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MainStay
Retirement 2010 Fund
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Summary Prospectus
February 28, 2014
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Class
/Ticker
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A
MYRAX
Investor
MYRDX
I
MYRIX
R1
MYRRX
R2
MYRWX
R3
MYREX
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To
Statutory Prospectus
To Statement of Additional Information
Before you invest, you may want to review the Fund's Prospectus,
which contains more information about the Fund and its risks. You can find the Fund's Prospectus and
other information about the Fund by going online to mainstayinvestments.com/documents, by calling 800-MAINSTAY
(624-6782) or by sending an e-mail to MainStayShareholderServices@nylim.com. The Fund's Prospectus and
Statement of Additional Information, both dated February 28, 2014, as may be amended from time to time,
are incorporated by reference into this Summary Prospectus.
The Fund seeks to maximize total return over time consistent with its current investment
allocation. Total return is defined as a combination of long-term growth of capital and current income.
"2010" in the Fund's name refers to the approximate year an investor in the Fund had planned to retire
and likely would have stopped making new investments in the Fund. The Fund is designed for an investor
who has retired or is seeking to retire between 2010 and 2015, and who plans to withdraw the value of
the investor's account in the Fund gradually after retirement.
Fees and
Expenses of the Fund
The table below describes the fees and expenses that you may pay
if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family
invest, or agree to invest in the future, at least $50,000 in the MainStay Funds. This amount may vary
depending on the MainStay Fund in which you invest. More information about these and other discounts
is available from your financial professional and in the "Information on Sales Charges" section starting
on page 55 of the Prospectus and in the "Alternative Sales Arrangements" section on page 103 of the Statement
of Additional Information.
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Class
A
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Investor Class
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Class I
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Class R1
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Class R2
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Class R3
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Shareholder Fees
(fees paid directly from your
investment)
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Maximum Sales Charge (Load) Imposed on Purchases (as a percentage
of offering price)
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5.50
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%
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5.50
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%
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None
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None
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None
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None
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Maximum Deferred Sales Charge (Load) (as a percentage of the lesser
of the original offering price or redemption proceeds)
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None
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1
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None
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1
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None
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None
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None
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None
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Annual Fund Operating Expenses
(expenses that
you pay each year as a percentage of the value of your investment)
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Management
Fees (as an annual percentage of the Fund's average daily net assets)
2
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0.10
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%
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0.10
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%
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0.10
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%
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0.10
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%
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0.10
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%
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0.10
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%
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Distribution
and/or Service (12b-1) Fees
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0.25
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%
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0.25
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%
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None
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None
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0.25
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%
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0.50
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%
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Other
Expenses
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0.40
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%
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0.66
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%
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0.40
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%
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0.50
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%
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0.50
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%
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0.50
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%
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Acquired
(Underlying) Fund Fees and Expenses
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0.64
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%
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0.64
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%
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0.64
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%
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0.64
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%
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0.64
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%
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0.64
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%
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Total
Annual Fund Operating Expenses
3
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1.39
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%
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1.65
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%
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1.14
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%
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1.24
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%
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1.49
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%
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1.74
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%
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Waivers
/ Reimbursements
3
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(0.38
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)%
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(0.54
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)%
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(0.38
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)%
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(0.38
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)%
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(0.38
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)%
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(0.38
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)%
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Total
Annual Fund Operating Expenses After Waivers / Reimbursements
3
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1.01
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%
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1.11
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%
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0.76
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%
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0.86
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%
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1.11
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%
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1.36
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%
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1.
A contingent
deferred sales charge of 1.00% may be imposed on certain redemptions made within one year of the date
of purchase on shares that were purchased without an initial sales charge.
2.
New York Life Investment Management LLC (“New York Life
Investments”) has contractually agreed to waive its management fees to 0.00%. This agreement will
remain in effect until February 28, 2015, and shall renew automatically for one-year terms unless
New York Life Investments provides written notice of termination prior to the start of the next term
or upon approval of the Board of Trustees of the Fund. Without this waiver the management fee would be
0.10%.
3.
New York Life
Investments has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund
Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other
transaction expenses relating to the purchase or sale of portfolio investments, and acquired (underlying)
fund fees and expenses) of a class do not exceed the following percentages of average daily net assets:
Class A, 0.375%; Investor Class, 0.475%; Class I, 0.125%; Class R1, 0.225%; Class R2, 0.475%; and Class
R3, 0.725%. This agreement will remain in effect until February 28, 2015, and shall renew automatically
for one-year terms unless New York Life Investments provides written notice of termination prior to the
start of the next term or upon approval of the Board of Trustees of the Fund.
The
Example is intended to help you compare the cost of investing in the Fund with the cost of investing
in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated
and then redeem all of your shares at the end of those periods. The Example also assumes that your investment
has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual
costs may be higher or lower, based on these assumptions your costs would be:
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Expenses After
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Class A
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Investor
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Class I
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Class R1
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Class R2
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Class R3
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Class
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1 Year
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$ 647
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$ 657
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$ 78
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$ 88
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$ 113
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$ 138
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3
Years
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$ 930
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$ 992
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$ 325
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$ 356
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$ 434
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$ 511
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5
Years
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$ 1,234
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$ 1,350
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$ 591
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$ 644
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$ 777
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$ 908
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10
Years
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$ 2,096
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$ 2,354
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$ 1,352
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$ 1,466
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$ 1,747
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$ 2,020
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(NYLIM) NL037 MS10RF01-02/14
The Fund pays transaction costs, such as commissions, when it buys and sells securities
(or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and
may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not
reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During
the most recent fiscal year, the Fund's portfolio turnover rate was 82% of the average value of its portfolio.
Principal
Investment Strategies
The Fund is a "fund of funds," meaning that it seeks to achieve
its investment objective by investing primarily in mutual funds managed by New York Life Investments
("affiliated Underlying Funds"), mutual funds managed by an advisor not affiliated with New York Life
Investments or exchange traded funds ("ETFs") ("unaffiliated Underlying Funds"), if a New York Life Investments
managed mutual fund in a particular asset class is not available (collectively, "Underlying Funds").
The
Fund seeks to achieve its investment objective by normally investing approximately 62% (within a range
of 52% to 72%) of its assets in Underlying Fixed-Income Funds and approximately 38% (within a range of
28% to 48%) of its assets in Underlying Equity Funds. The Underlying Equity Funds may consist of approximately
8% (within a range of 0% to 20%) of international equity funds. The asset mix will progressively reduce
equity exposure and become more conservative during the ten years after the target retirement date, when
it will become approximately 30% equities (within a range of 20% to 40%) and 70% fixed income (within
a range of 60% to 80%). New York Life Investments may change the asset class allocations within the range
stated above, the Underlying Funds in which the Fund invests, or the target weighting without prior approval
from shareholders. With respect to investments in Underlying Equity Funds with a global mandate, as determined
by an independent monitoring firm, the assets will be allocated equally between U.S. equity funds and
international equity funds for the purpose of calculating weighting in these asset classes.
New York Life Investments uses
a two-step asset allocation process to create the Fund's portfolio. The first step includes a strategic
review of the broader target allocation to equity and fixed-income, and the determination of tactical
asset allocation adjustments, which establish how the Fund's investable portfolio (meaning the Fund's
assets available for investment, other than working cash balances) is to be invested across asset classes.
The
following chart illustrates the Fund's target allocation among the asset classes as of January 1, 2014,
and how the target allocation will change over time as the Fund continues to pass its target retirement
date of 2010, until it reaches its final allocation. The Fund’s target allocation will continue
to change, becoming more conservative over a period of time after retirement (approximately ten years).
Target allocations and/or actual holdings will vary from time to time as a result of the tactical allocation
process, although these variations will remain within the ranges described above.
The
second step in the portfolio construction process involves the actual selection of Underlying Funds to
represent the two broad asset classes indicated above and the determination of target weightings among
the Underlying Funds for the Fund's portfolio. To provide broad diversification, the Fund may invest
in Underlying Funds which invest in sub-asset classes, including U.S. and international equity styles
(large-, mid- and small-cap, as well as growth, value and blended styles) and fixed-income sectors (investment
grade, high yield, bank loan, international, emerging market and inflation-protected bonds), as well
as other sub-asset classes (real estate investment trusts ("REITs"), commodities and market neutral strategies).
The Fund may invest in any or all of the Underlying Funds within an asset class, but will not normally
invest in every Underlying Fund at one time. Selection of individual Underlying Funds is based on several
factors, including, but not limited to, past performance and total portfolio characteristics (e.g., size,
style, credit quality and duration). The Fund may invest in ETFs to gain broad market, sector or asset
class exposure during periods when it has large amounts of uninvested cash.
New York Life Investments monitors
the Fund's portfolio daily to ensure the Fund's actual asset class allocation among the Underlying Funds
continues to conform to the Fund's target allocation over time and may periodically adjust target asset
class allocations based on various quantitative and qualitative data relating to the U.S. and international
economies, securities markets and various segments within those markets. For cash management purposes
or in response to adverse market or other conditions, the Fund may, regardless of its normal asset class
allocation, temporarily hold all or a portion of its assets in U.S. government securities, money market
funds, cash or cash equivalents.
The Underlying Funds can buy many types of equity and debt securities,
including those issued by U.S. issuers and to a more limited extent, those issued by foreign issuers.
Such investments could have a positive or adverse effect on the Underlying Funds' performance, which
in turn, could have a similar effect on the Fund's performance. In times of unusual or adverse market,
economic or political conditions, securities in which the Underlying Funds may invest may
2
experience
higher than normal default rates. In connection with the asset allocation process, the Fund may from
time to time, invest more than 25% of its assets in one Underlying Fund.
Principal Risks of the Underlying
Funds
Loss of Money Risk:
Before
considering an investment in the Fund, you should understand that you could lose money. The Fund's level
of risk will depend on its investment allocation in the Underlying Funds. Principal risks of the Underlying
Funds which could adversely affect the performance of the Fund, may include:
Market Changes Risk:
The value of an Underlying Fund's investments may change
because of broad changes in the markets in which the Underlying Fund invests, which could cause the Underlying
Fund to underperform other funds with similar objectives. From time to time, markets may experience periods
of acute stress that may result in (i) increased volatility; and (ii) increased redemptions. Such conditions
may add significantly to the risk of volatility in the net asset value of the Underlying Fund's shares.
Management Risk:
The investment strategies, practices
and risk analysis used by the Underlying Fund's manager or subadvisor may not produce the desired results.
Derivatives Risk:
Derivatives are investments
whose value depends on (or is derived from) the value of an underlying instrument, such as a security,
asset, reference rate or index. Derivative strategies often involve leverage, which may exaggerate a
loss, potentially causing the Underlying Fund to lose more money than it would have lost had it invested
in the underlying instrument. Derivatives may be difficult to sell, unwind or value. Derivatives may
also be subject to counterparty risk, which is the risk that the counterparty (the party on the other
side of the transaction) on a derivative transaction will be unable to honor its contractual obligations
to the Underlying Fund.
Equity Securities Risk:
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 the portfolio managers'
ability to anticipate such changes that can adversely affect the value of the Underlying Fund's holdings.
Opportunity for greater gain often comes with greater risk of loss.
Debt Securities Risk:
The risks of investing in debt securities include (without
limitation): (i) credit risk, i.e., the issuer may not repay the loan created by the issuance of that
debt security; (ii) maturity risk, i.e., a debt security with a longer maturity may fluctuate in value
more than one with a shorter maturity; (iii) market risk, i.e., low demand for debt securities may negatively
impact their price; (iv) interest rate risk, i.e., when interest rates go up, the value of a debt security
goes down, and when interest rates go down, the value of a debt security goes up (long-term debt securities
will normally have more price volatility because of interest rate risk than short-term debt securities);
(v) selection risk, i.e., the securities selected by the Underlying Fund's manager or subadvisor may
underperform the market or other securities selected by other funds; and (vi) call risk, i.e., during
a period of falling interest rates, the issuer may redeem a security by repaying it early, which may
reduce the Underlying Fund’s income if the proceeds are reinvested at lower interest rates.
Interest
rates in the United States are at, or near, historic lows, which may increase an Underlying Fund’s
exposure to risks associated with rising interest rates. Moreover, rising interest rates or lack of market
participants may lead to decreased liquidity in the bond markets, making it more difficult for an Underlying
Fund to sell its bond holdings at a time when the manager or subadvisor might wish to sell. Decreased
liquidity in the bond markets also may make it more difficult to value some or all of an Underlying Fund’s
bond holdings.
Foreign Securities Risk:
Investments in foreign securities may be riskier than investments in U.S. securities. Differences between
U.S. and foreign regulatory regimes and securities markets, including less stringent investor protections
and disclosure standards of some foreign markets, less liquid trading markets and political and economic
developments in foreign countries, may affect the value of an Underlying Fund's investments in foreign
securities. Foreign securities may also subject an Underlying Fund's investments to changes in currency
rates. These risks may be greater with respect to securities of companies that conduct their business
activities in emerging markets or whose securities are traded principally in emerging markets.
Growth Stock Risk:
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.
High-Yield
Securities Risk:
Investments in high-yield securities or non-investment grade securities (commonly
referred to as "junk bonds") are sometimes considered speculative because they present a greater risk
of loss than higher quality securities. Such securities may, under certain circumstances, be less liquid
than higher rated securities. These securities pay investors a premium (a high interest rate or yield)
because of the increased risk of loss. These securities can also be subject to greater price volatility.
In times of unusual or adverse market, economic or political conditions, these securities may experience
higher than normal default rates.
Liquidity
and Valuation Risk:
Securities purchased by an Underlying Fund that are liquid at the time of
purchase may subsequently become illiquid due to, among other things, events relating to the issuer of
the securities, market events, economic conditions, investor perceptions or lack of market participants.
The lack of an active trading market may make it difficult to obtain an accurate price for a security.
If market conditions make it difficult to value securities, the Underlying Fund may value these securities
using more subjective methods, such as fair value pricing. In such cases, the value determined for a
security could be different than the value realized upon such security's sale. As a result, the Fund
could pay more than the market value when buying Underlying Fund shares or receive less than the market
value when selling Underlying Fund shares. Liquidity risk may also refer to the risk that an Underlying
Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market
conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests, an Underlying
Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.
Small-Cap and Mid-Cap Stock Risk:
Stocks of
small-cap and mid-cap companies may be subject to greater price volatility, significantly lower trading
volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask
prices than stocks of larger companies. Because these businesses frequently rely on narrower product
lines and niche markets, they can suffer isolated setbacks. Smaller capitalization companies may be more
vulnerable to adverse business or market developments.
3
Mortgage-Related and Asset-Backed Securities Risk:
Prepayment risk is associated with mortgage-related securities and asset-backed securities. If interest
rates fall, the underlying debt may be repaid ahead of schedule, reducing the value of an Underlying
Fund's investments. If interest rates rise, there may be fewer prepayments, which would cause the average
bond maturity to rise and increase the potential for the Underlying Fund to lose money. The ability of
an Underlying Fund to successfully utilize these instruments may depend on the ability of the Underlying
Fund's manager or subadvisor to forecast interest rates and other economic factors correctly. These securities
may have a structure that makes their reaction to interest rate changes and other factors difficult to
predict, making their value highly volatile. The value of these securities may be significantly affected
by changes in interest rates, the market's perception of the issuers, and the creditworthiness of the
parties involved.
Real Estate Investment Trust
Risk:
Investments in REITs involve risks associated with direct ownership of real estate, including
decline in property values, extended vacancies, increases in property taxes and changes in interest rates.
Additionally, REITs are dependent upon management skills, may not be diversified, may experience substantial
cost in the event of borrower or lessee defaults and are subject to heavy cash flow dependency.
Short Sales Risk:
If a security sold short increases
in price, an Underlying Fund may have to cover its short position at a higher price than the short sale
price, resulting in a loss, which could be theoretically unlimited. An Underlying Fund may have substantial
short positions and must borrow those securities to make delivery to the buyer. An Underlying Fund may
not be able to borrow a security that it needs to deliver or it may not be able to close out a short
position at an acceptable price and may have to sell related long positions before it had intended to
do so. Thus, an Underlying Fund may not be able to successfully implement its short sale strategy due
to limited availability of desired securities or for other reasons. By investing the proceeds received
from selling securities short, an Underlying Fund is employing a form of leverage which creates special
risks.
The Underlying Fund may also be required to pay a premium and other transaction costs,
which would increase the cost of the security sold short. The amount of any gain will be decreased, and
the amount of any loss increased, by the amount of the premium, dividends, interest or expenses the Underlying
Fund may be required to pay in connection with the short sale.
Until an Underlying Fund replaces a borrowed
security, it is required to maintain a segregated account of cash or liquid assets with a broker or custodian
to cover the Underlying Fund's short position. Generally, securities held in a segregated account cannot
be sold unless they are replaced with other liquid assets. The Underlying Fund's ability to access the
pledged collateral may also be impaired in the event the broker fails to comply with the terms of the
contract. In such instances the Underlying Fund may not be able to substitute or sell the pledged collateral.
Additionally, an Underlying Fund must maintain sufficient liquid assets (less any additional collateral
pledged to or held by the broker), marked-to-market daily, to cover the short sale obligation. This may
limit an Underlying Fund's investment flexibility, as well as its ability to meet redemption requests
or other current obligations.
Because losses on short sales arise from increases in the value
of the security sold short, such losses are theoretically unlimited. By contrast, a loss on a long position
arises from decreases in the value of the security and is limited by the fact that a security’s
value cannot go below zero.
Value Stock
Risk:
Value stocks may never reach what the Underlying Fund's portfolio manager believes is their
full value or they may go down in value. In addition, different types of stocks tend to shift in and
out of favor depending on market and economic conditions, and therefore the performance of Underlying
Funds that invest in value stocks may be lower or higher than that of funds that invest in other types
of equity securities.
Principal Risks of the Fund
Asset Allocation Risk:
Although allocation among different asset classes generally
limits the Fund's exposure to the risks of any one class, the risk remains that New York Life Investments
may favor an asset class that performs poorly relative to the other asset classes. For example, deteriorating
stock market conditions might cause an overall weakness in the market that reduces the absolute level
of stock prices in that market. Under these circumstances, if the Fund, through its holdings of Underlying
Funds, were invested primarily in stocks, it would perform poorly relative to a portfolio invested primarily
in bonds. Similarly, the portfolio managers of the Underlying Funds could be incorrect in their analysis
of economic trends, countries, industries, companies, the relative attractiveness of asset classes or
other matters. Moreover, because the Fund has set limitations on the amount of assets that may be allocated
to each asset class, the Fund has less flexibility in its investment strategy than mutual funds that
are not subject to such limitations. In addition, the asset allocations made by the Fund may not be ideal
for all investors and may not effectively increase returns or decrease risk for investors.
Concentration Risk:
To the extent that the Fund invests a significant portion
of its assets in a single Underlying Fund, it will be particularly sensitive to the risks associated
with that Underlying Fund and changes in the value of that Underlying Fund may have a significant effect
on the net asset value of the Fund. Similarly, the extent to which an Underlying Fund invests more than
25% of its assets in a single industry or economic sector may also adversely impact the Fund, depending
on the Fund's level of investment in that Underlying Fund.
Exchange
Traded Fund ("ETF") Risk:
The risks of owning an ETF generally reflect the risks of owning the
underlying securities they are designed to track, although lack of liquidity in an ETF could result in
it being more volatile than the underlying portfolio of securities. Disruptions in the markets for the
securities underlying ETFs purchased or sold by the Fund could result in losses on the Fund's investment
in ETFs. ETFs also have management fees that increase their costs versus the costs of owning the underlying
securities directly.
Inadequate Retirement Income:
An investment in the Fund is not guaranteed, and the Fund may experience losses, including losses near,
at, or after the target date. The Fund is not a complete retirement program, and there is no guarantee
that the Fund will provide sufficient retirement income to an investor at and through an investor's retirement.
Moreover, there is no guarantee that the Fund's performance will keep pace with or exceed the rate of
inflation, which may reduce the value of your investment over time.
Conflicts of Interest:
Potential conflicts of interest situations could occur.
For example, New York Life Investments may be subject to potential conflicts of interest in selecting
the Underlying Funds because the fees paid to it and its affiliates by some Underlying Funds are higher
than the fees paid by other Underlying Funds. In addition, the portfolio managers may have an incentive
to select certain Underlying Funds due to compensation considerations. Moreover, a situation could occur
where proper action for the Fund could be adverse to the interest of an Underlying Fund or vice versa.
The
Fund may invest in unaffiliated Underlying Funds through an investment platform maintained by New York
Life Investments. Unaffiliated Underlying Funds or their affiliates may pay New York Life Investments
a fee in connection with their participation on this platform. In addition, unaffiliated Underlying Funds
4
may
pay service fees of up to 0.25% of average daily net assets attributable to investments by the Fund to
NYLIM Service Company LLC, the Fund's transfer agent, for shareholder and subaccounting services in connection
with the Fund's investments in the unaffiliated Underlying Funds. NYLIM Service Company LLC will use
any such fees collected to offset or reduce the other expenses of the Fund, including the Fund's expenses
for transfer agency services. New York Life Investments has procedures in place to monitor the selection
process of unaffiliated Underlying Funds. Payment of service fees are not considered as part of the selection
process.
New York Life Investments and the portfolio managers have a fiduciary duty to the Fund
to act in the Fund's best interests when selecting Underlying Funds. Under the oversight of the Fund’s
Board of Trustees, New York Life Investments will carefully analyze any such situation and take all steps
believed to be necessary to minimize and, where possible, eliminate potential conflicts.
Large Transaction Risk:
To minimize disruptions to the operations of the Fund
and the Underlying Funds, New York Life Investments seeks to maintain existing target allocations and
to implement small changes to target allocations through the netting of purchases and redemptions of
Fund shares. When New York Life Investments determines to initiate a transaction with an Underlying Fund,
New York Life Investments generally coordinates directly with the portfolio managers of the Underlying
Fund to ensure that the transactions are accommodated efficiently and in a cost effective manner, including
possibly implementing trades over a period of days rather than all at once. These practices may temporarily
affect New York Life Investments' ability to fully implement the Fund's investment strategies.
The
following bar chart and tables indicate some of the risks of investing in the Fund. The bar chart shows
you how the Fund's calendar year performance has varied over the life of the Fund. Sales loads are not
reflected in the bar chart. If they were, returns would be less than those shown. The average annual
total returns table shows how the Fund's average annual total returns (before and after taxes) for the
one-year period, five-year period and the life of the Fund compare to those of three broad-based securities
market indices as well as a composite index. The Fund has selected the Standard & Poor’s 500
®
Index (“S&P 500
®
Index”)
as its primary benchmark. The S&P 500
®
Index is widely regarded as the standard index
for measuring large-cap U.S. stock market performance. The Fund has selected the MSCI EAFE
®
Index as a secondary benchmark.
The MSCI EAFE
®
Index consists of international stocks representing the developed world outside of North America. The
Fund has selected the Barclays U.S. Aggregate Bond Index as an additional benchmark. The 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. The Fund has selected the Retirement 2010 Composite Index
as an additional benchmark. The Retirement 2010 Composite Index consists of the S&P 500
®
Index, the MSCI EAFE
®
Index
and the Barclays U.S. Aggregate Bond Index weighted according to the Fund’s current allocation,
changing annually through the target retirement date.
Performance data for the classes varies based
on differences in their fee and expense structures. The Fund commenced operations on June 29, 2007. Class
R1 shares were first offered to the public on June 29, 2007, although this class of shares has not yet
commenced operations as of the date of this Prospectus. As a result, the performance for Class R1 shares
include the historical performance of Class A shares through December 31, 2013. Class R2 shares were
first offered to the public on June 29, 2007, although this class of shares did not commence operations
until January 8, 2009. Therefore, performance figures for Class R2 shares include the historical performance
of Class A shares through January 7, 2009. Class R3 shares were first offered to the public on June 29,
2007, although this class of shares did not commence operations until May 1, 2008. Therefore, performance
figures for Class R3 shares include the historical performance for Class A shares through April 30, 2008.
Performance figures for Investor Class shares, first offered on February 28, 2008, include the historical
performance of Class A shares through February 27, 2008. The performance for newer share classes is adjusted
for differences in fees and expenses. Unadjusted, the performance shown for the newer classes would
likely have been different. Past performance (before and after taxes) is not necessarily an indication
of how the Fund will perform in the future. Please visit mainstayinvestments.com for more recent performance
information.
Annual Returns, Class I Shares
(by calendar year 2008-2013)
|
|
|
|
|
Best Quarter
|
|
|
3Q/09
|
10.94
|
%
|
|
Worst
Quarter
|
|
|
4Q/08
|
-10.33
|
%
|
5
Average Annual Total Returns
(for the periods
ended December 31, 2013)
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Year
|
5 Years
|
Life of Fund
|
|
|
Return Before Taxes
|
|
|
|
|
|
|
|
|
|
Class A
|
|
5.82
|
%
|
9.99
|
%
|
4.03
|
%
|
|
|
Investor
Class
|
|
5.73
|
%
|
9.88
|
%
|
3.97
|
%
|
|
|
Class I
|
|
12.21
|
%
|
11.51
|
%
|
5.20
|
%
|
|
|
Class R1
|
|
12.15
|
%
|
11.41
|
%
|
5.10
|
%
|
|
|
Class R2
|
|
11.90
|
%
|
11.15
|
%
|
4.86
|
%
|
|
|
Class R3
|
|
11.56
|
%
|
10.83
|
%
|
4.57
|
%
|
|
|
Return
After Taxes on Distributions
|
|
|
|
|
|
|
|
|
|
Class I
|
|
9.96
|
%
|
10.02
|
%
|
3.97
|
%
|
|
|
Return
After Taxes on Distributions and Sale of Fund Shares
|
|
|
|
|
|
|
|
|
|
Class I
|
|
7.93
|
%
|
8.92
|
%
|
3.83
|
%
|
|
|
S&P 500
®
Index (reflects no deductions
for fees, expenses, or taxes)
|
32.39
|
%
|
17.94
|
%
|
5.52
|
%
|
|
|
MSCI EAFE
®
Index (reflects no deductions
for fees, expenses, or taxes)
|
22.78
|
%
|
12.44
|
%
|
0.33
|
%
|
|
|
Barclays U.S. Aggregate Bond Index (reflects
no deductions for fees, expenses, or taxes)
|
-2.02
|
%
|
4.44
|
%
|
5.14
|
%
|
|
|
Retirement
2010 Composite Index (reflects no deductions for fees, expenses, or taxes)
|
11.25
|
%
|
10.47
|
%
|
4.59
|
%
|
|
After-tax
returns are calculated using the highest individual federal marginal income tax rates in effect at the
time of each distribution or capital gain or upon the sale of fund shares, and do not reflect the impact
of state and local taxes. In some cases, the return after taxes may exceed the return before taxes due
to an assumed tax benefit from any losses on a sale of shares at the end of the measurement period. Actual
after-tax returns depend on your tax situation and may differ from those shown. After-tax returns are
not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts. After-tax returns shown are for Class I shares. After-tax returns for the other
share classes may vary.
New York Life Investment Management
LLC serves as the Fund’s Manager and is responsible for the day-to-day portfolio management of the
Fund.
|
|
|
|
|
Manager
|
Portfolio Managers
|
Service Date
|
|
New York Life Investment Management LLC
|
Jae
S. Yoon, Senior Managing Director
|
Since 2011
|
|
|
Jonathan Swaney, Director
|
Since 2007
|
|
|
Poul Kristensen, Director
|
Since
2013
|
How to Purchase and Sell Shares
You may purchase or sell shares
of the Fund on any day the Fund is open for business by contacting your financial adviser or financial
intermediary firm, or by contacting the Fund by telephone at
800-MAINSTAY
(624-6782)
, by mail at MainStay Funds, P.O. Box 8401, Boston, MA 02266-8401 or by accessing our
website at mainstayinvestments.com. Generally, an initial investment minimum of $1,000 applies if you
invest in Investor Class shares, $25,000 for Class A shares and $5,000,000 for individual investors in
Class I shares investing directly (i) with the Fund; or (ii) through certain private banks and trust
companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter
and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in
Investor Class shares. However, for Investor Class shares purchased through AutoInvest, MainStay’s
systematic investment plan, a $500 initial investment minimum and $50 for subsequent purchases applies.
Class R1, Class R2, Class R3 shares and institutional shareholders in Class I shares have no initial
or subsequent investment minimums.
The Fund's distributions are generally taxable
to you as ordinary income, capital gains, or a combination of the two, unless you are investing through
a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account.
Compensation to Financial
Intermediary Firms
If you purchase Fund shares through a financial intermediary firm
(such as a broker/dealer or bank), the Fund and its related companies may pay the intermediary for the
sale of Fund shares and related services. These payments may create a conflict of interest by influencing
the financial intermediary firm or your financial adviser to recommend the Fund over another investment.
Ask your financial adviser or visit your financial intermediary firm's website for more information.
For additional information about compensation to financial intermediaries, please see the section entitled
"Compensation to Financial Intermediary Firms" in the "Shareholder Guide" section starting on page 60
of the Prospectus.
To Statutory Prospectus
To Statement of
Additional Information
6
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