Strategy. The Fund, under normal circumstances, invests at least 90% of its assets (net assets plus any borrowings for investment purposes) in exchange-traded funds where the consideration of environmental, social and governance (ESG) factors is a significant part of the investment strategy and that meet the Funds overall investment criteria. The Fund is a fund of funds that seeks to achieve its investment objective by investing in both unaffiliated and affiliated exchange-traded funds (the Underlying ETFs). The Fund is designed for investors with a particular risk profile as represented by the asset class allocations described below and invests in a distinct mix of Underlying ETFs. The Fund seeks to achieve its investment objective by normally investing approximately 60% (within a range … Show more… The Fund, under normal circumstances, invests at least 90% of its assets (net assets plus any borrowings for investment purposes) in exchange-traded funds where the consideration of environmental, social and governance (ESG) factors is a significant part of the investment strategy and that meet the Funds overall investment criteria. The Fund is a fund of funds that seeks to achieve its investment objective by investing in both unaffiliated and affiliated exchange-traded funds (the Underlying ETFs). The Fund is designed for investors with a particular risk profile as represented by the asset class allocations described below and invests in a distinct mix of Underlying ETFs. The Fund seeks to achieve its investment objective by normally investing approximately 60% (within a range of 50% to 70%) of its assets in Underlying Equity ETFs and approximately 40% (within a range of 30% to 50%) of its assets in Underlying Fixed-Income ETFs. The Fund may invest approximately 15% (within a range of 5% to 25%) of its assets in Underlying International Equity ETFs. New York Life Investments may change the asset class allocations, the Underlying ETFs in which the Fund invests, or the target weighting without approval from shareholders. The Underlying Equity ETFs may invest in growth and value securities with any market capitalizations. The Underlying Fixed-Income ETFs may be of any duration, maturity or credit quality. The Underlying ETFs may hold mortgage and other asset-backed securities. 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 target allocations to the equity and fixed-income asset classes and a determination of any tactical allocation adjustments to establish the portion of the Fund's investable portfolio (meaning the Funds assets available for investment, other than working cash balances) to be invested in each asset class. The following table illustrates the Fund's target allocations among asset classes (the target allocations and/or actual holdings will vary from time to time as a result of the tactical allocation process, although these variations normally will remain within the ranges described above): U.S. Equity International Equity Total Equity Fixed Income MainStay ESG Multi-Asset Allocation Fund 45% 15% 60% 40% The second step in the Fund's portfolio construction process involves the selection of Underlying ETFs to represent the asset classes indicated above and the determination of target weightings among the Underlying ETFs. New York Life Investments first establishes the investment universe by identifying ETFs where the consideration of ESG factors is a significant part of their respective investment processes. New York Life Investments uses multiple third-party service providers to screen for ETFs that explicitly include the integration of ESG factors in their respective investment strategies, with the selection of Underlying ETFs subject to final review by New York Life Investments to confirm suitability for the Fund. The Underlying ETFs will primarily invest in companies or issuers that either exhibit positive ESG characteristics and/or meet certain ESG criteria as identified by the Underlying ETFs advisors. The Underlying ETFs may employ a broad range of ESG investment strategies, varying by asset class and by strategy. This may include, but is not limited to: (i) approaches that employ exclusionary screens based on certain sustainability or values-related criteria; (ii) approaches that select investments based on their ESG characteristics; or (iii) approaches that integrate the analysis of ESG factors to assess the risk-reward profile of securities. The aforementioned selection of the ESG investment universe would generally result in the Fund forgoing some market opportunities available to other portfolios that do not consider ESG factors. The next step is the selection and weighting of specific Underlying ETFs from within that eligible ESG universe of ETFs. Third-party generated ESG scores, where available, which measure the aggregate ESG characteristics of Underlying ETFs, are the primary driver of the selection and the portfolio construction process. New York Life Investments also considers other factors in its investment process, including, but not limited to, in instances where a third-party generated ESG score is not available. These other factors include, but are not limited to: asset size, benchmark tracking error and total annual fund operations expenses. As a result of the focus on overall ESG score, New York Life Investments generally favors ETFs with a balanced mix of environmental, social and governance factors. New York Life Investments will consider selling a security when it no longer meets the investment criteria or a more attractive alternative is identified. New York Life Investments monitors the Fund's portfolio daily to ensure that the Fund's actual asset class allocations among the Underlying ETFs continue to conform to the Fund's target allocations 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 (including emerging markets), securities markets, and various segments within those markets. In connection with the asset allocation process, the Fund may from time to time invest more than 25% of its assets in one Underlying ETF. Show less