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.


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


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 theportfolio managers' ability to anticipate such changes that can adversely affect the value of the Fund's holdings.


Investing in smaller companies involves special risks, including higher volatility and lower liquidity. 


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.


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


There can be no guarantee that the Fund will achieve or maintain any particular level of yield.


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


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


Russell 2000 Index is a small-cap stock market index of the bottom 2,000 stocks in the Russell 3000 Index.


An investment cannot be made directly into 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.


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 MacKay Small Cap Core Fund Morningstar Risk-Adjusted Ratings: US Fund Small Blend Category -  Class A Shares Overall Rating 2 stars out of 630 funds, 3 Year 2 stars out of 630 funds, 5 Year 2 stars out of 526 funds, 10 Year 2 stars out of 368 funds. Class B Shares Overall Rating 2 stars out of 630 funds, 3 Year 2 stars out of 630 funds, 5 Year 2 stars out of 526 funds, 10 Year 1 stars out of 368 funds. Class C Shares Overall Rating 2 stars out of 630 funds, 3 Year 2 stars out of 630 funds, 5 Year 2 stars out of 526 funds, 10 Year 1 stars out of 368 funds.  Class I Shares Overall Rating 2 stars out of 630 funds, 3 Year 2 stars out of 630 funds, 5 Year 2 stars out of 526 funds, 10 Year 2 stars out of 368 funds. Class INV Shares Overall Rating 2 stars out of 630 funds, 3 Year 2 stars out of 630 funds, 5 Year 2 stars out of 526 funds, 10 Year 2 stars out of 368 funds. Class R1 Shares Overall Rating 2 stars out of 630 funds, 3 Year 2 stars out of 630 funds, 5 Year 2 stars out of 526 funds, 10 Year 2 stars out of 368 funds.  Class R2 Shares Overall Rating 2 stars out of 630 funds, 3 Year 2 stars out of 630 funds, 5 Year 2 stars out of 517 funds, 10 Year 2 stars out of 368 funds. Class R3 Shares Overall Rating 2 stars out of 630 funds, 3 Year 2 stars out of 630 funds, 5 Year 2 stars out of 526 funds, 10 Year 2 stars out of 368 funds.