MAINSTAY MACKAY SHORT TERM MUNICIPAL FUND CLASS R6 (MSTEX) Exchange: NMFQS

The Fund, under normal circumstances, investsat least 80% of its assets (net assets plus any borrowings for investment purposes) in municipal debtsecurities, which include debt obligations issued by or on behalf of a government entity or other qualifyingentity/issuer that pays interest that is, in the opinion of bond counsel to the issuers, generally excludablefrom gross income for federal income tax purposes (except that the interest may be includable in taxable income for purposes of the federal alternative minimumtax). The Fund invests in an actively managed, diversified portfolio of tax-exempt municipal debt securities.Municipal debt securities include bonds issued by, or on behalf of, the Districtof Columbia, the states, the territories (including Puerto Rico, Guam and the U.S. Virgin Islands), commonwealthsand possessions of the United States and their political subdivisions, and agencies, authorities andinstrumentalities. Municipal debt securities also include, among other instruments, general obligationbonds, revenue bonds, industrial revenue bonds, industrial development bonds, private activity bonds,as well as short-term, tax-exempt obligations such as municipal notes and variable rate demand obligations.All distributions by the Fund, including any distributions derived from tax-exempt municipal obligations,may be includible in taxable income for purposes of the federal alternative minimum tax.TheFund invests in investment grade securities as rated by a nationally recognized statistical rating organization(“NRSRO”), such as rated BBB- Baa3 or better at the time of purchase, or if unrated, determined tobe of comparable quality by MacKay Shields LLC, the Fund's Subadvisor; and invests in commercial paperonly if rated in the top two highest rating categories by a NRSRO, such as A-1 to A-2 or Prime-1 to Prime-2at the time of purchase, or if unrated, determined by the Subadvisor to be of comparable quality. IfNRSROs assign different ratings for the same security, the Fund will use the higher rating for purposesof determining the credit quality.The Fund may also invest up to 10% of itsnet assets in taxable municipal debt securities. The Fund's principal investmentsmay have fixed, variable or floating interest rates and include: tax-exempt and taxable municipal securities;obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities; certificatesof deposit, time deposits and bankers' acceptances issued by U.S. banks or savings and loan associations;and debt securities issued by corporate entities, governments and agencies, and supranational organizations.The Fund may also invest in municipal debt securities with special features, such as put rights, whichallow the Fund to sell a security at a predetermined price. Normally, the Fund will have a dollar-weightedaverage maturity of three years or less.The Fund may invest in derivatives, suchas futures, options and swap agreements to seek enhanced returns or to seek to reduce the risk of lossby hedging certain of its holdings.Investment Process: The Subadvisor seeks to allocate investmentsprimarily across the tax-exempt debt market, but can also utilize the taxable debt markets. Allocationsto the tax-exempt and taxable debt markets are based on the current economic environment, the level ofabsolute and relative yields, and the Subadvisor’s interest rate outlook. TheSubadvisor’s investment process includes a risk analysis that gives consideration to a variety of security-specificrisks, including but not limited to, environmental, social and governance (“ESG”) risks that mayhave a material impact on the performance of a security. In addition to proprietary research, the Subadvisormay use screening tools and, to the extent available, third party data to identify ESG risk factors thatmay not have been captured through its own research. The Subadvisor’s consideration of ESG risk isweighed against other criteria and therefore does not mean that any sectors, industries or individualsecurities are explicitly excluded from the Fund.The Subadvisor may sella security if it no longer believes that the security will contribute to meeting the investment objectiveof the Fund, which may be determined by an evaluation of economic conditions, the issuer's financialcondition, or relative yield and return expectations.