The term "fund of funds" is used to describe mutual funds that pursue their investment objectives by investing in other types of funds. By investing in the Fund, you will indirectly bear fees and expenses charged by the underlying funds in which the Fund invests in addition to the Fund's direct fees and expenses. Your cost of investing in the Fund, therefore, may be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. Additionally, the use of a fund-of-funds structure could affect the timing, amount, and character of distributions to you and therefore may increase the amount of taxes payable by you. You should consult your tax and financial professionals regarding these matters.
Before considering an investment in the Fund, you should understand that you could lose money.
The Fund's performance depends on the subadvisor's skill in determining the asset class allocations and the mix of underlying MainStay Funds, as well as the performance of those underlying Funds. The underlying Funds' performance may be lower than the performance of the asset class which they were selected to represent. The Fund is indirectly subject to the investment risks of each underlying Fund held.
Growth stocks may be more volatile than other stocks because they are generally more sensitive to investor perceptions and market moves. During periods of growth stock underperformance, a fund’s performance may suffer.
The principal risk of investing in value funds is that the price of the security may not approach its anticipated value.
Investing in below investment grade securities may carry a greater risk of nonpayment of interest or principal than higher-rated bonds.
Small- and mid-capitalization companies may be more vulnerable to adverse general market or economic developments, and their securities may be less liquid and may experience greater price volatility than larger, more 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.
Floating rate funds are generally considered to have speculative characteristics that involve default risk of principal and interest, collateral impairment, non-diversification, borrower industry concentration, and limited liquidity.
Fixed-income funds with longer maturities are subject to greater volatility than those with shorter maturities.
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.
Liquidity risk is the risk that certain securities may be difficult or impossible to sell at the time that the seller would like or at the price that the seller believes the security is currently worth.
S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
An investment cannot be made directly into an index.
Conservative Allocation Composite Index consists of the S&P 500® Index, the MSCI EAFE® Index, and the Bloomberg Barclays U.S. Aggregate Bond Index weighted 30%, 10%, and 60%, respectively. The MSCI EAFE® Index consists of international stocks representing the developed world outside of North America. 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.
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.
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 Conservative Allocation Fund Morningstar Risk-Adjusted Ratings: US Fund Allocation--30% to 50% Equity Category - Class A Shares Overall Rating 3 stars out of 518 funds, 3 Year 3 stars out of 518 funds, 5 Year 3 stars out of 458 funds, 10 Year 3 stars out of 277 funds. Class B Shares Overall Rating 2 stars out of 518 funds, 3 Year 2 stars out of 518 funds, 5 Year 2 stars out of 458 funds, 10 Year 2 stars out of 277 funds. Class C Shares Overall Rating 2 stars out of 518 funds, 3 Year 2 stars out of 518 funds, 5 Year 2 stars out of 458 funds, 10 Year 2 stars out of 277 funds. Class I Shares Overall Rating 3 stars out of 518 funds, 3 Year 3 stars out of 518 funds, 5 Year 3 stars out of 458 funds, 10 Year 3 stars out of 277 funds. Class INV Shares Overall Rating 3 stars out of 518 funds, 3 Year 3 stars out of 518 funds, 5 Year 3 stars out of 458 funds, 10 Year 3 stars out of 277 funds. Class R2 Shares Overall Rating 3 stars out of 518 funds, 3 Year 3 stars out of 518 funds, 5 Year 3 stars out of 458 funds, 10 Year 3 stars out of 277 funds. Class R3 Shares Overall Rating 2 stars out of 518 funds, 3 Year 2 stars out of 518 funds, 5 Year 2 stars out of 458 funds, 10 Year 3 stars out of 277 funds. Class SIMPLE Shares Overall Rating 2 stars out of 518 funds, 3 Year 2 stars out of 518 funds, 5 Year 2 stars out of 458 funds, 10 Year 2 stars out of 277 funds.