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BEFORE YOU INVEST

The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results. 


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


The principal risk of investing in value funds is that the price of the security may not approach its anticipated value.


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


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


The Fund may invest in derivatives, which may increase the volatility of the Fund's NAV and may result in a loss to the Fund.


The principal risk of mortgage-related and asset-backed securities is that the underlying debt may be prepaid ahead of schedule, if interest rates fall, thereby reducing the value of the fund’s investment.  If interest rates rise, less of the debt may be prepaid and the fund may lose money. 


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


The Underlying Funds may experience a portfolio turnover rate of over 100% and may generate short-term capital gains which


Russell Midcap® Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap® Index companies with lower price-to-book ratios and lower forecasted growth values.


An investment cannot be made directly into an index. 


Balanced Composite Index consists of the Russell Midcap® Value Index and the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index weighted 60%/40%, respectively.


Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index measures the performance of U.S. dollar denominated U.S. treasuries, government-related and investment-grade U.S. corporate securities that have a remaining maturity of greater than one year and less than ten years.


Unlike other funds, which generally seek to “beat” the market, index funds seek to match their respective indices.  It is not possible to invest in an index.


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

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

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

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

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

Effective Duration provides a measure of a fund's interest-rate sensitivity. The longer a fund's duration, the more sensitive the fund is to shifts in interest rates.

Weighted Average Life measures the maturity of the fund's investments without regard to a security's interest rate reset dates.

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

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


Morningstar ratings as of 1/31/20. 

MainStay Balanced Fund Morningstar Risk-Adjusted Ratings: US Fund Allocation--50% to 70% Equity Category -  MBNAX - Class A Shares Overall Rating 3 stars out of 641 funds, 3 Year 2 stars out of 641 funds, 5 Year 2 stars out of 571 funds, 10 Year 3 stars out of 411 funds. Class B Shares Overall Rating 2 stars out of 641 funds, 3 Year 2 stars out of 641 funds, 5 Year 1 stars out of 571 funds, 10 Year 2 stars out of 411 funds. Class C Shares Overall Rating 2 stars out of 641 funds, 3 Year 2 stars out of 641 funds, 5 Year 1 stars out of 571 funds, 10 Year 2 stars out of 411 funds. MBAIX - Class I Shares Overall Rating 3 stars out of 641 funds, 3 Year 2 stars out of 641 funds, 5 Year 2 stars out of 571 funds, 10 Year 3 stars out of 411 funds. Class INV Shares Overall Rating 2 stars out of 641 funds, 3 Year 2 stars out of 641 funds, 5 Year 2 stars out of 571 funds, 10 Year 2 stars out of 411 funds. Class R1 Shares Overall Rating 3 stars out of 641 funds, 3 Year 2 stars out of 641 funds, 5 Year 2 stars out of 571 funds, 10 Year 3 stars out of 411 funds. Class R2 Shares Overall Rating 3 stars out of 641 funds, 3 Year 2 stars out of 641 funds, 5 Year 2 stars out of 571 funds, 10 Year 3 stars out of 411 funds. Class R3 Shares Overall Rating 2 stars out of 641 funds, 3 Year 2 stars out of 641 funds, 5 Year 2 stars out of 571 funds, 10 Year 2 stars out of 411 funds. Class R6 Shares Overall Rating 3 stars out of 641 funds, 3 Year 2 stars out of 641 funds, 5 Year 2 stars out of 571 funds, 10 Year 3 stars out of 411 funds.