BEFORE YOU INVEST

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


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


The Fund's investments in infrastructure-related securities will 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.


MLPs carry many of the risks inherent in investing in a partnership. State law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded investors in an MLP.


Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. The risks of investing in emerging markets include the risks of illiquidity, increased price volatility, smaller market capitalizations, less government regulation, less extensive and less frequent accounting, financial and other reporting requirements, risk of loss resulting from problems in share registration and custody, substantial economic and political disruptions, and the nationalization of foreign deposits or assets.


The Fund's investments in infrastructure-related securities will 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.


MLPs carry many of the risks inherent in investing in a partnership. State law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded investors in an MLP.


Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. The risks of investing in emerging markets include the risks of illiquidity, increased price volatility, smaller market capitalizations, less government regulation, less extensive and less frequent accounting, financial and other reporting requirements, risk of loss resulting from problems in share registration and custody, substantial economic and political disruptions, and the nationalization of foreign deposits or assets.


Portfolios concentrated in infrastructure securities and Master Limited Partnerships (“MLPs”) may experience price volatility and other risks associated with non-diversification. Investment in infrastructure related companies may be subject to high interest costs in connection with capital construction programs, costs associated with environmental and other regulations, the effects of economic slowdown and surplus capacity, the effects of energy conservation policies, governmental regulation and other factors.


MLPs often own interests Related to the oil and gas industries or other natural resources but may finance other projects. As such, MLPs will be negatively impacted by economic events adversely impacting that industry. Investments in MLPs may offer fewer legal protections than investments in corporations, and limited voting rights.


International investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations.


Emerging markets involve heightened risks related to the same factors, as well as increased volatility and lower trading volume.


Other risks of the Fund include but are not limited to: Company; Convertible Securities; Currency; Derivative Instruments; Investment Model; Liquidity; Market; Market Capitalization; Other Investment Companies; and Securities Lending risks.


FTSE Developed ex North America 50% Hedged to USD Index is the FTSE Developed ex North America Index with 50% of its exposure hedged to U.S. dollars. 


An investment cannot be made directly into an index. 


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.


Information Ratio measures the returns above the returns of a benchmark to the volatility of those returns. 


Tracking Error measures the difference between the return fluctuations of a portfolio and the benchmark. 


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 12/31/20. 

MainStay CBRE Global Infrastructure Fund Morningstar Risk-Adjusted Ratings: US Fund Infrastructure Category - Class A Shares Overall Rating 5 stars out of 78 funds, 3 Year 4 stars out of 78 funds, 5 Year 5 stars out of 59 funds. Class C Shares Overall Rating 4 stars out of 78 funds, 3 Year 4 stars out of 78 funds, 5 Year 4 stars out of 59 funds. Class I Shares Overall Rating 5 stars out of 78 funds, 3 Year 4 stars out of 78 funds, 5 Year 5 stars out of 59 funds. Class INV Shares Overall Rating 5 stars out of 78 funds, 3 Year 4 stars out of 77 funds, 5 Year 5 stars out of 59 funds. Class R6 Shares Overall Rating 5 stars out of 78 funds, 3 Year 4 stars out of 78 funds, 5 Year 5 stars out of 59 funds.