NYLI MacKay Short Term Muni Class I (MainStay MacKay Short Term Muni) Fonds

The fund normally invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in municipal debt securities. It invests in an actively managed, diversified portfolio of tax-exempt municipal debt securities. The fund invests in investment grade securities. It may also invest up to 10% of its net assets in taxable municipal debt securities. Normally, the fund will have a dollar-weighted average maturity of three years or less.