Performance data quoted represents past performance. Past performance is no guarantee of future results. Due to market volatility, current performance may be less or higher than the figures shown. Investment return and principal value will fluctuate so that upon redemption, shares may be worth more or less than their original cost.

The Investment Advisor has delegated its portfolio management responsibilities for this Fund to its Investment Subadvisor, Madison Square Investors, which is a subsidiary of New York Life Investment Management Holdings LLC. The firm offers quantitative investment solutions to a wide range of individual, corporate, public, endowment and foundation, and Taft-Hartley clients. Madsion Square Investors applies a disciplined investment process that brings together the important elements of security analysis, risk management, and superior portfolio construction across all of their investment strategies.

The Fund's performance depends on the advisor'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. Principal risks of the underlying Funds are described below. The Fund may invest more than 25% of its assets in one underlying Fund, which may significantly affect the net asset value of the Fund.

• Stocks can decline due to adverse issuer, market, regulatory, or economic developments. 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 stocks is that the price of the security may not approach its anticipated value or may decline in value.
• There are additional risks associated with investing in mid-cap and small-cap securities. Stocks of midcap companies may be more volatile and less liquid than the securities of larger companies. Stocks of small companies may be subject to higher price volatility, significantly lower trading volume, and greater spreads between bid and ask prices, than stocks of larger companies. Furthermore, small-cap companies may be more vulnerable to adverse business or market developments and may have more limited product lines than large capitalization stocks.
• The underlying Funds may experience a portfolio turnover rate of over 100% and may generate short-term capital gains which are taxable. 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.
• Foreign securities may 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.