	)		(0.52	)


Net asset value at end of year	$	12.73		$	12.96		$	12.32		$	12.30		$	12.50


Total investment return (a)		1.59	%		9.19	%		4.10	%		2.45	%		8.42	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		3.15	%		3.69	%		3.85	%		3.98	%		3.90	%

Net expenses (b)		0.87	%		0.88	%		0.89	%		0.90	%		0.90	%

Portfolio turnover rate		37	%(c)		27	%(c)		32	%		34	%		41	%

Net assets at end of year (in 000’s)	$	5,211		$	5,449		$	4,383		$	3,483		$	4,249

‡	Less than one cent per share.

(a)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(b)	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.

(c)	The portfolio turnover rate includes variable rate demand notes.


56		MainStay MacKay High Yield Municipal Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class C	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	12.95		$	12.30		$	12.29		$	12.49		$	12.01


Net investment income (loss)		0.29			0.37			0.39			0.39			0.39

Net realized and unrealized gain (loss) on investments		(0.20	)		0.66			0.01			(0.19	)		0.51


Total from investment operations		0.09			1.03			0.40			0.20			0.90


Less distributions:

From net investment income		(0.33	)		(0.37	)		(0.39	)		(0.39	)		(0.39	)

From net realized gain on investments		(0.00	)‡		(0.01	)		—			(0.01	)		(0.03	)


Total distributions		(0.33	)		(0.38	)		(0.39	)		(0.40	)		(0.42	)


Net asset value at end of year	$	12.71		$	12.95		$	12.30		$	12.29		$	12.49


Total investment return (a)		0.75	%		8.47	%		3.24	%		1.69	%		7.61	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		2.41	%		2.94	%		3.11	%		3.22	%		3.14	%

Net expenses (b)		1.62	%		1.63	%		1.63	%		1.65	%		1.65	%

Portfolio turnover rate		37	%(c)		27	%(c)		32	%		34	%		41	%

Net assets at end of year (in 000’s)	$	355,498		$	433,318		$	396,092		$	395,042		$	401,279

‡	Less than one cent per share.

(a)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(b)	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.

(c)	The portfolio turnover rate includes variable rate demand notes.



	Year ended October 31,

Class I	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	12.98		$	12.34		$	12.32		$	12.52		$	12.04


Net investment income (loss)		0.45			0.50			0.51			0.52			0.52

Net realized and unrealized gain (loss) on investments		(0.22	)		0.65			0.02			(0.19	)		0.51


Total from investment operations		0.23			1.15			0.53			0.33			1.03


Less distributions:

From net investment income		(0.46	)		(0.50	)		(0.51	)		(0.52	)		(0.52	)

From net realized gain on investments		(0.00	)‡		(0.01	)		—			(0.01	)		(0.03	)


Total distributions		(0.46	)		(0.51	)		(0.51	)		(0.53	)		(0.55	)


Net asset value at end of year	$	12.75		$	12.98		$	12.34		$	12.32		$	12.52


Total investment return (a)		1.86	%		9.46	%		4.38	%		2.74	%		8.70	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		3.38	%		3.93	%		4.09	%		4.21	%		4.16	%

Net expenses (b)		0.61	%		0.62	%		0.62	%		0.62	%		0.62	%

Portfolio turnover rate		37	%(c)		27	%(c)		32	%		34	%		41	%

Net assets at end of year (in 000’s)	$	6,063,243		$	4,415,639		$	3,024,665		$	2,094,251		$	1,420,936

‡	Less than one cent per share.

(a)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized.

(b)	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.

(c)	The portfolio turnover rate includes variable rate demand notes.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					57

Financial Highlights selected per share data and ratios



Class R6	November 1, 2019^ through October 31, 2020

Net asset value at beginning of period	$	12.98


Net investment income (loss) (a)		0.43

Net realized and unrealized gain (loss) on investments		(0.21	)


Total from investment operations		0.22


Less distributions:

From net investment income		(0.46	)

From net realized gain on investments‡		(0.00	)


Total distributions		(0.46	)


Net asset value at end of period	$	12.74


Total investment return (b)		1.80	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		3.40	%

Net expenses (c)		0.56	%

Portfolio turnover rate (d)		37	%

Net assets at end of period (in 000’s)	$	6,535

^	Inception date.

‡	Less than one cent per share.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized.

(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(d)	The portfolio turnover rate includes variable rate demand notes.


58		MainStay MacKay High Yield Municipal Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Notes to Financial Statements

Note 1–Organization and Business

The Fund currently has six classes of shares registered for sale. Class A, Investor Class, Class C and Class I shares commenced operations on March 31, 2010. Class R6 shares were registered for sale effective as of February 28, 2017. Class R6 shares commenced operations on November 1, 2019. SIMPLE Class shares were registered for sale effective as of August 31, 2020. As of October 31, 2020, SIMPLE Class shares were not yet offered for sale.

Class A and Investor Class shares are offered at net asset value (“NAV”) per share plus an initial sales charge. No initial sales charge applies to investments of $250,000 or more (and certain other qualified purchases) in Class A and Investor Class shares. However, a contingent deferred sales charge (“CDSC”) 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. Class C shares are offered at NAV without an initial sales charge, although a 1.00% CDSC may be imposed on certain redemptions of such shares made within one year of the date of purchase of Class C shares. Class I and Class R6 shares are offered at NAV without a sales charge. SIMPLE Class shares are currently expected to be offered at NAV without a sales charge. In addition, depending upon eligibility, Class C shares convert to either Class A or Investor Class shares at the end of the calendar quarter ten years after the date they were purchased. Investor Class shares may convert automatically to Class A shares. Under certain circumstances and as may be permitted by the Trust’s multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under distribution plans pursuant to Rule 12b-1 under the 1940 Act, Class C shares are subject to higher distribution and/or service fees than Class A, Investor Class and SIMPLE Class shares. Class I and Class R6 shares are not subject to a distribution and/or service fee.

The Fund’s investment objective is to seek a high level of current income exempt from federal income taxes. The Fund’s secondary investment objective is total return.

Note 2–Significant Accounting Policies

accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.

The Board of Trustees of the Trust (the “Board”) adopted procedures establishing methodologies for the valuation of the Fund’s securities and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Trust (the “Valuation Committee”). The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for the day-to-day valuation of portfolio assets (including fair value measurements for the Fund’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)). To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Fund’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources.


			59

Notes to Financial Statements (continued)

•

Level 1—quoted prices in active markets for an identical asset or liability

•

Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:


• 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

which the security would trade if a reliable market price were readily available. During the year ended October 31, 2020, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. No securities held by the Fund as of October 31, 2020 were fair valued in such a manner.

In calculating NAV, each closed-end fund is valued at market value, which will generally be determined using the last reported official closing or last trading price on the exchange or market on which the security is primarily traded at the time of valuation. Price information on closed-end funds is taken from the exchange where the security is primarily traded. In addition, because closed-end funds and exchange-traded funds trade on a secondary market, their shares may trade at a premium or discount to the actual net asset value of their portfolio securities and their shares may have greater volatility because of the potential lack of liquidity. These closed end funds are generally categorized as Level 1 in the hierarchy.


60		MainStay MacKay High Yield Municipal Bond Fund

in 60 days or less at the time of purchase (“Short-Term Investments”)

A portfolio investment may be classified as an illiquid investment under the Trust’s written liquidity risk management program and related procedures (“Liquidity Program”). Illiquidity of an investment might prevent the sale of such investment at a time when the Manager or the Subadvisor might wish to sell, and these investments could have the effect of decreasing the overall level of the Fund’s liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid investments, requiring the Fund to rely on judgments that may be somewhat subjective in measuring value, which could vary materially from the amount that the Fund could realize upon disposition. Difficulty in selling illiquid investments may result in a loss or may be costly to the Fund. An illiquid investment is any investment that the Manager or Subadvisor reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The liquidity classification of each investment will be made using information obtained after reasonable inquiry and taking into account, among other things, relevant market, trading and investment-specific considerations in accordance with the Liquidity Program. Illiquid investments are often valued in accordance with methods deemed by the Board in good faith to be reasonable and appropriate to accurately reflect their fair value. The liquidity of the Fund’s investments, was determined as of October 31, 2020, and can change at any time. Illiquid investments as of October 31, 2020, are shown in the Portfolio of Investments.

federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund’s financial statements. The Fund’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare dividends from net investment income, if any, daily and intends to pay them at least monthly and declares and pays distributions from net realized capital gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D) Security Transactions and Investment Income. The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Interest income is accrued as earned using the effective interest rate method. Distributions received from real estate investment trusts may be classified as dividends, capital gains and/or return of capital. Discounts and premiums on securities purchased for the Fund are accreted and amortized, respectively, on the effective interest rate method. Income from payment-in-kind securities, to the extent the Fund held any such securities during the year ended October 31, 2020, is accreted daily based on the effective interest method.

Additionally, the Fund may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Statement of Operations or in the expense ratios included in the Financial Highlights.

(F) Use of Estimates. In preparing financial statements in conformity with GAAP, the Manager makes estimates and assumptions that


			61

Notes to Financial Statements (continued)

affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

The use of futures contracts involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statement of Assets and Liabilities. The contract or notional amounts and variation margin reflect the extent of the Fund’s involvement in open futures positions. There are several risks associated with the use of futures contracts as hedging techniques. There can be no assurance that a liquid market will exist at the time when the Fund seeks to close out a futures contract. If no liquid market exists, the Fund would remain obligated to meet margin requirements until the position is closed. Futures contracts may involve a small initial investment relative to the risk assumed, which could result in losses greater than if the Fund did not invest in futures contracts. Futures contracts may be more volatile than direct investments in the instrument underlying the futures and may not correlate to the underlying instrument, causing a given hedge not to achieve its objectives. The Fund’s activities in futures contracts have minimal counterparty risk as they are conducted through regulated exchanges that guarantee the futures against default by the counterparty. In the event of a bankruptcy or insolvency of a futures commission merchant that holds margin on behalf of the Fund, the Fund may not be entitled to the return of the entire margin owed to the Fund, potentially resulting in a loss. The Fund may invest in futures contracts to help manage the duration and yield curve positioning of its portfolio. The Fund’s investment in futures contracts and other derivatives may increase the volatility of the Fund’s NAVs and may result in a loss to the Fund. Open futures contracts held as of October 31, 2020, are shown in the Portfolio of Investments.

(H) Municipal Bond Risk. The Fund may invest more heavily in municipal bonds from certain cities, states or regions than others, which may increase the Fund’s exposure to losses resulting from economic, political, regulatory occurrences, or declines in tax revenue impacting these particular cities, states or regions. In addition, many state and municipal governments that issue securities are under significant economic and financial stress and may not be able to satisfy their obligations, and these events may be made worse due to economic

challenges posed by COVID-19. The Fund may invest a substantial amount of its assets in municipal bonds whose interest is paid solely from revenues of similar projects, such as tobacco settlement bonds. If the Fund concentrates its investments in this manner, it assumes the legal and economic risks relating to such projects and this may have a significant impact on the Fund’s investment performance.

Puerto Rico began proceedings pursuant to the Puerto Rico Oversight,

Management, and Economic Stability Act (“PROMESA”) to seek bankruptcy-type protections from approximately $74 billion in debt and approximately $48 billion in unfunded pension obligations. In addition, the economic downturn following the outbreak of COVID-19 and the resulting pressure on Puerto Rico’s budget have further contributed to its financial challenges. Puerto Rico has reached agreements with certain bondholders to restructure outstanding debt issued by certain of Puerto Rico’s instrumentalities and is negotiating the restructuring of its debt with certain other bondholders. Any agreement to restructure such outstanding debt must be approved by the judge overseeing the debt restructuring. Puerto Rico’s debt restructuring process and other economic political, social, environmental or health factors or developments could occur rapidly and may significantly affect the value of municipal securities of Puerto Rico. Due to the ongoing budget impact from Covid-19 on the Commonwealth’s finances, the Federal Oversight and Management Board or the Commonwealth could seek to revise or even terminate earlier agreements reached with certain creditors prior to the outbreak of COVID-19. Any agreement between the Federal Oversight and Management Board and creditors is subject to approval by the judge overseeing the Title III proceedings. The composition of the Federal Oversight and Management Board is changing significantly due to existing members either stepping down or being replaced as the current board’s term has expired. There is no assurance that newly appointed board members will approve the restructuring agreements the prior board had negotiated.

The Fund’s vulnerability to potential losses associated with such developments may be reduced through investing in municipal securities that feature credit enhancements (such as bond insurance). The bond insurance provider pays both principal and interest when due to the bond holder. The magnitude of Puerto Rico’s debt restructuring or other adverse economic developments could pose significant strains on the ability of municipal securities insurers to meet all future claims. As of October 31, 2020, 30.1% of the Puerto Rico municipal securities held by the Fund were insured.


62		MainStay MacKay High Yield Municipal Bond Fund

such obligations will not arise in the future, which could adversely impact the Fund.

Fair value of derivative instruments as of October 31, 2020:

Asset Derivatives


	Interest Rate Contracts Risk		Total

Futures Contracts—Net Assets—Net unrealized appreciation on investments and futures contracts (a)	$	864,647	$	864,647

Total Fair Value	$	864,647	$	864,647

(a)	Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the year ended October 31, 2020:

Net Realized Gain (Loss) from:


	Interest Rate Contracts Risk			Total

Futures Contracts	$	(13,190,115	)	$	(13,190,115	)

Total Net Realized Gain (Loss)	$	(13,190,115	)	$	(13,190,115	)

Net Change in Unrealized Appreciation (Depreciation) from:


	Interest Rate Contracts Risk			Total

Futures Contracts	$	(1,714,412	)	$	(1,714,412	)

Total Net Change in Unrealized Appreciation (Depreciation)	$	(1,714,412	)	$	(1,714,412	)

Average Notional Amount


	Interest Rate Contracts Risk			Total

Futures Contracts Short	$	(124,438,782	)	$	(124,438,782	)

Note 3–Fees and Related Party Transactions

(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company (“New York Life”), serves as the Fund’s Manager, pursuant to an Amended and Restated Management Agreement (“Management Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. MacKay Shields LLC (“MacKay Shields” or the ‘‘Subadvisor’’), a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life, serves as Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of an Amended and Restated Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and MacKay Shields, New York Life Investments pays for the services of the Subadvisor.

Effective February 28, 2020, pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of the Fund’s average daily net assets as follows: 0.55% up to $1 billion; 0.54% from $1 billion to $3 billion; 0.53% from $3 billion to $5 billion; 0.52% from $5 billion to $7 billion; 0.51% in excess of $7 billion.

Prior February 28, 2020, under the Management Agreement, the Fund paid the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of the Fund’s average daily net assets as follows: 0.55% up to $1 billion; 0.54% from $1 billion to $3 billion; 0.53% from $3 billion to $5 billion; and 0.52% in excess of $5 billion. During the year ended October 31, 2020, the effective management fee rate (exclusive of any applicable waivers/reimbursements) was 0.53%.

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 A shares do not exceed 0.875% of the Fund’s average daily net assets. New York Life Investments will apply an equivalent waiver or reimbursement, in an equal number of basis points, to Investor Class, Class C and Class I. New York Life Investments has also 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. These agreements will remain in effect until August 31, 2021, 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.


			63

Notes to Financial Statements (continued)

During the year ended October 31, 2020, New York Life Investments earned fees from the Fund in the amount of $38,975,759 and paid the Subadvisor in the amount of $19,488,927.

(B) Distribution and Service Fees. The Trust, on behalf of the Fund, has entered into a distribution agreement with NYLIFE Distributors LLC (the ‘‘Distributor’’), an affiliate of New York Life Investments. The Fund has adopted distribution plans (the ‘‘Plans’’) in accordance with the provisions of Rule 12b-1 under the 1940 Act.

The Fund was also advised that the Distributor retained CDSCs on redemptions of Class A, Investor Class and Class C shares during the year ended October 31, 2020, of $494,166, $24 and $63,323, respectively.

to the Fund’s share classes to a maximum of 0.35% of that share class’s average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until February 28, 2021, 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. During the year ended October 31, 2020, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:


Class	Expense		Waived
Class A	$	1,208,387	$	—
Investor Class		3,500		—
Class C		266,827		—
Class I		2,682,541		—
Class R6		1,616		—

(F) Capital. As of October 31, 2020, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:


Class R6		$	25,378				0.4	%

Note 4—Federal Income Tax


	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)

Investments in Securities	$	7,583,621,983	$	437,277,634	$	(116,837,523	)	$	320,440,111

As of October 31, 2020, the components of accumulated gain (loss) on a tax basis were as follows:


Undistributed Tax Exempt Income	Accumulated Capital and Other Gain (Loss)	Other Temporary Differences	Unrealized Appreciation (Depreciation)	Total Accumulated Gain (Loss)

$23,524,910	$(24,019,977)	$(22,777,618)	$293,613,094	$270,340,409

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is primarily due to wash sale adjustments and


64		MainStay MacKay High Yield Municipal Bond Fund

cumulative bond amortization adjustment. The other temporary differences are primarily due to dividends payable and defaulted bond income accruals.

As of October 31, 2020, for federal income tax purposes, capital loss carryforwards of $24,019,977 were available as shown in the table below, to the extent provided by the regulations to offset future realized gains of the Fund through the years indicated. To the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders. No capital gain distributions shall be made until any capital loss carryforwards have been fully utilized.


Capital Loss Available Through	Capital Loss Amounts (000’s)	Long-Term Capital Loss Amount (000’s)

Unlimited	$24,020	$ —

During the years ended October 31, 2020, and October 31, 2019, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets were as follows:


	2020		2019
Distributions paid from:
Ordinary Income	$	13,759,472	$	7,734,127
Exempt Interest Dividends		241,353,915		221,140,753
Long-Term Capital Gain		110,318		2,431,400
Total	$	255,223,705	$	231,306,280

Note 5—Custodian

State Street is the custodian of cash and securities held by the Fund (See Note 12 for custodian change). Cash balances are subject to credit risk to the extent those balances exceed applicable Federal Deposit Insurance Corporation (FDIC) limits. Custodial fees are charged to the Fund based on the Fund’s net assets and/or the market value of securities held by the Fund and the number of certain transactions incurred by the Fund.

Note 6–Line of Credit

agent to the syndicate. During the year ended October 31, 2020, there were no borrowings made or outstanding with respect to the Fund under the Credit Agreement or the credit agreement for which State Street served as agent.

Note 7–Interfund Lending Program

Note 8–Purchases and Sales of Securities (in 000’s)

During the year ended October 31, 2020, purchases and sales of securities, other than short-term securities, were $3,709,479 and $2,583,000, respectively.

The Fund may purchase securities from or sell securities to other funds managed by the Subadvisor. These inter-portfolio transactions are primarily used for cash management purposes and are made pursuant to Rule 17a-7 under the 1940 Act. The Rule 17a-7 transactions during the year ended October 31, 2020, were as follows:


Purchases (000’s)	Sales (000’s)	Realized Gain / (Loss) (000’s)

$35,427	$1,488	$(89)

Note 9–Capital Share Transactions

Transactions in capital shares for the years ended October 31, 2020, and October 31, 2019, were as follows:


Class A	Shares			Amount

Year ended October 31, 2020:
Shares sold		64,134,306		$	808,878,188
Shares issued to shareholders in reinvestment of distributions		4,927,540			62,683,454
Shares redeemed		(76,759,902	)		(949,839,658	)

Net increase (decrease) in shares outstanding before conversion		(7,698,056	)		(78,278,016	)
Shares converted into Class A (See Note 1)		237,167			3,013,015
Shares converted from Class A (See Note 1)		(221,310	)		(2,861,337	)

Net increase (decrease)		(7,682,199	)	$	(78,126,338	)


Year ended October 31, 2019:
Shares sold		70,721,520		$	890,988,616
Shares issued to shareholders in reinvestment of distributions		5,217,076			66,359,853
Shares redeemed		(36,571,545	)		(460,936,498	)

Net increase (decrease) in shares outstanding before conversion		39,367,051			496,411,971
Shares converted into Class A (See Note 1)		173,505			2,190,487
Shares converted from Class A (See Note 1)		(225,099	)		(2,904,268	)

Net increase (decrease)		39,315,457		$	495,698,190


			65

Notes to Financial Statements (continued)


Investor Class	Shares			Amount

Year ended October 31, 2020:
Shares sold		199,492		$	2,547,545
Shares issued to shareholders in reinvestment of distributions		13,647			173,248
Shares redeemed		(73,368	)		(934,794	)

Net increase (decrease) in shares outstanding before conversion		139,771			1,785,999
Shares converted into Investor Class (See Note 1)		5,726			70,787
Shares converted from Investor Class (See Note 1)		(156,569	)		(1,993,820	)

Net increase (decrease)		(11,072	)	$	(137,034	)


Year ended October 31, 2019:
Shares sold		256,545		$	3,255,635
Shares issued to shareholders in reinvestment of distributions		13,360			169,630
Shares redeemed		(205,350	)		(2,595,619	)

Net increase (decrease)		64,555		$	829,646



Class C	Shares			Amount

Year ended October 31, 2020:
Shares sold		5,029,236		$	63,935,114
Shares issued to shareholders in reinvestment of distributions		626,019			7,935,493
Shares redeemed		(11,060,398	)		(139,104,400	)

Net increase (decrease) in shares outstanding before conversion		(5,405,143	)		(67,233,793	)
Shares converted from Class C (See Note 1)		(103,459	)		(1,309,737	)

Net increase (decrease)		(5,508,602	)	$	(68,543,530	)


Year ended October 31, 2019:
Shares sold		7,192,685		$	90,993,696
Shares issued to shareholders in reinvestment of distributions		735,595			9,321,956
Shares redeemed		(6,617,324	)		(84,270,817	)

Net increase (decrease) in shares outstanding before conversion		1,310,956			16,044,835
Shares converted from Class C (See Note 1)		(36,404	)		(453,694	)

Net increase (decrease)		1,274,552		$	15,591,141


Class I	Shares			Amount

Year ended October 31, 2020:
Shares sold		276,884,232		$	3,499,814,791
Shares issued to shareholders in reinvestment of distributions		8,804,329			112,056,531
Shares redeemed		(143,249,946	)		(1,776,211,777	)

Net increase in shares outstanding before conversion		142,438,615			1,835,659,545
Shares converted into Class I (See Note 1)		237,826			3,081,092
Shares converted from Class I (See Note 1)		(7,232,876	)		(93,882,728	)

Net increase (decrease)		135,443,565		$	1,744,857,909


Year ended October 31, 2019:
Shares sold		160,892,279		$	2,040,210,445
Shares issued to shareholders in reinvestment of distributions		7,880,392			100,363,734
Shares redeemed		(73,902,739	)		(932,994,343	)

Net increase (decrease) in shares outstanding before conversion		94,869,932			1,207,579,836
Shares converted into Class I (See Note 1)		242,008			3,114,300
Shares converted from Class I (See Note 1)		(154,287	)		(1,946,825	)

Net increase (decrease)		94,957,653		$	1,208,747,311



Class R6	Shares			Amount

Year ended October 31, 2020 (a):
Shares sold		784,866		$	10,151,129
Shares issued to shareholders in reinvestment of distributions		111,721			1,438,841
Shares redeemed		(7,616,446	)		(96,418,917	)

Net increase (decrease) in shares outstanding before conversion		(6,719,859	)		(84,828,947	)
Shares converted into Class R6 (See Note 1)		7,232,876			93,882,728

Net increase (decrease)		513,017		$	9,053,781

(a)	The inception date of the class was November 1, 2019.

Note 10–Recent Accounting Pronouncement

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board issued Accounting Standards Update 2018-13, Fair Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which adds, removes, and modifies certain fair value measurement disclosure requirements. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019. The Manager evaluated the implications of certain provisions of ASU 2018-13 and determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures, which are currently in place as of October 31, 2020. The Manager is evaluating the implications of certain other provisions of ASU 2018-13 related to new disclosure requirements and has not yet determined the impact of those provisions on the financial statement disclosures, if any.


66		MainStay MacKay High Yield Municipal Bond Fund

Note 11–Other Matters

economy, national economies, individual issuers and capital markets in unforeseeable ways and result in a substantial and extended economic downturn. Developments that disrupt global economies and financial markets, such as COVID-19, may magnify factors that affect the Fund’s performance.

Note 12–Subsequent Events

Effective at the close of business on November 20, 2020, all services provided by State Street were transitioned to JPMorgan Chase Bank, N.A.


			67

Report of Independent Registered Public Accounting Firm

To the Shareholders of the Fund and Board of Trustees

MainStay Funds Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of MainStay MacKay High Yield Municipal Bond Fund (the Fund), one of the funds constituting MainStay Funds Trust, including the portfolio of investments, as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

LOGO

We have served as the auditor of one or more New York Life Investment Management investment companies since 2003.

Philadelphia, Pennsylvania

December 23, 2020


68		MainStay MacKay High Yield Municipal Bond Fund

Federal Income Tax Information

(Unaudited)

For the fiscal year ended October 31, 2020, the Fund designated approximately $145,858 under the Internal Revenue Code as qualified dividend income eligible for reduced tax rates.

The dividends paid by the Fund during the fiscal year ended October 31, 2020 should be multiplied by 4.64% to arrive at the amount eligible for the corporate dividend-received deduction.

For Federal individual income tax purposes, the Fund designated 94.6% of the ordinary income dividends paid during its fiscal year ended October 31, 2020 as attributable to interest income from Tax Exempt Municipal Bonds. Such dividends are currently exempt from Federal income taxes under Section 103(a) of the Internal Revenue Code.

Proxy Voting Policies and Procedures and Proxy Voting Record

The Fund is required to file with the SEC its proxy voting records for the 12-month period ending June 30 on Form N-PX. The most recent Form N-PX or proxy voting record is available free of charge upon request by calling 800-624-6782; visiting the MainStay Funds’ website at newyorklifeinvestments.com; or visiting the SEC’s website at www.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure


			69

Board of Trustees and Officers (Unaudited)

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Interested Trustee

Yie-Hsin Hung*

1962

MainStay Funds:
Trustee since 2017

MainStay Funds Trust:
Trustee since 2017

MainStay VP Funds Trust:
Trustee since 2017 (31 portfolios); and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017.


70		MainStay MacKay High Yield Municipal Bond Fund

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

David H. Chow

1957

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Founder and CEO, DanCourt Management, LLC since 1999

Susan B. Kerley

1951

MainStay Funds:
Chairman since 2017 and Trustee since 2007;

MainStay Funds Trust: Chairman since 2017 and Trustee since 1990.**

President, Strategic Management Advisors LLC since 1990

MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007 (31 portfolios)***;
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; and

Legg Mason Partners Funds: Trustee since 1991 (45 portfolios).

Alan R. Latshaw

1951

MainStay Funds:
Trustee;

MainStay Funds Trust:
Trustee and Audit Committee Financial Expert since 2007.**

Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006)

Richard H. Nolan, Jr.

1946

MainStay Funds:
Trustee since 2007;

MainStay Funds Trust:
Trustee since 2007.**

Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004)

MainStay VP Funds Trust: Trustee since 2006 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Jacques P. Perold

1958

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Allstate Corporation: Director since 2015;
MSCI, Inc.: and Director since 2017.


			71

Board of Trustees and Officers (Unaudited) (continued)

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

Richard S. Trutanic

1952

MainStay Funds: Trustee since 1994;

MainStay Funds Trust: Trustee since 2007.**

MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust.

***

Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


72		MainStay MacKay High Yield Municipal Bond Fund


	Name and Year of Birth	Position(s) Held and Length of Service	Principal Occupation(s) During Past Five Years
Officers of the Trust (Who are not Trustees)*	Kirk C. Lehneis 1974	President, MainStay Funds, MainStay Funds Trust since 2017	Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers since 2017 and Senior Managing Director since 2018, NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since 2017**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC
	Jack R. Benintende 1964	Treasurer and Principal Financial and Accounting Officer, MainStay Funds since 2007, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2007**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012)
	Yi-Chia Kuo 1981	Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust since January 2020	Chief Compliance Officer, Index IQ Trust, Index IQ ETF Trust and Index IQ Active ETF Trust since January 2020; Vice President and Chief Compliance Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since January 2020; Director and Associate General Counsel, New York Life Insurance Company (2015 to 2019)
	J. Kevin Gao 1967	Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust since 2010	Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2010**
	Scott T. Harrington 1959	Vice President— Administration, MainStay Funds since 2005, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2005**

Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


			73

MainStay Funds

Equity

U.S. Equity

MainStay Epoch U.S. All Cap Fund

MainStay Epoch U.S. Equity Yield Fund

MainStay MacKay Common Stock Fund

MainStay MacKay Growth Fund

MainStay MacKay S&P 500 Index Fund

MainStay MacKay Small Cap Core Fund

MainStay MacKay U.S. Equity Opportunities Fund

MainStay MAP Equity Fund

MainStay Winslow Large Cap Growth Fund¹

International Equity

MainStay Epoch International Choice Fund

MainStay MacKay International Equity Fund

MainStay MacKay International Opportunities Fund

Emerging Markets Equity

MainStay Candriam Emerging Markets Equity Fund

Global Equity

MainStay Epoch Capital Growth Fund

MainStay Epoch Global Equity Yield Fund

Fixed Income

Taxable Income

MainStay Candriam Emerging Markets Debt Fund

MainStay Floating Rate Fund

MainStay MacKay High Yield Corporate Bond Fund

MainStay MacKay Short Duration High Yield Fund

MainStay MacKay Total Return Bond Fund

MainStay MacKay Unconstrained Bond Fund

MainStay MacKay U.S. Infrastructure Bond Fund²

MainStay Short Term Bond Fund³

Tax-Exempt Income

MainStay MacKay California Tax Free Opportunities Fund⁴

MainStay MacKay High Yield Municipal Bond Fund

MainStay MacKay Intermediate Tax Free Bond Fund

MainStay MacKay New York Tax Free Opportunities Fund⁵

MainStay MacKay Short Term Municipal Fund

MainStay MacKay Tax Free Bond Fund

Money Market

MainStay Money Market Fund

Mixed Asset

MainStay Balanced Fund

MainStay Income Builder Fund

MainStay MacKay Convertible Fund

Speciality

MainStay CBRE Global Infrastructure Fund

MainStay CBRE Real Estate Fund

MainStay Cushing MLP Premier Fund

Asset Allocation

MainStay Conservative Allocation Fund

MainStay Conservative ETF Allocation Fund

MainStay Defensive ETF Allocation Fund

MainStay Equity Allocation Fund⁶

MainStay Equity ETF Allocation Fund

MainStay Growth Allocation Fund⁷

MainStay Growth ETF Allocation Fund

MainStay Moderate Allocation Fund

MainStay Moderate ETF Allocation Fund

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium S.A.⁸

Brussels, Belgium

Candriam Luxembourg S.C.A.⁸

Strassen, Luxembourg

CBRE Clarion Securities LLC

Radnor, Pennsylvania

Cushing Asset Management, LP

Dallas, Texas

Epoch Investment Partners, Inc.

New York, New York

MacKay Shields LLC⁸

New York, New York

Markston International LLC

White Plains, New York

NYL Investors LLC⁸

New York, New York

Winslow Capital Management, LLC

Minneapolis, Minnesota

Legal Counsel

Dechert LLP

Washington, District of Columbia

Independent Registered Public Accounting Firm

KPMG LLP

Philadelphia, Pennsylvania

Distributor

NYLIFE Distributors LLC⁸

Jersey City, New Jersey

Custodian⁹

State Street Bank and Trust Company

Boston, Massachusetts

1.	Formerly known as MainStay Large Cap Growth Fund.

2.	Formerly known as MainStay MacKay Infrastructure Bond Fund.

3.	Formerly known as MainStay Indexed Bond Fund.

4.	This Fund is registered for sale in AZ, CA, NV, OR, TX, UT and WA. Class A and Class I shares are registered for sale in MI. Class I and Class C2 shares are registered for sale in CO, FL, GA, HI, ID, MA, MD, NH, NJ and NY.

5.	This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT.

6.	Formerly known as MainStay Growth Allocation Fund.

7.	Formerly known as MainStay Moderate Growth Allocation Fund.

8.	An affiliate of New York Life Investment Management LLC.

Not part of the Annual Report

For more information

800-624-6782

newyorklifeinvestments.com

1716278 MS203-20

MSMHY11-12/20

(NYLIM) NL243

MainStay MacKay International Opportunities Fund

Message from the President and Annual Report

October 31, 2020


Not FDIC/NCUA Insured		Not a Deposit		May Lose Value		No Bank Guarantee		Not Insured by Any Government Agency

LOGO

This page intentionally left blank

Message from the President

Sincerely,

LOGO

Kirk C. Lehneis

President

Not part of the Annual Report

Table of Contents


Annual Report

Investment and Performance Comparison			5

Portfolio Management Discussion and Analysis			9

Portfolio of Investments			10

Financial Statements			22

Notes to Financial Statements			29

Report of Independent Registered Public Accounting Firm			40

Federal Income Tax Information			41

Proxy Voting Policies and Procedures and Proxy Voting Record			41

Shareholder Reports and Quarterly Portfolio Disclosure			41

Board of Trustees and Officers			42

Investment and Performance Comparison¹ (Unaudited)

LOGO

Average Annual Total Returns for the Year-Ended October 31, 2020

Class

Sales Charge

Inception
Date

One

Year

Five

Years

Ten

Years

Gross
Expense
Ratio²

Class A Shares

Maximum 5.5% Initial Sales Charge

With sales charges

Excluding sales charges

9/28/2007

–14.20

–9.21

–2.32

–1.21

2.43

3.02

1.76

Investor Class Shares³

Maximum 5% Initial Sales Charge

With sales charges

Excluding sales charges

2/28/2008

–14.45

–9.47

–2.49

–1.38

2.27

2.85

1.94

Class C Shares

Maximum 1% CDSC

If Redeemed Within One Year of Purchase

With sales charges

Excluding sales charges

9/28/2007

–10.98

–10.16

–2.11

2.09

2.69

Class I Shares

No Sales Charge

9/28/2007

–8.98

–0.96

3.26

1.51

The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on distributions or Fund share redemptions. Total returns reflect maximum applicable sales charges as indicated in the table above if any changes in share price, and reinvestment of dividend and capital gain distributions. The graph assumes the initial investment amount shown above and reflects the deduction of all sales charges that would have applied for the period of investment. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower. For more information on share classes and current fee waivers

and/or expense limitations (if any), please refer to the Notes to Financial Statements.

2.	The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report.

3.	Prior to June 30, 2020, the maximum initial sales charge for Investor Class shares was 5.5%, which is reflected in the average annual total return figures shown.

The footnotes on the next page are an integral part of the table and graph and should be carefully read in conjunction with them.


			5


Benchmark Performance	One Year			Five Years			Ten Years

MSCI EAFE^® Index⁴		–6.86	%		2.85	%		3.82	%
Morningstar Foreign Large Value Category Average⁵		–13.04			0.43			1.78

The MSCI EAFE^® Index is the Fund’s primary broad-based securities market index for comparison purposes. The MSCI EAFE^® Index consists of international stocks representing the developed world outside of North America. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

5.	The Morningstar Foreign Large Value Category Average is representative of funds invest mainly in big international stocks that are less expensive or growing more slowly than other large-cap stocks. Most of these portfolios

divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These portfolios primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). These portfolios typically will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.

The footnotes on the preceding page are an integral part of the table and graph and should be carefully read in conjunction with them.


6		MainStay MacKay International Opportunities Fund

Cost in Dollars of a $1,000 Investment in MainStay MacKay International Opportunities Fund (Unaudited)

Example

This example illustrates your Fund’s ongoing costs in two ways:

Actual Expenses

multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes



Share Class	Beginning Account Value 5/1/20		Ending Account Value (Based on Actual Returns and Expenses) 10/31/20		Expenses Paid During Period¹		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/20		Expenses Paid During Period¹		Net Expense Ratio During Period^2,3

Class A Shares	$	1,000.00	$	1,099.70	$	8.60	$	1,016.94	$	8.26	1.63%

Investor Class Shares	$	1,000.00	$	1,096.60	$	10.01	$	1,015.58	$	9.63	1.90%

Class C Shares	$	1,000.00	$	1,092.20	$	13.99	$	1,011.76	$	13.45	2.66%

Class I Shares	$	1,000.00	$	1,100.70	$	7.29	$	1,018.20	$	7.00	1.38%

2.	Expenses are equal to the Fund’s annualized expense ratio to reflect the six-month period.

3.	Expenses are inclusive of dividends and interest on investments sold short.


			7

Country Composition as of October 31, 2020 (Unaudited)



Japan	24.3	%

United Kingdom	10.8

Germany	9.5

France	8.6

Switzerland	8.3

Australia	5.2

Sweden	5.1

Denmark	4.1

Hong Kong	3.8

Netherlands	3.7

Italy	3.0

United States	2.1

Belgium	2.0

Singapore	1.8



Austria	1.3	%

Spain	1.2

New Zealand	0.9

Israel	0.8

Norway	0.8

Ireland	0.7

Jordan	0.6

Luxembourg	0.5

Russia	0.2

China	0.1

Finland	0.0	‡

Investments Sold Short	0.0	‡

Other Assets, Less Liabilities	0.6

	100.0	%

See Portfolio of Investments beginning on page 10 for specific holdings within these categories. The Fund’s holdings are subject to change.

‡	Less than one-tenth of a percent.

Top Ten Holdings as of October 31, 2020 (excluding short-term investments) (Unaudited)

1.	Roche Holding A.G.

2.	UBS Group A.G., Registered

3.	Vestas Wind Systems A/S

4.	Toyota Motor Corp.

5.	Volkswagen A.G.

6.	Novartis A.G., Registered

7.	ING Groep N.V.

8.	Vonovia S.E.

9.	Cie de Saint-Gobain

10.	Sony Corp.

Top Five Short Positions as of October 31, 2020 (Unaudited)

1.	Anxin-China Holdings, Ltd.

2.	Boshiwa International Holding, Ltd.

3.	Virgin Australia International Holdings Pty, Ltd.

4.	Intercell A.G.

5.	Ezion Holdings, Ltd.


8		MainStay MacKay International Opportunities Fund

Portfolio Management Discussion and Analysis (Unaudited)

Questions answered by portfolio managers Ping Wang, PhD, and Rui Tang, CFA, of MacKay Shields LLC, the Fund’s Subadvisor.

How did MainStay MacKay International Opportunities Fund perform relative to its benchmark and peer group during the 12 months ended October 31, 2020?

For the 12 months ended October 31, 2020, Class I shares of MainStay MacKay International Opportunities Fund returned –8.98%, underperforming the –6.86% return of the Fund’s primary benchmark, the MSCI EAFE^® Index. Over the same period, Class I shares outperformed the –13.04% return of the Morningstar Foreign Large Value Category Average.¹

What factors affected the Fund’s relative performance during the reporting period?

The Fund underperformed the MSCI EAFE^® Index during the reporting period primarily due to stock selection. Strong stock selection in the health care and materials sectors was offset by stock selection in the consumer discretionary, industrials and financials sectors. From the perspective of stock selection model efficacy, the Fund’s valuation signals—which seek to evaluate companies across sales- and cash-based measures on a peer-relative basis—were not rewarded in this market environment, whereas momentum and sentiment signals both enhanced performance. However, from a quantitative investing perspective, the market was primarily driven by a narrow group of macro factors amid the escalation of the coronavirus pandemic. This market environment resulted in a significant increase of correlations among stocks and resulted in little room for bottom-up stock selections based on the fundamentals.

During the reporting period, which sectors were the strongest positive contributors to the Fund’s relative performance and which sectors were particularly weak?

The health care, materials and consumer discretionary sectors provided the Fund’s strongest positive contributions to performance relative to the MSCI EAFE^® Index during the reporting period. (Contributions take weightings and total returns into account.) The most significant detractors from relative performance during the same period included the financials, information technology and industrials sectors.

During the reporting period, which individual stocks made the strongest positive contributions to the Fund’s absolute performance and which stocks detracted the most?

During the reporting period, the individual holdings generating the strongest positive contributions to the Fund’s absolute performance included South African diversified capital markets company Investec; French life sciences tools & services provider Sartorius Stedim Biotech; and Australian steel producer Fortescue Metals Group. Over the same period, the stocks that detracted the most from the Fund’s absolute performance were South Africa-based global asset manager Ninety One Group; Dutch integrated oil & gas company Royal Dutch Shell; and U.K. homebuilder Barratt Developments.

What were some of the Fund’s largest purchases and sales during the reporting period?

The Fund made its largest initial purchase during the reporting period in Danish wind turbine manufacturer Vestas Wind Systems, while its largest increased position size was in French diversified financial services provider BNP Paribas. During the same period, the Fund sold its entire position in Swiss insurer Zurich Insurance Group and decreased its holdings in U.K.-based banking and financial services firm HSBC Holdings.

How did the Fund’s sector weightings change during the reporting period?

The Fund saw its largest increases in sector exposures relative to the MSCI EAFE^® Index in communication services and energy. Conversely, the Fund’s most significant decreases in benchmark-relative sector exposures occurred in the financials and utilities sectors.

How was the Fund positioned at the end of the reporting period?

As of October 31, 2020, the Fund held its most overweight exposures relative to the MSCI EAFE^® Index in the health care and communication services sectors. As of the same date, the Fund held its most underweight benchmark-relative exposures in the real estate and utilities sectors.

1.	See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 for more information on benchmark and peer group returns.


			9

Portfolio of Investments October 31, 2020


	Shares		Value
Common Stocks 95.1%†
Australia 5.2%
Accent Group, Ltd. (Specialty Retail)		655,820	$	765,220
Adairs, Ltd. (Specialty Retail)		129,228		344,262
BHP Group PLC (Metals & Mining)		40,636		784,500
BHP Group, Ltd. (Metals & Mining)		4,915		116,702
Castile Resources, Ltd. (Metals & Mining) (a)(b)		81,468		23,192
Codan, Ltd. (Electronic Equipment, Instruments & Components) (c)		126,153		1,046,341
Commonwealth Bank of Australia (Banks)		16,096		780,884
CSR, Ltd. (Construction Materials)		314,827		975,898
Domino’s Pizza Enterprises, Ltd. (Hotels, Restaurants & Leisure)		13,282		791,032
Evolution Mining, Ltd. (Metals & Mining)		158,190		616,002
Genworth Mortgage Insurance Australia, Ltd. (Thrifts & Mortgage Finance)		426,834		511,537
McMillan Shakespeare, Ltd. (Professional Services)		2,252		14,785
Metcash, Ltd. (Food & Staples Retailing)		228,415		473,631
Nick Scali, Ltd. (Specialty Retail) (b)		84,959		495,657
Pendal Group, Ltd. (Capital Markets)		71,512		325,220
Ramelius Resources, Ltd. (Metals & Mining)		751,139		1,018,993
Scentre Group (Equity Real Estate Investment Trusts)		363,166		536,066
Sigma Healthcare, Ltd. (Health Care Providers & Services)		785,460		292,613
Stockland (Equity Real Estate Investment Trusts)		539,026		1,458,694
Super Retail Group, Ltd. (Specialty Retail)		126,081		991,684
Temple & Webster Group, Ltd. (Internet & Direct Marketing Retail) (a)		89,790		658,273

				13,021,186

Austria 1.3%
ANDRITZ A.G. (Machinery)		16,119		542,915
BAWAG Group A.G. (Banks) (a)(c)(d)		27,000		987,390
OMV A.G. (Oil, Gas & Consumable Fuels) (c)		70,691		1,621,907
Raiffeisen Bank International A.G. (Banks)		12,075		173,539

				3,325,751

Belgium 2.0%
Ageas S.A./N.V. (Insurance)		37,057		1,491,124
bpost S.A. (Air Freight & Logistics) (a)		65,846		583,209
D’ieteren S.A. / N.V. (Distributors)		3,238		162,348
Etablissements Franz Colruyt N.V. (Food & Staples Retailing)		24,872		1,472,112
Euronav N.V. (Oil, Gas & Consumable Fuels)		116,594		850,732
Telenet Group Holding N.V. (Media)		7,875		302,663
UCB S.A. (Pharmaceuticals)		3,136		309,353

				5,171,541


	Shares		Value
China 0.1%
FIH Mobile, Ltd. (Electronic Equipment, Instruments & Components) (a)(b)		975,000	$	106,901
Yangzijiang Shipbuilding Holdings, Ltd. (Machinery)		301,600		203,135

				310,036

Denmark 4.1%
A.P. Moeller—Maersk A/S
Class A (Marine)		660		973,686
Class B (Marine)		676		1,079,781
D/S Norden A/S (Marine)		58,830		832,934
Genmab A/S (Biotechnology) (a)		4,374		1,456,860
Novo Nordisk A/S, Class B (Pharmaceuticals) (c)		15,098		969,725
Pandora A/S (Textiles, Apparel & Luxury Goods)		18,837		1,491,754
Scandinavian Tobacco Group A/S (Tobacco) (d)		68,256		964,789
Vestas Wind Systems A/S (Electrical Equipment) (c)		15,271		2,606,486
Zealand Pharma A/S (Biotechnology) (a)		687		22,914

				10,398,929

Finland 0.0%‡
Uponor OYJ (Building Products)		5,642		105,267


France 8.6%
Air Liquide S.A. (Chemicals)		1,062		155,226
BioMerieux (Health Care Equipment & Supplies)		11,286		1,679,834
Bollore S.A. (Entertainment)		94,003		336,762
Cie de Saint-Gobain (Building Products) (a)(c)		57,013		2,224,407
CNP Assurances (Insurance) (a)		123,442		1,390,224
Credit Agricole S.A. (Banks) (a)		139,126		1,098,909
Derichebourg S.A. (Commercial Services & Supplies)		4,927		14,449
Elior Group S.A. (Hotels, Restaurants & Leisure) (d)		137,360		517,683
Eutelsat Communications S.A. (Media)		99,462		1,000,149
Iliad S.A. (Diversified Telecommunication Services)		7,593		1,467,969
Mersen S.A. (Electrical Equipment) (a)		7,230		187,354
Natixis S.A. (Capital Markets) (a)		649,095		1,508,913
Nexity S.A. (Real Estate Management & Development)		11,171		313,548
Orange S.A. (Diversified Telecommunication Services)		145,133		1,627,751
Peugeot S.A. (Automobiles) (a)		98,304		1,766,577
Publicis Groupe S.A. (Media)		49,741		1,726,340
Quadient S.A. (Technology Hardware, Storage & Peripherals)		28,549		372,063
Sartorius Stedim Biotech (Life Sciences Tools & Services)		5,475		2,076,175
Teleperformance (Professional Services)		6,640		1,992,865
Valneva S.E. (Biotechnology) (a)		31,555		223,811

				21,681,009


10		MainStay MacKay International Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Shares		Value
Common Stocks (continued)
Germany 7.3%
Aurubis A.G. (Metals & Mining)		15,083	$	965,099
BASF S.E. (Chemicals)		4,060		222,569
Covestro A.G. (Chemicals) (c)(d)		36,562		1,744,582
Daimler A.G., Registered Shares (Automobiles)		35,793		1,850,873
Deutsche Post A.G., Registered (Air Freight & Logistics)		7,055		312,560
DWS Group GmbH & Co. KGaA (Capital Markets) (a)(d)		21,251		721,586
Hapag-Lloyd A.G. (Marine) (d)		8,412		525,121
HeidelbergCement A.G. (Construction Materials)		31,281		1,789,511
Hornbach Baumarkt A.G. (Specialty Retail)		8,097		319,683
Hornbach Holding A.G. & Co. KGaA (Specialty Retail)		9,985		961,721
Knorr-Bremse A.G. (Machinery)		12,272		1,421,112
Siemens A.G., Registered (Industrial Conglomerates)		13,231		1,551,735
Takkt A.G. (Internet & Direct Marketing Retail) (a)		28,702		304,193
TUI A.G. (Hotels, Restaurants & Leisure)		138,688		543,682
Uniper S.E. (Independent Power & Renewable Electricity Producers)		12,680		378,941
Volkswagen A.G. (Automobiles)		1,473		229,195
Vonovia S.E. (Real Estate Management & Development) (c)		36,030		2,300,375
Zalando S.E. (Internet & Direct Marketing Retail) (a)(d)		22,873		2,135,918

				18,278,456

Hong Kong 3.8%
AIA Group, Ltd. (Insurance)		88,000		829,204
Bright Smart Securities & Commodities Group, Ltd. (Capital Markets)		328,000		81,233
CK Asset Holdings, Ltd. (Real Estate Management & Development)		145,500		673,776
Cowell e Holdings, Inc. (Electronic Equipment, Instruments & Components)		1,743,000		764,424
Duiba Group, Ltd. (Interactive Media & Services) (a)		294,800		106,094
First Pacific Co., Ltd. (Diversified Financial Services)		2,850,000		882,296
Haitong International Securities Group, Ltd. (Capital Markets) (b)		3,488,000		791,858
Hutchison Port Holdings Trust (Transportation Infrastructure)		1,060,600		153,787
Shun Tak Holdings, Ltd. (Industrial Conglomerates)		2,092,000		612,556
Techtronic Industries Co., Ltd. (Machinery)		162,500		2,167,365
United Laboratories International Holdings, Ltd. (Pharmaceuticals)		1,154,000		988,399
WH Group, Ltd. (Food Products) (d)		1,787,000		1,403,783

				9,454,775


	Shares		Value
Ireland 0.7%
AerCap Holdings N.V. (Trading Companies & Distributors) (a)		37,900	$	941,057
Greencore Group PLC (Food Products)		619,858		726,337

				1,667,394

Israel 0.8%
Ashtrom Group, Ltd. (Construction & Engineering)		3,467		44,251
Check Point Software Technologies, Ltd. (Software) (a)		16,400		1,862,384
Electra Consumer Products (1970), Ltd. (Household Durables)		6,064		167,078

				2,073,713

Italy 3.0%
Anima Holding S.p.A. (Capital Markets) (d)		188,484		704,652
ASTM S.p.A. (Transportation Infrastructure) (a)		22,325		414,973
Azimut Holding S.p.A. (Capital Markets)		2,700		45,580
Banca IFIS S.p.A. (Diversified Financial Services) (a)		53,088		425,692
DiaSorin S.p.A. (Health Care Equipment & Supplies)		5,369		1,178,692
EL.En. S.p.A. (Health Care Equipment & Supplies) (a)		6,587		144,072
Enel S.p.A. (Electric Utilities)		74,796		595,318
Esprinet S.p.A. (Electronic Equipment, Instruments & Components) (a)		24,912		211,510
Intesa Sanpaolo S.p.A. (Banks) (a)		115,701		191,293
Leonardo S.p.A. (Aerospace & Defense) (b)		203,674		969,710
Sesa S.p.A. (Electronic Equipment, Instruments & Components) (a)		5,068		475,147
Telecom Italia S.p.A. (Diversified Telecommunication Services)		3,105,648		1,129,587
Terna Rete Elettrica Nazionale S.p.A. (Electric Utilities)		118,834		803,274
Unipol Gruppo S.p.A. (Insurance) (a)		44,360		161,605

				7,451,105

Japan 24.3%
Aeon Mall Co., Ltd. (Real Estate Management & Development)		62,300		966,975
AGC, Inc. (Building Products)		3,600		111,581
Aisin Seiki Co., Ltd. (Auto Components)		34,000		1,021,348
Ajinomoto Co., Inc. (Food Products)		45,800		917,575
Alfresa Holdings Corp. (Health Care Providers & Services)		26,200		478,229
Amada Co., Ltd. (Machinery)		16,100		139,171
Astellas Pharma, Inc. (Pharmaceuticals)		58,800		805,941
Dai Nippon Printing Co., Ltd. (Commercial Services & Supplies)		37,800		700,074
Daicel Corp. (Chemicals)		140,100		995,601
Electric Power Development Co., Ltd. (Independent Power & Renewable Electricity Producers)		74,200		999,303


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					11

Portfolio of Investments October 31, 2020 (continued)


	Shares		Value
Common Stocks (continued)
Japan (continued)
ENEOS Holdings, Inc. (Oil, Gas & Consumable Fuels)		92,600	$	310,097
Fujitsu, Ltd. (IT Services)		11,600		1,354,506
Hikari Tsushin, Inc. (Specialty Retail)		400		93,261
Hitachi, Ltd. (Electronic Equipment, Instruments & Components)		42,000		1,404,881
Honda Motor Co., Ltd. (Automobiles)		15,500		360,500
Iida Group Holdings Co., Ltd. (Household Durables)		57,500		1,034,171
INPEX Corp. (Oil, Gas & Consumable Fuels)		172,700		811,580
ITOCHU Corp. (Trading Companies & Distributors)		18,900		451,311
Japan Post Insurance Co., Ltd. (Insurance)		43,300		682,411
Japan Tobacco, Inc. (Tobacco)		59,000		1,110,177
JGC Holdings Corp. (Construction & Engineering)		118,400		966,923
Kajima Corp. (Construction & Engineering)		93,300		990,970
Kansai Electric Power Co., Inc. (Electric Utilities)		34,700		315,165
KDDI Corp. (Wireless Telecommunication Services) (c)		58,100		1,549,685
Keio Corp. (Road & Rail)		2,000		115,574
Keyence Corp. (Electronic Equipment, Instruments & Components)		3,500		1,579,588
Kirin Holdings Co., Ltd. (Beverages)		16,400		294,337
LIXIL Group Corp. (Building Products)		53,700		1,157,144
M3, Inc. (Health Care Technology)		23,600		1,584,003
Marubeni Corp. (Trading Companies & Distributors)		207,300		1,075,556
Mazda Motor Corp. (Automobiles) (b)		188,300		982,013
Mebuki Financial Group, Inc. (Banks)		521,600		1,041,257
Mitsubishi Chemical Holdings Corp. (Chemicals)		1,400		7,839
Mitsubishi Corp. (Trading Companies & Distributors)		47,300		1,050,634
Mitsubishi Gas Chemical Co., Inc. (Chemicals)		58,300		1,054,128
Mitsubishi UFJ Lease & Finance Co., Ltd. (Diversified Financial Services)		2,900		12,188
Mitsui & Co., Ltd. (Trading Companies & Distributors)		78,500		1,222,169
Mitsui Chemicals, Inc. (Chemicals)		42,400		1,079,692
NEC Corp. (IT Services)		23,300		1,168,394
NEXON Co., Ltd. (Entertainment)		36,200		1,009,292
Nintendo Co., Ltd. (Entertainment)		3,900		2,122,566
Nippon Express Co., Ltd. (Road & Rail)		1,400		78,227
Nippon Telegraph & Telephone Corp. (Diversified Telecommunication Services)		24,800		520,185
Nippon Yusen KK (Marine)		57,200		1,046,258
Nomura Holdings, Inc. (Capital Markets)		257,900		1,144,224
Nomura Research Institute, Ltd. (IT Services)		6,200		183,285


	Shares		Value
Japan (continued)
Obayashi Corp. (Construction & Engineering)		132,000	$	1,096,901
Odakyu Electric Railway Co., Ltd. (Road & Rail)		5,700		136,817
ORIX Corp. (Diversified Financial Services)		104,500		1,213,236
Otsuka Holdings Co., Ltd. (Pharmaceuticals)		9,200		338,755
Rakuten, Inc. (Internet & Direct Marketing Retail)		28,600		277,272
Resona Holdings, Inc. (Banks)		255,600		836,172
Sekisui House, Ltd. (Household Durables)		12,100		199,538
Seven & i Holdings Co., Ltd. (Food & Staples Retailing)		46,200		1,402,835
SoftBank Corp. (Wireless Telecommunication Services)		72,000		833,851
Sony Corp. (Household Durables)		26,400		2,187,245
Square Enix Holdings Co., Ltd. (Entertainment)		14,300		835,914
Sumitomo Mitsui Financial Group, Inc. (Banks)		51,400		1,414,427
T&D Holdings, Inc. (Insurance)		110,900		1,098,460
Taiheiyo Cement Corp. (Construction Materials)		41,600		971,110
TAISEI Corp. (Construction & Engineering)		25,400		787,268
Takeda Pharmaceutical Co., Ltd. (Pharmaceuticals)		60,200		1,862,437
TDK Corp. (Electronic Equipment, Instruments & Components)		3,900		454,835
Tokyo Electron, Ltd. (Semiconductors & Semiconductor Equipment)		3,400		906,060
Tosoh Corp. (Chemicals)		59,300		957,228
Toyota Motor Corp. (Automobiles)		39,600		2,573,177
Trend Micro, Inc. (Software)		2,600		145,279
Unicharm Corp. (Household Products)		3,300		152,557
Yamada Holdings Co., Ltd. (Specialty Retail)		226,700		1,099,991
Z Holdings Corp. (Interactive Media & Services)		172,000		1,191,243

				61,072,597

Jordan 0.6%
Hikma Pharmaceuticals PLC (Pharmaceuticals)		44,733		1,454,585


Luxembourg 0.5%
APERAM S.A. (Metals & Mining)		13,555		364,360
Aroundtown S.A. (Real Estate Management & Development) (a)		18,005		86,332
Eurofins Scientific S.E. (Life Sciences Tools & Services) (a)		1,124		895,140

				1,345,832

Netherlands 3.7%
Akzo Nobel N.V. (Chemicals)		6,724		647,632
Alfen Beheer B.V. (Electrical Equipment) (a)(d)		15,021		960,432
BE Semiconductor Industries N.V. (Semiconductors & Semiconductor Equipment)		4,079		164,799
Flow Traders (Capital Markets) (d)		31,517		1,032,180
ING Groep N.V. (Banks)		337,276		2,301,465


12		MainStay MacKay International Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Shares		Value
Common Stocks (continued)
Netherlands (continued)
NN Group N.V. (Insurance)		51,413	$	1,792,752
Prosus N.V. (Internet & Direct Marketing Retail) (a)		6,161		615,507
QIAGEN N.V. (Life Sciences Tools & Services) (a)		15,390		730,760
Signify N.V. (Electrical Equipment) (a)(d)		26,833		955,970

				9,201,497

New Zealand 0.9%
Fisher & Paykel Healthcare Corp., Ltd. (Health Care Equipment & Supplies)		83,793		1,939,137
SKYCITY Entertainment Group, Ltd. (Hotels, Restaurants & Leisure)		188,576		349,122

				2,288,259

Norway 0.8%
Elkem ASA (Chemicals) (d)		127,420		269,611
Europris ASA (Multiline Retail) (d)		168,507		873,720
Nordic Semiconductor ASA (Semiconductors & Semiconductor Equipment) (a)		54,434		572,470
Orkla ASA (Food Products)		28,048		264,655

				1,980,456

Russia 0.2%
Petropavlovsk PLC (Metals & Mining) (a)		1,469,014		508,130


Singapore 1.8%
AEM Holdings, Ltd. (Semiconductors & Semiconductor Equipment)		304,800		754,218
Best World International, Ltd. (Personal Products) (b)(e)(f)(g)		618,500		461,854
BW LPG, Ltd. (Oil, Gas & Consumable Fuels) (d)		220,706		959,426
Hi-P International, Ltd. (Electronic Equipment, Instruments & Components)		489,700		433,791
Riverstone Holdings, Ltd. (Health Care Equipment & Supplies) (b)		372,600		1,036,553
Yanlord Land Group, Ltd. (Real Estate Management & Development)		1,034,200		794,985

				4,440,827

Spain 1.2%
Atresmedia Corp. de Medios de Comunicacion S.A. (Media)		32,308		84,662
CaixaBank S.A. (Banks)		433,293		788,240
Mapfre S.A. (Insurance)		367,056		553,174
Mediaset Espana Comunicacion S.A. (Media) (a)		94,896		317,194
Pharma Mar S.A. (Biotechnology)		7,886		1,057,128
Prosegur CIA de Seguridad S.A. (Commercial Services & Supplies)		75,234		172,088

				2,972,486


	Shares		Value
Sweden 5.1%
Arjo A.B., Class B (Health Care Equipment & Supplies)		116,081	$	825,106
Atlas Copco A.B., Class B (Machinery)		37,674		1,444,994
Betsson A.B. (Hotels, Restaurants & Leisure) (a)		92,104		702,807
BHG Group A.B. (Internet & Direct Marketing Retail) (a)		68,122		1,064,119
Bilia A.B., Class A (Specialty Retail) (a)		64,054		855,887
CELLINK A.B., Class B (Life Sciences Tools & Services) (a)		9,737		196,963
Evolution Gaming Group A.B. (Hotels, Restaurants & Leisure) (d)		12,076		897,042
Fortnox A.B. (Software)		14,986		468,186
G5 Entertainment A.B. (Entertainment)		12,155		543,112
Husqvarna A.B., B Shares (Household Durables)		139,631		1,443,636
Inwido A.B. (Building Products) (a)		71,675		759,972
Klovern A.B., Class B (Real Estate)		168,529		257,006
MIPS A.B. (Leisure Products)		8,027		345,674
Paradox Interactive A.B. (Entertainment)		30,464		941,473
Sdiptech A.B., Class B (Commercial Services & Supplies) (a)		5,579		100,315
Stillfront Group A.B. (Entertainment) (a)		8,235		966,167
Swedish Match A.B. (Tobacco)		1,104		83,199
Volvo A.B., Class B (Machinery) (a)		47,671		927,609

				12,823,267

Switzerland 8.3%
ALSO Holding A.G., Registered (Electronic Equipment, Instruments & Components)		3,916		916,061
Credit Suisse Group A.G., Registered (Capital Markets)		199,384		1,875,225
Ferrexpo PLC (Metals & Mining)		448,871		1,107,781
Geberit A.G., Registered (Building Products)		3,348		1,905,945
LafargeHolcim, Ltd., Registered (Construction Materials)		20,011		858,752
Logitech International S.A., Registered (Technology Hardware, Storage & Peripherals)		22,113		1,861,741
Novartis A.G., Registered (Pharmaceuticals) (c)		31,652		2,467,748
Relief Therapeutics Holding A.G. (Biotechnology) (a)(b)		787,470		418,232
Roche Holding A.G. (Pharmaceuticals) (c)		18,902		6,075,974
Siemens Energy A.G. (Electrical Equipment) (a)		6,615		144,838
Swissquote Group Holding S.A., Registered (Capital Markets)		7,188		573,033
UBS Group A.G., Registered (Capital Markets)		226,867		2,633,731

				20,839,061

United Kingdom 10.8%
Airtel Africa PLC (Wireless Telecommunication Services) (d)		103,382		82,636
Anglo American PLC (Metals & Mining) (c)		67,637		1,587,040


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					13

Portfolio of Investments October 31, 2020 (continued)


	Shares		Value
Common Stocks (continued)
United Kingdom (continued)
Ashtead Group PLC (Trading Companies & Distributors)		53,570	$	1,943,198
AstraZeneca PLC (Pharmaceuticals)		12,839		1,291,712
Aviva PLC (Insurance)		371,482		1,239,231
Berkeley Group Holdings PLC (Household Durables)		13,344		701,339
Bunzl PLC (Trading Companies & Distributors)		47,818		1,486,757
CMC Markets PLC (Capital Markets) (d)		99,494		430,507
Coca-Cola European Partners PLC (Beverages)		47,400		1,692,654
Computacenter PLC (IT Services)		35,181		1,036,420
Diageo PLC (Beverages)		4,426		143,290
Dialog Semiconductor PLC (Semiconductors & Semiconductor Equipment) (a)		26,200		1,000,243
Drax Group PLC (Independent Power & Renewable Electricity Producers)		266,063		1,019,577
Evraz PLC (Metals & Mining)		201,680		939,288
Ferguson PLC (Trading Companies & Distributors)		5,710		571,220
Frasers Group PLC (Specialty Retail) (a)		31,129		151,148
Gamesys Group PLC (Hotels, Restaurants & Leisure)		51,561		776,184
Halfords Group PLC (Specialty Retail)		230,043		716,740
HSBC Holdings PLC (Banks)		40,654		170,932
Imperial Brands PLC (Tobacco)		19,135		303,422
Indivior PLC (Pharmaceuticals) (a)		126,205		180,339
Kingfisher PLC (Specialty Retail)		401,684		1,494,015
Legal & General Group PLC (Insurance)		805,885		1,929,356
Micro Focus International PLC (Software)		304,941		852,915
Pearson PLC (Media)		64,876		428,639
Prudential PLC (Insurance)		50,049		611,297
Reach PLC (Media)		45,323		61,652
Royal Mail PLC (Air Freight & Logistics)		341,731		1,004,957
Schroders PLC (Capital Markets)		6,962		235,764
Unilever N.V. (Personal Products) (b)(c)		3,789		214,244
Unilever PLC (Personal Products)		15,896		906,927
United Utilities Group PLC (Water Utilities) (c)		29,654		331,690
Vistry Group PLC (Household Durables)		66,810		471,710
WPP PLC (Media)		146,112		1,167,150

				27,174,193

Total Common Stocks (Cost $236,651,680)				239,040,352


Preferred Stocks 2.2%
Germany 2.2%
Draegerwerk A.G. & Co. KGaA 0.35% (Health Care Equipment & Supplies)		12,429		998,805
Porsche Automobil Holding S.E. 3.54% (Automobiles)		1,478		79,182


	Shares			Value
Germany (continued)
Sartorius A.G. 0.28% (Health Care Equipment & Supplies)		4,902		$	2,074,692
Volkswagen A.G. 2.91% (Automobiles)		15,802			2,302,316

Total Preferred Stocks (Cost $4,510,094)					5,454,995


Short-Term Investments 2.1%
Affiliated Investment Company 1.6%
United States 1.6%
MainStay U.S. Government Liquidity Fund, 0.02% (h)		4,026,962			4,026,962


Unaffiliated Investment Company 0.5%
United States 0.5%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.09% (h)(i)		1,368,547			1,368,547

Total Short-Term Investments (Cost $5,395,509)					5,395,509

Total Investments, Before Investments Sold Short (Cost $246,557,283)		99.4	%		249,890,856


Investments Sold Short (0.0%)‡
Common Stocks Sold Short (0.0%)‡
Australia (0.0%)‡
Virgin Australia International Holdings Pty, Ltd. (Airlines) (a)(e)(f)(g)		(444,108	)		(31	)


China (0.0%)‡
Boshiwa International Holding, Ltd. (Specialty Retail) (a)(e)(f)(g)		(86,000	)		(2,773	)


Hong Kong (0.0%)‡
Anxin-China Holdings, Ltd. (Electronic Equipment, Instruments & Components) (a)(e)(f)(g)		(1,608,000	)		(20,742	)

Total Common Stocks Sold Short (Proceeds $310,473)					(23,546	)



	Number of Rights
Rights Sold Short (0.0%) ‡
Austria (0.0%) ‡
Intercell A.G. (Biotechnology) (a)(e)(f)(g)		(19,159	)		(2	)

Total Rights Sold Short (Proceeds $0)					(2	)


14		MainStay MacKay International Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Number of Warrants			Value
Warrants Sold Short 0.0%‡
Singapore 0.0%‡
Ezion Holdings, Ltd. Expires 4/13/23 (Energy Equipment & Services) (a)(e)(h)(g)		(2,005,620	)	$	0

Total Warrants Sold Short (Proceeds $0)					0

Total Investments Sold Short (Proceeds $310,473)					(23,548	)

Total Investments, Net of Investments Sold Short (Cost $246,246,810)		99.4	%		249,867,308
Other Assets, Less Liabilities		0.6			1,565,309
Net Assets		100.0	%	$	251,432,617

†	Percentages indicated are based on Fund net assets.

‡	Less than one-tenth of a percent.

(a)	Non-income producing security.

(b)	All or a portion of this security was held on loan. As of October 31, 2020, the aggregate market value of securities on loan was $5,561,423; the total market value of collateral held by the Fund was $6,001,831. The

market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $4,633,284 (See Note 2(M)).

(c)	Security, or a portion thereof, was maintained in a segregated account at the Fund’s custodian as collateral for securities sold short .

(d)	May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.

(e)	Fair valued security—Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of October 31, 2020, the total market value of the fair valued securities was $438,306, which represented 0.2% of the Fund’s net assets.

(f)	Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(g)	Illiquid security—As of October 31, 2020, the total market value of these securities deemed illiquid under procedures approved by the Board of Trustees was $438,603, which represented 0.2% of the Fund’s net assets. (Unaudited)

(h)	Current yield as of October 31, 2020.

(i)	Represents a security purchased with cash collateral received for securities on loan.

Swap Contracts

Open OTC total return equity swap contracts as of October 31, 2020 were as follows¹:

Swap Counterparty

Reference Obligation

Floating Rate²

Termination
Date(s)

Payment
Frequency
Paid/
Received

Notional
Amount
Long/
(Short)
(000)

Unrealized
Appreciation

Australia

Citigroup

Coles Group, Ltd.

1 month LIBOR BBA plus 0.50%

1/19/2021

Monthly

1,672

265,170

Citigroup

CSL, Ltd.

1 month LIBOR BBA plus 0.50%

1/19/2021

Monthly

2,813

101,422

Citigroup

Flight Centre Travel Group, Ltd.

1 month LIBOR BBA minus 0.50%

1/19/2021

Monthly

(513

)

90,536

Citigroup

Fortescue Metals Group, Ltd.

1 month LIBOR BBA plus 0.50%

1/19/2021

Monthly

1,346

929,983

Citigroup

Freedom Foods Group, Ltd.

1 month LIBOR BBA minus 1.848%

1/19/2021

Monthly

(338

)

81,169

Citigroup

Iluka Resources, Ltd.

1 month LIBOR BBA minus 0.50%

1/19/2021

Monthly

(346

)

148,452

Citigroup

Megaport Ltd.

1 month LIBOR BBA minus 0.50%

1/19/2021

Monthly

(515

)

28,220

Citigroup

NIB Holdings, Ltd.

1 month LIBOR BBA minus 0.50%

1/19/2021

Monthly

(494

)

13,385

Citigroup

OMNI BRIDGEWAY, Ltd.

1 month LIBOR BBA minus 1.907%

1/19/2021

Monthly

(552

)

93,501

Citigroup

Opthea, Ltd.

1 month LIBOR BBA minus 5.904%

1/19/2021

Monthly

(458

)

69,230

Citigroup

Paradigm Biopharmaceuticals Ltd.

1 month LIBOR BBA minus 14.00%

1/19/2021

Monthly

(180

)

3,520

Citigroup

Uniti Group, Ltd.

1 month LIBOR BBA minus 6.25%

1/19/2021

Monthly

(283

)

44,527

Citigroup

Webjet, Ltd.

1 month LIBOR BBA minus 2.25%

1/19/2021

Monthly

(503

)

52,718

Citigroup

Wesfarmers, Ltd.

1 month LIBOR BBA plus 0.50%

1/19/2021

Monthly

109

13,903

Austria

Citigroup

DO & CO A.G.

1 month LIBOR BBA minus 1.374%

1/19/2021

Monthly

(243

)

56,443

Citigroup

FACC A.G.

1 month LIBOR BBA minus 5.00%

1/19/2021

Monthly

(240

)

136,338

Citigroup

IMMOFINANZ A.G.

1 month LIBOR BBA minus 0.40%

1/19/2021

Monthly

(527

)

60,789

Belgium

Citigroup

Ion Beam Applications S.A.

1 month LIBOR BBA minus 3.50%

1/19/2021

Monthly

(90

)

9,334

Citigroup

KBC Ancora

1 month LIBOR BBA minus 0.40%

1/19/2021

Monthly

(101

)

1,530

Citigroup

Kinepolis Group N.V.

1 month LIBOR BBA minus 0.811%

1/19/2021

Monthly

(716

)

178,324

Citigroup

Xior Student Housing N.V.

1 month LIBOR BBA minus 1.604%

1/19/2021

Monthly

(515

)

738


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					15

Portfolio of Investments October 31, 2020 (continued)

Swap Counterparty

Reference Obligation

Floating Rate²

Termination
Date(s)

Payment
Frequency
Paid/
Received

Notional
Amount
Long/
(Short)
(000)

Unrealized
Appreciation

Denmark

Citigroup

ISS A/S

1 month LIBOR BBA minus 0.40%

1/19/2021

Monthly

(677

)

157,157

Citigroup

Topdanmark A/S

1 month LIBOR BBA minus 0.40%

1/19/2021

Monthly

(406

)

46,786

France

Citigroup

Air France-KLM

1 month LIBOR BBA minus 10.50%

1/19/2021

Monthly

(673

)

219,441

Citigroup

Altarea SCA

1 month LIBOR BBA minus 0.776%

1/19/2021

Monthly

(125

)

25,066

Citigroup

DBV Technologies S.A.

1 month LIBOR BBA minus 4.991%

1/19/2021

Monthly

(869

)

698,847

Citigroup

L’Oreal S.A.

1 month LIBOR BBA plus 0.40%

1/19/2021

Monthly

1,356

179,052

Citigroup

LVMH Moet Hennessy Louis Vuitton S.E.

1 month LIBOR BBA plus 0.40%

1/19/2021

Monthly

2,375

20,367

Germany

Citigroup

Aareal Bank A.G.

1 month LIBOR BBA minus 0.40%

1/19/2021

Monthly

(537

)

109,310

Citigroup

Amadeus Fire A.G.

1 month LIBOR BBA minus 1.00%

1/19/2021

Monthly

(112

)

16,905

Citigroup

AURELIUS Equity Opportunities S.E. & Co. KGaA

1 month LIBOR BBA minus 5.918%

1/19/2021

Monthly

(272

)

29,437

Citigroup

Borussia Dortmund GmbH & Co KGaA

1 month LIBOR BBA minus 4.00%

1/19/2021

Monthly

(283

)

7,052

Citigroup

CTS Eventim AG & Co. KGaA

1 month LIBOR BBA minus 1.212%

1/19/2021

Monthly

(491

)

17,122

Citigroup

Deutsche EuroShop A.G.

1 month LIBOR BBA minus 1.00%

1/19/2021

Monthly

(513

)

15,115

Citigroup

Hypoport A.G.

1 month LIBOR BBA minus 0.40%

1/19/2021

Monthly

(512

)

32,793

Citigroup

Instone Real Estate Group A.G.

1 month LIBOR BBA minus 1.50%

1/19/2021

Monthly

(449

)

43,627

Citigroup

LPKF Laser & Electronics A.G.

1 month LIBOR BBA minus 12.00%

1/19/2021

Monthly

(124

)

28,088

Citigroup

SGL Carbon S.E.

1 month LIBOR BBA minus 4.50%

1/19/2021

Monthly

(304

)

107,973

Citigroup

Sixt SE

1 month LIBOR BBA minus 2.25%

1/19/2021

Monthly

(543

)

81,181

Citigroup

Stroeer S.E. & Co. KGaA

1 month LIBOR BBA minus 1.052%

1/19/2021

Monthly

(581

)

44,188

Hong Kong

Citigroup

CStone Pharmaceuticals

1 month LIBOR BBA minus 4.50%

1/19/2021

Monthly

(309

)

18,110

Citigroup

MGM China Holdings, Ltd.

1 month LIBOR BBA minus 2.358%

1/19/2021

Monthly

(567

)

38,136

Ireland

Citigroup

C&C Group PLC

1 month LIBOR BBA minus 0.35%

1/19/2021

Monthly

(327

)

97,788

Italy

Citigroup

Brunello Cucinelli S.p.A.

1 month LIBOR BBA minus 0.40%

1/19/2021

Monthly

(574

)

63,759

Citigroup

Cerved Group S.p.A.

1 month LIBOR BBA minus 0.40%

1/19/2021

Monthly

(526

)

23,263

Citigroup

Credito Valtellinese S.p.A.

1 month LIBOR BBA minus 2.102%

1/19/2021

Monthly

(540

)

107,045

Citigroup

doValue S.p.A.

1 month LIBOR BBA minus 1.584%

1/19/2021

Monthly

(476

)

27,972

Citigroup

Illimity Bank S.p.A.

1 month LIBOR BBA minus 0.40%

1/19/2021

Monthly

(556

)

69,723

Citigroup

Juventus Football Club S.p.A.

1 month LIBOR BBA minus 8.00%

1/19/2021

Monthly

(16

)

2,723

Citigroup

MARR S.p.A.

1 month LIBOR BBA minus 0.40%

1/19/2021

Monthly

(496

)

34,119

Citigroup

Salvatore Ferragamo S.p.A.

1 month LIBOR BBA minus 0.40%

1/19/2021

Monthly

(675

)

205,614

Citigroup

Tamburi Investment Partners S.p.A.

1 month LIBOR BBA minus 0.411%

1/19/2021

Monthly

(383

)

42,942

Citigroup

Webuild S.p.A.

1 month LIBOR BBA minus 8.00%

1/19/2021

Monthly

(43

)

7,353

Japan

Citigroup

SoftBank Group Corp.

1 month LIBOR BBA plus 0.50%

1/19/2021

Monthly

701

189,608

Netherlands

Citigroup

Accell Group

1 month LIBOR BBA minus 0.40%

1/19/2021

Monthly

(22

)

421

Citigroup

AMG Advanced Metallurgical Group N.V.

1 month LIBOR BBA minus 5.50%

1/19/2021

Monthly

(603

)

124,111

Citigroup

ASML Holding N.V.

1 month LIBOR BBA plus 0.40%

1/19/2021

Monthly

3,023

54,248

Citigroup

OCI N.V.

1 month LIBOR BBA minus 0.425%

1/19/2021

Monthly

(726

)

191,289

Citigroup

TomTom N.V.

1 month LIBOR BBA minus 0.47%

1/19/2021

Monthly

(564

)

85,205


16		MainStay MacKay International Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Swap Counterparty

Reference Obligation

Floating Rate²

Termination
Date(s)

Payment
Frequency
Paid/
Received

Notional
Amount
Long/
(Short)
(000)

Unrealized
Appreciation

Norway

Citigroup

Bakkafrost P/F

1 month LIBOR BBA minus 0.40%

1/19/2021

Monthly

(522

)

28,785

Citigroup

FLEX LNG, Ltd.

1 month LIBOR BBA minus 3.445%

1/19/2021

Monthly

(226

)

43,051

Citigroup

Golden Ocean Group, Ltd.

1 month LIBOR BBA minus 0.40%

1/19/2021

Monthly

(174

)

45,782

Citigroup

Quantafuel A/S

1 month LIBOR BBA minus 4.99%

1/19/2021

Monthly

(715

)

125,479

Singapore

Citigroup

Mapletree Industrial Trust

1 month LIBOR BBA minus 0.50%

1/19/2021

Monthly

(505

)

21,113

Spain

Citigroup

Ence Energia y Celulosa S.A.

1 month LIBOR BBA minus 3.80%

1/19/2021

Monthly

(706

)

221,471

Citigroup

Iberdrola S.A.

1 month LIBOR BBA plus 0.40%

1/19/2021

Monthly

2,687

413,288

Citigroup

Tubacex S.A.

1 month LIBOR BBA minus 2.60%

1/19/2021

Monthly

(204

)

134,396

Sweden

Citigroup

Attendo A.B.

1 month LIBOR BBA minus 0.40%

1/19/2021

Monthly

(503

)

52,550

Citigroup

Calliditas Therapeutics AB

1 month LIBOR BBA minus 0.40%

1/19/2021

Monthly

(178

)

1,219

Citigroup

Immunovia AB

1 month LIBOR BBA minus 0.40%

1/19/2021

Monthly

(113

)

12,501

Citigroup

Nordic Entertainment Group A.B.

1 month LIBOR BBA minus 0.40%

1/19/2021

Monthly

(496

)

36,647

Citigroup

S.A.ab A.B.

1 month LIBOR BBA minus 0.40%

1/19/2021

Monthly

(492

)

8,544

Citigroup

Scandic Hotels Group A.B.

1 month LIBOR BBA minus 2.50%

1/19/2021

Monthly

(558

)

169,339

Switzerland

Citigroup

GAM Holding A.G.

1 month LIBOR BBA minus 0.423%

1/19/2021

Monthly

(629

)

303,807

Citigroup

Inficon Holding A.G.

1 month LIBOR BBA minus 0.40%

1/19/2021

Monthly

(238

)

35,579

Citigroup

Komax Holding A.G., Registered

1 month LIBOR BBA minus 6.00%

1/19/2021

Monthly

(624

)

102,109

Citigroup

Medacta Group S.A.

1 month LIBOR BBA minus 0.40%

1/19/2021

Monthly

(101

)

1,686

Citigroup

Nestle S.A., Registered

1 month LIBOR BBA plus 0.40%

1/19/2021

Monthly

7,640

504,163

Citigroup

Orior A.G.

1 month LIBOR BBA minus 0.40%

1/19/2021

Monthly

(211

)

20,152

Citigroup

Valora Holding AG

1 month LIBOR BBA minus 0.40%

1/19/2021

Monthly

(216

)

4,836

United Arab Emirates

Citigroup

Network International Holdings PLC

1 month LIBOR BBA minus 0.35%

1/19/2021

Monthly

(760

)

331,572

United Kingdom

Citigroup

4imprint Group PLC

1 month LIBOR BBA minus 0.35%

1/19/2021

Monthly

(105

)

17,073

Citigroup

BATM Advanced Communications

1 month LIBOR BBA minus 3.096%

1/19/2021

Monthly

(377

)

40,706

Citigroup

Capital & Counties Properties PLC

1 month LIBOR BBA minus 0.35%

1/19/2021

Monthly

(540

)

49,815

Citigroup

Hill & Smith Holdings PLC

1 month LIBOR BBA minus 0.35%

1/19/2021

Monthly

(251

)

3,779

Citigroup

John Laing Group PLC

1 month LIBOR BBA minus 0.35%

1/19/2021

Monthly

(290

)

5,943

Citigroup

Lancashire Holdings, Ltd.

1 month LIBOR BBA minus 0.35%

1/19/2021

Monthly

(154

)

16,622

Citigroup

Mitchells & Butlers PLC

1 month LIBOR BBA minus 0.35%

1/19/2021

Monthly

(261

)

5,478

Citigroup

On The Beach Group PLC

1 month LIBOR BBA minus 0.49%

1/19/2021

Monthly

(627

)

267,805

Citigroup

Royal Dutch Shell PLC, Class A

1 month LIBOR BBA plus 0.35%

1/19/2021

Monthly

2,033

128,350

Citigroup

Sanne Group PLC

1 month LIBOR BBA minus 0.35%

1/19/2021

Monthly

(455

)

71,080

Citigroup

Shaftesbury PLC

1 month LIBOR BBA minus 0.35%

1/19/2021

Monthly

(518

)

26,868

Citigroup

SSP Group PLC

1 month LIBOR BBA minus 0.35%

1/19/2021

Monthly

(628

)

201,933

Citigroup

Superdry PLC

1 month LIBOR BBA minus 0.35%

1/19/2021

Monthly

(737

)

471,272

Citigroup

Trainline PLC

1 month LIBOR BBA minus 0.35%

1/19/2021

Monthly

(606

)

98,214

Citigroup

UNITE Group PLC

1 month LIBOR BBA minus 0.35%

1/19/2021

Monthly

(281

)

22,257

9,687,432


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					17

Portfolio of Investments October 31, 2020 (continued)


Swap Counterparty	Reference Obligation	Floating Rate²	Termination Date(s)		Payment Frequency Paid/ Received		Notional Amount Long/ (Short) (000)			Unrealized Depreciation


Australia
Citigroup	Aurizon Holdings, Ltd.	1 month LIBOR BBA plus 0.50%		1/19/2021		Monthly	$	1,569		$	(345,073	)
Citigroup	Australia & New Zealand Banking Group	1 month LIBOR BBA plus 0.50%		1/19/2021		Monthly		2,245			(15,476	)
Citigroup	Credit Corp Group, Ltd.	1 month LIBOR BBA minus 0.50%		1/19/2021		Monthly		(434	)		(78,409	)
Citigroup	Electro Optic Systems Holdings, Ltd.	1 month LIBOR BBA minus 6.75%		1/19/2021		Monthly		(374	)		(99,445	)
Citigroup	G8 Education, Ltd.	1 month LIBOR BBA minus 0.00%		1/19/2021		Monthly		—			(24,152	)
Citigroup	IDP Education, Ltd.	1 month LIBOR BBA minus 0.50%		1/19/2021		Monthly		(443	)		(69,332	)
Citigroup	InvoCare, Ltd.	1 month LIBOR BBA minus 0.525%		1/19/2021		Monthly		(520	)		(8,899	)
Citigroup	Lovisa Holdings, Ltd.	1 month LIBOR BBA minus 3.00%		1/19/2021		Monthly		(191	)		(6,943	)
Citigroup	Magellan Financial Group, Ltd.	1 month LIBOR BBA plus 0.50%		1/19/2021		Monthly		1,427			(271,919	)
Citigroup	nearmap, Ltd.	1 month LIBOR BBA minus 3.50%		1/19/2021		Monthly		(493	)		(1,155	)
Citigroup	Nine Entertainment Co. Holdings, Ltd.	1 month LIBOR BBA minus 0.50%		1/19/2021		Monthly		(243	)		(56,140	)
Citigroup	Pact Group Holdings, Ltd.	1 month LIBOR BBA minus 0.706%		1/19/2021		Monthly		(375	)		(22,157	)
Citigroup	PolyNovo, Ltd.	1 month LIBOR BBA minus 0.797%		1/19/2021		Monthly		(512	)		(9,616	)
Citigroup	Shopping Centres Australasia Property Group	1 month LIBOR BBA minus 0.50%		1/19/2021		Monthly		(458	)		(26,710	)
Citigroup	Solaria Energia y Medio Ambiente S.A.	1 month LIBOR BBA minus 2.00%		1/19/2021		Monthly		(28	)		(43,122	)
Citigroup	Vitrolife A.B.	1 month LIBOR BBA minus 0.40%		1/19/2021		Monthly		(93	)		(6,894	)


Belgium
Citigroup	Barco N.V.	1 month LIBOR BBA minus 0.40%		1/19/2021		Monthly		(437	)		(15,288	)


Denmark
Citigroup	Ambu A/S	1 month LIBOR BBA minus 0.40%		1/19/2021		Monthly		(297	)		(45,395	)
Citigroup	Dfds A/S	1 month LIBOR BBA minus 0.40%		1/19/2021		Monthly		(155	)		(87,115	)
Citigroup	Ringkjoebing Landbobank A/S	1 month LIBOR BBA minus 0.40%		1/19/2021		Monthly		(152	)		(4,097	)


France
Citigroup	Akka Technologies	1 month LIBOR BBA minus 1.50%		1/19/2021		Monthly		(152	)		(6,592	)
Citigroup	BNP Paribas S.A.	1 month LIBOR BBA plus 0.40%		1/19/2021		Monthly		2,464			(72,505	)
Citigroup	Eramet S.A.	1 month LIBOR BBA minus 4.70%		1/19/2021		Monthly		(328	)		(4,141	)
Citigroup	Lagardere SCA	1 month LIBOR BBA minus 3.25%		1/19/2021		Monthly		(336	)		(129,941	)
Citigroup	Robertet S.A.	1 month LIBOR BBA minus 0.40%		1/19/2021		Monthly		(64	)		(547	)
Citigroup	Sanofi	1 month LIBOR BBA plus 0.40%		1/19/2021		Monthly		2,392			(236,483	)
Citigroup	Soitec S.A.	1 month LIBOR BBA minus 0.40%		1/19/2021		Monthly		(338	)		(176,385	)
Citigroup	TOTAL S.A.	1 month LIBOR BBA plus 0.40%		1/19/2021		Monthly		108			(41,051	)


Germany
Citigroup	AIXTRON S.E.	1 month LIBOR BBA minus 0.75%		1/19/2021		Monthly		(393	)		(72,661	)
Citigroup	Allianz S.E., Registered	1 month LIBOR BBA plus 0.40%		1/19/2021		Monthly		4,069			(1,217,452	)
Citigroup	Metro A.G.	1 month LIBOR BBA minus 0.40%		1/19/2021		Monthly		(390	)		(92,255	)
Citigroup	Deutsche Telekom A.G.	1 month LIBOR BBA plus 0.40%		1/19/2021		Monthly		602			(49,461	)
Citigroup	New Work S.E.	1 month LIBOR BBA minus 1.25%		1/19/2021		Monthly		(157	)		(20,171	)
Citigroup	OSRAM Licht A.G.	1 month LIBOR BBA minus 1.50%		1/19/2021		Monthly		(207	)		(8,151	)
Citigroup	S.A.P S.E.	1 month LIBOR BBA plus 0.40%		1/19/2021		Monthly		3,298			(686,235	)
Citigroup	Salzgitter A.G.	1 month LIBOR BBA minus 1.00%		1/19/2021		Monthly		(359	)		(103,986	)
Citigroup	Thyssenkrupp A.G.	1 month LIBOR BBA minus 1.50%		1/19/2021		Monthly		(464	)		(7,251	)


Hong Kong
Citigroup	Prada S.p.A.	1 month LIBOR BBA minus 0.50%		1/19/2021		Monthly		(304	)		(10,246	)
Citigroup	Vitasoy International Holdings, Ltd.	1 month LIBOR BBA minus 1.50%		1/19/2021		Monthly		(490	)		(27,264	)


Netherlands
Citigroup	Basic-Fit N.V.	1 month LIBOR BBA minus 0.50%		1/19/2021		Monthly		(370	)		(82,438	)
Citigroup	Boskalis Westminster	1 month LIBOR BBA minus 0.50%		1/19/2021		Monthly		(284	)		(13,693	)
Citigroup	GrandVision N.V.	1 month LIBOR BBA minus 1.50%		1/19/2021		Monthly		(362	)		(6,416	)
Citigroup	Koninklijke Ahold Delhaize N.V.	1 month LIBOR BBA plus 0.40%		1/19/2021		Monthly		2,520			(91,593	)


18		MainStay MacKay International Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


Swap Counterparty	Reference Obligation	Floating Rate²	Termination Date(s)		Payment Frequency Paid/ Received		Notional Amount Long/ (Short) (000)			Unrealized Depreciation


Norway
Citigroup	Aker ASA	1 month LIBOR BBA minus 0.40%		1/19/2021		Monthly	$	(416	)	$	(47,988	)
Citigroup	Bonheur ASA	1 month LIBOR BBA minus 1.50%		1/19/2021		Monthly		(51	)		(10,083	)
Citigroup	Hexagon Composites ASA	1 month LIBOR BBA minus 3.307%		1/19/2021		Monthly		(384	)		(83,933	)
Citigroup	Kahoot! A/S	1 month LIBOR BBA minus 0.40%		1/19/2021		Monthly		(376	)		(112,402	)
Citigroup	Sbanken ASA	1 month LIBOR BBA minus 0.40%		1/19/2021		Monthly		(77	)		(14,856	)
Citigroup	Scatec Solar ASA	1 month LIBOR BBA minus 0.40%		1/19/2021		Monthly		(487	)		(20,167	)
Citigroup	Schibsted ASA	1 month LIBOR BBA minus 0.40%		1/19/2021		Monthly		(330	)		(154,570	)
Citigroup	Wallenius Wilhelmsen ASA	1 month LIBOR BBA minus 0.40%		1/19/2021		Monthly		74			(14,491	)


Singapore
Citigroup	SATS, Ltd.	1 month LIBOR BBA minus 1.25%		1/19/2021		Monthly		(470	)		(14,096	)


Spain
Citigroup	ACS Actividades de Construccion y Servicios S.A.	1 month LIBOR BBA plus 0.40%		1/19/2021		Monthly		2,070			(599,256	)


Sweden
Citigroup	Beijer Ref A.B.	1 month LIBOR BBA minus 0.40%		1/19/2021		Monthly		(484	)		(5,342	)
Citigroup	Fingerprint Cards A.B.	1 month LIBOR BBA minus 5.00%		1/19/2021		Monthly		(254	)		(21,500	)
Citigroup	Granges A.B.	1 month LIBOR BBA minus 0.40%		1/19/2021		Monthly		(55	)		(4,006	)
Citigroup	Modern Times Group MTG A.B.	1 month LIBOR BBA minus 0.40%		1/19/2021		Monthly		(500	)		(13,689	)
Citigroup	Oncopeptides A.B.	1 month LIBOR BBA minus 6.256%		1/19/2021		Monthly		(460	)		(36,259	)
Citigroup	PowerCell Sweden A.B.	1 month LIBOR BBA minus 5.694%		1/19/2021		Monthly		(467	)		(15,090	)
Citigroup	Samhallsbyggnadsbolaget i Norden A.B.	1 month LIBOR BBA minus 0.40%		1/19/2021		Monthly		(192	)		(5,298	)
Citigroup	Skandinaviska Enskilda Banken A.B.	1 month LIBOR BBA plus 0.40%		1/19/2021		Monthly		61			(5,993	)
Citigroup	Tobii A.B.	1 month LIBOR BBA minus 8.926%		1/19/2021		Monthly		(380	)		(52,915	)


Switzerland
Citigroup	Dufry A.G., Registered	1 month LIBOR BBA minus 1.50%		1/19/2021		Monthly		(482	)		(8,036	)
Citigroup	Flughafen Zurich A.G., Registered	1 month LIBOR BBA minus 0.451%		1/19/2021		Monthly		(461	)		(29,160	)
Citigroup	IWG PLC	1 month LIBOR BBA minus 0.35%		1/19/2021		Monthly		(28	)		(4,788	)
Citigroup	Lenzing A.G.	1 month LIBOR BBA minus 0.40%		1/19/2021		Monthly		(332	)		(121,888	)
Citigroup	Leonteq A.G.	1 month LIBOR BBA minus 0.75%		1/19/2021		Monthly		(125	)		(6,645	)
Citigroup	Mobimo Holding A.G., Registered	1 month LIBOR BBA minus 0.40%		1/19/2021		Monthly		(199	)		(12,158	)
Citigroup	Molecular Partners A.G.	1 month LIBOR BBA minus 2.00%		1/19/2021		Monthly		(338	)		(36,172	)
Citigroup	Wizz Air Holdings PLC	1 month LIBOR BBA minus 0.35%		1/19/2021		Monthly		(399	)		(69,916	)
Citigroup	Zur Rose Group A.G.	1 month LIBOR BBA minus 0.75%		1/19/2021		Monthly		(459	)		(57,290	)


United Kingdom
Citigroup	AJ Bell PLC	1 month LIBOR BBA minus 0.35%		1/19/2021		Monthly		(34	)		(13,745	)
Citigroup	Ascential PLC	1 month LIBOR BBA minus 0.35%		1/19/2021		Monthly		(447	)		(29,163	)
Citigroup	British American Tobacco PLC	1 month LIBOR BBA plus 0.35%		1/19/2021		Monthly		4,194			(902,526	)
Citigroup	CYBG PLC	1 month LIBOR BBA minus 0.35%		1/19/2021		Monthly		(457	)		(39,426	)
Citigroup	Euromoney Institutional Investor PLC	1 month LIBOR BBA minus 0.35%		1/19/2021		Monthly		(190	)		(5,817	)
Citigroup	GlaxoSmithKline PLC	1 month LIBOR BBA plus 0.35%		1/19/2021		Monthly		2,733			(784,655	)
Citigroup	Hiscox, Ltd.	1 month LIBOR BBA minus 0.35%		1/19/2021		Monthly		(401	)		(90,887	)
Citigroup	J D Wetherspoon PLC	1 month LIBOR BBA minus 0.35%		1/19/2021		Monthly		(467	)		(2,067	)
Citigroup	Marshalls PLC	1 month LIBOR BBA minus 0.35%		1/19/2021		Monthly		(464	)		(23,511	)
Citigroup	National Express Group PLC	1 month LIBOR BBA minus 0.35%		1/19/2021		Monthly		(447	)		(54,539	)
Citigroup	Provident Financial PLC	1 month LIBOR BBA minus 0.35%		1/19/2021		Monthly		(32	)		(7,298	)
Citigroup	Rio Tinto PLC, Registered	1 month LIBOR BBA plus 0.35%		1/19/2021		Monthly		3,157			(127,808	)
Citigroup	Royal Dutch Shell PLC, Class B	1 month LIBOR BBA plus 0.35%		1/19/2021		Monthly		1,431			(846,417	)
Citigroup	Shaftesbury PLC	1 month LIBOR BBA minus 0.35%		1/19/2021		Monthly		—			(7,885	)
Citigroup	Signature Aviation PLC	1 month LIBOR BBA minus 0.35%		1/19/2021		Monthly		(203	)		(59,677	)
Citigroup	WH Smith PLC	1 month LIBOR BBA minus 0.35%		1/19/2021		Monthly		(34	)		(232	)

										$	(8,967,895	)


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					19

Portfolio of Investments October 31, 2020 (continued)

1.	As of October 31, 2020, cash in the amount $866,644 was pledged from brokers for OTC swap contracts.

2.	Fund pays the floating rate and receives the total return of the reference entity.

The following abbreviations are used in the preceding pages:

BBA—British Bankers’ Association

LIBOR—London Interbank Offered Rate

The following is a summary of the fair valuations according to the inputs used as of October 31, 2020, for valuing the Fund’s assets and liabilities:


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 (b)	$	238,578,498	$	—		$	461,854		$	239,040,352
Preferred Stocks		5,454,995		—			—			5,454,995
Short-Term Investments
Affiliated Investment Company		4,026,962		—			—			4,026,962
Unaffiliated Investment Company		1,368,547		—			—			1,368,547

Total Short-Term Investments		5,395,509		—			—			5,395,509

Total Investments in Securities	$	249,429,002	$	—		$	461,854		$	249,890,856

Other Financial Instruments
Total Return Equity Swap Contracts (c)		—		9,687,432			—			9,687,432

Total Investments in Securities and Other Financial Instruments	$	249,429,002	$	9,687,432		$	461,854		$	259,578,288


Liability Valuation Inputs
Common Stocks Sold Short (d)	$	—	$	—		$	(23,546	)	$	(23,546	)
Rights Sold Short (e)		—		—			(2	)		(2	)
Warrants Sold Short (f)		—		—			(0	)		(0	)

Total Investments in Securities Sold Short		—		—			(23,548	)		(23,548	)

Other Financial Instruments
Total Return Equity Swap Contracts (c)		—		(8,967,895	)		—			(8,967,895	)

Total Investments in Securities Sold Short and Other Financial Instruments	$	—	$	(8,967,895	)	$	(23,548	)	$	(8,991,443	)

(a)	For a complete listing of investments and their industries, see the Portfolio of Investments.

(b)	The Level 3 security valued at $461,854 is held in Singapore within the Common Stocks section of the Portfolio of Investments.

(c)	The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments.

(d)	The Level 3 securities valued at $(31), $(2,773), and $(20,742) are held in Australia, China, and Hong Kong, respectively, within the Common Stocks Sold Short section of the Portfolio of Investments.

(e)	The Level 3 security valued at $(2) is held in Austria within the Rights Sold Short section of the Portfolio of Investments.

(f)	The Level 3 security valued at $(0) is held in Singapore within the Warrants Sold Short section of the Portfolio of Investments.


20		MainStay MacKay International Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

The table below sets forth the diversification of the Fund’s investments by industry.

Industry Diversification


	Value		Percent ^†
Aerospace & Defense	$	969,710		0.4	%
Air Freight & Logistics		1,900,726		0.8
Auto Components		1,021,348		0.4
Automobiles		10,143,833		4.0
Banks		9,784,508		3.9
Beverages		2,130,281		0.9
Biotechnology		3,178,945		1.3
Building Products		6,264,316		2.5
Capital Markets		12,103,706		4.8
Chemicals		7,134,108		2.8
Commercial Services & Supplies		986,926		0.4
Construction & Engineering		3,886,313		1.5
Construction Materials		4,595,271		1.8
Distributors		162,348		0.1
Diversified Financial Services		2,533,412		1.0
Diversified Telecommunication Services		4,745,492		1.9
Electric Utilities		1,713,757		0.7
Electrical Equipment		4,855,080		1.9
Electronic Equipment, Instruments & Components		7,393,479		2.9
Entertainment		6,755,286		2.7
Equity Real Estate Investment Trusts		1,994,760		0.8
Food & Staples Retailing		3,348,578		1.3
Food Products		3,312,350		1.3
Health Care Equipment & Supplies		9,876,891		3.9
Health Care Providers & Services		770,842		0.3
Health Care Technology		1,584,003		0.6
Hotels, Restaurants & Leisure		4,577,552		1.8
Household Durables		6,204,717		2.5
Household Products		152,557		0.1
Independent Power & Renewable Electricity Producers		2,397,821		1.0
Industrial Conglomerates		2,164,291		0.9
Insurance		11,778,838		4.7
Interactive Media & Services		1,297,337		0.5
Internet & Direct Marketing Retail		5,055,282		2.0
IT Services		3,742,605		1.5
Leisure Products		345,674		0.1
Life Sciences Tools & Services		3,899,038		1.6
Machinery		6,846,301		2.7
Marine		4,457,780		1.8
Media		5,088,449		2.0
Metals & Mining		8,031,087		3.2
Multiline Retail		873,720		0.4
Oil, Gas & Consumable Fuels		4,553,742		1.8
Personal Products		1,583,025		0.6
Pharmaceuticals		16,744,968		6.7
Professional Services		2,007,650		0.8
Real Estate		257,006		0.1


	Value		Percent ^†
Real Estate Management & Development	$	5,135,991		2.0	%
Road & Rail		330,618		0.1
Semiconductors & Semiconductor Equipment		3,397,790		1.4
Software		3,328,764		1.3
Specialty Retail		8,289,269		3.3
Technology Hardware, Storage & Peripherals		2,233,804		0.9
Textiles, Apparel & Luxury Goods		1,491,754		0.6
Thrifts & Mortgage Finance		511,537		0.2
Tobacco		2,461,587		1.0
Trading Companies & Distributors		8,741,902		3.5
Transportation Infrastructure		568,760		0.2
Water Utilities		331,690		0.1
Wireless Telecommunication Services		2,466,171		1.0

		244,495,346		97.3
Short-Term Investment		5,395,509		2.1
Other Assets, Less Liabilities *		1,541,762		0.6

Net Assets	$	251,432,617		100.0	%

†	Percentages indicated are based on Fund net assets.

*	Includes Investments sold short (details are shown below).

The table below sets forth the diversification of MainStay MacKay International Opportunities Fund investments sold short by industry.


	Value			Percent †
Airlines	$	(31	)		(0.0	)%‡
Biotechnology		(2	)		(0.0	)‡
Electronic Equipment, Instruments & Components		(20,742	)		(0.0	)‡
Energy Equipment & Services		—			(0.0	)‡
Specialty Retail		(2,773	)		(0.0	)‡

	$	(23,548	)		(0.0	)%‡

†	Percentages indicated are based on Fund net assets.

‡	Less than one-tenth of a percent.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					21

Statement of Assets and Liabilities as of October 31, 2020


Assets
Investment in unaffiliated securities before investments sold short, at value (identified cost $242,530,321) including securities on loan of $5,561,423	$	245,863,894
Investment in affiliated investment company, at value (identified cost $4,026,962)		4,026,962
Due from custodian		1,906,995
Cash denominated in foreign currencies (identified cost $900,486)		899,965
Receivables:
Dividends and interest		2,608,529
Investment securities sold		1,217,052
Fund shares sold		37,258
Securities lending		13,723
Variation margin on futures contracts		77
Unrealized appreciation on OTC swap contracts		9,687,432
Other assets		29,590

Total assets		266,291,477


Liabilities
Investments sold short (proceeds $310,473)		23,548
Cash collateral received for securities on loan		1,368,547
Payables:
Investment securities purchased		3,637,586
Fund shares redeemed		410,755
Manager (See Note 3)		246,594
Custodian		62,180
Professional fees		35,789
Interest on investments sold short		30,295
Transfer agent (See Note 3)		29,121
Shareholder communication		22,554
Broker fees and charges on short sales		14,535
NYLIFE Distributors (See Note 3)		9,111
Trustees		350
Unrealized depreciation on OTC swap contracts		8,967,895

Total liabilities		14,858,860

Net assets	$	251,432,617


Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	39,058
Additional paid-in capital		384,046,495

		384,085,553
Total distributable earnings (loss)		(132,652,936	)

Net assets	$	251,432,617


Class A
Net assets applicable to outstanding shares	$	12,372,643

Shares of beneficial interest outstanding		1,933,716

Net asset value per share outstanding	$	6.40
Maximum sales charge (5.50% of offering price)		0.37

Maximum offering price per share outstanding	$	6.77

Investor Class
Net assets applicable to outstanding shares	$	2,730,552

Shares of beneficial interest outstanding		429,131

Net asset value per share outstanding	$	6.36
Maximum sales charge (5.00% of offering price)		0.33

Maximum offering price per share outstanding	$	6.69

Class C
Net assets applicable to outstanding shares	$	6,229,103

Shares of beneficial interest outstanding		1,010,838

Net asset value and offering price per share outstanding	$	6.16

Class I
Net assets applicable to outstanding shares	$	230,100,319

Shares of beneficial interest outstanding		35,684,812

Net asset value and offering price per share outstanding	$	6.45


22		MainStay MacKay International Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Statement of Operations for the year ended October 31, 2020


Investment Income (Loss)
Income
Dividends-unaffiliated (a)	$	6,425,975
Non-cash dividends		431,556
Securities lending		213,670
Dividends-affiliated		68,420
Interest		100
Other		44

Total income		7,139,765

Expenses
Manager (See Note 3)		3,057,839
Custodian		306,261
Transfer agent (See Note 3)		177,263
Distribution/Service—Class A (See Note 3)		37,514
Distribution/Service—Investor Class (See Note 3)		7,815
Distribution/Service—Class C (See Note 3)		93,903
Professional fees		122,618
Broker fees and charges on short sales		89,299
Registration		66,893
Shareholder communication		20,180
Trustees		6,504
Miscellaneous		33,748

Total expenses		4,019,837

Net investment income (loss)		3,119,928


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Unaffiliated investment transactions		(12,408,722	)
Investments sold short		524,882
Swap transactions		(612,654	)
Foreign currency transactions		56,440

Net realized gain (loss)		(12,440,054	)

Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		(11,901,146	)
Investments sold short		1,090
Swap contracts		(6,213,184	)
Translation of other assets and liabilities in foreign currencies		92,071

Net change in unrealized appreciation (depreciation)		(18,021,169	)

Net realized and unrealized gain (loss)		(30,461,223	)

Net increase (decrease) in net assets resulting from operations	$	(27,341,295	)

(a)	Dividends recorded net of foreign withholding taxes in the amount of $664,922.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					23

Statements of Changes in Net Assets

for the years ended October 31, 2020 and October 31, 2019


	2020			2019
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	3,119,928		$	8,462,308
Net realized gain (loss)		(12,440,054	)		(48,559,945	)
Net change in unrealized appreciation (depreciation)		(18,021,169	)		46,276,583

Net increase (decrease) in net assets resulting from operations		(27,341,295	)		6,178,946

Distributions to shareholders:
Class A		(1,739,689	)		(1,551,885	)
Investor Class		(339,120	)		(173,686	)
Class C		(1,169,574	)		(1,040,461	)
Class I		(26,566,143	)		(28,117,878	)

Total distributions to shareholders		(29,814,526	)		(30,883,910	)

Capital share transactions:
Net proceeds from sale of shares		20,103,256			36,642,991
Net asset value of shares issued to shareholders in reinvestment of distributions		29,446,340			30,088,851
Cost of shares redeemed		(59,690,310	)		(307,323,971	)

Increase (decrease) in net assets derived from capital share transactions		(10,140,714	)		(240,592,129	)

Net increase (decrease) in net assets		(67,296,535	)		(265,297,093	)

Net Assets
Beginning of year		318,729,152			584,026,245

End of year	$	251,432,617		$	318,729,152


24		MainStay MacKay International Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class A	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	7.77		$	7.93		$	9.58		$	8.06		$	8.36


Net investment income (loss)		0.06	(a)		0.15	(a)		0.13			0.02			0.11

Net realized and unrealized gain (loss) on investments		(0.70	)		0.10			(1.63	)		1.73			(0.35	)

Net realized and unrealized gain (loss) on foreign currency transactions ‡		0.00			(0.00	)		(0.00	)		0.00			(0.00	)


Total from investment operations		(0.64	)		0.25			(1.50	)		1.75			(0.24	)


Less distributions:

From net investment income		(0.73	)		(0.41	)		(0.15	)		(0.23	)		(0.06	)


Net asset value at end of year	$	6.40		$	7.77		$	7.93		$	9.58		$	8.06


Total investment return (b)		(9.21	%)		3.83	%		(15.94	%)(c)		22.36	%		(2.85	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		0.89	%		2.04	%		1.37	%		0.24	%		1.37	% (d)

Net expenses (before waiver/reimbursement) (e)(f)		1.63	%		1.75	%		1.78	%		3.22	%		3.33	%

Portfolio turnover rate		136	%		182	%		223	%		179	%		137	%

Net assets at end of year (in 000’s)	$	12,373		$	19,557		$	31,870		$	55,580		$	98,856

‡	Less than one cent per share.

(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 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)	Without the custody fee reimbursement, net investment income (loss) would have been 1.35%.

(e)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(f)	The expense ratios presented below show the impact of short sales expense:


Year Ended	Net Expenses (excluding short sale expenses)			Short Sale Expenses
October 31, 2020		1.60	%		0.03	%
October 31, 2019		1.64	%		0.11	%
October 31, 2018		1.65	%		0.13	%
October 31, 2017		1.56	%		1.66	%
October 31, 2016		1.53	%(g)		1.78	%

(g)	Without the custody fee reimbursement, net expenses would have been 1.55%.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					25

Financial Highlights selected per share data and ratios



	Year ended October 31,

Investor Class	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	7.73		$	7.90		$	9.54		$	8.02		$	8.33


Net investment income (loss)		0.04	(a)		0.15	(a)		0.12			0.04			0.09

Net realized and unrealized gain (loss) on investments		(0.70	)		0.08			(1.62	)		1.70			(0.34	)


Total from investment operations		(0.66	)		0.23			(1.50	)		1.74			(0.25	)


Less distributions:

From net investment income		(0.71	)		(0.40	)		(0.14	)		(0.22	)		(0.06	)


Net asset value at end of year	$	6.36		$	7.73		$	7.90		$	9.54		$	8.02


Total investment return (b)		(9.47	%)		3.54	%		(15.97	%)(c)		22.29	%		(3.04	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		0.66	%		2.00	%		1.29	%		0.43	%		1.19	% (d)

Net expenses (before waiver/reimbursement) (e)(f)		1.89	%		1.93	%		1.88	%		3.34	%		3.54	%

Portfolio turnover rate		136	%		182	%		223	%		179	%		137	%

Net assets at end of year (in 000’s)	$	2,731		$	3,690		$	3,407		$	4,294		$	5,755

(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 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)	Without the custody fee reimbursement, net investment income (loss) would have been 1.17%.

(e)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(f)	The expense ratios presented below show the impact of short sales expense:


Year Ended	Net Expenses (excluding short sale expenses)			Short Sale Expenses
October 31, 2020		1.86	%		0.03	%
October 31, 2019		1.81	%		0.12	%
October 31, 2018		1.75	%		0.13	%
October 31, 2017		1.65	%		1.66	%
October 31, 2016		1.68	%(g)		1.78	%

(g)	Without the custody fee reimbursement, net expenses would have been 1.70%.


26		MainStay MacKay International Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class C	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	7.49		$	7.63		$	9.23		$	7.75		$	8.08


Net investment income (loss)		(0.01	)(a)		0.08	(a)		0.05			(0.01	)		0.03

Net realized and unrealized gain (loss) on investments		(0.68	)		0.10			(1.57	)		1.64			(0.34	)

Net realized and unrealized gain (loss) on foreign currency transactions ‡		0.00			(0.00	)		(0.00	)		0.00			(0.00	)


Total from investment operations		(0.69	)		0.18			(1.52	)		1.63			(0.31	)


Less distributions:

From net investment income		(0.64	)		(0.32	)		(0.08	)		(0.15	)		(0.02	)


Net asset value at end of year	$	6.16		$	7.49		$	7.63		$	9.23		$	7.75


Total investment return (b)		(10.16	%)		2.81	%		(16.61	%)		21.38	%		(3.84	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		(0.22	%)		1.14	%		0.52	%		(0.17	%)		0.45	% (c)

Net expenses (before waiver/reimbursement) (d)(e)		2.64	%		2.66	%		2.62	%		4.06	%		4.27	%

Portfolio turnover rate		136	%		182	%		223	%		179	%		137	%

Net assets at end of year (in 000’s)	$	6,229		$	14,203		$	27,699		$	42,231		$	36,489

‡	Less than one cent per share.

(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 distributions. For periods of less than one year, total return is not annualized.

(c)	Without the custody fee reimbursement, net investment income (loss) would have been 0.43%.

(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 expense ratios presented below show the impact of short sales expense:


Year Ended	Net Expenses (excluding short sale expenses)			Short Sale Expenses
October 31, 2020		2.61	%		0.03	%
October 31, 2019		2.55	%		0.11	%
October 31, 2018		2.49	%		0.13	%
October 31, 2017		2.39	%		1.64	%
October 31, 2016		2.43	%(f)		1.78	%

(f)	Without the custody fee reimbursement, net expenses would have been 2.45%.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					27

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class I	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	7.83		$	8.00		$	9.66		$	8.12		$	8.42


Net investment income (loss)		0.08	(a)		0.17	(a)		0.15			0.09			0.13

Net realized and unrealized gain (loss) on investments		(0.71	)		0.10			(1.64	)		1.70			(0.36	)

Net realized and unrealized gain (loss) on foreign currency transactions ‡		0.00			(0.00	)		(0.00	)		0.00			(0.00	)


Total from investment operations		(0.63	)		0.27			(1.49	)		1.79			(0.23	)


Less distributions:

From net investment income		(0.75	)		(0.44	)		(0.17	)		(0.25	)		(0.07	)


Net asset value at end of year	$	6.45		$	7.83		$	8.00		$	9.66		$	8.12


Total investment return (b)		(8.98	%)		4.08	%		(15.72	%)(c)		22.78	%		(2.69	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		1.19	%		2.20	%		1.63	%		0.96	%		1.66	% (d)

Net expenses (before waiver/reimbursement) (e)(f)		1.38	%		1.50	%		1.53	%		2.93	%		3.07	%

Portfolio turnover rate		136	%		182	%		223	%		179	%		137	%

Net assets at end of year (in 000’s)	$	230,100		$	281,279		$	521,050		$	653,051		$	394,785

‡	Less than one cent per share.

(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 distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized.

(c)	Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d)	Without the custody fee reimbursement, net investment income (loss) would have been 1.64%.

(e)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(f)	The expense ratios presented below show the impact of short sales expense:


Year Ended	Net Expenses (excluding short sale expenses)			Short Sale Expenses
October 31, 2020		1.35	%		0.03	%
October 31, 2019		1.40	%		0.10	%
October 31, 2018		1.40	%		0.13	%
October 31, 2017		1.29	%		1.63	%
October 31, 2016		1.28	%(g)		1.78	%

(g)	Without the custody fee reimbursement, net expenses would have been 1.30%.


28		MainStay MacKay International Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Notes to Financial Statements

Note 1–Organization and Business

The Fund currently has six classes of shares registered for sale. Class A, Class C and Class I shares commenced operations on September 28, 2007. Investor Class shares commenced operations on February 28, 2008. Class R6 shares were registered for sale effective as of February 28, 2017. As of October 31, 2020, Class R6 shares were not yet offered for sale. SIMPLE Class shares were registered for sale effective as of August 31, 2020. As of October 31, 2020, SIMPLE Class shares were not yet offered for sale.

Class A and Investor Class shares are offered at net asset value (“NAV”) per share plus an initial sales charge. No initial sales charge applies to investments of $1 million or more (and certain other qualified purchases) in Class A and Investor Class shares. However, a contingent deferred sales charge (“CDSC”) 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. Class C shares are offered at NAV without an initial sales charge, although a 1.00% CDSC may be imposed on certain redemptions of such shares made within one year of the date of purchase of Class C shares. Class I shares are offered at NAV without a sales charge. Class R6 shares are currently expected to be offered at NAV without a sales charge. SIMPLE Class shares are currently expected to be offered at NAV without a sales charge. Depending upon eligibility, Class C shares convert to either Class A or Investor Class shares at the end of the calendar quarter ten years after the date they were purchased. Additionally, Investor Class shares may convert automatically to Class A shares. Under certain circumstances and as may be permitted by the Trust’s multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under distribution plans pursuant to Rule 12b-1 under the 1940 Act, Class C shares are subject to higher distribution and/or service fees than Class A, Investor Class and SIMPLE Class shares. Class I and Class R6 shares are not subject to a distribution and/or service fee.

The Fund’s investment objective is to seek long-term growth of capital.

Note 2–Significant Accounting Policies

accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.

The Board of Trustees of the Trust (the “Board”) adopted procedures establishing methodologies for the valuation of the Fund’s securities and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Trust (the “Valuation Committee”). The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for the day-to-day valuation of portfolio assets (including fair value measurements for the Fund’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)). To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Fund’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources.


			29

Notes to Financial Statements (continued)

Unobservable inputs reflect the Fund’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

•

Level 1—quoted prices in active markets for an identical asset or liability

•

Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:


• Broker/dealer quotes		• Benchmark securities
• Two-sided markets		• Reference data (corporate actions or material event notices)
• Bids/offers		• Monthly payment information
• Industry and economic events		• Reported trades

October 31, 2020, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. Securities that were fair valued in such a manner as of October 31, 2020, are shown in the Portfolio of Investments.

Equity securities, including rights, warrants and exchange-traded funds (“ETFs”), are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.


30		MainStay MacKay International Opportunities Fund

Total return swap contracts, which are arrangements to exchange a market-linked return for a periodic payment, are based on a notional principal amount. To the extent that the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty. Total return swap contracts are marked to market daily based upon quotations from market makers and these securities are generally categorized as Level 2 in the hierarchy.

The Manager evaluates the Fund’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection

with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund’s financial statements. The Fund’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(E) Security Transactions and Investment Income. The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date, net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method. Non-cash dividend income is recorded at the fair value of the securities received. Distributions received from real estate investment trusts may be classified as dividends, capital gains and/or return of capital.

Investment income and realized and unrealized gains and losses on investments of the Fund are allocated pro rata to the separate classes of


			31

Notes to Financial Statements (continued)

shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

(I) Equity Swaps (Total Return Swaps). Total return swap contracts are agreements between counterparties to exchange cash flow, one based on a market-linked return of an individual asset or group of assets (such as an index), and the other on a fixed or floating rate. As a total return swap, an equity swap may be structured in different ways. For example, when the Fund enters into a “long” equity

swap, the counterparty may agree to pay the Fund the amount, if any, by which the notional amount of the equity swap would have increased in value had it been invested in a particular referenced security or securities, plus the dividends that would have been received on those securities. In return, the Fund will generally agree to pay the counterparty interest on the notional amount of the equity swap plus the amount, if any, by which that notional amount would have decreased in value had it been invested in such referenced security or securities, plus, in certain instances, commissions or trading spreads on the notional amounts. Therefore, the Fund’s return on the equity swap generally should equal the gain or loss on the notional amount, plus dividends on the referenced security or securities less the interest paid by the Fund on the notional amount. Alternatively, when the Fund enters into a “short” equity swap, the counterparty will generally agree to pay the Fund the amount, if any, by which the notional amount of the equity swap would have decreased in value had the Fund sold a particular referenced security or securities short, less the dividend expense that the Fund would have incurred on the referenced security or securities, as adjusted for interest payments or other economic factors. In this situation, the Fund will generally be obligated to pay the amount, if any, by which the notional amount of the swap would have increased in value had it been invested directly in the referenced security or securities.

Equity swaps generally do not involve the delivery of securities or other referenced assets. Accordingly, the risk of loss with respect to equity swaps is normally limited to the net amount of payments that the Fund is contractually obligated to make. If the other party to an equity swap defaults, the Fund’s risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any. The Fund will segregate cash or liquid assets, enter into offsetting transactions or use other measures permitted by applicable law to “cover” the Fund’s current obligations. The Fund and New York Life Investments, however, believe these transactions do not constitute senior securities under the 1940 Act and, accordingly, will not treat them as being subject to the Fund’s borrowing restrictions.

Equity swaps are derivatives and their value can be very volatile. The Fund may engage in total return swaps to gain exposure to securities, along with offsetting long total return swap positions to maintain appropriate currency balances and risk exposures across all swap positions. To the extent that the Manager, or Subadvisor does not accurately analyze and predict future market trends, the values or assets or economic factors, the Fund may suffer a loss, which may be substantial. As of October 31, 2020, open swap agreements are shown in the Portfolio of Investments.

(J) Securities Sold Short. During the year ended October 31, 2020, the Fund engaged in sales of securities it did not own (“short sales”) as part of its investment strategies. When the Fund enters into a short sale, it must segregate or maintain with a broker the cash proceeds from the security sold short or other securities as collateral for its obligation to deliver the security upon conclusion of the sale. During the period a short position is open, depending on the nature and type of security, a short position is reflected as a liability and is marked to market in accordance with the valuation methodologies previously detailed (See Note 2(A)). Liabilities for securities sold short are closed out by purchasing the applicable securities for delivery to the counterparty broker. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited as to dollar amount, will be recog-


32		MainStay MacKay International Opportunities Fund

nized upon termination of a short sale if the market price on the date the short position is closed out is less or greater, respectively, than the proceeds originally received. Any such gain or loss may be offset, completely or in part, by the change in the value of the hedged investments. Interest on short positions held is accrued daily, while dividends declared on short positions existing on the record date are recorded on the ex-dividend date as a dividend expense in the Statement of Operations. Broker fees and other expenses related to securities sold short are disclosed in the Statement of Operations. Short sales involve risk of loss in excess of the related amounts reflected in the Statement of Assets and Liabilities. As of October 31, 2020, securities sold short are shown in the Portfolio of Investments.

(K) Foreign Currency Transactions. The Fund’s books and records are maintained in U.S. dollars. Prices of securities denominated in foreign currency amounts are translated into U.S. dollars at the mean between the buying and selling rates last quoted by any major U.S. bank at the following dates:

(i)	market value of investment securities, other assets and liabilities—at the valuation date; and

(ii)	purchases and sales of investment securities, income and expenses—at the date of such transactions.

(L) Rights and Warrants. Rights are certificates that permit the holder to purchase a certain number of shares, or a fractional share, of a new stock from the issuer at a specific price. Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. These investments can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of these investments do not necessarily move in tandem with the prices of the underlying securities.

There is risk involved in the purchase of rights and warrants in that these investments are speculative investments. The Fund could also lose the entire value of its investment in warrants if such warrants are not exercised by the date of its expiration. The Fund is exposed to risk until the sale or exercise of each right or warrant is completed. As of October 31, 2020, rights and warrants are shown in the Portfolio of Investments.

Bank and Trust Company (“State Street”) (See Note 12 for securities lending agent change), acting as securities lending agent on behalf of the Fund. Under the current arrangement, State Street will manage the Fund’s collateral in accordance with the securities lending agency agreement between the Fund and State Street, and indemnify the Fund against counterparty risk. The loans will be collateralized by cash (which may be invested in a money market fund) and/or non-cash collateral (which may include U.S. Treasury securities and/or U.S. government agency securities issued or guaranteed by the United States government or its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. The Fund bears the risk of delay in recovery of, or loss of rights in, the securities loaned. The Fund may also record a realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. The Fund bears the risk of any loss on investment of cash collateral. The Fund will receive compensation for lending its securities in the form of fees or it will retain a portion of interest earned on the investment of any cash collateral. The Fund will also continue to receive interest and dividends on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Fund. Income earned from securities lending activities, if any, is reflected in the Statement of Operations. As of October 31, 2020, the Fund had securities on loan with an aggregate market value of $5,561,423; the total market value of collateral held by the Fund was $6,001,831. The market value of the collateral held included non-cash collateral, in the form of U.S. Treasury securities, with a value of $4,633,284 and cash collateral, which was invested into the State Street Navigator Securities Lending Government Money Market Portfolio, with a value of $1,368,547.

(N) Foreign Securities Risk. The Fund invests in foreign securities, which carry certain risks that are in addition to the usual risks inherent in domestic securities. These risks include those resulting from currency fluctuations, future adverse political or economic developments and possible imposition of currency exchange blockages or other foreign governmental laws or restrictions. These risks are likely to be greater in emerging markets than in developed markets. The ability of issuers of securities held by the Fund to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region.

(O) Counterparty Credit Risk. In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains collateral posting terms and netting provisions. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. Bankruptcy or insolvency laws of a particular jurisdiction may restrict or prohibit the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Fund decline


			33

Notes to Financial Statements (continued)

below specific levels or if the Fund fails to meet the terms of its ISDA Master Agreements. The result would cause the Fund to accelerate payment of any net liability owed to the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statement of Assets and Liabilities.

(P) LIBOR Replacement Risk. The Fund may invest in certain debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate (“LIBOR”), as a “benchmark” or “reference rate” for various interest rate calculations. The United Kingdom Financial Conduct Authority, which regulates LIBOR, announced that after 2021 it will cease its active encouragement of banks to provide the quotations needed to sustain LIBOR. As a result, it is anticipated that LIBOR will be discontinued or will no longer be sufficiently robust to be representative of its underlying market around that time. Although financial regulators and industry working groups have suggested alternative reference rates, such as the European Interbank Offer Rate (“EURIBOR”), Sterling Overnight Interbank Average Rate (“SONIA”) and Secured Overnight Financing Rate (“SOFR”), there are challenges to converting certain contracts and transactions to a new benchmark and neither the full effects of the transition process nor its ultimate outcome is known.

(Q) Indemnifications. Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.

(R) Quantitative Disclosure of Derivative Holdings. The following tables show additional disclosures related to the Fund’s derivative and hedging activities, including how such activities are accounted for and their effect on the Fund’s financial positions, performance and cash flows. The Fund entered into futures contracts to manage currency exposure and total return swap contracts to gain exposure to foreign securities, along with offsetting long total return swap positions to maintain appropriate currency balances and risk exposures across all swap positions. These derivatives are not accounted for as hedging instruments.

Fair value of derivative instruments as of October 31, 2020:

Asset Derivatives


	Equity Contracts Risk		Total

OTC Swap Contracts—Unrealized appreciation on OTC swap contracts	$	9,687,432	$	9,687,432

Total Fair Value	$	9,687,432	$	9,687,432

Liability Derivatives


	Equity Contracts Risk			Total

OTC Swap Contracts—Unrealized depreciation on OTC swap contracts	$	(8,967,895	)	$	(8,967,895	)

Total Fair Value	$	(8,967,895	)	$	(8,967,895	)

The effect of derivative instruments on the Statement of Operations for the year ended October 31, 2020:

Net Realized Gain (Loss) from:


	Equity Contracts Risk			Total

Swap Contracts	$	(612,654	)	$	(612,654	)

Total Net Realized Gain (Loss)	$	(612,654	)	$	(612,654	)

Net Change in Unrealized Appreciation (Depreciation) from:


	Equity Contracts Risk			Total

Swap Contracts		(6,213,184	)		(6,213,184	)

Total Net Change in Unrealized Appreciation (Depreciation)	$	(6,213,184	)	$	(6,213,184	)

Average Notional Amount


	Equity Contracts Risk			Total

Swap Contracts Long	$	80,452,835		$	80,452,835
Swap Contracts Short	$	(69,179,499	)	$	(69,179,499	)


34		MainStay MacKay International Opportunities Fund

The following table presents the Fund’s derivative assets by counterparty net of amounts available for offset under a master netting agreement, or similar agreement, and net of the related collateral received by the Fund as of October 31, 2020.


Counterparty	Gross Assets in Statement of Assets and Liabilities		Derivative assets/(liabilities) available for offset			Net Amount of Derivative Assets*		Collateral pledged/ (Received)

Citigroup	$	9,687,432	$	(8,967,895	)	$	719,537	$	(866,644	)

The following table presents the Fund’s derivative liabilities by counterparty net of amounts available for offset under a master netting agreement, or similar agreement, and net of the related collateral pledged by the Fund as of October 31, 2020.


Counterparty	Gross Liabilities in Statement of Assets and Liabilities		Derivative assets/(liabilities) available for offset			Net Amount of Derivative Liabilities†		Collateral pledged/ (Received)

Citigroup	$	8,967,895	$	(8,967,895	)	$	—	$	—

*	Represents the net amount receivable from the counterparty in the event of default.

†	Represents the net amount payable to the counterparty in the event of default.

Note 3–Fees and Related Party Transactions

(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company (“New York Life”), serves as the Fund’s Manager, pursuant to an Amended and Restated Management Agreement (“Management Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services, and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. MacKay Shields LLC (“MacKay Shields” or the “Subadvisor”), a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life, serves as Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of an Amended and Restated Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and MacKay Shields, New York Life Investments pays for the services of the Subadvisor.

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of 1.10% of average daily net assets of the Fund.

Additionally, New York Life Investments has agreed to voluntarily waive fees and/or reimburse expenses of the appropriate class of the Fund 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) do not exceed the following percentages of average daily net assets: 1.95% for Investor Class shares and 2.70% for Class C shares, respectively. These voluntary waivers or reimbursements may be discontinued at any time without notice.

During the year ended October 31, 2020, New York Life Investments earned fees from the Fund in the amount of $3,057,839 and paid the Subadvisor in the amount of $1,528,920.

Pursuant to the Class A and Investor Class Plans, the Distributor receives a monthly distribution fee from the Class A and Investor Class


			35

Notes to Financial Statements (continued)

shares at an annual rate of 0.25% of the average daily net assets of the Class A and Investor Class shares for distribution and or service activities as designated by the Distributor. Pursuant to the Class C Plan, Class C shares pay the Distributor a monthly distribution fee at an annual rate of 0.75% of the average daily net assets of the Class C shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class C shares, for a total 12b-1 fee of 1.00%. Class I shares are not subject to a distribution and/or service fee.

The Fund was also advised that the Distributor retained CDSCs on redemptions of Class A and Class C shares during the year ended October 31, 2020, of $653 and $1,258, respectively.

Investments has contractually agreed to limit the transfer agency expenses charged to the Fund’s share classes to a maximum of 0.35% of that share class’s average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until February 28, 2021, 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. During the year ended October 31, 2020, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement were as follows:


Class	Expense		Waived
Class A	$	7,898	$	—
Investor Class		9,619		—
Class C		28,569		—
Class I		131,177		—


Affiliated Investment Company	Value, Beginning of Year		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Year		Dividend Income		Other Distributions		Shares End of Year
MainStay U.S. Government Liquidity Fund	$	8,451	$	78,278	$	(82,702	)	$	—	$	—	$	4,027	$	68	$	—		4,027

Note 4–Federal Income Tax


	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)

Investments in Securities	$	247,128,375	$	23,026,121	$	(20,297,480	)	$	2,728,641

As of October 31, 2020, the components of accumulated gain (loss) on a tax basis were as follows:


Ordinary Income	Accumulated Capital and Other Gain (Loss)	Other Temporary Differences	Unrealized Appreciation (Depreciation)	Total Accumulated Gain (Loss)

$5,536,651	$(140,897,993)	$(89,087)	$2,797,493	$(132,652,936)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is primarily due to wash sale adjustments, mark to market of swap contracts and Passive Foreign Investment Company (PFIC) adjustments. The other temporary differences are primarily due to foreign taxes payable.

As of October 31, 2020, for federal income tax purposes, capital loss carryforwards of $140,897,993 were available as shown in the table below, to the extent provided by the regulations to offset future realized gains of the Fund through the years indicated. To the extent that these


36		MainStay MacKay International Opportunities Fund

capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders. No capital gain distributions shall be made until any capital loss carryforwards have been fully utilized.


Capital Loss Available Through	Short-Term Capital Loss Amounts (000’s)	Long-Term Capital Loss Amounts (000’s)

Unlimited	$124,851	$16,047

During the years ended October 31, 2020, and October 31, 2019, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets were as follows:


	2020		2019

Distributions paid from:
Ordinary Income	$	29,814,526	$	30,883,910

Note 5–Custodian

Note 6–Line of Credit

Effective July 28, 2020, under the credit agreement (the “Credit Agreement”), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to JP Morgan Chase Bank NA, who serves as the agent to the syndicate. The commitment fee is allocated among the Fund and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Rate or the one-month LIBOR, whichever is higher. The Credit Agreement expires on July 27, 2021, although the Fund, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate of banks. Prior to July 28, 2020, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement, but State Street served as agent to the syndicate. During the year ended October 31, 2020, there were no borrowings made or outstanding with respect to the Fund under the Credit Agreement or the credit agreement for which State Street served as agent.

Note 7–Interfund Lending Program

provides an alternative credit facility that permits the Fund and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another subject to the conditions of the exemptive order. During the year ended October 31, 2020, there were no interfund loans made or outstanding with respect to the Fund.

Note 8–Purchases and Sales of Securities (in 000’s)

During the year ended October 31, 2020, purchases and sales of securities, other than short-term securities, were $358,455 and $390,889, respectively.

Note 9–Capital Share Transactions

Transactions in capital shares for the years ended October 31, 2020, and October 31, 2019, were as follows:


Class A	Shares			Amount

Year ended October 31, 2020:
Shares sold		304,489		$	2,074,100
Shares issued to shareholders in reinvestment of distributions		239,794			1,709,730
Shares redeemed		(1,164,431	)		(7,702,927	)

Net increase (decrease) in shares outstanding before conversion		(620,148	)		(3,919,097	)
Shares converted into Class A (See Note 1)		43,011			270,177
Shares converted from Class A (See Note 1)		(5,617	)		(32,184	)

Net increase (decrease)		(582,754	)	$	(3,681,104	)

Year ended October 31, 2019:
Shares sold		413,008		$	3,078,930
Shares issued to shareholders in reinvestment of distributions		220,471			1,530,068
Shares redeemed		(2,107,980	)		(15,682,842	)

Net increase (decrease) in shares outstanding before conversion		(1,474,501	)		(11,073,844	)
Shares converted into Class A (See Note 1)		15,609			118,220
Shares converted from Class A (See Note 1)		(41,226	)		(311,983	)

Net increase (decrease)		(1,500,118	)	$	(11,267,607	)


			37

Notes to Financial Statements (continued)


Investor Class	Shares			Amount

Year ended October 31, 2020:
Shares sold		54,587		$	368,340
Shares issued to shareholders in reinvestment of distributions		47,308			336,357
Shares redeemed		(111,252	)		(742,902	)

Net increase (decrease) in shares outstanding before conversion		(9,357	)		(38,205	)
Shares converted into Investor Class (See Note 1)		4,407			26,427
Shares converted from Investor Class (See Note 1)		(42,961	)		(268,699	)

Net increase (decrease)		(47,911	)	$	(280,477	)

Year ended October 31, 2019:
Shares sold		72,446		$	546,463
Shares issued to shareholders in reinvestment of distributions		24,698			170,913
Shares redeemed		(81,689	)		(613,180	)

Net increase (decrease) in shares outstanding before conversion		15,455			104,196
Shares converted into Investor Class (See Note 1)		42,221			317,600
Shares converted from Investor Class (See Note 1)		(11,987	)		(90,418	)

Net increase (decrease)		45,689		$	331,378



Class C	Shares			Amount

Year ended October 31, 2020:
Shares sold		82,424		$	592,715
Shares issued to shareholders in reinvestment of distributions		161,472			1,118,998
Shares redeemed		(1,126,164	)		(7,264,586	)

Net increase (decrease) in shares outstanding before conversion		(882,268	)		(5,552,873	)
Shares converted from Class C (See Note 1)		(2,120	)		(13,261	)

Net increase (decrease)		(884,388	)	$	(5,566,134	)

Year ended October 31, 2019:
Shares sold		117,641		$	851,396
Shares issued to shareholders in reinvestment of distributions		146,975			992,083
Shares redeemed		(1,984,765	)		(14,410,691	)

Net increase (decrease) in shares outstanding before conversion		(1,720,149	)		(12,567,212	)
Shares converted from Class C (See Note 1)		(14,781	)		(109,920	)

Net increase (decrease)		(1,734,930	)	$	(12,677,132	)


Class I	Shares			Amount

Year ended October 31, 2020:
Shares sold		2,542,984		$	17,068,101
Shares issued to shareholders in reinvestment of distributions		3,665,446			26,281,255
Shares redeemed		(6,441,307	)		(43,979,895	)

Net increase in shares outstanding before conversion		(232,877	)		(630,539	)
Shares converted into Class I (See Note 1)		3,045			17,540

Net increase (decrease)		(229,832	)	$	(612,999	)

Year ended October 31, 2019:
Shares sold		4,225,346		$	32,166,202
Shares issued to shareholders in reinvestment of distributions		3,924,898			27,395,787
Shares redeemed		(37,342,408	)		(276,617,258	)

Net increase (decrease) in shares outstanding before conversion		(29,192,164	)		(217,055,269	)
Shares converted into Class I (See Note 1)		9,687			76,501

Net increase (decrease)		(29,182,477	)	$	(216,978,768	)

Note 10–Recent Accounting Pronouncement

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board issued Accounting Standards Update 2018-13, Fair Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which adds, removes, and modifies certain fair value measurement disclosure requirements. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019. The Manager evaluated the implications of certain provisions of ASU 2018-13 and determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures, which are currently in place as of October 31, 2020. The Manager is evaluating the implications of certain other provisions of ASU 2018-13 related to new disclosure requirements and has not yet determined the impact of those provisions on the financial statement disclosures, if any.

Note 11–Other Matters


38		MainStay MacKay International Opportunities Fund

unforeseeable ways and result in a substantial and extended economic downturn. Developments that disrupt global economies and financial markets, such as COVID-19, may magnify factors that affect the Fund’s performance.

Note 12–Subsequent Events

statements were issued have been evaluated by the Manager, for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified other than the following:

Effective at the close of business on November 20, 2020, all services provided by State Street were transitioned to JPMorgan Chase Bank, N.A., except for a subset of custody related services for some of the Fund’s open short positions.


			39

Report of Independent Registered Public Accounting Firm

To the Shareholders of the Fund and Board of Trustees

MainStay Funds Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of MainStay MacKay International Opportunities Fund (the Fund), one of the funds constituting MainStay Funds Trust, including the portfolio of investments, as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2020, by correspondence with the custodian, the transfer agent, and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

LOGO

We have served as the auditor of one or more New York Life Investment Management investment companies since 2003.

Philadelphia, Pennsylvania

December 23, 2020


40		MainStay MacKay International Opportunities Fund

Federal Income Tax Information

(Unaudited)

The Fund is required under the Internal Revenue Code to advise shareholders in a written statement as to the federal tax status of dividends paid by the Fund during such fiscal years.

For the fiscal year ended October 31, 2020, the Fund designated approximately $11,485,171 under the Internal Revenue Code as qualified dividend income eligible for reduced tax rates.

•

the total amount of taxes credited to foreign countries was $571,611.

•

the total amount of income sourced from foreign countries was $3,809,790

Proxy Voting Policies and Procedures and Proxy Voting Record

Shareholder Reports and Quarterly Portfolio Disclosure


			41

Board of Trustees and Officers (Unaudited)

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Interested Trustee

Yie-Hsin Hung*

1962

MainStay Funds:
Trustee since 2017

MainStay Funds Trust:
Trustee since 2017

MainStay VP Funds Trust:
Trustee since 2017 (31 portfolios); and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017.


42		MainStay MacKay International Opportunities Fund

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

David H. Chow

1957

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Founder and CEO, DanCourt Management, LLC since 1999

Susan B. Kerley

1951

MainStay Funds:
Chairman since 2017 and Trustee since 2007;

MainStay Funds Trust: Chairman since 2017 and Trustee since 1990.**

President, Strategic Management Advisors LLC since 1990

MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007 (31 portfolios)***;
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; and

Legg Mason Partners Funds: Trustee since 1991 (45 portfolios).

Alan R. Latshaw

1951

MainStay Funds:
Trustee;

MainStay Funds Trust:
Trustee and Audit Committee Financial Expert since 2007.**

Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006)

Richard H. Nolan, Jr.

1946

MainStay Funds:
Trustee since 2007;

MainStay Funds Trust:
Trustee since 2007.**

Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004)

MainStay VP Funds Trust: Trustee since 2006 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Jacques P. Perold

1958

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Allstate Corporation: Director since 2015;
MSCI, Inc.: and Director since 2017.


			43

Board of Trustees and Officers (Unaudited) (continued)

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

Richard S. Trutanic

1952

MainStay Funds: Trustee since 1994;

MainStay Funds Trust: Trustee since 2007.**

MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust.

***

Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


44		MainStay MacKay International Opportunities Fund


	Name and Year of Birth	Position(s) Held and Length of Service	Principal Occupation(s) During Past Five Years
Officers of the Trust (Who are not Trustees)*	Kirk C. Lehneis 1974	President, MainStay Funds, MainStay Funds Trust since 2017	Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers since 2017 and Senior Managing Director since 2018, NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since 2017**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC
	Jack R. Benintende 1964	Treasurer and Principal Financial and Accounting Officer, MainStay Funds since 2007, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2007**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012)
	Yi-Chia Kuo 1981	Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust since January 2020	Chief Compliance Officer, Index IQ Trust, Index IQ ETF Trust and Index IQ Active ETF Trust since January 2020; Vice President and Chief Compliance Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since January 2020; Director and Associate General Counsel, New York Life Insurance Company (2015 to 2019)
	J. Kevin Gao 1967	Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust since 2010	Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2010**
	Scott T. Harrington 1959	Vice President— Administration, MainStay Funds since 2005, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2005**

Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


			45

MainStay Funds

Equity

U.S. Equity

MainStay Epoch U.S. All Cap Fund

MainStay Epoch U.S. Equity Yield Fund

MainStay MacKay Common Stock Fund

MainStay MacKay Growth Fund

MainStay MacKay S&P 500 Index Fund

MainStay MacKay Small Cap Core Fund

MainStay MacKay U.S. Equity Opportunities Fund

MainStay MAP Equity Fund

MainStay Winslow Large Cap Growth Fund¹

International Equity

MainStay Epoch International Choice Fund

MainStay MacKay International Equity Fund

MainStay MacKay International Opportunities Fund

Emerging Markets Equity

MainStay Candriam Emerging Markets Equity Fund

Global Equity

MainStay Epoch Capital Growth Fund

MainStay Epoch Global Equity Yield Fund

Fixed Income

Taxable Income

MainStay Candriam Emerging Markets Debt Fund

MainStay Floating Rate Fund

MainStay MacKay High Yield Corporate Bond Fund

MainStay MacKay Short Duration High Yield Fund

MainStay MacKay Total Return Bond Fund

MainStay MacKay Unconstrained Bond Fund

MainStay MacKay U.S. Infrastructure Bond Fund²

MainStay Short Term Bond Fund³

Tax-Exempt Income

MainStay MacKay California Tax Free Opportunities Fund⁴

MainStay MacKay High Yield Municipal Bond Fund

MainStay MacKay Intermediate Tax Free Bond Fund

MainStay MacKay New York Tax Free Opportunities Fund⁵

MainStay MacKay Short Term Municipal Fund

MainStay MacKay Tax Free Bond Fund

Money Market

MainStay Money Market Fund

Mixed Asset

MainStay Balanced Fund

MainStay Income Builder Fund

MainStay MacKay Convertible Fund

Speciality

MainStay CBRE Global Infrastructure Fund

MainStay CBRE Real Estate Fund

MainStay Cushing MLP Premier Fund

Asset Allocation

MainStay Conservative Allocation Fund

MainStay Conservative ETF Allocation Fund

MainStay Defensive ETF Allocation Fund

MainStay Equity Allocation Fund⁶

MainStay Equity ETF Allocation Fund

MainStay Growth Allocation Fund⁷

MainStay Growth ETF Allocation Fund

MainStay Moderate Allocation Fund

MainStay Moderate ETF Allocation Fund

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium S.A.⁸

Brussels, Belgium

Candriam Luxembourg S.C.A.⁸

Strassen, Luxembourg

CBRE Clarion Securities LLC

Radnor, Pennsylvania

Cushing Asset Management, LP

Dallas, Texas

Epoch Investment Partners, Inc.

New York, New York

MacKay Shields LLC⁸

New York, New York

Markston International LLC

White Plains, New York

NYL Investors LLC⁸

New York, New York

Winslow Capital Management, LLC

Minneapolis, Minnesota

Legal Counsel

Dechert LLP

Washington, District of Columbia

Independent Registered Public Accounting Firm

KPMG LLP

Philadelphia, Pennsylvania

Distributor

NYLIFE Distributors LLC⁸

Jersey City, New Jersey

Custodian⁹

State Street Bank and Trust Company

Boston, Massachusetts

1.	Formerly known as MainStay Large Cap Growth Fund.

2.	Formerly known as MainStay MacKay Infrastructure Bond Fund.

3.	Formerly known as MainStay Indexed Bond Fund.

4.	This Fund is registered for sale in AZ, CA, NV, OR, TX, UT and WA. Class A and Class I shares are registered for sale in MI. Class I and Class C2 shares are registered for sale in CO, FL, GA, HI, ID, MA, MD, NH, NJ and NY.

5.	This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT.

6.	Formerly known as MainStay Growth Allocation Fund.

7.	Formerly known as MainStay Moderate Growth Allocation Fund.

8.	An affiliate of New York Life Investment Management LLC.

Not part of the Annual Report

For more information

800-624-6782

newyorklifeinvestments.com

1716831 MS203-20

MSIR11-12/20

(NYLIM) NL236

MainStay MacKay New York Tax Free Opportunities Fund

Message from the President and Annual Report

October 31, 2020


Not FDIC/NCUA Insured		Not a Deposit		May Lose Value		No Bank Guarantee		Not Insured by Any Government Agency

LOGO

This page intentionally left blank

Message from the President

Sincerely,

LOGO

Kirk C. Lehneis

President

Not part of the Annual Report

Table of Contents


Annual Report

Investment and Performance Comparison			5

Portfolio Management Discussion and Analysis			9

Portfolio of Investments			11

Financial Statements			26

Notes to Financial Statements			32

Report of Independent Registered Public Accounting Firm			40

Federal Income Tax Information			41

Proxy Voting Policies and Procedures and Proxy Voting Record			41

Shareholder Reports and Quarterly Portfolio Disclosure			41

Board of Trustees and Officers			42

Investment and Performance Comparison¹ (Unaudited)

LOGO

Average Annual Total Returns for the Year-Ended October 31, 2020

Class

Sales Charge

Inception
Date

One Year
or Since
Inception

Five
Years

Since
Inception

Gross
Expense
Ratio²

Class A Shares

Maximum 4.5% Initial Sales Charge

With sales charges

Excluding sales charges

5/14/2012

–2.26

2.35

2.91

3.87

3.65

4.22

0.83

Investor Class Shares³

Maximum 4% Initial Sales Charge

With sales charges

Excluding sales charges

5/14/2012

–2.27

2.33

2.89

3.84

3.58

4.15

0.85

Class C Shares

Maximum 1% CDSC

if Redeemed Within One Year of Purchase

With sales charges

Excluding sales charges

5/14/2012

1.08

2.08

3.56

3.88

1.10

Class C2 Shares

Maximum 1% CDSC

if Redeemed Within One Year of Purchase

With sales charges

Excluding sales charges

8/31/2020

–1.50

–0.50

N/A

1.25

Class I Shares

No Sales Charge

5/14/2012

2.61

4.11

4.48

0.58

Class R6 Shares

No Sales Charge

11/1/2019

2.60

N/A

0.55

2.	The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report.

3.	Prior to June 30, 2020, the maximum initial sales charge for Investor Class shares was 4.5%, which is reflected in the average annual total return figures shown.

The footnotes on the next page are an integral part of the table and graph and should be carefully read in conjunction with them.


			5


Benchmark Performance	One Year			Five Years			Since Inception

Bloomberg Barclays New York Municipal Bond Index⁴		2.25	%		3.24	%		3.26	%
Morningstar Muni New York Long Category Average⁵		1.66			3.28			3.09

The Bloomberg Barclays New York Municipal Bond Index is the Fund’s primary broad-based securities market index for comparison purposes. The Bloomberg Barclays New York Municipal Bond Index is a market value-weighted index of New York investment grade tax exempt fixed-rate municipal bonds with maturities of one year or more. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

The Morningstar Muni New York Long Category Average is representative of funds that invest at least 80% of assets in New York municipal debt. These portfolios have durations of more than 7.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.

The footnotes on the preceding page are an integral part of the table and graph and should be carefully read in conjunction with them.


6		MainStay MacKay New York Tax Free Opportunities Fund

Cost in Dollars of a $1,000 Investment in MainStay MacKay New York Tax Free Opportunities Fund (Unaudited)

Example

This example illustrates your Fund’s ongoing costs in two ways:

Actual Expenses

multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes



Share Class	Beginning Account Value 5/1/20		Ending Account Value (Based on Actual Returns and Expenses) 10/31/20		Expenses Paid During Period¹		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/20		Expenses Paid During Period¹		Net Expense Ratio During Period²

Class A Shares	$	1,000.00	$	1,065.00	$	3.89	$	1,021.37	$	3.81	0.75%

Investor Class Shares	$	1,000.00	$	1,064.90	$	4.00	$	1,021.27	$	3.91	0.77%

Class C Shares	$	1,000.00	$	1,062.50	$	5.29	$	1,020.01	$	5.18	1.02%

Class C2 Shares^3,4	$	1,000.00	$	995.00	$	1.80	$	1,006.53	$	1.81	1.08%

Class I Shares	$	1,000.00	$	1,065.30	$	2.60	$	1,022.62	$	2.54	0.50%

Class R6 Shares	$	1,000.00	$	1,065.40	$	2.49	$	1,022.72	$	2.44	0.48%

Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 366 and multiplied by 184 (to reflect the six-month period) and 61 days for Class C2 share (to reflect the since-inception period. The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures.

2.	Expenses are equal to the Fund’s annualized expense ratio to reflect the six-month period.

3.	The inception date was August 31, 2020.

Expenses paid during the period reflect ongoing costs for the period from inception through October 31, 2020. Had these shares been offered for the full six-month period ended October 31, 2020, and had the Fund provided a hypothetical 5% annualized return, expenses paid during the period would have been $5.48 for Class C2 shares and the ending account value would have been $1,019.71 for Class C2 shares.


			7

Industry Composition as of October 31, 2020 (Unaudited)



Medical	13.2	%

General	12.8

Higher Education	11.1

Transportation	10.6

General Obligation	8.9

Development	8.1

Water	5.9

Tobacco Settlement	3.8

Education	3.7

Multi-Family Housing	2.5

Power	2.4

Airport	2.3



Utilities	2.0	%

Housing	1.5

Nursing Homes	1.3

School District	1.1

Pollution	0.6

Single Family Housing	0.4

Closed-End Funds	0.2

Facilities	0.2

Other Assets, Less Liabilities	7.4

	100.0	%

See Portfolio of Investments beginning on page 11 for specific holdings within these categories. The Fund’s holdings are subject to change.

Top Ten Issuers Held as of October 31, 2020 (excluding short-term investment) (Unaudited)

1.	Metropolitan Transportation Authority, Green Bond, Revenue Bonds, 4.00%–5.25%, due 11/15/27–11/15/52

2.	New York State Dormitory Authority, Revenue Bonds, 0.28%–4.625%, due 7/1/36–7/1/53

3.	Guam Government, Waterworks Authority, Revenue Bonds, 5.00%–5.50%, due 7/1/33–1/1/50

4.	City of New York NY, Unlimited General Obligation, 4.00%, due 8/1/40–3/1/50

5.	Broome County Local Development Corp., United Health Services Hospital, Revenue Bonds, 3.00%–4.00%, due 4/1/39–4/1/50

6.	Long Island Power Authority, Revenue Bonds, (zero coupon)–5.00%, due 12/1/26–9/1/46

7.	New York Liberty Development Corp., Bank of America Tower at One Bryant Park Project, Revenue Bonds, 2.45%–2.80%, due 9/15/69

8.	Oneida County Local Development Corp., Mohawk Valley Health System Project, Revenue Bonds, 3.00%–4.00%, due 12/1/32–12/1/49

9.	New York State Dormitory Authority, Personal Income Tax, Revenue Bonds, 4.00%, due 2/15/47

10.	Brookhaven Local Development Corp., Long Island Community Hospital, Revenue Bonds, 3.375%–5.00%, due 10/1/33–10/1/50


8		MainStay MacKay New York Tax Free Opportunities Fund

Portfolio Management Discussion and Analysis (Unaudited)

Questions answered by portfolio managers John Loffredo, CFA, Robert DiMella, CFA, Michael Petty, David Dowden, Scott Sprauer and Frances Lewis of MacKay Shields LLC, the Fund’s Subadvisor.

How did MainStay MacKay New York Tax Free Opportunities Fund perform relative to its benchmark and peer group during the 12 months ended October 31, 2020?

For the 12 months ended October 31, 2020, Class I shares of MainStay MacKay New York Tax Free Opportunities Fund returned 2.61%, outperforming the 2.25% return of the Fund’s primary benchmark, the Bloomberg Barclays New York Municipal Bond Index. Over the same period, Class I shares also outperformed the 1.66% return of the Morningstar Muni New York Long Category Average.¹

What factors affected the Fund’s relative performance during the reporting period?

During the reporting period, the Fund outperformed the Bloomberg Barclays New York Municipal Bond Index primarily due to out-of-benchmark exposures among high-yield bonds and U.S. territory credits from Guam and Puerto Rico. Relative returns also benefited from the selection and timing of the Fund’s purchases in the transportation sector. Although holdings of AAA-rated² credits and in the special tax and water/sewer sectors produced strong returns, relatively underweight exposure to all three areas detracted from performance compared to the Index.

During the reporting period, were there any market events that materially impacted the Fund’s performance or liquidity?

market was primarily due to a liquidity squeeze exacerbated by a sharp repricing of credit risk. Market technical conditions were upended as investors in municipal bond mutual funds and exchange-traded funds sought to exit a market that offered little liquidity, resulting in severe price declines. During this time, yields of variable-rate demand notes spiked to over 9% and the new-issue market was shut down. Credit spreads widened as market participants attempted to discount the impact of an abrupt shutdown of the U.S. economy. Notably, some high-yield municipal bonds experienced price swings exceeding 10 points in a day. (A point represents one percent of a bond’s face value.) In our view, leveraged open-end mutual funds that were ill-prepared to meet shareholder redemptions contributed to municipal market volatility as they resorted to forced sales.

The pandemic produced a significant credit shift in the municipal market. With mandatory stay-at-home requirements and the closing of large segments of the economy, including travel, leisure and retail, the economic conditions of state and local governments and related entities weakened. Fortunately, the municipal market’s credit condition at the start of 2020 was at an all-time high due to large state government reserves as a result of record tax revenues in the wake of the Great Recession of 2007-2009. Nevertheless, as of the end of the reporting period, we believe that several municipal “front-line” sectors—including infrastructure, hospitals, state and local governments, and higher education—are likely to be the sectors most immediately impacted by the pandemic-related economic slowdown. We expect the magnitude of the impact to be a function of the duration⁴ and the severity of the crisis, as well as the specific geographic location of the credits.

Since the end of 2019, our municipal bond management team has increased the Fund’s overall credit quality, and added additional liquidity and cash reserves to offset short-term financial losses. This enabled the Fund to take advantage of the market dislocation and rotate into sectors and credits that were most adversely impacted by the pandemic. As the market returns to more historically normal conditions, we believe these positions will benefit from fiscal support from the federal government and medical advances to end the pandemic. As always, we continue to assess the ability of each municipal issuer to manage through these times. We continue to believe there will be limited defaults in the municipal market, reflective of historical market trends.

1.	See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 for more information on benchmark and peer group returns.

An obligation rated ‘AAA’ has the highest rating assigned by Standard & Poor’s (“S&P”), and in the opinion of S&P, the obligor’s capacity to meet its financial commitment on the obligation is extremely strong. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund.

3.	The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time.

4.	Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity.


			9

During the reporting period, how was the Fund’s performance materially affected by investments in derivatives?

During the reporting period, the Fund used U.S. Treasury futures to try to maintain a neutral duration relative to the Bloomberg Barclays Municipal Bond Index. This hedge did not have a material impact on the Fund’s performance.

What was the Fund’s duration strategy during the reporting period?

The Fund’s duration was targeted to remain in a neutral range relative to the municipal bonds in which the Fund can invest, as outlined in its prospectus. In addition to investment-grade New York municipal bonds, the Fund may also invest in bonds of U.S. territories (Puerto Rico, Guam and the U.S. Virgin Islands) and up to 20% of net assets in municipal securities rated below investment grade. As of October 31, 2020, the Fund’s modified duration to worst⁵ was 5.95 years, while the benchmark’s modified duration to worst was 4.83 years.

During the reporting period, which sectors were the strongest positive contributors to the Fund’s relative performance and which sectors were particularly weak?

During the reporting period, the strongest positive contributions to the Fund’s performance relative to the Bloomberg Barclays New York Municipal Bond Index came from security selection and the timing of purchases in the transportation sector. (Contributions take weightings and total returns into account.) Other sectors that provided positive contributions to relative performance included education, tobacco and hospital. Conversely, holdings in the special tax, water/sewer and prerefunded/ETM (escrowed to maturity) sectors detracted from relative performance. Among localities, out-of-benchmark holdings in bonds from U.S. territories enhanced relative returns. From a credit-quality perspective, non-rated credits produced the strongest returns, while an allocation to bonds

rated BBB to B bolstered performance as well.⁶ The Fund’s significantly underweight exposure to bonds rated AAA and AA+ detracted from relative performance.⁷ Among maturities, bonds maturing in 20 years and over increased relative returns, while bonds maturing in 10 years or less detracted from relative performance.

What were some of the Fund’s largest purchases and sales during the reporting period?

The Fund remained focused on diversification and liquidity resulting in no individual transaction being considered significant during the reporting period.

How did the Fund’s sector weightings change during the reporting period?

Although there were no material changes in the Fund’s sector weightings during the reporting period, the Fund increased its sector exposure to hospital and water/sewer bonds, while decreasing its sector exposure to housing, education and local general obligation bonds. From a credit-rating perspective, the Fund increased its exposure to bonds rated A⁸ and B, while decreasing its exposure to securities rated AAA and AA. Among maturities, the Fund increased its exposure to bonds maturing in twenty-five to thirty years, and decreased its exposure to bonds maturing in twenty to twenty-five years.

How was the Fund positioned at the end of the reporting period?

As of October 31, 2020, the Fund held exposure to bonds from U.S. territories that are not included in the Bloomberg Barclays New York Municipal Bond Index. Relative to the Index, the Fund held overweight sector positions in education and hospital bonds, and underweight exposure to special tax, transportation and water/sewer bonds. As of the same date, the Fund held relatively overweight exposure to credits rated BBB, and underweight exposure to credits rated AAA and AA.

An obligation rated ‘BBB’ by S&P is deemed by S&P to exhibit adequate protection parameters. In the opinion of S&P, however, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation. An obligation rated ‘B’ by S&P is deemed by S&P to be more vulnerable to nonpayment than obligations rated ‘BB’, but in the opinion of S&P, the obligor currently has the capacity to meet its financial commitment on the obligation. It is the opinion of S&P that adverse business, financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its financial commitment on the obligation. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund.

An obligation rated ‘AA’ by S&P is deemed by S&P to differ from the highest-rated obligations only to a small degree. In the opinion of S&P, the obligor’s capacity to meet its financial commitment on the obligation is very strong. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. Ratings from ‘AA’ to ‘CCC may be modified by the addition of a plus (+) or minus (–) sign to show relative standing within the major rating categories.

An obligation rated ‘A’ by S&P is deemed by S&P to be somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. In the opinion of S&P, however, the obligor’s capacity to meet its financial commitment on the obligation is still strong. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund.


10		MainStay MacKay New York Tax Free Opportunities Fund

Portfolio of Investments October 31, 2020


	Principal Amount		Value
Municipal Bonds 92.4%† Long-Term Municipal Bonds 90.9%
Airport 2.3%
Albany County Airport Authority, Revenue Bonds
4.00%, due 12/15/44	$	835,000	$	914,968
Series A 5.00%, due 12/15/43		1,750,000		2,060,643
Series A 5.00%, due 12/15/48		2,585,000		3,021,684
Antonio B Won Pat International Airport Authority, Guam Airport, Revenue Bonds Series C, Insured: AGM 6.00%, due 10/1/34 (a)		1,000,000		1,096,530
New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Revenue Bonds (a)
Series A, Insured: AGM 4.00%, due 7/1/46		5,000,000		5,213,200
Series A 5.00%, due 7/1/41		1,000,000		1,074,810
Series A 5.25%, due 1/1/50		2,000,000		2,155,860
Niagara Frontier Transportation Authority, Buffalo Niagara International Airport, Revenue Bonds (a)
Series A 5.00%, due 4/1/23		225,000		245,534
Series A 5.00%, due 4/1/24		490,000		551,965
Series A 5.00%, due 4/1/27		610,000		683,877
Series A 5.00%, due 4/1/29		925,000		1,112,100
Series A 5.00%, due 4/1/30		375,000		464,775
Series A 5.00%, due 4/1/31		350,000		431,347
Series A 5.00%, due 4/1/32		400,000		490,020
Series A 5.00%, due 4/1/34		450,000		546,188
Series A 5.00%, due 4/1/35		400,000		484,060
Series A 5.00%, due 4/1/36		600,000		723,246
Series A 5.00%, due 4/1/38		375,000		449,036


	Principal Amount		Value
Airport (continued)
Ogdensburg Bridge & Port Authority, Revenue Bonds 5.75%, due 7/1/47 (a)(b)	$	2,290,000	$	2,341,891

				24,061,734

Development 8.1%
Battery Park City Authority, Revenue Bonds Series A 4.00%, due 11/1/44		4,355,000		5,081,153
Buffalo & Erie County Industrial Land Development Corp., Buffalo State College Foundation Housing, Revenue Bonds Series A 5.375%, due 10/1/41		855,000		873,246
Build NYC Resource Corp., Pratt Paper, Inc. Project, Revenue Bonds 5.00%, due 1/1/35 (a)(b)		4,305,000		4,704,504
Build NYC Resource Corp., YMCA of Greater New York, Revenue Bonds
5.00%, due 8/1/32		1,000,000		1,081,530
5.00%, due 8/1/42		1,000,000		1,081,530
Dobbs Ferry Local Development Corp., Mercy College Project, Revenue Bonds 5.00%, due 7/1/39		1,000,000		1,087,410
Dutchess County Local Development Corp., Revenue Bonds Series A 5.00%, due 7/1/34		500,000		584,305
New York City Industrial Development Agency, Revenue Bonds Series A 5.00%, due 7/1/28 (a)		1,500,000		1,569,075
New York City Industrial Development Agency, Yankee Stadium Project, Revenue Bonds Insured: AGM 4.00%, due 3/1/45		6,500,000		7,382,115
New York City Trust for Cultural Resources, Alvin Ailey Dance Foundation, Revenue Bonds Series A 4.00%, due 7/1/46		1,515,000		1,595,189
New York Liberty Development Corp., Bank of America Tower at One Bryant Park Project, Revenue Bonds
Class 1 2.45%, due 9/15/69		4,085,000		4,008,855
Class 3 2.80%, due 9/15/69		14,800,000		14,127,636


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					11

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Development (continued)
New York Liberty Development Corp., Goldman Sachs Headquarters, Revenue Bonds 5.50%, due 10/1/37	$	700,000	$	999,824
New York Liberty Development Corp., World Trade Center, Revenue Bonds
Class 2 5.00%, due 9/15/43		1,040,000		1,091,584
Class 3 5.00%, due 3/15/44		1,500,000		1,561,020
Class 2 5.375%, due 11/15/40 (b)		1,500,000		1,552,365
New York Transportation Development Corp., American Airlines, Inc., Revenue Bonds 5.00%, due 8/1/26 (a)		6,485,000		6,510,745
New York Transportation Development Corp., Delta Air Lines, Inc., Revenue Bonds (a)
4.375%, due 10/1/45		4,000,000		4,052,920
5.00%, due 10/1/35		3,000,000		3,276,750
5.00%, due 10/1/40		3,000,000		3,218,910
New York Transportation Development Corp., John F. Kennedy International Airport, Revenue Bonds (a)
5.25%, due 8/1/31		1,640,000		1,690,332
5.375%, due 8/1/36		2,110,000		2,186,741
Port Authority of New York & New Jersey, JFK International Airport, Revenue Bonds
5.50%, due 12/1/31		970,000		973,967
6.00%, due 12/1/36		1,640,000		1,646,708
6.00%, due 12/1/42		8,430,000		8,464,310
6.50%, due 12/1/28		2,065,000		2,091,576
Westchester County Local Development Corp., Pace University, Revenue Bonds Series A 5.50%, due 5/1/42		3,265,000		3,517,091

				86,011,391

Education 3.7%
Albany Capital Resource Corp., Albany Leadership Charter School for Girls Project, Revenue Bonds 5.00%, due 6/1/49		2,380,000		2,511,900
Albany Industrial Development Agency, Brighter Choice Charter School, Revenue Bonds
Series A 5.00%, due 4/1/27		1,375,000		1,377,324


	Principal Amount		Value
Education (continued)
Albany Industrial Development Agency, Brighter Choice Charter School, Revenue Bonds (continued)
Series A 5.00%, due 4/1/37	$	1,000,000	$	1,000,660
Buffalo & Erie County Industrial Land Development Corp., Tapestry Charter School Project, Revenue Bonds
5.00%, due 8/1/47		500,000		535,375
5.00%, due 8/1/52		3,995,000		4,265,382
Build NYC Resource Corp., Inwood Academy Leadership Charter School Project, Revenue Bonds (b)
Series A 5.125%, due 5/1/38		800,000		854,048
Series A 5.50%, due 5/1/48		1,500,000		1,613,280
Build NYC Resource Corp., Metropolitan Lighthouse Charter School Project, Revenue Bonds (b)
Series A 5.00%, due 6/1/32		1,000,000		1,096,050
Series A 5.00%, due 6/1/37		1,500,000		1,619,970
Series A 5.00%, due 6/1/47		3,100,000		3,313,807
Series A 5.00%, due 6/1/52		1,500,000		1,600,185
Build NYC Resource Corp., The Children’s Aid Society Project, Revenue Bonds 5.00%, due 7/1/45		1,120,000		1,227,520
New York State Dormitory Authority, Brooklyn Law School, Revenue Bonds Series A 5.00%, due 7/1/33		1,650,000		1,893,672
New York State Dormitory Authority, Master BOCES Program, Revenue Bonds Series A 4.00%, due 8/15/42		5,500,000		6,063,420
New York State Dormitory Authority, Revenue Bonds Insured: AMBAC 4.625%, due 7/1/36		200,000		198,120
Rensselaer NY, City School District, Certificates of Participation
Insured: AGM 4.00%, due 6/1/34		650,000		728,592
Insured: AGM 4.00%, due 6/1/35		850,000		950,079


12		MainStay MacKay New York Tax Free Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Education (continued)
Riverhead Industrial Development Agency, Revenue Bonds
7.00%, due 8/1/43	$	925,000	$	1,017,583
7.00%, due 8/1/48		730,000		801,365
Syracuse Industrial Development Agency, Revenue Bonds Series A, Insured: State Aid Withholding 3.25%, due 5/1/34		1,000,000		1,068,250
Syracuse Industrial Development Agency, Syracuse City School District Project, Revenue Bonds Series A. Insured: State Aid Withholding 4.00%, due 5/1/36		1,500,000		1,732,155
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Revenue Bonds
Series A 4.00%, due 10/15/29		200,000		211,668
Series A 5.00%, due 10/15/39		840,000		923,882
Series A 5.00%, due 10/15/49		640,000		689,734
5.00%, due 10/15/50		1,350,000		1,459,660

				38,753,681

Facilities 0.2%
Build NYC Resource Corp., Royal Charter Properties, Revenue Bonds Insured: AGM 4.75%, due 12/15/32		2,000,000		2,110,360


General 12.1%
Build NYC Resource Corp., Bronx Charter School for Excellence, Revenue Bonds Series A 5.50%, due 4/1/43		1,160,000		1,215,866
GDB Debt Recovery Authority of Puerto Rico, Revenue Bonds 7.50%, due 8/20/40		1,205,040		831,478
Guam Government, Business Privilege Tax, Revenue Bonds
Series D 4.00%, due 11/15/39		650,000		669,663
Series D 5.00%, due 11/15/27		1,825,000		2,054,694
Series B-1 5.00%, due 1/1/32		1,070,000		1,101,030


	Principal Amount		Value
General (continued)
Guam Government, Business Privilege Tax, Revenue Bonds (continued)
Series A 5.125%, due 1/1/42	$	3,100,000	$	3,186,118
Series A 5.25%, due 1/1/36		1,875,000		1,932,356
Hudson Yards Infrastructure Corp., Revenue Bonds
Series A 4.00%, due 2/15/44		4,000,000		4,291,360
Series A 5.00%, due 2/15/42		7,500,000		8,620,800
5.25%, due 2/15/47		1,400,000		1,418,026
5.75%, due 2/15/47		1,570,000		1,593,820
Metropolitan Transportation Authority, Green Bond, Revenue Bonds Series B-2 5.25%, due 11/15/33		5,000,000		6,061,200
New York City Industrial Development Agency, Queens Baseball Stadium, Revenue Bonds
Insured: AMBAC 5.00%, due 1/1/31		465,000		465,023
Insured: AMBAC 5.00%, due 1/1/36		1,780,000		1,780,125
Insured: AMBAC 5.00%, due 1/1/39		560,000		560,034
Insured: AMBAC 5.00%, due 1/1/46		2,300,000		2,235,485
Insured: AGC 6.375%, due 1/1/39		500,000		502,170
New York City Industrial Development Agency, United Jewish Appeal, Revenue Bonds 5.00%, due 7/1/34		1,000,000		1,053,190
New York City Industrial Development Agency, Yankee Stadium, Revenue Bonds
Insured: AGC (zero coupon), due 3/1/40		380,000		209,547
Insured: AGC (zero coupon), due 3/1/44		1,065,000		500,699
Insured: AGC (zero coupon), due 3/1/45		200,000		90,236
Insured: AGC (zero coupon), due 3/1/46		3,800,000		1,649,352
Insured: AGC (zero coupon), due 3/1/47		1,115,000		465,557


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					13

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
General (continued)
New York City Transitional Finance Authority, Building Aid, Revenue Bonds
Series S-1, Insured: State Aid Withholding 4.00%, due 7/15/36	$	1,500,000	$	1,695,645
Series S-3, Insured: State Aid Withholding 4.00%, due 7/15/46		2,905,000		3,224,114
Series S-3, Insured: State Aid Withholding 5.00%, due 7/15/43		2,500,000		3,007,050
New York City Transitional Finance Authority, Future Tax Secured, Revenue Bonds Series C-1 4.00%, due 11/1/42		7,000,000		7,868,070
New York City Trust for Cultural Resources, American Museum of National History, Revenue Bonds Series A 5.00%, due 7/1/41		1,000,000		1,154,360
New York City Trust For Cultural Resources, The Museum of Modern Art, Revenue Bonds 4.00%, due 4/1/30		1,200,000		1,365,744
New York Convention Center Development Corp., Hotel Unit Fee, Revenue Bonds Series A (zero coupon), due 11/15/47		6,500,000		2,346,240
New York Convention Center Development Corp., Revenue Bonds 5.00%, due 11/15/40		1,620,000		1,810,237
New York Liberty Development Corp., World Trade Center, Revenue Bonds 5.75%, due 11/15/51		1,500,000		1,575,285
New York State Dormitory Authority, Personal Income Tax, Revenue Bonds Series D 4.00%, due 2/15/47		15,500,000		17,368,060
New York State Urban Development Corp., Bidding Group 3, Revenue Bonds Series A 4.00%, due 3/15/44		11,320,000		12,803,712
Puerto Rico Convention Center District Authority, Revenue Bonds Series A, Insured: AGC 4.50%, due 7/1/36		400,000		400,148


	Principal Amount		Value
General (continued)
Puerto Rico Municipal Finance Agency, Revenue Bonds Series C, Insured: AGC 5.25%, due 8/1/23	$	100,000	$	107,177
Puerto Rico Sales Tax Financing Corp., Revenue Bonds Series A-1 5.00%, due 7/1/58		15,434,000		16,442,612
Schenectady Metroplex Development Authority, Revenue Bonds Series A, Insured: AGM 5.50%, due 8/1/33		1,000,000		1,135,130
Tender Option Bond Trust Receipts, Revenue Bonds Series 2016-ZF0414 0.49%, due 11/15/23 (b)(c)		770,000		770,000
Territory of Guam, Hotel Occupancy Tax, Revenue Bonds
Series A 6.00%, due 11/1/26		3,000,000		3,028,830
Series A 6.50%, due 11/1/40		2,500,000		2,529,175
Territory of Guam, Section 30, Revenue Bonds Series A 5.00%, due 12/1/36		1,020,000		1,144,226
Virgin Islands Public Finance Authority, Matching Fund Loan, Revenue Bonds
Series A-1 5.00%, due 10/1/24		1,265,000		1,265,291
Series A 5.00%, due 10/1/25		410,000		408,479
Subseries A 6.00%, due 10/1/39		640,000		612,083
Series A 6.625%, due 10/1/29		720,000		722,930
Series A 6.75%, due 10/1/37		1,630,000		1,636,096
Virgin Islands Public Finance Authority, Revenue Bonds Series A, Insured: AGM 5.00%, due 10/1/32		1,415,000		1,513,059

				128,421,582

General Obligation 8.9%
Buffalo NY, Limited General Obligation
Series A 5.00%, due 4/1/27		500,000		619,460
Series A 5.00%, due 4/1/28		400,000		493,400


14		MainStay MacKay New York Tax Free Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
General Obligation (continued)
City of New York NY, Unlimited General Obligation
Series C 4.00%, due 8/1/40	$	4,200,000	$	4,780,608
Series C 4.00%, due 8/1/41		4,885,000		5,538,906
Series B-1 4.00%, due 10/1/41		500,000		553,830
Series A, Subseries A-1, Insured: BAM 4.00%, due 8/1/44		4,930,000		5,487,682
Series D-1, Insured: BAM 4.00%, due 3/1/50		5,440,000		6,044,112
City of Newburgh NY, Limited General Obligation
Series A, Insured: AGM 3.50%, due 7/15/36		725,000		755,435
Series A 5.50%, due 6/15/31		500,000		541,815
City of Ogdensburg NY, Public Improvement, Limited General Obligation
5.50%, due 4/15/23		40,000		42,804
5.50%, due 4/15/24		45,000		49,177
5.50%, due 4/15/26		50,000		55,381
5.50%, due 4/15/28		55,000		60,051
City of Plattsburgh NY, Limited General Obligation
Series B, Insured: AGM 5.00%, due 9/15/21		450,000		466,646
Series B, Insured: AGM 5.00%, due 9/15/22		455,000		490,422
Series B, Insured: AGM 5.00%, due 9/15/24		510,000		588,968
Series B, Insured: AGM 5.00%, due 9/15/25		470,000		559,371
Series B, Insured: AGM 5.00%, due 9/15/26		395,000		480,648
City of Poughkeepsie NY, Limited General Obligation 5.00%, due 6/1/31		600,000		644,940
City of Yonkers NY, Limited General Obligation
Series A, Insured: BAM 4.00%, due 9/1/31		1,500,000		1,730,940
Series A, Insured: BAM 4.00%, due 5/1/35		1,550,000		1,809,764
Series A, Insured: BAM 4.00%, due 5/1/36		1,700,000		1,974,890
Series A, Insured: BAM 4.00%, due 5/1/37		2,000,000		2,314,520


	Principal Amount		Value
General Obligation (continued)
Commonwealth of Puerto Rico, Public Improvement, Unlimited General Obligation
Insured: NATL-RE 5.00%, due 7/1/28	$	150,000	$	151,155
Series A, Insured: AGM 5.00%, due 7/1/35		835,000		874,746
Series A, Insured: AGM 5.375%, due 7/1/25		340,000		348,143
County of Clinton, Limited General Obligation Insured: AGM 4.00%, due 6/1/38 (a)		1,500,000		1,628,550
County of Nassau NY, Limited General Obligation
Series A 4.00%, due 4/1/27		1,000,000		1,015,690
Series B, Insured: AGM 5.00%, due 4/1/49		10,000,000		12,373,000
County of Rockland NY, Limited General Obligation
Insured: AGM 4.00%, due 5/1/44		915,000		1,002,364
Insured: AGM 4.00%, due 5/1/45		950,000		1,038,378
Insured: AGM 4.00%, due 5/1/46		985,000		1,074,980
Insured: AGM 4.00%, due 5/1/48		1,065,000		1,160,722
Insured: BAM 5.00%, due 6/1/24		500,000		581,070
Insured: BAM 5.00%, due 6/1/25		560,000		674,150
Insured: BAM 5.00%, due 6/1/26		550,000		681,345
Glens Falls NY, Limited General Obligation
Insured: AGM 4.00%, due 1/15/31		500,000		563,400
Insured: AGM 4.00%, due 1/15/32		315,000		352,208
Insured: AGM 4.00%, due 1/15/33		250,000		277,095
Onondaga County NY, Limited General Obligation
3.00%, due 6/1/39		2,150,000		2,226,862
3.25%, due 4/15/34		1,250,000		1,320,400
Puerto Rico Municipal Finance Agency, Revenue Bonds Series A, Insured: AGM 4.75%, due 8/1/22		1,420,000		1,424,572


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					15

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
General Obligation (continued)
Suffolk County NY, Limited General Obligation Series A, Insured: BAM 4.00%, due 4/1/33	$	2,190,000	$	2,483,263
Suffolk County NY, Public Improvement, Limited General Obligation
Series B, Insured: AGM 3.00%, due 10/15/32		5,480,000		5,823,212
Series B, Insured: AGM 3.00%, due 10/15/33		2,400,000		2,531,712
Series B, Insured: AGM 3.00%, due 10/15/34		5,740,000		6,034,634
Series A, Insured: AGM 3.25%, due 6/1/36		715,000		751,158
Series A, Insured: AGM 3.25%, due 6/1/37		725,000		759,764
Town of Oyster Bay NY, Limited General Obligation Insured: AGM 4.00%, due 8/1/30		365,000		381,407
Town of Oyster Bay NY, Public Improvement Project, Limited General Obligation
4.00%, due 2/15/26		3,440,000		3,881,524
Series A, Insured: BAM 5.00%, due 1/15/28		500,000		558,965
Village of Valley Stream NY, Limited General Obligation
Insured: BAM 4.00%, due 4/1/33		490,000		543,459
Insured: BAM 4.00%, due 4/1/34		510,000		563,938
Insured: BAM 4.00%, due 4/1/35		530,000		585,131
Insured: BAM 4.00%, due 4/1/36		550,000		604,961
Insured: BAM 4.00%, due 4/1/37		570,000		624,481
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds
Series A 5.00%, due 10/1/29		1,000,000		947,630
Series A 5.00%, due 10/1/32		1,000,000		932,610
Series A, Insured: AGM 5.00%, due 10/1/32		1,200,000		1,283,160

				94,143,609


	Principal Amount		Value
Higher Education 11.1%
Buffalo & Erie County Industrial Land Development Corp, D’Youville College Project, Revenue Bonds
4.00%, due 11/1/40	$	1,000,000	$	1,035,010
4.00%, due 11/1/50		5,000,000		5,079,400
Build NYC Resource Corp., Manhattan College Project, Revenue Bonds
4.00%, due 8/1/42		1,500,000		1,593,825
5.00%, due 8/1/47		240,000		270,336
Build NYC Resource Corp., Metropolitan College of New York, Revenue Bonds 5.50%, due 11/1/44		2,500,000		2,626,800
Build NYC Resource Corp., New York Law School Project, Revenue Bonds
5.00%, due 7/1/30		3,865,000		4,192,365
5.00%, due 7/1/33		1,520,000		1,629,212
5.00%, due 7/1/41		1,050,000		1,107,834
City of Amherst NY, Daemen College Project, Revenue Bonds
4.00%, due 10/1/37		1,000,000		1,018,130
5.00%, due 10/1/43		2,000,000		2,180,300
5.00%, due 10/1/48		2,000,000		2,154,400
County of Cattaraugus NY, St. Bonaventure University, Revenue Bonds 5.00%, due 5/1/44		1,200,000		1,248,768
Dutchess County Industrial Development Agency, Bard College Civic Facility, Revenue Bonds Series A-1 5.00%, due 8/1/46		555,000		530,208
Dutchess County Local Development Corp., Culinary Institute of America Project, Revenue Bonds
Series A-1 5.00%, due 7/1/31		375,000		409,965
5.00%, due 7/1/33		700,000		758,450
Dutchess County Local Development Corp., Marist College Project, Revenue Bonds
Series A 5.00%, due 7/1/39		1,000,000		1,074,200
5.00%, due 7/1/43		2,000,000		2,368,240
5.00%, due 7/1/48		4,000,000		4,701,040
Hempstead Town Local Development Corp., Molloy College Project, Revenue Bonds
5.00%, due 7/1/38		870,000		987,963
5.00%, due 7/1/43		1,020,000		1,141,727
5.00%, due 7/1/48		1,100,000		1,222,936


16		MainStay MacKay New York Tax Free Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Higher Education (continued)
Madison County Capital Resource Corp., Colgate University Project, Revenue Bonds Series A 5.00%, due 7/1/29	$	1,000,000	$	1,079,380
Monroe County Industrial Development Corp., St. John Fisher College, Revenue Bonds Series A 5.00%, due 6/1/24		330,000		346,781
Monroe County Industrial Development Corp., University of Rochester Project, Revenue Bonds
Series C 4.00%, due 7/1/43		3,000,000		3,337,050
Series D 4.00%, due 7/1/43		2,470,000		2,747,505
Series A 4.00%, due 7/1/50		6,500,000		7,330,375
Monroe County NY Industrial Development Corp., Rochester General Hospital, Revenue Bonds 4.00%, due 10/1/47		1,695,000		1,682,982
New York City of Albany Capital Resource Corp., Albany College of Pharmacy & Health Sciences Project, Revenue Bonds Series A 5.00% , due 12/1/33		150,000		163,046
New York State Dormitory Authority, Culinary Institute of America, Revenue Bonds 6.00%, due 7/1/38		1,500,000		1,503,780
New York State Dormitory Authority, Fordham University, Revenue Bonds
4.00%, due 7/1/50		13,330,000		14,798,166
Series A 5.00%, due 7/1/41		1,075,000		1,243,463
New York State Dormitory Authority, New York University, Revenue Bonds
Series A 4.00%, due 7/1/43		2,950,000		3,246,210
Series A 4.00%, due 7/1/45		5,800,000		6,600,168
New York State Dormitory Authority, Pace University, Revenue Bonds
Series A 4.00%, due 5/1/33		400,000		409,004
Series A 4.25%, due 5/1/42		450,000		458,541


	Principal Amount		Value
Higher Education (continued)
New York State Dormitory Authority, Rockefeller University, Revenue Bonds Series C 4.00%, due 7/1/49	$	4,305,000	$	4,938,997
New York State Dormitory Authority, The New School, Revenue Bonds Series A 5.00%, due 7/1/35		210,000		235,135
New York State Dormitory Authority, Touro College & University System, Revenue Bonds 5.00%, due 1/1/42		5,000,000		5,329,750
Oneida County Local Development Corp., Utica College Project, Revenue Bonds 5.00%, due 7/1/49		3,250,000		3,483,610
Onondaga County Trust Cultural Resource Revenue, Syracuse University Project, Revenue Bonds
4.00%, due 12/1/41		5,165,000		5,975,440
4.00%, due 12/1/47		4,000,000		4,562,760
4.00%, due 12/1/49		2,000,000		2,276,260
Orange County Funding Corp., Mount St. Mary College, Revenue Bonds Series A 5.00%, due 7/1/42		1,000,000		1,014,800
St. Lawrence County Industrial Development Agency, Civic Development Corp., St. Lawrence University, Revenue Bonds Series A 4.00%, due 7/1/43		3,000,000		3,206,880
St. Lawrence County Industrial Development Agency, Clarkson University Project, Revenue Bonds
5.00%, due 9/1/47		2,975,000		3,248,760
5.375%, due 9/1/41		200,000		204,108
Troy Capital Resource Corp., Rensselaer Polytechnic Institute, Revenue Bonds 5.00%, due 8/1/32		1,000,000		1,129,970

				117,884,030

Housing 1.5%
Albany Capital Resource Corp., Empire Commons Student Housing, Inc. Project, Revenue Bonds
Series A 5.00%, due 5/1/29		600,000		669,378
Series A 5.00%, due 5/1/30		350,000		388,962
Series A 5.00%, due 5/1/31		200,000		221,190


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					17

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Housing (continued)
City of Amherst NY, UBF Faculty-Student Housing Corp., Revenue Bonds Series S, Insured: AGM 5.00%, due 10/1/45	$	2,000,000	$	2,294,140
New York City Housing Development Corp., College of Staten Island Residences, Revenue Bonds Series A, Insured: AGM 3.25%, due 7/1/27		2,950,000		3,037,438
New York State Dormitory Authority, New York University Dormitory Facilities, Revenue Bonds 4.00%, due 7/1/49		3,050,000		3,402,031
New York State Dormitory Authority, University Facilities, Revenue Bonds Series A 5.00%, due 7/1/43		1,500,000		1,776,180
Onondaga Civic Development Corp., Onondaga Community College, Revenue Bonds
5.00%, due 10/1/22		325,000		330,671
5.00%, due 10/1/24		400,000		411,560
5.00%, due 10/1/25		250,000		257,775
Westchester County Local Development Corp., Purchase Housing Corp. II Project, Revenue Bonds
5.00%, due 6/1/29		185,000		204,838
5.00%, due 6/1/30		330,000		363,330
5.00%, due 6/1/31		320,000		350,534
5.00%, due 6/1/37		1,000,000		1,074,050
5.00%, due 6/1/42		1,000,000		1,062,060

				15,844,137

Medical 13.2%
Brookhaven Local Development Corp., Long Island Community Hospital, Revenue Bonds
3.375%, due 10/1/40		6,000,000		5,887,200
4.00%, due 10/1/45		3,500,000		3,706,745
5.00%, due 10/1/33		1,000,000		1,197,550
5.00%, due 10/1/35		1,000,000		1,188,090
5.00%, due 10/1/50		4,000,000		4,597,640
Broome County Local Development Corp., United Health Services Hospital, Revenue Bonds
Insured: AGM 3.00%, due 4/1/45		9,600,000		9,499,776
Insured: AGM 3.00%, due 4/1/50		6,000,000		5,885,340


	Principal Amount		Value
Medical (continued)
Broome County Local Development Corp., United Health Services Hospital, Revenue Bonds (continued)
Insured: AGM 4.00%, due 4/1/39	$	700,000	$	804,251
Broome County Local Development Corp., United Health Services Hospital, Revenue Bonds (continued)
Insured: AGM 4.00%, due 4/1/50		4,265,000		4,768,355
Build NYC Resource Corp., The Children’s Aid Society Project, Revenue Bonds
4.00%, due 7/1/44		600,000		671,424
4.00%, due 7/1/49		1,300,000		1,439,360
Dutchess County Local Development Corp., Health Quest Systems, Inc., Revenue Bonds Series B 5.00%, due 7/1/46		6,000,000		6,687,600
Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project, Revenue Bonds
4.00%, due 11/1/31		2,705,000		2,927,189
Series A 4.00%, due 11/1/47		880,000		853,890
Monroe County Industrial Development Corp., Highland Hospital of Rochester, Revenue Bonds 4.00%, due 7/1/40		3,100,000		3,489,236
Monroe County Industrial Development Corp., Rochester General Hospital, Revenue Bonds
4.00%, due 12/1/37		1,000,000		1,091,740
Series A 5.00%, due 12/1/32		540,000		573,728
Series A 5.00%, due 12/1/42		1,000,000		1,051,720
Nassau County Local Economic Assistance Corp., Catholic Health Services of Long Island, Revenue Bonds 5.00%, due 7/1/34		250,000		276,530
New York State Dormitory Authority, Catholic Health System Obligation Group, Revenue Bonds
Series A 4.00%, due 7/1/45		3,490,000		3,716,326
Series A 5.00%, due 7/1/32		600,000		631,440
Series B 5.00%, due 7/1/32		390,000		410,436


18		MainStay MacKay New York Tax Free Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Medical (continued)
New York State Dormitory Authority, Maimonides Medical Center, Revenue Bonds 3.00%, due 2/1/50	$	8,000,000	$	8,158,240
New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center, Revenue Bonds 4.00%, due 7/1/38		8,500,000		9,937,775
New York State Dormitory Authority, Montefiore Obligated Group, Revenue Bonds
Series A 4.00%, due 8/1/36		5,750,000		6,307,635
Series A 4.00%, due 8/1/37		2,750,000		3,007,208
New York State Dormitory Authority, North Shore Long Island Jewish Obligated Group, Revenue Bonds Series B 5.00%, due 5/1/39		1,500,000		1,566,840
New York State Dormitory Authority, Northwell Health Obligated Group, Revenue Bonds Series B-3 5.00%, due 5/1/48 (d)		5,000,000		5,938,250
New York State Dormitory Authority, NYU Langone Hospital, Revenue Bonds 4.00%, due 7/1/40		1,000,000		1,089,910
New York State Dormitory Authority, Orange Regional Medical Center, Revenue Bonds (b)
5.00%, due 12/1/32		800,000		925,408
5.00%, due 12/1/34		3,500,000		4,017,230
5.00%, due 12/1/35		100,000		111,522
New York State Dormitory Authority, Revenue Bonds
Series A 3.00%, due 7/1/48		750,000		756,000
Series A 4.00%, due 7/1/50		9,830,000		10,951,800
Series A 4.00%, due 7/1/53		5,070,000		5,638,854
Oneida County Local Development Corp., Mohawk Valley Health System Project, Revenue Bonds
Series A, Insured: AGM 3.00%, due 12/1/44		4,150,000		4,232,543
Series A, Insured: AGM 4.00%, due 12/1/32		1,000,000		1,174,470


	Principal Amount		Value
Medical (continued)
Oneida County Local Development Corp., Mohawk Valley Health System Project, Revenue Bonds (continued)
Series A, Insured: AGM 4.00%, due 12/1/33	$	1,255,000	$	1,466,819
Series A, Insured: AGM 4.00%, due 12/1/34		1,585,000		1,847,587
Series A, Insured: AGM 4.00%, due 12/1/36		1,650,000		1,906,988
Series A, Insured: AGM 4.00%, due 12/1/37		1,155,000		1,330,341
Series A, Insured: AGM 4.00%, due 12/1/38		1,000,000		1,148,040
Series A, Insured: AGM 4.00%, due 12/1/49		4,000,000		4,479,440
Suffolk County Economic Development Corp., Catholic Health Services of Long Island, Revenue Bonds Series C 5.00%, due 7/1/33		250,000		276,935
Westchester County Local Development Corp., Westchester Medical Center, Revenue Bonds 5.00%, due 11/1/46		2,500,000		2,715,775

				140,341,176

Multi-Family Housing 2.3%
New York City Housing Development Corp., Revenue Bonds
Series G-1 3.85%, due 11/1/45		595,000		622,382
Series L-2-A 4.00%, due 5/1/44		5,000,000		5,178,800
New York City NY, Housing Development Corp., 8 Spruce Street Multifamily Mortgage, Revenue Bonds Series D 3.00%, due 2/15/48		7,900,000		8,062,029
New York City NY, Housing Development Corp., Multifamily, Sustainable Neighborhood, Revenue Bonds
Series E-1-A 3.40%, due 11/1/47		3,000,000		3,101,370
Series G-1 3.70%, due 11/1/47		1,000,000		1,048,600
Series I-1 4.05%, due 11/1/41		1,000,000		1,075,290
Series I-1 4.15%, due 11/1/46		3,250,000		3,479,742


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					19

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Multi-Family Housing (continued)
New York City NY, Housing Development Corp., Revenue Bonds Series A 5.00%, due 7/1/23	$	1,300,000	$	1,453,244
Rensselaer NY Housing Authority, Van Rensselaer & Renwyck Apartments, Revenue Bonds 5.00%, due 12/1/47		175,000		191,716

				24,213,173

Nursing Homes 1.3%
Brookhaven NY Local Development Corp., Jefferson’s Ferry Project, Revenue Bonds
Series A 4.00%, due 11/1/55		3,595,000		3,671,789
5.25%, due 11/1/36		1,130,000		1,279,804
Monroe County Industrial Development Corp., St. Ann’s Community Project, Revenue Bonds
5.00%, due 1/1/40		2,500,000		2,598,300
5.00%, due 1/1/50		2,400,000		2,462,928
Southold Local Development Corp., Peconic Landing, Inc. Project, Revenue Bonds 5.00%, due 12/1/45		1,625,000		1,692,356
Suffolk County Economic Development Corp., Peconic Landing Southold, Revenue Bonds
Series A 5.00%, due 12/1/29		175,000		197,652
Series A 5.00%, due 12/1/34		165,000		182,035
Series A 5.00%, due 12/1/40		175,000		190,820
Tompkins County Development Corp., Kendal at Ithaca, Inc. Project, Revenue Bonds 5.00%, due 7/1/44		690,000		728,157
Westchester County Local Development Corp., Miriam Osborn Memorial Home Association, Revenue Bonds
5.00%, due 7/1/27		270,000		306,930
5.00%, due 7/1/28		270,000		306,310
5.00%, due 7/1/29		100,000		113,180
5.00%, due 7/1/34		200,000		223,328

				13,953,589


	Principal Amount		Value
Pollution 0.6%
Development Authority of the North Country, Solid Waste Management System, Revenue Bonds
Insured: AGM 3.25%, due 9/1/39	$	550,000	$	582,714
Insured: AGM 3.25%, due 9/1/40		570,000		602,045
Insured: AGM 3.25%, due 9/1/42		610,000		640,403
Insured: AGM 3.25%, due 9/1/43		630,000		663,793
Insured: AGM 3.25%, due 9/1/44		650,000		683,683
Insured: AGM 3.375%, due 9/1/38		535,000		575,981
Insured: AGM 3.50%, due 9/1/37		515,000		563,750
Dutchess County Resource Recovery Agency, Solid Waste System, Revenue Bonds (a)
5.00%, due 1/1/25		1,000,000		1,171,660
5.00%, due 1/1/26		1,000,000		1,206,630

				6,690,659

Power 2.0%
Guam Power Authority, Revenue Bonds
Series A 5.00%, due 10/1/33		1,055,000		1,228,484
Series A 5.00%, due 10/1/34		2,000,000		2,095,060
Series A 5.00%, due 10/1/38		2,700,000		3,100,896
Series A 5.00%, due 10/1/40		1,250,000		1,428,700
Long Island Power Authority, Revenue Bonds Series A, Insured: AGM (zero coupon), due 12/1/26		1,500,000		1,391,775
New York Power Authority, Revenue Bonds Series A 4.00%, due 11/15/60		10,000,000		11,340,200
Puerto Rico Electric Power Authority, Revenue Bonds
Series TT, Insured: NATL-RE 5.00%, due 7/1/23		265,000		266,630
Series TT, Insured: NATL-RE 5.00%, due 7/1/26		215,000		216,655

				21,068,400


20		MainStay MacKay New York Tax Free Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
School District 1.1%
City of Yonkers NY, Unlimited General Obligation Series B, Insured: BAM 4.00%, due 5/1/39	$	2,000,000	$	2,299,440
Genesee Valley Central School District at Angelica Belmont, Unlimited General Obligation Insured: AGM 4.00%, due 6/15/30		665,000		692,511
Harrison NY, Central School District, Unlimited General Obligation
Insured: State Aid Withholding 3.50%, due 3/15/44		1,015,000		1,070,713
Insured: State Aid Withholding 3.50%, due 3/15/45		1,055,000		1,110,936
Insured: State Aid Withholding 3.55%, due 3/15/47		1,130,000		1,190,636
Lackawanna School District, Unlimited General Obligation Insured: BAM 4.00%, due 6/15/32		745,000		815,574
Niagara Falls City School District, Unlimited General Obligation Insured: BAM 5.00%, due 6/15/27		960,000		1,195,008
Poughkeepsie NY City School District, Unlimited General Obligation Insured: MAC 3.00%, due 5/1/33		400,000		426,872
West Islip Union Free School District, Limited General Obligation Notes Insured: State Aid Witholding 1.75%, due 6/21/21		2,650,000		2,672,022

				11,473,712

Single Family Housing 0.4%
New York Mortgage Agency, Homeowner Mortgage, Revenue Bonds Series 213 4.25%, due 10/1/47		895,000		993,459
State of New York Mortgage Agency, Revenue Bonds Series 208 4.00%, due 10/1/48		2,735,000		2,972,918

				3,966,377

Tobacco Settlement 3.8%
Chautauqua Tobacco Asset Securitization Corp., Revenue Bonds 5.00%, due 6/1/34		750,000		776,775


	Principal Amount		Value
Tobacco Settlement (continued)
Children’s Trust Fund, Asset-Backed, Revenue Bonds
Series A (zero coupon), due 5/15/50	$	2,500,000	$	378,175
5.625%, due 5/15/43		2,300,000		2,310,810
Erie County Tobacco Asset Securitization Corp., Revenue Bonds Subseries B (zero coupon), due 6/1/47		18,000,000		3,402,720
Nassau County Tobacco Settlement Corp., Asset-Backed, Revenue Bonds
Series A-3 5.00%, due 6/1/35		750,000		750,052
Series A-3 5.125%, due 6/1/46		4,015,000		4,015,482
New York Counties Tobacco Trust IV, Settlement Pass Through, Revenue Bonds
Series A 5.00%, due 6/1/42		1,000,000		1,010,690
Series A 5.00%, due 6/1/45		245,000		247,095
Series A 6.25%, due 6/1/41 (b)		5,000,000		5,092,900
New York Counties Tobacco Trust V, Pass Through, Revenue Bonds Series S 1 (zero coupon), due 6/1/38		1,600,000		566,192
New York Counties Tobacco Trust VI, Tobacco Settlement Pass Through, Revenue Bonds Series B 5.00%, due 6/1/30		135,000		156,042
Niagara Tobacco Asset Securitization Corp., Revenue Bonds 5.25%, due 5/15/40		500,000		524,260
Rockland Tobacco Asset Securitization Corp., Asset-Backed, Revenue Bonds Series B (zero coupon), due 8/15/50 (b)		13,000,000		1,866,410
Suffolk Tobacco Asset Securitization Corp., Revenue Bonds
Series B 5.25%, due 6/1/37		840,000		868,501
Series B 6.00%, due 6/1/48		1,000,000		1,001,050
Series C 6.625%, due 6/1/44		5,600,000		5,775,840
TSASC, Inc., Revenue Bonds
Series B 5.00%, due 6/1/22		500,000		521,280
Series A 5.00%, due 6/1/41		2,000,000		2,246,000


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					21

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Tobacco Settlement (continued)
TSASC, Inc., Revenue Bonds (continued)
Series B 5.00%, due 6/1/48	$	8,390,000	$	8,669,723
Westchester Tobacco Asset Securitization, Revenue Bonds Series B 5.00%, due 6/1/41		250,000		287,440

				40,467,437

Transportation 10.6%
Buffalo & Fort Erie Public Bridge Authority, Revenue Bonds 5.00%, due 1/1/42		1,500,000		1,768,515
Metropolitan Transportation Authority, Green Bond, Revenue Bonds
Series C, Insured: AGM 4.00%, due 11/15/47		10,500,000		11,473,140
Series A-1, Insured: AGM 4.00%, due 11/15/50		6,000,000		6,565,500
Series A-1 4.00%, due 11/15/52		1,460,000		1,461,124
Series A-2 5.00%, due 11/15/27		590,000		636,592
Series C 5.00%, due 11/15/42		2,325,000		2,512,604
Series D1 5.00%, due 11/15/45		2,000,000		2,176,000
Metropolitan Transportation Authority, Revenue Bonds
Series D 4.00%, due 11/15/42		1,230,000		1,232,362
4.00%, due 11/15/45		2,000,000		2,006,560
Series B-1 5.00%, due 5/15/22		5,350,000		5,428,698
Series D 5.00%, due 11/15/29		550,000		599,781
Series B 5.00%, due 11/15/40		2,500,000		2,610,050
Series E-1 5.00%, due 11/15/42		685,000		750,657
MTA Hudson Rail Yards Trust Obligations, Revenue Bonds Series A 5.00%, due 11/15/56		7,205,000		7,827,800
New York State Thruway Authority, General Revenue Junior Indebtedness Obligation, Revenue Bonds Series B, Insured: AGM 4.00%, due 1/1/50		13,500,000		15,118,110


	Principal Amount		Value
Transportation (continued)
New York State Thruway Authority, Revenue Bonds
Series L 4.00%, due 1/1/36	$	4,000,000	$	4,515,280
Series N 4.00%, due 1/1/47		5,500,000		6,165,555
Port Authority of Guam, Revenue Bonds
Series B 5.00%, due 7/1/36 (a)		625,000		735,031
Series B 5.00%, due 7/1/37 (a)		200,000		234,328
Series A 5.00%, due 7/1/48		1,235,000		1,430,896
Port Authority of New York & New Jersey, Consolidated 218th, Revenue Bonds Series 218 4.00%, due 11/1/47 (a)		5,500,000		6,037,845
Port Authority of New York & New Jersey, Revenue Bonds (a)
Series 214 4.00%, due 9/1/37		2,955,000		3,319,263
Series 214 4.00%, due 9/1/39		4,350,000		4,855,383
Series 214 4.00%, due 9/1/43		2,030,000		2,238,765
Series 178 5.00%, due 12/1/38		1,500,000		1,659,375
Series 207 5.00%, due 9/15/48		2,500,000		2,911,250
Puerto Rico Highway & Transportation Authority, Revenue Bonds
Insured: AGC 5.00%, due 7/1/23		340,000		346,902
Series N, Insured: NATL-RE 5.25%, due 7/1/32		1,010,000		1,052,481
Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds
Series A 4.00%, due 11/15/44		1,105,000		1,239,821
Series A 4.00%, due 11/15/54		5,000,000		5,639,200
Series A 5.00%, due 11/15/49		5,000,000		6,017,250
Triborough Bridge & Tunnel Authority, Revenue Bonds Series B 5.00%, due 11/15/45		2,000,000		2,319,940

				112,886,058


22		MainStay MacKay New York Tax Free Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Long-Term Municipal Bonds (continued)
Utilities 2.0%
Guam Government, Waterworks Authority, Revenue Bonds
5.25%, due 7/1/33	$	1,230,000	$	1,389,150
5.50%, due 7/1/43		1,725,000		1,959,600
Long Island Power Authority, Revenue Bonds
Series A 4.00%, due 9/1/38		2,000,000		2,300,660
Series A 4.00%, due 9/1/39		2,950,000		3,496,163
Series A 4.00%, due 9/1/40		550,000		646,965
5.00%, due 9/1/37		2,000,000		2,486,900
5.00%, due 9/1/38		1,000,000		1,239,080
5.00%, due 9/1/39		1,000,000		1,234,840
5.00%, due 9/1/42		2,000,000		2,401,960
Series A 5.00%, due 9/1/44		2,000,000		2,279,120
Series B 5.00%, due 9/1/45		1,000,000		1,167,180
Series B 5.00%, due 9/1/46		245,000		290,749

				20,892,367

Water 5.7%
Great Neck North, Water Authority, Revenue Bonds
Series A 4.00%, due 1/1/32		250,000		284,280
Series A 4.00%, due 1/1/33		425,000		480,645
Series A 4.00%, due 1/1/34		250,000		281,670
Guam Government, Waterworks Authority, Revenue Bonds
Series A 5.00%, due 7/1/35		4,000,000		4,396,520
5.00%, due 1/1/46		3,365,000		3,764,796
Series A 5.00%, due 1/1/50		9,975,000		11,936,783
Monroe County Water Authority, Revenue Bonds
3.50%, due 3/1/45		2,000,000		2,230,920
5.00%, due 8/1/37		750,000		810,000
New York City Municipal Water Finance Authority, Water & Sewer System, Revenue Bonds Subseries FF-1 4.00%, due 6/15/49		3,000,000		3,396,990


	Principal Amount		Value
Water (continued)
New York City Water & Sewer System, Second General Resolution, Revenue Bonds
Series AA 4.00%, due 6/15/40	$	3,000,000	$	3,480,030
Subseries DD-3 4.00%, due 6/15/42		5,000,000		5,802,350
Series DD 5.00%, due 6/15/34		1,000,000		1,115,380
Series AA 5.00%, due 6/15/50		755,000		951,859
Niagara Falls Public Water Authority, Water & Sewer System, Revenue Bonds Series A 5.00%, due 7/15/34		770,000		933,255
Onondaga County Water Authority, Revenue Bonds
Series A 4.00%, due 9/15/34		845,000		1,018,462
Series A 4.00%, due 9/15/35		600,000		718,056
Series A 4.00%, due 9/15/36		1,375,000		1,637,336
Series A 4.00%, due 9/15/37		1,945,000		2,306,284
Series A 4.00%, due 9/15/39		700,000		823,480
Puerto Rico Commonwealth, Aqueduct & Sewer Authority, Revenue Bonds
Series A 5.00%, due 7/1/33		1,085,000		1,120,262
Series A 5.25%, due 7/1/24		3,000,000		3,138,750
Series A 5.25%, due 7/1/29		1,000,000		1,042,500
Series A 6.00%, due 7/1/44		585,000		593,775
Saratoga County Water Authority, Revenue Bonds 4.00%, due 9/1/48		4,600,000		5,059,310
Upper Mohawk Valley Regional Water Finance Authority, Green Bond, Revenue Bonds Series A, Insured: AGM 4.00%, due 4/1/46		2,675,000		3,073,816

				60,397,509

Total Long-Term Municipal Bonds (Cost $927,593,305)				963,580,981


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					23

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Short-Term Municipal Notes 1.5%
General 0.7%
New York State Dormitory Authority, Revenue Bonds Series 2016-XFT910 0.28%, due 3/15/40 (b)(c)	$	8,000,000	$	8,000,000


Multi-Family Housing 0.2%
Albany Housing Authority, Nutgrove Garden Apartments Project, Revenue Bonds 0.77%, due 12/1/25 (a)(c)		655,000		655,000
New York State Housing Finance Agency, 160 Madison Avenue, Revenue Bonds Series A 0.12%, due 11/1/46 (c)		1,200,000		1,200,000

				1,855,000

Power 0.4%
Puerto Rico Electric Power Authority, Revenue Bonds Series UU, Insured: AGM 0.671%, due 7/1/29 (c)		5,000,000		4,476,000


Water 0.2%
New York City Municipal Water Finance Authority, Water & Sewer System, Revenue Bonds Subseries A-1 0.11%, due 6/15/44 (c)		2,000,000		2,000,000

Total Short-Term Municipal Notes (Cost $16,552,640)				16,331,000

Total Municipal Bonds (Cost $944,145,945)				979,911,981



	Shares			Value
Closed-End Funds 0.2%
New York 0.2%
BlackRock New York Municipal Fund		12,234		$	167,606
Eaton Vance New York Municipal Bond Fund		13,241			153,463
Nuveen New York AMT-Free Quality Municipal Income Fund		100,000			1,280,000

Total Closed-End Funds (Cost $1,685,633)					1,601,069

Total Investments (Cost $945,831,578)		92.6	%		981,513,050
Other Assets, Less Liabilities		7.4			78,426,412
Net Assets		100.0	%	$	1,059,939,462

†	Percentages indicated are based on Fund net assets.

(a)	Interest on these securities was subject to alternative minimum tax.

(b)	May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.

(c)

Variable-rate demand notes (VRDNs)—Provide the right to sell the security at face value on either that day or within the rate-reset period. VRDNs will normally trade as if the maturity is the earlier put date, even though stated maturity is longer. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. The maturity date shown is the final maturity.

(d)	Floating rate—Rate shown was the rate in effect as of October 31, 2020.

Futures Contracts

As of October 31, 2020, the Portfolio held the following futures contracts¹:


Type	Number of Contracts			Expiration Date		Value at Trade Date			Current Notional Amount			Unrealized Appreciation (Depreciation)²

Short Contracts
United States Treasury Long Bond		(14	)		December 2020	$	(2,462,983	)	$	(2,414,563	)	$	48,420

1.	As of October 31, 2020, cash in the amount of $65,800 was on deposit with a broker or futures commission merchant for futures transactions.

2.	Represents the difference between the value of the contracts at the time they were opened and the value as of October 31, 2020.

The following abbreviations are used in the preceding pages:

AGC—Assured Guaranty Corp.

AGM—Assured Guaranty Municipal Corp.

AMBAC—Ambac Assurance Corp.

BAM—Build America Mutual Assurance Co.

MAC—Municipal Assurance Corp.

NATL-RE—National Public Finance Guarantee Corp.


24		MainStay MacKay New York Tax Free Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

The following is a summary of the fair valuations according to the inputs used as of October 31, 2020, for valuing the Fund’s assets and liabilities:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total

Asset Valuation Inputs
Investments in Securities (a)
Municipal Bonds
Long-Term Municipal Bonds	$	—	$	963,580,981	$	—	$	963,580,981
Short-Term Municipal Notes		—		16,331,000		—		16,331,000

Total Municipal Bonds		—		979,911,981		—		979,911,981

Closed-End Funds		1,601,069		—		—		1,601,069

Total Investments in Securities		1,601,069		979,911,981		—		981,513,050

Other Financial Instruments
Futures Contracts (b)		48,420		—		—		48,420

Total Investments in Securities and Other Financial Instruments	$	1,649,489	$	979,911,981	$	—	$	981,561,470

(a)	For a complete listing of investments and their industries, see the Portfolio of Investments.

(b)	The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					25

Statement of Assets and Liabilities as of October 31, 2020


Assets
Investment in securities, at value (identified cost $945,831,578)	$	981,513,050
Cash		77,185,092
Cash collateral on deposit at broker for futures contracts		65,800
Receivables:
Dividends and interest		11,632,516
Fund shares sold		3,011,972
Variation margin on futures contracts		5,249
Other assets		16,240

Total assets		1,073,429,919


Liabilities
Payables:
Investment securities purchased		10,136,842
Fund shares redeemed		2,205,271
Manager (See Note 3)		375,977
NYLIFE Distributors (See Note 3)		189,520
Transfer agent (See Note 3)		45,606
Professional fees		32,560
Shareholder communication		17,456
Custodian		5,070
Trustees		1,322
Accrued expenses		1,753
Dividend payable		479,080

Total liabilities		13,490,457

Net assets	$	1,059,939,462


Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	99,704
Additional paid-in capital		1,050,181,233

		1,050,280,937
Total distributable earnings (loss)		9,658,525

Net assets	$	1,059,939,462


Class A
Net assets applicable to outstanding shares	$	688,870,256

Shares of beneficial interest outstanding		64,804,574

Net asset value per share outstanding	$	10.63
Maximum sales charge (4.50% of offering price)		0.50

Maximum offering price per share outstanding	$	11.13

Investor Class
Net assets applicable to outstanding shares	$	414,055

Shares of beneficial interest outstanding		38,944

Net asset value per share outstanding	$	10.63
Maximum sales charge (4.00% of offering price)		0.44

Maximum offering price per share outstanding	$	11.07

Class C
Net assets applicable to outstanding shares	$	107,117,008

Shares of beneficial interest outstanding		10,075,477

Net asset value and offering price per share outstanding	$	10.63

Class C2
Net assets applicable to outstanding shares	$	315,153

Shares of beneficial interest outstanding		29,653

Net asset value and offering price per share outstanding	$	10.63

Class I
Net assets applicable to outstanding shares	$	261,818,888

Shares of beneficial interest outstanding		24,623,240

Net asset value and offering price per share outstanding	$	10.63

Class R6
Net assets applicable to outstanding shares	$	1,404,102

Shares of beneficial interest outstanding		132,043

Net asset value and offering price per share outstanding	$	10.63


26		MainStay MacKay New York Tax Free Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Statement of Operations for the year ended October 31, 2020


Investment Income (Loss)
Income
Interest	$	27,268,231
Dividends		69,549
Other		158

Total income		27,337,938

Expenses
Manager (See Note 3)		4,360,948
Distribution/Service—Class A (See Note 3)		1,384,313
Distribution/Service—Investor Class (See Note 3)		1,170
Distribution/Service—Class C (See Note 3)		511,529
Distribution/Service—Class C2 (See Note 3)		118
Transfer agent (See Note 3)		230,316
Professional fees		120,855
Custodian		31,545
Shareholder communication		30,092
Registration		22,238
Trustees		20,715
Miscellaneous		37,410

Total expenses before waiver/reimbursement		6,751,249
Expense waiver/reimbursement from Manager (See Note 3)		(474,203	)

Net expenses		6,277,046

Net investment income (loss)		21,060,892


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions		(9,147,812	)
Futures transactions		(1,439,613	)

Net realized gain (loss)		(10,587,425	)

Net change in unrealized appreciation (depreciation) on:
Investments		5,753,868
Futures contracts		(225,714	)

Net change in unrealized appreciation (depreciation)		5,528,154

Net realized and unrealized gain (loss)		(5,059,271	)

Net increase (decrease) in net assets resulting from operations	$	16,001,621


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					27

Statements of Changes in Net Assets

for the years ended October 31, 2020 and October 31, 2019


	2020			2019
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	21,060,892		$	16,843,122
Net realized gain (loss)		(10,587,425	)		(1,695,444	)
Net change in unrealized appreciation (depreciation)		5,528,154			28,751,721

Net increase (decrease) in net assets resulting from operations		16,001,621			43,899,399

Distributions to shareholders:
Class A		(15,380,566	)		(9,358,147	)
Investor Class		(13,031	)		(12,311	)
Class C		(2,583,964	)		(1,884,422	)
Class C2		(326	)		—
Class I		(6,515,603	)		(5,614,212	)
Class R6		(31,548	)		—

Total distributions to shareholders		(24,525,038	)		(16,869,092	)

Capital share transactions:
Net proceeds from sale of shares		552,007,801			455,648,200
Net asset value of shares issued to shareholders in reinvestment of distributions		19,254,510			12,987,013
Cost of shares redeemed		(217,517,858	)		(203,228,740	)

Increase (decrease) in net assets derived from capital share transactions		353,744,453			265,406,473

Net increase (decrease) in net assets		345,221,036			292,436,780

Net Assets
Beginning of year		714,718,426			422,281,646

End of year	$	1,059,939,462		$	714,718,426


28		MainStay MacKay New York Tax Free Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class A	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	10.68		$	10.12		$	10.34		$	10.58		$	10.33


Net investment income (loss)		0.29			0.32			0.34			0.36			0.36

Net realized and unrealized gain (loss) on investments		(0.04	)		0.56			(0.22	)		(0.24	)		0.25


Total from investment operations		0.25			0.88			0.12			0.12			0.61


Less distributions:

From net investment income		(0.30	)		(0.32	)		(0.34	)		(0.36	)		(0.36	)


Net asset value at end of year	$	10.63		$	10.68		$	10.12		$	10.34		$	10.58


Total investment return (a)		2.35	%		8.84	%		1.17	%		1.23	%		5.95	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		2.38	%		3.00	%		3.31	%		3.50	%		3.33	%

Net expenses (b)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%

Expenses (before waiver/reimbursement) (b)		0.80	%		0.82	%		0.82	%		0.83	%		0.85	%

Portfolio turnover rate		29	%(c)		28	%(c)		33	%		30	%		28	%

Net assets at end of year (in 000’s)	$	688,870		$	462,499		$	186,579		$	148,823		$	120,368

‡	Less than one cent per share.

(a)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(b)	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.

(c)	The portfolio turnover rate includes variable rate demand notes.



	Year ended October 31,

Investor Class	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	10.68		$	10.13		$	10.34		$	10.59		$	10.33


Net investment income (loss)		0.25			0.32			0.34			0.36			0.36

Net realized and unrealized gain (loss) on investments		0.00	‡		0.55			(0.21	)		(0.25	)		0.26


Total from investment operations		0.25			0.87			0.13			0.11			0.62


Less distributions:

From net investment income		(0.30	)		(0.32	)		(0.34	)		(0.36	)		(0.36	)


Net asset value at end of year	$	10.63		$	10.68		$	10.13		$	10.34		$	10.59


Total investment return (a)		2.33	%		8.72	%		1.25	%		1.10	%		6.02	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		2.39	%		3.06	%		3.29	%		3.48	%		3.33	%

Net expenses (b)		0.77	%		0.77	%		0.78	%		0.79	%		0.79	%

Expenses (before waiver/reimbursement) (b)		0.82	%		0.84	%		0.85	%		0.87	%		0.89	%

Portfolio turnover rate		29	%(c)		28	%(c)		33	%		30	%		28	%

Net assets at end of year (in 000’s)	$	414		$	463		$	385		$	356		$	334

‡	Less than one cent per share.

(a)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(b)	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.

(c)	The portfolio turnover rate includes variable rate demand notes.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					29

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class C	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	10.68		$	10.12		$	10.34		$	10.59		$	10.34


Net investment income (loss)		0.24			0.30			0.31			0.33			0.33

Net realized and unrealized gain (loss) on investments		(0.02	)		0.56			(0.22	)		(0.25	)		0.25


Total from investment operations		0.22			0.86			0.09			0.08			0.58


Less distributions:

From net investment income		(0.27	)		(0.30	)		(0.31	)		(0.33	)		(0.33	)


Net asset value at end of year	$	10.63		$	10.68		$	10.12		$	10.34		$	10.59


Total investment return (a)		2.08	%		8.55	%		0.90	%		0.85	%		5.65	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		2.13	%		2.77	%		3.04	%		3.23	%		3.04	%

Net expenses (b)		1.02	%		1.02	%		1.03	%		1.03	%		1.04	%

Expenses (before waiver/reimbursement) (b)		1.07	%		1.09	%		1.10	%		1.11	%		1.14	%

Portfolio turnover rate		29	%(c)		28	%(c)		33	%		30	%		28	%

Net assets at end of year (in 000’s)	$	107,117		$	90,553		$	54,258		$	45,547		$	43,644

(a)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(b)	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.

(c)	The portfolio turnover rate includes variable rate demand notes.



Class C2	August 31, 2020^ through October 31, 2020

Net asset value at beginning of period	$	10.72


Net investment income (loss)		0.04

Net realized and unrealized gain (loss) on investments		(0.09	)


Total from investment operations		(0.05	)


Less distributions:

From net investment income		(0.04	)


Net asset value at end of period	$	10.63


Total investment return (a)		(0.50	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss) ††		1.32	%

Net expenses †† (b)		1.17	%

Expenses (before waiver/reimbursement) †† (b)		1.22	%

Portfolio turnover rate (c)		29	%

Net assets at end of period (in 000’s)	$	315

^	Inception date.

††	Annualized.

(a)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(b)	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.

(c)	The portfolio turnover rate includes variable rate demand notes.


30		MainStay MacKay New York Tax Free Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class I	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	10.68		$	10.13		$	10.34		$	10.59		$	10.34


Net investment income (loss)		0.32			0.35			0.37			0.39			0.39

Net realized and unrealized gain (loss) on investments		(0.05	)		0.55			(0.21	)		(0.25	)		0.25


Total from investment operations		0.27			0.90			0.16			0.14			0.64


Less distributions:

From net investment income		(0.32	)		(0.35	)		(0.37	)		(0.39	)		(0.39	)


Net asset value at end of year	$	10.63		$	10.68		$	10.13		$	10.34		$	10.59


Total investment return (a)		2.61	%		9.01	%		1.53	%		1.39	%		6.22	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		2.64	%		3.37	%		3.54	%		3.76	%		3.61	%

Net expenses (b)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%

Expenses (before waiver/reimbursement) (b)		0.55	%		0.57	%		0.57	%		0.58	%		0.60	%

Portfolio turnover rate		29	%(c)		28	%(c)		33	%		30	%		28	%

Net assets at end of year (in 000’s)	$	261,819		$	161,203		$	181,059		$	62,078		$	53,894

(a)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized.

(b)	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.

(c)	The portfolio turnover rate includes variable rate demand notes.



Class R6	November 1, 2019^ through October 31, 2020

Net asset value at beginning of period	$	10.69


Net investment income (loss)		0.29

Net realized and unrealized gain (loss) on investments		(0.03	)


Total from investment operations		0.26


Less distributions:

From net investment income		(0.32	)


Net asset value at end of period	$	10.63


Total investment return (a)		2.60	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		2.39	%

Net expenses (b)		0.48	%

Expenses (before waiver/reimbursement) (b)		0.54	%

Portfolio turnover rate (c)		29	%

Net assets at end of period (in 000’s)	$	1,404

^	Inception date.

(a)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized.

(b)	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.

(c)	The portfolio turnover rate includes variable rate demand notes.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					31

Notes to Financial Statements

Note 1–Organization and Business

The Fund currently has seven classes of shares registered for sale. Class A, Investor Class, Class C and Class I shares commenced operation on May 14, 2012. Class R6 shares commenced operations on November 1, 2019. Class C2 shares commenced operations on August 31, 2020. SIMPLE Class shares were registered for sale effective as of August 31, 2020. As of October 31, 2020, SIMPLE Class shares were not yet offered for sale.

Class A and Investor Class shares are offered at net asset value (“NAV”) per share plus an initial sales charge. No initial sales charge applies to investments of $250,000 or more (and certain other qualified purchases) in Class A and Investor Class shares. However, a contingent deferred sales charge (“CDSC”) 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. Class C and Class C2 shares are offered at NAV without an initial sales charge, although a 1.00% CDSC may be imposed on certain redemptions of such shares made within one year of the date of purchase of Class C and Class C2 shares. Class I and Class R6 shares are offered at NAV without a sales charge. SIMPLE Class shares are currently expected to be offered at NAV without a sales charge. In addition, depending upon eligibility, Class C shares convert to either Class A or Investor Class shares at the end of the calendar quarter ten years after the date they were purchased. Additionally, Investor Class shares may convert automatically to Class A shares based on a shareholder’s account balance as described in the Fund’s prospectus. Under certain circumstances and as may be permitted by the Trust’s multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under distribution plans pursuant to Rule 12b-1 under the 1940 Act, Class C and Class C2 shares are subject to higher distribution and/or service fees than Class A, Investor Class and SIMPLE Class shares. Class I and Class R6 shares are not subject to a distribution and/or service fee.

The Fund’s investment objective is to seek current income exempt from federal and New York state and, in some cases, New York local income taxes.

Note 2–Significant Accounting Policies

accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.

The Board of Trustees of the Trust (the “Board”) adopted procedures establishing methodologies for the valuation of the Fund’s securities and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Trust (the “Valuation Committee”). The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for the day-to-day valuation of portfolio assets (including fair value measurements for the Fund’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)). To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Fund’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources.


32		MainStay MacKay New York Tax Free Opportunities Fund

•

Level 1—quoted prices in active markets for an identical asset or liability

•

Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:


• 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

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. No securities held by the Fund as of October 31, 2020 were fair valued in such a manner.

In calculating NAV, each closed end fund is valued at market value, which will generally be determined using the last reported official closing or last trading price on the exchange or market on which the security is primarily traded at the time of valuation. Price information on closed end funds is taken from the exchange where the security is primarily traded. In addition, because closed-end funds and exchange-traded funds trade on a secondary market, their shares may trade at a premium or discount to the actual net asset value of their portfolio securities and their shares may have greater volatility because of the potential lack of liquidity.


			33

Notes to Financial Statements (continued)

independent pricing services. Temporary cash investments that mature in 60 days or less at the time of purchase (“Short-Term Investments”) are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the value on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The Manager evaluates the Fund’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund’s financial statements. The Fund’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare dividends from net investment income, if any, daily and intends to pay them at least monthly and declares and pays distributions from net realized capital gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D) Security Transactions and Investment Income. The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Interest income is accrued as earned using the effective interest rate method. Distributions received from real estate investment trusts may be classified as dividends, capital gains and/or return of

capital. Discounts and premiums on securities purchased for the Fund are accreted and amortized, respectively, on the effective interest rate method.

Additionally, the Fund may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Statement of Operations or in the expense ratios included in the Financial Highlights.


34		MainStay MacKay New York Tax Free Opportunities Fund

The use of futures contracts involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statement of Assets and Liabilities. The contract or notional amounts and variation margin reflect the extent of the Fund’s involvement in open futures positions. There are several risks associated with the use of futures contracts as hedging techniques. There can be no assurance that a liquid market will exist at the time when the Fund seeks to close out a futures contract. If no liquid market exists, the Fund would remain obligated to meet margin requirements until the position is closed. Futures contracts may involve a small initial investment relative to the risk assumed, which could result in losses greater than if the Fund did not invest in futures contracts. Futures contracts may be more volatile than direct investments in the instrument underlying the futures and may not correlate to the underlying instrument, causing a given hedge not to achieve its objectives. The Fund’s activities in futures contracts have minimal counterparty risk as they are conducted through regulated exchanges that guarantee the futures against default by the counterparty. In the event of a bankruptcy or insolvency of a futures commission merchant that holds margin on behalf of the Fund, the Fund may not be entitled to the return of the entire margin owed to the Fund, potentially resulting in a loss. The Fund’s investment in futures contracts and other derivatives may increase the volatility of the Fund’s NAVs and may result in a loss to the Fund. Open futures contracts held as of October 31, 2020, are shown in the Portfolio of Investments.

(H) Municipal Bond Risk. The ability of issuers of debt securities held by the Fund to meet their obligations may be affected by economic or political developments in a specific industry or region. Because the Fund’s principal investments include municipal bonds issued by or on behalf of the State of New York, and its political subdivisions, agencies and instrumentalities, events in New York will affect the Fund’s investments and performance. These events may include fiscal or political policy changes, tax base erosion, budget deficits or declines in tax revenue and other financial difficulties, and these events may be made worse due to economic challenges posed by COVID-19. The Fund may invest a substantial amount of its assets in municipal bonds whose interest is paid solely from revenues of similar projects, such as tobacco settlement bonds. If the Fund concentrates its investments in this manner, it assumes the legal and economic risks relating to such projects and this may have a significant impact on the Fund’s investment performance.

municipal securities of Puerto Rico. Due to the ongoing budget impact from Covid-19 on the Commonwealth’s finances, the Federal Oversight and Management Board or the Commonwealth could seek to revise or even terminate earlier agreements reached with certain creditors prior to the outbreak of COVID-19. Any agreement between the Federal Oversight and Management Board and creditors is subject to approval by the judge overseeing the Title III proceedings. The composition of the Federal Oversight and Management Board is changing significantly due to existing members either stepping down or being replaced as the current board’s term has expired. There is no assurance that newly appointed board members will approve the restructuring agreements the prior board had negotiated.

The Fund’s vulnerability to potential losses associated with such developments may be reduced through investing in municipal securities that feature credit enhancements (such as bond insurance). The bond insurance provider pays both principal and interest when due to the bond holder. The magnitude of Puerto Rico’s debt restructuring or other adverse economic developments could pose significant strains on the ability of municipal securities insurers to meet all future claims. As of October 31, 2020, 57.9% of the Puerto Rico municipal securities held by the Fund were insured.

Fair value of derivative instruments as of October 31, 2020:


Asset Derivatives	Interest Rate Contracts Risk		Total

Futures Contracts—Net Assets—Net unrealized appreciation on investments and futures contracts (a)	$	48,420	$	48,420

Total Fair Value	$	48,420	$	48,420

(a)	Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.


			35

Notes to Financial Statements (continued)

The effect of derivative instruments on the Statement of Operations for the year ended October 31, 2020:


Net Realized Gain (Loss) from:	Interest Rate Contracts Risk			Total

Futures Contracts	$	(1,439,613	)	$	(1,439,613	)

Total Net Realized Gain (Loss)	$	(1,439,613	)	$	(1,439,613	)


Net Change in Unrealized Appreciation (Depreciation) from:	Interest Rate Contracts Risk			Total
Futures Contracts	$	(225,714	)	$	(225,714	)

Total Net Change in Unrealized Appreciation (Depreciation)	$	(225,714	)	$	(225,714	)


Average Notional Amount	Interest Rate Contracts Risk			Total

Futures Contracts Short	$	(13,177,172	)	$	(13,177,172	)

Note 3–Fees and Related Party Transactions

(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company (“New York Life”), serves as the Fund’s Manager, pursuant to an Amended and Restated Management Agreement (“Management Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. MacKay Shields LLC (“MacKay Shields” or the “Subadvisor”), a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life, serves as Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of an Amended and Restated Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and MacKay Shields, New York Life Investments pays for the services of the Subadvisor.

Effective February 28, 2020, pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of the Fund’s average daily net assets as follows: 0.50% up to $1 billion and 0.48% in excess of $1 billion. New York Life Investments has contractually agreed to waive a portion of its management fee so that the management fee does not exceed the Fund’s average daily net assets as follows: 0.45% up to $1 billion and 0.43% in excess of $1 billion. These agreements will remain in effect until February 28, 2021, 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.

During the year ended October 31, 2020, the effective management fee rate was 0.50% of the Fund’s average daily net assets (exclusive of any applicable waivers/reimbursements).

New York Life Investments has also 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 A shares do not exceed 0.75% of its average daily net assets. New York Life Investments will apply an equivalent waiver or reimbursement, in an equal number of basis points, to Investor Class, Class C, Class C2 and Class I shares. 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) of Class R6 do not exceed those of Class I. These agreements will remain in effect until August 31, 2021, 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.

During the year ended October 31, 2020, New York Life Investments earned fees from the Fund in the amount of $4,360,948 and waived fees and/or reimbursed expenses in the amount of $474,203 and paid the Subadvisor fees in the amount of $1,943,373.


36		MainStay MacKay New York Tax Free Opportunities Fund

and Investor Class shares for distribution and/or service activities as designated by the Distributor. Pursuant to the Class C Plans, Class C shares pay the Distributor a monthly distribution fee at an annual rate of 0.25% of the average daily net assets of the Class C shares along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class C shares, for a total 12b-1 fee of 0.50%. Pursuant to the Class C2 Plan, Class C2 shares pay the Distributor a monthly distribution fee at an annual rate of 0.40% of the average daily net assets of the Class C2 shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class C shares, for a total 12b-1 fee of 0.65%. Class I shares are not subject to a distribution and/or service fee.

The Fund was also advised that the Distributor retained CDSCs on redemptions of Class A and Class C shares during the year ended October 31, 2020, of $173,451 and $25,656, respectively.

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund’s transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with DST Asset Manager Solutions, Inc. (“DST”), pursuant to which DST performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund’s share classes to a maximum of 0.35% of that share class’s average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until August 31, 2021 for Class C2 shares and February 28, 2021 for all other share classes, 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. During the year ended October 31, 2020, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:


Class	Expense		Waived
Class A	$	135,345	$	—
Investor Class		193		—
Class C		42,157		—
Class C2		7		—
Class I		52,573		—
Class R6		41		—

than $1,000 ($5,000 for Class A share accounts) are charged an annual per account fee of $20 (assessed semi-annually), the proceeds from which offset transfer agent fees as reflected in the Statement of Operations. This small account fee will not apply to certain types of accounts as described further in the Fund’s prospectus.

(F) Capital. As of October 31, 2020, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:



Class C2	$	24,836	7.9	%
Class R6		25,565	1.8

Note 4–Federal Income Tax


	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)

Investments in Securities	$	948,860,034	$	39,437,660	$	(6,784,644	)	$	32,653,016

As of October 31, 2020, the components of accumulated gain (loss) on a tax basis were as follows:


Undistributed Tax Exempt Income	Accumulated Capital and Other Gain (Loss)	Other Temporary Differences	Unrealized Appreciation (Depreciation)	Total Accumulated Gain (Loss)

$460,318	$(18,147,524)	$(479,080)	$27,824,811	$9,658,525

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is primarily due to cumulative bond amortization adjustment. The other temporary differences are primarily due to dividends payable.

As of October 31, 2020, for federal income tax purposes, capital loss carryforwards of $18,147,524 were available as shown in the table below, to the extent provided by the regulations to offset future realized gains of the Fund through the years indicated. To the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders. No capital gain distributions shall be made until any capital loss carryforwards have been fully utilized.


Capital Loss Available Through	Short-Term Capital Loss Amounts (000’s)	Long-Term Capital Loss Amounts (000’s)

Unlimited	$12,005	$6,143

During the years ended October 31, 2020, and October 31, 2019, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets were as follows:


	2020		2019

Distributions paid from:
Ordinary Income	$	388,295	$	150,332
Exempt Interest Dividends		24,136,743		16,718,760
Total	$	24,525,038	$	16,869,092


			37

Notes to Financial Statements (continued)

Note 5–Custodian

Note 6–Line of Credit

Note 7–Interfund Lending Program

Note 8–Purchases and Sales of Securities (in 000’s)

During the year ended October 31, 2020, purchases and sales of securities, other than short-term securities, were $512,486 and $238,426, respectively.

The Fund may purchase securities from or sell securities to other portfolios managed by the Subadvisor. These interportfolio transactions are primarily used for cash management purposes and are made pursuant to Rule 17a-7 under the 1940 Act. During the year ended October 31, 2020, such purchases were $714.

Note 9–Capital Share Transactions

Transactions in capital shares for the years ended October 31, 2020, and October 31, 2019, were as follows:


Class A	Shares			Amount

Year ended October 31, 2020:
Shares sold		32,818,972		$	350,186,364
Shares issued to shareholders in reinvestment of distributions		1,231,988			13,097,173
Shares redeemed		(12,530,922	)		(130,616,440	)

Net increase (decrease) in shares outstanding before conversion		21,520,038			232,667,097
Shares converted into Class A (See Note 1)		18,314			194,381
Shares converted from Class A (See Note 1)		(38,924	)		(406,838	)

Net increase (decrease)		21,499,428		$	232,454,640

Year ended October 31, 2019:
Shares sold		30,142,078		$	316,606,464
Shares issued to shareholders in reinvestment of distributions		738,756			7,786,608
Shares redeemed		(6,005,604	)		(63,002,349	)

Net increase (decrease) in shares outstanding before conversion		24,875,230			261,390,723
Shares converted into Class A (See Note 1)		11,337			118,231
Shares converted from Class A (See Note 1)		(11,880	)		(127,392	)

Net increase (decrease)		24,874,687		$	261,381,562



Investor Class	Shares			Amount

Year ended October 31, 2020:
Shares sold		30,793		$	329,132
Shares issued to shareholders in reinvestment of distributions		1,137			12,082
Shares redeemed		(19,670	)		(209,366	)

Net increase (decrease) in shares outstanding before conversion		12,260			131,848
Shares converted into Investor Class (See Note 1)		108			1,102
Shares converted from Investor Class (See Note 1)		(16,815	)		(178,343	)

Net increase (decrease)		(4,447	)	$	(45,393	)

Year ended October 31, 2019:
Shares sold		15,808		$	166,338
Shares issued to shareholders in reinvestment of distributions		1,090			11,427
Shares redeemed		(4,974	)		(51,931	)

Net increase (decrease) in shares outstanding before conversion		11,924			125,834
Shares converted into Investor Class (See Note 1)		4,815			50,778
Shares converted from Investor Class (See Note 1)		(11,331	)		(118,231	)

Net increase (decrease)		5,408		$	58,381


38		MainStay MacKay New York Tax Free Opportunities Fund


Class C	Shares			Amount

Year ended October 31, 2020:
Shares sold		3,464,848		$	37,021,349
Shares issued to shareholders in reinvestment of distributions		165,339			1,756,947
Shares redeemed		(2,022,224	)		(21,378,963	)

Net increase (decrease) in shares outstanding before conversion		1,607,963			17,399,333
Shares converted from Class C (See Note 1)		(9,813	)		(104,698	)

Net increase (decrease)		1,598,150		$	17,294,635

Year ended October 31, 2019:
Shares sold		4,156,461		$	43,764,145
Shares issued to shareholders in reinvestment of distributions		109,137			1,146,967
Shares redeemed		(1,146,376	)		(11,964,420	)

Net increase (decrease) in shares outstanding before conversion		3,119,222			32,946,692
Shares converted from Class C (See Note 1)		(845	)		(8,727	)

Net increase (decrease)		3,118,377		$	32,937,965



Class C2	Shares			Amount

Period ended October 31, 2020 (a):
Shares sold		29,644		$	314,957
Shares issued to shareholders in reinvestment of distributions		31			326
Shares redeemed		(22	)		(229	)

Net increase (decrease)		29,653		$	315,054



Class I	Shares			Amount

Year ended October 31, 2020:
Shares sold		15,326,954		$	162,719,376
Shares issued to shareholders in reinvestment of distributions		409,861			4,356,434
Shares redeemed		(6,249,028	)		(65,266,661	)

Net increase in shares outstanding before conversion		9,487,787			101,809,149
Shares converted into Class I (See Note 1)		47,130			494,396

Net increase (decrease)		9,534,917		$	102,303,545

Year ended October 31, 2019:
Shares sold		9,125,184		$	95,111,253
Shares issued to shareholders in reinvestment of distributions		387,477			4,042,011
Shares redeemed		(12,313,834	)		(128,210,040	)

Net increase (decrease) in shares outstanding before conversion		(2,801,173	)		(29,056,776	)
Shares converted into Class I (See Note 1)		7,902			85,341

Net increase (decrease)		(2,793,271	)	$	(28,971,435	)



Class R6	Shares			Amount

Year ended October 31, 2020 (b):
Shares sold		133,535		$	1,436,623
Shares issued to shareholders in reinvestment of distributions		2,976			31,548
Shares redeemed		(4,468	)		(46,199	)

Net increase (decrease)		132,043		$	1,421,972

(a)	The inception date of the class was August 31, 2020.

(b)	The inception date of the class was November 1, 2019.

Note 10–Recent Accounting Pronouncement

Note 11–Other Matters

Note 12–Subsequent Events

Effective at the close of business on November 20, 2020, all services provided by State Street were transitioned to JPMorgan Chase Bank, N.A.


			39

Report of Independent Registered Public Accounting Firm

To the Shareholders of the Fund and Board of Trustees

MainStay Funds Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of MainStay MacKay New York Tax Free Opportunities Fund (the Fund), one of the funds constituting MainStay Funds Trust, including the portfolio of investments, as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

LOGO

We have served as the auditor of one or more New York Life Investment Management investment companies since 2003.

Philadelphia, Pennsylvania

December 23, 2020


40		MainStay MacKay New York Tax Free Opportunities Fund

Federal Income Tax Information

(Unaudited)

The Fund is required under the Internal Revenue Code to advise shareholders in a written statement as to the federal tax status of dividends paid by the Fund during such fiscal years.

For the fiscal year ended October 31, 2020, the Fund designated approximately $1,087 under the Internal Revenue Code as qualified dividend income eligible for reduced tax rates.

For Federal individual income tax purposes, the Fund designated 98.4% of the ordinary income dividends paid during its fiscal year ended October 31, 2020 as attributable to interest income from Tax Exempt Municipal Bonds. Such dividends are currently exempt from Federal income taxes under Section 103(a) of the Internal Revenue Code.

Proxy Voting Policies and Procedures and Proxy Voting Record

Shareholder Reports and Quarterly Portfolio Disclosure


			41

Board of Trustees and Officers (Unaudited)

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Interested Trustee

Yie-Hsin Hung*

1962

MainStay Funds:
Trustee since 2017

MainStay Funds Trust:
Trustee since 2017

MainStay VP Funds Trust:
Trustee since 2017 (31 portfolios); and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017.


42		MainStay MacKay New York Tax Free Opportunities Fund

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

David H. Chow

1957

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Founder and CEO, DanCourt Management, LLC since 1999

Susan B. Kerley

1951

MainStay Funds:
Chairman since 2017 and Trustee since 2007;

MainStay Funds Trust: Chairman since 2017 and Trustee since 1990.**

President, Strategic Management Advisors LLC since 1990

MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007 (31 portfolios)***;
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; and

Legg Mason Partners Funds: Trustee since 1991 (45 portfolios).

Alan R. Latshaw

1951

MainStay Funds:
Trustee;

MainStay Funds Trust:
Trustee and Audit Committee Financial Expert since 2007.**

Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006)

Richard H. Nolan, Jr.

1946

MainStay Funds:
Trustee since 2007;

MainStay Funds Trust:
Trustee since 2007.**

Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004)

MainStay VP Funds Trust: Trustee since 2006 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Jacques P. Perold

1958

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Allstate Corporation: Director since 2015;
MSCI, Inc.: and Director since 2017.


			43

Board of Trustees and Officers (Unaudited) (continued)

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

Richard S. Trutanic

1952

MainStay Funds: Trustee since 1994;

MainStay Funds Trust: Trustee since 2007.**

MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust.

***

Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


44		MainStay MacKay New York Tax Free Opportunities Fund


	Name and Year of Birth	Position(s) Held and Length of Service	Principal Occupation(s) During Past Five Years
Officers of the Trust (Who are not Trustees)*	Kirk C. Lehneis 1974	President, MainStay Funds, MainStay Funds Trust since 2017	Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers since 2017 and Senior Managing Director since 2018, NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since 2017**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC
	Jack R. Benintende 1964	Treasurer and Principal Financial and Accounting Officer, MainStay Funds since 2007, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2007**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012)
	Yi-Chia Kuo 1981	Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust since January 2020	Chief Compliance Officer, Index IQ Trust, Index IQ ETF Trust and Index IQ Active ETF Trust since January 2020; Vice President and Chief Compliance Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since January 2020; Director and Associate General Counsel, New York Life Insurance Company (2015 to 2019)
	J. Kevin Gao 1967	Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust since 2010	Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2010**
	Scott T. Harrington 1959	Vice President— Administration, MainStay Funds since 2005, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2005**

Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


			45

MainStay Funds

Equity

U.S. Equity

MainStay Epoch U.S. All Cap Fund

MainStay Epoch U.S. Equity Yield Fund

MainStay MacKay Common Stock Fund

MainStay MacKay Growth Fund

MainStay MacKay S&P 500 Index Fund

MainStay MacKay Small Cap Core Fund

MainStay MacKay U.S. Equity Opportunities Fund

MainStay MAP Equity Fund

MainStay Winslow Large Cap Growth Fund¹

International Equity

MainStay Epoch International Choice Fund

MainStay MacKay International Equity Fund

MainStay MacKay International Opportunities Fund

Emerging Markets Equity

MainStay Candriam Emerging Markets Equity Fund

Global Equity

MainStay Epoch Capital Growth Fund

MainStay Epoch Global Equity Yield Fund

Fixed Income

Taxable Income

MainStay Candriam Emerging Markets Debt Fund

MainStay Floating Rate Fund

MainStay MacKay High Yield Corporate Bond Fund

MainStay MacKay Short Duration High Yield Fund

MainStay MacKay Total Return Bond Fund

MainStay MacKay Unconstrained Bond Fund

MainStay MacKay U.S. Infrastructure Bond Fund²

MainStay Short Term Bond Fund³

Tax-Exempt Income

MainStay MacKay California Tax Free Opportunities Fund⁴

MainStay MacKay High Yield Municipal Bond Fund

MainStay MacKay Intermediate Tax Free Bond Fund

MainStay MacKay New York Tax Free Opportunities Fund⁵

MainStay MacKay Short Term Municipal Fund

MainStay MacKay Tax Free Bond Fund

Money Market

MainStay Money Market Fund

Mixed Asset

MainStay Balanced Fund

MainStay Income Builder Fund

MainStay MacKay Convertible Fund

Speciality

MainStay CBRE Global Infrastructure Fund

MainStay CBRE Real Estate Fund

MainStay Cushing MLP Premier Fund

Asset Allocation

MainStay Conservative Allocation Fund

MainStay Conservative ETF Allocation Fund

MainStay Defensive ETF Allocation Fund

MainStay Equity Allocation Fund⁶

MainStay Equity ETF Allocation Fund

MainStay Growth Allocation Fund⁷

MainStay Growth ETF Allocation Fund

MainStay Moderate Allocation Fund

MainStay Moderate ETF Allocation Fund

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium S.A.⁸

Brussels, Belgium

Candriam Luxembourg S.C.A.⁸

Strassen, Luxembourg

CBRE Clarion Securities LLC

Radnor, Pennsylvania

Cushing Asset Management, LP

Dallas, Texas

Epoch Investment Partners, Inc.

New York, New York

MacKay Shields LLC⁸

New York, New York

Markston International LLC

White Plains, New York

NYL Investors LLC⁸

New York, New York

Winslow Capital Management, LLC

Minneapolis, Minnesota

Legal Counsel

Dechert LLP

Washington, District of Columbia

Independent Registered Public Accounting Firm

KPMG LLP

Philadelphia, Pennsylvania

Distributor

NYLIFE Distributors LLC⁸

Jersey City, New Jersey

Custodian⁹

State Street Bank and Trust Company

Boston, Massachusetts

1.	Formerly known as MainStay Large Cap Growth Fund.

2.	Formerly known as MainStay MacKay Infrastructure Bond Fund.

3.	Formerly known as MainStay Indexed Bond Fund.

4.	This Fund is registered for sale in AZ, CA, NV, OR, TX, UT and WA. Class A and Class I shares are registered for sale in MI. Class I and Class C2 shares are registered for sale in CO, FL, GA, HI, ID, MA, MD, NH, NJ and NY.

5.	This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT.

6.	Formerly known as MainStay Growth Allocation Fund.

7.	Formerly known as MainStay Moderate Growth Allocation Fund.

8.	An affiliate of New York Life Investment Management LLC.

Not part of the Annual Report

For more information

800-624-6782

newyorklifeinvestments.com

1716276 MS203-20

MSNTF11-12/20

(NYLIM) NL222

MainStay MacKay S&P 500 Index Fund

Message from the President and Annual Report

October 31, 2020


Not FDIC/NCUA Insured		Not a Deposit		May Lose Value		No Bank Guarantee		Not Insured by Any Government Agency

LOGO

This page intentionally left blank

Message from the President

Sincerely,

LOGO

Kirk C. Lehneis

President

Not part of the Annual Report

Table of Contents


Annual Report

Investment and Performance Comparison			5

Portfolio Management Discussion and Analysis			9

Portfolio of Investments			10

Financial Statements			18

Notes to Financial Statements			23

Report of Independent Registered Public Accounting Firm			33

Federal Income Tax Information			34

Proxy Voting Policies and Procedures and Proxy Voting Record			34

Shareholder Reports and Quarterly Portfolio Disclosure			34

Board of Trustees and Officers			35

Investment and Performance Comparison^{1 (Unaudited)}

LOGO

Average Annual Total Returns for the Year-Ended October 31, 2020


Class	Sales Charge		Inception Date		One Year or Since Inception			Five Years			Ten Years			Gross Expense Ratio²

Class A Shares³	Maximum 1.5% Initial Sales Charge	With sales charges Excluding sales charges		1/2/2004		5.93 9.21	%		10.46 11.13	%		12.05 12.39	%		0.54 0.54	%
Investor Class Shares^3,4	Maximum 1% Initial Sales Charge	With sales charges Excluding sales charges		2/28/2008		5.76 9.03			10.30 10.98			11.92 12.26			0.89 0.89
Class I Shares	No Sales Charge			1/2/1991		9.47			11.40			12.67			0.29
SIMPLE Class Shares	No Sales Charge			8/31/2020		–6.51			N/A			N/A			1.14

2.	The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report.

3.	Prior to March 19, 2020, the maximum initial sales charge for Class A Shares and Investor Class Shares was 3%, which is reflected in the average annual total return figures shown.

4.	Prior to June 30, 2020, the maximum initial sales charge for Investor Class shares was 1.5%, which is reflected in the average annual total return figures shown.

The footnotes on the next page are an integral part of the table and graph and should be carefully read in conjunction with them.


			5


Benchmark Performance	One Year			Five Years			Ten Years

S&P 500^® Index⁴		9.71	%		11.71	%		13.01	%
Morningstar Large Blend Category Average⁵		6.30			9.64			11.28

5.	The Morningstar Large Blend Category Average is representative of funds that represent the overall US stock market in size, growth rates and price.

The footnotes on the preceding page are an integral part of the table and graph and should be carefully read in conjunction with them.


6		MainStay MacKay S&P 500 Index Fund

Cost in Dollars of a $1,000 Investment in MainStay MacKay S&P 500 Index Fund (Unaudited)

Example

This example illustrates your Fund’s ongoing costs in two ways:

Actual Expenses

multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes



Share Class	Beginning Account Value 5/1/20		Ending Account Value (Based on Actual Returns and Expenses) 10/31/20		Expenses Paid During Period¹		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/20		Expenses Paid During Period¹		Net Expense Ratio During Period²

Class A Shares	$	1,000.00	$	1,130.00	$	2.89	$	1,022.42	$	2.75	0.54%

Investor Class Shares	$	1,000.00	$	1,129.00	$	3.75	$	1,021.62	$	3.56	0.70%

Class I Shares	$	1,000.00	$	1,131.40	$	1.55	$	1,023.68	$	1.48	0.29%

SIMPLE Class Shares^3,4	$	1,000.00	$	934.90	$	1.53	$	1,006.75	$	1.59	0.95%

2.	Expenses are equal to the Fund’s annualized expense ratio to reflect the six-month period.

3.	The inception date was August 31, 2020.

Expenses paid during the period reflect ongoing costs for the period from inception through October 31, 2020. Had these shares been offered for the full six-month period ended October 31, 2020, and had the Fund provided a hypothetical 5% annualized return, expenses paid during the period would have been $4.82 for SIMPLE Class shares and the ending account value would have been $1,020.36 for SIMPLE Class shares.


			7

Industry Composition as of October 31, 2020 (Unaudited)



Software	9.0	%

Technology Hardware, Storage & Peripherals	6.7

Interactive Media & Services	5.9

IT Services	5.3

Internet & Direct Marketing Retail	5.2

Semiconductors & Semiconductor Equipment	5.0

Health Care Equipment & Supplies	4.0

Pharmaceuticals	4.0

Banks	3.4

Capital Markets	2.6

Health Care Providers & Services	2.6

Equity Real Estate Investment Trusts	2.5

Specialty Retail	2.4

Biotechnology	2.0

Electric Utilities	2.0

Entertainment	2.0

Chemicals	1.8

Household Products	1.8

Insurance	1.8

Oil, Gas & Consumable Fuels	1.8

Machinery	1.7

Beverages	1.6

Diversified Telecommunication Services	1.6

Food & Staples Retailing	1.6

Hotels, Restaurants & Leisure	1.6

Aerospace & Defense	1.5

Diversified Financial Services	1.5

Life Sciences Tools & Services	1.3

Media	1.3

Food Products	1.1

Industrial Conglomerates	1.1

Multi-Utilities	1.0

Road & Rail	1.0



Communications Equipment	0.8	%

Air Freight & Logistics	0.7

Textiles, Apparel & Luxury Goods	0.7

Tobacco	0.7

Electronic Equipment, Instruments & Components	0.6

Building Products	0.5

Consumer Finance	0.5

Electrical Equipment	0.5

Multiline Retail	0.5

Commercial Services & Supplies	0.4

Containers & Packaging	0.4

Household Durables	0.4

Automobiles	0.3

Metals & Mining	0.3

Professional Services	0.3

Airlines	0.2

Energy Equipment & Services	0.2

Personal Products	0.2

Trading Companies & Distributors	0.2

Wireless Telecommunication Services	0.2

Auto Components	0.1

Construction & Engineering	0.1

Construction Materials	0.1

Distributors	0.1

Health Care Technology	0.1

Independent Power & Renewable Electricity Producers	0.1

Real Estate Management & Development	0.1

Water Utilities	0.1

Gas Utilities	0.0	‡

Leisure Products	0.0	‡

Short-Term Investments	1.2
Other Assets, Less Liabilities	–0.3

	100.0	%

See Portfolio of Investments beginning on page 10 for specific holdings within these categories. The Fund’s holdings are subject to change.

‡	Less than one-tenth of a percent.

Top Ten Holdings as of October 31, 2020 (excluding short-term investments) (Unaudited)

1.	Apple, Inc.

2.	Microsoft Corp.

3.	Amazon.com, Inc.

4.	Alphabet, Inc.

5.	Facebook, Inc., Class A

6.	Berkshire Hathaway, Inc., Class B

7.	Johnson & Johnson

8.	Procter & Gamble Co.

9.	NVIDIA Corp.

10.	Visa, Inc., Class A


8		MainStay MacKay S&P 500 Index Fund

Portfolio Management Discussion and Analysis (Unaudited)

Questions answered by portfolio managers Francis J. Ok and Lee Baker of MacKay Shields LLC, the Fund’s Subadvisor.

How did MainStay MacKay S&P 500 Index Fund perform relative to its benchmark and peer group during the 12 months ended October 31, 2020?

For the 12 months ended October 31, 2020, Class I shares of MainStay MacKay S&P 500 Index Fund returned 9.47%, underperforming the 9.71% return of the Fund’s primary benchmark, the S&P 500^® Index. Over the same period, Class I shares outperformed the 6.30% return of the Morningstar Large Blend Category Average.¹

What factors affected the Fund’s relative performance during the reporting period?

Although the Fund seeks investment results that correspond to the total return performance of common stocks in the aggregate, as represented by the S&P 500^® Index (the “Index”), the Fund’s relative performance will typically lag that of the Index, as it did during the reporting period, because the Fund incurs operating expenses that the Index does not.

During the reporting period, how was the Fund’s performance materially affected by investments in derivatives?

The Fund invests in futures contracts to provide an efficient means of maintaining liquidity while remaining fully invested in the market.

During the reporting period, which S&P 500^® industries had the highest total returns and which industries had the lowest total returns?

The strongest performing S&P 500^® industry groups during the reporting period in terms of total returns included technology hardware, storage & peripherals; Internet & direct marketing retail; and metals & mining. During the same period, the industry groups with the lowest total returns included energy equipment & services; oil, gas & consumable fuels; and airlines.

During the reporting period, which S&P 500^® industries made the strongest positive contributions to the Fund’s absolute performance and which industries made the weakest contributions?

The industry groups that made the strongest positive contributions to the Fund’s absolute performance during the reporting period were technology hardware, storage & peripherals; software; and Internet & direct marketing retail. (Contributions take weightings and total returns into account.) During the same period, the industry groups that made the weakest contributions to the Fund’s absolute performance included banks; oil, gas & consumable fuels; and aerospace & defense.

During the reporting period, which individual stocks in the S&P 500^® Index had the highest total returns and which stocks had the lowest total returns?

The S&P 500^® stocks producing the highest total returns during the reporting period included NVIDIA, Advanced Micro Devices and L Brands. Conversely, the S&P^® 500 stocks with the lowest total returns over the same period were Occidental Petroleum Corporation, Coty and TechnipFMC.

During the reporting period, which S&P 500^® stocks made the strongest positive contributions to the Fund’s absolute performance and which stocks made the weakest contributions?

The strongest positive contributors to the Fund’s absolute performance during the reporting period were Apple, Amazon.com and Microsoft. During the same period, the S&P 500^® stocks that made the weakest contributions to the Fund’s absolute performance were Exxon Mobil, Wells Fargo & Company and Boeing.

Were there any changes in the S&P 500^® Index during the reporting period?

During the reporting period, there were 23 additions and 23 deletions in the S&P 500^® Index.

1.	See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 for more information on benchmark and peer group returns.


			9

Portfolio of Investments October 31, 2020



	Shares		Value
Common Stocks 99.1%†
Aerospace & Defense 1.5%
Boeing Co.		21,208	$	3,062,223
General Dynamics Corp.		9,290		1,220,056
Howmet Aerospace, Inc.		15,690		270,652
Huntington Ingalls Industries, Inc.		1,618		238,623
L3Harris Technologies, Inc.		8,642		1,392,313
Lockheed Martin Corp.		9,833		3,442,828
Northrop Grumman Corp.		6,198		1,796,304
Raytheon Technologies Corp.		61,062		3,316,888
Teledyne Technologies, Inc. (a)		1,474		455,687
Textron, Inc.		9,115		326,317
TransDigm Group, Inc.		2,166		1,034,070

				16,555,961

Air Freight & Logistics 0.7%
C.H. Robinson Worldwide, Inc.		5,389		476,549
Expeditors International of Washington, Inc.		6,701		592,167
FedEx Corp.		9,635		2,499,994
United Parcel Service, Inc., Class B		28,263		4,440,400

				8,009,110

Airlines 0.2%
Alaska Air Group, Inc.		4,942		187,252
American Airlines Group, Inc. (b)		20,328		229,300
Delta Air Lines, Inc.		25,496		781,198
Southwest Airlines Co.		23,578		932,038
United Airlines Holdings, Inc. (a)		11,631		393,826

				2,523,614

Auto Components 0.1%
Aptiv PLC		10,793		1,041,416
BorgWarner, Inc.		9,770		341,755

				1,383,171

Automobiles 0.3%
Ford Motor Co.		156,190		1,207,349
General Motors Co.		50,339		1,738,205

				2,945,554

Banks 3.4%
Bank of America Corp.		304,758		7,222,765
Citigroup, Inc.		83,215		3,446,765
Citizens Financial Group, Inc.		17,061		464,912
Comerica, Inc.		5,558		252,944
Fifth Third Bancorp		28,469		661,050
First Republic Bank		6,880		867,843
Huntington Bancshares, Inc.		40,664		424,532
JPMorgan Chase & Co.		121,817		11,942,939
KeyCorp		39,012		506,376
M&T Bank Corp.		5,127		531,055
People’s United Financial, Inc.		16,979		181,166
PNC Financial Services Group, Inc.		16,968		1,898,380
Regions Financial Corp.		38,379		510,441



	Shares		Value
Banks (continued)
SVB Financial Group (a)		2,069	$	601,458
Truist Financial Corp.		53,866		2,268,836
U.S. Bancorp		54,793		2,134,187
Wells Fargo & Co.		164,684		3,532,472
Zions Bancorp., N.A.		6,555		211,530

				37,659,651

Beverages 1.6%
Brown-Forman Corp., Class B		7,296		508,604
Coca-Cola Co.		154,525		7,426,472
Constellation Brands, Inc., Class A		6,716		1,109,685
Molson Coors Beverage Co., Class B		7,517		265,049
Monster Beverage Corp. (a)		14,757		1,129,944
PepsiCo., Inc.		55,346		7,377,068

				17,816,822

Biotechnology 2.0%
AbbVie, Inc.		70,543		6,003,209
Alexion Pharmaceuticals, Inc. (a)		8,760		1,008,627
Amgen, Inc.		23,411		5,078,782
Biogen, Inc. (a)		6,328		1,595,099
Gilead Sciences, Inc.		50,113		2,914,071
Incyte Corp. (a)		7,430		643,735
Regeneron Pharmaceuticals, Inc. (a)		4,179		2,271,537
Vertex Pharmaceuticals, Inc. (a)		10,411		2,169,236

				21,684,296

Building Products 0.5%
A.O. Smith Corp.		5,411		279,695
Allegion PLC		3,687		363,169
Carrier Global Corp.		32,544		1,086,644
Fortune Brands Home & Security, Inc.		5,522		446,564
Johnson Controls International PLC		29,741		1,255,368
Masco Corp.		10,453		560,281
Trane Technologies PLC		9,567		1,270,019

				5,261,740

Capital Markets 2.6%
Ameriprise Financial, Inc.		4,808		773,271
Bank of New York Mellon Corp.		32,577		1,119,346
BlackRock, Inc.		5,668		3,396,322
Cboe Global Markets, Inc.		4,347		353,368
Charles Schwab Corp.		59,187		2,433,178
CME Group, Inc.		14,334		2,160,420
Franklin Resources, Inc.		10,692		200,475
Goldman Sachs Group, Inc.		13,753		2,599,867
Intercontinental Exchange, Inc.		22,433		2,117,675
Invesco, Ltd.		15,050		197,306
MarketAxess Holdings, Inc.		1,517		817,435
Moody’s Corp.		6,452		1,696,231
Morgan Stanley		57,117		2,750,184
MSCI, Inc.		3,343		1,169,515
Nasdaq, Inc.		4,595		555,949


10		MainStay MacKay S&P 500 Index Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.



	Shares		Value
Common Stocks (continued)
Capital Markets (continued)
Northern Trust Corp.		8,318	$	651,050
Raymond James Financial, Inc.		4,880		373,027
S&P Global, Inc.		9,633		3,108,858
State Street Corp.		14,086		829,665
T. Rowe Price Group, Inc.		9,073		1,149,186

				28,452,328

Chemicals 1.8%
Air Products & Chemicals, Inc.		8,829		2,438,923
Albemarle Corp.		4,252		396,329
Celanese Corp.		4,728		536,675
CF Industries Holdings, Inc.		8,549		236,038
Corteva, Inc.		29,921		986,795
Dow, Inc.		29,624		1,347,596
DuPont de Nemours, Inc.		29,332		1,668,404
Eastman Chemical Co.		5,410		437,344
Ecolab, Inc.		9,924		1,821,947
FMC Corp.		5,179		532,090
International Flavors & Fragrances, Inc. (b)		4,274		438,769
Linde PLC		20,999		4,626,920
LyondellBasell Industries N.V., Class A		10,275		703,324
Mosaic Co.		13,789		255,097
PPG Industries, Inc.		9,433		1,223,649
Sherwin-Williams Co.		3,275		2,253,134

				19,903,034

Commercial Services & Supplies 0.4%
Cintas Corp.		3,475		1,093,061
Copart, Inc. (a)		8,258		911,353
Republic Services, Inc.		8,402		740,804
Rollins, Inc.		5,895		341,026
Waste Management, Inc.		15,535		1,676,382

				4,762,626

Communications Equipment 0.8%
Arista Networks, Inc. (a)		2,188		457,073
Cisco Systems, Inc.		169,216		6,074,855
F5 Networks, Inc. (a)		2,445		325,038
Juniper Networks, Inc.		13,261		261,507
Motorola Solutions, Inc.		6,787		1,072,753

				8,191,226

Construction & Engineering 0.1%
Jacobs Engineering Group, Inc.		5,205		494,475
Quanta Services, Inc.		5,517		344,426

				838,901

Construction Materials 0.1%
Martin Marietta Materials, Inc.		2,489		662,945
Vulcan Materials Co.		5,294		766,783

				1,429,728



	Shares		Value
Consumer Finance 0.5%
American Express Co.		26,069	$	2,378,536
Capital One Financial Corp.		18,252		1,333,856
Discover Financial Services		12,248		796,242
Synchrony Financial		21,701		542,959

				5,051,593

Containers & Packaging 0.4%
Amcor PLC		62,695		653,909
Avery Dennison Corp.		3,336		461,669
Ball Corp.		13,053		1,161,717
International Paper Co.		15,712		687,400
Packaging Corp. of America		3,791		434,032
Sealed Air Corp.		6,223		246,368
Westrock Co.		10,378		389,694

				4,034,789

Distributors 0.1%
Genuine Parts Co.		5,766		521,419
LKQ Corp. (a)		11,190		357,968
Pool Corp.		1,602		560,428

				1,439,815

Diversified Financial Services 1.5%
Berkshire Hathaway, Inc., Class B (a)		79,232		15,996,941


Diversified Telecommunication Services 1.6%
AT&T, Inc.		284,796		7,695,188
CenturyLink, Inc.		39,483		340,343
Verizon Communications, Inc.		165,404		9,426,374

				17,461,905

Electric Utilities 2.0%
Alliant Energy Corp.		9,978		551,584
American Electric Power Co., Inc.		19,832		1,783,492
Duke Energy Corp.		29,396		2,707,665
Edison International		15,118		847,213
Entergy Corp.		8,003		810,064
Evergy, Inc.		9,067		500,498
Eversource Energy		13,697		1,195,337
Exelon Corp.		38,952		1,553,795
FirstEnergy Corp.		21,669		644,003
NextEra Energy, Inc.		78,288		5,731,464
NRG Energy, Inc.		9,759		308,580
Pinnacle West Capital Corp.		4,499		366,983
PPL Corp.		30,730		845,075
Southern Co.		42,215		2,425,252
Xcel Energy, Inc.		20,999		1,470,560

				21,741,565

Electrical Equipment 0.5%
AMETEK, Inc.		9,179		901,378
Eaton Corp. PLC		15,992		1,659,809
Emerson Electric Co.		23,887		1,547,639


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					11

Portfolio of Investments October 31, 2020 (continued)



	Shares		Value
Common Stocks (continued)
Electrical Equipment (continued)
Rockwell Automation, Inc.		4,635	$	1,099,051

				5,207,877

Electronic Equipment, Instruments & Components 0.6%
Amphenol Corp., Class A		11,926		1,345,730
CDW Corp.		5,702		699,065
Corning, Inc.		30,416		972,400
FLIR Systems, Inc.		5,241		181,810
IPG Photonics Corp. (a)		1,426		265,179
Keysight Technologies, Inc. (a)		7,480		784,428
TE Connectivity, Ltd.		13,192		1,278,041
Vontier Corp. (a)		5,389		154,880
Zebra Technologies Corp., Class A (a)		2,132		604,720

				6,286,253

Energy Equipment & Services 0.2%
Baker Hughes Co.		26,234		387,476
Halliburton Co.		35,114		423,475
National Oilwell Varco, Inc.		15,520		130,368
Schlumberger N.V.		55,484		828,931
TechnipFMC PLC		16,883		93,363

				1,863,613

Entertainment 2.0%
Activision Blizzard, Inc.		30,853		2,336,498
Electronic Arts, Inc. (a)		11,543		1,383,198
Live Nation Entertainment, Inc. (a)		5,681		277,233
Netflix, Inc. (a)		17,628		8,386,345
Take-Two Interactive Software, Inc. (a)		4,570		707,984
Walt Disney Co.		72,230		8,757,887

				21,849,145

Equity Real Estate Investment Trusts 2.5%
Alexandria Real Estate Equities, Inc.		4,688		710,326
American Tower Corp.		17,730		4,071,694
Apartment Investment & Management Co., Class A		5,950		189,805
AvalonBay Communities, Inc.		5,626		782,745
Boston Properties, Inc.		5,661		409,913
Crown Castle International Corp.		16,775		2,620,255
Digital Realty Trust, Inc.		10,752		1,551,514
Duke Realty Corp.		14,811		562,670
Equinix, Inc.		3,540		2,588,590
Equity Residential		13,687		643,015
Essex Property Trust, Inc.		2,606		533,162
Extra Space Storage, Inc.		5,160		598,302
Federal Realty Investment Trust		2,752		189,283
Healthpeak Properties, Inc.		21,518		580,340
Host Hotels & Resorts, Inc.		28,190		295,431
Iron Mountain, Inc.		11,518		300,159
Kimco Realty Corp.		17,288		177,375
Mid-America Apartment Communities, Inc.		4,571		533,116



	Shares		Value
Equity Real Estate Investment Trusts (continued)
Prologis, Inc.		29,530	$	2,929,376
Public Storage		6,078		1,392,287
Realty Income Corp.		13,791		797,947
Regency Centers Corp.		6,306		224,431
SBA Communications Corp.		4,474		1,299,115
Simon Property Group, Inc.		12,227		767,978
SL Green Realty Corp.		2,928		125,348
UDR, Inc.		11,794		368,445
Ventas, Inc.		14,912		588,577
Vornado Realty Trust		6,265		192,523
Welltower, Inc.		16,681		896,937
Weyerhaeuser Co.		29,829		814,033

				27,734,692

Food & Staples Retailing 1.6%
Costco Wholesale Corp.		17,648		6,311,278
Kroger Co.		31,095		1,001,570
Sysco Corp.		20,327		1,124,286
Walgreens Boots Alliance, Inc.		28,748		978,582
Walmart, Inc.		55,502		7,700,903

				17,116,619

Food Products 1.1%
Archer-Daniels-Midland Co.		22,210		1,026,991
Campbell Soup Co.		8,092		377,654
Conagra Brands, Inc.		19,525		685,132
General Mills, Inc.		24,419		1,443,651
Hershey Co.		5,892		809,914
Hormel Foods Corp.		11,216		546,107
J.M. Smucker Co.		4,560		511,632
Kellogg Co.		10,143		637,893
Kraft Heinz Co.		25,900		792,281
Lamb Weston Holdings, Inc.		5,809		368,581
McCormick & Co., Inc.		4,954		894,247
Mondelez International, Inc., Class A		57,092		3,032,727
Tyson Foods, Inc., Class A		11,762		673,139

				11,799,949

Gas Utilities 0.0%‡
Atmos Energy Corp.		4,931		452,025


Health Care Equipment & Supplies 4.0%
Abbott Laboratories		70,771		7,438,740
ABIOMED, Inc. (a)		1,800		453,384
Align Technology, Inc. (a)		2,866		1,221,145
Baxter International, Inc.		20,235		1,569,629
Becton Dickinson & Co.		11,587		2,678,103
Boston Scientific Corp. (a)		57,186		1,959,764
Cooper Cos., Inc.		1,964		626,614
Danaher Corp.		25,237		5,792,901
DENTSPLY SIRONA, Inc.		8,734		412,157
DexCom, Inc. (a)		3,827		1,223,033


12		MainStay MacKay S&P 500 Index Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.



	Shares		Value
Common Stocks (continued)
Health Care Equipment & Supplies (continued)
Edwards Lifesciences Corp. (a)		24,851	$	1,781,568
Hologic, Inc. (a)		10,352		712,425
IDEXX Laboratories, Inc. (a)		3,400		1,444,388
Intuitive Surgical, Inc. (a)		4,677		3,119,933
Medtronic PLC		53,730		5,403,626
ResMed, Inc.		5,792		1,111,716
STERIS PLC		3,400		602,446
Stryker Corp.		13,062		2,638,655
Teleflex, Inc.		1,859		591,589
Varian Medical Systems, Inc. (a)		3,642		629,338
West Pharmaceutical Services, Inc.		2,952		803,151
Zimmer Biomet Holdings, Inc.		8,276		1,093,260

				43,307,565

Health Care Providers & Services 2.6%
AmerisourceBergen Corp.		5,875		564,411
Anthem, Inc.		10,053		2,742,458
Cardinal Health, Inc.		11,690		535,285
Centene Corp. (a)		23,162		1,368,874
Cigna Corp.		14,678		2,450,786
CVS Health Corp.		52,311		2,934,124
DaVita, Inc. (a)		2,972		256,335
HCA Healthcare, Inc.		10,539		1,306,204
Henry Schein, Inc. (a)		5,706		362,787
Humana, Inc.		5,288		2,111,393
Laboratory Corp. of America Holdings (a)		3,893		777,704
McKesson Corp.		6,483		956,178
Quest Diagnostics, Inc.		5,369		655,770
UnitedHealth Group, Inc.		37,986		11,591,048
Universal Health Services, Inc., Class B		3,105		340,153

				28,953,510

Health Care Technology 0.1%
Cerner Corp.		12,206		855,519


Hotels, Restaurants & Leisure 1.6%
Carnival Corp.		20,701		283,811
Chipotle Mexican Grill, Inc. (a)		1,118		1,343,255
Darden Restaurants, Inc.		5,200		477,984
Domino’s Pizza, Inc.		1,573		595,097
Hilton Worldwide Holdings, Inc.		11,084		973,286
Las Vegas Sands Corp.		13,128		630,932
Marriott International, Inc., Class A		10,630		987,314
McDonald’s Corp.		29,743		6,335,259
MGM Resorts International		16,365		336,628
Norwegian Cruise Line Holdings, Ltd. (a)(b)		11,017		183,213
Royal Caribbean Cruises, Ltd.		7,122		401,823
Starbucks Corp.		46,727		4,063,380
Wynn Resorts, Ltd.		3,880		281,028
Yum! Brands, Inc.		12,048		1,124,440

				18,017,450



	Shares		Value
Household Durables 0.4%
D.R. Horton, Inc.		13,229	$	883,830
Garmin, Ltd.		5,962		620,167
Leggett & Platt, Inc.		5,292		220,835
Lennar Corp., Class A		10,977		770,915
Mohawk Industries, Inc. (a)		2,391		246,727
Newell Brands, Inc.		15,094		266,560
NVR, Inc. (a)		139		549,480
PulteGroup, Inc.		10,719		436,906
Whirlpool Corp.		2,490		460,550

				4,455,970

Household Products 1.8%
Church & Dwight Co., Inc.		9,885		873,735
Clorox Co.		5,045		1,045,576
Colgate-Palmolive Co.		34,272		2,703,718
Kimberly-Clark Corp.		13,632		1,807,467
Procter & Gamble Co.		99,514		13,643,370

				20,073,866

Independent Power & Renewable Electricity Producers 0.1%
AES Corp.		26,586		518,427


Industrial Conglomerates 1.1%
3M Co.		23,025		3,683,079
General Electric Co.		349,881		2,596,117
Honeywell International, Inc.		28,051		4,627,012
Roper Technologies, Inc.		4,185		1,554,058

				12,460,266

Insurance 1.8%
Aflac, Inc.		26,501		899,709
Allstate Corp.		12,483		1,107,866
American International Group, Inc.		34,433		1,084,295
Aon PLC, Class A		9,260		1,703,933
Arthur J. Gallagher & Co.		7,654		793,796
Assurant, Inc.		2,385		296,622
Chubb, Ltd.		18,042		2,343,836
Cincinnati Financial Corp.		5,979		422,955
Everest Re Group, Ltd.		1,598		314,934
Globe Life, Inc.		3,917		317,630
Hartford Financial Services Group, Inc.		14,317		551,491
Lincoln National Corp.		7,261		254,861
Loews Corp.		9,529		330,466
Marsh & McLennan Cos., Inc.		20,247		2,094,755
MetLife, Inc.		30,839		1,167,256
Principal Financial Group, Inc.		10,205		400,240
Progressive Corp.		23,399		2,150,368
Prudential Financial, Inc.		15,789		1,010,812
Travelers Cos., Inc.		10,120		1,221,585
Unum Group		8,137		143,699
W.R. Berkley Corp.		5,620		337,874
Willis Towers Watson PLC		5,150		939,772

				19,888,755


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					13

Portfolio of Investments October 31, 2020 (continued)



	Shares		Value
Common Stocks (continued)
Interactive Media & Services 5.9%
Alphabet, Inc. (a)
Class A		12,010	$	19,409,481
Class C		11,735		19,022,552
Facebook, Inc., Class A (a)		96,102		25,285,397
Twitter, Inc. (a)		31,615		1,307,597

				65,025,027

Internet & Direct Marketing Retail 5.2%
Amazon.com, Inc. (a)		17,018		51,669,201
Booking Holdings, Inc. (a)		1,637		2,656,032
eBay, Inc.		26,576		1,265,815
Etsy, Inc. (a)		4,769		579,863
Expedia Group, Inc.		5,424		510,669

				56,681,580

IT Services 5.3%
Accenture PLC, Class A		25,430		5,516,021
Akamai Technologies, Inc. (a)		6,504		618,660
Automatic Data Processing, Inc.		17,186		2,714,701
Broadridge Financial Solutions, Inc.		4,604		633,510
Cognizant Technology Solutions Corp., Class A		21,674		1,547,957
DXC Technology Co.		10,160		187,147
Fidelity National Information Services, Inc.		24,767		3,085,721
Fiserv, Inc. (a)		22,216		2,120,962
FleetCor Technologies, Inc. (a)		3,360		742,258
Gartner, Inc. (a)		3,566		428,277
Global Payments, Inc.		11,961		1,886,728
International Business Machines Corp.		35,598		3,974,873
Jack Henry & Associates, Inc.		3,064		454,238
Leidos Holdings, Inc.		5,342		443,386
Mastercard, Inc., Class A		35,309		10,191,590
Paychex, Inc.		12,806		1,053,293
PayPal Holdings, Inc. (a)		46,899		8,729,311
VeriSign, Inc. (a)		4,039		770,237
Visa, Inc., Class A		67,392		12,245,800
Western Union Co.		16,429		319,380

				57,664,050

Leisure Products 0.0%‡
Hasbro, Inc.		5,094		421,376


Life Sciences Tools & Services 1.3%
Agilent Technologies, Inc.		12,324		1,258,157
Bio-Rad Laboratories, Inc., Class A (a)		855		501,389
Illumina, Inc. (a)		5,836		1,708,197
IQVIA Holdings, Inc. (a)		7,645		1,177,254
Mettler-Toledo International, Inc. (a)		958		955,998
PerkinElmer, Inc.		4,469		578,959
Thermo Fisher Scientific, Inc.		15,812		7,480,974
Waters Corp. (a)		2,476		551,702

				14,212,630



	Shares		Value
Machinery 1.7%
Caterpillar, Inc.		21,645	$	3,399,347
Cummins, Inc.		5,903		1,298,011
Deere & Co.		12,526		2,829,749
Dover Corp.		5,755		637,136
Flowserve Corp.		5,203		151,511
Fortive Corp.		13,473		829,937
IDEX Corp.		3,018		514,237
Illinois Tool Works, Inc.		11,500		2,252,620
Ingersoll Rand, Inc. (a)		14,837		518,405
Otis Worldwide Corp.		16,272		997,148
PACCAR, Inc.		13,836		1,181,318
Parker-Hannifin Corp.		5,138		1,070,554
Pentair PLC		6,631		329,958
Snap-On, Inc.		2,177		342,943
Stanley Black & Decker, Inc.		6,383		1,060,854
Westinghouse Air Brake Technologies Corp.		7,150		423,995
Xylem, Inc.		7,193		626,798

				18,464,521

Media 1.3%
Charter Communications, Inc., Class A (a)		5,978		3,609,636
Comcast Corp., Class A		182,216		7,696,804
Discovery, Inc. (a)
Class A		6,404		129,617
Class C		12,373		226,673
DISH Network Corp., Class A (a)		9,861		251,357
Fox Corp.
Class A		13,737		364,305
Class B (a)		6,261		163,663
Interpublic Group of Cos., Inc.		15,586		281,951
News Corp.
Class A		15,548		204,145
Class B		4,867		63,368
Omnicom Group, Inc.		8,588		405,354
ViacomCBS, Inc., Class B		22,535		643,825

				14,040,698

Metals & Mining 0.3%
Freeport-McMoRan, Inc.		58,048		1,006,552
Newmont Corp.		32,099		2,017,101
Nucor Corp.		12,067		576,320

				3,599,973

Multi-Utilities 1.0%
Ameren Corp.		9,876		801,141
CenterPoint Energy, Inc.		21,777		460,148
CMS Energy Corp.		11,443		724,685
Consolidated Edison, Inc.		13,370		1,049,411
Dominion Energy, Inc.		33,581		2,697,898
DTE Energy Co.		7,701		950,458
NiSource, Inc.		15,310		351,671
Public Service Enterprise Group, Inc.		20,216		1,175,560


14		MainStay MacKay S&P 500 Index Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.



	Shares		Value
Common Stocks (continued)
Multi-Utilities (continued)
Sempra Energy		11,562	$	1,449,412
WEC Energy Group, Inc.		12,609		1,267,835

				10,928,219

Multiline Retail 0.5%
Dollar General Corp.		9,954		2,077,500
Dollar Tree, Inc. (a)		9,485		856,685
Target Corp.		20,010		3,045,922

				5,980,107

Oil, Gas & Consumable Fuels 1.8%
Apache Corp.		15,087		125,222
Cabot Oil & Gas Corp.		15,931		283,412
Chevron Corp.		76,921		5,346,009
Concho Resources, Inc.		7,863		326,393
ConocoPhillips		42,872		1,226,997
Devon Energy Corp.		15,301		136,638
Diamondback Energy, Inc.		6,309		163,782
EOG Resources, Inc.		23,273		796,867
Exxon Mobil Corp.		169,008		5,513,041
Hess Corp.		10,927		406,703
HollyFrontier Corp.		5,958		110,283
Kinder Morgan, Inc.		77,810		925,939
Marathon Oil Corp.		31,555		124,958
Marathon Petroleum Corp.		26,009		767,265
Occidental Petroleum Corp.		33,461		305,499
ONEOK, Inc.		17,755		514,895
Phillips 66		17,456		814,497
Pioneer Natural Resources Co.		6,567		522,471
Valero Energy Corp.		16,298		629,266
Williams Cos., Inc.		48,508		930,868

				19,971,005

Personal Products 0.2%
Estee Lauder Cos., Inc., Class A		9,016		1,980,455


Pharmaceuticals 4.0%
Bristol-Myers Squibb Co.		90,093		5,265,936
Catalent, Inc. (a)		6,561		575,859
Eli Lilly & Co.		31,732		4,139,757
Johnson & Johnson		105,237		14,429,045
Merck & Co., Inc.		101,097		7,603,505
Mylan N.V. (a)		20,663		300,440
Perrigo Co. PLC		5,456		239,355
Pfizer, Inc.		222,116		7,880,676
Zoetis, Inc.		18,992		3,011,181

				43,445,754

Professional Services 0.3%
Equifax, Inc.		4,855		663,193
IHS Markit, Ltd.		14,909		1,205,691



	Shares		Value
Professional Services (continued)
Nielsen Holdings PLC		14,260	$	192,653
Robert Half International, Inc.		4,582		232,261
Verisk Analytics, Inc.		6,491		1,155,203

				3,449,001

Real Estate Management & Development 0.1%
CBRE Group, Inc., Class A (a)		13,401		675,410


Road & Rail 1.0%
CSX Corp.		30,580		2,413,985
J.B. Hunt Transport Services, Inc.		3,332		405,638
Kansas City Southern		3,772		664,400
Norfolk Southern Corp.		10,197		2,132,397
Old Dominion Freight Line, Inc.		3,845		731,973
Union Pacific Corp.		27,134		4,807,873

				11,156,266

Semiconductors & Semiconductor Equipment 5.0%
Advanced Micro Devices, Inc. (a)		46,929		3,533,284
Analog Devices, Inc.		14,772		1,750,925
Applied Materials, Inc.		36,505		2,162,191
Broadcom, Inc.		16,076		5,620,652
Intel Corp.		169,998		7,527,511
KLA Corp.		6,214		1,225,277
Lam Research Corp.		5,821		1,991,248
Maxim Integrated Products, Inc.		10,672		743,305
Microchip Technology, Inc.		10,091		1,060,362
Micron Technology, Inc. (a)		44,408		2,235,499
NVIDIA Corp.		24,662		12,364,540
Qorvo, Inc. (a)		4,566		581,526
QUALCOMM, Inc.		45,098		5,563,289
Skyworks Solutions, Inc.		6,677		943,393
Teradyne, Inc.		6,636		582,973
Texas Instruments, Inc.		36,612		5,293,729
Xilinx, Inc.		9,765		1,159,008

				54,338,712

Software 9.0%
Adobe, Inc. (a)		19,173		8,572,248
ANSYS, Inc. (a)		3,429		1,043,685
Autodesk, Inc. (a)		8,765		2,064,508
Cadence Design Systems, Inc. (a)		11,144		1,218,819
Citrix Systems, Inc.		4,938		559,327
Fortinet, Inc. (a)		5,369		592,577
Intuit, Inc.		10,465		3,293,126
Microsoft Corp.		302,489		61,244,948
NortonLifeLock, Inc.		23,623		485,925
Oracle Corp.		77,276		4,335,957
Paycom Software, Inc. (a)		1,957		712,524
salesforce.com, Inc. (a)		36,374		8,448,589
ServiceNow, Inc. (a)		7,667		3,814,869
Synopsys, Inc. (a)		6,066		1,297,275


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					15

Portfolio of Investments October 31, 2020 (continued)



	Shares		Value
Common Stocks (continued)
Software (continued)
Tyler Technologies, Inc. (a)		1,608	$	618,083

				98,302,460

Specialty Retail 2.4%
Advance Auto Parts, Inc.		2,764		407,082
AutoZone, Inc. (a)		934		1,054,467
Best Buy Co., Inc.		9,208		1,027,152
CarMax, Inc. (a)		6,518		563,416
Gap, Inc.		8,213		159,743
Home Depot, Inc.		43,027		11,475,731
L Brands, Inc.		9,330		298,653
Lowe’s Cos., Inc.		30,208		4,775,885
O’Reilly Automotive, Inc. (a)		2,961		1,292,773
Ross Stores, Inc.		14,227		1,211,714
Tiffany & Co.		4,317		564,836
TJX Cos., Inc.		47,928		2,434,743
Tractor Supply Co.		4,646		618,894
Ulta Beauty, Inc. (a)		2,251		465,439

				26,350,528

Technology Hardware, Storage & Peripherals 6.7%
Apple, Inc. (c)		642,595		69,952,892
Hewlett Packard Enterprise Co.		51,418		444,251
HP, Inc.		54,901		986,022
NetApp, Inc.		8,873		389,436
Seagate Technology PLC		8,921		426,602
Western Digital Corp.		12,092		456,231
Xerox Holdings Corp.		7,152		124,302

				72,779,736

Textiles, Apparel & Luxury Goods 0.7%
Hanesbrands, Inc.		13,917		223,646
NIKE, Inc., Class B		49,759		5,975,061
PVH Corp.		2,836		165,311
Ralph Lauren Corp.		1,925		128,686
Tapestry, Inc.		11,042		245,464
Under Armour, Inc. (a)
Class A		7,536		104,298
Class C		7,773		95,064
VF Corp.		12,771		858,211

				7,795,741

Tobacco 0.7%
Altria Group, Inc.		74,282		2,680,095
Philip Morris International, Inc.		62,247		4,420,782

				7,100,877

Trading Companies & Distributors 0.2%
Fastenal Co.		22,929		991,221
United Rentals, Inc. (a)		2,881		513,653
W.W. Grainger, Inc.		1,798		629,336

				2,134,210



	Shares			Value
Water Utilities 0.1%
American Water Works Co., Inc.		7,243		$	1,090,144


Wireless Telecommunication Services 0.2%
T-Mobile U.S., Inc. (a)		23,254			2,547,941

Total Common Stocks (d) (Cost $347,966,585)					1,084,122,292


Short-Term Investments 1.2%
Affiliated Investment Company 0.3%
MainStay U.S. Government Liquidity Fund, 0.02% (e)		3,587,642			3,587,642

Total Affiliated Investment Company (Cost $3,587,642)					3,587,642


Unaffiliated Investment Company 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.09% (e)(f)		675,681			675,681

Total Unaffiliated Investment Company (Cost $675,681)					675,681



	Principal Amount
U.S. Governments 0.8%
United States Treasury Bills (g)
0.089%, due 1/28/21 (c)	$	3,500,000			3,499,197
0.093%, due 1/7/21		100,000			99,984
0.094%, due 1/7/21		100,000			99,984
0.098%, due 1/7/21		5,500,000			5,499,143

Total U.S. Governments (Cost $9,198,224)					9,198,308

Total Short-Term Investments (Cost $13,461,547)					13,461,631

Total Investments (Cost $361,428,132)		100.3	%		1,097,583,923
Other Assets, Less Liabilities		(0.3	)		(3,532,227	)
Net Assets		100.0	%	$	1,094,051,696

†	Percentages indicated are based on Fund net assets.

‡	Less than one-tenth of a percent.

(a)	Non-income producing security.

(b)

All or a portion of this security was held on loan. As of October 31, 2020, the aggregate market value of securities on loan was $833,341; the total market value of collateral held by the Fund was $851,580. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $175,899 (See Note 2(I)).


16		MainStay MacKay S&P 500 Index Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

(c)	Represents a security, or portion thereof, which was maintained at the broker as collateral for futures contracts.

(d)	The combined market value of common stocks and notional value of Standard & Poor’s 500 Index futures contracts represents 99.93% of the Portfolio’s net assets.

(e)	Current yield as of October 31, 2020.

(f)	Represents a security purchased with cash collateral received for securities on loan.

(g)	Interest rate shown represents yield to maturity.

Futures Contracts

As of October 31, 2020, the Portfolio held the following futures contracts:


Type	Number of Contracts		Expiration Date		Value at Trade Date		Current Notional Amount		Unrealized Appreciation (Depreciation)¹
Long Contracts
S&P 500 Index Mini		56		December 2020	$	9,459,166	$	9,141,160	$	(318,006	)

1.	Represents the difference between the value of the contracts at the time they were opened and the value as of October 31, 2020.

The following is a summary of the fair valuations according to the inputs used as of October 31, 2020, for valuing the Fund’s assets:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total

Asset Valuation Inputs
Investments in Securities (a)
Common Stocks	$	1,084,122,292		$	—	$	—	$	1,084,122,292
Short-Term Investments
Affiliated Investment Company		3,587,642			—		—		3,587,642
Unaffiliated Investment Company		675,681			—		—		675,681
U.S. Governments		—			9,198,308		—		9,198,308

Total Short-Term Investments		4,263,323			9,198,308		—		13,461,631

Total Investments in Securities		1,088,385,615			9,198,308		—		1,097,583,923


Liability Valuation Inputs
Other Financial Instruments
Futures Contracts (b)	$	(318,006	)	$	—	$	—	$	(318,006	)

(a)	For a complete listing of investments and their industries, see the Portfolio of Investments.

(b)	The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					17

Statement of Assets and Liabilities as of October 31, 2020


Assets
Investment in unaffiliated securities, at value (identified cost $357,840,490) including securities on loan of $833,341	$	1,093,996,281
Investment in affiliated investment company, at value (identified cost $3,587,642)		3,587,642
Receivables:
Dividends		1,075,882
Fund shares sold		851,177
Securities lending		1,266
Other assets		41,211

Total assets		1,099,553,459


Liabilities
Due to custodian		3,500,046
Cash collateral received for securities on loan		675,681
Payables:
Fund shares redeemed		636,366
Transfer agent (See Note 3)		171,656
NYLIFE Distributors (See Note 3)		146,248
Manager (See Note 3)		144,417
Variation margin on futures contracts		110,233
Shareholder communication		38,605
Professional fees		33,796
Custodian		9,851
Trustees		1,439
Accrued expenses		33,425

Total liabilities		5,501,763

Net assets	$	1,094,051,696


Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	23,708
Additional paid-in capital		263,339,660

		263,363,368
Total distributable earnings (loss)		830,688,328

Net assets	$	1,094,051,696


Class A
Net assets applicable to outstanding shares	$	602,036,479

Shares of beneficial interest outstanding		13,138,790

Net asset value per share outstanding	$	45.82
Maximum sales charge (1.50% of offering price)		0.70

Maximum offering price per share outstanding	$	46.52

Investor Class
Net assets applicable to outstanding shares	$	55,545,769

Shares of beneficial interest outstanding		1,216,068

Net asset value per share outstanding	$	45.68
Maximum sales charge (1.00% of offering price)		0.46

Maximum offering price per share outstanding	$	46.14

Class I
Net assets applicable to outstanding shares	$	436,446,075

Shares of beneficial interest outstanding		9,353,041

Net asset value and offering price per share outstanding	$	46.66

SIMPLE Class
Net assets applicable to outstanding shares	$	23,373

Shares of beneficial interest outstanding		512

Net asset value and offering price per share outstanding	$	45.65


18		MainStay MacKay S&P 500 Index Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Statement of Operations for the year ended October 31, 2020


Investment Income (Loss)
Income
Dividends	$	18,724,440
Interest		57,305
Securities lending		11,549
Other		176

Total income		18,793,470

Expenses
Manager (See Note 3)		1,625,969
Distribution/Service—Class A (See Note 3)		1,443,166
Distribution/Service—Investor Class (See Note 3)		141,778
Distribution/Service—SIMPLE Class (See Note 3)		20
Transfer agent (See Note 3)		936,353
Professional fees		134,622
Custodian		100,387
Registration		76,811
Shareholder communication		61,045
Trustees		23,811
Miscellaneous		130,512

Total expenses before waiver/reimbursement		4,674,474
Expense waiver/reimbursement from Manager (See Note 3)		(102,091	)

Net expenses		4,572,383

Net investment income (loss)		14,221,087


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Unaffiliated investment transactions		88,098,836
Futures transactions		12,133,938

Net realized gain (loss)		100,232,774

Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		(6,682,336	)
Futures contracts		(415,904	)

Net change in unrealized appreciation (depreciation)		(7,098,240	)

Net realized and unrealized gain (loss)		93,134,534

Net increase (decrease) in net assets resulting from operations	$	107,355,621


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					19

Statements of Changes in Net Assets

for the years ended October 31, 2020 and October 31, 2019


	2020			2019
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	14,221,087		$	16,041,754
Net realized gain (loss)		100,232,774			172,513,379
Net change in unrealized appreciation (depreciation)		(7,098,240	)		(65,769,039	)

Net increase (decrease) in net assets resulting from operations		107,355,621			122,786,094

Distributions to shareholders:
Class A		(87,928,163	)		(60,986,418	)
Investor Class		(8,636,257	)		(5,025,851	)
Class I		(62,882,463	)		(68,053,474	)

Total distributions to shareholders		(159,446,883	)		(134,065,743	)

Capital share transactions:
Net proceeds from sale of shares		296,472,066			176,855,946
Net asset value of shares issued to shareholders in reinvestment of distributions		157,434,383			132,327,267
Cost of shares redeemed		(321,890,809	)		(429,183,530	)

Increase (decrease) in net assets derived from capital share transactions		132,015,640			(120,000,317	)

Net increase (decrease) in net assets		79,924,378			(131,279,966	)

Net Assets
Beginning of year		1,014,127,318			1,145,407,284

End of year	$	1,094,051,696		$	1,014,127,318


20		MainStay MacKay S&P 500 Index Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class A	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	49.60		$	49.27		$	53.27		$	47.57		$	48.27


Net investment income (loss) (a)		0.58			0.67			0.69			0.65			0.74

Net realized and unrealized gain (loss) on investments		3.44			5.52			2.61			9.47			1.06


Total from investment operations		4.02			6.19			3.30			10.12			1.80


Less distributions:

From net investment income		(0.91	)		(0.77	)		(0.79	)		(1.07	)		(0.74	)

From net realized gain on investments		(6.89	)		(5.09	)		(6.51	)		(3.35	)		(1.76	)


Total distributions		(7.80	)		(5.86	)		(7.30	)		(4.42	)		(2.50	)


Net asset value at end of year	$	45.82		$	49.60		$	49.27		$	53.27		$	47.57


Total investment return (b)		9.21	%		13.80	%		6.77	%		22.93	%		3.92	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		1.32	%		1.44	%		1.39	%		1.33	%		1.60	%

Net expenses (c)		0.54	%		0.54	%		0.54	%		0.60	%		0.60	%

Expenses (before waiver/reimbursement) (c)		0.54	%		0.54	%		0.54	%		0.64	%		0.61	%

Portfolio turnover rate		15	%		3	%		3	%		3	%		4	%

Net assets at end of year (in 000’s)	$	602,036		$	559,780		$	511,043		$	527,768		$	597,791

(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 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	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	49.50		$	49.18		$	53.18		$	47.51		$	48.22


Net investment income (loss) (a)		0.51			0.59			0.62			0.63			0.69

Net realized and unrealized gain (loss) on investments		3.43			5.52			2.58			9.43			1.05


Total from investment operations		3.94			6.11			3.20			10.06			1.74


Less distributions:

From net investment income		(0.87	)		(0.70	)		(0.69	)		(1.04	)		(0.69	)

From net realized gain on investments		(6.89	)		(5.09	)		(6.51	)		(3.35	)		(1.76	)


Total distributions		(7.76	)		(5.79	)		(7.20	)		(4.39	)		(2.45	)


Net asset value at end of year	$	45.68		$	49.50		$	49.18		$	53.18		$	47.51


Total investment return (b)		9.03	%		13.62	%		6.58	%		22.81	%		3.81	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		1.16	%		1.26	%		1.23	%		1.29	%		1.49	%

Net expenses (c)		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%

Expenses (before waiver/reimbursement) (c)		0.88	%		0.89	%		0.87	%		0.82	%		0.84	%

Portfolio turnover rate		15	%		3	%		3	%		3	%		4	%

Net assets at end of year (in 000’s)	$	55,546		$	54,505		$	41,907		$	38,052		$	46,999

(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 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.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					21

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class I	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	50.38		$	49.97		$	53.93		$	48.12		$	48.81


Net investment income (loss) (a)		0.70			0.81			0.83			0.78			0.87

Net realized and unrealized gain (loss) on investments		3.50			5.59			2.64			9.56			1.06


Total from investment operations		4.20			6.40			3.47			10.34			1.93


Less distributions:

From net investment income		(1.03	)		(0.90	)		(0.92	)		(1.18	)		(0.86	)

From net realized gain on investments		(6.89	)		(5.09	)		(6.51	)		(3.35	)		(1.76	)


Total distributions		(7.92	)		(5.99	)		(7.43	)		(4.53	)		(2.62	)


Net asset value at end of year	$	46.66		$	50.38		$	49.97		$	53.93		$	48.12


Total investment return (b)		9.47	%		14.08	%		7.05	%		23.20	%		4.17	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		1.56	%		1.74	%		1.64	%		1.58	%		1.88	%

Net expenses (c)		0.29	%		0.29	%		0.29	%		0.35	%		0.35	%

Expenses (before waiver/reimbursement) (c)		0.29	%		0.29	%		0.29	%		0.39	%		0.35	%

Portfolio turnover rate		15	%		3	%		3	%		3	%		4	%

Net assets at end of year (in 000’s)	$	436,446		$	399,842		$	592,457		$	717,528		$	755,952

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. 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.



SIMPLE Class	August 31, 2020^ through October 31, 2020

Net asset value at beginning of period *	$	48.83


Net investment income (loss) (a)		0.02

Net realized and unrealized gain (loss) on investments		(3.20	)


Total from investment operations		(3.18	)


Net asset value at end of period	$	45.65


Total investment return (b)		(6.51	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss) ††		0.30	%

Net expenses (c) ††		0.95	%

Expenses (before waiver/reimbursement) (c) ††		1.15	%

Portfolio turnover rate		15	%

Net assets at end of period (in 000’s)	$	23

^	Inception date.

††	Annualized.

*	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 distributions. SIMPLE Class shares are not subject to sales charges. For periods of less than one year, total return is not annualized.

(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.


22		MainStay MacKay S&P 500 Index Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Notes to Financial Statements

Note 1–Organization and Business

The Fund currently has five classes of shares registered for sale. Class I shares commenced operations on January 2, 1991. Class A shares commenced operations on January 2, 2004. Investor Class shares commenced operations on February 28, 2008. SIMPLE Class shares commenced operations on August 31, 2020. Class R6 shares were registered for sale effective as of February 28, 2017. As of October 31, 2020, Class R6 shares were not yet offered for sale.

The Fund’s investment objective is to seek 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.

Note 2–Significant Accounting Policies

The Board of Trustees of the Trust (the “Board”) adopted procedures establishing methodologies for the valuation of the Fund’s securities and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Trust (the “Valuation Committee”). The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for the day-to-day valuation of portfolio assets (including fair value measurements for the Fund’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)). To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Fund’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources.


			23

Notes to Financial Statements (continued)

associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

•

Level 1—quoted prices in active markets for an identical asset or liability

•

Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:


• Broker/dealer quotes		• Benchmark securities
• Two-sided markets		• Reference data (corporate actions or material event notices)
• Bids/offers		• Monthly payment information
• Industry and economic events		• Reported trades

there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. No securities held by the Fund as of October 31, 2020 were fair valued in such a manner.

Debt securities (other than convertible and municipal bonds) are valued at the evaluated bid prices (evaluated mean prices in the case of convertible and municipal bonds) supplied by a pricing agent or broker(s) selected by the Manager, in consultation with the Subadvisor. The evaluations are market-based measurements processed through a pricing application and represents the pricing agent’s good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules-based logic utilizes valuation techniques that reflect participants’ assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Manager, in consultation with the Subadvisor, to be representative of market values at the regular close of trading of the Exchange on each valuation date. Debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Debt securities, including corporate bonds, U.S. government and federal agency bonds, municipal bonds, foreign bonds, convertible bonds, asset-backed securities and mortgage-backed securities are generally categorized as Level 2 in the hierarchy.


24		MainStay MacKay S&P 500 Index Fund

the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The Manager evaluates the Fund’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund’s financial statements. The Fund’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare and pay dividends from net investment income and distributions from net realized capital and currency gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

be made. Expenses (other than transfer agent expenses and fees incurred under the shareholder services plans and/or the distribution plans further discussed in Note 3(B)) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Fund, including those of related parties to the Fund, are shown in the Statement of Operations.

Additionally, the Fund may invest in ETFs and mutual funds, which are subject to management fees and other fees that may cause the costs of investing in ETFs and mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of ETFs and mutual funds are not included in the amounts shown as expenses in the Statement of Operations or in the expense ratios included in the Financial Highlights.

(G) Repurchase Agreements. The Fund may enter into repurchase agreements (i.e., buy a security from another party with the agreement that it will be sold back in the future) to earn income. The Fund may enter into repurchase agreements only with counterparties, usually financial institutions, that are deemed by the Manager or the Subadvisor to be creditworthy, pursuant to guidelines established by the Board. During the term of any repurchase agreement, the Manager or the Subadvisor will continue to monitor the creditworthiness of the counterparty. Under the 1940 Act, repurchase agreements are considered to be collateralized loans by the Fund to the counterparty secured by the securities transferred to the Fund.

Repurchase agreements are subject to counterparty risk, meaning the Fund could lose money by the counterparty’s failure to perform under the terms of the agreement. The Fund mitigates this risk by ensuring the repurchase agreement is collateralized by cash, U.S. government securities, fixed income securities and/or other securities. The collateral is held by the Fund’s custodian and valued daily on a mark to market basis to determine if the value, including accrued interest, exceeds the repurchase price. In the event of the counterparty’s default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, such as in the event of default or bankruptcy by the counterparty, realization and/or retention of the collateral may be limited or subject to delay, to legal proceedings and possible realized loss to the Fund. As of October 31, 2020, the Fund did not hold any repurchase agreements.


			25

Notes to Financial Statements (continued)

margin.” During the period the futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each day’s trading. The Fund agrees to receive from or pay to the broker or futures commission merchant an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as “variation margin.” When the futures contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract.

The use of futures contracts involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statement of Assets and Liabilities. The contract or notional amounts and variation margin reflect the extent of the Fund’s involvement in open futures positions. There are several risks associated with the use of futures contracts as hedging techniques. There can be no assurance that a liquid market will exist at the time when the Fund seeks to close out a futures contract. If no liquid market exists, the Fund would remain obligated to meet margin requirements until the position is closed. Futures contracts may involve a small initial investment relative to the risk assumed, which could result in losses greater than if the Fund did not invest in futures contracts. Futures contracts may be more volatile than direct investments in the instrument underlying the futures and may not correlate to the underlying instrument, causing a given hedge not to achieve its objectives. The Fund’s activities in futures contracts have minimal counterparty risk as they are conducted through regulated exchanges that guarantee the futures against default by the counterparty. In the event of a bankruptcy or insolvency of a futures commission merchant that holds margin on behalf of the Fund, the Fund may not be entitled to the return of the entire margin owed to the Fund, potentially resulting in a loss. The Fund’s investment in futures contracts and other derivatives may increase the volatility of the Fund’s NAVs and may result in a loss to the Fund. Open futures contracts held as of October 31, 2020, are shown in the Portfolio of Investments.

a portion of interest earned on the investment of any cash collateral. The Fund will also continue to receive interest and dividends on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Fund. Income earned from securities lending activities, if any, is reflected in the Statement of Operations. As of October 31, 2020, the Fund had securities on loan with an aggregate market value of $833,341; the total market value of collateral held by the Fund was $851,580. The market value of the collateral held included non-cash collateral, in the form of U.S. Treasury securities, with a value of $175,899 and cash collateral, which was invested into the State Street Navigator Securities Lending Government Money Market Portfolio, with a value of $675,681.

(J) Indemnifications. Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.

(K) Quantitative Disclosure of Derivative Holdings. The following tables show additional disclosures related to the Fund’s derivative and hedging activities, including how such activities are accounted for and their effect on the Fund’s financial positions, performance and cash flows. The Fund entered into futures contracts in order to provide an efficient means of maintaining liquidity while remaining fully invested in the market. These derivatives are not accounted for as hedging instruments.

Fair value of derivative instruments as of October 31, 2020:


Liability Derivatives	Equity Contracts Risk			Total

Futures Contracts—Net Assets—Net unrealized depreciation on investments and futures contracts (a)		(318,006	)		(318,006	)

Total Fair Value	$	(318,006	)	$	(318,006	)

(a)	Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the year ended October 31, 2020:


Net Realized Gain (Loss) from:	Equity Contracts Risk		Total

Futures Contracts	$	12,133,938	$	12,133,938

Total Net Realized Gain (Loss)	$	12,133,938	$	12,133,938


26		MainStay MacKay S&P 500 Index Fund

Net Change in Unrealized Appreciation (Depreciation) from:


	Equity Contracts Risk			Total

Futures Contracts	$	(415,904	)	$	(415,904	)

Total Net Change in Unrealized Appreciation (Depreciation)	$	(415,904	)	$	(415,904	)

Average Notional Amount


	Equity Contracts Risk		Total

Futures Contracts Long	$	20,208,299	$	20,208,299

Note 3–Fees and Related Party Transactions

(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company (“New York Life”), serves as the Fund’s Manager, pursuant to an Amended and Restated Management Agreement (“Management Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. MacKay Shields LLC (“MacKay Shields” or the “Subadvisor”), a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life, serves as Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of an Amended and Restated Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and MacKay Shields, New York Life Investments pays for the services of the Subadvisor.

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of the Fund’s average daily net assets as follows: 0.16% up to $2.5 billion and 0.15% in excess of $2.5 billion. During the year ended October 31, 2020, the effective management fee rate (exclusive of any applicable waivers/reimbursements) was 0.16%.

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 A shares do not exceed 0.60% of the Fund’s average daily net assets. New York Life Investments will apply an equivalent waiver or reimbursement, in an equal number of basis points, to the other share classes of the Fund. These agreements will remain in effect until August 31, 2021, 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.

Additionally, New York Life Investments has agreed to voluntarily 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 Investor Class and SIMPLE Class shares of the Fund do not exceed 0.70% and 0.95%, respectively, of the Fund’s average daily net assets. This voluntary waiver and/or reimbursement may be discontinued at any time without notice.

During the year ended October 31, 2020, New York Life Investments earned fees from the Fund in the amount of $1,625,969 and waived fees and/or reimbursed certain class specific expenses in the amount of $102,091 and paid the Subadvisor in the amount of $761,939.

State Street provides sub-administration and sub-accounting services to the Fund pursuant to an agreement with New York Life Investments (See Note 13 for sub-administration and sub-accounting service provider change). These services include calculating the daily NAVs of the Fund, maintaining the general ledger and sub-ledger accounts for the calculation of the Fund’s NAVs and assisting New York Life Investments in conducting various aspects of the Fund’s administrative operations. For providing these services to the Fund, State Street is compensated by New York Life Investments.


			27

Notes to Financial Statements (continued)

The Fund was also advised that the Distributor retained CDSCs on redemptions of Class A shares during the year ended October 31, 2020, of $11,831.

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund’s transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with DST Asset Manager Solutions, Inc. (“DST”), pursuant to which DST performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund’s share classes to a maximum of 0.35% of that share class’s average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until August 31, 2021 for SIMPLE Class shares and February 28, 2021 for all other share classes, 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. During the year ended October 31, 2020, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:


Class	Expense		Waived
Class A	$	422,035	$	—
Investor Class		237,288		—
Class I		277,013		—
SIMPLE Class		17		—


Affiliated Investment Company	Value, Beginning of Year		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Year		Dividend Income		Other Distributions		Shares End of Year
MainStay U.S. Government Liquidity Fund	$	—	$	241,319	$	(237,731	)	$	—	$	—	$	3,588	$	3	$	—		3,588

(G) Capital. As of October 31, 2020, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:



SIMPLE Class	$	23,372	100.0	%

Note 4–Federal Income Tax


	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)

Investments in Securities	$	366,389,454	$	744,500,980	$	(13,306,511	)	$	731,194,469

As of October 31, 2020, the components of accumulated gain (loss) on a tax basis were as follows:


Ordinary Income	Accumulated Capital and Other Gain (Loss)	Other Temporary Differences	Unrealized Appreciation (Depreciation)	Total Accumulated Gain (Loss)

$16,264,486	$83,229,373	$—	$731,194,469	$830,688,328

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is primarily due to wash sale adjustments and mark to market of futures contracts.


28		MainStay MacKay S&P 500 Index Fund

Total
Distributable

Earnings (Loss)

Additional
Paid-In
Capital

$(10,162,397)

10,162,397

The reclassifications for the Fund are primarily due to equalization.

During the years ended October 31, 2020, and October 31, 2019, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets were as follows:


	2020		2019

Distributions paid from:
Ordinary Income	$	19,445,300	$	19,817,199
Long-Term Capital Gain		140,001,583		114,248,544
Total	$	159,446,883	$	134,065,743

Note 5–Custodian

State Street is the custodian of cash and securities held by the Fund (See Note 13 for custodian change). Custodial fees are charged to the Fund based on the Fund’s net assets and/or the market value of securities held by the Fund and the number of certain transactions incurred by the Fund.

Note 6–Line of Credit

Note 7–Interfund Lending Program

Note 8–Purchases and Sales of Securities (in 000’s)

During the year ended October 31, 2020, purchases and sales of securities, other than short-term securities, were $152,790 and $157,944, respectively.

Note 9–Capital Share Transactions

Transactions in capital shares for the years ended October 31, 2020, and October 31, 2019, were as follows:


Class A	Shares			Amount

Year ended October 31, 2020:
Shares sold		2,324,681		$	99,157,653
Shares issued to shareholders in reinvestment of distributions		2,011,976			86,132,703
Shares redeemed		(2,829,898	)		(120,164,291	)

Net increase (decrease) in shares outstanding before conversion		1,506,759			65,126,065
Shares converted into Class A (See Note 1)		363,219			16,153,296
Shares converted from Class A (See Note 1)		(16,104	)		(654,326	)

Net increase (decrease)		1,853,874		$	80,625,035

Year ended October 31, 2019:
Shares sold		1,890,827		$	88,707,493
Shares issued to shareholders in reinvestment of distributions		1,321,239			59,389,687
Shares redeemed		(2,434,394	)		(113,380,629	)

Net increase (decrease) in shares outstanding before conversion		777,672			34,716,551
Shares converted into Class A (See Note 1)		166,343			7,798,219
Shares converted from Class A (See Note 1)		(30,696	)		(1,437,972	)

Net increase (decrease)		913,319		$	41,076,798


			29

Notes to Financial Statements (continued)


Investor Class	Shares			Amount

Year ended October 31, 2020:
Shares sold		467,524		$	19,715,548
Shares issued to shareholders in reinvestment of distributions		201,967			8,630,158
Shares redeemed		(201,322	)		(8,582,450	)

Net increase (decrease) in shares outstanding before conversion		468,169			19,763,256
Shares converted into Investor Class (See Note 1)		10,855			432,724
Shares converted from Investor Class (See Note 1)		(364,103	)		(16,153,296	)

Net increase (decrease)		114,921		$	4,042,684

Year ended October 31, 2019:
Shares sold		490,967		$	22,997,263
Shares issued to shareholders in reinvestment of distributions		111,752			5,020,026
Shares redeemed		(217,808	)		(10,326,169	)

Net increase (decrease) in shares outstanding before conversion		384,911			17,691,120
Shares converted into Investor Class (See Note 1)		30,741			1,437,972
Shares converted from Investor Class (See Note 1)		(166,581	)		(7,798,219	)

Net increase (decrease)		249,071		$	11,330,873



Class I	Shares			Amount

Year ended October 31, 2020:
Shares sold		4,290,457		$	177,573,865
Shares issued to shareholders in reinvestment of distributions		1,440,725			62,671,522
Shares redeemed		(4,319,173	)		(193,144,068	)

Net increase in shares outstanding before conversion		1,412,009			47,101,319
Shares converted into Class I (See Note 1)		5,187			221,602

Net increase (decrease)		1,417,196		$	47,322,921

Year ended October 31, 2019:
Shares sold		1,422,312		$	65,151,190
Shares issued to shareholders in reinvestment of distributions		1,491,055			67,917,554
Shares redeemed		(6,833,596	)		(305,476,732	)

Net increase (decrease)		(3,920,229	)	$	(172,407,988	)



SIMPLE Class	Shares			Amount

Period ended October 31, 2020 (a):
Shares sold		512		$	25,000

Net increase (decrease)		512		$	25,000

(a)	The inception date of the class was August 31, 2020.

Note 10–Litigation

Separately, the complaint also seeks to obtain from former Tribune shareholders, including the Fund, any proceeds they received in connection with the LBO. The sole claim and cause of action brought against the Fund is for fraudulent conveyance pursuant to United States Bankruptcy Code Section 548(a)(1)(A).

In June 2011, certain Tribune creditors filed numerous additional actions asserting state law constructive fraudulent conveyance claims (the “SLCFC actions”) against specifically-named former Tribune shareholders and, in some cases, putative defendant classes comprised of former Tribune shareholders. One of the SLCFC actions, entitled Deutsche Bank Trust Co. Americas v. Blackrock Institutional Trust Co., No. 11-9319 (S.D.N.Y.) (the “Deutsche Bank action”), named the Fund as a defendant.

The FitzSimons action and Deutsche Bank action have been consolidated with the majority of the other Tribune LBO-related lawsuits in a multidistrict litigation proceeding entitled In re Tribune Co. Fraudulent Conveyance Litig., No. 11-md-2296 (S.D.N.Y.) (the “MDL Proceeding”).

On September 23, 2013, the District Court granted the defendants’ motion to dismiss the SLCFC actions, including the Deutsche Bank action, on the basis that the plaintiffs did not have standing to pursue their claims. On September 30, 2013, the plaintiffs in the SLCFC actions filed a notice of appeal to the United States Court of Appeals for the Second Circuit. On October 28, 2013, the defendants filed a joint notice of cross-appeal of that same order. On November 5, 2014, the Second Circuit Court of Appeals held an oral argument on appeal. On March 29, 2016, the United States Court of Appeals for the Second Circuit issued its opinion on the appeal of the SLCFC actions. The appeals court affirmed the District Court’s dismissal of those lawsuits, but on different grounds than the District Court. The appeals court held that while the plaintiffs have standing under the U.S. Bankruptcy Code, their claims were preempted by Section 546(e) of the Bankruptcy Code—the statutory safe harbor for settlement payments. On April 12, 2016, the plaintiffs in the SLCFC actions filed a petition seeking rehearing en banc before the appeals court. On July 22, 2016, the appeals court denied the petition. On September 9, 2016, the plaintiffs filed a petition for writ of certiorari in the U.S. Supreme Court challenging the Second Circuit’s decision that the safe harbor of Section 546(e) applied to their claims. Certain shareholder defendants filed a joint brief in opposition to the petition for certiorari on October 24, 2016. The plaintiffs filed a reply in support of the petition on November 4, 2016. On April 3, 2018, Justice Kennedy and Justice Thomas issued a “Statement” related to the petition for certiorari suggesting that the Second Circuit and/or District Court may want to take steps to reexamine the application of the Section 546(e) safe harbor to the previously dismissed state law constructive fraudulent transfer claims based on the Supreme Court’s decision in Merit Management Group LP v. FTI Consulting, Inc. On April 10, 2018, the plaintiffs filed in the Second Circuit a motion for that court to recall its mandate, vacate its prior decision, and remand to the District Court for further proceedings consistent with Merit Management. On April 20, 2018, the shareholder defendants filed a response to the plaintiffs’ motion to recall the mandate. On May 15, 2018, the Second Circuit issued an order recalling the mandate “in anticipation of further panel review.” On December 19, 2019, the Second Circuit issued an amended opinion that again affirmed the district court’s ruling on the basis that plaintiffs’ claims were preempted by Section 546(e) of the Bankruptcy Code. Plaintiffs filed a motion for rehearing and rehearing en banc on January 2, 2020, which was denied on February 6, 2020. Plaintiffs filed


30		MainStay MacKay S&P 500 Index Fund

a new petition for certiorari with the Supreme Court on July 6, 2020. In that petition, plaintiffs stated that “[t]o make it more likely that there will be a quorum for this petition,” they have “abandon[ed] the case and let the judgment below stand” with respect to certain defendants. That list did not include the Fund. Defendants filed an opposition to the certiorari petition on August 26, 2020.

On August 2, 2013, the plaintiff in the FitzSimons action filed a Fifth Amended Complaint. On May 23, 2014, the defendants filed motions to dismiss the FitzSimons action, including a global motion to dismiss Count I, which is the claim brought against former Tribune shareholders for intentional fraudulent conveyance under U.S. federal law. On January 6, 2017, the United States District Court for the Southern District of New York granted the shareholder defendants’ motion to dismiss the intentional fraudulent conveyance claim in the FitzSimons action. In dismissing the intentional fraudulent conveyance claim, the Court denied the plaintiff’s request to amend the complaint. The Court’s order is not immediately appealable, but the plaintiff has asked the Court to direct entry of a final judgment in order to make the order immediately

appealable. On February 23, 2017, the Court issued an order stating that it intends to permit an interlocutory appeal of the dismissal order, but will wait to do so until it has resolved outstanding motions to dismiss filed by other defendants.

On July 18, 2017, the plaintiff submitted a letter to the District Court seeking leave to amend its complaint to add a constructive fraudulent transfer claim. The shareholder defendants opposed that request.

On August 24, 2017, the Court denied the plaintiff’s request without prejudice to renewal of the request in the event of an intervening change in the law. On March 8, 2018, the plaintiff renewed his request for leave to file a motion to amend the complaint to assert a constructive fraudulent transfer claim based on the Supreme Court’s ruling in Merit Management. The shareholder defendants opposed that request. On June 18, 2018, the District Court ordered that the request would be stayed pending further action by the Second Circuit in the still-pending appeal, discussed above. On December 18, 2018, the plaintiff filed a letter with the District Court requesting that the stay be dissolved in order to permit briefing on the motion to amend the complaint and indicating the plaintiff’s intention to file another motion to amend the complaint to reinstate claims for intentional fraudulent transfer. The shareholder defendants opposed that request. On January 14, 2019, the Court held a case management conference, during which the Court stated that it would not lift the stay prior to further action from the Second Circuit. The Court stated that it would allow the plaintiff to file a motion to amend to try to reinstate its intentional fraudulent transfer claim. On January 23, 2019, the Court ordered the parties still facing pending claims to participate in a mediation. On March 27, 2019, the Court held a telephone conference and decided to allow the plaintiff to file a motion for leave to amend. On April 4, 2019, the plaintiff filed a motion to amend the Fifth Amended Complaint to assert a federal constructive fraudulent transfer claim against certain shareholder defendants. On April 10, 2019, the shareholder defendants filed a brief in opposition to the plaintiff’s motion to amend. On April 12, 2019, the plaintiff filed a reply brief. The Court denied leave to amend the complaint on April 23, 2019. On June 13, 2019, the Court entered judgment pursuant to Rule 54(b), which would permit an appeal of the Court’s dismissal of the claim against the shareholder defendants. On July 15, 2019, the Trustee filed a notice of appeal to the Second Circuit. Appellant filed his brief on January 7, 2020. The

shareholder defendants filed an opposition brief on April 27, 2020, and Appellant filed a reply brief on May 18, 2020. The Court held oral argument on August 24, 2020. In addition, the District Court has entered two bar orders in connection with the plaintiff’s settlement with certain non-shareholder defendants. The orders bar claims against the settling defendants, but contain a judgment reduction provision that preserves the value of any potential claim by a shareholder defendant against a settling defendant. Specifically, the judgment reduction provision reduces the amount of money recoverable against a shareholder defendant to the extent the shareholder defendant could have recovered on a claim against a settling defendant.

The value of the proceeds received by the Fund in connection with the LBO and the Fund’s cost basis in shares of Tribune was as follows:


Fund	Proceeds		Cost Basis
MainStay MacKay S&P 500 Index Fund*	$	1,025,100	$	907,116

*	Inclusive of payments received into MainStay Equity Index Fund prior to its acquisition by the Fund.

At this stage of the proceedings, it would be difficult to assess with any reasonable certainty the probable outcome of the pending litigation or the effect, if any, on the Fund’s net asset value.

Note 11–Recent Accounting Pronouncement

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board issued Accounting Standards Update 2018-13, Fair Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which adds, removes, and modifies certain fair value measurement disclosure requirements. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019. The Manager evaluated the implications of certain provisions of ASU 2018-13 and determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures, which are currently in place as of October 31, 2020. The Manager is evaluating the implications of certain other provisions of ASU 2018-13 related to new disclosure requirements and has not yet determined the impact of those provisions on the financial statement disclosures, if any.

Note 12–Other Matters


			31

Notes to Financial Statements (continued)

quarantines, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The continued impact of COVID-19 is uncertain and could further adversely affect the global economy, national economies, individual issuers and capital markets in unforeseeable ways and result in a substantial and extended economic downturn. Developments that disrupt global economies and financial markets, such as COVID-19, may magnify factors that affect the Fund’s performance.

Note 13–Subsequent Events

In connection with the preparation of the financial statements of the Fund as of and for the year ended October 31, 2020, events and trans-

actions subsequent to October 31, 2020, through the date the financial statements were issued have been evaluated by the Manager, for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified other than the following:

Effective at the close of business on November 20, 2020, all services provided by State Street were transitioned to JPMorgan Chase Bank, N.A.


32		MainStay MacKay S&P 500 Index Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders of the Fund and Board of Trustees

MainStay Funds Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of MainStay MacKay S&P 500 Index Fund (the Fund), one of the funds constituting MainStay Funds Trust, including the portfolio of investments, as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2020, by correspondence with the custodian and the broker or by other appropriate auditing procedures when a reply from the broker was not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

LOGO

We have served as the auditor of one or more New York Life Investment Management investment companies since 2003.

Philadelphia, Pennsylvania

December 23, 2020


			33

Federal Income Tax Information

(Unaudited)

For the fiscal year ended October 31, 2020, the Fund designated approximately $19,142,358 under the Internal Revenue Code as qualified dividend income eligible for reduced tax rates.

The dividends paid by the Fund during the fiscal year ended October 31, 2020 should be multiplied by 98.01% to arrive at the amount eligible for the corporate dividend-received deduction.

Proxy Voting Policies and Procedures and Proxy Voting Record

Shareholder Reports and Quarterly Portfolio Disclosure


34		MainStay MacKay S&P 500 Index Fund

Board of Trustees and Officers (Unaudited)

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Interested Trustee

Yie-Hsin Hung*

1962

MainStay Funds:
Trustee since 2017

MainStay Funds Trust:
Trustee since 2017

MainStay VP Funds Trust:
Trustee since 2017 (31 portfolios); and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017.


			35

Board of Trustees and Officers (Unaudited) (continued)

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

David H. Chow

1957

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Founder and CEO, DanCourt Management, LLC since 1999

Susan B. Kerley

1951

MainStay Funds:
Chairman since 2017 and Trustee since 2007;

MainStay Funds Trust: Chairman since 2017 and Trustee since 1990.**

President, Strategic Management Advisors LLC since 1990

MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007 (31 portfolios)***;
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; and

Legg Mason Partners Funds: Trustee since 1991 (45 portfolios).

Alan R. Latshaw

1951

MainStay Funds:
Trustee;

MainStay Funds Trust:
Trustee and Audit Committee Financial Expert since 2007.**

Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006)

Richard H. Nolan, Jr.

1946

MainStay Funds:
Trustee since 2007;

MainStay Funds Trust:
Trustee since 2007.**

Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004)

MainStay VP Funds Trust: Trustee since 2006 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Jacques P. Perold

1958

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Allstate Corporation: Director since 2015;
MSCI, Inc.: and Director since 2017.


36		MainStay MacKay S&P 500 Index Fund

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

Richard S. Trutanic

1952

MainStay Funds: Trustee since 1994;

MainStay Funds Trust: Trustee since 2007.**

MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust.

***

Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


			37

Board of Trustees and Officers (Unaudited) (continued)


	Name and Year of Birth	Position(s) Held and Length of Service	Principal Occupation(s) During Past Five Years
Officers of the Trust (Who are not Trustees)*	Kirk C. Lehneis 1974	President, MainStay Funds, MainStay Funds Trust since 2017	Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers since 2017 and Senior Managing Director since 2018, NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since 2017**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC
	Jack R. Benintende 1964	Treasurer and Principal Financial and Accounting Officer, MainStay Funds since 2007, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2007**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012)
	Yi-Chia Kuo 1981	Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust since January 2020	Chief Compliance Officer, Index IQ Trust, Index IQ ETF Trust and Index IQ Active ETF Trust since January 2020; Vice President and Chief Compliance Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since January 2020; Director and Associate General Counsel, New York Life Insurance Company (2015 to 2019)
	J. Kevin Gao 1967	Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust since 2010	Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2010**
	Scott T. Harrington 1959	Vice President— Administration, MainStay Funds since 2005, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2005**

Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


38		MainStay MacKay S&P 500 Index Fund

MainStay Funds

Equity

U.S. Equity

MainStay Epoch U.S. All Cap Fund

MainStay Epoch U.S. Equity Yield Fund

MainStay MacKay Common Stock Fund

MainStay MacKay Growth Fund

MainStay MacKay S&P 500 Index Fund

MainStay MacKay Small Cap Core Fund

MainStay MacKay U.S. Equity Opportunities Fund

MainStay MAP Equity Fund

MainStay Winslow Large Cap Growth Fund¹

International Equity

MainStay Epoch International Choice Fund

MainStay MacKay International Equity Fund

MainStay MacKay International Opportunities Fund

Emerging Markets Equity

MainStay Candriam Emerging Markets Equity Fund

Global Equity

MainStay Epoch Capital Growth Fund

MainStay Epoch Global Equity Yield Fund

Fixed Income

Taxable Income

MainStay Candriam Emerging Markets Debt Fund

MainStay Floating Rate Fund

MainStay MacKay High Yield Corporate Bond Fund

MainStay MacKay Short Duration High Yield Fund

MainStay MacKay Total Return Bond Fund

MainStay MacKay Unconstrained Bond Fund

MainStay MacKay U.S. Infrastructure Bond Fund²

MainStay Short Term Bond Fund³

Tax-Exempt Income

MainStay MacKay California Tax Free Opportunities Fund⁴

MainStay MacKay High Yield Municipal Bond Fund

MainStay MacKay Intermediate Tax Free Bond Fund

MainStay MacKay New York Tax Free Opportunities Fund⁵

MainStay MacKay Short Term Municipal Fund

MainStay MacKay Tax Free Bond Fund

Money Market

MainStay Money Market Fund

Mixed Asset

MainStay Balanced Fund

MainStay Income Builder Fund

MainStay MacKay Convertible Fund

Speciality

MainStay CBRE Global Infrastructure Fund

MainStay CBRE Real Estate Fund

MainStay Cushing MLP Premier Fund

Asset Allocation

MainStay Conservative Allocation Fund

MainStay Conservative ETF Allocation Fund

MainStay Defensive ETF Allocation Fund

MainStay Equity Allocation Fund⁶

MainStay Equity ETF Allocation Fund

MainStay Growth Allocation Fund⁷

MainStay Growth ETF Allocation Fund

MainStay Moderate Allocation Fund

MainStay Moderate ETF Allocation Fund

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium S.A.⁸

Brussels, Belgium

Candriam Luxembourg S.C.A.⁸

Strassen, Luxembourg

CBRE Clarion Securities LLC

Radnor, Pennsylvania

Cushing Asset Management, LP

Dallas, Texas

Epoch Investment Partners, Inc.

New York, New York

MacKay Shields LLC⁸

New York, New York

Markston International LLC

White Plains, New York

NYL Investors LLC⁸

New York, New York

Winslow Capital Management, LLC

Minneapolis, Minnesota

Legal Counsel

Dechert LLP

Washington, District of Columbia

Independent Registered Public Accounting Firm

KPMG LLP

Philadelphia, Pennsylvania

Distributor

NYLIFE Distributors LLC⁸

Jersey City, New Jersey

Custodian⁹

State Street Bank and Trust Company

Boston, Massachusetts

1.	Formerly known as MainStay Large Cap Growth Fund.

2.	Formerly known as MainStay MacKay Infrastructure Bond Fund.

3.	Formerly known as MainStay Indexed Bond Fund.

4.	This Fund is registered for sale in AZ, CA, NV, OR, TX, UT and WA. Class A and Class I shares are registered for sale in MI. Class I and Class C2 shares are registered for sale in CO, FL, GA, HI, ID, MA, MD, NH, NJ and NY.

5.	This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT.

6.	Formerly known as MainStay Growth Allocation Fund.

7.	Formerly known as MainStay Moderate Growth Allocation Fund.

8.	An affiliate of New York Life Investment Management LLC.

Not part of the Annual Report

For more information

800-624-6782

newyorklifeinvestments.com

1715991 MS203-20

MSSP11-12/20

(NYLIM) NL226

MainStay MacKay Short Duration High Yield Fund

Message from the President and Annual Report

October 31, 2020


Not FDIC/NCUA Insured		Not a Deposit		May Lose Value		No Bank Guarantee		Not Insured by Any Government Agency

LOGO

This page intentionally left blank

Message from the President

Sincerely,

LOGO

Kirk C. Lehneis

President

Not part of the Annual Report

Table of Contents


Annual Report

Investment and Performance Comparison			5

Portfolio Management Discussion and Analysis			9

Portfolio of Investments			11

Financial Statements			22

Notes to Financial Statements			28

Report of Independent Registered Public Accounting Firm			37

Federal Income Tax Information			38

Proxy Voting Policies and Procedures and Proxy Voting Record			38

Shareholder Reports and Quarterly Portfolio Disclosure			38

Board of Trustees and Officers			39

Investment and Performance Comparison¹ (Unaudited)

LOGO

Average Annual Total Returns for the Year-Ended October 31, 2020


Class	Sales Charge		Inception Date		One Year			Five Years			Since Inception			Gross Expense Ratio²

Class A Shares	Maximum 3% Initial Sales Charge	With sales charges Excluding sales charges		12/17/2012		–2.37 0.65	%		3.31 3.94	%		3.48 3.88	%		1.05 1.05	%
Investor Class Shares³	Maximum 2.5% Initial Sales Charge	With sales charges Excluding sales charges		12/17/2012		–2.35 0.67			3.25 3.89			3.38 3.78			1.12 1.12
Class C Shares	Maximum 1% CDSC if Redeemed Within 18 months of Purchase	With sales charges Excluding sales charges		12/17/2012		–1.15 –0.19			3.11 3.11			3.01 3.01			1.87 1.87
Class I Shares	No Sales Charge			12/17/2012		1.01			4.23			4.14			0.80
Class R2 Shares	No Sales Charge			12/17/2012		0.55			3.84			3.77			1.15
Class R3 Shares	No Sales Charge			2/29/2016		0.41			N/A			4.74			1.40

been lower. For more information on share classes and current fee waivers and/or expense limitations (if any), please refer to the Notes to Financial Statements.

2.	The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report.

3.	Prior to June 30, 2020, the maximum initial sales charge for Investor Class shares was 3.0%, which is reflected in the average annual total return figures shown.

The footnotes on the next page are an integral part of the table and graph and should be carefully read in conjunction with them.


			5


Benchmark Performance	One Year			Five Years			Since Inception

ICE BofAML 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index⁴		1.38	%		4.92	%		4.36	%
Morningstar High Yield Bond Category Average⁵		1.43			4.78			3.98

ICE BofAML 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index is the Fund’s primary broad-based securities market index for comparison purposes. The ICE BofAML 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index generally tracks the performance of BB-B rated U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market with maturities of 1 to 5 years. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

The Morningstar High Yield Bond Category Average is representative of funds that concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These portfolios primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor’s or Moody’s at the level of BB and below. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.

The footnotes on the preceding page are an integral part of the table and graph and should be carefully read in conjunction with them.


6		MainStay MacKay Short Duration High Yield Fund

Cost in Dollars of a $1,000 Investment in MainStay MacKay Short Duration High Yield Fund (Unaudited)

Example

This example illustrates your Fund’s ongoing costs in two ways:

Actual Expenses

multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes



Share Class	Beginning Account Value 5/1/20		Ending Account Value (Based on Actual Returns and Expenses) 10/31/20		Expenses Paid During Period¹		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/20		Expenses Paid During Period¹		Net Expense Ratio During Period²

Class A Shares	$	1,000.00	$	1,083.10	$	5.34	$	1,020.01	$	5.18	1.02%

Investor Class Shares	$	1,000.00	$	1,083.70	$	5.81	$	1,019.56	$	5.63	1.11%

Class C Shares	$	1,000.00	$	1,078.50	$	9.72	$	1,015.79	$	9.42	1.86%

Class I Shares	$	1,000.00	$	1,085.50	$	4.04	$	1,021.27	$	3.91	0.77%

Class R2 Shares	$	1,000.00	$	1,082.50	$	5.86	$	1,019.51	$	5.69	1.12%

Class R3 Shares	$	1,000.00	$	1,082.40	$	7.17	$	1,018.25	$	6.95	1.37%

2.	Expenses are equal to the Fund’s annualized expense ratio to reflect the six-month period.


			7

Portfolio Composition as of October 31, 2020 (Unaudited)

LOGO

See Portfolio of Investments beginning on page 11 for specific holdings within these categories. The Fund’s holdings are subject to change.

‡	Less than one-tenth of a percent.

Top Ten Holdings or Issuers Held as of October 31, 2020 (excluding short-term investments) (Unaudited)

1.	HCA, Inc., 5.375%–8.36%, due 5/1/23–2/15/26

2.	Sprint Corp., 7.875%, due 9/15/23

3.	Bass Pro Group LLC, 5.75%, due 9/25/24

4.	MGM Growth Properties Operating Partnership, L.P. / MGP Finance Co-Issuer, Inc., 4.625%–5.625%, due 5/1/24–6/15/25

5.	Grinding Media, Inc. / Moly-Cop AltaSteel, Ltd., 7.375%, due 12/15/23

6.	Icahn Enterprises L.P. / Icahn Enterprises Finance Corp., 4.75%–6.75%, due 2/1/22–9/15/24

7.	CenturyLink, Inc., 5.80%–6.75%, due 6/15/21–12/1/23

8.	Ford Motor Credit Co. LLC, 2.979%–5.584%, due 3/18/21–6/16/25

9.	DISH Network Corp., 2.375%, due 3/15/24

10.	Centene Corp., 4.75%, due 1/15/25


8		MainStay MacKay Short Duration High Yield Fund

Portfolio Management Discussion and Analysis (Unaudited)

Questions answered by portfolio manager Andrew Susser of MacKay Shields LLC, the Fund’s Subadvisor.

How did MainStay MacKay Short Duration High Yield Fund perform relative to its benchmark and peer group during the 12 months ended October 31, 2020?

For the 12 months ended October 31, 2020, Class I shares of MainStay MacKay Short Duration High Yield Fund returned 1.01%, underperforming the 1.38% return of the Fund’s primary benchmark, the ICE BofAML 1–5 Year BB-B U.S. High Yield Corporate Cash Pay Index. Over the same period, Class I shares also underperformed the 1.43% return of the Morningstar High Yield Bond Category Average.¹

What factors affected the Fund’s relative performance during the reporting period?

The Fund underperformed the ICE BofAML 1–5 Year BB-B U.S. High Yield Corporate Cash Pay Index due to underweight exposure to health care and security selection in capital goods. Conversely, security selection in energy, the weakest-performing sector in the Index, was accretive to returns. Relative returns also benefited from security selection in the telecom and leisure sectors, and underweight exposure to riskier credits rated CCC.²

During the reporting period, were there any market events that materially impacted the Fund’s performance or liquidity?

In the first quarter of 2020, the U.S. high-yield market experienced its highest levels of volatility in more than a decade as the COVID-19 pandemic spread fear, sharply slowed the global economy and shook investor sentiment. Mirroring the steep decline in broad-based equity indices, the ICE BofAML 1–5 Year BB-B U.S. High Yield Corporate Cash Pay Index declined sharply in the first three weeks of March before partly rebounding in the final week, then continuing to recover through the end of the reporting period.

The U.S. Federal Reserve (“Fed”) played a significant role in the recovery of credit markets by taking unprecedented actions. The recovery started on March 23, triggered by the Fed’s announcement that it would begin buying investment-grade corporate bonds and exchanged-traded funds (“ETFs”). The easing of stress in the investment-grade market carried over to the high-yield market. Further, on April 9, the Fed announced more expansive measures, including extending loans to companies and a further expansion of its direct purchase program to

include recent “fallen angels” (credits downgraded from investment grade to high yield), syndicated loans and high-yield ETFs.

What was the Fund’s duration³ strategy during the reporting period?

The Fund’s duration is the result of our bottom-up fundamental analysis and is a residual of the investment process. However, the Fund did have a lower duration than the ICE BofAML 1–5 Year BB-B U.S. High Yield Corporate Cash Pay Index throughout the reporting period.

During the reporting period, which sectors were the strongest positive contributors to the Fund’s relative performance and which sectors were particularly weak?

Security selection in the energy sector, the weakest performing sector during the reporting period, provided the strongest positive contributions to the Fund’s benchmark-relative returns. (Contributions take weightings and total returns into account.) Security selection in telecom and leisure were also positive contributors to the Fund’s relative performance, as was the Fund’s underweight exposure to CCC-rated credits. Relatively underweight exposure to health care and security selection in capital goods detracted from relative performance.

What were some of the Fund’s largest purchases and sales during the reporting period?

The Fund’s purchases focused on crossover investment-grade and fallen-angel credits that traded at attractive spreads.⁴ For example, the Fund purchased bonds issued by food product firm The Kraft Heinz Company as the issuer was downgraded from investment grade. The Fund also purchased bonds issued by oil & gas exploration & production company EQT at lower dollar prices later in the reporting period. In terms of sales, the Fund trimmed positions in pandemic-affected sectors such as bonds from Tenneco in the automotive sector and Triumph Group in the aerospace/defense sector.

How did the Fund’s sector weightings change during the reporting period?

There were no material changes to the Fund’s sector weightings during the reporting period. Minor changes included a decrease in telecommunications exposure and slight increases in both health care and leisure exposure.

1.	See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 for more information on benchmark and peer group returns.

An obligation rated ‘CCC’ by Standard & Poor’s (“S&P”) is deemed by S&P to be currently vulnerable to nonpayment and is dependent upon favorable business, financial and economic conditions for the obligor to meet its financial commitment on the obligation. It is the opinion of S&P that in the event of adverse business, financial or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund.

3.	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.

4.	The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time.


			9

How was the Fund positioned at the end of the reporting period?

As of October 31, 2020, the Fund held underweight exposure relative to the ICE BofAML 1–5 Year BB-B U.S. High Yield Corporate Cash Pay Index in the leisure and media sectors. As of the same date, the Fund held relatively underweight exposure to the automotive and capital goods sectors.

The opinions expressed are those of the portfolio manager as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.


10		MainStay MacKay Short Duration High Yield Fund

Portfolio of Investments October 31, 2020


	Principal Amount		Value
Long-Term Bonds 94.6%† Convertible Bonds 2.1%
Investment Companies 0.4%
Ares Capital Corp. 3.75%, due 2/1/22	$	2,435,000	$	2,454,480
4.625%, due 3/1/24		3,500,000		3,644,550

				6,099,030

Media 1.4%
DISH Network Corp. 2.375%, due 3/15/24		21,650,000		19,528,190


Oil & Gas Services 0.3%
Forum Energy Technologies, Inc. 9.00% (6.25% Cash and 2.75% PIK), due 8/4/25 (a)		6,066,299		3,761,105

Total Convertible Bonds (Cost $31,344,530)				29,388,325


Corporate Bonds 75.8%
Advertising 0.3%
Outfront Media Capital LLC / Outfront Media Capital Corp. 6.25%, due 6/15/25 (b)		4,000,000		4,082,500


Aerospace & Defense 1.2%
F-Brasile S.p.A. / F-Brasile U.S. LLC 7.375%, due 8/15/26 (b)		5,500,000		4,771,250
Spirit AeroSystems, Inc. 5.50%, due 1/15/25 (b)		2,125,000		2,162,187
SSL Robotics LLC 9.75%, due 12/31/23 (b)		1,000,000		1,112,125
TransDigm, Inc. 6.25%, due 3/15/26 (b)		1,000,000		1,042,490
6.50%, due 7/15/24		6,545,000		6,536,819
Triumph Group, Inc. 8.875%, due 6/1/24 (b)		1,000,000		1,061,550

				16,686,421

Airlines 0.5%
Delta Air Lines, Inc. 7.00%, due 5/1/25 (b)		2,575,000		2,810,144
7.375%, due 1/15/26		500,000		517,500
Delta Air Lines, Inc. / SkyMiles I.P. Ltd. 4.50%, due 10/20/25 (b)		2,000,000		2,029,892
Spirit Loyalty Cayman, Ltd. / Spirit I.P. Cayman, Ltd. 8.00%, due 9/20/25 (b)		1,650,000		1,749,000

				7,106,536


	Principal Amount		Value
Apparel 0.2%
Levi Strauss & Co. 5.00%, due 5/1/25	$	1,500,000	$	1,537,500
William Carter Co. 5.50%, due 5/15/25 (b)		1,300,000		1,365,000

				2,902,500

Auto Manufacturers 3.3%
Aston Martin Capital Holdings, Ltd. 6.50%, due 4/15/22 (b)		1,680,000		1,678,320
BCD Acquisition, Inc. 9.625%, due 9/15/23 (b)		4,942,000		4,948,177
Ford Motor Co. 8.50%, due 4/21/23		1,800,000		1,986,750
9.00%, due 4/22/25		3,290,000		3,876,920
Ford Motor Credit Co. LLC 2.979%, due 8/3/22		1,797,000		1,785,391
3.087%, due 1/9/23		2,400,000		2,376,000
3.096%, due 5/4/23		1,065,000		1,051,688
3.219%, due 1/9/22		700,000		695,632
3.336%, due 3/18/21		1,500,000		1,500,000
3.339%, due 3/28/22		2,000,000		1,995,000
3.37%, due 11/17/23		4,000,000		3,965,000
3.664%, due 9/8/24		1,150,000		1,140,168
4.14%, due 2/15/23		1,100,000		1,108,250
5.125%, due 6/16/25		3,000,000		3,126,870
5.584%, due 3/18/24		840,000		882,806
J.B. Poindexter & Company, Inc. 7.125%, due 4/15/26 (b)		6,700,000		7,120,827
McLaren Finance PLC 5.75%, due 8/1/22 (b)		7,300,000		6,697,750

				45,935,549

Auto Parts & Equipment 0.9%
American Axle & Manufacturing, Inc. 6.25%, due 4/1/25 (c)		2,000,000		2,026,880
Exide Global Holding Netherlands C.V. 10.75%, due 6/30/24 (d)(e)(f)		1,610,000		1,288,000
Exide Technologies 11.00%, due 10/31/24 (b)(d)(e)(f)(i)		8,372,864		8,373
Meritor, Inc. 6.25%, due 2/15/24		2,000,000		2,037,500
6.25%, due 6/1/25 (b)		1,335,000		1,395,075
Nexteer Automotive Group, Ltd. 5.875%, due 11/15/21 (b)		6,162,000		6,168,992

				12,924,820

Building Materials 0.2%
BMC East LLC 5.50%, due 10/1/24 (b)		330,000		338,250
James Hardie International Finance DAC 4.75%, due 1/15/25 (b)		240,000		246,000


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					11

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Corporate Bonds (continued)
Building Materials (continued)
Summit Materials LLC / Summit Materials Finance Corp. 5.125%, due 6/1/25 (b)	$	1,690,000	$	1,711,125

				2,295,375

Chemicals 1.7%
Blue Cube Spinco LLC 9.75%, due 10/15/23		1,537,000		1,581,235
Neon Holdings, Inc. 10.125%, due 4/1/26 (b)		2,000,000		2,115,000
NOVA Chemicals Corp. 4.875%, due 6/1/24 (b)		2,150,000		2,126,780
Olin Corp. 9.50%, due 6/1/25 (b)		1,000,000		1,182,620
TPC Group, Inc. 10.50%, due 8/1/24 (b)		18,863,000		15,750,605
Valvoline, Inc. 4.375%, due 8/15/25		1,000,000		1,028,750

				23,784,990

Coal 0.0%‡
Natural Resource Partners LP / NRP Finance Corp. 9.125%, due 6/30/25 (b)		295,000		263,288


Commercial Services 0.8%
Graham Holdings Co. 5.75%, due 6/1/26 (b)		1,000,000		1,048,450
IHS Markit, Ltd. 5.00%, due 11/1/22 (b)		1,630,000		1,744,548
Jaguar Holding Co. II / PPD Development, L.P. 4.625%, due 6/15/25 (b)		3,600,000		3,718,764
Nielsen Co. Luxembourg S.A.R.L. 5.50%, due 10/1/21 (b)		683,000		683,854
Nielsen Finance LLC / Nielsen Finance Co. 5.00%, due 4/15/22 (b)		1,794,000		1,794,897
Ritchie Bros. Auctioneers, Inc. 5.375%, due 1/15/25 (b)		2,175,000		2,237,531

				11,228,044

Cosmetics & Personal Care 0.2%
Edgewell Personal Care Co. 4.70%, due 5/24/22		3,254,000		3,351,620


Distribution & Wholesale 0.5%
Avient Corp. 5.25%, due 3/15/23		1,750,000		1,871,424
5.75%, due 5/15/25 (b)		1,775,000		1,868,187
G III Apparel Group, Ltd. 7.875%, due 8/15/25 (b)		3,500,000		3,543,750

				7,283,361


	Principal Amount		Value
Diversified Financial Services 2.6%
Credit Acceptance Corp. 5.125%, due 12/31/24 (b)	$	10,090,000	$	10,014,325
Genworth Mortgage Holdings, Inc. 6.50%, due 8/15/25 (b)		2,860,000		2,981,550
Ld Holdings Group Llc 6.50%, due 11/1/25 (b)		2,500,000		2,537,500
LPL Holdings, Inc. 5.75%, due 9/15/25 (b)		9,665,000		10,006,658
Oxford Finance LLC / Oxford Finance Co-Issuer II, Inc. 6.375%, due 12/15/22 (b)		7,750,000		7,688,000
PRA Group, Inc. 7.375%, due 9/1/25 (b)		1,700,000		1,783,300
StoneX Group, Inc. 8.625%, due 6/15/25 (b)		1,118,000		1,179,490

				36,190,823

Electric 0.9%
DPL, Inc. 4.125%, due 7/1/25 (b)		3,650,000		3,814,250
NextEra Energy Operating Partners, L.P.(b) 4.25%, due 7/15/24		1,250,000		1,306,250
4.25%, due 9/15/24		1,000,000		1,047,500
Pacific Gas & Electric Co. 1.75%, due 6/16/22		2,000,000		2,000,187
Vistra Operations Co., LLC 3.55%, due 7/15/24 (b)		4,650,000		4,954,840

				13,123,027

Electrical Components & Equipment 0.3%
WESCO Distribution, Inc. 5.375%, due 12/15/21		1,000,000		998,750
7.125%, due 6/15/25 (b)		2,600,000		2,801,500

				3,800,250

Energy 0.1%
KeyStone Power Pass-Through Holders 9.00%, due 12/1/23 (f)		810,709		802,602


Energy—Alternate Sources 0.2%
TerraForm Power Operating LLC 4.25%, due 1/31/23 (b)		2,520,000		2,564,100


Engineering & Construction 0.3%
Great Lakes Dredge & Dock Corp. 8.00%, due 5/15/22		3,180,000		3,250,691
PowerTeam Services LLC 9.033%, due 12/4/25 (b)		1,500,000		1,588,125

				4,838,816

Entertainment 0.9%
Boyne USA, Inc. 7.25%, due 5/1/25 (b)		1,950,000		2,037,750


12		MainStay MacKay Short Duration High Yield Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Corporate Bonds (continued)
Entertainment (continued)
International Game Technology PLC (b) 6.25%, due 2/15/22	$	1,500,000	$	1,535,632
6.50%, due 2/15/25		1,400,000		1,498,000
Jacobs Entertainment, Inc. 7.875%, due 2/1/24 (b)		1,000,000		980,000
Live Nation Entertainment, Inc. 4.875%, due 11/1/24 (b)		2,875,000		2,768,280
Powdr Corp. 6.00%, due 8/1/25 (b)		1,930,000		1,946,019
Vail Resorts, Inc. 6.25%, due 5/15/25 (b)		2,000,000		2,100,000

				12,865,681

Environmental Controls 0.1%
Covanta Holding Corp. 5.875%, due 7/1/25		1,665,000		1,721,543


Food 0.5%
B&G Foods, Inc. 5.25%, due 4/1/25		2,000,000		2,060,000
Ingles Markets, Inc. 5.75%, due 6/15/23		990,000		997,425
Kraft Heinz Foods Co. 3.95%, due 7/15/25		2,348,000		2,539,060
Lamb Weston Holdings, Inc. 4.625%, due 11/1/24 (b)		880,000		908,600

				6,505,085

Food Services 0.4%
Aramark Services, Inc. 6.375%, due 5/1/25 (b)		5,635,000		5,910,439


Forest Products & Paper 0.8%
Mercer International, Inc. 6.50%, due 2/1/24		3,740,000		3,758,700
7.375%, due 1/15/25		4,905,000		4,987,796
Smurfit Kappa Treasury Funding DAC 7.50%, due 11/20/25		1,631,000		1,973,510

				10,720,006

Gas 1.0%
AmeriGas Partners, L.P. / AmeriGas Finance Corp. 5.625%, due 5/20/24		7,500,000		7,968,750
Rockpoint Gas Storage Canada, Ltd. 7.00%, due 3/31/23 (b)		6,800,000		6,307,000

				14,275,750

Hand & Machine Tools 0.2%
Colfax Corp. 6.00%, due 2/15/24 (b)		3,175,000		3,302,667


	Principal Amount		Value
Health Care—Services 6.9%
Acadia Healthcare Co., Inc. 5.625%, due 2/15/23	$	7,410,000	$	7,437,788
AHP Health Partners, Inc. 9.75%, due 7/15/26 (b)		1,800,000		1,908,000
Catalent Pharma Solutions, Inc. 4.875%, due 1/15/26 (b)		2,720,000		2,774,400
Centene Corp. 4.75%, due 1/15/25		17,250,000		17,724,375
Encompass Health Corp. 5.125%, due 3/15/23		8,675,000		8,740,062
5.75%, due 11/1/24		4,030,000		4,030,000
HCA, Inc. 5.375%, due 2/1/25		13,100,000		14,506,023
5.875%, due 5/1/23		9,255,000		10,064,812
5.875%, due 2/15/26		2,000,000		2,260,000
7.50%, due 12/15/23		7,910,000		8,997,625
7.58%, due 9/15/25		1,663,000		1,970,655
8.36%, due 4/15/24		10,000,000		11,625,000
Molina Healthcare, Inc. 5.375%, due 11/15/22		1,750,000		1,818,504
Providence Service Corp. 5.875%, due 11/15/25 (b)		3,500,000		3,561,250

				97,418,494

Holding Company—Diversified 0.8%
Stena International S.A. 6.125%, due 2/1/25 (b)		12,220,000		11,486,800


Home Builders 1.2%
Adams Homes, Inc. 7.50%, due 2/15/25 (b)		4,915,000		4,939,575
Brookfield Residential Properties, Inc. / Brookfield Residential U.S. Corp. 6.375%, due 5/15/25 (b)		1,500,000		1,507,500
Century Communities, Inc. 5.875%, due 7/15/25		1,500,000		1,545,000
Meritage Homes Corp. 7.00%, due 4/1/22		2,350,000		2,499,812
New Home Co., Inc. 7.25%, due 4/1/22		3,185,000		3,230,864
Picasso Finance Sub, Inc. 6.125%, due 6/15/25 (b)		2,000,000		2,109,200
STL Holding Co., LLC 7.50%, due 2/15/26 (b)		1,600,000		1,592,000

				17,423,951

Household Products & Wares 0.6%
Prestige Brands, Inc. 6.375%, due 3/1/24 (b)		5,165,000		5,281,213
Spectrum Brands, Inc. 6.125%, due 12/15/24		2,800,000		2,863,000

				8,144,213


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					13

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Corporate Bonds (continued)
Housewares 0.4%
CD&R Smokey Buyer, Inc. 6.75%, due 7/15/25 (b)	$	1,355,000	$	1,429,525
Newell Brands, Inc. 4.35%, due 4/1/23		2,250,000		2,348,374
4.875%, due 6/1/25		1,750,000		1,894,900

				5,672,799

Insurance 0.6%
MGIC Investment Corp. 5.75%, due 8/15/23		4,000,000		4,260,000
NMI Holdings, Inc. 7.375%, due 6/1/25 (b)		3,910,000		4,261,900

				8,521,900

Internet 2.0%
Expedia Group, Inc.(b) 6.25%, due 5/1/25		1,000,000		1,099,668
7.00%, due 5/1/25		2,515,000		2,693,157
Netflix, Inc. 3.625%, due 6/15/25 (b)		1,000,000		1,038,750
5.375%, due 2/1/21		2,000,000		2,017,500
5.50%, due 2/15/22		6,300,000		6,618,937
5.75%, due 3/1/24		4,980,000		5,509,125
5.875%, due 2/15/25		665,000		752,281
NortonLifeLock, Inc. 5.00%, due 4/15/25 (b)		1,725,000		1,756,844
Uber Technologies, Inc. 7.50%, due 5/15/25 (b)		1,000,000		1,051,250
VeriSign, Inc. 4.625%, due 5/1/23		5,627,000		5,685,352

				28,222,864

Investment Companies 3.1%
Ares Capital Corp. 3.875%, due 1/15/26		1,000,000		1,024,937
Compass Group Diversified Holdings LLC 8.00%, due 5/1/26 (b)		4,397,000		4,623,138
FS Energy & Power Fund 7.50%, due 8/15/23 (b)		18,834,000		16,809,345
Icahn Enterprises L.P. / Icahn Enterprises Finance Corp. 4.75%, due 9/15/24		15,315,000		15,583,012
6.25%, due 2/1/22		1,700,000		1,704,250
6.75%, due 2/1/24		2,950,000		3,009,885

				42,754,567

Iron & Steel 0.2%
Allegheny Technologies, Inc. 7.875%, due 8/15/23		3,000,000		3,028,350


Leisure Time 2.0%
Carlson Travel, Inc.(b) 6.75%, due 12/15/25		12,865,000		9,005,500
8.50%, due 3/31/25		1,992,006		1,992,006


	Principal Amount		Value
Leisure Time (continued)
Carnival Corp. 10.50%, due 2/1/26 (b)	$	7,550,000	$	8,172,875
Silversea Cruise Finance, Ltd. 7.25%, due 2/1/25 (b)		8,200,000		8,253,710

				27,424,091

Lodging 2.4%
Boyd Gaming Corp. 6.375%, due 4/1/26		1,500,000		1,556,370
8.625%, due 6/1/25 (b)		3,740,000		4,094,178
Hilton Domestic Operating Co., Inc. 4.25%, due 9/1/24		6,935,000		6,896,858
5.375%, due 5/1/25 (b)		2,500,000		2,583,450
Hyatt Hotels Corp. 5.375%, due 4/23/25		5,070,000		5,498,562
Marriott International, Inc. 3.75%, due 10/1/25		1,000,000		1,027,881
4.15%, due 12/1/23		1,500,000		1,584,817
5.75%, due 5/1/25		8,845,000		9,834,439

				33,076,555

Machinery—Diversified 0.3%
Briggs & Stratton Corp. 6.875%, due 12/15/20 (h)(i)		3,425,000		312,531
Tennant Co. 5.625%, due 5/1/25		3,754,000		3,892,898

				4,205,429

Media 3.6%
CCO Holdings LLC / CCO Holdings Capital Corp.(b) 5.375%, due 5/1/25		5,725,000		5,879,575
5.75%, due 2/15/26		1,610,000		1,669,023
CSC Holdings LLC 5.25%, due 6/1/24		9,250,000		9,874,375
5.875%, due 9/15/22		3,250,000		3,428,750
DISH DBS Corp. 5.875%, due 7/15/22		3,550,000		3,656,500
5.875%, due 11/15/24		2,292,000		2,305,832
Meredith Corp. 6.50%, due 7/1/25 (b)		1,500,000		1,541,250
Quebecor Media, Inc. 5.75%, due 1/15/23		6,920,000		7,428,620
Sirius XM Radio, Inc.(b) 3.875%, due 8/1/22		1,000,000		1,007,500
4.625%, due 7/15/24		5,000,000		5,156,000
Sterling Entertainment Enterprises LLC 10.25%, due 1/15/25 (d)(e)(f)(g)		3,000,000		3,144,300
Videotron, Ltd. 5.00%, due 7/15/22		4,869,000		5,100,764

				50,192,489


14		MainStay MacKay Short Duration High Yield Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Corporate Bonds (continued)
Metal Fabricate & Hardware 1.6%
Grinding Media, Inc. / Moly-Cop AltaSteel, Ltd. 7.375%, due 12/15/23 (b)	$	21,546,000	$	21,761,460


Mining 1.9%
Arconic Corp. 6.00%, due 5/15/25 (b)		3,000,000		3,176,250
Century Aluminum Co. 12.00%, due 7/1/25 (b)		2,440,000		2,555,900
Compass Minerals International, Inc. 4.875%, due 7/15/24 (b)		12,860,000		13,052,900
Constellium S.E. (b)
5.75%, due 5/15/24		3,500,000		3,544,485
6.625%, due 3/1/25		1,000,000		1,015,000
First Quantum Minerals, Ltd. 7.25%, due 4/1/23 (b)		3,856,000		3,875,280

				27,219,815

Miscellaneous—Manufacturing 0.6%
FXI Holdings, Inc. 7.875%, due 11/1/24 (b)		1,965,000		1,837,275
Hill-Rom Holdings, Inc. 5.00%, due 2/15/25 (b)		388,000		397,215
Hillenbrand, Inc. 5.75%, due 6/15/25		2,865,000		3,058,388
Koppers, Inc. 6.00%, due 2/15/25 (b)		2,950,000		3,016,375

				8,309,253

Oil & Gas 7.3%
Apache Corp. 4.625%, due 11/15/25		1,280,000		1,216,000
Ascent Resources Utica Holdings LLC / ARU Finance Corp. 9.00%, due 11/1/27 (b)		1,556,000		1,509,320
Endeavor Energy Resources, L.P. / EER Finance, Inc. 6.625%, due 7/15/25 (b)		900,000		933,750
Energy Ventures Gom LLC / EnVen Finance Corp. 11.00%, due 2/15/23 (b)		3,770,000		2,780,375
EQT Corp. 7.875%, due 2/1/25		7,850,000		8,733,125
Gulfport Energy Corp. 6.00%, due 10/15/24		2,862,000		1,559,790
6.625%, due 5/1/23		9,562,000		5,242,367
Hess Corp. 3.50%, due 7/15/24		910,000		936,087
Montage Resources Corp. 8.875%, due 7/15/23		5,565,000		5,648,475


	Principal Amount		Value
Oil & Gas (continued)
Newfield Exploration Co. 5.75%, due 1/30/22	$	4,000,000	$	4,028,018
Noble Energy, Inc. 3.90%, due 11/15/24		4,550,000		5,027,348
Occidental Petroleum Corp. 2.70%, due 2/15/23		3,111,000		2,784,345
5.875%, due 9/1/25		2,160,000		1,900,800
8.00%, due 7/15/25		5,000,000		4,875,000
Parkland Corp. 6.00%, due 4/1/26 (b)		4,505,000		4,651,413
PBF Holding Co. LLC / PBF Finance Corp. 7.25%, due 6/15/25		7,845,000		3,255,675
9.25%, due 5/15/25 (b)		2,800,000		2,485,000
PDC Energy, Inc. 6.125%, due 9/15/24		3,700,000		3,598,250
PetroQuest Energy, Inc. 10.00% (10.00% PIK), due 2/15/24 (a)(d)(e)(f)(i)		801,387		80
QEP Resources, Inc. 5.25%, due 5/1/23		1,000,000		795,000
5.375%, due 10/1/22		2,674,000		2,353,120
Range Resources Corp. 5.875%, due 7/1/22		2,828,000		2,828,000
9.25%, due 2/1/26 (b)		4,343,000		4,603,580
Southwestern Energy Co. 6.45%, due 1/23/25		12,463,000		12,486,368
Sunoco, L.P. / Sunoco Finance Corp. 4.875%, due 1/15/23		2,000,000		2,015,000
Talos Production LLC / Talos Production Finance, Inc. 11.00%, due 4/3/22		15,782,468		14,914,432
Transocean Guardian, Ltd. 5.875%, due 1/15/24 (b)		936,000		570,960
Ultra Resources, Inc. 6.875%, due 4/15/22 (b)(f)(i)		4,455,000		14,479

				101,746,157

Oil & Gas Services 0.1%
Nine Energy Service, Inc. 8.75%, due 11/1/23 (b)		3,775,000		1,113,625


Packaging & Containers 0.3%
Cascades, Inc. / Cascades U.S.A., Inc. 5.125%, due 1/15/26 (b)		3,416,000		3,569,720
Sealed Air Corp. 5.25%, due 4/1/23 (b)		1,000,000		1,056,250

				4,625,970

Pharmaceuticals 1.2%
Bausch Health Cos., Inc. (b)
5.875%, due 5/15/23		233,000		232,418
6.125%, due 4/15/25		6,700,000		6,879,225
7.00%, due 3/15/24		6,146,000		6,368,792


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					15

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Corporate Bonds (continued)
Pharmaceuticals (continued)
Endo Dac / Endo Finance LLC / Endo Finco, Inc. 5.875%, due 10/15/24 (b)	$	3,900,000	$	3,900,000

				17,380,435

Pipelines 4.8%
Antero Midstream Partners, L.P. / Antero Midstream Finance Corp. 5.375%, due 9/15/24		2,000,000		1,870,400
Cheniere Energy Partners, L.P. 5.25%, due 10/1/25		1,500,000		1,525,800
Enable Midstream Partners, L.P. 3.90%, due 5/15/24		1,500,000		1,473,985
EQM Midstream Partners, L.P. 6.00%, due 7/1/25 (b)		4,500,000		4,612,500
NGPL PipeCo LLC 4.375%, due 8/15/22 (b)		5,565,000		5,771,549
NuStar Logistics, L.P. 5.75%, due 10/1/25		3,000,000		3,020,490
6.75%, due 2/1/21		2,950,000		2,975,813
PBF Logistics, L.P. / PBF Logistics Finance Corp. 6.875%, due 5/15/23		4,000,000		3,140,000
Plains All American Pipeline, L.P. 6.125%, due 11/15/22 (j)(k)		18,663,000		11,524,402
Rattler Midstream, L.P. 5.625%, due 7/15/25 (b)		760,000		780,900
Rockies Express Pipeline LLC 3.60%, due 5/15/25 (b)		2,905,000		2,897,738
Ruby Pipeline LLC 7.75%, due 4/1/22 (b)		7,442,962		6,389,378
Tallgrass Energy Partners, L.P. / Tallgrass Energy Finance Corp.(b) 4.75%, due 10/1/23		5,850,000		5,555,745
5.50%, due 9/15/24		5,810,000		5,583,294
Targa Resources Partners, L.P. / Targa Resources Partners Finance Corp. 5.25%, due 5/1/23		2,500,000		2,498,750
Western Midstream Operating, L.P. 4.00%, due 7/1/22		500,000		500,000
4.65%, due 7/1/26		4,315,000		4,142,400
5.375%, due 6/1/21		3,350,000		3,370,937

				67,634,081

Real Estate 1.3%
Kennedy-Wilson, Inc. 5.875%, due 4/1/24		5,800,000		5,597,000
Newmark Group, Inc. 6.125%, due 11/15/23		12,225,000		12,925,158

				18,522,158


	Principal Amount		Value
Real Estate Investment Trusts 4.8%
CTR Partnership, L.P. / CareTrust Capital Corp. 5.25%, due 6/1/25	$	2,400,000	$	2,472,000
Diversified Healthcare Trust 9.75%, due 6/15/25		3,875,000		4,262,500
GLP Capital, L.P. / GLP Financing II, Inc. 5.25%, due 6/1/25		2,500,000		2,731,200
5.375%, due 11/1/23		3,110,000		3,328,167
Ladder Capital Finance Holdings LLP / Ladder Capital Finance Corp. 5.875%, due 8/1/21 (b)		5,085,000		5,065,931
MGM Growth Properties Operating Partnership, L.P. / MGP Finance Co-Issuer, Inc. 4.625%, due 6/15/25 (b)		1,935,000		1,970,720
5.625%, due 5/1/24		19,681,000		20,718,189
MPT Operating Partnership, L.P. / MPT Finance Corp. 5.50%, due 5/1/24		8,563,000		8,670,037
RHP Hotel Properties, L.P. / RHP Finance Corp. 5.00%, due 4/15/23		4,000,000		3,880,000
Starwood Property Trust, Inc. 5.00%, due 12/15/21		3,485,000		3,467,575
VICI Properties, L.P. / VICI Note Co., Inc. 3.50%, due 2/15/25 (b)		10,640,000		10,679,368

				67,245,687

Retail 1.3%
Dave & Buster’s, Inc. 7.625%, due 11/1/25 (b)		2,000,000		1,962,500
KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC 5.25%, due 6/1/26 (b)		2,000,000		2,066,650
Kohl’s Corp. 9.50%, due 5/15/25		2,475,000		2,961,500
L Brands, Inc. 6.875%, due 7/1/25 (b)		350,000		375,193
Penske Automotive Group, Inc. 3.50%, due 9/1/25		2,500,000		2,506,250
5.375%, due 12/1/24		6,560,000		6,699,400
Yum! Brands, Inc. 3.875%, due 11/1/23		1,000,000		1,040,000

				17,611,493

Semiconductors 0.1%
Microchip Technology, Inc. 4.25%, due 9/1/25 (b)		1,300,000		1,349,620


Software 1.3%
BY Crown Parent LLC 7.375%, due 10/15/24 (b)		1,687,000		1,703,870


16		MainStay MacKay Short Duration High Yield Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Corporate Bonds (continued)
Software (continued)
BY Crown Parent LLC / BY Bond Finance, Inc. 4.25%, due 1/31/26 (b)	$	1,500,000	$	1,518,750
CDK Global, Inc. 5.00%, due 10/15/24		3,150,000		3,433,500
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc. 5.75%, due 3/1/25 (b)		1,500,000		1,499,355
Open Text Corp. 5.875%, due 6/1/26 (b)		2,500,000		2,600,000
PTC, Inc. 3.625%, due 2/15/25 (b)		6,870,000		6,994,519

				17,749,994

Telecommunications 5.8%
CenturyLink, Inc. 5.80%, due 3/15/22		9,200,000		9,568,000
6.45%, due 6/15/21		3,500,000		3,574,375
6.75%, due 12/1/23		6,000,000		6,525,000
CommScope Technologies LLC 6.00%, due 6/15/25 (b)		1,161,000		1,150,992
Hughes Satellite Systems Corp. 7.625%, due 6/15/21		2,255,000		2,317,013
Level 3 Financing, Inc. 5.375%, due 5/1/25		5,550,000		5,708,119
Qualitytech, L.P. / QTS Finance Corp. 4.75%, due 11/15/25 (b)		1,000,000		1,036,100
Sprint Communications, Inc. 9.25%, due 4/15/22		2,500,000		2,756,250
Sprint Corp. 7.875%, due 9/15/23		29,145,000		33,225,300
T-Mobile USA, Inc. 4.00%, due 4/15/22		6,045,000		6,235,327
5.125%, due 4/15/25		2,000,000		2,050,000
6.00%, due 3/1/23		6,755,000		6,755,000

				80,901,476

Textiles 0.1%
Eagle Intermediate Global Holding B.V. / Ruyi U.S. Finance LLC 7.50%, due 5/1/25 (b)		1,925,000		1,347,500


Toys, Games & Hobbies 1.0%
Mattel, Inc. 3.15%, due 3/15/23		3,760,000		3,741,200
6.75%, due 12/31/25 (b)		9,245,000		9,723,429

				13,464,629


	Principal Amount		Value
Transportation 0.1%
Teekay Corp. 9.25%, due 11/15/22 (b)	$	1,935,000	$	1,858,374

Total Corporate Bonds (Cost $1,081,795,877)				1,061,880,022


Loan Assignments 16.7%
Aerospace & Defense 0.8%
Spirit Aerosystems, Inc. 2020 Term Loan B 6.00% ((1 Month LIBOR + 5.25%)), due 1/30/25 (l)		1,300,000		1,296,750
TransDigm, Inc. 2020 Term Loan F 2.398% (1 Month LIBOR + 2.25%), due 12/9/25 (l)		9,925,000		9,318,473

				10,615,223

Airlines 0.2%
Mileage Plus Holdings LLC 2020 Term Loan B 6.25% (3 Month LIBOR + 5.25%), due 6/25/27 (l)		2,500,000		2,541,993


Automobile 0.5%
Dealer Tire LLC 2020 Term Loan B 4.398% (1 Month LIBOR + 4.25%), due 12/12/25 (l)		4,168,500		4,048,656
Tenneco, Inc. 2018 Term Loan B 3.148% (1 Month LIBOR + 3.00%), due 10/1/25 (l)		2,969,773		2,726,005

				6,774,661

Beverage, Food & Tobacco 0.7%
B&G Foods, Inc. 2019 Term Loan B4 2.648% (1 Month LIBOR + 2.50%), due 10/10/26 (l)		3,303,333		3,278,558
United Natural Foods, Inc. Term Loan B 4.398% (1 Month LIBOR + 4.25%), due 10/22/25 (l)		6,358,102		6,252,800

				9,531,358

Chemicals, Plastics & Rubber 0.6%
Innophos, Inc. 2020 Term Loan B 3.648% (1 Month LIBOR + 3.50%), due 2/7/27 (l)		4,278,500		4,195,604


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					17

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Loan Assignments (continued)
Chemicals, Plastics & Rubber (continued)
Meredith Corp. 2020 Term Loan B2 2.648% (1 Month LIBOR + 2.50%), due 1/31/25 (l)	$	2,140,080	$	2,070,528
SCIH Salt Holdings, Inc. Term Loan B 5.50% (3 Month LIBOR + 4.50%), due 3/16/27 (l)		2,294,250		2,277,043

				8,543,175

Containers, Packaging & Glass 0.2%
Neenah Foundry Co. 2017 Term Loan 10.00% (2 Month LIBOR + 9.00%), due 12/13/22 (e)(l)		2,835,138		2,409,868


Diversified/Conglomerate Service 0.4%
WEX, Inc. Term Loan B3 2.398% (1 Month LIBOR + 2.25%), due 5/15/26 (l)		6,484,331		6,239,820


Electronics 1.1%
Camelot U.S. Acquisition 1 Co. (l) Term Loan B 3.148% (1 Month LIBOR + 3.00%), due 10/30/26		9,287,606		9,055,415
2020 Incremental Term Loan B 4.00% (1 Month LIBOR + 3.00%), due 10/30/26		3,000,000		2,953,125
CommScope, Inc. 2019 Term Loan B 3.398% (1 Month LIBOR + 3.25%), due 4/6/26 (l)		2,970,000		2,853,428

				14,861,968

Entertainment 0.4%
CCM Merger, Inc. 2020 Term Loan B TBD-% , due 10/29/25 (e)		2,500,000		2,468,750
NAI Entertainment Holdings LLC Term Loan B 3.50% (1 Month LIBOR + 2.50%), due 5/8/25 (l)		3,280,667		2,973,104

				5,441,854

Finance 0.3%
Jefferies Finance LLC 2019 Term Loan 3.188% (1 Month LIBOR + 3.00%), due 6/3/26 (l)		3,950,000		3,828,221


	Principal Amount		Value
Healthcare, Education & Childcare 1.6%
Ascend Learning LLC 2017 Term Loan B 4.00% (1 Month LIBOR + 3.00%), due 7/12/24 (l)	$	7,941,705	$	7,726,619
Catalent Pharma Solutions, Inc. Term Loan B2 3.25% (1 Month LIBOR + 2.25%), due 5/18/26 (l)		2,521,725		2,505,964
Jaguar Holding Co. II 2018 Term Loan 3.50% (1 Month LIBOR + 2.50%), due 8/18/22 (l)		4,909,326		4,868,044
RegionalCare Hospital Partners Holdings, Inc. 2018 Term Loan B 3.898% (1 Month LIBOR + 3.75%), due 11/16/25 (l)		8,000,000		7,753,336

				22,853,963

Hotels, Motels, Inns & Gaming 0.9%
Churchill Downs, Inc. 2017 Term Loan B 2.15% (1 Month LIBOR + 2.00%), due 12/27/24 (l)		3,890,000		3,744,125
Four Seasons Hotels, Ltd. New 1st Lien Term Loan 2.148% (1 Month LIBOR + 2.00%), due 11/30/23 (l)		5,524,059		5,303,097
Twin River Worldwide Holdings, Inc. Term Loan B 2.898% (1 Month LIBOR + 2.75%), due 5/10/26 (l)		3,456,250		3,291,000

				12,338,222

Insurance 0.6%
USI, Inc. 2017 Repriced Term Loan 3.22% (3 Month LIBOR + 3.00%), due 5/16/24 (l)		9,400,305		9,045,838


Leisure, Amusement, Motion Pictures & Entertainment 0.2%
NASCAR Holdings, Inc. Term Loan B 2.902% (1 Month LIBOR + 2.75%), due 10/19/26 (l)		3,074,032		2,987,848


Machinery (Non-Agriculture, Non-Construct & Non-Electronic) 0.2%
Altra Industrial Motion Corp. 2018 Term Loan B 2.148% (1 Month LIBOR + 2.00%), due 10/1/25 (l)		2,223,760		2,170,946


18		MainStay MacKay Short Duration High Yield Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Loan Assignments (continued)
Manufacturing 0.8%
Adient U.S. LLC Term Loan B 4.42%-4.492% (1 Month LIBOR + 4.25%, 3 Month LIBOR + 4.25%), due 5/6/24 (l)	$	11,704,350	$	11,514,154


Media 1.7%
Allen Media LLC 2020 Term Loan B 5.72% (3 Month LIBOR + 5.50%), due 2/10/27 (l)		5,123,438		4,952,659
Block Communications, Inc. 2020 Term Loan 2.47% (3 Month LIBOR + 2.25%), due 2/25/27 (l)		11,691,250		11,467,164
Lamar Media Corp. 2020 Term Loan B 1.643% (1 Month LIBOR + 1.50%), due 2/5/27 (l)		7,368,750		7,061,716

				23,481,539

Oil & Gas 0.4%
Ascent Resources—Utica 2020 Fixed 2nd Lien Term Loan 9.00%, due 11/1/25		3,240,000		3,402,000
PetroQuest Energy LLC 2020 Term Loan 8.50% (1 Month LIBOR + 7.50%), due 11/8/23 (d)(f)(l)		201,417		201,417
PetroQuest Energy, Inc. Term Loan Note 10.013%, due 11/8/23 (d)(e)(f)		3,092,688		2,536,004

				6,139,421

Personal & Nondurable Consumer Products 0.1%
Prestige Brands, Inc. Term Loan B4 2.148% (1 Month LIBOR + 2.00%), due 1/26/24 (l)		1,647,764		1,635,406


Personal Transportation 0.3%
Delta Air Lines, Inc. 2020 1st Lien Term Loan B 4.75% (3 Month LIBOR + 3.75%), due 10/20/27 (l)		4,500,000		4,479,376


Personal, Food & Miscellaneous Services 0.2%
KFC Holding Co. 2018 Term Loan B 1.897% (1 Month LIBOR + 1.75%), due 4/3/25 (l)		3,378,375		3,294,760


	Principal Amount		Value
Retail Store 1.6%
Bass Pro Group LLC Term Loan B 5.75% (3 Month LIBOR + 5.00%), due 9/25/24 (l)	$	23,007,515	$	22,876,510


Software 0.5%
Ascend Learning, LLC 2020 Incremental Term Loan TBD, due 7/12/24		2,000,000		1,977,500
By Crown Parent LLC Term Loan B1 4.00% (1 Month LIBOR + 3.00%), due 1/31/26 (l)		4,593,725		4,478,882

				6,456,382

Telecommunications 1.2%
Connect Finco S.A.R.L. Term Loan B 5.50% (1 Month LIBOR + 4.50%), due 12/11/26 (l)		8,855,500		8,669,534
EFS Cogen Holdings I LLC 2020 Term Loan B 4.50% (3 Month LIBOR + 3.50%), due 10/1/27 (l)		3,150,000		3,118,500
LCPR Loan Financing LLC Term Loan B 5.148% (1 Month LIBOR + 5.00%), due 10/15/26 (l)		4,000,000		3,993,752
LogMeIn, Inc. Term Loan B TBD-% , due 8/31/27		1,500,000		1,452,188

				17,233,974

Utilities 1.2%
Hamilton Projects Acquiror LLC Term Loan B 5.75% (3 Month LIBOR + 4.75%), due 6/17/27 (l)		4,189,500		4,172,042
Pacific Gas & Electric Co. 2020 Term Loan 5.50% (3 Month LIBOR + 4.50%), due 6/23/25 (l)		12,967,500		12,862,139

				17,034,181

Total Loan Assignments (Cost $238,073,905)				234,330,661

Total Long-Term Bonds (Cost $1,351,214,312)				1,325,599,008




	Shares
Common Stocks 0.4%
Auto Parts & Equipment 0.1%
Energy Technology (d)(e)(f)(m)		2,021		1,125,899


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					19

Portfolio of Investments October 31, 2020 (continued)



	Shares			Value
Common Stocks (continued)
Commercial Services 0.0% ‡
Carlson Travel, Inc. (d)(e)(g)		1,992		$	110,675


Independent Power & Renewable Electricity Producers 0.2%
GenOn Energy, Inc. (d)(e)(g)		20,915			3,346,400

					3,346,400

Oil & Gas 0.0% ‡
PetroQuest Energy, Inc.(d)(e)(f)(m)		94,872			0


Oil, Gas & Consumable Fuels 0.1%
California Resources (g)(m)		12,256			78,229
California Resources Corp. (m)		8,590			115,106
Talos Energy, Inc. (m)		95,598			629,035
Whiting Petroleum Corp. (m)		45,138			659,015

					1,481,385

Total Common Stocks (Cost $9,314,994)					6,064,359



	Principal Amount
Preferred Stocks 0.3%
Auto Parts & Equipment 0.3%
Energy Technology (d)(e)(f)(m)	$	4,501			4,054,951

Total Preferred Stocks (Cost $4,295,472)					4,054,951



	Number of Warrants
Warrants 0.0%‡
Oil, Gas & Consumable Fuels 0.0%‡
California Resources Corp. Expires 10/27/24 (m)		2,650			1,060

Total Warrants (Cost $1,060)					1,060




	Shares
Short-Term Investments 4.2%
Unaffiliated Investment Company 4.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03% (n)		57,461,524			57,461,524
State Street Navigator Securities Lending Government Money Market Portfolio, 0.09% (n)(o)		1,114,695			1,114,695

Total Short-Term Investments (Cost $58,576,219)					58,576,219

Total Investments (Cost $1,423,402,057)		99.5	%		1,394,295,597
Other Assets, Less Liabilities		0.5			7,444,643
Net Assets		100.0	%	$	1,401,740,240

†	Percentages indicated are based on Fund net assets.

‡	Less than one-tenth of a percent.

(a)	PIK (“Payment-in-Kind”)—issuer may pay interest or dividends with additional securities and/or in cash.

(b)	May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.

(c)	All or a portion of this security was held on loan. As of October 31, 2020, the aggregate market value of securities on loan was $1,096,896. The Fund received cash collateral with a value of $1,114,695 (See Note 2(H)).

(d)	Fair valued security—Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of October 31, 2020, the total market value of fair valued securities was $15,816,099, which represented 1.1% of the Fund’s net assets.

(e)	Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(f)	Illiquid security—As of October 31, 2020, the total market value of these securities deemed illiquid under procedures approved by the Board of Trustees was $13,176,105, which represented 0.9% of the Fund’s net assets. (Unaudited)

(g)	Restricted security. (See Note 5)

(h)	Issue in non-accrual status.

(i)	Issue in default.

(j)	Fixed to floating rate—Rate shown was the rate in effect as of October 31, 2020.

(k)	Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

(l)	Floating rate—Rate shown was the rate in effect as of October 31, 2020.

(m)	Non-income producing security.

(n)	Current yield as of October 31, 2020.

(o)	Represents a security purchased with cash collateral received for securities on loan.

The following abbreviations are used in the preceding pages:

LIBOR —London Interbank Offered Rate


20		MainStay MacKay Short Duration High Yield Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

The following is a summary of the fair valuations according to the inputs used as of October 31, 2020, for valuing the Fund’s assets:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total

Asset Valuation Inputs
Investments in Securities (a)
Long-Term Bonds
Convertible Bonds	$	—	$	29,388,325	$	—	$	29,388,325
Corporate Bonds (b)		—		1,057,439,269		4,440,753		1,061,880,022
Loan Assignments (c)		—		226,916,039		7,414,622		234,330,661

Total Long-Term Bonds		—		1,313,743,633		11,855,375		1,325,599,008

Common Stocks (d)		1,481,385		—		4,582,974		6,064,359
Preferred Stocks (e)		—		—		4,054,951		4,054,951
Warrants		1,060		—		—		1,060
Short-Term Investments
Unaffiliated Investment Company		58,576,219		—		—		58,576,219

Total Investments in Securities	$	60,058,664	$	1,313,743,633	$	20,493,300	$	1,394,295,597

(a)	For a complete listing of investments and their industries, see the Portfolio of Investments.

(b)	The Level 3 securities valued at $1,296,373, $3,144,300 and $80 are held in Auto Parts & Equipment, Media and Oil & Gas, respectively, within the Corporate Bonds section of the Portfolio of Investments.

(c)	The Level 3 securities valued at $2,409,868, $2,468,750 and $2,536,004 are held in Containers, Packaging & Glass, Entertainment and Oil & Gas, respectively, within the Loan Assignments section of the Portfolio of Investments.

(d)	The Level 3 securities valued at $1,125,899, $110,675, $3,346,400 and $0 are held in Auto Parts & Equipment, Commercial Services, Independent Power & Renewable Electricity Producers and Oil & Gas, respectively, within the Common Stocks section of the Portfolio of Investments.

(e)	The Level 3 security valued at $4,054,951 is held in Auto Parts & Equipment within the Preferred Stocks section of the Portfolio of Investments.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:


Investments in Securities	Balance as of October 31, 2019		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases			Sales			Transfers in to Level 3		Transfers out of Level 3		Balance as of October 31, 2020		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at October 31, 2020 (b)
Long-Term Bonds
Convertible Bonds	$	839,191	$	10,121	$	—		$	80,198		$	78,002	(a)	$	(1,007,512	)	$	—	$	—	$	—	$	—
Corporate Bonds		17,009,270		38,451		(8,979,243	)		(472,603	)		1,925,103	(a)		(5,080,225	)		—		—		4,440,753		(472,603	)
Loan Assignments		2,935,847		5,904		854			(892,837	)		2,630,680			(163,698	)		2,897,872		—		7,414,622		(892,837	)
Common Stock		415,146		—		(1,431,278	)		(1,146,481	)		2,091,999			—			4,653,588		—		4,582,974		(1,143,873	)
Preferred Stock		—		—		—			(240,521	)		4,295,472			—			—		—		4,054,951		(240,521	)

Total	$	21,199,454	$	54,476	$	(10,409,667	)	$	(2,672,244	)	$	11,021,256		$	(6,251,435	)	$	7,551,460	$	—	$	20,493,300	$	(2,749,834	)

(a)	Purchases include PIK securities.

(b)	Included in “Net change in unrealized appreciation (depreciation) on investments” in the Statement of Operations.

As of October 31, 2020, a Loan Assignment with a market value of $2,897,872 transferred from Level 2 to Level 3 as the the fair value obtained by an independent pricing service, utilized significant unobservable inputs. As of October 31, 2019, the fair value obtained for this Loan Assignment, as determined by an independent pricing service, utilized significant other observable inputs.

As of October 31, 2020, a common stock with a market value of $4,653,588 transferred from Level 2 to Level 3 as the fair value obtained by an independent pricing service, utilized significant unobservable inputs. As of October 31, 2019 the fair value obtained for this loan assignment, as determined by an independent pricing service, utilized significant other observable inputs.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					21

Statement of Assets and Liabilities as of October 31, 2020


Assets
Investment in securities, at value (identified cost $1,423,402,057) including securities on loan of $1,096,896	$	1,394,295,597
Receivables:
Interest		19,353,534
Fund shares sold		4,123,801
Investment securities sold		1,582,704
Securities lending		490
Other assets		30,035

Total assets		1,419,386,161


Liabilities
Due to custodian		115,114
Cash collateral received for securities on loan		1,114,695
Payables:
Investment securities purchased		11,990,673
Fund shares redeemed		2,704,343
Manager (See Note 3)		777,249
Transfer agent (See Note 3)		193,107
NYLIFE Distributors (See Note 3)		90,372
Shareholder communication		41,917
Professional fees		39,977
Custodian		6,017
Trustees		1,849
Accrued expenses		7,456
Dividend payable		563,152

Total liabilities		17,645,921

Net assets	$	1,401,740,240


Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	148,230
Additional paid-in capital		1,486,677,767

		1,486,825,997
Total distributable earnings (loss)		(85,085,757	)

Net assets	$	1,401,740,240


Class A
Net assets applicable to outstanding shares	$	252,753,077

Shares of beneficial interest outstanding		26,734,730

Net asset value per share outstanding	$	9.45
Maximum sales charge (3.00% of offering price)		0.29

Maximum offering price per share outstanding	$	9.74

Investor Class
Net assets applicable to outstanding shares	$	6,277,706

Shares of beneficial interest outstanding		663,791

Net asset value per share outstanding	$	9.46
Maximum sales charge (2.50% of offering price)		0.24

Maximum offering price per share outstanding	$	9.70

Class C
Net assets applicable to outstanding shares	$	40,948,222

Shares of beneficial interest outstanding		4,332,352

Net asset value and offering price per share outstanding	$	9.45

Class I
Net assets applicable to outstanding shares	$	1,101,084,325

Shares of beneficial interest outstanding		116,427,400

Net asset value and offering price per share outstanding	$	9.46

Class R2
Net assets applicable to outstanding shares	$	522,792

Shares of beneficial interest outstanding		55,304

Net asset value and offering price per share outstanding	$	9.45

Class R3
Net assets applicable to outstanding shares	$	154,118

Shares of beneficial interest outstanding		16,300

Net asset value and offering price per share outstanding	$	9.46


22		MainStay MacKay Short Duration High Yield Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Statement of Operations for the year ended October 31, 2020


Investment Income (Loss)
Income
Interest	$	76,981,080
Dividends		2,329,692
Securities lending		18,259
Other		234

Total income		79,329,265

Expenses
Manager (See Note 3)		9,403,737
Transfer agent (See Note 3)		1,212,333
Distribution/Service—Class A (See Note 3)		622,882
Distribution/Service—Investor Class (See Note 3)		16,747
Distribution/Service—Class C (See Note 3)		453,467
Distribution/Service—Class R2 (See Note 3)		1,305
Distribution/Service—Class R3 (See Note 3)		684
Professional fees		164,321
Registration		160,929
Shareholder communication		89,730
Custodian		43,310
Trustees		34,936
Shareholder service (See Note 3)		659
Miscellaneous		62,791

Total expenses		12,267,831

Net investment income (loss)		67,061,434


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investments		(38,702,247	)
Net change in unrealized appreciation (depreciation) on investments		(28,547,224	)

Net realized and unrealized gain (loss)		(67,249,471	)

Net increase (decrease) in net assets resulting from operations	$	(188,037	)


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					23

Statements of Changes in Net Assets

for the years ended October 31, 2020 and October 31, 2019


	2020			2019
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	67,061,434		$	56,307,226
Net realized gain (loss)		(38,702,247	)		(6,255,505	)
Net change in unrealized appreciation (depreciation)		(28,547,224	)		13,968,071

Net increase (decrease) in net assets resulting from operations		(188,037	)		64,019,792

Distributions to shareholders:
Class A		(11,620,625	)		(8,570,153	)
Investor Class		(305,824	)		(292,900	)
Class C		(1,732,272	)		(1,732,935	)
Class I		(56,139,473	)		(46,139,683	)
Class R2		(23,902	)		(4,426	)
Class R3		(5,766	)		(6,722	)

Total distributions to shareholders		(69,827,862	)		(56,746,819	)

Capital share transactions:
Net proceeds from sale of shares		762,341,966			1,009,499,688
Net asset value of shares issued to shareholders in reinvestment of distributions		62,981,555			50,792,072
Cost of shares redeemed		(916,343,150	)		(511,190,712	)

Increase (decrease) in net assets derived from capital share transactions		(91,019,629	)		549,101,048

Net increase (decrease) in net assets		(161,035,528	)		556,374,021

Net Assets
Beginning of year		1,562,775,768			1,006,401,747

End of year	$	1,401,740,240		$	1,562,775,768


24		MainStay MacKay Short Duration High Yield Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class A	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	9.84		$	9.76		$	9.96		$	9.90		$	9.77


Net investment income (loss)		0.42			0.44			0.42			0.42			0.50

Net realized and unrealized gain (loss) on investments		(0.37	)		0.08			(0.21	)		0.06			0.13


Total from investment operations		0.05			0.52			0.21			0.48			0.63


Less distributions:

From net investment income		(0.44	)		(0.44	)		(0.41	)		(0.42	)		(0.50	)


Net asset value at end of year	$	9.45		$	9.84		$	9.76		$	9.96		$	9.90


Total investment return (a)		0.65	%		5.40	%		2.09	%		4.90	%		6.79	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		4.46	%		4.48	%		4.06	%		4.18	%		5.29	%

Net expenses (b)		1.02	%		1.04	%		1.05	%		1.04	%		1.02	%

Expenses (before waiver/reimbursement) (b)		1.02	%		1.04	%		1.07	%		1.04	%		1.02	%

Portfolio turnover rate		64	%		32	%		62	%		57	%		50	%

Net assets at end of year (in 000’s)	$	252,753		$	237,475		$	180,140		$	341,056		$	163,500

(a)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(b)	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	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	9.84		$	9.76		$	9.96		$	9.90		$	9.77


Net investment income (loss)		0.42			0.43			0.40			0.41			0.49

Net realized and unrealized gain (loss) on investments		(0.36	)		0.08			(0.20	)		0.06			0.13


Total from investment operations		0.06			0.51			0.20			0.47			0.62


Less distributions:

From net investment income		(0.44	)		(0.43	)		(0.40	)		(0.41	)		(0.49	)


Net asset value at end of year	$	9.46		$	9.84		$	9.76		$	9.96		$	9.90


Total investment return (a)		0.67	%		5.33	%		2.05	%		4.82	%		6.67	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		4.38	%		4.40	%		4.03	%		4.16	%		5.18	%

Net expenses (b)		1.11	%		1.11	%		1.09	%		1.11	%		1.13	%

Expenses (before waiver/reimbursement) (b)		1.11	%		1.11	%		1.11	%		1.11	%		1.13	%

Portfolio turnover rate		64	%		32	%		62	%		57	%		50	%

Net assets at end of year (in 000’s)	$	6,278		$	7,156		$	6,193		$	5,564		$	6,044

(a)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(b)	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.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					25

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class C	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	9.84		$	9.76		$	9.96		$	9.90		$	9.76


Net investment income (loss)		0.34			0.36			0.32			0.34			0.42

Net realized and unrealized gain (loss) on investments		(0.37	)		0.08			(0.19	)		0.05			0.14


Total from investment operations		(0.03	)		0.44			0.13			0.39			0.56


Less distributions:

From net investment income		(0.36	)		(0.36	)		(0.33	)		(0.33	)		(0.42	)


Net asset value at end of year	$	9.45		$	9.84		$	9.76		$	9.96		$	9.90


Total investment return (a)		(0.19	%)		4.54	%		1.29	%		4.04	%		5.99	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		3.64	%		3.65	%		3.28	%		3.42	%		4.43	%

Net expenses (b)		1.86	%		1.86	%		1.84	%		1.86	%		1.88	%

Expenses (before waiver/reimbursement) (b)		1.86	%		1.86	%		1.86	%		1.86	%		1.88	%

Portfolio turnover rate		64	%		32	%		62	%		57	%		50	%

Net assets at end of year (in 000’s)	$	40,948		$	48,550		$	48,415		$	51,738		$	51,063

(a)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(b)	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	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	9.84		$	9.76		$	9.97		$	9.90		$	9.77


Net investment income (loss)		0.45			0.46			0.43			0.44			0.53

Net realized and unrealized gain (loss) on investments		(0.36	)		0.08			(0.21	)		0.07			0.13


Total from investment operations		0.09			0.54			0.22			0.51			0.66


Less distributions:

From net investment income		(0.47	)		(0.46	)		(0.43	)		(0.44	)		(0.53	)


Net asset value at end of year	$	9.46		$	9.84		$	9.76		$	9.97		$	9.90


Total investment return (a)		1.01	%		5.67	%		2.26	%		5.27	%		7.05	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		4.72	%		4.73	%		4.31	%		4.46	%		5.53	%

Net expenses (b)		0.77	%		0.79	%		0.80	%		0.79	%		0.77	%

Expenses (before waiver/reimbursement) (b)		0.77	%		0.79	%		0.82	%		0.79	%		0.77	%

Portfolio turnover rate		64	%		32	%		62	%		57	%		50	%

Net assets at end of year (in 000’s)	$	1,101,084		$	1,268,856		$	771,533		$	626,617		$	431,040

(a)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized.

(b)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.


26		MainStay MacKay Short Duration High Yield Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class R2	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	9.84		$	9.76		$	9.96		$	9.90		$	9.77


Net investment income (loss)		0.41			0.40			0.39			0.41			0.47

Net realized and unrealized gain (loss) on investments		(0.37	)		0.11			(0.20	)		0.06			0.16


Total from investment operations		0.04			0.51			0.19			0.47			0.63


Less distributions:

From net investment income		(0.43	)		(0.43	)		(0.39	)		(0.41	)		(0.50	)


Net asset value at end of year	$	9.45		$	9.84		$	9.76		$	9.96		$	9.90


Total investment return (a)		0.55	%		5.31	%		1.99	%		4.80	%		6.69	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		4.36	%		4.34	%		3.97	%		4.14	%		5.19	%

Net expenses (b)		1.12	%		1.14	%		1.15	%		1.14	%		1.12	%

Expenses (before waiver/reimbursement) (b)		1.12	%		1.14	%		1.17	%		1.14	%		1.12	%

Portfolio turnover rate		64	%		32	%		62	%		57	%		50	%

Net assets at end of year (in 000’s)	$	523		$	538		$	63		$	119		$	111

(a)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. Class R2 shares are not subject to sales charges. For periods of less than one year, total return is not annualized.

(b)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.



	Year ended October 31,												February 29, 2016 ^ through October 31, 2016
Class R3	2020			2019			2018			2017			February 29, 2016 ^ through October 31, 2016

Net asset value at beginning of period	$	9.84		$	9.76		$	9.97		$	9.91		$	9.23


Net investment income (loss)		0.40			0.39			0.37			0.38			0.32

Net realized and unrealized gain (loss) on investments		(0.37	)		0.09			(0.21	)		0.06			0.67


Total from investment operations		0.03			0.48			0.16			0.44			0.99


Less distributions:

From net investment income		(0.41	)		(0.40	)		(0.37	)		(0.38	)		(0.31	)


Net asset value at end of period	$	9.46		$	9.84		$	9.76		$	9.97		$	9.91


Total investment return (a)		0.41	%		5.05	%		1.61	%		4.54	%		10.83	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		4.13	%		4.12	%		3.72	%		3.86	%		4.84	%††

Net expenses (b)		1.36	%		1.39	%		1.40	%		1.39	%		1.37	%††

Expenses (before reimbursement/waiver) (b)		1.36	%		1.39	%		1.42	%		1.39	%		1.37	%††

Portfolio turnover rate		64	%		32	%		62	%		57	%		50	%

Net assets at end of period (in 000’s)	$	154		$	201		$	58		$	55		$	28

^	Inception date.

††	Annualized.

(a)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. Class R3 shares are not subject to sales charges. For periods of less than one year, total return is not annualized.

(b)	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.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					27

Notes to Financial Statements

Note 1–Organization and Business

The Fund currently has eight classes of shares registered for sale. The inception date for Class A, Class I, Investor, Class C and Class R2 was on December 17, 2012. Class R3 shares commenced operations on February 29, 2016. SIMPLE class shares were registered for sale effective as of August 31, 2020. Class R6 shares were registered for sale effective as of February 28, 2017. As of October 31, 2020, Class R6 and SIMPLE Class shares were not yet offered for sale.

Class A and Investor Class shares are offered at net asset value (“NAV”) per share plus an initial sales charge. No initial sales charge applies to investments of $250,000 or more (and certain other qualified purchases) in Class A and Investor Class shares. Effective April 15, 2019, a contingent deferred sales charge (“CDSC”) of 1.00% may be imposed on certain redemptions of Class A and Investor Class shares made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. For purchases of Class A and Investor Class shares made from August 1, 2017 through April 14, 2019, a CDSC of 1.00% may be imposed on certain redemptions (for investments of $500,000 which paid no initial sales charge) of such shares within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Class C shares are offered at NAV without an initial sales charge and a 1.00% CDSC may be imposed on certain redemptions of such shares made within 18 months of the date of purchase of Class C shares. Investments in Class C shares are subject to a purchase maximum of $250,000. Class I, Class R2 and Class R3 shares are offered at NAV without a sales charge. Class R6 and SIMPLE Class shares are currently expected to be offered at NAV without a sales charge. In addition, depending upon eligibility, Class C shares convert to either Class A or Investor Class shares at the end of the calendar quarter ten years after the date they were purchased. Additionally, Investor Class shares may convert automatically to Class A shares. Under certain circumstances and as may be permitted by the Trust’s multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under a distribution plan pursuant to Rule 12b-1 under the 1940 Act, Class C shares are subject to higher distribution and/or service fees than Class A, Investor Class, Class R2, Class R3 and SIMPLE Class shares. Class I and Class R6 shares are not subject to a distribution and/or service fee. Class R2 and Class R3 shares are subject to a shareholder service fee, which is in addition to fees paid under the distribution plans for Class R2 and Class R3 shares.

The Fund’s investment objective is to seek high current income. Capital appreciation is a secondary objective.

Note 2–Significant Accounting Policies

The Board of Trustees of the Trust (the “Board”) adopted procedures establishing methodologies for the valuation of the Fund’s securities and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Trust (the “Valuation Committee”). The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for the day-to-day valuation of portfolio assets (including fair value measurements for the Fund’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)). To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Fund’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources.


28		MainStay MacKay Short Duration High Yield Fund

ipants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

•

Level 1—quoted prices in active markets for an identical asset or liability

•

Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:


• 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

with the Fund’s valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Fund’s valuation procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security’s sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the year ended October 31, 2020, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. Securities that were fair valued in such a manner as of October 31, 2020, are shown in the Portfolio of Investments.

Debt securities (other than convertible and municipal bonds) are valued at the evaluated bid prices (evaluated mean prices in the case of convertible and municipal bonds) supplied by a pricing agent or broker(s) selected by the Manager, in consultation with the Subadvisor. The evaluations are market-based measurements processed through a pricing application and represents the pricing agent’s good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules-based logic utilizes valuation techniques that reflect participants’ assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Manager, in consultation with the Subadvisor, to be representative of market values at the regular close of trading of the Exchange on each valuation date. Debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Debt securities, including corporate bonds, U.S. government and federal agency bonds, municipal bonds, foreign bonds, convertible bonds, asset-backed securities and mortgage-backed securities are generally categorized as Level 2 in the hierarchy.


			29

Notes to Financial Statements (continued)

The valuation techniques and significant amounts of unobservable inputs used in the fair valuation measurement of the Fund’s Level 3 securities are outlined in the table below. A significant increase or decrease in any of those inputs in isolation would result in a significantly higher or lower fair value measurement.

Asset Class

Fair Value
at 10/31/20*

Valuation
Technique

Unobservable
Inputs

Inputs/

Range

Corporate Bonds

1,288,000

Income Approach

Spread Adjustment

7.22%

8,373

Qualitative Assessment

Market Approach

Implied natural gas price

$2.00

Loan Assignment

2,536,004

Market Approach

Implied natural gas price

$2.00

Common Stocks

1,125,899

Market Approach

Implied Enterprise Value

$332m

EBITDA Multiple

5.9x

110,675

Market Approach

Implied Enterprise Value

$139m

Market Approach

Implied natural gas price

$2.00

Preferred Stock

4,054,951

Market Approach

Spread Adjustment

4.43%

9,123,982

*	The table above does not include the Level 3 investments that were valued by a broker. As of October 31, 2020, the value of the investments were $11,369,318. The input for these investments were not readily available or cannot be reasonably estimated.

The Manager evaluates the Fund’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund’s financial statements. The Fund’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare and pay dividends from net investment income, if any, at least monthly and distributions from net realized capital and currency gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.


30		MainStay MacKay Short Duration High Yield Fund

(D) Security Transactions and Investment Income. The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date, net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method. Distributions received from real estate investment trusts may be classified as dividends, capital gains and/or return of capital. Discounts and premiums on securities purchased for the Fund are accreted and amortized, respectively, on the effective interest rate method. Income from payment-in-kind securities is accreted daily based on the effective interest method.

(G) Loan Assignments, Participations and Commitments. The Fund may invest in loan assignments and participations (“loans”). Commitments are agreements to make money available to a borrower in a specified amount, at a specified rate and within a specified time. The Fund records an investment when the borrower withdraws money on a commitment or when a funded loan is purchased (trade date) and records interest as earned. These loans pay interest at rates that are periodically reset by reference to a base lending rate plus a spread. These base lending rates are generally the prime rate offered by a designated U.S. bank or the London Interbank Offered Rate (“LIBOR”).

The loans in which the Fund may invest are generally readily marketable, but may be subject to some restrictions on resale. For example, the Fund may be contractually obligated to receive approval from the agent bank and/or borrower prior to the sale of these investments. If the Fund purchases an assignment from a lender, the Fund will generally have direct contractual rights against the borrower in favor of the lender. If the Fund purchases a participation interest either from a lender or a participant, the Fund typically will have established a direct contractual relationship with the seller of the participation interest, but not with the borrower. Consequently, the Fund is subject to the credit risk of the lender or participant who sold the participation interest to the Fund, in addition to the usual credit risk of the borrower. In the event that the borrower, selling participant or intermediate participants become insolvent or enter into bankruptcy, the Fund may incur certain costs and delays in realizing payment, or may suffer a loss of principal and/or interest.

(H) Securities Lending. In order to realize additional income, the Fund may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission (“SEC”). If the Fund engages in securities lending, the Fund will lend through its custodian, currently State Street Bank and Trust Company (“State Street”) (See Note 13 for securities lending agent change), acting as securities lending agent on behalf of the Fund. Under the current arrangement, State Street will manage the Fund’s collateral in accordance with the securities lending agency agreement between the Fund and State Street, and indemnify the Fund against counterparty risk. The loans will be collateralized by cash (which may be invested in a money market fund) and/or non-cash collateral (which may include U.S. Treasury securities and/or U.S. government agency securities issued or guaranteed by the United States government or its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. The Fund bears the risk of delay in recovery of, or loss of rights in, the securities loaned. The Fund may also record a realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. The Fund bears the risk of any loss on investment of cash collateral. The Fund will receive compensation for lending its securities in the form of fees or it will retain a portion of interest earned on the investment of any cash collateral. The Fund will also continue to receive interest and dividends on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Fund. Income earned from securities lending activities, if any, is reflected in the Statement of Operations. As of October 31, 2020, the Fund had securities on loan with an aggregate market value of $1,096,896 and received cash collateral, which was invested into the State Street Navigator Securities Lending Government Money Market Portfolio, with a value of $1,114,695.

(I) High-Yield Securities Risk. The ability of issuers of debt securities held by the Fund to meet their obligations may be affected by, among other things, economic or political developments in a specific


			31

Notes to Financial Statements (continued)

country, industry or region. Debt securities are also subject to the risks associated with changes in interest rates. The Fund primarily invests in high yield debt securities (commonly referred to as ‘‘junk bonds’’), which are considered speculative because they present a greater risk of loss, including default, than higher rated debt securities. These securities pay investors a premium—a higher interest rate or yield than investment grade debt securities—because of the increased risk of loss. These securities can also be subject to greater price volatility. In times of unusual or adverse market, economic or political conditions, these securities may experience higher than normal default rates.

(J) LIBOR Replacement Risk. The Fund may invest in certain debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate (“LIBOR”), as a “benchmark” or “reference rate” for various interest rate calculations. The United Kingdom Financial Conduct Authority, which regulates LIBOR, announced that after 2021 it will cease its active encouragement of banks to provide the quotations needed to sustain LIBOR. As a result, it is anticipated that LIBOR will be discontinued or will no longer be sufficiently robust to be representative of its underlying market around that time. Although financial regulators and industry working groups have suggested alternative reference rates, such as the European Interbank Offer Rate (“EURIBOR”), Sterling Overnight Interbank Average Rate (“SONIA”) and Secured Overnight Financing Rate (“SOFR”), there are challenges to converting certain contracts and transactions to a new benchmark and neither the full effects of the transition process nor its ultimate outcome is known. Management is currently working to assess exposure and will modify contracts as necessary.

(K) Indemnifications. Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this

would involve future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.

Note 3–Fees and Related Party Transactions

(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company (“New York Life”), serves as the Fund’s Manager, pursuant to an Amended and Restated Management Agreement (“Management Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. MacKay Shields LLC (“MacKay Shields” or the ‘‘Subadvisor’’), a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life, serves as Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of an Amended and Restated Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and MacKay Shields, New York Life Investments pays for the services of the Subadvisor.

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of 0.65% of the Fund’s average daily net assets.

During the year ended October 31, 2020, New York Life Investments earned fees from the Fund in the amount of $9,403,737 and paid the Subadvisor in the amount of $4,701,868.


32		MainStay MacKay Short Duration High Yield Fund

Pursuant to the Class A, Investor Class and Class R2 Plans, the Distributor receives a monthly distribution fee from the Class A, Investor Class and Class R2 shares at an annual rate of 0.25% of the average daily net assets of the Class A, Investor Class and Class R2 shares for distribution and/or service activities as designated by the Distributor. Pursuant to the Class C Plan, Class C shares pay the Distributor a monthly distribution fee at an annual rate of 0.75% of the average daily net assets of the Class C shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class C shares, for a total 12b-1 fee of 1.00%. Class R3 shares pay the Distributor a monthly fee at an annual rate of 0.25% of the average daily net assets of the Class R3 shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class R3 shares, for a total 12b-1 fee of 0.50%. Class I shares are not subject to a distribution and/or service fee.

During the year ended October 31, 2020, shareholder service fees incurred by the Fund were as follows:


Class R2	$	522
Class R3		137

The Fund was also advised that the Distributor retained CDSCs on redemptions of Class A and Class C shares during the year ended October 31, 2020, of $50,068 and $30,947, respectively.

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund’s transfer, dividend disbursing and

shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with DST Asset Manager Solutions, Inc. (“DST”), pursuant to which DST performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund’s share classes to a maximum of 0.35% of that share class’s average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until February 28, 2021, 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. During the year ended October 31, 2020, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:


Class		Expense		Waived

Class A	$	202,022	$	—
Investor Class		11,353		—
Class C		76,824		—
Class I		921,603		—
Class R2		424		—
Class R3		107		—

(F) Capital. As of October 31, 2020, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:


Class A	$	5,401,313	2.1	%
Class R2		33,335	6.4
Class R3		30,928	20.1

Note 4–Federal Income Tax


	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)

Investments in Securities	$	1,422,113,350	$	30,755,712	$	(58,573,465	)	$	(27,817,753	)


			33

Notes to Financial Statements (continued)

As of October 31, 2020, the components of accumulated gain (loss) on a tax basis were as follows:


Ordinary Income	Accumulated Capital and Other Gain (Loss)			Other Temporary Differences			Unrealized Appreciation (Depreciation)			Total Accumulated Gain (Loss)

$804,149	$	(54,367,146	)	$	(1,129,635	)	$	(30,393,125	)	$	(85,085,757	)

As of October 31, 2020, for federal income tax purposes, capital loss carryforwards of $54,367,146 were available as shown in the table below, to the extent provided by the regulations to offset future realized gains of the Fund through the years indicated. To the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders. No capital gain distributions shall be made until any capital loss carryforwards have been fully utilized.


Capital Loss Available Through	Short-Term Capital Loss Amounts (000’s)	Long-Term Capital Loss Amounts (000’s)

Unlimited	$24,034	$30,333

During the years ended October 31, 2020, and October 31, 2019, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets were as follows:


	2020		2019

Distributions paid from:
Ordinary Income	$	69,827,862	$	56,746,819

Note 5–Restricted Securities

Restricted securities are subject to legal or contractual restrictions on resale. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended. Disposal of restricted securities may involve time consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve.

As of October 31, 2020, the Fund held the following restricted securities:


Security	Date(s) of Acquisition		Principal Amount/ Shares		Cost		10/31/20 Value		Percent of Net Assets
California Resources Common Stock		10/27/20		12,256	$	78,219	$	78,229		0.0	%‡
Carlson Travel, Inc. Common Stock		9/4/20		1,992		—		110,675		0.0	‡
GenOn Energy, Inc. Common Stock		12/14/18		20,915		2,342,005		3,346,400		0.3
Sterling Entertainment Enterprises LLC Corporate Bond 10.250%, due 1/15/25		12/28/17	$	3,000,000		2,966,388		3,144,300		0.2
Total					$	5,386,612	$	6,679,604		0.5	%

‡	Less than one-tenth of a percent.

Note 6–Custodian

Note 7–Line of Credit

Effective July 28, 2020, under the credit agreement (the “Credit Agreement”), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment

fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to JPMorgan Chase Bank NA, who serves as the agent to the syndicate. The commitment fee is allocated among the Fund and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Rate or the one-month London Interbank Offered Rate (“LIBOR”), whichever is higher. The Credit Agreement expires on July 27, 2021, although the Fund, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms or enter into a credit agreement with a different syndicate of banks. Prior to July 28, 2020, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement, but

State Street served as agent to the syndicate. During the year ended


34		MainStay MacKay Short Duration High Yield Fund

October 31, 2020, there were no borrowings made or outstanding with respect to the Fund under the Credit Agreement or the credit agreement for which State Street served as agent.

Note 8–Interfund Lending Program

Note 9–Purchases and Sales of Securities (in 000’s)

During the year ended October 31, 2020, purchases and sales of securities, other than short-term securities, were $877,248 and $913,512, respectively.

Note 10–Capital Share Transactions

Transactions in capital shares for the years ended October 31, 2020, and October 31, 2019, were as follows:


Class A	Shares			Amount

Year ended October 31, 2020:
Shares sold		13,960,236		$	133,282,869
Shares issued to shareholders in reinvestment of distributions		1,126,550			10,638,146
Shares redeemed		(12,630,727	)		(118,787,800	)

Net increase (decrease) in shares outstanding before conversion		2,456,059			25,133,215
Shares converted into Class A (See Note 1)		169,440			1,618,620
Shares converted from Class A (See Note 1)		(18,596	)		(170,363	)

Net increase (decrease)		2,606,903		$	26,581,472


Year ended October 31, 2019:
Shares sold		13,049,117		$	128,267,067
Shares issued to shareholders in reinvestment of distributions		810,187			7,939,747
Shares redeemed		(8,261,055	)		(80,862,110	)

Net increase (decrease) in shares outstanding before conversion		5,598,249			55,344,704
Shares converted into Class A (See Note 1)		119,642			1,176,455
Shares converted from Class A (See Note 1)		(41,928	)		(414,008	)

Net increase (decrease)		5,675,963		$	56,107,151


Investor Class	Shares			Amount

Year ended October 31, 2020:
Shares sold		202,029		$	1,923,818
Shares issued to shareholders in reinvestment of distributions		31,380			296,387
Shares redeemed		(158,710	)		(1,497,290	)

Net increase (decrease) in shares outstanding before conversion		74,699			722,915
Shares converted into Investor Class (See Note 1)		14,414			131,050
Shares converted from Investor Class (See Note 1)		(152,314	)		(1,454,814	)

Net increase (decrease)		(63,201	)	$	(600,849	)


Year ended October 31, 2019:
Shares sold		234,818		$	2,306,119
Shares issued to shareholders in reinvestment of distributions		29,014			284,275
Shares redeemed		(121,889	)		(1,197,059	)

Net increase (decrease) in shares outstanding before conversion		141,943			1,393,335
Shares converted into Investor Class (See Note 1)		50,974			502,705
Shares converted from Investor Class (See Note 1)		(100,270	)		(986,028	)

Net increase (decrease)		92,647		$	910,012



Class C	Shares			Amount

Year ended October 31, 2020:
Shares sold		1,114,889		$	10,742,150
Shares issued to shareholders in reinvestment of distributions		158,615			1,497,650
Shares redeemed		(1,854,606	)		(17,264,735	)

Net increase (decrease) in shares outstanding before conversion		(581,102	)		(5,024,935	)
Shares converted from Class C (See Note 1)		(21,382	)		(203,996	)

Net increase (decrease)		(602,484	)	$	(5,228,931	)


Year ended October 31, 2019:
Shares sold		1,422,322		$	13,934,554
Shares issued to shareholders in reinvestment of distributions		156,492			1,531,997
Shares redeemed		(1,575,005	)		(15,416,007	)

Net increase (decrease) in shares outstanding before conversion		3,809			50,544
Shares converted from Class C (See Note 1)		(30,308	)		(297,560	)

Net increase (decrease)		(26,499	)	$	(247,016	)


			35

Notes to Financial Statements (continued)


Class I	Shares			Amount

Year ended October 31, 2020:
Shares sold		65,528,828		$	616,300,499
Shares issued to shareholders in reinvestment of distributions		5,332,877			50,519,704
Shares redeemed		(83,336,097	)		(778,632,650	)

Net increase in shares outstanding before conversion		(12,474,392	)		(111,812,447	)
Shares converted into Class I (See Note 1)		8,406			79,503

Net increase (decrease)		(12,465,986	)	$	(111,732,944	)


Year ended October 31, 2019:
Shares sold		87,966,140		$	864,285,314
Shares issued to shareholders in reinvestment of distributions		4,182,676			41,024,905
Shares redeemed		(42,275,122	)		(413,612,489	)

Net increase (decrease) in shares outstanding before conversion		49,873,694			491,697,730
Shares converted into Class I (See Note 1)		1,868			18,436

Net increase (decrease)		49,875,562		$	491,716,166



Class R2	Shares			Amount

Year ended October 31, 2020:
Shares sold		323		$	3,200
Shares issued to shareholders in reinvestment of distributions		2,534			23,902
Shares redeemed		(2,203	)		(20,833	)

Net increase (decrease)		654		$	6,269


Year ended October 31, 2019:
Shares sold		47,757		$	470,773
Shares issued to shareholders in reinvestment of distributions		451			4,426
Shares redeemed		(3	)		(31	)

Net increase (decrease)		48,205		$	475,168



Class R3	Shares			Amount

Year ended October 31, 2020:
Shares sold		9,500		$	89,430
Shares issued to shareholders in reinvestment of distributions		605			5,766
Shares redeemed		(14,226	)		(139,842	)

Net increase (decrease)		(4,121	)	$	(44,646	)




Year ended October 31, 2019:
Shares sold		24,304		$	235,861
Shares issued to shareholders in reinvestment of distributions		685			6,722
Shares redeemed		(10,513	)		(103,016	)

Net increase (decrease)		14,476		$	139,567

Note 11–Recent Accounting Pronouncement

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board issued Accounting Standards

Update 2018-13, Fair Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which adds, removes, and modifies certain fair value measurement disclosure requirements. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019. The Manager evaluated the implications of certain provisions of ASU 2018-13 and determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures, which are currently in place as of October 31, 2020. The Manager is evaluating the implications of certain other provisions of ASU 2018-13 related to new disclosure requirements and has not yet determined the impact of those provisions on the financial statement disclosures, if any.

Note 12–Other Matters

Note 13–Subsequent Events

Effective at the close of business on November 20, 2020, all services provided by State Street were transitioned to JPMorgan Chase Bank, N.A.


36		MainStay MacKay Short Duration High Yield Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders of the Fund and Board of Trustees

MainStay Funds Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of MainStay MacKay Short Duration High Yield Fund (the Fund), one of the funds constituting MainStay Funds Trust, including the portfolio of investments, as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2020, by correspondence with custodians, agents, and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

LOGO

We have served as the auditor of one or more New York Life Investment Management investment companies since 2003.

Philadelphia, Pennsylvania

December 23, 2020


			37

Federal Income Tax Information

(Unaudited)

For the fiscal year ended October 31, 2020, the Fund designated approximately $2,303,374 under the Internal Revenue Code as qualified dividend income eligible for reduced tax rates.

The dividends paid by the Fund during the fiscal year ended October 31, 2020 should be multiplied by 3.30% to arrive at the amount eligible for the corporate dividend-received deduction.

Proxy Voting Policies and Procedures and Proxy Voting Record

The Fund is required to file with the SEC its proxy voting records for the 12-month period ending June 30 on Form N-PX. The most recent Form N-PX or proxy voting record is available free of charge upon request by calling 800-624-6782; visiting the MainStay Funds’ website at newyorklifeinvestments.com; or visiting the SEC’s website at www.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure


38		MainStay MacKay Short Duration High Yield Fund

Board of Trustees and Officers (Unaudited)

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Interested Trustee

Yie-Hsin Hung*

1962

MainStay Funds:
Trustee since 2017

MainStay Funds Trust:
Trustee since 2017

MainStay VP Funds Trust:
Trustee since 2017 (31 portfolios); and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017.


			39

Board of Trustees and Officers (Unaudited) (continued)

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

David H. Chow

1957

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Founder and CEO, DanCourt Management, LLC since 1999

Susan B. Kerley

1951

MainStay Funds:
Chairman since 2017 and Trustee since 2007;

MainStay Funds Trust: Chairman since 2017 and Trustee since 1990.**

President, Strategic Management Advisors LLC since 1990

MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007 (31 portfolios)***;
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; and

Legg Mason Partners Funds: Trustee since 1991 (45 portfolios).

Alan R. Latshaw

1951

MainStay Funds:
Trustee;

MainStay Funds Trust:
Trustee and Audit Committee Financial Expert since 2007.**

Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006)

Richard H. Nolan, Jr.

1946

MainStay Funds:
Trustee since 2007;

MainStay Funds Trust:
Trustee since 2007.**

Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004)

MainStay VP Funds Trust: Trustee since 2006 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Jacques P. Perold

1958

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Allstate Corporation: Director since 2015;
MSCI, Inc.: and Director since 2017.


40		MainStay MacKay Short Duration High Yield Fund

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

Richard S. Trutanic

1952

MainStay Funds: Trustee since 1994;

MainStay Funds Trust: Trustee since 2007.**

MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust.

***

Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


			41

Board of Trustees and Officers (Unaudited) (continued)


	Name and Year of Birth	Position(s) Held and Length of Service	Principal Occupation(s) During Past Five Years
Officers of the Trust (Who are not Trustees)*	Kirk C. Lehneis 1974	President, MainStay Funds, MainStay Funds Trust since 2017	Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers since 2017 and Senior Managing Director since 2018, NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since 2017**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC
	Jack R. Benintende 1964	Treasurer and Principal Financial and Accounting Officer, MainStay Funds since 2007, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2007**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012)
	Yi-Chia Kuo 1981	Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust since January 2020	Chief Compliance Officer, Index IQ Trust, Index IQ ETF Trust and Index IQ Active ETF Trust since January 2020; Vice President and Chief Compliance Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since January 2020; Director and Associate General Counsel, New York Life Insurance Company (2015 to 2019)
	J. Kevin Gao 1967	Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust since 2010	Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2010**
	Scott T. Harrington 1959	Vice President— Administration, MainStay Funds since 2005, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2005**

Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


42		MainStay MacKay Short Duration High Yield Fund

MainStay Funds

Equity

U.S. Equity

MainStay Epoch U.S. All Cap Fund

MainStay Epoch U.S. Equity Yield Fund

MainStay MacKay Common Stock Fund

MainStay MacKay Growth Fund

MainStay MacKay S&P 500 Index Fund

MainStay MacKay Small Cap Core Fund

MainStay MacKay U.S. Equity Opportunities Fund

MainStay MAP Equity Fund

MainStay Winslow Large Cap Growth Fund¹

International Equity

MainStay Epoch International Choice Fund

MainStay MacKay International Equity Fund

MainStay MacKay International Opportunities Fund

Emerging Markets Equity

MainStay Candriam Emerging Markets Equity Fund

Global Equity

MainStay Epoch Capital Growth Fund

MainStay Epoch Global Equity Yield Fund

Fixed Income

Taxable Income

MainStay Candriam Emerging Markets Debt Fund

MainStay Floating Rate Fund

MainStay MacKay High Yield Corporate Bond Fund

MainStay MacKay Short Duration High Yield Fund

MainStay MacKay Total Return Bond Fund

MainStay MacKay Unconstrained Bond Fund

MainStay MacKay U.S. Infrastructure Bond Fund²

MainStay Short Term Bond Fund³

Tax-Exempt Income

MainStay MacKay California Tax Free Opportunities Fund⁴

MainStay MacKay High Yield Municipal Bond Fund

MainStay MacKay Intermediate Tax Free Bond Fund

MainStay MacKay New York Tax Free Opportunities Fund⁵

MainStay MacKay Short Term Municipal Fund

MainStay MacKay Tax Free Bond Fund

Money Market

MainStay Money Market Fund

Mixed Asset

MainStay Balanced Fund

MainStay Income Builder Fund

MainStay MacKay Convertible Fund

Speciality

MainStay CBRE Global Infrastructure Fund

MainStay CBRE Real Estate Fund

MainStay Cushing MLP Premier Fund

Asset Allocation

MainStay Conservative Allocation Fund

MainStay Conservative ETF Allocation Fund

MainStay Defensive ETF Allocation Fund

MainStay Equity Allocation Fund⁶

MainStay Equity ETF Allocation Fund

MainStay Growth Allocation Fund⁷

MainStay Growth ETF Allocation Fund

MainStay Moderate Allocation Fund

MainStay Moderate ETF Allocation Fund

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium S.A.⁸

Brussels, Belgium

Candriam Luxembourg S.C.A.⁸

Strassen, Luxembourg

CBRE Clarion Securities LLC

Radnor, Pennsylvania

Cushing Asset Management, LP

Dallas, Texas

Epoch Investment Partners, Inc.

New York, New York

MacKay Shields LLC⁸

New York, New York

Markston International LLC

White Plains, New York

NYL Investors LLC⁸

New York, New York

Winslow Capital Management, LLC

Minneapolis, Minnesota

Legal Counsel

Dechert LLP

Washington, District of Columbia

Independent Registered Public Accounting Firm

KPMG LLP

Philadelphia, Pennsylvania

Distributor

NYLIFE Distributors LLC⁸

Jersey City, New Jersey

Custodian⁹

State Street Bank and Trust Company

Boston, Massachusetts

1.	Formerly known as MainStay Large Cap Growth Fund.

2.	Formerly known as MainStay MacKay Infrastructure Bond Fund.

3.	Formerly known as MainStay Indexed Bond Fund.

4.	This Fund is registered for sale in AZ, CA, NV, OR, TX, UT and WA. Class A and Class I shares are registered for sale in MI. Class I and Class C2 shares are registered for sale in CO, FL, GA, HI, ID, MA, MD, NH, NJ and NY.

5.	This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT.

6.	Formerly known as MainStay Growth Allocation Fund.

7.	Formerly known as MainStay Moderate Growth Allocation Fund.

8.	An affiliate of New York Life Investment Management LLC.

Not part of the Annual Report

For more information

800-624-6782

newyorklifeinvestments.com

1717395 MS203-20

MSSHY11-12/20

(NYLIM) NL232

MainStay MacKay Small Cap

Core Fund

Message from the President and Annual Report

October 31, 2020


Not FDIC/NCUA Insured		Not a Deposit		May Lose Value		No Bank Guarantee		Not Insured by Any Government Agency

LOGO

This page intentionally left blank

Message from the President

Sincerely,

LOGO

Kirk C. Lehneis

President

Not part of the Annual Report

Table of Contents


Annual Report

Investment and Performance Comparison			5

Portfolio Management Discussion and Analysis			9

Portfolio of Investments			10

Financial Statements			20

Notes to Financial Statements			27

Report of Independent Registered Public Accounting Firm			35

Federal Income Tax Information			36

Proxy Voting Policies and Procedures and Proxy Voting Record			36

Shareholder Reports and Quarterly Portfolio Disclosure			36

Board of Trustees and Officers			37

Investment and Performance Comparison¹ (Unaudited)

LOGO

Average Annual Total Returns for the Year-Ended October 31, 2020²

Class

Sales Charge

Inception
Date

One

Year

Five Years

or Since

Inception

Ten Years

or Since

Inception

Gross
Expense
Ratio³

Class A Shares

Maximum 5.5% Initial Sales Charge

With sales charges

Excluding sales charges

1/2/2004

–12.83

–7.76

0.75

1.90

6.01

6.61

1.23

Investor Class Shares⁴

Maximum 5% Initial Sales Charge

With sales charges Excluding sales charges

2/28/2008

–13.08

–8.02

0.47

1.61

5.71

6.31

1.62

Class B Shares⁵

Maximum 5% CDSC

if Redeemed Within the First Six Years of Purchase

With sales charges Excluding sales charges

1/2/2004

–13.29

–8.72

0.54

0.85

5.51

2.37

Class C Shares

Maximum 1% CDSC

if Redeemed Within One Year of Purchase

With sales charges Excluding sales charges

12/30/2002

–9.60

–8.69

0.85

5.51

2.37

Class I Shares

No Sales Charge

1/12/1987

–7.55

2.14

6.87

0.98

Class R1 Shares

No Sales Charge

7/31/2012

–7.62

2.05

7.10

1.08

Class R2 Shares

No Sales Charge

7/31/2012

–7.84

1.79

6.83

1.33

Class R3 Shares

No Sales Charge

2/29/2016

–8.10

3.81

N/A

1.58

The Fund replaced its subadvisor, changed its investment objective and modified its principal investment strategies as of April 1, 2019. Therefore, the performance information shown in this report prior to April 1, 2019 reflects that of the Fund’s prior subadvisor, investment objective and principal investment strategies.

3.	The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report.

4.	Prior to June 30, 2020, the maximum initial sales charge for Investor Class shares was 5.5%, which is reflected in the average annual total return figures shown.

5.	Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders.

The footnotes on the next page are an integral part of the table and graph and should be carefully read in conjunction with them.


			5


Benchmark Performance	One Year			Five Years			Ten Years

Russell 2000^® Index⁶		–0.14	%		7.27	%		9.64	%

Russell 2500^TM Index⁷		2.12			8.18			10.60

Morningstar Small Blend Category Average⁸		–6.45			5.00			8.48

The Fund has selected the Russell 2000^® Index as its primary benchmark as a replacement for the Russell 2500^TM Index because it believes that the Russell 2000^® Index is more reflective of its current investment style. The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000^® Index and includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.

The Russell 2500^TM Index is the Fund’s previous broad-based securities market index. The Russell 2500^TM Index measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as “smid” cap. The Russell 2500^TM Index is subset of the Russell 3000^® Index. It includes approximately 2,500 of the smallest securities based on a

combination of their market cap and current index membership. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

The Morningstar Small Blend Category Average is representative of funds that favor U.S. firms at the smaller end of the market-capitalization range. Some aim to own an array of value and growth stocks while others employ a discipline that leads to holdings with valuations and growth rates close to the small-cap averages. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.

The footnotes on the preceding page are an integral part of the table and graph and should be carefully read in conjunction with them.


6		MainStay MacKay Small Cap Core Fund

Cost in Dollars of a $1,000 Investment in MainStay MacKay Small Cap Core Fund (Unaudited)

Example

This example illustrates your Fund’s ongoing costs in two ways:

Actual Expenses

multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes



Share Class	Beginning Account Value 5/1/20		Ending Account Value (Based on Actual Returns and Expenses) 10/31/20		Expenses Paid During Period¹		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/20		Expenses Paid During Period¹		Net Expense Ratio During Period²

Class A Shares	$	1,000.00	$	1,157.60	$	6.78	$	1,018.85	$	6.34	1.25%

Investor Class Shares	$	1,000.00	$	1,155.50	$	8.24	$	1,017.50	$	7.71	1.52%

Class B Shares	$	1,000.00	$	1,151.10	$	12.27	$	1,013.72	$	11.49	2.27%

Class C Shares	$	1,000.00	$	1,151.20	$	12.27	$	1,013.72	$	11.49	2.27%

Class I Shares	$	1,000.00	$	1,158.40	$	5.43	$	1,020.11	$	5.08	1.00%

Class R1 Shares	$	1,000.00	$	1,158.50	$	5.97	$	1,019.61	$	5.58	1.10%

Class R2 Shares	$	1,000.00	$	1,156.80	$	7.32	$	1,018.35	$	6.85	1.35%

Class R3 Shares	$	1,000.00	$	1,155.00	$	8.67	$	1,017.09	$	8.11	1.60%

2.	Expenses are equal to the Fund’s annualized expense ratio to reflect the six-month period.


			7

Industry Composition as of October 31, 2020 (Unaudited)



Biotechnology	10.8	%

Banks	7.3

Software	6.5

Equity Real Estate Investment Trusts	4.5

Health Care Providers & Services	4.4

Specialty Retail	4.0

Semiconductors & Semiconductor Equipment	3.7

Health Care Equipment & Supplies	3.2

Household Durables	3.2

Machinery	3.0

Pharmaceuticals	2.7

Building Products	2.6

Hotels, Restaurants & Leisure	2.6

Electronic Equipment, Instruments & Components	2.2

Capital Markets	1.9

Electrical Equipment	1.9

Chemicals	1.6

IT Services	1.6

Commercial Services & Supplies	1.5

Exchange-Traded Funds	1.5

Insurance	1.5

Oil, Gas & Consumable Fuels	1.4

Auto Components	1.3

Construction & Engineering	1.3

Metals & Mining	1.3

Thrifts & Mortgage Finance	1.3

Internet & Direct Marketing Retail	1.2

Communications Equipment	1.1

Health Care Technology	1.1

Professional Services	1.1

Trading Companies & Distributors	1.1

Beverages	1.0

Food & Staples Retailing	1.0

Textiles, Apparel & Luxury Goods	1.0



Leisure Products	0.9	%

Life Sciences Tools & Services	0.9

Consumer Finance	0.8

Independent Power & Renewable Electricity Producers	0.8

Mortgage Real Estate Investment Trusts	0.8

Road & Rail	0.8

Water Utilities	0.8

Food Products	0.7

Personal Products	0.6

Diversified Consumer Services	0.5

Interactive Media & Services	0.5

Air Freight & Logistics	0.4

Energy Equipment & Services	0.4

Household Products	0.4

Marine	0.4

Media	0.4

Multiline Retail	0.4

Real Estate Management & Development	0.4

Diversified Telecommunication Services	0.3

Gas Utilities	0.3

Real Estate	0.3

Automobiles	0.2

Construction Materials	0.2

Paper & Forest Products	0.2

Aerospace & Defense	0.1

Distributors	0.1

Diversified Financial Services	0.1

Tobacco	0.1

Airlines	0.0	‡

Entertainment	0.0	‡

Wireless Telecommunication Services	0.0	‡

Short-Term Investment	1.7

Other Assets, Less Liabilities	–1.9

	100.0	%

See Portfolio of Investments beginning on page 10 for specific holdings within these categories. The Fund’s holdings are subject to change.

‡	Less than one-tenth of a percent.

Top Ten Holdings as of October 31, 2020 (excluding short-term investments) (Unaudited)

1.	iShares Russell 2000 ETF

2.	Deckers Outdoor Corp.

3.	Mirati Therapeutics, Inc.

4.	MyoKardia, Inc.

5.	Clearway Energy, Inc.

6.	Ultragenyx Pharmaceutical, Inc.

7.	SPS Commerce, Inc.

8.	Penn National Gaming, Inc.

9.	Stamps.com, Inc.

10.	Medpace Holdings, Inc.


8		MainStay MacKay Small Cap Core Fund

Portfolio Management Discussion and Analysis (Unaudited)

Questions answered by portfolio managers Migene Kim, CFA, and Mona Patni of MacKay Shields LLC, the Fund’s Subadvisor.

How did MainStay MacKay Small Cap Core Fund perform relative to its benchmarks and peer group during the 12 months ended October 31, 2020?

For the 12 months ended October 31, 2020, Class I shares of MainStay MacKay Small Cap Core Fund returned –7.55%, underperforming the –0.14% return of the Fund’s primary benchmark, the Russell 2000^® Index, and the 2.12% return of the Russell 2500^™ Index, which is the Fund’s secondary benchmark. Over the same period, Class I shares also underperformed the –6.45% return of the Morningstar Small Blend Category Average.¹

What factors affected the Fund’s relative performance during the reporting period?

During the reporting period, stock selection was positive, but not enough to outperform the Russell 2000^® Index. Market dynamics were influenced by several significant exogenous factors, most prominently the global COVID-19 pandemic, international trade disputes and uncertainties regarding the U.S. presidential election. While domestic equities rallied in the final months of 2019, the investment landscape abruptly changed during the first quarter of 2020 when the pandemic provoked the worst quarterly drop for most major equity market indices since the financial crisis of 2007-2008. Stock performance in the second quarter proved equally dramatic in the opposite direction: As global central banks intervened and massive fiscal stimulus was deployed, U.S. equity markets reported their best quarterly gain since 1999. The third quarter saw an extension of the equity market rally despite continuing restrictions on global mobility and economic activities.

Although U.S. equities proved quite resilient during the reporting period, markets were subject to many volatility surges, abrupt short-term style gyrations and frequent risk appetite reversals. Large-cap growth stocks were the definitive winner both before and after the pandemic-driven market sell-off as investors piled onto familiar technology and Internet names that were seen as less impacted by “contact economy.” Similarly, investors penalized smaller and cheaper stocks, deeming them comparatively risky. These extreme market conditions led to a collapse in market breadth, diminished diversification and factor dislocations, which provided a challenging backdrop for the Fund’s diversified stock selection framework. In this environment, valuation suffered one of the worst drawdowns in its history. The Fund’s trend-following stock selection factors mitigated some of the headwinds from the value sell-off, but trend-following factors were also subject to sharp, volatile sell-offs amid market uncertainties and inflection points. Quality and profitability signals mitigated some downside risk, particularly during the March market downturn; however, hedge fund sentiment was not efficacious, with the hedge fund community in aggregate having a challenging time coping with market turmoil. The Fund’s balanced approach and defensive

positioning with respect to risk helped contain some of the losses in this adverse investment climate.

During the reporting period, which sectors were the strongest positive contributors to the Fund’s relative performance and which sectors were particularly weak?

The financials sector provided the Fund’s strongest positive contribution to performance relative to the Russell 2000^® Index, during the reporting period. (Contributions take weightings and total returns into account.) The weakest contributors to relative performance during the same period included the health care, industrials and information technology sectors.

During the reporting period, which individual stocks made the strongest positive contributions to the Fund’s absolute performance and which stocks detracted the most?

During the reporting period, the individual holdings generating the strongest positive contributions to the Fund’s absolute performance included medical diagnostic systems maker Quidel, health care distributor Owens & Minor and brewer Boston Beer Company. Over the same period, the stocks that detracted the most from the Fund’s absolute performance were real estate services provider Newmark Group, thrifts & mortgage finance firm Radian Group and automotive retailer Lithia Motors.

What were some of the Fund’s largest purchases and sales during the reporting period?

The Fund made its largest initial purchase during the reporting period in biopharmaceutical developer MyoKardia, while its largest increased position size was in clinical-stage oncology company Mirati Therapeutics. During the same period, the Fund sold its entire position in utility Portland General Electric Company and decreased its holdings in Internet services provider J2 Global.

How did the Fund’s sector and/or country weightings change during the reporting period?

The Fund’s largest increases in exposure relative to the Russell 2000^® Index were in the information technology and materials sectors. Conversely, the Fund’s most significant decreases in benchmark-relative exposures occurred in the industrials and consumer staples sectors.

How was the Fund positioned at the end of the reporting period?

As of October 31, 2020, the Fund held its most overweight exposure relative to the Russell 2000^® Index in the consumer discretionary and health care sectors. As of the same date, the Fund held its most underweight benchmark-relative exposures in the financials and utilities sectors.

1.	See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 for more information on benchmark and peer group returns.


			9

Portfolio of Investments October 31, 2020



	Shares		Value
Common Stocks 98.7%†
Aerospace & Defense 0.1%
Maxar Technologies, Inc.		5,900	$	152,043
Vectrus, Inc. (a)		903		35,687

				187,730

Air Freight & Logistics 0.4%
Atlas Air Worldwide Holdings, Inc. (a)		2,100		124,236
Echo Global Logistics, Inc. (a)		6,800		183,396
Hub Group, Inc., Class A (a)		19,000		952,470

				1,260,102

Airlines 0.0%‡
SkyWest, Inc.		1,300		37,739
Spirit Airlines, Inc. (a)		1,700		29,869

				67,608

Auto Components 1.3%
American Axle & Manufacturing Holdings, Inc. (a)		8,700		58,464
Cooper Tire & Rubber Co.		3,700		127,243
Dana, Inc.		22,800		318,972
Fox Factory Holding Corp. (a)		3,300		277,464
Goodyear Tire & Rubber Co.		3,400		28,152
LCI Industries		8,300		910,178
Modine Manufacturing Co. (a)		28,100		179,840
Patrick Industries, Inc.		16,639		927,624
Standard Motor Products, Inc.		20,500		938,900
Workhorse Group, Inc. (a)(b)		9,800		150,724

				3,917,561

Automobiles 0.2%
Winnebago Industries, Inc.		13,100		615,045


Banks 7.3%
Amalgamated Bank, Class A		23,200		257,520
American National Bankshares, Inc.		1,000		22,800
Ameris Bancorp		200		5,860
Arrow Financial Corp.		2,290		62,677
Atlantic Capital Bancshares, Inc. (a)		4,000		55,520
Bancorp, Inc. (a)		72,655		697,488
BancorpSouth Bank		1,200		28,092
Bank of Commerce Holdings		300		2,403
Bank of N.T. Butterfield & Son, Ltd.		1,600		42,336
Bank7 Corp.		600		5,442
BankUnited, Inc.		27,800		701,950
Boston Private Financial Holdings, Inc.		56,800		351,024
Bridge Bancorp, Inc.		30,374		593,508
C&F Financial Corp.		300		9,345
Capstar Financial Holdings, Inc.		1,400		14,546
Cathay General Bancorp		36,200		851,786
Central Pacific Financial Corp.		12,100		166,617
Century Bancorp, Inc., Class A		3,565		255,147
CIT Group, Inc.		2,800		82,460



	Shares		Value
Banks (continued)
Civista Bancshares, Inc.		19,429	$	277,057
CNB Financial Corp.		400		7,256
Columbia Banking System, Inc.		100		2,841
Community Bank System, Inc.		2,700		156,573
ConnectOne Bancorp, Inc.		2,200		33,946
Customers Bancorp, Inc. (a)		52,578		726,628
CVB Financial Corp.		2,200		38,500
Eagle Bancorp, Inc.		25,400		759,968
Esquire Financial Holdings, Inc. (a)		3,800		59,242
Evans Bancorp, Inc.		700		15,967
Farmers National Banc Corp.		22,763		265,189
Financial Institutions, Inc.		38,731		686,701
First BanCorp		132,700		861,223
First Bank		8,100		60,669
First Business Financial Services, Inc.		13,599		233,223
First Choice Bancorp		4,500		63,360
First Financial Bancorp		2,300		32,890
First Financial Bankshares, Inc.		9,600		286,176
First Foundation, Inc.		43,260		643,276
First Guaranty Bancshares, Inc.		200		2,910
First Internet Bancorp		24,456		526,293
First Merchants Corp.		6,300		164,493
First Midwest Bancorp, Inc.		1,700		21,335
First Northwest Bancorp		13,300		156,275
First of Long Island Corp.		39,285		606,168
Flushing Financial Corp.		55,953		715,639
Franklin Financial Services Corp.		200		4,400
Glacier Bancorp, Inc.		5,500		196,900
Great Southern Bancorp, Inc.		1,934		79,197
Great Western Bancorp, Inc.		25,800		335,142
Hancock Whitney Corp.		36,500		834,755
Hanmi Financial Corp.		23,400		210,366
Home BancShares, Inc.		4,700		78,020
Hope Bancorp, Inc.		93,500		754,545
Horizon Bancorp, Inc.		4,700		58,280
Independent Bank Corp.		8,100		125,489
International Bancshares Corp.		2,900		80,272
Investors Bancorp, Inc.		98,300		831,618
Lakeland Bancorp, Inc.		42,700		475,251
LCNB Corp.		1,500		20,640
Macatawa Bank Corp.		500		3,595
MainStreet Bancshares, Inc. (a)		900		13,419
Mercantile Bank Corp.		4,400		96,184
Meridian Corp.		600		10,548
Metropolitan Bank Holding Corp. (a)		17,303		518,225
Midland States Bancorp, Inc.		1,300		19,370
MidWestOne Financial Group, Inc.		5,803		116,930
MVB Financial Corp.		100		1,595
OceanFirst Financial Corp.		41,700		624,249
Old National Bancorp		2,300		32,154
Orrstown Financial Services, Inc.		8,901		124,436
PCB Bancorp		959		9,015


10		MainStay MacKay Small Cap Core Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.



	Shares		Value
Common Stocks (continued)
Banks (continued)
Peapack-Gladstone Financial Corp.		19,308	$	325,919
Preferred Bank / Los Angeles CA		12,200		412,726
QCR Holdings, Inc.		5,100		158,253
RBB Bancorp		15,600		199,212
Republic Bancorp, Inc., Class A		9,731		324,334
Sierra Bancorp		6,100		121,024
SmartFinancial, Inc.		11,364		169,778
South Plains Financial, Inc.		8,100		118,665
South State Corp.		4,800		294,720
Southern National Bancorp of Virginia, Inc.		23,300		225,078
Texas Capital Bancshares, Inc. (a)		1,600		72,000
UMB Financial Corp.		800		48,696
United Bankshares, Inc.		6,500		170,495
United Community Banks, Inc.		9,700		203,118
Unity Bancorp, Inc.		1,300		18,226
Valley National Bancorp		24,900		190,236
WesBanco, Inc.		35,937		872,910
West Bancorp., Inc.		9,000		149,310

				21,339,614

Beverages 1.0%
Boston Beer Co., Inc., Class A (a)		800		831,344
Coca-Cola Consolidated, Inc.		4,318		988,606
Primo Water Corp.		88,000		1,102,640

				2,922,590

Biotechnology 10.8%
Adverum Biotechnologies, Inc. (a)		29,500		321,845
Allakos, Inc. (a)		5,700		542,241
Amicus Therapeutics, Inc. (a)		58,501		1,043,073
Apellis Pharmaceuticals, Inc. (a)		18,900		602,910
Arena Pharmaceuticals, Inc. (a)		14,589		1,250,569
Arrowhead Pharmaceuticals, Inc. (a)		19,126		1,095,920
Atara Biotherapeutics, Inc. (a)		25,839		333,582
Biohaven Pharmaceutical Holding Co., Ltd. (a)		13,800		1,068,948
Blueprint Medicines Corp. (a)		10,669		1,091,225
Bridgebio Pharma, Inc. (a)(b)		15,900		610,242
ChemoCentryx, Inc. (a)		12,000		576,000
Deciphera Pharmaceuticals, Inc. (a)		12,800		743,296
Editas Medicine, Inc. (a)		21,934		678,638
Emergent BioSolutions, Inc. (a)		8,537		768,074
Enanta Pharmaceuticals, Inc. (a)		9,883		431,195
Epizyme, Inc. (a)		34,600		427,656
Fate Therapeutics, Inc. (a)		17,600		781,440
FibroGen, Inc. (a)		21,647		830,812
Halozyme Therapeutics, Inc. (a)		36,723		1,028,244
Heron Therapeutics, Inc. (a)		39,751		648,339
Inovio Pharmaceuticals, Inc. (a)(b)		28,900		284,665
Insmed, Inc. (a)		26,736		880,684
Intercept Pharmaceuticals, Inc. (a)		13,765		382,529
Invitae Corp. (a)(b)		23,100		905,751
Ironwood Pharmaceuticals, Inc. (a)		62,072		613,271



	Shares		Value
Biotechnology (continued)
Kadmon Holdings, Inc. (a)		106,200	$	361,080
Kodiak Sciences, Inc. (a)		7,700		699,237
Ligand Pharmaceuticals, Inc. (a)(b)		5,083		419,093
Madrigal Pharmaceuticals, Inc. (a)		4,267		542,976
Mirati Therapeutics, Inc. (a)		7,800		1,693,692
Myriad Genetics, Inc. (a)		32,813		407,866
Natera, Inc. (a)		13,100		881,106
Novavax, Inc. (a)		10,500		847,455
OPKO Health, Inc. (a)(b)		110,600		389,312
PTC Therapeutics, Inc. (a)		17,383		907,219
REGENXBIO, Inc. (a)		21,412		615,809
Retrophin, Inc. (a)		25,273		511,526
Sangamo Therapeutics, Inc. (a)		43,133		445,995
Sorrento Therapeutics, Inc. (a)(b)		42,200		292,868
TG Therapeutics, Inc. (a)		25,400		641,858
Turning Point Therapeutics, Inc. (a)		8,200		755,958
Twist Bioscience Corp. (a)		8,500		651,440
Ultragenyx Pharmaceutical, Inc. (a)		13,936		1,400,568
Vir Biotechnology, Inc. (a)(b)		12,600		396,144
Xencor, Inc. (a)		18,443		707,842

				31,510,193

Building Products 2.6%
American Woodmark Corp. (a)		8,500		702,185
Builders FirstSource, Inc. (a)		40,400		1,224,120
Griffon Corp.		500		10,720
Insteel Industries, Inc.		12,900		280,704
JELD-WEN Holding, Inc. (a)		48,300		1,015,749
Masonite International Corp. (a)		12,500		1,100,000
PGT Innovations, Inc. (a)		54,300		900,294
Quanex Building Products Corp.		4,400		80,080
Simpson Manufacturing Co., Inc.		10,100		896,072
UFP Industries, Inc.		25,000		1,247,750

				7,457,674

Capital Markets 1.9%
Artisan Partners Asset Management, Inc., Class A		27,600		1,105,656
Brightsphere Investment Group, Inc.		46,300		638,940
Cowen, Inc., Class A		47,400		1,017,204
Donnelley Financial Solutions, Inc. (a)		58,600		740,118
Federated Hermes, Inc.		29,500		705,050
GAMCO Investors, Inc., Class A		900		11,070
Stifel Financial Corp.		9,300		543,678
StoneX Group, Inc. (a)		16,319		864,581
Waddell & Reed Financial, Inc., Class A		2,100		32,235

				5,658,532

Chemicals 1.6%
AdvanSix, Inc. (a)		55,800		849,276
Avient Corp.		32,800		1,019,096
FutureFuel Corp.		750		8,917
GCP Applied Technologies, Inc. (a)		12,400		270,444
Ingevity Corp. (a)		9,100		499,408
Koppers Holdings, Inc. (a)		14,600		327,478


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					11

Portfolio of Investments October 31, 2020 (continued)



	Shares		Value
Common Stocks (continued)
Chemicals (continued)
Kraton Corp. (a)		1,900	$	53,770
Minerals Technologies, Inc.		200		10,938
Orion Engineered Carbons S.A.		18,600		272,862
Quaker Chemical Corp.		100		19,079
Stepan Co.		10,100		1,176,044
Tredegar Corp.		12,103		176,462
Trinseo S.A.		500		15,910

				4,699,684

Commercial Services & Supplies 1.5%
ACCO Brands Corp.		35,700		188,139
Brink’s Co.		1,800		77,094
Deluxe Corp.		6,900		147,936
Herman Miller, Inc.		38,357		1,168,738
HNI Corp.		28,300		921,165
Interface, Inc.		12,600		77,238
KAR Auction Services, Inc.		1,700		24,752
Kimball International, Inc., Class B		2,700		27,810
Matthews International Corp., Class A		3,600		78,588
McGrath RentCorp.		7,300		416,684
Pitney Bowes, Inc.		94,300		500,733
Steelcase, Inc., Class A		43,400		453,096
Tetra Tech, Inc.		3,300		333,003

				4,414,976

Communications Equipment 1.1%
Calix, Inc. (a)		3,400		79,594
Cambium Networks Corp. (a)		13,900		320,256
Clearfield, Inc. (a)		5,200		108,836
Extreme Networks, Inc. (a)		222,700		904,162
Genasys, Inc. (a)		1,200		7,224
Infinera Corp. (a)		10,800		67,608
Inseego Corp. (a)(b)		800		6,960
InterDigital, Inc.		3,100		173,538
NETGEAR, Inc. (a)		23,300		718,106
NetScout Systems, Inc. (a)		6,914		141,875
PCTEL, Inc.		6,400		32,640
Ribbon Communications, Inc. (a)		50,600		218,086
Viavi Solutions, Inc. (a)		27,500		339,625

				3,118,510

Construction & Engineering 1.3%
Comfort Systems USA, Inc.		21,900		1,003,020
EMCOR Group, Inc.		14,900		1,016,031
Fluor Corp.		1,400		15,890
IES Holdings, Inc. (a)		1,100		35,112
MYR Group, Inc. (a)		5,400		230,850
Primoris Services Corp.		54,500		1,028,415
Sterling Construction Co., Inc. (a)		11,126		163,552
Tutor Perini Corp. (a)		18,300		247,233
WillScot Mobile Mini Holdings Corp. (a)		800		14,864

				3,754,967



	Shares		Value
Construction Materials 0.2%
Forterra, Inc. (a)		51,100	$	666,855


Consumer Finance 0.8%
Curo Group Holdings Corp.		55,700		417,193
Enova International, Inc. (a)		39,700		609,395
Green Dot Corp., Class A (a)		22,500		1,199,700

				2,226,288

Distributors 0.1%
Core-Mark Holding Co., Inc.		8,700		237,945
Weyco Group, Inc.		1,900		30,096

				268,041

Diversified Consumer Services 0.5%
American Public Education, Inc. (a)		28,100		794,387
Carriage Services, Inc.		9,300		240,033
K12, Inc. (a)		7,300		174,251
Perdoceo Education Corp. (a)		25,000		282,250
Strategic Education, Inc.		600		49,836
Universal Technical Institute, Inc. (a)		1,900		8,721

				1,549,478

Diversified Financial Services 0.1%
A-Mark Precious Metals, Inc.		2,800		87,024
Alerus Financial Corp.		400		8,604
BBX Capital, Inc. (a)		960		3,312
Marlin Business Services Corp.		3,600		26,280
SWK Holdings Corp. (a)		900		13,005

				138,225

Diversified Telecommunication Services 0.3%
Alaska Communications Systems Group, Inc.		59,300		113,263
ATN International, Inc.		200		8,940
Bandwidth, Inc., Class A (a)		1,300		208,462
Consolidated Communications Holdings, Inc. (a)		37,300		174,191
IDT Corp., Class B (a)		35,500		338,315
Liberty Latin America, Ltd., Class C (a)		2,300		22,356

				865,527

Electrical Equipment 1.9%
Allied Motion Technologies, Inc.		4,400		166,232
Atkore International Group, Inc. (a)		44,724		925,340
AZZ, Inc.		13,359		448,729
Encore Wire Corp.		21,535		995,132
Generac Holdings, Inc. (a)		2,900		609,435
LSI Industries, Inc.		28,700		196,308
Orion Energy Systems, Inc. (a)		100		642
Plug Power, Inc. (a)		41,600		582,400
Powell Industries, Inc.		23,800		562,394
Preformed Line Products Co.		1,967		108,244
Sunrun, Inc. (a)		19,600		1,019,592

				5,614,448


12		MainStay MacKay Small Cap Core Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.



	Shares		Value
Common Stocks (continued)
Electronic Equipment, Instruments & Components 2.2%
Bel Fuse, Inc., Class B		100	$	1,171
Benchmark Electronics, Inc.		32,500		676,975
Daktronics, Inc.		6,700		26,130
II-VI, Inc. (a)		13,000		591,110
Insight Enterprises, Inc. (a)		400		21,340
Kimball Electronics, Inc. (a)		57,100		692,052
Luna Innovations, Inc. (a)		700		4,417
MTS Systems Corp.		24,200		587,576
Novanta, Inc. (a)		3,400		369,648
Plexus Corp. (a)		6,100		424,194
Sanmina Corp. (a)		35,373		864,516
ScanSource, Inc. (a)		22,500		452,250
Vishay Intertechnology, Inc.		72,300		1,172,706
Vishay Precision Group, Inc. (a)		27,300		652,197

				6,536,282

Energy Equipment & Services 0.4%
Bristow Group, Inc. (a)		4,200		87,276
Exterran Corp. (a)		3,000		12,690
Matrix Service Co. (a)		9,285		70,566
NexTier Oilfield Solutions, Inc. (a)		19,900		37,611
ProPetro Holding Corp. (a)		214,600		847,670

				1,055,813

Entertainment 0.0%‡
Cinemark Holdings, Inc.		400		3,276
Glu Mobile, Inc. (a)		4,800		34,368

				37,644

Equity Real Estate Investment Trusts 4.5%
Agree Realty Corp.		6,000		372,420
Alexander’s, Inc.		100		24,319
Alpine Income Property Trust, Inc.		15,600		217,620
American Assets Trust, Inc.		300		6,279
CareTrust REIT, Inc.		39,000		666,900
Columbia Property Trust, Inc.		3,400		35,972
DiamondRock Hospitality Co.		4,000		19,760
EastGroup Properties, Inc.		6,383		849,450
First Industrial Realty Trust, Inc.		10,300		410,043
Four Corners Property Trust, Inc.		9,800		248,332
Front Yard Residential Corp.		16,400		219,596
GEO Group, Inc.		60,038		531,937
Getty Realty Corp.		20,500		538,740
Gladstone Land Corp.		2,400		33,288
Global Net Lease, Inc.		20,700		294,561
Healthcare Realty Trust, Inc.		4,900		136,220
Industrial Logistics Properties Trust		29,500		565,810
Innovative Industrial Properties, Inc.		3,700		431,531
Lexington Realty Trust		83,451		828,668
LTC Properties, Inc.		800		26,408
Macerich Co. (b)		1,000		6,960
Monmouth Real Estate Investment Corp.		44,400		614,940



	Shares		Value
Equity Real Estate Investment Trusts (continued)
National Health Investors, Inc.		10,800	$	605,340
National Storage Affiliates Trust		3,200		108,448
New Senior Investment Group, Inc.		25,000		97,750
Pebblebrook Hotel Trust		3,600		43,128
Physicians Realty Trust		29,300		493,998
Piedmont Office Realty Trust, Inc., Class A		34,700		396,274
Plymouth Industrial REIT, Inc.		1,300		16,523
PotlatchDeltic Corp.		19,900		826,845
PS Business Parks, Inc.		6,621		754,992
QTS Realty Trust, Inc., Class A		9,200		565,892
Retail Properties of America, Inc., Class A		1,500		7,860
Retail Value, Inc.		3,800		47,500
RLJ Lodging Trust		2,500		20,450
Ryman Hospitality Properties, Inc.		1,700		67,745
Sabra Health Care REIT, Inc.		46,900		617,204
Service Properties Trust		5,500		39,655
SITE Centers Corp.		700		4,767
STAG Industrial, Inc.		9,000		280,080
Terreno Realty Corp.		6,200		348,936
Uniti Group, Inc.		74,300		655,326
Universal Health Realty Income Trust		700		37,429
Urban Edge Properties		2,500		23,500

				13,139,396

Food & Staples Retailing 1.0%
Andersons, Inc.		29,400		637,686
BJ’s Wholesale Club Holdings, Inc. (a)		17,700		677,733
Ingles Markets, Inc., Class A		100		3,586
Performance Food Group Co. (a)		18,500		621,785
PriceSmart, Inc.		300		20,700
SpartanNash Co.		42,200		776,902
United Natural Foods, Inc. (a)		17,100		249,147
Village Super Market, Inc., Class A		1,900		43,035

				3,030,574

Food Products 0.7%
Darling Ingredients, Inc. (a)		18,400		791,200
Fresh Del Monte Produce, Inc.		26,200		564,086
Freshpet, Inc. (a)		2,100		240,450
Seneca Foods Corp., Class A (a)		12,367		455,724
Simply Good Foods Co. (a)		100		1,880

				2,053,340

Gas Utilities 0.3%
Southwest Gas Holdings, Inc.		13,000		854,360
Spire, Inc.		1,800		100,872

				955,232

Health Care Equipment & Supplies 3.2%
AngioDynamics, Inc. (a)		1,400		14,476
Antares Pharma, Inc. (a)		110,800		302,484
AtriCure, Inc. (a)		400		13,824
Cantel Medical Corp.		300		14,352
CONMED Corp.		10,600		826,482


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					13

Portfolio of Investments October 31, 2020 (continued)



	Shares		Value
Common Stocks (continued)
Health Care Equipment & Supplies (continued)
CryoPort, Inc. (a)		200	$	8,028
Electromed, Inc. (a)		800		6,648
FONAR Corp. (a)		1,900		37,316
GenMark Diagnostics, Inc. (a)		51,300		626,886
Glaukos Corp. (a)		700		39,144
Integer Holdings Corp. (a)		5,674		331,646
iRhythm Technologies, Inc. (a)		2,800		592,060
Lantheus Holdings, Inc. (a)		68,400		742,824
LivaNova PLC (a)		1,100		55,374
Meridian Bioscience, Inc. (a)		49,700		852,355
Merit Medical Systems, Inc. (a)		22,200		1,111,110
Natus Medical, Inc. (a)		24,100		438,861
Neogen Corp. (a)		6,900		481,206
Nevro Corp. (a)		1,900		283,499
NuVasive, Inc. (a)		22,754		1,010,960
OraSure Technologies, Inc. (a)		51,200		764,928
Orthofix Medical, Inc. (a)		9,900		309,474
Repro-Med Systems, Inc. (a)		24,000		132,480
Shockwave Medical, Inc. (a)		500		34,160
STAAR Surgical Co. (a)		100		7,250
Surmodics, Inc. (a)		3,000		110,250
Vapotherm, Inc. (a)		1,100		32,945
Zynex, Inc. (a)(b)		3,500		44,835

				9,225,857

Health Care Providers & Services 4.4%
Amedisys, Inc. (a)		2,800		725,200
AMN Healthcare Services, Inc. (a)		1,900		124,032
Corvel Corp. (a)		7,400		675,028
Covetrus, Inc. (a)		44,700		1,103,643
Ensign Group, Inc.		19,300		1,135,612
HealthEquity, Inc. (a)		1,600		82,384
InfuSystem Holdings, Inc. (a)		11,200		137,984
LHC Group, Inc. (a)		4,600		996,130
Magellan Health, Inc. (a)		4,600		332,442
MEDNAX, Inc. (a)		900		11,475
National Healthcare Corp.		12,600		797,580
Option Care Health, Inc. (a)		25,400		338,582
Owens & Minor, Inc.		49,800		1,250,976
Pennant Group, Inc. (a)		18,600		774,876
Providence Service Corp. (a)		9,100		1,069,705
R1 RCM, Inc. (a)		7,300		130,816
RadNet, Inc. (a)		1,500		21,765
Select Medical Holdings Corp. (a)		58,200		1,221,036
Tenet Healthcare Corp. (a)		38,500		944,790
Tivity Health, Inc. (a)		37,300		512,875
Triple-S Management Corp., Class B (a)		18,700		346,324
Viemed Healthcare, Inc. (a)		3,000		24,030

				12,757,285



	Shares		Value
Health Care Technology 1.1%
Allscripts Healthcare Solutions, Inc. (a)		1,700	$	17,136
Computer Programs & Systems, Inc.		7,250		202,202
HealthStream, Inc. (a)		21,026		384,776
HMS Holdings Corp. (a)		30,200		803,924
Inovalon Holdings, Inc., Class A (a)		31,200		592,488
Inspire Medical Systems, Inc. (a)		2,200		262,746
NextGen Healthcare, Inc. (a)		36,000		489,600
Omnicell, Inc. (a)		6,200		536,610
Phreesia, Inc. (a)		500		18,485
Schrodinger, Inc. (a)		200		9,756
Tabula Rasa Healthcare, Inc. (a)(b)		600		20,724

				3,338,447

Hotels, Restaurants & Leisure 2.6%
Bloomin’ Brands, Inc.		1,100		15,378
Bluegreen Vacations Corp.		13,700		66,719
Bluegreen Vacations Holding Corp.		960		7,824
Boyd Gaming Corp.		2,700		85,644
Brinker International, Inc.		19,200		835,968
Caesars Entertainment, Inc. (a)		14,900		667,818
Churchill Downs, Inc.		1,700		253,555
Cracker Barrel Old Country Store, Inc.		500		56,910
Del Taco Restaurants, Inc. (a)		68,000		504,220
Fiesta Restaurant Group, Inc. (a)		16,500		142,560
Golden Entertainment, Inc. (a)		2,600		33,436
Hilton Grand Vacations, Inc. (a)		12,300		253,380
Jack in the Box, Inc.		3,200		256,192
Monarch Casino & Resort, Inc. (a)		5,800		251,662
Nathan’s Famous, Inc.		200		10,152
Papa John’s International, Inc.		6,000		459,600
Penn National Gaming, Inc. (a)		25,000		1,349,500
RCI Hospitality Holdings, Inc.		18,100		387,340
Red Rock Resorts, Inc., Class A		4,600		87,952
Scientific Games Corp., Class A (a)		3,700		117,956
Texas Roadhouse, Inc.		6,315		442,239
Twin River Worldwide Holdings, Inc.		40,400		980,508
Wingstop, Inc.		2,700		314,091

				7,580,604

Household Durables 3.2%
Beazer Homes USA, Inc. (a)		66,900		814,842
Cavco Industries, Inc. (a)		2,900		499,206
Century Communities, Inc. (a)		13,600		528,224
Ethan Allen Interiors, Inc.		2,500		40,125
Green Brick Partners, Inc. (a)		32,200		576,058
Hamilton Beach Brands Holding Co., Class A		8,100		178,605
Hooker Furniture Corp.		800		22,000
KB Home		1,300		41,925
La-Z-Boy, Inc.		15,000		513,450
Lifetime Brands, Inc.		1,700		17,085
M/I Homes, Inc. (a)		22,600		924,792
MDC Holdings, Inc.		22,900		996,608
Meritage Homes Corp. (a)		14,000		1,219,260


14		MainStay MacKay Small Cap Core Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.



	Shares		Value
Common Stocks (continued)
Household Durables (continued)
Taylor Morrison Home Corp. (a)		13,400	$	289,440
TopBuild Corp. (a)		8,400		1,286,964
TRI Pointe Group, Inc. (a)		51,700		849,431
Tupperware Brands Corp.		6,500		206,180
Turtle Beach Corp. (a)		400		7,208
VOXX International Corp. (a)		16,400		185,812

				9,197,215

Household Products 0.4%
Central Garden & Pet Co., Class A (a)		30,300		1,072,317
Oil-Dri Corp. of America		2,000		68,320

				1,140,637

Independent Power & Renewable Electricity Producers 0.8%
Atlantic Power Corp. (a)(b)		8,200		16,318
Clearway Energy, Inc.
Class A		39,700		1,040,537
Class C		15,100		425,216
Ormat Technologies, Inc.		2,000		141,740
Sunnova Energy International, Inc. (a)		34,300		825,258

				2,449,069

Insurance 1.5%
American Equity Investment Life Holding Co.		22,200		551,004
AMERISAFE, Inc.		4,200		247,716
CNO Financial Group, Inc.		17,700		314,175
Crawford & Co., Class A		900		5,760
Donegal Group, Inc., Class A		3,300		47,883
eHealth, Inc. (a)		1,900		127,509
Employers Holdings, Inc.		12,304		393,851
FedNat Holding Co.		7,000		35,910
Global Indemnity Group LLC, Class A		500		12,255
Heritage Insurance Holdings, Inc.		9,700		91,568
Horace Mann Educators Corp.		12,900		437,439
Kinsale Capital Group, Inc.		600		112,482
National Western Life Group, Inc., Class A		2,000		339,260
Palomar Holdings, Inc. (a)		100		8,917
ProSight Global, Inc. (a)		1,100		13,013
Protective Insurance Corp., Class B		1,100		14,465
Safety Insurance Group, Inc.		400		28,000
Stewart Information Services Corp.		23,862		1,011,510
Trupanion, Inc. (a)		3,600		257,544
Universal Insurance Holdings, Inc.		18,800		234,436
Watford Holdings, Ltd. (a)		1,500		54,000

				4,338,697

Interactive Media & Services 0.5%
Cargurus, Inc. (a)		7,700		153,461
Cars.com, Inc. (a)		66,300		489,957
DHI Group, Inc. (a)		56,100		94,809
Eventbrite, Inc., Class A (a)(b)		700		6,461
Yelp, Inc. (a)		28,900		568,463

				1,313,151



	Shares		Value
Internet & Direct Marketing Retail 1.2%
1-800-Flowers.com, Inc., Class A (a)		37,050	$	734,701
CarParts.com, Inc. (a)		6,200		78,678
Groupon, Inc. (a)		5,400		104,706
Lands’ End, Inc. (a)		24,000		385,200
Liquidity Services, Inc. (a)		5,400		46,062
Overstock.com, Inc. (a)		5,300		297,330
PetMed Express, Inc. (b)		6,100		180,438
Shutterstock, Inc.		6,400		418,880
Stamps.com, Inc. (a)		5,900		1,317,116

				3,563,111

IT Services 1.6%
Brightcove, Inc. (a)		27,800		351,670
Conduent, Inc. (a)		282,400		984,164
CSG Systems International, Inc.		2,400		90,912
Endurance International Group Holdings, Inc. (a)		161,400		937,734
EVERTEC, Inc.		600		19,968
KBR, Inc.		500		11,145
Limelight Networks, Inc. (a)		42,700		150,731
ManTech International Corp., Class A		5,300		343,864
Perspecta, Inc.		39,400		706,442
PFSweb, Inc. (a)		4,200		26,040
Sykes Enterprises, Inc. (a)		27,700		948,448
TTEC Holdings, Inc.		1,700		93,126
Tucows, Inc., Class A (a)		300		22,137

				4,686,381

Leisure Products 0.9%
Escalade, Inc.		10,600		197,266
Johnson Outdoors, Inc., Class A		2,100		183,393
Malibu Boats, Inc., Class A (a)		18,200		925,106
MasterCraft Boat Holdings, Inc. (a)		39,400		812,428
Nautilus, Inc. (a)		23,200		503,208
YETI Holdings, Inc. (a)		300		14,844

				2,636,245

Life Sciences Tools & Services 0.9%
Harvard Bioscience, Inc. (a)		100		338
Luminex Corp.		21,800		480,472
Medpace Holdings, Inc. (a)		11,700		1,297,998
NanoString Technologies, Inc. (a)		100		3,665
NeoGenomics, Inc. (a)		400		15,692
Pacific Biosciences of California, Inc. (a)		14,500		190,095
Syneos Health, Inc. (a)		10,700		567,956

				2,556,216

Machinery 3.0%
Alamo Group, Inc.		800		96,264
Altra Industrial Motion Corp.		1,100		47,036
Blue Bird Corp. (a)		3,700		42,698
Columbus McKinnon Corp.		4,600		155,894
EnPro Industries, Inc.		6,700		395,434
Evoqua Water Technologies Corp. (a)		41,200		944,716


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					15

Portfolio of Investments October 31, 2020 (continued)



	Shares		Value
Common Stocks (continued)
Machinery (continued)
Franklin Electric Co., Inc.		21,700	$	1,296,141
Helios Technologies, Inc.		3,600		150,624
Hyster-Yale Materials Handling, Inc.		4,100		173,840
L.B. Foster Co., Class A (a)		17,436		236,432
Luxfer Holdings PLC		300		3,726
Lydall, Inc. (a)		16,800		332,472
Manitowoc Co., Inc. (a)		10,500		79,065
Meritor, Inc. (a)		5,030		122,430
Miller Industries, Inc.		3,549		106,257
Mueller Industries, Inc.		39,784		1,150,951
Mueller Water Products, Inc., Class A		100,800		1,044,288
Navistar International Corp. (a)		28,300		1,220,013
Rexnord Corp.		1,500		48,120
SPX Corp. (a)		23,900		1,013,121
Tennant Co.		830		49,485
Watts Water Technologies, Inc., Class A		1,400		155,078

				8,864,085

Marine 0.4%
Costamare, Inc.		9,600		54,624
Matson, Inc.		19,900		1,033,805
Safe Bulkers, Inc. (a)		7,200		6,384

				1,094,813

Media 0.4%
Cardlytics, Inc. (a)(b)		100		7,382
Entravision Communications Corp., Class A		161,128		294,864
Fluent, Inc. (a)		59,600		151,980
Scholastic Corp.		2,200		43,472
TEGNA, Inc.		400		4,812
Tribune Publishing Co.		11,200		128,352
WideOpenWest, Inc. (a)		77,400		386,226

				1,017,088

Metals & Mining 1.3%
Alcoa Corp. (a)		7,700		99,484
Allegheny Technologies, Inc. (a)		600		5,526
Arconic Corp. (a)		13,900		302,186
Caledonia Mining Corp. PLC		32,100		524,193
Coeur Mining, Inc. (a)		5,600		39,592
Commercial Metals Co.		800		16,520
Gold Resource Corp.		32,054		87,828
Hecla Mining Co.		78,800		360,904
Kaiser Aluminum Corp.		14,200		893,606
Materion Corp.		600		30,714
Novagold Resources, Inc. (a)		1,500		15,540
Ryerson Holding Corp. (a)		39,200		308,504
Schnitzer Steel Industries, Inc., Class A		46,700		980,700
SunCoke Energy, Inc.		9,300		32,457
Warrior Met Coal, Inc.		9,600		144,000

				3,841,754



	Shares		Value
Mortgage Real Estate Investment Trusts 0.8%
Apollo Commercial Real Estate Finance, Inc.		8,000	$	69,600
Ares Commercial Real Estate Corp.		42,000		391,020
Capstead Mortgage Corp.		21,700		110,887
Cherry Hill Mortgage Investment Corp.		78,300		717,228
Chimera Investment Corp.		94,000		784,900
Granite Point Mortgage Trust, Inc.		16,700		112,558
MFA Financial, Inc.		2,800		7,896
Two Harbors Investment Corp.		6,200		31,372

				2,225,461

Multiline Retail 0.4%
Big Lots, Inc.		24,300		1,156,680
Macy’s, Inc. (b)		10,700		66,447

				1,223,127

Oil, Gas & Consumable Fuels 1.4%
Arch Resources, Inc.		2,100		64,155
Ardmore Shipping Corp.		23,300		65,240
Berry Corp.		11,600		30,392
Bonanza Creek Energy, Inc. (a)		48,900		866,019
CNX Resources Corp. (a)		70,000		679,000
DHT Holdings, Inc.		25,700		123,617
Diamond S Shipping, Inc. (a)		27,600		156,216
Dorian LPG, Ltd. (a)		64,300		527,260
Ovintiv, Inc.		5,400		49,680
PDC Energy, Inc. (a)		600		7,152
Renewable Energy Group, Inc. (a)		11,200		631,680
World Fuel Services Corp.		48,500		1,020,925

				4,221,336

Paper & Forest Products 0.2%
Boise Cascade Co.		13,400		514,292
Domtar Corp.		2,900		69,252

				583,544

Personal Products 0.6%
LifeVantage Corp. (a)		21,000		232,050
Medifast, Inc.		7,200		1,011,528
Nature’s Sunshine Products, Inc. (a)		4,400		45,848
USANA Health Sciences, Inc. (a)		6,300		476,595

				1,766,021

Pharmaceuticals 2.7%
Amneal Pharmaceuticals, Inc. (a)		19,500		81,120
Amphastar Pharmaceuticals, Inc. (a)		47,200		924,648
ANI Pharmaceuticals, Inc. (a)		2,514		64,082
Avenue Therapeutics, Inc. (a)(b)		200		628
Axsome Therapeutics, Inc. (a)		100		6,631
BioDelivery Sciences International, Inc. (a)		127,800		403,848
Corcept Therapeutics, Inc. (a)		55,100		924,578
Durect Corp. (a)		5,100		9,206
Endo International PLC (a)		34,278		156,650
Harrow Health, Inc. (a)		32,300		153,748
Innoviva, Inc. (a)		57,900		625,899
Intersect ENT, Inc. (a)		24,000		372,000


16		MainStay MacKay Small Cap Core Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.



	Shares		Value
Common Stocks (continued)
Pharmaceuticals (continued)
Intra-Cellular Therapies, Inc. (a)		400	$	9,868
MyoKardia, Inc. (a)		7,500		1,676,475
Pacira BioSciences, Inc. (a)		14,388		752,492
Phibro Animal Health Corp., Class A		18,592		305,653
Prestige Consumer Healthcare, Inc. (a)		30,400		1,004,112
Strongbridge Biopharma PLC (a)		9,700		18,915
Supernus Pharmaceuticals, Inc. (a)		21,800		400,248
Zogenix, Inc. (a)		400		8,528

				7,899,329

Professional Services 1.1%
CRA International, Inc.		100		4,095
Heidrick & Struggles International, Inc.		500		11,425
Insperity, Inc.		14,900		1,141,042
Kelly Services, Inc., Class A		21,600		375,408
Kforce, Inc.		28,200		978,540
Mastech Digital, Inc. (a)		8,700		136,416
TriNet Group, Inc. (a)		1,900		130,948
TrueBlue, Inc. (a)		19,700		305,744

				3,083,618

Real Estate 0.3%
eXp World Holdings, Inc. (a)		6,100		258,579
Redfin Corp. (a)		13,100		547,187

				805,766

Real Estate Management & Development 0.4%
Newmark Group, Inc., Class A		12,200		57,767
Realogy Holdings Corp. (a)		82,100		916,236
RMR Group, Inc., Class A		11,000		293,260

				1,267,263

Road & Rail 0.8%
ArcBest Corp.		30,900		943,068
Covenant Logistics Group, Inc. (a)		21,100		290,547
Marten Transport, Ltd.		8,700		133,502
U.S. Xpress Enterprises, Inc., Class A (a)		19,400		139,874
Universal Logistics Holdings, Inc.		700		13,811
Werner Enterprises, Inc.		18,900		718,578

				2,239,380

Semiconductors & Semiconductor Equipment 3.7%
Advanced Energy Industries, Inc. (a)		18,707		1,262,161
Alpha & Omega Semiconductor, Ltd. (a)		41,700		661,362
Amkor Technology, Inc. (a)		87,024		1,031,234
Axcelis Technologies, Inc. (a)		26,600		587,062
CEVA, Inc. (a)		1,100		44,352
CyberOptics Corp. (a)		6,800		156,672
Diodes, Inc. (a)		19,100		1,104,553
FormFactor, Inc. (a)		44,600		1,264,410
Ichor Holdings, Ltd. (a)		36,676		853,084
Lattice Semiconductor Corp. (a)		17,500		610,750
MACOM Technology Solutions Holdings, Inc. (a)		4,700		171,550



	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
MaxLinear, Inc. (a)		35,300	$	933,332
NeoPhotonics Corp. (a)		2,200		14,982
NVE Corp.		1,800		83,034
Photronics, Inc. (a)		72,737		709,186
Rambus, Inc. (a)		11,800		162,722
Semtech Corp. (a)		200		10,978
Silicon Laboratories, Inc. (a)		1,600		163,936
Smart Global Holdings, Inc. (a)		7,000		184,730
Ultra Clean Holdings, Inc. (a)		42,100		896,309

				10,906,399

Software 6.5%
A10 Networks, Inc. (a)		81,800		551,332
Alarm.com Holdings, Inc. (a)		1,200		69,996
American Software, Inc., Class A		16,000		234,880
Appfolio, Inc., Class A (a)		2,400		342,888
Appian Corp. (a)(b)		4,200		265,860
Avaya Holdings Corp. (a)		65,129		1,120,219
Blackbaud, Inc.		5,987		295,398
Blackline, Inc. (a)		6,600		644,688
Bottomline Technologies, Inc. (a)		600		23,832
Box, Inc., Class A (a)		73,000		1,131,500
Cerence, Inc. (a)		3,500		191,030
ChannelAdvisor Corp. (a)		58,700		950,940
Cloudera, Inc. (a)		22,300		216,756
CommVault Systems, Inc. (a)		27,801		1,100,642
Cornerstone OnDemand, Inc. (a)		6,919		262,853
Digital Turbine, Inc. (a)		7,200		206,352
Domo, Inc., Class B (a)		9,700		308,169
eGgain Corp. (a)		3,100		49,135
Envestnet, Inc. (a)		6,200		475,788
J2 Global, Inc. (a)		900		61,092
LivePerson, Inc. (a)		1,700		90,882
MicroStrategy, Inc., Class A (a)		5,478		915,209
Mimecast, Ltd. (a)		26,500		1,012,565
Mitek Systems, Inc. (a)		75,600		941,220
Progress Software Corp.		30,306		1,102,229
PROS Holdings, Inc. (a)		500		14,085
Q2 Holdings, Inc. (a)		6,500		593,060
Rapid7, Inc. (a)		700		43,351
Rimini Street, Inc. (a)		73,200		232,044
SailPoint Technologies Holding, Inc. (a)		8,300		344,533
Sapiens International Corp. N.V.		20,100		545,313
SPS Commerce, Inc. (a)		16,308		1,395,802
SVMK, Inc. (a)		31,300		655,109
Telenav, Inc. (a)		10,700		43,549
Tenable Holdings, Inc. (a)		300		10,233
Varonis Systems, Inc. (a)		900		104,013
Verint Systems, Inc. (a)		25,800		1,251,816
Workiva, Inc. (a)		4,300		237,833
Xperi Holding Corp.		9,800		121,520
Zix Corp. (a)		145,400		891,302


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					17

Portfolio of Investments October 31, 2020 (continued)



	Shares		Value
Common Stocks (continued)
Software (continued)
Zuora, Inc., Class A (a)		6,900	$	66,378

				19,115,396

Specialty Retail 4.0%
Aaron’s Holdings Co., Inc.		21,600		1,128,816
America’s Car-Mart, Inc. (a)		3,500		302,820
American Eagle Outfitters, Inc.		3,800		52,098
Asbury Automotive Group, Inc. (a)		4,500		463,410
Bed Bath & Beyond, Inc.		14,400		285,120
Caleres, Inc.		20,000		153,600
Citi Trends, Inc.		20,200		527,422
Envela Corp. (a)		4,000		16,160
Haverty Furniture Cos., Inc.		1,100		27,522
Hibbett Sports, Inc. (a)		3,100		117,211
Lithia Motors, Inc., Class A		4,900		1,124,893
Lumber Liquidators Holdings, Inc. (a)		1,400		30,968
MarineMax, Inc. (a)		34,400		1,031,312
Michaels Cos., Inc. (a)		17,700		143,547
Murphy USA, Inc. (a)		10,146		1,240,754
ODP Corp.		49,166		958,737
Onewater Marine, Inc., Class A (a)		5,200		96,876
Rent-A-Center, Inc.		35,400		1,093,860
RH (a)		2,300		771,029
Sleep Number Corp. (a)		16,400		1,039,104
Sportsman’s Warehouse Holdings, Inc. (a)		63,600		828,072
Urban Outfitters, Inc. (a)		300		6,702
Winmark Corp.		600		101,646
Zumiez, Inc. (a)		3,100		86,800

				11,628,479

Textiles, Apparel & Luxury Goods 1.0%
Crocs, Inc. (a)		4,000		209,320
Deckers Outdoor Corp. (a)		7,000		1,773,590
Rocky Brands, Inc.		27,945		751,721
Steven Madden, Ltd.		2,200		52,822
Superior Group of Cos., Inc.		2,300		49,726
Vera Bradley, Inc. (a)		13,200		83,688

				2,920,867

Thrifts & Mortgage Finance 1.3%
Bridgewater Bancshares, Inc. (a)		17,634		195,914
Flagstar Bancorp, Inc.		34,998		1,027,191
FS Bancorp, Inc.		7,153		331,255
HomeStreet, Inc.		2,500		77,675
Luther Burbank Corp.		8,536		80,495
Merchants Bancorp		31,900		688,402
Meridian Bancorp, Inc.		69,700		867,765
Mr. Cooper Group, Inc. (a)		200		4,216
NMI Holdings, Inc., Class A (a)		200		4,298
OP Bancorp.		23,500		151,105
PennyMac Financial Services, Inc.		2,300		116,886



	Shares		Value
Thrifts & Mortgage Finance (continued)
Provident Financial Services, Inc.		2,100	$	28,497
Radian Group, Inc.		9,200		165,140
Riverview Bancorp, Inc.		6,700		31,423
Sterling Bancorp, Inc.		700		2,471
Territorial Bancorp, Inc.		700		14,847
Waterstone Financial, Inc.		200		3,376

				3,790,956

Tobacco 0.1%
Universal Corp.		960		38,256
Vector Group, Ltd.		27,800		255,482

				293,738

Trading Companies & Distributors 1.1%
GMS, Inc. (a)		35,200		795,520
Herc Holdings, Inc. (a)		1,900		84,284
Lawson Products, Inc. (a)		300		12,363
Rush Enterprises, Inc.
Class A		31,350		1,123,584
Class B		4,750		149,387
Systemax, Inc.		4,500		127,935
Textainer Group Holdings, Ltd. (a)		4,800		69,408
Triton International, Ltd.		23,200		855,616
Veritiv Corp. (a)		2,500		36,000

				3,254,097

Water Utilities 0.8%
American States Water Co.		2,589		193,372
Artesian Resources Corp., Class A		5,684		200,247
California Water Service Group		8,779		391,280
Consolidated Water Co., Ltd.		70,924		713,496
Middlesex Water Co.		400		25,656
Pure Cycle Corp. (a)		16,800		147,840
SJW Corp.		6,603		400,736
York Water Co.		5,900		249,275

				2,321,902

Wireless Telecommunication Services 0.0%‡
Shenandoah Telecommunications Co.		400		17,448
Spok Holdings, Inc.		500		4,540

				21,988

Total Common Stocks (Cost $269,872,605)				288,231,251


Exchange-Traded Fund 1.5%
iShares Russell 2000 ETF (b)		28,265		4,327,089

Total Exchange-Traded Fund (Cost $4,303,147)				4,327,089


18		MainStay MacKay Small Cap Core Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.



	Shares			Value
Short-Term Investments 1.7%
Affiliated Investment Company 0.0%‡
MainStay U.S. Government Liquidity Fund, 0.02% (c)		14,110		$	14,110


Unaffiliated Investment Company 1.7%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.09% (c)(d)		5,084,301			5,084,301

Total Short-Term Investments (Cost $5,098,411)					5,098,411

Total Investments (Cost $279,274,163)		101.9	%		297,656,751
Other Assets, Less Liabilities		(1.9	)		(5,468,356	)
Net Assets		100.0	%	$	292,188,395

†	Percentages indicated are based on Fund net assets.

‡	Less than one-tenth of a percent.

(a)	Non-income producing security.

(b)

All or a portion of this security was held on loan. As of October 31, 2020, the aggregate market value of securities on loan was $8,064,233; the total market value of collateral held by the Fund was $8,557,477. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $3,473,176 (See Note 2(H)).

(c)	Current yield as of October 31, 2020.

(d)	Represents a security purchased with cash collateral received for securities on loan.

The following abbreviations are used in the preceding pages:

ETF—Exchange-Traded Fund

REIT—Real Estate Investment Trust

The following is a summary of the fair valuations according to the inputs used as of October 31, 2020, for valuing the Fund’s assets:


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	$	288,231,251	$	—	$	—	$	288,231,251
Exchange-Traded Fund		4,327,089		—		—		4,327,089
Short-Term Investments
Affiliated Investment Company		14,110		—		—		14,110
Unaffiliated Investment Company		5,084,301		—		—		5,084,301

Total Short-Term Investments		5,098,411		—		—		5,098,411

Total Investments in Securities	$	297,656,751	$	—	$	—	$	297,656,751

(a)	For a complete listing of investments and their industries, see the Portfolio of Investments.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					19

Statement of Assets and Liabilities as of October 31, 2020


Assets
Investment in unaffiliated securities, at value (identified cost $279,260,053) including securities on loan of $8,064,233	$	297,642,641
Investment in affiliated investment company, at value (identified cost $14,110)		14,110
Receivables:
Dividends		145,787
Fund shares sold		20,248
Securities lending		10,956
Investment securities sold		3,220
Other assets		29,730

Total assets		297,866,692


Liabilities
Cash collateral received for securities on loan		5,084,301
Payables:
Manager (See Note 3)		209,305
Fund shares redeemed		196,229
Transfer agent (See Note 3)		77,559
NYLIFE Distributors (See Note 3)		42,165
Shareholder communication		32,182
Professional fees		21,691
Custodian		11,296
Trustees		387
Accrued expenses		3,182

Total liabilities		5,678,297

Net assets	$	292,188,395


Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	12,834
Additional paid-in capital		309,711,551

		309,724,385
Total distributable earnings (loss)		(17,535,990	)

Net assets	$	292,188,395


Class A
Net assets applicable to outstanding shares	$	115,403,381

Shares of beneficial interest outstanding		5,102,830

Net asset value per share outstanding	$	22.62
Maximum sales charge (5.50% of offering price)		1.32

Maximum offering price per share outstanding	$	23.94

Investor Class
Net assets applicable to outstanding shares	$	41,546,915

Shares of beneficial interest outstanding		1,876,679

Net asset value per share outstanding	$	22.14
Maximum sales charge (5.00% of offering price)		1.17

Maximum offering price per share outstanding	$	23.31

Class B
Net assets applicable to outstanding shares	$	4,447,066

Shares of beneficial interest outstanding		233,554

Net asset value and offering price per share outstanding	$	19.04

Class C
Net assets applicable to outstanding shares	$	3,201,309

Shares of beneficial interest outstanding		168,214

Net asset value and offering price per share outstanding	$	19.03

Class I
Net assets applicable to outstanding shares	$	127,115,056

Shares of beneficial interest outstanding		5,432,081

Net asset value and offering price per share outstanding	$	23.40

Class R1
Net assets applicable to outstanding shares	$	44,035

Shares of beneficial interest outstanding		1,889

Net asset value and offering price per share outstanding	$	23.31

Class R2
Net assets applicable to outstanding shares	$	87,525

Shares of beneficial interest outstanding		3,890

Net asset value and offering price per share outstanding	$	22.50

Class R3
Net assets applicable to outstanding shares	$	343,108

Shares of beneficial interest outstanding		15,350

Net asset value and offering price per share outstanding	$	22.35


20		MainStay MacKay Small Cap Core Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Statement of Operations for the year ended October 31, 2020


Investment Income (Loss)
Income
Dividends-unaffiliated (a)	$	2,803,759
Securities lending		78,573
Dividends-affiliated		1,271

Total income		2,883,603

Expenses
Manager (See Note 3)		2,445,808
Distribution/Service—Class A (See Note 3)		303,642
Distribution/Service—Investor Class (See Note 3)		107,982
Distribution/Service—Class B (See Note 3)		55,075
Distribution/Service—Class C (See Note 3)		41,917
Distribution/Service—Class R2 (See Note 3)		223
Distribution/Service—Class R3 (See Note 3)		1,656
Transfer agent (See Note 3)		496,832
Registration		115,962
Professional fees		84,451
Custodian		75,757
Shareholder communication		51,128
Trustees		7,234
Shareholder service (See Note 3)		475
Miscellaneous		20,121

Total expenses before waiver/reimbursement		3,808,263
Expense waiver/reimbursement from Manager (See Note 3)		(98,935	)

Net expenses		3,709,328

Net investment income (loss)		(825,725	)


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on unaffiliated investments		(31,360,140	)
Net change in unrealized appreciation (depreciation) on unaffiliated investments		5,309,960

Net realized and unrealized gain (loss)		(26,050,180	)

Net increase (decrease) in net assets resulting from operations	$	(26,875,905	)

(a)	Dividends recorded net of foreign withholding taxes in the amount of $4,306.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					21

Statements of Changes in Net Assets

for the years ended October 31, 2020 and October 31, 2019


	2020			2019
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	(825,725	)	$	1,642,566
Net realized gain (loss)		(31,360,140	)		(3,656,329	)
Net change in unrealized appreciation (depreciation)		5,309,960			8,634,669

Net increase (decrease) in net assets resulting from operations		(26,875,905	)		6,620,906

Distributions to shareholders:
Class A		(282,121	)		(22,158,344	)
Investor Class		(788	)		(6,953,040	)
Class B		—			(1,704,580	)
Class C		—			(2,258,032	)
Class I		(535,257	)		(42,922,944	)
Class R1		(203	)		(8,911	)
Class R2		(155	)		(19,726	)
Class R3		—			(29,548	)

		(818,524	)		(76,055,125	)

Distributions to shareholders from return of capital:
Class A		(112,552	)		—
Investor Class		(315	)		—
Class I		(213,538	)		—
Class R1		(81	)		—
Class R2		(62	)		—

		(326,548	)		—

Total distributions to shareholders		(1,145,072	)		(76,055,125	)

Capital share transactions:
Net proceeds from sale of shares		19,857,172			77,148,002
Net asset value of shares issued to shareholders in reinvestment of distributions		1,124,044			74,731,164
Cost of shares redeemed		(51,616,882	)		(267,808,665	)

Increase (decrease) in net assets derived from capital share transactions		(30,635,666	)		(115,929,499	)

Net increase (decrease) in net assets		(58,656,643	)		(185,363,718	)

Net Assets
Beginning of year		350,845,038			536,208,756

End of year	$	292,188,395		$	350,845,038


22		MainStay MacKay Small Cap Core Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class A	2020				2019				2018				2017				2016

Net asset value at beginning of year		$	24.59			$	28.34			$	31.91			$	26.45			$	26.35


Net investment income (loss) (a)			(0.07	)			0.07				0.06				0.03				0.22

Net realized and unrealized gain (loss) on investments			(1.83	)			0.24				(0.98	)			5.54				(0.09	)


Total from investment operations			(1.90	)			0.31				(0.92	)			5.57				0.13


Less distributions:

From net investment income			(0.05	)			(0.05	)			—				(0.11	)			(0.03	)

From net realized gain on investments			—				(4.01	)			(2.65	)			—				—

Return of capital			(0.02	)			—				—				—				—


Total distributions			(0.07	)			(4.06	)			(2.65	)			(0.11	)			(0.03	)


Net asset value at end of year		$	22.62			$	24.59			$	28.34			$	31.91			$	26.45


Total investment return (b)			(7.76	%)			1.41	%			(3.48	%)			21.09	%			0.49	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)			(0.30	%)			0.27	%			0.19	%			0.10	%			0.85	%

Net expenses (c)			1.25	%			1.25	%			1.23	%			1.24	%			1.25	%

Portfolio turnover rate			208	%			205	%			92	%			60	%			65	%

Net assets at end of year (in 000’s)		$	115,403			$	141,548			$	155,636			$	163,350			$	114,041

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(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	2020				2019				2018				2017				2016

Net asset value at beginning of year		$	24.07			$	27.85			$	31.48			$	26.09			$	26.05


Net investment income (loss) (a)			(0.13	)			(0.01	)			(0.02	)			(0.05	)			0.14

Net realized and unrealized gain (loss) on investments			(1.80	)			0.24				(0.96	)			5.48				(0.10	)


Total from investment operations			(1.93	)			0.23				(0.98	)			5.43				0.04


Less distributions:

From net investment income			(0.00	)‡			—				—				(0.04	)			—

From net realized gain on investments			—				(4.01	)			(2.65	)			—				—

Return of capital			(0.00	)‡			—				—				—				—


Total distributions			(0.00	)‡			(4.01	)			(2.65	)			(0.04	)			—


Net asset value at end of year		$	22.14			$	24.07			$	27.85			$	31.48			$	26.09


Total investment return (b)			(8.02	%)			1.09	%			(3.74	%)			20.82	%			0.15	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)			(0.57	%)			(0.05	%)			(0.06	%)			(0.16	%)			0.57	%(c)

Net expenses (d)			1.52	%			1.55	%			1.49	%			1.50	%			1.52	%(e)

Expenses (before waiver/reimbursement) (d)			1.70	%			1.64	%			1.56	%			1.50	%			1.52	%(e)

Portfolio turnover rate			208	%			205	%			92	%			60	%			65	%

Net assets at end of year (in 000’s)		$	41,547			$	49,342			$	48,569			$	57,488			$	79,614

‡	Less than one cent per share.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(c)	Without the custody fee reimbursement, net investment income (loss) would have been 0.56%.

(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)	Without the custody fee reimbursement, net expenses would have been 1.53%.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					23

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class B	2020				2019				2018				2017				2016

Net asset value at beginning of year		$	20.86			$	24.83			$	28.54			$	23.80			$	23.94


Net investment income (loss) (a)			(0.25	)			(0.16	)			(0.22	)			(0.23	)			(0.03	)

Net realized and unrealized gain (loss) on investments			(1.57	)			0.20				(0.84	)			4.97				(0.11	)


Total from investment operations			(1.82	)			0.04				(1.06	)			4.74				(0.14	)


Less distributions:

From net realized gain on investments			—				(4.01	)			(2.65	)			—				—


Net asset value at end of year		$	19.04			$	20.86			$	24.83			$	28.54			$	23.80


Total investment return (b)			(8.72	%)			0.35	%			(4.46	%)			19.92	%			(0.58	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)			(1.30	%)			(0.74	%)			(0.80	%)			(0.86	%)			(0.15	%)(c)

Net expenses (d)			2.27	%			2.30	%			2.24	%			2.25	%			2.27	% (e)

Expenses (before waiver/reimbursement) (d)			2.45	%			2.39	%			2.31	%			2.25	%			2.27	% (e)

Portfolio turnover rate			208	%			205	%			92	%			60	%			65	%

Net assets at end of year (in 000’s)		$	4,447			$	7,442			$	10,698			$	15,188			$	17,670

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(c)	Without the custody fee reimbursement, net investment income (loss) would have been (0.16)%.

(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)	Without the custody fee reimbursement, net expenses would have been 2.28%.



	Year ended October 31,

Class C	2020				2019				2018				2017				2016

Net asset value at beginning of year		$	20.84			$	24.81			$	28.52			$	23.79			$	23.93


Net investment income (loss) (a)			(0.25	)			(0.13	)			(0.22	)			(0.24	)			(0.04	)

Net realized and unrealized gain (loss) on investments			(1.56	)			0.17				(0.84	)			4.97				(0.10	)


Total from investment operations			(1.81	)			0.04				(1.06	)			4.73				(0.14	)


Less distributions:

From net realized gain on investments			—				(4.01	)			(2.65	)			—				—


Net asset value at end of year		$	19.03			$	20.84			$	24.81			$	28.52			$	23.79


Total investment return (b)			(8.69	%)			0.35	%			(4.47	%)			19.88	%			(0.59	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)			(1.30	%)			(0.60	%)			(0.81	%)			(0.88	%)			(0.16	%)(c)

Net expenses (d)			2.27	%			2.30	%			2.24	%			2.25	%			2.27	% (e)

Expenses (before waiver/reimbursement) (d)			2.45	%			2.39	%			2.31	%			2.25	%			2.27	% (e)

Portfolio turnover rate			208	%			205	%			92	%			60	%			65	%

Net assets at end of year (in 000’s)		$	3,201			$	5,469			$	14,156			$	17,770			$	17,921

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(c)	Without the custody fee reimbursement, net investment income (loss) would have been (0.17)%.

(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)	Without the custody fee reimbursement, net expenses would have been 2.28%.


24		MainStay MacKay Small Cap Core Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class I	2020				2019				2018				2017				2016

Net asset value at beginning of year		$	25.44			$	29.19			$	32.72			$	27.11			$	27.02


Net investment income (loss) (a)			(0.01	)			0.17				0.14				0.11				0.29

Net realized and unrealized gain (loss) on investments			(1.90	)			0.22				(1.02	)			5.68				(0.10	)


Total from investment operations			(1.91	)			0.39				(0.88	)			5.79				0.19


Less distributions:

From net investment income			(0.09	)			(0.13	)			—				(0.18	)			(0.10	)

From net realized gain on investments			—				(4.01	)			(2.65	)			—				—

Return of capital			(0.04	)			—				—				—				—


Total distributions			(0.13	)			(4.14	)			(2.65	)			(0.18	)			(0.10	)


Net asset value at end of year		$	23.40			$	25.44			$	29.19			$	32.72			$	27.11


Total investment return (b)			(7.55	%)			1.67	%			(3.26	%)			21.40	%			0.71	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)			(0.06	)%			0.66	%			0.45	%			0.36	%			1.10	%

Net expenses (c)			1.00	%			1.00	%			0.98	%			0.99	%			1.00	%

Portfolio turnover rate			208	%			205	%			92	%			60	%			65	%

Net assets at end of year (in 000’s)		$	127,115			$	146,525			$	306,746			$	332,900			$	325,316

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized.

(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.



	Year ended October 31,

Class R1	2020				2019				2018				2017				2016

Net asset value at beginning of year		$	25.34			$	29.09			$	32.65			$	27.05			$	26.96


Net investment income (loss) (a)			(0.04	)			0.10				0.12				0.08				0.26

Net realized and unrealized gain (loss) on investments			(1.88	)			0.26				(1.03	)			5.68				(0.10	)


Total from investment operations			(1.92	)			0.36				(0.91	)			5.76				0.16


Less distributions:

From net investment income			(0.08	)			(0.10	)			—				(0.16	)			(0.07	)

From net realized gain on investments			—				(4.01	)			(2.65	)			—				—

Return of capital			(0.03	)			—				—				—				—


Total distributions			(0.11	)			(4.11	)			(2.65	)			(0.16	)			(0.07	)


Net asset value at end of year		$	23.31			$	25.34			$	29.09			$	32.65			$	27.05


Total investment return (b)			(7.62	%)			1.57	%			(3.36	%)			21.34	%			0.61	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)			(0.18	%)			0.41	%			0.38	%			0.25	%			0.97	%

Net expenses (c)			1.10	%			1.10	%			1.08	%			1.09	%			1.10	%

Portfolio turnover rate			208	%			205	%			92	%			60	%			65	%

Net assets at end of year (in 000’s)		$	44			$	65			$	63			$	97			$	85

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. 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.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					25

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class R2	2020				2019				2018				2017				2016

Net asset value at beginning of year		$	24.47			$	28.21			$	31.81			$	26.37			$	26.28


Net investment income (loss) (a)			(0.09	)			0.04				0.03				(0.01	)			0.19

Net realized and unrealized gain (loss) on investments			(1.83	)			0.25				(0.98	)			5.54				(0.10	)


Total from investment operations			(1.92	)			0.29				(0.95	)			5.53				0.09


Less distributions:

From net investment income			(0.04	)			(0.02	)			—				(0.09	)			(0.00	)‡

From net realized gain on investments			—				(4.01	)			(2.65	)			—				—

Return of capital			(0.01	)			—				—				—				—


Total distributions			(0.05	)			(4.03	)			(2.65	)			(0.09	)			(0.00	)‡


Net asset value at end of year		$	22.50			$	24.47			$	28.21			$	31.81			$	26.37


Total investment return (b)			(7.84	%)			1.30	%			(3.59	%)			21.00	%			0.34	%(c)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)			(0.40	%)			0.18	%			0.09	%			(0.03	%)			0.73	%

Net expenses (d)			1.35	%			1.35	%			1.33	%			1.34	%			1.35	%

Portfolio turnover rate			208	%			205	%			92	%			60	%			65	%

Net assets at end of year (in 000’s)		$	88			$	111			$	137			$	137			$	112

‡	Less than one cent per share.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. Class R2 shares are not subject to sales charges. For periods of less than one year, total return is not annualized.

(c)	Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.



	Year ended October 31,																February 29, 2016^ through October 31,

Class R3	2020				2019				2018				2017				2016

Net asset value at beginning of period		$	24.32			$	28.11			$	31.78			$	26.39			$	23.88


Net investment income (loss) (a)			(0.15	)			(0.04	)			(0.05	)			(0.10	)			(0.01	)

Net realized and unrealized gain (loss) on investments			(1.82	)			0.26				(0.97	)			5.55				2.52


Total from investment operations			(1.97	)			0.22				(1.02	)			5.45				2.51


Less distributions:

From net investment income			—				—				—				(0.06	)			—

From net realized gain on investments			—				(4.01	)			(2.65	)			—				—


Total distributions			—				(4.01	)			(2.65	)			(0.06	)			—


Net asset value at end of period		$	22.35			$	24.32			$	28.11			$	31.78			$	26.39


Total investment return (b)			(8.10	%)			1.04	%			(3.83	%)			20.68	%			10.51	% (c)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)			(0.67	%)			(0.15	%)			(0.15	%)			(0.32	%)			(0.07	%)††(d)

Net expenses (e)			1.60	%			1.60	%			1.58	%			1.59	%			1.60	% ††(f)

Portfolio turnover rate			208	%			205	%			92	%			60	%			65	%

Net assets at end of period (in 000’s)		$	343			$	342			$	204			$	181			$	81

^	Commencement of operations.

††	Annualized.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. Class R3 shares are not subject to sales charges. For periods of less than one year, total return is not annualized.

(c)	Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d)	Without the custody fee reimbursement, net investment income (loss) would have been (0.08)%.

(e)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(f)	Without the custody fee reimbursement, net expenses would have been 1.61%.


26		MainStay MacKay Small Cap Core Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Notes to Financial Statements

Note 1–Organization and Business

The Fund currently has ten classes of shares registered for sale. Class I shares commenced operations on January 12, 1987. Class A and Class B shares commenced operations on January 2, 2004. Class C shares commenced operations on December 30, 2002. Investor Class shares commenced operations on February 28, 2008. Class R1 and R2 shares commenced operations on July 31, 2012. Class R3 shares commenced operations on February 29, 2016. SIMPLE Class shares were registered for sale effective as of August 31, 2020. As of October 31, 2020, SIMPLE Class shares were not yet offered for sale. Class R6 shares were registered for sale effective as of February 28, 2017. As of October 31, 2020, Class R6 shares were not yet offered for sale.

either Class A or Investor Class shares at the end of the calendar quarter ten years after the date they were purchased. Additionally, Investor Class shares may convert automatically to Class A shares. Under certain circumstances and as may be permitted by the Trust’s multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under distribution plans pursuant to Rule 12b-1 under the 1940 Act, Class B and Class C shares are subject to higher distribution and/or service fees than Class A, Investor Class, Class R2, Class R3 and SIMPLE Class shares. Class I, Class R1 and Class R6 shares are not subject to a distribution and/or service fee. Class R1, Class R2 and Class R3 shares are subject to a shareholder service fee, which is in addition to fees paid under the distribution plans for Class R2 and Class R3 shares.

The Fund’s investment objective is to seek long-term growth of capital.

Note 2–Significant Accounting Policies

The Board of Trustees of the Trust (the “Board”) adopted procedures establishing methodologies for the valuation of the Fund’s securities and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Trust (the “Valuation Committee”). The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for the day-to-day valuation of portfolio assets (including fair value measurements for the Fund’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)). To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Fund’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources.


			27

Notes to Financial Statements (continued)

•

Level 1—quoted prices in active markets for an identical asset or liability

•

Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:


• Broker/dealer quotes		• Benchmark securities
• Two-sided markets		• Reference data (corporate actions or material event notices)
• Bids/offers		• Monthly payment information
• Industry and economic events		• Reported trades

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. No securities held by the Fund of October 31, 2020, were fair valued in such a manner.


28		MainStay MacKay Small Cap Core Fund

security prices, yields, maturities and ratings), both as furnished by independent pricing services. Temporary cash investments that mature in 60 days or less at the time of purchase (“Short-Term Investments”) are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the value on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The Manager evaluates the Fund’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund’s financial statements. The Fund’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare and pay dividends from net investment income and distributions from net realized capital and currency gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

received from real estate investment trusts may be classified as dividends, capital gains and/or return of capital.

(G) Repurchase Agreements. The Fund may enter into repurchase agreements (i.e., buy a security from another party with the agreement that it will be sold back in the future) to earn income. The Fund may enter into repurchase agreements only with counterparties, usually financial institutions, that are deemed by the Manager or the Subadvisor to be creditworthy, pursuant to guidelines established by the Board. During the term of any repurchase agreement, the Manager or the Subadvisor will continue to monitor the creditworthiness of the counterparty. Under the 1940 Act, repurchase agreements are considered to be collateralized loans by the Fund to the counterparty secured by the securities transferred to the Fund.

Repurchase agreements are subject to counterparty risk, meaning the Fund could lose money by the counterparty’s failure to perform under the terms of the agreement. The Fund mitigates this risk by ensuring the repurchase agreement is collateralized by cash, U.S. government securities, fixed income securities and/or other securities. The collateral is held by the Fund’s custodian and valued daily on a mark to market basis to determine if the value, including accrued interest, exceeds the repurchase price. In the event of the counterparty’s default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, such as in the event of default or bankruptcy by the counterparty, realization and/or retention of the collateral may be limited or subject to delay, to legal proceedings and possible realized loss to the Fund. As of October 31, 2020, the Fund did not hold any repurchase agreements.


			29

Notes to Financial Statements (continued)

(H) Securities Lending. In order to realize additional income, the Fund may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission (“SEC”). If the Fund engages in securities lending, the Fund will lend through its custodian, currently State Street Bank and Trust Company (“State Street”) (See Note 12 for securities lending agent change), acting as securities lending agent on behalf of the Fund. Under the current arrangement, State Street will manage the Fund’s collateral in accordance with the securities lending agency agreement between the Fund and State Street, and indemnify the Fund against counterparty risk. The loans will be collateralized by cash (which may be invested in a money market fund) and/or non-cash collateral (which may include U.S. Treasury securities and/or U.S. government agency securities issued or guaranteed by the United States government or its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. The Fund bears the risk of delay in recovery of, or loss of rights in, the securities loaned. The Fund may also record a realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. The Fund bears the risk of any loss on investment of cash collateral. The Fund will receive compensation for lending its securities in the form of fees or it will retain a portion of interest earned on the investment of any cash collateral. The Fund will also continue to receive interest and dividends on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Fund. Income earned from securities lending activities, if any, is reflected in the Statement of Operations. As of October 31, 2020, the Fund had securities on loan with an aggregate market value of $8,064,233; the total market value of collateral held by the Fund was $8,557,477. The market value of the collateral held included non-cash collateral, in the form of U.S. Treasury securities, with a value of $3,473,176 and cash collateral, which was invested into the State Street Navigator Securities Lending Government Money Market Portfolio, with a value of $5,084,301.

(J) Large Transaction Risks. From time to time, the 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 the Fund’s performance if the Fund were required to sell securities or invest cash at times when it otherwise would not do so. This activity could also accelerate the realization of capital gains and increase the Fund’s transaction costs. The Fund has adopted procedures designed to mitigate the negative impacts of such large transactions, but there can be no assurance that these procedures will be effective.

Note 3–Fees and Related Party Transactions

(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company (“New York Life”), serves as the Fund’s Manager, pursuant to an Amended and Restated Management Agreement (“Management Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. The Fund’s subadvisor changed effective April 1, 2019 due to the termination of Epoch Investment Partners, Inc. as the Fund’s subadvisor and the appointment of MacKay Shields LLC (“MacKay Shields” or the “Subadvisor”) as the Fund’s subadvisor. MacKay Shields, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life, serves as Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of an Amended and Restated Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and MacKay Shields, New York Life Investments pays for the services of the Subadvisor.

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of the Fund’s average daily net assets as follows: 0.80% up to $1 billion, 0.775% from $1 billion to $2 billion and 0.75% in excess of $2 billion. During the year ended October 31, 2020, the effective management fee rate was 0.80%, (exclusive of any applicable waivers/reimbursements).

During the year ended October 31, 2020, New York Life Investments earned fees from the Fund in the amount of $2,445,808 and waived fees and/or reimbursed expenses, including the voluntary waiver/reimbursement of certain class specific expenses in the amount of $98,935 and paid the Subadvisor in the amount of $1,173,437.


30		MainStay MacKay Small Cap Core Fund

Life Investments. The Fund has adopted distribution plans (the “Plans”) in accordance with the provisions of Rule 12b-1 under the 1940 Act.

Pursuant to the Class A, Investor Class and Class R2 Plans, the Distributor receives a monthly distribution fee from the Class A, Investor Class and Class R2 shares at an annual rate of 0.25% of the average daily net assets of the Class A, Investor Class and Class R2 shares for distribution and/or service activities as designated by the Distributor. Pursuant to the Class B and Class C Plans, Class B and Class C shares pay the Distributor a monthly distribution fee at an annual rate of 0.75% of the average daily net assets of the Class B and Class C shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class B and Class C shares, for a total 12b-1 fee of 1.00%. Pursuant to the Class R3 Plan, the Distributor receives a monthly distribution and/or service fee from the Class R3 shares at an annual rate of 0.50% of the average daily net assets of the Class R3 shares. Class I, and Class R1 shares are not subject to a distribution and/or service fee.

During the year ended October 31, 2020, shareholder service fees incurred by the Fund were as follows:



Class R1	$	55
Class R2		89
Class R3		331

The Fund was also advised that the Distributor retained CDSCs on redemptions of Class A, Investor Class, Class B and Class C shares during the year ended October 31, 2020, of $1,224, $5, $5,749 and $146, respectively.

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund’s transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with DST Asset Manager Solutions, Inc. (“DST”), pursuant to which DST performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund’s share classes to a maximum of 0.35% of that share class’s average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until February 28, 2021, 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. During the year ended October 31, 2020, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:


Class	Expense		Waived
Class A	$	102,147	$	—
Investor Class		232,058		(80,883	)
Class B		29,509		(10,233	)
Class C		22,490		(7,819	)
Class I		110,228		—
Class R1		46		—
Class R2		75		—
Class R3		279		—


Affiliated Investment Company	Value, Beginning of Year		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Year		Dividend Income		Other Distributions		Shares End of Year
MainStay U.S. Government Liquidity Fund	$	4	$	19,394	$	(19,384	)	$	—	$	—	$	14	$	1	$	—		14


			31

Notes to Financial Statements (continued)

(G) Capital. As of October 31, 2020, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:



Class R1	$	44,035	100.0	%
Class R2		43,134	49.3
Class R3		29,772	8.7

Note 4–Federal Income Tax


	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)

Investments in Securities	$	284,476,679	$	32,561,901	$	(19,381,829	)	$	13,180,072

As of October 31, 2020, the components of accumulated gain (loss) on a tax basis were as follows:


Ordinary Income	Accumulated Capital and Other Gain (Loss)	Other Temporary Differences	Unrealized Appreciation (Depreciation)	Total Accumulated Gain (Loss)

$ —	$(30,716,062)	$ —	$13,180,072	$(17,535,990)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is primarily due to wash sale and loss deferral adjustments.

As of October 31, 2020, for federal income tax purposes, capital loss carryforwards of $28,988,630 were available as shown in the table below, to the extent provided by the regulations to offset future realized gains of the Fund through the years indicated. To the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders. No capital gain distributions shall be made until any capital loss carryforwards have been fully utilized.


Capital Loss Available Through	Short-Term Capital Loss Amounts (000’s)	Long-Term Capital Loss Amounts (000’s)

Unlimited	$28,329	$660

During the years ended October 31, 2020, and October 31, 2019, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets were as follows:


	2020		2019
Distributions paid from:
Ordinary Income	$	818,524	$	16,851,924
Long-Term Capital Gain		—		59,203,201
Return of Capital		326,548		—
Total	$	1,145,072	$	76,055,125

Note 5–Custodian

Note 6–Line of Credit

Note 7–Interfund Lending Program

Note 8–Purchases and Sales of Securities (in 000’s)

During the year ended October 31, 2020, purchases and sales of securities, other than short-term securities, were $635,307 and $666,313, respectively.


32		MainStay MacKay Small Cap Core Fund

Note 9–Capital Share Transactions

Transactions in capital shares for the years ended October 31, 2020, and October 31, 2019, were as follows:


Class A	Shares			Amount

Year ended October 31, 2020:
Shares sold		419,388		$	9,148,407
Shares issued to shareholders in reinvestment of distributions		15,292			386,723
Shares redeemed		(1,188,798	)		(26,796,187	)

Net increase (decrease) in shares outstanding before conversion		(754,118	)		(17,261,057	)
Shares converted into Class A (See Note 1)		129,031			3,002,869
Shares converted from Class A (See Note 1)		(28,861	)		(553,897	)

Net increase (decrease)		(653,948	)	$	(14,812,085	)

Year ended October 31, 2019:
Shares sold		1,402,813		$	34,493,673
Shares issued to shareholders in reinvestment of distributions		903,233			21,722,758
Shares redeemed		(2,062,995	)		(50,113,845	)

Net increase (decrease) in shares outstanding before conversion		243,051			6,102,586
Shares converted into Class A (See Note 1)		149,633			3,670,632
Shares converted from Class A (See Note 1)		(127,737	)		(3,133,952	)

Net increase (decrease)		264,947		$	6,639,266



Investor Class	Shares			Amount

Year ended October 31, 2020:
Shares sold		111,230		$	2,363,416
Shares issued to shareholders in reinvestment of distributions		13			523
Shares redeemed		(222,057	)		(4,907,783	)

Net increase (decrease) in shares outstanding before conversion		(110,814	)		(2,543,844	)
Shares converted into Investor Class (See Note 1)		37,113			770,934
Shares converted from Investor Class (See Note 1)		(99,326	)		(2,314,940	)

Net increase (decrease)		(173,027	)	$	(4,087,850	)

Year ended October 31, 2019:
Shares sold		481,043		$	11,560,647
Shares issued to shareholders in reinvestment of distributions		293,787			6,936,312
Shares redeemed		(579,795	)		(13,923,669	)

Net increase (decrease) in shares outstanding before conversion		195,035			4,573,290
Shares converted into Investor Class (See Note 1)		190,842			4,573,321
Shares converted from Investor Class (See Note 1)		(80,141	)		(1,939,055	)

Net increase (decrease)		305,736		$	7,207,556


Class B	Shares			Amount

Year ended October 31, 2020:
Shares sold		2,350		$	43,292
Shares redeemed		(63,078	)		(1,203,362	)

Net increase (decrease) in shares outstanding before conversion		(60,728	)		(1,160,070	)
Shares converted from Class B (See Note 1)		(62,534	)		(1,153,862	)

Net increase (decrease)		(123,262	)	$	(2,313,932	)

Year ended October 31, 2019:
Shares sold		145,968		$	3,037,994
Shares issued to shareholders in reinvestment of distributions		78,956			1,626,496
Shares redeemed		(223,781	)		(4,666,084	)

Net increase (decrease) in shares outstanding before conversion		1,143			(1,594	)
Shares converted from Class B (See Note 1)		(75,210	)		(1,534,640	)

Net increase (decrease)		(74,067	)	$	(1,536,234	)



Class C	Shares			Amount

Year ended October 31, 2020:
Shares sold		19,589		$	345,692
Shares redeemed		(105,175	)		(1,949,802	)

Net increase (decrease) in shares outstanding before conversion		(85,586	)		(1,604,110	)
Shares converted from Class C (See Note 1)		(8,584	)		(155,033	)

Net increase (decrease)		(94,170	)	$	(1,759,143	)

Year ended October 31, 2019:
Shares sold		47,042		$	975,041
Shares issued to shareholders in reinvestment of distributions		106,563			2,193,068
Shares redeemed		(381,010	)		(7,997,538	)

Net increase (decrease) in shares outstanding before conversion		(227,405	)		(4,829,429	)
Shares converted from Class C (See Note 1)		(80,680	)		(1,697,961	)

Net increase (decrease)		(308,085	)	$	(6,527,390	)



Class I	Shares			Amount

Year ended October 31, 2020:
Shares sold		314,190		$	7,865,459
Shares issued to shareholders in reinvestment of distributions		28,199			736,297
Shares redeemed		(690,650	)		(16,663,151	)

Net increase in shares outstanding before conversion		(348,261	)		(8,061,395	)
Shares converted into Class I (See Note 1)		20,359			403,929

Net increase (decrease)		(327,902	)	$	(7,657,466	)

Year ended October 31, 2019:
Shares sold		1,077,763		$	26,925,498
Shares issued to shareholders in reinvestment of distributions		1,699,366			42,195,266
Shares redeemed		(7,526,978	)		(191,065,053	)

Net increase (decrease) in shares outstanding before conversion		(4,749,849	)		(121,944,289	)
Shares converted into Class I (See Note 1)		2,415			61,655

Net increase (decrease)		(4,747,434	)	$	(121,882,634	)


			33

Notes to Financial Statements (continued)


Class R1	Shares			Amount

Year ended October 31, 2020:
Shares sold		29		$	650
Shares issued to shareholders in reinvestment of distributions		11			284
Shares redeemed		(705	)		(15,558	)

Net increase (decrease)		(665	)	$	(14,624	)

Year ended October 31, 2019:
Shares sold		28		$	721
Shares issued to shareholders in reinvestment of distributions		360			8,911
Shares redeemed		(1	)		(18	)

Net increase (decrease)		387		$	9,614



Class R2	Shares			Amount

Year ended October 31, 2020:
Shares sold		151		$	3,457
Shares issued to shareholders in reinvestment of distributions		9			217
Shares redeemed		(826	)		(20,394	)

Net increase (decrease)		(666	)	$	(16,720	)

Year ended October 31, 2019:
Shares sold		238		$	5,889
Shares issued to shareholders in reinvestment of distributions		824			19,726
Shares redeemed		(1,371	)		(30,004	)

Net increase (decrease)		(309	)	$	(4,389	)



Class R3	Shares			Amount

Year ended October 31, 2020:
Shares sold		3,989		$	86,799
Shares redeemed		(2,718	)		(60,645	)

Net increase (decrease)		1,271		$	26,154

Year ended October 31, 2019:
Shares sold		6,168		$	148,539
Shares issued to shareholders in reinvestment of distributions		1,199			28,627
Shares redeemed		(529	)		(12,454	)

Net increase (decrease)		6,838		$	164,712

Note 10–Recent Accounting Pronouncement

interim and annual reporting periods beginning after December 15, 2019. The Manager evaluated the implications of certain provisions of ASU 2018-13 and determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures, which are currently in place as of October 31, 2020. The Manager is evaluating the implications of certain other provisions of ASU 2018-13 related to new disclosure requirements and has not yet determined the impact of those provisions on the financial statement disclosures, if any.

Note 11–Other Matters

Note 12–Subsequent Events

Effective at the close of business on November 20, 2020, all services provided by State Street were transitioned to JPMorgan Chase Bank, N.A.


34		MainStay MacKay Small Cap Core Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders of the Fund and Board of Trustees

MainStay Funds Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of MainStay MacKay Small Cap Core Fund (the Fund) one of the funds constituting MainStay Funds Trust, including the portfolio of investments, as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2020, by correspondence with the custodian and the transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

LOGO

We have served as the auditor of one or more New York Life Investment Management investment companies since 2003.

Philadelphia, Pennsylvania

December 23, 2020


			35

Federal Income Tax Information (Unaudited)

The Fund is required under the Internal Revenue Code to advise shareholders in a written statement as to the federal tax status of dividends paid by the Fund during such fiscal years.

For the fiscal year ended October 31, 2020, the Fund designated approximately $1,145,072 under the Internal Revenue Code as qualified dividend income eligible for reduced tax rates.

The dividends paid by the Fund during the fiscal year ended October 31, 2020 should be multiplied by 100.00% to arrive at the amount eligible for the corporate dividend-received deduction.

Proxy Voting Policies and Procedures and Proxy Voting Record

Shareholder Reports and Quarterly Portfolio Disclosure


36		MainStay MacKay Small Cap Core Fund

Board of Trustees and Officers (Unaudited)

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Interested Trustee

Yie-Hsin Hung*

1962

MainStay Funds:
Trustee since 2017

MainStay Funds Trust:
Trustee since 2017

MainStay VP Funds Trust:
Trustee since 2017 (31 portfolios); and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017.


			37

Board of Trustees and Officers (Unaudited) (continued)

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

David H. Chow

1957

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Founder and CEO, DanCourt Management, LLC since 1999

Susan B. Kerley

1951

MainStay Funds:
Chairman since 2017 and Trustee since 2007;

MainStay Funds Trust: Chairman since 2017 and Trustee since 1990.**

President, Strategic Management Advisors LLC since 1990

MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007 (31 portfolios)***;
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; and

Legg Mason Partners Funds: Trustee since 1991 (45 portfolios).

Alan R. Latshaw

1951

MainStay Funds:
Trustee;

MainStay Funds Trust:
Trustee and Audit Committee Financial Expert since 2007.**

Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006)

Richard H. Nolan, Jr.

1946

MainStay Funds:
Trustee since 2007;

MainStay Funds Trust:
Trustee since 2007.**

Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004)

MainStay VP Funds Trust: Trustee since 2006 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Jacques P. Perold

1958

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Allstate Corporation: Director since 2015;
MSCI, Inc.: and Director since 2017.


38		MainStay MacKay Small Cap Core Fund

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

Richard S. Trutanic

1952

MainStay Funds: Trustee since 1994;

MainStay Funds Trust: Trustee since 2007.**

MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust.

***

Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


			39

Board of Trustees and Officers (Unaudited) (continued)


	Name and Year of Birth	Position(s) Held and Length of Service	Principal Occupation(s) During Past Five Years
Officers of the Trust (Who are not Trustees)*	Kirk C. Lehneis 1974	President, MainStay Funds, MainStay Funds Trust since 2017	Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers since 2017 and Senior Managing Director since 2018, NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since 2017**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC
	Jack R. Benintende 1964	Treasurer and Principal Financial and Accounting Officer, MainStay Funds since 2007, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2007**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012)
	Yi-Chia Kuo 1981	Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust since January 2020	Chief Compliance Officer, Index IQ Trust, Index IQ ETF Trust and Index IQ Active ETF Trust since January 2020; Vice President and Chief Compliance Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since January 2020; Director and Associate General Counsel, New York Life Insurance Company (2015 to 2019)
	J. Kevin Gao 1967	Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust since 2010	Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2010**
	Scott T. Harrington 1959	Vice President— Administration, MainStay Funds since 2005, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2005**

Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


40		MainStay MacKay Small Cap Core Fund

MainStay Funds

Equity

U.S. Equity

MainStay Epoch U.S. All Cap Fund

MainStay Epoch U.S. Equity Yield Fund

MainStay MacKay Common Stock Fund

MainStay MacKay Growth Fund

MainStay MacKay S&P 500 Index Fund

MainStay MacKay Small Cap Core Fund

MainStay MacKay U.S. Equity Opportunities Fund

MainStay MAP Equity Fund

MainStay Winslow Large Cap Growth Fund¹

International Equity

MainStay Epoch International Choice Fund

MainStay MacKay International Equity Fund

MainStay MacKay International Opportunities Fund

Emerging Markets Equity

MainStay Candriam Emerging Markets Equity Fund

Global Equity

MainStay Epoch Capital Growth Fund

MainStay Epoch Global Equity Yield Fund

Fixed Income

Taxable Income

MainStay Candriam Emerging Markets Debt Fund

MainStay Floating Rate Fund

MainStay MacKay High Yield Corporate Bond Fund

MainStay MacKay Short Duration High Yield Fund

MainStay MacKay Total Return Bond Fund

MainStay MacKay Unconstrained Bond Fund

MainStay MacKay U.S. Infrastructure Bond Fund²

MainStay Short Term Bond Fund³

Tax-Exempt Income

MainStay MacKay California Tax Free Opportunities Fund⁴

MainStay MacKay High Yield Municipal Bond Fund

MainStay MacKay Intermediate Tax Free Bond Fund

MainStay MacKay New York Tax Free Opportunities Fund⁵

MainStay MacKay Short Term Municipal Fund

MainStay MacKay Tax Free Bond Fund

Money Market

MainStay Money Market Fund

Mixed Asset

MainStay Balanced Fund

MainStay Income Builder Fund

MainStay MacKay Convertible Fund

Speciality

MainStay CBRE Global Infrastructure Fund

MainStay CBRE Real Estate Fund

MainStay Cushing MLP Premier Fund

Asset Allocation

MainStay Conservative Allocation Fund

MainStay Conservative ETF Allocation Fund

MainStay Defensive ETF Allocation Fund

MainStay Equity Allocation Fund⁶

MainStay Equity ETF Allocation Fund

MainStay Growth Allocation Fund⁷

MainStay Growth ETF Allocation Fund

MainStay Moderate Allocation Fund

MainStay Moderate ETF Allocation Fund

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium S.A.⁸

Brussels, Belgium

Candriam Luxembourg S.C.A.⁸

Strassen, Luxembourg

CBRE Clarion Securities LLC

Radnor, Pennsylvania

Cushing Asset Management, LP

Dallas, Texas

Epoch Investment Partners, Inc.

New York, New York

MacKay Shields LLC⁸

New York, New York

Markston International LLC

White Plains, New York

NYL Investors LLC⁸

New York, New York

Winslow Capital Management, LLC

Minneapolis, Minnesota

Legal Counsel

Dechert LLP

Washington, District of Columbia

Independent Registered Public Accounting Firm

KPMG LLP

Philadelphia, Pennsylvania

Distributor

NYLIFE Distributors LLC⁸

Jersey City, New Jersey

Custodian⁹

State Street Bank and Trust Company

Boston, Massachusetts

1.	Formerly known as MainStay Large Cap Growth Fund.

2.	Formerly known as MainStay MacKay Infrastructure Bond Fund.

3.	Formerly known as MainStay Indexed Bond Fund.

4.	This Fund is registered for sale in AZ, CA, NV, OR, TX, UT and WA. Class A and Class I shares are registered for sale in MI. Class I and Class C2 shares are registered for sale in CO, FL, GA, HI, ID, MA, MD, NH, NJ and NY.

5.	This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT.

6.	Formerly known as MainStay Growth Allocation Fund.

7.	Formerly known as MainStay Moderate Growth Allocation Fund.

8.	An affiliate of New York Life Investment Management LLC.

Not part of the Annual Report

For more information

800-624-6782

newyorklifeinvestments.com

1716820 MS203-20

MSSCC11-12/20

(NYLIM) NL227

MainStay MacKay Total Return Bond Fund

Message from the President and Annual Report

October 31, 2020


Not FDIC/NCUA Insured		Not a Deposit		May Lose Value		No Bank Guarantee		Not Insured by Any Government Agency

LOGO

This page intentionally left blank

Message from the President

reporting period in negative territory, with the energy sector suffering the steepest losses due to weak global demand. International equities declined sharply in February and March 2020 before recovering somewhat, but tended to lag their U.S. counterparts due to weaker underlying economic growth and somewhat less aggressive monetary and fiscal stimulus. Emerging-market equities tracked the performance of U.S. equity markets more closely, led by relatively strong returns in Asian markets, such as China and South Korea.

Sincerely,

LOGO

Kirk C. Lehneis

President

Not part of the Annual Report

Table of Contents


Annual Report

Investment and Performance Comparison			5

Portfolio Management Discussion and Analysis			9

Portfolio of Investments			11

Financial Statements			24

Notes to Financial Statements			32

Report of Independent Registered Public Accounting Firm			44

Federal Income Tax Information			45

Proxy Voting Policies and Procedures and Proxy Voting Record			45

Shareholder Reports and Quarterly Portfolio Disclosure			45

Board of Trustees and Officers			46

Investment and Performance Comparison¹ (Unaudited)

LOGO

Average Annual Total Returns for the Year-Ended October 31, 2020


Class	Sales Charge		Inception Date		One Year or Since Inception			Five Years or Since Inception			Ten Years or Since Inception			Gross Expense Ratio²

Class A Shares	Maximum 4.5% Initial Sales Charge	With sales charges Excluding sales charges		1/2/2004		1.75 6.55	%		3.23 4.19	%		3.22 3.69	%		0.89 0.89	%
Investor Class Shares³	Maximum 4% Initial Sales Charge	With sales charges Excluding sales charges		2/28/2008		1.62 6.40			3.16 4.12			3.13 3.61			1.06 1.06
Class B Shares⁴	Maximum 5% CDSC if Redeemed Within the First Six Years of Purchase	With sales charges Excluding sales charges		1/2/2004		0.64 5.64			2.98 3.33			2.84 2.84			1.81 1.81
Class C Shares	Maximum 1% CDSC if Redeemed Within One Year of Purchase	With sales charges Excluding sales charges		1/2/2004		4.64 5.64			3.33 3.33			2.84 2.84			1.81 1.81
Class I Shares	No Sales Charge			1/2/1991		6.91			4.53			4.03			0.64
Class R1 Shares	No Sales Charge			6/29/2012		6.81			4.40			3.56			0.74
Class R2 Shares	No Sales Charge			6/29/2012		6.54			4.13			3.30			0.99
Class R3 Shares	No Sales Charge			2/29/2016		6.28			4.30			N/A			1.24
Class R6 Shares	No Sales Charge			12/29/2014		6.89			4.58			3.94			0.54
SIMPLE Class Shares	No Sales Charge			8/31/2020		–0.66			N/A			N/A			1.31

2.	The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report.

3.	Prior to June 30, 2020, the maximum initial sales charge for Investor Class shares was 4.5%, which is reflected in the average annual total return figures shown.

4.	Class B shares are closed to all new purchases as well as additional investments by existing Class B shareholders.

The footnotes on the next page are an integral part of the table and graph and should be carefully read in conjunction with them.


			5


Benchmark Performance	One Year			Five Years			Ten Years

Bloomberg Barclays U.S. Aggregate Bond Index⁵		6.19	%		4.08	%		3.55	%
Morningstar Intermediate Core-Plus Bond Category Average⁶		5.74			4.16			3.87

The Bloomberg Barclays U.S. Aggregate Bond Index is the Fund’s primary broad-based securities market index for comparison purposes. The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasurys, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. Results assume reinvestment of all income and capital gains. An investment cannot be made directly in an index.

The Morningstar Intermediate Core-Plus Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, but generally have greater flexibility than core offerings to hold non-core sectors such as corporate high yield, bank loan, emerging-markets debt, and non-U.S. currency exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.

The footnotes on the preceding page are an integral part of the table and graph and should be carefully read in conjunction with them.


6		MainStay MacKay Total Return Bond Fund

Cost in Dollars of a $1,000 Investment in MainStay MacKay Total Return Bond Fund (Unaudited)

Example

This example illustrates your Fund’s ongoing costs in two ways:

Actual Expenses

multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes



Share Class	Beginning Account Value 5/1/20		Ending Account Value (Based on Actual Returns and Expenses) 10/31/20		Expenses Paid During Period¹		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/20		Expenses Paid During Period¹		Net Expense Ratio During Period²

Class A Shares	$	1,000.00	$	1,041.50	$	4.26	$	1,020.96	$	4.22	0.83%

Investor Class Shares	$	1,000.00	$	1,041.20	$	5.23	$	1,020.01	$	5.18	1.02%

Class B Shares	$	1,000.00	$	1,037.50	$	9.07	$	1,016.24	$	8.97	1.77%

Class C Shares	$	1,000.00	$	1,037.40	$	9.06	$	1,016.24	$	8.97	1.77%

Class I Shares	$	1,000.00	$	1,043.60	$	3.08	$	1,022.12	$	3.05	0.60%

Class R1 Shares	$	1,000.00	$	1,042.20	$	3.54	$	1,021.67	$	3.51	0.69%

Class R2 Shares	$	1,000.00	$	1,041.80	$	4.82	$	1,020.41	$	4.77	0.94%

Class R3 Shares	$	1,000.00	$	1,039.60	$	6.10	$	1,019.15	$	6.04	1.19%

Class R6 Shares	$	1,000.00	$	1,043.00	$	2.72	$	1,022.47	$	2.69	0.53%

SIMPLE Class Shares^3,4	$	1,000.00	$	993.40	$	2.08	$	1,006.25	$	2.09	1.25%

Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 366 and multiplied by 184 (to reflect the six-month period) and 61 days for SIMPLE Class share (to reflect the since-inception period. The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures.

2.	Expenses are equal to the Fund’s annualized expense ratio to reflect the six-month period.

3.	The inception date was August 31, 2020.

Expenses paid during the period reflect ongoing costs for the period from inception through October 31, 2020. Had these shares been offered for the full six-month period ended October 31, 2020, and had the Fund provided a hypothetical 5% annualized return, expenses paid during the period would have been $6.34 for SIMPLE Class shares and the ending account value would have been $1,018.85 for SIMPLE Class shares.


			7

Portfolio Composition as of October 31, 2020 (Unaudited)

LOGO

See Portfolio of Investments beginning on page 11 for specific holdings within these categories. The Fund’s holdings are subject to change.

‡	Less than one-tenth of a percent.

Top Ten Holdings or Issuers Held as of October 31, 2020 (excluding short-term investments) (Unaudited)

1.	United States Treasury Notes, 0.125%–0.50%, due 10/31/22–10/31/27

2.	Federal National Mortgage Association (Mortgage Pass-Through Securities), 2.00%–6.50%, due 9/1/33–6/1/57

3.	United States Treasury Bonds, 1.375%–4.50%, due 5/15/38–8/15/50

4.	Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities), 2.00%–6.50%, due 5/1/30–9/1/50

5.	Bank of America Corp., 2.496%–6.30%, due 1/28/25–6/19/41

6.	United States Treasury Inflation—Indexed Notes, 0.125%–0.875%, due 7/15/28–1/15/30

7.	JPMorgan Chase & Co., 2.182%–5.50%, due 2/1/25–10/15/40

8.	Federal Home Loan Mortgage Corporation, 3.00%–4.00%, due 11/15/47–1/25/50

9.	Benchmark Mortgage Trust, 2.148%–3.229%, due 9/15/43–9/15/53

10.	Fannie Mae Connecticut Avenue Securities, 3.799%–4.599%, due 1/25/29–9/25/29


8		MainStay MacKay Total Return Bond Fund

Portfolio Management Discussion and Analysis (Unaudited)

Questions answered by portfolio managers Dan Roberts, PhD,¹ Stephen R. Cianci, CFA, and Neil Moriarty III, of MacKay Shields LLC, the Fund’s Subadvisor.

How did MainStay MacKay Total Return Bond Fund perform relative to its benchmark and peer group during the 12 months ended October 31, 2020?

For the 12 months ended October 31, 2020, Class I shares of MainStay MacKay Total Return Bond Fund returned 6.91%, outperforming the 6.19% return of the Fund’s primary benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. Over the same period, Class I shares also outperformed the 5.74% return of the Morningstar Intermediate Core-Plus Bond Category Average.²

Were there any changes to the Fund during the reporting period?

Effective February 28, 2020, the Fund’s principal investment strategies were modified to allow the Fund to invest up to 30% of its total assets in securities rated below investment grade by an independent rating agency or, if unrated, determined by the subadvisor to be of comparable quality. For more information about this change, refer to the prospectus supplement dated December 13, 2019.

What factors affected the Fund’s relative performance during the reporting period?

During the reporting period, the Fund outperformed the Bloomberg Barclays U.S. Aggregate Bond Index due to advantageous positioning among asset-backed securities (“ABS”), investment-grade corporate bonds and longer-duration³ Treasury bonds, as well as positive asset allocation decisions. Holdings among high-yield bonds and collateralized mortgage obligations underperformed the Index return during the same period.

During the reporting period, were there any market events that materially impacted the Fund’s performance or liquidity?

During the first quarter of 2020, it became increasingly evident that the COVID-19 virus was not merely a medical concern, but an economic one—with perhaps larger fiscal implications than those related to personal health. Other than the Treasury sector, steep losses were seen among all asset classes, including gold, which is usually a haven during times of uncertainty. Though liquidity was challenged in this environment, the Fund did not encounter any problems selling securities where and when needed.

The liquidity program implemented by the U.S. Federal Reserve (“Fed”) stimulated a recovery in the credit markets during the second quarter of 2020. The Fed provided a supportive hand for investment-grade bond spreads⁴ (and eventually select high-yield bonds) with the purchase of individual corporate bonds under the Secondary Market Corporate Credit Facility. The stock and credit market rally carried over into the third quarter as well, as the Fed stayed active in the markets, and low interest rates created a supportive environment for bond refinancings.

During the reporting period, how was the Fund’s performance materially affected by investments in derivatives?

During the reporting period, the Fund’s use of U.S. Treasury futures had minimal impact on returns.

What was the Fund’s duration strategy during the reporting period?

The Fund’s strategy was to remain duration neutral relative to the Bloomberg Barclays U.S. Aggregate Bond Index throughout the reporting period.

During the reporting period, which sectors were the strongest positive contributors to the Fund’s relative performance and which sectors were particularly weak?

As mentioned above, the strongest positive contributions to the Fund’s performance relative to the Bloomberg Barclays U.S. Aggregate Bond Index came from holdings of ABS, investment-grade corporate bonds and longer-duration Treasury bonds. (Contributions take weightings and total returns into account.) Select asset allocation decisions made near the height of the pandemic market sell-off further bolstered relative returns. Conversely, holdings of high-yield bonds and collateralized mortgage obligations underperformed the Index return during the reporting period.

What were some of the Fund’s largest purchases and sales during the reporting period?

During the reporting period, the Fund purchased a seasoned credit risk transfer deal from Freddie Mac (the Federal Home Loan Mortgage Corporation) backed by four-year-old prime mortgage loans. At the time of purchase, the liquidity premium was high as there were forced sellers of this type of paper.

1.	Dan Roberts served as a portfolio manager of the Fund until January 1, 2020.

2.	See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 for more information on benchmark and peer group returns.

3.	Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity.

4.	The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time.


			9

Given the underlying fundamentals of the borrower’s credit and the bond structure, we believed the market would eventually price those in. The Fund also purchased corporate bonds issued by graphics processor and software maker NVIDIA, a high-quality, low-levered name in a rapidly growing industry. The issue came to market during the height of the market’s volatility; as a result, it is priced with a very attractive new-issue premium.

To pay for increased exposure to credit after the market correction, we sold down the Fund’s position in agency mortgages as the Fed was an active buyer in that paper. Additionally, we sold the Fund’s position in an ABS deal backed by equipment loans from DLL Finance at a time in early February when ABS spreads were historically tight, and liquidity was readily available.

How did the Fund’s sector weightings change during the reporting period?

Early in the reporting period, we focused on diversifying the Fund’s holdings while dialing down risk as credit spreads had

been narrowing. This led to an increase in securitized⁵ assets while decreasing the Fund’s credit positions, specifically high yield. After the March 2020 correction, we reversed course and increased the Fund’s exposure to high yield and other spread product at discounted prices. Based on these moves we increased the Fund’s exposure to high-yield bonds, commercial mortgage-back securities and emerging-market bonds, while decreasing exposure to agency mortgages.

How was the Fund positioned at the end of the reporting period?

As of October 31, 2020, the Fund held overweight exposure relative to the Bloomberg Barclays U.S. Aggregate Bond Index in high-yield securities, investment-grade corporate bonds and securitized assets. As of the same date, the Fund held relatively underweight exposure to Treasury securities and agency mortgages.

5.	A securitization is a financial instrument created by an issuer by combining a pool of financial assets (such as mortgages). The financial instrument is then marketed to investors, sometimes in tiers.


10		MainStay MacKay Total Return Bond Fund

Portfolio of Investments October 31, 2020


	Principal Amount		Value
Long-Term Bonds 95.9%† Asset-Backed Securities 4.8%
Auto Floor Plan Asset-Backed Securities 1.1%
Ford Credit Floorplan Master Owner Trust
Series 2019-4, Class A 2.44%, due 9/15/26	$	3,215,000	$	3,410,375
Series 2017-3, Class A 2.48%, due 9/15/24		1,485,000		1,538,679
Series 2018-4, Class A 4.06%, due 11/15/30		4,610,000		5,246,638
General Motors Floorplan Owner Revolving Trust (a)
Series 2020-2, Class C 1.31%, due 10/15/25		1,675,000		1,674,689
Series 2019-2, Class A 2.90%, due 4/15/26		4,200,000		4,502,766

				16,373,147

Automobile Asset-Backed Securities 1.6%
Avis Budget Rental Car Funding AESOP LLC (a)
Series 2020-1A, Class A 2.33%, due 8/20/26		1,945,000		1,990,204
Series 2017-2A, Class A 2.97%, due 3/20/24		2,130,000		2,192,867
Series 2018-2A, Class A 4.00%, due 3/20/25		1,500,000		1,605,197
Chase Auto Credit Linked Notes Series 2020-1, Class B 0.991%, due 1/25/28 (a)		820,000		821,668
Drive Auto Receivables Trust Series 2020-2, Class C 2.28%, due 8/17/26		1,800,000		1,851,682
Flagship Credit Auto Trust Series 2020-4, Class C 1.28%, due 2/16/27 (a)		2,445,000		2,443,289
Ford Credit Auto Owner Trust (a)
Series 2020-2, Class A 1.06%, due 4/15/33		3,835,000		3,840,555
Series 2020-1, Class A 2.04%, due 8/15/31		2,560,000		2,677,291
GM Financial Automobile Leasing Trust Series 2020-2, Class B 1.56%, due 7/22/24		1,780,000		1,811,639
Santander Drive Auto Receivables Trust Series 2020-2, Class C 1.46%, due 9/15/25		2,340,000		2,363,788
Santander Revolving Auto Loan Trust Series 2019-A, Class A 2.51%, due 1/26/32 (a)		2,215,000		2,348,341

				23,946,521


	Principal Amount		Value
Credit Cards 0.1%
Capital One Multi-Asset Execution Trust Series 2019-A3, Class A3 2.06%, due 8/15/28	$	2,420,000	$	2,575,218


Other Asset-Backed Securities 1.9%
Carrington Mortgage Loan Trust Series 2007-HE1, Class A3 0.339% (1 Month LIBOR + 0.19%), due 6/25/37 (b)		6,156,935		5,905,333
CF Hippolyta LLC (a)
Series 2020-1, Class A1 1.69%, due 7/15/60		2,744,272		2,773,277
Series 2020-1, Class A2 1.99%, due 7/15/60		1,870,876		1,885,899
Hilton Grand Vacations Trust Series 2019-AA, Class A 2.34%, due 7/25/33 (a)		3,009,445		3,084,456
MVW LLC (a)
Series 2020-1A, Class A 1.74%, due 10/20/37		1,889,904		1,918,717
Series 2019-2A, Class A 2.22%, due 10/20/38		2,661,854		2,730,966
PFS Financing Corp. Series 2020-E, Class A 1.00%, due 10/15/25 (a)		3,140,000		3,152,060
Sierra Timeshare Receivables Funding LLC (a)
Series 2020-2A, Class A 1.33%, due 7/20/37		2,101,888		2,110,690
Series 2019-3A, Class A 2.34%, due 8/20/36		1,580,554		1,614,089
Series 2020-2A, Class C 3.51%, due 7/20/37		3,664,596		3,728,709

				28,904,196

Student Loans 0.1%
Navient Private Education Refi Loan Trust Series 2020-DA, Class A 1.69%, due 5/15/69 (a)		1,366,877		1,387,682

Total Asset-Backed Securities (Cost $70,476,537)				73,186,764


Corporate Bonds 52.5%
Aerospace & Defense 0.4%
BAE Systems PLC 3.00%, due 9/15/50 (a)		3,250,000		3,275,064
L3Harris Technologies, Inc.
4.854%, due 4/27/35		585,000		754,791
5.054%, due 4/27/45		1,215,000		1,617,445

				5,647,300


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					11

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Corporate Bonds (continued)
Agriculture 0.4%
Altria Group, Inc. 4.80%, due 2/14/29	$	2,555,000	$	3,000,937
BAT Capital Corp. 3.734%, due 9/25/40		1,355,000		1,333,066
JBS Investments II GmbH 7.00%, due 1/15/26 (a)		1,800,000		1,923,120

				6,257,123

Airlines 1.5%
American Airlines Pass-Through Trust
Series 2019-1, Class AA 3.15%, due 2/15/32		2,166,945		1,986,525
Series 2013-2, Class A 4.95%, due 1/15/23		7,121,017		6,171,880
Delta Air Lines, Inc. 7.00%, due 5/1/25 (a)		3,565,000		3,890,549
Delta Air Lines, Inc. / SkyMiles I.P. Ltd. 4.50%, due 10/20/25 (a)		1,850,000		1,877,650
Delta Air Lines, Inc. / SkyMiles I.P.Ltd. 4.75%, due 10/20/28 (a)		1,470,000		1,502,652
JetBlue Pass Through Trust Series 2019-1, Class AA 2.75%, due 5/15/32		2,573,238		2,506,466
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets, Ltd. 6.50%, due 6/20/27 (a)		2,995,000		3,118,544
United Airlines Pass-Through Trust Series 2020-1, Class A 5.875%, due 10/15/27		2,238,000		2,243,038

				23,297,304

Apparel 0.4%
Hanesbrands, Inc.(a)
4.875%, due 5/15/26		1,409,000		1,514,675
5.375%, due 5/15/25		1,960,000		2,062,900
NIKE, Inc. 3.375%, due 3/27/50		2,205,000		2,535,528

				6,113,103

Auto Manufacturers 1.3%
Ford Motor Co.
8.50%, due 4/21/23		3,330,000		3,675,487
9.00%, due 4/22/25		3,300,000		3,888,703
Ford Motor Credit Co. LLC
3.35%, due 11/1/22		1,280,000		1,275,200
4.063%, due 11/1/24		3,630,000		3,640,164
4.25%, due 9/20/22		1,015,000		1,029,370
General Motors Co. 6.125%, due 10/1/25		2,915,000		3,411,524
General Motors Financial Co., Inc. 5.20%, due 3/20/23		3,105,000		3,369,297

				20,289,745


	Principal Amount		Value
Banks 9.7%
Banco Santander Mexico S.A. 5.375%, due 4/17/25 (a)	$	3,200,000	$	3,584,032
Bank of America Corp.
2.496%, due 2/13/31 (c)		3,850,000		3,984,760
2.676%, due 6/19/41 (c)		4,310,000		4,351,548
3.248%, due 10/21/27		5,450,000		6,011,934
3.419%, due 12/20/28 (c)		468,000		519,911
3.593%, due 7/21/28 (c)		2,300,000		2,571,329
3.705%, due 4/24/28 (c)		5,000,000		5,618,445
4.25%, due 10/22/26		6,900,000		7,981,680
4.30%, due 1/28/25 (c)(d)		5,410,000		5,278,158
6.30%, due 3/10/26 (c)(d)		1,500,000		1,702,500
Barclays PLC 4.61%, due 2/15/23 (c)		1,205,000		1,262,154
BNP Paribas S.A. 3.052%, due 1/13/31 (a)(c)		5,020,000		5,320,566
Citigroup, Inc.
3.887%, due 1/10/28 (c)		3,489,000		3,938,748
4.05%, due 7/30/22		580,000		614,599
5.30%, due 5/6/44		3,464,000		4,589,761
Credit Suisse Group A.G. 2.593%, due 9/11/25 (a)(c)		3,550,000		3,721,024
First Horizon National Corp. 4.00%, due 5/26/25		5,300,000		5,808,768
Goldman Sachs Group, Inc.
3.50%, due 11/16/26		4,305,000		4,766,251
6.75%, due 10/1/37		2,300,000		3,351,025
HSBC Holdings PLC 3.973%, due 5/22/30 (c)		1,830,000		2,052,462
JPMorgan Chase & Co.
2.182%, due 6/1/28 (c)		4,380,000		4,567,595
2.956%, due 5/13/31 (c)		3,015,000		3,210,817
3.782%, due 2/1/28 (c)		3,900,000		4,432,186
4.005%, due 4/23/29 (c)		4,000,000		4,641,358
4.60%, due 2/1/25 (c)(d)		11,707,000		11,543,102
5.50%, due 10/15/40		1,805,000		2,586,132
Lloyds Banking Group PLC 4.582%, due 12/10/25		8,183,000		9,060,884
Morgan Stanley
3.591%, due 7/22/28 (c)		5,265,000		5,923,064
5.00%, due 11/24/25		4,535,000		5,345,308
6.25%, due 8/9/26		2,000,000		2,532,244
Natwest Group PLC
3.073% (CMT + 2.55%), due 5/22/28 (b)		3,880,000		4,098,341
5.125%, due 5/28/24		3,550,000		3,911,724
PNC Financial Services Group, Inc. 2.55%, due 1/22/30		3,105,000		3,341,625
Truist Financial Corp. 4.95% (5 Year Treasury Constant Maturity Rate + 4.61%), due 9/1/25 (b)(d)		3,515,000		3,725,900


12		MainStay MacKay Total Return Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Corporate Bonds (continued)
Banks (continued)
Wachovia Corp. 5.50%, due 8/1/35	$	1,220,000	$	1,581,370
Wells Fargo Bank N.A. 5.85%, due 2/1/37		555,000		744,057

				148,275,362

Beverages 0.7%
Anheuser-Busch InBev Worldwide, Inc. 4.75%, due 1/23/29		4,695,000		5,685,763
Constellation Brands, Inc. 4.50%, due 5/9/47		2,740,000		3,348,915
PepsiCo, Inc. 3.625%, due 3/19/50		1,220,000		1,474,761

				10,509,439

Biotechnology 0.3%
Biogen, Inc. 3.15%, due 5/1/50		4,315,000		4,175,679


Building Materials 0.6%
Builders FirstSource, Inc. 5.00%, due 3/1/30 (a)		3,839,000		4,050,145
Carrier Global Corp. 2.242%, due 2/15/25 (a)		4,130,000		4,307,118
Cemex S.A.B. de C.V. 7.375%, due 6/5/27 (a)		1,080,000		1,189,631

				9,546,894

Chemicals 1.2%
Air Liquide Finance S.A. 1.75%, due 9/27/21 (a)		2,470,000		2,499,965
Braskem Netherlands Finance B.V. 4.50%, due 1/10/28 (a)		2,830,000		2,718,272
Huntsman International LLC 4.50%, due 5/1/29		4,289,000		4,784,742
Nutrition & Biosciences, Inc. 2.30%, due 11/1/30 (a)		5,155,000		5,183,960
Orbia Advance Corp. S.A.B. de C.V. 4.00%, due 10/4/27 (a)		2,400,000		2,594,400

				17,781,339

Commercial Services 1.3%
Allied Universal Holdco LLC / Allied Universal Finance Corp. 6.625%, due 7/15/26 (a)		2,570,000		2,692,165
Ashtead Capital, Inc. 4.00%, due 5/1/28 (a)		1,435,000		1,495,988
California Institute of Technology 3.65%, due 9/1/19		2,914,000		2,959,125
Herc Holdings, Inc. 5.50%, due 7/15/27 (a)		2,800,000		2,877,350


	Principal Amount		Value
Commercial Services (continued)
IHS Markit, Ltd. 4.25%, due 5/1/29	$	5,055,000	$	5,805,162
PayPal Holdings, Inc. 2.65%, due 10/1/26		3,455,000		3,757,347

				19,587,137

Computers 1.1%
Dell International LLC / EMC Corp.(a)
4.90%, due 10/1/26		6,467,000		7,364,311
5.30%, due 10/1/29		1,275,000		1,477,233
8.10%, due 7/15/36		1,750,000		2,363,806
NCR Corp.(a)
5.00%, due 10/1/28		3,298,000		3,265,020
6.125%, due 9/1/29		1,535,000		1,607,912

				16,078,282

Cosmetics & Personal Care 0.1%
Estee Lauder Cos., Inc. 2.60%, due 4/15/30		1,130,000		1,228,583


Distribution & Wholesale 0.6%
Avient Corp. 5.75%, due 5/15/25 (a)		3,664,000		3,856,360
Performance Food Group, Inc. 5.50%, due 10/15/27 (a)		5,420,000		5,555,500

				9,411,860

Diversified Financial Services 2.8%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.50%, due 5/26/22		3,690,000		3,747,219
Air Lease Corp. 4.25%, due 9/15/24		6,445,000		6,727,476
Ally Financial, Inc.
3.875%, due 5/21/24		2,695,000		2,898,336
8.00%, due 11/1/31		6,085,000		8,399,512
Avolon Holdings Funding, Ltd. 3.25%, due 2/15/27 (a)		2,895,000		2,642,529
BOC Aviation, Ltd. 2.625%, due 9/17/30 (a)		4,250,000		4,137,207
Charles Schwab Corp. 5.375% (5 Year Treasury Constant Maturity Rate + 4.97%), due 6/1/25 (b)(d)		3,600,000		3,939,480
Discover Financial Services 3.85%, due 11/21/22		1,526,000		1,629,085
Intercontinental Exchange, Inc. 3.00%, due 9/15/60		3,535,000		3,554,354
International Lease Finance Corp. 5.875%, due 8/15/22		2,200,000		2,347,538
PennyMac Financial Services, Inc. 5.375%, due 10/15/25 (a)		3,253,000		3,317,084

				43,339,820


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					13

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Corporate Bonds (continued)
Electric 2.2%
Arizona Public Service Co. 3.35%, due 5/15/50	$	2,700,000	$	2,986,614
Comision Federal De Electricidad 4.75%, due 2/23/27 (a)		2,490,000		2,714,100
Connecticut Light & Power Co. 4.00%, due 4/1/48		1,805,000		2,261,880
Duke Energy Progress LLC 3.45%, due 3/15/29		3,695,000		4,232,175
Duquesne Light Holdings, Inc. 3.616%, due 8/1/27 (a)		1,645,000		1,769,497
Evergy Kansas Central, Inc. 3.45%, due 4/15/50		4,230,000		4,769,551
N.V. Energy, Inc. 6.25%, due 11/15/20		5,000,000		5,009,832
Pacific Gas & Electric Co.
2.10%, due 8/1/27		4,405,000		4,252,914
3.50%, due 8/1/50		3,715,000		3,357,572
Southern California Edison Co. 4.00%, due 4/1/47		2,055,000		2,216,588

				33,570,723

Entertainment 0.1%
Cedar Fair L.P. / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Operations LLC 5.50%, due 5/1/25 (a)		1,991,000		2,015,888


Environmental Controls 0.1%
Waste Connections, Inc. 3.50%, due 5/1/29		1,880,000		2,131,818


Food 1.1%
JBS USA LUX S.A. / JBS USA Food Co. / JBS USA Finance, Inc. 5.50%, due 1/15/30 (a)		1,930,000		2,098,875
Kraft Heinz Foods Co.
3.875%, due 5/15/27 (a)		1,362,000		1,440,802
5.00%, due 7/15/35		1,689,000		1,946,646
Mars, Inc.(a)
3.20%, due 4/1/30		1,100,000		1,258,908
3.60%, due 4/1/34		930,000		1,101,818
Smithfield Foods, Inc. 5.20%, due 4/1/29 (a)		960,000		1,109,069
Sysco Corp. 3.30%, due 2/15/50		1,745,000		1,651,771
Tyson Foods, Inc. 5.15%, due 8/15/44		3,000,000		3,946,236
U.S. Foods, Inc. 6.25%, due 4/15/25 (a)		2,610,000		2,727,450

				17,281,575


	Principal Amount		Value
Food Services 0.2%
Aramark Services, Inc. 6.375%, due 5/1/25 (a)	$	2,383,000	$	2,499,481


Gas 0.4%
Atmos Energy Corp. 4.30%, due 10/1/48		1,465,000		1,877,229
NiSource, Inc. 3.49%, due 5/15/27		2,935,000		3,247,137
Southern California Gas Co. 3.20%, due 6/15/25		915,000		1,002,553

				6,126,919

Health Care—Services 0.5%
Health Care Service Corp. A Mutual Legal Reserve Co. 3.20%, due 6/1/50 (a)		4,630,000		4,751,902
NYU Langone Hospitals 3.38%, due 7/1/55		2,400,000		2,342,427

				7,094,329

Holding Company—Diversified 0.3%
CK Hutchison International (17) II, Ltd. 3.25%, due 9/29/27 (a)		3,675,000		4,009,078


Home Builders 0.9%
Lennar Corp. 4.75%, due 11/29/27		1,546,000		1,770,170
NVR, Inc. 3.95%, due 9/15/22		6,420,000		6,765,746
Toll Brothers Finance Corp.
3.80%, due 11/1/29		2,233,000		2,372,205
4.35%, due 2/15/28		1,364,000		1,489,242
TRI Pointe Group, Inc. / TRI Pointe Homes, Inc. 5.875%, due 6/15/24		1,320,000		1,428,075

				13,825,438

Home Furnishing 0.4%
Whirlpool Corp. 4.85%, due 6/15/21		5,890,000		6,044,529


Housewares 0.1%
Newell Brands, Inc. 4.875%, due 6/1/25		840,000		909,552


Insurance 2.1%
Equitable Holdings, Inc. 4.35%, due 4/20/28		5,025,000		5,772,010
Liberty Mutual Group, Inc. 3.951%, due 10/15/50 (a)		3,675,000		4,070,368
Markel Corp. 3.625%, due 3/30/23		2,515,000		2,679,970


14		MainStay MacKay Total Return Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Corporate Bonds (continued)
Insurance (continued)
Nippon Life Insurance Co. 3.40% (5 Year Treasury Constant Maturity Rate + 2.61%), due 1/23/50 (a)(b)	$	3,065,000	$	3,289,205
Peachtree Corners Funding Trust 3.976%, due 2/15/25 (a)		1,780,000		1,958,874
Reliance Standard Life Global Funding II(a)
2.15%, due 1/21/23		645,000		661,223
2.50%, due 10/30/24		3,950,000		4,098,509
Voya Financial, Inc. 3.65%, due 6/15/26		1,305,000		1,480,239
Willis North America, Inc.
2.95%, due 9/15/29		3,915,000		4,262,963
3.875%, due 9/15/49		2,620,000		3,048,577

				31,321,938

Internet 1.3%
Alibaba Group Holding, Ltd. 3.40%, due 12/6/27		5,000,000		5,578,700
Cablevision Lightpath LLC 3.875%, due 9/15/27 (a)		1,625,000		1,612,813
Expedia Group, Inc.
3.25%, due 2/15/30		4,965,000		4,822,089
3.60%, due 12/15/23 (a)		1,780,000		1,830,338
6.25%, due 5/1/25 (a)		730,000		802,757
Match Group Holdings II LLC 4.125%, due 8/1/30 (a)		263,000		268,589
Weibo Corp.
3.375%, due 7/8/30		2,660,000		2,667,911
3.50%, due 7/5/24		1,825,000		1,905,105

				19,488,302

Iron & Steel 0.6%
ArcelorMittal S.A. 4.55%, due 3/11/26		3,215,000		3,461,208
Steel Dynamics, Inc. 3.25%, due 1/15/31		1,940,000		2,096,251
Vale Overseas, Ltd.
6.25%, due 8/10/26		2,290,000		2,732,428
6.875%, due 11/21/36		1,094,000		1,470,073

				9,759,960

Lodging 0.8%
Boyd Gaming Corp. 8.625%, due 6/1/25 (a)		872,000		954,578
Hilton Domestic Operating Co., Inc.
4.875%, due 1/15/30		2,640,000		2,715,900
5.75%, due 5/1/28 (a)		1,135,000		1,189,713
Las Vegas Sands Corp. 3.20%, due 8/8/24		2,205,000		2,230,283


	Principal Amount		Value
Lodging (continued)
MGM Resorts International 6.00%, due 3/15/23	$	5,000,000	$	5,187,500

				12,277,974

Media 2.0%
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 4.464%, due 7/23/22		4,000,000		4,238,729
Comcast Corp.
3.70%, due 4/15/24		1,584,900		1,745,572
3.75%, due 4/1/40		2,565,000		2,985,581
3.95%, due 10/15/25		2,086,600		2,390,872
4.25%, due 10/15/30		1,435,000		1,750,892
4.70%, due 10/15/48		3,170,000		4,229,944
Grupo Televisa S.A.B. 5.25%, due 5/24/49		1,890,000		2,214,870
Sirius XM Radio, Inc. 4.125%, due 7/1/30 (a)		3,235,000		3,325,613
Time Warner Entertainment Co., L.P. 8.375%, due 3/15/23		3,660,000		4,284,331
Walt Disney Co. 6.65%, due 11/15/37		2,645,000		3,967,636

				31,134,040

Mining 0.7%
Anglo American Capital PLC 4.875%, due 5/14/25 (a)		2,780,000		3,161,580
Corp. Nacional del Cobre de Chile 3.00%, due 9/30/29 (a)		2,435,000		2,566,622
Glencore Funding LLC 1.625%, due 9/1/25 (a)		4,610,000		4,581,965

				10,310,167

Miscellaneous—Manufacturing 0.9%
General Electric Co.
3.625%, due 5/1/30		2,340,000		2,471,135
4.25%, due 5/1/40		4,050,000		4,268,927
4.35%, due 5/1/50		3,395,000		3,616,999
Textron Financial Corp. 2.015% (3 Month LIBOR + 1.74%), due 2/15/42 (a)(b)		5,685,000		3,951,075

				14,308,136

Oil & Gas 2.4%
BP Capital Markets America, Inc. 3.00%, due 2/24/50		3,260,000		3,057,660
BP Capital Markets PLC 4.875% (5 Year Treasury Constant Maturity Rate + 4.4%), due 3/22/30 (b)(d)		4,215,000		4,402,736
Continental Resources, Inc. 5.00%, due 9/15/22		2,886,000		2,842,710


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					15

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Corporate Bonds (continued)
Oil & Gas (continued)
Gazprom PJSC Via Gaz Capital S.A. (a)
4.95%, due 3/23/27	$	358,000	$	397,626
4.95%, due 2/6/28		2,531,000		2,820,040
Marathon Petroleum Corp.
4.50%, due 5/1/23		2,245,000		2,415,976
4.70%, due 5/1/25		2,445,000		2,705,138
6.50%, due 3/1/41		2,665,000		3,111,570
Petroleos Mexicanos 6.75%, due 9/21/47		5,835,000		4,529,652
Total Capital International S.A. 3.127%, due 5/29/50		4,275,000		4,286,666
Valero Energy Corp.
4.00%, due 4/1/29		2,270,000		2,369,296
6.625%, due 6/15/37		2,690,000		3,163,821

				36,102,891

Packaging & Containers 0.4%
Berry Global, Inc. 4.875%, due 7/15/26 (a)		282,000		294,959
Graham Packaging Co., Inc. 7.125%, due 8/15/28 (a)		1,500,000		1,567,500
Owens Brockway Glass Container, Inc. 6.625%, due 5/13/27 (a)		3,800,000		4,075,500
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 5.125%, due 7/15/23 (a)		125,000		126,563
Sealed Air Corp. 4.00%, due 12/1/27 (a)		268,000		280,730

				6,345,252

Pharmaceuticals 1.4%
AbbVie, Inc. 4.05%, due 11/21/39 (a)		4,385,000		5,028,512
Abbvie, Inc. 4.50%, due 5/14/35		2,570,000		3,123,859
Bausch Health Cos., Inc. 6.25%, due 2/15/29 (a)		1,895,000		1,952,911
Becton Dickinson & Co. 4.669%, due 6/6/47		3,575,000		4,424,822
CVS Health Corp. 4.78%, due 3/25/38		750,000		905,859
5.05%, due 3/25/48		2,275,000		2,885,341
CVS Pass-Through Trust 5.789%, due 1/10/26 (a)		39,835		43,254
Eli Lilly & Co. 2.50%, due 9/15/60		2,700,000		2,528,797
Teva Pharmaceutical Finance Netherlands III B.V. 3.15%, due 10/1/26		4,688,000		4,125,440

				25,018,795


	Principal Amount		Value
Pipelines 1.5%
Enterprise Products Operating LLC
3.95%, due 1/31/60	$	2,200,000	$	2,156,200
4.20%, due 1/31/50		630,000		681,200
Hess Midstream Operations L.P. 5.625%, due 2/15/26 (a)		726,000		726,000
MPLX, L.P. 4.875%, due 6/1/25		5,305,000		5,990,784
Sabine Pass Liquefaction LLC
5.625%, due 3/1/25		800,000		915,938
5.875%, due 6/30/26		3,426,000		4,025,535
Spectra Energy Partners, L.P. 4.75%, due 3/15/24		5,137,000		5,709,287
Western Midstream Operating L.P. 6.25%, due 2/1/50		2,485,000		2,282,597

				22,487,541

Real Estate 0.3%
American Tower Corp. 3.375%, due 5/15/24		4,000,000		4,322,571


Real Estate Investment Trusts 1.6%
Alexandria Real Estate Equities, Inc. 3.375%, due 8/15/31		2,090,000		2,344,523
Boston Properties, L.P. 3.20%, due 1/15/25		4,050,000		4,392,781
Crown Castle International Corp. 3.20%, due 9/1/24		5,580,000		6,022,886
CyrusOne L.P. / CyrusOne Finance Corp. 3.45%, due 11/15/29		2,430,000		2,584,947
Equinix, Inc.
1.25%, due 7/15/25		1,825,000		1,836,695
1.80%, due 7/15/27		1,335,000		1,355,887
2.625%, due 11/18/24		2,855,000		3,034,643
Iron Mountain, Inc.(a)
4.875%, due 9/15/29		480,000		485,040
5.25%, due 7/15/30		2,720,000		2,791,400

				24,848,802

Retail 2.7%
Alimentation Couche-Tard, Inc. 2.70%, due 7/26/22 (a)		7,345,000		7,582,459
AutoNation, Inc. 4.75%, due 6/1/30		6,765,000		7,933,331
Darden Restaurants, Inc. 3.85%, due 5/1/27		5,980,000		6,384,425
Home Depot, Inc. 3.35%, due 4/15/50		1,235,000		1,395,551
Macy’s, Inc. 8.375%, due 6/15/25 (a)		4,660,000		4,865,506
QVC, Inc. 4.375%, due 9/1/28		3,580,000		3,582,685


16		MainStay MacKay Total Return Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Corporate Bonds (continued)
Retail (continued)
Starbucks Corp.
3.35%, due 3/12/50	$	3,365,000	$	3,505,018
4.45%, due 8/15/49		2,300,000		2,798,909
TJX Cos., Inc. 3.50%, due 4/15/25		610,000		677,086

				38,724,970

Semiconductors 1.2%
Broadcom, Inc.
3.125%, due 10/15/22		3,750,000		3,928,931
3.15%, due 11/15/25		2,670,000		2,877,673
Intel Corp. 4.75%, due 3/25/50		1,800,000		2,455,157
NVIDIA Corp. 3.50%, due 4/1/50		2,730,000		3,170,239
NXP B.V. / NXP Funding LLC 4.625%, due 6/1/23 (a)		3,825,000		4,193,811
NXP B.V. / NXP Funding LLC / NXP USA, Inc. 3.40%, due 5/1/30 (a)		1,775,000		1,949,460

				18,575,271

Software 0.1%
Fiserv, Inc. 3.20%, due 7/1/26		810,000		896,809


Telecommunications 3.6%
Altice France S.A. 7.375%, due 5/1/26 (a)		5,216,000		5,443,939
AT&T, Inc.
2.875% (5 Month EUAMDB05 + 3.14%), due 3/2/25 (b)(d)	EUR	3,100,000		3,438,921
3.80%, due 2/15/27	$	5,660,000		6,367,165
3.85%, due 6/1/60		2,097,000		2,070,518
4.35%, due 3/1/29		1,040,000		1,211,194
CommScope Technologies LLC 5.00%, due 3/15/27 (a)		4,200,000		3,919,209
CommScope, Inc. 7.125%, due 7/1/28 (a)		2,790,000		2,805,485
Level 3 Financing, Inc.
3.40%, due 3/1/27 (a)		4,555,000		4,872,802
5.375%, due 1/15/24		2,160,000		2,175,574
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC 4.738%, due 3/20/25 (a)		6,245,000		6,792,811
T-Mobile USA, Inc. 4.50%, due 4/15/50 (a)		2,995,000		3,482,691
VEON Holdings B.V. 4.95%, due 6/16/24 (a)		3,950,000		4,259,364


	Principal Amount		Value
Telecommunications (continued)
Verizon Communications, Inc. 4.00%, due 3/22/50	$	2,870,000	$	3,458,111
Vodafone Group PLC 4.25%, due 9/17/50		3,835,000		4,418,009

				54,715,793

Toys, Games & Hobbies 0.2%
Hasbro, Inc. 2.60%, due 11/19/22		2,275,000		2,357,878

Total Corporate Bonds (Cost $754,588,340)				800,045,390


Foreign Government Bonds 0.7%
Brazil 0.3%
Brazilian Government International Bond 4.625%, due 1/13/28		4,789,000		5,203,248


Mexico 0.4%
Mexico Government International Bond 3.25%, due 4/16/30		5,882,000		6,077,753

Total Foreign Government Bonds (Cost $10,890,584)				11,281,001


Loan Assignments 1.0% (b)
Buildings & Real Estate 0.3%
Realogy Group LLC 2018 Term Loan B 3.00% (1 Month LIBOR + 2.25%), due 2/8/25		4,650,749		4,453,092


Containers, Packaging & Glass 0.3%
BWAY Holding Co. 2017 Term Loan B 3.48% (2 Month LIBOR + 3.25%, 3 Month LIBOR + 3.25%), due 4/3/24		4,904,309		4,576,334


Diversified/Conglomerate Service 0.1%
TruGreen, Ltd. Partnership 2020 Term Loan (zero coupon), due 10/29/27		2,360,000		2,342,300


Finance 0.3%
Alliant Holdings Intermediate, LLC 2018 Term Loan B 2.898% (1 Month LIBOR + 2.75%), due 5/9/25		4,889,975		4,698,194

Total Loan Assignments (Cost $16,402,150)				16,069,920


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					17

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Mortgage-Backed Securities 11.1%
Agency (Collateralized Mortgage Obligations) 2.5%
Federal Home Loan Mortgage Corporation
REMIC, Series 4913, Class UA 3.00%, due 3/15/49	$	3,405,116	$	3,571,684
REMIC, Series 4908, Class BD 3.00%, due 4/25/49		3,032,459		3,126,452
REMIC, Series 4926, Class BP 3.00%, due 10/25/49		7,500,000		7,997,771
REMIC Series 4869, Class BA 3.50%, due 11/15/47		3,498,254		3,670,862
REMIC Series 4888, Class BA 3.50%, due 9/15/48		1,785,715		1,867,099
REMIC Series 4877, Class AT 3.50%, due 11/15/48		2,932,149		3,098,089
REMIC, Series 4958, Class DL 4.00%, due 1/25/50		6,962,088		7,485,710
Federal National Mortgage Association
REMIC, Series 2013-77, Class CY 3.00%, due 7/25/43		2,941,000		3,188,971
REMIC, Series 2019-13, Class PE 3.00%, due 3/25/49		3,002,841		3,191,473

				37,198,111

Commercial Mortgage Loans (Collateralized Mortgage Obligations) 6.7%
Bank
Series 2019-BN21, Class A5 2.851%, due 10/17/52		5,015,000		5,488,759
Series 2019-BN19, Class A2 2.926%, due 8/15/61		4,715,000		5,026,403
Bayview Commercial Asset Trust Series 2006-4A, Class A1 0.379% (1 Month LIBOR + 0.23%), due 12/25/36 (a)(b)		38,109		35,439
Benchmark Mortgage Trust
Series 2020-B19, Class AS 2.148%, due 9/15/53		1,605,000		1,608,595
Series 2020-B18, Class AM 2.335%, due 7/15/53		3,400,000		3,472,187
Series 2020-IG1, Class A1 2.702%, due 9/15/43		2,905,000		3,056,065
Series 2019-B12, Class A5 3.116%, due 8/15/52		4,417,000		4,899,618
Series 2020-IG3, Class AS 3.229%, due 9/15/48 (a)(e)		2,270,000		2,444,698
BX Commercial Mortgage Trust (a)
Series 2018-GW, Class A 0.948% (1 Month LIBOR + 0.8%), due 5/15/35 (b)		2,825,000		2,708,247
Series 2020-VIV3, Class B 3.543%, due 3/9/44		1,826,153		1,816,516


	Principal Amount		Value
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued)
BX Commercial Mortgage Trust (a) (continued)
Series 2019-OC11, Class B 3.605%, due 12/9/41	$	1,525,000	$	1,542,740
Series 2019-OC11, Class C 3.856%, due 12/9/41		3,665,000		3,570,958
Series 2019-OC11, Class E 4.076%, due 12/9/41 (f)		2,484,000		2,258,610
BX Trust Series 2019-OC11, Class A 3.202%, due 12/9/41 (a)		1,935,000		2,009,561
COMM Mortgage Trust
Series 2014-CR20, Class A3 3.326%, due 11/10/47		3,600,000		3,825,050
Series 2013-CR8, Class A4 3.334%, due 6/10/46		2,368,399		2,469,054
CSAIL Commercial Mortgage Trust Series 2015-C3, Class A4 3.718%, due 8/15/48		2,535,000		2,775,192
FREMF Mortgage Trust (a)(e)
Series 2015-K720, Class B 3.393%, due 7/25/22		1,545,000		1,593,732
Series 2013-K33, Class B 3.498%, due 8/25/46		3,345,000		3,554,068
Series 2015-K721, Class B 3.565%, due 11/25/47		3,845,000		4,005,290
Series 2014-K41, Class B 3.833%, due 11/25/47		1,285,000		1,408,247
Series 2013-K35, Class B 3.935%, due 12/25/46		1,735,000		1,870,125
GB Trust 2020 FLIX Series 2020-FLIX, Class A 1.268% (1 Month LIBOR + 1.12%), due 8/15/37 (a)(b)		4,260,000		4,259,999
GS Mortgage Securities Trust
Series 2019-GC42, Class A4 3.001%, due 9/1/52		1,795,000		1,967,272
Series 2019-GC40, Class A4 3.16%, due 7/10/52		3,114,000		3,459,971
Hawaii Hotel Trust Series 2019-MAUI, Class A 1.298% (1 Month LIBOR + 1.15%), due 5/15/38 (a)(b)		1,810,000		1,748,798
Hudson Yards Mortgage Trust Series 2019-30HY, Class A 3.228%, due 7/10/39 (a)		2,465,000		2,729,122
JP Morgan Chase Commercial Mortgage Securities Corp. Series 2018-AON, Class A 4.128%, due 7/5/31 (a)		4,545,000		4,799,745
Manhattan West Series 2020-1MW, Class A 2.13%, due 9/10/39 (a)		4,225,000		4,348,138


18		MainStay MacKay Total Return Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Mortgage-Backed Securities (continued)
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued)
Morgan Stanley Bank of America Merrill Lynch Trust Series-2015-C23, Class A3 3.451%, due 7/15/50	$	1,794,699	$	1,920,436
Morgan Stanley Capital I Trust Series 2015-UBS8, Class A4 3.809%, due 12/15/48		2,910,000		3,230,758
One Bryant Park Trust Series 2019-OBP, Class A 2.516%, due 9/15/54 (a)		4,140,000		4,363,027
Wells Fargo Commercial Mortgage Trust (a)(e)
Series 2018-1745, Class A 3.749%, due 6/15/36		3,250,000		3,542,181
Series 2018-AUS, Class A 4.058%, due 8/17/36		4,125,000		4,466,827

				102,275,428

Residential Mortgages (Collateralized Mortgage Obligations) 0.1%
JP Morgan Mortgage Trust (a)(f)
Series 2019-1, Class A3 4.00%, due 5/25/49		756,954		776,944
Series 2019-LTV1, Class A4 4.00%, due 6/25/49		226,872		227,342

				1,004,286

Whole Loan (Collateralized Mortgage Obligations) 1.9%
Chase Home Lending Mortgage Trust Series 2019-ATR2, Class A3 3.50%, due 7/25/49 (a)(f)		566,368		581,523
Fannie Mae Connecticut Avenue Securities (b)
Series 2017-C02, Class 2M2 3.799% (1 Month LIBOR + 3.65%), due 9/25/29		1,661,854		1,677,144
Series 2016-C04, Class 1M2 4.399% (1 Month LIBOR + 4.25%), due 1/25/29		2,803,895		2,897,949
Series 2016-C06, Class 1M2 4.399% (1 Month LIBOR + 4.25%), due 4/25/29		2,618,766		2,707,409
Series 2016-C07, Class 2M2 4.499% (1 Month LIBOR + 4.35%), due 5/25/29		5,021,627		5,222,914
Series 2016-C05, Class 2M2 4.599% (1 Month LIBOR + 4.45%), due 1/25/29		1,940,349		2,014,655


	Principal Amount		Value
Whole Loan (Collateralized Mortgage Obligations) (continued)
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes (b)
Series 2015-DNA1, Class M3 3.449% (1 Month LIBOR + 3.3%), due 10/25/27	$	1,148,743	$	1,183,213
Series 2016-DNA4, Class M3 3.949% (1 Month LIBOR + 3.8%), due 3/25/29		3,134,209		3,249,892
Series 2016-HQA3, Class M3 3.999% (1 Month LIBOR + 3.85%), due 3/25/29		1,628,000		1,684,993
Series 2016-DNA2, Class M3 4.799% (1 Month LIBOR + 4.65%), due 10/25/28		2,807,150		2,915,543
JP Morgan Mortgage Trust (a)(f)
Series 2019-3, Class A3 4.00%, due 9/25/49		473,736		485,991
Series 2019-5, Class A4 4.00%, due 11/25/49		577,473		580,865
Wells Fargo Mortgage Backed Securities Trust Series 2020-2, Class A1 3.00%, due 12/25/49 (a)(f)		2,999,672		3,087,218

				28,289,308

Total Mortgage-Backed Securities (Cost $164,435,633)				168,767,134


Municipal Bonds 0.3%
California 0.2%
Regents of the University of California Medical Center Pooled, Revenue Bonds Series N 3.006%, due 5/15/50		4,410,000		4,546,930


New York 0.1%
New York State Thruway Authority, Revenue Bonds Series M 2.90%, due 1/1/35		735,000		782,643

Total Municipal Bonds (Cost $5,145,000)				5,329,573


U.S. Government & Federal Agencies 25.5%
Fannie Mae (Collateralized Mortgage Obligation) 0.0%‡
Series 1991-66, Class J 8.125%, due 6/25/21		5		6


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					19

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
U.S. Government & Federal Agencies (continued)
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 3.1%
2.00%, due 6/1/35	$	2,671,276	$	2,771,933
2.00%, due 7/1/50		3,020,578		3,116,457
2.00%, due 8/1/50		8,078,264		8,415,367
2.00%, due 9/1/50		2,153,422		2,227,598
2.50%, due 5/1/30		298,810		311,294
2.50%, due 4/1/50		195,506		204,612
3.50%, due 1/1/43		1,201,657		1,355,759
3.50%, due 1/1/44		1,845,633		1,997,223
3.50%, due 1/1/45		1,624,561		1,817,251
3.50%, due 11/1/45		1,528,372		1,671,193
3.50%, due 3/1/46		2,662,520		2,941,088
3.50%, due 1/1/50		3,903,989		4,123,672
4.00%, due 6/1/42		2,260,125		2,480,124
4.00%, due 3/1/45		1,100,070		1,212,612
4.00%, due 10/1/48		1,335,948		1,465,227
4.50%, due 8/1/44		1,192,964		1,386,920
4.50%, due 12/1/44		4,836,279		5,434,253
4.50%, due 4/1/46		524,577		589,443
4.50%, due 8/1/47		1,085,805		1,243,671
5.00%, due 11/1/41		1,579,093		1,820,334
6.50%, due 4/1/37		51,308		58,857

				46,644,888

Federal National Mortgage Association (Mortgage Pass-Through Securities) 6.7%
2.00%, due 10/1/50		735,000		761,442
2.50%, due 8/1/35		4,650,818		4,836,802
2.50%, due 3/1/50		2,409,740		2,532,655
2.50%, due 5/1/50		3,189,990		3,326,293
2.50%, due 8/1/50		623,013		652,390
2.50%, due 8/1/50		4,771,744		5,006,505
3.00%, due 12/1/47		408,322		427,904
3.00%, due 3/1/50		3,833,507		4,098,848
3.00%, due 3/1/50		11,283,642		11,802,651
3.00%, due 4/1/50		4,187,587		4,379,915
3.00%, due 6/1/57		4,731,028		5,126,657
3.50%, due 2/1/42		2,902,916		3,154,555
3.50%, due 2/1/43		1,225,113		1,381,825
3.50%, due 5/1/43		3,064,649		3,337,313
3.50%, due 7/1/43		3,246,816		3,630,701
3.50%, due 11/1/44		1,574,048		1,708,463
3.50%, due 12/1/44		1,179,690		1,302,778
3.50%, due 3/1/46		6,008,013		6,496,947
4.00%, due 3/1/42		1,086,308		1,191,861
4.00%, due 1/1/43		1,999,621		2,194,319
4.00%, due 1/1/46		4,887,560		5,381,674
4.00%, due 3/1/46		504,743		557,417
4.00%, due 9/1/48		3,325,424		3,600,644
4.50%, due 2/1/41		1,754,501		1,989,414


	Principal Amount		Value
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued)
4.50%, due 4/1/41	$	555,097	$	638,286
4.50%, due 8/1/42		8,485,736		9,532,438
4.50%, due 12/1/43		2,716,711		3,051,236
4.50%, due 8/1/44		1,490,116		1,673,851
5.00%, due 9/1/33		1,861,533		2,138,938
5.00%, due 9/1/41		473,442		545,637
5.00%, due 10/1/41		2,304,827		2,654,959
5.50%, due 7/1/41		2,074,650		2,445,516
6.00%, due 4/1/37		8,091		9,164
6.00%, due 10/1/37		26,477		29,355
6.00%, due 7/1/39		419,478		496,208
6.50%, due 10/1/39		424,589		489,069

				102,584,630

United States Treasury Bonds 4.9%
1.375%, due 8/15/50		47,170,000		44,266,097
2.50%, due 2/15/45		4,940,000		5,908,510
4.375%, due 11/15/39		8,855,000		13,487,618
4.375%, due 5/15/40		3,360,000		5,137,781
4.50%, due 5/15/38		4,255,000		6,483,556

				75,283,562

United States Treasury Notes 8.5%
0.125%, due 10/31/22		40,545,000		40,521,243
0.125%, due 10/15/23		42,796,000		42,709,070
0.25%, due 10/31/25		25,395,000		25,232,320
0.50%, due 10/31/27		21,160,000		20,971,549

				129,434,182

United States Treasury Inflation—Indexed Notes 2.3% (g)
0.125%, due 1/15/30		6,823,496		7,449,693
0.75%, due 7/15/28		6,460,646		7,368,334
0.875%, due 1/15/29		17,507,713		20,176,271

				34,994,298

Total U.S. Government & Federal Agencies (Cost $376,266,169)				388,941,566

Total Long-Term Bonds (Cost $1,398,204,413)				1,463,621,348



	Shares
Common Stocks 0.0%‡
Commercial Services & Supplies 0.0%‡
Quad/Graphics, Inc.		1		2


Media 0.0%‡
ION Media Networks, Inc. (h)(i)(j)(k)		2		1,584

Total Common Stocks (Cost $0)				1,586


20		MainStay MacKay Total Return Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Shares			Value
Short-Term Investment 3.1%
Affiliated Investment Company 3.1%
MainStay U.S. Government Liquidity Fund, 0.02% (l)		46,575,909		$	46,575,909

Total Short-Term Investment (Cost $46,575,909)					46,575,909

Total Investments (Cost $1,444,780,322)		99.0	%		1,510,198,843

Other Assets, Less Liabilities		1.0			14,628,580
Net Assets		100.0	%	$	1,524,827,423

†	Percentages indicated are based on Fund net assets.

‡	Less than one-tenth of a percent.

(a)	May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.

(b)	Floating rate—Rate shown was the rate in effect as of October 31, 2020.

(c)	Fixed to floating rate—Rate shown was the rate in effect as of October 31, 2020.

(d)	Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

(e)	Collateral strip rate—A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of October 31, 2020.

(f)	Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of October 31, 2020.

(g)	Treasury Inflation Protected Security—Pays a fixed rate of interest on a principal amount that is continuously adjusted for inflation based on the Consumer Price Index-Urban Consumers.

(h)	Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(i)	Illiquid security—As of October 31, 2020, the total market value of the security deemed illiquid under procedures approved by the Board of Trustees was $1,584, which represented less than one-tenth of a percent of the Fund’s net assets. (Unaudited)

(j)	Fair valued security—Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of October 31, 2020, the total market value of the fair valued security was $1,584, which represented less than one-tenth of a percent of the Fund’s net assets.

(k)	Restricted security. (See Note 5)

(l)	Current yield as of October 31, 2020.

Futures Contracts

As of October 31, 2020, the Portfolio held the following futures contracts¹:


Type	Number of Contracts			Expiration Date		Value at Trade Date			Current Notional Amount			Unrealized Appreciation (Depreciation)²

Long Contracts
2-Year United States Treasury Note		371			December 2020	$	81,965,711		$	81,933,031		$	(32,680	)
United States Treasury Long Bond		63			December 2020		11,077,616			10,865,531			(212,085	)
United States Treasury Ultra Bond		72			December 2020		15,650,548			15,480,000			(170,548	)

Total Long Contracts													(415,313	)


Short Contracts
10-Year United States Treasury Note		(303	)		December 2020		(42,180,139	)		(41,880,281	)		299,858
10-Year United States Treasury Ultra Note		(275	)		December 2020		(43,934,687	)		(43,252,344	)		682,343
5-Year United States Treasury Note		(236	)		December 2020		(29,732,762	)		(29,641,969	)		90,793

Total Short Contracts													1,072,994

Net Unrealized Appreciation												$	657,681

1.	As of October 31, 2020, cash in the amount of $553,855 was on deposit with a broker or futures commission merchant for futures transactions.

2.	Represents the difference between the value of the contracts at the time they were opened and the value as of October 31, 2020.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					21

Portfolio of Investments October 31, 2020 (continued)

Foreign Currency Forward Contracts

As of October 31, 2020, the Fund held the following foreign currency forward contracts¹:


Currency Purchased		Currency Sold			Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	3,618,315		EUR	3,055,000	JPMorgan Chase Bank N.A.	2/1/21	$	52,551

Total Unrealized Appreciation								52,551

EUR	3,099,000		USD	3,662,628	JPMorgan Chase Bank N.A.	11/2/20		(53,377	)
USD	3,539,077		EUR	3,099,000	JPMorgan Chase Bank N.A.	11/2/20		(70,173	)

Total Unrealized Depreciation								(123,550	)

Net Unrealized Depreciation							$	(70,999	)

1.	Foreign Currency Forward Contracts are subject to limitations such that they cannot be “sold or repurchased,” although the Fund would be able to exit the transaction through other means, such as through the execution of an offsetting transaction.

The following abbreviations are used in the preceding pages:

CMT—1 Year Treasury Constant Maturity Rate

EUAM—European Union Advisory Mission

EUR—Euro

LIBOR—London Interbank Offered Rate

REMIC—Real Estate Mortgage Investment Conduit

USD—United States Dollar

The following is a summary of the fair valuations according to the inputs used as of October 31, 2020, for valuing the Fund’s assets and liabilities:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total

Asset Valuation Inputs
Investments in Securities (a)
Long-Term Bonds
Asset-Backed Securities	$	—	$	73,186,764	$	—	$	73,186,764
Corporate Bonds		—		800,045,390		—		800,045,390
Foreign Government Bonds		—		11,281,001		—		11,281,001
Loan Assignments		—		16,069,920		—		16,069,920
Mortgage-Backed Securities		—		168,767,134		—		168,767,134
Municipal Bonds		—		5,329,573		—		5,329,573
U.S. Government & Federal Agencies		—		388,941,566		—		388,941,566

Total Long-Term Bonds		—		1,463,621,348		—		1,463,621,348

Common Stocks (b)		2		—		1,584		1,586
Short-Term Investment
Affiliated Investment Company		46,575,909		—		—		46,575,909

Total Investments in Securities		46,575,911		1,463,621,348		1,584		1,510,198,843

Other Financial Instruments
Foreign Currency Forward Contracts (c)		—		52,551		—		52,551
Futures Contracts (c)		1,072,994		—		—		1,072,994

Total Other Financial Instruments		1,072,994		52,551		—		1,125,545

Total Investments in Securities and Other Financial Instruments	$	47,648,905	$	1,463,673,899	$	1,584	$	1,511,324,388


22		MainStay MacKay Total Return Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total

Liability Valuation Inputs
Other Financial Instruments
Foreign Currency Forward Contracts (c)	$	—		$	(123,550	)	$	—	$	(123,550	)
Futures Contracts (c)		(415,313	)		—			—		(415,313	)

Total Other Financial Instruments	$	(415,313	)	$	(123,550	)	$	—	$	(538,863	)

(a)	For a complete listing of investments and their industries, see the Portfolio of Investments.

(b)	The Level 3 security valued at $1,584 is held in Media within the Common Stocks section of the Portfolio of Investments.

(c)	The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					23

Statement of Assets and Liabilities as of October 31, 2020


Assets
Investment in unaffiliated securities, at value (identified cost $1,398,204,413)	$	1,463,622,934
Investment in affiliated investment company, at value (identified cost $46,575,909)		46,575,909
Cash collateral on deposit at broker for futures contracts		553,855
Cash		11,804
Receivables:
Investment securities sold		98,136,494
Dividends and interest		10,231,397
Fund shares sold		504,616
Variation margin on futures contracts		461,617
Securities lending		1,501
Other assets		62,469
Unrealized appreciation on foreign currency forward contracts		52,551

Total assets		1,620,215,147


Liabilities
Payables:
Investment securities purchased		93,756,539
Manager (See Note 3)		658,859
Fund shares redeemed		590,344
Transfer agent (See Note 3)		108,655
Professional fees		42,748
NYLIFE Distributors (See Note 3)		38,285
Shareholder communication		36,096
Custodian		7,438
Trustees		1,940
Accrued expenses		11,913
Unrealized depreciation on foreign currency forward contracts		123,550
Dividend payable		11,357

Total liabilities		95,387,724

Net assets	$	1,524,827,423


Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	134,277
Additional paid-in capital		1,445,910,391

		1,446,044,668
Total distributable earnings (loss)		78,782,755

Net assets	$	1,524,827,423


Class A
Net assets applicable to outstanding shares	$	92,996,841

Shares of beneficial interest outstanding		8,191,331

Net asset value per share outstanding	$	11.35
Maximum sales charge (4.50% of offering price)		0.53

Maximum offering price per share outstanding	$	11.88

Investor Class
Net assets applicable to outstanding shares	$	7,557,725

Shares of beneficial interest outstanding		662,034

Net asset value per share outstanding	$	11.42
Maximum sales charge (4.00% of offering price)		0.48

Maximum offering price per share outstanding	$	11.90

Class B
Net assets applicable to outstanding shares	$	1,838,017

Shares of beneficial interest outstanding		161,714

Net asset value and offering price per share outstanding	$	11.37

Class C
Net assets applicable to outstanding shares	$	18,433,606

Shares of beneficial interest outstanding		1,619,849

Net asset value and offering price per share outstanding	$	11.38

Class I
Net assets applicable to outstanding shares	$	686,829,088

Shares of beneficial interest outstanding		60,472,930

Net asset value and offering price per share outstanding	$	11.36

Class R1
Net assets applicable to outstanding shares	$	28,790

Shares of beneficial interest outstanding		2,536

Net asset value and offering price per share outstanding	$	11.35

Class R2
Net assets applicable to outstanding shares	$	86,721

Shares of beneficial interest outstanding		7,641

Net asset value and offering price per share outstanding	$	11.35

Class R3
Net assets applicable to outstanding shares	$	328,791

Shares of beneficial interest outstanding		28,964

Net asset value and offering price per share outstanding	$	11.35

Class R6
Net assets applicable to outstanding shares	$	716,703,008

Shares of beneficial interest outstanding		63,127,379

Net asset value and offering price per share outstanding	$	11.35

SIMPLE Class
Net assets applicable to outstanding shares	$	24,836

Shares of beneficial interest outstanding		2,177

Net asset value and offering price per share outstanding	$	11.41


24		MainStay MacKay Total Return Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Statement of Operations for the year ended October 31, 2020


Investment Income (Loss)
Income
Interest (a)	$	42,460,377
Dividends—affiliated		328,968
Securities lending		46,427
Other		554

Total income		42,836,326

Expenses
Manager (See Note 3)		6,696,137
Transfer agent (See Note 3)		636,174
Distribution/Service—Class A (See Note 3)		173,744
Distribution/Service—Investor Class (See Note 3)		17,261
Distribution/Service—Class B (See Note 3)		21,052
Distribution/Service—Class C (See Note 3)		151,289
Distribution/Service—Class R2 (See Note 3)		210
Distribution/Service—Class R3 (See Note 3)		1,546
Distribution/Service—SIMPLE Class (See Note 3)		20
Registration		170,391
Professional fees		160,250
Custodian		50,564
Shareholder communication		41,391
Trustees		31,779
Shareholder service (See Note 3)		421
Miscellaneous		57,961

Total expenses before waiver/reimbursement		8,210,190
Expense waiver/reimbursement from Manager (See Note 3)		(2,949	)

Net expenses		8,207,241

Net investment income (loss)		34,629,085


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Unaffiliated investment transactions		41,155,493
Futures transactions		(1,417,707	)
Foreign currency transactions		(129,309	)

Net realized gain (loss)		39,608,477

Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		9,744,429
Futures contracts		1,302,343
Foreign currency forward contracts		(70,999	)
Translation of other assets and liabilities in foreign currencies		4,032

Net change in unrealized appreciation (depreciation)		10,979,805

Net realized and unrealized gain (loss)		50,588,282

Net increase (decrease) in net assets resulting from operations	$	85,217,367

(a)	Interest recorded net of foreign withholding taxes in the amount of $2,045.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					25

Statements of Changes in Net Assets

for the years ended October 31, 2020 and October 31, 2019


	2020			2019
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	34,629,085		$	36,546,738
Net realized gain (loss)		39,608,477			14,315,136
Net change in unrealized appreciation (depreciation)		10,979,805			82,910,698

Net increase (decrease) in net assets resulting from operations		85,217,367			133,772,572

Distributions to shareholders:
Class A		(1,681,729	)		(1,280,678	)
Investor Class		(151,048	)		(143,070	)
Class B		(30,592	)		(44,686	)
Class C		(216,290	)		(233,901	)
Class I		(18,994,611	)		(29,763,400	)
Class R1		(708	)		(47,586	)
Class R2		(1,926	)		(1,981	)
Class R3		(6,322	)		(4,787	)
Class R6		(14,452,517	)		(4,801,485	)
SIMPLE Class		(73	)		—

Total distributions to shareholders		(35,535,816	)		(36,321,574	)

Capital share transactions:
Net proceeds from sale of shares		777,060,770			331,151,915
Net asset value of shares issued to shareholders in reinvestment of distributions		35,393,832			36,167,837
Cost of shares redeemed		(657,455,223	)		(352,868,893	)

Increase (decrease) in net assets derived from capital share transactions		154,999,379			14,450,859

Net increase (decrease) in net assets		204,680,930			111,901,857

Net Assets
Beginning of year		1,320,146,493			1,208,244,636

End of year	$	1,524,827,423		$	1,320,146,493


26		MainStay MacKay Total Return Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class A	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	10.91		$	10.10		$	10.64		$	10.66		$	10.46


Net investment income (loss)		0.24			0.27			0.25	(a)		0.29			0.28

Net realized and unrealized gain (loss) on investments		0.47			0.82			(0.54	)		(0.06	)		0.18

Net realized and unrealized gain (loss) on foreign currency transactions		(0.00	)‡		(0.00	)‡		(0.00	)‡		0.00	‡		0.01


Total from investment operations		0.71			1.09			(0.29	)		0.23			0.47


Less distributions:

From net investment income		(0.27	)		(0.28	)		(0.25	)		(0.25	)		(0.27	)

Return of capital		—			—			(0.00	)‡		(0.00	)‡		—


Total distributions		(0.27	)		(0.28	)		(0.25	)		(0.25	)		(0.27	)


Net asset value at end of year	$	11.35		$	10.91		$	10.10		$	10.64		$	10.66


Total investment return (b)		6.55	%		10.88	%		(2.78	%)		2.23	%		4.56	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		2.30	%		2.63	%		2.40	%		2.44	%		2.55	%

Net expenses (c)		0.85	%		0.88	%		0.90	%		0.91	%		1.00	%

Expenses (before waiver/reimbursement) (c)		0.85	%		0.89	%		0.90	%		0.94	%		1.13	%

Portfolio turnover rate		123	%		100	%(d)		95	% (d)		56	%(d)		21	%

Net assets at end of year (in 000’s)	$	92,997		$	56,473		$	44,527		$	55,474		$	294,002

‡	Less than one cent per share.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(d)	The portfolio turnover rates not including mortgage dollar rolls were 96%, 63% and 42% for the years ended October 31, 2019, 2018 and 2017, respectively.



	Year ended October 31,

Investor Class	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	10.97		$	10.15		$	10.70		$	10.71		$	10.51


Net investment income (loss)		0.24			0.26			0.24	(a)		0.24			0.29

Net realized and unrealized gain (loss) on investments		0.46			0.82			(0.56	)		(0.01	)		0.19

Net realized and unrealized gain (loss) on foreign currency transactions		(0.00	)‡		(0.00	)‡		(0.00	)‡		0.00	‡		0.01


Total from investment operations		0.70			1.08			(0.32	)		0.23			0.49


Less distributions:

From net investment income		(0.25	)		(0.26	)		(0.23	)		(0.24	)		(0.29	)

Return of capital		—			—			(0.00	)‡		(0.00	)‡		—


Total distributions		(0.25	)		(0.26	)		(0.23	)		(0.24	)		(0.29	)


Net asset value at end of year	$	11.42		$	10.97		$	10.15		$	10.70		$	10.71


Total investment return (b)		6.40	%		10.74	%		(2.99	%)		2.11	%		4.81	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		2.11	%		2.46	%		2.27	%		2.28	%		2.71	%

Net expenses (c)		1.05	%		1.05	%		1.04	%		1.00	%		0.83	%

Expenses (before waiver/reimbursement) (c)		1.05	%		1.06	%		1.05	%		1.03	%		0.98	%

Portfolio turnover rate		123	%		100	%(d)		95	% (d)		56	%(d)		21	%

Net assets at end of year (in 000’s)	$	7,558		$	6,557		$	5,514		$	6,265		$	9,232

‡	Less than one cent per share.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(d)	The portfolio turnover rates not including mortgage dollar rolls were 96%, 63% and 42% for the years ended October 31, 2019, 2018 and 2017, respectively.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					27

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class B	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	10.92		$	10.11		$	10.65			10.67		$	10.47


Net investment income (loss)		0.18			0.20			0.16	(a)		0.17			0.21

Net realized and unrealized gain (loss) on investments		0.43			0.79			(0.55	)		(0.03	)		0.19

Net realized and unrealized gain (loss) on foreign currency transactions		(0.00	)‡		(0.00	)‡		(0.00	)‡		0.00	‡		0.01


Total from investment operations		0.61			0.99			(0.39	)		0.14			0.41


Less distributions:

From net investment income		(0.16	)		(0.18	)		(0.15	)		(0.16	)		(0.21	)

Return of capital		—			—			(0.00	)‡		(0.00	)‡		—


Total distributions		(0.16	)		(0.18	)		(0.15	)		(0.16	)		(0.21	)


Net asset value at end of year	$	11.37		$	10.92		$	10.11		$	10.65		$	10.67


Total investment return (b)		5.64	%		9.85	%		(3.64	%)		1.36	%		3.95	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		1.36	%		1.73	%		1.51	%		1.53	%		1.96	%

Net expenses (c)		1.80	%		1.80	%		1.79	%		1.75	%		1.57	%

Expenses (before waiver/reimbursement) (c)		1.80	%		1.81	%		1.80	%		1.78	%		1.73	%

Portfolio turnover rate		123	%		100	%(d)		95	% (d)		56	%(d)		21	%

Net assets at end of year (in 000’s)	$	1,838		$	2,515		$	2,987		$	4,913		$	6,746

‡	Less than one cent per share.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(d)	The portfolio turnover rates not including mortgage dollar rolls were 96%, 63% and 42% for the years ended October 31, 2019, 2018 and 2017, respectively.



	Year ended October 31,

Class C	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	10.93		$	10.12		$	10.66		$	10.68		$	10.48


Net investment income (loss)		0.14			0.20			0.16	(a)		0.17			0.21

Net realized and unrealized gain (loss) on investments		0.47			0.79			(0.55	)		(0.03	)		0.19

Net realized and unrealized gain (loss) on foreign currency transactions		(0.00	)‡		(0.00	)‡		(0.00	)‡		0.00	‡		0.01


Total from investment operations		0.61			0.99			(0.39	)		0.14			0.41


Less distributions:

From net investment income		(0.16	)		(0.18	)		(0.15	)		(0.16	)		(0.21	)

Return of capital		—			—			(0.00	)‡		(0.00	)‡		—


Total distributions		(0.16	)		(0.18	)		(0.15	)		(0.16	)		(0.21	)


Net asset value at end of year	$	11.38		$	10.93		$	10.12		$	10.66		$	10.68


Total investment return (b)		5.64	%		9.84	%		(3.64	%)		1.36	%		3.95	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		1.35	%		1.74	%		1.51	%		1.53	%		1.96	%

Net expenses (c)		1.80	%		1.80	%		1.79	%		1.75	%		1.58	%

Expenses (before waiver/reimbursement) (c)		1.80	%		1.81	%		1.80	%		1.78	%		1.73	%

Portfolio turnover rate		123	%		100	%(d)		95	% (d)		56	%(d)		21	%

Net assets at end of year (in 000’s)	$	18,434		$	11,916		$	14,837		$	20,215		$	28,430

‡	Less than one cent per share.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(d)	The portfolio turnover rates not including mortgage dollar rolls were 96%, 63% and 42% for the years ended October 31, 2019, 2018 and 2017, respectively.


28		MainStay MacKay Total Return Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class I	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	10.91		$	10.10		$	10.64		$	10.66		$	10.46


Net investment income (loss)		0.29			0.31			0.28	(a)		0.28			0.31

Net realized and unrealized gain (loss) on investments		0.45			0.81			(0.54	)		(0.01	)		0.19

Net realized and unrealized gain (loss) on foreign currency transactions		(0.00	)‡		(0.00	)‡		(0.00	)‡		(0.00	)‡		0.01


Total from investment operations		0.74			1.12			(0.26	)		0.27			0.51


Less distributions:

From net investment income		(0.29	)		(0.31	)		(0.28	)		(0.29	)		(0.31	)

Return of capital		—			—			(0.00	)‡		(0.00	)‡		—


Total distributions		(0.29	)		(0.31	)		(0.28	)		(0.29	)		(0.31	)


Net asset value at end of year	$	11.36		$	10.91		$	10.10		$	10.64		$	10.66


Total investment return (b)		6.91	%		11.20	%		(2.49	%)		2.56	%		4.96	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		2.56	%		2.93	%		2.70	%		2.66	%		2.94	%

Net expenses (c)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%

Expenses (before waiver/reimbursement) (c)		0.60	%		0.64	%		0.65	%		0.67	%		0.88	%

Portfolio turnover rate		123	%		100	%(d)		95	% (d)		56	%(d)		21	%

Net assets at end of year (in 000’s)	$	686,829		$	1,056,594		$	1,016,022		$	1,173,384		$	935,533

‡	Less than one cent per share.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized.

(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(d)	The portfolio turnover rates not including mortgage dollar rolls were 96%, 63% and 42% for the years ended October 31, 2019, 2018 and 2017, respectively.



	Year ended October 31,

Class R1	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	10.90		$	10.10		$	10.64		$	10.66		$	10.46


Net investment income (loss)		0.26			0.29			0.27	(a)		0.27			0.30

Net realized and unrealized gain (loss) on investments		0.47			0.80			(0.54	)		(0.01	)		0.19

Net realized and unrealized gain (loss) on foreign currency transactions		(0.00	)‡		(0.00	)‡		(0.00	)‡		0.00	‡		0.01


Total from investment operations		0.73			1.09			(0.27	)		0.26			0.50


Less distributions:

From net investment income		(0.28	)		(0.29	)		(0.27	)		(0.28	)		(0.30	)

Return of capital		—			—			(0.00	)‡		(0.00	)‡		—


Total distributions		(0.28	)		(0.29	)		(0.27	)		(0.28	)		(0.30	)


Net asset value at end of year	$	11.35		$	10.90		$	10.10		$	10.64		$	10.66


Total investment return (b)		6.81	%		10.98	%		(2.59	%)		2.46	%		4.86	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		2.47	%		2.97	%		2.61	%		2.58	%		2.84	%

Net expenses (c)		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%

Expenses (before waiver/reimbursement) (c)		0.70	%		0.74	%		0.75	%		0.77	%		0.98	%

Portfolio turnover rate		123	%		100	%(d)		95	% (d)		56	%(d)		21	%

Net assets at end of year (in 000’s)	$	29		$	27		$	4,148		$	3,627		$	3,846

‡	Less than one cent per share.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. 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)	The portfolio turnover rates not including mortgage dollar rolls were 96%, 63% and 42% for the years ended October 31, 2019, 2018 and 2017, respectively.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					29

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class R2	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	10.90		$	10.09		$	10.63		$	10.65		$	10.46


Net investment income (loss)		0.25			0.27			0.24	(a)		0.24			0.31

Net realized and unrealized gain (loss) on investments		0.46			0.81			(0.54	)		(0.01	)		0.15

Net realized and unrealized gain (loss) on foreign currency transactions		(0.00	)‡		(0.00	)‡		(0.00	)‡		0.00	‡		0.00	‡


Total from investment operations		0.71			1.08			(0.30	)		0.23			0.46


Less distributions:

From net investment income		(0.26	)		(0.27	)		(0.24	)		(0.25	)		(0.27	)

Return of capital		—			—			(0.00	)‡		(0.00	)‡		—


Total distributions		(0.26	)		(0.27	)		(0.24	)		(0.25	)		(0.27	)


Net asset value at end of year	$	11.35		$	10.90		$	10.09		$	10.63		$	10.65


Total investment return (b)		6.54	%		10.82	%		(2.83	%)		2.18	%		4.44	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		2.21	%		2.57	%		2.35	%		2.32	%		2.64	%

Net expenses (c)		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%

Expenses (before waiver/reimbursement) (c)		0.95	%		0.99	%		1.00	%		1.02	%		1.24	%

Portfolio turnover rate		123	%		100	%(d)		95	% (d)		56	%(d)		21	%

Net assets at end of year (in 000’s)	$	87		$	81		$	73		$	127		$	115

‡	Less than one cent per share.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. Class R2 shares are not subject to sales charges. For periods of less than one year, total return is not annualized.

(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(d)	The portfolio turnover rates not including mortgage dollar rolls were 96%, 63% and 42% for the years ended October 31, 2019, 2018 and 2017, respectively.



	Year ended October 31,												February 29, 2016^ through October 31, 2016
Class R3	2020			2019			2018			2017			February 29, 2016^ through October 31, 2016

Net asset value at beginning of period	$	10.90		$	10.10		$	10.64		$	10.66		$	10.31


Net investment income (loss)		0.22			0.24			0.22	(a)		0.21			0.15

Net realized and unrealized gain (loss) on investments		0.46			0.80			(0.54	)		(0.01	)		0.35

Net realized and unrealized gain (loss) on foreign currency transactions		(0.00	)‡		(0.00	)‡		(0.00	)‡		0.00	‡		0.01


Total from investment operations		0.68			1.04			(0.32	)		0.20			0.51


Less distributions:

From net investment income		(0.23	)		(0.24	)		(0.22	)		(0.22	)		(0.16	)

Return of capital		—			—			(0.00	)‡		(0.00	)‡		—


Total distributions		(0.23	)		(0.24	)		(0.22	)		(0.22	)		(0.16	)


Net asset value at end of period	$	11.35		$	10.90		$	10.10		$	10.64		$	10.66


Total investment return (b)		6.28	%		10.44	%		(3.08	%)		1.93	%		4.98	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		1.96	%		2.30	%		2.15	%		2.07	%		2.26	%††

Net expenses (c)		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%††

Expenses (before reimbursement/waiver) (c)		1.20	%		1.24	%		1.24	%		1.27	%		1.48	%††

Portfolio turnover rate		123	%		100	%(d)		95	% (d)		56	%(d)		21	%

Net assets at end of period (in 000’s)	$	329		$	251		$	173		$	93		$	79

^	Inception date.

‡	Less than one cent per share.

††	Annualized.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. Class R3 shares are not subject to sales charges. For periods of less than one year, total return is not annualized.

(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(d)	The portfolio turnover rates not including mortgage dollar rolls were 96%, 63% and 42% for the years ended October 31, 2019, 2018 and 2017, respectively.


30		MainStay MacKay Total Return Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class R6	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	10.91		$	10.10		$	10.64		$	10.66		$	10.46


Net investment income (loss)		0.28			0.30			0.29	(a)		0.29			0.36

Net realized and unrealized gain (loss) on investments		0.46			0.82			(0.54	)		(0.02	)		0.15

Net realized and unrealized gain (loss) on foreign currency transactions		(0.00	)‡		(0.00	)‡		(0.00	)‡		0.00	‡		0.01


Total from investment operations		0.74			1.12			(0.25	)		0.27			0.52


Less distributions:

From net investment income		(0.30	)		(0.31	)		(0.29	)		(0.29	)		(0.32	)

Return of capital		—			—			(0.00	)‡		(0.00	)‡		—


Total distributions		(0.30	)		(0.31	)		(0.29	)		(0.29	)		(0.32	)


Net asset value at end of year	$	11.35		$	10.91		$	10.10		$	10.64		$	10.66


Total investment return (b)		6.89	%		11.27	%		(2.42	%)		2.62	%		5.04	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		2.61	%		2.98	%		2.81	%		2.74	%		3.02	%

Net expenses (c)		0.53	%		0.53	%		0.53	%		0.54	%		0.53	%

Expenses (before waiver/reimbursement) (c)		0.53	%		0.53	%		0.53	%		0.54	%		0.53	%

Portfolio turnover rate		123	%		100	%(d)		95	% (d)		56	%(d)		21	%

Net assets at end of year (in 000’s)	$	716,703		$	185,733		$	119,963		$	27		$	26

‡	Less than one cent per share.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized.

(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(d)	The portfolio turnover rates not including mortgage dollar rolls were 96%, 63% and 42% for the years ended October 31, 2019, 2018 and 2017, respectively.



SIMPLE Class	August 31, 2020^ through October 31, 2020

Net asset value at beginning of period *	$	11.52


Net investment income (loss)		0.03

Net realized and unrealized gain (loss) on investments		(0.11	)

Net realized and unrealized gain (loss) on foreign currency transactions ‡		0.00


Total from investment operations		(0.08	)


Less distributions:

From net investment income		(0.03	)


Net asset value at end of period	$	11.41


Total investment return (a)		(0.66	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss) ††		1.80	%

Net expenses †† (b)		1.26	%

Portfolio turnover rate		123	%

Net assets at end of period (in 000’s)	$	25

^	Inception date.

‡	Less than one cent per share.

††	Annualized.

*	Based on the net asset value of Investor Class as of August 31, 2020.

(a)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(b)	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.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					31

Notes to Financial Statements

Note 1–Organization and Business

The Fund currently has ten classes of shares registered for sale. Class I shares commenced operations on January 2, 1991. Class A, Class B, and Class C shares commenced operations on January 2, 2004. Investor Class shares commenced operations on February 28, 2008. Class R1 and Class R2 shares commenced operations on June 29, 2012. Class R6 shares commenced operations on December 29, 2014. Class R3 shares commenced operations on February 29, 2016. SIMPLE Class shares commenced operations on August 31, 2020.

Class A and Investor Class shares are offered at net asset value (“NAV”) per share plus an initial sales charge. No initial sales charge applies to investments of $1 million or more (and certain other qualified purchases) in Class A and Investor Class shares. However, a CDSC 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. Class C shares are offered at NAV without an initial sales charge, although a 1.00% CDSC may be imposed on certain redemptions of such shares made within one year of the date of purchase of Class C shares. When Class B shares were offered, they were offered at NAV without an initial sales charge, although a CDSC that declines depending on the number of years a shareholder held its Class B shares may be imposed on certain redemptions of such shares made within six years of the date of purchase of such shares. Class I, Class R1, Class R2, Class R3, Class R6 and SIMPLE Class shares are offered at NAV without a sales charge. Depending upon eligibility, Class B shares convert to either Class A or Investor Class shares at the end of the calendar quarter eight years after the date they were purchased. In addition, depending upon eligibility, Class C shares convert to either Class A or Investor Class shares at the end of the calendar quarter ten years after the date they were purchased. Additionally, Investor Class shares may convert automatically to Class A shares. Under certain circumstances and as may be permitted by the Trust’s multiple class plan pursuant to Rule 18f-3 under the 1940 Act,

specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under distribution plans pursuant to Rule 12b-1 under the 1940 Act, Class B and Class C shares are subject to higher distribution and/or service fees than Class A, Investor Class, Class R2, Class R3 and SIMPLE Class shares. Class I, Class R1 and Class R6 shares are not subject to a distribution and/or service fee. Class R1, Class R2 and Class R3 shares are subject to a shareholder service fee, which is in addition to fees paid under the distribution plans for Class R2 and Class R3 shares.

The Fund’s investment objective is to seek total return.

Note 2–Significant Accounting Policies

The Board of Trustees of the Trust (the “Board”) adopted procedures establishing methodologies for the valuation of the Fund’s securities and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Trust (the “Valuation Committee”). The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for the day-to-day valuation of portfolio assets (including fair value measurements for the Fund’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)). To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Fund’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources.


32		MainStay MacKay Total Return Bond Fund

methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. Any action taken by the Subcommittee with respect to the valuation of a portfolio security or other asset is submitted for review and ratification (if appropriate) to the Valuation Committee and the Board at the next regularly scheduled meeting.

•

Level 1—quoted prices in active markets for an identical asset or liability

•

Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:


• 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

An asset or liability for which market values cannot be measured using the methodologies described above is valued by methods deemed

reasonable in good faith by the Valuation Committee, following the procedures established by the Board, to represent fair value. Under these procedures, the Fund generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Discounts may also be applied due to the nature and/or duration of any restrictions on the disposition of the asset or liability. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Fund’s valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Fund’s valuation procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security’s sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the year ended October 31, 2020, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. Securities that were fair valued in such a manner as of October 31, 2020, are shown in the Portfolio of Investments.


			33

Notes to Financial Statements (continued)

evaluations are market-based measurements processed through a pricing application and represents the pricing agent’s good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules-based logic utilizes valuation techniques that reflect participants’ assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Manager, in consultation with the Subadvisor, to be representative of market values at the regular close of trading of the Exchange on each valuation date. Debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Debt securities, including corporate bonds, U.S. government and federal agency bonds, municipal bonds, foreign bonds, convertible bonds, asset-backed securities and mortgage-backed securities are generally categorized as Level 2 in the hierarchy.

Foreign currency forward contracts are valued at their fair market values measured on the basis of the mean between the last current bid and ask prices based on dealer or exchange quotations and are generally categorized as Level 2 in the hierarchy.

A portfolio investment may be classified as an illiquid investment under the Trust’s written liquidity risk management program (“Liquidity Program”). Illiquidity of an investment might prevent the sale of such investment at a time when the Manager or the Subadvisor might wish to sell. Further, the lack of an established secondary market may make it more difficult to value illiquid investments, requiring the Fund to rely on judgments that may be somewhat subjective in measuring value, which could vary materially from the amount that the Fund could realize upon disposition. Difficulty in selling illiquid investments may result in a loss or may be costly to the Fund. An illiquid investment is any investment that the Manager or Subadvisor reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of

the investment. The liquidity classification of each investment will be made using information obtained after reasonable inquiry and taking into account, among other things, relevant market, trading and investment-specific considerations in accordance with the Liquidity Program. Illiquid investments are often valued in accordance with methods deemed by the Board in good faith to be reasonable and appropriate to accurately reflect their fair value. The liquidity of the Fund’s investments was determined as of October 31, 2020 and can change at any time. Illiquid investments as of October 31, 2020, are shown in the Portfolio of Investments.

The Manager evaluates the Fund’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund’s financial statements. The Fund’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare and pay dividends from net investment income, if any, at least monthly and distributions from net realized capital and currency gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D) Security Transactions and Investment Income. The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Interest income is accrued as earned using the effective interest rate method and includes any realized gains and losses from repayments of principal on mortgage-backed securities. Distributions received from real estate investment trusts may be classified as dividends, capital gains and/or return of capital. Discounts and premiums on securities purchased, for the Fund are accreted and amortized, respectively. Income from payment-in-kind securities is accreted daily based on the effective interest method.


34		MainStay MacKay Total Return Bond Fund

(G) Repurchase Agreements. The Fund may enter into repurchase agreements (i.e., buy a security from another party with the agreement that it will be sold back in the future) to earn income. The Fund may enter into repurchase agreements only with counterparties, usually financial institutions, that are deemed by the Manager or the Subadvisor to be creditworthy, pursuant to guidelines established by the Board. During the term of any repurchase agreement, the Manager or the Subadvisor will continue to monitor the creditworthiness of the counterparty. Under the 1940 Act, repurchase agreements are considered to be collateralized loans by the Fund to the counterparty secured by the securities transferred to the Fund.

Repurchase agreements are subject to counterparty risk, meaning the Fund could lose money by the counterparty’s failure to perform under the terms of the agreement. The Fund mitigates this risk by ensuring the repurchase agreement is collateralized by cash, U.S. government securities, fixed income securities and/or other securities. The collateral is held by the Fund’s custodian and valued daily on a mark to market basis to determine if the value, including accrued interest, exceeds the repurchase price. In the event of the counterparty’s default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, such as in the event of default or bankruptcy by the counterparty, realization and/or retention of the collateral may be limited or subject to delay, to legal proceedings and possible realized loss to the Fund. As of October 31, 2020, the Fund did not hold any repurchase agreements.

(H) Futures Contracts. A futures contract is an agreement to purchase or sell a specified quantity of an underlying instrument at a

specified future date and price, or to make or receive a cash payment based on the value of a financial instrument (e.g., foreign currency, interest rate, security or securities index). The Fund is subject to risks such as market price risk and/or interest rate risk in the normal course of investing in these contracts. Upon entering into a futures contract, the Fund is required to pledge to the broker or futures commission merchant an amount of cash and/or U.S. government securities equal to a certain percentage of the collateral amount, known as the “initial margin.” During the period the futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each day’s trading. The Fund agrees to receive from or pay to the broker or futures commission merchant an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as “variation margin.” When the futures contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract.

The use of futures contracts involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statement of Assets and Liabilities. The contract or notional amounts and variation margin reflect the extent of the Fund’s involvement in open futures positions. There are several risks associated with the use of futures contracts as hedging techniques. There can be no assurance that a liquid market will exist at the time when the Fund seeks to close out a futures contract. If no liquid market exists, the Fund would remain obligated to meet margin requirements until the position is closed. Futures contracts may involve a small initial investment relative to the risk assumed, which could result in losses greater than if the Fund did not invest in futures contracts. Futures contracts may be more volatile than direct investments in the instrument underlying the futures and may not correlate to the underlying instrument, causing a given hedge not to achieve its objectives. The Fund’s activities in futures contracts have minimal counterparty risk as they are conducted through regulated exchanges that guarantee the futures against default by the counterparty. In the event of a bankruptcy or insolvency of a futures commission merchant that holds margin on behalf of the Fund, the Fund may not be entitled to the return of the entire margin owed to the Fund, potentially resulting in a loss. The Fund may invest in futures contracts to help manage the duration and yield curve of the portfolio while minimizing the exposure to wider bid/ask spreads in traditional bonds. The Fund’s investment in futures contracts and other derivatives may increase the volatility of the Fund’s NAVs and may result in a loss to the Fund. Open futures contracts held as of October 31, 2020, are shown in the Portfolio of Investments.


			35

Notes to Financial Statements (continued)

gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract. The Fund may purchase and sell foreign currency forward contracts for purposes of seeking to enhance portfolio returns and manage portfolio risk more efficiently. Foreign currency forward contracts may also be used to gain exposure to a particular currency or to hedge against the risk of loss due to changing currency exchange rates. Foreign currency forward contracts to purchase or sell a foreign currency may also be used in anticipation of future purchases or sales of securities denominated in foreign currency, even if the specific investments have not yet been selected.

The use of foreign currency forward contracts involves, to varying degrees, elements of risk in excess of the amount recognized in the Statement of Assets and Liabilities, including counterparty risk, market risk and illiquidity risk. Counterparty risk is heightened for these instruments because foreign currency forward contracts are not exchange-traded and therefore no clearinghouse or exchange stands ready to meet the obligations under such contracts. Thus, the Fund faces the risk that its counterparties under such contracts may not perform their obligations. Market risk is the risk that the value of a foreign currency forward contract will depreciate due to unfavorable changes in exchange rates. Illiquidity risk arises because the secondary market for foreign currency forward contracts may have less liquidity relative to markets for other securities and financial instruments. Risks also arise from the possible movements in the foreign exchange rates underlying these instruments. While the Fund may enter into forward contracts to reduce currency exchange risks, changes in currency exchange rates may result in poorer overall performance for the Fund than if it had not engaged in such transactions. Exchange rate movements can be large, depending on the currency, and can last for extended periods of time, affecting the value of the Fund’s assets. Moreover, there may be an imperfect correlation between the Fund’s holdings of securities denominated in a particular currency and forward contracts entered into by the Fund. Such imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund to the risk of currency exchange loss. The unrealized appreciation (depreciation) on forward contracts also reflects the Fund’s exposure at the valuation date to credit loss in the event of a counterparty’s failure to perform its obligations. Open foreign currency forward contracts as of October 31, 2020, are shown in the Portfolio of Investments.

(i)	market value of investment securities, other assets and liabilities— at the valuation date; and

(ii)	purchases and sales of investment securities, income and expenses—at the date of such transactions.

(K) Rights and Warrants. Rights are certificates that permit the holder to purchase a certain number of shares, or a fractional share, of a new stock from the issuer at a specific price. Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. These investments can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of these investments do not necessarily move in tandem with the prices of the underlying securities.

Rights and warrants are speculative investments. The Fund could lose the entire value of its investment in warrants if such warrants are not exercised by the date of its expiration. To the extent the Fund investments in rights and warrants, the Fund exposed to risk until the sale or exercise of each right or warrant is completed. As of October 31, 2020, the Fund did not hold any rights or warrants.

(L) Dollar Rolls. The Fund may enter into dollar roll transactions in which it sells mortgage-backed securities (“MBS”) from its portfolio to a counterparty from whom it simultaneously agrees to buy a similar security on a delayed delivery basis. The Fund generally transfers MBS where the MBS are “to be announced,” therefore, the Fund accounts for these transactions as purchases and sales.

When accounted for as purchase and sales, the securities sold in connection with the dollar rolls are removed from the portfolio and a realized gain or loss is recognized. The securities the Fund has agreed to acquire are included at market value in the Portfolio of Investments and liabilities for such purchase commitments are included as payables for investments purchased. During the roll period, the Fund foregoes principal and interest paid on the securities. The Fund is compensated by the difference between the current sales price and the forward price for the future as well as by the earnings on the cash proceeds of the initial sale. Dollar rolls may be renewed without physical delivery of the securities subject to the contract. The Fund maintains liquid assets from its portfolio having a value not less than the repurchase price, including accrued interest. Dollar roll transactions involve certain risks, including the risk that the securities returned to the Fund at the end of the roll period, while substantially similar, could be inferior to what was initially sold to the counterparty.

(M) Securities Lending. In order to realize additional income, the Fund may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission (“SEC”). If the Fund engages in securities lending, the Fund will lend through its custodian, currently State Street Bank and Trust Company (“State Street”) (See Note 13 for securities lending agent change), acting as securities lending agent on behalf of the Fund. Under the current arrangement, State Street will manage the Fund’s collateral in accordance with the securities lending agency agreement between the Fund and State Street, and indemnify the Fund against counterparty risk. The loans will be collateralized by cash (which


36		MainStay MacKay Total Return Bond Fund

may be invested in a money market fund) and/or non-cash collateral (which may include U.S. Treasury securities and/or U.S. government agency securities issued or guaranteed by the United States government or its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. The Fund bears the risk of delay in recovery of, or loss of rights in, the securities loaned. The Fund may also record a realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. The Fund bears the risk of any loss on investment of cash collateral. The Fund will receive compensation for lending its securities in the form of fees or it will retain a portion of interest earned on the investment of any cash collateral. The Fund will also continue to receive interest and dividends on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Fund. Income earned from securities lending activities, if any, is reflected in the Statement of Operations. As of October 31, 2020, the Fund did not have any portfolio securities on loan.

(N) Foreign Securities Risk. The ability of issuers of debt securities held by the Fund to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region. Debt securities are also subject to the risks associated with changes in interest rates. The Fund may invest in foreign securities, which carry certain risks that are in addition to the usual risks inherent in domestic securities. These risks include those resulting from currency fluctuations, future adverse political or economic developments and possible imposition of currency exchange blockages or other foreign governmental laws or restrictions. These risks are likely to be greater in emerging markets than in developed markets. The ability of issuers of debt securities held by the Fund to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region.

(O) LIBOR Replacement Risk. The Fund may invest in certain debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate (“LIBOR”), as a “benchmark” or “reference rate” for various interest rate calculations. The United Kingdom Financial Conduct Authority, which regulates LIBOR, announced that after 2021 it will cease its active encouragement of banks to provide the quotations needed to sustain LIBOR. As a result, it is anticipated that LIBOR will be discontinued or will no longer be sufficiently robust to be representative of its underlying market around that time. Although financial regulators and industry working groups have suggested alternative reference rates, such as the European Interbank Offer Rate (“EURIBOR”), Sterling Overnight Interbank Average Rate (“SONIA”) and Secured Overnight Financing Rate (“SOFR”), there are challenges to converting certain contracts and transactions to a new benchmark and neither the full effects of the transition process nor its ultimate outcome is known. Management is currently working to assess exposure and will modify contracts as necessary.

contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, adversely affecting the Fund’s performance. Accordingly, the potential effect of a transition away from LIBOR on the Fund or the debt securities or other instruments based on LIBOR in which the Fund invests cannot yet be determined. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

(P) Indemnifications. Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.

(Q) Large Transaction Risks. From time to time, the 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 the Fund’s performance if the Fund were required to sell securities or invest cash at times when it otherwise would not do so. This activity could also accelerate the realization of capital gains and increase the Fund’s transaction costs. The Fund has adopted procedures designed to mitigate the negative impacts of such large transactions, but there can be no assurance that these procedures will be effective.

(R) Quantitative Disclosure of Derivative Holdings. The following tables show additional disclosures related to the Fund’s derivative and hedging activities, including how such activities are accounted for and their effect on the Fund’s financial positions, performance and cash flows. In order to keep the Fund nearly fully invested, while maintaining a short duration posture, the Fund executed a duration tilt with U.S. Treasury futures. The Fund entered into futures contracts to help manage the duration and yield curve positioning of the portfolio while minimizing the exposure to wider bid/ask spreads in traditional bonds. These derivatives are not accounted for as hedging instruments.


			37

Notes to Financial Statements (continued)

Fair value of derivative instruments as of October 31, 2020:

Asset Derivatives


	Foreign Exchange Contracts Risk		Interest Rate Contracts Risk		Total

Futures Contracts—Net Assets—Net unrealized appreciation on investments and futures contracts (a)	$	—	$	1,072,994	$	1,072,994
Forward Contracts—Unrealized appreciation on foreign currency forward contracts		52,551		—		52,551

Total Fair Value	$	52,551	$	1,072,994	$	1,125,545

Liability Derivatives


	Foreign Exchange Contracts Risk			Interest Rate Contracts Risk			Total

Futures Contracts—Net Assets—Net unrealized depreciation on investments and futures contracts (a)	$	—		$	(415,313	)	$	(415,313	)
Forward Contracts—Unrealized depreciation on foreign currency forward contracts		(123,550	)		—			(123,550	)

Total Fair Value	$	(123,550	)	$	(415,313	)	$	(538,863	)

(a)	Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the year ended October 31, 2020:

Net Realized Gain (Loss) from:


	Foreign Exchange Contracts Risk		Interest Rate Contracts Risk			Total

Futures Contracts	$	—	$	(1,417,707	)	$	(1,417,707	)

Total Net Realized Gain (Loss)	$	—	$	(1,417,707	)	$	(1,417,707	)

Net Change in Unrealized Appreciation (Depreciation) from:


	Foreign Exchange Contracts Risk			Interest Rate Contracts Risk		Total

Futures Contracts	$	—		$	1,302,343	$	1,302,343
Forward Contracts		(70,999	)		—		(70,999	)

Total Net Change in Unrealized Appreciation (Depreciation)	$	(70,999	)	$	1,302,343	$	1,231,344

Average Notional Amount


	Foreign Exchange Contracts Risk			Interest Rate Contracts Risk			Total

Futures Contracts Long	$	—		$	155,843,784		$	155,843,784
Futures Contracts Short	$	—		$	(127,614,752	)	$	(127,614,752	)
Forward Contracts Long	$	2,268,012		$	—		$	2,268,012
Forward Contracts Short	$	(4,562,536	)	$	—		$	(4,562,536	)

Note 3–Fees and Related Party Transactions

(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company (“New York Life”), serves as the Fund’s Manager, pursuant to an Amended and Restated Management Agreement (“Management Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. MacKay Shields LLC (“MacKay Shields” or the “Subadvisor”), a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life, serves as Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of an Amended and Restated Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and MacKay Shields, New York Life Investments pays for the services of the Subadvisor.

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of the Fund’s average daily net assets as follows: 0.50% up to $1 billion; 0.475% from $1 billion to $3 billion; and 0.465% in excess of $3 billion. During the year ended October 31, 2020, the effective management fee rate (exclusive of any applicable waivers/reimbursements) was 0.49%.

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) do not exceed the following percentages of average daily net assets: Class A, 0.88% and Class I, 0.60%. New York Life Investments will apply an equivalent waiver or reimbursement, in an equal number of basis points of the Class A shares waiver/reimbursement to Investor Class shares, Class B shares, Class C shares, Class R1 shares, Class R2 shares, Class R3 shares and SIMPLE Class shares. New York Life Investments has also 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. These


38		MainStay MacKay Total Return Bond Fund

agreements will remain in effect until August 31, 2021, 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.

In addition, New York Life Investments has agreed to voluntarily waive fees and/or reimburse expenses 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) for Class R1, Class R2 and Class R3 shares of the Fund do not exceed 0.70%, 0.95% and 1.20%, respectively, of the Fund’s average daily net assets. This voluntary waiver or reimbursement may be discontinued at any time without notice.

During the year ended October 31, 2020, New York Life Investments earned fees from the Fund in the amount of $6,696,137 and waived fees and/or reimbursed expenses in the amount of $2,949 and paid the Subadvisor fees in the amount of $3,346,662.

Pursuant to the Class A, Investor Class and Class R2 Plans, the Distributor receives a monthly distribution fee from the Class A, Investor Class and Class R2 shares at an annual rate of 0.25% of the average daily net assets of the Class A, Investor Class and Class R2 shares for distribution and/or service activities as designated by the Distributor. Pursuant to the Class B and Class C Plans, Class B and Class C shares pay the Distributor a monthly distribution fee at an annual rate of 0.75% of the average daily net assets of the Class B and Class C shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class B and Class C shares, for a total 12b-1 fee of 1.00%. Pursuant to the Class R3 and SIMPLE Class Plans, Class R3 and SIMPLE Class shares pay the Distributor a monthly fee at an annual rate of 0.25% of the average daily net assets of the Class R3 and SIMPLE Class shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class R3 and SIMPLE Class shares, for a total 12b-1 fee of 0.50%. Class I, Class R1 and Class R6 shares are not subject to a distribution and/or service fee.

During the year ended October 31, 2020, shareholder service fees incurred by the Fund were as follows:



Class R1	$	28
Class R2		84
Class R3		309

The Fund was also advised that the Distributor retained CDSCs on redemptions of Class A, Class B and Class C shares during the year ended October 31, 2020, of $4,923, $1,223 and $2,060, respectively.

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund’s transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with DST Asset Manager Solutions, Inc. (“DST”), pursuant to which DST performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund’s share classes to a maximum of 0.35% of that share class’s average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until August 31, 2021 for SIMPLE Class shares and February 28, 2021 for all other share classes, 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. During the year ended


			39

Notes to Financial Statements (continued)

October 31, 2020, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:


Class	Expense		Waived
Class A	$	44,331	$	—
Investor Class		18,536		—
Class B		5,738		—
Class C		39,795		—
Class I		506,470		—
Class R1		19		—
Class R2		56		—
Class R3		197		—
Class R6		21,022		—
SIMPLE Class		10		—


Affiliated Investment Company	Value, Beginning of Year		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Year		Dividend Income		Other Distributions		Shares End of Year

MainStay U.S. Government Liquidity Fund	$	83,216	$	1,151,335	$	(1,187,975	)	$	—	$	—	$	46,576	$	329	$	—		46,576

(G) Capital. As of October 31, 2020, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:



Class R1	$	28,724	99.8	%
Class R2		32,715	37.7
Class R3		30,386	9.2
Class R6		31,273	0.0
SIMPLE Class		24,799	99.9

Note 4–Federal Income Tax


	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)

Investments in Securities	$	1,448,784,944	$	70,949,725	$	(9,535,826	)	$	61,413,899

As of October 31, 2020, the components of accumulated gain (loss) on a tax basis were as follows:


Ordinary Income	Accumulated Capital and Other Gain (Loss)	Other Temporary Differences	Unrealized Appreciation (Depreciation)	Total Accumulated Gain (Loss)

$17,476,661	$(3,992,419)	$(11,357)	$65,309,870	$78,782,755

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is primarily due to straddle loss deferral adjustments, mark to market on futures contracts and mark to market on forwards contracts. The other temporary differences are primarily due to dividends payable.

The Fund utilized $21,237,829 of capital loss carryforwards during the year ended October 31, 2020.

During the years ended October 31, 2020, and October 31, 2019, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets were as follows:


	2020		2019
Distributions paid from:
Ordinary Income	$	35,535,816	$	36,321,574

Note 5–Restricted Securities

As of October 31, 2020, the Fund held the following restricted security:

Security

Date(s) of
Acquisition

Shares

Cost

10/31/20
Value

Percent of
Net Assets

ION Media Networks, Inc.

Common Stock

3/12/10

—

1,584

0.0

%‡

‡	Less than one-tenth of a percent.


40		MainStay MacKay Total Return Bond Fund

Note 6–Custodian

Note 7–Line of Credit

Note 8–Interfund Lending Program

Note 9–Purchases and Sales of Securities (in 000’s)

During the year ended October 31, 2020, purchases and sales of U.S. government securities were $1,154,187 and $1,275,333, respectively. Purchases and sales of securities, other than U.S. government securities and short-term securities, were $603,145 and $344,652, respectively.

Note 10–Capital Share Transactions

Transactions in capital shares for the years ended October 31, 2020, and October 31, 2019, were as follows:


Class A	Shares			Amount

Year ended October 31, 2020:
Shares sold		4,364,085		$	48,920,444
Shares issued to shareholders in reinvestment of distributions		139,978			1,563,529
Shares redeemed		(1,641,401	)		(18,280,554	)

Net increase (decrease) in shares outstanding before conversion		2,862,662			32,203,419
Shares converted into Class A (See Note 1)		154,863			1,724,553
Shares converted from Class A (See Note 1)		(4,596	)		(50,828	)

Net increase (decrease)		3,012,929		$	33,877,144

Year ended October 31, 2019:
Shares sold		1,961,925		$	20,782,770
Shares issued to shareholders in reinvestment of distributions		110,347			1,164,200
Shares redeemed		(1,368,306	)		(14,364,700	)

Net increase (decrease) in shares outstanding before conversion		703,966			7,582,270
Shares converted into Class A (See Note 1)		96,727			1,017,787
Shares converted from Class A (See Note 1)		(32,288	)		(342,020	)

Net increase (decrease)		768,405		$	8,258,037



Investor Class	Shares			Amount

Year ended October 31, 2020:
Shares sold		271,891		$	3,040,611
Shares issued to shareholders in reinvestment of distributions		13,324			149,269
Shares redeemed		(124,522	)		(1,378,361	)

Net increase (decrease) in shares outstanding before conversion		160,693			1,811,519
Shares converted into Investor Class (See Note 1)		29,424			331,865
Shares converted from Investor Class (See Note 1)		(126,019	)		(1,412,571	)

Net increase (decrease)		64,098		$	730,813

Year ended October 31, 2019:
Shares sold		173,484		$	1,869,342
Shares issued to shareholders in reinvestment of distributions		13,294			140,875
Shares redeemed		(130,835	)		(1,397,745	)

Net increase (decrease) in shares outstanding before conversion		55,943			612,472
Shares converted into Investor Class (See Note 1)		53,502			567,455
Shares converted from Investor Class (See Note 1)		(54,590	)		(580,575	)

Net increase (decrease)		54,855		$	599,352


			41

Notes to Financial Statements (continued)


Class B	Shares			Amount

Year ended October 31, 2020:
Shares sold		33,861		$	373,748
Shares issued to shareholders in reinvestment of distributions		2,604			28,947
Shares redeemed		(77,332	)		(854,199	)

Net increase (decrease) in shares outstanding before conversion		(40,867	)		(451,504	)
Shares converted from Class B (See Note 1)		(27,800	)		(309,902	)

Net increase (decrease)		(68,667	)	$	(761,406	)

Year ended October 31, 2019:
Shares sold		38,675		$	416,459
Shares issued to shareholders in reinvestment of distributions		3,852			40,495
Shares redeemed		(88,087	)		(925,155	)

Net increase (decrease) in shares outstanding before conversion		(45,560	)		(468,201	)
Shares converted from Class B (See Note 1)		(19,572	)		(206,789	)

Net increase (decrease)		(65,132	)	$	(674,990	)



Class C	Shares			Amount

Year ended October 31, 2020:
Shares sold		1,156,557		$	12,889,926
Shares issued to shareholders in reinvestment of distributions		18,554			207,818
Shares redeemed		(620,031	)		(6,951,253	)

Net increase (decrease) in shares outstanding before conversion		555,080			6,146,491
Shares converted from Class C (See Note 1)		(25,228	)		(283,117	)

Net increase (decrease)		529,852		$	5,863,374

Year ended October 31, 2019:
Shares sold		323,808		$	3,392,307
Shares issued to shareholders in reinvestment of distributions		20,603			216,688
Shares redeemed		(675,789	)		(7,150,038	)

Net increase (decrease) in shares outstanding before conversion		(331,378	)		(3,541,043	)
Shares converted from Class C (See Note 1)		(44,673	)		(466,470	)

Net increase (decrease)		(376,051	)	$	(4,007,513	)



Class I	Shares			Amount

Year ended October 31, 2020:
Shares sold		15,167,128		$	168,259,219
Shares issued to shareholders in reinvestment of distributions		1,706,197			18,986,074
Shares redeemed		(50,277,250	)		(548,717,800	)

Net increase in shares outstanding before conversion		(33,403,925	)		(361,472,507	)
Shares converted from Class I (See Note 1)		(2,981,884	)		(34,261,845	)

Net increase (decrease)		(36,385,809	)	$	(395,734,352	)

Year ended October 31, 2019:
Shares sold		22,359,355		$	236,859,763
Shares issued to shareholders in reinvestment of distributions		2,824,136			29,753,290
Shares redeemed		(22,826,631	)		(242,710,140	)

Net increase (decrease) in shares outstanding before conversion		2,356,860			23,902,913
Shares converted into Class I (See Note 1)		1,037			10,612
Shares converted from Class I (See Note 1)		(6,097,904	)		(63,113,303	)

Net increase (decrease)		(3,740,007	)	$	(39,199,778	)


Class R1	Shares			Amount

Year ended October 31, 2020:
Shares issued to shareholders in reinvestment of distributions		64			708

Net increase (decrease)		64		$	708

Year ended October 31, 2019:
Shares sold		20,574		$	210,604
Shares issued to shareholders in reinvestment of distributions		4,637			47,586
Shares redeemed		(433,599	)		(4,522,526	)

Net increase (decrease)		(408,388	)	$	(4,264,336	)



Class R2	Shares			Amount

Year ended October 31, 2020:
Shares issued to shareholders in reinvestment of distributions		173			1,926

Net increase (decrease)		173		$	1,926

Year ended October 31, 2019:
Shares issued to shareholders in reinvestment of distributions		188			1,981

Net increase (decrease)		188		$	1,981



Class R3	Shares			Amount

Year ended October 31, 2020:
Shares sold		8,735		$	96,904
Shares issued to shareholders in reinvestment of distributions		268			2,994
Shares redeemed		(3,038	)		(34,629	)

Net increase (decrease)		5,965		$	65,269

Year ended October 31, 2019:
Shares sold		6,170		$	65,149
Shares issued to shareholders in reinvestment of distributions		116			1,237
Shares redeemed		(461	)		(4,687	)

Net increase (decrease)		5,825		$	61,699



Class R6	Shares			Amount

Year ended October 31, 2020:
Shares sold		49,412,201		$	543,454,918
Shares issued to shareholders in reinvestment of distributions		1,294,237			14,452,494
Shares redeemed		(7,591,919	)		(81,238,427	)

Net increase (decrease) in shares outstanding before conversion		43,114,519			476,668,985
Shares converted into Class R6 (See Note 1)		2,981,884			34,261,845

Net increase (decrease)		46,096,403		$	510,930,830

Year ended October 31, 2019:
Shares sold		6,429,841		$	67,555,521
Shares issued to shareholders in reinvestment of distributions		454,761			4,801,485
Shares redeemed		(7,834,175	)		(81,793,902	)

Net increase (decrease) in shares outstanding before conversion		(949,573	)		(9,436,896	)
Shares converted into Class R6 (See Note 1)		6,097,904			63,113,303

Net increase (decrease)		5,148,331		$	53,676,407


42		MainStay MacKay Total Return Bond Fund


SIMPLE Class	Shares		Amount

Period ended October 31, 2020 (a):
Shares sold		2,171	$	25,000
Shares issued to shareholders in reinvestment of distributions		6		73

Net increase (decrease)		2,177	$	25,073

(a)	The inception date of the class was August 31, 2020.

Note 11–Recent Accounting Pronouncement

December 31, 2022. At this time, the Manager is evaluating the implications of certain other provisions of ASU 2020-04 related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

Note 12–Other Matters

Note 13–Subsequent Events

Effective at the close of business on November 20, 2020, all services provided by State Street were transitioned to JPMorgan Chase Bank, N.A.


			43

Report of Independent Registered Public Accounting Firm

To the Shareholders of the Fund and Board of Trustees

MainStay Funds Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of MainStay MacKay Total Return Bond Fund (the Fund), one of the funds constituting MainStay Funds Trust, including the portfolio of investments, as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2020, by correspondence with custodians, the transfer agent, and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

LOGO

We have served as the auditor of one or more New York Life Investment Management investment companies since 2003.

Philadelphia, Pennsylvania

December 23, 2020


44		MainStay MacKay Total Return Bond Fund

Federal Income Tax Information

(Unaudited)

The Fund is required under the Internal Revenue Code to advise shareholders in a written statement as to the federal tax status of dividends paid by the Fund during such fiscal years.

For the fiscal year ended October 31, 2020, the Fund designated approximately $155,981 under the Internal Revenue Code as qualified dividend income eligible for reduced tax rates.

Proxy Voting Policies and Procedures and Proxy Voting Record

Shareholder Reports and Quarterly Portfolio Disclosure


			45

Board of Trustees and Officers (Unaudited)

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Interested Trustee

Yie-Hsin Hung*

1962

MainStay Funds:
Trustee since 2017

MainStay Funds Trust:
Trustee since 2017

MainStay VP Funds Trust:
Trustee since 2017 (31 portfolios); and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017.


46		MainStay MacKay Total Return Bond Fund

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

David H. Chow

1957

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Founder and CEO, DanCourt Management, LLC since 1999

Susan B. Kerley

1951

MainStay Funds:
Chairman since 2017 and Trustee since 2007;

MainStay Funds Trust: Chairman since 2017 and Trustee since 1990.**

President, Strategic Management Advisors LLC since 1990

MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007 (31 portfolios)***;
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; and

Legg Mason Partners Funds: Trustee since 1991 (45 portfolios).

Alan R. Latshaw

1951

MainStay Funds:
Trustee;

MainStay Funds Trust:
Trustee and Audit Committee Financial Expert since 2007.**

Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006)

Richard H. Nolan, Jr.

1946

MainStay Funds:
Trustee since 2007;

MainStay Funds Trust:
Trustee since 2007.**

Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004)

MainStay VP Funds Trust: Trustee since 2006 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Jacques P. Perold

1958

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Allstate Corporation: Director since 2015;
MSCI, Inc.: and Director since 2017.


			47

Board of Trustees and Officers (Unaudited) (continued)

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

Richard S. Trutanic

1952

MainStay Funds: Trustee since 1994;

MainStay Funds Trust: Trustee since 2007.**

MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust.

***

Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


48		MainStay MacKay Total Return Bond Fund


	Name and Year of Birth	Position(s) Held and Length of Service	Principal Occupation(s) During Past Five Years
Officers of the Trust (Who are not Trustees)*	Kirk C. Lehneis 1974	President, MainStay Funds, MainStay Funds Trust since 2017	Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers since 2017 and Senior Managing Director since 2018, NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since 2017**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC
	Jack R. Benintende 1964	Treasurer and Principal Financial and Accounting Officer, MainStay Funds since 2007, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2007**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012)
	Yi-Chia Kuo 1981	Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust since January 2020	Chief Compliance Officer, Index IQ Trust, Index IQ ETF Trust and Index IQ Active ETF Trust since January 2020; Vice President and Chief Compliance Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since January 2020; Director and Associate General Counsel, New York Life Insurance Company (2015 to 2019)
	J. Kevin Gao 1967	Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust since 2010	Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2010**
	Scott T. Harrington 1959	Vice President— Administration, MainStay Funds since 2005, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2005**

Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


			49

MainStay Funds

Equity

U.S. Equity

MainStay Epoch U.S. All Cap Fund

MainStay Epoch U.S. Equity Yield Fund

MainStay MacKay Common Stock Fund

MainStay MacKay Growth Fund

MainStay MacKay S&P 500 Index Fund

MainStay MacKay Small Cap Core Fund

MainStay MacKay U.S. Equity Opportunities Fund

MainStay MAP Equity Fund

MainStay Winslow Large Cap Growth Fund¹

International Equity

MainStay Epoch International Choice Fund

MainStay MacKay International Equity Fund

MainStay MacKay International Opportunities Fund

Emerging Markets Equity

MainStay Candriam Emerging Markets Equity Fund

Global Equity

MainStay Epoch Capital Growth Fund

MainStay Epoch Global Equity Yield Fund

Fixed Income

Taxable Income

MainStay Candriam Emerging Markets Debt Fund

MainStay Floating Rate Fund

MainStay MacKay High Yield Corporate Bond Fund

MainStay MacKay Short Duration High Yield Fund

MainStay MacKay Total Return Bond Fund

MainStay MacKay Unconstrained Bond Fund

MainStay MacKay U.S. Infrastructure Bond Fund²

MainStay Short Term Bond Fund³

Tax-Exempt Income

MainStay MacKay California Tax Free Opportunities Fund⁴

MainStay MacKay High Yield Municipal Bond Fund

MainStay MacKay Intermediate Tax Free Bond Fund

MainStay MacKay New York Tax Free Opportunities Fund⁵

MainStay MacKay Short Term Municipal Fund

MainStay MacKay Tax Free Bond Fund

Money Market

MainStay Money Market Fund

Mixed Asset

MainStay Balanced Fund

MainStay Income Builder Fund

MainStay MacKay Convertible Fund

Speciality

MainStay CBRE Global Infrastructure Fund

MainStay CBRE Real Estate Fund

MainStay Cushing MLP Premier Fund

Asset Allocation

MainStay Conservative Allocation Fund

MainStay Conservative ETF Allocation Fund

MainStay Defensive ETF Allocation Fund

MainStay Equity Allocation Fund⁶

MainStay Equity ETF Allocation Fund

MainStay Growth Allocation Fund⁷

MainStay Growth ETF Allocation Fund

MainStay Moderate Allocation Fund

MainStay Moderate ETF Allocation Fund

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium S.A.⁸

Brussels, Belgium

Candriam Luxembourg S.C.A.⁸

Strassen, Luxembourg

CBRE Clarion Securities LLC

Radnor, Pennsylvania

Cushing Asset Management, LP

Dallas, Texas

Epoch Investment Partners, Inc.

New York, New York

MacKay Shields LLC⁸

New York, New York

Markston International LLC

White Plains, New York

NYL Investors LLC⁸

New York, New York

Winslow Capital Management, LLC

Minneapolis, Minnesota

Legal Counsel

Dechert LLP

Washington, District of Columbia

Independent Registered Public Accounting Firm

KPMG LLP

Philadelphia, Pennsylvania

Distributor

NYLIFE Distributors LLC⁸

Jersey City, New Jersey

Custodian⁹

State Street Bank and Trust Company

Boston, Massachusetts

1.	Formerly known as MainStay Large Cap Growth Fund.

2.	Formerly known as MainStay MacKay Infrastructure Bond Fund.

3.	Formerly known as MainStay Indexed Bond Fund.

4.	This Fund is registered for sale in AZ, CA, NV, OR, TX, UT and WA. Class A and Class I shares are registered for sale in MI. Class I and Class C2 shares are registered for sale in CO, FL, GA, HI, ID, MA, MD, NH, NJ and NY.

5.	This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT.

6.	Formerly known as MainStay Growth Allocation Fund.

7.	Formerly known as MainStay Moderate Growth Allocation Fund.

8.	An affiliate of New York Life Investment Management LLC.

Not part of the Annual Report

For more information

800-624-6782

newyorklifeinvestments.com

1716155 MS203-20

MSTRB11-12/20

(NYLIM) NL229

MainStay MacKay U.S. Equity

Opportunities Fund

Message from the President and Annual Report

October 31, 2020


Not FDIC/NCUA Insured		Not a Deposit		May Lose Value		No Bank Guarantee		Not Insured by Any Government Agency

LOGO

This page intentionally left blank

Message from the President

Sincerely,

LOGO

Kirk C. Lehneis

President

Not part of the Annual Report

Table of Contents


Annual Report

Investment and Performance Comparison			5

Portfolio Management Discussion and Analysis			9

Portfolio of Investments			11

Financial Statements			20

Notes to Financial Statements			27

Report of Independent Registered Public Accounting Firm			38

Federal Income Tax Information			39

Proxy Voting Policies and Procedures and Proxy Voting Record			39

Shareholder Reports and Quarterly Portfolio Disclosure			39

Board of Trustees and Officers			40

Investment and Performance Comparison¹ (Unaudited)

LOGO

Average Annual Total Returns for the Year-Ended October 31, 2020


Class	Sales Charge		Inception Date		One Year			Five Years			Ten Years			Gross Expense Ratio²

Class A Shares	Maximum 5.5% Initial Sales Charge	With sales charges Excluding sales charges		6/29/2007		–5.77 –0.29	%		5.05 6.24	%		10.81 11.44	%		1.50 1.50	%
Investor Class Shares³	Maximum 5% Initial Sales Charge	With sales charges Excluding sales charges		2/28/2008		–5.96 –0.49			4.95 6.14			10.65 11.28			1.57 1.57
Class C Shares	Maximum 1% CDSC if Redeemed Within One Year of Purchase	With sales charges Excluding sales charges		6/29/2007		–2.00 –1.13			5.37 5.37			10.45 10.45			2.32 2.32
Class I Shares	No Sales Charge			6/29/2007		0.01			6.53			11.72			1.25

been lower. For more information on share classes and current fee waivers and/or expense limitations (if any), please refer to the Notes to Financial Statements.

2.	The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report.

3.	Prior to June 30, 2020, the maximum initial sales charge for Investor Class shares was 5.5%, which is reflected in the average annual total return figures shown.

The footnotes on the next page are an integral part of the table and graph and should be carefully read in conjunction with them.


			5


Benchmark Performance	One Year			Five Years			Ten Years

Russell 1000^® Index⁴		10.87	%		11.79	%		13.05	%
Morningstar Large Blend Category Average⁵		6.30			9.64			11.28

The Russell 1000^® Index is the Fund’s primary broad-based securities market index for comparison purposes. The Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000^® Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

5.	The Morningstar Large Blend Category Average is representative of funds that represent the overall US stock market in size, growth rates and price.

Stocks in the top 70% of the capitalization of the US equity market are defined as large cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of US industries, and owing to their broad exposure, the portfolios’ returns are often similar to those of the S&P 500 Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.

The footnotes on the preceding page are an integral part of the table and graph and should be carefully read in conjunction with them.


6		MainStay MacKay U.S. Equity Opportunities Fund

Cost in Dollars of a $1,000 Investment in MainStay MacKay U.S. Equity Opportunities Fund (Unaudited)

Example

This example illustrates your Fund’s ongoing costs in two ways:

Actual Expenses

multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes



Share Class	Beginning Account Value 5/1/20		Ending Account Value (Based on Actual Returns and Expenses) 10/31/20		Expenses Paid During Period¹		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/20		Expenses Paid During Period¹		Net Expense Ratio During Period^2,3

Class A Shares	$	1,000.00	$	1,100.30	$	8.08	$	1,017.44	$	7.76	1.53%

Investor Class Shares	$	1,000.00	$	1,099.70	$	8.60	$	1,016.94	$	8.26	1.63%

Class C Shares	$	1,000.00	$	1,097.00	$	12.39	$	1,013.32	$	11.89	2.35%

Class I Shares	$	1,000.00	$	1,103.20	$	5.76	$	1,019.66	$	5.53	1.09%

2.	Expenses are equal to the Fund’s annualized expense ratio to reflect the six-month period.

3.	Expenses are inclusive of dividends and interest on investments sold short.


			7

Industry Composition as of October 31, 2020 (Unaudited)



Software	11.8	%

Semiconductors & Semiconductor Equipment	5.9

Internet & Direct Marketing Retail	5.2

IT Services	4.6

Capital Markets	4.1

Specialty Retail	3.6

Banks	3.3

Health Care Equipment & Supplies	3.3

Pharmaceuticals	3.1

Health Care Providers & Services	3.0

Equity Real Estate Investment Trusts	2.7

Food & Staples Retailing	2.3

Biotechnology	2.2

Life Sciences Tools & Services	2.2

Interactive Media & Services	2.1

Chemicals	1.9

Electronic Equipment, Instruments & Components	1.6

Entertainment	1.6

Metals & Mining	1.6

Machinery	1.5

Hotels, Restaurants & Leisure	1.4

Household Products	1.3

Media	1.2

Diversified Financial Services	1.1

Electric Utilities	1.1

Insurance	1.1

Air Freight & Logistics	1.0

Consumer Finance	1.0

Independent Power & Renewable Electricity Producers	1.0

Professional Services	1.0

Automobiles	0.9



Commercial Services & Supplies	0.9	%

Diversified Consumer Services	0.9

Multiline Retail	0.9

Personal Products	0.9

Beverages	0.8

Electrical Equipment	0.8

Food Products	0.7

Industrial Conglomerates	0.7

Multi-Utilities	0.7

Oil, Gas & Consumable Fuels	0.7

Aerospace & Defense	0.6

Health Care Technology	0.6

Road & Rail	0.6

Thrifts & Mortgage Finance	0.6

Diversified Telecommunication Services	0.5

Household Durables	0.5

Leisure Products	0.5

Trading Companies & Distributors	0.5

Communications Equipment	0.4

Construction & Engineering	0.4

Containers & Packaging	0.4

Technology Hardware, Storage & Peripherals	0.4

Textiles, Apparel & Luxury Goods	0.4

Building Products	0.3

Tobacco	0.2

Airlines	0.0	‡

Short-Term Investment	1.9

Other Assets, Less Liabilities	3.5


	100.0	%

See Portfolio of Investments beginning on page 11 for specific holdings within these categories. The Fund’s holdings are subject to change.

‡	Less than one-tenth of a percent.

Top Ten Holdings as of October 31, 2020 (excluding short-term investment) (Unaudited)

1.	Microsoft Corp.

2.	Amazon.com, Inc.

3.	Alphabet, Inc., Class A

4.	NVIDIA Corp.

5.	PayPal Holdings, Inc.

6.	Procter & Gamble Co.

7.	Walmart, Inc.

8.	Johnson & Johnson

9.	Visa, Inc., Class A

10.	Intel Corp.


8		MainStay MacKay U.S. Equity Opportunities Fund

Portfolio Management Discussion and Analysis (Unaudited)

Questions answered by portfolio managers Mona Patni and Migene Kim, CFA, of MacKay Shields LLC, the Fund’s Subadvisor.

How did MainStay MacKay U.S. Equity Opportunities Fund perform relative to its benchmark and peer group during the 12 months ended October 31, 2020?

For the 12 months ended October 31, 2020, Class I shares of MainStay MacKay U.S. Equity Opportunities Fund returned 0.01%, underperforming the 10.87% return of the Fund’s primary benchmark, the Russell 1000^® Index. Over the same period, Class I shares also underperformed the 6.30% return of the Morningstar Large Blend Category Average.¹

What factors affected the Fund’s relative performance during the reporting period?

During the reporting period, market dynamics were influenced by several significant exogenous factors, most prominently the global COVID-19 pandemic, international trade disputes and uncertainties regarding the U.S. presidential election. While domestic equities rallied in the final months of 2019, the investment landscape abruptly changed during the first quarter of 2020 when the pandemic provoked the worst quarterly drop for most major equity market indices since the financial crisis of 2007-2008. Stock performance in the second quarter proved equally dramatic in the opposite direction: As global central banks intervened and massive fiscal stimulus was deployed, U.S. equity markets reported their best quarterly gain since 1999. The third quarter saw an extension of the equity market rally despite continuing restrictions on global mobility and economic activities.

Although U.S. equities proved quite resilient during the reporting period, markets were subject to many volatility surges, abrupt short-term style gyrations and frequent risk appetite reversals. Large-cap growth stocks were the definitive winner both before and after the pandemic-driven market sell-off as investors piled onto familiar technology and Internet names that were seen as less impacted by “contact economy.” Similarly, investors penalized smaller and cheaper stocks, deeming them comparatively risky. These extreme market conditions led to a collapse in market breadth, diminished diversification and factor dislocations, which provided a challenging backdrop for the Fund’s diversified stock selection framework. In this environment, valuation suffered one of the worst drawdowns in its history. The Fund’s trend-following stock selection factors mitigated some of the headwinds from the value sell-off, but trend-following factors were also subject to sharp, volatile sell-offs amid market uncertainties and inflection points. Quality and profitability signals mitigated some downside risk, particularly during the March market downturn; however hedge fund sentiment was not efficacious, with the hedge fund community in aggregate having a challenging time coping with market turmoil. The Fund’s balanced approach and defensive positioning with

respect to risk helped contain some of the losses in this adverse investment climate.

During the reporting period, were there any liquidity events that materially impacted the Fund’s performance?

There were several liquidity episodes during the reporting period; however, they did not materially impact Fund performance as we avoided reacting to short-term events and making binary calls during moments of market turmoil. Trade implementation was challenging at these times, as brokers priced market volatility in their bids, although our trading team navigated through this environment with care and caution.

During the reporting period, which sectors were the strongest positive contributors to the Fund’s relative performance, and which sectors were particularly weak?

The energy sector provided the Fund’s strongest positive contribution to performance relative to the Russell 1000^® Index during the reporting period. (Contributions take weightings and total returns into account.) The weakest contributors to relative performance during the same period included the information technology, consumer staples and health care sectors.

During the reporting period, which individual stocks made the strongest positive contributions to the Fund’s absolute performance and which stocks detracted the most?

During the reporting period, the individual holdings generating the strongest positive contributions to the Fund’s absolute performance included technology hardware, storage & peripherals maker Apple; Internet retailer Amazon.com; and systems software company Microsoft. Over the same period, the stocks that detracted the most from the Fund’s absolute performance were mortgage REIT (real estate investment trust) MFA Financial; diversified bank JPMorgan Chase; and oil & gas refining and marketing company HollyFrontier.

What were some of the Fund’s largest purchases and sales during the reporting period?

The Fund made its largest initial purchase during the reporting period in financial data and analytics firm S&P Global, while its largest increased position size was in Apple, mentioned above. During the same period, the Fund sold its entire position in integrated oil & gas company Exxon Mobil, and decreased its holdings in JPMorgan Chase, also mentioned above.

1.	See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 for more information on benchmark and peer group returns.


			9

How did the Fund’s sector weightings change during the reporting period?

The Fund’s largest increases in sector exposures relative to the Russell 1000^® Index were in health care and utilities. Conversely, the Fund’s largest decreases in benchmark-relative sector exposures were in financials and communication services.

How was the Fund positioned at the end of the reporting period?

As of October 31, 2020, the Fund held its most overweight exposures relative to the Russell 1000^® Index in the consumer discretionary and health care sectors. As of the same date, the Fund held its most underweight benchmark-relative exposures in the communication services and real estate sectors.


10		MainStay MacKay U.S. Equity Opportunities Fund

Portfolio of Investments October 31, 2020


	Shares		Value

Common Stocks 94.6%†
Aerospace & Defense 0.6%
Boeing Co. (a)		2,500	$	360,975
Raytheon Technologies Corp. (a)		6,500		353,080
Textron, Inc.		5,300		189,740

				903,795

Air Freight & Logistics 1.0%
FedEx Corp.		2,800		726,516
United Parcel Service, Inc., Class B		1,700		267,087
XPO Logistics, Inc. (b)		4,500		405,000

				1,398,603

Airlines 0.0%‡
Southwest Airlines Co.		1,600		63,248


Automobiles 0.9%
Tesla, Inc. (a)(b)		3,365		1,305,755
Thor Industries, Inc.		100		8,458

				1,314,213

Banks 3.3%
Bank of America Corp. (a)		45,483		1,077,947
Comerica, Inc.		10,100		459,651
First Horizon National Corp.		17,600		183,216
PacWest Bancorp		28,400		546,416
Signature Bank		8,100		653,994
SVB Financial Group (b)		1,400		406,980
Synovus Financial Corp.		27,680		719,680
TCF Financial Corp.		9,800		266,658
Wintrust Financial Corp.		5,600		275,688

				4,590,230

Beverages 0.8%
Coca-Cola Co. (a)		4,389		210,935
Molson Coors Beverage Co., Class B		14,400		507,744
PepsiCo., Inc. (a)		2,984		397,738

				1,116,417

Biotechnology 2.2%
AbbVie, Inc. (a)		8,200		697,820
ACADIA Pharmaceuticals, Inc. (b)		100		4,645
Acceleron Pharma, Inc. (b)		100		10,458
Alexion Pharmaceuticals, Inc. (b)		1,000		115,140
Alkermes PLC (b)		1,700		27,625
Alnylam Pharmaceuticals, Inc. (b)		400		49,188
Amgen, Inc.		2,745		595,500
Biogen, Inc. (b)		782		197,119
BioMarin Pharmaceutical, Inc. (b)		800		59,544
Exact Sciences Corp. (b)		600		74,298
Exelixis, Inc. (b)		2,200		45,056
Gilead Sciences, Inc.		5,900		343,085
Incyte Corp. (b)		1,100		95,304
Ionis Pharmaceuticals, Inc. (b)		400		18,780


	Shares		Value

Biotechnology (continued)
Iovance Biotherapeutics, Inc. (b)		300	$	10,704
Moderna, Inc. (b)		1,100		74,217
Neurocrine Biosciences, Inc. (b)		400		39,468
Regeneron Pharmaceuticals, Inc. (b)		455		247,320
Sarepta Therapeutics, Inc. (b)		300		40,773
Seagen, Inc. (b)		560		93,408
United Therapeutics Corp. (b)		300		40,269
Vertex Pharmaceuticals, Inc. (b)		1,148		239,197

				3,118,918

Building Products 0.3%
Masco Corp.		1,100		58,960
Owens Corning		6,000		392,820

				451,780

Capital Markets 4.1%
Ameriprise Financial, Inc.		4,542		730,490
Bank of New York Mellon Corp.		22,200		762,792
BlackRock, Inc.		1,500		898,815
Evercore, Inc., Class A		1,900		151,126
Intercontinental Exchange, Inc.		1,200		113,280
Lazard, Ltd., Class A		19,000		639,730
LPL Financial Holdings, Inc.		8,500		679,405
Moody’s Corp.		300		78,870
Raymond James Financial, Inc.		6,400		489,216
S&P Global, Inc. (a)		2,900		935,917
State Street Corp.		4,800		282,720

				5,762,361

Chemicals 1.9%
CF Industries Holdings, Inc.		24,600		679,206
Element Solutions, Inc. (b)		27,100		317,612
Huntsman Corp.		16,387		398,040
Mosaic Co.		17,000		314,500
Sherwin-Williams Co. (a)		1,304		897,126

				2,606,484

Commercial Services & Supplies 0.9%
ADT, Inc.		85,700		564,763
Cintas Corp.		134		42,150
Clean Harbors, Inc. (a)(b)		11,800		625,046

				1,231,959

Communications Equipment 0.4%
Cisco Systems, Inc. (a)		15,525		557,347


Construction & Engineering 0.4%
Quanta Services, Inc.		7,800		486,954


Consumer Finance 1.0%
American Express Co. (a)		800		72,992
SLM Corp.		75,000		689,250
Synchrony Financial		26,600		665,532

				1,427,774


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					11

Portfolio of Investments October 31, 2020 (continued)


	Shares		Value

Common Stocks (continued)
Containers & Packaging 0.4%
Ardagh Group S.A.		7,500	$	123,600
Berry Global Group, Inc. (b)		8,000		373,040

				496,640

Diversified Consumer Services 0.9%
Graham Holdings Co., Class B		1,700		646,578
H&R Block, Inc.		38,400		662,784

				1,309,362

Diversified Financial Services 1.1%
Berkshire Hathaway, Inc., Class B (a)(b)		5,562		1,122,968
Jefferies Financial Group, Inc.		23,300		454,583

				1,577,551

Diversified Telecommunication Services 0.5%
AT&T, Inc. (a)		8,469		228,832
Verizon Communications, Inc. (a)		7,538		429,591

				658,423

Electric Utilities 1.1%
NextEra Energy, Inc.		6,800		497,828
NRG Energy, Inc.		8,200		259,284
OGE Energy Corp.		22,200		683,094
PPL Corp. (a)		2,200		60,500

				1,500,706

Electrical Equipment 0.8%
GrafTech International, Ltd.		29,900		201,825
nVent Electric PLC		12,100		218,405
Regal Beloit Corp.		6,900		680,685

				1,100,915

Electronic Equipment, Instruments & Components 1.6%
Arrow Electronics, Inc. (b)		3,400		264,826
Avnet, Inc.		24,500		604,415
IPG Photonics Corp. (a)(b)		200		37,192
Jabil, Inc.		19,941		660,845
SYNNEX Corp.		4,900		645,036

				2,212,314

Entertainment 1.6%
Electronic Arts, Inc. (b)		2,200		263,626
Lions Gate Entertainment Corp., Class B (b)		77,100		483,417
Netflix, Inc. (a)(b)		1,597		759,757
Roku, Inc. (b)		100		20,240
Spotify Technology S.A. (b)		400		95,956
Walt Disney Co.		5,449		660,691

				2,283,687

Equity Real Estate Investment Trusts 2.7%
American Tower Corp. (a)		3,000		688,950
Crown Castle International Corp.		3,600		562,320
Digital Realty Trust, Inc.		1,400		202,020
Duke Realty Corp.		8,900		338,111


	Shares		Value

Equity Real Estate Investment Trusts (continued)
Equinix, Inc. (a)		757	$	553,549
First Industrial Realty Trust, Inc.		1,000		39,810
Gaming & Leisure Properties, Inc.		1,700		61,795
Life Storage, Inc.		100		11,415
Prologis, Inc.		6,100		605,120
Public Storage (a)		400		91,628
SBA Communications Corp.		1,400		406,518
Weyerhaeuser Co.		5,500		150,095

				3,711,331

Food & Staples Retailing 2.3%
Costco Wholesale Corp. (a)		2,600		929,812
Kroger Co. (a)		23,400		753,714
Walmart, Inc. (a)		10,900		1,512,375

				3,195,901

Food Products 0.7%
Ingredion, Inc.		2,700		191,403
Tyson Foods, Inc., Class A		12,700		726,821

				918,224

Health Care Equipment & Supplies 3.3%
Abbott Laboratories (a)		9,900		1,040,589
Baxter International, Inc. (a)		4,700		364,579
Becton Dickinson & Co.		700		161,791
Boston Scientific Corp. (b)		3,600		123,372
Danaher Corp.		2,900		665,666
DexCom, Inc. (b)		200		63,916
Edwards Lifesciences Corp. (b)		3,800		272,422
Hill-Rom Holdings, Inc.		2,700		245,889
Hologic, Inc. (b)		4,400		302,808
IDEXX Laboratories, Inc. (b)		700		297,374
Intuitive Surgical, Inc. (b)		449		299,519
Medtronic PLC (a)		5,100		512,907
Stryker Corp.		1,000		202,010
Tandem Diabetes Care, Inc. (b)		200		21,800
Zimmer Biomet Holdings, Inc.		100		13,210

				4,587,852

Health Care Providers & Services 3.0%
Amedisys, Inc. (b)		500		129,500
Anthem, Inc.		3,376		920,973
Cardinal Health, Inc.		3,900		178,581
HCA Healthcare, Inc.		6,200		768,428
Humana, Inc.		2,136		852,862
McKesson Corp.		2,149		316,956
Molina Healthcare, Inc. (b)		3,500		652,645
Universal Health Services, Inc., Class B		2,800		306,740

				4,126,685

Health Care Technology 0.6%
Cerner Corp.		9,000		630,810


12		MainStay MacKay U.S. Equity Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Shares		Value

Common Stocks (continued)
Health Care Technology (continued)
Veeva Systems, Inc., Class A (b)		600	$	162,030

				792,840

Hotels, Restaurants & Leisure 1.4%
Domino’s Pizza, Inc. (a)		1,800		680,976
Extended Stay America, Inc.		53,500		607,225
McDonald’s Corp. (a)		2,735		582,555
Starbucks Corp.		1,100		95,656

				1,966,412

Household Durables 0.5%
Mohawk Industries, Inc. (b)		5,100		526,269
PulteGroup, Inc. (a)		4,200		171,192

				697,461

Household Products 1.3%
Procter & Gamble Co.		11,159		1,529,899
Spectrum Brands Holdings, Inc.		4,100		233,167

				1,763,066

Independent Power & Renewable Electricity Producers 1.0%
AES Corp. (a)		36,400		709,800
Vistra Corp.		38,700		672,219

				1,382,019

Industrial Conglomerates 0.7%
3M Co.		2,900		463,884
Carlisle Cos., Inc.		2,000		247,740
Honeywell International, Inc.		1,700		280,415

				992,039

Insurance 1.1%
Allstate Corp.		8,700		772,125
American National Group, Inc.		3,800		261,440
First American Financial Corp.		1,100		49,049
Unum Group		22,200		392,052

				1,474,666

Interactive Media & Services 2.1%
Alphabet, Inc., Class A (b)		1,381		2,231,848
Twitter, Inc. (b)		1,100		45,496
Zillow Group, Inc., Class A (b)		7,100		634,243

				2,911,587

Internet & Direct Marketing Retail 5.2%
Amazon.com, Inc. (a)(b)		2,125		6,451,819
eBay, Inc.		14,900		709,687
Etsy, Inc. (b)		1,100		133,749

				7,295,255

IT Services 4.6%
Accenture PLC, Class A		123		26,680
Alliance Data Systems Corp.		14,100		726,714


	Shares		Value

IT Services (continued)
Amdocs, Ltd.		2,900	$	163,502
DXC Technology Co.		12,800		235,776
Euronet Worldwide, Inc. (b)		1,400		124,376
GoDaddy, Inc., Class A (b)		9,600		679,104
ManTech International Corp., Class A		810		52,553
Mastercard, Inc., Class A		4,062		1,172,456
PayPal Holdings, Inc. (b)		8,600		1,600,718
Square, Inc., Class A (b)		1,000		154,880
Twilio, Inc., Class A (b)		400		111,588
Visa, Inc., Class A		7,685		1,396,441

				6,444,788

Leisure Products 0.5%
Polaris, Inc.		7,300		663,278


Life Sciences Tools & Services 2.2%
Bruker Corp.		7,900		336,066
Charles River Laboratories International, Inc. (b)		400		91,080
IQVIA Holdings, Inc. (b)		4,900		754,551
PPD, Inc. (b)		17,500		575,400
PRA Health Sciences, Inc. (b)		6,400		623,616
Thermo Fisher Scientific, Inc.		1,497		708,261
Waters Corp. (b)		200		44,564

				3,133,538

Machinery 1.5%
AGCO Corp.		8,600		662,458
Caterpillar, Inc.		1,000		157,050
Crane Co.		1,200		60,900
Deere & Co.		4,100		926,231
Gates Industrial Corp. PLC (b)		21,800		241,980
Parker-Hannifin Corp.		300		62,508
Timken Co.		700		41,790

				2,152,917

Media 1.2%
Altice U.S.A., Inc., Class A (b)		15,400		415,030
Charter Communications, Inc., Class A (a)(b)		1,740		1,050,646
Comcast Corp., Class A (a)		5,920		250,061

				1,715,737

Metals & Mining 1.6%
Newmont Corp. (a)		14,000		879,760
Reliance Steel & Aluminum Co.		6,200		675,738
Southern Copper Corp.		1,000		52,340
Steel Dynamics, Inc.		19,500		613,860

				2,221,698

Multi-Utilities 0.7%
Dominion Energy, Inc.		3,600		289,224
MDU Resources Group, Inc.		29,300		696,168

				985,392


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					13

Portfolio of Investments October 31, 2020 (continued)


	Shares		Value

Common Stocks (continued)
Multiline Retail 0.9%
Dollar General Corp.		1,400	$	292,194
Target Corp.		6,400		974,208

				1,266,402

Oil, Gas & Consumable Fuels 0.7%
Chevron Corp. (a)		2,859		198,700
Devon Energy Corp.		10,800		96,444
HollyFrontier Corp.		35,000		647,850
Valero Energy Corp.		2,100		81,081

				1,024,075

Personal Products 0.9%
Herbalife Nutrition, Ltd. (a)(b)		13,783		622,165
Nu Skin Enterprises, Inc., Class A (a)		12,566		620,132

				1,242,297

Pharmaceuticals 3.1%
Eli Lilly & Co.		1,000		130,460
Johnson & Johnson		10,992		1,507,113
Merck & Co., Inc.		15,200		1,143,192
Perrigo Co. PLC		15,300		671,211
Pfizer, Inc. (a)		25,311		898,034

				4,350,010

Professional Services 1.0%
CoreLogic, Inc. (a)		9,900		761,607
ManpowerGroup, Inc. (a)		9,298		631,055

				1,392,662

Road & Rail 0.6%
Knight-Swift Transportation Holdings, Inc.		6,800		258,332
Schneider National, Inc., Class B (a)		27,400		604,444

				862,776

Semiconductors & Semiconductor Equipment 5.9%
Advanced Micro Devices, Inc. (b)		3,700		278,573
Applied Materials, Inc.		11,200		663,376
Broadcom, Inc.		3,500		1,223,705
Cirrus Logic, Inc. (b)		9,300		640,491
Intel Corp. (a)		30,032		1,329,817
Lam Research Corp.		900		307,872
NVIDIA Corp. (a)		3,750		1,880,100
Qorvo, Inc. (b)		5,500		700,480
QUALCOMM, Inc. (a)		10,500		1,295,280

				8,319,694

Software 11.8%
Adobe, Inc. (b)		2,496		1,115,961
Alteryx, Inc., Class A (b)		200		25,070
Autodesk, Inc. (b)		3,700		871,498
CDK Global, Inc.		15,800		680,980
Citrix Systems, Inc.		5,600		634,312
Coupa Software, Inc. (b)		100		26,770


	Shares		Value

Software (continued)
DocuSign, Inc. (b)		400	$	80,900
Dropbox, Inc., Class A (b)		34,600		631,796
Fair Isaac Corp. (b)		977		382,447
Fortinet, Inc. (b)		5,900		651,183
Intuit, Inc. (a)		745		234,436
Manhattan Associates, Inc. (b)		5,700		487,350
Microsoft Corp.		37,038		7,499,084
Oracle Corp.		2,700		151,497
Proofpoint, Inc. (b)		1,600		153,184
RingCentral, Inc., Class A (b)		400		103,336
salesforce.com, Inc. (a)(b)		4,000		929,080
ServiceNow, Inc. (a)(b)		1,603		797,605
Teradata Corp. (b)		4,700		86,339
Workday, Inc., Class A (b)		900		189,108
Zoom Video Communications, Inc., Class A (b)		1,600		737,456

				16,469,392

Specialty Retail 3.6%
AutoNation, Inc. (b)		11,300		641,049
Best Buy Co., Inc.		6,800		758,540
Dick’s Sporting Goods, Inc.		11,400		645,810
Foot Locker, Inc.		17,800		656,464
Home Depot, Inc. (a)		4,529		1,207,929
L Brands, Inc.		6,200		198,462
Lowe’s Cos., Inc. (a)		2,100		332,010
Tractor Supply Co.		4,500		599,445

				5,039,709

Technology Hardware, Storage & Peripherals 0.4%
HP, Inc. (a)		22,900		411,284
Xerox Holdings Corp.		10,600		184,228

				595,512

Textiles, Apparel & Luxury Goods 0.4%
NIKE, Inc., Class B (a)		4,800		576,384


Thrifts & Mortgage Finance 0.6%
MGIC Investment Corp.		28,400		285,704
New York Community Bancorp, Inc.		70,600		586,686

				872,390

Tobacco 0.2%
Philip Morris International, Inc. (a)		3,600		255,672


Trading Companies & Distributors 0.5%
HD Supply Holdings, Inc. (b)		16,800		669,648

Total Common Stocks (Cost $110,121,902)				132,238,990


14		MainStay MacKay U.S. Equity Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Number of Rights			Value

Rights 0.0%‡
Pharmaceuticals 0.0%‡
Bristol-Myers Squibb Co. (b)		11,100		$	36,186

Total Rights (Cost $23,643)					36,186



	Shares
Short-Term Investment 1.9%
Affiliated Investment Company 1.9%
MainStay U.S. Government Liquidity Fund, 0.02% (c)		2,646,195			2,646,195

Total Short-Term Investment (Cost $2,646,195)					2,646,195

Total Investments (Cost $112,791,740)		96.5	%		134,921,371
Other Assets, Less Liabilities		3.5			4,960,775
Net Assets		100.0	%	$	139,882,146

†	Percentages indicated are based on Fund net assets.

‡	Less than one-tenth of a percent.

(a)	Security, or a portion thereof, was maintained in a segregated account at the Fund’s custodian as collateral for swap contracts. (See Note 2(P))

(b)	Non-income producing security.

(c)	Current yield as of October 31, 2020.

Swap Contracts

Open OTC total return equity swap contracts as of October 31, 2020 were as follows¹:

Swap
Counterparty

Reference Obligation

Floating Rate²

Termination
Date(s)

Payment
Frequency
Paid/
Received

Notional
Amount
Long/
(Short)
(000)

Unrealized
Appreciation

Citigroup

Alphabet, Inc., Class C

1 month LIBOR BBA plus 0.35%

5/19/2021

Monthly

1,565

528,837

Citigroup

Ambac Financial Group, Inc.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

)

Citigroup

Amyris, Inc.

1 month LIBOR BBA minus 3.35%

5/19/2021

Monthly

(308

)

80,870

Citigroup

Anterix, Inc.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(329

)

102,231

Citigroup

Apollo Global Management, Inc.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(320

)

76,418

Citigroup

Apple Hospitality REIT, Inc.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(177

)

16,769

Citigroup

Apple, Inc.

1 month LIBOR BBA plus 0.35%

5/19/2021

Monthly

5,260

3,341,433

Citigroup

ArcBest Corp.

1 month LIBOR BBA plus 0.35%

5/19/2021

Monthly

207

18,991

Citigroup

Arvinas, Inc.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(64

)

5,342

Citigroup

Atomera, Inc.

1 month LIBOR BBA minus 10.00%

5/19/2021

Monthly

(147

)

29,378

Citigroup

Beazer Homes USA, Inc.

1 month LIBOR BBA plus 0.35%

5/19/2021

Monthly

238

24,932

Citigroup

BellRing Brands, Inc. Class A

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(282

)

26,081

Citigroup

Bonanza Creek Energy, Inc.

1 month LIBOR BBA plus 0.35%

5/19/2021

Monthly

218

10,307

Citigroup

BRP Group, Inc.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(102

)

7,962

Citigroup

Cerus Corp

1 month LIBOR BBA minus 0.50%

5/19/2021

Monthly

(38

)

6,795


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					15

Portfolio of Investments October 31, 2020 (continued)

Swap
Counterparty

Reference Obligation

Floating Rate²

Termination
Date(s)

Payment
Frequency
Paid/
Received

Notional
Amount
Long/
(Short)
(000)

Unrealized
Appreciation

Citigroup

Cinemark Holdings, Inc.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(164

)

24,329

Citigroup

Corporate Office Properties Trust

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(263

)

27,092

Citigroup

Coty, Inc. , Class A

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(138

)

8,396

Citigroup

Cousins Properties, Inc.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(284

)

39,211

Citigroup

Credit Acceptance Corp.

1 month LIBOR BBA minus 0.75%

5/19/2021

Monthly

(377

)

138,023

Citigroup

Customers BanCorp, Inc.

1 month LIBOR BBA plus 0.35%

5/19/2021

Monthly

170

28,969

Citigroup

Empire State Realty Trust, Inc., Class A

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(138

)

9,237

Citigroup

Equity Commonwealth

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(108

)

16,000

Citigroup

Eros Global Corp.

1 month LIBOR BBA minus 3.30%

5/19/2021

Monthly

(320

)

74,359

Citigroup

Eventbrite, Inc., Class A

1 month LIBOR BBA minus 0.50%

5/19/2021

Monthly

(93

)

1,539

Citigroup

Everbridge, Inc.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(67

)

4,671

Citigroup

Evofem Biosciences Inc

1 month LIBOR BBA minus 20.10%

5/19/2021

Monthly

(165

)

27,754

Citigroup

Evolus, Inc.

1 month LIBOR BBA minus 16.10%

5/19/2021

Monthly

(50

)

10,377

Citigroup

Facebook, Inc., Class A

1 month LIBOR BBA plus 0.35%

5/19/2021

Monthly

2,279

1,061,764

Citigroup

Fastly Inc. , Class A

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(72

)

8,046

Citigroup

Flagstar BanCorp, Inc.

1 month LIBOR BBA plus 0.35%

5/19/2021

Monthly

207

68,576

Citigroup

FormFactor, Inc.

1 month LIBOR BBA plus 0.35%

5/19/2021

Monthly

151

5,150

Citigroup

Fossil Group, Inc.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(172

)

687

Citigroup

GoHealth, Inc. , Class A

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(315

)

59,643

Citigroup

Hancock Whitney Corp

1 month LIBOR BBA plus 0.35%

5/19/2021

Monthly

112

4,237

Citigroup

Harsco Corp.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(250

)

25,754

Citigroup

HealthEquity, Inc.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(283

)

199

Citigroup

HMS Holdings Corp.

1 month LIBOR BBA plus 0.35%

5/19/2021

Monthly

107

2,574

Citigroup

Hope Bancorp, Inc.

1 month LIBOR BBA plus 0.35%

5/19/2021

Monthly

267

10,458

Citigroup

Impinj, Inc.

1 month LIBOR BBA minus 0.45%

5/19/2021

Monthly

(146

)

12,940

Citigroup

Independent Bank Corp.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(313

)

15,122

Interactive Brokers

Citigroup

Group, Inc., Class A

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(294

)

3,833

Citigroup

Invesco Mortgage Capital, Inc.

1 month LIBOR BBA minus 2.40%

5/19/2021

Monthly

(75

)

3,464

Citigroup

Jones Lang LaSalle, Inc.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(270

)

10,339

Citigroup

JPMorgan Chase & Co.

1 month LIBOR BBA plus 0.35%

5/19/2021

Monthly

682

29,264

Citigroup

Kennedy-Wilson Holdings, Inc.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(291

)

21,096

Citigroup

Liberty Media Corp., Class A

1 month LIBOR BBA minus 0.50%

5/19/2021

Monthly

(68

)

1,503

Live Nation

Citigroup

Entertainment, Inc.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(112

)

18,774

Citigroup

Mack-Cali Realty Corp.

1 month LIBOR BBA minus 0.50%

5/19/2021

Monthly

(293

)

32,373

ManTech International

Citigroup

Corp. Class A

1 month LIBOR BBA minus 0.50%

5/19/2021

Monthly

(62

)

9,479

Citigroup

Matson, Inc.

1 month LIBOR BBA plus 0.35%

5/19/2021

Monthly

293

7,949

Citigroup

MBIA, Inc.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(330

)

70,659

Citigroup

Medallia, Inc.

1 month LIBOR BBA minus 0.45%

5/19/2021

Monthly

(64

)

1,408

Citigroup

Medpace Holdings, Inc.

1 month LIBOR BBA plus 0.35%

5/19/2021

Monthly

254

12,044

Citigroup

Merit Medical Systems, Inc.

1 month LIBOR BBA plus 0.35%

5/19/2021

Monthly

158

22,134

Citigroup

Meritage Homes Corp.

1 month LIBOR BBA plus 0.35%

5/19/2021

Monthly

119

133,524

Citigroup

Nautilus, Inc.

1 month LIBOR BBA plus 0.35%

5/19/2021

Monthly

216

54,606

Citigroup

New York Mortgage Trust, Inc.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(73

)

2,672

Citigroup

Newage, Inc.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(106

)

6,986

Citigroup

Nexstar Media Group, Inc. Class A

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(173

)

25,043

Citigroup

OrthoPediatrics Corp.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(297

)

6,636

Citigroup

Owens & Minor, Inc.

1 month LIBOR BBA plus 0.35%

5/19/2021

Monthly

230

58,606

Citigroup

Oxford Industries, Inc.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(205

)

13,689

Citigroup

PagerDuty, Inc.

1 month LIBOR BBA minus 0.45%

5/19/2021

Monthly

(283

)

17,868

Citigroup

Palomar Holdings, Inc.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(85

)

4,566

Citigroup

Pluralsight, Inc., Class A

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(238

)

55,645

Citigroup

Progyny, Inc.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(219

)

16,721

Citigroup

PROS Holdings, Inc.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(296

)

45,119

Citigroup

Quotient, Ltd.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(58

)

23,880


16		MainStay MacKay U.S. Equity Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Swap
Counterparty

Reference Obligation

Floating Rate²

Termination
Date(s)

Payment
Frequency
Paid/
Received

Notional
Amount
Long/
(Short)
(000)

Unrealized
Appreciation

Citigroup

Realogy Holdings Corp.

1 month LIBOR BBA plus 0.35%

5/19/2021

Monthly

200

8,906

Citigroup

Renewable Energy Group, Inc.

1 month LIBOR BBA plus 0.35%

5/19/2021

Monthly

101

23,489

Citigroup

Rocket Cos., Inc., Class A

1 month LIBOR BBA minus 1.80%

5/19/2021

Monthly

(298

)

53,742

Citigroup

Rush Enterprises, Inc., Class A

1 month LIBOR BBA plus 0.35%

5/19/2021

Monthly

287

1,876

Citigroup

Sabre Corp.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(139

)

5,785

Citigroup

Slack Technologies, Inc., Class A

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(155

)

24,920

Citigroup

Smartsheet, Inc. Class A

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(147

)

12,617

Sportsman’s Warehouse

Citigroup

Holdings, Inc.

1 month LIBOR BBA plus 0.35%

5/19/2021

Monthly

2,089

Citigroup

Stamps.com, Inc.

1 month LIBOR BBA plus 0.35%

5/19/2021

Monthly

119

37,645

Stewart Information

Citigroup

Services Corp.

1 month LIBOR BBA plus 0.35%

5/19/2021

Monthly

212

3,911

Citigroup

Tabula Rasa HealthCare, Inc.

1 month LIBOR BBA minus 0.54%

5/19/2021

Monthly

(121

)

27,323

Citigroup

TFS Financial Corp.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(261

)

2,158

Citigroup

The 3D Systems Corp.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(55

)

2,870

Citigroup

The Brink’s Co

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(97

)

2,437

Citigroup

The Carlyle Group, Inc.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(335

)

48,118

Citigroup

The Chefs’ Warehouse, Inc.

1 month LIBOR BBA minus 0.45%

5/19/2021

Monthly

(188

)

22,152

Citigroup

The Providence Service Corp.

1 month LIBOR BBA plus 0.35%

5/19/2021

Monthly

102

16,038

Citigroup

The RealReal, Inc.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(205

)

19,657

Citigroup

The Simply Good Foods Co.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(252

)

552

Citigroup

Theravance Biopharma, Inc.

1 month LIBOR BBA minus 1.05%

5/19/2021

Monthly

(76

)

Citigroup

Tootsie Roll Industries, Inc.

1 month LIBOR BBA minus 0.55%

5/19/2021

Monthly

(310

)

23,109

Citigroup

Ultra Clean Holdings, Inc.

1 month LIBOR BBA plus 0.35%

5/19/2021

Monthly

120

30,968

Citigroup

UnitedHealth Group, Inc.

1 month LIBOR BBA plus 0.35%

5/19/2021

Monthly

1,651

229,839

Citigroup

ViacomCBS, Inc., Class B

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(69

)

3,224

Citigroup

Viad Corp.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(139

)

8,886

Citigroup

ViaSat, Inc.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(310

)

21,452

Citigroup

Western Digital Corp.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(193

)

19,870

Citigroup

Zuora, Inc., Class A

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(124

)

25,516

7,350,611

Unrealized
Depreciation

Citigroup

1Life Healthcare, Inc.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(23

)

(2,118

)

Citigroup

Adaptive Biotechnologies Corp.

1 month LIBOR BBA minus 0.45%

5/19/2021

Monthly

(199

)

(59,374

)

Citigroup

Air Lease Corp.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(241

)

(31,190

)

Citigroup

Albemarle Corp.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(201

)

(78,245

)

Citigroup

Ambarella, Inc.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(109

)

(6,068

)

Citigroup

Amkor Technology, Inc.

1 month LIBOR BBA plus 0.35%

5/19/2021

Monthly

295

(4,566

)

Citigroup

Appian Corp.

1 month LIBOR BBA minus 1.40%

5/19/2021

Monthly

(80

)

(14,700

)

Citigroup

Ares Management Corp. Class A

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(282

)

(14,534

)

Citigroup

Atkore International Group, Inc.

1 month LIBOR BBA plus 0.35%

5/19/2021

Monthly

330

(67,682

)

Citigroup

Avaya Holdings Corp.

1 month LIBOR BBA plus 0.35%

5/19/2021

Monthly

293

(14,245

)

Citigroup

Axon Enterprise, Inc.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(169

)

(28,594

)

Citigroup

Banc of California, Inc.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(113

)

(55,026

)

Citigroup

Bill.com Holdings, Inc.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(92

)

(8,442

)

Citigroup

BOK Financial Corp.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(255

)

(56,499

)

Citigroup

Bright Horizons Family Solutions, Inc.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(167

)

(7,084

)

Citigroup

Brookfield Infrastructure Corp.

1 month LIBOR BBA minus 2.25%

5/19/2021

Monthly

(63

)

(13,523

)

Citigroup

Calavo Growers, Inc.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(295

)

(43

)

Citigroup

Capitol Federal Financial, Inc.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(292

)

(6,050

)

Citigroup

Cardlytics, Inc.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(89

)

(43,532

)

Citigroup

Central Garden & Pet Co., Class A

1 month LIBOR BBA plus 0.35%

5/19/2021

Monthly

179

(8,960

)

Citigroup

Ceridian HCM Holding, Inc.

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(257

)

(27,406

)

Citigroup

ChannelAdvisor Corp

1 month LIBOR BBA plus 0.35%

5/19/2021

Monthly

(3,792

)

Citigroup

Cloudflare, Inc., Class A

1 month LIBOR BBA minus 0.35%

5/19/2021

Monthly

(29

)

(12,855

)

Citigroup

CNX Resources Corp

1 month LIBOR BBA plus 0.35%

5/19/2021

Monthly

171

(6,691

)

Citigroup

Coca-Cola Consolidated, Inc.

1 month LIBOR BBA plus 0.35%

5/19/2021

Monthly

288

(11,600

)


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					17

Portfolio of Investments October 31, 2020 (continued)


Swap Counterparty	Reference Obligation	Floating Rate²	Termination Date(s)	Payment Frequency Paid/ Received	Notional Amount Long/ (Short) (000)			Unrealized Depreciation
Citigroup	Codexis, Inc.	1 month LIBOR BBA minus 0.35%	5/19/2021	Monthly	$	(84	)	$	(22,671	)
Citigroup	Cognex Corp.	1 month LIBOR BBA minus 0.35%	5/19/2021	Monthly		(255	)		(34,932	)
Citigroup	Columbia Banking System, Inc.	1 month LIBOR BBA minus 0.35%	5/19/2021	Monthly		(3	)		(280	)
Citigroup	CommVault Systems, Inc.	1 month LIBOR BBA plus 0.35%	5/19/2021	Monthly		118			(11,097	)
Citigroup	Covanta Holding Corp.	1 month LIBOR BBA minus 0.35%	5/19/2021	Monthly		(37	)		(1,030	)
Citigroup	Cree, Inc.	1 month LIBOR BBA minus 0.35%	5/19/2021	Monthly		(177	)		(102,914	)
Citigroup	Del Taco Restaurants Inc	1 month LIBOR BBA plus 0.35%	5/19/2021	Monthly		72			(16,493	)
Citigroup	DHT Holdings, Inc.	1 month LIBOR BBA plus 0.35%	5/19/2021	Monthly		116			(5,534	)
Citigroup	Endo International PLC	1 month LIBOR BBA plus 0.35%	5/19/2021	Monthly		83			(8,959	)
Citigroup	First Solar, Inc.	1 month LIBOR BBA minus 0.35%	5/19/2021	Monthly		(76	)		(2,267	)
Citigroup	Fresh Del Monte Produce, Inc.	1 month LIBOR BBA plus 0.35%	5/19/2021	Monthly		78			(4,333	)
Citigroup	Glacier BanCorp, Inc.	1 month LIBOR BBA minus 0.35%	5/19/2021	Monthly		(7	)		(128	)
Citigroup	Goosehead Insurance, Inc. Class A	1 month LIBOR BBA minus 0.35%	5/19/2021	Monthly		(22	)		(2,980	)
Citigroup	Grocery Outlet Holding Corp.	1 month LIBOR BBA minus 0.35%	5/19/2021	Monthly		(284	)		(15,718	)
Citigroup	Health Catalyst, Inc.	1 month LIBOR BBA minus 0.35%	5/19/2021	Monthly		(230	)		(48,982	)
Citigroup	Herman Miller, Inc.	1 month LIBOR BBA plus 0.35%	5/19/2021	Monthly		231			(8,331	)
Citigroup	Ichor Holdings, Ltd.	1 month LIBOR BBA plus 0.35%	5/19/2021	Monthly		32			(2,212	)
Citigroup	Innoviva, Inc.	1 month LIBOR BBA plus 0.35%	5/19/2021	Monthly		292			(60,941	)
Citigroup	Inovalon Holdings, Inc., Class A	1 month LIBOR BBA plus 0.35%	5/19/2021	Monthly		182			(54,660	)
Citigroup	International Seaways, Inc.	1 month LIBOR BBA plus 0.35%	5/19/2021	Monthly		44			(10,416	)
Citigroup	Investors Bancorp, Inc.	1 month LIBOR BBA plus 0.35%	5/19/2021	Monthly		276			(25,934	)
Citigroup	JBG SMITH Properties	1 month LIBOR BBA minus 0.35%	5/19/2021	Monthly		(26	)		(114	)
Citigroup	JELD-WEN Holding Inc	1 month LIBOR BBA plus 0.35%	5/19/2021	Monthly		24			(4,595	)
Citigroup	Lakeland Financial Corp.	1 month LIBOR BBA minus 0.35%	5/19/2021	Monthly		(93	)		(15,005	)
Citigroup	Lantheus Holdings, Inc.	1 month LIBOR BBA plus 0.35%	5/19/2021	Monthly		164			(31,044	)
Citigroup	Lemonade, Inc.	1 month LIBOR BBA minus 34.50%	5/19/2021	Monthly		(187	)		(144	)
Citigroup	LendingTree, Inc.	1 month LIBOR BBA minus 0.50%	5/19/2021	Monthly		(146	)		(48,626	)
Citigroup	M/I Homes, Inc.	1 month LIBOR BBA plus 0.35%	5/19/2021	Monthly		123			(8,815	)
Citigroup	Magellan Health, Inc.	1 month LIBOR BBA plus 0.35%	5/19/2021	Monthly		60			(2,500	)
Citigroup	Magnite, Inc.	1 month LIBOR BBA minus 0.35%	5/19/2021	Monthly		(45	)		(8,093	)
Citigroup	Malibu Boats, Inc., Class A	1 month LIBOR BBA plus 0.35%	5/19/2021	Monthly		299			(24,688	)
Citigroup	Meridian Bioscience, Inc.	1 month LIBOR BBA plus 0.35%	5/19/2021	Monthly		313			(67,667	)
Citigroup	Murphy USA, Inc.	1 month LIBOR BBA plus 0.35%	5/19/2021	Monthly		13			(1,126	)
Citigroup	Northwest Bancshares, Inc.	1 month LIBOR BBA minus 0.35%	5/19/2021	Monthly		(171	)		(11,892	)
Citigroup	ODP Corp.	1 month LIBOR BBA plus 0.35%	5/19/2021	Monthly		143			(2,341	)
Citigroup	Ontrak, Inc.	1 month LIBOR BBA minus 9.90%	5/19/2021	Monthly		(157	)		(26,981	)
Citigroup	Park Hotels & Resorts, Inc.	1 month LIBOR BBA minus 0.35%	5/19/2021	Monthly		(164	)		(19,579	)
Citigroup	Park National Corp.	1 month LIBOR BBA minus 0.35%	5/19/2021	Monthly		(303	)		(8,226	)
Citigroup	Penumbra, Inc.	1 month LIBOR BBA minus 0.35%	5/19/2021	Monthly		(23	)		(3,007	)
Citigroup	PotlatchDeltic Corp.	1 month LIBOR BBA plus 0.35%	5/19/2021	Monthly		114			(2,213	)
Citigroup	Premier, Inc., Class A	1 month LIBOR BBA minus 0.35%	5/19/2021	Monthly		(20	)		(125	)
Citigroup	Primo Water Corp.	1 month LIBOR BBA plus 0.35%	5/19/2021	Monthly		110			(2,581	)
Citigroup	Primoris Services Corp.	1 month LIBOR BBA plus 0.35%	5/19/2021	Monthly		213			(3,912	)
Citigroup	Progress Software Corp.	1 month LIBOR BBA plus 0.35%	5/19/2021	Monthly		150			(15,202	)
Citigroup	ProPetro Holding Corp.	1 month LIBOR BBA plus 0.35%	5/19/2021	Monthly		333			(57,273	)
Citigroup	Pure Storage, Inc., Class A	1 month LIBOR BBA minus 0.35%	5/19/2021	Monthly		(92	)		(5,015	)
Citigroup	Quaker Chemical Corp.	1 month LIBOR BBA minus 0.45%	5/19/2021	Monthly		(298	)		(7,984	)
Citigroup	Santander Consumer USA Holdings, Inc.	1 month LIBOR BBA minus 0.50%	5/19/2021	Monthly		(34	)		(6,464	)
Citigroup	Schweitzer-Mauduit International, Inc.	1 month LIBOR BBA minus 0.35%	5/19/2021	Monthly		(291	)		(8,086	)
Citigroup	SeaWorld Entertainment, Inc.	1 month LIBOR BBA minus 0.35%	5/19/2021	Monthly		(19	)		(762	)
Citigroup	Select Medical Holdings Corp.	1 month LIBOR BBA plus 0.35%	5/19/2021	Monthly		248			(4,904	)
Citigroup	Six Flags Entertainment Corp.	1 month LIBOR BBA minus 0.35%	5/19/2021	Monthly		(184	)		(20,985	)
Citigroup	StoneCo Ltd., Class A	1 month LIBOR BBA minus 0.35%	5/19/2021	Monthly		(156	)		(11,677	)
Citigroup	TEGNA Inc	1 month LIBOR BBA plus 0.35%	5/19/2021	Monthly		60			(575	)
Citigroup	Tenet Healthcare Corp.	1 month LIBOR BBA plus 0.35%	5/19/2021	Monthly		22			(2,727	)
Citigroup	The Ensign Group Inc	1 month LIBOR BBA plus 0.35%	5/19/2021	Monthly		179			(2,611	)
Citigroup	The Howard Hughes Corp.	1 month LIBOR BBA minus 0.35%	5/19/2021	Monthly		(256	)		(11,921	)


18		MainStay MacKay U.S. Equity Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


Swap Counterparty	Reference Obligation	Floating Rate²	Termination Date(s)		Payment Frequency Paid/ Received		Notional Amount Long/ (Short) (000)			Unrealized Depreciation
Citigroup	The Lovesac Co.	1 month LIBOR BBA minus 0.35%		5/19/2021		Monthly	$	(58	)	$	(70,492	)
Citigroup	Tivity Health, Inc.	1 month LIBOR BBA plus 0.35%		5/19/2021		Monthly		45			(941	)
Citigroup	TransDigm Group, Inc.	1 month LIBOR BBA minus 0.35%		5/19/2021		Monthly		(149	)		(15,282	)
Citigroup	Trex Co., Inc.	1 month LIBOR BBA minus 0.35%		5/19/2021		Monthly		(177	)		(3,849	)
Citigroup	Triumph BanCorp, Inc.	1 month LIBOR BBA minus 0.35%		5/19/2021		Monthly		(102	)		(7,087	)
Citigroup	U.S. Ecology, Inc.	1 month LIBOR BBA minus 0.35%		5/19/2021		Monthly		(244	)		(21,214	)
Citigroup	UBIQUITI, Inc.	1 month LIBOR BBA minus 0.45%		5/19/2021		Monthly		(111	)		(192	)
Citigroup	UFP Industries Inc	1 month LIBOR BBA plus 0.35%		5/19/2021		Monthly		122			(7,466	)
Citigroup	Under Armour, Inc. Class A	1 month LIBOR BBA minus 0.45%		5/19/2021		Monthly		(76	)		(15,173	)
Citigroup	Under Armour, Inc., Class C	1 month LIBOR BBA minus 0.35%		5/19/2021		Monthly		(36	)		(13,071	)
Citigroup	Universal Display Corp.	1 month LIBOR BBA minus 0.35%		5/19/2021		Monthly		(229	)		(68,691	)
Citigroup	Upwork, Inc.	1 month LIBOR BBA minus 0.35%		5/19/2021		Monthly		(87	)		(49,642	)
Citigroup	Verint Systems Inc	1 month LIBOR BBA plus 0.35%		5/19/2021		Monthly		132			(1,282	)
Citigroup	Veritex Holdings, Inc.	1 month LIBOR BBA minus 0.35%		5/19/2021		Monthly		(110	)		(6,450	)
Citigroup	World Fuel Services Corp.	1 month LIBOR BBA plus 0.35%		5/19/2021		Monthly		288			(10,379	)

										$	(1,764,302	)

1.	As of October 31, 2020, cash in the amount of $6,116,482 was pledged from brokers for OTC swap contracts.

2.	Fund pays the floating rate and receives the total return of the reference entity.

The following abbreviations are used in the preceding pages:

BBA—British Bankers’ Association

LIBOR—London Interbank Offered Rate

The following is a summary of the fair valuations according to the inputs used as of October 31, 2020, for valuing the Fund’s assets:


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	$	132,238,990	$	—		$	—	$	132,238,990
Rights		36,186		—			—		36,186
Short-Term Investment
Affiliated Investment Company		2,646,195		—			—		2,646,195

Total Investments in Securities	$	134,921,371	$	—		$	—	$	134,921,371

Other Financial Instruments
Total Return Equity Swap Contracts (b)		—		7,350,611			—		7,350,611

Total Investments in Securities and Other Financial Instruments	$	134,921,371	$	7,350,611		$	—	$	142,271,982


Liability Valuation Inputs
Other Financial Instruments
Total Return Equity Swap Contracts (b)	$	—	$	(1,764,302	)	$	—	$	(1,764,302	)

(a)	For a complete listing of investments and their industries, see the Portfolio of Investments.

(b)	The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					19

Statement of Assets and Liabilities as of October 31, 2020


Assets
Investment in unaffiliated securities, at value (identified cost $110,145,545)	$	132,275,176
Investment in affiliated investment company, at value (identified cost $2,646,195)		2,646,195
Due from custodian		209,568
Receivables:
Dividends and interest		89,570
Investment securities sold		48,369
Fund shares sold		11,523
Unrealized appreciation on OTC swap contracts		7,350,611
Other assets		22,539

Total assets		142,653,551


Liabilities
Payables:
Investment securities purchased		377,133
Fund shares redeemed		267,596
Custodian		120,229
Manager (See Note 3)		102,653
NYLIFE Distributors (See Note 3)		42,375
Transfer agent (See Note 3)		34,327
Professional fees		26,322
Shareholder communication		22,981
Interest on investments sold short		7,206
Broker fees and charges on short sales		345
Trustees		199
Accrued expenses		5,737
Unrealized depreciation on OTC swap contracts		1,764,302

Total liabilities		2,771,405

Net assets	$	139,882,146


Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	19,315
Additional paid-in capital		87,192,531

		87,211,846
Total distributable earnings (loss)		52,670,300

Net assets	$	139,882,146


Class A
Net assets applicable to outstanding shares	$	53,681,804

Shares of beneficial interest outstanding		7,094,301

Net asset value per share outstanding	$	7.57
Maximum sales charge (5.50% of offering price)		0.44

Maximum offering price per share outstanding	$	8.01

Investor Class
Net assets applicable to outstanding shares	$	4,826,394

Shares of beneficial interest outstanding		652,958

Net asset value per share outstanding	$	7.39
Maximum sales charge (5.00% of offering price)		0.39

Maximum offering price per share outstanding	$	7.78

Class C
Net assets applicable to outstanding shares	$	32,165,214

Shares of beneficial interest outstanding		5,174,022

Net asset value and offering price per share outstanding	$	6.22

Class I
Net assets applicable to outstanding shares	$	49,208,734

Shares of beneficial interest outstanding		6,393,337

Net asset value and offering price per share outstanding	$	7.70


20		MainStay MacKay U.S. Equity Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Statement of Operations for the year ended October 31, 2020


Investment Income (Loss)
Income
Dividends-unaffiliated (a)	$	4,358,614
Dividends-affiliated		42,514
Interest		126
Securities lending		113

Total income		4,401,367

Expenses
Manager (See Note 3)		2,231,388
Custodian		800,657
Distribution/Service—Class A (See Note 3)		154,208
Distribution/Service—Investor Class (See Note 3)		12,709
Distribution/Service—Class C (See Note 3)		415,094
Dividends on investments sold short		57,564
Transfer agent (See Note 3)		227,299
Professional fees		99,163
Registration		73,767
Broker fees and charges on short sales		33,699
Shareholder communication		23,593
Trustees		5,134
Miscellaneous		15,693

Total expenses before waiver/reimbursement		4,149,968
Expense waiver/reimbursement from Manager (See Note 3)		(718,670	)

Net expenses		3,431,298

Net investment income (loss)		970,069


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Unaffiliated investment transactions		38,758,955
Investments sold short		(815,081	)
Swap transactions		191,469

Net realized gain (loss)		38,135,343

Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		(34,341,972	)
Investments sold short		585
Swap contracts		(3,784,191	)

Net change in unrealized appreciation (depreciation)		(38,125,578	)

Net realized and unrealized gain (loss)		9,765

Net increase (decrease) in net assets resulting from operations	$	979,834

(a)	Dividends recorded net of foreign withholding taxes in the amount of $778.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					21

Statements of Changes in Net Assets

for the years ended October 31, 2020 and October 31, 2019


	2020			2019
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	970,069		$	3,774,061
Net realized gain (loss)		38,135,343			46,187,369
Net change in unrealized appreciation (depreciation)		(38,125,578	)		(21,572,369	)

Net increase (decrease) in net assets resulting from operations		979,834			28,389,061

Distributions to shareholders:
Class A		(8,419,082	)		(16,107,715	)
Investor Class		(621,601	)		(875,062	)
Class C		(6,497,424	)		(16,515,227	)
Class I		(31,107,216	)		(91,597,537	)

Total distributions to shareholders		(46,645,323	)		(125,095,541	)

Capital share transactions:
Net proceeds from sale of shares		19,752,199			74,492,224
Net asset value of shares issued to shareholders in reinvestment of distributions		45,057,238			119,698,369

Cost of shares redeemed		(347,466,931	)		(487,603,220	)

Increase (decrease) in net assets derived from capital share transactions		(282,657,494	)		(293,412,627	)

Net increase (decrease) in net assets		(328,322,983	)		(390,119,107	)

Net Assets
Beginning of year		468,205,129			858,324,236

End of year	$	139,882,146		$	468,205,129


22		MainStay MacKay U.S. Equity Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class A	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	8.53		$	9.51		$	10.91		$	8.60		$	8.93


Net investment income (loss) (a)		0.03			0.04			0.01			(0.02	)		0.00	‡

Net realized and unrealized gain (loss) on investments		(0.02	)		0.43			0.11			2.48			(0.15	)


Total from investment operations		0.01			0.47			0.12			2.46			(0.15	)


Less distributions:

From net investment income		(0.33	)		(0.06	)		(0.30	)		—			—

From net realized gain on investments		(0.64	)		(1.39	)		(1.22	)		(0.15	)		(0.18	)


Total distributions		(0.97	)		(1.45	)		(1.52	)		(0.15	)		(0.18	)


Net asset value at end of year	$	7.57		$	8.53		$	9.51		$	10.91		$	8.60


Total investment return (b)		(0.29	%)		6.17	%		0.89	%		28.96	%		(1.72	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		0.35	%		0.49	%		0.11	%		(0.20	%)		0.03	%

Net Expenses (including short sale expenses) (c)(d)		1.55	%		1.49	%		1.50	%		2.26	%		2.62	%

Expenses (including short sales expenses, before waiver/reimbursement) (c)(d)		1.87	%		1.49	%		1.50	%		2.26	%		2.62	%

Portfolio turnover rate		176	%		177	%		167	%		124	%		159	%

Net assets at end of year (in 000’s)	$	53,682		$	77,482		$	109,168		$	124,552		$	157,903

‡	Less than one cent per share.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(d)	The expense ratios presented below show the impact of short sales expense:


Year Ended	Net Expenses (excluding short sale expenses)			Short Sale Expenses
October 31, 2020		1.50	%		0.05	%
October 31, 2019		1.46	%		0.03	%
October 31, 2018		1.41	%		0.09	%
October 31, 2017		1.37	%		0.89	%
October 31, 2016		1.35	%		1.27	%


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					23

Financial Highlights selected per share data and ratios



	Year ended October 31,

Investor Class	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	8.36		$	9.35		$	10.75		$	8.49		$	8.82


Net investment income (loss) (a)		0.02			0.03			0.01			(0.03	)		(0.00	)‡

Net realized and unrealized gain (loss) on investments		(0.03	)		0.43			0.10			2.44			(0.15	)


Total from investment operations		(0.01	)		0.46			0.11			2.41			(0.15	)


Less distributions:

From net investment income		(0.32	)		(0.06	)		(0.29	)		—			(0.00	)‡

From net realized gain on investments		(0.64	)		(1.39	)		(1.22	)		(0.15	)		(0.18	)


Total distributions		(0.96	)		(1.45	)		(1.51	)		(0.15	)		(0.18	)


Net asset value at end of year	$	7.39		$	8.36		$	9.35		$	10.75		$	8.49


Total investment return (b)		(0.49	%)		6.13	%		0.84	%		28.75	%		(1.75	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		0.23	%		0.40	%		0.05	%		(0.28	%)		(0.05	%)

Net Expenses (including short sale expenses) (c)(d)		1.64	%		1.57	%		1.56	%		2.29	%		2.72	%

Expenses (including short sales expenses, before waiver/reimbursement) (c)(d)		1.96	%		1.57	%		1.56	%		2.29	%		2.72	%

Portfolio turnover rate		176	%		177	%		167	%		124	%		159	%

Net assets at end of year (in 000’s)	$	4,826		$	5,413		$	5,602		$	5,449		$	4,702

‡	Less than one cent per share.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(d)	The expense ratios presented below show the impact of short sales expense:


Year Ended	Net Expenses (excluding short sale expenses)			Short Sale Expenses
October 31, 2020		1.59	%		0.05	%
October 31, 2019		1.54	%		0.03	%
October 31, 2018		1.46	%		0.10	%
October 31, 2017		1.45	%		0.84	%
October 31, 2016		1.44	%		1.28	%


24		MainStay MacKay U.S. Equity Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class C	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	7.16		$	8.21		$	9.62		$	7.66		$	8.04


Net investment income (loss) (a)		(0.03	)		(0.02	)		(0.06	)		(0.09	)		(0.06	)

Net realized and unrealized gain (loss) on investments		(0.02	)		0.36			0.09			2.20			(0.14	)


Total from investment operations		(0.05	)		0.34			0.03			2.11			(0.20	)


Less distributions:

From net investment income		(0.25	)		—			(0.22	)		—			—

From net realized gain on investments		(0.64	)		(1.39	)		(1.22	)		(0.15	)		(0.18	)


Total distributions		(0.89	)		(1.39	)		(1.44	)		(0.15	)		(0.18	)


Net asset value at end of year	$	6.22		$	7.16		$	8.21		$	9.62		$	7.66


Total investment return (b)		(1.13	%)		5.35	%		0.02	%		27.93	%		(2.55	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		(0.47	%)		(0.31	%)		(0.70	%)		(1.04	%)		(0.81	%)

Net Expenses (including short sale expenses) (c)(d)		2.39	%		2.32	%		2.32	%		3.05	%		3.46	%

Expenses (including short sales expenses, before waiver/reimbursement) (c)(d)		2.71	%		2.32	%		2.32	%		3.05	%		3.46	%

Portfolio turnover rate		176	%		177	%		167	%		124	%		159	%

Net assets at end of year (in 000’s)	$	32,165		$	55,308		$	101,169		$	102,745			84,108

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(d)	The expense ratios presented below show the impact of short sales expense:


Year Ended	Net Expenses (excluding short sale expenses)			Short Sale Expenses
October 31, 2020		2.34	%		0.05	%
October 31, 2019		2.29	%		0.03	%
October 31, 2018		2.22	%		0.10	%
October 31, 2017		2.21	%		0.84	%
October 31, 2016		2.19	%		1.27	%


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					25

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class I	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	8.66		$	9.63		$	11.03		$	8.69		$	9.00


Net investment income (loss) (a)		0.07			0.06			0.04			0.00	‡		0.02

Net realized and unrealized gain (loss) on investments		(0.04	)		0.45			0.10			2.50			(0.14	)


Total from investment operations		0.03			0.51			0.14			2.50			(0.12	)


Less distributions:

From net investment income		(0.35	)		(0.09	)		(0.32	)		(0.01	)		(0.01	)

From net realized gain on investments		(0.64	)		(1.39	)		(1.22	)		(0.15	)		(0.18	)


Total distributions		(0.99	)		(1.48	)		(1.54	)		(0.16	)		(0.19	)


Net asset value at end of year	$	7.70		$	8.66		$	9.63		$	11.03		$	8.69


Total investment return (b)		0.01	%		6.52	%		1.14	%		29.17	%		(1.40	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		0.81	%		0.77	%		0.37	%		0.05	%		0.28	%

Net Expenses (including short sale expenses) (c)(d)		1.25	%		1.25	%		1.26	%		1.98	%		2.38	%

Expenses (including short sales expenses, before waiver/reimbursement) (c)(d)		1.57	%		1.25	%		1.26	%		1.98	%		2.38	%

Portfolio turnover rate		176	%		177	%		167	%		124	%		159	%

Net assets at end of year (in 000’s)	$	49,209		$	330,002		$	642,384		$	738,876		$	668,653

‡	Less than one cent per share.

(a)	Per share data based on average shares outstanding during the year.

(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized.

(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(d)	The expense ratios presented below show the impact of short sales expense:


Year Ended	Net Expenses (excluding short sale expenses)			Short Sale Expenses
October 31, 2020		1.20	%		0.05	%
October 31, 2019		1.22	%		0.03	%
October 31, 2018		1.16	%		0.10	%
October 31, 2017		1.12	%		0.86	%
October 31, 2016		1.10	%		1.28	%


26		MainStay MacKay U.S. Equity Opportunities Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Notes to Financial Statements

Note 1–Organization and Business

The Fund currently has six classes of shares registered for sale. Class A, Class C and Class I shares commenced operations on June 29, 2007. Investor Class shares commenced operations on February 28, 2008. Class R6 shares of the Fund were registered for sale effective as of February 28, 2017. As of October 31, 2020, Class R6 shares were not yet offered for sale. SIMPLE Class shares were registered for sale effective as of August 31, 2020. As of October 31, 2020, SIMPLE Class shares were not yet offered for sale.

Class A and Investor Class shares are offered at net asset value (“NAV”) per share plus an initial sales charge. No initial sales charge applies to investments of $1 million or more (and certain other qualified purchases) in Class A and Investor Class shares. However, a contingent deferred sales charge (“CDSC”) 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. Class C shares are offered at NAV without an initial sales charge, although a 1.00% CDSC may be imposed on certain redemptions of such shares made within one year of the date of purchase of Class C shares. Class I shares are offered at NAV without a sales charge. Class R6 and SIMPLE Class shares are currently expected to be offered at NAV without a sales charge. Depending upon eligibility, Class C shares convert to either Class A or Investor Class shares at the end of the calendar quarter ten years after the date they were purchased. Additionally, Investor Class shares may convert automatically to Class A shares. Under certain circumstances and as may be permitted by the Trust’s multiple class plan pursuant to Rule 18f-3 under the 1940 Act, specified share classes of the Fund may be converted to one or more other share classes of the Fund as disclosed in the capital share transactions within these Notes. The classes of shares have the same voting (except for issues that relate solely to one class), dividend, liquidation and other rights, and the same terms and conditions, except that under distribution plans pursuant to Rule 12b-1 under the 1940 Act, Class C shares are subject to higher distribution and/or service fees than Class A, Investor Class and SIMPLE Class shares. Class I and Class R6 shares are not subject to a distribution and/or service fee.

The Fund’s investment objective is to seek long-term growth of capital.

Note 2–Significant Accounting Policies

accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.

The Board of Trustees of the Trust (the “Board”) adopted procedures establishing methodologies for the valuation of the Fund’s securities and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Trust (the “Valuation Committee”). The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for the day-to-day valuation of portfolio assets (including fair value measurements for the Fund’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)). To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Fund’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources.


			27

Notes to Financial Statements (continued)

•

Level 1—quoted prices in active markets for an identical asset or liability

•

Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:


• Broker/dealer quotes		• Benchmark securities
• Two-sided markets		• Reference data (corporate actions or material event notices)
• Bids/offers		• Monthly payment information
• Industry and economic events		• Reported trades

reliable market price were readily available. During the year ended October 31, 2020, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. No securities held by the Fund as of October 31, 2020 were fair valued in such a manner.

Total return swap contracts, which are arrangements to exchange a market-linked return for a periodic payment, are based on a notional principal amount. To the extent that the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. Total return swap contracts are marked to market daily based upon quotations from market makers and these securities are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The


28		MainStay MacKay U.S. Equity Opportunities Fund

valuation procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

The Manager evaluates the Fund’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund’s financial statements. The Fund’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare and pay dividends from net investment income and distributions from net realized capital and currency gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

expenses are incurred. The expenses borne by the Fund, including those of related parties to the Fund, are shown in the Statement of Operations.

(G) Repurchase Agreements. The Fund may enter into repurchase agreements (i.e., buy a security from another party with the agreement that it will be sold back in the future) to earn income. The Fund may enter into repurchase agreements only with counterparties, usually financial institutions, that are deemed by the Manager or the Subadvisor to be creditworthy, pursuant to guidelines established by the Board. During the term of any repurchase agreement, the Manager or the Subadvisor will continue to monitor the creditworthiness of the counterparty. Under the 1940 Act, repurchase agreements are considered to be collateralized loans by the Fund to the counterparty secured by the securities transferred to the Fund.

Repurchase agreements are subject to counterparty risk, meaning the Fund could lose money by the counterparty’s failure to perform under the terms of the agreement. The Fund mitigates this risk by ensuring the repurchase agreement is collateralized by cash, U.S. government securities, fixed income securities and/or other securities. The collateral is held by the Fund’s custodian and valued daily on a mark to market basis to determine if the value, including accrued interest, exceeds the repurchase price. In the event of the counterparty’s default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, such as in the event of default or bankruptcy by the counterparty, realization and/or retention of the collateral may be limited or subject to delay, to legal proceedings and possible realized loss to the Fund. As of October 31, 2020, the Fund did not hold any repurchase agreements.

(H) Securities Sold Short. During the year ended October 31, 2020, the Fund engaged in sales of securities it did not own (“short sales”) as part of its investment strategies. When the Fund enters into a short sale, it must segregate or maintain with a broker the cash proceeds from the security sold short or other securities as collateral for its obligation to deliver the security upon conclusion of the sale. During the period a short position is open, depending on the nature and type of security, a short position is reflected as a liability and is marked to market in accordance with the valuation methodologies previously detailed (See Note 2(A)). Liabilities for securities sold short are closed out by purchasing the applicable securities for delivery to the counterparty broker. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited as to dollar amount, will be recognized upon termination of a short sale if the market price on the date the


			29

Notes to Financial Statements (continued)

short position is closed out is less or greater, respectively, than the proceeds originally received. Any such gain or loss may be offset, completely or in part, by the change in the value of the hedged investments. Interest on short positions held is accrued daily, while dividends declared on short positions existing on the record date are recorded on the ex-dividend date as a dividend expense in the Statement of Operations. Broker fees and other expenses related to securities sold short are disclosed in the Statement of Operations. Short sales involve risk of loss in excess of the related amounts reflected in the Statement of Assets and Liabilities. As of October 31, 2020, the Fund did not enter into any securities sold short.

(i)	market value of investment securities, other assets and liabilities—at the valuation date; and

(ii)	purchases and sales of investment securities, income and expenses—at the date of such transactions.

(J) Rights and Warrants. Rights are certificates that permit the holder to purchase a certain number of shares, or a fractional share, of a new stock from the issuer at a specific price. Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. These investments can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of these investments do not necessarily move in tandem with the prices of the underlying securities.

There is risk involved in the purchase of rights and warrants in that these investments are speculative investments. The Fund could also lose the entire value of its investment in warrants if such warrants are not exercised by the date of its expiration. The Fund is exposed to risk until the sale or exercise of each right or warrant is completed. As of October 31, 2020, rights are shown in the Portfolio of Investments.

(K) Securities Lending. In order to realize additional income, the Fund may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission (“SEC”). If the Fund engages in securities lending, the Fund will lend through its custodian, currently State Street Bank and Trust Company (“State Street”) (See Note 13 for securities

(L) LIBOR Replacement Risk. The Fund may invest in certain debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate (“LIBOR”), as a “benchmark” or “reference rate” for various interest rate calculations. The United Kingdom Financial Conduct Authority, which regulates LIBOR, announced that after 2021 it will cease its active encouragement of banks to provide the quotations needed to sustain LIBOR. As a result, it is anticipated that LIBOR will be discontinued or will no longer be sufficiently robust to be representative of its underlying market around that time. Although financial regulators and industry working groups have suggested alternative reference rates, such as the European Interbank Offer Rate (“EURIBOR”), Sterling Overnight Interbank Average Rate (“SONIA”) and Secured Overnight Financing Rate (“SOFR”), there are challenges to converting certain contracts and transactions to a new benchmark and neither the full effects of the transition process nor its ultimate outcome is known. Management is currently working to assess exposure and will modify contracts as necessary.


30		MainStay MacKay U.S. Equity Opportunities Fund

exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

(N) Equity Swaps (Total Return Swaps). Total return swap contracts are agreements between counterparties to exchange cash flow, one based on a market-linked return of an individual asset or group of assets (such as an index), and the other on a fixed or floating rate. As a total return swap, an equity swap may be structured in different ways. For example, when the Fund enters into a “long” equity swap, the counterparty may agree to pay the Fund the amount, if any, by which the notional amount of the equity swap would have increased in value had it been invested in a particular referenced security or securities, plus the dividends that would have been received on those securities. In return, the Fund will generally agree to pay the counterparty interest on the notional amount of the equity swap plus the amount, if any, by which that notional amount would have decreased in value had it been invested in such referenced security or securities, plus, in certain instances, commissions or trading spreads on the notional amounts. Therefore, the Fund’s return on the equity swap generally should equal the gain or loss on the notional amount, plus dividends on the referenced security or securities less the interest paid by the Fund on the notional amount. Alternatively, when the Fund enters into a “short” equity swap, the counterparty will generally agree to pay the Fund the amount, if any, by which the notional amount of the equity swap would have decreased in value had the Fund sold a particular referenced security or securities short, less the dividend expense that the Fund would have incurred on the referenced security or securities, as adjusted for interest payments or other economic factors. In this situation, the Fund will generally be obligated to pay the amount, if any, by which the notional amount of the swap would have increased in value had it been invested directly in the referenced security or securities.

Equity swaps generally do not involve the delivery of securities or other referenced assets. Accordingly, the risk of loss with respect to equity swaps is normally limited to the net amount of payments that the Fund is contractually obligated to make. If the other party to an equity swap defaults, the Fund’s risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any. The Fund will segregate cash or liquid assets, enter into offsetting transactions or use other measures permitted by applicable law to “cover” the Fund’s current obligations. The Fund and New York Life Investments, however, believe these transactions do not constitute senior securities under the

1940 Act and, accordingly, will not treat them as being subject to the Fund’s borrowing restrictions.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statement of Assets and Liabilities.

(P) Quantitative Disclosure of Derivative Holdings. The following tables show additional disclosures related to the Fund’s derivative and hedging activities, including how such activities are accounted for and their effect on the Fund’s financial positions, performance and cash flows. The Fund entered into total return swap contracts to gain exposure to emerging market securities, along with offsetting long total return swap positions to maintain appropriate currency balances and risk exposures across all swap positions. These derivatives are not accounted for as hedging instruments.

Fair value of derivative instruments as of October 31, 2020:

Asset Derivatives


	Equity Contracts Risk		Total

OTC Swap Contracts—Unrealized appreciation on OTC swap contracts	$	7,350,611	$	7,350,611

Total Fair Value	$	7,350,611	$	7,350,611


			31

Notes to Financial Statements (continued)

Liability Derivatives


	Equity Contracts Risk			Total

OTC Swap Contracts—Unrealized depreciation on OTC swap contracts	$	(1,764,302	)	$	(1,764,302	)

Total Fair Value	$	(1,764,302	)	$	(1,764,302	)

The effect of derivative instruments on the Statement of Operations for the year ended October 31, 2020:

Net Realized Gain (Loss) from:


	Equity Contracts Risk		Total

Swap Contracts	$	191,469	$	191,469

Total Net Realized Gain (Loss)	$	191,469	$	191,469

Net Change in Unrealized Appreciation (Depreciation) from:


	Equity Contracts Risk			Total

Swap Contracts	$	(3,784,191	)	$	(3,784,191	)

Total Net Change in Unrealized Appreciation (Depreciation)	$	(3,784,191	)	$	(3,784,191	)

Average Notional Amount


	Equity Contracts Risk			Total

Swap Contracts Long	$	51,251,512		$	51,251,512
Swap Contracts Short	$	(46,249,028	)	$	(46,249,028	)


Counterparty	Gross Assets in Statement of Assets and Liabilities		Derivative assets/(liabilities) available for offset			Net Amount of Derivative Assets*		Collateral Pledged/ (Received)
Citigroup	$	7,350,611	$	(1,764,302	)	$	5,586,309	$	(6,116,482	)


Counterparty	Gross Liabilities in Statement of Assets and Liabilities		Derivative assets/(liabilities) available for offset			Net Amount of Derivative Liabilities†		Collateral Pledged/ (Received)
Citigroup	$	1,764,302	$	(1,764,302	)	$	—	$	—

*	Represents the net amount receivable from the counterparty in the event of default.

†	Represents the net amount payable to the counterparty in the event of default.

Note 3–Fees and Related Party Transactions

most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. MacKay Shields LLC (“MacKay Shields” or the “Subadvisor”), a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life, serves as Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of an Amended and Restated Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and MacKay Shields, New York Life Investments pays for the services of the Subadvisor.


32		MainStay MacKay U.S. Equity Opportunities Fund

October 31, 2020, the effective management fee rate was 1.00% (exclusive of any applicable waivers/reimbursements).

Additionally, New York Life Investments has agreed to voluntarily waive fees and/or reimburse expenses of the appropriate class of the Fund so that 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) do not exceed the following percentages:1.60% for Investor Class shares and 2.35% for Class C shares, respectively. These voluntary waivers or reimbursements may be discontinued at any time without notice.

During the year ended October 31, 2020, New York Life Investments earned fees from the Fund in the amount of $2,231,388 and waived fees and/or reimbursed expenses in the amount of $718,670 and paid the Subadvisor in the amount of $756,359.

annual rate of 0.75% of the average daily net assets of the Class C shares, along with a service fee at an annual rate of 0.25% of the average daily net assets of the Class C shares, for a total 12b-1 fee of 1.00%. Class I shares are not subject to a distribution and/or service fee.

The Fund was also advised that the Distributor retained CDSCs on redemptions of Class A and Class C shares during the year ended October 31, 2020, of $388 and $2,442, respectively.

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund’s transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with DST Asset Manager Solutions, Inc. (“DST”), pursuant to which DST performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund’s share classes to a maximum of 0.35% of that share class’s average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until February 28, 2021, 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. During the year ended October 31, 2020, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:


Class	Expense		Waived

Class A	$	52,927	$	—
Investor Class		8,347		—
Class C		68,172		—
Class I		97,853		—


			33

Notes to Financial Statements (continued)


Affiliated Investment Company	Value, Beginning of Year		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Year		Dividend Income		Other Distributions		Shares End of Year
MainStay U.S. Government Liquidity Fund	$	4,851	$	72,009	$	(74,214	)	$	—	$	—	$	2,646	$	43	$	—		2,646

Note 4–Federal Income Tax


	Federal Tax Cost			Gross Unrealized Appreciation			Gross Unrealized (Depreciation)				Net Unrealized Appreciation/ (Depreciation)

Investments in Securities		$	114,181,995		$	26,773,866		$	(6,034,492	)		$	20,739,374

As of October 31, 2020, the components of accumulated gain (loss) on a tax basis were as follows:


Ordinary Income	Accumulated Capital and Other Gain (Loss)	Other Temporary Differences	Unrealized Appreciation (Depreciation)	Total Accumulated Gain (Loss)

$12,557,946	$19,372,980	$ —	$20,739,374	$52,670,300

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is primarily due to wash sale adjustments and mark to market swap adjustments.


Total Distributable Earnings (Loss)		Additional Paid-In Capital

$(604,094)		$604,094

The reclassifications for the Fund are primarily due to equalization.

During the years ended October 31, 2020, and October 31, 2019, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets were as follows:


	2020		2019

Distributions paid from:
Ordinary Income	$	15,869,720	$	6,287,986
Long-Term Capital Gain		30,775,603		118,807,555
Total	$	46,645,323	$	125,095,541

Note 5–Custodian

Note 6–Line of Credit

Note 7–Interfund Lending Program


34		MainStay MacKay U.S. Equity Opportunities Fund

Note 8–Purchases and Sales of Securities (in 000’s)

During the year ended October 31, 2020, purchases and sales of securities, other than short-term securities, were $385,846 and $713,326, respectively.

Note 9–Capital Share Transactions

Transactions in capital shares for the years ended October 31, 2020, and October 31, 2019, were as follows:


Class A	Shares			Amount

Year ended October 31, 2020:
Shares sold		1,065,670		$	8,039,301
Shares issued to shareholders in reinvestment of distributions		1,061,140			8,276,895
Shares redeemed		(4,220,674	)		(31,651,498	)

Net increase (decrease) in shares outstanding before conversion		(2,093,864	)		(15,335,302	)
Shares converted into Class A (See Note 1)		112,354			860,197
Shares converted from Class A (See Note 1)		(3,229	)		(21,822	)

Net increase (decrease)		(1,984,739	)	$	(14,496,927	)

Year ended October 31, 2019:
Shares sold		1,424,239		$	11,625,078
Shares issued to shareholders in reinvestment of distributions		2,006,808			15,853,780
Shares redeemed		(5,858,066	)		(47,354,501	)

Net increase (decrease) in shares outstanding before conversion		(2,427,019	)		(19,875,643	)
Shares converted into Class A (See Note 1)		49,867			407,578
Shares converted from Class A (See Note 1)		(22,998	)		(186,387	)

Net increase (decrease)		(2,400,150	)	$	(19,654,452	)



Investor Class	Shares			Amount

Year ended October 31, 2020:
Shares sold		137,802		$	947,495
Shares issued to shareholders in reinvestment of distributions		81,500			621,034
Shares redeemed		(104,655	)		(752,912	)

Net increase (decrease) in shares outstanding before conversion		114,647			815,617
Shares converted into Investor Class (See Note 1)		3,219			21,342
Shares converted from Investor Class (See Note 1)		(112,382	)		(840,745	)

Net increase (decrease)		5,484		$	(3,786	)

Year ended October 31, 2019:
Shares sold		101,334		$	819,022
Shares issued to shareholders in reinvestment of distributions		112,774			872,877
Shares redeemed		(151,580	)		(1,188,850	)

Net increase (decrease) in shares outstanding before conversion		62,528			503,049
Shares converted into Investor Class (See Note 1)		28,585			226,106
Shares converted from Investor Class (See Note 1)		(42,881	)		(344,168	)

Net increase (decrease)		48,232		$	384,987


Class C	Shares			Amount

Year ended October 31, 2020:
Shares sold		245,134		$	1,530,543
Shares issued to shareholders in reinvestment of distributions		935,890			6,036,490
Shares redeemed		(3,726,518	)		(23,366,554	)

Net increase (decrease) in shares outstanding before conversion		(2,545,494	)		(15,799,521	)
Shares converted from Class C (See Note 1)		(4,743	)		(30,439	)

Net increase (decrease)		(2,550,237	)	$	(15,829,960	)

Year ended October 31, 2019:
Shares sold		1,008,669		$	6,806,210
Shares issued to shareholders in reinvestment of distributions		2,309,129			15,424,979
Shares redeemed		(7,899,134	)		(53,665,267	)

Net increase (decrease) in shares outstanding before conversion		(4,581,336	)		(31,434,078	)
Shares converted from Class C (See Note 1)		(15,257	)		(103,129	)

Net increase (decrease)		(4,596,593	)	$	(31,537,207	)



Class I	Shares			Amount

Year ended October 31, 2020:
Shares sold		1,188,608		$	9,234,860
Shares issued to shareholders in reinvestment of distributions		3,808,195			30,122,819
Shares redeemed		(36,720,167	)		(291,695,967	)

Net increase in shares outstanding before conversion		(31,723,364	)		(252,338,288	)
Shares converted into Class I (See Note 1)		1,438			11,467

Net increase (decrease)		(31,721,926	)	$	(252,326,821	)

Year ended October 31, 2019:
Shares sold		6,832,042		$	55,241,914
Shares issued to shareholders in reinvestment of distributions		10,943,342			87,546,733
Shares redeemed		(46,352,637	)		(385,394,602	)

Net increase (decrease)		(28,577,253	)	$	(242,605,955	)

Note 10–Litigation

The Fund has been named as a defendant in the case entitled Kirschner v. FitzSimons, No. 12-2652 (S.D.N.Y.) (the “FitzSimons action”) as a result of its ownership of shares in the Tribune Company (“Tribune”) in 2007 when Tribune effected a leveraged buyout transaction (“LBO”) by which Tribune converted to a privately-held company. In its complaint, the plaintiff asserts claims against certain insiders, shareholders, professional advisers, and others involved in the LBO. Separately, the complaint also seeks to obtain from former Tribune shareholders, including the Fund, any proceeds they received in connection with the LBO. The sole claim and cause of action brought against the Fund is for fraudulent conveyance pursuant to United States Bankruptcy Code Section 548(a)(1)(A).

In June 2011, certain Tribune creditors filed numerous additional actions asserting state law constructive fraudulent conveyance claims (the “SLCFC actions”) against specifically-named former Tribune shareholders and, in some cases, putative defendant classes comprised of former Tribune shareholders. One of the SLCFC actions, entitled Deutsche Bank Trust Co. Americas v. Blackrock Institutional Trust Co.,


			35

Notes to Financial Statements (continued)

No. 11-9319 (S.D.N.Y.) (the “Deutsche Bank action”), named the Fund as a defendant.

Count I, which is the claim brought against former Tribune shareholders for intentional fraudulent conveyance under U.S. federal law. On January 6, 2017, the United States District Court for the Southern District of New York granted the shareholder defendants’ motion to dismiss the intentional fraudulent conveyance claim in the FitzSimons action. In dismissing the intentional fraudulent conveyance claim, the Court denied the plaintiff’s request to amend the complaint. The Court’s order is not immediately appealable, but the plaintiff has asked the Court to direct entry of a final judgment in order to make the order immediately appealable. On February 23, 2017, the Court issued an order stating that it intends to permit an interlocutory appeal of the dismissal order, but will wait to do so until it has resolved outstanding motions to dismiss filed by other defendants.

On August 24, 2017, the Court denied the plaintiff’s request without prejudice to renewal of the request in the event of an intervening change in the law. On March 8, 2018, the plaintiff renewed his request for leave to file a motion to amend the complaint to assert a constructive fraudulent transfer claim based on the Supreme Court’s ruling in Merit Management. The shareholder defendants opposed that request. On June 18, 2018, the District Court ordered that the request would be stayed pending further action by the Second Circuit in the still-pending appeal, discussed above. On December 18, 2018, the plaintiff filed a letter with the District Court requesting that the stay be dissolved in order to permit briefing on the motion to amend the complaint and indicating plaintiff’s intention to file another motion to amend the complaint to reinstate claims for intentional fraudulent transfer. The shareholder defendants opposed that request. On January 14, 2019, the Court held a case management conference, during which the Court held that it would not lift the stay prior to further action from the Second Circuit. The Court stated that it would allow the plaintiff to file a motion to amend to try to reinstate its intentional fraudulent transfer claim. On January 23, 2019, the Court ordered the parties still facing pending claims to participate in a mediation. On March 27, 2019, the Court held a telephone conference and decided to allow the plaintiff to file a motion for leave to amend. On April 4, 2019, the plaintiff filed a motion to amend the Fifth Amended Complaint to assert a federal constructive fraudulent transfer claim against certain shareholder defendants. On April 10, 2019, the shareholder defendants filed a brief in opposition to the plaintiff’s motion to amend. On April 12, 2019, the plaintiff filed a reply brief. The Court denied leave to amend the complaint on April 23, 2019. On June 13, 2019, the Court entered judgment pursuant to Rule 54(b), which would permit an appeal of the Court’s dismissal of the claim against the shareholder defendants. On July 15, 2019, the Trustee filed a notice of appeal to the Second Circuit. Appellant filed his brief on January 7, 2020. The shareholder defendants filed an opposition brief on April 27, 2020, and Appellant filed a reply brief on May 18, 2020. On June 22, 2020, the Court scheduled oral argument to occur on August 24, 2020. The Court held oral argument on August 24, 2020. In addition, the District Court has entered two bar orders in connection with the plaintiff’s settlement with certain non-shareholder defendants. The orders bar claims against the settling defendants, but contain a judgment reduction provision that preserves the value of any potential claim by a shareholder defendant against a settling defendant.


36		MainStay MacKay U.S. Equity Opportunities Fund

Specifically, the judgment reduction provision reduces the amount of money recoverable against a shareholder defendant to the extent the shareholder defendant could have recovered on a claim against a settling defendant.

The value of the proceeds received by the Fund in connection with the LBO and the Fund’s cost basis in shares of Tribune was as follows:


Fund	Proceeds		Cost Basis
MainStay MacKay U.S. Equity Opportunities Fund	$	45,424	$	44,515

At this stage of the proceedings, it would be difficult to assess with any reasonable certainty the probable outcome of the pending litigation or the effect, if any, on the Fund’s net asset value.

Note 11–Recent Accounting Pronouncement

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board issued Accounting Standards Update 2018-13, Fair Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which adds, removes, and modifies certain fair value measurement disclosure requirements. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019. The Manager evaluated the implications of certain provisions of ASU 2018-13 and determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures, which are currently in place as of October 31, 2020. The Manager is evaluating the implications of certain other provisions of ASU 2018-13 related to new disclosure requirements and has not yet determined the impact of those provisions on the financial statement disclosures, if any.

Note 12–Other Matters

Note 13–Subsequent Events


			37

Report of Independent Registered Public Accounting Firm

To the Shareholders of the Fund and Board of Trustees

MainStay Funds Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of MainStay MacKay U.S. Equity Opportunities Fund (the Fund), one of the funds constituting MainStay Funds Trust, including the portfolio of investments, as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2020, by correspondence with the custodian, the transfer agent, and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

LOGO

We have served as the auditor of one or more New York Life Investment Management investment companies since 2003.

Philadelphia, Pennsylvania

December 23, 2020


38		MainStay MacKay U.S. Equity Opportunities Fund

Federal Income Tax Information

(Unaudited)

The Fund is required under the Internal Revenue Code to advise shareholders in a written statement as to the federal tax status of dividends paid by the Fund during such fiscal years. Accordingly, the Fund paid $30,775,603 as long term capital gain distributions.

For the fiscal year ended October 31, 2020, the Fund designated approximately $10,986,386 under the Internal Revenue Code as qualified dividend income eligible for reduced tax rates.

The dividends paid by the Fund during the fiscal year ended October 31, 2020 should be multiplied by 67.36% to arrive at the amount eligible for the corporate dividend-received deduction.

Proxy Voting Policies and Procedures and Proxy Voting Record

Shareholder Reports and Quarterly Portfolio Disclosure


			39

Board of Trustees and Officers (Unaudited)

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Interested Trustee

Yie-Hsin Hung*

1962

MainStay Funds:
Trustee since 2017

MainStay Funds Trust:
Trustee since 2017

MainStay VP Funds Trust:
Trustee since 2017 (31 portfolios); and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017.


40		MainStay MacKay U.S. Equity Opportunities Fund

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

David H. Chow

1957

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Founder and CEO, DanCourt Management, LLC since 1999

Susan B. Kerley

1951

MainStay Funds:
Chairman since 2017 and Trustee since 2007;

MainStay Funds Trust: Chairman since 2017 and Trustee since 1990.**

President, Strategic Management Advisors LLC since 1990

MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007 (31 portfolios)***;
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; and

Legg Mason Partners Funds: Trustee since 1991 (45 portfolios).

Alan R. Latshaw

1951

MainStay Funds:
Trustee;

MainStay Funds Trust:
Trustee and Audit Committee Financial Expert since 2007.**

Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006)

Richard H. Nolan, Jr.

1946

MainStay Funds:
Trustee since 2007;

MainStay Funds Trust:
Trustee since 2007.**

Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004)

MainStay VP Funds Trust: Trustee since 2006 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Jacques P. Perold

1958

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Allstate Corporation: Director since 2015;
MSCI, Inc.: and Director since 2017.


			41

Board of Trustees and Officers (Unaudited) (continued)

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

Richard S. Trutanic

1952

MainStay Funds: Trustee since 1994;

MainStay Funds Trust: Trustee since 2007.**

MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust.

***

Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


42		MainStay MacKay U.S. Equity Opportunities Fund


	Name and Year of Birth	Position(s) Held and Length of Service	Principal Occupation(s) During Past Five Years
Officers of the Trust (Who are not Trustees)*	Kirk C. Lehneis 1974	President, MainStay Funds, MainStay Funds Trust since 2017	Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers since 2017 and Senior Managing Director since 2018, NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since 2017**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC
	Jack R. Benintende 1964	Treasurer and Principal Financial and Accounting Officer, MainStay Funds since 2007, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2007**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012)
	Yi-Chia Kuo 1981	Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust since January 2020	Chief Compliance Officer, Index IQ Trust, Index IQ ETF Trust and Index IQ Active ETF Trust since January 2020; Vice President and Chief Compliance Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since January 2020; Director and Associate General Counsel, New York Life Insurance Company (2015 to 2019)
	J. Kevin Gao 1967	Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust since 2010	Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2010**
	Scott T. Harrington 1959	Vice President— Administration, MainStay Funds since 2005, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2005**

Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


			43

MainStay Funds

Equity

U.S. Equity

MainStay Epoch U.S. All Cap Fund

MainStay Epoch U.S. Equity Yield Fund

MainStay MacKay Common Stock Fund

MainStay MacKay Growth Fund

MainStay MacKay S&P 500 Index Fund

MainStay MacKay Small Cap Core Fund

MainStay MacKay U.S. Equity Opportunities Fund

MainStay MAP Equity Fund

MainStay Winslow Large Cap Growth Fund¹

International Equity

MainStay Epoch International Choice Fund

MainStay MacKay International Equity Fund

MainStay MacKay International Opportunities Fund

Emerging Markets Equity

MainStay Candriam Emerging Markets Equity Fund

Global Equity

MainStay Epoch Capital Growth Fund

MainStay Epoch Global Equity Yield Fund

Fixed Income

Taxable Income

MainStay Candriam Emerging Markets Debt Fund

MainStay Floating Rate Fund

MainStay MacKay High Yield Corporate Bond Fund

MainStay MacKay Short Duration High Yield Fund

MainStay MacKay Total Return Bond Fund

MainStay MacKay Unconstrained Bond Fund

MainStay MacKay U.S. Infrastructure Bond Fund²

MainStay Short Term Bond Fund³

Tax-Exempt Income

MainStay MacKay California Tax Free Opportunities Fund⁴

MainStay MacKay High Yield Municipal Bond Fund

MainStay MacKay Intermediate Tax Free Bond Fund

MainStay MacKay New York Tax Free Opportunities Fund⁵

MainStay MacKay Short Term Municipal Fund

MainStay MacKay Tax Free Bond Fund

Money Market

MainStay Money Market Fund

Mixed Asset

MainStay Balanced Fund

MainStay Income Builder Fund

MainStay MacKay Convertible Fund

Speciality

MainStay CBRE Global Infrastructure Fund

MainStay CBRE Real Estate Fund

MainStay Cushing MLP Premier Fund

Asset Allocation

MainStay Conservative Allocation Fund

MainStay Conservative ETF Allocation Fund

MainStay Defensive ETF Allocation Fund

MainStay Equity Allocation Fund⁶

MainStay Equity ETF Allocation Fund

MainStay Growth Allocation Fund⁷

MainStay Growth ETF Allocation Fund

MainStay Moderate Allocation Fund

MainStay Moderate ETF Allocation Fund

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium S.A.⁸

Brussels, Belgium

Candriam Luxembourg S.C.A.⁸

Strassen, Luxembourg

CBRE Clarion Securities LLC

Radnor, Pennsylvania

Cushing Asset Management, LP

Dallas, Texas

Epoch Investment Partners, Inc.

New York, New York

MacKay Shields LLC⁸

New York, New York

Markston International LLC

White Plains, New York

NYL Investors LLC⁸

New York, New York

Winslow Capital Management, LLC

Minneapolis, Minnesota

Legal Counsel

Dechert LLP

Washington, District of Columbia

Independent Registered Public Accounting Firm

KPMG LLP

Philadelphia, Pennsylvania

Distributor

NYLIFE Distributors LLC⁸

Jersey City, New Jersey

Custodian⁹

State Street Bank and Trust Company

Boston, Massachusetts

1.	Formerly known as MainStay Large Cap Growth Fund.

2.	Formerly known as MainStay MacKay Infrastructure Bond Fund.

3.	Formerly known as MainStay Indexed Bond Fund.

4.	This Fund is registered for sale in AZ, CA, NV, OR, TX, UT and WA. Class A and Class I shares are registered for sale in MI. Class I and Class C2 shares are registered for sale in CO, FL, GA, HI, ID, MA, MD, NH, NJ and NY.

5.	This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT.

6.	Formerly known as MainStay Growth Allocation Fund.

7.	Formerly known as MainStay Moderate Growth Allocation Fund.

8.	An affiliate of New York Life Investment Management LLC.

Not part of the Annual Report

For more information

800-624-6782

newyorklifeinvestments.com

1716832 MS203-20

MSUER11-12/20

(NYLIM) NL234

MainStay Short Term Bond Fund

(Formerly known as MainStay Indexed Bond Fund)

Message from the President and Annual Report

October 31, 2020


Not FDIC/NCUA Insured		Not a Deposit		May Lose Value		No Bank Guarantee		Not Insured by Any Government Agency

LOGO

This page intentionally left blank

Message from the President

Sincerely,

LOGO

Kirk C. Lehneis

President

Not part of the Annual Report

Table of Contents


Annual Report

Investment and Performance Comparison			5

Portfolio Management Discussion and Analysis			9

Portfolio of Investments			12

Financial Statements			18

Notes to Financial Statements			23

Report of Independent Registered Public Accounting Firm			32

Federal Income Tax Information			33

Proxy Voting Policies and Procedures and Proxy Voting Record			33

Shareholder Reports and Quarterly Portfolio Disclosure			33

Board of Trustees and Officers			34

Investment and Performance Comparison¹ (Unaudited)

LOGO

Average Annual Total Returns for the Year-Ended October 31, 2020²

Class

Sales Charge

Inception
Date

One Year
or Since
Inception

Five

Years

Ten

Years

Gross
Expense
Ratio³

Class A Shares⁴

Maximum 1% Initial Sales Charge

With sales charges

Excluding sales charges

1/2/2004

–1.06

2.00

2.02

2.64

2.15

2.46

0.74

Investor Class Shares^4,5

Maximum .5% Initial Sales Charge

With sales charges

Excluding sales charges

2/28/2008

–1.29

1.76

1.79

2.41

1.95

2.26

1.22

Class I Shares

No Sales Charge

1/2/1991

2.29

2.95

2.79

0.49

SIMPLE Class Shares

No Sales Charge

8/31/2020

–0.17

N/A

1.47

2.	Effective December 5, 2019, the Fund’s investment objective and principal investment strategies changed. Prior to that date, the Fund operated as an

index fund and sought to match the return of its former benchmark gross of fees. The past performance in the bar chart and table prior to that date reflects the Fund’s prior investment objective and principal investment strategies.

3.	The gross expense ratios presented reflect the Fund’s “Total Annual Fund Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report.

4.	Prior to February 28, 2020, the maximum initial sales charge applicable was 3.0%, which is reflected in the average annual total return figures shown.

5.	Prior to June 30, 2020, the maximum initial sales charge for Investor Class shares was 1.0%, which is reflected in the average annual total return figures shown.

The footnotes on the next page are an integral part of the table and graph and should be carefully read in conjunction with them.


			5


Benchmark Performance	One Year			Five Years			Ten Years

Bloomberg Barclays 1-3 Year U.S. Government/Credit Bond Index⁶		3.39	%		2.10	%		1.54	%
Bloomberg Barclays U.S. Aggregate Bond Index⁷		6.19			4.08			3.55
Morningstar US Fund Short-Term Bond Category Average⁸		3.09			2.37			1.95

The Bloomberg Barclays 1-3 Year U.S. Government/Credit Bond Index is the Fund’s primary broad-based securities market index for comparison purposes. The Bloomberg Barclays 1-3 Year U.S. Government/Credit Bond Index is an unmanaged index comprised of investment grade, U.S. dollar-denominated, fixed-rate Treasurys, government-related and corporate securities, with maturities of one to three years. Results assume reinvestment of all income.

The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasurys, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. Results assume

reinvestment of all income and capital gains. An investment cannot be made directly in an index.

The Morningstar US Fund Short-Term Bond Category Average is representative of funds that invest primarily in corporate and other investment-grade U.S. fixed-income issues and typically have durations of 1.0 to 3.5 years. These portfolios are attractive to fairly conservative investors, because they are less sensitive to interest rates than portfolios with longer durations. Morningstar calculates monthly breakpoints using the effective duration of the Morningstar Core Bond Index in determining duration assignment. Short-term is defined as 25% to 75% of the three-year average effective duration of the MCBI. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.

The footnotes on the preceding page are an integral part of the table and graph and should be carefully read in conjunction with them.


6		MainStay Short Term Bond Fund

Cost in Dollars of a $1,000 Investment in MainStay Short Term Bond Fund (Unaudited)

Example

This example illustrates your Fund’s ongoing costs in two ways:

Actual Expenses

multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes



Share Class	Beginning Account Value 5/1/20		Ending Account Value (Based on Actual Returns and Expenses) 10/31/20		Expenses Paid During Period¹		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/20		Expenses Paid During Period¹		Net Expense Ratio During Period²

Class A Shares	$	1,000.00	$	1,037.80	$	3.74	$	1,021.47	$	3.71	0.73%

Investor Class Shares	$	1,000.00	$	1,036.60	$	4.71	$	1,020.51	$	4.67	0.92%

Class I Shares	$	1,000.00	$	1,040.40	$	2.05	$	1,023.13	$	2.03	0.40%

SIMPLE Class Shares^3,4	$	1,000.00	$	998.30	$	1.95	$	1,006.38	$	1.96	1.17%

Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 366 and multiplied by 184 (to reflect the six-month period) and 61 days for SIMPLE Class share (to reflect the since-inception period. The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures.

2.	Expenses are equal to the Fund’s annualized expense ratio to reflect the six-month period.

3.	The inception date was August 31, 2020.

Expenses paid during the period reflect ongoing costs for the period from inception through October 31, 2020. Had these shares been offered for the full six-month period ended October 31, 2020, and had the Fund provided a hypothetical 5% annualized return, expenses paid during the period would have been $5.74 for SIMPLE Class shares and the ending account value would have been $1,019.46 for SIMPLE Class shares.


			7

Portfolio Composition as of October 31, 2020 (Unaudited)

LOGO

See Portfolio of Investments beginning on page 12 for specific holdings within these categories. The Fund’s holdings are subject to change.

Top Ten Issuers Held as of October 31, 2020 (excluding short-term investments) (Unaudited)

1.	Federal Farm Credit Bank, 0.68%–1.14%, due 6/17/24–8/20/29

2.	United States Treasury Notes, 0.125%, due 10/31/22

3.	Federal Home Loan Mortgage Corporation, 0.65%–1.125%, due 10/27/25–12/30/27

4.	Sequoia Mortgage Trust, 3.00%–3.50%, due 10/25/47–4/25/50

5.	iShares 1-5 Year Investment Grade Corporate Bond ETF

6.	COLT Mortgage Loan Trust, 1.853%–2.764%, due 8/25/49–3/25/65

7.	Palmer Square CLO, Ltd., 1.318%–1.768%, due 7/20/30

8.	Goldman Sachs Group, Inc., 3.625%, due 2/20/24

9.	AstraZeneca PLC, 0.945%, due 8/17/23

10.	Discovery Communications LLC, 3.80%, due 3/13/24


8		MainStay Short Term Bond Fund

Portfolio Management Discussion and Analysis (Unaudited)

Questions answered by portfolio managers Kenneth Sommer and AJ Rzad, CFA, of NYL Investors LLC, the Fund’s Subadvisor.

How did MainStay Short Term Bond Fund perform relative to its benchmarks and peer group during the 12 months ended October 31, 2020?

For the 12 months ended October 31, 2020, Class I shares of MainStay Short Term Bond Fund returned 2.29%, underperforming the 3.39% return of the Fund’s primary benchmark, the Bloomberg Barclays 1–3 Year U.S. Government/Credit Bond Index. Over the same period, Class I shares also underperformed the 6.19% return of the Bloomberg Barclays U.S. Aggregate Bond Index, which was the Fund’s primary benchmark prior to December 5, 2019, and the 3.09% return of the Morningstar US Fund Short-Term Bond Category Average.¹

Were there any changes to the Fund during the reporting period?

Effective December 5, 2019, MainStay Indexed Bond Fund was renamed MainStay Short Term Bond Fund and the Fund’s investment objective, principal investment strategies, investment process and primary benchmark were modified, among other changes. For more information about these and other changes, refer to the supplement dated October 4, 2019.

What factors affected the Fund’s relative performance during the reporting period?

MainStay Indexed Bond Fund

From November 1, 2019, through December 4, 2019, the Fund was managed as an index fund. As such, the Fund’s strategy was to match the benchmark rather than exceed it.

MainStay Short Term Bond Fund

The Fund was managed as MainStay Short Term Bond Fund from December 5, 2019, through October 31, 2020. During this portion of the reporting period, the Fund held overweight positions in U.S. government agencies, corporates, asset-backed securities and commercial mortgage-backed securities. To facilitate these overweight positions, the Fund maintained an underweight position in the U.S. Treasury sector. In the first half of the reporting period, spreads moved drastically wider as volatility spiked due to the coronavirus pandemic. The move wider in option-adjusted spreads (“OAS”)² caused the Fund’s overweight positions to underperform matched-duration U.S. Treasury bonds. OAS recovered during the second half of the reporting period as the Federal Reserve stepped into financial markets to increase liquidity and support smooth market func-

tioning. Overall, OAS on the Bloomberg Barclays 1–3 Year U.S. Government/Credit Bond Index finished two basis points tighter during the reporting period. (A basis point is one one-hundredth of a percentage point.) Overweight positions relative to the Index in commercial mortgage-backed securities and U.S. government agencies detracted from performance during the reporting period, as did the Fund’s underweight position in the U.S. Treasury sector. Conversely, the Fund’s relatively overweight position in asset-backed securities was accretive to performance during the period, as was the Fund’s commercial paper allocation.

During the reporting period, were there any market events that materially impacted the Fund’s performance or liquidity?

MainStay Short Term Bond Fund

From a liquidity perspective, the first quarter of 2020 proved to be a challenging environment for all fixed-income investors. As investors flocked to the relative safety of cash and/or U.S. Treasury holdings, portfolio redemptions resulted in forced selling across the corporate landscape. This led to wider bid-ask spreads³ and a more difficult environment in which to transact. While the U.S. Federal Reserve’s heavy-handed response opened the primary market, secondary liquidity remained challenging until investors became more confident in the stability of the market.

During the reporting period, the Fund’s performance was materially impacted by the coronavirus pandemic. During March 2020, OAS on risk assets moved sharply wider as the virus spread throughout the United States, undermining the relative performance of the Fund’s overweight positions in corporates, commercial mortgage-backed securities and mortgage-backed securities compared to matched-duration⁴ U.S. Treasury bonds.

During the reporting period, how was the Fund’s performance materially affected by investments in derivatives?

MainStay Indexed Bond Fund

During the portion of the reporting period in which the Fund was managed as MainStay Indexed Bond Fund, U.S. Treasury futures were used to reduce variations between the Fund and its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. These trades reduced tracking error for the Fund and its benchmark.

1.	See page 5 for other share class returns, which may be higher or lower than Class I share returns. See page 6 for more information on benchmark and peer group returns.

2.	An option-adjusted spread is the measurement of the spread of a fixed-income security rate and the risk-free rate of return, which is then adjusted to take into account an embedded option.

3.	The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time.

4.	Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity.


			9

MainStay Short Term Bond Fund

During the portion of the reporting period in which the Fund was managed as MainStay Short Term Bond Fund, the only derivatives employed were interest rate derivatives used to keep the duration of the Fund in line with our target duration. The interest rate derivatives had a negative impact on Fund performance during the reporting period.

What was the Fund’s duration strategy during the reporting period?

MainStay Indexed Bond Fund

During the portion of the reporting period in which the Fund was managed as MainStay Indexed Bond Fund, the Fund maintained a passive strategy that attempted to replicate the duration of its benchmark. The Fund’s duration strategy had a neutral impact on performance during this portion of the reporting period.

MainStay Short Term Bond Fund

During the portion of the reporting period in which the Fund was managed as MainStay Short Term Bond Fund, the Fund maintained a duration that was relatively close to that of the Bloomberg Barclays 1–3 Year U.S. Government/Credit Bond Index. There was one occasion during which the Fund maintained a duration shorter than the benchmark, and one occasion during which the duration of the Fund was longer than the benchmark. Both instances detracted from the overall performance of the Fund. As of October 31, 2020, the effective duration of the Fund was 1.91 years compared to a duration of 1.92 years for the Bloomberg Barclays 1–3 Year U.S. Government/Credit Bond Index.

During the reporting period, which market sectors made the strongest positive contributions to the Fund’s performance, and which market sectors detracted the most?

MainStay Indexed Bond Fund

During the portion of the reporting period in which the Fund was managed as MainStay Indexed Bond Fund, the U.S. corporate sector, led by long-end financials and industrials, produced the highest total return among all the asset classes in the Bloomberg Barclays U.S. Aggregate Bond Index. All non-corporate subsectors produced negative total returns, with foreign agencies performing worst. Within securitized products, commercial mortgage-backed securities underperformed both mortgage-backed securities and asset-backed securities. U.S. government agency securities underperformed U.S. Treasury securities during this portion of the reporting period.

MainStay Short Term Bond Fund

During the portion of the reporting period in which the Fund was managed as MainStay Short Term Bond Fund, the U.S. corporate sector made the strongest total return contribution to the Fund’s performance. (Contributions take weightings and total returns into account.) Among corporates, the financials subsector was the most accretive to performance, followed by industrials and utilities. The asset-backed securities sector had the second highest total return contribution during the same period, followed by the mortgage-backed securities sector. The commercial mortgage-backed securities sector, driven primarily by the non-agency component, detracted the most from the Fund’s performance based on total return contribution. The commercial paper sector was the second worst performer, followed by U.S. government agencies.

How did the Fund’s sector weightings change during the reporting period?

MainStay Indexed Bond Fund

MainStay Indexed Bond Fund was managed as an index fund. Therefore, the Fund’s sector weightings changed only as a function of their relative performance during the portion of the reporting period in which the Fund was managed as an index fund.

MainStay Short Term Bond Fund

During the portion of the reporting period in which the Fund was managed MainStay Short Term Bond Fund, the Fund held overweight exposure to the financials and industrials subsectors within the corporate sector. Toward the end of the reporting period, the Fund’s corporate credit allocation was modestly reduced as credit spreads tightened to the tightest levels since February 2020 in response to an increase in virus cases, lack of further fiscal stimulus and the impending U.S. election.

Throughout the reporting period, we added to the Fund’s position in U.S. government agency securities. Because of newly introduced Federal Housing Finance Agency liquidity rules, Fannie Mae and Freddie Mac were forced to extend the duration of their issuance, creating attractive opportunities in the three- to five-year part of the agency yield curve.⁵ The Fund sold U.S. Treasury securities to pay for U.S. government agency purchases, thereby reducing the Fund’s exposure to the Treasury sector. In addition, the Fund reduced its overweight exposure to asset-backed securities, commercial mortgage-backed securities and collateralized loan obligations ahead of the $59.7 million redemption that took place in the first half of September 2020. As of October 31, 2020, we remain constructive on the fundamentals of these asset classes,


10		MainStay Short Term Bond Fund

5.	The yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting.

An obligation rated ‘AAA’ has the highest rating assigned by Standard & Poor’s (“S&P”), and in the opinion of S&P, the obligor’s capacity to meet its financial commitment on the obligation is extremely strong. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund.

particularly AAA-rated⁶ collateralized loan obligations, which remains one of our highest conviction sectors in terms of relative value within investment-grade fixed income.

How was the Fund positioned at the end of the reporting period?

As of October 31, 2020, the Fund held overweight exposure relative to the Bloomberg Barclays 1–3 Year U.S. Government/Credit Bond Index in corporate bonds. Within the corporate sector, the Fund held overweight exposure to financials and

industrials. The Fund also held overweight positions in asset-backed securities, commercial mortgage-backed securities, mortgage-backed securities and U.S. government agencies. The Fund’s largest overweight allocation among spread assets was to the corporate sector. As of the same date, the Fund held underweight positions relative to the Index in the sovereign, supranational, foreign agency and foreign local government sectors. The Fund’s largest underweight position was within the U.S. Treasury sector.


			11

Portfolio of Investments October 31, 2020


	Principal Amount		Value
Long-Term Bonds 95.0%† Asset-Backed Securities 16.6%
Automobile Asset-Backed Securities 0.8%
Avis Budget Rental Car Funding AESOP LLC Series 2020-2A, Class A 2.02%, due 2/20/27 (a)	$	600,000	$	605,585


Other Asset-Backed Securities 13.6%
AIMCO CLO 10, Ltd. Series 2019-10A, Class A 1.536% (3 Month LIBOR + 1.32%), due 7/22/32 (a)(b)		500,000		493,810
Apidos CLO XXXII Series 2019-32A, Class A1 1.538% (3 Month LIBOR + 1.32%), due 1/20/33 (a)(b)		500,000		497,323
Aqua Finance Trust Series 2020-AA, Class A 1.90%, due 7/17/46 (a)		722,213		724,773
ARES CLO, Ltd. Series 2015-38A, Class BR 1.618%, due 4/20/30 (a)		500,000		482,499
Ares XXXIV CLO, Ltd. Series 2015-2A, Class AR2 1.468% (3 Month LIBOR + 1.25%), due 4/17/33 (a)(b)		500,000		493,773
Betony CLO 2, Ltd. Series 2018-1A, Class A1 1.294% (3 Month LIBOR + 1.08%), due 4/30/31 (a)(b)		500,000		490,686
CAL Funding IV, Ltd. Series 2020-1A, Class A 2.22%, due 9/25/45 (a)		744,688		744,980
Cedar Funding XII CLO, Ltd. Series 2020-12A, Class A 1.495% (3 Month LIBOR + 1.27%), due 10/25/32 (a)(b)		400,000		400,000
ELFI Graduate Loan Program LLC Series 2020-A, Class A 1.73%, due 8/25/45 (a)		442,159		446,386
Galaxy XV CLO, Ltd. Series 2013-15A, Class AR 1.437% (3 Month LIBOR + 1.20%), due 10/15/30 (a)(b)		500,000		492,998
Magnetite XVIII, Ltd. Series 2016-18A, Class AR 1.36% (3 Month LIBOR + 1.08%), due 11/15/28 (a)(b)		250,000		248,152
MVW Owner Trust Series 2017-1A, Class A 2.42%, due 12/20/34 (a)		64,670		65,883


	Principal Amount		Value
Other Asset-Backed Securities (continued)
Neuberger Berman CLO XIV, Ltd. Series 2013-14A, Class BR2 1.722% (3 Month LIBOR + 1.50%), due 1/28/30 (a)(b)	$	500,000	$	487,723
Orange Lake Timeshare Trust Series 2018-A, Class A 3.10%, due 11/8/30 (a)		820,146		839,029
Palmer Square CLO, Ltd. (a)(b)
Series 2015-2A, Class A1R2 1.318% (3 Month LIBOR + 1.10%), due 7/20/30		500,000		493,338
Series-2015-2A, Class A2R2 1.768% (3 Month LIBOR + 1.55%), due 7/20/30		500,000		487,363
Regatta VI Funding, Ltd. Series 2016-1A, Class BR 1.668% (3 Month LIBOR + 1.45%), due 7/20/28 (a)(b)		500,000		489,347
Silver Creek CLO, Ltd. Series 2014-1A, Class AR 1.458% (3 Month LIBOR + 1.24%), due 7/20/30 (a)(b)		500,000		495,631
Triton Container Finance VIII LLC Series 2020-1A, Class A 2.11%, due 9/20/45 (a)		744,688		744,489
Vantage Data Centers LLC Series 2020-1A, Class A2 1.645%, due 9/15/45 (a)		350,000		347,826
Venture XXVI CLO, Ltd. Series 2017-26A, Class A 1.668% (3 Month LIBOR + 1.45%), due 1/20/29 (a)(b)		500,000		495,379
Voya CLO, Ltd. Series 2019-1A, Class BR 1.787% (3 Month LIBOR + 1.55%), due 4/15/31 (a)(b)		500,000		480,528

				10,941,916

Student Loans 2.2%
Laurel Road Prime Student Loan Trust Series 2020-A, Class A2FX 1.40%, due 11/25/50 (a)		356,000		353,999
Navient Private Education Refi Loan Trust (a)
Series 2020-GA, Class A 1.17%, due 9/16/69		300,000		300,584
Series 2020-FA, Class A 1.22%, due 7/15/69		210,274		210,890
SMB Private Education Loan Trust (a)
Series 2020-B, Class A1A 1.29%, due 7/15/53		416,193		416,377


12		MainStay Short Term Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Asset-Backed Securities (continued)
Student Loans (continued)
Series 2020-PTB, Class A2A 1.60%, due 9/15/54	$	500,000	$	501,223

				1,783,073

Total Asset-Backed Securities (Cost $13,408,731)				13,330,574


Corporate Bonds 47.4%
Aerospace & Defense 1.1%
Boeing Co. 2.70%, due 5/1/22		825,000		839,243


Apparel 0.2%
Ralph Lauren Corp. 1.70%, due 6/15/22		150,000		153,007


Auto Manufacturers 4.3%
American Honda Finance Corp. 2.40%, due 6/27/24		675,000		713,714
BMW U.S. Capital LLC 3.45%, due 4/12/23 (a)		675,000		717,012
Daimler Finance North America LLC 1.18% (3 Month LIBOR + 0.90%), due 2/15/22 (a)(b)		610,000		613,963
Ford Motor Credit Co. LLC
3.087%, due 1/9/23		275,000		272,250
3.664%, due 9/8/24		600,000		594,870
General Motors Financial Co., Inc. 3.70%, due 5/9/23		525,000		551,684

				3,463,493

Auto Parts & Equipment 0.5%
Aptiv Corp. 4.15%, due 3/15/24		375,000		412,575


Automobile 0.6%
Volkswagen Group of America Finance LLC 2.90%, due 5/13/22 (a)		500,000		516,247


Banks 14.1%
Banco Santander S.A. 2.746%, due 5/28/25		200,000		210,853
Bank of America Corp. 4.20%, due 8/26/24		500,000		557,182
Bank of Nova Scotia 3.40%, due 2/11/24		375,000		407,082
Barclays Bank PLC 1.70%, due 5/12/22		400,000		407,508


	Principal Amount		Value
Banks (continued)
BNP Paribas S.A. 4.25%, due 10/15/24	$	600,000	$	664,832
Citigroup, Inc. 3.106%, (SOFR + 2.75%) due 4/8/26 (c)		850,000		915,019
Credit Agricole S.A. 3.375%, due 1/10/22 (a)		450,000		464,574
Credit Suisse A.G. 1.00%, due 5/5/23		700,000		708,647
Fifth Third Bancorp 1.625%, due 5/5/23		275,000		282,069
Goldman Sachs Group, Inc. 3.625%, due 2/20/24		900,000		977,537
HSBC Holdings PLC 4.25%, due 8/18/25		750,000		830,614
JPMorgan Chase & Co. 3.875%, due 2/1/24		850,000		938,341
Lloyds Banking Group PLC 1.326% (CMT + 1.10%), due 6/15/23 (b)		350,000		352,799
Mizuho Financial Group, Inc. 1.099% (3 Month LIBOR + 0.85%), due 9/13/23 (b)		750,000		754,114
Morgan Stanley 4.10%, due 5/22/23		600,000		649,502
Nordea Bank Abp 0.75%, due 8/28/25 (a)		200,000		199,618
Standard Chartered PLC 1.319% (CMT + 1.17%), due 10/14/23 (a)(b)		425,000		426,764
Sumitomo Mitsui Financial Group, Inc. 2.696%, due 7/16/24		675,000		718,132
UBS Group A.G. 1.364% (CMT + 1.08%), due 1/30/27 (a)(b)		325,000		324,062
Wells Fargo & Co. 3.45%, due 2/13/23		500,000		530,534

				11,319,783

Building Materials 0.2%
Carrier Global Corp. 1.923%, due 2/15/23 (a)		150,000		154,449


Chemicals 2.3%
Dow Chemical Co. 3.625%, due 5/15/26		350,000		390,410
DuPont de Nemours, Inc. 2.169%, due 5/1/23		350,000		353,325
LYB International Finance III LLC 1.23% (3 Month LIBOR + 1.00%), due 10/1/23 (b)		250,000		250,147


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					13

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
Corporate Bonds (continued)
Chemicals (continued)
Nutrien, Ltd.
1.90%, due 5/13/23	$	300,000	$	309,521
3.625%, due 3/15/24		525,000		570,603

				1,874,006

Commercial Services—Finance 0.5%
Hyundai Capital America 1.25%, due 9/18/23 (a)		400,000		400,937


Computers 0.5%
Hewlett Packard Enterprise Co. 0.929% (3 Month LIBOR + 0.68%), due 3/12/21 (b)		375,000		375,617


Diversified Financial Services 1.1%
AIG Global Funding (a)
0.80%, due 7/7/23		325,000		327,374
0.90%, due 9/22/25		175,000		174,228
Ares Finance Co. LLC 4.00%, due 10/8/24 (a)		375,000		398,263

				899,865

Electric 1.2%
DTE Energy Co. 1.05%, due 6/1/25		200,000		200,698
Pacific Gas & Electric Co. 1.75%, due 6/16/22		300,000		300,028
Pinnacle West Capital Corp. 1.30%, due 6/15/25		250,000		253,907
Southern California Edison Co. 1.20%, due 2/1/26		175,000		173,634

				928,267

Electronics 1.0%
Agilent Technologies, Inc. 3.875%, due 7/15/23		505,000		545,911
Flex, Ltd. 3.75%, due 2/1/26		250,000		273,565

				819,476

Food 0.4%
Conagra Brands, Inc. 3.20%, due 1/25/23		275,000		289,192


Gas 0.6%
Dominion Energy Gas Holdings LLC 3.55%, due 11/1/23		450,000		483,893


Health Care—Products 0.3%
Stryker Corp. 1.15%, due 6/15/25		200,000		202,118


	Principal Amount		Value
Health Care—Services 0.6%
Laboratory Corp. of America Holdings 3.25%, due 9/1/24	$	450,000	$	489,354


Household Products & Wares 0.6%
Reckitt Benckiser Treasury Services PLC 0.783% (3 Month LIBOR + 0.56%), due 6/24/22 (a)(b)		500,000		501,855


Housewares 0.3%
Newell Brands, Inc. 4.35%, due 4/1/23		205,000		213,963


Insurance 1.1%
Aon PLC 3.50%, due 6/14/24		375,000		408,359
Metropolitan Life Global Funding I 3.60%, due 1/11/24 (a)		240,000		261,846
Protective Life Global Funding 1.082%, due 6/9/23 (a)		200,000		202,594

				872,799

Iron & Steel 0.2%
Steel Dynamics, Inc. 2.40%, due 6/15/25		125,000		131,165


Machinery—Diversified 1.1%
CNH Industrial Capital LLC 4.375%, due 4/5/22		125,000		131,116
CNH Industrial N.V. 4.50%, due 8/15/23		660,000		715,388

				846,504

Media 1.9%
Charter Communications Operating LLC / Charter Communications Operating Capital 4.50%, due 2/1/24		500,000		553,208
Discovery Communications LLC 3.80%, due 3/13/24		875,000		952,352

				1,505,560

Miscellaneous—Manufacturing 0.4%
Trane Technologies Global Holding Co., Ltd. 2.90%, due 2/21/21		300,000		302,241


Oil & Gas 1.1%
BP Capital Markets America, Inc. 3.216%, due 11/28/23		505,000		541,096
Equinor ASA 1.75%, due 1/22/26		125,000		129,681
Occidental Petroleum Corp. 2.90%, due 8/15/24		270,000		224,721

				895,498


14		MainStay Short Term Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.


	Principal Amount		Value
Corporate Bonds (continued)
Oil & Gas Services 0.7%
Schlumberger Holdings Corp. 3.75%, due 5/1/24 (a)	$	525,000	$	566,773


Pharmaceuticals 3.5%
AbbVie, Inc. 3.80%, due 3/15/25 (a)		180,000		199,782
AstraZeneca PLC 0.945% (3 Month LIBOR + 0.665%), due 8/17/23 (b)		950,000		955,787
Bayer U.S. Finance II LLC 3.875%, due 12/15/23 (a)		655,000		713,216
CVS Health Corp. 3.375%, due 8/12/24		645,000		700,842
Upjohn, Inc. 1.125%, due 6/22/22 (a)		250,000		252,247

				2,821,874

Pipelines 2.2%
Energy Transfer Partners, L.P. / Regency Energy Finance Corp. 5.875%, due 3/1/22		525,000		548,696
Kinder Morgan Energy Partners, L.P. 4.15%, due 2/1/24		525,000		569,915
Phillips 66 Partners, L.P. 2.45%, due 12/15/24		275,000		284,858
Plains All American Pipeline L.P. / PAA Finance Corp. 3.85%, due 10/15/23		375,000		391,774

				1,795,243

Real Estate Investment Trusts 3.9%
American Campus Communities Operating Partnership, L.P. 3.30%, due 7/15/26		550,000		590,698
Healthpeak Properties, Inc. 4.20%, due 3/1/24		525,000		576,544
National Retail Properties, Inc. 3.90%, due 6/15/24		675,000		728,601
Regency Centers, L.P. 3.90%, due 11/1/25		500,000		545,018
SBA Tower Trust 1.884%, due 7/15/50 (a)		250,000		257,761
VEREIT Operating Partnership, L.P. 4.60%, due 2/6/24		425,000		457,695

				3,156,317

Software 0.7%
Fidelity National Information Services, Inc. 3.875%, due 6/5/24		400,000		439,556
Infor, Inc. 1.75%, due 7/15/25 (a)		150,000		154,241

				593,797


	Principal Amount		Value
Telecommunications 0.2%
T-Mobile USA, Inc. 2.05%, due 2/15/28 (a)	$	150,000	$	152,250

Total Corporate Bonds (Cost $37,088,640)				37,977,361


Mortgage-Backed Securities 6.1%
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 2.0%
BX Commercial Mortgage Trust (a)(b)
Series 2019-IMC, Class A 1.148% (1 Month LIBOR + 1.00%), due 4/15/34		500,000		480,620
Series 2019-IMC, Class B 1.448% (1 Month LIBOR + 1.30%), due 4/15/34		175,000		164,935
CAMB Commercial Mortgage Trust Series 2019-LIFE, Class A 1.218% (1 Month LIBOR + 1.07%), due 12/15/37 (a)(b)		500,000		499,051
Houston Galleria Mall Trust Series 2015-HGLR, Class A1A1 3.087%, due 3/5/37 (a)		500,000		505,268

				1,649,874

Whole Loan (Collateralized Mortgage Obligations) 4.1%
COLT Mortgage Loan Trust (a)(d)
Series 2020-2, Class A1 1.853%, due 3/25/65		211,794		213,326
Series 2019-3, Class A1 2.764%, due 8/25/49		831,980		840,799
New Residential Mortgage Loan Trust Series 2020-NQM1, Class A1 2.464%, due 1/26/60 (a)(d)		258,266		262,248
Sequoia Mortgage Trust (a)(d)
Series 2020-3, Class A1 3.00%, due 4/25/50		438,891		449,931
Series 2017-7, Class A4 3.50%, due 10/25/47		690,442		697,536
Series 2020-1, Class A1 3.50%, due 2/25/50		364,430		372,529
Series 2020-2, Class A1 3.50%, due 3/25/50		408,344		419,588

				3,255,957

Total Mortgage-Backed Securities (Cost $4,921,987)				4,905,831


U.S. Government & Federal Agencies 24.9%
Federal Farm Credit Bank 10.0%
0.68%, due 6/17/24		1,300,000		1,300,131
0.75%, due 4/5/27		225,000		222,155
0.95%, due 7/21/28		775,000		773,559


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					15

Portfolio of Investments October 31, 2020 (continued)


	Principal Amount		Value
U.S. Government & Federal Agencies (continued)
Federal Farm Credit Bank (continued)
1.00%, due 8/3/27	$	1,300,000	$	1,284,324
1.04%, due 5/27/27		900,000		901,103
1.05%, due 6/22/28		450,000		447,783
1.09%, due 6/4/27		1,600,000		1,601,223
1.14%, due 8/20/29		1,500,000		1,475,435

				8,005,713

Federal Home Loan Mortgage Corporation 5.8%
0.65%, due 10/27/25		1,275,000		1,275,034
0.80%, due 11/25/25		625,000		625,022
0.83%, due 11/5/26		1,300,000		1,298,482
0.85%, due 12/30/27		175,000		173,071
1.125%, due 5/12/27		1,275,000		1,275,065

				4,646,674

Federal National Mortgage Association 0.4%
0.75%, due 10/8/27		350,000		347,822


United States Treasury Notes 8.7%
0.125%, due 10/31/22		7,000,000		6,995,898

Total U.S. Government & Federal Agencies (Cost $20,043,852)				19,996,107

Total Long-Term Bonds (Cost $75,463,210)				76,209,873




	Shares
Exchange-Traded Fund 1.9%
iShares 1-5 Year Investment Grade Corporate Bond ETF		28,094		1,542,080

Total Exchange-Traded Fund (Cost $1,541,799)				1,542,080



	Principal Amount
Short-Term Investments 6.6%
Commercial Paper 0.9%
Toyota Motor Credit Corp. 2.059%, due 1/4/21 (e)	$	700,000		699,826

Total Commercial Paper (Cost $697,511)				699,826


	Principal Amount			Value
Repurchase Agreement 5.7%
Fixed Income Clearing Corp. 0.00%, dated 10/30/20 due 11/2/20 Proceeds at Maturity $4,577,489 (Collateralized by a United States Treasury Note with a rate 1.50% and a maturity date of 11/30/24, with a Principal Amount of $4,423,600 and a Market Value of $4,669,055)	$	4,577,489		$	4,577,489

Total Repurchase Agreement (Cost $4,577,489)					4,577,489

Total Short-Term Investments (Cost $5,275,000)					5,277,315

Total Investments (Cost $82,280,009)		103.5	%		83,029,268
Other Assets, Less Liabilities		(3.5	)		(2,846,053	)
Net Assets		100.0	%	$	80,183,215

†	Percentages indicated are based on Fund net assets.

(a)	May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.

(b)	Floating rate—Rate shown was the rate in effect as of October 31, 2020.

(c)	Fixed to floating rate—Rate shown was the rate in effect as of October 31, 2020.

(d)	Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of October 31, 2020.

(e)	Interest rate shown represents yield to maturity.


16		MainStay Short Term Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Futures Contracts

As of October 31, 2020, the Fund held the following futures contracts¹:


Type	Number of Contracts			Expiration Date		Value at Trade Date			Current Notional Amount			Unrealized Appreciation (Depreciation)²
Long Contracts

2-Year United States Treasury Note		84			December 2020	$	18,557,886		$	18,550,875		$	(7,011	)


Total Long Contracts													(7,011	)

Short Contracts

5-Year United States Treasury Note		(62	)		December 2020		(7,810,928	)		(7,787,297	)		23,631

10-Year United States Treasury Note		(30	)		December 2020		(4,173,072	)		(4,146,562	)		26,510

10-Year United States Treasury Ultra Note		(6	)		December 2020		(955,992	)		(943,688	)		12,304


Total Short Contracts													62,445


Net Unrealized Appreciation												$	55,434

1.	As of October 31, 2020, cash in the amount of $90,308 was on deposit with a broker or futures commission merchant for futures transactions.

2.	Represents the difference between the value of the contracts at the time they were opened and the value as of October 31, 2020.

The following abbreviations are used in the preceding pages:

CMT—1 Year Treasury Constant Maturity Rate

ETF—Exchange-Traded Fund

LIBOR—London Interbank Offered Rate

SOFR—Secured Overnight Financing Rate

The following is a summary of the fair valuations according to the inputs used as of October 31, 2020, for valuing the Fund’s assets and liabilities:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total

Asset Valuation Inputs
Investments in Securities (a)
Long-Term Bonds
Asset-Backed Securities	$	—		$	13,330,574	$	—	$	13,330,574
Corporate Bonds		—			37,977,361		—		37,977,361
Mortgage-Backed Securities		—			4,905,831		—		4,905,831
U.S. Government & Federal Agencies		—			19,996,107		—		19,996,107

Total Long-Term Bonds		—			76,209,873		—		76,209,873

Exchange-Traded Fund		1,542,080			—		—		1,542,080
Short-Term Investments
Commercial Paper		—			699,826		—		699,826
Repurchase Agreement		—			4,577,489		—		4,577,489

Total Short-Term Investments		—			5,277,315		—		5,277,315

Total Investments in Securities		1,542,080			81,487,188		—		83,029,268

Other Financial Instruments
Futures Contracts (b)		62,445			—		—		62,445

Total Investments in Securities and Other Financial Instruments	$	1,604,525		$	81,487,188	$	—	$	83,091,713


Liability Valuation Inputs
Other Financial Instruments
Futures Contracts (b)	$	(7,011	)	$	—	$	—	$	(7,011	)

(a)	For a complete listing of investments and their industries, see the Portfolio of Investments.

(b)	The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					17

Statement of Assets and Liabilities as of October 31, 2020


Assets
Investment in securities, at value (identified cost $82,280,009)	$	83,029,268
Cash collateral on deposit at broker for futures contracts		90,308
Receivables:
Investment securities sold		5,297,495
Interest		332,311
Fund shares sold		220,925
Variation margin on futures contracts		1,935
Other assets		34,629

Total assets		89,006,871


Liabilities
Payables:
Investment securities purchased		8,696,494
Fund shares redeemed		51,724
Professional fees		24,132
Transfer agent (See Note 3)		13,903
Shareholder communication		11,873
NYLIFE Distributors (See Note 3)		9,547
Manager (See Note 3)		8,102
Custodian		5,063
Trustees		108
Accrued expenses		2,075
Dividend payable		635

Total liabilities		8,823,656

Net assets	$	80,183,215


Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	7,471
Additional paid-in capital		72,523,365

		72,530,836
Total distributable earnings (loss)		7,652,379

Net assets	$	80,183,215


Class A
Net assets applicable to outstanding shares	$	43,452,130

Shares of beneficial interest outstanding		4,051,776

Net asset value per share outstanding	$	10.72
Maximum sales charge (1.00% of offering price)		0.11

Maximum offering price per share outstanding	$	10.83

Investor Class
Net assets applicable to outstanding shares	$	3,375,822

Shares of beneficial interest outstanding		312,781

Net asset value per share outstanding	$	10.79
Maximum sales charge (0.50% of offering price)		0.05

Maximum offering price per share outstanding	$	10.84

Class I
Net assets applicable to outstanding shares	$	33,330,303

Shares of beneficial interest outstanding		3,103,885

Net asset value and offering price per share outstanding	$	10.74

SIMPLE Class
Net assets applicable to outstanding shares	$	24,960

Shares of beneficial interest outstanding		2,313

Net asset value and offering price per share outstanding	$	10.79


18		MainStay Short Term Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Statement of Operations for the year ended October 31, 2020


Investment Income (Loss)
Income
Interest	$	2,536,679
Dividends		43,126
Securities lending		768
Other		38

Total income		2,580,611

Expenses
Manager (See Note 3)		301,445
Distribution/Service—Class A (See Note 3)		78,604
Distribution/Service—Investor Class (See Note 3)		8,551
Distribution/Service—SIMPLE Class (See Note 3)		21
Professional fees		83,716
Transfer agent (See Note 3)		75,381
Registration		61,152
Custodian		41,883
Shareholder communication		18,870
Trustees		2,414
Miscellaneous		12,333

Total expenses before waiver/reimbursement		684,370
Expense waiver/reimbursement from Manager (See Note 3)		(82,754	)

Net expenses		601,616

Net investment income (loss)		1,978,995


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions		12,912,546
Futures transactions		(642,088	)

Net realized gain (loss)		12,270,458

Net change in unrealized appreciation (depreciation) on:
Investments		(12,813,305	)
Futures contracts		204,419

Net change in unrealized appreciation (depreciation)		(12,608,886	)

Net realized and unrealized gain (loss)		(338,428	)

Net increase (decrease) in net assets resulting from operations	$	1,640,567


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					19

Statements of Changes in Net Assets

for the years ended October 31, 2020 and October 31, 2019


	2020			2019
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	1,978,995		$	7,867,811
Net realized gain (loss)		12,270,458			2,567,242
Net change in unrealized appreciation (depreciation)		(12,608,886	)		19,265,893

Net increase (decrease) in net assets resulting from operations		1,640,567			29,700,946

Distributions to shareholders:
Class A		(985,038	)		(488,355	)
Investor Class		(114,145	)		(69,074	)
Class I		(3,110,582	)		(7,301,040	)
SIMPLE Class		(26	)		—

Total distributions to shareholders		(4,209,791	)		(7,858,469	)

Capital share transactions:
Net proceeds from sale of shares		101,741,689			119,650,475
Net asset value of shares issued to shareholders in reinvestment of distributions		4,173,588			7,832,437
Cost of shares redeemed		(340,777,292	)		(137,283,689	)

Increase (decrease) in net assets derived from capital share transactions		(234,862,015	)		(9,800,777	)

Net increase (decrease) in net assets		(237,431,239	)		12,041,700

Net Assets
Beginning of year		317,614,454			305,572,754

End of year	$	80,183,215		$	317,614,454


20		MainStay Short Term Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class A	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	10.91		$	10.09		$	10.66		$	11.01		$	10.99


Net investment income (loss)		0.15			0.27			0.24			0.23			0.23

Net realized and unrealized gain (loss) on investments		0.05			0.82			(0.54	)		(0.22	)		0.14


Total from investment operations		0.20			1.09			(0.30	)		0.01			0.37


Less distributions:

From net investment income		(0.17	)		(0.27	)		(0.24	)		(0.23	)		(0.24	)

From net realized gain on investments		(0.22	)		—			(0.03	)		(0.13	)		(0.11	)


Total distributions		(0.39	)		(0.27	)		(0.27	)		(0.36	)		(0.35	)


Net asset value at end of year	$	10.72		$	10.91		$	10.09		$	10.66		$	11.01


Total investment return (a)		2.00	%		10.77	%		(2.82	%)		0.23	%		3.50	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		1.32	%		2.50	%		2.26	%		2.13	%		2.09	%(b)

Net expenses (c)		0.72	%		0.60	%		0.63	%		0.71	%		0.67	%(d)

Expenses (before waiver/reimbursement) (c)		0.75	%		0.60	%		0.63	%		0.71	%		0.67	%

Portfolio turnover rate (e)		299	%		75	%		103	%		89	%		89	%

Net assets at end of year (in 000’s)	$	43,452		$	23,771		$	17,506		$	22,258		$	36,822

(a)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(b)	Without the custody fee reimbursement, net investment income (loss) would have been 2.01%.

(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)	Without the custody fee reimbursement, net expenses would have been 0.75%.

(e)	The portfolio turnover rates not including mortgage dollar rolls were 298%, 72%, 72%, 82% and 76% for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively.



	Year ended October 31,

Investor Class	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	10.97		$	10.15		$	10.71		$	11.06		$	11.04


Net investment income (loss)		0.13			0.23			0.21			0.22			0.21

Net realized and unrealized gain (loss) on investments		0.06			0.82			(0.53	)		(0.23	)		0.14


Total from investment operations		0.19			1.05			(0.32	)		(0.01	)		0.35


Less distributions:

From net investment income		(0.15	)		(0.23	)		(0.21	)		(0.21	)		(0.22	)

From net realized gain on investments		(0.22	)		—			(0.03	)		(0.13	)		(0.11	)


Total distributions		(0.37	)		(0.23	)		(0.24	)		(0.34	)		(0.33	)


Net asset value at end of year	$	10.79		$	10.97		$	10.15		$	10.71		$	11.06


Total investment return (a)		1.76	%		10.46	%		(2.99	%)		(0.01	%)		3.31	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		1.18	%		2.18	%		1.98	%		1.92	%		1.92	%(b)

Net expenses (c)		0.92	%		0.92	%		0.92	%		0.92	%		0.84	%(d)

Expenses (before waiver/reimbursement) (c)		1.22	%		1.12	%		1.13	%		0.98	%		0.98	%

Portfolio turnover rate (e)		299	%		75	%		103	%		89	%		89	%

Net assets at end of year (in 000’s)	$	3,376		$	3,433		$	2,850		$	3,094		$	5,381

(a)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.

(b)	Without the custody fee reimbursement, net investment income (loss) would have been 1.84%.

(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)	Without the custody fee reimbursement, net expenses would have been 0.92%.

(e)	The portfolio turnover rates not including mortgage dollar rolls were 298%, 72%, 72%, 82% and 76% for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively.


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					21

Financial Highlights selected per share data and ratios



	Year ended October 31,

Class I	2020			2019			2018			2017			2016

Net asset value at beginning of year	$	10.92		$	10.10		$	10.67		$	11.02		$	11.00


Net investment income (loss)		0.25			0.29			0.25			0.28			0.27

Net realized and unrealized gain (loss) on investments		(0.01	)		0.82			(0.52	)		(0.23	)		0.14


Total from investment operations		0.24			1.11			(0.27	)		0.05			0.41


Less distributions:

From net investment income		(0.20	)		(0.29	)		(0.27	)		(0.27	)		(0.28	)

From net realized gain on investments		(0.22	)		—			(0.03	)		(0.13	)		(0.11	)


Total distributions		(0.42	)		(0.29	)		(0.30	)		(0.40	)		(0.39	)


Net asset value at end of year	$	10.74		$	10.92		$	10.10		$	10.67		$	11.02


Total investment return (a)		2.29	%		11.14	%		(2.57	%)		0.53	%		3.86	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		1.78	%		2.77	%		2.58	%		2.44	%		2.43	%(b)

Net expenses (c)		0.40	%		0.35	%		0.37	%		0.40	%		0.32	%(d)

Expenses (before waiver/reimbursement) (c)		0.48	%		0.35	%		0.37	%		0.46	%		0.50	%

Portfolio turnover rate (e)		299	%		75	%		103	%		89	%		89	%

Net assets at end of year (in 000’s)	$	33,330		$	290,411		$	285,216		$	109,750		$	195,784

(a)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized.

(b)	Without the custody fee reimbursement, net investment income (loss) would have been 2.35%.

(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)	Without the custody fee reimbursement, net expenses would have been 0.40%.

(e)	The portfolio turnover rates not including mortgage dollar rolls were 298%, 72%, 72%, 82% and 76% for the years ended October 31, 2020, 2019, 2018, 2017 and 2016, respectively.



SIMPLE Class	August 31, 2020^ through October 31, 2020

Net asset value at beginning of period *	$	10.82


Net investment income (loss)		0.01

Net realized and unrealized gain (loss) on investments		(0.03	)


Total from investment operations		(0.02	)


Less distributions:

From net investment income		(0.01	)


Net asset value at end of period	$	10.79


Total investment return (a)		(0.17	%)

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss) ††		0.38	%

Net expenses (b) ††		1.17	%

Expenses (before waiver/reimbursement) (b) ††		1.55	%

Portfolio turnover rate (c)		299	%

Net assets at end of period (in 000’s)	$	25

^	Inception date.

††	Annualized.

*	Based on the net asset value of Investor Class as of August 31, 2020.

(a)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. SIMPLE Class shares are not subject to sales charges. For periods of less than one year, total return is not annualized.

(b)	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.

(c)	The portfolio turnover rate not including mortgage dollar rolls was 298% for the year ended October 31, 2020.


22		MainStay Short Term Bond Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Notes to Financial Statements

Note 1–Organization and Business

The Fund’s investment objective is to seek current income consistent with capital preservation.

Note 2–Significant Accounting Policies

The Board of Trustees of the Trust (the “Board”) adopted procedures establishing methodologies for the valuation of the Fund’s securities and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Trust (the “Valuation Committee”). The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for the day-to-day valuation of portfolio assets (including fair value measurements for the Fund’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)). To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Fund’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources.


			23

Notes to Financial Statements (continued)

associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

•

Level 1—quoted prices in active markets for an identical asset or liability

•

Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:


• 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

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended;

(ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. No securities held by the Fund as of October 31, 2020 were fair valued in such a manner.

Exchange-traded funds (“ETFs”) are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades.

Futures contracts are valued at the last posted settlement price on the market where such futures are primarily traded. These securities are generally categorized as Level 1 in the hierarchy.

Debt securities (other than convertible and municipal bonds) are valued at the evaluated bid prices (evaluated mean prices in the case of convertible and municipal bonds) supplied by a pricing agent or broker(s) selected by the Manager, in consultation with the Subadvisor. The evaluations are market-based measurements processed through a pricing application and represents the pricing agent’s good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules-based logic utilizes valuation techniques that reflect participants’ assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Manager, in consultation with the Subadvisor, to be representative of market values at the regular close of trading of the Exchange on each valuation date. Debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Debt securities, including corporate bonds, U.S. government and federal agency bonds, municipal bonds, foreign bonds, convertible bonds, asset-backed securities and mortgage-backed securities are generally categorized as Level 2 in the hierarchy.


24		MainStay Short Term Bond Fund

the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The Manager evaluates the Fund’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund’s financial statements. The Fund’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare and pay dividends from net investment income, if any, at least monthly and distributions from net realized capital and currency gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D) Security Transactions and Investment Income. The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Interest income is accrued as earned using the effective interest rate method and includes any realized gains and losses from repayments of principal on mortgage-backed securities. Distributions received from real estate investment trusts may be classified as dividends, capital gains and/or return of capital. Discounts and premiums on securities purchased for the Fund are accreted and amortized, respectively, on the effective interest rate method.

tion of such interest has become doubtful. A debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Additionally, the Fund may invest in ETFs, which are subject to management fees and other fees that may cause the costs of investing in ETFs to be greater than the costs of owning the underlying securities directly. These indirect expenses of ETFs are not included in the amounts shown as expenses in the Statement of Operations or in the expense ratios included in the Financial Highlights.

(G) Repurchase Agreements. The Fund may enter into repurchase agreements (i.e., buy a security from another party with the agreement that it will be sold back in the future) to earn income. The Fund may enter into repurchase agreements only with counterparties, usually financial institutions, that are deemed by the Manager or the Subadvisor to be creditworthy, pursuant to guidelines established by the Board. During the term of any repurchase agreement, the Manager or the Subadvisor will continue to monitor the creditworthiness of the counterparty. Under the 1940 Act, repurchase agreements are considered to be collateralized loans by the Fund to the counterparty secured by the securities transferred to the Fund.

(H) Futures Contracts. A futures contract is an agreement to purchase or sell a specified quantity of an underlying instrument at a


			25

Notes to Financial Statements (continued)

such as market price risk and/or interest rate risk in the normal course of investing in these contracts. Upon entering into a futures contract, the Fund is required to pledge to the broker or futures commission merchant an amount of cash and/or U.S. government securities equal to a certain percentage of the collateral amount, known as the “initial margin.” During the period the futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each day’s trading. The Fund agrees to receive from or pay to the broker or futures commission merchant an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as “variation margin.” When the futures contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract.

The use of futures contracts involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statement of Assets and Liabilities. The contract or notional amounts and variation margin reflect the extent of the Fund’s involvement in open futures positions. There are several risks associated with the use of futures contracts as hedging techniques. There can be no assurance that a liquid market will exist at the time when the Fund seeks to close out a futures contract. If no liquid market exists, the Fund would remain obligated to meet margin requirements until the position is closed. Futures contracts may involve a small initial investment relative to the risk assumed, which could result in losses greater than if the Fund did not invest in futures contracts. Futures contracts may be more volatile than direct investments in the instrument underlying the futures and may not correlate to the underlying instrument, causing a given hedge not to achieve its objectives. The Fund’s activities in futures contracts have minimal counterparty risk as they are conducted through regulated exchanges that guarantee the futures against default by the counterparty. In the event of a bankruptcy or insolvency of a futures commission merchant that holds margin on behalf of the Fund, the Fund may not be entitled to the return of the entire margin owed to the Fund, potentially resulting in a loss. The Fund’s investment in futures contracts and other derivatives may increase the volatility of the Fund’s NAVs and may result in a loss to the Fund. Open futures contracts held as of October 31, 2020, are shown in the Portfolio of Investments.

(I) Dollar Rolls. The Fund may enter into dollar roll transactions in which it sells mortgage-backed securities (“MBS”) from its portfolio to a counterparty from whom it simultaneously agrees to buy a similar security on a delayed delivery basis. The Fund generally transfers MBS where the MBS are “to be announced,” therefore, the Fund accounts for these transactions as purchases and sales.

principal and interest paid on the securities. The Fund is compensated by the difference between the current sales price and the forward price for the future as well as by the earnings on the cash proceeds of the

initial sale. Dollar rolls may be renewed without physical delivery of the securities subject to the contract. The Fund maintains liquid assets from its portfolio having a value not less than the repurchase price, including accrued interest. Dollar roll transactions involve certain risks, including the risk that the securities returned to the Fund at the end of the roll period, while substantially similar, could be inferior to what was initially sold to the counterparty.

(K) Debt Securities Risk. Investments in the Fund are not guaranteed, even though some of the Fund’s underlying investments are guaranteed by the U.S. government or its agencies or instrumentalities. The principal risk of mortgage-related and asset-backed securities is that the underlying debt may be prepaid ahead of schedule, if interest rates fall, thereby reducing the value of the Fund’s investment. If interest rates rise, less of the debt may be prepaid and the Fund may lose money. The Fund is subject to interest-rate risk and its holdings in bonds can lose principal value when interest rates rise. Bonds are also subject to credit risk, in which the bond issuer may fail to pay interest and principal in a timely manner.

The Fund may invest in foreign debt securities, which carry certain risks that are in addition to the usual risks inherent in domestic debt securities. These risks include those resulting from currency fluctuations, future adverse political or economic developments and possible imposition of currency exchange blockages or other foreign governmental laws or restrictions. These risks are likely to be greater in


26		MainStay Short Term Bond Fund

emerging markets than in developed markets. The ability of issuers of securities held by the Fund to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region.

(N) Quantitative Disclosure of Derivative Holdings. The following tables show additional disclosures related to the Fund’s derivative and hedging activities, including how such activities are accounted for and their effect on the Fund’s financial positions, performance and cash flows. The Fund entered into futures contracts in order to hedge against anticipated changes in interest rates that might otherwise have an adverse effect upon the value of the Fund’s securities

as well as help manage the duration and yield curve positioning of the portfolio.

Fair value of derivative instruments as of October 31, 2020:

Asset Derivatives


	Interest Rate Contracts Risk	Total

Futures Contracts—Net Assets—Net unrealized appreciation on investments and futures contracts (a)	$62,445	$	62,445

Total Fair Value	$62,445	$	62,445

Liability Derivatives


	Interest Rate Contracts Risk	Total

Futures Contracts—Net Assets—Net unrealized depreciation on investments and futures contracts (a)	$(7,011)	$	(7,011	)

Total Fair Value	$(7,011)	$	(7,011	)

(a)	Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the year ended October 31, 2020:

Net Realized Gain (Loss) from:


	Interest Rate Contracts Risk	Total

Futures Contracts	$(642,088)	$	(642,088	)

Total Net Realized Gain (Loss)	$(642,088)	$	(642,088	)

Net Change in Unrealized Appreciation (Depreciation) from:


	Interest Rate Contracts Risk	Total

Futures Contracts	$204,419	$	204,419

Total Net Change in Unrealized Appreciation (Depreciation)	$204,419	$	204,419


			27

Notes to Financial Statements (continued)

Average Notional Amount


	Interest Rate Contracts Risk			Total

Futures Contracts Long	$	33,783,624		$	33,783,624

Futures Contracts Short	$	(19,136,824	)	$	(19,136,824	)

Note 3–Fees and Related Party Transactions

(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company (“New York Life”), serves as the Fund’s Manager, pursuant to an Amended and Restated Management Agreement (“Management Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. NYL Investors LLC (“NYL Investors” or the “Subadvisor”), a registered investment adviser and a direct, wholly-owned subsidiary of New York Life, serves as Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of a Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and NYL Investors, New York Life Investments pays for the services of the Subadvisor.

Pusuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of the Fund’s average daily net assets as follows: 0.25% up to $1 billion and 0.20% in excess of $1 billion. During the year ended October 31, 2020, the effective management fee rate (exclusive of any applicable waivers/reimbursements) was 0.25%.

During the year ended October 31, 2020, New York Life Investments earned fees from the Fund in the amount of $301,445 and waived fees and/or reimbursed expenses in the amount of $82,754 and paid the Subadvisor fees in the amount of $109,345.

maintaining the general ledger and sub-ledger accounts for the calculation of the Fund’s NAVs and assisting New York Life Investments in conducting various aspects of the Fund’s administrative operations. For providing these services to the Fund, State Street is compensated by New York Life Investments.

The Fund was also advised that the Distributor retained CDSCs on redemptions of Class A and Investor Class shares during the year ended October 31, 2020, of $1,377 and $428, respectively.

(D) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund’s transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with DST Asset Manager Solutions, Inc. (“DST”), pursuant to which DST performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund’s share classes to a maximum of 0.35% of that share class’s average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursement or small account fees. This agreement will remain in effect until August 31, 2021 for SIMPLE Class shares and February 28, 2021 for all other share classes, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of


28		MainStay Short Term Bond Fund

the next term or upon approval of the Board. During the year ended October 31, 2020, transfer agent expenses incurred by the Fund and any reimbursements, pursuant to the aforementioned Transfer Agency expense limitation agreement, were as follows:


Class	Expense		Waived
Class A	$	17,269	$	—
Investor Class		18,036		—
Class I		40,053		—
SIMPLE Class		23		—

(F) Capital. As of October 31, 2020, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:



SIMPLE Class	$	24,960	100.0	%

Note 4–Federal Income Tax


	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)

Investments in Securities	$	82,286,984	$	1,004,877	$	(262,593	)	$	742,284

As of October 31, 2020, the components of accumulated gain (loss) on a tax basis were as follows:


Ordinary Income	Accumulated Capital and Other Gain (Loss)	Other Temporary Differences	Unrealized Appreciation (Depreciation)	Total Accumulated Gain (Loss)

$3,080,438	$3,833,326	$(635)	$739,250	$7,652,379

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is primarily due to the mark to market of futures contracts and cumulative bond amortization adjustment. The other temporary differences are primarily due to wash sales and dividends payable.

The following table discloses the current year reclassifications between total distributable earnings (loss) and additional paid-in capital arising

from permanent differences; net assets as of October 31, 2020, were not affected.


Total Distributable Earnings (Loss)	Additional Paid-In Capital
$(4,581,170)	$	4,581,170

The reclassifications for the Fund are primarily due to equalization.

During the years ended October 31, 2020, and October 31, 2019, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets were as follows:


	2020		2019
Distributions paid from:
Ordinary Income	$	3,620,275	$	7,858,469
Long-Term Capital Gain		589,516		—
Total	$	4,209,791	$	7,858,469

Note 5–Custodian

State Street is the custodian of cash and securities held by the Fund (See Note 12 for custodian change). Custodial fees are charged to the Fund based on the Fund’s net assets

and/or the market value of securities held by the Fund and the number of certain transactions incurred by the Fund.

Note 6–Line of Credit

Note 7–Interfund Lending Program

Pursuant to an exemptive order issued by the SEC, the Fund, along with certain other funds managed by New York Life Investments, may


			29

Notes to Financial Statements (continued)

participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Fund and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another subject to the conditions of the exemptive order. During the year ended October 31, 2020, there were no interfund loans made or outstanding with respect to the Fund.

Note 8–Purchases and Sales of Securities (in 000’s)

During the year ended October 31, 2020, purchases and sales of U.S. government securities were $191,632 and $385,381, respectively. Purchases and sales of securities, other than U.S. government securities and short-term securities, were $182,105 and $222,684, respectively.

Note 9–Capital Share Transactions

Transactions in capital shares for the years ended October 31, 2020, and October 31, 2019, were as follows:


Class A	Shares			Amount

Year ended October 31, 2020:
Shares sold		3,064,011		$	32,464,295
Shares issued to shareholders in reinvestment of distributions		91,320			969,261
Shares redeemed		(1,337,274	)		(14,165,355	)

Net increase (decrease) in shares outstanding before conversion		1,818,057			19,268,201
Shares converted into Class A (See Note 1)		58,281			618,638
Shares converted from Class A (See Note 1)		(4,184	)		(43,689	)

Net increase (decrease)		1,872,154		$	19,843,150

Year ended October 31, 2019:
Shares sold		889,253		$	9,476,945
Shares issued to shareholders in reinvestment of distributions		45,055			476,236
Shares redeemed		(526,380	)		(5,543,885	)

Net increase (decrease) in shares outstanding before conversion		407,928			4,409,296
Shares converted into Class A (See Note 1)		47,384			507,755
Shares converted from Class A (See Note 1)		(10,638	)		(113,035	)

Net increase (decrease)		444,674		$	4,804,016


Investor Class	Shares			Amount

Year ended October 31, 2020:
Shares sold		132,232		$	1,390,248
Shares issued to shareholders in reinvestment of distributions		10,491			112,091
Shares redeemed		(89,128	)		(950,967	)

Net increase (decrease) in shares outstanding before conversion		53,595			551,372
Shares converted into Investor Class (See Note 1)		4,156			43,689
Shares converted from Investor Class (See Note 1)		(57,916	)		(618,638	)

Net increase (decrease)		(165	)	$	(23,577	)

Year ended October 31, 2019:
Shares sold		129,029		$	1,382,272
Shares issued to shareholders in reinvestment of distributions		6,338			67,304
Shares redeemed		(66,786	)		(714,737	)

Net increase (decrease) in shares outstanding before conversion		68,581			734,839
Shares converted into Investor Class (See Note 1)		10,585			113,035
Shares converted from Investor Class (See Note 1)		(47,137	)		(507,755	)

Net increase (decrease)		32,029		$	340,119



Class I	Shares			Amount

Year ended October 31, 2020:
Shares sold		6,369,691		$	67,862,146
Shares issued to shareholders in reinvestment of distributions		291,166			3,092,210
Shares redeemed		(30,159,210	)		(325,660,970	)

Net increase (decrease)		(23,498,353	)	$	(254,706,614	)

Year ended October 31, 2019:
Shares sold		10,232,605		$	108,791,258
Shares issued to shareholders in reinvestment of distributions		690,604			7,288,897
Shares redeemed		(12,560,727	)		(131,025,067	)

Net increase (decrease)		(1,637,518	)	$	(14,944,912	)



SIMPLE Class	Shares			Amount

Period ended October 31, 2020 (a):
Shares sold		2,311		$	25,000
Shares issued to shareholders in reinvestment of distributions		2			26

Net increase (decrease)		2,313		$	25,026

(a)	The inception date of the class was August 31, 2020.

Note 10–Recent Accounting Pronouncement


30		MainStay Short Term Bond Fund

ASU 2018-13 and determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures, which are currently in place as of October 31, 2020. The Manager is evaluating the implications of certain other provisions of ASU 2018-13 related to new disclosure requirements and has not yet determined the impact of those provisions on the financial statement disclosures, if any.

Note 11–Other Matters

markets, restrictions on securities trading activities, prolonged quarantines, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The continued impact of COVID-19 is uncertain and could further adversely affect the global economy, national economies, individual issuers and capital markets in unforeseeable ways and result in a substantial and extended economic downturn. Developments that disrupt global economies and financial markets, such as COVID-19, may magnify factors that affect the Fund’s performance.

Note 12–Subsequent Events

Effective at the close of business on November 20, 2020, all services provided by State Street were transitioned to JPMorgan Chase Bank, N.A.


			31

Report of Independent Registered Public Accounting Firm

To the Shareholders of the Fund and Board of Trustees

MainStay Funds Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of MainStay Short Term Bond Fund (formerly, MainStay Indexed Bond Fund) (the Fund), one of the funds constituting MainStay Funds Trust, including the portfolio of investments, as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

LOGO

We have served as the auditor of one or more New York Life Investment Management investment companies since 2003.

Philadelphia, Pennsylvania

December 23, 2020


32		MainStay Short Term Bond Fund

Federal Income Tax Information

(Unaudited)

For the fiscal year ended October 31, 2020, the Fund designated approximately $16,824 under the Internal Revenue Code as qualified dividend income eligible for reduced tax rates.

Proxy Voting Policies and Procedures and Proxy Voting Record

Shareholder Reports and Quarterly Portfolio Disclosure


			33

Board of Trustees and Officers (Unaudited)

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Interested Trustee

Yie-Hsin Hung*

1962

MainStay Funds:
Trustee since 2017

MainStay Funds Trust:
Trustee since 2017

MainStay VP Funds Trust:
Trustee since 2017 (31 portfolios); and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017.


34		MainStay Short Term Bond Fund

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

David H. Chow

1957

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Founder and CEO, DanCourt Management, LLC since 1999

Susan B. Kerley

1951

MainStay Funds:
Chairman since 2017 and Trustee since 2007;

MainStay Funds Trust: Chairman since 2017 and Trustee since 1990.**

President, Strategic Management Advisors LLC since 1990

MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007 (31 portfolios)***;
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; and

Legg Mason Partners Funds: Trustee since 1991 (45 portfolios).

Alan R. Latshaw

1951

MainStay Funds:
Trustee;

MainStay Funds Trust:
Trustee and Audit Committee Financial Expert since 2007.**

Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006)

Richard H. Nolan, Jr.

1946

MainStay Funds:
Trustee since 2007;

MainStay Funds Trust:
Trustee since 2007.**

Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004)

MainStay VP Funds Trust: Trustee since 2006 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Jacques P. Perold

1958

MainStay Funds:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:
Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Allstate Corporation: Director since 2015;
MSCI, Inc.: and Director since 2017.


			35

Board of Trustees and Officers (Unaudited) (continued)

Name and
Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)
During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Independent Trustees

Richard S. Trutanic

1952

MainStay Funds: Trustee since 1994;

MainStay Funds Trust: Trustee since 2007.**

MainStay VP Funds Trust: Trustee since 2007 (31 portfolios)***; and
MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust.

***

Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


36		MainStay Short Term Bond Fund


	Name and Year of Birth	Position(s) Held and Length of Service	Principal Occupation(s) During Past Five Years
Officers of the Trust (Who are not Trustees)*	Kirk C. Lehneis 1974	President, MainStay Funds, MainStay Funds Trust since 2017	Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers since 2017 and Senior Managing Director since 2018, NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since 2017**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC
	Jack R. Benintende 1964	Treasurer and Principal Financial and Accounting Officer, MainStay Funds since 2007, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2007**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012)
	Yi-Chia Kuo 1981	Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust since January 2020	Chief Compliance Officer, Index IQ Trust, Index IQ ETF Trust and Index IQ Active ETF Trust since January 2020; Vice President and Chief Compliance Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since January 2020; Director and Associate General Counsel, New York Life Insurance Company (2015 to 2019)
	J. Kevin Gao 1967	Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust since 2010	Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2010**
	Scott T. Harrington 1959	Vice President— Administration, MainStay Funds since 2005, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2005**

Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


			37

MainStay Funds

Equity

U.S. Equity

MainStay Epoch U.S. All Cap Fund

MainStay Epoch U.S. Equity Yield Fund

MainStay MacKay Common Stock Fund

MainStay MacKay Growth Fund

MainStay MacKay S&P 500 Index Fund

MainStay MacKay Small Cap Core Fund

MainStay MacKay U.S. Equity Opportunities Fund

MainStay MAP Equity Fund

MainStay Winslow Large Cap Growth Fund¹

International Equity

MainStay Epoch International Choice Fund

MainStay MacKay International Equity Fund

MainStay MacKay International Opportunities Fund

Emerging Markets Equity

MainStay Candriam Emerging Markets Equity Fund

Global Equity

MainStay Epoch Capital Growth Fund

MainStay Epoch Global Equity Yield Fund

Fixed Income

Taxable Income

MainStay Candriam Emerging Markets Debt Fund

MainStay Floating Rate Fund

MainStay MacKay High Yield Corporate Bond Fund

MainStay MacKay Short Duration High Yield Fund

MainStay MacKay Total Return Bond Fund

MainStay MacKay Unconstrained Bond Fund

MainStay MacKay U.S. Infrastructure Bond Fund²

MainStay Short Term Bond Fund³

Tax-Exempt Income

MainStay MacKay California Tax Free Opportunities Fund⁴

MainStay MacKay High Yield Municipal Bond Fund

MainStay MacKay Intermediate Tax Free Bond Fund

MainStay MacKay New York Tax Free Opportunities Fund⁵

MainStay MacKay Short Term Municipal Fund

MainStay MacKay Tax Free Bond Fund

Money Market

MainStay Money Market Fund

Mixed Asset

MainStay Balanced Fund

MainStay Income Builder Fund

MainStay MacKay Convertible Fund

Speciality

MainStay CBRE Global Infrastructure Fund

MainStay CBRE Real Estate Fund

MainStay Cushing MLP Premier Fund

Asset Allocation

MainStay Conservative Allocation Fund

MainStay Conservative ETF Allocation Fund

MainStay Defensive ETF Allocation Fund

MainStay Equity Allocation Fund⁶

MainStay Equity ETF Allocation Fund

MainStay Growth Allocation Fund⁷

MainStay Growth ETF Allocation Fund

MainStay Moderate Allocation Fund

MainStay Moderate ETF Allocation Fund

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium S.A.⁸

Brussels, Belgium

Candriam Luxembourg S.C.A.⁸

Strassen, Luxembourg

CBRE Clarion Securities LLC

Radnor, Pennsylvania

Cushing Asset Management, LP

Dallas, Texas

Epoch Investment Partners, Inc.

New York, New York

MacKay Shields LLC⁸

New York, New York

Markston International LLC

White Plains, New York

NYL Investors LLC⁸

New York, New York

Winslow Capital Management, LLC

Minneapolis, Minnesota

Legal Counsel

Dechert LLP

Washington, District of Columbia

Independent Registered Public Accounting Firm

KPMG LLP

Philadelphia, Pennsylvania

Distributor

NYLIFE Distributors LLC⁸

Jersey City, New Jersey

Custodian⁹

State Street Bank and Trust Company

Boston, Massachusetts

1.	Formerly known as MainStay Large Cap Growth Fund.

2.	Formerly known as MainStay MacKay Infrastructure Bond Fund.

3.	Formerly known as MainStay Indexed Bond Fund.

4.	This Fund is registered for sale in AZ, CA, NV, OR, TX, UT and WA. Class A and Class I shares are registered for sale in MI. Class I and Class C2 shares are registered for sale in CO, FL, GA, HI, ID, MA, MD, NH, NJ and NY.

5.	This Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT.

6.	Formerly known as MainStay Growth Allocation Fund.

7.	Formerly known as MainStay Moderate Growth Allocation Fund.

8.	An affiliate of New York Life Investment Management LLC.

Not part of the Annual Report

For more information

800-624-6782

newyorklifeinvestments.com

1716014 MS203-20

MSSTB11-12/20

(NYLIM) NL228

MainStay U.S. Government Liquidity Fund

Annual Report

October 31, 2020


Not FDIC/NCUA Insured		Not a Deposit		May Lose Value		No Bank Guarantee		Not Insured by Any Government Agency

LOGO

Cost in Dollars of a $1,000 Investment in MainStay U.S. Government Liquidity Fund (Unaudited)

Example

This example illustrates your Fund’s ongoing costs in two ways:

Actual Expenses

value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes



Share Class	Beginning Account Value 5/1/20		Ending Account Value (Based on Actual Returns and Expenses) 10/31/20		Expenses Paid During Period¹		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 10/31/20		Expenses Paid During Period¹		Net Expense Ratio During Period²

Class I Shares	$	1,000.00	$	1,000.20	$	0.55	$	1,024.58	$	0.56	0.11%

Expenses are equal to the Fund’s annualized expense ratio to reflect the six-month period.


			1

Portfolio Composition as of October 31, 2020 (Unaudited)


Treasury Debt	70.0	%
Government Agency Debt	30.0


Other Assets, Less Liabilities			-0.0	‡

‡	Less than one-tenth of a percent.

See Portfolio of Investments beginning on page 3 for specific holdings within these categories. The Fund’s holdings are subject to change.


2		MainStay U.S. Government Liquidity Fund

Portfolio of Investments October 31, 2020


	Principal Amount			Value
Short-Term Investments 100.0% †
Government Agency Debt 30.0%
Federal Agricultural Mortgage Corp. 0.18% (SOFR + 0.09%), due 2/10/21 (a)	$	50,000,000		$	50,000,000
Federal Home Loan Banks 0.091%, due 12/11/20 (b)		15,000,000			14,998,500
0.34% (SOFR + 0.23%), due 4/13/21 (a)		57,000,000			57,000,000
Federal Home Loan Mortgage Corp. 0.12% (SOFR + 0.03%), due 2/24/21 (a)		70,000,000			70,000,000

Total Government Agency Debt (Cost $191,998,500)					191,998,500

Treasury Debt 70.0%
United States Treasury Bills (b) 0.061%, due 11/3/20		58,337,000			58,336,708
0.063%, due 11/10/20		13,808,000			13,807,673
0.072%, due 11/17/20		5,797,000			5,796,789
0.073%, due 11/5/20		26,941,000			26,940,748
0.081%, due 11/19/20		45,554,000			45,552,291
0.083%, due 12/1/20		121,077,000			121,068,502
0.086%, due 12/3/20		71,273,000			71,267,552
0.088%, due 12/8/20		30,549,000			30,546,331
0.091%, due 12/10/20		8,690,000			8,689,224
0.096%, due 1/28/21		65,167,000			65,153,117

Total Treasury Debt
(Cost $447,158,935)					447,158,935
Total Investments
(Amortized Cost $639,157,435)		100.0	%		639,157,435
Other Assets, Less Liabilities		(0.0	) ‡		(56,734	)
Net Assets		100.0	% $		639,100,701

†	Percentages indicated are based on Fund net assets.

‡	Less than one-tenth of a percent.

(a)	Floating rate—Rate shown was the rate in effect as of October 31, 2020.

(b)	Interest rate shown represents yield to maturity.

The following abbreviation is used in the preceding pages:

SOFR —Secured Overnight Financing Rate


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					3

Portfolio of Investments October 31, 2020 (continued)

The following is a summary of the fair valuations according to the inputs used as of October 31, 2020, for valuing the Fund’s assets:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total

Asset Valuation Inputs
Investments in Securities (a)
Short-Term Investments
Government Agency Debt	$	—	$	191,998,500	$	—	$	191,998,500
Treasury Debt		—		447,158,935		—		447,158,935

Total Investments in Securities	$	—	$	639,157,435	$	—	$	639,157,435

(a)	For a complete listing of investments and their industries, see the Portfolio of Investments.


4		MainStay U.S. Government Liquidity Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Statement of Assets and Liabilities as of October 31, 2020


Assets
Investment in securities, at value (amortized cost $639,157,435)	$	639,157,435
Cash		1,583
Receivables:
Interest		45,128
Other assets		1,548

Total assets		639,205,694


Liabilities
Payables:
Manager (See Note 3)		64,641
Professional fees		19,584
Shareholder communication		13,994
Custodian		3,395
Trustees		968
Accrued expenses		2,411

Total liabilities		104,993

Net assets	$	639,100,701


Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	638,952
Additional paid-in capital		638,313,368

		638,952,320
Total distributable earnings (loss)		148,381
Net assets	$	639,100,701
Shares of beneficial interest outstanding		638,952,320

Net asset value per share outstanding	$	1.00


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					5

Statement of Operations for the year ended October 31, 2020


Investment Income (Loss)
Income
Interest	$	6,481,183
Other		8,403

Total income		6,489,586

Expenses
Manager (See Note 3)		1,031,795
Professional fees		85,172
Custodian		14,860
Trustees		5,870
Shareholder communication		12
Miscellaneous		16,853

Total expenses before waiver/reimbursement		1,154,562

Expense waiver/reimbursement from Manager (See Note 3)		(29,967	)
Net expenses		1,124,595
Net investment income (loss)		5,364,991


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investments		100,500

Net increase (decrease) in net assets resulting from operations	$	5,465,491


6		MainStay U.S. Government Liquidity Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Statements of Changes in Net Assets

for the years ended October 31, 2020 and October 31, 2019


	2020			2019
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	5,364,991		$	17,272,420
Net realized gain (loss)		100,500			48,302

Net increase (decrease) in net assets resulting from operations		5,465,491			17,320,722

Distributions to shareholders		(5,366,919	)		(17,275,236	)

Capital share transactions:
Net proceeds from sale of shares		12,595,285,893			13,143,762,458
Net asset value of shares issued to shareholders in reinvestment of distributions		5,366,919			17,274,052
Cost of shares redeemed		(12,876,127,593	)		(13,115,048,854	)

Increase (decrease) in net assets derived from capital share transactions		(275,474,781	)		45,987,656

Net increase (decrease) in net assets		(275,376,209	)		46,033,142

Net Assets
Beginning of year		914,476,910			868,443,768

End of year	$	639,100,701		$	914,476,910


The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.					7

Financial Highlights selected per share data and ratios



	Year ended October 31,						July 2, 2018^ through October 31,

Class I	2020			2019			2018

Net asset value at beginning of period	$	1.00		$	1.00		$	1.00


Net investment income (loss)		0.01			0.02			0.01


Total from investment operations		0.01			0.02			0.01


Less distributions:

From net investment income		(0.01	)		(0.02	)		(0.01	)


Net asset value at end of period	$	1.00		$	1.00		$	1.00


Total investment return ^(a)		0.55	%		2.14	%		0.61	%

Ratios (to average net assets)/Supplemental Data:

Net investment income (loss)		0.62	%		2.11	%		1.82	%^†^†

Net expenses		0.13	%		0.15	%		0.15	%^†^†

Expenses (before waiver/reimbursement)		0.13	%		0.15	%		0.16	%^†^†

Net assets at end of period (in 000’s)	$	639,101		$	914,477		$	868,444

^	Inception date.

††	Annualized.

(a)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of distributions. For periods of less than one year, total return is not annualized.


8		MainStay U.S. Government Liquidity Fund		The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

Notes to Financial Statements

Note 1–Organization and Business

The Fund currently offers one class of shares. Class I shares commenced operations on July 2, 2018. Shares of the Fund are offered and are redeemed at a price equal to their net asset value (“NAV”) per share. No sales or redemption charge is applicable to the purchase or redemption of the Fund’s shares.

The Fund’s investment objective is to seek a high level of current income while preserving capital and maintaining liquidity.

Note 2–Significant Accounting Policies

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 Financial Services – Investment Companies. The Fund prepares its financial statements in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.

(A) Valuation of Shares. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share by using the amortized cost method of valuation, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

(B) Securities Valuation. Securities are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate per the requirements of Rule 2a-7 under the 1940 Act. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the value on maturity date. Amortized cost approximates the current fair value of a security.

The Board of Trustees of the Trust (the “Board”) adopted procedures establishing methodologies for the valuation of the Fund’s securities and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Trust (the “Valuation Committee”). The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for the day-to-day valuation of portfolio assets (including fair value measurements for the Fund’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)). To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Fund’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources.


			9

Notes to Financial Statements (continued)

refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

•

Level 1—quoted prices in active markets for an identical asset or liability

•

Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

Securities valued at amortized cost are not obtained from a quoted price in an active market and are generally categorized as Level 2 in the hierarchy. The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. The aggregate value by input level of the Fund’s assets and liabilities as of October 31, 2020 is included at the end of the Portfolio of Investments.

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:


• 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

(C) Income Taxes. The Fund’s policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the

“Internal Revenue Code”), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Fund within the allowable time limits.

(D) Dividends and Distributions to Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare dividends from net investment income, if any, daily and intends to pay them at least monthly and declares and pays distributions from net realized capital and currency gains, if any, at least annually. Unless a shareholder elects otherwise, all dividends and distributions are reinvested at NAV in the same class of shares of the Fund. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.


10		MainStay U.S. Government Liquidity Fund

(E) Security Transactions and Investment Income. The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Interest income is accrued daily and discounts and premiums on securities purchased for the Fund are accreted and amortized, respectively, on the straight-line method. The straight-line method approximates the effective interest rate for short-term investments.

(F) Expenses. Expenses of the Trust are allocated to the individual Funds in proportion to the net assets of the respective Funds when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than transfer agent expenses) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Fund, including those of related parties to the Fund, are shown in the Statement of operations.

(H) Securities Risk. The ability of issuers of debt securities, including the U.S. Government, held by the fund to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region. The Fund’s investments may include securities such as variable rate notes and floaters. If expectations about changes in interest rates, or assessments of an issuer’s credit worthiness or market conditions are incorrect, investments in these types of securities could lose money for the Fund

(I) LIBOR Replacement Risk. The Fund may invest in certain debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate (“LIBOR”), as a “benchmark” or “reference rate” for various interest rate calculations. The

United Kingdom Financial Conduct Authority, which regulates LIBOR, announced that after 2021 it will cease its active encouragement of banks to provide the quotations needed to sustain LIBOR. As a result, it is anticipated that LIBOR will be discontinued or will no longer be sufficiently robust to be representative of its underlying market around that time. Although financial regulators and industry working groups have suggested alternative reference rates, such as the European Interbank Offer Rate

(“EURIBOR”), Sterling Overnight Interbank Average Rate (“SONIA”) and Secured Overnight Financing Rate (“SOFR”), there are challenges to converting certain contracts and transactions to a new benchmark and neither the full effects of the transition process nor its ultimate outcome is known. Management is currently working to assess exposure and will modify contracts as necessary.

Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, adversely affecting the Fund’s performance. Accordingly, the potential effect of a transition away from LIBOR on the Fund or the debt securities or other instruments based on LIBOR in which the Fund invests cannot yet be determined. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

(J) Indemnifications. Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.

Note 3—Fees and Related Party Transactions

‘‘Subadvisor’’), a registered investment adviser and a direct, wholly-owned subsidiary of New York Life, serves as Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of a Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and NYL Investors, New York Life Investments pays for the services of the Subadvisor.


			11

Notes to Financial Statements (continued)

Pursuant to the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of 0.12% of average daily net assets of the Fund.

During the year ended October 31, 2020, New York Life Investments earned fees from the Fund in the amount of $1,031,795 and waived fees and/or reimbursed expenses, including the waiver/reimbursement of certain class specific expenses in the amount of $29,967 and paid the Subadvisor in the amount of $515,898.

State Street Bank and Trust Company (“State Street”) provides sub-administration and sub-accounting services to the Fund pursuant to an agreement with New York Life Investments (See Note 9 for sub-administration and sub-accounting service provider change). These services include calculating the daily NAV of the Fund, maintaining the general ledger and sub-ledger accounts for the calculation of the Fund’s NAV, and assisting New York Life Investments in conducting various aspects of the Fund’s administrative operations. For providing these services to the Fund, State Street is compensated by New York Life Investments.

(B) Transfer, Dividend Disbursing and Shareholder Servicing Agent. NYLIM Service Company LLC, an affiliate of New York Life Investments, is the Fund’s transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between NYLIM Service Company LLC and the Trust. NYLIM Service Company LLC has entered into an agreement with DST Asset Manager Solutions, Inc. (“DST”), pursuant to which DST performs certain transfer agent services on behalf of NYLIM Service Company LLC. New York Life Investments has contractually agreed to limit the transfer agency expenses charged to the Fund to a maximum of 0.35% of the Fund’s average daily net assets on an annual basis after deducting any applicable Fund level expense reimbursement or small account fees. This agreement will remain in effect until February 28, 2021 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. For the year ended October 31, 2020, the Fund did not record any transfer agent expenses.

Note 4—Federal Income Tax

The amortized cost also represents the aggregate cost for federal income tax purposes.

As of October 31, 2020, the components of accumulated gain (loss) on a tax basis were as follows:


Ordinary Income	Accumulated Capital and Other Gain (Loss)	Other Temporary Differences	Unrealized Appreciation (Depreciation)	Total Accumulated Gain (Loss)

$166,694	$ —	$(18,313)	$ —	$148,381

The other temporary differences are primarily due to amortization of organizational costs.

During the years ended October 31, 2020, and October 31, 2019, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets were as follows:


	2020		2019

Distributions paid from:
Ordinary Income	$	5,366,919	$	17,275,236

Note 5—Custodian

State Street is the custodian of cash and securities held by the Fund (See Note 9 for custodian change). Custodial fees are charged to the Fund based on the Fund’s net assets and/or the market value of securities held by the Fund and the number of certain transactions incurred by the Fund.


12		MainStay U.S. Government Liquidity Fund

Note 6—Capital Share Transactions

Transactions in capital shares for the years ended October 31, 2020, and October 31, 2019, were as follows:



Year ended October 31, 2020:
Shares sold	12,595,285,893
Shares issued to shareholders in reinvestment of distributions	5,366,919
Shares redeemed	(12,876,127,593	)

Net increase (decrease)	(275,474,781	)

Year ended October 31, 2019:
Shares sold	13,143,762,458
Shares issued to shareholders in reinvestment of distributions	17,274,052
Shares redeemed	(13,115,048,854	)

Net increase (decrease)	45,987,656

Note 7—Recent Accounting Pronouncement

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board issued Accounting Standards Update 2018-13, Fair Value Measurement Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which adds, removes, and modifies certain fair value measurement disclosure requirements. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019. The Manager evaluated the implications of certain provisions of ASU 2018-13 and determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures, which are currently in place as of October 31, 2020. The Manager is evaluating the implications of certain other provisions of ASU 2018-13 related to new disclosure requirements and has not yet determined the impact of those provisions on the financial statement disclosures, if any.

Note 8—Other Matters

Note 9—Subsequent Events

Effective at the close of business on November 20, 2020, all services provided by State Street were transitioned to JPMorgan Chase Bank, N.A.


			13

Report of Independent Registered Public Accounting Firm

To the Shareholders of the Fund and Board of Trustees

MainStay Funds Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of MainStay U.S. Government Liquidity Fund (the Fund), one of the funds constituting MainStay Funds Trust, including the portfolio of investments, as of October 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the two-year period then ended and the period from July 2, 2018 (commencement of operations) through October 31, 2018. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the two-year period then ended and the period from July 2, 2018 through October 31, 2018, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2020, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

LOGO

We have served as the auditor of one or more New York Life Investment Management investment companies since 2003.

Philadelphia, Pennsylvania

December 23, 2020


14		MainStay U.S. Government Liquidity Fund

Federal Income Tax Information

(Unaudited)

Proxy Voting Policies and Procedures and Proxy Voting Record

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file a Form N-MFP every month disclosing its portfolio holdings. The Fund’s Form N-MFP is available free of charge by visiting the SEC’s website at sec.gov or upon request by calling New York Life Investments at 800-624-6782.


			15

Board of Trustees and Officers (Unaudited)

Name and

Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)

During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships

Held By Trustee

Interested Trustee

Yie-Hsin Hung*

1962

MainStay Funds:

Trustee since 2017

MainStay Funds Trust:

Trustee since 2017

MainStay VP Funds Trust:

Trustee since 2017 (31 portfolios); and MainStay MacKay DefinedTerm Municipal Opportunities Fund:

Trustee since 2017.


16		MainStay U.S. Government Liquidity Fund

Board of Trustees and Officers (Unaudited) (continued)

Name and

Year of Birth

Term of Office,
Position(s) Held and
Length of Service

Principal Occupation(s)

During Past Five Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships

Held by Trustee

Independent Trustees

David H. Chow

1957

MainStay Funds:

Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

Main Stay Funds Trust:

Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

Founder and CEO, DanCourt Management, LLC since 1999

MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios);

MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

Market Vectors Group of Exchange- Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018.

Susan B. Kerley

1951

MainStay Funds:

Chairman since 2017 and

Trustee since 2007;

MainStay Funds Trust:

Chairman since 2017 and

Trustee since 1990.**

President, Strategic Management Advisors LLC since 1990

MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007 (31 portfolios)***;

MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios).

Alan R. Latshaw

1951

MainStay Funds:

Trustee;

MainStay Funds Trust:

Trustee and Audit

Committee Financial Expert

since 2007.**

Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006)

MainStay VP Funds Trust: Trustee and Audit Committee Financial Expert since 2007 (31 portfolios)***;

MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee and Audit Committee Financial Expert since 2011; and

State Farm Associates Funds Trusts: Trustee since 2005 (4 portfolios).

Richard H. Nolan, Jr.

1946

MainStay Funds:

Trustee since 2007;

MainStay Funds Trust:

Trustee since 2007.**

Managing Director, ICC Capital Management since 2004; President— Shields/Alliance, Alliance Capital Management (1994 to 2004)

MainStay VP Funds Trust: Trustee since 2006 (31 portfolios)***; and

MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011.

Jacques P. Perold

1958

MainStay Funds:

Trustee since 2016, Advisory Board Member (June 2015 to December 2015);

MainStay Funds Trust:

Trustee since 2016, Advisory Board Member (June 2015 to December 2015).

MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (31 portfolios);

MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); Partners in Health:

Trustee since 2019;

Allstate Corporation: Director since 2015;

MSCI, Inc.: and Director since 2017.


			17

Name and

Year of Birth

Term of Office,

Position(s) Held and

Length of Service

Principal Occupation(s)

During Past Five Years

Number of

Portfolios in

Fund Complex

Overseen by

Trustee

Other Directorships

Held by Trustee

Independent Trustees

Richard S. Trutanic

1952

MainStay Funds:
Trustee since 1994;

MainStay Funds Trust:

Trustee since 2007.**

Chairman and Chief Executive Officer,

Somerset & Company (financial

advisory firm) since 2004; Managing

Director, The Carlyle Group (private

investment firm) (2002 to 2004);

Senior Managing Director, Partner and

Board Member, Groupe Arnault S.A.

(private investment firm) (1999 to

2002)

MainStay VP Funds Trust: Trustee since

2007 (31 portfolios)***; and

MainStay MacKay DefinedTerm

Municipal Opportunities Fund: Trustee

since 2011.

Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust.

***

Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


18		MainStay U.S. Government Liquidity Fund

Board of Trustees and Officers (Unaudited) (continued)


	Name and Year of Birth	Position(s) Held and Length of Service	Principal Occupation(s) During Past Five Years
Officers of the Trust (Who are not Trustees)*	Kirk C. Lehneis 1974	President, MainStay Funds, MainStay Funds Trust since 2017	Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers since 2017 and Senior Managing Director since 2018, NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since 2017**; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC
	Jack R. Benintende 1964	Treasurer and Principal Financial and Accounting Officer, MainStay Funds since 2007, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2007**; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012)
	Yi-Chia Kuo 1981	Vice President and Chief Compliance Officer, MainStay Funds and MainStay Funds Trust since January 2020	Chief Compliance Officer, Index IQ Trust, Index IQ ETF Trust and Index IQ Active ETF Trust since January 2020; Vice President and Chief Compliance Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund and MainStay VP Funds Trust since January 2020; Director and Associate General Counsel, New York Life Insurance Company (2015 to 2019)
	J. Kevin Gao 1967	Secretary and Chief Legal Officer, MainStay Funds and MainStay Funds Trust since 2010	Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2010**
	Scott T. Harrington 1959	Vice President— Administration, MainStay Funds since 2005, MainStay Funds Trust since 2009	Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011 and MainStay VP Funds Trust since 2005**

Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust.


			19

Item 2. Code of Ethics.

As of the end of the period covered by this report, the Registrant has adopted a code of ethics (the “Code”) that applies to the Registrant’s principal executive officer (“PEO”) and principal financial officer (“PFO”). During the period covered by this report, no amendments were made to the provisions of the Code. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report. A copy of the Code is filed herewith.

Item 3.

Audit Committee Financial Expert.

The Board of Trustees has determined that the Registrant has three “audit committee financial experts” (as defined by Item 3 of Form N-CSR) serving on its Audit Committee. The Audit Committee financial experts are Alan R. Latshaw, David H. Chow and Susan B. Kerley. Mr. Latshaw, Mr. Chow and Ms. Kerley are “independent” (as defined by Item 3 of Form N-CSR).

Item 4.

Principal Accountant Fees and Services.

(a) Audit Fees

The aggregate fees billed for the fiscal year ended October 31, 2020 for professional services rendered by KPMG LLP (“KPMG”) for the audit of the Registrant’s annual financial statements or services that are normally provided by KPMG in connection with statutory and regulatory filings or engagements for that fiscal year were $1,253,238.

The aggregate fees billed for the fiscal year ended October 31, 2019 for professional services rendered by KPMG for the audit of the Registrant’s annual financial statements or services that are normally provided by KPMG in connection with statutory and regulatory filings or engagements for that fiscal year were $1,399,400.

(b) Audit-Related Fees

The aggregate fees billed for assurance and related services by KPMG that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item were $0 for the fiscal year ended October 31, 2020; and (ii) $0 for the fiscal year ended October 31, 2019.

The aggregate fees billed for professional services rendered by KPMG for tax compliance, tax advice, and tax planning were $0 during the fiscal year ended October 31, 2020; and (ii) $0 during the fiscal year ended October 31, 2019. These services primarily included preparation of federal, state and local income tax returns and excise tax returns, as well as services relating to excise tax distribution requirements.

(d) All Other Fees

The aggregate fees billed for products and services provided by KPMG, other than the services reported in paragraphs (a) through (c) of this Item were $0 during the fiscal year ended October 31, 2020; and $0 during the fiscal year ended October 31, 2019.

(e) Pre-Approval Policies and Procedures

(1)

The Registrant’s Audit Committee has adopted pre-approval policies and procedures (the “Procedures”) to govern the Committee’s pre-approval of (i) all audit services and permissible non-audit services to be provided to the Registrant by its independent accountant, and (ii) all permissible non-audit services to be provided by such independent accountant to the Registrant’s investment adviser and to any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant (collectively, the “Service Affiliates”) if the services directly relate to the Registrant’s operations and financial reporting. In accordance with the Procedures, the Audit Committee is responsible for the engagement of the independent accountant to certify the Registrant’s financial statements for each fiscal year. With respect to the pre-approval of non-audit services provided to the Registrant and its Service Affiliates, the Procedures provide that the Audit Committee may annually pre-approve a list of the types of services that may be provided to the Registrant or its Service Affiliates, or the Audit Committee may pre-approve such services on a project-by-project basis as they arise. Unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee if it is to be provided by the independent accountant. The Procedures also permit the Audit Committee to delegate authority to one or more of its members to pre-approve any proposed non-audit services that have not been previously pre-approved by the Audit Committee, subject to the ratification by the full Audit Committee no later than its next scheduled meeting. To date, the Audit Committee has not delegated such authority.

(2)

With respect to the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) There were no hours expended on KPMG’s engagement to audit the Registrant’s financial statements for the most recent fiscal year was attributable to work performed by persons other than KPMG’s full-time, permanent employees.

(g) All non-audit fees billed by KPMG for services rendered to the Registrant for the fiscal years ended October 31, 2020 and October 31, 2019 are disclosed in 4(b)-(d) above.

The aggregate non-audit fees billed by KPMG for services rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant were approximately $197,052 for the fiscal year ended October 31, 2020; and $24,200 for the fiscal year ended October 31, 2019.

(h) The Registrant’s Audit Committee has determined that the non-audit services rendered by KPMG for the fiscal year ended October 31, 2018 to the Registrant’s investment adviser and any entity controlling, controlled by, or under common control with the Registrant’s investment adviser that provides ongoing services to the Registrant that were not required to be pre-approved by the Audit Committee because they did not relate directly to the operations and financial reporting of the registrant were compatible with maintaining the respective independence of KPMG during the relevant time period.

Item 5.

Audit Committee of Listed Registrants.

Not applicable.

Item 6.

Investments.

The Schedule of Investments is included as part of Item 1 of this report.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders.

Since the Registrant’s last response to this Item, there have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) Based on an evaluation of the Registrant’s Disclosure Controls and Procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) (the “Disclosure Controls”), as of a date within 90 days prior to the filing date (the “Filing Date”) of this Form N-CSR (the “Report”), the Registrant’s principal executive officer and principal financial officer have concluded that the Disclosure Controls are reasonably designed to ensure that information required to be disclosed by the Registrant in the Report is recorded, processed, summarized and reported by the Filing Date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the Registrant’s management, including the Registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d)) under the Investment Company Act of 1940 that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13.

Exhibits.

(a)(1)

Code of Ethics

(a)(2)

Certifications of principal executive officer and principal financial officer as required by Rule 30a-2 under the Investment Company Act of 1940.

(b)	Certifications of principal executive officer and principal financial officer as required by Section 906 of the Sarbanes-Oxley Act of 2002.

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:		January 8, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By:		/s/ Kirk C. Lehneis
		Kirk C. Lehneis President and Principal Executive Officer

Date:		January 8, 2021

By:		/s/ Jack R. Benintende
		Jack R. Benintende Treasurer and Principal Financial and Accounting Officer

Date:		January 8, 2021

EXHIBIT INDEX

(a)(1)

Code of Ethics

(a)(2)

Certifications of principal executive officer and principal financial officer as required by Rule 30a-2 under the Investment Company Act of 1940.

(b)	Certification of principal executive officer and principal financial officer as required by Section 906 of the Sarbanes-Oxley Act of 2002.

Exhibit (a)(1)

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE OFFICER AND

PRINCIPAL FINANCIAL OFFICERS

MAINSTAY GROUP OF FUNDS (THE “FUNDS”)

Mainstay Funds Trust

The Mainstay Funds

Mainstay VP Funds Trust

MainStay MacKay DefinedTerm Municipal Opportunities Fund

Approved by the Board of the Directors/Trustees

of Mainstay Group of Funds (the “Board”)

on September 30, 2009

Pursuant to the Sarbanes-Oxley Act Of 2002

I.	Introduction and Application

The Funds recognize the importance of high ethical standards in the conduct of their business and requires this Code of Ethics (“Code”) be observed by their principal executive officers (each, a “Covered Officer”) (defined below). In accordance with the Sarbanes-Oxley Act of 2002 (the “Act”) and the rules promulgated thereunder by the U.S. Securities and Exchange Commission (“SEC”) the Funds are required to file reports pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (“1934 Act”), and must disclose whether each has adopted a code of ethics applicable to the principal executive officers. The Board, including a majority of its Independent Directors/Trustees (defined below), has approved this Code as compliant with the requirements of the Act and related SEC rules.

All recipients of the Code are directed to read it carefully, retain it for future reference, and abide by the rules and policies set forth herein. Any questions concerning the applicability or interpretation of such rules and policies, and compliance therewith, should be directed to the relevant Compliance Officer (defined below).

II.

Purpose

This Code has been adopted by the Board in accordance with the Act and the rules promulgated by the SEC in order to deter wrongdoing and promote:

●

honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

●

full, fair, accurate, timely and understandable disclosure in reports and documents filed by the Funds with the SEC or made in other public communications by the Funds;

●

compliance with applicable governmental laws, rules and regulations;

●

prompt internal reporting to an appropriate person or persons of violations of the Code to an appropriate person or persons identified in the Code; and

●

accountability for adherence to the Code.

III.

Definitions

(A) “Covered Officer” means the principal executive officer and senior financial officers, including the principal financial officer, controller or principal accounting officer, or persons performing similar functions. The Covered Officers of the Funds shall be identified in Schedule I, as amended from time to time.

(B) “Compliance Officer” means the person appointed by the Funds’ Board to administer the Code. The Compliance Officer of the Funds shall be identified in Schedule II as amended from time to time.

(D) “Executive Officer” shall have the same meaning as set forth in Rule 3b-7 of the 1934 Act. Subject to any changes in the Rule, an Executive Officer means the president, any vice president, any officer who performs a policy making function, or any other person who performs similar policy making functions for the Funds.

(E) “Independent Director/Trustee” means a director/trustee of the Board who is not an “interested person” of the Funds within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (“Investment Company Act”).

(F) “Implicit Waiver” means the Compliance Officer failed to take action within a reasonable period of time regarding a material departure from a provision of the Code that has been made known to an Executive Officer.

(G) “Restricted List” means that listing of securities maintained by the Compliance Officer in which trading by certain individuals subject to the Funds’ 17j-1 code of ethics is generally prohibited.

(H) “Waiver” means the approval by the Compliance Officer of a material departure from a provision of the Code.

IV.

Honest and Ethical Conduct

(A) Overview. A “conflict of interest” occurs when a Covered Officer’s personal interest interferes with the interests of, or his or her service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act of 1940, as amended (the “Advisers Act”). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as “affiliated persons” of the Funds. The Funds’ and certain of its service providers’ compliance policies, programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, restate or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise or result from the contractual relationship between the Funds and New York Life Investment Management LLC (the “Adviser”). The Covered Officers may be officers or employees of the Adviser. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or the Adviser), be involved in establishing policies and implementing decisions that will have different effects on the Adviser and the Funds. The participation of the Covered Officers in such activities

is inherent in the contractual relationships between the Funds and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Advisers Act, such activities normally will be deemed to have been handled ethically. In addition, it is recognized by the Board that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

(B) General Policy. Each Covered Officer shall adhere to high standards of honest and ethical conduct. Each Covered Officer has a duty to exercise his or her authority and responsibility for the benefit of the Funds and its shareholders, to place the interests of the shareholders first, and to refrain from having outside interests that conflict with the interests of the Funds and its shareholders. Each such person must avoid any circumstances that might adversely affect, or appear to affect, his or her duty of loyalty to the Funds and its shareholders in discharging his or her responsibilities, including the protection of confidential information and corporate integrity.

(C) Conflicts of Interest. Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions of the Investment Company Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.

(1)

Prohibited Conflicts of Interest. Each Covered Officer must:

●

not use his or her personal influence or personal relationships improperly to influence decisions or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;

●

not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than benefit the Funds;

●

not use material non-public knowledge of portfolio transactions made or contemplated for the Funds to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; or

●

report at least annually the information elicited in the Funds’ Director/Trustee’s and Officer’s Questionnaire relating to potential conflicts of interest.

(2)

Duty to Disclose Conflicts. Each Covered Officer has the duty to disclose to the Compliance Officer any interest that he or she may have in any firm, corporation or business entity that is not affiliated or participating in any joint venture or partnership with the Funds or its affiliates and that does business with the Funds or that otherwise presents a possible conflict of interest. Disclosure must be timely so that the Funds may take action concerning any possible conflict as it deems appropriate. It is recognized, however, that the Funds or its affiliates may have business relationships with many organizations and that a relatively small interest in publicly traded securities of an organization does not necessarily give rise to a prohibited conflict of interest. Therefore, the following procedures have been adopted.

(3)

Conflicts of Interest that may be Waived. There are some conflict of interest situations for which a Covered Officer may seek a Waiver from a provision(s) of the Code. Waivers must be sought in accordance with Section VII of the Code. Examples of these include:

●

Board Memberships. Except as described below, it is considered generally incompatible with the duties of a Covered Officer to assume the position of director of a corporation not affiliated with the Funds. A report should be made by a Covered Officer to the Compliance Officer of any invitation to serve as a director of a corporation that is not an affiliate and the person must receive the approval of the Compliance Officer prior to accepting any such directorship. In the event that approval is given, the Compliance Officer shall immediately determine whether the corporation in question is to be placed on the Funds’ Restricted List.

●

“Other” Business Interests. Except as described below, it is considered generally incompatible with the duties of a Covered Officer to act as an officer, general partner, consultant, agent, representative or employee of any business other than an affiliate. A report should be made of any invitation to serve as an officer, general partner, consultant, agent, representative or employee of any business that is not an affiliate for the approval of the Compliance Officer prior to accepting any such position. In the event that approval is given, the Compliance Officer shall immediately determine whether the business in question is to be placed on the Funds’ Restricted List.

●

Gifts, Entertainment, Favors or Loans. Covered Officers are subject to the New York Life Investment Management Gift and Entertainment Policy and should refer to that Policy for guidance with respect to the limits on giving and receiving gifts/entertainment to and from third parties that do business with the Funds.

●

Permissible Outside Activities. Covered Officers who, in the regular course of their duties relating to the Funds’ private equity/venture capital advisory and investment activities, are asked to serve as the director, officer, general partner, consultant, agent, representative or employee of a privately-held business may do so with the prior written approval of the Compliance Officer.

●

Doing Business with the Funds. Except as approved by the Compliance Officer, Covered Officers may not have a monetary interest, as principal, co-principal, agent or beneficiary, directly or indirectly, or through any substantial interest in any other corporation or business unit, in any transaction involving the Funds, subject to such exceptions as are specifically permitted under law.

V.	Full, Fair, Accurate, Timely And Understandable Disclosure And Compliance

Covered Officers shall:

●

be familiar with the disclosure requirements generally applicable to the Funds;

●

not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or outside the Funds, including the Funds’ Directors/Trustees and auditors, governmental regulators and self-regulatory organizations;

●

to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Funds, the Adviser and other Funds service providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds files with, or submits to, the SEC and in other public communications made by the Funds; and

●

promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

VI.

Internal Reporting by Covered Persons

(A) Certifications and Accountability. Each Covered Officer shall:

(1)

upon adoption of the Code (or thereafter as applicable upon becoming a Covered Officer), affirm in writing on Schedule A hereto that the Covered Officer has received, read, and understands the Code;

(2)

annually thereafter affirm on Schedule A hereto that the Covered Officer has complied with the requirements of the Code; and

(3)

not retaliate against any other Covered Officer or employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith.

(B) Reporting. A Covered Officer shall promptly report any knowledge of a material violation of this Code to the Compliance Officer. Failure to do so is itself a violation of the Code.

VII.

Waivers of Provisions of the Code

(A) Application of the Code. The Compliance Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The Compliance Officer is authorized to consult, as appropriate, with counsel to the Funds/counsel to the Independent Directors/Trustees. However, any approvals or Waivers sought by and/or granted to a Covered Officer will be reported to the Board in accordance with Section VIII, below.

(B) Waivers. The Compliance Officer may grant Waivers to the Code in circumstances that present special hardship. Waivers shall be structured to be as narrow as is reasonably practicable with appropriate safeguards designed to prevent abuse of the Waiver. To request a Waiver from the Code, the Covered Officer shall submit to the Compliance Officer a written request describing the transaction, activity or relationship for which a Waiver is sought. The request shall briefly explain the reason for engaging in the transaction, activity or relationship. Notwithstanding the foregoing, no exception will be granted where such exception would result in a violation of SEC rules or other applicable laws.

(C) Documentation. The Compliance Officer shall document all Waivers (including Implicit Waivers). If a Waiver is granted, the Compliance Officer shall prepare a brief description of the nature of the Waiver, the name of the Covered Officer and the date of the Waiver so that this information may be disclosed in the next Form N-CSR to be filed on behalf of the Funds or posted on the Funds’ internet website within five business days following the date of the Waiver. All Waivers must be reported to the Board at each quarterly meeting as set forth in Section VIII below.

VIII.

Board Reporting

The Compliance Officer shall report any violations of the Code to the Board for its consideration on a quarterly basis. At a minimum, the report shall:

●

describe the violation under the Code and any sanctions imposed;

●

identify and describe any Waivers sought or granted under the Code; and

●

identify any recommended changes to the Code.

IX.

Amendments

The Covered Officers and the Compliance Officer may recommend amendments to the Code for the consideration and approval of the Board. In connection with any amendment to the Code, the Compliance Officer shall prepare a brief description of the amendment so that the necessary disclosure may be made with the next Form N-CSR to be filed on behalf of the Funds, or posted on the Funds’ internet website within five business days following the date of the amendment.

X.	Sanctions

Compliance by Covered Officers with the provisions of the Code is required. Covered Officers should be aware that in response to any violation, the Funds will take whatever action is deemed necessary under the circumstances, including, but not limited to, the imposition of appropriate sanctions. These sanctions may include, among others, the reversal of trades, reallocation of trades to client accounts, fines, disgorgement of profits, suspension or termination.

XI.

Record-keeping

The Compliance Officer shall maintain all records, including any internal memoranda, relating to compliance with the Code or Waivers of a provision(s) of the Code, for a period of 7 years from the end of the fiscal year in which such document was created, 2 years in an accessible place.

XII.

Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Adviser, and NYLIFE Distributors LLC (the “Underwriter”), or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds’ the Adviser’s and the Underwriter’s codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

XIII.

Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board, the Adviser and the Compliance Officer, and their respective counsels.

XIV.

Internal Use

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of the Funds, as to any fact, circumstance, or legal conclusion.

SCHEDULE I

COVERED OFFICERS

Kirk C. Lehneis, President and Principal Executive Officer

Jack R. Benintende, Treasurer and Principal Financial and Accounting Officer

SCHEDULE II

COMPLIANCE OFFICER

Y. Rachel Kuo

EXHIBIT A

MainStay Group of Funds

Mainstay Funds Trust

The Mainstay Funds

Mainstay VP Funds Trust

MainStay MacKay DefinedTerm Municipal Opportunities Fund

Code of Ethics for

Principal Executive Officer and Principal Financial Officers

INITIAL AND ANNUAL CERTIFICATION OF

COMPLIANCE WITH THE

MAINSTAY GROUP OF FUNDS CODE OF ETHICS FOR

PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICERS


[ X ]		I hereby certify that I have received the MainStay Group of Funds Code of Ethics for Principal Executive Officers adopted pursuant to the Sarbanes-Oxley Act of 2002 (the “Code”) and that I have read and understood the Code. I further certify that I am subject to the Code and will comply with each of the Code’s provisions to which I am subject.

[ X ]		I hereby certify that I have received the MainStay Group of Funds Code of Ethics for Principal Financial Officers adopted pursuant to the Sarbanes-Oxley Act of 2002 (the “Code”) and that I have read and understood the Code. I further certify that I have complied with and will continue to comply with each of the provisions of the Code to which I am subject.


By:		/s/ Kirk C. Lehneis
Name:		Kirk C. Lehneis
Title:		President and Principal Executive Officer
Date:		January 8, 2021

By:		/s/ Jack R. Benintende
Name:		Jack R. Benintende
Title:		Treasurer and Principal Financial and
		Accounting Officer
Date:		January 8, 2021

Exhibit (a)(2)

SECTION 302 CERTIFICATIONS

I, Kirk C. Lehneis, President and Principal Executive Officer of MainStay Funds Trust, certify that:

1.	I have reviewed this report on Form N-CSR of MainStay Funds Trust;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting 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; and

5.	The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


By:		/s/ Kirk C. Lehneis
		Kirk C. Lehneis
		President and Principal Executive Officer, MainStay Funds Trust

		Date: January 8, 2021

SECTION 302 CERTIFICATIONS

I, Jack R. Benintende, Treasurer and Principal Financial and Accounting Officer of MainStay Funds Trust, certify that:

1.	I have reviewed this report on Form N-CSR of MainStay Funds Trust;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

5.	The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


By:		/s/ Jack R. Benintende
		Jack R. Benintende
		Treasurer and Principal Financial and
		Accounting Officer, MainStay Funds Trust

		Date: January 8, 2021

Exhibit (b)

SECTION 906 CERTIFICATIONS

In connection with this report on Form N-CSR for the Registrant as furnished to the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned hereby certifies, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.


By:		/s/ Kirk C. Lehneis
		Kirk C. Lehneis
		President and Principal Executive Officer, MainStay Funds Trust

		Date: January 8, 2021

SECTION 906 CERTIFICATIONS

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.


By:		/s/ Jack R. Benintende
		Jack R. Benintende
		Treasurer and Principal Financial
		and Accounting Officer,
		MainStay Funds Trust

		Date: January 8, 2021