MainStay CBRE Global Infrastructure Fund

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Refinitiv Lipper Fund Awards- 2020 Winner United States

Investment
Subadvisor

 CBRE Clarion Securities LLC

MacKay ShieldsIndustry leading, real asset investment specialist with an unmatched global network and research platform.

Portfolio Managers

  • Jeremy Anagnos, CIO Infrastructure Division
  • Fund's Manager:
    Since inception

    Industry Experience:
    24 years

  • T. Ritson Ferguson, CFA
  • Fund's Manager:
    Since inception

    Industry Experience:
    33 years

  • Daniel Foley
  • Fund's Manager:
    Since December 2019

    Industry Experience:
    13 years

  • Hinds Howard
  • Fund's Manager:
    Since December 2019

    Industry Experience:
    15 years

Fund Objective: The Fund seeks total return.

  • Stable growth and income potential
    Infrastructure is essential to economic growth and vitality and can offer reliable and regulated cash flows.

  • High conviction active management
    Investment process leverages a proprietary research platform to drive superior stock selection.

  • Broad, core infrastructure exposure
    May improve the risk-adjusted return of global equity or real asset allocations.

Fund inception: 6/28/2013; Class A inception: 10/16/2013. On February 21, 2020, the Voya CBRE Global Infrastructure Fund was reorganized into the MainStay CBRE Global Infrastructure Fund. The MainStay CBRE Global Infrastructure Fund has assumed the Voya CBRE Global Infrastructure Fund’s historical performance, which had a different fee structure. Past performance may have been different if the Portfolio’s current subadvisor, principal investment strategies or fee structure had been in place during the period.

Class A & INV: 5.5% maximum initial sales charge; a 1% CDSC may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Class B: CDSC up to 5% if redeemed within six years. Class C: 1% CDSC if redeemed within one year. Class I: No initial sales charge or CDSC.

See the prospectus and/or Fees & Expenses tab above for Total Annual Fund Operating Expenses (including Waivers/Reimbursements if applicable).

Returns represent past performance which is no guarantee of future results. Current performance may be lower or higher. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Performance reflects a contractual fee waiver and/or expense limitation agreement for Class A, C, I, and R6 shares in effect through 2/28/22, without which total returns may have been lower. This agreement renews automatically for one-year terms unless written notice is provided prior to the start of the next term or upon approval of the Board. No initial sales charge applies on investments of $1 million or more (and certain other qualified purchases). However, a contingent deferred sales charge of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Visit nylinvestments.com/funds for the most recent month-end performance. Expenses stated are as of the fund’s most recent prospectus.

The Refinitiv Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The Refinitiv Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the Refinitiv Lipper Fund Award. For more information, see lipperfundawards.com. Although Refinitiv Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Refinitiv Lipper.

On February 21, 2020, the Voya CBRE Global Infrastructure Fund was reorganized into the MainStay CBRE Global Infrastructure Fund. The MainStay CBRE Global Infrastructure Fund has assumed the Voya CBRE Global Infrastructure Fund’s historical performance, which had a different fee structure. Past performance may have been different if the Portfolio’s current subadvisor, principal investment strategies or fee structure had been in place during the period.

Before You Invest

Before considering an investment in the Fund, you should understand that you could lose money. The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results. Investments in infrastructure-related securities will expose the Fund to potential adverse economic, regulatory, political, legal and other changes affecting such investments. Issuers of securities in infrastructure-related businesses are subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, high leverage, costs associated with environmental or other regulations and the effects of economic slowdowns. MLPs carry many of the risks inherent in investing in a partnership. State law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded investors in an MLP. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. The risks of investing in emerging markets include the risks of illiquidity, increased price volatility, smaller market capitalizations, less government regulation, less extensive and less frequent accounting, financial and other reporting requirements, risk of loss resulting from problems in share registration and custody, substantial economic and political disruptions, and the nationalization of foreign deposits or assets. Small and mid-cap stocks are often more volatile than large-cap stocks. Because the Fund concentrates its investments in securities issued by companies principally engaged in the infrastructure group of industries, the Fund may be subject to greater risks and market fluctuations than a fund whose portfolio has exposure to a broader range of industries.

Portfolios concentrated in infrastructure securities and Master Limited Partnerships (“MLPs”) may experience price volatility and other risks associated with non-diversification. Investment in infrastructure related companies may be subject to high interest costs in connection with capital construction programs, costs associated with environmental and other regulations, the effects of economic slowdown and surplus capacity, the effects of energy conservation policies, governmental regulation and other factors. MLPs often own interests Related to the oil and gas industries or other natural resources but may finance other projects. As such, MLPs will be negatively impacted by economic events adversely impacting that industry. Investments in MLPs may offer fewer legal protections than investments in corporations, and limited voting rights. International investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. Emerging markets involve heightened risks related to the same factors, as well as increased volatility and lower trading volume. Other risks of the Fund include but are not limited to: Company; Convertible Securities; Currency; Derivative Instruments; Investment Model; Liquidity; Market; Market Capitalization; Other Investment Companies; and Securities Lending risks.

1. POP (Public Offering Price) is the NAV (Net Asset Value) plus a sales charge. All POPs are subject to revision and include the maximum sales charge.

2. Average annual total returns include the change in share price and reinvestment of dividends and capital gain distributions.

New York Life Investment Management LLC engages the services of federally registered advisors. CBRE Clarion Securities LLC is unaffiliated with New York Life Investments.

The FTSE Global Core Infrastructure 50/50 Index captures the performance of listed infrastructure securities in both developed and emerging markets. Constituents are selected by further screening companies who derive revenues from infrastructure related activities within particular Industry Classification Benchmark (ICB) sub-sectors of the FTSE Global All Cap Index. FTSE applies minimum infrastructure revenue thresholds of 65% for constituents of the Core Infrastructure indices. The index returns do not reflect deductions for fees or expenses. Investors cannot invest directly in an index.