MainStay Epoch Capital Growth Fund

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Overview

MainStay Epoch Capital Growth Fund seeks long-term capital appreciation.

Growth potential in a low growth environment

The Fund invests in companies with a history of generating free cash flow, and have management teams committed to using that cash to reinvest for capital growth.

Focus on return on invested capital (ROIC)

The investment team seeks companies with attractive and persistent net ROIC, when the return on investment exceeds the cost of capital.

Diversified portfolio

This global equity Fund is diversified across geographic regions, market capitalizations, and economic sectors.

Performance

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 C: 1% CDSC if redeemed within one year. Class I: No initial sales charge or CDSC.

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. 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. Expenses stated are as of the fund's most recent prospectus.

Performance reflects a contractual fee waiver and/or expense limitation agreement for Class A and I shares in effect through 2/28/25, without which total returns may have been lower. This agreement renews automatically for one-year terms unless written notice is provided before the start of the next term or upon approval of the Board.

Portfolio

Top Sectors (%)

Distribution & Yields

Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (ROC) of your investment in the fund. Because the distribution rate and the 12-month rate may include a ROC, they should not be confused with yield or income. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the composition of distributions. Final determination of a distribution’s tax character will be made on Form 1099 DIV sent to shareholders each January.

Distribution Rate: The distribution rate measures the percentage return in the form of dividends. It is calculated daily by annualizing the most recent dividend distribution and dividing by the daily share price (NAV or POP). If the Fund did not make a distribution as of the latest scheduled distribution date, "N/A" will be displayed.

12-month Rate: The 12-month rate measures the percentage return in the form of dividends. It is calculated monthly by taking the sum of the trailing 12-month dividend payments divided by the last month's ending share price (NAV or POP) plus any capital gains distributed over previous 12 months. If the Fund did not make any distributions over the previous 12 months, "N/A" will be displayed.

The 30 Day SEC Yield is calculated by dividing the net investment income per share for the first 30 days of the month by the offering price per share at the end of that period. The yield reflects the dividends and interest earned during the period, after the deduction of the Fund's expenses. Yield reflects a fee waiver and/or expense limitation agreement without which the 30 Day SEC Yield would have been lower.

Dividend distributions are the distribution of a dividend to mutual fund shareholders as of a certain date. The following Funds declare daily dividends: MainStay MacKay California Tax Free Opportunities, MainStay Floating Rate, MainStay MacKay High Yield Municipal Bond, MainStay MacKay U.S. Infrastructure Bond Fund, MainStay Money Market, MainStay MacKay New York Tax Free Opportunities, MainStay MacKay Short Term Municipal Fund and MainStay MacKay Tax Free Bond.

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Fees & Expenses

Team

Global equity manager with a distinct perspective on the long-term drivers of shareholder return.

Global asset management firm that manages U.S., non-U.S. and global equity strategies for institutional and intermediary clients; their investment strategy is based on fundamental research and seeks to invest in companies that can grow free cash flow and allocate it effectively for the benefit of shareholders.

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Steven Bleiberg

Managing Director

Michael Welhoelter

Managing Director

David Siino

Managing Director

Literature

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MainStay Epoch Capital Growth Fund Class A: MECDX | Class C: MECEX | Class I: MECFX| Class INV: MECVX

BEFORE YOU INVEST

Before considering an investment in the Fund, you should understand that you could lose money.

Growth-oriented common stocks and other equity type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) may involve larger price swings and greater potential for loss than other types of investments.

Investing in smaller companies involves special risks, including higher volatility and lower liquidity.

Investing in mid-cap stocks may carry more risk than investing in stocks of larger, more well-established companies.

Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. These risks may be greater for emerging markets.

Investment in REITs carries with it many of the risks associated with direct ownership of real estate, including decline in property values, extended vacancies, increases in property taxes, and changes in interest rates.

MLPs are subject to certain risks inherent in the structure of MLPs, including tax risks; limited ability to elect or remove management or the general partner or managing member; limited voting rights, except with respect to extraordinary transactions; and conflicts of interest between the general partner or managing member and its affiliates, on the one hand, and the limited partners or members, on the other hand, including those arising from incentive distribution payments or corporate opportunities.

MSCI World Index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets.

An investment cannot be made directly into an index.

Standard Deviation measures how widely dispersed a fund's returns have been over a specified period of time. A high standard deviation indicates that the range is wide, implying greater potential for volatility.

Alpha measures a fund's risk-adjusted performance and is expressed as an annualized percentage.

Beta is a measure of historical volatility relative to an appropriate index (benchmark) based on its investment objective. A beta greater than 1.00 indicates volatility greater than the benchmark's.

R-Squared measures the percentage of a fund's movements that result from movements in the index.

Sharpe Ratio shown is calculated for the past 36-month period by dividing annualized excess returns by annualized standard deviation.

Annual Turnover Rate is as of the most recent annual shareholder report.

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The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance (this does not include the effects of sales charges, loads, and redemption fees). The top 10% of products in each product category receive 5stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Overview

Overview

Performance

Performance

Portfolio

Portfolio

Distribution & Yields

Distribution & Yields

Fees & Expenses

Fees & Expenses

Team

Team

Global equity manager with a distinct perspective on the long-term drivers of shareholder return.

Literature

Literature

BEFORE YOU INVEST

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