MainStay ESG Multi-Asset Allocation Fund   Class A: MMAEX | C: MMCEX | I: MMTEX | R3: MMREX


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

An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.

All mutual funds are subject to market risk, including possible loss of principal.

Diversification does not ensure a profit or protect against a loss in a declining market.

The Fund’s performance depends on the subadvisor’s skill in determining the asset class allocations and the mix of underlying Fund, as well as the performance of those underlying ETFs. The underlying ETFs’ performance may be lower than the performance of the asset class which they were selected to represent. The Fund is indirectly subject to the investment risks of each underlying ETFs held. The Fund may invest more than 25% of its assets in one underlying ETF, which may significantly affect the net asset value of the Fund.

The principal risks of investing in the Fund are summarized below.

ESG Risk : The Fund's exclusionary ESG screen may result in the Fund forgoing opportunities to buy certain Underlying ETFs when it might otherwise be advantageous to do so or selling Underlying ETFs for ESG reasons when it might be otherwise disadvantageous for it to do so. Furthermore, the application of the Fund's ESG criteria may result in the Fund (i) investing in Underlying ETFs that have exposure to certain companies or industry sectors that are significantly different than the composition of the Fund's benchmark; and (ii) performing differently than other funds and strategies in its peer group that do not take into account ESG criteria or the Fund's benchmark. The Fund’s ESG criteria may be changed without shareholder approval. There is no assurance that employing ESG strategies will result in more favorable investment performance.

Asset Allocation Risk: Although allocation among different asset classes generally limits the Fund’s exposure to the risks of any one class, the risk remains that New York Life Investments may favor an asset class that performs poorly relative to the other asset classes. For example, deteriorating economic conditions might cause an overall weakness in corporate earnings that reduces the absolute level of stock prices in that market. Under these circumstances, if the Fund, through its holdings of Underlying ETFs, were invested primarily in stocks, it would perform poorly relative to a portfolio invested primarily in bonds. The Underlying ETFs selected by New York Life Investments may underperform the market or other investments. Moreover, because the Fund has set limitations on the amount of assets that normally may be allocated to each asset class, the Fund has less flexibility in its investment strategy than mutual funds that are not subject to such limitations. In addition, the asset allocations made by the Fund may not be ideal for all investors and may not effectively increase returns or decrease risk for investors. 

New Fund Risk : The Fund is a new fund which may result in additional risk. There can be no assurance that the Fund will grow to an economically viable size, in which case the Fund may cease operations. In such an event, investors may be required to liquidate or transfer their investments at an inopportune time. 

Exchange-Traded Fund (“ETF”) Risk: The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although lack of liquidity in an ETF’s shares could result in the market price of the ETF’s shares being more volatile than the value of the underlying portfolio of securities. Disruptions in the markets for the securities underlying ETFs purchased or sold by the Fund could result in losses on the Fund’s investments in ETFs. ETFs also have management fees that increase their costs versus the costs of owning the underlying securities directly.

Principal Risks of the Underlying ETFs

Equity Securities Risk: Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the portfolio managers’ ability to anticipate such changes that can adversely affect the value of a Fund’s holdings.

Debt Securities Risk: Funds that invest in bonds are subject to interest rate risk and can lose principal value when interest rates rise. Bonds are also subject to credit risk which is the possibility that the bond issuer may fail to pay interest and principal in a timely manner. 

Derivatives Risk : Derivatives often involve a high degree of financial risk in that a relatively small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable as well as favorable, in the price of the derivative instrument. Investments in derivatives may increase the volatility of a fund’s net asset value and may result in a loss to the fund. 

Foreign Securities Risk : Foreign securities can be subject to greater risks than U.S. investments, including currency fluctuations, less liquid trading markets, greater price volatility, political and economic instability, less publicly available information, and changes in tax or currency laws or monetary policy. These risks are likely to be greater for emerging markets than in developed markets. 

High Yield Risk: High yield securities (junk bonds) have speculative characteristics and present a greater risk of loss than higher quality debt securities. These securities can also be subject to greater price volatility.

S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.

The Equity Allocation Composite Index consists of the S&P 500® Index and the MSCI EAFE® Index weighted 75% and 25%, respectively. 

MSCI EAFE® Index consists of international stocks representing the developed world outside of North America.

Index results assume the reinvestment of all capital gain and dividend distributions. 

An investment cannot be made directly into an index. 

*Environmental, Social and Governance.

The term "fund of funds" is used to describe mutual funds that pursue their investment objectives by investing in other types of funds. By investing in the Fund, you will indirectly bear fees and expenses charged by the underlying funds in which the Fund invests in addition to the Fund's direct fees and expenses. Your cost of investing in the Fund, therefore, may be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. Additionally, the use of a fund-of-funds structure could affect the timing, amount, and character of distributions to you and therefore may increase the amount of taxes payable by you. You should consult your tax and financial professionals regarding these matters.

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