Life is complicated. Investing doesn t have to be. MainStay Asset Allocation Funds

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1 Life is complicated. Investing doesn t have to be. MainStay Asset Allocation Funds

2 We can help you have one less thing to worry about. If you are like most people, you ve got your hands full. Juggling work and play schedules, paying bills, taking care of your home all while trying your best to keep the quality in quality time. Often, the best way to manage is to set a routine, stick to it, and find balance in life. While we can t help make your life less complicated, MainStay Asset Allocation Funds can provide an easy way for you to set and stick to an investment plan, based on the time-tested investment principles of asset allocation, diversification, and rebalancing. In one Fund, we determine the right investments, keep track of the markets, monitor day-to-day developments, and make necessary changes along the way so you don t have to. And, with the confidence that your long-term investment plan is in place, you might just have one less thing to worry about. 2

3 Asset allocation The single most critical component of investment success What s the most important component of your long-term investment success? According to one prominent and often referenced study, asset allocation is by far the largest determinant of a portfolio s success significantly more important than the individual securities selected and timing of an investment. Why? Proper asset allocation gives you the potential to lower risk and increase returns by spreading your investments across a variety of asset classes and investment styles that behave differently during market cycles. Asset Allocation Determined 91.5% of the Variation of a Portfolio s Returns Security Selection and Timing of Investments 8.5% Asset Allocation Policy 91.5% Source: Based on the study by Gary P. Brinson, Randolph L. Hood, and Gilbert L. Beebower, Determinants of Portfolio Performance II, Financial Analysts Journal, May/June The study analyzed data from 82 large corporate pension plans with assets of at least $100 million over a 10-year period beginning in 1977, and concluded that asset allocation policy explained, on average, 91.5% of the variation in total plan returns. Think of proper asset allocation as not putting all your eggs in one basket. 1

4 Diversification Let s spread those investments around Diversifying your assets among a variety of investment styles, such as small-cap, mid-cap, and large-cap growth and value stocks as well as government, corporate, and high-yield bonds helps ensure that your portfolio s overall return is not limited to the performance of just one type of security. Of course, markets are unpredictable, and diversification does not assure a profit or guarantee against market loss. A diversified portfolio is especially critical when you consider market declines. If an investment falls 25% in one year, it takes a 33% gain in the following year just to break even. By investing in a variety of market sectors and styles, a loss in one area may be recouped by a gain in another. For instance, during the bear market, a portfolio consisting of only large-cap stocks lost 34% of its value. In contrast, a diversified portfolio experienced less volatility, despite the steep stock market decline. As evidenced by the chart below, a diversified portfolio achieved greater returns with lower risk than the S&P 500 Index stock portfolio over the long term. Balancing risk and reward Your time horizon must also be considered in conjunction with your risk tolerance. An investor with a longer time horizon can usually afford to assume greater short-term risk in exchange for potentially greater long-term returns. As evidenced by the chart below, a diversified portfolio achieved greater returns for the five- and 10-year periods, with lower risk than the large-cap stock portfolio. A Diversified Portfolio Seeks Greater Returns with Lower Risk Over Time 20 % Annualized Return % Risk (Annualized Standard Deviation) Return Percentage Years 5 Years 10 Years 0 3 Years 5 Years 10 Years Diversified Portfolio S&P 500 Index 2 Past performance is no guarantee of future results, which will vary. An investment cannot be made directly into an index. The index performance is not illustrative of the Funds performance. For the most recent MainStay Funds performance, please visit our web site at mainstayinvestments.com. Standard deviation is a statistical measure of the spread of variability. A high standard deviation indicates that the range is wide, implying greater potential for volatility. Past performance is no guarantee of future results. Source: Morningstar for the period ending 12/31/13. The S&P 500 Index, is an unmanaged index that is widely regarded as the standard for measuring large-cap U.S. stock market performance. The Diversified Portfolio is represented by an equally weighted blend of the following six unmanaged indices: Russell 1000 Growth Index, which measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Russell 1000 Value Index, which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Russell 2500 Growth Index, which measures the small- to mid-cap growth segment of the U.S. equity universe. Russell 2500 Value Index, which measures the small- to mid-cap value segment of the U.S. equity universe. Barclays U.S. Aggregate Bond Index, which is a benchmark index composed of U.S. securities in Treasury, Government-Related, Corporate, and Securitized sectors. It includes securities that are of investment-grade quality or better, have at least one year to maturity, and have an outstanding par value of at least $250 million. Credit Suisse High Yield Index is a marketweighted index that includes publicly traded bonds rated below BBB by S&P and Baa by Moody s. Risk, which is synonymous with volatility in this instance, is measured by standard deviation, a statistical measure of the spread of variability. Results assume the reinvestment of all capital gain and dividend distributions. An investment cannot be made directly into an index.

5 Rebalancing Don t let the markets knock your portfolio off balance Even the most properly targeted portfolios can become off balance over time. That s because market movements could cause your allocations to shift. To ensure that your portfolio does not become overly aggressive or too conservative, periodic rebalancing reallocating back to your target allocation becomes essential. Just like life, your portfolio needs a little rebalancing from time to time. Your well-planned asset allocation strategy can be impacted by both rising and declining markets. Rising Stock Market A portfolio consisting of 50% stocks and 50% bonds at the beginning of March 2003 would have shifted to 63% stocks and 37% bonds by the end of November While a larger allocation to stocks is beneficial when the market is rising, in this case, the investor would have been exposed to greater losses during the bear market that began in December % Bonds 50% Stocks 37% Bonds 63% Stocks March 1, 2003 November 30, 2007 Declining Stock Market A portfolio consisting of 50% stocks and 50% bonds at the beginning of December 2007 would have shifted to 37% stocks and 63% bonds by the end of March By not rebalancing the portfolio, the investor did not fully participate in the stock market rally that began in April % Bonds 50% Stocks 63% Bonds 37% Stocks December 1, 2007 March 31, 2009 Source: MPI Stylus (Data: Morningstar), 12/31/11. Stocks are represented by the S&P 500 Index, and bonds are represented by the Barclays U.S. Aggregate Bond Index. Results assume the reinvestment of all capital gain and dividend distributions. An investment cannot be made directly into an index. The index performance is not illustrative of the Funds performance. For MainStay Asset Allocation Funds performance information current to the most recent month-end, visit our web site at mainstayinvestments.com. Hypothetical results are for illustrative purposes only and are not intended to represent the future performance of any specific investment. Past performance is no guarantee of future results. 3

6 The importance of a disciplined approach a tale of three investors Individually, asset allocation, diversification, and rebalancing can be extremely valuable tools. Collectively, they become even more powerful and can potentially help better position your portfolio for long-term investment success. Consider the following examples, which illustrate how three types of hypothetical investors fared using different investment approaches: the Contrarian, the Follower, and the Diversifier. While not immune to short-term market declines, the Diversifier, the investor who collectively applied the principles of sound investing asset allocation, diversification, and rebalancing generated the best returns. Maintaining a diversified portfolio and utilizing a systematic investment plan, such as the one used in this illustration, do not ensure a profit or guarantee against a loss in a declining market. Investors should consider their financial ability to continue to invest through periods of low prices. The Contrarian Invested $10,000 in the worst-performing market segment from the previous year. The Follower Invested $10,000 in the bestperforming market segment from the previous year. The Diversifier Invested $10,000 in a diversified portfolio consisting of equal parts of six asset classes, rebalancing every quarter back to the original asset allocation mix. Combining Asset Allocation, Diversification, and Rebalancing Paid Off Over Time Hypothetical results over a 20-year period (12/31/93-12/31/13). 2 $600k 550k 500k 450k 400k 350k 300k The Diversifier $530,185 $453,112 $448,866 The Follower 250k 200k 150k 100k 50k 0 The Contrarian On 12/31/93, each person invested $10,000 and, during the next 20 years, continued to make annual investments of $10, /93 12/94 12/95 12/96 12/97 12/98 12/99 12/00 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 Past performance is no guarantee of future results, which will vary. An investment cannot be made directly into an index. The index performance is not illustrative of the Funds performance. For the most recent MainStay Funds performance, please visit our web site at mainstayinvestments.com. 2. Source: Morningstar, 12/31/13. Investment returns for the 20-year period from 12/31/93 through 12/31/13. For The Diversifier illustration, six unmanaged indices were used with equal weighting: Russell 1000 Growth Index, Russell 1000 Value Index, Russell 2500 Growth Index, Russell 2500 Value Index, MSCI EAFE Index, and the Barclays U.S. Aggregate Bond Index. Results assume the reinvestment of all capital gain and dividend distributions. An investment cannot be made directly into an index. 4 Hypothetical results are for illustrative purposes only and are not intended to represent the future performance of any specific investment.

7 Packaged investment solutions for today s markets MainStay Asset Allocation Funds are a suite of four pre-constructed investment portfolios that offer investors exposure and diversification across various asset classes and investment styles in a single product. With just one application, one prospectus, and one transaction, investors can access a deep, diverse, and growing set of quality institutional asset managers. Asset allocation and oversight for the Funds are conducted by an experienced team, providing an additional layer of active risk and return management. The Funds are rebalanced regularly to ensure portfolios are not veering off course. Premier investment talent At the core of the MainStay success story is a multi-boutique structure that consists of autonomous institutional asset management firms, each of which is highly specialized, with a unique investment focus, process, and philosophy. The diverse set of quality Funds they manage represents the underlying Fund options in which the MainStay Asset Allocation Funds invest. Seasoned active managers Just as the underlying Funds are actively managed within their specific market segments, asset class exposure itself is actively managed at the fund-of-funds level by seasoned investment professionals, averaging close to 20 years of industry experience. The team monitors market conditions, shifting tactically in response to changing conditions to capture return opportunities or avoid perceived risks. MainStay Asset Allocation Funds Access to World-Class Investment Managers Past performance is no guarantee of future results, which will vary. For the most recent MainStay Funds performance, please visit our web site at mainstayinvestments.com. All mutual funds are subject to market risk and will fluctuate in value. Diversification does not guarantee a profit or protect against a loss. 5

8 MainStay Asset Allocation Funds at work The investment management team of MainStay Asset Allocation Funds evaluates the investment style and individual security holdings of the underlying Funds, assesses the attractiveness of each Fund given current economic conditions, and selects a combination of Funds for each asset allocation target accordingly. This process seeks to control style drift, manage the overlap of individual securities, and provide thorough diversification through more complete coverage of the asset classes, all while emphasizing those underlying Funds with the most compelling current return opportunities. A Sound Investment Strategy in Five Ongoing Steps 1 Analyze global securities markets 2 Evaluate/select underlying Funds 3 Rebalance to maintain target allocations 4 Monitor investment conditions and underlying Funds 5 Reallocate (Process begins anew) underlying Funds selected per portfolio. Actual number of underlying Funds may vary over time. 6 For MainStay Asset Allocation Funds performance information current to the most recent month-end, visit our web site at mainstayinvestments.com.

9 MainStay Asset Allocation Funds: Solutions for Every Investor 0-10% Potential Return Higher 30-50% 50-70% 50-70% 30-50% Moderate Allocation 70-90% 10-30% Moderate Growth Allocation % Growth Allocation Conservative Allocation Equity Fixed Income Relative Risk Higher MainStay Conservative Allocation Fund A: MCKAX Investor: MCKNX C: MCKCX I: MCKIX MainStay Moderate Allocation Fund A: MMRAX Investor: MMRDX C: MMRCX I: MMRIX MainStay Moderate Growth Allocation Fund A: MGDAX Investor: MGDNX C: MGDCX I: MGDIX MainStay Growth Allocation Fund A: MGXAX Investor: MGXNX C: MGXCX I: MGXIX Portfolio management New York Life Strategic Asset Allocation & Solutions Jae Yoon, CFA 24 years of investment experience. Jonathan Swaney 21 years of investment experience. Poul Kristensen, CFA 11 years of investment experience. Talk to your financial professional today and find out more about MainStay Asset Allocation Funds an uncomplicated way to put asset allocation, diversification, and rebalancing to work in your portfolio. 7

10 Before you invest The Funds 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 that they were selected to represent. The Funds may invest more than 25% of their assets in one underlying Fund, which may significantly affect the net asset value of the Funds. The Funds are indirectly subject to the investment risks of each underlying Fund held. Principal risks of the underlying Funds are described below. Stocks and bonds 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, the Funds 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. High-yield securities carry higher risks, and some of the Funds investments have speculative characteristics and present a greater risk of loss than higher-quality debt securities. These securities can also be subject to greater price volatility. Stocks of mid-cap 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. Small-cap companies may be more vulnerable to adverse business or market developments than largecapitalization stocks. 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. When interest rates rise, the prices of fixed-income securities in the underlying Funds portfolios will generally fall. Conversely, when interest rates fall, the prices of fixed-income securities in the underlying Funds portfolios will generally rise. Floating rate funds are generally considered to have speculative characteristics that involve the risk of default on principal and interest and the risks associated with collateral impairment, non-diversification, borrower industry concentration, and limited liquidity. Short sales involve costs and risk. If a security sold short increases in price, the underlying Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. 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 prematurely and not be able to successfully implement its short sales strategy. When borrowing a security for delivery to a buyer, the underlying Fund also may be required to pay a premium and other transaction costs, which would increase the cost of the security sold short. Before making an investment in any of these Funds, you should consider all the risks associated with them and consult the prospectus or summary prospectus for more complete information. About fees and expenses The term fund-of-funds is used to describe mutual funds, such as MainStay Asset Allocation Funds (Funds), that pursue their investment objectives by investing in other mutual funds. Your cost of investing in the Funds may be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. By investing in the Funds, you will indirectly bear fees and expenses charged by the underlying Funds in which the Funds invest in addition to the Funds direct fees and expenses. In addition, 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. 8

11 New York Life & MainStay Investments advantage We are all about delivering long-term results to our clients. We have four distinct attributes that we believe give us a competitive advantage, making us a premier provider of mutual funds and retirement income solutions: A heritage of financial strength Our parent company, New York Life Insurance Company, has a long history of integrity and financial strength. Multi-boutique investment management With our multi-boutique structure, investors can access highly specialized institutional asset managers through MainStay Funds and separately managed accounts. 3 Guaranteed income solutions As the leading provider of income annuities in the industry, we are able to provide clients with a guaranteed income stream for a specified period of time or for the duration of their life. 4 Thought leadership We provide investment insights, perspectives, and wealth-building and wealth-preservation educational tools. All delivered by our number one asset our people. 3. The MainStay Funds are managed by New York Life Investment Management LLC and distributed by NYLIFE Distributors LLC, 169 Lackawanna Avenue, Parsippany, NJ 07054, a wholly owned subsidiary of New York Life Insurance Company. NYLIFE Distributors LLC is a Member FINRA/SIPC. 4. Source: LIMRA, Based on the premium amount each year from Income Annuities are Single Premium Immediate Annuities which are issued by New York Life Insurance and Annuity Corporation (NYLIAC), a Delaware Corporation, a wholly owned subsidiary of New York Life Insurance Company, 51 Madison Ave., New York, NY

12 Multi-Boutique Investments Long-Term Perspective Thought Leadership For more information about MainStay Funds, call 800-MAINSTAY ( ) for a prospectus or summary prospectus. Investors are asked to consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus or summary prospectus contains this and other information about the investment company. Please read the prospectus or summary prospectus carefully before investing. For more information 800-MAINSTAY ( ) mainstayinvestments.com MainStay Investments is a registered service mark and name under which New York Life Investment Management LLC does business. MainStay Investments, an indirect subsidiary of New York Life Insurance Company, New York, NY 10010, provides investment advisory products and services. The MainStay Funds are managed by New York Life Investment Management LLC and distributed by NYLIFE Distributors LLC, 169 Lackawanna Avenue, Parsippany, NJ 07054, a wholly owned subsidiary of New York Life Insurance Company. NYLIFE Distributors LLC is a Member FINRA/SIPC. Not FDIC/NCUA Insured Not a Deposit May Lose Value No Bank Guarantee Not Insured by Any Government Agency NYLIM MS MSAA40a-03/14

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