BEFORE YOU INVEST

Before considering an investment in the Fund, you should understand that you could lose money.


The Fund is not a money market fund and does not attempt to maintain a stable NAV. The Fund's net asset value per share will fluctuate.

Investing in below investment grade securities may carry a greater risk of nonpayment of interest or principal than higher-rated bonds.


Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. These risks may be greater for emerging markets.


Floating rate funds are generally considered to have speculative characteristics that involve default risk of principal and interest, collateral impairment, non-diversification, borrower industry concentration, and limited liquidity.


Issuers of convertible securities may not be as financially strong as those issuing securities with higher credit ratings and are more vulnerable to changes in the economy.


The Fund may invest in derivatives, which may increase the volatility of the Fund's NAV and may result in a loss to the Fund.


Funds that invest in bonds are subject to interest-rate risk and can lose principal value when interest rates rise. Bonds are also subject to credit risk, in which the bond issuer may fail to pay interest and principal in a timely manner.


ICE BofA Merrill Lynch 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index generally tracks the performance of BB-B rated U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market with maturities of 1 to 5 years.


An investment cannot be made directly into an index. 


Standard Deviation measures how widely dispersed a fund's returns have been over a specified period of time. A high standard deviation indicates that the range is wide, implying greater potential for volatility.


Beta is a measure of historical volatility relative to an appropriate index (benchmark) based on its investment objective. A beta greater than 1.00 indicates volatility greater than the benchmark's. 


R-Squared measures the percentage of a fund's movements that result from movements in the index.


Sharpe Ratio shown is calculated for the past 36-month period by dividing annualized excess returns by annualized standard deviation.


Effective Maturity is the average time to maturity of debt securities held in the portfolio, taking into consideration the possibility that the issuer may call the bond before its maturity date.


Modified Duration is inversely related to the approximate percentage change in price for a given change in yield.


Annual Turnover Rate is as of the most recent annual shareholder report.


The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance (this does not include the effects of sales charges, loads, and redemption fees). The top 10% of products in each product category receive 5stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.


Morningstar ratings as of 10/31/20. 

MainStay MacKay Short Duration High Yield Fund Morningstar Risk-Adjusted Ratings: US Fund High Yield Bond Category -  Class AShares Overall Rating 2 stars out of 625 funds, 3 Year 3 stars out of 625 funds, 5 Year 2 stars out of 541 funds, 10 Year 0 stars out of 349 funds. Class CShares Overall Rating 1 stars out of 625 funds, 3 Year 2 stars out of 625 funds, 5 Year 1 stars out of 541 funds, 10 Year 0 stars out of 349 funds. Class IShares Overall Rating 2 stars out of 625 funds, 3 Year 3 stars out of 625 funds, 5 Year 2 stars out of 541 funds, 10 Year 0 stars out of 349 funds. Class INVShares Overall Rating 2 stars out of 625 funds, 3 Year 3 stars out of 625 funds, 5 Year 2 stars out of 541 funds, 10 Year0 stars out of 349 funds. Class R2Shares Overall Rating 2 stars out of 625 funds, 3 Year 3 stars out of 625 funds, 5 Year 2 stars out of 541 funds, 10 Year 0 stars out of 349 funds. Class R3Shares Overall Rating 2 stars out of 625 funds, 3 Year 2 stars out of 625 funds, 5 Year 2 stars out of 541 funds, 10 Year0 stars out of 349 funds.