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iso4217:USD
pure
2021-02-28
MAPAX
MSMIX
MAPBX
MMPCX
MUBFX
MAPRX
MPRRX
MMAPX
MMPDX
MLAAX
MLINX
MLABX
MLACX
MLAIX
MLRRX
MLRTX
MLGRX
MLRSX
MLRMX
MSOAX
MCSSX
MOPBX
MGOCX
MSOIX
MSORX
MSOSX
MCSDX
MSEAX
MINNX
MINEX
MIECX
MSIIX
MIERX
MIRRX
MIFRX
MIFDX
MainStay MAP Equity Fund
Investment
Objective
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund seeks long-term appreciation of capital.</p>
Fees and
Expenses of the Fund
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The table below describes the fees and expenses that you may pay
if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and
other fees to financial intermediaries, which are not reflected in the tables and examples below. You
may qualify for sales charge discounts if you and your family invest, or agree to invest in the future,
at least $50,000 in the MainStay Funds. This amount may vary depending on the MainStay Fund in which
you invest. In addition, different financial intermediary firms and financial professionals may impose
different sales loads and waivers. More information about these and other discounts or waivers is available
from your financial professional, in the "Information on Sales Charges" section starting on page 103
of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in
the "Alternative Sales Arrangements" section on page 137 of the Statement of Additional Information.
</p>
You
may qualify for sales charge discounts if you and your family invest, or agree to invest in the future,
at least $50,000 in the MainStay Funds.
50000
Shareholder Fees (fees paid directly from your investment)
0.0550
0.0500
0
0
0
0
0
0
0
0
0
0
0.0500
0.0100
0
0
0
0
0
0
Annual Fund Operating Expenses (expenses that
you pay each year as a percentage of the value of your investment)
0.0076
0.0076
0.0076
0.0076
0.0076
0.0076
0.0076
0.0076
0.0076
0.0076
0.0025
0.0025
0.0100
0.0100
0
0
0.0025
0.0050
0
0.0050
0.0009
0.0040
0.0040
0.0040
0.0009
0.0019
0.0019
0.0019
0.0004
0.0040
0.0110
0.0141
0.0216
0.0216
0.0085
0.0095
0.0120
0.0145
0.0080
0.0166
0.0000
-0.0001
-0.0001
-0.0001
0.0000
0.0000
0.0000
0.0000
0.0000
-0.0001
0.0110
0.0140
0.0215
0.0215
0.0085
0.0095
0.0120
0.0145
0.0080
0.0165
Example
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Example is intended to
help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated whether or not
you redeem all of your shares at the end of those periods (except as indicated with respect to Class
B and Class C shares). The Example reflects Class B and Class C shares converting into Investor Class
shares in years 9-10; expenses could be lower if you are eligible to convert to Class A shares instead.
The Example also assumes that your investment has a 5% return each year and that the Fund's operating
expenses remain the same. The Example reflects the contractual fee waiver and/or expense reimbursement
arrangement, if applicable, for the current duration of the arrangement only. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:</p>
Assuming no redemption
Assuming redemption at end of period
656
635
218
718
218
318
87
97
122
148
82
168
880
923
675
975
675
675
271
303
381
459
255
522
1123
1232
1158
1358
1158
1158
471
525
660
792
444
901
1816
2105
2302
2302
2302
2302
1049
1166
1455
1735
990
1965
Portfolio Turnover
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund pays transaction costs, such as commissions,
when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable
account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect
the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 16%
of the average value of its portfolio. </p>
0.16
Principal Investment Strategies
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Under normal conditions, the
Fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in equity
securities. Equity securities include common stocks, and securities convertible into, or exchangeable
for, common stocks, across all market capitalizations. The Fund may also invest in foreign securities.
Generally, an issuer of a security is considered to be U.S. or foreign based on the issuer's "country
of risk," as determined by a third-party service provider such as Bloomberg. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund employs two subadvisors,
Epoch Investment Partners, Inc. ("Epoch") and Markston International LLC ("Markston"), with investment
processes and styles that New York Life Investment Management LLC, the Fund's Manager, believes are complementary.
Each Subadvisor is responsible for managing a portion of the Fund's assets, as designated by the Manager
from time to time. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Investment Process:</span>
<span style="font-family:Sans-Serif; font-style:normal; font-size:11.0pt; font-weight:normal;"> </span>The
Subadvisors' investment processes and styles are as follows: </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Epoch:</span>
Epoch<span style="font-family:Sans-Serif; font-weight:bold;"> </span>invests primarily in companies that
generate increasing levels of free cash flow and have management teams that Epoch believes allocate free
cash flow effectively to create shareholder value. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The security selection process focuses on free-cash-flow
analytics as opposed to traditional accounting-based metrics. Epoch seeks to identify companies with
a consistent, straightforward ability to both generate free cash flow and to intelligently allocate it
among internal reinvestment opportunities, acquisitions, dividends, share repurchases and/or debt reduction.
</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Epoch
may sell or reduce a position in a security when it believes its investment objectives have been met
or when the security is deemed less attractive relative to another security on a return/risk basis. Epoch
may sell or reduce a position in a security if it sees the investment thesis failing to materialize.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Markston: </span>Markston seeks to identify companies
that it believes can emerge as market leaders, where current valuation is disconnected from positive
long-term prospects and ultimately have the potential to develop premium valuations. In addition to applying
existing valuation criteria like low multiples of price-to-book or cash flow, Markston looks for companies
with identifiable catalysts, including insider buying, stock repurchases, management change, sale or
spin-off of a division, industry consolidation, and tax loss carry-forwards. Markston generally looks
for the presence of at least three of these catalysts to coincide with what it believes could enhance
the return potential of a stock while also helping to minimize risk. Markston also assesses the judgment,
quality, and integrity of company management and the track record of capital deployment. Finally, Markston
will apply a rigorous discounted cash flow model as an important valuation tool in both buy and sell
decisions.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Under normal circumstances, Markston holds securities for a relatively long period
of time. However, certain securities may be acquired from time to time in an effort to earn short-term
profits. Markston may sell an investment when it believes the opportunity for current profits or the
risk of market decline outweighs the prospect of future capital gains.</p>
Principal Risks
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
You
can lose money by investing in the Fund.
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. The investments
selected by the Subadvisors may underperform the market in which the Fund invests or other investments.
The Fund may receive large purchase or redemption orders which may have adverse effects on performance
if the Fund were required to sell securities, invest cash or hold a relatively large amount of cash at
times when it would not otherwise do so. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The principal risks of investing in the Fund are summarized below.
</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Market Risk:</span> The value of the Fund’s investments
may fluctuate because of changes in the markets in which the Fund invests, which could cause the Fund
to underperform other funds with similar investment objectives and strategies. Such changes may be rapid
and unpredictable. From time to time, markets may experience periods of stress for potentially prolonged
periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii)
increased redemptions of Fund shares. Such conditions may add significantly to the risk of volatility
in the net asset value of the Fund's shares. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Portfolio
Management Risk:</span> The investment strategies, practices and risk analyses used by the Subadvisors
may not produce the desired results. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Multi-Manager
Risk:</span> The Fund’s performance relies on the selection and monitoring of the Subadvisors as well
as how the Fund’s assets are allocated among those Subadvisors. Performance will also depend on the
Subadvisors’ skill in implementing their respective strategy or strategies. The Subadvisors’ investment
strategies may not always be complementary to one another and, as a result, the Subadvisors may make
decisions that conflict with one another, which may adversely affect the Fund’s performance. For example,
a Subadvisor may purchase an investment for the Fund at the same time that another Subadvisor sells the
investment, resulting in higher expenses without accomplishing any net investment result. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Alternatively,
multiple Subadvisors could purchase the same investment at the same time, causing the Fund to pay higher
expenses because the Subadvisors did not aggregate their transactions. The multi-manager approach may
also cause the Fund to invest a substantial percentage of its assets in certain types of securities,
which could expose the Fund to greater risks associated with those types of securities and lead to large
beneficial or detrimental effects on the Fund’s performance. The Manager may influence a Subadvisor
in terms of its management of a portion of the Fund’s assets, including hedging practices, investment
exposure and risk management.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">A Subadvisor may underperform the market generally and may underperform
other subadvisors that the Manager could have selected. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Equity
Securities Risk:</span> 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
the Fund's holdings.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Value Stock Risk:</span> Value
stocks may never reach what the Subadvisors believe is their full value or they may go down in value.
In addition, different types of stocks tend to shift in and out of favor depending on market and economic
conditions, and therefore the Fund's performance may be lower or higher than that of funds that invest
in other types of equity securities.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Market
Capitalization Risk:</span> To the extent the Fund invests in securities issued by small-, mid-, or large-cap
companies, the Fund will be subject to the risks associated with securities issued by companies of the
applicable market capitalization. Securities of small-cap and mid-cap companies may be subject to greater
price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects
and greater spreads between their bid and ask prices than securities of larger companies. Smaller capitalization
companies frequently rely on narrower product lines and niche markets and may be more vulnerable to adverse
business or market developments. Securities issued by larger companies may have less growth potential
and may not be able to attain the high growth rates of successful smaller companies, especially during
strong economic periods. In addition, larger companies may be less capable of responding quickly to
competitive challenges and industry changes, including those resulting from improvements in technology,
and may suffer sharper price declines as a result of earnings disappointments. There is a risk that
the securities issued by companies of a certain market capitalization may underperform the broader market
at any given time.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Growth Stock Risk:</span> If
growth companies do not increase their earnings at a rate expected by investors, the market price of
the stock may decline significantly, even if earnings show an absolute increase. Growth company stocks
also typically lack the dividend yield that can cushion stock prices in market downturns.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Foreign Securities Risk:</span> Investments in foreign (non-U.S.) securities may be
riskier than investments in U.S. securities. Foreign regulatory regimes and securities markets can have
less stringent investor protections and disclosure standards and less liquid trading markets than U.S.
regulatory regimes and securities markets, and can experience political, social and economic developments
that may affect the value of the Fund's investments in foreign securities. Foreign securities may also
subject the Fund's investments to changes in currency rates. Changes in the value of foreign currencies
may make the return on an investment increase or decrease, unrelated to the quality or performance of
the investment itself. These risks may be greater with respect to securities of companies that conduct
their business activities in emerging markets or whose securities are traded principally in emerging
markets.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Depositary Receipts Risk: </span>Investments
in depositary receipts may entail the special risks of investing in foreign securities, including currency
exchange fluctuations, government regulations, and the potential for political and economic instability.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Convertible Securities Risk:</span> Convertible securities
are typically subordinate to an issuer’s other debt obligations. In part, the total return for a convertible
security depends upon the performance of the underlying stock into which it can be converted. Also, issuers
of convertible securities are often not as strong financially as those issuing securities with higher
credit ratings, are more likely to encounter financial difficulties and typically are more vulnerable
to changes in the economy, such as a recession or a sustained period of rising interest rates, which
could affect their ability to make interest and principal payments. If an issuer stops making interest
and/or principal payments, the Fund could lose its entire investment.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Dividend-Paying Stock Risk:</span>
<span style="color:#000000; font-family:Tms Rmn; font-size:13.0pt; font-weight:normal;"> </span>The Fund’s emphasis on equity and equity-related securities
that produce income or other distributions subjects the Fund to the risk that such securities may fall
out of favor with investors and underperform the market. Depending upon market conditions, income producing
stocks that meet the Fund’s investment criteria may not be widely available and/or may be highly concentrated
in only a few market sectors. This may limit the ability of the Fund to produce current income while
remaining fully diversified. Also, an issuer may reduce or eliminate its income payments or other distributions,
particularly during a market downturn. The distributions received by the Fund may not qualify as income
for Fund investors.</p>
You
can lose money by investing in the Fund.
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.
Past Performance
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
The following bar chart and
table indicate some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar
year performance has varied over time. Sales loads, if any, are not reflected in the bar chart. If they
were, returns would be less than those shown. The average annual total returns table shows how the Fund's
average annual total returns (before and after taxes) compare to those of two broad-based securities
market indices. The Fund has selected the Russell 3000<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span> Index<span style="font-family:Sans-Serif; font-style:normal; font-size:6.0pt; font-weight:normal;"> </span>as its primary benchmark. The Russell 3000<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span> Index measures the performance of the largest
3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Fund has
selected the </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Standard
& Poor’s 500<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span>
Index (“S&P 500<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span>
Index”) as its secondary benchmark. The S&P 500<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span> Index is widely regarded as the standard index for measuring
large-cap U.S. stock market performance. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Performance data for the classes varies based on differences in
their fee and expense structures. Performance data is not shown for classes with less than one calendar
year of performance.Past performance (before and after taxes) is not necessarily an indication of how
the Fund will perform in the future. Please visit newyorklifeinvestments.com/funds for more recent performance
information.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">One of the Fund's subadvisors changed effective January 9, 2017, and the Fund's principal
investment strategies changed effective February 28, 2017 and March 13, 2017. The past performance in
the bar chart and table prior to these dates reflects the Fund's prior subadvisor and principal investment
strategies.</p>
The following bar chart and
table indicate some of the risks of investing in the Fund.
Sales loads, if any, are not reflected in the bar chart. If they
were, returns would be less than those shown.
The Fund has selected the Russell 3000® Index as its primary benchmark.
Performance data is not shown for classes with less than one calendar
year of performance.
Past performance (before and after taxes) is not necessarily an indication of how
the Fund will perform in the future.
newyorklifeinvestments.com/funds
Annual Returns, Class I Shares
(by calendar year 2011-2020)
<table cellpadding="0" cellspacing="0" style="clear:both" width="34%">
<tr style="font-size:1pt;">
<td style="width:61.54%"> </td>
<td style="width:29.49%"> </td>
<td style="width:8.97%"> </td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Best Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q2/2020
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
22.20
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Worst
Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q1/2020
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">-25.79</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
</table>
Best Quarter
2020-06-30
0.2220
Worst
Quarter
2020-03-31
-0.2579
Average Annual Total Returns (for the periods ended December 31, 2020)
1971-01-21
0.1359
0.1315
0.1136
0.1258
0.1130
0.0962
0.0873
0.1019
0.0896
1999-06-09
0.0707
0.1159
0.1046
2008-02-28
0.0673
0.1134
0.1023
1999-06-09
0.0709
0.1150
0.1003
1999-06-09
0.1112
0.1176
0.1003
2004-01-02
0.1346
0.1303
0.1125
2004-01-02
0.1318
0.1274
0.1097
2006-04-28
0.1290
0.1247
0.1070
Russell 3000
reflects no deductions for fees,
expenses, or taxes
0.2089
0.1543
0.1379
S&P 500
reflects no deductions for fees,
expenses, or taxes
0.1840
0.1522
0.1388
After-tax returns are calculated using the highest individual federal
marginal income tax rates in effect at the time of each distribution or capital gain or upon the sale
of Fund shares, and do not reflect the impact of state and local taxes.
In some cases, the return after
taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of shares
at the end of the measurement period.
Actual after-tax returns depend on your tax situation and may differ
from those shown. After-tax returns are not relevant if you hold your shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts.
After-tax returns shown are for Class I shares.
After-tax returns for the other share classes may vary.
After-tax returns are calculated using the highest individual federal
marginal income tax rates in effect at the time of each distribution or capital gain or upon the sale
of Fund shares, and do not reflect the impact of state and local taxes.
In some cases, the return after
taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of shares
at the end of the measurement period.
Actual after-tax returns depend on your tax situation and may differ
from those shown. After-tax returns are not relevant if you hold your shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts.
After-tax returns shown are for Class I shares.
After-tax returns for the other share classes may vary.
MainStay Winslow Large Cap Growth Fund
Investment Objective
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund seeks long-term growth of capital.</p>
Fees and Expenses of the Fund
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The table below describes the fees and expenses
that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage
commissions and other fees to financial intermediaries, which are not reflected in the tables and examples
below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in
the future, at least $50,000 in the MainStay Funds. This amount may vary depending on the MainStay Fund
in which you invest. In addition, different financial intermediary firms and financial professionals
may impose different sales loads and waivers. More information about these and other discounts or waivers
is available from your financial professional, in the "Information on Sales Charges" section starting
on page 103 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts,
and in the "Alternative Sales Arrangements" section on page 137 of the Statement of Additional Information.
</p>
You may qualify for sales charge discounts if you and your family invest, or agree to invest in
the future, at least $50,000 in the MainStay Funds.
50000
Shareholder Fees (fees paid directly from your investment)
0.0550
0.0500
0
0
0
0
0
0
0
0
0
0
0.0500
0.0100
0
0
0
0
0
0
Annual Fund Operating Expenses (expenses that
you pay each year as a percentage of the value of your investment)
0.0062
0.0062
0.0062
0.0062
0.0062
0.0062
0.0062
0.0062
0.0062
0.0062
0.0025
0.0025
0.0100
0.0100
0
0
0.0025
0.0050
0
0.0050
0.0010
0.0023
0.0023
0.0023
0.0010
0.0020
0.0020
0.0020
0.0002
0.0023
0.0097
0.0110
0.0185
0.0185
0.0072
0.0082
0.0107
0.0132
0.0064
0.0135
Example
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Example is intended to
help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated whether or not
you redeem all of your shares at the end of those periods (except as indicated with respect to Class
B and Class C shares). The Example reflects Class B and Class C shares converting into Investor Class
shares in years 9-10; expenses could be lower if you are eligible to convert to Class A shares instead.
The Example also assumes that your investment has a 5% return each year and that the Fund's operating
expenses remain the same. The Example reflects the contractual fee waiver and/or expense reimbursement
arrangement, if applicable, for the current duration of the arrangement only. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:</p>
Assuming no redemption
Assuming redemption at end of period
644
607
188
688
188
288
74
84
109
134
65
137
842
832
582
882
582
582
230
262
340
418
205
428
1057
1076
1001
1201
1001
1001
401
455
590
723
357
739
1674
1773
1973
1973
1973
1973
894
1014
1306
1590
798
1624
Portfolio Turnover
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund pays transaction costs, such as commissions,
when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable
account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect
the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 44%
of the average value of its portfolio. </p>
0.44
Principal Investment Strategies
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Under normal circumstances, the Fund invests
at least 80% of its assets (net assets plus any borrowings for investment purposes) in large capitalization
companies, which are companies having a market capitalization in excess of $4 billion at the time of
purchase. Typically, Winslow Capital Management, LLC, the Fund's Subadvisor, invests substantially all
of the Fund's investable assets in domestic securities. However, the Fund is permitted to invest up to
20% of its net assets in foreign securities. Generally, an issuer of a security is considered to be U.S.
or foreign based on the issuer's "country of risk," as determined by a third-party service provider such
as Bloomberg. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Investment Process:</span>
The Fund invests in those companies that the Subadvisor believes will provide an opportunity for achieving
superior portfolio returns (i.e., returns in excess of the returns of the average stock mutual fund)
over the long term. The Subadvisor seeks to invest in companies that have the potential for above-average
future earnings and cash flow growth with management focused on shareholder value.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">When purchasing stocks for
the Fund, the Subadvisor looks for companies typically having some or all of the following attributes:
addressing markets with growth opportunities; leads or gains in market share; identifiable and sustainable
competitive advantages; managed by a team that can perpetuate the firm's competitive advantages; high,
and preferably rising, returns on invested capital; deploys excess cash flow to enhance shareholder return;
and demonstrates sound corporate governance. The Subadvisor may give consideration to certain environmental,
social, and governance (“ESG”) criteria when evaluating an investment opportunity.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Subadvisor takes a "bottom-up"
investment approach when selecting investments. This means it bases investment decisions on company specific
factors, not general economic conditions.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Under normal market conditions, the Subadvisor employs a sell discipline
pursuant to which it may sell some or all of its position in a stock when a stock becomes fully valued,
the fundamental business prospects are deteriorating, or the position exceeds limits set by the Subadvisor.</p>
Under normal circumstances, the Fund invests
at least 80% of its assets (net assets plus any borrowings for investment purposes) in large capitalization
companies, which are companies having a market capitalization in excess of $4 billion at the time of
purchase. Typically, Winslow Capital Management, LLC, the Fund's Subadvisor, invests substantially all
of the Fund's investable assets in domestic securities. However, the Fund is permitted to invest up to
20% of its net assets in foreign securities. Generally, an issuer of a security is considered to be U.S.
or foreign based on the issuer's "country of risk," as determined by a third-party service provider such
as Bloomberg.
Investment Process:
The Fund invests in those companies that the Subadvisor believes will provide an opportunity for achieving
superior portfolio returns (i.e., returns in excess of the returns of the average stock mutual fund)
over the long term. The Subadvisor seeks to invest in companies that have the potential for above-average
future earnings and cash flow growth with management focused on shareholder value.
Principal
Risks
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
You can lose money by investing in the Fund.
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. The investments selected by the Subadvisor may underperform the market in which the Fund invests
or other investments. The Fund may receive large purchase or redemption orders which may have adverse
effects on performance if the Fund were required to sell securities, invest cash or hold a relatively
large amount of cash at times when it would not otherwise do so. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The principal risks of investing
in the Fund are summarized below. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Market
Risk:</span> The value of the Fund’s investments may fluctuate because of changes in the markets in
which the Fund invests, which could cause the Fund to underperform other funds with similar investment
objectives and strategies. Such changes may be rapid and unpredictable. From time to time, markets may
experience periods of stress for potentially prolonged periods that may result in: (i) increased market
volatility; (ii) reduced market liquidity; and (iii) increased redemptions of Fund shares. Such conditions
may add significantly to the risk of volatility in the net asset value of the Fund's shares. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Portfolio Management Risk:</span> The investment strategies, practices and risk analyses
used by the Subadvisor may not produce the desired results. The Subadvisor may give consideration to
certain ESG criteria when evaluating an investment opportunity. The application of ESG criteria may result
in the Fund (i) having exposure to certain securities 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. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Equity Securities Risk:</span> 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 the Fund's holdings.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Market
Capitalization Risk:</span> To the extent the Fund invests in securities issued by small-, mid-, or large-cap
companies, the Fund will be subject to the risks associated with securities issued by companies of the
applicable market capitalization. Securities of small-cap and mid-cap companies may be subject to greater
price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects
and greater spreads between their bid and ask prices than securities of larger companies. Smaller capitalization
companies frequently rely on narrower product lines and niche markets and may be more vulnerable to adverse
business or market developments. Securities issued by larger companies may have less growth potential
and may not be able to attain the high growth rates of successful smaller companies, especially during
strong economic periods. In addition, larger companies may be less capable of responding quickly to
competitive challenges and industry changes, including those resulting from improvements in technology,
and may suffer sharper price declines as a result of earnings disappointments. There is a risk that
the securities issued by companies of a certain market capitalization may underperform the broader market
at any given time.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Growth Stock Risk:</span> If
growth companies do not increase their earnings at a rate expected by investors, the market price of
the stock may decline significantly, even if earnings show an absolute increase. Growth company stocks
also typically lack the dividend yield that can cushion stock prices in market downturns.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Foreign Securities Risk:</span> Investments in foreign
(non-U.S.) securities may be riskier than investments in U.S. securities. Foreign regulatory regimes
and securities markets can have less stringent investor protections and disclosure standards and less
liquid trading markets than U.S. regulatory regimes and securities markets, and can experience political,
social and economic developments that may affect the value of the Fund's investments in foreign securities.
Foreign securities may also subject the Fund's investments to changes in currency rates. Changes in the
value of foreign currencies may make the return on an investment increase or decrease, unrelated to the
quality or performance of the investment itself. These risks may be greater with respect to securities
of companies that conduct their business activities in emerging markets or whose securities are traded
principally in emerging markets.</p>
You can lose money by investing in the Fund.
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.
Past Performance
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
The following bar chart and
table indicate some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar
year performance has varied over time. Sales loads, if any, are not reflected in the bar chart. If they
were, returns would be less than those shown. The average annual total returns table shows how the Fund's
average annual total returns (before and after taxes) compare to those of two broad-based securities
market indices. The Fund has selected the Russell 1000<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span> Growth Index<span style="font-family:Sans-Serif; font-style:normal; font-size:6.0pt; font-weight:normal;"> </span>as its primary benchmark. The Russell 1000<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span> Growth Index measures the performance of
the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span> Index companies with higher price-to-book
ratios and higher forecasted growth values. The Fund has selected the Standard & Poor’s 500<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span> Index (“S&P
500<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span>
Index”) as its secondary benchmark. The S&P 500<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span> Index is widely regarded as the standard index for measuring
large-cap U.S. stock market performance. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Performance data for the classes varies based on differences in
their fee and expense structures. Performance data is not shown for classes with less than one calendar
year of performance.Past performance (before and after taxes) is not necessarily an indication of how
the Fund will perform in the future. Please visit newyorklifeinvestments.com/funds for more recent performance
information.</p>
The following bar chart and
table indicate some of the risks of investing in the Fund.
Sales loads, if any, are not reflected in the bar chart. If they
were, returns would be less than those shown.
The Fund has selected the Russell 1000® Growth Index as its primary benchmark.
Performance data is not shown for classes with less than one calendar
year of performance.
Past performance (before and after taxes) is not necessarily an indication of how
the Fund will perform in the future.
newyorklifeinvestments.com/funds
Annual Returns, Class I Shares
(by calendar year 2011-2020)
<table cellpadding="0" cellspacing="0" style="clear:both" width="34%">
<tr style="font-size:1pt;">
<td style="width:61.54%"> </td>
<td style="width:29.49%"> </td>
<td style="width:8.97%"> </td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Best Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q2/2020
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
28.27
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Worst
Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q4/2018
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">-15.98</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
</table>
Best Quarter
2020-06-30
0.2827
Worst
Quarter
2018-12-31
-0.1598
Average Annual Total Returns (for the periods
ended December 31, 2020)
2005-04-01
0.3738
0.1977
0.1617
0.3583
0.1651
0.1383
0.2318
0.1500
0.1281
1995-07-01
0.2943
0.1811
0.1521
2008-02-28
0.2934
0.1800
0.1513
2005-04-01
0.3087
0.1825
0.1491
2005-04-01
0.3497
0.1846
0.1493
2005-04-01
0.3729
0.1964
0.1604
2005-04-01
0.3692
0.1933
0.1575
2006-04-28
0.3657
0.1904
0.1547
2013-06-17
0.3744
0.1988
0.1820
Russell
1000
reflects no deductions for fees, expenses, or taxes
0.3849
0.2100
0.1721
S&P
500
reflects no deductions for fees, expenses, or taxes
0.1840
0.1522
0.1388
After-tax returns are calculated
using the highest individual federal marginal income tax rates in effect at the time of each distribution
or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes.
In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit
from any losses on a sale of shares at the end of the measurement period.
Actual after-tax returns depend
on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold
your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary.
After-tax returns are calculated
using the highest individual federal marginal income tax rates in effect at the time of each distribution
or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes.
In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit
from any losses on a sale of shares at the end of the measurement period.
Actual after-tax returns depend
on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold
your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary.
MainStay WMC Enduring Capital Fund
(formerly MainStay MacKay Common
Stock Fund)
Investment Objective
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund seeks long-term growth
of capital.</p>
Fees and Expenses of the Fund
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The table below describes
the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other
fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected
in the tables and examples below. You may qualify for sales charge discounts if you and your family invest,
or agree to invest in the future, at least $50,000 in the MainStay Funds. This amount may vary depending
on the MainStay Fund in which you invest. In addition, different financial intermediary firms and financial
professionals may impose different sales loads and waivers. More information about these and other discounts
or waivers is available from your financial professional, in the "Information on Sales Charges" section
starting on page 103 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers
and Discounts, and in the "Alternative Sales Arrangements" section on page 137 of the Statement of Additional
Information. </p>
You may qualify for sales charge discounts if you and your family invest,
or agree to invest in the future, at least $50,000 in the MainStay Funds.
50000
Shareholder Fees (fees paid directly from your
investment)
0.0550
0.0500
0
0
0
0
0
0
0
0
0
0.0500
0.0100
0
0
0
0
0
Annual Fund Operating Expenses (expenses that
you pay each year as a percentage of the value of your investment)
0.0055
0.0055
0.0055
0.0055
0.0055
0.0055
0.0055
0.0055
0.0055
0.0025
0.0025
0.0100
0.0100
0
0.0025
0.0050
0
0.0050
0.0019
0.0051
0.0051
0.0051
0.0019
0.0029
0.0029
0.0015
0.0051
0.0099
0.0131
0.0206
0.0206
0.0074
0.0109
0.0134
0.0070
0.0156
0.0000
-0.0001
-0.0001
-0.0001
0.0000
0.0000
0.0000
0.0000
-0.0001
0.0099
0.0130
0.0205
0.0205
0.0074
0.0109
0.0134
0.0070
0.0155
Example
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The
Example is intended to help you compare the cost of investing in the Fund with the cost of investing
in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated
whether or not you redeem all of your shares at the end of those periods (except as indicated with respect
to Class B and Class C shares). The Example reflects Class B and Class C shares converting into Investor
Class shares in years 9-10; expenses could be lower if you are eligible to convert to Class A shares
instead. The Example also assumes that your investment has a 5% return each year and that the Fund's
operating expenses remain the same. The Example reflects the contractual fee waiver and/or expense reimbursement
arrangement, if applicable, for the current duration of the arrangement only. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:</p>
Assuming no redemption
Assuming redemption at end of period
645
626
208
708
208
308
76
111
136
72
158
848
894
645
945
645
645
237
347
425
224
492
1067
1181
1108
1308
1108
1108
411
601
734
390
849
1696
1999
2197
2197
2197
2197
918
1329
1613
871
1856
Portfolio Turnover
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund pays transaction costs, such as commissions,
when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable
account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect
the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 166%
of the average value of its portfolio. </p>
1.66
Principal Investment Strategies
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Under normal circumstances,
the Fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes)
in common stocks. The Fund invests in common stocks of U.S. companies with market capitalizations that,
at the time of investment, are similar to the market capitalizations of companies whose stocks are included
in the Standard & Poor's 500<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span>
Index ("S&P 500<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span>
Index”) (which ranged from $4.3 billion to $2.252 trillion as of December 31, 2020) and the Russell
3000<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span>
Index (which ranged from $43 million to $2.252 trillion as of December 31, 2020). The Fund may also invest
in securities of foreign issuers, including securities of emerging market country issuers. Generally,
an issuer of a security is considered to be a U.S. or foreign issuer based on the issuer's "country of
risk," as determined by a third-party service provider such as Bloomberg. Wellington Management Company
LLP, the Fund’s Subadvisor (the “Subadvisor”), has discretion to determine the countries considered
to be emerging market countries, including taking into consideration a variety of factors, such as the
development of a country’s financial and capital markets, and inclusion of a country in an index representative
of emerging markets. The Fund may also invest in real estate investment trusts (“REITs”). REITs are
pooled investment vehicles that invest primarily in either real estate or real estate-related loans.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Investment Process:</span> The Subadvisor seeks to
identify companies that have a decades-long perspective, and resilient businesses run by owner-minded
executives skilled at capital allocation. When purchasing stocks for the Fund, the Subadvisor looks for
companies typically having some or all of the following attributes: resilient businesses, strong cash
flow reinvestment and growth opportunities, owner-minded management teams who are skilled capital allocators,
and stocks trading at reasonable valuations. The Subadvisor may give consideration to certain environmental,
social, and governance (“ESG”) criteria when evaluating an investment opportunity. The Subadvisor
may sell a security due to a company’s reduced cash flow resiliency, fewer growth opportunities, or
adverse changes to the management team and culture.</p>
Principal Risks
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
You can lose money by investing
in the Fund.
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. The investments selected by the
Subadvisor may underperform the market in which the Fund invests or other investments. The Fund may receive
large purchase or redemption orders which may have adverse effects on performance if the Fund were required
to sell securities, invest cash or hold a relatively large amount of cash at times when it would not
otherwise do so. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The principal risks of investing in the Fund are summarized below. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Market Risk:</span> The value of the Fund’s investments may fluctuate because of
changes in the markets in which the Fund invests, which could cause the Fund to underperform other funds
with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From
time to time, markets may experience periods of stress for potentially prolonged periods that may result
in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of
Fund shares. Such conditions may add significantly to the risk of volatility in the net asset value of
the Fund's shares. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Portfolio Management Risk:</span>
The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired
results. The Subadvisor may give consideration to certain ESG criteria when evaluating an investment
opportunity. The application of ESG criteria may result in the Fund (i) having exposure to certain securities
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. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Equity
Securities Risk:</span> 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
the Fund's holdings.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Market Capitalization Risk:</span>
To the extent the Fund invests in securities issued by small-, mid-, or large-cap companies, the Fund
will be subject to the risks associated with securities issued by companies of the applicable market
capitalization. Securities of small-cap and mid-cap companies may be subject to greater price volatility,
significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads
between their bid and ask prices than securities of larger companies. Smaller capitalization companies
frequently rely on narrower product lines and niche markets and may be more vulnerable to adverse business
or market developments. Securities issued by larger companies may have less growth potential and may
not be able to attain the high growth rates of successful smaller companies, especially during strong
economic periods. In addition, larger companies may be less capable of responding quickly to competitive
challenges and industry changes, including those resulting from improvements in technology, and may suffer
sharper price declines as a result of earnings disappointments. There is a risk that the securities
issued by companies of a certain market capitalization may underperform the broader market at any given
time.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Growth Stock Risk:</span> If growth companies do not
increase their earnings at a rate expected by investors, the market price of the stock may decline significantly,
even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield
that can cushion stock prices in market downturns.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Value
Stock Risk:</span> Value stocks may never reach what the Subadvisor believes is their full value or they
may go down in value. In addition, different types of stocks tend to shift in and out of favor depending
on market and economic conditions, and therefore the Fund's performance may be lower or higher than that
of funds that invest in other types of equity securities.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Foreign
Securities Risk:</span> Investments in foreign (non-U.S.) securities may be riskier than investments
in U.S. securities. Foreign regulatory regimes and securities markets can have less stringent investor
protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and
securities markets, and can experience political, social and economic developments that may affect the
value of the Fund's investments in foreign securities. Foreign securities may also subject the Fund's
investments to changes in currency rates. Changes in the value of foreign currencies may make the return
on an investment increase or decrease, unrelated to the quality or performance of the investment itself.
These risks may be greater with respect to securities of companies that conduct their business activities
in emerging markets or whose securities are traded principally in emerging markets.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Real Estate Investment Trust Risk:</span> 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. Additionally, the appreciation of securities issued
by a REIT depends, in part, on the skills of the REIT’s manager. REITs may not be diversified, may
experience substantial cost in the event of borrower or lessee defaults and are subject to heavy cash
flow dependency. </p>
You can lose money by investing
in the Fund.
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.
Past Performance
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
The following bar chart and
table indicate some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar
year performance has varied over time. Sales loads, if any, are not reflected in the bar chart. If they
were, returns would be less than those shown. The average annual total returns table shows how the Fund's
average annual total returns (before and after taxes) compare to those of two broad-based securities
market indices. The Fund has selected the S&P 500<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span> Index<span style="font-family:Sans-Serif; font-style:normal; font-size:6.0pt; font-weight:normal;"> </span>as its primary benchmark. The S&P 500<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span> Index is widely regarded as the standard
index for measuring large-cap U.S. stock market performance. The Fund has selected the Russell 3000<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span> Index as
its secondary benchmark. The Russell 3000<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span>
Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of
the investable U.S. equity market. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Performance data for the classes varies based on differences in
their fee and expense structures. Performance data is not shown for classes with less than one calendar
year of performance.Past performance (before and after taxes) is not necessarily an indication of how
the Fund will perform in the future. Please visit newyorklifeinvestments.com/funds for more recent performance
information.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund’s subadvisor changed effective January 1, 2018 due to an organizational
restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former
subadvisor, transitioned to MacKay Shields LLC. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Effective March 5, 2021, the Fund replaced its
subadvisor and modified its principal investment strategies. The past performance in the bar chart and
table prior to that date reflects the Fund’s prior subadvisor and principal investment strategies.</p>
The following bar chart and
table indicate some of the risks of investing in the Fund.
Sales loads, if any, are not reflected in the bar chart. If they
were, returns would be less than those shown.
The Fund has selected the S&P 500® Index as its primary benchmark.
Performance data is not shown for classes with less than one calendar
year of performance.
Past performance (before and after taxes) is not necessarily an indication of how
the Fund will perform in the future.
newyorklifeinvestments.com/funds
Annual
Returns, Class I Shares
(by calendar
year 2011-2020)
<table cellpadding="0" cellspacing="0" style="clear:both" width="34%">
<tr style="font-size:1pt;">
<td style="width:61.54%"> </td>
<td style="width:29.49%"> </td>
<td style="width:8.97%"> </td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Best Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q2/2020
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
21.45
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom"> </td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom"> </td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom"> </td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Worst
Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q1/2020
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">-20.70</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
</table>
Best Quarter
2020-06-30
0.2145
Worst
Quarter
2020-03-31
-0.2070
Average Annual Total Returns (for the periods
ended December 31, 2020)
2004-12-28
0.1581
0.1269
0.1288
0.1552
0.1145
0.1210
0.0955
0.0985
0.1060
1998-06-01
0.0913
0.1114
0.1196
2008-02-28
0.0883
0.1085
0.1159
1998-06-01
0.0927
0.1101
0.1140
1998-09-01
0.1324
0.1126
0.1139
2016-02-29
0.1508
0.1386
S&P 500
reflects no deductions for fees,
expenses, or taxes
0.1840
0.1522
0.1388
Russell 3000
reflects no deductions for fees,
expenses, or taxes
0.2089
0.1543
0.1379
After-tax returns are calculated using the highest individual federal
marginal income tax rates in effect at the time of each distribution or capital gain or upon the sale
of Fund shares, and do not reflect the impact of state and local taxes.
In some cases, the return after
taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of shares
at the end of the measurement period.
Actual after-tax returns depend on your tax situation and may differ
from those shown. After-tax returns are not relevant if you hold your shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts.
After-tax returns shown are for Class I shares.
After-tax returns for the other share classes may vary.
After-tax returns are calculated using the highest individual federal
marginal income tax rates in effect at the time of each distribution or capital gain or upon the sale
of Fund shares, and do not reflect the impact of state and local taxes.
In some cases, the return after
taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of shares
at the end of the measurement period.
Actual after-tax returns depend on your tax situation and may differ
from those shown. After-tax returns are not relevant if you hold your shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts.
After-tax returns shown are for Class I shares.
After-tax returns for the other share classes may vary.
MainStay MacKay International Equity Fund
Investment Objective
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund seeks long-term growth of capital.</p>
Fees and Expenses of the Fund
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The table below describes the fees and expenses
that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage
commissions and other fees to financial intermediaries, which are not reflected in the tables and examples
below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in
the future, at least $50,000 in the MainStay Funds. This amount may vary depending on the MainStay Fund
in which you invest. In addition, different financial intermediary firms and financial professionals
may impose different sales loads and waivers. More information about these and other discounts or waivers
is available from your financial professional, in the "Information on Sales Charges" section starting
on page 103 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts,
and in the "Alternative Sales Arrangements" section on page 137 of the Statement of Additional Information.
</p>
You may qualify for sales charge discounts if you and your family invest, or agree to invest in
the future, at least $50,000 in the MainStay Funds.
50000
Shareholder Fees (fees paid directly from your investment)
0.0550
0.0500
0
0
0
0
0
0
0
0
0
0
0.0500
0.0100
0
0
0
0
0
0
Annual Fund Operating Expenses (expenses that
you pay each year as a percentage of the value of your investment)
0.0089
0.0089
0.0089
0.0089
0.0089
0.0089
0.0089
0.0089
0.0089
0.0089
0.0025
0.0025
0.0100
0.0100
0
0
0.0025
0.0050
0
0.0050
0.0026
0.0061
0.0061
0.0061
0.0026
0.0036
0.0036
0.0036
0.0013
0.0061
0.0140
0.0175
0.0250
0.0250
0.0115
0.0125
0.0150
0.0175
0.0102
0.0200
-0.0019
-0.0019
-0.0019
-0.0019
-0.0030
-0.0019
-0.0019
-0.0019
-0.0019
-0.0019
0.0121
0.0156
0.0231
0.0231
0.0085
0.0106
0.0131
0.0156
0.0083
0.0181
Example
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Example is intended to
help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated whether or not
you redeem all of your shares at the end of those periods (except as indicated with respect to Class
B and Class C shares). The Example reflects Class B and Class C shares converting into Investor Class
shares in years 9-10; expenses could be lower if you are eligible to convert to Class A shares instead.
The Example also assumes that your investment has a 5% return each year and that the Fund's operating
expenses remain the same. The Example reflects the contractual fee waiver and/or expense reimbursement
arrangement, if applicable, for the current duration of the arrangement only. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:</p>
Assuming no redemption
Assuming redemption at end of period
667
651
234
734
234
334
87
108
133
159
85
184
951
1006
760
1060
760
760
336
378
455
533
306
609
1257
1385
1313
1513
1313
1313
604
668
800
931
545
1060
2122
2444
2637
2637
2637
2637
1371
1495
1774
2047
1231
2312
Portfolio Turnover
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund pays transaction costs, such as commissions,
when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable
account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect
the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 135%
of the average value of its portfolio. </p>
1.35
Principal Investment Strategies
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund invests in those
companies that meet the quality and valuation criteria of MacKay Shields LLC, the Fund’s Subadvisor.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The
Fund normally invests at least 80% of its assets (net assets plus any borrowings for investment purposes)
in equity securities of foreign issuers. Generally, an issuer is considered to be U.S. or foreign based
on the issuer’s “country of risk,” as determined by a third-party service provider such as Bloomberg.
The Fund invests in securities of companies which conduct business in a variety of countries, with a
minimum of five countries other than the United States. This includes countries with established economies
as well as emerging market countries that the Subadvisor believes present favorable opportunities. The
Fund may also invest in exchange-traded funds ("ETFs") to obtain this exposure or for other investment
purposes.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-style:normal; font-weight:bold;">Investment
Process</span>: The Subadvisor seeks to identify investment opportunities through “bottom-up” analysis
and fundamental research. The Subadvisor performs research to identify reasonably priced companies with
competitive market advantages that it believes are able to benefit from long-term market trends and that
the Subadvisor believes are able to sustainably grow earnings over time regardless of economic climate.
The Subadvisor may give consideration to certain environmental, social, and governance (“ESG”) criteria
when evaluating an investment opportunity. Allocations to countries and industries are also a result
of the "bottom-up" stock selection process and, as a result, may deviate from the country and industry
weightings in the Fund’s benchmark. The Fund may not perform as well as its peers or benchmark during
periods when the stock market favors the securities of businesses with lower operating margins, more
highly leveraged balance sheets, or more economic sensitivity. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Generally, the Fund seeks
to limit its investments in securities of: (i) any one company; (ii) companies in the same industry;
(iii) companies located in any one country; and (iv) companies located in emerging markets (currently
limited to 25% of the Fund’s assets measured at the time of investment).</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Subadvisor may sell a
security if it believes the security will no longer contribute to meeting the investment objective of
the Fund. In considering whether to sell a security, the Subadvisor may evaluate, among other things,
whether the security has approached full valuation, if the investment thesis is invalidated, if superior
opportunities to redeploy exist or emerge, or if industry group or country weights or individual positions
need to be adjusted.</p>
Principal Risks
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
You can lose money by investing
in the Fund.
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. The investments selected by the
Subadvisor may underperform the market in which the Fund invests or other investments. The Fund may receive
large purchase or redemption orders which may have adverse effects on performance if the Fund were required
to sell securities, invest cash or hold a relatively large amount of cash at times when it would not
otherwise do so. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The principal risks of investing in the Fund are summarized below. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Market Risk:</span> The value of the Fund’s investments may fluctuate because of
changes in the markets in which the Fund invests, which could cause the Fund to underperform other funds
with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From
time to time, markets may experience periods of stress for potentially prolonged periods that may result
in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of
Fund shares. Such conditions may add significantly to the risk of volatility in the net asset value of
the Fund's shares. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Portfolio Management Risk:</span>
The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired
results. The Subadvisor may give consideration to certain ESG criteria when evaluating an investment
opportunity. The application of ESG criteria may result in the Fund (i) having exposure to certain securities
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. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Equity
Securities Risk:</span> 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
the Fund's holdings.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Focused Portfolio Risk:</span>
Because the Fund typically invests in relatively few holdings, a larger percentage of its assets may
be invested in a particular issuer or in fewer companies than is typical of other mutual funds. This
may increase volatility of the Fund’s NAVs. The Fund will be more susceptible to adverse economic,
political, regulatory or market developments affecting a single issuer than a fund that is invested more
broadly.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Foreign Securities Risk:</span> Investments in foreign
(non-U.S.) securities may be riskier than investments in U.S. securities. Foreign regulatory regimes
and securities markets can have less stringent investor protections and disclosure standards and less
liquid trading markets than U.S. regulatory regimes and securities markets, and can experience political,
social and economic developments that may affect the value of the Fund's investments in foreign securities.
Foreign securities may also subject the Fund's investments to changes in currency rates. Changes in the
value of foreign currencies may make the return on an investment increase or decrease, unrelated to the
quality or performance of the investment itself. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Liquidity
and Valuation Risk:</span> The Fund’s investments may be illiquid at the time of purchase or liquid
at the time of purchase and subsequently become illiquid due to, among other things, events relating
to the issuer of the securities, market events, operational issues, economic conditions, investor perceptions
or lack of market participants. The lack of an active trading market may make it difficult to sell or
obtain an accurate price for a security. If market conditions or issuer specific developments make it
difficult to value securities, the Fund may value these securities using more subjective methods, such
as fair value pricing. In such cases, the value determined for a security could be different than the
value realized upon such security's sale. As a result, an investor could pay more than the market value
when buying shares or receive less than the market value when selling shares. This could affect the proceeds
of any redemption or the number of shares an investor receives upon purchase.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund is subject to the
risk that it could not meet redemption requests within the allowable time period without significant
dilution of remaining investors' interests in the Fund. To meet redemption requests or to raise cash
to pursue other investment opportunities, the Fund may be forced to sell securities at an unfavorable
time and/or under unfavorable conditions, which may adversely affect the Fund.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Emerging Markets Risk:</span> The risks related to investing in foreign securities
are generally greater with respect to securities of companies that conduct their business activities
in emerging markets or whose securities are traded principally in emerging markets. The risks of investing
in emerging markets include the risks of illiquidity, increased price volatility, smaller market capitalizations,
less government regulation, less extensive, transparent and frequent accounting, auditing, recordkeeping,
financial reporting and other requirements, loss resulting from problems in share registration and custody,
substantial economic and political disruptions and the nationalization of foreign deposits or assets.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Growth Stock Risk:</span> If growth companies do not
increase their earnings at a rate expected by investors, the market price of the stock may decline significantly,
even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield
that can cushion stock prices in market downturns.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Exchange-Traded
Fund Risk:</span> The risks of owning an ETF generally reflect the risks of owning the securities in
which the ETF invests or is designed to track, although lack of liquidity in an ETF could result in it
being more volatile than its underlying portfolio securities. Disruptions in the markets for the securities
underlying ETFs purchased or sold by the Fund could result in losses on the Fund's investment in ETFs.
ETFs also have management fees and transaction costs that may make them more expensive than owning the
underlying securities directly.</p>
You can lose money by investing
in the Fund.
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.
Past Performance
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
The following bar chart and
table indicate some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar
year performance has varied over time. Sales loads, if any, are not reflected in the bar chart. If they
were, returns would be less than those shown. The average annual total returns table shows how the Fund's
average annual total returns (before and after taxes) compare to those of two broad-based securities
market indices. The Fund has selected the MSCI ACWI<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span> (All Country World Index) Ex U.S. (Net)<span style="font-family:Sans-Serif; font-style:normal; font-size:6.0pt; font-weight:normal;"> </span>as its primary benchmark. The MSCI ACWI<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span> Ex U.S. (Net)
is a free float-adjusted market capitalization weighted index that is designed to measure the equity
market performance of developed and emerging markets, excluding the U.S. The Fund has selected the MSCI
EAFE<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span>Index
(Net) as secondary benchmark. The MSCI EAFE<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span>
Index (Net) consists of international stocks representing the developed world outside of North America.
</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Performance
data for the classes varies based on differences in their fee and expense structures. Performance data
is not shown for classes with less than one calendar year of performance.Past performance (before and
after taxes) is not necessarily an indication of how the Fund will perform in the future. Please visit
newyorklifeinvestments.com/funds for more recent performance information.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund’s subadvisor changed
effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of
Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC.
</p>
The following bar chart and
table indicate some of the risks of investing in the Fund.
Sales loads, if any, are not reflected in the bar chart. If they
were, returns would be less than those shown.
The Fund has selected the MSCI ACWI® (All Country World Index) Ex U.S. (Net) as its primary benchmark.
Performance data
is not shown for classes with less than one calendar year of performance.
Past performance (before and
after taxes) is not necessarily an indication of how the Fund will perform in the future.
newyorklifeinvestments.com/funds
Annual
Returns, Class I Shares
(by calendar
year 2011-2020)
<table cellpadding="0" cellspacing="0" style="clear:both" width="34%">
<tr style="font-size:1pt;">
<td style="width:61.54%"> </td>
<td style="width:29.49%"> </td>
<td style="width:8.97%"> </td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Best Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q2/2020
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
19.71
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Worst
Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q1/2020
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">-19.86</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
</table>
Best Quarter
2020-06-30
0.1971
Worst
Quarter
2020-03-31
-0.1986
Average Annual Total Returns (for the periods ended December 31, 2020)
2004-01-02
0.2096
0.1089
0.0699
0.1971
0.1045
0.0678
0.1290
0.0865
0.0574
1995-01-03
0.1396
0.0933
0.0611
2008-02-28
0.1355
0.0894
0.0574
1994-09-13
0.1424
0.0908
0.0555
1998-09-01
0.1824
0.0934
0.0555
2004-01-02
0.2075
0.1074
0.0687
2004-01-02
0.2044
0.1046
0.0660
2006-04-28
0.2014
0.1019
0.0633
2019-02-28
0.2100
0.1976
MSCI
ACWI
Net) (reflects no deductions for fees, expenses, or taxes, except foreign withholding
taxes
0.1065
0.0893
0.0492
MSCI EAFE
Net) (reflects no deductions for
fees, expenses, or taxes, except foreign withholding taxes
0.0782
0.0745
0.0551
After-tax returns are calculated
using the highest individual federal marginal income tax rates in effect at the time of each distribution
or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes.
In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit
from any losses on a sale of shares at the end of the measurement period.
Actual after-tax returns depend
on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold
your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary.
After-tax returns are calculated
using the highest individual federal marginal income tax rates in effect at the time of each distribution
or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes.
In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit
from any losses on a sale of shares at the end of the measurement period.
Actual after-tax returns depend
on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold
your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary.
MAPAX
MSMIX
MAPBX
MMPCX
MUBFX
MAPRX
MPRRX
MMAPX
MLAAX
MLINX
MLABX
MLACX
MLAIX
MLRRX
MLRTX
MLGRX
MLRSX
MLRMX
MSOAX
MCSSX
MOPBX
MGOCX
MSOIX
MSORX
MSOSX
MCSDX
MSEAX
MINNX
MINEX
MIECX
MSIIX
MIERX
MIRRX
MIFRX
MIFDX
MainStay MAP Equity Fund
Investment
Objective
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund seeks long-term appreciation of capital.</p>
Fees and
Expenses of the Fund
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The table below describes the fees and expenses that you may pay
if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and
other fees to financial intermediaries, which are not reflected in the tables and examples below. You
may qualify for sales charge discounts if you and your family invest, or agree to invest in the future,
at least $50,000 in the MainStay Funds. This amount may vary depending on the MainStay Fund in which
you invest. In addition, different financial intermediary firms and financial professionals may impose
different sales loads and waivers. More information about these and other discounts or waivers is available
from your financial professional, in the "Information on Sales Charges" section starting on page 103
of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in
the "Alternative Sales Arrangements" section on page 137 of the Statement of Additional Information.
</p>
You
may qualify for sales charge discounts if you and your family invest, or agree to invest in the future,
at least $50,000 in the MainStay Funds.
50000
Shareholder
Fees (fees paid directly from your investment)
0.0550
0.0500
0
0
0
0
0
0
0
0
0.0500
0.0100
0
0
0
0
Annual Fund Operating Expenses (expenses that
you pay each year as a percentage of the value of your investment)
0.0076
0.0076
0.0076
0.0076
0.0076
0.0076
0.0076
0.0076
0.0025
0.0025
0.0100
0.0100
0
0
0.0025
0.0050
0.0009
0.0040
0.0040
0.0040
0.0009
0.0019
0.0019
0.0019
0.0110
0.0141
0.0216
0.0216
0.0085
0.0095
0.0120
0.0145
0.0000
-0.0001
-0.0001
-0.0001
0.0000
0.0000
0.0000
0.0000
0.0110
0.0140
0.0215
0.0215
0.0085
0.0095
0.0120
0.0145
Example
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Example is intended to
help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated whether or not
you redeem all of your shares at the end of those periods (except as indicated with respect to Class
B and Class C shares). The Example reflects Class B and Class C shares converting into Investor Class
shares in years 9-10; expenses could be lower if you are eligible to convert to Class A shares instead.
The Example also assumes that your investment has a 5% return each year and that the Fund's operating
expenses remain the same. The Example reflects the contractual fee waiver and/or expense reimbursement
arrangement, if applicable, for the current duration of the arrangement only. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:</p>
Assuming no redemption
Assuming redemption at end of period
656
635
218
718
218
318
87
97
122
148
880
923
675
975
675
675
271
303
381
459
1123
1232
1158
1358
1158
1158
471
525
660
792
1816
2105
2302
2302
2302
2302
1049
1166
1455
1735
Portfolio Turnover
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund pays transaction costs, such as commissions,
when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable
account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect
the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 16%
of the average value of its portfolio. </p>
0.16
Principal Investment Strategies
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Under normal conditions, the
Fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in equity
securities. Equity securities include common stocks, and securities convertible into, or exchangeable
for, common stocks, across all market capitalizations. The Fund may also invest in foreign securities.
Generally, an issuer of a security is considered to be U.S. or foreign based on the issuer's "country
of risk," as determined by a third-party service provider such as Bloomberg. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund employs two subadvisors,
Epoch Investment Partners, Inc. ("Epoch") and Markston International LLC ("Markston"), with investment
processes and styles that New York Life Investment Management LLC, the Fund's Manager, believes are complementary.
Each Subadvisor is responsible for managing a portion of the Fund's assets, as designated by the Manager
from time to time. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Investment Process:</span>
<span style="font-family:Sans-Serif; font-style:normal; font-size:11.0pt; font-weight:normal;"> </span>The
Subadvisors' investment processes and styles are as follows: </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Epoch:</span>
Epoch<span style="font-family:Sans-Serif; font-weight:bold;"> </span>invests primarily in companies that
generate increasing levels of free cash flow and have management teams that Epoch believes allocate free
cash flow effectively to create shareholder value. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The security selection process focuses on free-cash-flow
analytics as opposed to traditional accounting-based metrics. Epoch seeks to identify companies with
a consistent, straightforward ability to both generate free cash flow and to intelligently allocate it
among internal reinvestment opportunities, acquisitions, dividends, share repurchases and/or debt reduction.
</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Epoch
may sell or reduce a position in a security when it believes its investment objectives have been met
or when the security is deemed less attractive relative to another security on a return/risk basis. Epoch
may sell or reduce a position in a security if it sees the investment thesis failing to materialize.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Markston: </span>Markston seeks to identify companies
that it believes can emerge as market leaders, where current valuation is disconnected from positive
long-term prospects and ultimately have the potential to develop premium valuations. In addition to applying
existing valuation criteria like low multiples of price-to-book or cash flow, Markston looks for companies
with identifiable catalysts, including insider buying, stock repurchases, management change, sale or
spin-off of a division, industry consolidation, and tax loss carry-forwards. Markston generally looks
for the presence of at least three of these catalysts to coincide with what it believes could enhance
the return potential of a stock while also helping to minimize risk. Markston also assesses the judgment,
quality, and integrity of company management and the track record of capital deployment. Finally, Markston
will apply a rigorous discounted cash flow model as an important valuation tool in both buy and sell
decisions.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Under normal circumstances, Markston holds securities for a relatively long period
of time. However, certain securities may be acquired from time to time in an effort to earn short-term
profits. Markston may sell an investment when it believes the opportunity for current profits or the
risk of market decline outweighs the prospect of future capital gains.</p>
Principal Risks
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
You
can lose money by investing in the Fund.
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. The investments
selected by the Subadvisors may underperform the market in which the Fund invests or other investments.
The Fund may receive large purchase or redemption orders which may have adverse effects on performance
if the Fund were required to sell securities, invest cash or hold a relatively large amount of cash at
times when it would not otherwise do so. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The principal risks of investing in the Fund are summarized below.
</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Market Risk:</span> The value of the Fund’s investments
may fluctuate because of changes in the markets in which the Fund invests, which could cause the Fund
to underperform other funds with similar investment objectives and strategies. Such changes may be rapid
and unpredictable. From time to time, markets may experience periods of stress for potentially prolonged
periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii)
increased redemptions of Fund shares. Such conditions may add significantly to the risk of volatility
in the net asset value of the Fund's shares. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Portfolio
Management Risk:</span> The investment strategies, practices and risk analyses used by the Subadvisors
may not produce the desired results. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Multi-Manager
Risk:</span> The Fund’s performance relies on the selection and monitoring of the Subadvisors as well
as how the Fund’s assets are allocated among those Subadvisors. Performance will also depend on the
Subadvisors’ skill in implementing their respective strategy or strategies. The Subadvisors’ investment
strategies may not always be complementary to one another and, as a result, the Subadvisors may make
decisions that conflict with one another, which may adversely affect the Fund’s performance. For example,
a Subadvisor may purchase an investment for the Fund at the same time that another Subadvisor sells the
investment, resulting in higher expenses without accomplishing any net investment result. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Alternatively,
multiple Subadvisors could purchase the same investment at the same time, causing the Fund to pay higher
expenses because the Subadvisors did not aggregate their transactions. The multi-manager approach may
also cause the Fund to invest a substantial percentage of its assets in certain types of securities,
which could expose the Fund to greater risks associated with those types of securities and lead to large
beneficial or detrimental effects on the Fund’s performance. The Manager may influence a Subadvisor
in terms of its management of a portion of the Fund’s assets, including hedging practices, investment
exposure and risk management.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">A Subadvisor may underperform the market generally and may underperform
other subadvisors that the Manager could have selected. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Equity
Securities Risk:</span> 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
the Fund's holdings.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Value Stock Risk:</span> Value
stocks may never reach what the Subadvisors believe is their full value or they may go down in value.
In addition, different types of stocks tend to shift in and out of favor depending on market and economic
conditions, and therefore the Fund's performance may be lower or higher than that of funds that invest
in other types of equity securities.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Market
Capitalization Risk:</span> To the extent the Fund invests in securities issued by small-, mid-, or large-cap
companies, the Fund will be subject to the risks associated with securities issued by companies of the
applicable market capitalization. Securities of small-cap and mid-cap companies may be subject to greater
price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects
and greater spreads between their bid and ask prices than securities of larger companies. Smaller capitalization
companies frequently rely on narrower product lines and niche markets and may be more vulnerable to adverse
business or market developments. Securities issued by larger companies may have less growth potential
and may not be able to attain the high growth rates of successful smaller companies, especially during
strong economic periods. In addition, larger companies may be less capable of responding quickly to
competitive challenges and industry changes, including those resulting from improvements in technology,
and may suffer sharper price declines as a result of earnings disappointments. There is a risk that
the securities issued by companies of a certain market capitalization may underperform the broader market
at any given time.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Growth Stock Risk:</span> If
growth companies do not increase their earnings at a rate expected by investors, the market price of
the stock may decline significantly, even if earnings show an absolute increase. Growth company stocks
also typically lack the dividend yield that can cushion stock prices in market downturns.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Foreign Securities Risk:</span> Investments in foreign (non-U.S.) securities may be
riskier than investments in U.S. securities. Foreign regulatory regimes and securities markets can have
less stringent investor protections and disclosure standards and less liquid trading markets than U.S.
regulatory regimes and securities markets, and can experience political, social and economic developments
that may affect the value of the Fund's investments in foreign securities. Foreign securities may also
subject the Fund's investments to changes in currency rates. Changes in the value of foreign currencies
may make the return on an investment increase or decrease, unrelated to the quality or performance of
the investment itself. These risks may be greater with respect to securities of companies that conduct
their business activities in emerging markets or whose securities are traded principally in emerging
markets.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Depositary Receipts Risk: </span>Investments
in depositary receipts may entail the special risks of investing in foreign securities, including currency
exchange fluctuations, government regulations, and the potential for political and economic instability.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Convertible Securities Risk:</span> Convertible securities
are typically subordinate to an issuer’s other debt obligations. In part, the total return for a convertible
security depends upon the performance of the underlying stock into which it can be converted. Also, issuers
of convertible securities are often not as strong financially as those issuing securities with higher
credit ratings, are more likely to encounter financial difficulties and typically are more vulnerable
to changes in the economy, such as a recession or a sustained period of rising interest rates, which
could affect their ability to make interest and principal payments. If an issuer stops making interest
and/or principal payments, the Fund could lose its entire investment.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Dividend-Paying Stock Risk:</span>
<span style="color:#000000; font-family:Tms Rmn; font-size:13.0pt; font-weight:normal;"> </span>The Fund’s emphasis on equity and equity-related securities
that produce income or other distributions subjects the Fund to the risk that such securities may fall
out of favor with investors and underperform the market. Depending upon market conditions, income producing
stocks that meet the Fund’s investment criteria may not be widely available and/or may be highly concentrated
in only a few market sectors. This may limit the ability of the Fund to produce current income while
remaining fully diversified. Also, an issuer may reduce or eliminate its income payments or other distributions,
particularly during a market downturn. The distributions received by the Fund may not qualify as income
for Fund investors.</p>
You
can lose money by investing in the Fund.
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.
Past Performance
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
The following bar chart and
table indicate some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar
year performance has varied over time. Sales loads, if any, are not reflected in the bar chart. If they
were, returns would be less than those shown. The average annual total returns table shows how the Fund's
average annual total returns (before and after taxes) compare to those of two broad-based securities
market indices. The Fund has selected the Russell 3000<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span> Index<span style="font-family:Sans-Serif; font-style:normal; font-size:6.0pt; font-weight:normal;"> </span>as its primary benchmark. The Russell 3000<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span> Index measures the performance of the largest
3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Fund has
selected the </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Standard
& Poor’s 500<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span>
Index (“S&P 500<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span>
Index”) as its secondary benchmark. The S&P 500<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span> Index is widely regarded as the standard index for measuring
large-cap U.S. stock market performance. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Performance data for the classes varies based on differences in
their fee and expense structures. Performance data is not shown for classes with less than one calendar
year of performance.Past performance (before and after taxes) is not necessarily an indication of how
the Fund will perform in the future. Please visit newyorklifeinvestments.com/funds for more recent performance
information.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">One of the Fund's subadvisors changed effective January 9, 2017, and the Fund's principal
investment strategies changed effective February 28, 2017 and March 13, 2017. The past performance in
the bar chart and table prior to these dates reflects the Fund's prior subadvisor and principal investment
strategies.</p>
The following bar chart and
table indicate some of the risks of investing in the Fund.
Sales loads, if any, are not reflected in the bar chart. If they
were, returns would be less than those shown.
The Fund has selected the Russell 3000® Index as its primary benchmark.
Performance data is not shown for classes with less than one calendar
year of performance.
Past performance (before and after taxes) is not necessarily an indication of how
the Fund will perform in the future.
newyorklifeinvestments.com/funds
Annual Returns, Class I Shares
(by calendar year 2011-2020)
<table cellpadding="0" cellspacing="0" style="clear:both" width="34%">
<tr style="font-size:1pt;">
<td style="width:61.54%"> </td>
<td style="width:29.49%"> </td>
<td style="width:8.97%"> </td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Best Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q2/2020
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
22.20
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Worst
Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q1/2020
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">-25.79</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
</table>
Best Quarter
2020-06-30
0.2220
Worst
Quarter
2020-03-31
-0.2579
Average Annual Total Returns (for the periods ended December 31, 2020)
1971-01-21
0.1359
0.1315
0.1136
0.1258
0.1130
0.0962
0.0873
0.1019
0.0896
1999-06-09
0.0707
0.1159
0.1046
2008-02-28
0.0673
0.1134
0.1023
1999-06-09
0.0709
0.1150
0.1003
1999-06-09
0.1112
0.1176
0.1003
2004-01-02
0.1346
0.1303
0.1125
2004-01-02
0.1318
0.1274
0.1097
2006-04-28
0.1290
0.1247
0.1070
Russell 3000
reflects no deductions for fees,
expenses, or taxes
0.2089
0.1543
0.1379
S&P 500
reflects no deductions for fees,
expenses, or taxes
0.1840
0.1522
0.1388
After-tax returns are calculated using the highest individual federal
marginal income tax rates in effect at the time of each distribution or capital gain or upon the sale
of Fund shares, and do not reflect the impact of state and local taxes.
In some cases, the return after
taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of shares
at the end of the measurement period.
Actual after-tax returns depend on your tax situation and may differ
from those shown. After-tax returns are not relevant if you hold your shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts.
After-tax returns shown are for Class I shares.
After-tax returns for the other share classes may vary.
After-tax returns are calculated using the highest individual federal
marginal income tax rates in effect at the time of each distribution or capital gain or upon the sale
of Fund shares, and do not reflect the impact of state and local taxes.
In some cases, the return after
taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of shares
at the end of the measurement period.
Actual after-tax returns depend on your tax situation and may differ
from those shown. After-tax returns are not relevant if you hold your shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts.
After-tax returns shown are for Class I shares.
After-tax returns for the other share classes may vary.
MainStay Winslow Large Cap Growth Fund
Investment Objective
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund seeks long-term growth of capital.</p>
Fees and Expenses of the Fund
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The table below describes the fees and expenses
that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage
commissions and other fees to financial intermediaries, which are not reflected in the tables and examples
below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in
the future, at least $50,000 in the MainStay Funds. This amount may vary depending on the MainStay Fund
in which you invest. In addition, different financial intermediary firms and financial professionals
may impose different sales loads and waivers. More information about these and other discounts or waivers
is available from your financial professional, in the "Information on Sales Charges" section starting
on page 103 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts,
and in the "Alternative Sales Arrangements" section on page 137 of the Statement of Additional Information.
</p>
You may qualify for sales charge discounts if you and your family invest, or agree to invest in
the future, at least $50,000 in the MainStay Funds.
50000
Shareholder Fees (fees paid directly from your investment)
0.0550
0.0500
0
0
0
0
0
0
0
0
0
0
0.0500
0.0100
0
0
0
0
0
0
Annual Fund Operating Expenses (expenses that
you pay each year as a percentage of the value of your investment)
0.0062
0.0062
0.0062
0.0062
0.0062
0.0062
0.0062
0.0062
0.0062
0.0062
0.0025
0.0025
0.0100
0.0100
0
0
0.0025
0.0050
0
0.0050
0.0010
0.0023
0.0023
0.0023
0.0010
0.0020
0.0020
0.0020
0.0002
0.0023
0.0097
0.0110
0.0185
0.0185
0.0072
0.0082
0.0107
0.0132
0.0064
0.0135
Example
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Example is intended to
help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated whether or not
you redeem all of your shares at the end of those periods (except as indicated with respect to Class
B and Class C shares). The Example reflects Class B and Class C shares converting into Investor Class
shares in years 9-10; expenses could be lower if you are eligible to convert to Class A shares instead.
The Example also assumes that your investment has a 5% return each year and that the Fund's operating
expenses remain the same. The Example reflects the contractual fee waiver and/or expense reimbursement
arrangement, if applicable, for the current duration of the arrangement only. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:</p>
Assuming no redemption
Assuming redemption at end of period
644
607
188
688
188
288
74
84
109
134
65
137
842
832
582
882
582
582
230
262
340
418
205
428
1057
1076
1001
1201
1001
1001
401
455
590
723
357
739
1674
1773
1973
1973
1973
1973
894
1014
1306
1590
798
1624
Portfolio Turnover
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund pays transaction costs, such as commissions,
when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable
account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect
the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 44%
of the average value of its portfolio. </p>
0.44
Principal Investment Strategies
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Under normal circumstances, the Fund invests
at least 80% of its assets (net assets plus any borrowings for investment purposes) in large capitalization
companies, which are companies having a market capitalization in excess of $4 billion at the time of
purchase. Typically, Winslow Capital Management, LLC, the Fund's Subadvisor, invests substantially all
of the Fund's investable assets in domestic securities. However, the Fund is permitted to invest up to
20% of its net assets in foreign securities. Generally, an issuer of a security is considered to be U.S.
or foreign based on the issuer's "country of risk," as determined by a third-party service provider such
as Bloomberg. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Investment Process:</span>
The Fund invests in those companies that the Subadvisor believes will provide an opportunity for achieving
superior portfolio returns (i.e., returns in excess of the returns of the average stock mutual fund)
over the long term. The Subadvisor seeks to invest in companies that have the potential for above-average
future earnings and cash flow growth with management focused on shareholder value.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">When purchasing stocks for
the Fund, the Subadvisor looks for companies typically having some or all of the following attributes:
addressing markets with growth opportunities; leads or gains in market share; identifiable and sustainable
competitive advantages; managed by a team that can perpetuate the firm's competitive advantages; high,
and preferably rising, returns on invested capital; deploys excess cash flow to enhance shareholder return;
and demonstrates sound corporate governance. The Subadvisor may give consideration to certain environmental,
social, and governance (“ESG”) criteria when evaluating an investment opportunity.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Subadvisor takes a "bottom-up"
investment approach when selecting investments. This means it bases investment decisions on company specific
factors, not general economic conditions.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Under normal market conditions, the Subadvisor employs a sell discipline
pursuant to which it may sell some or all of its position in a stock when a stock becomes fully valued,
the fundamental business prospects are deteriorating, or the position exceeds limits set by the Subadvisor.</p>
Under normal circumstances, the Fund invests
at least 80% of its assets (net assets plus any borrowings for investment purposes) in large capitalization
companies, which are companies having a market capitalization in excess of $4 billion at the time of
purchase. Typically, Winslow Capital Management, LLC, the Fund's Subadvisor, invests substantially all
of the Fund's investable assets in domestic securities. However, the Fund is permitted to invest up to
20% of its net assets in foreign securities. Generally, an issuer of a security is considered to be U.S.
or foreign based on the issuer's "country of risk," as determined by a third-party service provider such
as Bloomberg.
Investment Process:
The Fund invests in those companies that the Subadvisor believes will provide an opportunity for achieving
superior portfolio returns (i.e., returns in excess of the returns of the average stock mutual fund)
over the long term. The Subadvisor seeks to invest in companies that have the potential for above-average
future earnings and cash flow growth with management focused on shareholder value.
Principal
Risks
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
You can lose money by investing in the Fund.
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. The investments selected by the Subadvisor may underperform the market in which the Fund invests
or other investments. The Fund may receive large purchase or redemption orders which may have adverse
effects on performance if the Fund were required to sell securities, invest cash or hold a relatively
large amount of cash at times when it would not otherwise do so. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The principal risks of investing
in the Fund are summarized below. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Market
Risk:</span> The value of the Fund’s investments may fluctuate because of changes in the markets in
which the Fund invests, which could cause the Fund to underperform other funds with similar investment
objectives and strategies. Such changes may be rapid and unpredictable. From time to time, markets may
experience periods of stress for potentially prolonged periods that may result in: (i) increased market
volatility; (ii) reduced market liquidity; and (iii) increased redemptions of Fund shares. Such conditions
may add significantly to the risk of volatility in the net asset value of the Fund's shares. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Portfolio Management Risk:</span> The investment strategies, practices and risk analyses
used by the Subadvisor may not produce the desired results. The Subadvisor may give consideration to
certain ESG criteria when evaluating an investment opportunity. The application of ESG criteria may result
in the Fund (i) having exposure to certain securities 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. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Equity Securities Risk:</span> 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 the Fund's holdings.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Market
Capitalization Risk:</span> To the extent the Fund invests in securities issued by small-, mid-, or large-cap
companies, the Fund will be subject to the risks associated with securities issued by companies of the
applicable market capitalization. Securities of small-cap and mid-cap companies may be subject to greater
price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects
and greater spreads between their bid and ask prices than securities of larger companies. Smaller capitalization
companies frequently rely on narrower product lines and niche markets and may be more vulnerable to adverse
business or market developments. Securities issued by larger companies may have less growth potential
and may not be able to attain the high growth rates of successful smaller companies, especially during
strong economic periods. In addition, larger companies may be less capable of responding quickly to
competitive challenges and industry changes, including those resulting from improvements in technology,
and may suffer sharper price declines as a result of earnings disappointments. There is a risk that
the securities issued by companies of a certain market capitalization may underperform the broader market
at any given time.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Growth Stock Risk:</span> If
growth companies do not increase their earnings at a rate expected by investors, the market price of
the stock may decline significantly, even if earnings show an absolute increase. Growth company stocks
also typically lack the dividend yield that can cushion stock prices in market downturns.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Foreign Securities Risk:</span> Investments in foreign
(non-U.S.) securities may be riskier than investments in U.S. securities. Foreign regulatory regimes
and securities markets can have less stringent investor protections and disclosure standards and less
liquid trading markets than U.S. regulatory regimes and securities markets, and can experience political,
social and economic developments that may affect the value of the Fund's investments in foreign securities.
Foreign securities may also subject the Fund's investments to changes in currency rates. Changes in the
value of foreign currencies may make the return on an investment increase or decrease, unrelated to the
quality or performance of the investment itself. These risks may be greater with respect to securities
of companies that conduct their business activities in emerging markets or whose securities are traded
principally in emerging markets.</p>
You can lose money by investing in the Fund.
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.
Past Performance
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
The following bar chart and
table indicate some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar
year performance has varied over time. Sales loads, if any, are not reflected in the bar chart. If they
were, returns would be less than those shown. The average annual total returns table shows how the Fund's
average annual total returns (before and after taxes) compare to those of two broad-based securities
market indices. The Fund has selected the Russell 1000<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span> Growth Index<span style="font-family:Sans-Serif; font-style:normal; font-size:6.0pt; font-weight:normal;"> </span>as its primary benchmark. The Russell 1000<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span> Growth Index measures the performance of
the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span> Index companies with higher price-to-book
ratios and higher forecasted growth values. The Fund has selected the Standard & Poor’s 500<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span> Index (“S&P
500<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span>
Index”) as its secondary benchmark. The S&P 500<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span> Index is widely regarded as the standard index for measuring
large-cap U.S. stock market performance. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Performance data for the classes varies based on differences in
their fee and expense structures. Performance data is not shown for classes with less than one calendar
year of performance.Past performance (before and after taxes) is not necessarily an indication of how
the Fund will perform in the future. Please visit newyorklifeinvestments.com/funds for more recent performance
information.</p>
The following bar chart and
table indicate some of the risks of investing in the Fund.
Sales loads, if any, are not reflected in the bar chart. If they
were, returns would be less than those shown.
The Fund has selected the Russell 1000® Growth Index as its primary benchmark.
Performance data is not shown for classes with less than one calendar
year of performance.
Past performance (before and after taxes) is not necessarily an indication of how
the Fund will perform in the future.
newyorklifeinvestments.com/funds
Annual Returns, Class I Shares
(by calendar year 2011-2020)
<table cellpadding="0" cellspacing="0" style="clear:both" width="34%">
<tr style="font-size:1pt;">
<td style="width:61.54%"> </td>
<td style="width:29.49%"> </td>
<td style="width:8.97%"> </td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Best Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q2/2020
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
28.27
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Worst
Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q4/2018
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">-15.98</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
</table>
Best Quarter
2020-06-30
0.2827
Worst
Quarter
2018-12-31
-0.1598
Average Annual Total Returns (for the periods
ended December 31, 2020)
2005-04-01
0.3738
0.1977
0.1617
0.3583
0.1651
0.1383
0.2318
0.1500
0.1281
1995-07-01
0.2943
0.1811
0.1521
2008-02-28
0.2934
0.1800
0.1513
2005-04-01
0.3087
0.1825
0.1491
2005-04-01
0.3497
0.1846
0.1493
2005-04-01
0.3729
0.1964
0.1604
2005-04-01
0.3692
0.1933
0.1575
2006-04-28
0.3657
0.1904
0.1547
2013-06-17
0.3744
0.1988
0.1820
Russell
1000
reflects no deductions for fees, expenses, or taxes
0.3849
0.2100
0.1721
S&P
500
reflects no deductions for fees, expenses, or taxes
0.1840
0.1522
0.1388
After-tax returns are calculated
using the highest individual federal marginal income tax rates in effect at the time of each distribution
or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes.
In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit
from any losses on a sale of shares at the end of the measurement period.
Actual after-tax returns depend
on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold
your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary.
After-tax returns are calculated
using the highest individual federal marginal income tax rates in effect at the time of each distribution
or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes.
In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit
from any losses on a sale of shares at the end of the measurement period.
Actual after-tax returns depend
on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold
your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary.
MainStay WMC Enduring Capital Fund
(formerly MainStay MacKay Common
Stock Fund)
Investment Objective
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund seeks long-term growth
of capital.</p>
Fees and Expenses of the Fund
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The table below describes
the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other
fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected
in the tables and examples below. You may qualify for sales charge discounts if you and your family invest,
or agree to invest in the future, at least $50,000 in the MainStay Funds. This amount may vary depending
on the MainStay Fund in which you invest. In addition, different financial intermediary firms and financial
professionals may impose different sales loads and waivers. More information about these and other discounts
or waivers is available from your financial professional, in the "Information on Sales Charges" section
starting on page 103 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers
and Discounts, and in the "Alternative Sales Arrangements" section on page 137 of the Statement of Additional
Information. </p>
You may qualify for sales charge discounts if you and your family invest,
or agree to invest in the future, at least $50,000 in the MainStay Funds.
50000
Shareholder
Fees (fees paid directly from your investment)
0.0550
0.0500
0
0
0
0
0
0
0
0
0.0500
0.0100
0
0
0
0
Annual Fund Operating Expenses (expenses that
you pay each year as a percentage of the value of your investment)
0.0055
0.0055
0.0055
0.0055
0.0055
0.0055
0.0055
0.0055
0.0025
0.0025
0.0100
0.0100
0
0.0025
0.0050
0
0.0019
0.0051
0.0051
0.0051
0.0019
0.0029
0.0029
0.0015
0.0099
0.0131
0.0206
0.0206
0.0074
0.0109
0.0134
0.0070
0.0000
-0.0001
-0.0001
-0.0001
0.0000
0.0000
0.0000
0.0000
0.0099
0.0130
0.0205
0.0205
0.0074
0.0109
0.0134
0.0070
Example
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The
Example is intended to help you compare the cost of investing in the Fund with the cost of investing
in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated
whether or not you redeem all of your shares at the end of those periods (except as indicated with respect
to Class B and Class C shares). The Example reflects Class B and Class C shares converting into Investor
Class shares in years 9-10; expenses could be lower if you are eligible to convert to Class A shares
instead. The Example also assumes that your investment has a 5% return each year and that the Fund's
operating expenses remain the same. The Example reflects the contractual fee waiver and/or expense reimbursement
arrangement, if applicable, for the current duration of the arrangement only. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:</p>
Assuming no redemption
Assuming redemption at end of period
645
626
208
708
208
308
76
111
136
72
848
894
645
945
645
645
237
347
425
224
1067
1181
1108
1308
1108
1108
411
601
734
390
1696
1999
2197
2197
2197
2197
918
1329
1613
871
Portfolio Turnover
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund pays transaction costs, such as commissions,
when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable
account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect
the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 166%
of the average value of its portfolio. </p>
1.66
Principal Investment Strategies
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Under normal circumstances,
the Fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes)
in common stocks. The Fund invests in common stocks of U.S. companies with market capitalizations that,
at the time of investment, are similar to the market capitalizations of companies whose stocks are included
in the Standard & Poor's 500<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span>
Index ("S&P 500<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span>
Index”) (which ranged from $4.3 billion to $2.252 trillion as of December 31, 2020) and the Russell
3000<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span>
Index (which ranged from $43 million to $2.252 trillion as of December 31, 2020). The Fund may also invest
in securities of foreign issuers, including securities of emerging market country issuers. Generally,
an issuer of a security is considered to be a U.S. or foreign issuer based on the issuer's "country of
risk," as determined by a third-party service provider such as Bloomberg. Wellington Management Company
LLP, the Fund’s Subadvisor (the “Subadvisor”), has discretion to determine the countries considered
to be emerging market countries, including taking into consideration a variety of factors, such as the
development of a country’s financial and capital markets, and inclusion of a country in an index representative
of emerging markets. The Fund may also invest in real estate investment trusts (“REITs”). REITs are
pooled investment vehicles that invest primarily in either real estate or real estate-related loans.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Investment Process:</span> The Subadvisor seeks to
identify companies that have a decades-long perspective, and resilient businesses run by owner-minded
executives skilled at capital allocation. When purchasing stocks for the Fund, the Subadvisor looks for
companies typically having some or all of the following attributes: resilient businesses, strong cash
flow reinvestment and growth opportunities, owner-minded management teams who are skilled capital allocators,
and stocks trading at reasonable valuations. The Subadvisor may give consideration to certain environmental,
social, and governance (“ESG”) criteria when evaluating an investment opportunity. The Subadvisor
may sell a security due to a company’s reduced cash flow resiliency, fewer growth opportunities, or
adverse changes to the management team and culture.</p>
Principal Risks
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
You can lose money by investing
in the Fund.
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. The investments selected by the
Subadvisor may underperform the market in which the Fund invests or other investments. The Fund may receive
large purchase or redemption orders which may have adverse effects on performance if the Fund were required
to sell securities, invest cash or hold a relatively large amount of cash at times when it would not
otherwise do so. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The principal risks of investing in the Fund are summarized below. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Market Risk:</span> The value of the Fund’s investments may fluctuate because of
changes in the markets in which the Fund invests, which could cause the Fund to underperform other funds
with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From
time to time, markets may experience periods of stress for potentially prolonged periods that may result
in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of
Fund shares. Such conditions may add significantly to the risk of volatility in the net asset value of
the Fund's shares. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Portfolio Management Risk:</span>
The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired
results. The Subadvisor may give consideration to certain ESG criteria when evaluating an investment
opportunity. The application of ESG criteria may result in the Fund (i) having exposure to certain securities
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. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Equity
Securities Risk:</span> 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
the Fund's holdings.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Market Capitalization Risk:</span>
To the extent the Fund invests in securities issued by small-, mid-, or large-cap companies, the Fund
will be subject to the risks associated with securities issued by companies of the applicable market
capitalization. Securities of small-cap and mid-cap companies may be subject to greater price volatility,
significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads
between their bid and ask prices than securities of larger companies. Smaller capitalization companies
frequently rely on narrower product lines and niche markets and may be more vulnerable to adverse business
or market developments. Securities issued by larger companies may have less growth potential and may
not be able to attain the high growth rates of successful smaller companies, especially during strong
economic periods. In addition, larger companies may be less capable of responding quickly to competitive
challenges and industry changes, including those resulting from improvements in technology, and may suffer
sharper price declines as a result of earnings disappointments. There is a risk that the securities
issued by companies of a certain market capitalization may underperform the broader market at any given
time.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Growth Stock Risk:</span> If growth companies do not
increase their earnings at a rate expected by investors, the market price of the stock may decline significantly,
even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield
that can cushion stock prices in market downturns.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Value
Stock Risk:</span> Value stocks may never reach what the Subadvisor believes is their full value or they
may go down in value. In addition, different types of stocks tend to shift in and out of favor depending
on market and economic conditions, and therefore the Fund's performance may be lower or higher than that
of funds that invest in other types of equity securities.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Foreign
Securities Risk:</span> Investments in foreign (non-U.S.) securities may be riskier than investments
in U.S. securities. Foreign regulatory regimes and securities markets can have less stringent investor
protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and
securities markets, and can experience political, social and economic developments that may affect the
value of the Fund's investments in foreign securities. Foreign securities may also subject the Fund's
investments to changes in currency rates. Changes in the value of foreign currencies may make the return
on an investment increase or decrease, unrelated to the quality or performance of the investment itself.
These risks may be greater with respect to securities of companies that conduct their business activities
in emerging markets or whose securities are traded principally in emerging markets.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Real Estate Investment Trust Risk:</span> 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. Additionally, the appreciation of securities issued
by a REIT depends, in part, on the skills of the REIT’s manager. REITs may not be diversified, may
experience substantial cost in the event of borrower or lessee defaults and are subject to heavy cash
flow dependency. </p>
You can lose money by investing
in the Fund.
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.
Past Performance
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
The following bar chart and
table indicate some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar
year performance has varied over time. Sales loads, if any, are not reflected in the bar chart. If they
were, returns would be less than those shown. The average annual total returns table shows how the Fund's
average annual total returns (before and after taxes) compare to those of two broad-based securities
market indices. The Fund has selected the S&P 500<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span> Index<span style="font-family:Sans-Serif; font-style:normal; font-size:6.0pt; font-weight:normal;"> </span>as its primary benchmark. The S&P 500<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span> Index is widely regarded as the standard
index for measuring large-cap U.S. stock market performance. The Fund has selected the Russell 3000<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span> Index as
its secondary benchmark. The Russell 3000<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span>
Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of
the investable U.S. equity market. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Performance data for the classes varies based on differences in
their fee and expense structures. Performance data is not shown for classes with less than one calendar
year of performance.Past performance (before and after taxes) is not necessarily an indication of how
the Fund will perform in the future. Please visit newyorklifeinvestments.com/funds for more recent performance
information.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund’s subadvisor changed effective January 1, 2018 due to an organizational
restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former
subadvisor, transitioned to MacKay Shields LLC. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Effective March 5, 2021, the Fund replaced its
subadvisor and modified its principal investment strategies. The past performance in the bar chart and
table prior to that date reflects the Fund’s prior subadvisor and principal investment strategies.</p>
The following bar chart and
table indicate some of the risks of investing in the Fund.
Sales loads, if any, are not reflected in the bar chart. If they
were, returns would be less than those shown.
The Fund has selected the S&P 500® Index as its primary benchmark.
Performance data is not shown for classes with less than one calendar
year of performance.
Past performance (before and after taxes) is not necessarily an indication of how
the Fund will perform in the future.
newyorklifeinvestments.com/funds
Annual
Returns, Class I Shares
(by calendar
year 2011-2020)
<table cellpadding="0" cellspacing="0" style="clear:both" width="34%">
<tr style="font-size:1pt;">
<td style="width:61.54%"> </td>
<td style="width:29.49%"> </td>
<td style="width:8.97%"> </td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Best Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q2/2020
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
21.45
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom"> </td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom"> </td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:bottom"> </td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Worst
Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q1/2020
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">-20.70</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
</table>
Best Quarter
2020-06-30
0.2145
Worst
Quarter
2020-03-31
-0.2070
Average Annual Total Returns (for the periods
ended December 31, 2020)
2004-12-28
0.1581
0.1269
0.1288
0.1552
0.1145
0.1210
0.0955
0.0985
0.1060
1998-06-01
0.0913
0.1114
0.1196
2008-02-28
0.0883
0.1085
0.1159
1998-06-01
0.0927
0.1101
0.1140
1998-09-01
0.1324
0.1126
0.1139
2016-02-29
0.1508
0.1386
S&P 500
reflects no deductions for fees,
expenses, or taxes
0.1840
0.1522
0.1388
Russell 3000
reflects no deductions for fees,
expenses, or taxes
0.2089
0.1543
0.1379
After-tax returns are calculated using the highest individual federal
marginal income tax rates in effect at the time of each distribution or capital gain or upon the sale
of Fund shares, and do not reflect the impact of state and local taxes.
In some cases, the return after
taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of shares
at the end of the measurement period.
Actual after-tax returns depend on your tax situation and may differ
from those shown. After-tax returns are not relevant if you hold your shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts.
After-tax returns shown are for Class I shares.
After-tax returns for the other share classes may vary.
After-tax returns are calculated using the highest individual federal
marginal income tax rates in effect at the time of each distribution or capital gain or upon the sale
of Fund shares, and do not reflect the impact of state and local taxes.
In some cases, the return after
taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of shares
at the end of the measurement period.
Actual after-tax returns depend on your tax situation and may differ
from those shown. After-tax returns are not relevant if you hold your shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts.
After-tax returns shown are for Class I shares.
After-tax returns for the other share classes may vary.
MainStay MacKay International Equity Fund
Investment Objective
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund seeks long-term growth of capital.</p>
Fees and Expenses of the Fund
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The table below describes the fees and expenses
that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage
commissions and other fees to financial intermediaries, which are not reflected in the tables and examples
below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in
the future, at least $50,000 in the MainStay Funds. This amount may vary depending on the MainStay Fund
in which you invest. In addition, different financial intermediary firms and financial professionals
may impose different sales loads and waivers. More information about these and other discounts or waivers
is available from your financial professional, in the "Information on Sales Charges" section starting
on page 103 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts,
and in the "Alternative Sales Arrangements" section on page 137 of the Statement of Additional Information.
</p>
You may qualify for sales charge discounts if you and your family invest, or agree to invest in
the future, at least $50,000 in the MainStay Funds.
50000
Shareholder Fees (fees paid directly from your
investment)
0.0550
0.0500
0
0
0
0
0
0
0
0
0
0.0500
0.0100
0
0
0
0
0
Annual Fund Operating Expenses (expenses that
you pay each year as a percentage of the value of your investment)
0.0089
0.0089
0.0089
0.0089
0.0089
0.0089
0.0089
0.0089
0.0089
0.0025
0.0025
0.0100
0.0100
0
0
0.0025
0.0050
0
0.0026
0.0061
0.0061
0.0061
0.0026
0.0036
0.0036
0.0036
0.0013
0.0140
0.0175
0.0250
0.0250
0.0115
0.0125
0.0150
0.0175
0.0102
-0.0019
-0.0019
-0.0019
-0.0019
-0.0030
-0.0019
-0.0019
-0.0019
-0.0019
0.0121
0.0156
0.0231
0.0231
0.0085
0.0106
0.0131
0.0156
0.0083
Example
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Example is intended to
help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated whether or not
you redeem all of your shares at the end of those periods (except as indicated with respect to Class
B and Class C shares). The Example reflects Class B and Class C shares converting into Investor Class
shares in years 9-10; expenses could be lower if you are eligible to convert to Class A shares instead.
The Example also assumes that your investment has a 5% return each year and that the Fund's operating
expenses remain the same. The Example reflects the contractual fee waiver and/or expense reimbursement
arrangement, if applicable, for the current duration of the arrangement only. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:</p>
Assuming no redemption
Assuming redemption at end of period
667
651
234
734
234
334
87
108
133
159
85
951
1006
760
1060
760
760
336
378
455
533
306
1257
1385
1313
1513
1313
1313
604
668
800
931
545
2122
2444
2637
2637
2637
2637
1371
1495
1774
2047
1231
Portfolio Turnover
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund pays transaction costs, such as commissions,
when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable
account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect
the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 135%
of the average value of its portfolio. </p>
1.35
Principal Investment Strategies
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund invests in those
companies that meet the quality and valuation criteria of MacKay Shields LLC, the Fund’s Subadvisor.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The
Fund normally invests at least 80% of its assets (net assets plus any borrowings for investment purposes)
in equity securities of foreign issuers. Generally, an issuer is considered to be U.S. or foreign based
on the issuer’s “country of risk,” as determined by a third-party service provider such as Bloomberg.
The Fund invests in securities of companies which conduct business in a variety of countries, with a
minimum of five countries other than the United States. This includes countries with established economies
as well as emerging market countries that the Subadvisor believes present favorable opportunities. The
Fund may also invest in exchange-traded funds ("ETFs") to obtain this exposure or for other investment
purposes.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-style:normal; font-weight:bold;">Investment
Process</span>: The Subadvisor seeks to identify investment opportunities through “bottom-up” analysis
and fundamental research. The Subadvisor performs research to identify reasonably priced companies with
competitive market advantages that it believes are able to benefit from long-term market trends and that
the Subadvisor believes are able to sustainably grow earnings over time regardless of economic climate.
The Subadvisor may give consideration to certain environmental, social, and governance (“ESG”) criteria
when evaluating an investment opportunity. Allocations to countries and industries are also a result
of the "bottom-up" stock selection process and, as a result, may deviate from the country and industry
weightings in the Fund’s benchmark. The Fund may not perform as well as its peers or benchmark during
periods when the stock market favors the securities of businesses with lower operating margins, more
highly leveraged balance sheets, or more economic sensitivity. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Generally, the Fund seeks
to limit its investments in securities of: (i) any one company; (ii) companies in the same industry;
(iii) companies located in any one country; and (iv) companies located in emerging markets (currently
limited to 25% of the Fund’s assets measured at the time of investment).</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Subadvisor may sell a
security if it believes the security will no longer contribute to meeting the investment objective of
the Fund. In considering whether to sell a security, the Subadvisor may evaluate, among other things,
whether the security has approached full valuation, if the investment thesis is invalidated, if superior
opportunities to redeploy exist or emerge, or if industry group or country weights or individual positions
need to be adjusted.</p>
Principal Risks
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
You can lose money by investing
in the Fund.
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. The investments selected by the
Subadvisor may underperform the market in which the Fund invests or other investments. The Fund may receive
large purchase or redemption orders which may have adverse effects on performance if the Fund were required
to sell securities, invest cash or hold a relatively large amount of cash at times when it would not
otherwise do so. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The principal risks of investing in the Fund are summarized below. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Market Risk:</span> The value of the Fund’s investments may fluctuate because of
changes in the markets in which the Fund invests, which could cause the Fund to underperform other funds
with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From
time to time, markets may experience periods of stress for potentially prolonged periods that may result
in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of
Fund shares. Such conditions may add significantly to the risk of volatility in the net asset value of
the Fund's shares. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Portfolio Management Risk:</span>
The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired
results. The Subadvisor may give consideration to certain ESG criteria when evaluating an investment
opportunity. The application of ESG criteria may result in the Fund (i) having exposure to certain securities
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. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Equity
Securities Risk:</span> 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
the Fund's holdings.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Focused Portfolio Risk:</span>
Because the Fund typically invests in relatively few holdings, a larger percentage of its assets may
be invested in a particular issuer or in fewer companies than is typical of other mutual funds. This
may increase volatility of the Fund’s NAVs. The Fund will be more susceptible to adverse economic,
political, regulatory or market developments affecting a single issuer than a fund that is invested more
broadly.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Foreign Securities Risk:</span> Investments in foreign
(non-U.S.) securities may be riskier than investments in U.S. securities. Foreign regulatory regimes
and securities markets can have less stringent investor protections and disclosure standards and less
liquid trading markets than U.S. regulatory regimes and securities markets, and can experience political,
social and economic developments that may affect the value of the Fund's investments in foreign securities.
Foreign securities may also subject the Fund's investments to changes in currency rates. Changes in the
value of foreign currencies may make the return on an investment increase or decrease, unrelated to the
quality or performance of the investment itself. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Liquidity
and Valuation Risk:</span> The Fund’s investments may be illiquid at the time of purchase or liquid
at the time of purchase and subsequently become illiquid due to, among other things, events relating
to the issuer of the securities, market events, operational issues, economic conditions, investor perceptions
or lack of market participants. The lack of an active trading market may make it difficult to sell or
obtain an accurate price for a security. If market conditions or issuer specific developments make it
difficult to value securities, the Fund may value these securities using more subjective methods, such
as fair value pricing. In such cases, the value determined for a security could be different than the
value realized upon such security's sale. As a result, an investor could pay more than the market value
when buying shares or receive less than the market value when selling shares. This could affect the proceeds
of any redemption or the number of shares an investor receives upon purchase.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund is subject to the
risk that it could not meet redemption requests within the allowable time period without significant
dilution of remaining investors' interests in the Fund. To meet redemption requests or to raise cash
to pursue other investment opportunities, the Fund may be forced to sell securities at an unfavorable
time and/or under unfavorable conditions, which may adversely affect the Fund.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Emerging Markets Risk:</span> The risks related to investing in foreign securities
are generally greater with respect to securities of companies that conduct their business activities
in emerging markets or whose securities are traded principally in emerging markets. The risks of investing
in emerging markets include the risks of illiquidity, increased price volatility, smaller market capitalizations,
less government regulation, less extensive, transparent and frequent accounting, auditing, recordkeeping,
financial reporting and other requirements, loss resulting from problems in share registration and custody,
substantial economic and political disruptions and the nationalization of foreign deposits or assets.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Growth Stock Risk:</span> If growth companies do not
increase their earnings at a rate expected by investors, the market price of the stock may decline significantly,
even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield
that can cushion stock prices in market downturns.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Exchange-Traded
Fund Risk:</span> The risks of owning an ETF generally reflect the risks of owning the securities in
which the ETF invests or is designed to track, although lack of liquidity in an ETF could result in it
being more volatile than its underlying portfolio securities. Disruptions in the markets for the securities
underlying ETFs purchased or sold by the Fund could result in losses on the Fund's investment in ETFs.
ETFs also have management fees and transaction costs that may make them more expensive than owning the
underlying securities directly.</p>
You can lose money by investing
in the Fund.
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.
Past Performance
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
The following bar chart and
table indicate some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar
year performance has varied over time. Sales loads, if any, are not reflected in the bar chart. If they
were, returns would be less than those shown. The average annual total returns table shows how the Fund's
average annual total returns (before and after taxes) compare to those of two broad-based securities
market indices. The Fund has selected the MSCI ACWI<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span> (All Country World Index) Ex U.S. (Net)<span style="font-family:Sans-Serif; font-style:normal; font-size:6.0pt; font-weight:normal;"> </span>as its primary benchmark. The MSCI ACWI<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span> Ex U.S. (Net)
is a free float-adjusted market capitalization weighted index that is designed to measure the equity
market performance of developed and emerging markets, excluding the U.S. The Fund has selected the MSCI
EAFE<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span>Index
(Net) as secondary benchmark. The MSCI EAFE<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;"><sup><sup>®</sup></sup></span>
Index (Net) consists of international stocks representing the developed world outside of North America.
</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Performance
data for the classes varies based on differences in their fee and expense structures. Performance data
is not shown for classes with less than one calendar year of performance.Past performance (before and
after taxes) is not necessarily an indication of how the Fund will perform in the future. Please visit
newyorklifeinvestments.com/funds for more recent performance information.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund’s subadvisor changed
effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of
Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC.
</p>
The following bar chart and
table indicate some of the risks of investing in the Fund.
Sales loads, if any, are not reflected in the bar chart. If they
were, returns would be less than those shown.
The Fund has selected the MSCI ACWI® (All Country World Index) Ex U.S. (Net) as its primary benchmark.
Performance data
is not shown for classes with less than one calendar year of performance.
Past performance (before and
after taxes) is not necessarily an indication of how the Fund will perform in the future.
newyorklifeinvestments.com/funds
Annual
Returns, Class I Shares
(by calendar
year 2011-2020)
<table cellpadding="0" cellspacing="0" style="clear:both" width="34%">
<tr style="font-size:1pt;">
<td style="width:61.54%"> </td>
<td style="width:29.49%"> </td>
<td style="width:8.97%"> </td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Best Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q2/2020
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
19.71
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Worst
Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q1/2020
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">-19.86</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
</table>
Best Quarter
2020-06-30
0.1971
Worst
Quarter
2020-03-31
-0.1986
Average Annual Total Returns (for the periods ended December 31, 2020)
2004-01-02
0.2096
0.1089
0.0699
0.1971
0.1045
0.0678
0.1290
0.0865
0.0574
1995-01-03
0.1396
0.0933
0.0611
2008-02-28
0.1355
0.0894
0.0574
1994-09-13
0.1424
0.0908
0.0555
1998-09-01
0.1824
0.0934
0.0555
2004-01-02
0.2075
0.1074
0.0687
2004-01-02
0.2044
0.1046
0.0660
2006-04-28
0.2014
0.1019
0.0633
2019-02-28
0.2100
0.1976
MSCI
ACWI
Net) (reflects no deductions for fees, expenses, or taxes, except foreign withholding
taxes
0.1065
0.0893
0.0492
MSCI EAFE
Net) (reflects no deductions for
fees, expenses, or taxes, except foreign withholding taxes
0.0782
0.0745
0.0551
After-tax returns are calculated
using the highest individual federal marginal income tax rates in effect at the time of each distribution
or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes.
In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit
from any losses on a sale of shares at the end of the measurement period.
Actual after-tax returns depend
on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold
your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary.
After-tax returns are calculated
using the highest individual federal marginal income tax rates in effect at the time of each distribution
or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes.
In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit
from any losses on a sale of shares at the end of the measurement period.
Actual after-tax returns depend
on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold
your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary.
MGHAX
MGHHX
MGHBX
MHYCX
MGHIX
MGHDX
MHCAX
MHHIX
MKHCX
MYHCX
MHYIX
MHHRX
MHYRX
MHYTX
MHYSX
MHHSX
MASAX
MSYDX
MASBX
MSICX
MSDIX
MSIRX
MSDJX
MSYEX
MGVAX
MGVNX
MCSGX
MGVCX
MGOIX
MGVDX
MTBAX
MKINX
MKTBX
MTFCX
MTSPX
MTBIX
MTBDX
MMAXX
MKTXX
MKMXX
MSCXX
MIPXX
MTRAX
MTINX
MKTRX
MCTRX
MTOIX
MTXRX
MTXVX
MTODX
MTISX
MCOAX
MCINX
MCSVX
MCCVX
MCNVX
MCNDX
MainStay Candriam Emerging Markets Debt Fund
Investment Objective
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund seeks total return.</p>
Fees and
Expenses of the Fund
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The table below describes the fees and expenses that you may pay
if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and
other fees to financial intermediaries, which are not reflected in the tables and examples below. You
may qualify for sales charge discounts if you and your family invest, or agree to invest in the future,
at least $50,000 in the MainStay Funds. This amount may vary depending on the MainStay Fund in which
you invest. In addition, different financial intermediary firms and financial professionals may impose
different sales loads and waivers. More information about these and other discounts or waivers is available
from your financial professional, in the "Information on Sales Charges" section starting on page 132
of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in
the "Alternative Sales Arrangements" section on page 137 of the Statement of Additional Information.
</p>
You
may qualify for sales charge discounts if you and your family invest, or agree to invest in the future,
at least $50,000 in the MainStay Funds.
50000
Shareholder Fees (fees
paid directly from your investment)
0.0450
0.0400
0
0
0
0
0
0
0
0.0500
0.0100
0
0
0
Annual Fund Operating Expenses (expenses that
you pay each year as a percentage of the value of your investment)
0.0070
0.0070
0.0070
0.0070
0.0070
0.0070
0.0070
0.0025
0.0025
0.0100
0.0100
0
0
0.0050
0.0038
0.0071
0.0070
0.0070
0.0037
0.0025
0.0071
0.0133
0.0166
0.0240
0.0240
0.0107
0.0095
0.0191
-0.0018
-0.0018
-0.0018
-0.0018
-0.0022
-0.0010
-0.0018
0.0115
0.0148
0.0222
0.0222
0.0085
0.0085
0.0173
Example
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Example is intended to
help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated whether or not
you redeem all of your shares at the end of those periods (except as indicated with respect to Class
B and Class C shares). The Example reflects Class B and Class C shares converting into Investor Class
shares in years 9-10; expenses could be lower if you are eligible to convert to Class A shares instead.
The Example also assumes that your investment has a 5% return each year and that the Fund's operating
expenses remain the same. The Example reflects the contractual fee waiver and/or expense reimbursement
arrangement, if applicable, for the current duration of the arrangement only. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:</p>
Assuming no redemption
Assuming redemption at end of period
562
545
225
725
225
325
87
87
176
836
886
731
1031
731
731
318
293
583
1130
1250
1264
1464
1264
1264
569
516
1015
1964
2272
2539
2539
2539
2539
1286
1157
2218
Portfolio Turnover
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund pays transaction costs, such as commissions,
when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable
account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect
the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 102%
of the average value of its portfolio. </p>
1.02
Principal Investment Strategies
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Under normal circumstances,
the Fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes)
in fixed income securities of issuers in emerging markets. Generally, an issuer of a security is considered
to be an emerging market issuer based on the issuer’s “country of risk,” as determined by a third-party
service provider such as Bloomberg. Candriam Luxembourg S.C.A., the Fund’s Subadvisor, has discretion
to determine the countries considered to be emerging market countries, including taking into consideration
a variety of factors such as the development of a country’s financial and capital markets and inclusion
in an index, such as the J.P. Morgan Emerging Market Bond Index, considered by the Subadvisor to be representative
of emerging markets. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The securities in which the Fund invests may be denominated in foreign currency. The
debt securities in which the Fund invests may consist of securities that are rated below investment grade.
Below investment grade securities are generally securities that receive low ratings from a nationally
recognized statistical rating organization (“NRSRO”) (such as securities rated lower than BBB- and
Baa3), or if unrated, are deemed to be of comparable quality by the Subadvisor. Securities rated below
investment grade by a NRSRO are commonly referred to as “high yield securities” or “junk bonds.”
If NRSROs assign different ratings to the same security, the Fund will use the higher rating for purposes
of determining the security's credit quality. The Fund may invest in fixed income securities of any duration
or maturity.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund's principal investments include sovereign, quasi-sovereign and corporate Eurobonds.
The Fund may invest in floating rate notes and inverse floating rate notes. The Fund may also invest
in derivative instruments, such as forward commitments, futures, options and swap agreements to try to
enhance returns or reduce the risk of loss by hedging certain of its holdings. The Fund may invest up
to 20% of its total assets in swaps, including credit default swaps and credit default swap indices.
The Fund may buy and sell currency on a spot basis, buy foreign currency options, and enter into foreign
currency forward contracts. These techniques may be used for any purpose, including to seek to increase
the Fund's return. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Investment Process:</span>
The Subadvisor identifies investment opportunities by deploying a relative value focused investment approach.
The approach consists of three primary layers of analysis. The first layer assesses medium-term sovereign
creditworthiness and sets up the basis for identifying the second and third layer investment opportunities,
which are relative country (second layer) and instrument (third layer) investment opportunities. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The
Subadvisor also considers key fundamental macro-economic drivers such as growth and inflation dynamics,
internal and external imbalances as well as structural reform and political risk trends. The investment
approach is aware of environmental, social and governance (“ESG”) risks as ESG factors are explicitly
integrated in the sovereign creditworthiness analysis and may limit exposure to industries which do not
satisfy the Subadvisor’s ESG criteria. To this end, the Subadvisor may also give consideration to ESG
factors such as sector, country, currency, region, number of securities, certain types of extractive
industries, tobacco-related industries and industries related to chemical, biological or white phosphorus
weapons. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Subadvisor may sell a security if it believes the security will no longer contribute
to meeting the investment objective of the Fund.</p>
Principal Risks
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
You can lose money by investing
in the Fund.
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. The investments selected by the
Subadvisor may underperform the market in which the Fund invests or other investments. The Fund may receive
large purchase or redemption orders which may have adverse effects on performance if the Fund were required
to sell securities, invest cash or hold a relatively large amount of cash at times when it would not
otherwise do so. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The principal risks of investing in the Fund are summarized below. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Market Risk:</span> The value of the Fund’s investments may fluctuate because of
changes in the markets in which the Fund invests, which could cause the Fund to underperform other funds
with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From
time to time, markets may experience periods of stress for potentially prolonged periods that may result
in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of
Fund shares. Such conditions may add significantly to the risk of volatility in the net asset value of
the Fund's shares. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Portfolio Management Risk:</span>
The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired
results. The Subadvisor may give consideration to certain ESG criteria when evaluating an investment
opportunity. The application of ESG criteria may result in the Fund (i) having exposure to certain securities
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. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Yield Risk:</span> There can be no guarantee that the
Fund will achieve or maintain any particular level of yield.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Debt
Securities Risk:</span> The risks of investing in debt or fixed-income securities include (without limitation):
(i) credit risk, e.g., the issuer or guarantor of a debt security may be unable or unwilling (or be perceived
as unable or unwilling) to make timely principal and/or interest payments or otherwise honor its obligations,
or changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness
may affect the value of the Fund’s investments; (ii) maturity risk, e.g., a debt security with a longer
maturity may fluctuate in value more than one with a shorter maturity; (iii) market risk, e.g., low demand
for debt securities may negatively impact their price; (iv) interest rate risk, e.g., when interest rates
go up, the value of a debt security generally goes down, and when interest rates go down, the value of
a debt security generally goes up (long-term debt securities are generally more susceptible to interest
rate risk than short-term debt securities); and (v) call or prepayment risk, e.g., during a period of
falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the
Fund’s income if the proceeds are reinvested at lower interest rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Interest rate risk is the
risk that the value of the Fund’s investments in fixed income or debt securities will change because
of changes in interest rates<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;">.
There is a risk that interest rates across the financial system may change, possibly significantly and/or
rapidly</span>. Changes in interest rates or a lack of market participants may lead to decreased liquidity
and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to
sell its fixed-income or debt holdings. Decreased liquidity in the fixed-income or debt markets also
may make it more difficult to value some or all of the Fund’s fixed-income or debt holdings. For most
fixed-income investments, when market interest rates fall, prices of fixed-rate debt securities rise.
However, when market interest rates fall, prices of certain variable and fixed-rate debt securities may
be adversely affected (i.e., falling interest rates bring the possibility of prepayment risk, as an instrument
may be redeemed before maturity). Certain countries have experienced negative interest rates on certain
fixed-income instruments. Very low or negative interest rates may magnify interest rate risk. Changing
interest rates, including rates that fall below zero, may have unpredictable effects on markets, may
result in heightened market volatility and may detract from Fund performance to the extent a Fund is
exposed to such interest rates and/or volatility. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Not all U.S. government debt securities are
guaranteed by the U.S. government—some are backed only by the issuing agency, which must rely on its
own resources to repay the debt. The Fund's yield will fluctuate with changes in short-term interest
rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Foreign Securities Risk:</span>
Investments in foreign (non-U.S.) securities may be riskier than investments in U.S. securities. Foreign
regulatory regimes and securities markets can have less stringent investor protections and disclosure
standards and less liquid trading markets than U.S. regulatory regimes and securities markets, and can
experience political, social and economic developments that may affect the value of the Fund's investments
in foreign securities. Foreign securities may also subject the Fund's investments to changes in currency
rates. Changes in the value of foreign currencies may make the return on an investment increase or decrease,
unrelated to the quality or performance of the investment itself. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Emerging Markets Risk:</span> The risks related to investing in foreign securities
are generally greater with respect to securities of companies that conduct their business activities
in emerging markets or whose securities are traded principally in emerging markets. The risks of investing
in emerging markets include the risks of illiquidity, increased price volatility, smaller market capitalizations,
less government regulation, less extensive, transparent and frequent accounting, auditing, recordkeeping,
financial reporting and other requirements, loss resulting from problems in share registration and custody,
substantial economic and political disruptions and the nationalization of foreign deposits or assets.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Sovereign Debt Risk:</span> The debt securities issued
by sovereign entities may decline as a result of default or other adverse credit event resulting from
a sovereign debtor's unwillingness or inability to repay principal and pay interest in a timely manner,
which may be affected by a variety of factors, including its cash flow situation, the extent of its reserves,
the availability of sufficient foreign exchange on the date a payment is due, the relative size of the
debt service burden to the economy as a whole, the sovereign debtor's policy toward international lenders,
and the political constraints to which a sovereign debtor may be subject. Sovereign debt risk is increased
for emerging market issuers.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">High-Yield
Securities Risk:</span> Investments in high-yield securities or non-investment grade securities (commonly
referred to as "junk bonds") are considered speculative because investments in such securities present
a greater risk of loss than investments in higher quality securities. Such securities may, under certain
circumstances, be less liquid than higher rated securities. These securities pay investors a premium
(a high interest rate or yield) because of the potential illiquidity and increased risk of loss. These
securities can also be subject to greater price volatility. In times of unusual or adverse market, economic
or political conditions, these securities may experience higher than normal default rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Floating Rate Notes and Variable Rate Notes Risk: </span>Floating and variable rate
notes provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment
intervals may be regular and range from daily up to annually, or may be based on an event, such as a
change in the prime rate. Floating and variable rate notes may be subject to greater liquidity risk than
other debt securities, meaning that there may be limitations on the Fund's ability to sell the securities
at any given time. Securities with floating interest rates generally are less sensitive to interest rate
changes, but may decline in value if their interest rates do not rise as much or as fast as interest
rates in general. Floating rate loans and other similar debt obligations that lack financial maintenance
covenants or possess fewer or contingent financial maintenance covenants and other financial protections
for lenders and investors (sometimes referred to as “covenant-lite” loans or obligations) are generally
subject to more risk than investments that contain traditional financial maintenance covenants and financial
reporting requirements. The terms of many floating rate notes and other instruments are tied to the London
Interbank Offered Rate (“LIBOR”), which functions as a reference rate or benchmark. It is anticipated
that LIBOR will be discontinued at the end of 2021, which may cause increased volatility and illiquidity
in the markets for instruments with terms tied to LIBOR or other adverse consequences, such as decreased
yields and reduction in value, for these instruments. These events may adversely affect the Fund and
its investments in such instruments.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Derivatives Risk:</span> Derivatives are investments
whose value depends on (or is derived from) the value of an underlying instrument, such as a security,
asset, reference rate or index. Derivative strategies may expose the Fund to greater risk than if it
had invested directly in the underlying instrument and often involve leverage, which may exaggerate a
loss, potentially causing the Fund to lose more money than it originally invested and would have lost
had it invested directly in the underlying instrument. For example, if the Fund is the seller of credit
protection in a credit default swap, the Fund effectively adds leverage to its portfolio and is subject
to the credit exposure on the full notional value of the swap. Derivatives may be difficult to sell,
unwind and/or value. Derivatives may also be subject to counterparty risk, which is the risk that the
counterparty (the party on the other side of the transaction) on a derivative transaction will be unable
or unwilling to honor its contractual obligations to the Fund. Futures may be more volatile than direct
investments in the instrument underlying the contract, and may not correlate perfectly to the underlying
instrument. Futures and other derivatives also may involve a small initial investment relative to the
risk assumed, which could result in losses greater than if they had not been used. Due to fluctuations
in the price of the underlying instrument, the Fund may not be able to profitably exercise an option
and may lose its entire investment in an option. To the extent that the Fund writes or sells an option,
if the decline in the value of the underlying instrument is significantly below the exercise price in
the case of a written put option or increase above the exercise price in the case of a written call option,
the Fund could experience a substantial loss. Forward commitments entail the risk that the instrument
may be worth less when it is issued or received than the price the Fund agreed to pay when it made the
commitment. The use of foreign currency forwards may result in currency exchange losses due to fluctuations
in currency exchange rates or an imperfect correlation between portfolio holdings denominated in a particular
currency and the forward contracts entered into by the Fund. Swaps may be subject to counterparty credit,
correlation, valuation, liquidity and leveraging risks. Swap transactions tend to shift a Fund's investment
exposure from one type of investment to another and may entail the risk that a party will default on
its payment obligations to the Fund. Additionally, applicable regulators have adopted rules imposing
certain margin requirements, including minimums on uncleared swaps, which may result in the Fund and
its counterparties posting higher margin amounts for uncleared swaps. Certain standardized swaps are
subject to mandatory central clearing and exchange trading. Central clearing, which interposes a central
clearinghouse to each participant’s swap, and exchange trading are intended to reduce counterparty
credit risk and increase liquidity but neither makes swap transactions risk-free. Derivatives may also
increase the expenses of the Fund. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Liquidity
and Valuation Risk:</span> The Fund’s investments may be illiquid at the time of purchase or liquid
at the time of purchase and subsequently become illiquid due to, among other things, events relating
to the issuer of the securities, market events, operational issues, economic conditions, investor perceptions
or lack of market participants. The lack of an active trading market may make it difficult to sell or
obtain an accurate price for a security. If market conditions or issuer specific developments make it
difficult to value securities, the Fund may value these securities using more subjective methods, such
as fair value pricing. In such cases, the value determined for a security could be different than the
value realized upon such security's sale. As a result, an investor could pay more than the market value
when buying shares or receive less than the market value when selling shares. This could affect the proceeds
of any redemption or the number of shares an investor receives upon purchase.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund is subject to the
risk that it could not meet redemption requests within the allowable time period without significant
dilution of remaining investors' interests in the Fund. To meet redemption requests or to raise cash
to pursue other investment opportunities, the Fund may be forced to sell securities at an unfavorable
time and/or under unfavorable conditions, which may adversely affect the Fund. These risks are heightened
for fixed-income instruments because of the current low interest rate environment.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Currency Risk:</span> Changes in the value of foreign (non-U.S.) currencies relative
to the U.S. dollar may adversely affect the Fund’s investments in foreign currencies or in securities
that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign currencies.
These changes in value can make the return on an investment go up or down, entirely apart from the quality
or performance of the investment itself. The Subadvisor may seek to reduce currency risk by hedging all
or part of the exposure to various foreign currencies of the Fund’s assets by engaging in hedging transactions,
including swaps, futures, forward currency contracts and other derivatives. The Subadvisor may from time
to time attempt to hedge all or a portion of the perceived currency risk by engaging in similar hedging
transactions. However, these transactions and techniques may not always work as intended, and in certain
cases the Fund may be worse off than if it had not engaged in such hedging practices. In addition, certain
market conditions may make it impossible or uneconomical to hedge against currency risk.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Money Market/Short-Term Securities Risk:</span> To the extent the Fund holds cash
or invests in money market or short-term securities, the Fund may be less likely to achieve its investment
objective. In addition, it is possible that the Fund's investments in these instruments could lose money.</p>
You can lose money by investing
in the Fund.
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.
Past Performance
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
The
following bar chart and table indicate some of the risks of investing in the Fund. The bar chart shows
you how the Fund's calendar year performance has varied over time. Sales loads, if any, are not reflected
in the bar chart. If they were, returns would be less than those shown. The average annual total returns
table shows how the Fund's average annual total returns (before and after taxes) compare to those of
a broad-based securities market index. The Fund has selected the JPMorgan EMBI Global Diversified Index<span style="font-family:Sans-Serif; font-style:normal; font-size:6.0pt; font-weight:normal;"> </span>as its
primary benchmark. The JPMorgan EMBI Global Diversified Index is a market capitalization weighted, total
return index tracking the traded market for U.S. dollar-denominated Brady Bonds, Eurobonds, traded loans
and local market debt instruments issued by sovereign and quasi-sovereign entities. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Performance data for the classes
varies based on differences in their fee and expense structures. Performance data is not shown for classes
with less than one calendar year of performance.Past performance (before and after taxes) is not necessarily
an indication of how the Fund will perform in the future. Please visit newyorklifeinvestments.com/funds
for more recent performance information.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Effective
February 28, 2017, the Fund's principal investment strategies changed. Effective June 21, 2019, the Fund's
subadvisor, investment objective and principal investment strategies changed. The performance in the
bar chart and table prior to those dates reflects the Fund’s prior subadvisor, investment objective
and principal investment strategies. </p>
The
following bar chart and table indicate some of the risks of investing in the Fund.
Sales loads, if any, are not reflected
in the bar chart. If they were, returns would be less than those shown.
The Fund has selected the JPMorgan EMBI Global Diversified Index as its
primary benchmark.
Performance data is not shown for classes
with less than one calendar year of performance.
Past performance (before and after taxes) is not necessarily
an indication of how the Fund will perform in the future.
newyorklifeinvestments.com/funds
Annual Returns, Class I Shares
(by calendar year 2011-2020)
<table cellpadding="0" cellspacing="0" style="clear:both" width="34%">
<tr style="font-size:1pt;">
<td style="width:61.54%"> </td>
<td style="width:29.49%"> </td>
<td style="width:8.97%"> </td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Best Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q2/2020
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
15.27
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Worst
Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q1/2020
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">-18.72</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
</table>
Best Quarter
2020-06-30
0.1527
Worst
Quarter
2020-03-31
-0.1872
Average Annual Total Returns (for the periods ended December 31, 2020)
2007-08-31
0.0336
0.0746
0.0504
0.0084
0.0548
0.0268
0.0188
0.0490
0.0286
1998-06-01
-0.0168
0.0618
0.0428
2008-02-28
-0.0203
0.0591
0.0407
1998-06-01
-0.0298
0.0580
0.0378
1998-09-01
0.0100
0.0613
0.0378
JPMorgan
EMBI Global Diversified Index (reflects no deductions for fees, expenses, or taxes)
reflects no deductions for fees, expenses, or taxes
0.0526
0.0708
0.0622
After-tax returns are calculated
using the highest individual federal marginal income tax rates in effect at the time of each distribution
or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes.
In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit
from any losses on a sale of shares at the end of the measurement period.
Actual after-tax returns depend
on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold
your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary.
After-tax returns are calculated
using the highest individual federal marginal income tax rates in effect at the time of each distribution
or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes.
In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit
from any losses on a sale of shares at the end of the measurement period.
Actual after-tax returns depend
on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold
your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary.
MainStay MacKay High Yield Corporate Bond Fund
Investment Objective
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund seeks maximum current income through
investment in a diversified portfolio of high-yield debt securities. Capital appreciation is a secondary
objective.</p>
Fees and Expenses of the Fund
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The table below describes
the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other
fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected
in the tables and examples below. You may qualify for sales charge discounts if you and your family invest,
or agree to invest in the future, at least $50,000 in the MainStay Funds. This amount may vary depending
on the MainStay Fund in which you invest. In addition, different financial intermediary firms and financial
professionals may impose different sales loads and waivers. More information about these and other discounts
or waivers is available from your financial professional, in the "Information on Sales Charges" section
starting on page 132 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers
and Discounts, and in the "Alternative Sales Arrangements" section on page 137 of the Statement of Additional
Information. </p>
You may qualify for sales charge discounts if you and your family invest,
or agree to invest in the future, at least $50,000 in the MainStay Funds.
50000
Shareholder
Fees (fees paid directly from your investment)
0.0450
0.0400
0
0
0
0
0
0
0
0
0
0
0.0500
0.0100
0
0
0
0
0
0
Annual Fund Operating Expenses (expenses that
you pay each year as a percentage of the value of your investment)
0.0054
0.0054
0.0054
0.0054
0.0054
0.0054
0.0054
0.0054
0.0054
0.0054
0.0025
0.0025
0.0100
0.0100
0
0
0.0025
0.0050
0
0.0050
0.0018
0.0027
0.0027
0.0027
0.0018
0.0028
0.0028
0.0028
0.0004
0.0027
0.0002
0.0002
0.0002
0.0002
0.0002
0.0002
0.0002
0.0002
0.0002
0.0002
0.0099
0.0108
0.0183
0.0183
0.0074
0.0084
0.0109
0.0134
0.0060
0.0133
Example
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The
Example is intended to help you compare the cost of investing in the Fund with the cost of investing
in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated
whether or not you redeem all of your shares at the end of those periods (except as indicated with respect
to Class B and Class C shares). The Example reflects Class B and Class C shares converting into Investor
Class shares in years 9-10; expenses could be lower if you are eligible to convert to Class A shares
instead. The Example also assumes that your investment has a 5% return each year and that the Fund's
operating expenses remain the same. The Example reflects the contractual fee waiver and/or expense reimbursement
arrangement, if applicable, for the current duration of the arrangement only. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:</p>
Assuming no redemption
Assuming redemption at end of period
546
506
186
686
186
286
76
86
111
136
61
135
751
730
576
876
576
576
237
268
347
425
192
421
972
972
990
1190
990
990
411
466
601
734
335
729
1608
1664
1951
1951
1951
1951
918
1037
1329
1613
750
1601
Portfolio Turnover
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund pays transaction costs, such as commissions,
when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable
account. These costs, which are </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">not
reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During
the most recent fiscal year, the Fund's portfolio turnover rate was 38% of the average value of its portfolio.
</p>
0.38
Principal
Investment Strategies
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund, under normal circumstances, invests at least 80% of its
assets (net assets plus any borrowings for investment purposes) in high-yield corporate debt securities,
including all types of high-yield domestic and foreign corporate debt securities that are rated below
investment grade by a nationally recognized statistical rating organization (“NRSRO”) or that are
unrated but are considered to be of comparable quality by MacKay Shields LLC, the Fund's Subadvisor.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Securities
that are rated below investment grade by NRSROs (such as securities rated lower than BBB- and Baa3) are
commonly referred to as “high-yield securities” or "junk bonds." If NRSROs assign different ratings
to the same security, the Fund will use the higher rating for purposes of determining the security's
credit quality.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund's high-yield investments may also include convertible corporate securities,
loans and loan participation interests. The Fund may invest up to 20% of its net assets in common stocks
and other equity-related securities. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund may hold cash or invest in short-term instruments during
times when the Subadvisor is unable to identify attractive high-yield securities. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund may invest in derivatives,
such as futures, options and swap agreements to seek enhanced returns or to reduce the risk of loss by
hedging certain of its holdings.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">In times of unusual or adverse market, economic or political conditions,
the Fund may invest without limit in investment grade securities and may invest in U.S. government securities
or other high quality money market instruments. Periods of unusual or adverse market, economic or political
conditions may exist in some cases, for up to a year or longer. To the extent the Fund is invested in
cash, investment grade debt or other high quality instruments, the yield on these investments tends to
be lower than the yield on other investments normally purchased by the Fund. Although investing heavily
in these investments may help to preserve the Fund's assets, it may not be consistent with the Fund's
primary investment objective and may limit the Fund's ability to achieve a high level of income.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Investment Process:</span> The Subadvisor seeks to
identify investment opportunities by analyzing individual companies and evaluating each company's competitive
position, financial condition, and business prospects. The Fund invests in companies in which the Subadvisor
has judged that there is sufficient asset coverage—that is, the Subadvisor's subjective appraisal of
a company's value compared to the value of its debt, with the intent of maximizing risk-adjusted income
and returns.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Subadvisor may sell a security if it believes the security will no longer contribute
to meeting the investment objectives of the Fund. In considering whether to sell a security, the Subadvisor
may evaluate, among other things, the price of the security and meaningful changes in the issuer's financial
condition and competitiveness.</p>
Principal Risks
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
You can lose money by investing
in the Fund.
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. The investments selected by the
Subadvisor may underperform the market in which the Fund invests or other investments. The Fund may receive
large purchase or redemption orders which may have adverse effects on performance if the Fund were required
to sell securities, invest cash or hold a relatively large amount of cash at times when it would not
otherwise do so. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The principal risks of investing in the Fund are summarized below. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Market Risk:</span> The value of the Fund’s investments may fluctuate because of
changes in the markets in which the Fund invests, which could cause the Fund to underperform other funds
with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From
time to time, markets may experience periods of stress for potentially prolonged periods that may result
in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of
Fund shares. Such conditions may add significantly to the risk of volatility in the net asset value of
the Fund's shares. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Portfolio Management Risk:</span>
The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired
results. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Yield Risk:</span> There can
be no guarantee that the Fund will achieve or maintain any particular level of yield.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Debt Securities Risk:</span> The risks of investing in debt or fixed-income securities
include (without limitation): (i) credit risk, e.g., the issuer or guarantor of a debt security may be
unable or unwilling (or be perceived as unable or unwilling) to make timely principal and/or interest
payments or otherwise honor its obligations, or changes in an issuer’s credit rating or the market’s
perception of an issuer’s creditworthiness may affect the value of the Fund’s investments; (ii) maturity
risk, e.g., a debt security with a longer maturity may fluctuate in value more than one with a shorter
maturity; (iii) market risk, e.g., low demand for debt securities may negatively impact their price;
(iv) interest rate risk, e.g., when interest rates go up, the value of a debt security generally goes
down, and when interest rates go down, the value of a debt security generally goes up (long-term debt
securities are generally more susceptible to interest rate risk than short-term debt securities); and
(v) call or prepayment risk, e.g., during a </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">period
of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the
Fund’s income if the proceeds are reinvested at lower interest rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Interest rate risk is the
risk that the value of the Fund’s investments in fixed income or debt securities will change because
of changes in interest rates<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;">.
There is a risk that interest rates across the financial system may change, possibly significantly and/or
rapidly</span>. Changes in interest rates or a lack of market participants may lead to decreased liquidity
and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to
sell its fixed-income or debt holdings. Decreased liquidity in the fixed-income or debt markets also
may make it more difficult to value some or all of the Fund’s fixed-income or debt holdings. For most
fixed-income investments, when market interest rates fall, prices of fixed-rate debt securities rise.
However, when market interest rates fall, prices of certain variable and fixed-rate debt securities may
be adversely affected (i.e., falling interest rates bring the possibility of prepayment risk, as an instrument
may be redeemed before maturity). Certain countries have experienced negative interest rates on certain
fixed-income instruments. Very low or negative interest rates may magnify interest rate risk. Changing
interest rates, including rates that fall below zero, may have unpredictable effects on markets, may
result in heightened market volatility and may detract from Fund performance to the extent a Fund is
exposed to such interest rates and/or volatility. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Not all U.S. government debt securities are
guaranteed by the U.S. government—some are backed only by the issuing agency, which must rely on its
own resources to repay the debt. The Fund's yield will fluctuate with changes in short-term interest
rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">High-Yield Securities Risk:</span>
Investments in high-yield securities or non-investment grade securities (commonly referred to as "junk
bonds") are considered speculative because investments in such securities present a greater risk of loss
than investments in higher quality securities. Such securities may, under certain circumstances, be less
liquid than higher rated securities. These securities pay investors a premium (a high interest rate or
yield) because of the potential illiquidity and increased risk of loss. These securities can also be
subject to greater price volatility. In times of unusual or adverse market, economic or political conditions,
these securities may experience higher than normal default rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Liquidity and Valuation Risk:</span> The Fund’s investments may be illiquid at the
time of purchase or liquid at the time of purchase and subsequently become illiquid due to, among other
things, events relating to the issuer of the securities, market events, operational issues, economic
conditions, investor perceptions or lack of market participants. The lack of an active trading market
may make it difficult to sell or obtain an accurate price for a security. If market conditions or issuer
specific developments make it difficult to value securities, the Fund may value these securities using
more subjective methods, such as fair value pricing. In such cases, the value determined for a security
could be different than the value realized upon such security's sale. As a result, an investor could
pay more than the market value when buying shares or receive less than the market value when selling
shares. This could affect the proceeds of any redemption or the number of shares an investor receives
upon purchase.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund is subject to the risk that it could not meet redemption requests within the
allowable time period without significant dilution of remaining investors' interests in the Fund. To
meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced
to sell securities at an unfavorable time and/or under unfavorable conditions, which may adversely affect
the Fund. These risks are heightened for fixed-income instruments because of the current low interest
rate environment.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Loan Participation Interest
Risk:</span> There may not be a readily available market for loan participation interests, which in some
cases could result in the Fund disposing of such interests at a substantial discount from face value
or holding such interests until maturity. In addition, the Fund may be exposed to the credit risk of
the underlying corporate borrower as well as the lending institution or other participant from whom the
Fund purchased the loan participation interests. The Fund may not always have direct recourse against
a borrower if the borrower fails to pay scheduled principal and/or interest and may be subject to greater
delays, expenses and risks than if the Fund had purchased a direct obligation of the borrower. Substantial
increases in interest rates may cause an increase in loan obligation defaults.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Floating Rate Loans Risk:</span> The floating rate loans in which the Fund invests
are usually rated below investment grade, or if unrated, determined by the Subadvisor to be of comparable
quality (commonly referred to as "junk bonds") and are generally considered speculative because they
present a greater risk of loss, including default, than higher quality debt instruments. Moreover, such
investments may, under certain circumstances, be particularly susceptible to liquidity and valuation
risks. Although certain floating rate loans are collateralized, there is no guarantee that the value
of the collateral will be sufficient or available to satisfy the borrower’s obligation. In times of
unusual or adverse market, economic or political conditions, floating rate loans may experience higher
than normal default rates. In the event of a recession or serious credit event, among other eventualities,
the value of the Fund's investments in floating rate loans are more likely to decline. The secondary
market for floating rate loans is limited and, thus, the Fund’s ability to sell or realize the full
value of its investment in these loans to reinvest sale proceeds or to meet redemption obligations may
be impaired. In addition, floating rate loans generally are subject to extended settlement periods that
may be longer than seven days. As a result, the Fund may be adversely affected by selling other investments
at an unfavorable time and/or under unfavorable conditions or engaging in borrowing transactions, such
as borrowing against its credit facility, to raise cash to meet redemption obligations or pursue other
investment opportunities.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">In certain circumstances, floating rate loans may not be deemed to be securities. As
a result, the Fund may not have the protection of the anti-fraud provisions of the federal securities
laws. In such cases, the Fund generally must rely on the contractual provisions in the loan agreement
and common-law fraud protections under applicable state law. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Convertible
Securities Risk:</span> Convertible securities are typically subordinate to an issuer’s other debt
obligations. In part, the total return for a convertible security depends upon the performance of the
underlying stock into which it can be converted. Also, issuers of convertible securities </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">are
often not as strong financially as those issuing securities with higher credit ratings, are more likely
to encounter financial difficulties and typically are more vulnerable to changes in the economy, such
as a recession or a sustained period of rising interest rates, which could affect their ability to make
interest and principal payments. If an issuer stops making interest and/or principal payments, the Fund
could lose its entire investment.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Foreign
Securities Risk:</span> Investments in foreign (non-U.S.) securities may be riskier than investments
in U.S. securities. Foreign regulatory regimes and securities markets can have less stringent investor
protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and
securities markets, and can experience political, social and economic developments that may affect the
value of the Fund's investments in foreign securities. Foreign securities may also subject the Fund's
investments to changes in currency rates. Changes in the value of foreign currencies may make the return
on an investment increase or decrease, unrelated to the quality or performance of the investment itself.
These risks may be greater with respect to securities of companies that conduct their business activities
in emerging markets or whose securities are traded principally in emerging markets.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Derivatives Risk:</span> Derivatives are investments whose value depends on (or is
derived from) the value of an underlying instrument, such as a security, asset, reference rate or index.
Derivative strategies may expose the Fund to greater risk than if it had invested directly in the underlying
instrument and often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose
more money than it originally invested and would have lost had it invested directly in the underlying
instrument. For example, if the Fund is the seller of credit protection in a credit default swap, the
Fund effectively adds leverage to its portfolio and is subject to the credit exposure on the full notional
value of the swap. Derivatives may be difficult to sell, unwind and/or value. Derivatives may also be
subject to counterparty risk, which is the risk that the counterparty (the party on the other side of
the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations
to the Fund. Futures may be more volatile than direct investments in the instrument underlying the contract,
and may not correlate perfectly to the underlying instrument. Futures and other derivatives also may
involve a small initial investment relative to the risk assumed, which could result in losses greater
than if they had not been used. Due to fluctuations in the price of the underlying instrument, the Fund
may not be able to profitably exercise an option and may lose its entire investment in an option. To
the extent that the Fund writes or sells an option, if the decline in the value of the underlying instrument
is significantly below the exercise price in the case of a written put option or increase above the exercise
price in the case of a written call option, the Fund could experience a substantial loss. Swaps may be
subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. Swap transactions
tend to shift a Fund's investment exposure from one type of investment to another and may entail the
risk that a party will default on its payment obligations to the Fund. Additionally, applicable regulators
have adopted rules imposing certain margin requirements, including minimums on uncleared swaps, which
may result in the Fund and its counterparties posting higher margin amounts for uncleared swaps. Certain
standardized swaps are subject to mandatory central clearing and exchange trading. Central clearing,
which interposes a central clearinghouse to each participant’s swap, and exchange trading are intended
to reduce counterparty credit risk and increase liquidity but neither makes swap transactions risk-free.
Derivatives may also increase the expenses of the Fund. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Equity
Securities Risk:</span> 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 manager's ability to anticipate such changes that can adversely affect the value of
the Fund's holdings.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Money Market/Short-Term Securities
Risk:</span> To the extent the Fund holds cash or invests in money market or short-term securities, the
Fund may be less likely to achieve its investment objective. In addition, it is possible that the Fund's
investments in these instruments could lose money.</p>
You can lose money by investing
in the Fund.
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.
Past Performance
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
The following bar chart and
table indicate some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar
year performance has varied over time. Sales loads, if any, are not reflected in the bar chart. If they
were, returns would be less than those shown. The average annual total returns table shows how the Fund's
average annual total returns (before and after taxes) compare to those of a broad-based securities market
index. The Fund has selected the ICE BofA U.S. High Yield Constrained Index<span style="font-family:Sans-Serif; font-style:normal; font-size:6.0pt; font-weight:normal;"> </span>as its primary benchmark. The ICE BofA
U.S. High Yield Constrained Index is a market value-weighted index of all domestic and Yankee high-yield
bonds, including deferred interest bonds and payment-in-kind securities. Issuers included in the ICE
BofA U.S. High Yield Constrained Index have maturities of one year or more and have a credit rating lower
than BBB-/Baa3, but are not in default. No single issuer may constitute greater than 2% of the ICE BofA
U.S. High Yield Constrained Index. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Performance data for the classes varies based on differences in
their fee and expense structures. Performance data is not shown for classes with less than one calendar
year of performance.Past performance (before and after taxes) is not necessarily an indication of how
the Fund will perform in the future. Please visit newyorklifeinvestments.com/funds for more recent performance
information.</p>
The following bar chart and
table indicate some of the risks of investing in the Fund.
Sales loads, if any, are not reflected in the bar chart. If they
were, returns would be less than those shown.
The Fund has selected the ICE BofA U.S. High Yield Constrained Index as its primary benchmark.
Performance data is not shown for classes with less than one calendar
year of performance.
Past performance (before and after taxes) is not necessarily an indication of how
the Fund will perform in the future.
newyorklifeinvestments.com/funds
Annual
Returns, Class I Shares
(by calendar
year 2011-2020)
<table cellpadding="0" cellspacing="0" style="clear:both" width="34%">
<tr style="font-size:1pt;">
<td style="width:61.54%"> </td>
<td style="width:29.49%"> </td>
<td style="width:8.97%"> </td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Best Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q2/2020
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
9.50
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Worst
Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q1/2020
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">-12.56</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
</table>
Best Quarter
2020-06-30
0.0950
Worst
Quarter
2020-03-31
-0.1256
Average Annual Total Returns (for the periods ended December 31, 2020)
2004-01-02
0.0512
0.0765
0.0285
0.0516
0.0299
0.0478
1995-01-03
0.0011
0.0638
2008-02-28
0.0006
0.0629
1986-05-01
-0.0083
0.0622
1998-09-01
0.0295
0.0653
2012-06-29
0.0501
0.0750
2008-05-01
0.0473
0.0726
2016-02-29
0.0464
0.0756
2013-06-17
0.0528
0.0778
ICE
BofA U.S. High Yield Constrained Index (reflects no deductions for fees, expenses, or taxes)
reflects no deductions for fees, expenses, or taxes
0.0607
0.0842
After-tax
returns are calculated using the highest individual federal marginal income tax rates in effect at the
time of each distribution or capital gain or upon the sale of Fund shares, and do not reflect the impact
of state and local taxes.
In some cases, the return after taxes may exceed the return before taxes due
to an assumed tax benefit from any losses on a sale of shares at the end of the measurement period.
Actual
after-tax returns depend on your tax situation and may differ from those shown. After-tax returns are
not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts.
After-tax returns shown are for Class I shares. After-tax returns for the other
share classes may vary.
After-tax
returns are calculated using the highest individual federal marginal income tax rates in effect at the
time of each distribution or capital gain or upon the sale of Fund shares, and do not reflect the impact
of state and local taxes.
In some cases, the return after taxes may exceed the return before taxes due
to an assumed tax benefit from any losses on a sale of shares at the end of the measurement period.
Actual
after-tax returns depend on your tax situation and may differ from those shown. After-tax returns are
not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts.
After-tax returns shown are for Class I shares. After-tax returns for the other
share classes may vary.
MainStay MacKay Strategic Bond Fund
(formerly MainStay MacKay Unconstrained
Bond Fund)
Investment Objective
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund seeks total return
by investing primarily in domestic and foreign debt securities.</p>
Fees and
Expenses of the Fund
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The table below describes the fees and expenses that you may pay
if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and
other fees to financial intermediaries, which are not reflected in the tables and examples below. You
may qualify for sales charge discounts if you and your family invest, or agree to invest in the future,
at least $50,000 in the MainStay Funds. This amount may vary depending on the MainStay Fund in which
you invest. In addition, different financial intermediary firms and financial professionals may impose
different sales loads and waivers. More information about these and other discounts or waivers is available
from your financial professional, in the "Information on Sales Charges" section starting on page 132
of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in
the "Alternative Sales Arrangements" section on page 137 of the Statement of Additional Information.
</p>
You
may qualify for sales charge discounts if you and your family invest, or agree to invest in the future,
at least $50,000 in the MainStay Funds.
50000
Shareholder Fees (fees paid directly from your
investment)
0.0450
0.0400
0
0
0
0
0
0
0
0
0
0.0500
0.0100
0
0
0
0
0
Annual Fund Operating Expenses (expenses that
you pay each year as a percentage of the value of your investment)
0.0060
0.0060
0.0060
0.0060
0.0060
0.0060
0.0060
0.0060
0.0060
0.0025
0.0025
0.0100
0.0100
0
0.0025
0.0050
0
0.0050
0.0008
0.0008
0.0008
0.0008
0.0008
0.0008
0.0008
0.0010
0.0008
0.0003
0.0003
0.0003
0.0003
0.0003
0.0003
0.0003
0.0006
0.0003
0.0023
0.0029
0.0030
0.0030
0.0024
0.0034
0.0032
0.0007
0.0029
0.0034
0.0040
0.0041
0.0041
0.0035
0.0045
0.0043
0.0023
0.0040
0.0119
0.0125
0.0201
0.0201
0.0095
0.0130
0.0153
0.0083
0.0150
Example
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The
Example is intended to help you compare the cost of investing in the Fund with the cost of investing
in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated
whether or not you redeem all of your shares at the end of those periods (except as indicated with respect
to Class B and Class C shares). The Example reflects Class B and Class C shares converting into Investor
Class shares in years 9-10; expenses could be lower if you are eligible to convert to Class A shares
instead. The Example also assumes that your investment has a 5% return each year and that the Fund's
operating expenses remain the same. The Example reflects the contractual fee waiver and/or expense reimbursement
arrangement, if applicable, for the current duration of the arrangement only. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:</p>
Assuming no redemption
Assuming redemption at end of period
566
522
204
704
204
304
97
132
156
85
153
811
781
630
930
630
630
303
412
483
265
474
1075
1059
1083
1283
1083
1083
525
713
834
460
818
1828
1851
2142
2142
2142
2142
1166
1568
1824
1025
1791
Portfolio Turnover
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund pays transaction costs, such as commissions,
when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable
account. These costs, which are </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">not
reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During
the most recent fiscal year, the Fund's portfolio turnover rate was 56% of the average value of its portfolio.
</p>
0.56
Principal Investment Strategies
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
The
Fund seeks to achieve its investment objective through a flexible investment process that allocates investments
across the global fixed-income markets. The Fund, under normal circumstances, invests at least 80% of
its assets (net assets plus any borrowings for investment purposes) in a diversified portfolio of debt
or debt-related securities such as: debt or debt-related securities issued or guaranteed by the U.S.
or foreign governments, their agencies or instrumentalities; obligations of international or supranational
entities; debt or debt-related securities issued by U.S. or foreign corporate entities; zero coupon bonds;
municipal bonds; mortgage-related and other asset-backed securities; loan participation interests; convertible
bonds; and variable or floating rate debt securities. The Fund may invest in debt securities that are
rated investment grade and below investment grade by a nationally recognized statistical rating organization
(“NRSRO”) (such securities rated lower than BBB- and Baa3). Securities that are rated below investment
grade by NRSROs are commonly referred to as “high-yield securities” or “junk bonds.” If NRSROs
assign different ratings to the same security, the Fund will use the higher rating for purposes of determining
the security’s credit quality. The securities may be denominated in U.S. or foreign currencies, and
may have fixed, variable, floating or inverse floating rates of interest. The Fund may invest without
limitation in securities of foreign issuers, including emerging markets. Generally, an issuer of a security
is considered to be U.S. or foreign based on the issuer's "country of risk," as determined by a third-party
service provider such as Bloomberg. The currency exposure of non-U.S. investments may or may not be hedged.
The Fund may invest up to 15% of its net assets in equity securities.
</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund intends to utilize
various investment strategies in a broad array of fixed-income sectors to achieve its investment objective.
The Fund will not be constrained by portfolio management relative to an index. Because the Fund does
not track a fixed-income index, its performance may vary at times and demonstrate low correlation to
traditional fixed-income indices. In pursuing its investment objective, the Fund’s investment strategy
is subject to market risk and shares may gain or lose value. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The average portfolio duration of the Fund will
normally vary from 0 to 7 years. Duration is a measure used to determine the sensitivity of a security’s
price to changes in interest rates. The longer a security’s duration, the more sensitive it will be
to changes in interest rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund may invest in derivatives, such as futures, options, forward
commitments and interest rate swap agreements to try to enhance returns or reduce the risk of loss by
hedging certain of its holdings or manage duration. The Fund may invest up to 25% of its total assets
in swaps.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund may purchase or sell securities on a when-issued, delayed delivery or forward
commitment basis and may engage in short sales. The Fund's short positions, either direct short positions
or through credit default swaps or total return swaps, may total up to 20% of the Fund’s net assets.
The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily
invests by entering into a series of purchase and sale contracts or by using other investment techniques
(such as buy backs or dollar rolls).</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Investment
Process:</span> MacKay Shields LLC, the Fund’s Subadvisor, seeks to identify investment opportunities
through an investment process focused on macroeconomic analysis and bottom-up security selection. The
Subadvisor allocates the Fund's investments among the various bond market sectors based on current and
projected economic and market conditions. The Fund may invest across bond market sectors, geographies
and credit qualities. The Subadvisor may give consideration to certain environmental, social, and governance
(“ESG”) criteria when evaluating an investment opportunity. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Subadvisor may sell a
security if it believes the security will no longer contribute to meeting the investment objective of
the Fund. In considering whether to sell a security, the Subadvisor may evaluate, among other things,
the condition of the domestic and foreign economies, and meaningful changes in the issuer's financial
condition, including changes in the issuer's credit risk and competitiveness.</p>
The
Fund seeks to achieve its investment objective through a flexible investment process that allocates investments
across the global fixed-income markets. The Fund, under normal circumstances, invests at least 80% of
its assets (net assets plus any borrowings for investment purposes) in a diversified portfolio of debt
or debt-related securities such as: debt or debt-related securities issued or guaranteed by the U.S.
or foreign governments, their agencies or instrumentalities; obligations of international or supranational
entities; debt or debt-related securities issued by U.S. or foreign corporate entities; zero coupon bonds;
municipal bonds; mortgage-related and other asset-backed securities; loan participation interests; convertible
bonds; and variable or floating rate debt securities. The Fund may invest in debt securities that are
rated investment grade and below investment grade by a nationally recognized statistical rating organization
(“NRSRO”) (such securities rated lower than BBB- and Baa3). Securities that are rated below investment
grade by NRSROs are commonly referred to as “high-yield securities” or “junk bonds.” If NRSROs
assign different ratings to the same security, the Fund will use the higher rating for purposes of determining
the security’s credit quality. The securities may be denominated in U.S. or foreign currencies, and
may have fixed, variable, floating or inverse floating rates of interest. The Fund may invest without
limitation in securities of foreign issuers, including emerging markets. Generally, an issuer of a security
is considered to be U.S. or foreign based on the issuer's "country of risk," as determined by a third-party
service provider such as Bloomberg. The currency exposure of non-U.S. investments may or may not be hedged.
The Fund may invest up to 15% of its net assets in equity securities.
Principal Risks
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
You
can lose money by investing in the Fund.
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. The investments
selected by the Subadvisor may underperform the market in which the Fund invests or other investments.
The Fund may receive large purchase or redemption orders which may have adverse effects on performance
if the Fund were required to sell securities, invest cash or hold a relatively large amount of cash at
times when it would not otherwise do so. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The principal risks of investing in the Fund are summarized below.
</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Market Risk:</span> The value of the Fund’s investments
may fluctuate because of changes in the markets in which the Fund invests, which could cause the Fund
to underperform other funds with similar investment objectives and strategies. Such changes may be rapid
and unpredictable. From time to time, markets may experience periods of stress for potentially prolonged
periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii)
increased redemptions of Fund shares. Such conditions may add significantly to the risk of volatility
in the net asset value of the Fund's shares. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Portfolio
Management Risk:</span> The investment strategies, practices and risk analyses used by the Subadvisor
may not produce the desired results. The Subadvisor may give consideration to certain ESG criteria when
evaluating an investment opportunity. The application of ESG criteria may result in the Fund (i) having
exposure to certain securities or industry sectors that are significantly different than the composition
of the Fund's </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Yield
Risk:</span> There can be no guarantee that the Fund will achieve or maintain any particular level of
yield.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Debt Securities Risk:</span>
The risks of investing in debt or fixed-income securities include (without limitation): (i) credit risk,
e.g., the issuer or guarantor of a debt security may be unable or unwilling (or be perceived as unable
or unwilling) to make timely principal and/or interest payments or otherwise honor its obligations, or
changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness
may affect the value of the Fund’s investments; (ii) maturity risk, e.g., a debt security with a longer
maturity may fluctuate in value more than one with a shorter maturity; (iii) market risk, e.g., low demand
for debt securities may negatively impact their price; (iv) interest rate risk, e.g., when interest rates
go up, the value of a debt security generally goes down, and when interest rates go down, the value of
a debt security generally goes up (long-term debt securities are generally more susceptible to interest
rate risk than short-term debt securities); and (v) call or prepayment risk, e.g., during a period of
falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the
Fund’s income if the proceeds are reinvested at lower interest rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Interest rate risk is the
risk that the value of the Fund’s investments in fixed income or debt securities will change because
of changes in interest rates<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;">.
There is a risk that interest rates across the financial system may change, possibly significantly and/or
rapidly</span>. Changes in interest rates or a lack of market participants may lead to decreased liquidity
and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to
sell its fixed-income or debt holdings. Decreased liquidity in the fixed-income or debt markets also
may make it more difficult to value some or all of the Fund’s fixed-income or debt holdings. For most
fixed-income investments, when market interest rates fall, prices of fixed-rate debt securities rise.
However, when market interest rates fall, prices of certain variable and fixed-rate debt securities may
be adversely affected (i.e., falling interest rates bring the possibility of prepayment risk, as an instrument
may be redeemed before maturity). Certain countries have experienced negative interest rates on certain
fixed-income instruments. Very low or negative interest rates may magnify interest rate risk. Changing
interest rates, including rates that fall below zero, may have unpredictable effects on markets, may
result in heightened market volatility and may detract from Fund performance to the extent a Fund is
exposed to such interest rates and/or volatility. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Not all U.S. government debt securities are
guaranteed by the U.S. government—some are backed only by the issuing agency, which must rely on its
own resources to repay the debt. The Fund's yield will fluctuate with changes in short-term interest
rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Zero Coupon Bond Risk:</span>
Because zero-coupon securities bear no interest and compound semi-annually at the rate fixed at the time
of issuance, their value generally is more volatile than the value of other fixed-income securities.
An investment in zero-coupon and delayed interest securities may cause the Fund to recognize income,
and therefore the Fund may be required to make distributions to shareholders before the Fund receives
any cash payments on its investment.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Municipal
Bond Risk:</span> Municipal bond risks include the inability of the issuer to repay the obligation, the
relative lack of information about certain issuers, and the possibility of future tax and legislative
changes, which could affect the market for and value of municipal securities. Municipalities continue
to experience economic and financial difficulties in the current economic environment. The ability of
a municipal issuer to make payments and the value of municipal bonds can be affected by uncertainties
in the municipal securities market. Such uncertainties could cause increased volatility in the municipal
securities market and could negatively impact the Fund’s net asset value.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Short Selling and Short Exposure Risk:</span> To the extent the Fund obtains short
exposure through the use of derivatives, the Fund would be subject to leverage risk, counterparty risk
and other risks associated with the use of derivatives. If a security sold short increases in price,
the Fund may have to cover its short position at a higher price than the short sale price, resulting
in a loss, which could be theoretically unlimited. By contrast, a loss on a long position arises from
decreases in the value of the security and is limited by the fact that a security's value cannot go below
zero. The Fund may have substantial short positions and must borrow those securities to make delivery
to the buyer. The Fund may not be able to borrow a security that it needs to deliver or it may not be
able to close out a short position at an acceptable price and may have to sell related long positions
before it had intended to do so. Thus, the Fund may not be able to successfully implement its short sale
strategy due to limited availability of desired securities or for other reasons. The Fund also may be
required to pay a premium and other transaction costs, which would increase the cost of the security
sold short. The amount of any gain will be decreased, and the amount of any loss increased, by the amount
of the premium, dividends, interest or expenses the Fund may be required to pay in connection with the
short sale.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Until the Fund replaces a borrowed security, it is required to maintain a segregated
account of cash or liquid assets with the Fund's broker or custodian to cover the Fund's short position.
Generally, securities held in a segregated account cannot be sold unless they are replaced with other
liquid assets. The Fund's ability to access the pledged collateral may also be impaired in the event
the broker fails to comply with the terms of the contract. In such instances the Fund may not be able
to substitute or sell the pledged collateral. Additionally, the Fund must maintain sufficient liquid
assets (less any additional collateral held by or pledged to the broker), marked-to-market daily, to
cover the short sale obligation. This may limit the Fund's investment flexibility, as well as its ability
to meet redemption requests or other current obligations. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">By investing the proceeds received from selling
securities short, the Fund could be deemed to be employing a form of leverage, which creates special
risks. The use of leverage may increase the Fund's exposure to long positions and make any change in
the Fund's net asset value greater than it would be without the use of leverage. This could result in
increased volatility of returns. There is no guarantee that the Fund will leverage its portfolio, or
if it does, that the Fund's leveraging strategy will be successful or that it will produce a higher return
on an investment.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Regulatory Risk:</span> The Fund as well as the issuers
of the securities and other instruments in which the Fund invests are subject to considerable regulation
and the risks associated with adverse changes in laws and regulations governing their operations. For
example, regulatory authorities in the United States or other countries may prohibit or restrict the
ability of the Fund to short sell certain securities, either generally or with respect to certain industries
or countries, which may impact the Fund's ability to fully implement its investment strategies. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Derivatives Risk:</span> Derivatives are investments
whose value depends on (or is derived from) the value of an underlying instrument, such as a security,
asset, reference rate or index. Derivative strategies may expose the Fund to greater risk than if it
had invested directly in the underlying instrument and often involve leverage, which may exaggerate a
loss, potentially causing the Fund to lose more money than it originally invested and would have lost
had it invested directly in the underlying instrument. For example, if the Fund is the seller of credit
protection in a credit default swap, the Fund effectively adds leverage to its portfolio and is subject
to the credit exposure on the full notional value of the swap. Derivatives may be difficult to sell,
unwind and/or value. Derivatives may also be subject to counterparty risk, which is the risk that the
counterparty (the party on the other side of the transaction) on a derivative transaction will be unable
or unwilling to honor its contractual obligations to the Fund. Futures may be more volatile than direct
investments in the instrument underlying the contract, and may not correlate perfectly to the underlying
instrument. Futures and other derivatives also may involve a small initial investment relative to the
risk assumed, which could result in losses greater than if they had not been used. Due to fluctuations
in the price of the underlying instrument, the Fund may not be able to profitably exercise an option
and may lose its entire investment in an option. To the extent that the Fund writes or sells an option,
if the decline in the value of the underlying instrument is significantly below the exercise price in
the case of a written put option or increase above the exercise price in the case of a written call option,
the Fund could experience a substantial loss. Forward commitments entail the risk that the instrument
may be worth less when it is issued or received than the price the Fund agreed to pay when it made the
commitment. The use of foreign currency forwards may result in currency exchange losses due to fluctuations
in currency exchange rates or an imperfect correlation between portfolio holdings denominated in a particular
currency and the forward contracts entered into by the Fund. Swaps may be subject to counterparty credit,
correlation, valuation, liquidity and leveraging risks. Swap transactions tend to shift a Fund's investment
exposure from one type of investment to another and may entail the risk that a party will default on
its payment obligations to the Fund. Additionally, applicable regulators have adopted rules imposing
certain margin requirements, including minimums on uncleared swaps, which may result in the Fund and
its counterparties posting higher margin amounts for uncleared swaps. Certain standardized swaps are
subject to mandatory central clearing and exchange trading. Central clearing, which interposes a central
clearinghouse to each participant’s swap, and exchange trading are intended to reduce counterparty
credit risk and increase liquidity but neither makes swap transactions risk-free. Derivatives may also
increase the expenses of the Fund. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">High-Yield
Securities Risk:</span> Investments in high-yield securities or non-investment grade securities (commonly
referred to as "junk bonds") are considered speculative because investments in such securities present
a greater risk of loss than investments in higher quality securities. Such securities may, under certain
circumstances, be less liquid than higher rated securities. These securities pay investors a premium
(a high interest rate or yield) because of the potential illiquidity and increased risk of loss. These
securities can also be subject to greater price volatility. In times of unusual or adverse market, economic
or political conditions, these securities may experience higher than normal default rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Floating Rate Notes and Variable Rate Notes Risk: </span>Floating and variable rate
notes provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment
intervals may be regular and range from daily up to annually, or may be based on an event, such as a
change in the prime rate. Floating and variable rate notes may be subject to greater liquidity risk than
other debt securities, meaning that there may be limitations on the Fund's ability to sell the securities
at any given time. Securities with floating interest rates generally are less sensitive to interest rate
changes, but may decline in value if their interest rates do not rise as much or as fast as interest
rates in general. Floating rate loans and other similar debt obligations that lack financial maintenance
covenants or possess fewer or contingent financial maintenance covenants and other financial protections
for lenders and investors (sometimes referred to as “covenant-lite” loans or obligations) are generally
subject to more risk than investments that contain traditional financial maintenance covenants and financial
reporting requirements. The terms of many floating rate notes and other instruments are tied to the London
Interbank Offered Rate (“LIBOR”), which functions as a reference rate or benchmark. It is anticipated
that LIBOR will be discontinued at the end of 2021, which may cause increased volatility and illiquidity
in the markets for instruments with terms tied to LIBOR or other adverse consequences, such as decreased
yields and reduction in value, for these instruments. These events may adversely affect the Fund and
its investments in such instruments.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Mortgage
Dollar Roll Transaction Risk: </span>A mortgage dollar roll is a transaction in which the Fund sells
mortgage-related securities from its portfolio to a counterparty from whom it simultaneously agrees to
buy a similar security on a delayed delivery basis. Mortgage dollar roll transactions are subject to
certain risks, including the risk that securities returned to the Fund at the end of the roll, while
substantially similar, may be inferior to what was initially sold to the counterparty.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Mortgage-Related and Other Asset-Backed Securities Risk:</span> Investments in mortgage-related
securities (such as mortgage-backed securities) and other asset-backed securities generally involve a
stream of payments based on the underlying obligations. These payments, which are often part interest
and part return of principal, vary based on the rate at which the underlying borrowers repay their loans
or other obligations. Asset-backed securities are subject to the risk that borrowers may default on the
underlying obligations and that, during periods of falling interest rates, these obligations may be called
or prepaid and, during periods of rising interest rates, obligations may be paid more slowly than expected.
Impairment of the underlying obligations or collateral, such as by non-payment, will reduce the security's
value. Enforcing rights against such collateral in events of default may be difficult or insufficient.
The value of these securities may be significantly affected by changes in interest rates, the market's
perception of issuers, and the creditworthiness of the parties involved. The ability of the Fund to successfully
utilize these instruments </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">may
depend on the ability of the Subadvisor to forecast interest rates and other economic factors correctly.
These securities may have a structure that makes their reaction to interest rate changes and other factors
difficult to predict, making their value highly volatile.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Loan
Participation Interest Risk:</span> There may not be a readily available market for loan participation
interests, which in some cases could result in the Fund disposing of such interests at a substantial
discount from face value or holding such interests until maturity. In addition, the Fund may be exposed
to the credit risk of the underlying corporate borrower as well as the lending institution or other participant
from whom the Fund purchased the loan participation interests. The Fund may not always have direct recourse
against a borrower if the borrower fails to pay scheduled principal and/or interest and may be subject
to greater delays, expenses and risks than if the Fund had purchased a direct obligation of the borrower.
Substantial increases in interest rates may cause an increase in loan obligation defaults.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Floating Rate Loans Risk:</span> The floating rate loans in which the Fund invests
are usually rated below investment grade, or if unrated, determined by the Subadvisor to be of comparable
quality (commonly referred to as "junk bonds") and are generally considered speculative because they
present a greater risk of loss, including default, than higher quality debt instruments. Moreover, such
investments may, under certain circumstances, be particularly susceptible to liquidity and valuation
risks. Although certain floating rate loans are collateralized, there is no guarantee that the value
of the collateral will be sufficient or available to satisfy the borrower’s obligation. In times of
unusual or adverse market, economic or political conditions, floating rate loans may experience higher
than normal default rates. In the event of a recession or serious credit event, among other eventualities,
the value of the Fund's investments in floating rate loans are more likely to decline. The secondary
market for floating rate loans is limited and, thus, the Fund’s ability to sell or realize the full
value of its investment in these loans to reinvest sale proceeds or to meet redemption obligations may
be impaired. In addition, floating rate loans generally are subject to extended settlement periods that
may be longer than seven days. As a result, the Fund may be adversely affected by selling other investments
at an unfavorable time and/or under unfavorable conditions or engaging in borrowing transactions, such
as borrowing against its credit facility, to raise cash to meet redemption obligations or pursue other
investment opportunities.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">In certain circumstances, floating rate loans may not be deemed to be securities. As
a result, the Fund may not have the protection of the anti-fraud provisions of the federal securities
laws. In such cases, the Fund generally must rely on the contractual provisions in the loan agreement
and common-law fraud protections under applicable state law. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Foreign
Securities Risk:</span> Investments in foreign (non-U.S.) securities may be riskier than investments
in U.S. securities. Foreign regulatory regimes and securities markets can have less stringent investor
protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and
securities markets, and can experience political, social and economic developments that may affect the
value of the Fund's investments in foreign securities. Foreign securities may also subject the Fund's
investments to changes in currency rates. Changes in the value of foreign currencies may make the return
on an investment increase or decrease, unrelated to the quality or performance of the investment itself.
</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Emerging Markets Risk:</span> The risks related to
investing in foreign securities are generally greater with respect to securities of companies that conduct
their business activities in emerging markets or whose securities are traded principally in emerging
markets. The risks of investing in emerging markets include the risks of illiquidity, increased price
volatility, smaller market capitalizations, less government regulation, less extensive, transparent and
frequent accounting, auditing, recordkeeping, financial reporting and other requirements, loss resulting
from problems in share registration and custody, substantial economic and political disruptions and the
nationalization of foreign deposits or assets.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Convertible
Securities Risk:</span> Convertible securities are typically subordinate to an issuer’s other debt
obligations. In part, the total return for a convertible security depends upon the performance of the
underlying stock into which it can be converted. Also, issuers of convertible securities are often not
as strong financially as those issuing securities with higher credit ratings, are more likely to encounter
financial difficulties and typically are more vulnerable to changes in the economy, such as a recession
or a sustained period of rising interest rates, which could affect their ability to make interest and
principal payments. If an issuer stops making interest and/or principal payments, the Fund could lose
its entire investment.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Equity Securities Risk:</span>
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 the Fund's holdings.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">When-Issued Securities Risk:</span> The Fund may agree
to purchase a security on a when-issued basis, making a commitment to pay a fixed price for a security
when it is issued in the future. The principal risk of transactions involving when-issued securities
is that the security will be worth less when it is issued or received than the price the Fund agreed
to pay when it made the commitment.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Liquidity
and Valuation Risk:</span> The Fund’s investments may be illiquid at the time of purchase or liquid
at the time of purchase and subsequently become illiquid due to, among other things, events relating
to the issuer of the securities, market events, operational issues, economic conditions, investor perceptions
or lack of market participants. The lack of an active trading market may make it difficult to sell or
obtain an accurate price for a security. If market conditions or issuer specific developments make it
difficult to value securities, the Fund may value these securities using more subjective methods, such
as fair value pricing. In such cases, the value determined for a security could be different than the
value realized upon such security's sale. As a result, an investor could pay more than the market value
when buying shares or receive less than the market value when selling shares. This could affect the proceeds
of any redemption or the number of shares an investor receives upon purchase.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The
Fund is subject to the risk that it could not meet redemption requests within the allowable time period
without significant dilution of remaining investors' interests in the Fund. To meet redemption requests
or to raise cash to pursue other investment opportunities, the Fund may be forced to sell securities
at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund. These
risks are heightened for fixed-income instruments because of the current low interest rate environment.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Money Market/Short-Term Securities Risk:</span> To
the extent the Fund holds cash or invests in money market or short-term securities, the Fund may be less
likely to achieve its investment objective. In addition, it is possible that the Fund's investments in
these instruments could lose money.</p>
You
can lose money by investing in the Fund.
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.
Past Performance
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
The following bar chart and
table indicate some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar
year performance has varied over time. Sales loads, if any, are not reflected in the bar chart. If they
were, returns would be less than those shown. The average annual total returns table shows how the Fund's
average annual total returns (before and after taxes) compare to those of a broad-based securities market
index as well as two additional benchmarks. The Fund has selected the Bloomberg Barclays U.S. Aggregate
Bond Index<span style="font-family:Sans-Serif; font-style:normal; font-size:6.0pt; font-weight:normal;"> </span>as its primary benchmark. The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark
that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including
Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate
and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed
securities. The Fund has selected the ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity
Index as its secondary benchmark. The ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity
Index is unmanaged and tracks the performance of a synthetic asset paying London Interbank Offered Rate
to a stated maturity. The ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index is
based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and
with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following business
day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument. The Fund
has selected the Morningstar Nontraditional Bond Category Average as an additional benchmark. The Morningstar
Nontraditional Bond Category Average contains funds that pursue strategies divergent in one or more ways
from conventional practice in the broader bond-fund universe. Morningstar category averages are equal-weighted
returns based on constituents of the category at the end of the period. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Performance data for the classes
varies based on differences in their fee and expense structures. Performance data is not shown for classes
with less than one calendar year of performance.Past performance (before and after taxes) is not necessarily
an indication of how the Fund will perform in the future. Please visit newyorklifeinvestments.com/funds
for more recent performance information.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Effective February 28, 2013, the Fund's investment objective and
principal investment strategies changed. The performance in the bar chart and table prior to that date
reflects the Fund's prior investment objective and principal investment strategies. </p>
The following bar chart and
table indicate some of the risks of investing in the Fund.
Sales loads, if any, are not reflected in the bar chart. If they
were, returns would be less than those shown.
The Fund has selected the Bloomberg Barclays U.S. Aggregate
Bond Index as its primary benchmark.
Performance data is not shown for classes
with less than one calendar year of performance.
Past performance (before and after taxes) is not necessarily
an indication of how the Fund will perform in the future.
newyorklifeinvestments.com/funds
Annual Returns, Class I Shares
(by calendar year 2011-2020)
<table cellpadding="0" cellspacing="0" style="clear:both" width="34%">
<tr style="font-size:1pt;">
<td style="width:61.54%"> </td>
<td style="width:29.49%"> </td>
<td style="width:8.97%"> </td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Best Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q2/2020
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
7.20
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Worst
Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q1/2020
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">-7.38</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
</table>
Best Quarter
2020-06-30
0.0720
Worst
Quarter
2020-03-31
-0.0738
Average Annual Total Returns (for the periods
ended December 31, 2020)
2004-01-02
0.0644
0.0493
0.0533
0.0348
0.0378
0.0313
1997-02-28
0.0141
0.0371
2008-02-28
0.0127
0.0366
1997-02-28
0.0021
0.0350
1998-09-01
0.0434
0.0385
2014-02-28
0.0606
0.0454
2016-02-29
0.0568
0.0492
2018-02-28
0.0694
0.0443
Bloomberg Barclays U.S. Aggregate
Bond Index (reflects no deductions for fees, expenses, or taxes)
reflects no deductions for fees, expenses, or taxes
0.0751
0.0444
ICE
BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index (reflects no deductions for fees,
expenses, or taxes)
reflects no deductions for fees,
expenses, or taxes
0.0108
0.0150
Morningstar Nontraditional Bond Category Average
(reflects no deductions for fees and taxes)
reflects no deductions for fees and taxes
0.0329
0.0352
After-tax returns are calculated
using the highest individual federal marginal income tax rates in effect at the time of each distribution
or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes.
In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit
from any losses on a sale of shares at the end of the measurement period.
Actual after-tax returns depend
on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold
your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary.
After-tax returns are calculated
using the highest individual federal marginal income tax rates in effect at the time of each distribution
or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes.
In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit
from any losses on a sale of shares at the end of the measurement period.
Actual after-tax returns depend
on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold
your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary.
MainStay MacKay U.S. Infrastructure Bond Fund
(formerly
MainStay MacKay Infrastructure Bond Fund)
Investment Objective
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund seeks current income.</p>
Fees and Expenses of the Fund
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The table below describes the fees and expenses
that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage
commissions and other fees to financial intermediaries, which are not reflected in the tables and examples
below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in
the future, at least $50,000 in the MainStay Funds. This amount may vary depending on the MainStay Fund
in which you invest. In addition, different financial intermediary firms and financial professionals
may impose different sales loads and waivers. More information about these and other discounts or waivers
is available from your financial professional, in the "Information on Sales Charges" section starting
on page 132 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts,
and in the "Alternative Sales Arrangements" section on page 137 of the Statement of Additional Information.
</p>
You may qualify for sales charge discounts if you and your family invest, or agree to invest in
the future, at least $50,000 in the MainStay Funds.
50000
Shareholder Fees (fees
paid directly from your investment)
0.0450
0.0400
0
0
0
0
0
0
0
0.0500
0.0100
0
0
0
Annual Fund Operating Expenses (expenses that
you pay each year as a percentage of the value of your investment)
0.0050
0.0050
0.0050
0.0050
0.0050
0.0050
0.0050
0.0025
0.0025
0.0100
0.0100
0
0
0.0050
0.0023
0.0053
0.0053
0.0053
0.0023
0.0008
0.0053
0.0098
0.0128
0.0203
0.0203
0.0073
0.0058
0.0153
-0.0013
-0.0013
-0.0013
-0.0013
-0.0013
-0.0005
-0.0013
0.0085
0.0115
0.0190
0.0190
0.0060
0.0053
0.0140
Example
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The
Example is intended to help you compare the cost of investing in the Fund with the cost of investing
in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated
whether or not you redeem all of your shares at the end of those periods (except as indicated with respect
to Class B and Class C shares). The Example reflects Class B and Class C shares converting into Investor
Class shares in years 9-10; expenses could be lower if you are eligible to convert to Class A shares
instead. The Example also assumes that your investment has a 5% return each year and that the Fund's
operating expenses remain the same. The Example reflects the contractual fee waiver and/or expense reimbursement
arrangement, if applicable, for the current duration of the arrangement only. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:</p>
Assuming no redemption
Assuming redemption at end of period
533
513
193
693
193
293
61
54
143
736
777
624
924
624
624
220
181
471
955
1062
1081
1281
1081
1081
393
319
822
1586
1872
2155
2155
2155
2155
894
721
1812
Portfolio Turnover
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund pays transaction costs, such as commissions,
when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable
account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect
the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 89%
of the average value of its portfolio. </p>
0.89
Principal Investment Strategies
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund, under normal circumstances,
invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in an actively
managed, diversified portfolio of U.S. infrastructure-related debt issuers and/or securities intended
primarily to finance infrastructure-related activities. Infrastructure-related debt securities may include
securities with special features (e.g., puts and variable or floating rates) that have price volatility
characteristics similar to other debt securities. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Infrastructure-related investments include securities
issued to finance any assets or projects that support the operation, function, growth or development
of a community or economy. Examples of these investments include, but are not limited to, transportation
assets (e.g., roads and bridges), utility assets (e.g., electric, gas and water distribution facilities
and networks) and social assets (e.g., hospitals and schools). </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund may also invest in
securities of issuers that (i) directly invest in infrastructure-related companies; (ii) operate or utilize
infrastructure-related assets (e.g., airlines, automakers and technology companies); or (iii) have indirect
exposure to infrastructure-related assets (e.g., suppliers of construction materials). </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund invests at least
60% of its assets in taxable municipal debt securities. The Fund may invest up to 20% of its assets in
tax-exempt municipal debt securities. On average, the Fund will invest in municipal bonds that have a
maturity of 5 years or longer.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Municipal debt securities include bonds issued by, or on behalf
of, the District of Columbia, the states, the territories (including Puerto Rico, Guam and the U.S. Virgin
Islands), commonwealths and possessions of the United States and their political subdivisions, and agencies,
authorities and instrumentalities. All distributions by the Fund, including any distributions derived
from tax-exempt municipal obligations, may be includible in taxable income for purposes of the federal
alternative minimum tax. The Fund does not seek to provide income exempt from federal income tax. The
Fund may invest in both taxable and tax-exempt municipal bonds.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund invests in investment
grade securities as rated by a nationally recognized statistical rating organization (“NRSRO”) at
the time of purchase, or if unrated, determined to be of comparable quality by MacKay Shields LLC, the
Fund’s Subadvisor, and invests in commercial paper only if rated in the top two highest rating categories
by an NRSRO at the time of purchase, or if unrated, determined by the Subadvisor to be of comparable
quality. If NRSROs assign different ratings for the same security, the Fund will use the higher rating
for purposes of determining the credit quality.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund's principal investments may have fixed,
variable or floating interest rates and include: taxable and tax-exempt municipal debt securities; obligations
issued or guaranteed by the U.S. government, its agencies or instrumentalities; mortgage-related and
asset-backed securities; certificates of deposit, time deposits and bankers' acceptances issued by U.S.
banks or savings and loan associations; and debt securities issued by United States.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund may invest in derivatives,
such as futures, options and swap agreements, to seek enhanced returns or to seek to reduce the risk
of loss by hedging certain of its holdings.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Investment
Process:</span> The Subadvisor seeks to allocate investments primarily across the taxable fixed income
market but can also utilize the tax-exempt fixed income market as well as treasuries and agencies. Allocations
are based on the current economic environment, the level of absolute and relative yields, and the interest
rate outlook. The Subadvisor may give consideration to certain environmental, social, and governance
(“ESG”) criteria when evaluating an investment opportunity.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Subadvisor may sell a
security if it no longer believes that the security will contribute to meeting the investment objective
of the Fund, which may be determined by an evaluation of economic conditions, the issuer's financial
condition or relative yield and return expectations.</p>
The Fund, under normal circumstances,
invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in an actively
managed, diversified portfolio of U.S. infrastructure-related debt issuers and/or securities intended
primarily to finance infrastructure-related activities. Infrastructure-related debt securities may include
securities with special features (e.g., puts and variable or floating rates) that have price volatility
characteristics similar to other debt securities.
Infrastructure-related investments include securities
issued to finance any assets or projects that support the operation, function, growth or development
of a community or economy. Examples of these investments include, but are not limited to, transportation
assets (e.g., roads and bridges), utility assets (e.g., electric, gas and water distribution facilities
and networks) and social assets (e.g., hospitals and schools).
Principal Risks
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
You can lose money by investing
in the Fund.
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. The investments selected by the
Subadvisor may underperform the market in which the Fund invests or other investments. The Fund may receive
large purchase or redemption orders which may have adverse effects on performance if the Fund were required
to sell securities, invest cash or hold a relatively large amount of cash at times when it would not
otherwise do so. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The principal risks of investing in the Fund are summarized below. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Market Risk:</span> The value of the Fund’s investments may fluctuate because of
changes in the markets in which the Fund invests, which could cause the Fund to underperform other funds
with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From
time to time, markets may experience periods of stress for potentially prolonged periods that may result
in: (i) increased market volatility; (ii) reduced </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">market
liquidity; and (iii) increased redemptions of Fund shares. Such conditions may add significantly to the
risk of volatility in the net asset value of the Fund's shares. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Portfolio Management Risk:</span> The investment strategies, practices and risk analyses
used by the Subadvisor may not produce the desired results. The Subadvisor may give consideration to
certain ESG criteria when evaluating an investment opportunity. The application of ESG criteria may result
in the Fund (i) having exposure to certain securities 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. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Yield Risk:</span> There can be no guarantee that the Fund will achieve or maintain
any particular level of yield.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Debt Securities
Risk:</span> The risks of investing in debt or fixed-income securities include (without limitation):
(i) credit risk, e.g., the issuer or guarantor of a debt security may be unable or unwilling (or be perceived
as unable or unwilling) to make timely principal and/or interest payments or otherwise honor its obligations,
or changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness
may affect the value of the Fund’s investments; (ii) maturity risk, e.g., a debt security with a longer
maturity may fluctuate in value more than one with a shorter maturity; (iii) market risk, e.g., low demand
for debt securities may negatively impact their price; (iv) interest rate risk, e.g., when interest rates
go up, the value of a debt security generally goes down, and when interest rates go down, the value of
a debt security generally goes up (long-term debt securities are generally more susceptible to interest
rate risk than short-term debt securities); and (v) call or prepayment risk, e.g., during a period of
falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the
Fund’s income if the proceeds are reinvested at lower interest rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Interest rate risk is the
risk that the value of the Fund’s investments in fixed income or debt securities will change because
of changes in interest rates<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;">.
There is a risk that interest rates across the financial system may change, possibly significantly and/or
rapidly</span>. Changes in interest rates or a lack of market participants may lead to decreased liquidity
and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to
sell its fixed-income or debt holdings. Decreased liquidity in the fixed-income or debt markets also
may make it more difficult to value some or all of the Fund’s fixed-income or debt holdings. For most
fixed-income investments, when market interest rates fall, prices of fixed-rate debt securities rise.
However, when market interest rates fall, prices of certain variable and fixed-rate debt securities may
be adversely affected (i.e., falling interest rates bring the possibility of prepayment risk, as an instrument
may be redeemed before maturity). Certain countries have experienced negative interest rates on certain
fixed-income instruments. Very low or negative interest rates may magnify interest rate risk. Changing
interest rates, including rates that fall below zero, may have unpredictable effects on markets, may
result in heightened market volatility and may detract from Fund performance to the extent a Fund is
exposed to such interest rates and/or volatility. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Not all U.S. government debt securities are
guaranteed by the U.S. government—some are backed only by the issuing agency, which must rely on its
own resources to repay the debt. The Fund's yield will fluctuate with changes in short-term interest
rates. Investments in debt or fixed-income securities with put options may receive a lower interest rate
than similar investments with a fixed-rate that cannot be redeemed before maturity. In addition, if
the Fund chooses to exercise its right to put the bond back to the issuer or put provider, these investments
are subject to, among other risks, the risk that the put provider will be unable or unwilling to honor
the put feature (i.e., purchase the security).</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Infrastructure
Investment Risk: </span>The Fund’s investments in infrastructure-related securities 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. Rising interest rates could lead to higher financing costs and reduced
earnings for infrastructure companies.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Municipal
Bond Risk:</span> Municipal bond risks include the inability of the issuer to repay the obligation, the
relative lack of information about certain issuers, and the possibility of future tax and legislative
changes, which could affect the market for and value of municipal securities. Additional risks include:</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; margin-left:18.00pt; text-align:left; text-indent:-18.00pt;">
<span style="font-family:Symbol; font-weight:normal;">·</span>
<span style="font-family:Symbol; font-weight:normal;">
<span style="word-spacing:10.0pt;"> </span>
</span>
<span style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">General Obligation Bonds Risk</span>—timely
payments depend on the issuer's credit quality, ability to raise tax revenues and ability to maintain
an adequate tax base;</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; margin-left:18.00pt; text-align:left; text-indent:-18.00pt;">
<span style="font-family:Symbol; font-weight:normal;">·</span>
<span style="font-family:Symbol; font-weight:normal;">
<span style="word-spacing:10.0pt;"> </span>
</span>
<span style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">Revenue Bonds (including Industrial
Development Bonds) Risk</span>—timely payments depend on the money earned by the particular facility
or class of facilities, or the amount of revenues derived from another source, and may be negatively
impacted by the general credit of the user of the facility;</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; margin-left:18.00pt; text-align:left; text-indent:-18.00pt;">
<span style="font-family:Symbol; font-weight:normal;">·</span>
<span style="font-family:Symbol; font-weight:normal;">
<span style="word-spacing:10.0pt;"> </span>
</span>
<span style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">Private Activity Bonds Risk</span>—municipalities and other public authorities
issue private activity bonds to finance development of industrial facilities for use by a private enterprise,
which is solely responsible for paying the principal and interest on the bond, and payment under these
bonds depends on the private enterprise’s ability to do so; </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; margin-left:18.00pt; text-align:left; text-indent:-18.00pt;">
<span style="font-family:Symbol; font-weight:normal;">·</span>
<span style="font-family:Symbol; font-weight:normal;">
<span style="word-spacing:10.0pt;"> </span>
</span>
<span style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">Moral Obligation Bonds Risk</span>—moral obligation bonds are generally issued
by special purpose public authorities of a state or municipality. If the issuer is unable to meet its
obligations, repayment of these bonds becomes a moral commitment, but not a legal obligation, of the
state or municipality; </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; margin-left:18.00pt; text-align:left; text-indent:-18.00pt;">
<span style="font-family:Symbol; font-weight:normal;">·</span>
<span style="font-family:Symbol; font-weight:normal;">
<span style="word-spacing:10.0pt;"> </span>
</span>
<span style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">Municipal Notes Risk</span>—municipal
notes are shorter-term municipal debt obligations that pay interest that is, in the opinion of bond counsel,
generally excludable from gross income for federal income tax purposes (except that the interest may
be includable in taxable income for purposes of the federal alternative minimum tax) and that have a
maturity that is generally one year or less. If there is a shortfall in the anticipated proceeds, the
notes may not be fully repaid and the Fund may lose money; and</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; margin-left:18.00pt; text-align:left; text-indent:-18.00pt;">
<span style="font-family:Symbol; font-weight:normal;">·</span>
<span style="font-family:Symbol; font-weight:normal;">
<span style="word-spacing:10.0pt;"> </span>
</span>
<span style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">Municipal Lease Obligations Risk</span>—in a municipal lease obligation, the issuer
agrees to make payments when due on the lease obligation. Although the issuer does not pledge its unlimited
taxing power for payment of the lease obligation, the lease obligation is secured by the leased property.
Municipal leases may pose additional risks because many leases and contracts contain “non-appropriation”
clauses that provide that the governmental issuer has no obligation to make future payments under the
lease or contract unless money is appropriated for this purpose by the appropriate legislative body.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Municipalities
continue to experience political, economic and financial difficulties in the current economic environment.
The ability of a municipal issuer to make payments and the value of municipal bonds can be affected by
uncertainties in the municipal securities market. Such uncertainties could cause increased volatility
in the municipal securities market and could negatively impact the Fund's net asset value and/or the
distributions paid by the Fund.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Certain of the issuers in which the Fund may invest have recently
experienced, or may experience, significant financial difficulties and repeated credit rating downgrades.
For example, in recent years, Puerto Rico has experienced difficult financial, economic and other conditions,
which may negatively affect the value of the Fund’s holdings in Puerto Rico municipal securities.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Municipal Bond Focus Risk:</span> From time to time
the Fund may invest a substantial amount of its assets in municipal bonds on which interest is paid solely
from revenues of similar projects. If the Fund focuses its investments in this manner, it assumes the
legal and economic risks relating to such projects, which may have a significant impact on the Fund’s
investment performance. In addition, the Fund may invest more heavily in bonds from certain cities, states
or regions than others, which may increase the Fund’s exposure to losses resulting from economic, political
or regulatory occurrences impacting these particular cities, states or regions.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">When-Issued Securities Risk:</span> The Fund may agree to purchase a security on a
when-issued basis, making a commitment to pay a fixed price for a security when it is issued in the future.
The principal risk of transactions involving when-issued securities is that the security will be worth
less when it is issued or received than the price the Fund agreed to pay when it made the commitment.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Floating Rate Notes and Variable Rate Notes Risk: </span>Floating
and variable rate notes provide for a periodic adjustment in the interest rate paid on the securities.
The rate adjustment intervals may be regular and range from daily up to annually, or may be based on
an event, such as a change in the prime rate. Floating and variable rate notes may be subject to greater
liquidity risk than other debt securities, meaning that there may be limitations on the Fund's ability
to sell the securities at any given time. Securities with floating interest rates generally are less
sensitive to interest rate changes, but may decline in value if their interest rates do not rise as much
or as fast as interest rates in general. Floating rate loans and other similar debt obligations that
lack financial maintenance covenants or possess fewer or contingent financial maintenance covenants and
other financial protections for lenders and investors (sometimes referred to as “covenant-lite” loans
or obligations) are generally subject to more risk than investments that contain traditional financial
maintenance covenants and financial reporting requirements. The terms of many floating rate notes and
other instruments are tied to the London Interbank Offered Rate (“LIBOR”), which functions as a reference
rate or benchmark. It is anticipated that LIBOR will be discontinued at the end of 2021, which may cause
increased volatility and illiquidity in the markets for instruments with terms tied to LIBOR or other
adverse consequences, such as decreased yields and reduction in value, for these instruments. These events
may adversely affect the Fund and its investments in such instruments.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Mortgage-Related and Other Asset-Backed Securities Risk:</span> Investments in mortgage-related
securities (such as mortgage-backed securities) and other asset-backed securities generally involve a
stream of payments based on the underlying obligations. These payments, which are often part interest
and part return of principal, vary based on the rate at which the underlying borrowers repay their loans
or other obligations. Asset-backed securities are subject to the risk that borrowers may default on the
underlying obligations and that, during periods of falling interest rates, these obligations may be called
or prepaid and, during periods of rising interest rates, obligations may be paid more slowly than expected.
Impairment of the underlying obligations or collateral, such as by non-payment, will reduce the security's
value. Enforcing rights against such collateral in events of default may be difficult or insufficient.
The value of these securities may be significantly affected by changes in interest rates, the market's
perception of issuers, and the creditworthiness of the parties involved. The ability of the Fund to successfully
utilize these instruments may depend on the ability of the Subadvisor to forecast interest rates and
other economic factors correctly. These securities may have a structure that makes their reaction to
interest rate changes and other factors difficult to predict, making their value highly volatile.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Derivatives Risk:</span> Derivatives are investments
whose value depends on (or is derived from) the value of an underlying instrument, such as a security,
asset, reference rate or index. Derivative strategies may expose the Fund to greater risk than if it
had invested directly in the underlying instrument and often involve leverage, which may exaggerate a
loss, potentially causing the Fund to lose more money than it originally invested and would have lost
had it invested directly in the underlying instrument. For example, if the Fund is the seller of credit
protection in a credit default swap, the Fund effectively adds leverage to its portfolio and is subject
to the credit exposure on the full notional value of the swap. Derivatives may be difficult to sell,
unwind and/or value. Derivatives may also be subject to counterparty risk, which is the risk that the
counterparty (the party on the other side of the transaction) on a derivative transaction will be unable
or unwilling to honor its contractual obligations to the Fund. Futures may be more volatile than direct
investments in the instrument underlying the contract, and may not correlate perfectly to the underlying
instrument. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Futures
and other derivatives also may involve a small initial investment relative to the risk assumed, which
could result in losses greater than if they had not been used. Due to fluctuations in the price of the
underlying instrument, the Fund may not be able to profitably exercise an option and may lose its entire
investment in an option. To the extent that the Fund writes or sells an option, if the decline in the
value of the underlying instrument is significantly below the exercise price in the case of a written
put option or increase above the exercise price in the case of a written call option, the Fund could
experience a substantial loss. Swaps may be subject to counterparty credit, correlation, valuation, liquidity
and leveraging risks. Swap transactions tend to shift a Fund's investment exposure from one type of investment
to another and may entail the risk that a party will default on its payment obligations to the Fund.
Additionally, applicable regulators have adopted rules imposing certain margin requirements, including
minimums on uncleared swaps, which may result in the Fund and its counterparties posting higher margin
amounts for uncleared swaps. Certain standardized swaps are subject to mandatory central clearing and
exchange trading. Central clearing, which interposes a central clearinghouse to each participant’s
swap, and exchange trading are intended to reduce counterparty credit risk and increase liquidity but
neither makes swap transactions risk-free. Derivatives may also increase the expenses of the Fund. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Money Market/Short-Term Securities Risk:</span> To
the extent the Fund holds cash or invests in money market or short-term securities, the Fund may be less
likely to achieve its investment objective. In addition, it is possible that the Fund's investments in
these instruments could lose money.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Liquidity
and Valuation Risk:</span> The Fund’s investments may be illiquid at the time of purchase or liquid
at the time of purchase and subsequently become illiquid due to, among other things, events relating
to the issuer of the securities, market events, operational issues, economic conditions, investor perceptions
or lack of market participants. The lack of an active trading market may make it difficult to sell or
obtain an accurate price for a security. If market conditions or issuer specific developments make it
difficult to value securities, the Fund may value these securities using more subjective methods, such
as fair value pricing. In such cases, the value determined for a security could be different than the
value realized upon such security's sale. As a result, an investor could pay more than the market value
when buying shares or receive less than the market value when selling shares. This could affect the proceeds
of any redemption or the number of shares an investor receives upon purchase.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund is subject to the
risk that it could not meet redemption requests within the allowable time period without significant
dilution of remaining investors' interests in the Fund. To meet redemption requests or to raise cash
to pursue other investment opportunities, the Fund may be forced to sell securities at an unfavorable
time and/or under unfavorable conditions, which may adversely affect the Fund. These risks are heightened
for fixed-income instruments because of the current low interest rate environment.</p>
You can lose money by investing
in the Fund.
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.
Past Performance
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
The
following bar chart and table indicate some of the risks of investing in the Fund. The bar chart shows
you how the Fund's calendar year performance has varied over time. Sales loads, if any, are not reflected
in the bar chart. If they were, returns would be less than those shown. The average annual total returns
table shows how the Fund's average annual total returns (before and after taxes) compare to those of
two broad-based securities market indices. The Fund has selected the Bloomberg Barclays 5-10 Year Taxable
Municipal Bond Index<span style="font-family:Sans-Serif; font-style:normal; font-size:6.0pt; font-weight:normal;"> </span>as its primary benchmark as a replacement for the Bloomberg Barclays Taxable Municipal Bond Index
because it believes that the Bloomberg Barclays 5-10 Year Taxable Municipal Bond Index is more reflective
of its current investment style. The Bloomberg Barclays 5-10 Year Taxable Municipal Bond Index is the
5-10 year component of the Bloomberg Barclays Taxable Municipal Bond Index. The Bloomberg Barclays Taxable
Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term taxable
bond market. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Performance data for the classes varies based on differences in their fee and expense
structures. Performance data is not shown for classes with less than one calendar year of performance.Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform
in the future. Please visit newyorklifeinvestments.com/funds for more recent performance information.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Effective
August 31, 2020, February 28, 2019 and June 21, 2019, the Fund modified its principal investment strategies.
The past performance in the bar chart and table prior to those dates reflects the Fund's prior principal
investment strategies.</p>
The
following bar chart and table indicate some of the risks of investing in the Fund.
Sales loads, if any, are not reflected
in the bar chart. If they were, returns would be less than those shown.
The Fund has selected the Bloomberg Barclays 5-10 Year Taxable
Municipal Bond Index as its primary benchmark as a replacement for the Bloomberg Barclays Taxable Municipal Bond Index
because it believes that the Bloomberg Barclays 5-10 Year Taxable Municipal Bond Index is more reflective
of its current investment style.
Performance data is not shown for classes with less than one calendar year of performance.
Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform
in the future.
newyorklifeinvestments.com/funds
Annual
Returns, Class I Shares
(by calendar
year 2011-2020)
<table cellpadding="0" cellspacing="0" style="clear:both" width="34%">
<tr style="font-size:1pt;">
<td style="width:61.54%"> </td>
<td style="width:29.49%"> </td>
<td style="width:8.97%"> </td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Best Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q2/2019
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
4.32
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Worst
Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q4/2016
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">-2.70</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
</table>
Best Quarter
2019-06-30
0.0432
Worst
Quarter
2016-12-31
-0.0270
Average Annual Total Returns (for the periods ended December 31, 2020)
2004-01-02
0.0656
0.0360
0.0299
0.0519
0.0247
0.0186
0.0387
0.0225
0.0181
1995-01-03
0.0144
0.0237
0.0226
2008-02-28
0.0113
0.0208
0.0201
1986-05-01
0.0013
0.0190
0.0171
1998-09-01
0.0413
0.0227
0.0171
2019-11-01
0.0663
0.0509
Bloomberg Barclays 5-10 Year
Taxable Municipal Bond Index (reflects no deductions for fees, expenses, or taxes)
reflects no deductions for fees, expenses, or taxes
0.0940
0.0540
0.0568
Bloomberg
Barclays Taxable Municipal Bond Index (reflects no deductions for fees, expenses, or taxes)
reflects no deductions for fees, expenses, or taxes
0.1052
0.0692
0.0750
After-tax
returns are calculated using the highest individual federal marginal income tax rates in effect at the
time of each distribution or capital gain or upon the sale of Fund shares, and do not reflect the impact
of state and local taxes.
In some cases, the return after taxes may exceed the return before taxes due
to an assumed tax benefit from any losses on a sale of shares at the end of the measurement period.
Actual
after-tax returns depend on your tax situation and may differ from those shown. After-tax returns are
not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts.
After-tax returns shown are for Class I shares. After-tax returns for the other
share classes may vary.
After-tax
returns are calculated using the highest individual federal marginal income tax rates in effect at the
time of each distribution or capital gain or upon the sale of Fund shares, and do not reflect the impact
of state and local taxes.
In some cases, the return after taxes may exceed the return before taxes due
to an assumed tax benefit from any losses on a sale of shares at the end of the measurement period.
Actual
after-tax returns depend on your tax situation and may differ from those shown. After-tax returns are
not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts.
After-tax returns shown are for Class I shares. After-tax returns for the other
share classes may vary.
MainStay MacKay Tax Free Bond Fund
Investment Objective
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund seeks current income exempt from regular
federal income tax.</p>
Fees and Expenses of the Fund
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The table below describes
the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other
fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected
in the tables and examples below. You may qualify for sales charge discounts if you and your family invest,
or agree to invest in the future, at least $50,000 in the MainStay Funds. This amount may vary depending
on the MainStay Fund in which you invest. In addition, different financial intermediary firms and financial
professionals may impose different sales loads and waivers. More information about these and other discounts
or waivers is available from your financial professional, in the "Information on Sales Charges" section
starting on page 132 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers
and Discounts, and in the "Alternative Sales Arrangements" section on page 137 of the Statement of Additional
Information. </p>
You may qualify for sales charge discounts if you and your family invest,
or agree to invest in the future, at least $50,000 in the MainStay Funds.
50000
Shareholder
Fees (fees paid directly from your investment)
0.0450
0.0400
0
0
0
0
0
0
0
0
0.0500
0.0100
0.0100
0
0
0
Annual Fund Operating Expenses (expenses that
you pay each year as a percentage of the value of your investment)
0.0041
0.0041
0.0041
0.0041
0.0041
0.0041
0.0041
0.0041
0.0025
0.0025
0.0050
0.0050
0.0065
0
0
0.0050
0.0009
0.0010
0.0010
0.0010
0.0010
0.0009
0.0003
0.0010
0.0075
0.0076
0.0101
0.0101
0.0116
0.0050
0.0044
0.0101
Example
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Example is intended to
help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated whether or not
you redeem all of your shares at the end of those periods (except as indicated with respect to Class
B and Class C shares). The Example reflects Class B, Class C and Class C2 shares converting into Investor
Class shares in years 9-10; expenses could be lower if you are eligible to convert to Class A shares
instead. The Example also assumes that your investment has a 5% return each year and that the Fund's
operating expenses remain the same. The Example reflects the contractual fee waiver and/or expense reimbursement
arrangement, if applicable, for the current duration of the arrangement only. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:</p>
Assuming no redemption
Assuming redemption at end of period
523
475
103
603
103
203
118
218
51
45
103
679
633
322
622
322
322
368
368
160
141
322
848
805
558
758
558
558
638
638
280
246
558
1338
1305
1166
1166
1166
1166
1297
1297
628
555
1236
Portfolio Turnover
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund pays transaction costs, such as commissions,
when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable
account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect
the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 72%
of the average value of its portfolio. </p>
0.72
Principal Investment Strategies
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund, under normal circumstances, invests
at least 80% of its assets (net assets plus borrowings for investment purposes) in municipal bonds that
are rated investment grade by at least one nationally recognized statistical rating organization (“NRSRO”).
On average, the Fund will invest in municipal bonds that have a maturity range of 10 to 30 years. Municipal
bonds are issued by or on behalf of the District of Columbia, states, territories, commonwealths and
possessions of the United States and their political subdivisions and agencies, authorities and instrumentalities.
Municipal bonds include, among other instruments, general obligation bonds, revenue bonds, industrial
revenue bonds, industrial development bonds, private activity bonds, as well as short-term, tax-exempt
obligations such as municipal notes and variable rate demand obligations. The Fund may invest up to 20%
of its net assets in unrated securities deemed by MacKay Shields LLC, the Fund's Subadvisor, to be of
comparable quality. The Fund may not invest more than 20% of its net assets in tax-exempt securities
subject to the federal alternative minimum tax. If NRSROs assign different ratings to the same security,
the Fund will use the higher rating for purposes of determining the security’s credit quality. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The
Fund may invest more than 25% of its total assets in municipal bonds that are related in such a way that
an economic, business or political development or change affecting one such security could also affect
the other securities (for example, securities whose issuers are located in the same state). Some of the
Fund's earnings may be subject to federal tax and most may be subject to state and local taxes. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The
Fund may invest in derivatives, such as futures, options and swap agreements to seek enhanced returns
or to reduce the risk of loss by hedging certain of its holdings.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Investment Process:</span> The Subadvisor employs a relative value research-driven
approach in pursuing the Fund's investment objective. The Subadvisor's strategies include duration management,
sector allocation, yield curve positioning and buy/sell trade execution. The Subadvisor may engage in
various portfolio strategies to achieve the Fund's investment objective, to seek to enhance the Fund's
investment return and to seek to hedge the portfolio against adverse effects from movements in interest
rates and in the securities markets. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Subadvisor uses active management in an effort to identify
mispriced tax-exempt securities and build a consistent yield advantage. The Subadvisor focuses on reducing
volatility through a disciplined investment process which includes fundamental, "bottom-up" credit research
and risk management. In addition, the Subadvisor reviews macroeconomic events, technicals in the municipal
market, tax policies and analyzes individual municipal securities and sectors. The Subadvisor may give
consideration to certain environmental, social, and governance (“ESG”) criteria when evaluating an
investment opportunity.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Subadvisor may sell a security if it no longer believes the security will contribute
to meeting the investment objective of the Fund. In considering whether to sell a security, the Subadvisor
may evaluate, among other things, the condition of the economy and meaningful changes in the issuer's
financial condition. </p>
The Fund, under normal circumstances, invests
at least 80% of its assets (net assets plus borrowings for investment purposes) in municipal bonds that
are rated investment grade by at least one nationally recognized statistical rating organization (“NRSRO”).
On average, the Fund will invest in municipal bonds that have a maturity range of 10 to 30 years. Municipal
bonds are issued by or on behalf of the District of Columbia, states, territories, commonwealths and
possessions of the United States and their political subdivisions and agencies, authorities and instrumentalities.
Municipal bonds include, among other instruments, general obligation bonds, revenue bonds, industrial
revenue bonds, industrial development bonds, private activity bonds, as well as short-term, tax-exempt
obligations such as municipal notes and variable rate demand obligations. The Fund may invest up to 20%
of its net assets in unrated securities deemed by MacKay Shields LLC, the Fund's Subadvisor, to be of
comparable quality. The Fund may not invest more than 20% of its net assets in tax-exempt securities
subject to the federal alternative minimum tax. If NRSROs assign different ratings to the same security,
the Fund will use the higher rating for purposes of determining the security’s credit quality.
The
Fund may invest more than 25% of its total assets in municipal bonds that are related in such a way that
an economic, business or political development or change affecting one such security could also affect
the other securities (for example, securities whose issuers are located in the same state). Some of the
Fund's earnings may be subject to federal tax and most may be subject to state and local taxes.
The
Fund may invest in derivatives, such as futures, options and swap agreements to seek enhanced returns
or to reduce the risk of loss by hedging certain of its holdings.
Investment Process: The Subadvisor employs a relative value research-driven
approach in pursuing the Fund's investment objective. The Subadvisor's strategies include duration management,
sector allocation, yield curve positioning and buy/sell trade execution. The Subadvisor may engage in
various portfolio strategies to achieve the Fund's investment objective, to seek to enhance the Fund's
investment return and to seek to hedge the portfolio against adverse effects from movements in interest
rates and in the securities markets.
Principal Risks
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
You can lose money by investing
in the Fund.
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. The investments selected by the
Subadvisor may underperform the market in which the Fund invests or other investments. The Fund may receive
large purchase or redemption orders which may have adverse effects on performance if the Fund were required
to sell securities, invest cash or hold a relatively large amount of cash at times when it would not
otherwise do so. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The principal risks of investing in the Fund are summarized below. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Market Risk:</span> The value of the Fund’s investments may fluctuate because of
changes in the markets in which the Fund invests, which could cause the Fund to underperform other funds
with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From
time to time, markets may experience periods of stress for potentially prolonged periods that may result
in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of
Fund shares. Such conditions may add significantly to the risk of volatility in the net asset value of
the Fund's shares. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Portfolio Management Risk:</span>
The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired
results. The Subadvisor may give consideration to certain ESG criteria when evaluating an investment
opportunity. The application of ESG criteria may result in the Fund (i) having exposure to certain securities
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. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Yield Risk:</span>
There can be no guarantee that the Fund will achieve or maintain any particular level of yield.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Debt Securities Risk:</span> The risks of investing
in debt or fixed-income securities include (without limitation): (i) credit risk, e.g., the issuer or
guarantor of a debt security may be unable or unwilling (or be perceived as unable or unwilling) to make
timely principal and/or interest payments or otherwise honor its obligations, or changes in an issuer’s
credit rating or the market’s perception of an issuer’s creditworthiness may affect the value of
the Fund’s investments; (ii) maturity risk, e.g., a debt security with a longer maturity may fluctuate
in value more than one with a shorter maturity; (iii) market risk, e.g., low demand for debt securities
may negatively impact their price; (iv) interest rate risk, e.g., when interest rates go up, the value
of a debt security generally goes down, and when interest rates go down, the value of a debt security
generally goes up (long-term debt securities are generally more susceptible to interest rate risk than
short-term debt securities); and (v) call or prepayment risk, e.g., during a </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">period
of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the
Fund’s income if the proceeds are reinvested at lower interest rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Interest rate risk is the
risk that the value of the Fund’s investments in fixed income or debt securities will change because
of changes in interest rates<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;">.
There is a risk that interest rates across the financial system may change, possibly significantly and/or
rapidly</span>. Changes in interest rates or a lack of market participants may lead to decreased liquidity
and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to
sell its fixed-income or debt holdings. Decreased liquidity in the fixed-income or debt markets also
may make it more difficult to value some or all of the Fund’s fixed-income or debt holdings. For most
fixed-income investments, when market interest rates fall, prices of fixed-rate debt securities rise.
However, when market interest rates fall, prices of certain variable and fixed-rate debt securities may
be adversely affected (i.e., falling interest rates bring the possibility of prepayment risk, as an instrument
may be redeemed before maturity). Certain countries have experienced negative interest rates on certain
fixed-income instruments. Very low or negative interest rates may magnify interest rate risk. Changing
interest rates, including rates that fall below zero, may have unpredictable effects on markets, may
result in heightened market volatility and may detract from Fund performance to the extent a Fund is
exposed to such interest rates and/or volatility. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Not all U.S. government debt securities are
guaranteed by the U.S. government—some are backed only by the issuing agency, which must rely on its
own resources to repay the debt. The Fund's yield will fluctuate with changes in short-term interest
rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Tax Risk:</span> Income from
municipal bonds held by the Fund could be declared taxable because of unfavorable changes in tax law,
adverse interpretations by the Internal Revenue Service or noncompliant conduct of a bond issuer.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Derivatives Risk:</span> Derivatives are investments
whose value depends on (or is derived from) the value of an underlying instrument, such as a security,
asset, reference rate or index. Derivative strategies may expose the Fund to greater risk than if it
had invested directly in the underlying instrument and often involve leverage, which may exaggerate a
loss, potentially causing the Fund to lose more money than it originally invested and would have lost
had it invested directly in the underlying instrument. For example, if the Fund is the seller of credit
protection in a credit default swap, the Fund effectively adds leverage to its portfolio and is subject
to the credit exposure on the full notional value of the swap. Derivatives may be difficult to sell,
unwind and/or value. Derivatives may also be subject to counterparty risk, which is the risk that the
counterparty (the party on the other side of the transaction) on a derivative transaction will be unable
or unwilling to honor its contractual obligations to the Fund. Futures may be more volatile than direct
investments in the instrument underlying the contract, and may not correlate perfectly to the underlying
instrument. Futures and other derivatives also may involve a small initial investment relative to the
risk assumed, which could result in losses greater than if they had not been used. Due to fluctuations
in the price of the underlying instrument, the Fund may not be able to profitably exercise an option
and may lose its entire investment in an option. To the extent that the Fund writes or sells an option,
if the decline in the value of the underlying instrument is significantly below the exercise price in
the case of a written put option or increase above the exercise price in the case of a written call option,
the Fund could experience a substantial loss. Swaps may be subject to counterparty credit, correlation,
valuation, liquidity and leveraging risks. Swap transactions tend to shift a Fund's investment exposure
from one type of investment to another and may entail the risk that a party will default on its payment
obligations to the Fund. Additionally, applicable regulators have adopted rules imposing certain margin
requirements, including minimums on uncleared swaps, which may result in the Fund and its counterparties
posting higher margin amounts for uncleared swaps. Certain standardized swaps are subject to mandatory
central clearing and exchange trading. Central clearing, which interposes a central clearinghouse to
each participant’s swap, and exchange trading are intended to reduce counterparty credit risk and increase
liquidity but neither makes swap transactions risk-free. Derivatives may also increase the expenses of
the Fund. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Municipal Bond Risk:</span>
Municipal bond risks include the inability of the issuer to repay the obligation, the relative lack of
information about certain issuers, and the possibility of future tax and legislative changes, which could
affect the market for and value of municipal securities. Additional risks include:</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; margin-left:18.00pt; text-align:left; text-indent:-18.00pt;">
<span style="font-family:Symbol; font-weight:normal;">·</span>
<span style="font-family:Symbol; font-weight:normal;">
<span style="word-spacing:10.0pt;"> </span>
</span>
<span style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">General Obligation Bonds Risk</span>—timely payments depend on the issuer's credit
quality, ability to raise tax revenues and ability to maintain an adequate tax base;</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; margin-left:18.00pt; text-align:left; text-indent:-18.00pt;">
<span style="font-family:Symbol; font-weight:normal;">·</span>
<span style="font-family:Symbol; font-weight:normal;">
<span style="word-spacing:10.0pt;"> </span>
</span>
<span style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">Revenue Bonds (including Industrial Development Bonds) Risk</span>—timely payments
depend on the money earned by the particular facility or class of facilities, or the amount of revenues
derived from another source, and may be negatively impacted by the general credit of the user of the
facility;</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; margin-left:18.00pt; text-align:left; text-indent:-18.00pt;">
<span style="font-family:Symbol; font-weight:normal;">·</span>
<span style="font-family:Symbol; font-weight:normal;">
<span style="word-spacing:10.0pt;"> </span>
</span>
<span style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">Private Activity Bonds Risk</span>—municipalities
and other public authorities issue private activity bonds to finance development of industrial facilities
for use by a private enterprise, which is solely responsible for paying the principal and interest on
the bond, and payment under these bonds depends on the private enterprise’s ability to do so; </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; margin-left:18.00pt; text-align:left; text-indent:-18.00pt;">
<span style="font-family:Symbol; font-weight:normal;">·</span>
<span style="font-family:Symbol; font-weight:normal;">
<span style="word-spacing:10.0pt;"> </span>
</span>
<span style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">Moral Obligation Bonds Risk</span>—moral
obligation bonds are generally issued by special purpose public authorities of a state or municipality.
If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral commitment,
but not a legal obligation, of the state or municipality; </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; margin-left:18.00pt; text-align:left; text-indent:-18.00pt;">
<span style="font-family:Symbol; font-weight:normal;">·</span>
<span style="font-family:Symbol; font-weight:normal;">
<span style="word-spacing:10.0pt;"> </span>
</span>
<span style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">Municipal Notes Risk</span>—municipal notes are shorter-term municipal debt obligations
that pay interest that is, in the opinion of bond counsel, generally excludable from gross income for
federal income tax purposes (except that the interest may be includable in taxable income for </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; margin-left:18.00pt; text-align:left;">purposes of the federal alternative minimum tax) and that have a maturity that is generally
one year or less. If there is a shortfall in the anticipated proceeds, the notes may not be fully repaid
and the Fund may lose money; and</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; margin-left:18.00pt; text-align:left; text-indent:-18.00pt;">
<span style="font-family:Symbol; font-weight:normal;">·</span>
<span style="font-family:Symbol; font-weight:normal;">
<span style="word-spacing:10.0pt;"> </span>
</span>
<span style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">Municipal Lease Obligations Risk</span>—in
a municipal lease obligation, the issuer agrees to make payments when due on the lease obligation. Although
the issuer does not pledge its unlimited taxing power for payment of the lease obligation, the lease
obligation is secured by the leased property. Municipal leases may pose additional risks because many
leases and contracts contain “non-appropriation” clauses that provide that the governmental issuer
has no obligation to make future payments under the lease or contract unless money is appropriated for
this purpose by the appropriate legislative body.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Municipalities continue to experience political,
economic and financial difficulties in the current economic environment. The ability of a municipal issuer
to make payments and the value of municipal bonds can be affected by uncertainties in the municipal securities
market. Such uncertainties could cause increased volatility in the municipal securities market and could
negatively impact the Fund's net asset value and/or the distributions paid by the Fund.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Certain of the issuers in
which the Fund may invest have recently experienced, or may experience, significant financial difficulties
and repeated credit rating downgrades. For example, in recent years, Puerto Rico has experienced difficult
financial, economic and other conditions, which may negatively affect the value of the Fund’s holdings
in Puerto Rico municipal securities.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Municipal
Bond Focus Risk:</span> From time to time the Fund may invest a substantial amount of its assets in municipal
bonds on which interest is paid solely from revenues of similar projects. If the Fund focuses its investments
in this manner, it assumes the legal and economic risks relating to such projects, which may have a significant
impact on the Fund’s investment performance. In addition, the Fund may invest more heavily in bonds
from certain cities, states or regions than others, which may increase the Fund’s exposure to losses
resulting from economic, political or regulatory occurrences impacting these particular cities, states
or regions.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Liquidity and Valuation Risk:</span>
The Fund’s investments may be illiquid at the time of purchase or liquid at the time of purchase and
subsequently become illiquid due to, among other things, events relating to the issuer of the securities,
market events, operational issues, economic conditions, investor perceptions or lack of market participants.
The lack of an active trading market may make it difficult to sell or obtain an accurate price for a
security. If market conditions or issuer specific developments make it difficult to value securities,
the Fund may value these securities using more subjective methods, such as fair value pricing. In such
cases, the value determined for a security could be different than the value realized upon such security's
sale. As a result, an investor could pay more than the market value when buying shares or receive less
than the market value when selling shares. This could affect the proceeds of any redemption or the number
of shares an investor receives upon purchase.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund is subject to the risk that it could
not meet redemption requests within the allowable time period without significant dilution of remaining
investors' interests in the Fund. To meet redemption requests or to raise cash to pursue other investment
opportunities, the Fund may be forced to sell securities at an unfavorable time and/or under unfavorable
conditions, which may adversely affect the Fund. These risks are heightened for fixed-income instruments
because of the current low interest rate environment.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Money
Market/Short-Term Securities Risk:</span> To the extent the Fund holds cash or invests in money market
or short-term securities, the Fund may be less likely to achieve its investment objective. In addition,
it is possible that the Fund's investments in these instruments could lose money.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Variable Rate Demand Instruments Risk:</span> A variable rate demand instrument is
generally subject to certain of the risks associated with debt securities. Variable rate demand instruments
are also subject to potential delays between the instrument’s periodic interest rate reset and an intervening
rise in general interest rates, which could adversely affect the Fund. In addition, these instruments
are subject to the risk that, if not held to maturity, the Fund will be subject to the credit risk of
any third party supporting or providing the instrument’s demand feature, as well as the risk that such
third party’s obligations may terminate or that it may otherwise fail to meet such obligations.</p>
You can lose money by investing
in the Fund.
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.
Past Performance
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
The
following bar chart and table indicate some of the risks of investing in the Fund. The bar chart shows
you how the Fund's calendar year performance has varied over time. Sales loads, if any, are not reflected
in the bar chart. If they were, returns would be less than those shown. The average annual total returns
table shows how the Fund's average annual total returns (before and after taxes) compare to those of
a broad-based securities market index. The Fund has selected the Bloomberg Barclays Municipal Bond Index<span style="font-family:Sans-Serif; font-style:normal; font-size:6.0pt; font-weight:normal;"> </span>as its
primary benchmark. The Bloomberg Barclays Municipal Bond Index is considered representative of the broad
market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to
the alternative minimum tax or with floating or zero coupons are excluded. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Performance data for the classes
varies based on differences in their fee and expense structures. Performance data is not shown for classes
with less than one calendar year of performance.Past performance (before and after taxes) is not necessarily
an indication of how the Fund will perform in the future. Please visit newyorklifeinvestments.com/funds
for more recent performance information.</p>
The
following bar chart and table indicate some of the risks of investing in the Fund.
Sales loads, if any, are not reflected
in the bar chart. If they were, returns would be less than those shown.
The Fund has selected the Bloomberg Barclays Municipal Bond Index as its
primary benchmark.
Performance data is not shown for classes
with less than one calendar year of performance.
Past performance (before and after taxes) is not necessarily
an indication of how the Fund will perform in the future.
newyorklifeinvestments.com/funds
Annual
Returns, Class I Shares
(by calendar
year 2011-2020)
<table cellpadding="0" cellspacing="0" style="clear:both" width="34%">
<tr style="font-size:1pt;">
<td style="width:61.54%"> </td>
<td style="width:29.49%"> </td>
<td style="width:8.97%"> </td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Best Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q2/2011
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
4.60
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Worst
Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q2/2013
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">-4.24</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
</table>
Best Quarter
2011-06-30
0.0460
Worst
Quarter
2013-06-30
-0.0424
Average Annual Total Returns (for the periods ended December 31, 2020)
2009-12-21
0.0645
0.0446
0.0567
0.0644
0.0446
0.0566
0.0500
0.0417
0.0531
1995-01-03
0.0140
0.0327
0.0494
2008-02-28
0.0137
0.0327
0.0491
1986-05-01
0.0090
0.0363
0.0513
1998-09-01
0.0480
0.0395
0.0512
2019-11-01
0.0650
0.0605
Bloomberg Barclays Municipal
Bond Index (reflects no deductions for fees, expenses, or taxes)
reflects no deductions for fees, expenses, or taxes
0.0521
0.0391
0.0463
After-tax returns are calculated
using the highest individual federal marginal income tax rates in effect at the time of each distribution
or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes.
In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit
from any losses on a sale of shares at the end of the measurement period.
Actual after-tax returns depend
on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold
your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary.
After-tax returns are calculated
using the highest individual federal marginal income tax rates in effect at the time of each distribution
or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes.
In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit
from any losses on a sale of shares at the end of the measurement period.
Actual after-tax returns depend
on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold
your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary.
MainStay Money Market Fund
Investment
Objective
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund seeks a high level of current income while preserving capital and maintaining
liquidity.</p>
Fees and Expenses of the Fund
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The table below describes
the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </p>
Shareholder
Fees (fees paid directly from your investment)
0
0
0
0
0
0
0
0
0
0
0
0
Annual Fund Operating Expenses (expenses that
you pay each year as a percentage of the value of your investment)
0.0040
0.0040
0.0040
0.0040
0.0040
0.0040
0
0
0
0
0
0
0.0015
0.0050
0.0050
0.0050
0.0007
0.0050
0.0055
0.0090
0.0090
0.0090
0.0047
0.0090
0.0000
-0.0010
-0.0010
-0.0010
0.0000
-0.0010
0.0055
0.0080
0.0080
0.0080
0.0047
0.0080
Example
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Example is intended to help you compare
the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes
that you invest $10,000 in the Fund for the time periods indicated whether or not you redeem all of your
shares at the end of those periods. The Example also assumes that your investment has a 5% return each
year and that the Fund's operating expenses remain the same. The Example reflects the contractual fee
waiver and/or expense reimbursement arrangement, if applicable, for the current duration of the arrangement
only. Although your actual costs may be higher or lower, based on these assumptions your costs would
be:</p>
Assuming no redemption
Assuming redemption at end of period
56
82
82
82
82
82
48
82
176
277
77
177
151
277
307
489
189
389
263
489
689
1099
599
999
591
1099
Principal Investment Strategies
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund invests in short-term, high-quality,
U.S. dollar-denominated securities that generally mature in 397 days (13 months) or less. The Fund maintains
a dollar-weighted average maturity of 60 days or less and maintains a dollar-weighted average life to
maturity of 120 days or less. The Fund seeks to maintain a stable $1.00 net asset value per share using
the amortized cost method of valuation by operating as a “retail money market fund,” as such term
is defined or interpreted pursuant to Rule 2a-7 under the Investment Company Act of 1940, as amended.
As a “retail money market fund,” the Fund may be subject to the implementation of liquidity fees
and gates on redemptions.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund may invest in obligations issued or guaranteed by the U.S. government or any
of its agencies or instrumentalities; U.S. and foreign bank and bank holding company obligations, such
as certificates of deposit, bankers' acceptances and Eurodollars; commercial paper; time deposits; repurchase
agreements; and corporate debt securities. The Fund may invest in variable rate notes, floating rate
notes, and mortgage-related and asset-backed securities. The Fund may also invest in foreign securities
that are U.S. dollar-denominated securities of foreign issuers.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund will generally invest
in obligations that mature in 397 days or less, substantially all of which will be held to maturity.
However, the Fund may invest in securities with a face maturity of more than 397 days provided that the
security is a variable or floating rate note that meets the applicable regulatory guidelines with respect
to maturity. Additionally, securities collateralizing repurchase agreements may have maturities in excess
of 397 days.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Investment Process:</span> NYL Investors LLC, the Fund's
Subadvisor, seeks to achieve the highest yield while also seeking to minimize risk, maintain liquidity
and preserve principal. The Subadvisor selects securities based on an analysis of the creditworthiness
of the issuer. The Subadvisor works to add value by emphasizing specific securities and sectors of the
money market that appear to be attractively priced based upon historical and current yield spread relationships.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The
Subadvisor may sell a security prior to maturity if it no longer believes that the security will contribute
to meeting the investment objective of the Fund.</p>
Principal Risks
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
You can lose money by investing in the Fund.
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. The investments selected by the Subadvisor may
underperform the market or other investments.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Stable
Net Asset Value Risk:</span> Although the Fund seeks to preserve the value of your investment at $1.00
per share, it is possible to lose money by investing in the Fund. This could occur because of unusual
market conditions or a sudden collapse in the creditworthiness of an issuer. The Fund is permitted to,
among other things, reduce or withhold any income and/or gains generated from its portfolio to maintain
a stable $1.00 share price.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Market
Risk:</span> The value of the Fund’s investments may fluctuate because of changes in the markets in
which the Fund invests, which could cause the Fund to underperform other funds with similar investment
objectives and strategies. Such changes may be rapid and unpredictable. From time to time, markets may
experience periods of stress for potentially prolonged periods that may result in: (i) increased market
volatility; (ii) reduced market liquidity; and (iii) increased redemptions of Fund shares. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Portfolio Management Risk:</span> The investment strategies, practices and risk analyses
used by the Subadvisor may not produce the desired results. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Money
Market Risk:</span> Although the Fund seeks to preserve the value of your investment at $1.00 per share,
it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily
suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of
market conditions or other factors. The Fund’s sponsor has no legal obligation to provide financial
support to the Fund, and you should not expect that the sponsor will provide financial support to the
Fund at any time.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Debt Securities Risk:</span>
The risks of investing in debt or fixed-income securities include (without limitation): (i) credit risk,
e.g., the issuer or guarantor of a debt security may be unable or unwilling (or be perceived as unable
or unwilling) to make timely principal and/or interest payments or otherwise honor its obligations, or
changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness
may affect the value of the Fund’s investments; (ii) maturity risk, e.g., a debt security with a longer
maturity may fluctuate in value more than one with a shorter maturity; (iii) market risk, e.g., low demand
for debt securities may negatively impact their price; (iv) interest rate risk, e.g., when interest rates
go up, the value of a debt security generally goes down, and when interest rates go down, the value of
a debt security generally goes up (long-term debt securities are generally more susceptible to interest
rate risk than short-term debt securities); and (v) call or prepayment risk, e.g., during a period of
falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the
Fund’s income if the proceeds are reinvested at lower interest rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Interest rate risk is the
risk that the value of the Fund’s investments in fixed income or debt securities will change because
of changes in interest rates<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;">.
There is a risk that interest rates across the financial system may change, possibly significantly and/or
rapidly</span>. Changes in interest rates or a lack of market participants may lead to decreased liquidity
and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to
sell its fixed-income or debt holdings. Decreased liquidity in the fixed-income or debt markets also
may make it more difficult to value some or all of the Fund’s fixed-income or debt holdings. For most
fixed-income investments, when market interest rates fall, prices of fixed-rate debt securities rise.
However, when market interest rates fall, prices of certain variable and fixed-rate debt securities may
be adversely affected (i.e., falling interest rates bring the possibility of prepayment risk, as an instrument
may be redeemed before maturity). Certain countries have experienced negative interest rates on certain
fixed-income instruments. Very low or negative interest rates may magnify interest rate risk. Changing
interest rates, including rates that fall below zero, may have unpredictable effects on markets, may
result in heightened market volatility and may detract from Fund performance to the extent a Fund is
exposed to such interest rates and/or volatility. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Not all U.S. government debt securities are
guaranteed by the U.S. government—some are backed only by the issuing agency, which must rely on its
own resources to repay the debt. The Fund's yield will fluctuate with changes in short-term interest
rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Floating Rate Notes and Variable
Rate Notes Risk: </span>Floating and variable rate notes provide for a periodic adjustment in the interest
rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to
annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate
notes may be subject to greater liquidity risk than other debt securities, meaning that there may be
limitations on the Fund's ability to sell the securities at any given time. Securities with floating
interest rates generally are less sensitive to interest rate changes, but may decline in value if their
interest rates do not rise as much or as fast as interest rates in general. Floating rate loans and other
similar debt obligations that lack financial maintenance covenants or possess fewer or contingent financial
maintenance covenants and other financial protections for lenders and investors (sometimes referred to
as “covenant-lite” loans or obligations) are generally subject to more risk than investments that
contain traditional financial maintenance covenants and financial reporting requirements. The terms of
many floating rate notes </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">and
other instruments are tied to the London Interbank Offered Rate (“LIBOR”), which functions as a reference
rate or benchmark. It is anticipated that LIBOR will be discontinued at the end of 2021, which may cause
increased volatility and illiquidity in the markets for instruments with terms tied to LIBOR or other
adverse consequences, such as decreased yields and reduction in value, for these instruments. These events
may adversely affect the Fund and its investments in such instruments.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Foreign Securities Risk:</span> Investments in foreign (non-U.S.) securities may be
riskier than investments in U.S. securities. Foreign regulatory regimes and securities markets can have
less stringent investor protections and disclosure standards and less liquid trading markets than U.S.
regulatory regimes and securities markets, and can experience political, social and economic developments
that may affect the value of the Fund's investments in foreign securities. These risks may be greater
with respect to securities of companies that conduct their business activities in emerging markets or
whose securities are traded principally in emerging markets.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Mortgage-Related
and Other Asset-Backed Securities Risk:</span> Investments in mortgage-related securities (such as mortgage-backed
securities) and other asset-backed securities generally involve a stream of payments based on the underlying
obligations. These payments, which are often part interest and part return of principal, vary based on
the rate at which the underlying borrowers repay their loans or other obligations. Asset-backed securities
are subject to the risk that borrowers may default on the underlying obligations and that, during periods
of falling interest rates, these obligations may be called or prepaid and, during periods of rising interest
rates, obligations may be paid more slowly than expected. Impairment of the underlying obligations or
collateral, such as by non-payment, will reduce the security's value. Enforcing rights against such collateral
in events of default may be difficult or insufficient. The value of these securities may be significantly
affected by changes in interest rates, the market's perception of issuers, and the creditworthiness of
the parties involved. The ability of the Fund to successfully utilize these instruments may depend on
the ability of the Subadvisor to forecast interest rates and other economic factors correctly. These
securities may have a structure that makes their reaction to interest rate changes and other factors
difficult to predict, making their value highly volatile.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Repurchase
Agreement Risk:</span> Repurchase agreements are subject to the risks that the seller will become bankrupt
or insolvent before the date of repurchase or otherwise will fail to repurchase the security or other
asset as agreed, which could cause losses to the Fund.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Yield
Risk:</span> There can be no guarantee that the Fund will achieve or maintain any particular level of
yield.</p>
You can lose money by investing in the Fund.
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.
Past Performance
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
The
following bar chart and table indicate some of the risks of investing in the Fund. The bar chart shows
you how the Fund's calendar year performance has varied over time. The average annual total returns table
shows how the Fund's average annual total returns compare to those of a money market fund average. The
Average Lipper Money Market Fund is an equally weighted performance average adjusted for capital gains
distributions and income dividends of all of the money market funds in the Lipper Universe. Lipper Inc.,
a wholly-owned subsidiary of Reuters Group PLC, is an independent monitor of mutual fund performance.
Lipper averages are not class specific. Lipper returns are unaudited.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">For certain periods, the Manager
voluntarily has waived or reimbursed the Fund’s expenses to the extent it deemed appropriate to enhance
the Fund’s yield during periods when expenses had a significant impact on yield because of low interest
rates. Without these waivers or reimbursements, the Fund’s returns would have been lower. Performance
is not shown for classes with less than one calendar year of performance.Past performance is not necessarily
an indication of how the Fund will perform in the future.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">For current yield information, call toll-free:
800-624-6782. </p>
The
following bar chart and table indicate some of the risks of investing in the Fund.
Performance
is not shown for classes with less than one calendar year of performance.
Past performance is not necessarily
an indication of how the Fund will perform in the future.
Annual Returns, Class A Shares*
(by calendar year 2011-2020)
<table cellpadding="0" cellspacing="0" style="clear:both" width="34%">
<tr style="font-size:1pt;">
<td style="width:61.54%"> </td>
<td style="width:29.49%"> </td>
<td style="width:8.97%"> </td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Best Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q1/2019
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
0.43
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Worst
Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q1/2013
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
0.00
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
</table>
Best Quarter
2019-03-31
0.0043
Worst
Quarter
2013-03-31
0.0000
Average Annual Total Returns (for the periods
ended December 31, 2020)
MainStay Income Builder Fund
Investment
Objective
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund seeks current income consistent with reasonable opportunity for future growth
of capital and income.</p>
Fees and Expenses of the Fund
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The table below describes
the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other
fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected
in the tables and examples below. You may qualify for sales charge discounts if you and your family invest,
or agree to invest in the future, at least $50,000 in the MainStay Funds. This amount may vary depending
on the MainStay Fund in which you invest. In addition, different financial intermediary firms and financial
professionals may impose different sales loads and waivers. More information about these and other discounts
or waivers is available from your financial professional, in the "Information on Sales Charges" section
starting on page 132 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers
and Discounts, and in the "Alternative Sales Arrangements" section on page 137 of the Statement of Additional
Information. </p>
You may qualify for sales charge discounts if you and your family invest,
or agree to invest in the future, at least $50,000 in the MainStay Funds.
50000
Shareholder Fees (fees paid directly from your
investment)
0.0300
0.0250
0
0
0
0
0
0
0
0
0
0.0500
0.0100
0
0
0
0
0
Annual Fund Operating Expenses (expenses that
you pay each year as a percentage of the value of your investment)
0.0062
0.0062
0.0062
0.0062
0.0062
0.0062
0.0062
0.0062
0.0062
0.0025
0.0025
0.0100
0.0100
0
0.0025
0.0050
0
0.0050
0.0016
0.0031
0.0031
0.0031
0.0016
0.0025
0.0026
0.0006
0.0031
0.0103
0.0118
0.0193
0.0193
0.0078
0.0112
0.0138
0.0068
0.0143
Example
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The
Example is intended to help you compare the cost of investing in the Fund with the cost of investing
in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated
whether or not you redeem all of your shares at the end of those periods (except as indicated with respect
to Class B and Class C shares). The Example reflects Class B and Class C shares converting into Investor
Class shares in years 9-10; expenses could be lower if you are eligible to convert to Class A shares
instead. The Example also assumes that your investment has a 5% return each year and that the Fund's
operating expenses remain the same. The Example reflects the contractual fee waiver and/or expense reimbursement
arrangement, if applicable, for the current duration of the arrangement only. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:</p>
Assuming no redemption
Assuming redemption at end of period
402
367
196
696
196
296
80
114
140
69
146
618
615
606
906
606
606
249
356
437
218
452
852
883
1042
1242
1042
1042
433
617
755
379
782
1522
1646
2059
2059
2059
2059
966
1363
1657
847
1713
Portfolio Turnover
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund pays transaction costs, such as commissions,
when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable
account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect
the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 65%
of the average value of its portfolio. </p>
0.65
Principal Investment Strategies
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund normally invests a minimum of 30% of
its net assets in equity securities and a minimum of 30% of its net assets in debt securities. From time
to time, the Fund may temporarily invest less than 30% of its net assets in equity or debt securities
as a result of market conditions, individual securities transactions or cash flow considerations. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Asset Allocation Investment Process</span>: Asset allocation
decisions are made by a Committee chaired by New York Life Investment Management LLC (“New York Life
Investments”), the Fund’s Manager, in collaboration with MacKay Shields LLC (“MacKay Shields”),
the subadvisor for the fixed-income portion of the Fund. Asset allocation decisions are determined based
on the relative values of each asset class, inclusive of the ability of each asset class to generate
income. The Fund may use equity index and fixed-income futures to manage effective exposure, for example,
by adding exposure to the equity markets or adjusting fixed-income duration exposure. Neither equity
index futures nor fixed-income futures are counted toward the Fund's equity or fixed-income allocation
guidelines.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Equity Investment Process</span>:
Epoch Investment Partners, Inc. ("Epoch"), the Subadvisor for the equity portion of the Fund, invests
primarily in companies that generate increasing levels of free cash flow and have managements that allocate
it effectively to create shareholder value. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The security selection process focuses on free-cash-flow analytics
as opposed to traditional accounting-based metrics. Epoch seeks to identify companies with a consistent,
straightforward ability to both generate free cash flow and to intelligently allocate it among internal
reinvestment opportunities, acquisitions, dividends, share repurchases and/or debt reductions. Epoch
may give consideration to certain environmental, social, and governance (“ESG”) criteria when evaluating
an investment opportunity.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Epoch seeks to find and invest in companies that meet its definition
of quality-companies that are free cash flow positive or are becoming free cash flow positive and that
are led by strong management. The relevant factor in Epoch’s decision on how to deploy free cash flow
is the cost of capital and the prospective returns on capital.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Fixed-Income
Investment Process</span>: The Fund may invest in investment grade and below investment grade debt securities
of varying maturities. In pursuing the Fund's investment objective, the Fund may invest up to 30% of
its net assets in debt securities that MacKay Shields believes may provide capital appreciation in addition
to income and are rated below investment grade by a nationally recognized statistical rating organization
(“NRSRO”) or if unrated, deemed to be of comparable creditworthiness by MacKay Shields. MacKay Shields
may give consideration to certain ESG criteria when evaluating an investment opportunity. For purposes
of this limitation, both the percentage and rating are counted at the time of purchase. If NRSROs assign
different ratings to the same security, the Fund will use the higher rating for purposes of determining
the security's credit quality. Securities that are rated below investment grade by NRSROs are commonly
referred to as “high-yield securities” or "junk bonds."</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund maintains a flexible approach by investing
in a broad range of securities, which may be diversified by company, industry and type.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Principal debt investments
include U.S. government securities, domestic and foreign debt securities, mortgage-related and asset-backed
securities and floating rate loans. The Fund may also enter into mortgage dollar roll and to-be-announced
("TBA") securities transactions.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund may also invest in convertible securities such as bonds,
debentures, corporate notes and preferred stocks or other securities that are convertible into common
stock or the cash value of a stock or a basket or index of equity securities.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Investments Across the Fund</span>: The Fund may invest in derivatives, such as futures,
options, forward commitments and swap agreements, to try to enhance returns or reduce the risk of loss
by hedging certain of its holdings. The Fund also may use fixed-income futures for purposes of managing
duration and yield curve exposures. The Fund may invest up to 10% of its total assets in swaps, including
credit default swaps.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Subadvisors may sell a security if they no longer believe the security will contribute
to meeting the investment objective of the Fund. In considering whether to sell a debt security, MacKay
Shields may evaluate, among other things, deterioration in the issuer's credit quality. Epoch may sell
or reduce a position in a security if, among other things, it sees an interruption to the dividend policy,
a deterioration in fundamentals or when the security is deemed less attractive relative to another security
on a return/risk basis. Epoch may also sell or reduce a position in a security when it believes its investment
objectives have been met or if it sees the investment thesis is failing to materialize.</p>
Principal Risks
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
You
can lose money by investing in the Fund.
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. The investments
selected by the Subadvisors may underperform the market in which the Fund invests or other investments.
The Fund may receive large purchase or redemption orders which may have adverse effects on performance
if the Fund were required to sell securities, invest cash or hold a relatively large amount of cash at
times when it would not otherwise do so. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The principal risks of investing in the Fund are summarized below.
</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Market Risk:</span> The value of the Fund’s investments
may fluctuate because of changes in the markets in which the Fund invests, which could cause the Fund
to underperform other funds with similar investment objectives and strategies. Such changes may be rapid
and unpredictable. From time to time, markets may experience periods of stress for potentially prolonged
periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii)
increased redemptions of Fund shares. Such conditions may add significantly to the risk of volatility
in the net asset value of the Fund's shares. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Multi-Manager Risk:</span> The Fund’s performance
relies on the selection and monitoring of the Subadvisors as well as how the Fund’s assets are allocated
among those Subadvisors. Performance will also depend on the Subadvisors’ skill in implementing their
respective strategy or strategies. The Subadvisors’ investment strategies may not always be complementary
to one another and, as a result, the Subadvisors may make decisions that conflict with one another, which
may adversely affect the Fund’s performance. For example, a Subadvisor may purchase an investment for
the Fund at the same time that another Subadvisor sells the investment, resulting in higher expenses
without accomplishing any net investment result. Alternatively, multiple Subadvisors could purchase the
same investment at the same time, causing the Fund to pay higher expenses because the Subadvisors did
not aggregate their transactions. The multi-manager approach may also cause the Fund to invest a substantial
percentage of its assets in certain types of securities, which could expose the Fund to greater risks
associated with those types of securities and lead to large beneficial or detrimental effects on the
Fund’s performance. The Manager may influence a Subadvisor in terms of its management of a portion
of the Fund’s assets, including hedging practices, investment exposure and risk management.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">A Subadvisor may underperform
the market generally and may underperform other subadvisors that the Manager could have selected. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">MacKay
Shields may be subject to potential conflicts of interest in allocating the Portfolio’s assets. Therefore,
MacKay Shields will carefully analyze its allocation decisions and take all steps it believes to be necessary
to minimize these potential conflicts of interest. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Portfolio
Management Risk:</span> The investment strategies, practices and risk analyses used by a Subadvisor may
not produce the desired results. A Subadvisor may give consideration to certain ESG criteria when evaluating
an investment opportunity. The application of ESG criteria may result in the Fund (i) having exposure
to certain securities 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. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Yield Risk:</span> There can be no guarantee that the Fund will achieve or maintain
any particular level of yield.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Debt Securities
Risk:</span> The risks of investing in debt or fixed-income securities include (without limitation):
(i) credit risk, e.g., the issuer or guarantor of a debt security may be unable or unwilling (or be perceived
as unable or unwilling) to make timely principal and/or interest payments or otherwise honor its obligations,
or changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness
may affect the value of the Fund’s investments; (ii) maturity risk, e.g., a debt security with a longer
maturity may fluctuate in value more than one with a shorter maturity; (iii) market risk, e.g., low demand
for debt securities may negatively impact their price; (iv) interest rate risk, e.g., when interest rates
go up, the value of a debt security generally goes down, and when interest rates go down, the value of
a debt security generally goes up (long-term debt securities are generally more susceptible to interest
rate risk than short-term debt securities); and (v) call or prepayment risk, e.g., during a period of
falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the
Fund’s income if the proceeds are reinvested at lower interest rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Interest rate risk is the
risk that the value of the Fund’s investments in fixed income or debt securities will change because
of changes in interest rates<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;">.
There is a risk that interest rates across the financial system may change, possibly significantly and/or
rapidly</span>. Changes in interest rates or a lack of market participants may lead to decreased liquidity
and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to
sell its fixed-income or debt holdings. Decreased liquidity in the fixed-income or debt markets also
may make it more difficult to value some or all of the Fund’s fixed-income or debt holdings. For most
fixed-income investments, when market interest rates fall, prices of fixed-rate debt securities rise.
However, when market interest rates fall, prices of certain variable and fixed-rate debt securities may
be adversely affected (i.e., falling interest rates bring the possibility of prepayment risk, as an instrument
may be redeemed before maturity). Certain countries have experienced negative interest rates on certain
fixed-income instruments. Very low or negative interest rates may magnify interest rate risk. Changing
interest rates, including rates that fall below zero, may have unpredictable effects on markets, may
result in heightened market volatility and may detract from Fund performance to the extent a Fund is
exposed to such interest rates and/or volatility. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Not all U.S. government debt securities are
guaranteed by the U.S. government—some are backed only by the issuing agency, which must rely on its
own resources to repay the debt. The Fund's yield will fluctuate with changes in short-term interest
rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Equity Securities Risk:</span>
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 the Fund's holdings.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Value Stock Risk:</span> Value stocks may never reach
what the Subadvisor believes is their full value or they may go down in value. In addition, different
types of stocks tend to shift in and out of favor depending on market and economic conditions, and therefore
the Fund's performance may be lower or higher than that of funds that invest in other types of equity
securities.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Market Capitalization Risk:</span>
To the extent the Fund invests in securities issued by small-, mid-, or large-cap companies, the Fund
will be subject to the risks associated with securities issued by companies of the applicable market
capitalization. Securities of small-cap and mid-cap companies may be subject to greater price volatility,
significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads
between their bid and ask prices than securities of larger companies. Smaller capitalization companies
frequently rely on narrower product lines and niche markets and may be more vulnerable to adverse business
or market developments. Securities issued by larger companies may have less growth potential and may
not be able to attain the high growth rates of successful smaller companies, especially during strong
economic periods. In addition, larger companies may be less capable of responding quickly to competitive
challenges and industry changes, including those </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">resulting
from improvements in technology, and may suffer sharper price declines as a result of earnings disappointments.
There is a risk that the securities issued by companies of a certain market capitalization may underperform
the broader market at any given time.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">High-Yield
Securities Risk:</span> Investments in high-yield securities or non-investment grade securities (commonly
referred to as "junk bonds") are considered speculative because investments in such securities present
a greater risk of loss than investments in higher quality securities. Such securities may, under certain
circumstances, be less liquid than higher rated securities. These securities pay investors a premium
(a high interest rate or yield) because of the potential illiquidity and increased risk of loss. These
securities can also be subject to greater price volatility. In times of unusual or adverse market, economic
or political conditions, these securities may experience higher than normal default rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Loan Participation Interest Risk:</span> There may not be a readily available market
for loan participation interests, which in some cases could result in the Fund disposing of such interests
at a substantial discount from face value or holding such interests until maturity. In addition, the
Fund may be exposed to the credit risk of the underlying corporate borrower as well as the lending institution
or other participant from whom the Fund purchased the loan participation interests. The Fund may not
always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or
interest and may be subject to greater delays, expenses and risks than if the Fund had purchased a direct
obligation of the borrower. Substantial increases in interest rates may cause an increase in loan obligation
defaults.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Floating Rate Loans Risk:</span>
The floating rate loans in which the Fund invests are usually rated below investment grade, or if unrated,
determined by the Subadvisor to be of comparable quality (commonly referred to as "junk bonds") and are
generally considered speculative because they present a greater risk of loss, including default, than
higher quality debt instruments. Moreover, such investments may, under certain circumstances, be particularly
susceptible to liquidity and valuation risks. Although certain floating rate loans are collateralized,
there is no guarantee that the value of the collateral will be sufficient or available to satisfy the
borrower’s obligation. In times of unusual or adverse market, economic or political conditions, floating
rate loans may experience higher than normal default rates. In the event of a recession or serious credit
event, among other eventualities, the value of the Fund's investments in floating rate loans are more
likely to decline. The secondary market for floating rate loans is limited and, thus, the Fund’s ability
to sell or realize the full value of its investment in these loans to reinvest sale proceeds or to meet
redemption obligations may be impaired. In addition, floating rate loans generally are subject to extended
settlement periods that may be longer than seven days. As a result, the Fund may be adversely affected
by selling other investments at an unfavorable time and/or under unfavorable conditions or engaging in
borrowing transactions, such as borrowing against its credit facility, to raise cash to meet redemption
obligations or pursue other investment opportunities.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">In certain circumstances, floating rate loans
may not be deemed to be securities. As a result, the Fund may not have the protection of the anti-fraud
provisions of the federal securities laws. In such cases, the Fund generally must rely on the contractual
provisions in the loan agreement and common-law fraud protections under applicable state law. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Mortgage-Related and Other Asset-Backed Securities
Risk:</span> Investments in mortgage-related securities (such as mortgage-backed securities) and other
asset-backed securities generally involve a stream of payments based on the underlying obligations. These
payments, which are often part interest and part return of principal, vary based on the rate at which
the underlying borrowers repay their loans or other obligations. Asset-backed securities are subject
to the risk that borrowers may default on the underlying obligations and that, during periods of falling
interest rates, these obligations may be called or prepaid and, during periods of rising interest rates,
obligations may be paid more slowly than expected. Impairment of the underlying obligations or collateral,
such as by non-payment, will reduce the security's value. Enforcing rights against such collateral in
events of default may be difficult or insufficient. The value of these securities may be significantly
affected by changes in interest rates, the market's perception of issuers, and the creditworthiness of
the parties involved. The ability of the Fund to successfully utilize these instruments may depend on
the ability of the Subadvisor to forecast interest rates and other economic factors correctly. These
securities may have a structure that makes their reaction to interest rate changes and other factors
difficult to predict, making their value highly volatile.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Mortgage
Dollar Roll Transaction Risk: </span>A mortgage dollar roll is a transaction in which the Fund sells
mortgage-related securities from its portfolio to a counterparty from whom it simultaneously agrees to
buy a similar security on a delayed delivery basis. Mortgage dollar roll transactions are subject to
certain risks, including the risk that securities returned to the Fund at the end of the roll, while
substantially similar, may be inferior to what was initially sold to the counterparty.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">TBA Securities Risk:</span> In a TBA securities transaction, the Fund commits to purchase
certain securities for a fixed price at a future date. The principal risks of a TBA securities transaction
are that the counterparty may not deliver the security as promised and/or that the value of the TBA security
may decline prior to when the Fund receives the security.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Foreign
Securities Risk:</span> Investments in foreign (non-U.S.) securities may be riskier than investments
in U.S. securities. Foreign regulatory regimes and securities markets can have less stringent investor
protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and
securities markets, and can experience political, social and economic developments that may affect the
value of the Fund's investments in foreign securities. Foreign securities may also subject the Fund's
investments to changes in currency rates. Changes in the value of foreign currencies may make the return
on an investment increase or decrease, unrelated to the quality or performance of the investment itself.
These risks may be greater with respect to securities of companies that conduct their business activities
in emerging markets or whose securities are traded principally in emerging markets.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Convertible Securities Risk:</span> Convertible securities
are typically subordinate to an issuer’s other debt obligations. In part, the total return for a convertible
security depends upon the performance of the underlying stock into which it can be converted. Also, issuers
of convertible securities are often not as strong financially as those issuing securities with higher
credit ratings, are more likely to encounter financial difficulties and typically are more vulnerable
to changes in the economy, such as a recession or a sustained period of rising interest rates, which
could affect their ability to make interest and principal payments. If an issuer stops making interest
and/or principal payments, the Fund could lose its entire investment.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Derivatives Risk:</span> Derivatives are investments whose value depends on (or is
derived from) the value of an underlying instrument, such as a security, asset, reference rate or index.
Derivative strategies may expose the Fund to greater risk than if it had invested directly in the underlying
instrument and often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose
more money than it originally invested and would have lost had it invested directly in the underlying
instrument. For example, if the Fund is the seller of credit protection in a credit default swap, the
Fund effectively adds leverage to its portfolio and is subject to the credit exposure on the full notional
value of the swap. Derivatives may be difficult to sell, unwind and/or value. Derivatives may also be
subject to counterparty risk, which is the risk that the counterparty (the party on the other side of
the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations
to the Fund. Futures may be more volatile than direct investments in the instrument underlying the contract,
and may not correlate perfectly to the underlying instrument. Futures and other derivatives also may
involve a small initial investment relative to the risk assumed, which could result in losses greater
than if they had not been used. Due to fluctuations in the price of the underlying instrument, the Fund
may not be able to profitably exercise an option and may lose its entire investment in an option. To
the extent that the Fund writes or sells an option, if the decline in the value of the underlying instrument
is significantly below the exercise price in the case of a written put option or increase above the exercise
price in the case of a written call option, the Fund could experience a substantial loss. Forward commitments
entail the risk that the instrument may be worth less when it is issued or received than the price the
Fund agreed to pay when it made the commitment. The use of foreign currency forwards may result in currency
exchange losses due to fluctuations in currency exchange rates or an imperfect correlation between portfolio
holdings denominated in a particular currency and the forward contracts entered into by the Fund. Swaps
may be subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. Swap transactions
tend to shift a Fund's investment exposure from one type of investment to another and may entail the
risk that a party will default on its payment obligations to the Fund. Additionally, applicable regulators
have adopted rules imposing certain margin requirements, including minimums on uncleared swaps, which
may result in the Fund and its counterparties posting higher margin amounts for uncleared swaps. Certain
standardized swaps are subject to mandatory central clearing and exchange trading. Central clearing,
which interposes a central clearinghouse to each participant’s swap, and exchange trading are intended
to reduce counterparty credit risk and increase liquidity but neither makes swap transactions risk-free.
Derivatives may also increase the expenses of the Fund. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Liquidity
and Valuation Risk:</span> The Fund’s investments may be illiquid at the time of purchase or liquid
at the time of purchase and subsequently become illiquid due to, among other things, events relating
to the issuer of the securities, market events, operational issues, economic conditions, investor perceptions
or lack of market participants. The lack of an active trading market may make it difficult to sell or
obtain an accurate price for a security. If market conditions or issuer specific developments make it
difficult to value securities, the Fund may value these securities using more subjective methods, such
as fair value pricing. In such cases, the value determined for a security could be different than the
value realized upon such security's sale. As a result, an investor could pay more than the market value
when buying shares or receive less than the market value when selling shares. This could affect the proceeds
of any redemption or the number of shares an investor receives upon purchase.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund is subject to the
risk that it could not meet redemption requests within the allowable time period without significant
dilution of remaining investors' interests in the Fund. To meet redemption requests or to raise cash
to pursue other investment opportunities, the Fund may be forced to sell securities at an unfavorable
time and/or under unfavorable conditions, which may adversely affect the Fund. These risks are heightened
for fixed-income instruments because of the current low interest rate environment.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Money Market/Short-Term Securities Risk:</span> To the extent the Fund holds cash
or invests in money market or short-term securities, the Fund may be less likely to achieve its investment
objective. In addition, it is possible that the Fund's investments in these instruments could lose money.</p>
You
can lose money by investing in the Fund.
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.
Past Performance
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
The
following bar chart and table indicate some of the risks of investing in the Fund. The bar chart shows
you how the Fund's calendar year performance has varied over time. Sales loads, if any, are not reflected
in the bar chart. If they were, returns would be less than those shown. The average annual total returns
table shows how the Fund's average annual total returns (before and after taxes) compare to those of
two broad-based securities market indices and to the Blended Benchmark Index, a composite representation
prepared by the Manager of the performance of the Fund's asset classes weighted according to their respective
weightings in the Fund's target range. The Blended Benchmark Index is comprised of the MSCI World Index
(Net) and the Bloomberg Barclays U.S. Aggregate Bond Index weighted 60%/40%, respectively. The Fund has
selected the MSCI World Index (Net) as its primary benchmark. The MSCI World Index (Net) is a free float-adjusted
market capitalization weighted Index that is designed to measure the equity market performance of developed
markets. The Fund has selected the Bloomberg Barclays U.S. Aggregate Bond Index as an additional benchmark.
The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment
grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related
and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage
pass-throughs), asset-backed securities, and commercial mortgage-backed securities. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Performance
data for the classes varies based on differences in their fee and expense structures. Performance data
is not shown for classes with less than one calendar year of performance.Past performance (before and
after taxes) is not necessarily an indication of how the Fund will perform in the future. Please visit
newyorklifeinvestments.com/funds for more recent performance information.</p>
The
following bar chart and table indicate some of the risks of investing in the Fund.
Sales loads, if any, are not reflected
in the bar chart. If they were, returns would be less than those shown.
The Fund has
selected the MSCI World Index (Net) as its primary benchmark.
Performance data
is not shown for classes with less than one calendar year of performance.
Past performance (before and
after taxes) is not necessarily an indication of how the Fund will perform in the future.
newyorklifeinvestments.com/funds
Annual Returns, Class I Shares
(by calendar year 2011-2020)
<table cellpadding="0" cellspacing="0" style="clear:both" width="34%">
<tr style="font-size:1pt;">
<td style="width:61.54%"> </td>
<td style="width:29.49%"> </td>
<td style="width:8.97%"> </td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Best Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q2/2020
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
10.31
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Worst
Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q1/2020
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">-14.02</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
</table>
Best Quarter
2020-06-30
0.1031
Worst
Quarter
2020-03-31
-0.1402
Average Annual Total Returns (for the periods ended December 31, 2020)
2004-01-02
0.0725
0.0812
0.0810
0.0643
0.0665
0.0648
0.0447
0.0593
0.0601
1995-01-03
0.0374
0.0663
0.0722
2008-02-28
0.0356
0.0648
0.0700
1987-12-29
0.0097
0.0658
0.0681
1998-09-01
0.0498
0.0689
0.0681
2015-02-27
0.0684
0.0775
0.0529
2016-02-29
0.0658
0.0820
2018-02-28
0.0729
0.0788
MSCI World Index (Net) (reflects
no deductions for fees, expenses, or taxes, except foreign withholding taxes)
Net) (reflects
no deductions for fees, expenses, or taxes, except foreign withholding taxes
0.1590
0.1219
0.0987
Bloomberg
Barclays U.S. Aggregate Bond Index (reflects no deductions for fees, expenses, or taxes)
reflects no deductions for fees, expenses, or taxes
0.0751
0.0444
0.0384
Blended
Benchmark Index (reflects no deductions for fees, expenses, or taxes, except foreign withholding taxes)
reflects no deductions for fees, expenses, or taxes, except foreign withholding taxes
0.1331
0.0934
0.0768
After-tax
returns are calculated using the highest individual federal marginal income tax rates in effect at the
time of each distribution or capital gain or upon the sale of Fund shares, and do not reflect the impact
of state and local taxes.
In some cases, the return after taxes may exceed the return before taxes due
to an assumed tax benefit from any losses on a sale of shares at the end of the measurement period.
Actual
after-tax returns depend on your tax situation and may differ from those shown. After-tax returns are
not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts.
After-tax returns shown are for Class I shares. After-tax returns for the other
share classes may vary.
After-tax
returns are calculated using the highest individual federal marginal income tax rates in effect at the
time of each distribution or capital gain or upon the sale of Fund shares, and do not reflect the impact
of state and local taxes.
In some cases, the return after taxes may exceed the return before taxes due
to an assumed tax benefit from any losses on a sale of shares at the end of the measurement period.
Actual
after-tax returns depend on your tax situation and may differ from those shown. After-tax returns are
not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts.
After-tax returns shown are for Class I shares. After-tax returns for the other
share classes may vary.
MainStay MacKay Convertible Fund
Investment
Objective
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund seeks capital appreciation together with current income.</p>
Fees and
Expenses of the Fund
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The table below describes the fees and expenses that you may pay
if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and
other fees to financial intermediaries, which are not reflected in the tables and examples below. You
may qualify for sales charge discounts if you and your family invest, or agree to invest in the future,
at least $50,000 in the MainStay Funds. This amount may vary depending on the MainStay Fund in which
you invest. In addition, different financial intermediary firms and financial professionals may impose
different sales loads and waivers. More information about these and other discounts or waivers is available
from your financial professional, in the "Information on Sales Charges" section starting on page 132
of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in
the "Alternative Sales Arrangements" section on page 137 of the Statement of Additional Information.
</p>
You
may qualify for sales charge discounts if you and your family invest, or agree to invest in the future,
at least $50,000 in the MainStay Funds.
50000
Shareholder Fees (fees
paid directly from your investment)
0.0550
0.0500
0
0
0
0
0
0
0
0.0500
0.0100
0
0
0
Annual Fund Operating Expenses (expenses that
you pay each year as a percentage of the value of your investment)
0.0056
0.0056
0.0056
0.0056
0.0056
0.0056
0.0056
0.0025
0.0025
0.0100
0.0100
0
0
0.0050
0.0015
0.0035
0.0035
0.0035
0.0015
0.0004
0.0035
0.0096
0.0116
0.0191
0.0191
0.0071
0.0060
0.0141
0.0000
0.0000
0.0000
0.0000
-0.0010
0.0000
0.0000
0.0096
0.0116
0.0191
0.0191
0.0061
0.0060
0.0141
Example
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The
Example is intended to help you compare the cost of investing in the Fund with the cost of investing
in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated
whether or not you redeem all of your shares at the end of those periods (except as indicated with respect
to Class B and Class C shares). The Example reflects Class B and Class C shares converting into Investor
Class shares in years 9-10; expenses could be lower if you are eligible to convert to Class A shares
instead. The Example also assumes that your investment has a 5% return each year and that the Fund's
operating expenses remain the same. The Example reflects the contractual fee waiver and/or expense reimbursement
arrangement, if applicable, for the current duration of the arrangement only. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:</p>
Assuming no redemption
Assuming redemption at end of period
643
612
194
694
194
294
62
61
144
839
850
600
900
600
600
217
192
446
1052
1106
1032
1232
1032
1032
385
335
771
1663
1839
2038
2038
2038
2038
873
750
1691
Portfolio Turnover
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund pays transaction costs, such as commissions,
when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable
account. These costs, which are </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">not
reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During
the most recent fiscal year, the Fund's portfolio turnover rate was 46% of the average value of its portfolio.
</p>
0.46
Principal
Investment Strategies
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund, under normal circumstances, invests at least 80% of its
assets (net assets plus any borrowings for investment purposes) in "convertible securities" such as bonds,
debentures, corporate notes, and preferred stocks or other securities that are convertible into common
stock or the cash value of a stock or a basket or index of equity securities. The balance of the Fund
may be invested or held in non-convertible debt, equity securities that do not pay regular dividends,
U.S. government securities, and cash or cash equivalents.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Investment
Process:</span> The Fund takes a flexible approach by investing in a broad range of securities of a variety
of companies and industries. The Fund invests in investment grade and below investment grade debt securities.
Below investment grade securities are generally securities that receive low ratings from a nationally
recognized statistical rating organization (“NRSRO”), or if unrated, are determined to be of equivalent
quality by MacKay Shields LLC, the Fund's Subadvisor. Securities that are rated below investment grade
by independent rating agencies are commonly referred to as “high-yield securities” or "junk bonds."
The Subadvisor may also invest without restriction in securities with lower ratings from a NRSRO. If
NRSROs assign different ratings to the same security, the Fund will use the higher rating for purposes
of determining the security's credit quality.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">In selecting convertible securities for purchase
or sale, the Subadvisor takes into account a variety of investment considerations, including the potential
return of the common stock into which the convertible security is convertible, credit risk, projected
interest return, and the premium for the convertible security relative to the underlying common stock.
The Subadvisor may give consideration to certain environmental, social, and governance (“ESG”) criteria
when evaluating an investment opportunity.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund may also invest in "synthetic" convertible securities,
which are derivative positions composed of two or more securities whose investment characteristics, taken
together, resemble those of traditional convertible securities. Unlike traditional convertible securities
whose conversion values are based on the common stock of the issuer of the convertible security, "synthetic"
and "exchangeable" convertible securities are preferred stocks or debt obligations of an issuer which
are structured with an embedded equity component whose conversion value is based on the value of the
common stocks of one or more different issuers or a particular benchmark (which may include indices,
baskets of domestic stocks, commodities, a foreign issuer or basket of foreign stocks, or a company whose
stock is not yet publicly traded). The value of a synthetic convertible is the sum of the values of its
preferred stock or debt obligation component and its convertible component.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund may invest in foreign
securities, which are securities issued by companies organized outside the United States or that trade
primarily in non-U.S. securities markets. Generally, an issuer of a security is considered to be U.S.
or foreign based on the issuer's "country of risk," as determined by a third-party service provider such
as Bloomberg.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Subadvisor may sell a security if it believes the security will no longer contribute
to meeting the investment objective of the Fund. In considering whether to sell a security, the Subadvisor
may evaluate, among other things, the condition of the economy, meaningful changes in the issuer's financial
condition, changes in credit risk, and changes in projected interest return.</p>
Principal Risks
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
You
can lose money by investing in the Fund.
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. The investments
selected by the Subadvisor may underperform the market in which the Fund invests or other investments.
The Fund may receive large purchase or redemption orders which may have adverse effects on performance
if the Fund were required to sell securities, invest cash or hold a relatively large amount of cash at
times when it would not otherwise do so. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The principal risks of investing in the Fund are summarized below.
</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Market Risk:</span> The value of the Fund’s investments
may fluctuate because of changes in the markets in which the Fund invests, which could cause the Fund
to underperform other funds with similar investment objectives and strategies. Such changes may be rapid
and unpredictable. From time to time, markets may experience periods of stress for potentially prolonged
periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii)
increased redemptions of Fund shares. Such conditions may add significantly to the risk of volatility
in the net asset value of the Fund's shares. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Portfolio
Management Risk:</span> The investment strategies, practices and risk analyses used by the Subadvisor
may not produce the desired results. The Subadvisor may give consideration to certain ESG criteria when
evaluating an investment opportunity. The application of ESG criteria may result in the Fund (i) having
exposure to certain securities 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. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Yield Risk:</span> There can be no guarantee that the Fund will achieve or maintain
any particular level of yield.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Convertible
Securities Risk:</span> Convertible securities are typically subordinate to an issuer’s other debt
obligations. In part, the total return for a convertible security depends upon the performance of the
underlying stock into which it can be converted. Also, issuers of convertible securities </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">are
often not as strong financially as those issuing securities with higher credit ratings, are more likely
to encounter financial difficulties and typically are more vulnerable to changes in the economy, such
as a recession or a sustained period of rising interest rates, which could affect their ability to make
interest and principal payments. If an issuer stops making interest and/or principal payments, the Fund
could lose its entire investment.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Synthetic
Convertible Securities Risk:</span> The values of a synthetic convertible and a true convertible security
may respond differently to market fluctuations. In addition, in purchasing a synthetic convertible security,
the Fund may have counterparty (including counterparty credit) risk with respect to the financial institution
or investment bank that offers the instrument.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Debt
Securities Risk:</span> The risks of investing in debt or fixed-income securities include (without limitation):
(i) credit risk, e.g., the issuer or guarantor of a debt security may be unable or unwilling (or be perceived
as unable or unwilling) to make timely principal and/or interest payments or otherwise honor its obligations,
or changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness
may affect the value of the Fund’s investments; (ii) maturity risk, e.g., a debt security with a longer
maturity may fluctuate in value more than one with a shorter maturity; (iii) market risk, e.g., low demand
for debt securities may negatively impact their price; (iv) interest rate risk, e.g., when interest rates
go up, the value of a debt security generally goes down, and when interest rates go down, the value of
a debt security generally goes up (long-term debt securities are generally more susceptible to interest
rate risk than short-term debt securities); and (v) call or prepayment risk, e.g., during a period of
falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the
Fund’s income if the proceeds are reinvested at lower interest rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Interest rate risk is the
risk that the value of the Fund’s investments in fixed income or debt securities will change because
of changes in interest rates<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;">.
There is a risk that interest rates across the financial system may change, possibly significantly and/or
rapidly</span>. Changes in interest rates or a lack of market participants may lead to decreased liquidity
and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to
sell its fixed-income or debt holdings. Decreased liquidity in the fixed-income or debt markets also
may make it more difficult to value some or all of the Fund’s fixed-income or debt holdings. For most
fixed-income investments, when market interest rates fall, prices of fixed-rate debt securities rise.
However, when market interest rates fall, prices of certain variable and fixed-rate debt securities may
be adversely affected (i.e., falling interest rates bring the possibility of prepayment risk, as an instrument
may be redeemed before maturity). Certain countries have experienced negative interest rates on certain
fixed-income instruments. Very low or negative interest rates may magnify interest rate risk. Changing
interest rates, including rates that fall below zero, may have unpredictable effects on markets, may
result in heightened market volatility and may detract from Fund performance to the extent a Fund is
exposed to such interest rates and/or volatility. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Not all U.S. government debt securities are
guaranteed by the U.S. government—some are backed only by the issuing agency, which must rely on its
own resources to repay the debt. The Fund's yield will fluctuate with changes in short-term interest
rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">High-Yield Securities Risk:</span>
Investments in high-yield securities or non-investment grade securities (commonly referred to as "junk
bonds") are considered speculative because investments in such securities present a greater risk of loss
than investments in higher quality securities. Such securities may, under certain circumstances, be less
liquid than higher rated securities. These securities pay investors a premium (a high interest rate or
yield) because of the potential illiquidity and increased risk of loss. These securities can also be
subject to greater price volatility. In times of unusual or adverse market, economic or political conditions,
these securities may experience higher than normal default rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Equity Securities Risk:</span> 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 manager's ability to anticipate such changes that can adversely
affect the value of the Fund's holdings.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Foreign
Securities Risk:</span> Investments in foreign (non-U.S.) securities may be riskier than investments
in U.S. securities. Foreign regulatory regimes and securities markets can have less stringent investor
protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and
securities markets, and can experience political, social and economic developments that may affect the
value of the Fund's investments in foreign securities. Foreign securities may also subject the Fund's
investments to changes in currency rates. Changes in the value of foreign currencies may make the return
on an investment increase or decrease, unrelated to the quality or performance of the investment itself.
These risks may be greater with respect to securities of companies that conduct their business activities
in emerging markets or whose securities are traded principally in emerging markets.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Liquidity and Valuation Risk:</span> The Fund’s investments may be illiquid at the
time of purchase or liquid at the time of purchase and subsequently become illiquid due to, among other
things, events relating to the issuer of the securities, market events, operational issues, economic
conditions, investor perceptions or lack of market participants. The lack of an active trading market
may make it difficult to sell or obtain an accurate price for a security. If market conditions or issuer
specific developments make it difficult to value securities, the Fund may value these securities using
more subjective methods, such as fair value pricing. In such cases, the value determined for a security
could be different than the value realized upon such security's sale. As a result, an investor could
pay more than the market value when buying shares or receive less than the market value when selling
shares. This could affect the proceeds of any redemption or the number of shares an investor receives
upon purchase.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund is subject to the risk that it could not meet redemption requests within the
allowable time period without significant dilution of remaining investors' interests in the Fund. To
meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced
to </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">sell
securities at an unfavorable time and/or under unfavorable conditions, which may adversely affect the
Fund. These risks are heightened for fixed-income instruments because of the current low interest rate
environment.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Money Market/Short-Term Securities
Risk:</span> To the extent the Fund holds cash or invests in money market or short-term securities, the
Fund may be less likely to achieve its investment objective. In addition, it is possible that the Fund's
investments in these instruments could lose money.</p>
You
can lose money by investing in the Fund.
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.
Past Performance
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
The following bar chart and
table indicate some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar
year performance has varied over time. Sales loads, if any, are not reflected in the bar chart. If they
were, returns would be less than those shown. The average annual total returns table shows how the Fund's
average annual total returns (before and after taxes) compare to those of a broad-based securities market
index. The Fund has selected the ICE BofA U.S. Convertible Index<span style="font-family:Sans-Serif; font-style:normal; font-size:6.0pt; font-weight:normal;"> </span>as its primary benchmark. The ICE BofA
U.S. Convertible Index is a market-capitalization weighted index of domestic corporate convertible securities.
In order to be included in the ICE BofA U.S. Convertible Index, bonds and preferred stocks must be convertible
only to common stock. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Performance data for the classes varies based on differences in their fee and expense
structures. Performance data is not shown for classes with less than one calendar year of performance.Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform
in the future. Please visit newyorklifeinvestments.com/funds for more recent performance information.</p>
The following bar chart and
table indicate some of the risks of investing in the Fund.
Sales loads, if any, are not reflected in the bar chart. If they
were, returns would be less than those shown.
The Fund has selected the ICE BofA U.S. Convertible Index as its primary benchmark.
Performance data is not shown for classes with less than one calendar year of performance.
Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform
in the future.
newyorklifeinvestments.com/funds
Annual
Returns, Class I Shares
(by calendar
year 2011-2020)
<table cellpadding="0" cellspacing="0" style="clear:both" width="34%">
<tr style="font-size:1pt;">
<td style="width:61.54%"> </td>
<td style="width:29.49%"> </td>
<td style="width:8.97%"> </td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Best Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q2/2020
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
23.34
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Worst
Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q3/2011
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">-16.90</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
</table>
Best Quarter
2020-06-30
0.2334
Worst
Quarter
2011-09-30
-0.1690
Average Annual Total Returns (for the periods ended December 31, 2020)
2008-11-28
0.3544
0.1505
0.1089
0.3290
0.1335
0.0884
0.2219
0.1155
0.0805
1995-01-03
0.2757
0.1337
0.0994
2008-02-28
0.2730
0.1317
0.0973
1986-05-01
0.2868
0.1337
0.0953
1998-09-01
0.3274
0.1362
0.0953
ICE
BofA U.S. Convertible Index (reflects no deductions for fees, expenses, or taxes)
reflects no deductions for fees, expenses, or taxes
0.4622
0.1776
0.1259
After-tax returns are calculated
using the highest individual federal marginal income tax rates in effect at the time of each distribution
or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes.
In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit
from any losses on a sale of shares at the end of the measurement period.
Actual after-tax returns depend
on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold
your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary.
After-tax returns are calculated
using the highest individual federal marginal income tax rates in effect at the time of each distribution
or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes.
In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit
from any losses on a sale of shares at the end of the measurement period.
Actual after-tax returns depend
on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold
your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary.
MGHAX
MGHHX
MGHBX
MHYCX
MGHIX
MHCAX
MHHIX
MKHCX
MYHCX
MHYIX
MHHRX
MHYRX
MHYTX
MHYSX
MHHSX
MASAX
MSYDX
MASBX
MSICX
MSDIX
MSIRX
MSDJX
MSYEX
MGVAX
MGVNX
MCSGX
MGVCX
MGOIX
MGVDX
MTBAX
MKINX
MKTBX
MTFCX
MTSPX
MTBIX
MTBDX
MMAXX
MKTXX
MKMXX
MSCXX
MIPXX
MTRAX
MTINX
MKTRX
MCTRX
MTOIX
MTXRX
MTXVX
MTODX
MTISX
MCOAX
MCINX
MCSVX
MCCVX
MCNVX
MainStay Candriam Emerging Markets Debt Fund
Investment Objective
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund seeks total return.</p>
Fees and
Expenses of the Fund
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The table below describes the fees and expenses that you may pay
if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and
other fees to financial intermediaries, which are not reflected in the tables and examples below. You
may qualify for sales charge discounts if you and your family invest, or agree to invest in the future,
at least $50,000 in the MainStay Funds. This amount may vary depending on the MainStay Fund in which
you invest. In addition, different financial intermediary firms and financial professionals may impose
different sales loads and waivers. More information about these and other discounts or waivers is available
from your financial professional, in the "Information on Sales Charges" section starting on page 131
of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in
the "Alternative Sales Arrangements" section on page 137 of the Statement of Additional Information.
</p>
You
may qualify for sales charge discounts if you and your family invest, or agree to invest in the future,
at least $50,000 in the MainStay Funds.
50000
Shareholder Fees (fees paid directly from your
investment)
0.0450
0.0400
0
0
0
0
0
0.0500
0.0100
0
Annual Fund Operating Expenses (expenses that
you pay each year as a percentage of the value of your investment)
0.0070
0.0070
0.0070
0.0070
0.0070
0.0025
0.0025
0.0100
0.0100
0
0.0038
0.0071
0.0070
0.0070
0.0037
0.0133
0.0166
0.0240
0.0240
0.0107
-0.0018
-0.0018
-0.0018
-0.0018
-0.0022
0.0115
0.0148
0.0222
0.0222
0.0085
Example
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The
Example is intended to help you compare the cost of investing in the Fund with the cost of investing
in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated
whether or not you redeem all of your shares at the end of those periods (except as indicated with respect
to Class B and Class C shares). The Example reflects Class B and Class C shares converting into Investor
Class shares in years 9-10; expenses could be lower if you are eligible to convert to Class A shares
instead. The Example also assumes that your investment has a 5% return each year and that the Fund's
operating expenses remain the same. The Example reflects the contractual fee waiver and/or expense reimbursement
arrangement, if applicable, for the current duration of the arrangement only. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:</p>
Assuming no redemption
Assuming redemption at end of period
562
545
225
725
225
325
87
836
886
731
1031
731
731
318
1130
1250
1264
1464
1264
1264
569
1964
2272
2539
2539
2539
2539
1286
Portfolio Turnover
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund pays transaction costs, such as commissions,
when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable
account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect
the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 102%
of the average value of its portfolio. </p>
1.02
Principal Investment Strategies
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Under normal circumstances, the Fund invests
at least 80% of its assets (net assets plus any borrowings for investment purposes) in fixed income securities
of issuers in emerging markets. Generally, an issuer of a security is considered to be an emerging market
issuer based on the issuer’s “country of risk,” as determined by a third-party service provider
such as Bloomberg. Candriam Luxembourg S.C.A., the Fund’s Subadvisor, has discretion to determine the
countries considered to be emerging market countries, including taking into consideration a variety of
factors such as the development of a country’s financial and capital markets and inclusion in an index,
such as the J.P. Morgan Emerging Market Bond Index, considered by the Subadvisor to be representative
of emerging markets. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The securities in which the Fund invests may be denominated in foreign currency. The
debt securities in which the Fund invests may consist of securities that are rated below investment grade.
Below investment grade securities are generally securities that receive low ratings from a nationally
recognized statistical rating organization (“NRSRO”) (such as securities rated lower than BBB- and
Baa3), or if unrated, are deemed to be of comparable quality by the Subadvisor. Securities rated below
investment grade by a NRSRO are commonly referred to as “high yield securities” or “junk bonds.”
If NRSROs assign different ratings to the same security, the Fund will use the higher rating for purposes
of determining the security's credit quality. The Fund may invest in fixed income securities of any duration
or maturity.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund's principal investments include sovereign, quasi-sovereign and corporate Eurobonds.
The Fund may invest in floating rate notes and inverse floating rate notes. The Fund may also invest
in derivative instruments, such as forward commitments, futures, options and swap agreements to try to
enhance returns or reduce the risk of loss by hedging certain of its holdings. The Fund may invest up
to 20% of its total assets in swaps, including credit default swaps and credit default swap indices.
The Fund may buy and sell currency on a spot basis, buy foreign currency options, and enter into foreign
currency forward contracts. These techniques may be used for any purpose, including to seek to increase
the Fund's return. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Investment Process:</span>
The Subadvisor identifies investment opportunities by deploying a relative value focused investment approach.
The approach consists of three primary layers of analysis. The first layer assesses medium-term sovereign
creditworthiness and sets up the basis for identifying the second and third layer investment opportunities,
which are relative country (second layer) and instrument (third layer) investment opportunities. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The
Subadvisor also considers key fundamental macro-economic drivers such as growth and inflation dynamics,
internal and external imbalances as well as structural reform and political risk trends. The investment
approach is aware of environmental, social and governance (“ESG”) risks as ESG factors are explicitly
integrated in the sovereign creditworthiness analysis and may limit exposure to industries which do not
satisfy the Subadvisor’s ESG criteria. To this end, the Subadvisor may also give consideration to ESG
factors such as sector, country, currency, region, number of securities, certain types of extractive
industries, tobacco-related industries and industries related to chemical, biological or white phosphorus
weapons. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Subadvisor may sell a security if it believes the security will no longer contribute
to meeting the investment objective of the Fund.</p>
Principal Risks
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
You can lose money by investing
in the Fund.
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. The investments selected by the
Subadvisor may underperform the market in which the Fund invests or other investments. The Fund may receive
large purchase or redemption orders which may have adverse effects on performance if the Fund were required
to sell securities, invest cash or hold a relatively large amount of cash at times when it would not
otherwise do so. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The principal risks of investing in the Fund are summarized below. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Market Risk:</span> The value of the Fund’s investments may fluctuate because of
changes in the markets in which the Fund invests, which could cause the Fund to underperform other funds
with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From
time to time, markets may experience periods of stress for potentially prolonged periods that may result
in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of
Fund shares. Such conditions may add significantly to the risk of volatility in the net asset value of
the Fund's shares. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Portfolio Management Risk:</span>
The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired
results. The Subadvisor may give consideration to certain ESG criteria when evaluating an investment
opportunity. The application of ESG criteria may result in the Fund (i) having exposure to certain securities
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. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Yield Risk:</span>
There can be no guarantee that the Fund will achieve or maintain any particular level of yield.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Debt Securities Risk:</span> The risks of investing
in debt or fixed-income securities include (without limitation): (i) credit risk, e.g., the issuer or
guarantor of a debt security may be unable or unwilling (or be perceived as unable or unwilling) to make
timely principal and/or interest payments or otherwise honor its obligations, or changes in an issuer’s
credit rating or the market’s perception of an issuer’s creditworthiness may affect the value of
the Fund’s investments; (ii) maturity risk, e.g., a debt security with a longer maturity may fluctuate
in value more than one with a shorter maturity; (iii) market risk, e.g., low demand for debt securities
may negatively impact their price; (iv) interest rate risk, e.g., when interest rates go </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">up,
the value of a debt security generally goes down, and when interest rates go down, the value of a debt
security generally goes up (long-term debt securities are generally more susceptible to interest rate
risk than short-term debt securities); and (v) call or prepayment risk, e.g., during a period of falling
interest rates, the issuer may redeem a security by repaying it early, which may reduce the Fund’s
income if the proceeds are reinvested at lower interest rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Interest rate risk is the risk that the value
of the Fund’s investments in fixed income or debt securities will change because of changes in interest
rates<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;">. There is a risk that
interest rates across the financial system may change, possibly significantly and/or rapidly</span>.
Changes in interest rates or a lack of market participants may lead to decreased liquidity and increased
volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell its fixed-income
or debt holdings. Decreased liquidity in the fixed-income or debt markets also may make it more difficult
to value some or all of the Fund’s fixed-income or debt holdings. For most fixed-income investments,
when market interest rates fall, prices of fixed-rate debt securities rise. However, when market interest
rates fall, prices of certain variable and fixed-rate debt securities may be adversely affected (i.e.,
falling interest rates bring the possibility of prepayment risk, as an instrument may be redeemed before
maturity). Certain countries have experienced negative interest rates on certain fixed-income instruments.
Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including
rates that fall below zero, may have unpredictable effects on markets, may result in heightened market
volatility and may detract from Fund performance to the extent a Fund is exposed to such interest rates
and/or volatility. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Not all U.S. government debt securities are guaranteed by the U.S. government—some
are backed only by the issuing agency, which must rely on its own resources to repay the debt. The Fund's
yield will fluctuate with changes in short-term interest rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Foreign Securities Risk:</span> Investments in foreign (non-U.S.) securities may be
riskier than investments in U.S. securities. Foreign regulatory regimes and securities markets can have
less stringent investor protections and disclosure standards and less liquid trading markets than U.S.
regulatory regimes and securities markets, and can experience political, social and economic developments
that may affect the value of the Fund's investments in foreign securities. Foreign securities may also
subject the Fund's investments to changes in currency rates. Changes in the value of foreign currencies
may make the return on an investment increase or decrease, unrelated to the quality or performance of
the investment itself. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Emerging Markets Risk:</span>
The risks related to investing in foreign securities are generally greater with respect to securities
of companies that conduct their business activities in emerging markets or whose securities are traded
principally in emerging markets. The risks of investing in emerging markets include the risks of illiquidity,
increased price volatility, smaller market capitalizations, less government regulation, less extensive,
transparent and frequent accounting, auditing, recordkeeping, financial reporting and other requirements,
loss resulting from problems in share registration and custody, substantial economic and political disruptions
and the nationalization of foreign deposits or assets.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Sovereign
Debt Risk:</span> The debt securities issued by sovereign entities may decline as a result of default
or other adverse credit event resulting from a sovereign debtor's unwillingness or inability to repay
principal and pay interest in a timely manner, which may be affected by a variety of factors, including
its cash flow situation, the extent of its reserves, the availability of sufficient foreign exchange
on the date a payment is due, the relative size of the debt service burden to the economy as a whole,
the sovereign debtor's policy toward international lenders, and the political constraints to which a
sovereign debtor may be subject. Sovereign debt risk is increased for emerging market issuers.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">High-Yield Securities Risk:</span> Investments in high-yield
securities or non-investment grade securities (commonly referred to as "junk bonds") are considered speculative
because investments in such securities present a greater risk of loss than investments in higher quality
securities. Such securities may, under certain circumstances, be less liquid than higher rated securities.
These securities pay investors a premium (a high interest rate or yield) because of the potential illiquidity
and increased risk of loss. These securities can also be subject to greater price volatility. In times
of unusual or adverse market, economic or political conditions, these securities may experience higher
than normal default rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Floating
Rate Notes and Variable Rate Notes Risk: </span>Floating and variable rate notes provide for a periodic
adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular
and range from daily up to annually, or may be based on an event, such as a change in the prime rate.
Floating and variable rate notes may be subject to greater liquidity risk than other debt securities,
meaning that there may be limitations on the Fund's ability to sell the securities at any given time.
Securities with floating interest rates generally are less sensitive to interest rate changes, but may
decline in value if their interest rates do not rise as much or as fast as interest rates in general.
Floating rate loans and other similar debt obligations that lack financial maintenance covenants or possess
fewer or contingent financial maintenance covenants and other financial protections for lenders and investors
(sometimes referred to as “covenant-lite” loans or obligations) are generally subject to more risk
than investments that contain traditional financial maintenance covenants and financial reporting requirements.
The terms of many floating rate notes and other instruments are tied to the London Interbank Offered
Rate (“LIBOR”), which functions as a reference rate or benchmark. It is anticipated that LIBOR will
be discontinued at the end of 2021, which may cause increased volatility and illiquidity in the markets
for instruments with terms tied to LIBOR or other adverse consequences, such as decreased yields and
reduction in value, for these instruments. These events may adversely affect the Fund and its investments
in such instruments.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Derivatives Risk:</span> Derivatives
are investments whose value depends on (or is derived from) the value of an underlying instrument, such
as a security, asset, reference rate or index. Derivative strategies may expose the Fund to greater risk
than if it had invested directly in the underlying instrument and often involve leverage, which may exaggerate
a loss, potentially causing the Fund to lose more money than it originally invested and would have lost
had it invested directly in the underlying instrument. For example, if the Fund is the seller of credit
protection in a credit default swap, the Fund effectively adds leverage to its portfolio and is subject
to the credit exposure on the full notional value of the swap. Derivatives may be difficult to sell,
unwind and/or value. Derivatives may also be subject to counterparty risk, which is the risk that the
counterparty (the party on </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">the
other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual
obligations to the Fund. Futures may be more volatile than direct investments in the instrument underlying
the contract, and may not correlate perfectly to the underlying instrument. Futures and other derivatives
also may involve a small initial investment relative to the risk assumed, which could result in losses
greater than if they had not been used. Due to fluctuations in the price of the underlying instrument,
the Fund may not be able to profitably exercise an option and may lose its entire investment in an option.
To the extent that the Fund writes or sells an option, if the decline in the value of the underlying
instrument is significantly below the exercise price in the case of a written put option or increase
above the exercise price in the case of a written call option, the Fund could experience a substantial
loss. Forward commitments entail the risk that the instrument may be worth less when it is issued or
received than the price the Fund agreed to pay when it made the commitment. The use of foreign currency
forwards may result in currency exchange losses due to fluctuations in currency exchange rates or an
imperfect correlation between portfolio holdings denominated in a particular currency and the forward
contracts entered into by the Fund. Swaps may be subject to counterparty credit, correlation, valuation,
liquidity and leveraging risks. Swap transactions tend to shift a Fund's investment exposure from one
type of investment to another and may entail the risk that a party will default on its payment obligations
to the Fund. Additionally, applicable regulators have adopted rules imposing certain margin requirements,
including minimums on uncleared swaps, which may result in the Fund and its counterparties posting higher
margin amounts for uncleared swaps. Certain standardized swaps are subject to mandatory central clearing
and exchange trading. Central clearing, which interposes a central clearinghouse to each participant’s
swap, and exchange trading are intended to reduce counterparty credit risk and increase liquidity but
neither makes swap transactions risk-free. Derivatives may also increase the expenses of the Fund. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Liquidity and Valuation Risk:</span> The Fund’s investments
may be illiquid at the time of purchase or liquid at the time of purchase and subsequently become illiquid
due to, among other things, events relating to the issuer of the securities, market events, operational
issues, economic conditions, investor perceptions or lack of market participants. The lack of an active
trading market may make it difficult to sell or obtain an accurate price for a security. If market conditions
or issuer specific developments make it difficult to value securities, the Fund may value these securities
using more subjective methods, such as fair value pricing. In such cases, the value determined for a
security could be different than the value realized upon such security's sale. As a result, an investor
could pay more than the market value when buying shares or receive less than the market value when selling
shares. This could affect the proceeds of any redemption or the number of shares an investor receives
upon purchase.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund is subject to the risk that it could not meet redemption requests within the
allowable time period without significant dilution of remaining investors' interests in the Fund. To
meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced
to sell securities at an unfavorable time and/or under unfavorable conditions, which may adversely affect
the Fund. These risks are heightened for fixed-income instruments because of the current low interest
rate environment.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Currency Risk:</span> Changes
in the value of foreign (non-U.S.) currencies relative to the U.S. dollar may adversely affect the Fund’s
investments in foreign currencies or in securities that trade in, and receive revenues in, or in derivatives
that provide exposure to, foreign currencies. These changes in value can make the return on an investment
go up or down, entirely apart from the quality or performance of the investment itself. The Subadvisor
may seek to reduce currency risk by hedging all or part of the exposure to various foreign currencies
of the Fund’s assets by engaging in hedging transactions, including swaps, futures, forward currency
contracts and other derivatives. The Subadvisor may from time to time attempt to hedge all or a portion
of the perceived currency risk by engaging in similar hedging transactions. However, these transactions
and techniques may not always work as intended, and in certain cases the Fund may be worse off than if
it had not engaged in such hedging practices. In addition, certain market conditions may make it impossible
or uneconomical to hedge against currency risk.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Money
Market/Short-Term Securities Risk:</span> To the extent the Fund holds cash or invests in money market
or short-term securities, the Fund may be less likely to achieve its investment objective. In addition,
it is possible that the Fund's investments in these instruments could lose money.</p>
You can lose money by investing
in the Fund.
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.
Past Performance
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
The
following bar chart and table indicate some of the risks of investing in the Fund. The bar chart shows
you how the Fund's calendar year performance has varied over time. Sales loads, if any, are not reflected
in the bar chart. If they were, returns would be less than those shown. The average annual total returns
table shows how the Fund's average annual total returns (before and after taxes) compare to those of
a broad-based securities market index. The Fund has selected the JPMorgan EMBI Global Diversified Index<span style="font-family:Sans-Serif; font-style:normal; font-size:6.0pt; font-weight:normal;"> </span>as its
primary benchmark. The JPMorgan EMBI Global Diversified Index is a market capitalization weighted, total
return index tracking the traded market for U.S. dollar-denominated Brady Bonds, Eurobonds, traded loans
and local market debt instruments issued by sovereign and quasi-sovereign entities. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Performance data for the classes
varies based on differences in their fee and expense structures. Performance data is not shown for classes
with less than one calendar year of performance.Past performance (before and after taxes) is not necessarily
an indication of how the Fund will perform in the future. Please visit newyorklifeinvestments.com/funds
for more recent performance information.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Effective February 28, 2017, the Fund's principal investment strategies
changed. Effective June 21, 2019, the Fund's subadvisor, investment objective and principal investment
strategies changed. The performance in the bar chart and table prior to those dates reflects the Fund’s
prior subadvisor, investment objective and principal investment strategies. </p>
The
following bar chart and table indicate some of the risks of investing in the Fund.
Sales loads, if any, are not reflected
in the bar chart. If they were, returns would be less than those shown.
The Fund has selected the JPMorgan EMBI Global Diversified Index as its
primary benchmark.
Performance data is not shown for classes
with less than one calendar year of performance.
Past performance (before and after taxes) is not necessarily
an indication of how the Fund will perform in the future.
newyorklifeinvestments.com/funds
Annual
Returns, Class I Shares
(by calendar
year 2011-2020)
<table cellpadding="0" cellspacing="0" style="clear:both" width="34%">
<tr style="font-size:1pt;">
<td style="width:61.54%"> </td>
<td style="width:29.49%"> </td>
<td style="width:8.97%"> </td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Best Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q2/2020
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
15.27
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Worst
Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q1/2020
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">-18.72</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
</table>
Best Quarter
2020-06-30
0.1527
Worst
Quarter
2020-03-31
-0.1872
Average Annual Total Returns (for the periods ended December 31, 2020)
2007-08-31
0.0336
0.0746
0.0504
0.0084
0.0548
0.0268
0.0188
0.0490
0.0286
1998-06-01
-0.0168
0.0618
0.0428
2008-02-28
-0.0203
0.0591
0.0407
1998-06-01
-0.0298
0.0580
0.0378
1998-09-01
0.0100
0.0613
0.0378
JPMorgan
EMBI Global Diversified Index (reflects no deductions for fees, expenses, or taxes)
reflects no deductions for fees, expenses, or taxes
0.0526
0.0708
0.0622
After-tax returns are calculated
using the highest individual federal marginal income tax rates in effect at the time of each distribution
or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes.
In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit
from any losses on a sale of shares at the end of the measurement period.
Actual after-tax returns depend
on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold
your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary.
After-tax returns are calculated
using the highest individual federal marginal income tax rates in effect at the time of each distribution
or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes.
In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit
from any losses on a sale of shares at the end of the measurement period.
Actual after-tax returns depend
on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold
your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary.
MainStay MacKay High Yield Corporate Bond Fund
Investment Objective
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund seeks maximum current income through
investment in a diversified portfolio of high-yield debt securities. Capital appreciation is a secondary
objective.</p>
Fees and Expenses of the Fund
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The table below describes
the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other
fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected
in the tables and examples below. You may qualify for sales charge discounts if you and your family invest,
or agree to invest in the future, at least $50,000 in the MainStay Funds. This amount may vary depending
on the MainStay Fund in which you invest. In addition, different financial intermediary firms and financial
professionals may impose different sales loads and waivers. More information about these and other discounts
or waivers is available from your financial professional, in the "Information on Sales Charges" section
starting on page 131 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers
and Discounts, and in the "Alternative Sales Arrangements" section on page 137 of the Statement of Additional
Information. </p>
You may qualify for sales charge discounts if you and your family invest,
or agree to invest in the future, at least $50,000 in the MainStay Funds.
50000
Shareholder
Fees (fees paid directly from your investment)
0.0450
0.0400
0
0
0
0
0
0
0
0
0
0
0.0500
0.0100
0
0
0
0
0
0
Annual Fund Operating Expenses (expenses that
you pay each year as a percentage of the value of your investment)
0.0054
0.0054
0.0054
0.0054
0.0054
0.0054
0.0054
0.0054
0.0054
0.0054
0.0025
0.0025
0.0100
0.0100
0
0
0.0025
0.0050
0
0.0050
0.0018
0.0027
0.0027
0.0027
0.0018
0.0028
0.0028
0.0028
0.0004
0.0027
0.0002
0.0002
0.0002
0.0002
0.0002
0.0002
0.0002
0.0002
0.0002
0.0002
0.0099
0.0108
0.0183
0.0183
0.0074
0.0084
0.0109
0.0134
0.0060
0.0133
Example
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The
Example is intended to help you compare the cost of investing in the Fund with the cost of investing
in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated
whether or not you redeem all of your shares at the end of those periods (except as indicated with respect
to Class B and Class C shares). The Example reflects Class B and Class C shares converting into Investor
Class shares in years 9-10; expenses could be lower if you are eligible to convert to Class A shares
instead. The Example also assumes that your investment has a 5% return each year and that the Fund's
operating expenses remain the same. The Example reflects the contractual fee waiver and/or expense reimbursement
arrangement, if applicable, for the current duration of the arrangement only. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:</p>
Assuming no redemption
Assuming redemption at end of period
546
506
186
686
186
286
76
86
111
136
61
135
751
730
576
876
576
576
237
268
347
425
192
421
972
972
990
1190
990
990
411
466
601
734
335
729
1608
1664
1951
1951
1951
1951
918
1037
1329
1613
750
1601
Portfolio Turnover
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund pays transaction costs, such as commissions,
when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable
account. These costs, which are </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">not
reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During
the most recent fiscal year, the Fund's portfolio turnover rate was 38% of the average value of its portfolio.
</p>
0.38
Principal
Investment Strategies
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund, under normal circumstances, invests at least 80% of its
assets (net assets plus any borrowings for investment purposes) in high-yield corporate debt securities,
including all types of high-yield domestic and foreign corporate debt securities that are rated below
investment grade by a nationally recognized statistical rating organization (“NRSRO”) or that are
unrated but are considered to be of comparable quality by MacKay Shields LLC, the Fund's Subadvisor.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Securities
that are rated below investment grade by NRSROs (such as securities rated lower than BBB- and Baa3) are
commonly referred to as “high-yield securities” or "junk bonds." If NRSROs assign different ratings
to the same security, the Fund will use the higher rating for purposes of determining the security's
credit quality.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund's high-yield investments may also include convertible corporate securities,
loans and loan participation interests. The Fund may invest up to 20% of its net assets in common stocks
and other equity-related securities. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund may hold cash or invest in short-term instruments during
times when the Subadvisor is unable to identify attractive high-yield securities. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund may invest in derivatives,
such as futures, options and swap agreements to seek enhanced returns or to reduce the risk of loss by
hedging certain of its holdings.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">In times of unusual or adverse market, economic or political conditions,
the Fund may invest without limit in investment grade securities and may invest in U.S. government securities
or other high quality money market instruments. Periods of unusual or adverse market, economic or political
conditions may exist in some cases, for up to a year or longer. To the extent the Fund is invested in
cash, investment grade debt or other high quality instruments, the yield on these investments tends to
be lower than the yield on other investments normally purchased by the Fund. Although investing heavily
in these investments may help to preserve the Fund's assets, it may not be consistent with the Fund's
primary investment objective and may limit the Fund's ability to achieve a high level of income.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Investment Process:</span> The Subadvisor seeks to
identify investment opportunities by analyzing individual companies and evaluating each company's competitive
position, financial condition, and business prospects. The Fund invests in companies in which the Subadvisor
has judged that there is sufficient asset coverage—that is, the Subadvisor's subjective appraisal of
a company's value compared to the value of its debt, with the intent of maximizing risk-adjusted income
and returns.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Subadvisor may sell a security if it believes the security will no longer contribute
to meeting the investment objectives of the Fund. In considering whether to sell a security, the Subadvisor
may evaluate, among other things, the price of the security and meaningful changes in the issuer's financial
condition and competitiveness.</p>
Principal Risks
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
You can lose money by investing
in the Fund.
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. The investments selected by the
Subadvisor may underperform the market in which the Fund invests or other investments. The Fund may receive
large purchase or redemption orders which may have adverse effects on performance if the Fund were required
to sell securities, invest cash or hold a relatively large amount of cash at times when it would not
otherwise do so. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The principal risks of investing in the Fund are summarized below. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Market Risk:</span> The value of the Fund’s investments may fluctuate because of
changes in the markets in which the Fund invests, which could cause the Fund to underperform other funds
with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From
time to time, markets may experience periods of stress for potentially prolonged periods that may result
in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of
Fund shares. Such conditions may add significantly to the risk of volatility in the net asset value of
the Fund's shares. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Portfolio Management Risk:</span>
The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired
results. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Yield Risk:</span> There can
be no guarantee that the Fund will achieve or maintain any particular level of yield.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Debt Securities Risk:</span> The risks of investing in debt or fixed-income securities
include (without limitation): (i) credit risk, e.g., the issuer or guarantor of a debt security may be
unable or unwilling (or be perceived as unable or unwilling) to make timely principal and/or interest
payments or otherwise honor its obligations, or changes in an issuer’s credit rating or the market’s
perception of an issuer’s creditworthiness may affect the value of the Fund’s investments; (ii) maturity
risk, e.g., a debt security with a longer maturity may fluctuate in value more than one with a shorter
maturity; (iii) market risk, e.g., low demand for debt securities may negatively impact their price;
(iv) interest rate risk, e.g., when interest rates go up, the value of a debt security generally goes
down, and when interest rates go down, the value of a debt security generally goes up (long-term debt
securities are generally more susceptible to interest rate risk than short-term debt securities); and
(v) call or prepayment risk, e.g., during a </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">period
of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the
Fund’s income if the proceeds are reinvested at lower interest rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Interest rate risk is the
risk that the value of the Fund’s investments in fixed income or debt securities will change because
of changes in interest rates<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;">.
There is a risk that interest rates across the financial system may change, possibly significantly and/or
rapidly</span>. Changes in interest rates or a lack of market participants may lead to decreased liquidity
and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to
sell its fixed-income or debt holdings. Decreased liquidity in the fixed-income or debt markets also
may make it more difficult to value some or all of the Fund’s fixed-income or debt holdings. For most
fixed-income investments, when market interest rates fall, prices of fixed-rate debt securities rise.
However, when market interest rates fall, prices of certain variable and fixed-rate debt securities may
be adversely affected (i.e., falling interest rates bring the possibility of prepayment risk, as an instrument
may be redeemed before maturity). Certain countries have experienced negative interest rates on certain
fixed-income instruments. Very low or negative interest rates may magnify interest rate risk. Changing
interest rates, including rates that fall below zero, may have unpredictable effects on markets, may
result in heightened market volatility and may detract from Fund performance to the extent a Fund is
exposed to such interest rates and/or volatility. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Not all U.S. government debt securities are
guaranteed by the U.S. government—some are backed only by the issuing agency, which must rely on its
own resources to repay the debt. The Fund's yield will fluctuate with changes in short-term interest
rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">High-Yield Securities Risk:</span>
Investments in high-yield securities or non-investment grade securities (commonly referred to as "junk
bonds") are considered speculative because investments in such securities present a greater risk of loss
than investments in higher quality securities. Such securities may, under certain circumstances, be less
liquid than higher rated securities. These securities pay investors a premium (a high interest rate or
yield) because of the potential illiquidity and increased risk of loss. These securities can also be
subject to greater price volatility. In times of unusual or adverse market, economic or political conditions,
these securities may experience higher than normal default rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Liquidity and Valuation Risk:</span> The Fund’s investments may be illiquid at the
time of purchase or liquid at the time of purchase and subsequently become illiquid due to, among other
things, events relating to the issuer of the securities, market events, operational issues, economic
conditions, investor perceptions or lack of market participants. The lack of an active trading market
may make it difficult to sell or obtain an accurate price for a security. If market conditions or issuer
specific developments make it difficult to value securities, the Fund may value these securities using
more subjective methods, such as fair value pricing. In such cases, the value determined for a security
could be different than the value realized upon such security's sale. As a result, an investor could
pay more than the market value when buying shares or receive less than the market value when selling
shares. This could affect the proceeds of any redemption or the number of shares an investor receives
upon purchase.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund is subject to the risk that it could not meet redemption requests within the
allowable time period without significant dilution of remaining investors' interests in the Fund. To
meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced
to sell securities at an unfavorable time and/or under unfavorable conditions, which may adversely affect
the Fund. These risks are heightened for fixed-income instruments because of the current low interest
rate environment.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Loan Participation Interest
Risk:</span> There may not be a readily available market for loan participation interests, which in some
cases could result in the Fund disposing of such interests at a substantial discount from face value
or holding such interests until maturity. In addition, the Fund may be exposed to the credit risk of
the underlying corporate borrower as well as the lending institution or other participant from whom the
Fund purchased the loan participation interests. The Fund may not always have direct recourse against
a borrower if the borrower fails to pay scheduled principal and/or interest and may be subject to greater
delays, expenses and risks than if the Fund had purchased a direct obligation of the borrower. Substantial
increases in interest rates may cause an increase in loan obligation defaults.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Floating Rate Loans Risk:</span> The floating rate loans in which the Fund invests
are usually rated below investment grade, or if unrated, determined by the Subadvisor to be of comparable
quality (commonly referred to as "junk bonds") and are generally considered speculative because they
present a greater risk of loss, including default, than higher quality debt instruments. Moreover, such
investments may, under certain circumstances, be particularly susceptible to liquidity and valuation
risks. Although certain floating rate loans are collateralized, there is no guarantee that the value
of the collateral will be sufficient or available to satisfy the borrower’s obligation. In times of
unusual or adverse market, economic or political conditions, floating rate loans may experience higher
than normal default rates. In the event of a recession or serious credit event, among other eventualities,
the value of the Fund's investments in floating rate loans are more likely to decline. The secondary
market for floating rate loans is limited and, thus, the Fund’s ability to sell or realize the full
value of its investment in these loans to reinvest sale proceeds or to meet redemption obligations may
be impaired. In addition, floating rate loans generally are subject to extended settlement periods that
may be longer than seven days. As a result, the Fund may be adversely affected by selling other investments
at an unfavorable time and/or under unfavorable conditions or engaging in borrowing transactions, such
as borrowing against its credit facility, to raise cash to meet redemption obligations or pursue other
investment opportunities.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">In certain circumstances, floating rate loans may not be deemed to be securities. As
a result, the Fund may not have the protection of the anti-fraud provisions of the federal securities
laws. In such cases, the Fund generally must rely on the contractual provisions in the loan agreement
and common-law fraud protections under applicable state law. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Convertible
Securities Risk:</span> Convertible securities are typically subordinate to an issuer’s other debt
obligations. In part, the total return for a convertible security depends upon the performance of the
underlying stock into which it can be converted. Also, issuers of convertible securities </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">are
often not as strong financially as those issuing securities with higher credit ratings, are more likely
to encounter financial difficulties and typically are more vulnerable to changes in the economy, such
as a recession or a sustained period of rising interest rates, which could affect their ability to make
interest and principal payments. If an issuer stops making interest and/or principal payments, the Fund
could lose its entire investment.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Foreign
Securities Risk:</span> Investments in foreign (non-U.S.) securities may be riskier than investments
in U.S. securities. Foreign regulatory regimes and securities markets can have less stringent investor
protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and
securities markets, and can experience political, social and economic developments that may affect the
value of the Fund's investments in foreign securities. Foreign securities may also subject the Fund's
investments to changes in currency rates. Changes in the value of foreign currencies may make the return
on an investment increase or decrease, unrelated to the quality or performance of the investment itself.
These risks may be greater with respect to securities of companies that conduct their business activities
in emerging markets or whose securities are traded principally in emerging markets.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Derivatives Risk:</span> Derivatives are investments whose value depends on (or is
derived from) the value of an underlying instrument, such as a security, asset, reference rate or index.
Derivative strategies may expose the Fund to greater risk than if it had invested directly in the underlying
instrument and often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose
more money than it originally invested and would have lost had it invested directly in the underlying
instrument. For example, if the Fund is the seller of credit protection in a credit default swap, the
Fund effectively adds leverage to its portfolio and is subject to the credit exposure on the full notional
value of the swap. Derivatives may be difficult to sell, unwind and/or value. Derivatives may also be
subject to counterparty risk, which is the risk that the counterparty (the party on the other side of
the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations
to the Fund. Futures may be more volatile than direct investments in the instrument underlying the contract,
and may not correlate perfectly to the underlying instrument. Futures and other derivatives also may
involve a small initial investment relative to the risk assumed, which could result in losses greater
than if they had not been used. Due to fluctuations in the price of the underlying instrument, the Fund
may not be able to profitably exercise an option and may lose its entire investment in an option. To
the extent that the Fund writes or sells an option, if the decline in the value of the underlying instrument
is significantly below the exercise price in the case of a written put option or increase above the exercise
price in the case of a written call option, the Fund could experience a substantial loss. Swaps may be
subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. Swap transactions
tend to shift a Fund's investment exposure from one type of investment to another and may entail the
risk that a party will default on its payment obligations to the Fund. Additionally, applicable regulators
have adopted rules imposing certain margin requirements, including minimums on uncleared swaps, which
may result in the Fund and its counterparties posting higher margin amounts for uncleared swaps. Certain
standardized swaps are subject to mandatory central clearing and exchange trading. Central clearing,
which interposes a central clearinghouse to each participant’s swap, and exchange trading are intended
to reduce counterparty credit risk and increase liquidity but neither makes swap transactions risk-free.
Derivatives may also increase the expenses of the Fund. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Equity
Securities Risk:</span> 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 manager's ability to anticipate such changes that can adversely affect the value of
the Fund's holdings.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Money Market/Short-Term Securities
Risk:</span> To the extent the Fund holds cash or invests in money market or short-term securities, the
Fund may be less likely to achieve its investment objective. In addition, it is possible that the Fund's
investments in these instruments could lose money.</p>
You can lose money by investing
in the Fund.
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.
Past Performance
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
The following bar chart and
table indicate some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar
year performance has varied over time. Sales loads, if any, are not reflected in the bar chart. If they
were, returns would be less than those shown. The average annual total returns table shows how the Fund's
average annual total returns (before and after taxes) compare to those of a broad-based securities market
index. The Fund has selected the ICE BofA U.S. High Yield Constrained Index<span style="font-family:Sans-Serif; font-style:normal; font-size:6.0pt; font-weight:normal;"> </span>as its primary benchmark. The ICE BofA
U.S. High Yield Constrained Index is a market value-weighted index of all domestic and Yankee high-yield
bonds, including deferred interest bonds and payment-in-kind securities. Issuers included in the ICE
BofA U.S. High Yield Constrained Index have maturities of one year or more and have a credit rating lower
than BBB-/Baa3, but are not in default. No single issuer may constitute greater than 2% of the ICE BofA
U.S. High Yield Constrained Index. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Performance data for the classes varies based on differences in
their fee and expense structures. Performance data is not shown for classes with less than one calendar
year of performance.Past performance (before and after taxes) is not necessarily an indication of how
the Fund will perform in the future. Please visit newyorklifeinvestments.com/funds for more recent performance
information.</p>
The following bar chart and
table indicate some of the risks of investing in the Fund.
Sales loads, if any, are not reflected in the bar chart. If they
were, returns would be less than those shown.
The Fund has selected the ICE BofA U.S. High Yield Constrained Index as its primary benchmark.
Performance data is not shown for classes with less than one calendar
year of performance.
Past performance (before and after taxes) is not necessarily an indication of how
the Fund will perform in the future.
newyorklifeinvestments.com/funds
Annual
Returns, Class I Shares
(by calendar
year 2011-2020)
<table cellpadding="0" cellspacing="0" style="clear:both" width="34%">
<tr style="font-size:1pt;">
<td style="width:61.54%"> </td>
<td style="width:29.49%"> </td>
<td style="width:8.97%"> </td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Best Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q2/2020
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
9.50
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Worst
Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q1/2020
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">-12.56</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
</table>
Best Quarter
2020-06-30
0.0950
Worst
Quarter
2020-03-31
-0.1256
Average Annual Total Returns (for the periods ended December 31, 2020)
2004-01-02
0.0512
0.0765
0.0285
0.0516
0.0299
0.0478
1995-01-03
0.0011
0.0638
2008-02-28
0.0006
0.0629
1986-05-01
-0.0083
0.0622
1998-09-01
0.0295
0.0653
2012-06-29
0.0501
0.0750
2008-05-01
0.0473
0.0726
2016-02-29
0.0464
0.0756
2013-06-17
0.0528
0.0778
ICE
BofA U.S. High Yield Constrained Index (reflects no deductions for fees, expenses, or taxes)
reflects no deductions for fees, expenses, or taxes
0.0607
0.0842
After-tax
returns are calculated using the highest individual federal marginal income tax rates in effect at the
time of each distribution or capital gain or upon the sale of Fund shares, and do not reflect the impact
of state and local taxes.
In some cases, the return after taxes may exceed the return before taxes due
to an assumed tax benefit from any losses on a sale of shares at the end of the measurement period.
Actual
after-tax returns depend on your tax situation and may differ from those shown. After-tax returns are
not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts.
After-tax returns shown are for Class I shares. After-tax returns for the other
share classes may vary.
After-tax
returns are calculated using the highest individual federal marginal income tax rates in effect at the
time of each distribution or capital gain or upon the sale of Fund shares, and do not reflect the impact
of state and local taxes.
In some cases, the return after taxes may exceed the return before taxes due
to an assumed tax benefit from any losses on a sale of shares at the end of the measurement period.
Actual
after-tax returns depend on your tax situation and may differ from those shown. After-tax returns are
not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts.
After-tax returns shown are for Class I shares. After-tax returns for the other
share classes may vary.
MainStay MacKay Strategic Bond Fund
(formerly MainStay MacKay Unconstrained
Bond Fund)
Investment Objective
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund seeks total return
by investing primarily in domestic and foreign debt securities.</p>
Fees and
Expenses of the Fund
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The table below describes the fees and expenses that you may pay
if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and
other fees to financial intermediaries, which are not reflected in the tables and examples below. You
may qualify for sales charge discounts if you and your family invest, or agree to invest in the future,
at least $50,000 in the MainStay Funds. This amount may vary depending on the MainStay Fund in which
you invest. In addition, different financial intermediary firms and financial professionals may impose
different sales loads and waivers. More information about these and other discounts or waivers is available
from your financial professional, in the "Information on Sales Charges" section starting on page 131
of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in
the "Alternative Sales Arrangements" section on page 137 of the Statement of Additional Information.
</p>
You
may qualify for sales charge discounts if you and your family invest, or agree to invest in the future,
at least $50,000 in the MainStay Funds.
50000
Shareholder Fees (fees paid directly from your investment)
0.0450
0.0400
0
0
0
0
0
0
0
0
0.0500
0.0100
0
0
0
0
Annual Fund Operating Expenses (expenses that
you pay each year as a percentage of the value of your investment)
0.0060
0.0060
0.0060
0.0060
0.0060
0.0060
0.0060
0.0060
0.0025
0.0025
0.0100
0.0100
0
0.0025
0.0050
0
0.0008
0.0008
0.0008
0.0008
0.0008
0.0008
0.0008
0.0010
0.0003
0.0003
0.0003
0.0003
0.0003
0.0003
0.0003
0.0006
0.0023
0.0029
0.0030
0.0030
0.0024
0.0034
0.0032
0.0007
0.0034
0.0040
0.0041
0.0041
0.0035
0.0045
0.0043
0.0023
0.0119
0.0125
0.0201
0.0201
0.0095
0.0130
0.0153
0.0083
Example
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The
Example is intended to help you compare the cost of investing in the Fund with the cost of investing
in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated
whether or not you redeem all of your shares at the end of those periods (except as indicated with respect
to Class B and Class C shares). The Example reflects Class B and Class C shares converting into Investor
Class shares in years 9-10; expenses could be lower if you are eligible to convert to Class A shares
instead. The Example also assumes that your investment has a 5% return each year and that the Fund's
operating expenses remain the same. The Example reflects the contractual fee waiver and/or expense reimbursement
arrangement, if applicable, for the current duration of the arrangement only. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:</p>
Assuming no redemption
Assuming redemption at end of period
566
522
204
704
204
304
97
132
156
85
811
781
630
930
630
630
303
412
483
265
1075
1059
1083
1283
1083
1083
525
713
834
460
1828
1851
2142
2142
2142
2142
1166
1568
1824
1025
Portfolio Turnover
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund pays transaction costs, such as commissions,
when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable
account. These costs, which are </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">not
reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During
the most recent fiscal year, the Fund's portfolio turnover rate was 56% of the average value of its portfolio.
</p>
0.56
Principal Investment Strategies
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
The
Fund seeks to achieve its investment objective through a flexible investment process that allocates investments
across the global fixed-income markets. The Fund, under normal circumstances, invests at least 80% of
its assets (net assets plus any borrowings for investment purposes) in a diversified portfolio of debt
or debt-related securities such as: debt or debt-related securities issued or guaranteed by the U.S.
or foreign governments, their agencies or instrumentalities; obligations of international or supranational
entities; debt or debt-related securities issued by U.S. or foreign corporate entities; zero coupon bonds;
municipal bonds; mortgage-related and other asset-backed securities; loan participation interests; convertible
bonds; and variable or floating rate debt securities. The Fund may invest in debt securities that are
rated investment grade and below investment grade by a nationally recognized statistical rating organization
(“NRSRO”) (such securities rated lower than BBB- and Baa3). Securities that are rated below investment
grade by NRSROs are commonly referred to as “high-yield securities” or “junk bonds.” If NRSROs
assign different ratings to the same security, the Fund will use the higher rating for purposes of determining
the security’s credit quality. The securities may be denominated in U.S. or foreign currencies, and
may have fixed, variable, floating or inverse floating rates of interest. The Fund may invest without
limitation in securities of foreign issuers, including emerging markets. Generally, an issuer of a security
is considered to be U.S. or foreign based on the issuer's "country of risk," as determined by a third-party
service provider such as Bloomberg. The currency exposure of non-U.S. investments may or may not be hedged.
The Fund may invest up to 15% of its net assets in equity securities.
</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund intends to utilize
various investment strategies in a broad array of fixed-income sectors to achieve its investment objective.
The Fund will not be constrained by portfolio management relative to an index. Because the Fund does
not track a fixed-income index, its performance may vary at times and demonstrate low correlation to
traditional fixed-income indices. In pursuing its investment objective, the Fund’s investment strategy
is subject to market risk and shares may gain or lose value. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The average portfolio duration of the Fund will
normally vary from 0 to 7 years. Duration is a measure used to determine the sensitivity of a security’s
price to changes in interest rates. The longer a security’s duration, the more sensitive it will be
to changes in interest rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund may invest in derivatives, such as futures, options, forward
commitments and interest rate swap agreements to try to enhance returns or reduce the risk of loss by
hedging certain of its holdings or manage duration. The Fund may invest up to 25% of its total assets
in swaps.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund may purchase or sell securities on a when-issued, delayed delivery or forward
commitment basis and may engage in short sales. The Fund's short positions, either direct short positions
or through credit default swaps or total return swaps, may total up to 20% of the Fund’s net assets.
The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily
invests by entering into a series of purchase and sale contracts or by using other investment techniques
(such as buy backs or dollar rolls).</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Investment
Process:</span> MacKay Shields LLC, the Fund’s Subadvisor, seeks to identify investment opportunities
through an investment process focused on macroeconomic analysis and bottom-up security selection. The
Subadvisor allocates the Fund's investments among the various bond market sectors based on current and
projected economic and market conditions. The Fund may invest across bond market sectors, geographies
and credit qualities. The Subadvisor may give consideration to certain environmental, social, and governance
(“ESG”) criteria when evaluating an investment opportunity. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Subadvisor may sell a
security if it believes the security will no longer contribute to meeting the investment objective of
the Fund. In considering whether to sell a security, the Subadvisor may evaluate, among other things,
the condition of the domestic and foreign economies, and meaningful changes in the issuer's financial
condition, including changes in the issuer's credit risk and competitiveness.</p>
The
Fund seeks to achieve its investment objective through a flexible investment process that allocates investments
across the global fixed-income markets. The Fund, under normal circumstances, invests at least 80% of
its assets (net assets plus any borrowings for investment purposes) in a diversified portfolio of debt
or debt-related securities such as: debt or debt-related securities issued or guaranteed by the U.S.
or foreign governments, their agencies or instrumentalities; obligations of international or supranational
entities; debt or debt-related securities issued by U.S. or foreign corporate entities; zero coupon bonds;
municipal bonds; mortgage-related and other asset-backed securities; loan participation interests; convertible
bonds; and variable or floating rate debt securities. The Fund may invest in debt securities that are
rated investment grade and below investment grade by a nationally recognized statistical rating organization
(“NRSRO”) (such securities rated lower than BBB- and Baa3). Securities that are rated below investment
grade by NRSROs are commonly referred to as “high-yield securities” or “junk bonds.” If NRSROs
assign different ratings to the same security, the Fund will use the higher rating for purposes of determining
the security’s credit quality. The securities may be denominated in U.S. or foreign currencies, and
may have fixed, variable, floating or inverse floating rates of interest. The Fund may invest without
limitation in securities of foreign issuers, including emerging markets. Generally, an issuer of a security
is considered to be U.S. or foreign based on the issuer's "country of risk," as determined by a third-party
service provider such as Bloomberg. The currency exposure of non-U.S. investments may or may not be hedged.
The Fund may invest up to 15% of its net assets in equity securities.
Principal Risks
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
You
can lose money by investing in the Fund.
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. The investments
selected by the Subadvisor may underperform the market in which the Fund invests or other investments.
The Fund may receive large purchase or redemption orders which may have adverse effects on performance
if the Fund were required to sell securities, invest cash or hold a relatively large amount of cash at
times when it would not otherwise do so. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The principal risks of investing in the Fund are summarized below.
</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Market Risk:</span> The value of the Fund’s investments
may fluctuate because of changes in the markets in which the Fund invests, which could cause the Fund
to underperform other funds with similar investment objectives and strategies. Such changes may be rapid
and unpredictable. From time to time, markets may experience periods of stress for potentially prolonged
periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii)
increased redemptions of Fund shares. Such conditions may add significantly to the risk of volatility
in the net asset value of the Fund's shares. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Portfolio
Management Risk:</span> The investment strategies, practices and risk analyses used by the Subadvisor
may not produce the desired results. The Subadvisor may give consideration to certain ESG criteria when
evaluating an investment opportunity. The application of ESG criteria may result in the Fund (i) having
exposure to certain securities or industry sectors that are significantly different than the composition
of the Fund's </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">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. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Yield
Risk:</span> There can be no guarantee that the Fund will achieve or maintain any particular level of
yield.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Debt Securities Risk:</span>
The risks of investing in debt or fixed-income securities include (without limitation): (i) credit risk,
e.g., the issuer or guarantor of a debt security may be unable or unwilling (or be perceived as unable
or unwilling) to make timely principal and/or interest payments or otherwise honor its obligations, or
changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness
may affect the value of the Fund’s investments; (ii) maturity risk, e.g., a debt security with a longer
maturity may fluctuate in value more than one with a shorter maturity; (iii) market risk, e.g., low demand
for debt securities may negatively impact their price; (iv) interest rate risk, e.g., when interest rates
go up, the value of a debt security generally goes down, and when interest rates go down, the value of
a debt security generally goes up (long-term debt securities are generally more susceptible to interest
rate risk than short-term debt securities); and (v) call or prepayment risk, e.g., during a period of
falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the
Fund’s income if the proceeds are reinvested at lower interest rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Interest rate risk is the
risk that the value of the Fund’s investments in fixed income or debt securities will change because
of changes in interest rates<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;">.
There is a risk that interest rates across the financial system may change, possibly significantly and/or
rapidly</span>. Changes in interest rates or a lack of market participants may lead to decreased liquidity
and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to
sell its fixed-income or debt holdings. Decreased liquidity in the fixed-income or debt markets also
may make it more difficult to value some or all of the Fund’s fixed-income or debt holdings. For most
fixed-income investments, when market interest rates fall, prices of fixed-rate debt securities rise.
However, when market interest rates fall, prices of certain variable and fixed-rate debt securities may
be adversely affected (i.e., falling interest rates bring the possibility of prepayment risk, as an instrument
may be redeemed before maturity). Certain countries have experienced negative interest rates on certain
fixed-income instruments. Very low or negative interest rates may magnify interest rate risk. Changing
interest rates, including rates that fall below zero, may have unpredictable effects on markets, may
result in heightened market volatility and may detract from Fund performance to the extent a Fund is
exposed to such interest rates and/or volatility. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Not all U.S. government debt securities are
guaranteed by the U.S. government—some are backed only by the issuing agency, which must rely on its
own resources to repay the debt. The Fund's yield will fluctuate with changes in short-term interest
rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Zero Coupon Bond Risk:</span>
Because zero-coupon securities bear no interest and compound semi-annually at the rate fixed at the time
of issuance, their value generally is more volatile than the value of other fixed-income securities.
An investment in zero-coupon and delayed interest securities may cause the Fund to recognize income,
and therefore the Fund may be required to make distributions to shareholders before the Fund receives
any cash payments on its investment.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Municipal
Bond Risk:</span> Municipal bond risks include the inability of the issuer to repay the obligation, the
relative lack of information about certain issuers, and the possibility of future tax and legislative
changes, which could affect the market for and value of municipal securities. Municipalities continue
to experience economic and financial difficulties in the current economic environment. The ability of
a municipal issuer to make payments and the value of municipal bonds can be affected by uncertainties
in the municipal securities market. Such uncertainties could cause increased volatility in the municipal
securities market and could negatively impact the Fund’s net asset value.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Short Selling and Short Exposure Risk:</span> To the extent the Fund obtains short
exposure through the use of derivatives, the Fund would be subject to leverage risk, counterparty risk
and other risks associated with the use of derivatives. If a security sold short increases in price,
the Fund may have to cover its short position at a higher price than the short sale price, resulting
in a loss, which could be theoretically unlimited. By contrast, a loss on a long position arises from
decreases in the value of the security and is limited by the fact that a security's value cannot go below
zero. The Fund may have substantial short positions and must borrow those securities to make delivery
to the buyer. The Fund may not be able to borrow a security that it needs to deliver or it may not be
able to close out a short position at an acceptable price and may have to sell related long positions
before it had intended to do so. Thus, the Fund may not be able to successfully implement its short sale
strategy due to limited availability of desired securities or for other reasons. The Fund also may be
required to pay a premium and other transaction costs, which would increase the cost of the security
sold short. The amount of any gain will be decreased, and the amount of any loss increased, by the amount
of the premium, dividends, interest or expenses the Fund may be required to pay in connection with the
short sale.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Until the Fund replaces a borrowed security, it is required to maintain a segregated
account of cash or liquid assets with the Fund's broker or custodian to cover the Fund's short position.
Generally, securities held in a segregated account cannot be sold unless they are replaced with other
liquid assets. The Fund's ability to access the pledged collateral may also be impaired in the event
the broker fails to comply with the terms of the contract. In such instances the Fund may not be able
to substitute or sell the pledged collateral. Additionally, the Fund must maintain sufficient liquid
assets (less any additional collateral held by or pledged to the broker), marked-to-market daily, to
cover the short sale obligation. This may limit the Fund's investment flexibility, as well as its ability
to meet redemption requests or other current obligations. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">By investing the proceeds received from selling
securities short, the Fund could be deemed to be employing a form of leverage, which creates special
risks. The use of leverage may increase the Fund's exposure to long positions and make any change in
the Fund's net asset value greater than it would be without the use of leverage. This could result in
increased volatility of returns. There is no guarantee that the Fund will leverage its portfolio, or
if it does, that the Fund's leveraging strategy will be successful or that it will produce a higher return
on an investment.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Regulatory Risk:</span> The Fund as well as the issuers
of the securities and other instruments in which the Fund invests are subject to considerable regulation
and the risks associated with adverse changes in laws and regulations governing their operations. For
example, regulatory authorities in the United States or other countries may prohibit or restrict the
ability of the Fund to short sell certain securities, either generally or with respect to certain industries
or countries, which may impact the Fund's ability to fully implement its investment strategies. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Derivatives Risk:</span> Derivatives are investments
whose value depends on (or is derived from) the value of an underlying instrument, such as a security,
asset, reference rate or index. Derivative strategies may expose the Fund to greater risk than if it
had invested directly in the underlying instrument and often involve leverage, which may exaggerate a
loss, potentially causing the Fund to lose more money than it originally invested and would have lost
had it invested directly in the underlying instrument. For example, if the Fund is the seller of credit
protection in a credit default swap, the Fund effectively adds leverage to its portfolio and is subject
to the credit exposure on the full notional value of the swap. Derivatives may be difficult to sell,
unwind and/or value. Derivatives may also be subject to counterparty risk, which is the risk that the
counterparty (the party on the other side of the transaction) on a derivative transaction will be unable
or unwilling to honor its contractual obligations to the Fund. Futures may be more volatile than direct
investments in the instrument underlying the contract, and may not correlate perfectly to the underlying
instrument. Futures and other derivatives also may involve a small initial investment relative to the
risk assumed, which could result in losses greater than if they had not been used. Due to fluctuations
in the price of the underlying instrument, the Fund may not be able to profitably exercise an option
and may lose its entire investment in an option. To the extent that the Fund writes or sells an option,
if the decline in the value of the underlying instrument is significantly below the exercise price in
the case of a written put option or increase above the exercise price in the case of a written call option,
the Fund could experience a substantial loss. Forward commitments entail the risk that the instrument
may be worth less when it is issued or received than the price the Fund agreed to pay when it made the
commitment. The use of foreign currency forwards may result in currency exchange losses due to fluctuations
in currency exchange rates or an imperfect correlation between portfolio holdings denominated in a particular
currency and the forward contracts entered into by the Fund. Swaps may be subject to counterparty credit,
correlation, valuation, liquidity and leveraging risks. Swap transactions tend to shift a Fund's investment
exposure from one type of investment to another and may entail the risk that a party will default on
its payment obligations to the Fund. Additionally, applicable regulators have adopted rules imposing
certain margin requirements, including minimums on uncleared swaps, which may result in the Fund and
its counterparties posting higher margin amounts for uncleared swaps. Certain standardized swaps are
subject to mandatory central clearing and exchange trading. Central clearing, which interposes a central
clearinghouse to each participant’s swap, and exchange trading are intended to reduce counterparty
credit risk and increase liquidity but neither makes swap transactions risk-free. Derivatives may also
increase the expenses of the Fund. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">High-Yield
Securities Risk:</span> Investments in high-yield securities or non-investment grade securities (commonly
referred to as "junk bonds") are considered speculative because investments in such securities present
a greater risk of loss than investments in higher quality securities. Such securities may, under certain
circumstances, be less liquid than higher rated securities. These securities pay investors a premium
(a high interest rate or yield) because of the potential illiquidity and increased risk of loss. These
securities can also be subject to greater price volatility. In times of unusual or adverse market, economic
or political conditions, these securities may experience higher than normal default rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Floating Rate Notes and Variable Rate Notes Risk: </span>Floating and variable rate
notes provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment
intervals may be regular and range from daily up to annually, or may be based on an event, such as a
change in the prime rate. Floating and variable rate notes may be subject to greater liquidity risk than
other debt securities, meaning that there may be limitations on the Fund's ability to sell the securities
at any given time. Securities with floating interest rates generally are less sensitive to interest rate
changes, but may decline in value if their interest rates do not rise as much or as fast as interest
rates in general. Floating rate loans and other similar debt obligations that lack financial maintenance
covenants or possess fewer or contingent financial maintenance covenants and other financial protections
for lenders and investors (sometimes referred to as “covenant-lite” loans or obligations) are generally
subject to more risk than investments that contain traditional financial maintenance covenants and financial
reporting requirements. The terms of many floating rate notes and other instruments are tied to the London
Interbank Offered Rate (“LIBOR”), which functions as a reference rate or benchmark. It is anticipated
that LIBOR will be discontinued at the end of 2021, which may cause increased volatility and illiquidity
in the markets for instruments with terms tied to LIBOR or other adverse consequences, such as decreased
yields and reduction in value, for these instruments. These events may adversely affect the Fund and
its investments in such instruments.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Mortgage
Dollar Roll Transaction Risk: </span>A mortgage dollar roll is a transaction in which the Fund sells
mortgage-related securities from its portfolio to a counterparty from whom it simultaneously agrees to
buy a similar security on a delayed delivery basis. Mortgage dollar roll transactions are subject to
certain risks, including the risk that securities returned to the Fund at the end of the roll, while
substantially similar, may be inferior to what was initially sold to the counterparty.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Mortgage-Related and Other Asset-Backed Securities Risk:</span> Investments in mortgage-related
securities (such as mortgage-backed securities) and other asset-backed securities generally involve a
stream of payments based on the underlying obligations. These payments, which are often part interest
and part return of principal, vary based on the rate at which the underlying borrowers repay their loans
or other obligations. Asset-backed securities are subject to the risk that borrowers may default on the
underlying obligations and that, during periods of falling interest rates, these obligations may be called
or prepaid and, during periods of rising interest rates, obligations may be paid more slowly than expected.
Impairment of the underlying obligations or collateral, such as by non-payment, will reduce the security's
value. Enforcing rights against such collateral in events of default may be difficult or insufficient.
The value of these securities may be significantly affected by changes in interest rates, the market's
perception of issuers, and the creditworthiness of the parties involved. The ability of the Fund to successfully
utilize these instruments </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">may
depend on the ability of the Subadvisor to forecast interest rates and other economic factors correctly.
These securities may have a structure that makes their reaction to interest rate changes and other factors
difficult to predict, making their value highly volatile.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Loan
Participation Interest Risk:</span> There may not be a readily available market for loan participation
interests, which in some cases could result in the Fund disposing of such interests at a substantial
discount from face value or holding such interests until maturity. In addition, the Fund may be exposed
to the credit risk of the underlying corporate borrower as well as the lending institution or other participant
from whom the Fund purchased the loan participation interests. The Fund may not always have direct recourse
against a borrower if the borrower fails to pay scheduled principal and/or interest and may be subject
to greater delays, expenses and risks than if the Fund had purchased a direct obligation of the borrower.
Substantial increases in interest rates may cause an increase in loan obligation defaults.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Floating Rate Loans Risk:</span> The floating rate loans in which the Fund invests
are usually rated below investment grade, or if unrated, determined by the Subadvisor to be of comparable
quality (commonly referred to as "junk bonds") and are generally considered speculative because they
present a greater risk of loss, including default, than higher quality debt instruments. Moreover, such
investments may, under certain circumstances, be particularly susceptible to liquidity and valuation
risks. Although certain floating rate loans are collateralized, there is no guarantee that the value
of the collateral will be sufficient or available to satisfy the borrower’s obligation. In times of
unusual or adverse market, economic or political conditions, floating rate loans may experience higher
than normal default rates. In the event of a recession or serious credit event, among other eventualities,
the value of the Fund's investments in floating rate loans are more likely to decline. The secondary
market for floating rate loans is limited and, thus, the Fund’s ability to sell or realize the full
value of its investment in these loans to reinvest sale proceeds or to meet redemption obligations may
be impaired. In addition, floating rate loans generally are subject to extended settlement periods that
may be longer than seven days. As a result, the Fund may be adversely affected by selling other investments
at an unfavorable time and/or under unfavorable conditions or engaging in borrowing transactions, such
as borrowing against its credit facility, to raise cash to meet redemption obligations or pursue other
investment opportunities.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">In certain circumstances, floating rate loans may not be deemed to be securities. As
a result, the Fund may not have the protection of the anti-fraud provisions of the federal securities
laws. In such cases, the Fund generally must rely on the contractual provisions in the loan agreement
and common-law fraud protections under applicable state law. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Foreign
Securities Risk:</span> Investments in foreign (non-U.S.) securities may be riskier than investments
in U.S. securities. Foreign regulatory regimes and securities markets can have less stringent investor
protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and
securities markets, and can experience political, social and economic developments that may affect the
value of the Fund's investments in foreign securities. Foreign securities may also subject the Fund's
investments to changes in currency rates. Changes in the value of foreign currencies may make the return
on an investment increase or decrease, unrelated to the quality or performance of the investment itself.
</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Emerging Markets Risk:</span> The risks related to
investing in foreign securities are generally greater with respect to securities of companies that conduct
their business activities in emerging markets or whose securities are traded principally in emerging
markets. The risks of investing in emerging markets include the risks of illiquidity, increased price
volatility, smaller market capitalizations, less government regulation, less extensive, transparent and
frequent accounting, auditing, recordkeeping, financial reporting and other requirements, loss resulting
from problems in share registration and custody, substantial economic and political disruptions and the
nationalization of foreign deposits or assets.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Convertible
Securities Risk:</span> Convertible securities are typically subordinate to an issuer’s other debt
obligations. In part, the total return for a convertible security depends upon the performance of the
underlying stock into which it can be converted. Also, issuers of convertible securities are often not
as strong financially as those issuing securities with higher credit ratings, are more likely to encounter
financial difficulties and typically are more vulnerable to changes in the economy, such as a recession
or a sustained period of rising interest rates, which could affect their ability to make interest and
principal payments. If an issuer stops making interest and/or principal payments, the Fund could lose
its entire investment.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Equity Securities Risk:</span>
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 the Fund's holdings.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">When-Issued Securities Risk:</span> The Fund may agree
to purchase a security on a when-issued basis, making a commitment to pay a fixed price for a security
when it is issued in the future. The principal risk of transactions involving when-issued securities
is that the security will be worth less when it is issued or received than the price the Fund agreed
to pay when it made the commitment.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Liquidity
and Valuation Risk:</span> The Fund’s investments may be illiquid at the time of purchase or liquid
at the time of purchase and subsequently become illiquid due to, among other things, events relating
to the issuer of the securities, market events, operational issues, economic conditions, investor perceptions
or lack of market participants. The lack of an active trading market may make it difficult to sell or
obtain an accurate price for a security. If market conditions or issuer specific developments make it
difficult to value securities, the Fund may value these securities using more subjective methods, such
as fair value pricing. In such cases, the value determined for a security could be different than the
value realized upon such security's sale. As a result, an investor could pay more than the market value
when buying shares or receive less than the market value when selling shares. This could affect the proceeds
of any redemption or the number of shares an investor receives upon purchase.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The
Fund is subject to the risk that it could not meet redemption requests within the allowable time period
without significant dilution of remaining investors' interests in the Fund. To meet redemption requests
or to raise cash to pursue other investment opportunities, the Fund may be forced to sell securities
at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund. These
risks are heightened for fixed-income instruments because of the current low interest rate environment.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Money Market/Short-Term Securities Risk:</span> To
the extent the Fund holds cash or invests in money market or short-term securities, the Fund may be less
likely to achieve its investment objective. In addition, it is possible that the Fund's investments in
these instruments could lose money.</p>
You
can lose money by investing in the Fund.
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.
Past Performance
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
The following bar chart and
table indicate some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar
year performance has varied over time. Sales loads, if any, are not reflected in the bar chart. If they
were, returns would be less than those shown. The average annual total returns table shows how the Fund's
average annual total returns (before and after taxes) compare to those of a broad-based securities market
index as well as two additional benchmarks. The Fund has selected the Bloomberg Barclays U.S. Aggregate
Bond Index<span style="font-family:Sans-Serif; font-style:normal; font-size:6.0pt; font-weight:normal;"> </span>as its primary benchmark. The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark
that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including
Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate
and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed
securities. The Fund has selected the ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity
Index as its secondary benchmark. The ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity
Index is unmanaged and tracks the performance of a synthetic asset paying London Interbank Offered Rate
to a stated maturity. The ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index is
based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and
with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following business
day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument. The Fund
has selected the Morningstar Nontraditional Bond Category Average as an additional benchmark. The Morningstar
Nontraditional Bond Category Average contains funds that pursue strategies divergent in one or more ways
from conventional practice in the broader bond-fund universe. Morningstar category averages are equal-weighted
returns based on constituents of the category at the end of the period. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Performance data for the classes
varies based on differences in their fee and expense structures. Performance data is not shown for classes
with less than one calendar year of performance.Past performance (before and after taxes) is not necessarily
an indication of how the Fund will perform in the future. Please visit newyorklifeinvestments.com/funds
for more recent performance information.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Effective February 28, 2013, the Fund's investment objective and
principal investment strategies changed. The performance in the bar chart and table prior to that date
reflects the Fund's prior investment objective and principal investment strategies. </p>
The following bar chart and
table indicate some of the risks of investing in the Fund.
Sales loads, if any, are not reflected in the bar chart. If they
were, returns would be less than those shown.
The Fund has selected the Bloomberg Barclays U.S. Aggregate
Bond Index as its primary benchmark.
Performance data is not shown for classes
with less than one calendar year of performance.
Past performance (before and after taxes) is not necessarily
an indication of how the Fund will perform in the future.
newyorklifeinvestments.com/funds
Annual Returns, Class I Shares
(by calendar year 2011-2020)
<table cellpadding="0" cellspacing="0" style="clear:both" width="34%">
<tr style="font-size:1pt;">
<td style="width:61.54%"> </td>
<td style="width:29.49%"> </td>
<td style="width:8.97%"> </td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Best Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q2/2020
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
7.20
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Worst
Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q1/2020
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">-7.38</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
</table>
Best Quarter
2020-06-30
0.0720
Worst
Quarter
2020-03-31
-0.0738
Average Annual Total Returns (for the periods
ended December 31, 2020)
2004-01-02
0.0644
0.0493
0.0533
0.0348
0.0378
0.0313
1997-02-28
0.0141
0.0371
2008-02-28
0.0127
0.0366
1997-02-28
0.0021
0.0350
1998-09-01
0.0434
0.0385
2014-02-28
0.0606
0.0454
2016-02-29
0.0568
0.0492
2018-02-28
0.0694
0.0443
Bloomberg Barclays U.S. Aggregate
Bond Index (reflects no deductions for fees, expenses, or taxes)
reflects no deductions for fees, expenses, or taxes
0.0751
0.0444
ICE
BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index (reflects no deductions for fees,
expenses, or taxes)
reflects no deductions for fees,
expenses, or taxes
0.0108
0.0150
Morningstar Nontraditional Bond Category Average
(reflects no deductions for fees and taxes)
reflects no deductions for fees and taxes
0.0329
0.0352
After-tax returns are calculated
using the highest individual federal marginal income tax rates in effect at the time of each distribution
or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes.
In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit
from any losses on a sale of shares at the end of the measurement period.
Actual after-tax returns depend
on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold
your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary.
After-tax returns are calculated
using the highest individual federal marginal income tax rates in effect at the time of each distribution
or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes.
In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit
from any losses on a sale of shares at the end of the measurement period.
Actual after-tax returns depend
on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold
your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary.
MainStay MacKay U.S. Infrastructure Bond Fund
(formerly
MainStay MacKay Infrastructure Bond Fund)
Investment Objective
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund seeks current income.</p>
Fees and Expenses of the Fund
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The table below describes the fees and expenses
that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage
commissions and other fees to financial intermediaries, which are not reflected in the tables and examples
below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in
the future, at least $50,000 in the MainStay Funds. This amount may vary depending on the MainStay Fund
in which you invest. In addition, different financial intermediary firms and financial professionals
may impose different sales loads and waivers. More information about these and other discounts or waivers
is available from your financial professional, in the "Information on Sales Charges" section starting
on page 131 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts,
and in the "Alternative Sales Arrangements" section on page 137 of the Statement of Additional Information.
</p>
You may qualify for sales charge discounts if you and your family invest, or agree to invest in
the future, at least $50,000 in the MainStay Funds.
50000
Shareholder
Fees (fees paid directly from your investment)
0.0450
0.0400
0
0
0
0
0
0
0.0500
0.0100
0
0
Annual Fund Operating Expenses (expenses that
you pay each year as a percentage of the value of your investment)
0.0050
0.0050
0.0050
0.0050
0.0050
0.0050
0.0025
0.0025
0.0100
0.0100
0
0
0.0023
0.0053
0.0053
0.0053
0.0023
0.0008
0.0098
0.0128
0.0203
0.0203
0.0073
0.0058
-0.0013
-0.0013
-0.0013
-0.0013
-0.0013
-0.0005
0.0085
0.0115
0.0190
0.0190
0.0060
0.0053
Example
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Example is intended to
help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated whether or not
you redeem all of your shares at the end of those periods (except as indicated with respect to Class
B and Class C shares). The Example reflects Class B and Class C shares converting into Investor Class
shares in years 9-10; expenses could be lower if you are eligible to convert to Class A shares instead.
The Example also assumes that your investment has a 5% return each year and that the Fund's operating
expenses remain the same. The Example reflects the contractual fee waiver and/or expense reimbursement
arrangement, if applicable, for the current duration of the arrangement only. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:</p>
Assuming no redemption
Assuming redemption at end of period
533
513
193
693
193
293
61
54
736
777
624
924
624
624
220
181
955
1062
1081
1281
1081
1081
393
319
1586
1872
2155
2155
2155
2155
894
721
Portfolio Turnover
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund pays transaction costs, such as commissions,
when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable
account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect
the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 89%
of the average value of its portfolio. </p>
0.89
Principal Investment Strategies
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund, under normal circumstances,
invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in an actively
managed, diversified portfolio of U.S. infrastructure-related debt issuers and/or securities intended
primarily to finance infrastructure-related activities. Infrastructure-related debt securities may include
securities with special features (e.g., puts and variable or floating rates) that have price volatility
characteristics similar to other debt securities. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Infrastructure-related investments include securities
issued to finance any assets or projects that support the operation, function, growth or development
of a community or economy. Examples of these investments include, but are not limited to, transportation
assets (e.g., roads and bridges), utility assets (e.g., electric, gas and water distribution facilities
and networks) and social assets (e.g., hospitals and schools). </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund may also invest in
securities of issuers that (i) directly invest in infrastructure-related companies; (ii) operate or utilize
infrastructure-related assets (e.g., airlines, automakers and technology companies); or (iii) have indirect
exposure to infrastructure-related assets (e.g., suppliers of construction materials). </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund invests at least
60% of its assets in taxable municipal debt securities. The Fund may invest up to 20% of its assets in
tax-exempt municipal debt securities. On average, the Fund will invest in municipal bonds that have a
maturity of 5 years or longer.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Municipal debt securities include bonds issued by, or on behalf
of, the District of Columbia, the states, the territories (including Puerto Rico, Guam and the U.S. Virgin
Islands), commonwealths and possessions of the United States and their political subdivisions, and agencies,
authorities and instrumentalities. All distributions by the Fund, including any distributions derived
from tax-exempt municipal obligations, may be includible in taxable income for purposes of the federal
alternative minimum tax. The Fund does not seek to provide income exempt from federal income tax. The
Fund may invest in both taxable and tax-exempt municipal bonds.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund invests in investment
grade securities as rated by a nationally recognized statistical rating organization (“NRSRO”) at
the time of purchase, or if unrated, determined to be of comparable quality by MacKay Shields LLC, the
Fund’s Subadvisor, and invests in commercial paper only if rated in the top two highest rating categories
by an NRSRO at the time of purchase, or if unrated, determined by the Subadvisor to be of comparable
quality. If NRSROs assign different ratings for the same security, the Fund will use the higher rating
for purposes of determining the credit quality.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund's principal investments may have fixed,
variable or floating interest rates and include: taxable and tax-exempt municipal debt securities; obligations
issued or guaranteed by the U.S. government, its agencies or instrumentalities; mortgage-related and
asset-backed securities; certificates of deposit, time deposits and bankers' acceptances issued by U.S.
banks or savings and loan associations; and debt securities issued by United States.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund may invest in derivatives,
such as futures, options and swap agreements, to seek enhanced returns or to seek to reduce the risk
of loss by hedging certain of its holdings.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Investment
Process:</span> The Subadvisor seeks to allocate investments primarily across the taxable fixed income
market but can also utilize the tax-exempt fixed income market as well as treasuries and agencies. Allocations
are based on the current economic environment, the level of absolute and relative yields, and the interest
rate outlook. The Subadvisor may give consideration to certain environmental, social, and governance
(“ESG”) criteria when evaluating an investment opportunity.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Subadvisor may sell a
security if it no longer believes that the security will contribute to meeting the investment objective
of the Fund, which may be determined by an evaluation of economic conditions, the issuer's financial
condition or relative yield and return expectations.</p>
The Fund, under normal circumstances,
invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in an actively
managed, diversified portfolio of U.S. infrastructure-related debt issuers and/or securities intended
primarily to finance infrastructure-related activities. Infrastructure-related debt securities may include
securities with special features (e.g., puts and variable or floating rates) that have price volatility
characteristics similar to other debt securities.
Infrastructure-related investments include securities
issued to finance any assets or projects that support the operation, function, growth or development
of a community or economy. Examples of these investments include, but are not limited to, transportation
assets (e.g., roads and bridges), utility assets (e.g., electric, gas and water distribution facilities
and networks) and social assets (e.g., hospitals and schools).
Principal Risks
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
You can lose money by investing
in the Fund.
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. The investments selected by the
Subadvisor may underperform the market in which the Fund invests or other investments. The Fund may receive
large purchase or redemption orders which may have adverse effects on performance if the Fund were required
to sell securities, invest cash or hold a relatively large amount of cash at times when it would not
otherwise do so. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The principal risks of investing in the Fund are summarized below. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Market Risk:</span> The value of the Fund’s investments may fluctuate because of
changes in the markets in which the Fund invests, which could cause the Fund to underperform other funds
with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From
time to time, markets may experience periods of stress for potentially prolonged periods that may result
in: (i) increased market volatility; (ii) reduced </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">market
liquidity; and (iii) increased redemptions of Fund shares. Such conditions may add significantly to the
risk of volatility in the net asset value of the Fund's shares. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Portfolio Management Risk:</span> The investment strategies, practices and risk analyses
used by the Subadvisor may not produce the desired results. The Subadvisor may give consideration to
certain ESG criteria when evaluating an investment opportunity. The application of ESG criteria may result
in the Fund (i) having exposure to certain securities 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. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Yield Risk:</span> There can be no guarantee that the Fund will achieve or maintain
any particular level of yield.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Debt Securities
Risk:</span> The risks of investing in debt or fixed-income securities include (without limitation):
(i) credit risk, e.g., the issuer or guarantor of a debt security may be unable or unwilling (or be perceived
as unable or unwilling) to make timely principal and/or interest payments or otherwise honor its obligations,
or changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness
may affect the value of the Fund’s investments; (ii) maturity risk, e.g., a debt security with a longer
maturity may fluctuate in value more than one with a shorter maturity; (iii) market risk, e.g., low demand
for debt securities may negatively impact their price; (iv) interest rate risk, e.g., when interest rates
go up, the value of a debt security generally goes down, and when interest rates go down, the value of
a debt security generally goes up (long-term debt securities are generally more susceptible to interest
rate risk than short-term debt securities); and (v) call or prepayment risk, e.g., during a period of
falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the
Fund’s income if the proceeds are reinvested at lower interest rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Interest rate risk is the
risk that the value of the Fund’s investments in fixed income or debt securities will change because
of changes in interest rates<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;">.
There is a risk that interest rates across the financial system may change, possibly significantly and/or
rapidly</span>. Changes in interest rates or a lack of market participants may lead to decreased liquidity
and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to
sell its fixed-income or debt holdings. Decreased liquidity in the fixed-income or debt markets also
may make it more difficult to value some or all of the Fund’s fixed-income or debt holdings. For most
fixed-income investments, when market interest rates fall, prices of fixed-rate debt securities rise.
However, when market interest rates fall, prices of certain variable and fixed-rate debt securities may
be adversely affected (i.e., falling interest rates bring the possibility of prepayment risk, as an instrument
may be redeemed before maturity). Certain countries have experienced negative interest rates on certain
fixed-income instruments. Very low or negative interest rates may magnify interest rate risk. Changing
interest rates, including rates that fall below zero, may have unpredictable effects on markets, may
result in heightened market volatility and may detract from Fund performance to the extent a Fund is
exposed to such interest rates and/or volatility. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Not all U.S. government debt securities are
guaranteed by the U.S. government—some are backed only by the issuing agency, which must rely on its
own resources to repay the debt. The Fund's yield will fluctuate with changes in short-term interest
rates. Investments in debt or fixed-income securities with put options may receive a lower interest rate
than similar investments with a fixed-rate that cannot be redeemed before maturity. In addition, if
the Fund chooses to exercise its right to put the bond back to the issuer or put provider, these investments
are subject to, among other risks, the risk that the put provider will be unable or unwilling to honor
the put feature (i.e., purchase the security).</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Infrastructure
Investment Risk: </span>The Fund’s investments in infrastructure-related securities 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. Rising interest rates could lead to higher financing costs and reduced
earnings for infrastructure companies.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Municipal
Bond Risk:</span> Municipal bond risks include the inability of the issuer to repay the obligation, the
relative lack of information about certain issuers, and the possibility of future tax and legislative
changes, which could affect the market for and value of municipal securities. Additional risks include:</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; margin-left:18.00pt; text-align:left; text-indent:-18.00pt;">
<span style="font-family:Symbol; font-weight:normal;">·</span>
<span style="font-family:Symbol; font-weight:normal;">
<span style="word-spacing:10.0pt;"> </span>
</span>
<span style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">General Obligation Bonds Risk</span>—timely
payments depend on the issuer's credit quality, ability to raise tax revenues and ability to maintain
an adequate tax base;</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; margin-left:18.00pt; text-align:left; text-indent:-18.00pt;">
<span style="font-family:Symbol; font-weight:normal;">·</span>
<span style="font-family:Symbol; font-weight:normal;">
<span style="word-spacing:10.0pt;"> </span>
</span>
<span style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">Revenue Bonds (including Industrial
Development Bonds) Risk</span>—timely payments depend on the money earned by the particular facility
or class of facilities, or the amount of revenues derived from another source, and may be negatively
impacted by the general credit of the user of the facility;</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; margin-left:18.00pt; text-align:left; text-indent:-18.00pt;">
<span style="font-family:Symbol; font-weight:normal;">·</span>
<span style="font-family:Symbol; font-weight:normal;">
<span style="word-spacing:10.0pt;"> </span>
</span>
<span style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">Private Activity Bonds Risk</span>—municipalities and other public authorities
issue private activity bonds to finance development of industrial facilities for use by a private enterprise,
which is solely responsible for paying the principal and interest on the bond, and payment under these
bonds depends on the private enterprise’s ability to do so; </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; margin-left:18.00pt; text-align:left; text-indent:-18.00pt;">
<span style="font-family:Symbol; font-weight:normal;">·</span>
<span style="font-family:Symbol; font-weight:normal;">
<span style="word-spacing:10.0pt;"> </span>
</span>
<span style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">Moral Obligation Bonds Risk</span>—moral obligation bonds are generally issued
by special purpose public authorities of a state or municipality. If the issuer is unable to meet its
obligations, repayment of these bonds becomes a moral commitment, but not a legal obligation, of the
state or municipality; </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; margin-left:18.00pt; text-align:left; text-indent:-18.00pt;">
<span style="font-family:Symbol; font-weight:normal;">·</span>
<span style="font-family:Symbol; font-weight:normal;">
<span style="word-spacing:10.0pt;"> </span>
</span>
<span style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">Municipal Notes Risk</span>—municipal
notes are shorter-term municipal debt obligations that pay interest that is, in the opinion of bond counsel,
generally excludable from gross income for federal income tax purposes (except that the interest may
be includable in taxable income for purposes of the federal alternative minimum tax) and that have a
maturity that is generally one year or less. If there is a shortfall in the anticipated proceeds, the
notes may not be fully repaid and the Fund may lose money; and</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; margin-left:18.00pt; text-align:left; text-indent:-18.00pt;">
<span style="font-family:Symbol; font-weight:normal;">·</span>
<span style="font-family:Symbol; font-weight:normal;">
<span style="word-spacing:10.0pt;"> </span>
</span>
<span style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">Municipal Lease Obligations Risk</span>—in a municipal lease obligation, the issuer
agrees to make payments when due on the lease obligation. Although the issuer does not pledge its unlimited
taxing power for payment of the lease obligation, the lease obligation is secured by the leased property.
Municipal leases may pose additional risks because many leases and contracts contain “non-appropriation”
clauses that provide that the governmental issuer has no obligation to make future payments under the
lease or contract unless money is appropriated for this purpose by the appropriate legislative body.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Municipalities
continue to experience political, economic and financial difficulties in the current economic environment.
The ability of a municipal issuer to make payments and the value of municipal bonds can be affected by
uncertainties in the municipal securities market. Such uncertainties could cause increased volatility
in the municipal securities market and could negatively impact the Fund's net asset value and/or the
distributions paid by the Fund.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Certain of the issuers in which the Fund may invest have recently
experienced, or may experience, significant financial difficulties and repeated credit rating downgrades.
For example, in recent years, Puerto Rico has experienced difficult financial, economic and other conditions,
which may negatively affect the value of the Fund’s holdings in Puerto Rico municipal securities.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Municipal Bond Focus Risk:</span> From time to time
the Fund may invest a substantial amount of its assets in municipal bonds on which interest is paid solely
from revenues of similar projects. If the Fund focuses its investments in this manner, it assumes the
legal and economic risks relating to such projects, which may have a significant impact on the Fund’s
investment performance. In addition, the Fund may invest more heavily in bonds from certain cities, states
or regions than others, which may increase the Fund’s exposure to losses resulting from economic, political
or regulatory occurrences impacting these particular cities, states or regions.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">When-Issued Securities Risk:</span> The Fund may agree to purchase a security on a
when-issued basis, making a commitment to pay a fixed price for a security when it is issued in the future.
The principal risk of transactions involving when-issued securities is that the security will be worth
less when it is issued or received than the price the Fund agreed to pay when it made the commitment.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Floating Rate Notes and Variable Rate Notes Risk: </span>Floating
and variable rate notes provide for a periodic adjustment in the interest rate paid on the securities.
The rate adjustment intervals may be regular and range from daily up to annually, or may be based on
an event, such as a change in the prime rate. Floating and variable rate notes may be subject to greater
liquidity risk than other debt securities, meaning that there may be limitations on the Fund's ability
to sell the securities at any given time. Securities with floating interest rates generally are less
sensitive to interest rate changes, but may decline in value if their interest rates do not rise as much
or as fast as interest rates in general. Floating rate loans and other similar debt obligations that
lack financial maintenance covenants or possess fewer or contingent financial maintenance covenants and
other financial protections for lenders and investors (sometimes referred to as “covenant-lite” loans
or obligations) are generally subject to more risk than investments that contain traditional financial
maintenance covenants and financial reporting requirements. The terms of many floating rate notes and
other instruments are tied to the London Interbank Offered Rate (“LIBOR”), which functions as a reference
rate or benchmark. It is anticipated that LIBOR will be discontinued at the end of 2021, which may cause
increased volatility and illiquidity in the markets for instruments with terms tied to LIBOR or other
adverse consequences, such as decreased yields and reduction in value, for these instruments. These events
may adversely affect the Fund and its investments in such instruments.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Mortgage-Related and Other Asset-Backed Securities Risk:</span> Investments in mortgage-related
securities (such as mortgage-backed securities) and other asset-backed securities generally involve a
stream of payments based on the underlying obligations. These payments, which are often part interest
and part return of principal, vary based on the rate at which the underlying borrowers repay their loans
or other obligations. Asset-backed securities are subject to the risk that borrowers may default on the
underlying obligations and that, during periods of falling interest rates, these obligations may be called
or prepaid and, during periods of rising interest rates, obligations may be paid more slowly than expected.
Impairment of the underlying obligations or collateral, such as by non-payment, will reduce the security's
value. Enforcing rights against such collateral in events of default may be difficult or insufficient.
The value of these securities may be significantly affected by changes in interest rates, the market's
perception of issuers, and the creditworthiness of the parties involved. The ability of the Fund to successfully
utilize these instruments may depend on the ability of the Subadvisor to forecast interest rates and
other economic factors correctly. These securities may have a structure that makes their reaction to
interest rate changes and other factors difficult to predict, making their value highly volatile.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Derivatives Risk:</span> Derivatives are investments
whose value depends on (or is derived from) the value of an underlying instrument, such as a security,
asset, reference rate or index. Derivative strategies may expose the Fund to greater risk than if it
had invested directly in the underlying instrument and often involve leverage, which may exaggerate a
loss, potentially causing the Fund to lose more money than it originally invested and would have lost
had it invested directly in the underlying instrument. For example, if the Fund is the seller of credit
protection in a credit default swap, the Fund effectively adds leverage to its portfolio and is subject
to the credit exposure on the full notional value of the swap. Derivatives may be difficult to sell,
unwind and/or value. Derivatives may also be subject to counterparty risk, which is the risk that the
counterparty (the party on the other side of the transaction) on a derivative transaction will be unable
or unwilling to honor its contractual obligations to the Fund. Futures may be more volatile than direct
investments in the instrument underlying the contract, and may not correlate perfectly to the underlying
instrument. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Futures
and other derivatives also may involve a small initial investment relative to the risk assumed, which
could result in losses greater than if they had not been used. Due to fluctuations in the price of the
underlying instrument, the Fund may not be able to profitably exercise an option and may lose its entire
investment in an option. To the extent that the Fund writes or sells an option, if the decline in the
value of the underlying instrument is significantly below the exercise price in the case of a written
put option or increase above the exercise price in the case of a written call option, the Fund could
experience a substantial loss. Swaps may be subject to counterparty credit, correlation, valuation, liquidity
and leveraging risks. Swap transactions tend to shift a Fund's investment exposure from one type of investment
to another and may entail the risk that a party will default on its payment obligations to the Fund.
Additionally, applicable regulators have adopted rules imposing certain margin requirements, including
minimums on uncleared swaps, which may result in the Fund and its counterparties posting higher margin
amounts for uncleared swaps. Certain standardized swaps are subject to mandatory central clearing and
exchange trading. Central clearing, which interposes a central clearinghouse to each participant’s
swap, and exchange trading are intended to reduce counterparty credit risk and increase liquidity but
neither makes swap transactions risk-free. Derivatives may also increase the expenses of the Fund. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Money Market/Short-Term Securities Risk:</span> To
the extent the Fund holds cash or invests in money market or short-term securities, the Fund may be less
likely to achieve its investment objective. In addition, it is possible that the Fund's investments in
these instruments could lose money.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Liquidity
and Valuation Risk:</span> The Fund’s investments may be illiquid at the time of purchase or liquid
at the time of purchase and subsequently become illiquid due to, among other things, events relating
to the issuer of the securities, market events, operational issues, economic conditions, investor perceptions
or lack of market participants. The lack of an active trading market may make it difficult to sell or
obtain an accurate price for a security. If market conditions or issuer specific developments make it
difficult to value securities, the Fund may value these securities using more subjective methods, such
as fair value pricing. In such cases, the value determined for a security could be different than the
value realized upon such security's sale. As a result, an investor could pay more than the market value
when buying shares or receive less than the market value when selling shares. This could affect the proceeds
of any redemption or the number of shares an investor receives upon purchase.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund is subject to the
risk that it could not meet redemption requests within the allowable time period without significant
dilution of remaining investors' interests in the Fund. To meet redemption requests or to raise cash
to pursue other investment opportunities, the Fund may be forced to sell securities at an unfavorable
time and/or under unfavorable conditions, which may adversely affect the Fund. These risks are heightened
for fixed-income instruments because of the current low interest rate environment.</p>
You can lose money by investing
in the Fund.
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.
Past Performance
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
The
following bar chart and table indicate some of the risks of investing in the Fund. The bar chart shows
you how the Fund's calendar year performance has varied over time. Sales loads, if any, are not reflected
in the bar chart. If they were, returns would be less than those shown. The average annual total returns
table shows how the Fund's average annual total returns (before and after taxes) compare to those of
two broad-based securities market indices. The Fund has selected the Bloomberg Barclays 5-10 Year Taxable
Municipal Bond Index<span style="font-family:Sans-Serif; font-style:normal; font-size:6.0pt; font-weight:normal;"> </span>as its primary benchmark as a replacement for the Bloomberg Barclays Taxable Municipal Bond Index
because it believes that the Bloomberg Barclays 5-10 Year Taxable Municipal Bond Index is more reflective
of its current investment style. The Bloomberg Barclays 5-10 Year Taxable Municipal Bond Index is the
5-10 year component of the Bloomberg Barclays Taxable Municipal Bond Index. The Bloomberg Barclays Taxable
Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term taxable
bond market. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Performance data for the classes varies based on differences in their fee and expense
structures. Performance data is not shown for classes with less than one calendar year of performance.Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform
in the future. Please visit newyorklifeinvestments.com/funds for more recent performance information.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Effective
August 31, 2020, February 28, 2019 and June 21, 2019, the Fund modified its principal investment strategies.
The past performance in the bar chart and table prior to those dates reflects the Fund's prior principal
investment strategies.</p>
The
following bar chart and table indicate some of the risks of investing in the Fund.
Sales loads, if any, are not reflected
in the bar chart. If they were, returns would be less than those shown.
The Fund has selected the Bloomberg Barclays 5-10 Year Taxable
Municipal Bond Index as its primary benchmark as a replacement for the Bloomberg Barclays Taxable Municipal Bond Index
because it believes that the Bloomberg Barclays 5-10 Year Taxable Municipal Bond Index is more reflective
of its current investment style.
Performance data is not shown for classes with less than one calendar year of performance.
Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform
in the future.
newyorklifeinvestments.com/funds
Annual
Returns, Class I Shares
(by calendar
year 2011-2020)
<table cellpadding="0" cellspacing="0" style="clear:both" width="34%">
<tr style="font-size:1pt;">
<td style="width:61.54%"> </td>
<td style="width:29.49%"> </td>
<td style="width:8.97%"> </td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Best Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q2/2019
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
4.32
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Worst
Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q4/2016
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">-2.70</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
</table>
Best Quarter
2019-06-30
0.0432
Worst
Quarter
2016-12-31
-0.0270
Average Annual Total Returns (for the periods ended December 31, 2020)
2004-01-02
0.0656
0.0360
0.0299
0.0519
0.0247
0.0186
0.0387
0.0225
0.0181
1995-01-03
0.0144
0.0237
0.0226
2008-02-28
0.0113
0.0208
0.0201
1986-05-01
0.0013
0.0190
0.0171
1998-09-01
0.0413
0.0227
0.0171
2019-11-01
0.0663
0.0509
Bloomberg Barclays 5-10 Year
Taxable Municipal Bond Index (reflects no deductions for fees, expenses, or taxes)
reflects no deductions for fees, expenses, or taxes
0.0940
0.0540
0.0568
Bloomberg
Barclays Taxable Municipal Bond Index (reflects no deductions for fees, expenses, or taxes)
reflects no deductions for fees, expenses, or taxes
0.1052
0.0692
0.0750
After-tax
returns are calculated using the highest individual federal marginal income tax rates in effect at the
time of each distribution or capital gain or upon the sale of Fund shares, and do not reflect the impact
of state and local taxes.
In some cases, the return after taxes may exceed the return before taxes due
to an assumed tax benefit from any losses on a sale of shares at the end of the measurement period.
Actual
after-tax returns depend on your tax situation and may differ from those shown. After-tax returns are
not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts.
After-tax returns shown are for Class I shares. After-tax returns for the other
share classes may vary.
After-tax
returns are calculated using the highest individual federal marginal income tax rates in effect at the
time of each distribution or capital gain or upon the sale of Fund shares, and do not reflect the impact
of state and local taxes.
In some cases, the return after taxes may exceed the return before taxes due
to an assumed tax benefit from any losses on a sale of shares at the end of the measurement period.
Actual
after-tax returns depend on your tax situation and may differ from those shown. After-tax returns are
not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts.
After-tax returns shown are for Class I shares. After-tax returns for the other
share classes may vary.
MainStay MacKay Tax Free Bond Fund
Investment Objective
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund seeks current income exempt from regular
federal income tax.</p>
Fees and Expenses of the Fund
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The table below describes
the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other
fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected
in the tables and examples below. You may qualify for sales charge discounts if you and your family invest,
or agree to invest in the future, at least $50,000 in the MainStay Funds. This amount may vary depending
on the MainStay Fund in which you invest. In addition, different financial intermediary firms and financial
professionals may impose different sales loads and waivers. More information about these and other discounts
or waivers is available from your financial professional, in the "Information on Sales Charges" section
starting on page 131 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers
and Discounts, and in the "Alternative Sales Arrangements" section on page 137 of the Statement of Additional
Information. </p>
You may qualify for sales charge discounts if you and your family invest,
or agree to invest in the future, at least $50,000 in the MainStay Funds.
50000
Shareholder Fees (fees paid directly from your
investment)
0.0450
0.0400
0
0
0
0
0
0
0
0.0500
0.0100
0.0100
0
0
Annual Fund Operating Expenses (expenses that
you pay each year as a percentage of the value of your investment)
0.0041
0.0041
0.0041
0.0041
0.0041
0.0041
0.0041
0.0025
0.0025
0.0050
0.0050
0.0065
0
0
0.0009
0.0010
0.0010
0.0010
0.0010
0.0009
0.0003
0.0075
0.0076
0.0101
0.0101
0.0116
0.0050
0.0044
Example
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Example is intended to
help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated whether or not
you redeem all of your shares at the end of those periods (except as indicated with respect to Class
B and Class C shares). The Example reflects Class B, Class C and Class C2 shares converting into Investor
Class shares in years 9-10; expenses could be lower if you are eligible to convert to Class A shares
instead. The Example also assumes that your investment has a 5% return each year and that the Fund's
operating expenses remain the same. The Example reflects the contractual fee waiver and/or expense reimbursement
arrangement, if applicable, for the current duration of the arrangement only. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:</p>
Assuming no redemption
Assuming redemption at end of period
523
475
103
603
103
203
118
218
51
45
679
633
322
622
322
322
368
368
160
141
848
805
558
758
558
558
638
638
280
246
1338
1305
1166
1166
1166
1166
1297
1297
628
555
Portfolio Turnover
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund pays transaction costs, such as commissions,
when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable
account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect
the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 72%
of the average value of its portfolio. </p>
0.72
Principal Investment Strategies
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund, under normal circumstances, invests
at least 80% of its assets (net assets plus borrowings for investment purposes) in municipal bonds that
are rated investment grade by at least one nationally recognized statistical rating organization (“NRSRO”).
On average, the Fund will invest in municipal bonds that have a maturity range of 10 to 30 years. Municipal
bonds are issued by or on behalf of the District of Columbia, states, territories, commonwealths and
possessions of the United States and their political subdivisions and agencies, authorities and instrumentalities.
Municipal bonds include, among other instruments, general obligation bonds, revenue bonds, industrial
revenue bonds, industrial development bonds, private activity bonds, as well as short-term, tax-exempt
obligations such as municipal notes and variable rate demand obligations. The Fund may invest up to 20%
of its net assets in unrated securities deemed by MacKay Shields LLC, the Fund's Subadvisor, to be of
comparable quality. The Fund may not invest more than 20% of its net assets in tax-exempt securities
subject to the federal alternative minimum tax. If NRSROs assign different ratings to the same security,
the Fund will use the higher rating for purposes of determining the security’s credit quality. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The
Fund may invest more than 25% of its total assets in municipal bonds that are related in such a way that
an economic, business or political development or change affecting one such security could also affect
the other securities (for example, securities whose issuers are located in the same state). Some of the
Fund's earnings may be subject to federal tax and most may be subject to state and local taxes. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The
Fund may invest in derivatives, such as futures, options and swap agreements to seek enhanced returns
or to reduce the risk of loss by hedging certain of its holdings.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Investment Process:</span> The Subadvisor employs a relative value research-driven
approach in pursuing the Fund's investment objective. The Subadvisor's strategies include duration management,
sector allocation, yield curve positioning and buy/sell trade execution. The Subadvisor may engage in
various portfolio strategies to achieve the Fund's investment objective, to seek to enhance the Fund's
investment return and to seek to hedge the portfolio against adverse effects from movements in interest
rates and in the securities markets. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Subadvisor uses active management in an effort to identify
mispriced tax-exempt securities and build a consistent yield advantage. The Subadvisor focuses on reducing
volatility through a disciplined investment process which includes fundamental, "bottom-up" credit research
and risk management. In addition, the Subadvisor reviews macroeconomic events, technicals in the municipal
market, tax policies and analyzes individual municipal securities and sectors. The Subadvisor may give
consideration to certain environmental, social, and governance (“ESG”) criteria when evaluating an
investment opportunity.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Subadvisor may sell a security if it no longer believes the security will contribute
to meeting the investment objective of the Fund. In considering whether to sell a security, the Subadvisor
may evaluate, among other things, the condition of the economy and meaningful changes in the issuer's
financial condition. </p>
The Fund, under normal circumstances, invests
at least 80% of its assets (net assets plus borrowings for investment purposes) in municipal bonds that
are rated investment grade by at least one nationally recognized statistical rating organization (“NRSRO”).
On average, the Fund will invest in municipal bonds that have a maturity range of 10 to 30 years. Municipal
bonds are issued by or on behalf of the District of Columbia, states, territories, commonwealths and
possessions of the United States and their political subdivisions and agencies, authorities and instrumentalities.
Municipal bonds include, among other instruments, general obligation bonds, revenue bonds, industrial
revenue bonds, industrial development bonds, private activity bonds, as well as short-term, tax-exempt
obligations such as municipal notes and variable rate demand obligations. The Fund may invest up to 20%
of its net assets in unrated securities deemed by MacKay Shields LLC, the Fund's Subadvisor, to be of
comparable quality. The Fund may not invest more than 20% of its net assets in tax-exempt securities
subject to the federal alternative minimum tax. If NRSROs assign different ratings to the same security,
the Fund will use the higher rating for purposes of determining the security’s credit quality.
The
Fund may invest more than 25% of its total assets in municipal bonds that are related in such a way that
an economic, business or political development or change affecting one such security could also affect
the other securities (for example, securities whose issuers are located in the same state). Some of the
Fund's earnings may be subject to federal tax and most may be subject to state and local taxes.
The
Fund may invest in derivatives, such as futures, options and swap agreements to seek enhanced returns
or to reduce the risk of loss by hedging certain of its holdings.
Investment Process: The Subadvisor employs a relative value research-driven
approach in pursuing the Fund's investment objective. The Subadvisor's strategies include duration management,
sector allocation, yield curve positioning and buy/sell trade execution. The Subadvisor may engage in
various portfolio strategies to achieve the Fund's investment objective, to seek to enhance the Fund's
investment return and to seek to hedge the portfolio against adverse effects from movements in interest
rates and in the securities markets.
Principal Risks
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
You can lose money by investing
in the Fund.
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. The investments selected by the
Subadvisor may underperform the market in which the Fund invests or other investments. The Fund may receive
large purchase or redemption orders which may have adverse effects on performance if the Fund were required
to sell securities, invest cash or hold a relatively large amount of cash at times when it would not
otherwise do so. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The principal risks of investing in the Fund are summarized below. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Market Risk:</span> The value of the Fund’s investments may fluctuate because of
changes in the markets in which the Fund invests, which could cause the Fund to underperform other funds
with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From
time to time, markets may experience periods of stress for potentially prolonged periods that may result
in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of
Fund shares. Such conditions may add significantly to the risk of volatility in the net asset value of
the Fund's shares. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Portfolio Management Risk:</span>
The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired
results. The Subadvisor may give consideration to certain ESG criteria when evaluating an investment
opportunity. The application of ESG criteria may result in the Fund (i) having exposure to certain securities
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. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Yield Risk:</span>
There can be no guarantee that the Fund will achieve or maintain any particular level of yield.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Debt Securities Risk:</span> The risks of investing
in debt or fixed-income securities include (without limitation): (i) credit risk, e.g., the issuer or
guarantor of a debt security may be unable or unwilling (or be perceived as unable or unwilling) to make
timely principal and/or interest payments or otherwise honor its obligations, or changes in an issuer’s
credit rating or the market’s perception of an issuer’s creditworthiness may affect the value of
the Fund’s investments; (ii) maturity risk, e.g., a debt security with a longer maturity may fluctuate
in value more than one with a shorter maturity; (iii) market risk, e.g., low demand for debt securities
may negatively impact their price; (iv) interest rate risk, e.g., when interest rates go up, the value
of a debt security generally goes down, and when interest rates go down, the value of a debt security
generally goes up (long-term debt securities are generally more susceptible to interest rate risk than
short-term debt securities); and (v) call or prepayment risk, e.g., during a </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">period
of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the
Fund’s income if the proceeds are reinvested at lower interest rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Interest rate risk is the
risk that the value of the Fund’s investments in fixed income or debt securities will change because
of changes in interest rates<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;">.
There is a risk that interest rates across the financial system may change, possibly significantly and/or
rapidly</span>. Changes in interest rates or a lack of market participants may lead to decreased liquidity
and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to
sell its fixed-income or debt holdings. Decreased liquidity in the fixed-income or debt markets also
may make it more difficult to value some or all of the Fund’s fixed-income or debt holdings. For most
fixed-income investments, when market interest rates fall, prices of fixed-rate debt securities rise.
However, when market interest rates fall, prices of certain variable and fixed-rate debt securities may
be adversely affected (i.e., falling interest rates bring the possibility of prepayment risk, as an instrument
may be redeemed before maturity). Certain countries have experienced negative interest rates on certain
fixed-income instruments. Very low or negative interest rates may magnify interest rate risk. Changing
interest rates, including rates that fall below zero, may have unpredictable effects on markets, may
result in heightened market volatility and may detract from Fund performance to the extent a Fund is
exposed to such interest rates and/or volatility. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Not all U.S. government debt securities are
guaranteed by the U.S. government—some are backed only by the issuing agency, which must rely on its
own resources to repay the debt. The Fund's yield will fluctuate with changes in short-term interest
rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Tax Risk:</span> Income from
municipal bonds held by the Fund could be declared taxable because of unfavorable changes in tax law,
adverse interpretations by the Internal Revenue Service or noncompliant conduct of a bond issuer.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Derivatives Risk:</span> Derivatives are investments
whose value depends on (or is derived from) the value of an underlying instrument, such as a security,
asset, reference rate or index. Derivative strategies may expose the Fund to greater risk than if it
had invested directly in the underlying instrument and often involve leverage, which may exaggerate a
loss, potentially causing the Fund to lose more money than it originally invested and would have lost
had it invested directly in the underlying instrument. For example, if the Fund is the seller of credit
protection in a credit default swap, the Fund effectively adds leverage to its portfolio and is subject
to the credit exposure on the full notional value of the swap. Derivatives may be difficult to sell,
unwind and/or value. Derivatives may also be subject to counterparty risk, which is the risk that the
counterparty (the party on the other side of the transaction) on a derivative transaction will be unable
or unwilling to honor its contractual obligations to the Fund. Futures may be more volatile than direct
investments in the instrument underlying the contract, and may not correlate perfectly to the underlying
instrument. Futures and other derivatives also may involve a small initial investment relative to the
risk assumed, which could result in losses greater than if they had not been used. Due to fluctuations
in the price of the underlying instrument, the Fund may not be able to profitably exercise an option
and may lose its entire investment in an option. To the extent that the Fund writes or sells an option,
if the decline in the value of the underlying instrument is significantly below the exercise price in
the case of a written put option or increase above the exercise price in the case of a written call option,
the Fund could experience a substantial loss. Swaps may be subject to counterparty credit, correlation,
valuation, liquidity and leveraging risks. Swap transactions tend to shift a Fund's investment exposure
from one type of investment to another and may entail the risk that a party will default on its payment
obligations to the Fund. Additionally, applicable regulators have adopted rules imposing certain margin
requirements, including minimums on uncleared swaps, which may result in the Fund and its counterparties
posting higher margin amounts for uncleared swaps. Certain standardized swaps are subject to mandatory
central clearing and exchange trading. Central clearing, which interposes a central clearinghouse to
each participant’s swap, and exchange trading are intended to reduce counterparty credit risk and increase
liquidity but neither makes swap transactions risk-free. Derivatives may also increase the expenses of
the Fund. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Municipal Bond Risk:</span>
Municipal bond risks include the inability of the issuer to repay the obligation, the relative lack of
information about certain issuers, and the possibility of future tax and legislative changes, which could
affect the market for and value of municipal securities. Additional risks include:</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; margin-left:18.00pt; text-align:left; text-indent:-18.00pt;">
<span style="font-family:Symbol; font-weight:normal;">·</span>
<span style="font-family:Symbol; font-weight:normal;">
<span style="word-spacing:10.0pt;"> </span>
</span>
<span style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">General Obligation Bonds Risk</span>—timely payments depend on the issuer's credit
quality, ability to raise tax revenues and ability to maintain an adequate tax base;</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; margin-left:18.00pt; text-align:left; text-indent:-18.00pt;">
<span style="font-family:Symbol; font-weight:normal;">·</span>
<span style="font-family:Symbol; font-weight:normal;">
<span style="word-spacing:10.0pt;"> </span>
</span>
<span style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">Revenue Bonds (including Industrial Development Bonds) Risk</span>—timely payments
depend on the money earned by the particular facility or class of facilities, or the amount of revenues
derived from another source, and may be negatively impacted by the general credit of the user of the
facility;</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; margin-left:18.00pt; text-align:left; text-indent:-18.00pt;">
<span style="font-family:Symbol; font-weight:normal;">·</span>
<span style="font-family:Symbol; font-weight:normal;">
<span style="word-spacing:10.0pt;"> </span>
</span>
<span style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">Private Activity Bonds Risk</span>—municipalities
and other public authorities issue private activity bonds to finance development of industrial facilities
for use by a private enterprise, which is solely responsible for paying the principal and interest on
the bond, and payment under these bonds depends on the private enterprise’s ability to do so; </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; margin-left:18.00pt; text-align:left; text-indent:-18.00pt;">
<span style="font-family:Symbol; font-weight:normal;">·</span>
<span style="font-family:Symbol; font-weight:normal;">
<span style="word-spacing:10.0pt;"> </span>
</span>
<span style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">Moral Obligation Bonds Risk</span>—moral
obligation bonds are generally issued by special purpose public authorities of a state or municipality.
If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral commitment,
but not a legal obligation, of the state or municipality; </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; margin-left:18.00pt; text-align:left; text-indent:-18.00pt;">
<span style="font-family:Symbol; font-weight:normal;">·</span>
<span style="font-family:Symbol; font-weight:normal;">
<span style="word-spacing:10.0pt;"> </span>
</span>
<span style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">Municipal Notes Risk</span>—municipal notes are shorter-term municipal debt obligations
that pay interest that is, in the opinion of bond counsel, generally excludable from gross income for
federal income tax purposes (except that the interest may be includable in taxable income for </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; margin-left:18.00pt; text-align:left;">purposes of the federal alternative minimum tax) and that have a maturity that is generally
one year or less. If there is a shortfall in the anticipated proceeds, the notes may not be fully repaid
and the Fund may lose money; and</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; margin-left:18.00pt; text-align:left; text-indent:-18.00pt;">
<span style="font-family:Symbol; font-weight:normal;">·</span>
<span style="font-family:Symbol; font-weight:normal;">
<span style="word-spacing:10.0pt;"> </span>
</span>
<span style="font-family:Sans-Serif; font-style:italic; font-weight:normal;">Municipal Lease Obligations Risk</span>—in
a municipal lease obligation, the issuer agrees to make payments when due on the lease obligation. Although
the issuer does not pledge its unlimited taxing power for payment of the lease obligation, the lease
obligation is secured by the leased property. Municipal leases may pose additional risks because many
leases and contracts contain “non-appropriation” clauses that provide that the governmental issuer
has no obligation to make future payments under the lease or contract unless money is appropriated for
this purpose by the appropriate legislative body.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Municipalities continue to experience political,
economic and financial difficulties in the current economic environment. The ability of a municipal issuer
to make payments and the value of municipal bonds can be affected by uncertainties in the municipal securities
market. Such uncertainties could cause increased volatility in the municipal securities market and could
negatively impact the Fund's net asset value and/or the distributions paid by the Fund.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Certain of the issuers in
which the Fund may invest have recently experienced, or may experience, significant financial difficulties
and repeated credit rating downgrades. For example, in recent years, Puerto Rico has experienced difficult
financial, economic and other conditions, which may negatively affect the value of the Fund’s holdings
in Puerto Rico municipal securities.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Municipal
Bond Focus Risk:</span> From time to time the Fund may invest a substantial amount of its assets in municipal
bonds on which interest is paid solely from revenues of similar projects. If the Fund focuses its investments
in this manner, it assumes the legal and economic risks relating to such projects, which may have a significant
impact on the Fund’s investment performance. In addition, the Fund may invest more heavily in bonds
from certain cities, states or regions than others, which may increase the Fund’s exposure to losses
resulting from economic, political or regulatory occurrences impacting these particular cities, states
or regions.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Liquidity and Valuation Risk:</span>
The Fund’s investments may be illiquid at the time of purchase or liquid at the time of purchase and
subsequently become illiquid due to, among other things, events relating to the issuer of the securities,
market events, operational issues, economic conditions, investor perceptions or lack of market participants.
The lack of an active trading market may make it difficult to sell or obtain an accurate price for a
security. If market conditions or issuer specific developments make it difficult to value securities,
the Fund may value these securities using more subjective methods, such as fair value pricing. In such
cases, the value determined for a security could be different than the value realized upon such security's
sale. As a result, an investor could pay more than the market value when buying shares or receive less
than the market value when selling shares. This could affect the proceeds of any redemption or the number
of shares an investor receives upon purchase.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund is subject to the risk that it could
not meet redemption requests within the allowable time period without significant dilution of remaining
investors' interests in the Fund. To meet redemption requests or to raise cash to pursue other investment
opportunities, the Fund may be forced to sell securities at an unfavorable time and/or under unfavorable
conditions, which may adversely affect the Fund. These risks are heightened for fixed-income instruments
because of the current low interest rate environment.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Money
Market/Short-Term Securities Risk:</span> To the extent the Fund holds cash or invests in money market
or short-term securities, the Fund may be less likely to achieve its investment objective. In addition,
it is possible that the Fund's investments in these instruments could lose money.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Variable Rate Demand Instruments Risk:</span> A variable rate demand instrument is
generally subject to certain of the risks associated with debt securities. Variable rate demand instruments
are also subject to potential delays between the instrument’s periodic interest rate reset and an intervening
rise in general interest rates, which could adversely affect the Fund. In addition, these instruments
are subject to the risk that, if not held to maturity, the Fund will be subject to the credit risk of
any third party supporting or providing the instrument’s demand feature, as well as the risk that such
third party’s obligations may terminate or that it may otherwise fail to meet such obligations.</p>
You can lose money by investing
in the Fund.
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.
Past Performance
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
The
following bar chart and table indicate some of the risks of investing in the Fund. The bar chart shows
you how the Fund's calendar year performance has varied over time. Sales loads, if any, are not reflected
in the bar chart. If they were, returns would be less than those shown. The average annual total returns
table shows how the Fund's average annual total returns (before and after taxes) compare to those of
a broad-based securities market index. The Fund has selected the Bloomberg Barclays Municipal Bond Index<span style="font-family:Sans-Serif; font-style:normal; font-size:6.0pt; font-weight:normal;"> </span>as its
primary benchmark. The Bloomberg Barclays Municipal Bond Index is considered representative of the broad
market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to
the alternative minimum tax or with floating or zero coupons are excluded. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Performance data for the classes
varies based on differences in their fee and expense structures. Performance data is not shown for classes
with less than one calendar year of performance.Past performance (before and after taxes) is not necessarily
an indication of how the Fund will perform in the future. Please visit newyorklifeinvestments.com/funds
for more recent performance information.</p>
The
following bar chart and table indicate some of the risks of investing in the Fund.
Sales loads, if any, are not reflected
in the bar chart. If they were, returns would be less than those shown.
The Fund has selected the Bloomberg Barclays Municipal Bond Index as its
primary benchmark.
Performance data is not shown for classes
with less than one calendar year of performance.
Past performance (before and after taxes) is not necessarily
an indication of how the Fund will perform in the future.
newyorklifeinvestments.com/funds
Annual
Returns, Class I Shares
(by calendar
year 2011-2020)
<table cellpadding="0" cellspacing="0" style="clear:both" width="34%">
<tr style="font-size:1pt;">
<td style="width:61.54%"> </td>
<td style="width:29.49%"> </td>
<td style="width:8.97%"> </td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Best Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q2/2011
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
4.60
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Worst
Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q2/2013
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">-4.24</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
</table>
Best Quarter
2011-06-30
0.0460
Worst
Quarter
2013-06-30
-0.0424
Average Annual Total Returns (for the periods ended December 31, 2020)
2009-12-21
0.0645
0.0446
0.0567
0.0644
0.0446
0.0566
0.0500
0.0417
0.0531
1995-01-03
0.0140
0.0327
0.0494
2008-02-28
0.0137
0.0327
0.0491
1986-05-01
0.0090
0.0363
0.0513
1998-09-01
0.0480
0.0395
0.0512
2019-11-01
0.0650
0.0605
Bloomberg Barclays Municipal
Bond Index (reflects no deductions for fees, expenses, or taxes)
reflects no deductions for fees, expenses, or taxes
0.0521
0.0391
0.0463
After-tax returns are calculated
using the highest individual federal marginal income tax rates in effect at the time of each distribution
or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes.
In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit
from any losses on a sale of shares at the end of the measurement period.
Actual after-tax returns depend
on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold
your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary.
After-tax returns are calculated
using the highest individual federal marginal income tax rates in effect at the time of each distribution
or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes.
In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit
from any losses on a sale of shares at the end of the measurement period.
Actual after-tax returns depend
on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold
your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary.
MainStay Money Market Fund
Investment
Objective
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund seeks a high level of current income while preserving capital and maintaining
liquidity.</p>
Fees and Expenses of the Fund
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The table below describes
the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </p>
Shareholder Fees (fees
paid directly from your investment)
0
0
0
0
0
0
0
0
0
0
Annual Fund Operating Expenses (expenses that
you pay each year as a percentage of the value of your investment)
0.0040
0.0040
0.0040
0.0040
0.0040
0
0
0
0
0
0.0015
0.0050
0.0050
0.0050
0.0050
0.0055
0.0090
0.0090
0.0090
0.0090
0.0000
-0.0010
-0.0010
-0.0010
-0.0010
0.0055
0.0080
0.0080
0.0080
0.0080
Example
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Example is intended to help you compare
the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes
that you invest $10,000 in the Fund for the time periods indicated whether or not you redeem all of your
shares at the end of those periods. The Example also assumes that your investment has a 5% return each
year and that the Fund's operating expenses remain the same. The Example reflects the contractual fee
waiver and/or expense reimbursement arrangement, if applicable, for the current duration of the arrangement
only. Although your actual costs may be higher or lower, based on these assumptions your costs would
be:</p>
Assuming no redemption
Assuming redemption at end of period
56
82
82
82
82
82
82
176
277
77
177
277
307
489
189
389
489
689
1099
599
999
1099
Principal Investment Strategies
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund invests in short-term, high-quality,
U.S. dollar-denominated securities that generally mature in 397 days (13 months) or less. The Fund maintains
a dollar-weighted average maturity of 60 days or less and maintains a dollar-weighted average life to
maturity of 120 days or less. The Fund seeks to maintain a stable $1.00 net asset value per share using
the amortized cost method of valuation by operating as a “retail money market fund,” as such term
is defined or interpreted pursuant to Rule 2a-7 under the Investment Company Act of 1940, as amended.
As a “retail money market fund,” the Fund may be subject to the implementation of liquidity fees
and gates on redemptions.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund may invest in obligations issued or guaranteed by the U.S. government or any
of its agencies or instrumentalities; U.S. and foreign bank and bank holding company obligations, such
as certificates of deposit, bankers' acceptances and Eurodollars; commercial paper; time deposits; repurchase
agreements; and corporate debt securities. The Fund may invest in variable rate notes, floating rate
notes, and mortgage-related and asset-backed securities. The Fund may also invest in foreign securities
that are U.S. dollar-denominated securities of foreign issuers.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund will generally invest
in obligations that mature in 397 days or less, substantially all of which will be held to maturity.
However, the Fund may invest in securities with a face maturity of more than 397 days provided that the
security is a variable or floating rate note that meets the applicable regulatory guidelines with respect
to maturity. Additionally, securities collateralizing repurchase agreements may have maturities in excess
of 397 days.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Investment Process:</span> NYL Investors LLC, the Fund's
Subadvisor, seeks to achieve the highest yield while also seeking to minimize risk, maintain liquidity
and preserve principal. The Subadvisor selects securities based on an analysis of the creditworthiness
of the issuer. The Subadvisor works to add value by emphasizing specific securities and sectors of the
money market that appear to be attractively priced based upon historical and current yield spread relationships.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The
Subadvisor may sell a security prior to maturity if it no longer believes that the security will contribute
to meeting the investment objective of the Fund.</p>
Principal Risks
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
You can lose money by investing in the Fund.
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. The investments selected by the Subadvisor may
underperform the market or other investments.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Stable
Net Asset Value Risk:</span> Although the Fund seeks to preserve the value of your investment at $1.00
per share, it is possible to lose money by investing in the Fund. This could occur because of unusual
market conditions or a sudden collapse in the creditworthiness of an issuer. The Fund is permitted to,
among other things, reduce or withhold any income and/or gains generated from its portfolio to maintain
a stable $1.00 share price.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Market
Risk:</span> The value of the Fund’s investments may fluctuate because of changes in the markets in
which the Fund invests, which could cause the Fund to underperform other funds with similar investment
objectives and strategies. Such changes may be rapid and unpredictable. From time to time, markets may
experience periods of stress for potentially prolonged periods that may result in: (i) increased market
volatility; (ii) reduced market liquidity; and (iii) increased redemptions of Fund shares. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Portfolio Management Risk:</span> The investment strategies, practices and risk analyses
used by the Subadvisor may not produce the desired results. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Money
Market Risk:</span> Although the Fund seeks to preserve the value of your investment at $1.00 per share,
it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily
suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of
market conditions or other factors. The Fund’s sponsor has no legal obligation to provide financial
support to the Fund, and you should not expect that the sponsor will provide financial support to the
Fund at any time.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Debt Securities Risk:</span>
The risks of investing in debt or fixed-income securities include (without limitation): (i) credit risk,
e.g., the issuer or guarantor of a debt security may be unable or unwilling (or be perceived as unable
or unwilling) to make timely principal and/or interest payments or otherwise honor its obligations, or
changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness
may affect the value of the Fund’s investments; (ii) maturity risk, e.g., a debt security with a longer
maturity may fluctuate in value more than one with a shorter maturity; (iii) market risk, e.g., low demand
for debt securities may negatively impact their price; (iv) interest rate risk, e.g., when interest rates
go up, the value of a debt security generally goes down, and when interest rates go down, the value of
a debt security generally goes up (long-term debt securities are generally more susceptible to interest
rate risk than short-term debt securities); and (v) call or prepayment risk, e.g., during a period of
falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the
Fund’s income if the proceeds are reinvested at lower interest rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Interest rate risk is the
risk that the value of the Fund’s investments in fixed income or debt securities will change because
of changes in interest rates<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;">.
There is a risk that interest rates across the financial system may change, possibly significantly and/or
rapidly</span>. Changes in interest rates or a lack of market participants may lead to decreased liquidity
and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to
sell its fixed-income or debt holdings. Decreased liquidity in the fixed-income or debt markets also
may make it more difficult to value some or all of the Fund’s fixed-income or debt holdings. For most
fixed-income investments, when market interest rates fall, prices of fixed-rate debt securities rise.
However, when market interest rates fall, prices of certain variable and fixed-rate debt securities may
be adversely affected (i.e., falling interest rates bring the possibility of prepayment risk, as an instrument
may be redeemed before maturity). Certain countries have experienced negative interest rates on certain
fixed-income instruments. Very low or negative interest rates may magnify interest rate risk. Changing
interest rates, including rates that fall below zero, may have unpredictable effects on markets, may
result in heightened market volatility and may detract from Fund performance to the extent a Fund is
exposed to such interest rates and/or volatility. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Not all U.S. government debt securities are
guaranteed by the U.S. government—some are backed only by the issuing agency, which must rely on its
own resources to repay the debt. The Fund's yield will fluctuate with changes in short-term interest
rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Floating Rate Notes and Variable
Rate Notes Risk: </span>Floating and variable rate notes provide for a periodic adjustment in the interest
rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to
annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate
notes may be subject to greater liquidity risk than other debt securities, meaning that there may be
limitations on the Fund's ability to sell the securities at any given time. Securities with floating
interest rates generally are less sensitive to interest rate changes, but may decline in value if their
interest rates do not rise as much or as fast as interest rates in general. Floating rate loans and other
similar debt obligations that lack financial maintenance covenants or possess fewer or contingent financial
maintenance covenants and other financial protections for lenders and investors (sometimes referred to
as “covenant-lite” loans or obligations) are generally subject to more risk than investments that
contain traditional financial maintenance covenants and financial reporting requirements. The terms of
many floating rate notes </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">and
other instruments are tied to the London Interbank Offered Rate (“LIBOR”), which functions as a reference
rate or benchmark. It is anticipated that LIBOR will be discontinued at the end of 2021, which may cause
increased volatility and illiquidity in the markets for instruments with terms tied to LIBOR or other
adverse consequences, such as decreased yields and reduction in value, for these instruments. These events
may adversely affect the Fund and its investments in such instruments.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Foreign Securities Risk:</span> Investments in foreign (non-U.S.) securities may be
riskier than investments in U.S. securities. Foreign regulatory regimes and securities markets can have
less stringent investor protections and disclosure standards and less liquid trading markets than U.S.
regulatory regimes and securities markets, and can experience political, social and economic developments
that may affect the value of the Fund's investments in foreign securities. These risks may be greater
with respect to securities of companies that conduct their business activities in emerging markets or
whose securities are traded principally in emerging markets.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Mortgage-Related
and Other Asset-Backed Securities Risk:</span> Investments in mortgage-related securities (such as mortgage-backed
securities) and other asset-backed securities generally involve a stream of payments based on the underlying
obligations. These payments, which are often part interest and part return of principal, vary based on
the rate at which the underlying borrowers repay their loans or other obligations. Asset-backed securities
are subject to the risk that borrowers may default on the underlying obligations and that, during periods
of falling interest rates, these obligations may be called or prepaid and, during periods of rising interest
rates, obligations may be paid more slowly than expected. Impairment of the underlying obligations or
collateral, such as by non-payment, will reduce the security's value. Enforcing rights against such collateral
in events of default may be difficult or insufficient. The value of these securities may be significantly
affected by changes in interest rates, the market's perception of issuers, and the creditworthiness of
the parties involved. The ability of the Fund to successfully utilize these instruments may depend on
the ability of the Subadvisor to forecast interest rates and other economic factors correctly. These
securities may have a structure that makes their reaction to interest rate changes and other factors
difficult to predict, making their value highly volatile.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Repurchase
Agreement Risk:</span> Repurchase agreements are subject to the risks that the seller will become bankrupt
or insolvent before the date of repurchase or otherwise will fail to repurchase the security or other
asset as agreed, which could cause losses to the Fund.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Yield
Risk:</span> There can be no guarantee that the Fund will achieve or maintain any particular level of
yield.</p>
You can lose money by investing in the Fund.
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.
Past Performance
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
The
following bar chart and table indicate some of the risks of investing in the Fund. The bar chart shows
you how the Fund's calendar year performance has varied over time. The average annual total returns table
shows how the Fund's average annual total returns compare to those of a money market fund average. The
Average Lipper Money Market Fund is an equally weighted performance average adjusted for capital gains
distributions and income dividends of all of the money market funds in the Lipper Universe. Lipper Inc.,
a wholly-owned subsidiary of Reuters Group PLC, is an independent monitor of mutual fund performance.
Lipper averages are not class specific. Lipper returns are unaudited.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">For certain periods, the Manager
voluntarily has waived or reimbursed the Fund’s expenses to the extent it deemed appropriate to enhance
the Fund’s yield during periods when expenses had a significant impact on yield because of low interest
rates. Without these waivers or reimbursements, the Fund’s returns would have been lower. Performance
is not shown for classes with less than one calendar year of performance.Past performance is not necessarily
an indication of how the Fund will perform in the future.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">For current yield information, call toll-free:
800-624-6782. </p>
The
following bar chart and table indicate some of the risks of investing in the Fund.
Performance
is not shown for classes with less than one calendar year of performance.
Past performance is not necessarily
an indication of how the Fund will perform in the future.
Annual Returns, Class A Shares*
(by calendar year 2011-2020)
<table cellpadding="0" cellspacing="0" style="clear:both" width="34%">
<tr style="font-size:1pt;">
<td style="width:61.54%"> </td>
<td style="width:29.49%"> </td>
<td style="width:8.97%"> </td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Best Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q1/2019
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
0.43
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Worst
Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q1/2013
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
0.00
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
</table>
Best Quarter
2019-03-31
0.0043
Worst
Quarter
2013-03-31
0.0000
Average Annual Total Returns (for the periods
ended December 31, 2020)
MainStay Income Builder Fund
Investment
Objective
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund seeks current income consistent with reasonable opportunity for future growth
of capital and income.</p>
Fees and Expenses of the Fund
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The table below describes
the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other
fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected
in the tables and examples below. You may qualify for sales charge discounts if you and your family invest,
or agree to invest in the future, at least $50,000 in the MainStay Funds. This amount may vary depending
on the MainStay Fund in which you invest. In addition, different financial intermediary firms and financial
professionals may impose different sales loads and waivers. More information about these and other discounts
or waivers is available from your financial professional, in the "Information on Sales Charges" section
starting on page 131 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers
and Discounts, and in the "Alternative Sales Arrangements" section on page 137 of the Statement of Additional
Information. </p>
You may qualify for sales charge discounts if you and your family invest,
or agree to invest in the future, at least $50,000 in the MainStay Funds.
50000
Shareholder Fees (fees paid directly from your
investment)
0.0300
0.0250
0
0
0
0
0
0
0
0
0
0.0500
0.0100
0
0
0
0
0
Annual Fund Operating Expenses (expenses that
you pay each year as a percentage of the value of your investment)
0.0062
0.0062
0.0062
0.0062
0.0062
0.0062
0.0062
0.0062
0.0062
0.0025
0.0025
0.0100
0.0100
0
0.0025
0.0050
0
0.0050
0.0016
0.0031
0.0031
0.0031
0.0016
0.0025
0.0026
0.0006
0.0031
0.0103
0.0118
0.0193
0.0193
0.0078
0.0112
0.0138
0.0068
0.0143
Example
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The
Example is intended to help you compare the cost of investing in the Fund with the cost of investing
in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated
whether or not you redeem all of your shares at the end of those periods (except as indicated with respect
to Class B and Class C shares). The Example reflects Class B and Class C shares converting into Investor
Class shares in years 9-10; expenses could be lower if you are eligible to convert to Class A shares
instead. The Example also assumes that your investment has a 5% return each year and that the Fund's
operating expenses remain the same. The Example reflects the contractual fee waiver and/or expense reimbursement
arrangement, if applicable, for the current duration of the arrangement only. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:</p>
Assuming no redemption
Assuming redemption at end of period
402
367
196
696
196
296
80
114
140
69
146
618
615
606
906
606
606
249
356
437
218
452
852
883
1042
1242
1042
1042
433
617
755
379
782
1522
1646
2059
2059
2059
2059
966
1363
1657
847
1713
Portfolio Turnover
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund pays transaction costs, such as commissions,
when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable
account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect
the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 65%
of the average value of its portfolio. </p>
0.65
Principal Investment Strategies
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund normally invests a minimum of 30% of
its net assets in equity securities and a minimum of 30% of its net assets in debt securities. From time
to time, the Fund may temporarily invest less than 30% of its net assets in equity or debt securities
as a result of market conditions, individual securities transactions or cash flow considerations. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Asset Allocation Investment Process</span>: Asset allocation
decisions are made by a Committee chaired by New York Life Investment Management LLC (“New York Life
Investments”), the Fund’s Manager, in collaboration with MacKay Shields LLC (“MacKay Shields”),
the subadvisor for the fixed-income portion of the Fund. Asset allocation decisions are determined based
on the relative values of each asset class, inclusive of the ability of each asset class to generate
income. The Fund may use equity index and fixed-income futures to manage effective exposure, for example,
by adding exposure to the equity markets or adjusting fixed-income duration exposure. Neither equity
index futures nor fixed-income futures are counted toward the Fund's equity or fixed-income allocation
guidelines.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Equity Investment Process</span>:
Epoch Investment Partners, Inc. ("Epoch"), the Subadvisor for the equity portion of the Fund, invests
primarily in companies that generate increasing levels of free cash flow and have managements that allocate
it effectively to create shareholder value. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The security selection process focuses on free-cash-flow analytics
as opposed to traditional accounting-based metrics. Epoch seeks to identify companies with a consistent,
straightforward ability to both generate free cash flow and to intelligently allocate it among internal
reinvestment opportunities, acquisitions, dividends, share repurchases and/or debt reductions. Epoch
may give consideration to certain environmental, social, and governance (“ESG”) criteria when evaluating
an investment opportunity.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Epoch seeks to find and invest in companies that meet its definition
of quality-companies that are free cash flow positive or are becoming free cash flow positive and that
are led by strong management. The relevant factor in Epoch’s decision on how to deploy free cash flow
is the cost of capital and the prospective returns on capital.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Fixed-Income
Investment Process</span>: The Fund may invest in investment grade and below investment grade debt securities
of varying maturities. In pursuing the Fund's investment objective, the Fund may invest up to 30% of
its net assets in debt securities that MacKay Shields believes may provide capital appreciation in addition
to income and are rated below investment grade by a nationally recognized statistical rating organization
(“NRSRO”) or if unrated, deemed to be of comparable creditworthiness by MacKay Shields. MacKay Shields
may give consideration to certain ESG criteria when evaluating an investment opportunity. For purposes
of this limitation, both the percentage and rating are counted at the time of purchase. If NRSROs assign
different ratings to the same security, the Fund will use the higher rating for purposes of determining
the security's credit quality. Securities that are rated below investment grade by NRSROs are commonly
referred to as “high-yield securities” or "junk bonds."</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund maintains a flexible approach by investing
in a broad range of securities, which may be diversified by company, industry and type.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Principal debt investments
include U.S. government securities, domestic and foreign debt securities, mortgage-related and asset-backed
securities and floating rate loans. The Fund may also enter into mortgage dollar roll and to-be-announced
("TBA") securities transactions.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund may also invest in convertible securities such as bonds,
debentures, corporate notes and preferred stocks or other securities that are convertible into common
stock or the cash value of a stock or a basket or index of equity securities.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Investments Across the Fund</span>: The Fund may invest in derivatives, such as futures,
options, forward commitments and swap agreements, to try to enhance returns or reduce the risk of loss
by hedging certain of its holdings. The Fund also may use fixed-income futures for purposes of managing
duration and yield curve exposures. The Fund may invest up to 10% of its total assets in swaps, including
credit default swaps.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Subadvisors may sell a security if they no longer believe the security will contribute
to meeting the investment objective of the Fund. In considering whether to sell a debt security, MacKay
Shields may evaluate, among other things, deterioration in the issuer's credit quality. Epoch may sell
or reduce a position in a security if, among other things, it sees an interruption to the dividend policy,
a deterioration in fundamentals or when the security is deemed less attractive relative to another security
on a return/risk basis. Epoch may also sell or reduce a position in a security when it believes its investment
objectives have been met or if it sees the investment thesis is failing to materialize.</p>
Principal Risks
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
You
can lose money by investing in the Fund.
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. The investments
selected by the Subadvisors may underperform the market in which the Fund invests or other investments.
The Fund may receive large purchase or redemption orders which may have adverse effects on performance
if the Fund were required to sell securities, invest cash or hold a relatively large amount of cash at
times when it would not otherwise do so. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The principal risks of investing in the Fund are summarized below.
</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Market Risk:</span> The value of the Fund’s investments
may fluctuate because of changes in the markets in which the Fund invests, which could cause the Fund
to underperform other funds with similar investment objectives and strategies. Such changes may be rapid
and unpredictable. From time to time, markets may experience periods of stress for potentially prolonged
periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii)
increased redemptions of Fund shares. Such conditions may add significantly to the risk of volatility
in the net asset value of the Fund's shares. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Multi-Manager Risk:</span> The Fund’s performance
relies on the selection and monitoring of the Subadvisors as well as how the Fund’s assets are allocated
among those Subadvisors. Performance will also depend on the Subadvisors’ skill in implementing their
respective strategy or strategies. The Subadvisors’ investment strategies may not always be complementary
to one another and, as a result, the Subadvisors may make decisions that conflict with one another, which
may adversely affect the Fund’s performance. For example, a Subadvisor may purchase an investment for
the Fund at the same time that another Subadvisor sells the investment, resulting in higher expenses
without accomplishing any net investment result. Alternatively, multiple Subadvisors could purchase the
same investment at the same time, causing the Fund to pay higher expenses because the Subadvisors did
not aggregate their transactions. The multi-manager approach may also cause the Fund to invest a substantial
percentage of its assets in certain types of securities, which could expose the Fund to greater risks
associated with those types of securities and lead to large beneficial or detrimental effects on the
Fund’s performance. The Manager may influence a Subadvisor in terms of its management of a portion
of the Fund’s assets, including hedging practices, investment exposure and risk management.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">A Subadvisor may underperform
the market generally and may underperform other subadvisors that the Manager could have selected. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">MacKay
Shields may be subject to potential conflicts of interest in allocating the Portfolio’s assets. Therefore,
MacKay Shields will carefully analyze its allocation decisions and take all steps it believes to be necessary
to minimize these potential conflicts of interest. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Portfolio
Management Risk:</span> The investment strategies, practices and risk analyses used by a Subadvisor may
not produce the desired results. A Subadvisor may give consideration to certain ESG criteria when evaluating
an investment opportunity. The application of ESG criteria may result in the Fund (i) having exposure
to certain securities 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. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Yield Risk:</span> There can be no guarantee that the Fund will achieve or maintain
any particular level of yield.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Debt Securities
Risk:</span> The risks of investing in debt or fixed-income securities include (without limitation):
(i) credit risk, e.g., the issuer or guarantor of a debt security may be unable or unwilling (or be perceived
as unable or unwilling) to make timely principal and/or interest payments or otherwise honor its obligations,
or changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness
may affect the value of the Fund’s investments; (ii) maturity risk, e.g., a debt security with a longer
maturity may fluctuate in value more than one with a shorter maturity; (iii) market risk, e.g., low demand
for debt securities may negatively impact their price; (iv) interest rate risk, e.g., when interest rates
go up, the value of a debt security generally goes down, and when interest rates go down, the value of
a debt security generally goes up (long-term debt securities are generally more susceptible to interest
rate risk than short-term debt securities); and (v) call or prepayment risk, e.g., during a period of
falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the
Fund’s income if the proceeds are reinvested at lower interest rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Interest rate risk is the
risk that the value of the Fund’s investments in fixed income or debt securities will change because
of changes in interest rates<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;">.
There is a risk that interest rates across the financial system may change, possibly significantly and/or
rapidly</span>. Changes in interest rates or a lack of market participants may lead to decreased liquidity
and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to
sell its fixed-income or debt holdings. Decreased liquidity in the fixed-income or debt markets also
may make it more difficult to value some or all of the Fund’s fixed-income or debt holdings. For most
fixed-income investments, when market interest rates fall, prices of fixed-rate debt securities rise.
However, when market interest rates fall, prices of certain variable and fixed-rate debt securities may
be adversely affected (i.e., falling interest rates bring the possibility of prepayment risk, as an instrument
may be redeemed before maturity). Certain countries have experienced negative interest rates on certain
fixed-income instruments. Very low or negative interest rates may magnify interest rate risk. Changing
interest rates, including rates that fall below zero, may have unpredictable effects on markets, may
result in heightened market volatility and may detract from Fund performance to the extent a Fund is
exposed to such interest rates and/or volatility. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Not all U.S. government debt securities are
guaranteed by the U.S. government—some are backed only by the issuing agency, which must rely on its
own resources to repay the debt. The Fund's yield will fluctuate with changes in short-term interest
rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Equity Securities Risk:</span>
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 the Fund's holdings.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Value Stock Risk:</span> Value stocks may never reach
what the Subadvisor believes is their full value or they may go down in value. In addition, different
types of stocks tend to shift in and out of favor depending on market and economic conditions, and therefore
the Fund's performance may be lower or higher than that of funds that invest in other types of equity
securities.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Market Capitalization Risk:</span>
To the extent the Fund invests in securities issued by small-, mid-, or large-cap companies, the Fund
will be subject to the risks associated with securities issued by companies of the applicable market
capitalization. Securities of small-cap and mid-cap companies may be subject to greater price volatility,
significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads
between their bid and ask prices than securities of larger companies. Smaller capitalization companies
frequently rely on narrower product lines and niche markets and may be more vulnerable to adverse business
or market developments. Securities issued by larger companies may have less growth potential and may
not be able to attain the high growth rates of successful smaller companies, especially during strong
economic periods. In addition, larger companies may be less capable of responding quickly to competitive
challenges and industry changes, including those </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">resulting
from improvements in technology, and may suffer sharper price declines as a result of earnings disappointments.
There is a risk that the securities issued by companies of a certain market capitalization may underperform
the broader market at any given time.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">High-Yield
Securities Risk:</span> Investments in high-yield securities or non-investment grade securities (commonly
referred to as "junk bonds") are considered speculative because investments in such securities present
a greater risk of loss than investments in higher quality securities. Such securities may, under certain
circumstances, be less liquid than higher rated securities. These securities pay investors a premium
(a high interest rate or yield) because of the potential illiquidity and increased risk of loss. These
securities can also be subject to greater price volatility. In times of unusual or adverse market, economic
or political conditions, these securities may experience higher than normal default rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Loan Participation Interest Risk:</span> There may not be a readily available market
for loan participation interests, which in some cases could result in the Fund disposing of such interests
at a substantial discount from face value or holding such interests until maturity. In addition, the
Fund may be exposed to the credit risk of the underlying corporate borrower as well as the lending institution
or other participant from whom the Fund purchased the loan participation interests. The Fund may not
always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or
interest and may be subject to greater delays, expenses and risks than if the Fund had purchased a direct
obligation of the borrower. Substantial increases in interest rates may cause an increase in loan obligation
defaults.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Floating Rate Loans Risk:</span>
The floating rate loans in which the Fund invests are usually rated below investment grade, or if unrated,
determined by the Subadvisor to be of comparable quality (commonly referred to as "junk bonds") and are
generally considered speculative because they present a greater risk of loss, including default, than
higher quality debt instruments. Moreover, such investments may, under certain circumstances, be particularly
susceptible to liquidity and valuation risks. Although certain floating rate loans are collateralized,
there is no guarantee that the value of the collateral will be sufficient or available to satisfy the
borrower’s obligation. In times of unusual or adverse market, economic or political conditions, floating
rate loans may experience higher than normal default rates. In the event of a recession or serious credit
event, among other eventualities, the value of the Fund's investments in floating rate loans are more
likely to decline. The secondary market for floating rate loans is limited and, thus, the Fund’s ability
to sell or realize the full value of its investment in these loans to reinvest sale proceeds or to meet
redemption obligations may be impaired. In addition, floating rate loans generally are subject to extended
settlement periods that may be longer than seven days. As a result, the Fund may be adversely affected
by selling other investments at an unfavorable time and/or under unfavorable conditions or engaging in
borrowing transactions, such as borrowing against its credit facility, to raise cash to meet redemption
obligations or pursue other investment opportunities.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">In certain circumstances, floating rate loans
may not be deemed to be securities. As a result, the Fund may not have the protection of the anti-fraud
provisions of the federal securities laws. In such cases, the Fund generally must rely on the contractual
provisions in the loan agreement and common-law fraud protections under applicable state law. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Mortgage-Related and Other Asset-Backed Securities
Risk:</span> Investments in mortgage-related securities (such as mortgage-backed securities) and other
asset-backed securities generally involve a stream of payments based on the underlying obligations. These
payments, which are often part interest and part return of principal, vary based on the rate at which
the underlying borrowers repay their loans or other obligations. Asset-backed securities are subject
to the risk that borrowers may default on the underlying obligations and that, during periods of falling
interest rates, these obligations may be called or prepaid and, during periods of rising interest rates,
obligations may be paid more slowly than expected. Impairment of the underlying obligations or collateral,
such as by non-payment, will reduce the security's value. Enforcing rights against such collateral in
events of default may be difficult or insufficient. The value of these securities may be significantly
affected by changes in interest rates, the market's perception of issuers, and the creditworthiness of
the parties involved. The ability of the Fund to successfully utilize these instruments may depend on
the ability of the Subadvisor to forecast interest rates and other economic factors correctly. These
securities may have a structure that makes their reaction to interest rate changes and other factors
difficult to predict, making their value highly volatile.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Mortgage
Dollar Roll Transaction Risk: </span>A mortgage dollar roll is a transaction in which the Fund sells
mortgage-related securities from its portfolio to a counterparty from whom it simultaneously agrees to
buy a similar security on a delayed delivery basis. Mortgage dollar roll transactions are subject to
certain risks, including the risk that securities returned to the Fund at the end of the roll, while
substantially similar, may be inferior to what was initially sold to the counterparty.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">TBA Securities Risk:</span> In a TBA securities transaction, the Fund commits to purchase
certain securities for a fixed price at a future date. The principal risks of a TBA securities transaction
are that the counterparty may not deliver the security as promised and/or that the value of the TBA security
may decline prior to when the Fund receives the security.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Foreign
Securities Risk:</span> Investments in foreign (non-U.S.) securities may be riskier than investments
in U.S. securities. Foreign regulatory regimes and securities markets can have less stringent investor
protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and
securities markets, and can experience political, social and economic developments that may affect the
value of the Fund's investments in foreign securities. Foreign securities may also subject the Fund's
investments to changes in currency rates. Changes in the value of foreign currencies may make the return
on an investment increase or decrease, unrelated to the quality or performance of the investment itself.
These risks may be greater with respect to securities of companies that conduct their business activities
in emerging markets or whose securities are traded principally in emerging markets.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Convertible Securities Risk:</span> Convertible securities
are typically subordinate to an issuer’s other debt obligations. In part, the total return for a convertible
security depends upon the performance of the underlying stock into which it can be converted. Also, issuers
of convertible securities are often not as strong financially as those issuing securities with higher
credit ratings, are more likely to encounter financial difficulties and typically are more vulnerable
to changes in the economy, such as a recession or a sustained period of rising interest rates, which
could affect their ability to make interest and principal payments. If an issuer stops making interest
and/or principal payments, the Fund could lose its entire investment.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Derivatives Risk:</span> Derivatives are investments whose value depends on (or is
derived from) the value of an underlying instrument, such as a security, asset, reference rate or index.
Derivative strategies may expose the Fund to greater risk than if it had invested directly in the underlying
instrument and often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose
more money than it originally invested and would have lost had it invested directly in the underlying
instrument. For example, if the Fund is the seller of credit protection in a credit default swap, the
Fund effectively adds leverage to its portfolio and is subject to the credit exposure on the full notional
value of the swap. Derivatives may be difficult to sell, unwind and/or value. Derivatives may also be
subject to counterparty risk, which is the risk that the counterparty (the party on the other side of
the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations
to the Fund. Futures may be more volatile than direct investments in the instrument underlying the contract,
and may not correlate perfectly to the underlying instrument. Futures and other derivatives also may
involve a small initial investment relative to the risk assumed, which could result in losses greater
than if they had not been used. Due to fluctuations in the price of the underlying instrument, the Fund
may not be able to profitably exercise an option and may lose its entire investment in an option. To
the extent that the Fund writes or sells an option, if the decline in the value of the underlying instrument
is significantly below the exercise price in the case of a written put option or increase above the exercise
price in the case of a written call option, the Fund could experience a substantial loss. Forward commitments
entail the risk that the instrument may be worth less when it is issued or received than the price the
Fund agreed to pay when it made the commitment. The use of foreign currency forwards may result in currency
exchange losses due to fluctuations in currency exchange rates or an imperfect correlation between portfolio
holdings denominated in a particular currency and the forward contracts entered into by the Fund. Swaps
may be subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. Swap transactions
tend to shift a Fund's investment exposure from one type of investment to another and may entail the
risk that a party will default on its payment obligations to the Fund. Additionally, applicable regulators
have adopted rules imposing certain margin requirements, including minimums on uncleared swaps, which
may result in the Fund and its counterparties posting higher margin amounts for uncleared swaps. Certain
standardized swaps are subject to mandatory central clearing and exchange trading. Central clearing,
which interposes a central clearinghouse to each participant’s swap, and exchange trading are intended
to reduce counterparty credit risk and increase liquidity but neither makes swap transactions risk-free.
Derivatives may also increase the expenses of the Fund. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Liquidity
and Valuation Risk:</span> The Fund’s investments may be illiquid at the time of purchase or liquid
at the time of purchase and subsequently become illiquid due to, among other things, events relating
to the issuer of the securities, market events, operational issues, economic conditions, investor perceptions
or lack of market participants. The lack of an active trading market may make it difficult to sell or
obtain an accurate price for a security. If market conditions or issuer specific developments make it
difficult to value securities, the Fund may value these securities using more subjective methods, such
as fair value pricing. In such cases, the value determined for a security could be different than the
value realized upon such security's sale. As a result, an investor could pay more than the market value
when buying shares or receive less than the market value when selling shares. This could affect the proceeds
of any redemption or the number of shares an investor receives upon purchase.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund is subject to the
risk that it could not meet redemption requests within the allowable time period without significant
dilution of remaining investors' interests in the Fund. To meet redemption requests or to raise cash
to pursue other investment opportunities, the Fund may be forced to sell securities at an unfavorable
time and/or under unfavorable conditions, which may adversely affect the Fund. These risks are heightened
for fixed-income instruments because of the current low interest rate environment.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Money Market/Short-Term Securities Risk:</span> To the extent the Fund holds cash
or invests in money market or short-term securities, the Fund may be less likely to achieve its investment
objective. In addition, it is possible that the Fund's investments in these instruments could lose money.</p>
You
can lose money by investing in the Fund.
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.
Past Performance
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
The
following bar chart and table indicate some of the risks of investing in the Fund. The bar chart shows
you how the Fund's calendar year performance has varied over time. Sales loads, if any, are not reflected
in the bar chart. If they were, returns would be less than those shown. The average annual total returns
table shows how the Fund's average annual total returns (before and after taxes) compare to those of
two broad-based securities market indices and to the Blended Benchmark Index (Net), a composite representation
prepared by the Manager of the performance of the Fund's asset classes weighted according to their respective
weightings in the Fund's target range. The Blended Benchmark Index (Net) is comprised of the MSCI World
Index (Net) and the Bloomberg Barclays U.S. Aggregate Bond Index weighted 60%/40%, respectively. The
Fund has selected the MSCI World Index (Net) as its primary benchmark. The MSCI World Index (Net) is
a free float-adjusted market capitalization weighted Index that is designed to measure the equity market
performance of developed markets. The Fund has selected the Bloomberg Barclays U.S. Aggregate Bond Index
as an additional benchmark. The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark
that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including
Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate
and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed
securities. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Performance
data for the classes varies based on differences in their fee and expense structures. Performance data
is not shown for classes with less than one calendar year of performance.Past performance (before and
after taxes) is not necessarily an indication of how the Fund will perform in the future. Please visit
newyorklifeinvestments.com/funds for more recent performance information.</p>
The
following bar chart and table indicate some of the risks of investing in the Fund.
Sales loads, if any, are not reflected
in the bar chart. If they were, returns would be less than those shown.
The
Fund has selected the MSCI World Index (Net) as its primary benchmark.
Performance data
is not shown for classes with less than one calendar year of performance.
Past performance (before and
after taxes) is not necessarily an indication of how the Fund will perform in the future.
newyorklifeinvestments.com/funds
Annual Returns, Class I Shares
(by calendar year 2011-2020)
<table cellpadding="0" cellspacing="0" style="clear:both" width="34%">
<tr style="font-size:1pt;">
<td style="width:61.54%"> </td>
<td style="width:29.49%"> </td>
<td style="width:8.97%"> </td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Best Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q2/2020
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
10.31
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Worst
Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q1/2020
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">-14.02</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
</table>
Best Quarter
2020-06-30
0.1031
Worst
Quarter
2020-03-31
-0.1402
Average Annual Total Returns (for the periods ended December 31, 2020)
2004-01-02
0.0725
0.0812
0.0810
0.0643
0.0665
0.0648
0.0447
0.0593
0.0601
1995-01-03
0.0374
0.0663
0.0722
2008-02-28
0.0356
0.0648
0.0700
1987-12-29
0.0097
0.0658
0.0681
1998-09-01
0.0498
0.0689
0.0681
2015-02-27
0.0684
0.0775
0.0529
2016-02-29
0.0658
0.0820
2018-02-28
0.0729
0.0788
MSCI World Index (Net) (reflects
no deductions for fees, expenses, or taxes, except foreign withholding taxes)
Net) (reflects
no deductions for fees, expenses, or taxes, except foreign withholding taxes
0.1590
0.1219
0.0987
Bloomberg
Barclays U.S. Aggregate Bond Index (reflects no deductions for fees, expenses, or taxes)
reflects no deductions for fees, expenses, or taxes
0.0751
0.0444
0.0384
Blended
Benchmark Index (reflects no deductions for fees, expenses, or taxes, except foreign withholding taxes)
reflects no deductions for fees, expenses, or taxes, except foreign withholding taxes
0.1331
0.0934
0.0768
After-tax
returns are calculated using the highest individual federal marginal income tax rates in effect at the
time of each distribution or capital gain or upon the sale of Fund shares, and do not reflect the impact
of state and local taxes.
In some cases, the return after taxes may exceed the return before taxes due
to an assumed tax benefit from any losses on a sale of shares at the end of the measurement period.
Actual
after-tax returns depend on your tax situation and may differ from those shown. After-tax returns are
not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts.
After-tax returns shown are for Class I shares. After-tax returns for the other
share classes may vary.
After-tax
returns are calculated using the highest individual federal marginal income tax rates in effect at the
time of each distribution or capital gain or upon the sale of Fund shares, and do not reflect the impact
of state and local taxes.
In some cases, the return after taxes may exceed the return before taxes due
to an assumed tax benefit from any losses on a sale of shares at the end of the measurement period.
Actual
after-tax returns depend on your tax situation and may differ from those shown. After-tax returns are
not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts.
After-tax returns shown are for Class I shares. After-tax returns for the other
share classes may vary.
MainStay MacKay Convertible Fund
Investment
Objective
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund seeks capital appreciation together with current income.</p>
Fees and
Expenses of the Fund
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The table below describes the fees and expenses that you may pay
if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and
other fees to financial intermediaries, which are not reflected in the tables and examples below. You
may qualify for sales charge discounts if you and your family invest, or agree to invest in the future,
at least $50,000 in the MainStay Funds. This amount may vary depending on the MainStay Fund in which
you invest. In addition, different financial intermediary firms and financial professionals may impose
different sales loads and waivers. More information about these and other discounts or waivers is available
from your financial professional, in the "Information on Sales Charges" section starting on page 131
of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in
the "Alternative Sales Arrangements" section on page 137 of the Statement of Additional Information.
</p>
You
may qualify for sales charge discounts if you and your family invest, or agree to invest in the future,
at least $50,000 in the MainStay Funds.
50000
Shareholder Fees (fees paid directly from your
investment)
0.0550
0.0500
0
0
0
0
0
0.0500
0.0100
0
Annual Fund Operating Expenses (expenses that
you pay each year as a percentage of the value of your investment)
0.0056
0.0056
0.0056
0.0056
0.0056
0.0025
0.0025
0.0100
0.0100
0
0.0015
0.0035
0.0035
0.0035
0.0015
0.0096
0.0116
0.0191
0.0191
0.0071
0.0000
0.0000
0.0000
0.0000
-0.0010
0.0096
0.0116
0.0191
0.0191
0.0061
Example
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The
Example is intended to help you compare the cost of investing in the Fund with the cost of investing
in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated
whether or not you redeem all of your shares at the end of those periods (except as indicated with respect
to Class B and Class C shares). The Example reflects Class B and Class C shares converting into Investor
Class shares in years 9-10; expenses could be lower if you are eligible to convert to Class A shares
instead. The Example also assumes that your investment has a 5% return each year and that the Fund's
operating expenses remain the same. The Example reflects the contractual fee waiver and/or expense reimbursement
arrangement, if applicable, for the current duration of the arrangement only. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:</p>
Assuming no redemption
Assuming redemption at end of period
643
612
194
694
194
294
62
839
850
600
900
600
600
217
1052
1106
1032
1232
1032
1032
385
1663
1839
2038
2038
2038
2038
873
Portfolio Turnover
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund pays transaction costs, such as commissions,
when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable
account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect
the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 46%
of the average value of its portfolio. </p>
0.46
Principal Investment Strategies
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund, under normal circumstances, invests
at least 80% of its assets (net assets plus any borrowings for investment purposes) in "convertible securities"
such as bonds, debentures, corporate notes, and preferred stocks or other securities that are convertible
into common stock or the cash value of a stock or a basket or index of equity securities. The balance
of the Fund may be invested or held in non-convertible debt, equity securities that do not pay regular
dividends, U.S. government securities, and cash or cash equivalents.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Investment Process:</span> The Fund takes a flexible approach by investing in a broad
range of securities of a variety of companies and industries. The Fund invests in investment grade and
below investment grade debt securities. Below investment grade securities are generally securities that
receive low ratings from a nationally recognized statistical rating organization (“NRSRO”), or if
unrated, are determined to be of equivalent quality by MacKay Shields LLC, the Fund's Subadvisor. Securities
that are rated below investment grade by independent rating agencies are commonly referred to as “high-yield
securities” or "junk bonds." The Subadvisor may also invest without restriction in securities with
lower ratings from a NRSRO. If NRSROs assign different ratings to the same security, the Fund will use
the higher rating for purposes of determining the security's credit quality.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">In selecting convertible securities
for purchase or sale, the Subadvisor takes into account a variety of investment considerations, including
the potential return of the common stock into which the convertible security is convertible, credit risk,
projected interest return, and the premium for the convertible security relative to the underlying common
stock. The Subadvisor may give consideration to certain environmental, social, and governance (“ESG”)
criteria when evaluating an investment opportunity.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund may also invest in "synthetic" convertible
securities, which are derivative positions composed of two or more securities whose investment characteristics,
taken together, resemble those of traditional convertible securities. Unlike traditional convertible
securities whose conversion values are based on the common stock of the issuer of the convertible security,
"synthetic" and "exchangeable" convertible securities are preferred stocks or debt obligations of an
issuer which are structured with an embedded equity component whose conversion value is based on the
value of the common stocks of one or more different issuers or a particular benchmark (which may include
indices, baskets of domestic stocks, commodities, a foreign issuer or basket of foreign stocks, or a
company whose stock is not yet publicly traded). The value of a synthetic convertible is the sum of the
values of its preferred stock or debt obligation component and its convertible component.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund may invest in foreign
securities, which are securities issued by companies organized outside the United States or that trade
primarily in non-U.S. securities markets. Generally, an issuer of a security is considered to be U.S.
or foreign based on the issuer's "country of risk," as determined by a third-party service provider such
as Bloomberg.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Subadvisor may sell a security if it believes the security will no longer contribute
to meeting the investment objective of the Fund. In considering whether to sell a security, the Subadvisor
may evaluate, among other things, the condition of the economy, meaningful changes in the issuer's financial
condition, changes in credit risk, and changes in projected interest return.</p>
Principal Risks
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
You
can lose money by investing in the Fund.
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. The investments
selected by the Subadvisor may underperform the market in which the Fund invests or other investments.
The Fund may receive large purchase or redemption orders which may have adverse effects on performance
if the Fund were required to sell securities, invest cash or hold a relatively large amount of cash at
times when it would not otherwise do so. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The principal risks of investing in the Fund are summarized below.
</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Market Risk:</span> The value of the Fund’s investments
may fluctuate because of changes in the markets in which the Fund invests, which could cause the Fund
to underperform other funds with similar investment objectives and strategies. Such changes may be rapid
and unpredictable. From time to time, markets may experience periods of stress for potentially prolonged
periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii)
increased redemptions of Fund shares. Such conditions may add significantly to the risk of volatility
in the net asset value of the Fund's shares. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Portfolio
Management Risk:</span> The investment strategies, practices and risk analyses used by the Subadvisor
may not produce the desired results. The Subadvisor may give consideration to certain ESG criteria when
evaluating an investment opportunity. The application of ESG criteria may result in the Fund (i) having
exposure to certain securities 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. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Yield Risk:</span> There can be no guarantee that the Fund will achieve or maintain
any particular level of yield.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Convertible
Securities Risk:</span> Convertible securities are typically subordinate to an issuer’s other debt
obligations. In part, the total return for a convertible security depends upon the performance of the
underlying stock into which it can be converted. Also, issuers of convertible securities are often not
as strong financially as those issuing securities with higher credit ratings, are more likely to encounter
financial difficulties and typically are more vulnerable to changes in the economy, such as a recession
or a sustained period of rising interest rates, which could affect their </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">ability
to make interest and principal payments. If an issuer stops making interest and/or principal payments,
the Fund could lose its entire investment.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Synthetic
Convertible Securities Risk:</span> The values of a synthetic convertible and a true convertible security
may respond differently to market fluctuations. In addition, in purchasing a synthetic convertible security,
the Fund may have counterparty (including counterparty credit) risk with respect to the financial institution
or investment bank that offers the instrument.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Debt
Securities Risk:</span> The risks of investing in debt or fixed-income securities include (without limitation):
(i) credit risk, e.g., the issuer or guarantor of a debt security may be unable or unwilling (or be perceived
as unable or unwilling) to make timely principal and/or interest payments or otherwise honor its obligations,
or changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness
may affect the value of the Fund’s investments; (ii) maturity risk, e.g., a debt security with a longer
maturity may fluctuate in value more than one with a shorter maturity; (iii) market risk, e.g., low demand
for debt securities may negatively impact their price; (iv) interest rate risk, e.g., when interest rates
go up, the value of a debt security generally goes down, and when interest rates go down, the value of
a debt security generally goes up (long-term debt securities are generally more susceptible to interest
rate risk than short-term debt securities); and (v) call or prepayment risk, e.g., during a period of
falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the
Fund’s income if the proceeds are reinvested at lower interest rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Interest rate risk is the
risk that the value of the Fund’s investments in fixed income or debt securities will change because
of changes in interest rates<span style="font-family:Sans-Serif; font-style:normal; font-weight:normal;">.
There is a risk that interest rates across the financial system may change, possibly significantly and/or
rapidly</span>. Changes in interest rates or a lack of market participants may lead to decreased liquidity
and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to
sell its fixed-income or debt holdings. Decreased liquidity in the fixed-income or debt markets also
may make it more difficult to value some or all of the Fund’s fixed-income or debt holdings. For most
fixed-income investments, when market interest rates fall, prices of fixed-rate debt securities rise.
However, when market interest rates fall, prices of certain variable and fixed-rate debt securities may
be adversely affected (i.e., falling interest rates bring the possibility of prepayment risk, as an instrument
may be redeemed before maturity). Certain countries have experienced negative interest rates on certain
fixed-income instruments. Very low or negative interest rates may magnify interest rate risk. Changing
interest rates, including rates that fall below zero, may have unpredictable effects on markets, may
result in heightened market volatility and may detract from Fund performance to the extent a Fund is
exposed to such interest rates and/or volatility. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Not all U.S. government debt securities are
guaranteed by the U.S. government—some are backed only by the issuing agency, which must rely on its
own resources to repay the debt. The Fund's yield will fluctuate with changes in short-term interest
rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">High-Yield Securities Risk:</span>
Investments in high-yield securities or non-investment grade securities (commonly referred to as "junk
bonds") are considered speculative because investments in such securities present a greater risk of loss
than investments in higher quality securities. Such securities may, under certain circumstances, be less
liquid than higher rated securities. These securities pay investors a premium (a high interest rate or
yield) because of the potential illiquidity and increased risk of loss. These securities can also be
subject to greater price volatility. In times of unusual or adverse market, economic or political conditions,
these securities may experience higher than normal default rates.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Equity Securities Risk:</span> 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 manager's ability to anticipate such changes that can adversely
affect the value of the Fund's holdings.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Foreign
Securities Risk:</span> Investments in foreign (non-U.S.) securities may be riskier than investments
in U.S. securities. Foreign regulatory regimes and securities markets can have less stringent investor
protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and
securities markets, and can experience political, social and economic developments that may affect the
value of the Fund's investments in foreign securities. Foreign securities may also subject the Fund's
investments to changes in currency rates. Changes in the value of foreign currencies may make the return
on an investment increase or decrease, unrelated to the quality or performance of the investment itself.
These risks may be greater with respect to securities of companies that conduct their business activities
in emerging markets or whose securities are traded principally in emerging markets.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Liquidity and Valuation Risk:</span> The Fund’s investments may be illiquid at the
time of purchase or liquid at the time of purchase and subsequently become illiquid due to, among other
things, events relating to the issuer of the securities, market events, operational issues, economic
conditions, investor perceptions or lack of market participants. The lack of an active trading market
may make it difficult to sell or obtain an accurate price for a security. If market conditions or issuer
specific developments make it difficult to value securities, the Fund may value these securities using
more subjective methods, such as fair value pricing. In such cases, the value determined for a security
could be different than the value realized upon such security's sale. As a result, an investor could
pay more than the market value when buying shares or receive less than the market value when selling
shares. This could affect the proceeds of any redemption or the number of shares an investor receives
upon purchase.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">The Fund is subject to the risk that it could not meet redemption requests within the
allowable time period without significant dilution of remaining investors' interests in the Fund. To
meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced
to sell securities at an unfavorable time and/or under unfavorable conditions, which may adversely affect
the Fund. These risks are heightened for fixed-income instruments because of the current low interest
rate environment.</p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
<span style="font-family:Sans-Serif; font-weight:bold;">Money Market/Short-Term Securities Risk:</span> To
the extent the Fund holds cash or invests in money market or short-term securities, the Fund may be less
likely to achieve its investment objective. In addition, it is possible that the Fund's investments in
these instruments could lose money.</p>
You
can lose money by investing in the Fund.
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.
Past Performance
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">
The following bar chart and
table indicate some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar
year performance has varied over time. Sales loads, if any, are not reflected in the bar chart. If they
were, returns would be less than those shown. The average annual total returns table shows how the Fund's
average annual total returns (before and after taxes) compare to those of a broad-based securities market
index. The Fund has selected the ICE BofA U.S. Convertible Index<span style="font-family:Sans-Serif; font-style:normal; font-size:6.0pt; font-weight:normal;"> </span>as its primary benchmark. The ICE BofA
U.S. Convertible Index is a market-capitalization weighted index of domestic corporate convertible securities.
In order to be included in the ICE BofA U.S. Convertible Index, bonds and preferred stocks must be convertible
only to common stock. </p>
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:normal; text-align:left;">Performance data for the classes varies based on differences in their fee and expense
structures. Performance data is not shown for classes with less than one calendar year of performance.Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform
in the future. Please visit newyorklifeinvestments.com/funds for more recent performance information.</p>
The following bar chart and
table indicate some of the risks of investing in the Fund.
Sales loads, if any, are not reflected in the bar chart. If they
were, returns would be less than those shown.
The Fund has selected the ICE BofA U.S. Convertible Index as its primary benchmark.
Performance data is not shown for classes with less than one calendar year of performance.
Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform
in the future.
newyorklifeinvestments.com/funds
Annual
Returns, Class I Shares
(by calendar
year 2011-2020)
<table cellpadding="0" cellspacing="0" style="clear:both" width="34%">
<tr style="font-size:1pt;">
<td style="width:61.54%"> </td>
<td style="width:29.49%"> </td>
<td style="width:8.97%"> </td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Best Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q2/2020
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">
23.34
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
<tr>
<td colspan="2" style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:10.0pt; font-style:normal; font-weight:bold; text-align:left;">
Worst
Quarter
</p>
</td>
<td style="border-bottom:0.75pt; border-bottom-color:#000000; border-bottom-style:solid; font-size:1pt; vertical-align:top"> </td>
</tr>
<tr>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">
Q3/2011
</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:right;">-16.90</p>
</td>
<td style="border-bottom:0.25pt; border-bottom-color:#000000; border-bottom-style:solid; vertical-align:bottom;">
<p style="font-family:Sans-Serif; font-size:8.0pt; font-style:normal; font-weight:normal; text-align:left;">%</p>
</td>
</tr>
</table>
Best Quarter
2020-06-30
0.2334
Worst
Quarter
2011-09-30
-0.1690
Average Annual Total Returns (for the periods ended December 31, 2020)
2008-11-28
0.3544
0.1505
0.1089
0.3290
0.1335
0.0884
0.2219
0.1155
0.0805
1995-01-03
0.2757
0.1337
0.0994
2008-02-28
0.2730
0.1317
0.0973
1986-05-01
0.2868
0.1337
0.0953
1998-09-01
0.3274
0.1362
0.0953
ICE
BofA U.S. Convertible Index (reflects no deductions for fees, expenses, or taxes)
reflects no deductions for fees, expenses, or taxes
0.4622
0.1776
0.1259
After-tax returns are calculated
using the highest individual federal marginal income tax rates in effect at the time of each distribution
or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes.
In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit
from any losses on a sale of shares at the end of the measurement period.
Actual after-tax returns depend
on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold
your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary.
After-tax returns are calculated
using the highest individual federal marginal income tax rates in effect at the time of each distribution
or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes.
In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit
from any losses on a sale of shares at the end of the measurement period.
Actual after-tax returns depend
on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold
your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary.
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2020-10-31
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2021-03-04
2021-03-05
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~ http://www.mainstayinvestments.com/20201031/role/RRSchedule57 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule60 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule61 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule62 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule63 ~
~ http://www.mainstayinvestments.com/20201031/role/RRBarChart64 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule65 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule68 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule69 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule70 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule71 ~
~ http://www.mainstayinvestments.com/20201031/role/RRBarChart72 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule73 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule76 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule77 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule78 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule79 ~
~ http://www.mainstayinvestments.com/20201031/role/RRBarChart80 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule81 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule84 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule85 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule86 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule87 ~
~ http://www.mainstayinvestments.com/20201031/role/RRBarChart88 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule89 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule92 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule93 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule94 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule95 ~
~ http://www.mainstayinvestments.com/20201031/role/RRBarChart96 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule97 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule100 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule101 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule102 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule103 ~
~ http://www.mainstayinvestments.com/20201031/role/RRBarChart104 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule105 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule108 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule109 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule110 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule111 ~
~ http://www.mainstayinvestments.com/20201031/role/RRBarChart112 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule115 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule116 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule117 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule118 ~
~ http://www.mainstayinvestments.com/20201031/role/RRBarChart119 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule120 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule123 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule124 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule125 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule126 ~
~ http://www.mainstayinvestments.com/20201031/role/RRBarChart127 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule128 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule131 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule132 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule133 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule134 ~
~ http://www.mainstayinvestments.com/20201031/role/RRBarChart135 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule136 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule139 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule140 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule141 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule142 ~
~ http://www.mainstayinvestments.com/20201031/role/RRBarChart143 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule144 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule147 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule148 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule149 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule150 ~
~ http://www.mainstayinvestments.com/20201031/role/RRBarChart151 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule152 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule155 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule156 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule157 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule158 ~
~ http://www.mainstayinvestments.com/20201031/role/RRBarChart159 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule160 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule163 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule164 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule165 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule166 ~
~ http://www.mainstayinvestments.com/20201031/role/RRBarChart167 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule168 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule171 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule172 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule173 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule174 ~
~ http://www.mainstayinvestments.com/20201031/role/RRBarChart175 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule178 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule179 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule180 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule181 ~
~ http://www.mainstayinvestments.com/20201031/role/RRBarChart182 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule183 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule186 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule187 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule188 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule189 ~
~ http://www.mainstayinvestments.com/20201031/role/RRBarChart190 ~
~ http://www.mainstayinvestments.com/20201031/role/RRSchedule191 ~
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.
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.
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
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.
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.
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.
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.
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
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.
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.
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
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.
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.
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
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.
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.
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.
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.
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
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.
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.
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
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.
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.
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
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.
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.
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.
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.
No initial sales charge applies on investments of $250,000 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.
No initial sales charge applies on investments of $250,000 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.
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
No initial sales charge applies on investments of $250,000 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.
No initial sales charge applies on investments of $250,000 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.
Restated to reflect current management fees.
Restated to reflect current management fees.
Restated to reflect current management fees.
Restated to reflect current management fees.
Restated to reflect current management fees.
Restated to reflect current management fees.
Restated to reflect current management fees.
Restated to reflect current management fees.
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
No initial sales charge applies on investments of $250,000 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.
No initial sales charge applies on investments of $250,000 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.
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.
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.
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
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.
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.
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
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.
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.
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.
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.
No initial sales charge applies on investments of $250,000 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.
No initial sales charge applies on investments of $250,000 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.
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
No initial sales charge applies on investments of $250,000 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.
No initial sales charge applies on investments of $250,000 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.
Restated to reflect current management fees.
Restated to reflect current management fees.
Restated to reflect current management fees.
Restated to reflect current management fees.
Restated to reflect current management fees.
Restated to reflect current management fees.
Restated to reflect current management fees.
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
No initial sales charge applies on investments of $250,000 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.
No initial sales charge applies on investments of $250,000 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.
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.
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.
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
February 28, 2022
Class B
shares are closed to all new purchases as well as additional investments by existing Class B shareholders.
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.
The management fee is as follows: 0.75% on assets up to $1
billion; 0.70% on assets from $1 billion to $3 billion; and 0.675% on assets over $3 billion, plus a
fee for fund accounting services previously provided by New York Life Investment Management LLC (“New
York Life Investments”) under a separate fund accounting agreement. This fund accounting services fee
amounted to 0.01% of the Fund's average daily net assets.
New York Life Investments has contractually agreed to
limit the transfer agency expenses charged to each of the Fund’s share classes to a maximum of 0.35%
of that share class’s average daily net assets on an annual basis after deducting any applicable Fund
or class-level expense reimbursements or small account fees. This agreement will remain in effect until
February 28, 2022, and shall renew automatically for one-year terms unless New York Life Investments
provides written notice of termination prior to the start of the next term or upon approval of the Board
of Trustees of the Fund.
Class B
shares are closed to all new purchases as well as additional investments by existing Class B shareholders.
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.
The management fee is as follows: 0.75% on assets up to $500
million; 0.725% on assets from $500 million to $750 million; 0.71% on assets from $750 million to $1
billion; 0.70% on assets from $1 billion to $2 billion; 0.66% on assets from $2 billion to $3 billion;
0.61% on assets from $3 billion to $7 billion; 0.585% on assets from $7 billion to $9 billion; and 0.575%
on assets over $9 billion.
Class B
shares are closed to all new purchases as well as additional investments by existing Class B shareholders.
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.
The management fee is as follows: 0.55% on assets up to $500
million; 0.525% on assets from $500 million to $1 billion; and 0.50% on assets over $1 billion.
Based on
estimated amounts for the current fiscal year.
New York Life Investment Management LLC ("New York Life
Investments") has contractually agreed to limit the transfer agency expenses charged to each of the Fund’s
share classes to a maximum of 0.35% of that share class’s average daily net assets on an annual basis
after deducting any applicable Fund or class-level expense reimbursements or small account fees. This
agreement will remain in effect until February 28, 2022, and shall renew automatically for one-year terms
unless New York Life Investments provides written notice of termination prior to the start of the next
term or upon approval of the Board of Trustees of the Fund.
Class B
shares are closed to all new purchases as well as additional investments by existing Class B shareholders.
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.
The management fee is as follows: 0.89% on assets up to $500
million and 0.85% on assets over $500 million.
New York Life Investment Management LLC ("New York Life Investments")
has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating
Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction
expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) fund fees
and expenses) for a class do not exceed the following percentage of its average daily net assets: Class
I, 0.85% and Class R6, 0.83%. New York Life Investments will apply an equivalent waiver or reimbursement,
in an equal number of basis points of the Class R6 shares waiver/reimbursement to the Class A, Investor
Class, Class B, Class C, Class R1, Class R2, Class R3 and SIMPLE Class shares. This agreement will remain
in effect until February 28, 2022, and shall renew automatically for one-year terms unless New York Life
Investments provides written notice of termination prior to the start of the next term or upon approval
of the Board of Trustees of the Fund.
Class B
shares are closed to all new purchases as well as additional investments by existing Class B shareholders.
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.
The management fee is as follows: 0.75% on assets up to $1
billion; 0.70% on assets from $1 billion to $3 billion; and 0.675% on assets over $3 billion, plus a
fee for fund accounting services previously provided by New York Life Investment Management LLC (“New
York Life Investments”) under a separate fund accounting agreement. This fund accounting services fee
amounted to 0.01% of the Fund's average daily net assets.
New York Life Investments has contractually agreed to
limit the transfer agency expenses charged to each of the Fund’s share classes to a maximum of 0.35%
of that share class’s average daily net assets on an annual basis after deducting any applicable Fund
or class-level expense reimbursements or small account fees. This agreement will remain in effect until
February 28, 2022, and shall renew automatically for one-year terms unless New York Life Investments
provides written notice of termination prior to the start of the next term or upon approval of the Board
of Trustees of the Fund.
Class B
shares are closed to all new purchases as well as additional investments by existing Class B shareholders.
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.
The management fee is as follows: 0.75% on assets up to $500
million; 0.725% on assets from $500 million to $750 million; 0.71% on assets from $750 million to $1
billion; 0.70% on assets from $1 billion to $2 billion; 0.66% on assets from $2 billion to $3 billion;
0.61% on assets from $3 billion to $7 billion; 0.585% on assets from $7 billion to $9 billion; and 0.575%
on assets over $9 billion.
Class B
shares are closed to all new purchases as well as additional investments by existing Class B shareholders.
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.
The management fee is as follows: 0.55% on assets up to $500
million; 0.525% on assets from $500 million to $1 billion; and 0.50% on assets over $1 billion.
Based on
estimated amounts for the current fiscal year.
New York Life Investment Management LLC ("New York Life
Investments") has contractually agreed to limit the transfer agency expenses charged to each of the Fund’s
share classes to a maximum of 0.35% of that share class’s average daily net assets on an annual basis
after deducting any applicable Fund or class-level expense reimbursements or small account fees. This
agreement will remain in effect until February 28, 2022, and shall renew automatically for one-year terms
unless New York Life Investments provides written notice of termination prior to the start of the next
term or upon approval of the Board of Trustees of the Fund.
Class B
shares are closed to all new purchases as well as additional investments by existing Class B shareholders.
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.
The management fee is as follows: 0.89% on assets up to $500
million and 0.85% on assets over $500 million.
New York Life Investment Management LLC ("New York Life Investments")
has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating
Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction
expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) fund fees
and expenses) for a class do not exceed the following percentage of its average daily net assets: Class
I, 0.85% and Class R6, 0.83%. New York Life Investments will apply an equivalent waiver or reimbursement,
in an equal number of basis points of the Class R6 shares waiver/reimbursement to the Class A, Investor
Class, Class B, Class C, Class R1, Class R2 and Class R3 shares. This agreement will remain in effect
until February 28, 2022, and shall renew automatically for one-year terms unless New York Life Investments
provides written notice of termination prior to the start of the next term or upon approval of the Board
of Trustees of the Fund.
Class B
shares are closed to all new purchases as well as additional investments by existing Class B shareholders.
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.
The management fee is as follows: 0.70% on assets up to $500
million and 0.65% on assets over $500 million.
New York Life Investment Management LLC ("New York Life Investments")
has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating
Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction
expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) fund fees
and expenses) do not exceed the following percentages of its average daily net assets: Class A, 1.15%;
and Class I, 0.85%. New York Life Investments will apply an equivalent waiver or reimbursement, in an
equal number of basis points as the Class A shares waiver/reimbursement, to Investor Class, Class B,
Class C and SIMPLE Class shares. In addition, New York Life Investments will waive fees and/or reimburse
expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary
expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments,
and acquired (underlying) fund fees and expenses) of Class R6 do not exceed those of Class I. This agreement
will remain in effect until February 28, 2022, and shall renew automatically for one-year terms unless
New York Life Investments provides written notice of termination prior to the start of the next term
or upon approval of the Board of Trustees of the Fund.
Class B
shares are closed to all new purchases as well as additional investments by existing Class B shareholders.
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.
The management fee is as follows: 0.60% on assets up to $500
million; 0.55% on assets from $500 million to $5 billion; 0.525% on assets from $5 billion to $7 billion;
0.50% on assets from $7 billion to $10 billion; 0.49% on assets from $10 billion to $15 billion; and
0.48% on assets over $15 billion, plus a fee for fund accounting services previously provided by New
York Life Investment Management LLC under a separate fund accounting agreement. This fund accounting
services fee amounted to 0.01% of the Fund's average daily net assets.
Class B
shares are closed to all new purchases as well as additional investments by existing Class B shareholders.
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.
The management fee is as follows: 0.60% on assets up to $500
million; 0.55% on assets from $500 million up to $1 billion; 0.50% on assets from $1 billion to $5 billion;
and 0.475% on assets over $5 billion, plus a fee for fund accounting services previously provided by
New York Life Investment Management LLC under a separate fund accounting agreement. This fund accounting
services fee amounted to 0.01% of the Fund's average daily net assets.
Class B
shares are closed to all new purchases as well as additional investments by existing Class B shareholders.
No initial
sales charge applies on investments of $250,000 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.
The management fee is as follows: 0.50% on assets up to $500
million; 0.475% on assets from $500 million to $1 billion; and 0.45% on assets over $1 billion.
New York
Life Investment Management LLC ("New York Life Investments") has contractually agreed to waive fees and/or
reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation,
extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of
portfolio investments, and acquired (underlying) fund fees and expenses) for a class do not exceed the
following percentage of its average daily net assets: Class A, 0.85% and Class R6, 0.53%. New York Life
Investments will apply an equivalent waiver or reimbursement, in an equal number of basis points of the
Class A shares waiver/reimbursement to Investor Class, Class B, Class C, Class I and SIMPLE Class shares.
This agreement will remain in effect until February 28, 2022, and shall renew automatically for one-year
terms unless New York Life Investments provides written notice of termination prior to the start of the
next term or upon approval of the Board of Trustees of the Fund.
Class B
shares are closed to all new purchases as well as additional investments by existing Class B shareholders.
No initial
sales charge applies on investments of $250,000 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.
Restated to reflect current management fees. The management
fee is as follows: 0.45% on assets up to $500 million; 0.425% on assets from $500 million to $1 billion;
0.40% on assets from $1 billion to $5 billion; 0.39% on assets from $5 billion to $7 billion; and 0.38%
on assets over $7 billion, plus a fee for fund accounting services previously provided by New York Life
Investment Management LLC under a separate fund accounting agreement. This fund accounting services fee
amounted to 0.01% of the Fund's average daily net assets.
Class B
shares are closed to all new purchases as well as additional investments by existing Class B shareholders.
The management
fee is as follows: 0.40% on assets up to $500 million; 0.35% on assets from $500 million up to $1 billion;
and 0.30% on assets over $1 billion.
New
York Life Investment Management LLC ("New York Life Investments") has contractually agreed to waive fees
and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation,
extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of
portfolio investments, and acquired (underlying) fund fees and expenses) do not exceed the following
percentages of its average daily net assets: Class A, 0.70%; Investor Class, 0.80%; Class B, 0.80%; Class
C, 0.80%; and SIMPLE Class, 0.80%. This agreement will remain in effect until February 28, 2022, and
shall renew automatically for one-year terms unless New York Life Investments provides written notice
of termination prior to the start of the next term or upon approval of the Board of Trustees of the Fund.
Class B
shares are closed to all new purchases as well as additional investments by existing Class B shareholders.
No initial
sales charge applies on investments of $250,000 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.
The management fee is as follows: 0.64% on assets up to $500
million; 0.60% on assets from $500 million up to $1 billion; 0.575% on assets from $1 billion up to $5
billion; and 0.565% on assets over $5 billion, plus a fee for fund accounting services previously provided
by New York Life Investment Management LLC under a separate fund accounting agreement. This fund accounting
services fee amounted to 0.01% of the Fund's average daily net assets.
Class B
shares are closed to all new purchases as well as additional investments by existing Class B shareholders.
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.
The management fee is as follows: 0.60% on assets up to $500
million; 0.55% on assets from $500 million up to $1 billion; 0.50% on assets from $1 billion up to $2
billion; and 0.49% on assets over $2 billion, plus a fee for fund accounting services previously provided
by New York Life Investment Management LLC (“New York Life Investments”) under a separate fund accounting
agreement. This fund accounting services fee amounted to 0.01% of the Fund's average daily net assets.
New York
Life Investments has contractually agreed to waive fees and/or reimburse expenses so that Total Annual
Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and
other transaction expenses relating to the purchase or sale of portfolio investments, and acquired (underlying)
fund fees and expenses) for Class I shares do not exceed 0.61% of its average daily net assets. This
agreement will remain in effect until February 28, 2022, and shall renew automatically for one-year terms
unless New York Life Investments provides written notice of termination prior to the start of the next
term or upon approval of the Board of Trustees of the Fund.
Class B
shares are closed to all new purchases as well as additional investments by existing Class B shareholders.
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.
The management fee is as follows: 0.70% on assets up to $500
million and 0.65% on assets over $500 million.
New York Life Investment Management LLC ("New York Life Investments")
has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating
Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction
expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) fund fees
and expenses) do not exceed the following percentages of its average daily net assets: Class A, 1.15%;
and Class I, 0.85%. New York Life Investments will apply an equivalent waiver or reimbursement, in an
equal number of basis points as the Class A shares waiver/reimbursement, to Investor Class, Class B and
Class C shares. This agreement will remain in effect until February 28, 2022, and shall renew automatically
for one-year terms unless New York Life Investments provides written notice of termination prior to the
start of the next term or upon approval of the Board of Trustees of the Fund.
Class B
shares are closed to all new purchases as well as additional investments by existing Class B shareholders.
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.
The management fee is as follows: 0.60% on assets up to $500
million; 0.55% on assets from $500 million to $5 billion; 0.525% on assets from $5 billion to $7 billion;
0.50% on assets from $7 billion to $10 billion; 0.49% on assets from $10 billion to $15 billion; and
0.48% on assets over $15 billion, plus a fee for fund accounting services previously provided by New
York Life Investment Management LLC under a separate fund accounting agreement. This fund accounting
services fee amounted to 0.01% of the Fund's average daily net assets.
Class B
shares are closed to all new purchases as well as additional investments by existing Class B shareholders.
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.
The management fee is as follows: 0.60% on assets up to $500
million; 0.55% on assets from $500 million up to $1 billion; 0.50% on assets from $1 billion to $5 billion;
and 0.475% on assets over $5 billion, plus a fee for fund accounting services previously provided by
New York Life Investment Management LLC under a separate fund accounting agreement. This fund accounting
services fee amounted to 0.01% of the Fund's average daily net assets.
Class B
shares are closed to all new purchases as well as additional investments by existing Class B shareholders.
No initial
sales charge applies on investments of $250,000 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.
The management fee is as follows: 0.50% on assets up to $500
million; 0.475% on assets from $500 million to $1 billion; and 0.45% on assets over $1 billion.
New York
Life Investment Management LLC ("New York Life Investments") has contractually agreed to waive fees and/or
reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation,
extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of
portfolio investments, and acquired (underlying) fund fees and expenses) for a class do not exceed the
following percentage of its average daily net assets: Class A, 0.85% and Class R6, 0.53%. New York Life
Investments will apply an equivalent waiver or reimbursement, in an equal number of basis points of the
Class A shares waiver/reimbursement to Investor Class, Class B, Class C and Class I shares. This agreement
will remain in effect until February 28, 2022, and shall renew automatically for one-year terms unless
New York Life Investments provides written notice of termination prior to the start of the next term
or upon approval of the Board of Trustees of the Fund.
Class B
shares are closed to all new purchases as well as additional investments by existing Class B shareholders.
No initial
sales charge applies on investments of $250,000 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.
Restated to reflect current management fees. The management
fee is as follows: 0.45% on assets up to $500 million; 0.425% on assets from $500 million to $1 billion;
0.40% on assets from $1 billion to $5 billion; 0.39% on assets from $5 billion to $7 billion; and 0.38%
on assets over $7 billion, plus a fee for fund accounting services previously provided by New York Life
Investment Management LLC under a separate fund accounting agreement. This fund accounting services fee
amounted to 0.01% of the Fund's average daily net assets.
Class B
shares are closed to all new purchases as well as additional investments by existing Class B shareholders.
The management
fee is as follows: 0.40% on assets up to $500 million; 0.35% on assets from $500 million up to $1 billion;
and 0.30% on assets over $1 billion.
New
York Life Investment Management LLC ("New York Life Investments") has contractually agreed to waive fees
and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation,
extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of
portfolio investments, and acquired (underlying) fund fees and expenses) do not exceed the following
percentages of its average daily net assets: Class A, 0.70%; Investor Class, 0.80%; Class B, 0.80%; Class
C, 0.80%; and SIMPLE Class, 0.80%. This agreement will remain in effect until February 28, 2022, and
shall renew automatically for one-year terms unless New York Life Investments provides written notice
of termination prior to the start of the next term or upon approval of the Board of Trustees of the Fund.
Class B
shares are closed to all new purchases as well as additional investments by existing Class B shareholders.
No initial
sales charge applies on investments of $250,000 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.
The management fee is as follows: 0.64% on assets up to $500
million; 0.60% on assets from $500 million up to $1 billion; 0.575% on assets from $1 billion up to $5
billion; and 0.565% on assets over $5 billion, plus a fee for fund accounting services previously provided
by New York Life Investment Management LLC under a separate fund accounting agreement. This fund accounting
services fee amounted to 0.01% of the Fund's average daily net assets.
Class B
shares are closed to all new purchases as well as additional investments by existing Class B shareholders.
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.
The management fee is as follows: 0.60% on assets up to $500
million; 0.55% on assets from $500 million up to $1 billion; 0.50% on assets from $1 billion up to $2
billion; and 0.49% on assets over $2 billion, plus a fee for fund accounting services previously provided
by New York Life Investment Management LLC (“New York Life Investments”) under a separate fund accounting
agreement. This fund accounting services fee amounted to 0.01% of the Fund's average daily net assets.
New York
Life Investments has contractually agreed to waive fees and/or reimburse expenses so that Total Annual
Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and
other transaction expenses relating to the purchase or sale of portfolio investments, and acquired (underlying)
fund fees and expenses) for Class I shares do not exceed 0.61% of its average daily net assets. This
agreement will remain in effect until February 28, 2022, and shall renew automatically for one-year terms
unless New York Life Investments provides written notice of termination prior to the start of the next
term or upon approval of the Board of Trustees of the Fund.