MainStay Candriam Emerging Markets Equity Fund

Portfolio of Investments July 31, 2021† (Unaudited)

Shares Value Common Stocks 96.5% Argentina 0.4% MercadoLibre, Inc. (Internet & Direct Marketing Retail) (a) 240 $ 376,488

Brazil 7.0% Banco BTG Pactual SA (Capital Markets) 124,000 696,633 Banco Inter SA (Banks) 52,000 708,676 Banco Santander Brasil SA (Banks) 162,000 1,260,976 Cosan SA (Oil, Gas & Consumable Fuels) 264,000 1,295,099 Localiza Rent a Car SA (Road & Rail) 32,000 381,856 Meliuz SA (Interactive Media & Services) 19,700 256,829 Notre Dame Intermedica Participacoes SA (Health Care Providers & Services) 18,000 276,485 Pagseguro Digital Ltd., Class A (IT Services) (a) 5,500 304,920 Smartfit Escola de Ginastica e Danca SA (Hotels, Restaurants & Leisure) (a) 31,000 163,623 VTEX, Class A (Interactive Media & Services) (a) 7,500 183,750 WEG SA (Electrical Equipment) 66,000 452,524 5,981,371

China 35.4% Aier Eye Hospital Group Co. Ltd., Class A (Health Care Providers & Services) 42,787 389,015 Airtac International Group (Machinery) 15,400 495,069 Alibaba Group Holding Ltd. (Internet & Direct Marketing Retail) (a) 123,000 2,991,449 Alibaba Health Information Technology Ltd. (Health Care Technology) (a) 23,000 35,753 Baidu, Inc., Sponsored ADR (Interactive Media & Services) (a) 900 147,609 Co. Ltd., Class A (Banks) 96,000 481,762 Bilibili, Inc., Sponsored ADR (Entertainment) (a) 1,700 145,486 BYD Co. Ltd., Class H (Automobiles) 5,500 169,151 CanSino Biologics, Inc., Class H (Pharmaceuticals) (a)(b) 9,000 381,025 Corp., Class H (Banks) 1,380,000 962,483 China Feihe Ltd. (Food Products) (b) 164,000 314,867 China Mengniu Dairy Co. Ltd. (Food Products) 58,000 314,587 Co. Ltd., Class H (Banks) 162,000 1,234,103 China Molybdenum Co. Ltd., Class H (Metals & Mining) 540,927 395,368 China Petroleum & Chemical Corp., Class H (Oil, Gas & Consumable Fuels) 940,000 430,618 China Tourism Group Duty Free Corp. Ltd., Class A (Specialty Retail) 10,200 380,744 Chongqing Zhifei Biological Products Co. Ltd., Class A (Biotechnology) 13,396 327,602 CIFI Holdings Group Co. Ltd. (Real Estate Management & Development) 340,000 204,757 Contemporary Amperex Technology Co. Ltd., Class A (Electrical Equipment) 10,000 852,501 Services Holdings Co. Ltd. (Commercial Services & Supplies) 56,000 454,347 East Money Information Co. Ltd., Class A (Capital Markets) 90,518 435,324 Ecovacs Robotics Co. Ltd., Class A (Household Durables) 6,699 177,428 ENN Energy Holdings Ltd. (Gas Utilities) 31,000 648,231 Ganfeng Lithium Co. Ltd., Class A (Metals & Mining) 21,999 663,279 Automobile Holdings Ltd. (Automobiles) 52,000 173,642 Jafron Biomedical Co. Ltd., Class A (Health Care Equipment & Supplies) 20,999 218,177 JD.com, Inc. ADR (Internet & Direct Marketing Retail) (a) 7,800 552,864 Jiumaojiu International Holdings Ltd. (Hotels, Restaurants & Leisure) (b) 68,000 202,570 Lenovo Group Ltd. (Technology Hardware, Storage & Peripherals) 320,000 298,128 Li Ning Co. Ltd. (Textiles, Apparel & Luxury Goods) 72,000 758,807 Longfor Group Holdings Ltd. (Real Estate Management & Development) 102,000 475,798 Shares Value Common Stocks China LONGi Green Energy Technology Co. Ltd., Class A (Semiconductors & Semiconductor Equipment) 33,600 $ 447,147 Meituan (Internet & Direct Marketing Retail) (a) 42,000 1,161,990 MMG Ltd. (Metals & Mining) (a) 480,000 244,597 NIO, Inc. ADR (Automobiles) (a) 16,200 723,816 Pinduoduo, Inc. ADR (Internet & Direct Marketing Retail) (a) 3,600 329,796 Co. Ltd., Class A (Banks) 129,965 356,099 Group Co. of China Ltd., Class H (Insurance) 94,000 824,344 Sany Heavy Industry Co. Ltd., Class A (Machinery) 78,000 299,856 Shandong Linglong Tyre Co. Ltd., Class A (Auto Components) 46,000 266,397 Shandong Sinocera Functional Material Co. Ltd., Class A (Chemicals) 41,000 296,817 Shanghai Baosight Software Co. Ltd., Class A (Software) 13,930 144,127 Shenzhen Inovance Technology Co. Ltd., Class A (Machinery) 38,937 469,562 Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care Equipment & Supplies) 4,800 290,209 Silergy Corp. (Semiconductors & Semiconductor Equipment) 5,100 686,626 Sunny Optical Technology Group Co. Ltd. (Electronic Equipment, Instruments & Components) 19,000 575,050 Holdings Ltd. (Interactive Media & Services) 46,400 2,860,014 Vipshop Holdings Ltd. ADR (Internet & Direct Marketing Retail) (a) 12,600 209,538 Will Semiconductor Co. Ltd. Shanghai, Class A (Semiconductors & Semiconductor Equipment) 12,000 561,480 Wuxi Biologics Cayman, Inc. (Life Sciences Tools & Services) (a)(b) 64,000 975,917 Wuxi Lead Intelligent Equipment Co. Ltd., Class A (Electronic Equipment, Instruments & Components) 45,913 540,462 Xiaomi Corp., Class B (Technology Hardware, Storage & Peripherals) (a)(b) 118,000 384,924 Xinyi Solar Holdings Ltd. (Semiconductors & Semiconductor Equipment) 230,000 461,708 Yantai Jereh Oilfield Services Group Co. Ltd., Class A (Energy Equipment & Services) 77,978 457,749 Yonyou Network Technology Co. Ltd., Class A (Software) 46,998 260,603 Yunnan Energy New Material Co. Ltd. (Containers & Packaging) 22,000 845,236 30,386,608

Hong Kong 1.7% AIA Group Ltd. (Insurance) 31,000 371,386 Hong Kong Exchanges & Clearing Ltd. (Capital Markets) 5,000 319,129 Nine Dragons Paper Holdings Ltd. (Paper & Forest Products) 190,000 239,360 Xinyi Glass Holdings Ltd. (Building Products) 146,000 544,836 1,474,711

Hungary 0.4% OTP Bank Nyrt. (Banks) 5,600 302,030

India 13.0% Ltd. (Chemicals) 8,400 333,951 Ltd. (Consumer Finance) 8,600 719,770 Divi's Laboratories Ltd. (Life Sciences Tools & Services) 8,400 553,803 GAIL Ltd. (Gas Utilities) 230,000 431,318 Graphite India Ltd. (Electrical Equipment) 48,000 456,489 Ltd. (Construction Materials) 28,000 583,724 HDFC Bank Ltd. (Banks) 38,000 728,416 ICICI Bank Ltd. (Banks) 128,000 1,173,957 ICICI Lombard General Insurance Co. Ltd. (Insurance) (b) 9,000 178,482 Info Edge India Ltd. (Interactive Media & Services) 6,800 476,525 Shares Value Common Stocks India Ltd. (IT Services) 56,000 $ 1,211,960 JSW Steel Ltd. (Metals & Mining) 120,000 1,188,389 Jubilant Foodworks Ltd. (Hotels, Restaurants & Leisure) 7,600 385,556 Ltd. (Auto Components) (a) 120,752 380,276 Ltd. (Oil, Gas & Consumable Fuels) 34,000 929,923 State (Banks) 140,000 812,363 Ltd. (Food Products) 48,000 487,805 Zomato Ltd. (Internet & Direct Marketing Retail) (a) 61,000 109,433 11,142,140

Indonesia 0.8% Bank Central Asia Tbk PT (Banks) 310,000 639,827

Mexico 2.4% Alsea SAB de CV (Hotels, Restaurants & Leisure) (a) 200,000 405,601 Grupo Financiero Banorte SAB de CV, Class O (Banks) 120,000 777,947 Ternium SA, Sponsored ADR (Metals & Mining) 17,000 826,880 2,010,428

Peru 0.7% Southern Copper Corp. (Metals & Mining) 9,300 610,452

Poland 1.5% Dino Polska SA (Food & Staples Retailing) (a)(b) 6,500 520,169 KGHM Polska Miedz SA (Metals & Mining) 4,400 222,255 Powszechny Zaklad Ubezpieczen SA (Insurance) 59,000 575,834 1,318,258

Republic of Korea 13.0% Amorepacific Corp. (Personal Products) 700 134,797 Kakao Corp. (Interactive Media & Services) 6,800 869,028 KB Financial Group, Inc. (Banks) 30,000 1,337,970 Kia Corp. (Automobiles) 14,400 1,046,590 NAVER Corp. (Interactive Media & Services) 1,240 467,325 Samsung C&T Corp. (Industrial Conglomerates) 2,700 332,145 Samsung Electro-Mechanics Co. Ltd. (Electronic Equipment, Instruments & Components) 2,700 450,685 Samsung Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals) 56,000 3,821,778 Samsung Engineering Co. Ltd. (Construction & Engineering) (a) 14,600 296,379 Samsung SDI Co. Ltd. (Electronic Equipment, Instruments & Components) 1,160 747,281 SK Hynix, Inc. (Semiconductors & Semiconductor Equipment) 9,500 929,146 S-Oil Corp. (Oil, Gas & Consumable Fuels) 8,000 683,677 11,116,801

Russia 3.6% HeadHunter Group plc ADR (Professional Services) 4,000 170,520 Mobile TeleSystems PJSC, Sponsored ADR (Wireless Telecommunication Services) 26,000 223,340 Polymetal International plc (Metals & Mining) 26,000 564,868 Tatneft PJSC (Oil, Gas & Consumable Fuels) 32,000 213,585 Shares Value Common Stocks Russia TCS Group Holding plc GDR (Banks) 16,000 $ 1,323,520 Yandex NV, Class A (Interactive Media & Services) (a) 9,200 624,956 3,120,789

South Africa 3.3% Capitec Bank Holdings Ltd. (Banks) 4,100 455,229 Impala Platinum Holdings Ltd. (Metals & Mining) 38,000 684,746 Kumba Iron Ore Ltd. (Metals & Mining) 9,600 509,792 Naspers Ltd., Class N (Internet & Direct Marketing Retail) 6,200 1,194,191 2,843,958

Taiwan 11.9% Accton Technology Corp. (Communications Equipment) 44,000 512,927 Alchip Technologies Ltd. (Semiconductors & Semiconductor Equipment) 14,000 316,896 ASPEED Technology, Inc. (Semiconductors & Semiconductor Equipment) 5,500 441,534 Chailease Holding Co. Ltd. (Diversified Financial Services) 164,000 1,357,625 Delta Electronics, Inc. (Electronic Equipment, Instruments & Components) 69,000 708,135 Globalwafers Co. Ltd. (Semiconductors & Semiconductor Equipment) 16,000 484,606 MediaTek, Inc. (Semiconductors & Semiconductor Equipment) 37,000 1,204,005 Realtek Semiconductor Corp. (Semiconductors & Semiconductor Equipment) 31,000 651,815 Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) 198,000 4,106,562 Wiwynn Corp. (Technology Hardware, Storage & Peripherals) 12,600 422,178 10,206,283

Thailand 1.1% Carabao Group PCL NVDR (Beverages) 50,000 220,583 Energy Absolute PCL NVDR (Independent Power and Renewable Electricity Producers) (c) 184,000 333,095 Srisawad Corp. PCL NVDR (Consumer Finance) (c) 216,000 420,598 974,276

Turkey 0.2% Ford Otomotiv Sanayi A/S (Automobiles) 10,000 205,080

Uruguay 0.1% Dlocal Ltd. (IT Services) (a) 2,500 112,850 Total Common Stocks (Cost $64,363,589) 82,822,350

Preferred Stocks 1.1% Brazil 0.6% Petroleo Brasileiro SA (Oil, Gas & Consumable Fuels) 2.69% 96,000 496,013 Shares Value Preferred Stocks Chile 0.5% Sociedad Quimica y Minera de Chile SA, Sponsored ADR (Chemicals) 0.35% 8,600 $ 408,500 Total Preferred Stocks (Cost $972,316) 904,513

Total Investments (Cost $65,335,905) 97.6% 83,726,863 Other Assets, Less Liabilities 2.4 2,066,953 Net Assets 100.0% $ 85,793,816

† Percentages indicated are based on Fund net assets. (a) Non-income producing security.

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

(c) All or a portion of this security was held on loan. As of July 31, 2021, the aggregate market value of securities on loan was $678,324. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $729,758.

Abbreviation(s):

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

NVDR—Non-Voting Depositary Receipt

PCL—Provision for Credit Losses The following is a summary of the fair valuations according to the inputs used as of July 31, 2021, for valuing the Fund’s assets:

Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Description (Level 1) (Level 2) (Level 3) Total Asset Valuation Inputs Investments in Securities (a) Common Stocks $ 82,822,350 $ — $ — $ 82,822,350 Preferred Stocks 904,513 — — 904,513 Total Investments in Securities $ 83,726,863 $ — $ — $ 83,726,863

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