MAINSTAY GROUP OF FUNDS - New York Life Investments

1 MAINSTAY GROUP OF FUNDS . Supplement dated March 14, 2022 ( Supplement ) to the: MAINSTAY Asset Allocation FUNDS Prospectus, dated February 28, 2022, MAINSTAY Cushing FUNDS Prospectus, dated March 30, 2021, MAINSTAY Balanced fund Prospectus, dated February 28, 2022, MAINSTAY equity FUNDS Prospectus, dated February 28, 2022, MAINSTAY ESG Multi-Asset Allocation FUNDS Prospectus, dated August 28, 2021, as supplemented, MAINSTAY ETF Asset Allocation FUNDS Prospectus, dated August 28, 2021, as supplemented, MAINSTAY Fixed Income and Mixed Asset FUNDS Prospectus, dated February 28, 2022, MAINSTAY CBRE Specialty FUNDS , MAINSTAY ETF Asset Allocation FUNDS and MAINSTAY MacKay Tax Exempt Income FUNDS Prospectuses, each dated August 31, 2021, as supplemented.

2 MAINSTAY WMC equity FUNDS , each dated February 28, 2022, and Statement of Additional Information ( SAI ), dated February 28, 2022. Capitalized terms and certain other terms used in this Supplement, unless otherwise defined in this Supplement, have the meanings assigned to them in the Prospectuses and SAI. Effective immediately, and until further notice, each fund will not purchase securities of Russian issuers. Whether an issuer is considered Russian is based on its country of risk, as determined by a third-party service provider such as Bloomberg. In the SAI, the following risk is added starting on page 9: Additional Market Disruption Risk. In late February 2022, the Russian military invaded Ukraine, which amplified existing geopolitical tensions among Russia, Ukraine, Europe, and many other countries including the and other members of the North Atlantic Treaty Organization ( NATO ).

3 In response, various countries, including the , the United Kingdom, and members of the European Union issued broad-ranging economic sanctions against Russia, Russian companies and financial institutions, Russian individuals and others. Additional sanctions may be imposed in the future. Such sanctions (and any future sanctions) and other actions against Russia and Russia's military action against Ukraine will adversely impact the economies of Russia and Ukraine. Certain sectors of each country's economy may be particularly affected, including but not limited to, financials, energy, metals and mining, engineering and defense and defense-related materials sectors. Further, a number of large corporations and and foreign governmental entities have announced plans to divest interests or otherwise curtail business dealings in Russia or with certain Russian businesses.

4 These events have resulted in (and will continue to result in) a loss of liquidity and value of Russian and Ukrainian securities and, in some cases, a complete inability to trade in or settle trades in transactions in certain Russian securities. Further actions are likely to be taken by the international community, including governments and private corporations, that will adversely impact the Russian economy in particular. Such actions may include boycotts, tariffs, and purchasing and financing restrictions on Russia's government, companies and certain individuals, or other unforeseeable actions. The Russian and Ukrainian governments, economies, companies and the region will likely be further adversely impacted in unforeseeable ways.

5 The ramifications of the hostilities and sanctions may also negatively impact other regional and global economic markets (including Europe and the ), companies MS16boSH-03/22. in other countries (particularly those that have done business with Russia) and various sectors, industries and markets for securities and commodities globally, such as oil and natural gas and precious metals. The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on a fund 's performance and the value of an investment in the fund .

6 PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE. MS16boSH-03/22. Summary Prospectus February 28, 2022. MAINSTAY Epoch Global equity Yield fund Class/Ticker A EPSPX Investor EPSIX C EPSKX I EPSYX R2 EPSZX R3 EPSHX R6 EPSRX. To Statutory Prospectus To Statement of Additional Information Before you invest, you may want to review the fund 's Prospectus, which contains more information about the fund and its risks. You can find the fund 's Prospectus, reports to shareholders and other information about the fund by going online to , by calling 800-624-6782 or by sending an e-mail to The fund 's Prospectus and Statement of Additional Information, both dated February 28, 2022, as may be amended from time to time, are incorporated by reference into this Summary Prospectus.

7 Investment Objective The fund seeks a high level of income. Capital appreciation is a secondary investment objective. Fees and Expenses of the fund The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund . You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the MAINSTAY FUNDS . This amount may vary depending on the MAINSTAY fund in which you invest. In addition, different financial intermediary firms and financial professionals may impose different sales loads and waivers.

8 More information about these and other discounts or waivers is available from your financial professional, in the "Information on Sales Charges" section starting on page 70 of the Prospectus and Appendix A Intermediary-Specific Sales Charge Waivers and Discounts, and in the "Alternative Sales Arrangements" section on page 142 of the Statement of Additional Information. Class A Investor Class Class C Class I Class R2 Class R3 Class R6. Shareholder Fees (fees paid directly from your investment). Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) None None None None None Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds) None1 None1 None None None None Annual fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment).

9 Management Fees (as an annual percentage of the fund 's average daily net assets) Distribution and/or Service (12b-1) Fees None None Other Expenses Total Annual fund Operating Expenses Waivers / Reimbursements2 ( )% ( )% ( )% ( )%. Total Annual fund Operating Expenses After Waivers / Reimbursements2 1. No initial sales charge applies on Investments of $1 million or more (and certain other qualified purchases). However, a contingent deferred sales charge of may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. 2. New York Life Investment Management LLC ("New York Life Investments ") has contractually agreed to waive fees and/or reimburse expenses so that Total Annual fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio Investments , and acquired (underlying) fund fees and expenses) of a class do not exceed the following percentages of its average daily net assets: Class A, ; Class C, ; Class I.

10 And Class R6, This agreement will remain in effect until February 28, 2023, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board of Trustees of the fund . Example The Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual FUNDS . The Example assumes that you invest $10,000 in the fund for the time periods indicated whether or not you redeem all of your shares at the end of those periods (except as indicated with respect to Class C shares). The Example reflects Class C shares converting into Investor Class shares in years 9-10; expenses could be lower if you are eligible to convert to Class A shares instead.