N-CSR 1 d368178dncsr.htm MAINSTAY FUNDS TRUST MAINSTAY FUNDS TRUST

 

 

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: April 30

(MainStay CBRE Global Infrastructure Fund, MainStay CBRE Real Estate Fund, MainStay Conservative ETF Allocation Fund, MainStay Defensive ETF Allocation Fund, MainStay Equity ETF Allocation Fund, MainStay Growth ETF Allocation Fund, MainStay Moderate ETF Allocation Fund, MainStay ESG Multi-Asset Allocation Fund, MainStay MacKay Strategic Municipal Allocation Fund and MainStay MacKay Short Term Municipal Fund)

Date of reporting period: April 30, 2022

 

 

 


FORM N-CSR

The information presented in this Form N-CSR relates solely to the MainStay CBRE Global Infrastructure Fund, MainStay CBRE Real Estate Fund, MainStay Conservative ETF Allocation Fund, MainStay Defensive ETF Allocation Fund, MainStay Equity ETF Allocation Fund, MainStay Growth ETF Allocation Fund, MainStay Moderate ETF Allocation Fund, MainStay ESG Multi-Asset Allocation Fund, and MainStay MacKay Strategic Municipal Allocation Fund, each a series of the Registrant.

Item 1.    Reports to Stockholders.





MainStay CBRE Global Infrastructure Fund

Message from the President and Annual Report
April 30, 2022
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Not FDIC/NCUA Insured
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May Lose Value
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Message from the President
The 12-month reporting period ended April 30, 2022, started on a generally positive note. Despite a new wave of COVID-19 infections that disrupted life and commerce, financial markets were buoyed during the spring and summer of 2021 by economic recovery and the widespread availability of vaccines. Most global economies expanded, exceeding pre-pandemic levels, as businesses reopened and supportive government policies bore fruit. As the period progressed, however, inflation began to creep up in response to government stimulus and accommodative monetary policies. Rising prices were further aggravated by wage increases, pandemic-related supply-chain bottlenecks and commodity price spikes. Bond prices slid as interest rates rose, and equity markets faltered. Market sentiment turned increasingly negative in the first quarter of 2022 as aggressive Russian rhetoric regarding Ukraine culminated in Russia’s invasion of its neighbor – a development that exacerbated global inflationary pressures while increasing investor uncertainty. Domestic supply shortages, international trade imbalances and rising inflation caused U.S. GDP (gross domestic product) to contract for the first time since the height of the pandemic, although consumer spending, a primary driver of U.S. economic growth, remained strong. Prices for petroleum surged to multi-year highs, while many key agricultural chemicals and industrial metals reached record territory.
Despite the market decline that greeted the first four months of 2022, the S&P 500® Index, a widely regarded benchmark of market performance, remained in modestly positive territory for the 12-month reporting period. Some market sectors benefited from the prevailing conditions, with energy stocks soaring and value-oriented shares broadly gaining ground. In addition to energy, leading sectors included utilities and consumer staples. On the other hand, the information technology, financials and consumer discretionary sectors were subject to particularly sharp losses. Small- and mid-cap stocks underperformed, as they often do during times of heightened uncertainty and financial stress. International stocks trended lower, with some emerging markets,
including Russia and China, suffering particularly steep losses, while others, such as India and Indonesia, gained ground. Fixed-income markets saw most bond prices fall as central banks contemplated significant interest rate rises to combat higher-than-previously-expected inflation rates late in the reporting period. However, floating-rate instruments, which feature variable interest rates that allow investors to benefit from a rising rate environment, bucked the downward trend.
Today, despite the continuing impact of COVID-19, most of the world appears intent on a return to post-pandemic normalcy. Instead, the focus of global political and economic attention has increasingly turned to the war in Ukraine and the impact of rising inflation. Together, Russia and Ukraine account for a substantial share of the world’s supply of food, fossil fuels and raw materials production. Accordingly, the timing and outcome of this conflict will undoubtedly play a major role in global economic developments over the coming months and, possibly, years. The actions of central banks, as they raise rates to fight inflation while trying to limit the risks of recession, are likely to further affect global markets and economies.
As a MainStay investor, you can depend on us to carefully watch developments that may affect your Fund, taking considered and appropriate action to help you stay on financial track in the midst of uncertain times. As always, we remain dedicated to providing you with the disciplined investment tools you have come to expect from us over the years. Thank you for continuing to place your trust in our team.
Sincerely,
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

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, which includes information about MainStay Funds Trust's Trustees, 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 Fund’s Summary Prospectus and/or Prospectus carefully before investing.

Investment and Performance Comparison (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.
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 below, if any, changes in share price, and reinvestment of dividend and capital gain distributions. The graph assumes the initial investment amount shown below 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.
Average Annual Total Returns for the Year-Ended April 30, 2022
Class
Sales Charge
 
Inception
Date1
One
Year
Five
Years
Since
Inception
Gross
Expense
Ratio2
Class A Shares3
Maximum 5.5% Initial Sales Charge
With sales charges
10/16/2013
-1.81%
6.93%
7.80%
1.35%
 
 
Excluding sales charges
 
3.91
8.21
8.55
1.35
Investor Class Shares4
Maximum 5% Initial Sales Charge
With sales charges
2/24/2020
-1.35
N/A
0.96
1.76
 
 
Excluding sales charges
 
3.85
N/A
3.61
1.76
Class C Shares3
Maximum 1% CDSC
With sales charges
2/28/2019
2.11
N/A
7.90
2.51
 
if Redeemed Within One Year of Purchase
Excluding sales charges
 
3.11
N/A
7.90
2.51
Class I Shares3
No Sales Charge
 
6/28/2013
4.19
8.50
9.46
1.10
Class R6 Shares
No Sales Charge
 
2/24/2020
4.23
N/A
4.03
1.02
1.
Effective at the close of business on February 21, 2020, the Fund changed its fiscal and tax year end from October 31 to April 30.
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.
Performance figures for Class A shares, Class C shares and Class I shares reflect the historical performance of the then-existing Class A shares, Class C shares and
Class I shares, respectively, of the Voya CBRE Global Infrastructure Fund (the predecessor to the Fund, which was subject to a different fee structure) for periods prior to
February 21, 2020. The MainStay CBRE Global Infrastructure Fund commenced operations on February 24, 2020.
4.
Prior to June 30, 2020, the maximum initial sales charge was 5.5%, which is reflected in the applicable 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
FTSE Global Core Infrastructure 50/50 Index (Net)1
6.62%
7.37%
7.89%
Morningstar Infrastructure Category Average2
3.29
6.90
7.36
*
Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.
1.
The FTSE Global Core Infrastructure 50/50 Index (Net) is the Fund’s primary broad-based securities market index for comparison purposes. The FTSE Global Core
Infrastructure 50/50 Index (Net) gives participants an industry-defined interpretation of infrastructure and adjusts the exposure to certain infrastructure sub-sectors.
Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.
2.
The Morningstar Infrastructure Category Average is representative of funds that invest more than 60% of their assets in stocks of companies engaged in infrastructure
activities. Industries considered to be part of the infrastructure sector include: oil & gas midstream; waste management; airports; integrated shipping; railroads; shipping
& ports; trucking; engineering & construction; infrastructure operations; and the utilities sector. 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 CBRE Global Infrastructure Fund

Cost in Dollars of a $1,000 Investment in MainStay CBRE Global Infrastructure Fund (Unaudited)
The example below is intended to describe the fees and expenses borne by shareholders during the six-month period from November 1, 2021 to April 30, 2022, 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 November 1, 2021 to April 30, 2022.
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 April 30, 2022. 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
11/1/21
Ending Account
Value (Based
on Actual
Returns and
Expenses)
4/30/22
Expenses
Paid
During
Period1
Ending Account
Value (Based
on Hypothetical
5% Annualized
Return and
Actual Expenses)
4/30/22
Expenses
Paid
During
Period1
Net Expense
Ratio
During
Period2
Class A Shares
$1,000.00
$1,004.10
$6.21
$1,018.60
$6.26
1.25%
Investor Class Shares
$1,000.00
$1,004.50
$5.81
$1,018.99
$5.86
1.17%
Class C Shares
$1,000.00
$999.60
$10.11
$1,014.68
$10.19
2.04%
Class I Shares
$1,000.00
$1,004.60
$4.82
$1,019.98
$4.86
0.97%
Class R6 Shares
$1,000.00
$1,005.60
$4.53
$1,020.28
$4.56
0.91%
1.
Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181
(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


Country Composition as of April 30, 2022 (Unaudited)
United States
59.0%
Australia
9.9
France
6.7
Spain
6.2
Canada
4.9
Italy
4.6
United Kingdom
2.8
Portugal
2.3
Japan
1.4%
China
1.2
New Zealand
0.9
Germany
0.8
Mexico
0.1
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.


Top Ten Holdings and/or Issuers Held as of April 30, 2022 (excluding short-term investments) (Unaudited)
1.
American Electric Power Co., Inc.
2.
Transurban Group
3.
Union Pacific Corp.
4.
Cheniere Energy, Inc.
5.
Cellnex Telecom SA
 6.
NextEra Energy, Inc.
 7.
Crown Castle International Corp.
 8.
WEC Energy Group, Inc.
 9.
Atlas Arteria Ltd.
10.
Ameren Corp.

8
MainStay CBRE Global Infrastructure Fund

Portfolio Management Discussion and Analysis (Unaudited)
Questions answered by portfolio managers Jeremy Anagnos, CFA, Joseph P. Smith, CFA, Daniel Foley, CFA, and Hinds Howard of CBRE Investment Management Listed Real Assets LLC.
How did MainStay CBRE Global Infrastructure Fund perform relative to its benchmark and peer group during the 12 months ended April 30, 2022?
For the 12 months ended April 30, 2022, Class I shares of MainStay CBRE Global Infrastructure Fund returned 4.19%, underperforming the 6.62% return of the Fund’s primary benchmark, the FTSE Global Core Infrastructure 50/50 Index (Net) (the “Index”). Over the same period, Class I shares outperformed the 3.29% return of the Morningstar Infrastructure Category Average.1
Were there any changes to the Fund during the reporting period?
Effective December 31, 2021, T. Ritson Ferguson no longer serves as a portfolio manager for the Fund.
What factors affected the Fund’s relative performance during the reporting period?
The Fund underperformed the Index primarily due to negative stock selection, while sector allocation proved neutral. The negative impact of stock selection was focused in the utilities and transportation sectors in Continental Europe. Concerns surrounding supply-chain issues for materials, as well as higher development costs, put pressure on European integrated utility holdings with large renewable development pipelines. Transportation stocks in the region were split into two broad categories: those viewed as likely merger and acquisition (“M&A”) candidates, which performed well, and the rest of the group, which proved vulnerable to continuing pandemic-related uncertainty – despite recovering fundamentals. The Fund held only one of the positions considered an M&A target and was underweight exposure to that name. Positive stock selection in the North American midstream, utilities and transportation sectors helped offset some of the negative performance in Europe. In particular, the Fund held overweight exposure to midstream stocks benefiting from natural gas exports, a theme that gained momentum as the energy crisis in Europe accelerated due to Russia’s war in Ukraine. Utility positioning benefited from avoiding expensive water utilities and holding overweight exposure to electric utilities where growth outlooks were stable. The Fund also benefited from positive stock selection in emerging markets, selling its relatively small positions in Grupo Aeroportuario del
Sureste Mexican airport and Chinese gas utility China Resources Gas Group at opportune times.
During the reporting period, which sectors and subsectors were the strongest positive contributors to the Fund’s relative performance and which sectors and subsectors were particularly weak?
The strongest positive contributions to the Fund’s performance relative to the Index came from the North American midstream and utilities sectors. (Contributions take weightings and total returns into account.) The midstream sector had the strongest positive return across all infrastructure sectors during the reporting period; the Fund’s positioning within the sector drove returns even higher. Midstream stocks benefited from improved capital decision-making across the energy complex, as companies favored balance sheet repair over new investment with their increased cash flows. The utility sector outperformed as well. The Fund benefited from strong positioning as it favored reasonably valued electric utilities with growth outlooks underpinned by improving regulation, while it avoided expensive water utilities and other utilities with deteriorating regulatory profiles.
As noted above, the weakest contributors to the Fund’s relative performance were the transportation and utilities sectors in Continental Europe. The Fund held significantly overweight exposure to integrated utilities with global renewable development pipelines. These stocks underperformed sharply based on concerns regarding supply-chain issues and cost inflation. Transportation stocks in the region remained volatile as their outlook was negatively affected by the various COVID-19 waves that led to travel restrictions, limiting their recovery.
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 holdings making the largest positive contributions to absolute performance during the reporting period included midstream company Cheniere Energy and diversified utility Exelon. Cheniere benefited from sharply rising global liquid natural gas prices that improved the outlook for the company’s assets. Exelon benefited from a positive regulatory outcome in Illinois that supported its non-carbon emitting nuclear power plants, as well as a spin-off of their nuclear business that unlocked the value of those assets.
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

The two stocks that detracted most from the Fund’s absolute performance were Italy-based utility Enel and U.S.-based utility The AES Corporation. Enel stock price was hurt by rising power prices and related political risk that threatened to undermine integrated utilities in Europe, in addition to fears of rising inflation and supply-chain disruptions taking a toll on returns from the company’s renewable development pipeline. AES, a global renewable developer, was also negatively affected as a result of concerns about renewable returns being compressed by inflation and rising competition.
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 new positions in WEC Energy Group and The Williams Companies. WEC, a Wisconsin based regulated utility operating in a supportive regulatory environment, has a highly regarded management team with a solid track record. We view it as a premium company trading in-line with the average utility. Oil & gas midstream player Williams stands to benefit from the positive outlook for natural gas demand globally, combined with an attractive relative valuation for the company.
The Fund’s largest sales during the reporting period included its entire positions in railroad company Kansas City Southern and in utility Alliant Energy. We sold the Fund’s holdings in Kansas City Southern following multiple rounds of bids from strategic buyers that left the company’s valuation less attractive and also raised concerns over the outlook for the business relative to market expectations in the wake of its acquisition. We sold the Fund’s position in Alliant Energy in light of the company’s emphasis on solar investment as part of its growth plan. Solar investment faces potential delays and tariffs from Asia, increasing Alliant’s risk profile.
How did the Fund’s subsector weightings change during the reporting period?
Relative to the FTSE Global Core Infrastructure 50/50 Index, the Fund increased its midstream sector exposure on an improved outlook and increased prices of Fund holdings. The Fund increased its U.S. utility exposure to benefit from attractive valuations of electric utilities with stable growth. The Fund also increased its transportation sector exposure in Europe and Asia, reflecting an improving outlook for air and toll road traffic, combined with attractive valuations. Conversely, the Fund reduced its exposure to European utilities due to rising political risk stemming from higher energy costs. Finally, the Fund reduced its UK water utility exposure as a result of less attractive valuations in the wake of strong performance.
How was the Fund positioned at the end of the reporting period?
As of April 30, 2022, the Fund remains positioned to benefit from long-term growth in renewable development, which translates into a preference for integrated utilities over regulated utilities. The Fund is also poised to benefit from exposure to long-term data growth through a preference for communications infrastructure exposure. Within transports, we prefer toll roads and rails over airport stocks. The Fund continues to hold underweight exposure to emerging markets due to ongoing regulatory and policy challenges that can lead to excessive volatility and negative returns.
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.
10
MainStay CBRE Global Infrastructure Fund

Portfolio of Investments April 30, 2022
Shares
Value
Common Stocks 97.3%
Australia 9.9%
Atlas Arteria Ltd. (Transportation)
11,356,029
$    55,078,256
Aurizon Holdings Ltd. (Transportation)
5,600,071
   15,878,587
NEXTDC Ltd. (Communications)(a)
2,476,020
   19,214,421
Transurban Group (Transportation)
7,336,423
   73,336,275
 
 
163,507,539
Canada 4.9%
Canadian National Railway Co.
(Transportation)
   321,309
   37,787,229
Enbridge, Inc. (Midstream / Pipelines)
   410,000
   17,891,722
Pembina Pipeline Corp. (Midstream /
Pipelines)
   668,500
   25,295,438
 
 
80,974,389
China 1.2%
Guangdong Investment Ltd. (Utilities)
15,952,253
   20,432,429
France 6.7%
Eiffage SA (Transportation)
   376,437
   36,927,144
Engie SA (Utilities)
2,110,816
   24,795,365
Vinci SA (Transportation)
   514,646
   49,655,201
 
 
111,377,710
Germany 0.8%
Fraport AG Frankfurt Airport Services
Worldwide (Transportation)(a)
243,363
13,157,350
Italy 4.6%
Enel SpA (Utilities)
6,101,541
39,434,635
Infrastrutture Wireless Italiane SpA
(Communications)
1,845,667
19,664,176
Terna - Rete Elettrica Nazionale
(Utilities)
2,019,653
16,450,725
 
 
75,549,536
Japan 1.4%
Central Japan Railway Co.
(Transportation)
75,909
9,577,289
West Japan Railway Co.
(Transportation)
359,300
13,377,164
 
 
22,954,453
Mexico 0.1%
Promotora y Operadora de
Infraestructura SAB de CV
(Transportation)
223,088
1,626,274
Shares
Value
 
New Zealand 0.9%
Infratil Ltd. (Diversified)
2,738,650
$   14,762,371
Portugal 2.3%
EDP - Energias de Portugal SA (Utilities)
8,105,130
   37,734,967
Spain 6.2%
Aena SME SA (Transportation)(a)
   168,980
   23,883,404
Cellnex Telecom SA (Communications)
1,386,766
   64,820,980
Ferrovial SA (Transportation)
   562,843
   14,370,127
 
 
103,074,511
United Kingdom 2.8%
National Grid plc (Utilities)
3,061,333
   45,516,412
United States 55.5%
AES Corp. (The) (Utilities)
2,298,361
   46,932,532
Ameren Corp. (Utilities)
   549,500
   51,048,550
American Electric Power Co., Inc.
(Utilities)
   763,856
   75,705,768
American Tower Corp.
(Communications)
   163,398
   39,382,186
Cheniere Energy, Inc. (Midstream /
Pipelines)
   487,637
   66,225,981
CMS Energy Corp. (Utilities)
607,910
41,757,338
Constellation Energy Corp. (Utilities)
267,179
15,819,668
Crown Castle International Corp.
(Communications)
311,246
57,645,872
Dominion Energy, Inc. (Utilities)
561,300
45,824,532
Exelon Corp. (Utilities)
578,977
27,084,544
FirstEnergy Corp. (Utilities)
588,400
25,483,604
Legacy Reserves, Inc. (Midstream /
Pipelines)(a)(b)(c)(d)
5,055
32,959
Legacy Reserves, Inc. (Midstream /
Pipelines)(a)(b)(c)(d)
27,942
182,182
NextEra Energy, Inc. (Utilities)
891,080
63,284,501
NiSource, Inc. (Utilities)
637,600
18,566,912
Norfolk Southern Corp. (Transportation)
148,156
38,206,469
OGE Energy Corp. (Utilities)
419,700
16,233,996
ONEOK, Inc. (Midstream / Pipelines)
255,800
16,199,814
PPL Corp. (Utilities)
372,200
10,536,982
Public Service Enterprise Group, Inc.
(Utilities)
497,700
34,669,782
Sempra Energy (Utilities)
192,800
31,110,208
Southwest Gas Holdings, Inc. (Utilities)
72,500
6,387,975
Targa Resources Corp. (Midstream /
Pipelines)
408,300
29,973,303
Union Pacific Corp. (Transportation)
283,090
66,325,156
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 April 30, 2022 (continued)
Shares
Value
Common Stocks (continued)
United States (continued) 
WEC Energy Group, Inc. (Utilities)
   551,200
$    55,147,560
Williams Cos., Inc. (The) (Midstream /
Pipelines)
1,104,300
   37,866,447
 
 
917,634,821
Total Common Stocks
(Cost $1,558,487,493)
 
1,608,302,762
Short-Term Investment 3.5%
Affiliated Investment Company 3.5%
United States 3.5%
MainStay U.S. Government Liquidity
Fund, 0.397% (e)
57,455,344
   57,455,344
Total Short-Term Investment
(Cost $57,455,344)
 
57,455,344
Total Investments
(Cost $1,615,942,837)
100.8%
1,665,758,106
Other Assets, Less Liabilities
(0.8)
(12,405,391)
Net Assets
100.0%
$1,653,352,715
Percentages indicated are based on Fund net assets.
(a)
Non-income producing security.
(b)
Fair valued security—Represents fair value as measured in good faith under
procedures approved by the Board of Trustees. As of April 30, 2022, the total
market value was $215,141, which represented less than one-tenth of a
percent of the Fund’s net assets.
(c)
Illiquid security—As of April 30, 2022, the total market value deemed illiquid
under procedures approved by the Board of Trustees was $215,141, which
represented less than one-tenth of a percent of the Fund’s net
assets.(Unaudited)
(d)
Security in which significant unobservable inputs (Level 3) were used in
determining fair value.
(e)
Current yield as of April 30, 2022.
Investments in Affiliates (in 000's)
Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Investment Companies
Value,
Beginning
of Year
Purchases
at Cost
Proceeds
from
Sales
Net
Realized
Gain/(Loss)
on Sales
Change in
Unrealized
Appreciation/
(Depreciation)
Value,
End of
Year
Dividend
Income
Other
Distributions
Shares
End of
Year
MainStay U.S. Government Liquidity Fund
$8,398
$474,061
$(425,004)
$
$
$57,455
$6
$
57,455
The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.
12
MainStay CBRE Global Infrastructure Fund

The following is a summary of the fair valuations according to the inputs used as of April 30, 2022, 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
 
 
 
 
Australia
             $
$163,507,539
      $
   $163,507,539
China
            
  20,432,429
      
    20,432,429
France
            
111,377,710
      
   111,377,710
Germany
            
  13,157,350
      
    13,157,350
Italy
            
  75,549,536
      
    75,549,536
Japan
            
  22,954,453
      
    22,954,453
New Zealand
            
  14,762,371
      
    14,762,371
Portugal
            
  37,734,967
      
    37,734,967
Spain
            
103,074,511
      
   103,074,511
United Kingdom
            
  45,516,412
      
    45,516,412
All Other Countries
1,000,020,343
          
215,141
1,000,235,484
Total Common Stocks
1,000,020,343
608,067,278
215,141
1,608,302,762
Short-Term Investment
 
 
 
 
Affiliated Investment Company
     57,455,344
          
      
     57,455,344
Total Investments in Securities
$1,057,475,687
$608,067,278
$215,141
$1,665,758,106
(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 sector.
Sector Diversification
 
Value
Percent
Utilities
$749,958,985
45.4%
Transportation
449,185,925
27.1
Communications
200,727,635
12.2
Midstream / Pipelines
193,667,846
11.7
Diversified
14,762,371
0.9
 
1,608,302,762
97.3
Short-Term Investment
57,455,344
3.5
Other Assets, Less Liabilities
(12,405,391)
(0.8)
Net Assets
$1,653,352,715
100.0%
Percentages indicated are based on Portfolio net assets.
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 April 30, 2022
Assets
Investment in unaffiliated securities, at value
(identified cost $1,558,487,493)
$1,608,302,762
Investment in affiliated investment companies, at value
(identified cost $57,455,344)
57,455,344
Cash denominated in foreign currencies
(identified cost $1,026,995)
1,027,083
Receivables:
 
Fund shares sold
18,681,545
Investment securities sold
1,973,540
Dividends
1,912,174
Securities lending
2,380
Other assets
61,768
Total assets
1,689,416,596
Liabilities
Payables:
 
Investment securities purchased
33,412,108
Manager (See Note3)
1,076,410
Fund shares redeemed
676,318
Dividend payable
554,382
Transfer agent (See Note3)
173,360
Professional fees
52,637
NYLIFE Distributors (See Note3)
39,619
Custodian
38,488
Shareholder communication
16,859
Trustees
580
Accrued expenses
23,120
Total liabilities
36,063,881
Net assets
$1,653,352,715
Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per
share) unlimited number of shares authorized
$125,989
Additional paid-in-capital
1,796,521,991
 
1,796,647,980
Total distributable earnings (loss)
(143,295,265)
Net assets
$1,653,352,715
Class A
 
Net assets applicable to outstanding shares
$88,714,901
Shares of beneficial interest outstanding
6,765,396
Net asset value per share outstanding
$13.11
Maximum sales charge (5.50% of offering price)
0.76
Maximum offering price per share outstanding
$13.87
Investor Class
 
Net assets applicable to outstanding shares
$2,429,632
Shares of beneficial interest outstanding
185,299
Net asset value per share outstanding
$13.11
Maximum sales charge (5.00% of offering price)
0.69
Maximum offering price per share outstanding
$13.80
Class C
 
Net assets applicable to outstanding shares
$24,119,460
Shares of beneficial interest outstanding
1,849,429
Net asset value and offering price per share outstanding
$13.04
Class I
 
Net assets applicable to outstanding shares
$1,527,547,662
Shares of beneficial interest outstanding
116,385,813
Net asset value and offering price per share outstanding
$13.12
Class R6
 
Net assets applicable to outstanding shares
$10,541,060
Shares of beneficial interest outstanding
803,255
Net asset value and offering price per share outstanding
$13.12
The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.
14
MainStay CBRE Global Infrastructure Fund

Statement of Operations for the year ended April 30, 2022
Investment Income (Loss)
Income
 
Dividends-unaffiliated (net of foreign tax withholding of
$1,928,535)
$27,745,447
Securities lending
36,650
Dividends-affiliated
6,196
Other
929
Total income
27,789,222
Expenses
 
Manager (See Note3)
7,733,788
Transfer agent (See Note3)
859,717
Distribution/Service—Class A (See Note3)
172,713
Distribution/Service—Investor Class (See Note3)
5,425
Distribution/Service—Class C (See Note3)
193,636
Registration
216,390
Professional fees
151,288
Custodian
99,206
Shareholder communication
63,254
Trustees
20,424
Miscellaneous
46,232
Total expenses before waiver/reimbursement
9,562,073
Expense waiver/reimbursement from Manager (See Note3)
(322,113)
Net expenses
9,239,960
Net investment income (loss)
18,549,262
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
 
Unaffiliated investment transactions
21,759,315
Foreign currency transactions
(274,147)
Net realized gain (loss)
21,485,168
Net change in unrealized appreciation (depreciation) on:
 
Unaffiliated investments
(13,998,284)
Translation of other assets and liabilities in foreign currencies
(51,612)
Net change in unrealized appreciation (depreciation)
(14,049,896)
Net realized and unrealized gain (loss)
7,435,272
Net increase (decrease) in net assets resulting from operations
$25,984,534
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 April 30, 2022 and April 30, 2021
 
2022
2021
Increase (Decrease) in Net Assets
Operations:
 
 
Net investment income (loss)
$18,549,262
$5,163,794
Net realized gain (loss)
21,485,168
5,351,869
Net change in unrealized appreciation
(depreciation)
(14,049,896)
64,720,557
Net increase (decrease) in net assets
resulting from operations
25,984,534
75,236,220
Distributions to shareholders:
 
 
Class A
(996,517)
(416,571)
Investor Class
(29,596)
(24,647)
Class C
(143,440)
(63,792)
Class I
(13,609,224)
(4,126,661)
Class R6
(38,065)
(2,375)
Total distributions to shareholders
(14,816,842)
(4,634,046)
Capital share transactions:
 
 
Net proceeds from sales of shares
1,274,898,463
295,291,961
Net asset value of shares issued in
connection with the acquisition of
MainStay Cushing Energy Income Fund
13,886,106
Net asset value of shares issued in
connection with the acquisition of
MainStay Cushing Renaissance
Advantage Fund
13,689,513
Net asset value of shares issued to
shareholders in reinvestment of
distributions
13,281,784
4,465,820
Cost of shares redeemed
(170,967,771)
(93,610,084)
Increase (decrease) in net assets
derived from capital share
transactions
1,117,212,476
233,723,316
Net increase (decrease) in net assets
1,128,380,168
304,325,490
Net Assets
Beginning of year
524,972,547
220,647,057
End of year
$1,653,352,715
$524,972,547
The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.
16
MainStay CBRE Global Infrastructure Fund

Financial Highlights selected per share data and ratios
 
Year Ended April 30,
November 1,
2019
through
April 30,
Year Ended October 31,
Class A
2022
2021
2020#
2019
2018
2017
Net asset value at beginning of period
$12.81
$10.39
$11.99
$10.04
$11.40
$10.78
Net investment income (loss)
0.23(a)
0.16(a)
0.07(a)
0.16
0.19
0.17(a)
Net realized and unrealized gain (loss)
0.26
2.42
(1.30)
2.12
(0.51)
1.30
Total from investment operations
0.49
2.58
(1.23)
2.28
(0.32)
1.47
Less distributions:
 
 
 
 
 
 
From net investment income
(0.19)
(0.16)
(0.06)
(0.17)
(0.25)
(0.12)
From net realized gain on investments
(0.29)
(0.16)
(0.79)
(0.73)
Return of capital
(0.02)
Total distributions
(0.19)
(0.16)
(0.37)
(0.33)
(1.04)
(0.85)
Net asset value at end of period
$13.11
$12.81
$10.39
$11.99
$10.04
$11.40
Total investment return(b)
3.91%
25.04%
(10.57)%
23.24%
(3.16)%
14.96%
Ratios (to average net assets)/Supplemental Data:
 
 
 
 
 
 
Net investment income (loss)
1.75%
1.35%
1.32%††
1.51%
1.89%
1.59%
Net expenses
1.26%(c)
1.29%(c)
1.32%††(c)(d)
1.35%
1.35%
1.53%
Expenses (before waiver/reimbursement)
1.26%(c)
1.35%(c)
1.54%††(c)(d)
1.56%
1.83%
2.36%
Portfolio turnover rate
32%
51%
49%
53%
61%
85%
Net assets at end of period (in 000's)
$88,715
$45,642
$11,237
$11,700
$1,787
$1,146
#
The Fund changed its fiscal year end from October 31 to April 30.
††
Annualized.
(a)
Per share data based on average shares outstanding during the period.
(b)
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized.
(c)
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect
expenses are not included in the above expense ratios.
(d)
Net of interest expense of less than 0.01%.
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 April 30,
February 24,
2020^ through
April 30,
Investor Class
2022
2021
2020
Net asset value at beginning of period
$12.80
$10.38
$12.50
Net investment income (loss)(a)
0.23
0.13
(0.00)‡
Net realized and unrealized gain (loss)
0.26
2.43
(2.08)
Total from investment operations
0.49
2.56
(2.08)
Less distributions:
 
 
 
From net investment income
(0.18)
(0.14)
(0.03)
Return of capital
(0.01)
Total distributions
(0.18)
(0.14)
(0.04)
Net asset value at end of period
$13.11
$12.80
$10.38
Total investment return(b)
3.85%
24.87%
(16.66)%
Ratios (to average net assets)/Supplemental Data:
 
 
 
Net investment income (loss)
1.77%
1.11%
(0.12)%††
Net expenses(c)
1.31%
1.45%
1.45%††
Expenses (before waiver/reimbursement)(c)
1.31%
1.76%
1.67%††
Portfolio turnover rate
32%
51%
49%
Net assets at end of period (in 000's)
$2,430
$2,159
$106
^
Inception date.
Less than one cent per share.
††
Annualized.
(a)
Per share data based on average shares outstanding during the period.
(b)
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. 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.
18
MainStay CBRE Global Infrastructure Fund

Financial Highlights selected per share data and ratios
 
Year Ended April 30,
November 1,
2019
through
April 30,
2020#
February 28,
2019^
through
October 31,
Class C
2022
2021
2019
Net asset value at beginning of period
$12.75
$10.37
$11.96
$10.82
Net investment income (loss)(a)
0.12
0.06
0.03
0.04
Net realized and unrealized gain (loss)
0.27
2.42
(1.29)
1.22
Total from investment operations
0.39
2.48
(1.26)
1.26
Less distributions:
 
 
 
 
From net investment income
(0.10)
(0.10)
(0.03)
(0.12)
From net realized gain on investments
(0.29)
Return of capital
(0.01)
Total distributions
(0.10)
(0.10)
(0.33)
(0.12)
Net asset value at end of period
$13.04
$12.75
$10.37
$11.96
Total investment return(b)
3.11%
24.04%
(10.89)%
11.67%
Ratios (to average net assets)/Supplemental Data:
 
 
 
 
Net investment income (loss)
0.89%
0.52%
0.58%††
0.46%††
Net expenses
2.06%(c)
2.08%(c)
2.09%††(c)(d)
2.10%††
Expenses (before waiver/reimbursement)
2.06%(c)
2.51%(c)
2.36%††(c)(d)
2.31%††
Portfolio turnover rate
32%
51%
49%
53%
Net assets at end of period (in 000’s)
$24,119
$11,522
$992
$1,048
#
The Fund changed its fiscal year end from October 31 to April 30.
^
Inception date.
††
Annualized.
(a)
Per share data based on average shares outstanding during the period.
(b)
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized.
(c)
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect
expenses are not included in the above expense ratios.
(d)
Net of interest expense of less than 0.01%.
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 April 30,
November 1,
2019
through
April 30,
2020#
Year Ended October 31,
Class I
2022
2021
2019
2018
2017
Net asset value at beginning of period
$12.82
$10.39
$11.99
$10.04
$11.40
$10.78
Net investment income (loss)
0.27(a)
0.21(a)
0.09(a)
0.20
0.23
0.20
Net realized and unrealized gain (loss)
0.26
2.41
(1.30)
2.11
(0.52)
1.30
Total from investment operations
0.53
2.62
(1.21)
2.31
(0.29)
1.50
Less distributions:
 
 
 
 
 
 
From net investment income
(0.23)
(0.19)
(0.08)
(0.20)
(0.28)
(0.15)
From net realized gain on investments
(0.29)
(0.16)
(0.79)
(0.73)
Return of capital
(0.02)
Total distributions
(0.23)
(0.19)
(0.39)
(0.36)
(1.07)
(0.88)
Net asset value at end of period
$13.12
$12.82
$10.39
$11.99
$10.04
$11.40
Total investment return(b)
4.19%
25.46%
(10.46)%
23.52%
(2.88)%
15.25%
Ratios (to average net assets)/Supplemental Data:
 
 
 
 
 
 
Net investment income (loss)
2.09%
1.78%
1.59%††
1.83%
2.14%
1.83%
Net expenses
0.97%(c)
0.97%(c)
1.05%††(c)(d)
1.10%
1.10%
1.21%
Expenses (before waiver/reimbursement)
1.01%(c)
1.10%(c)
1.18%††(c)(d)
1.14%
1.41%
1.61%
Portfolio turnover rate
32%
51%
49%
53%
61%
85%
Net assets at end of period (in 000's)
$1,527,548
$465,299
$208,291
$225,176
$71,919
$36,755
#
The Fund changed its fiscal year end from October 31 to April 30.
††
Annualized.
(a)
Per share data based on average shares outstanding during the period.
(b)
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less
than one year, total return is not annualized.
(c)
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share 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%.
The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.
20
MainStay CBRE Global Infrastructure Fund

Financial Highlights selected per share data and ratios
 
Year Ended April 30,
February 24,
2020^ through
April 30,
Class R6
2022
2021
2020
Net asset value at beginning of period
$12.82
$10.39
$12.51
Net investment income (loss)(a)
0.35
0.17
0.02
Net realized and unrealized gain (loss)
0.19
2.45
(2.11)
Total from investment operations
0.54
2.62
(2.09)
Less distributions:
 
 
 
From net investment income
(0.24)
(0.19)
(0.02)
Return of capital
(0.01)
Total distributions
(0.24)
(0.19)
(0.03)
Net asset value at end of period
$13.12
$12.82
$10.39
Total investment return(b)
4.23%
25.50%
(16.65)%
Ratios (to average net assets)/Supplemental Data:
 
 
 
Net investment income (loss)
2.63%
1.47%
0.85%††
Net expenses(c)
0.91%
0.95%
0.95%††
Expenses (before waiver/reimbursement)(c)
0.91%
1.02%
1.13%††
Portfolio turnover rate
32%
51%
49%
Net assets at end of period (in 000's)
$10,541
$350
$21
^
Inception date.
††
Annualized.
(a)
Per share data based on average shares outstanding during the period.
(b)
Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of
less than one year, total return is not annualized.
(c)
In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect
expenses are not included in the above expense ratios.
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
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-three funds (collectively referred to as the “Funds”). These financial statements and notes relate to the MainStay CBRE Global Infrastructure Fund (the "Fund"), a “diversified” fund, 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 the Fund's share classes that have been registered and commenced operations:
Class
Commenced Operations
Class A
October 16, 2013
Investor Class
February 24, 2020
Class C
February 28, 2019
Class I
June 28, 2013
Class R6
February 24, 2020
SIMPLE Class
N/A*
*
SIMPLE Class shares were registered for sale effective as of August 31, 2020
but have not yet commenced operations.
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 and Class R6 shares are offered at NAV without a sales charge. SIMPLE Class shares are expected to be offered at NAV without a sales charge if such shares are offered in the future. In addition, depending upon eligibility, Class C 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. 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 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 Standards 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 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.
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.
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
22
MainStay CBRE Global Infrastructure Fund

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 April 30, 2022, 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:
• 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 April 30, 2022, 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 April 30, 2022, are shown in the Portfolio of Investments.
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. Securities that were fair valued in such a manner as of April 30, 2022, are shown in the Portfolio of Investments.
23

Notes to Financial Statements (continued)
If the principal market of certain foreign equity securities is closed in observance of a local foreign holiday, these securities are valued using the last closing price of regular trading on the relevant exchange and fair valued by applying factors provided by a third-party vendor in accordance with valuation procedures adopted by the Board. These securities are generally categorized as Level 2 in the hierarchy. Securities that were fair valued in such a manner as of April 30, 2022, are shown in the Portfolio of Investments.
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. 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 at the close of business each day on the valuation date. These securities are generally categorized as Level 1 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.
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 April 30, 2022, and can change at any time. Illiquid investments as of April 30, 2022, are shown in the Portfolio of Investments.
(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.
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) 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
24
MainStay CBRE Global Infrastructure Fund

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.
(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.
The Fund may also invest up to 25% of its net assets in master limited partnerships.
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.
(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 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) 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.
(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 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.
(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, JPMorgan Chase Bank, N.A., ("JPMorgan"), acting as securities lending agent on behalf of the Fund. Under the current arrangement, JPMorgan will manage the Fund's collateral in accordance with the securities lending agency agreement between the Fund and JPMorgan, 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 April 30, 2022, the Fund did not have any portfolio securities on loan.
25

Notes to Financial Statements (continued)
(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 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.
(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. During a portion of the year ended April 30, 2022, the Fund reimbursed New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. CBRE Investment Management Listed Real Assets LLC ("CBRE" 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 a Subadvisory Agreement ("Subadvisory Agreement") between New York Life Investments and CBRE, 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 0.85% of the Fund's average daily net assets.
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, 1.33%; Investor Class, 1.45%; Class C, 2.08%; Class I, 0.97%; and Class R6, 0.95%. This agreement will remain in effect until August 31, 2022, 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 April 30, 2022, New York Life Investments earned fees from the Fund in the amount of $7,733,788 and waived fees and/or reimbursed expenses, including the waiver/reimbursement of certain class specific expenses in the amount of $322,113 and paid the Subadvisor fees in the amount of $3,705,837.
JPMorgan provides sub-administration and sub-accounting services to the Fund pursuant to an agreement with New York Life Investments. 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, JPMorgan 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 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.
Pursuant to the Class A and Investor Class Plans, the Distributor receives a monthly 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 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 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.
(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 April 30, 2022, were $60,515 and $1,042, respectively.
26
MainStay CBRE Global Infrastructure Fund

The Fund was also advised that the Distributor retained CDSCs on redemptions of Class C shares during the year ended April 30, 2022, of $8,077.
(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, 2022, 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 April 30, 2022, 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
$63,520
$
Investor Class
3,043
Class C
26,867
Class I
766,203
Class R6
84
(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 April 30, 2022, New York Life and its affiliates beneficially held shares of the Fund with the values and percentages of net assets as follows:
Class R6
$27,261
0.3%
Note 4-Federal Income Tax
As of April 30, 2022, 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
$1,622,203,294
$92,870,007
$(49,315,195)
$43,554,812
Ordinary
income
Accumulated
Capital
and Other
Gain (Loss)
Other
Temporary
Differences
Unrealized
Appreciation
(Depreciation)
Total
Accumulated
Gain (Loss)
$10,259,251
$(197,062,026)
$(5,344)
$43,512,854
$(143,295,265)
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is primarily due to wash sale adjustments and real estate investment trusts (REITs). The other temporary differences are primarily due to Swiss reclaim.
As of April 30, 2022, for federal income tax purposes, capital loss carryforwards of $210,581,712, as shown in the table below, were available to the extent provided by the regulations to offset future realized gains of the Fund. Accordingly, no capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such amounts.
Capital Loss
Available Through
Short-Term
Capital Loss
Amounts (000’s)
Long-Term
Capital Loss
Amounts (000’s)
Unlimited
$119,451
$91,131
The Fund utilized $5,272,880 of capital loss carryforwards during the year ended April 30, 2022. Availability of a certain amount of the loss carryforwards, which were acquired in a merger with MainStay Cushing Renaissance Advantage Fund and MainStay Cushing Energy Income Fund, may be limited in a given year under Section 381-384 of the Internal Revenue Code.
During the years ended April 30, 2022 and April 30, 2021, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:
 
2022
2021
Distributions paid from:
 
 
Ordinary Income
$14,816,842
$4,634,046
Note 5–Custodian
JPMorgan is the custodian of cash and securities held by the Fund. 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.
27

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 27, 2021, 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, 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 26, 2022, 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. During the year ended April 30, 2022, there were no borrowings made or outstanding with respect to the Fund under the Credit Agreement.
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 April 30, 2022, 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 April 30, 2022, purchases and sales of securities, other than short-term securities, were $1,373,105 and $286,471, respectively.
Note 9–Capital Share Transactions
Transactions in capital shares for the years ended April 30, 2022 and April 30, 2021, were as follows:
Class A
Shares
Amount
Year ended April 30, 2022:
 
 
Shares sold
4,411,145
$57,605,328
Shares issued to shareholders in
reinvestment of distributions
75,944
975,716
Shares redeemed
(1,226,961)
(16,049,703)
Net increase (decrease) in shares
outstanding before conversion
3,260,128
42,531,341
Shares converted into Class A (See
Note 1)
21,293
278,101
Shares converted from Class A (See
Note 1)
(78,805)
(1,050,609)
Net increase (decrease)
3,202,616
$41,758,833
Year ended April 30, 2021:
 
 
Shares sold
1,872,393
$21,788,474
Shares issued in connection with the
acquisition of MainStay Cushing Energy
Income Fund
601,016
6,193,827
Shares issued in connection with the
acquisition of MainStay Cushing
Renaissance Advantage Fund
528,902
5,450,653
Shares issued to shareholders in
reinvestment of distributions
36,412
410,877
Shares redeemed
(589,938)
(6,735,881)
Net increase (decrease) in shares
outstanding before conversion
2,448,785
27,107,950
Shares converted into Class A (See
Note 1)
32,197
366,724
Net increase (decrease)
2,480,982
$27,474,674
28
MainStay CBRE Global Infrastructure Fund

Investor Class
Shares
Amount
Year ended April 30, 2022:
 
 
Shares sold
50,651
$678,517
Shares issued to shareholders in
reinvestment of distributions
2,248
28,825
Shares redeemed
(22,119)
(288,283)
Net increase (decrease) in shares
outstanding before conversion
30,780
419,059
Shares converted into Investor Class (See
Note 1)
3,078
40,150
Shares converted from Investor Class (See
Note 1)
(17,270)
(225,640)
Net increase (decrease)
16,588
$233,569
Year ended April 30, 2021:
 
 
Shares sold
22,331
$261,551
Shares issued in connection with the
acquisition of MainStay Cushing Energy
Income Fund
91,365
940,483
Shares issued in connection with the
acquisition of MainStay Cushing
Renaissance Advantage Fund
92,315
950,261
Shares issued to shareholders in
reinvestment of distributions
2,156
24,023
Shares redeemed
(34,598)
(397,716)
Net increase (decrease) in shares
outstanding before conversion
173,569
1,778,602
Shares converted into Investor Class (See
Note 1)
2,904
34,998
Shares converted from Investor Class (See
Note 1)
(17,954)
(204,846)
Net increase (decrease)
158,519
$1,608,754
Class C
Shares
Amount
Year ended April 30, 2022:
 
 
Shares sold
1,163,935
$15,167,647
Shares issued to shareholders in
reinvestment of distributions
11,316
142,471
Shares redeemed
(222,223)
(2,883,848)
Net increase (decrease) in shares
outstanding before conversion
953,028
12,426,270
Shares converted from Class C (See
Note 1)
(7,157)
(92,611)
Net increase (decrease)
945,871
$12,333,659
Year ended April 30, 2021:
 
 
Shares sold
525,639
$6,194,222
Shares issued in connection with the
acquisition of MainStay Cushing Energy
Income Fund
307,263
3,159,121
Shares issued in connection with the
acquisition of MainStay Cushing
Renaissance Advantage Fund
269,210
2,767,878
Shares issued to shareholders in
reinvestment of distributions
5,659
61,815
Shares redeemed
(282,657)
(3,227,807)
Net increase (decrease) in shares
outstanding before conversion
825,114
8,955,229
Shares converted from Class C (See
Note 1)
(17,245)
(196,876)
Net increase (decrease)
807,869
$8,758,353
Class I
Shares
Amount
Year ended April 30, 2022:
 
 
Shares sold
90,600,814
$1,191,344,996
Shares issued to shareholders in
reinvestment of distributions
936,782
12,096,707
Shares redeemed
(11,518,740)
(151,517,719)
Net increase (decrease) in shares
outstanding before conversion
80,018,856
1,051,923,984
Shares converted into Class I (See Note 1)
78,742
1,050,609
Net increase (decrease)
80,097,598
$1,052,974,593
Year ended April 30, 2021:
 
 
Shares sold
22,477,048
$266,718,394
Shares issued in connection with the
acquisition of MainStay Cushing Energy
Income Fund
348,425
3,592,675
Shares issued in connection with the
acquisition of MainStay Cushing
Renaissance Advantage Fund
438,428
4,520,721
Shares issued to shareholders in
reinvestment of distributions
349,236
3,966,730
Shares redeemed
(7,370,273)
(83,206,710)
Net increase (decrease)
16,242,864
$195,591,810
29

Notes to Financial Statements (continued)
Class R6
Shares
Amount
Year ended April 30, 2022:
 
 
Shares sold
790,403
$10,101,975
Shares issued to shareholders in
reinvestment of distributions
2,801
38,065
Shares redeemed
(17,275)
(228,218)
Net increase (decrease)
775,929
$9,911,822
Year ended April 30, 2021:
 
 
Shares sold
28,666
$329,320
Shares issued to shareholders in
reinvestment of distributions
202
2,375
Shares redeemed
(3,548)
(41,970)
Net increase (decrease)
25,320
$289,725
Note 10–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 and related variants 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 11–Subsequent Events
In connection with the preparation of the financial statements of the Fund as of and for the year ended April 30, 2022, events and transactions subsequent to April 30, 2022, 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.
30
MainStay CBRE Global Infrastructure 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 CBRE Global Infrastructure Fund (the Fund), one of the funds constituting MainStay Funds Trust, including the portfolio of investments, as of April 30, 2022, 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 ended April 30, 2022, the period November 1, 2019 or February 24, 2020 (commencement of operations, as applicable) through April 30, 2020, and each of the years or periods in the three-year period ended October 31, 2019. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2022, 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 ended April 30, 2022, the period November 1, 2019 or February 24, 2020 (commencement of operations, as applicable) through April 30, 2020, and each of the years or periods in the three-year period ended October 31, 2019, 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 April 30, 2022, 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.
We have served as the auditor of one or more New York Life Investment Management investment companies since 2003.
Philadelphia, Pennsylvania
June 27, 2022
31

Board Consideration and Approval of Management Agreement and Subadvisory Agreement (Unaudited)
The continuation of the Management Agreement with respect to the MainStay CBRE Global Infrastructure Fund (“Fund”) and New York Life Investment Management LLC (“New York Life Investments”) and the Subadvisory Agreement between New York Life Investments and CBRE Investment Management Listed Real Assets LLC (“CBRE”) with respect to the Fund (together, “Advisory Agreements”), following an initial term of up to two years, is subject to annual review and approval by the Board of Trustees of MainStay Funds Trust (“Board” of the “Trust”) in accordance with Section 15 of the Investment Company Act of 1940, as amended (“1940 Act”). At its December 8–9, 2021 meeting, the Board, including the Trustees who are not an “interested person” (as such term is defined in the 1940 Act) of the Trust (“Independent Trustees”) voting separately, unanimously approved the continuation of each of the Advisory Agreements for a one-year period.
In reaching the decision to approve the continuation of each of the Advisory Agreements, the Board considered information and materials furnished by New York Life Investments and CBRE in connection with an annual contract review process undertaken by the Board that took place at meetings of the Board and its Contracts Committee during September 2021 through December 2021, including information and materials furnished by New York Life Investments and CBRE in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees, which encompassed a variety of topics, including those summarized below. Information and materials requested by and furnished to the Board for consideration in connection with the contract review process included, among other items, reports on the Fund and “peer funds” prepared by Institutional Shareholder Services Inc. (“ISS”), an independent third-party service provider engaged by the Board to report objectively on the Fund’s investment performance, management fee and total expenses. The Board also considered information on the fees charged to other investment advisory clients of New York Life Investments and/or CBRE that follow investment strategies similar to those of the Fund, if any, and, when applicable, the rationale for any differences in the Fund’s management and subadvisory fees and the fees charged to those other investment advisory clients. In addition, the Board considered information regarding the legal standards and fiduciary obligations applicable to its consideration of the continuation of each of the Advisory Agreements. The contract review process, including the structure and format for information and materials provided to the Board, has been developed in consultation with the Board. The Independent Trustees also met in executive sessions with their independent legal counsel and, for portions thereof, with senior management of New York Life Investments.
The Board’s deliberations with respect to the continuation of each of the Advisory Agreements reflect a year-long process, and the Board also took into account information furnished to the Board and its Committees throughout the year, as deemed relevant and appropriate by the Trustees, including, among other items, reports on investment performance of the Fund and investment-related matters for the Fund as well as presentations from New York Life Investments and CBRE personnel. In addition, the Board took into account other information received from New
York Life Investments throughout the year, including, among other items, periodic reports on legal and compliance matters, risk management, portfolio turnover, brokerage commissions and non-advisory services provided to the Fund by New York Life Investments, as deemed relevant and appropriate by the Trustees.
In addition to information provided to the Board throughout the year, the Board received information in connection with its June 2021 meeting provided specifically in response to requests prepared on behalf of the Board, and in consultation with the Independent Trustees, by independent legal counsel to the Independent Trustees regarding the Fund’s distribution arrangements. In addition, the Board received information regarding the Fund’s asset levels, share purchase and redemption activity and the payment of Rule 12b-1 and/or other fees by the applicable share classes of the Fund, among other information.
In considering the continuation of each of the Advisory Agreements, the Trustees reviewed and evaluated the information and factors they believed to reasonably be necessary and appropriate in light of legal advice furnished to them by independent legal counsel to the Independent Trustees and through the exercise of their own business judgment. Although individual Trustees may have weighed certain factors or information differently and the Board did not consider any single factor or information controlling in reaching its decision, the factors considered by the Board are described in greater detail below and include, among other factors: (i) the nature, extent and quality of the services provided to the Fund by New York Life Investments and CBRE; (ii) the qualifications of the portfolio managers of the Fund and the historical investment performance of the Fund, New York Life Investments and CBRE; (iii) the costs of the services provided, and profits realized, by New York Life Investments and CBRE with respect to their relationships with the Fund; (iv) the extent to which economies of scale have been realized or may be realized if the Fund grows and the extent to which economies of scale have benefited or may benefit the Fund’s shareholders; and (v) the reasonableness of the Fund’s management and subadvisory fees and total ordinary operating expenses. Although the Board recognized that comparisons between the Fund’s fees and expenses and those of other funds are imprecise given different terms of agreements, variations in fund strategies and other factors, the Board considered the reasonableness of the Fund’s management fee and total ordinary operating expenses as compared to the peer funds identified by ISS. Throughout their considerations, the Trustees acknowledged the commitment of New York Life Investments and its affiliates to serve the MainStay Group of Funds, as well as their capacity, experience, resources, financial stability and reputations. The Trustees also acknowledged the entrepreneurial and other risks assumed by New York Life Investments in sponsoring and managing the Fund.
The Trustees noted that, throughout the year, the Trustees are afforded an opportunity to ask questions of, and request additional information or materials from, New York Life Investments and CBRE. The Board’s decision with respect to each of the Advisory Agreements may have also been based, in part, on the Board’s knowledge of New York Life Investments and CBRE resulting from, among other things, the Board’s
32
MainStay CBRE Global Infrastructure Fund

consideration of each of the Advisory Agreements in prior years, the advisory agreements for other funds in the MainStay Group of Funds, the Board’s review throughout the year of the performance and operations of other funds in the MainStay Group of Funds and each Trustee’s business judgment and industry experience. In addition to considering the above-referenced factors, the Board observed that in the marketplace there are a range of investment options available to investors and that the Fund’s shareholders, having had the opportunity to consider other investment options, have chosen to invest in the Fund.
The factors that figured prominently in the Board’s decision to approve the continuation of each of the Advisory Agreements during its December 8–9, 2021 meeting are summarized in more detail below.
Nature, Extent and Quality of Services Provided by New York Life Investments and CBRE
The Board examined the nature, extent and quality of the services that New York Life Investments provides to the Fund. The Board evaluated New York Life Investments’ experience and capabilities in serving as manager of the Fund and considered that the Fund operates in a “manager-of-managers” structure. The Board also considered New York Life Investments’ responsibilities and services provided pursuant to this structure, including evaluating the performance of CBRE, making recommendations to the Board as to whether the Subadvisory Agreement should be renewed, modified or terminated and periodically reporting to the Board regarding the results of New York Life Investments’ evaluation and monitoring functions. The Board noted that New York Life Investments manages other mutual funds, serves a variety of other investment advisory clients, including other pooled investment vehicles, and has experience overseeing mutual fund service providers, including subadvisors. The Board considered the experience of senior personnel at New York Life Investments providing management and administrative and other non-advisory services to the Fund as well as New York Life Investments’ reputation and financial condition. The Board observed that New York Life Investments devotes significant resources and time to providing management and non-advisory services to the Fund, including New York Life Investments’ supervision and due diligence reviews of CBRE and ongoing analysis of, and interactions with, CBRE with respect to, among other things, the Fund’s investment performance and risks as well as CBRE’s investment capabilities and subadvisory services with respect to the Fund.
The Board also considered the range of services that New York Life Investments provides to the Fund under the terms of the Management Agreement, including: (i) fund accounting and ongoing supervisory services provided by New York Life Investments’ Fund Administration and Accounting Group; (ii) investment supervisory and analytical services provided by New York Life Investments’ Investment Consulting Group; (iii) compliance services provided by the Trust’s Chief Compliance Officer as well as New York Life Investments’ compliance department, including supervision and implementation of the Fund’s compliance program; (iv) legal services provided by New York Life Investments’ Office of the General Counsel; and (v) risk management monitoring and analysis by
compliance and investment personnel. The Board noted that New York Life Investments provides certain other non-advisory services to the Fund. In addition, the Board considered New York Life Investments’ willingness to invest in personnel and other resources, such as cyber security, information security and business continuity planning, designed to benefit the Fund and noted that New York Life Investments is responsible for compensating the Trust’s officers. The Board recognized that New York Life Investments has provided an increasingly broad array of non-advisory services to the MainStay Group of Funds as a result of regulatory and other developments. The Board considered benefits to the Fund’s shareholders from the Fund being part of the MainStay Group of Funds, including the privilege of exchanging investments between the same class of shares of funds in the MainStay Group of Funds, including without the imposition of a sales charge (if any).
The Board also examined the range, and the nature, extent and quality, of the investment advisory services that CBRE provides to the Fund and considered the terms of each of the Advisory Agreements. The Board evaluated CBRE’s experience and performance in serving as subadvisor to the Fund and advising other portfolios and CBRE’s track record and experience in providing investment advisory services, the experience of investment advisory, senior management and administrative personnel at CBRE and New York Life Investments’ and CBRE’s overall resources, legal and compliance environment, capabilities, reputation and history. In addition to information provided in connection with quarterly meetings with the Trust’s Chief Compliance Officer, the Board considered information regarding the compliance policies and procedures of New York Life Investments and CBRE and acknowledged their commitment to further developing and strengthening compliance programs relating to the Fund. The Board reviewed CBRE’s ability to attract and retain qualified investment professionals and willingness to invest in personnel to service and support the Fund. In this regard, the Board considered the qualifications and experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers and the method for compensating the portfolio managers.
In addition, the Board considered information provided by New York Life Investments and CBRE regarding the operations of their respective business continuity plans in response to the ongoing COVID-19 pandemic, including the remote working environment.
Based on these considerations, the Board concluded that the Fund would likely continue to benefit from the nature, extent and quality of these services.
Investment Performance
In evaluating the Fund’s investment performance, the Board considered investment performance results over various periods in light of the Fund’s investment objective, strategies and risks. The Board considered investment reports on, and analysis of, the Fund’s performance provided to the Board throughout the year. These reports include, among other items, information on the Fund’s gross and net returns, the Fund’s investment performance compared to relevant investment categories and
33

Board Consideration and Approval of Management Agreement and Subadvisory Agreement (Unaudited) (continued)
the Fund’s benchmark, the Fund’s risk-adjusted investment performance and the Fund’s investment performance as compared to peer funds, as appropriate, as well as portfolio attribution information and commentary on the effect of market conditions. The Board also considered information provided by ISS showing the investment performance of the Fund as compared to peer funds.
The Board also gave weight to its discussions with senior management at New York Life Investments concerning the Fund’s investment performance attributable to CBRE as well as discussions between the Fund’s portfolio management team and the members of the Board’s Investment Committee, which generally occur on an annual basis. In addition, the Board considered any specific actions that New York Life Investments or CBRE had taken, or had agreed to take, to seek to enhance Fund investment performance and the results of those actions.
Based on these considerations, the Board concluded that its review of the Fund’s investment performance and related information supported a determination to approve the continuation of each of the Advisory Agreements.
Costs of the Services Provided, and Profits Realized, by New York Life Investments and CBRE
The Board considered the costs of the services provided under each of the Advisory Agreements. The Board also considered the profits realized by New York Life Investments and its affiliates and CBRE due to their relationships with the Fund. The Board considered that CBRE’s subadvisory fee had been negotiated at arm’s-length by New York Life Investments and that this fee is paid by New York Life Investments, not the Fund, and the relevance of CBRE’s profitability was considered by the Trustees in that context. On this basis, the Board primarily considered the costs and profitability for New York Life Investments and its affiliates with respect to the Fund.
In addition, the Board acknowledged the difficulty in obtaining reliable comparative data about mutual fund managers’ profitability because such information generally is not publicly available and may be impacted by numerous factors, including the structure of a fund manager’s organization, the types of funds it manages, the methodology used to allocate certain fixed costs to specific funds and the manager’s capital structure and costs of capital.
In evaluating the costs of the services provided by New York Life Investments and CBRE and profits realized by New York Life Investments and its affiliates and CBRE, the Board considered, among other factors, New York Life Investments’ and its affiliates’ and CBRE’s continuing investments in, or willingness to invest in, personnel and other resources to support and further enhance the management of the Fund, and that New York Life Investments is responsible for paying the subadvisory fee for the Fund. The Board also considered the financial resources of New York Life Investments and CBRE and acknowledged that New York Life Investments and CBRE must be in a position to attract and retain experienced professional personnel and to maintain a strong financial position for New York Life Investments and CBRE to continue to provide
high-quality services to the Fund. The Board recognized that the Fund benefits from the allocation of certain fixed costs among the funds in the MainStay Group of Funds, among other expected benefits resulting from its relationship with New York Life Investments.
The Board considered information regarding New York Life Investments’ methodology for calculating profitability and allocating costs provided by New York Life Investments in connection with the fund profitability analysis presented to the Board. The Board previously engaged an independent consultant to review the methods used to allocate costs among the funds in the MainStay Group of Funds. The Board noted that the independent consultant had concluded that New York Life Investments’ methods for allocating costs and procedures for estimating overall profitability of the relationship with the funds in the MainStay Group of Funds are reasonable and that New York Life Investments continued to use the same method of calculating profit and allocating costs since the independent consultant’s review. The Board recognized the difficulty in calculating and evaluating a manager’s profitability with respect to the Fund and noted that other profitability methodologies may also be reasonable.
The Board also considered certain fall-out benefits that may be realized by New York Life Investments and its affiliates due to their relationships with the Fund, including reputational and other indirect benefits. The Board recognized, for example, the benefits to CBRE from legally permitted “soft-dollar” arrangements by which brokers provide research and other services to CBRE in exchange for commissions paid by the Fund with respect to trades in the Fund’s portfolio securities. In this regard, the Board also requested and considered information from New York Life Investments concerning other material business relationships between CBRE and its affiliates and New York Life Investments and its affiliates and considered the existence of a strategic partnership between New York Life Investments and CBRE that relates to certain current and future products that represents a conflict of interest associated with New York Life Investments’ recommendation to approve the Subadvisory Agreement. In addition, the Board considered its review of a money market fund advised by New York Life Investments and an affiliated subadvisor that serves as an investment option for the Fund, including the potential rationale for and costs associated with investments in this money market fund by the Fund, if any, and considered information from New York Life Investments that the nature and type of specific investment advisory services provided to this money market fund are distinct from, or in addition to, the investment advisory services provided to the Fund.
The Board observed that, in addition to fees earned by New York Life Investments for managing the Fund, New York Life Investments’ affiliates also earn revenues from serving the Fund in various other capacities, including as the Fund’s transfer agent and distributor. The Board considered information about these other revenues and their impact on the profitability of the relationship with the Fund to New York Life Investments and its affiliates. The Board noted that, although it assessed the overall profitability of the Fund to New York Life Investments and its affiliates as part of the contract review process, when considering the reasonableness of the fee paid to New York Life Investments under the
34
MainStay CBRE Global Infrastructure Fund

Management Agreement, the Board considered the profitability of New York Life Investments’ relationship with the Fund on a pre-tax basis and without regard to distribution expenses incurred by New York Life Investments from its own resources.
After evaluating the information deemed relevant by the Trustees, the Board concluded that any profits realized by New York Life Investments and its affiliates due to their relationships with the Fund were not excessive. With respect to CBRE, the Board considered that any profits realized by CBRE due to its relationship with the Fund are the result of arm’s-length negotiations between New York Life Investments and CBRE, acknowledging that any such profits are based on the subadvisory fee paid to CBRE by New York Life Investments, not the Fund.
Management and Subadvisory Fees and Total Ordinary Operating Expenses
The Board evaluated the reasonableness of the fee paid under each of the Advisory Agreements and the Fund’s total ordinary operating expenses. The Board primarily considered the reasonableness of the management fee paid by the Fund to New York Life Investments because the subadvisory fee paid to CBRE is paid by New York Life Investments, not the Fund. The Board also considered the reasonableness of the subadvisory fee paid by New York Life Investments and the amount of the management fee retained by New York Life Investments.
In assessing the reasonableness of the Fund’s fees and expenses, the Board primarily considered comparative data provided by ISS on the fees and expenses charged by similar mutual funds managed by other investment advisers. In addition, the Board considered information provided by New York Life Investments and CBRE on fees charged to other investment advisory clients, including institutional separate accounts and/or other funds that follow investment strategies similar to those of the Fund, if any. The Board considered the similarities and differences in the contractual management fee schedules of the Fund and those of the similarly-managed accounts and/or funds, taking into account the rationale for any differences in fee schedules. The Board also took into account explanations provided by New York Life Investments about the more extensive scope of services provided to registered investment companies, such as the Fund, as compared with other investment advisory clients. Additionally, the Board considered the impact of voluntary waivers and expense limitation arrangements on the Fund’s net management fee and expenses. The Board also considered that in proposing fees for the Fund, New York Life Investments considers the competitive marketplace for mutual funds. The Board considered its discussions with representatives from New York Life Investments regarding the management fee paid by the Fund.
The Board took into account information from New York Life Investments regarding the reasonableness of the Fund’s transfer agent fee schedule, including industry data demonstrating that the fees that NYLIM Service Company LLC, an affiliate of New York Life Investments and the Fund’s transfer agent, charges the Fund are within the range of fees charged by transfer agents to other mutual funds. In addition, the Board considered
NYLIM Service Company LLC’s profitability in connection with the transfer agent services it provides to the Fund. The Board also took into account information received from NYLIM Service Company LLC regarding the sub-transfer agency payments it made to intermediaries in connection with the provision of sub-transfer agency services to the Fund.
The Board considered the extent to which transfer agent fees comprised total expenses of the Fund. The Board acknowledged the role that the MainStay Group of Funds historically has played in serving the investment needs of New York Life Insurance Company customers, who often maintain smaller account balances than other shareholders of funds, and the impact of small accounts on the expense ratios of Fund share classes. The Board also recognized measures that it and New York Life Investments have taken to mitigate the effect of small accounts on the expense ratios of Fund share classes, including through the imposition of an expense limitation on net transfer agency expenses. The Board also considered that NYLIM Service Company LLC had waived its contractual cost of living adjustments during the seven years prior to 2021.
Based on the factors outlined above, the Board concluded that the Fund’s management fee and total ordinary operating expenses were within a range that is competitive and support a conclusion that these fees and expenses are reasonable.
Economies of Scale
The Board considered information regarding economies of scale, including whether the Fund’s expense structure permits economies of scale to be appropriately shared with the Fund’s shareholders. The Board also considered a report from New York Life Investments, previously prepared at the request of the Board, that addressed economies of scale, including with respect to the mutual fund business generally, and the various ways in which the benefits of economies of scale may be shared with the funds in the MainStay Group of Funds. Although the Board recognized the difficulty of determining economies of scale with precision, the Board acknowledged that economies of scale may be shared with the Fund in a number of ways, including, for example, through the imposition of fee breakpoints, initially setting management fee rates at scale or making additional investments to enhance services. The Board reviewed information from New York Life Investments showing how the Fund’s management fee schedule compared to fee schedules of other funds and accounts managed by New York Life Investments. The Board also reviewed information from ISS showing how the Fund’s management fee schedule compared with fees paid for similar services by peer funds at varying asset levels.
Based on this information, the Board concluded that economies of scale are appropriately reflected for the benefit of the Fund’s shareholders through the Fund’s expense structure and other methods to share benefits from economies of scale.
35