BEFORE YOU INVEST

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


Mutual funds are subject to market risk and fluctuate in value.


An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.


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.


Municipal bond risks include the ability of the issuer to repay the obligation, the relative lack of information about certain issuers, and the possibility of future tax and legislative changes, which could affect the market for and value of municipal securities. 


The Fund's investments in infrastructure-related securities will expose the Fund to potential adverse economic, regulatory, political, legal and other changes affecting such investments. Issuers of securities in infrastructure-related businesses are subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, high leverage, costs associated with environmental or other regulations and the effects of economic slowdowns.


Rising interest rates could lead to higher financing costs and reduced earnings for infrastructure companies.


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.


The Underlying Funds may experience a portfolio turnover rate of over 100% and may generate short-term capital gains which are taxable.


Bloomberg Barclays Taxable Municipal Index is a rules-based, marker-value-weighted index engineered for the long-term taxable bond market.


Bloomberg Barclays Municipal Intermediate 5-10 Year Index is an unmanaged index of long-term, fixed-rate, investment-grade, tax-exempt bonds representative of the municipal bond market.


An investment cannot be made directly into an index. 


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.


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


Final Maturity is the weighted average of the stated time to maturity for the securities held in the portfolio.


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


Duration to Worst is the duration of a bond, computed using the bond's nearest call date or maturity, whichever comes first. This measure ignores future cash flow fluctuations due to embedded optionality.


Average Price is based on market value and is the market weighted average of all bonds held in the Fund's portfolio, including any zero coupon bonds.


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 U.S. Infrastructure Bond Fund Morningstar Risk-Adjusted Ratings: US Fund Intermediate Core Bond Category -  Class AShares Overall Rating 1 stars out of 378 funds, 3 Year 2 stars out of 378 funds, 5 Year 1 stars out of 333 funds, 10 Year 1 stars out of 253 funds.  Class BShares Overall Rating 1 stars out of 378 funds, 3 Year 1 stars out of 378 funds, 5 Year 1 stars out of 333 funds, 10 Year 1 stars out of 253 funds.  Class CShares Overall Rating 1 stars out of 378 funds, 3 Year 1 stars out of 378 funds, 5 Year 1 stars out of 333 funds, 10 Year 1 stars out of 253 funds. Class IShares Overall Rating 1 stars out of 378 funds, 3 Year 2 stars out of 378 funds, 5 Year 1 stars out of 333 funds, 10 Year 1 stars out of 253 funds. Class INVShares Overall Rating 1 stars out of 378 funds, 3 Year 1 stars out of 378 funds, 5 Year 1 stars out of 333 funds, 10 Year1 stars out of 253 funds. Class R6Shares Overall Rating 1 stars out of 378 funds, 3 Year 1 stars out of 378 funds, 5 Year 1 stars out of 333 funds, 10 Year 1 stars out of 253 funds.