MainStay CBRE Real Estate Fund

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Subadvisor

 CBRE Clarion Securities LLC

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

Portfolio Managers

  • Joseph P. Smith, CFA
  • Fund's Manager:
    Since 2005

    Industry Experience:
    29 years

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

    Industry Experience:
    33 years

  • Jonathan Miniman, CFA
  • Fund's Manager:
    Since December 2019

    Industry Experience:
    18 years

  • Kenneth S. Weinberg, CFA
  • Fund's Manager:
    Since December 2019

    Industry Experience:
    28 years

Fund Objective: The Fund seeks total return.

  • Diversification from stocks and bonds
    Real estate securities and REITs offer potential for diversification and attractive yield.

  • Proven investment process, market experts
    CBRE Clarion has the longest track record of managing U.S. REIT portfolios in the industry.

  • Complement private real estate or real assets
    Liquid, transparent, income seeking complement to private real estate, real assets, or multi-asset portfolios.

Fund inception: 12/31/1996; Class A inception: 12/20/2002. On February 21, 2020, MainStay Funds adopted the Voya Real Estate Fund, and it was renamed MainStay CBRE Real Estate Fund. Performance information for periods prior to February 24, 2020, reflects the performance of Voya Real Estate Fund.

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, R3, 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.

On February 21, 2020 MainStay Funds adopted the Voya Real Estate Fund and it was renamed MainStay CBRE Real Estate Fund. Performance information for periods prior to February 24, 2020, reflects the performance of Voya Real Estate Fund.

Before You Invest

Before considering an investment in the Fund, you should understand that you could lose money. Investments in REITs involve risks associated with direct ownership of real estate, including decline in property values, extended vacancies, increases in property taxes and changes in interest rates. Investments in the real estate sector have many of the same risks as direct ownership of real estate, including the risk that the value of real estate could decline due to a variety of factors that affect the real estate market generally.

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 real estate industry, the Fund may be subject to greater risks and market fluctuations than a fund whose portfolio has exposure to a broader range of industries. Other risks of the fund include: Private Placement and Restricted Securities Risk. Convertible Securities Risk and Initial Public Offering Risk.

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 MSCI U.S. REIT Index is a free float-adjusted market capitalizaiton weighted index that is comprised of equity REITS that are included in the MSCI U.S. Investable Market 2500 Index (with the exception of specialty equity REITS) that do not generate majority of their revenue and income from real estate rental and leasing obligations). The index represents approximately 85% of the U.S. REIT universe. The Index does not reflect fees, brokerage commissions, taxes or other expenses of investing. Investors cannot invest directly in an index.