FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. MainStay Short Duration High Yield Fund TICKERS A: MDHAX INV: MDHVX C: MDHCX

FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC.

MainStay Short Duration High Yield Fund

TICKERS A: MDHAX INV: MDHVX C: MDHCX I: MDHIX

Subadvised by:

MSSHY31a-10/15 1672043

093015 HYC B

FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC.FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC.

High Yield Investment Team and Coverage

093015 HYC B

Won Choi, CFAManaging Director

Chemicals, Metals/Mining

18 Years Experience

Michael A. SnyderManaging Director

Aerospace/Defense, Consumer Prod./Food Manufacturing, Media28 Years Experience

James S. WolfManaging Director

Healthcare

28 Years Experience

Dohyun Cha, CFAManaging Director

Energy

18 Years Experience

Nate Hudson, CFAManaging Director

Auto/Transportation, Services

24 Years Experience

Eric GoldManaging Director

Cable/Broadcasting, Technology,

Telecommunications28 Years Experience

Andrew SusserExecutive Managing Director

Lead Portfolio Manager

29 Years Experience

Scott MallekManaging Director

Trader19 Years Experience

J. Alex LeitesDirectorTrader

22 Years Experience

Thomas MetcalfAssociate DirectorResearch Analyst

4 Years Experience

Richard LeeAssociate

Trader

1 Year Experience

Ryan Bailes, CFADirectorGaming,

Paper/Packaging, Utilities, Homebuilding

20 Years Experience

2


All numbers and ranges referred to above are approximations only, and assume normal market conditions and the application of MacKay Shields standard investment guidelines. In addition, the 200 – 225 range for high yield portfolio issuers referred to above is an approximation of the average number of issuers in a typical portfolio over a rolling three year period only. Unusual market conditions, client cash flow activity, compliance with specific client instructions and other factors may cause the number of issuers in the portfolio to fall outside this approximate range during any given rolling three year period.

Meet minimumyield requirement

Free cash flow used to retire 1/2 of debt in 5 years

Reduce risk throughdiversification

Sector weighting limitsIndividual issue limit

O B J E C T I V E S C R I T E R I A

HIGH YIELDFOCUS LIST

Relative value

H I G H Y I E L D U N I V E R S E

M A R G I N – O F – S A F E T YF I N A N C I A L A N A L Y S I S

B U S I N E S S J U D G E M E N T

C A T A L Y S T

VALUE-ORIENTED SECURITY SELECTION PROCESS

Control default risk

Identify strategic companies

Identify improving credits

H I G H Y I E L DP O R T F O L I O

≈ 2 0 0 - 2 2 5 I S S U E R S

Quality of business

Excess asset coverage(i.e. Loan to Value)

Generally YTM >200 bpsover comparable Treasury

Minimum issue size of $150 million

Generally exclude illiquid issues

Free cash flow

Capital structure

Direction of business

Company willingness to access equity markets

Management intent

High Yield Investment Process

3093015 HYC B


Short Duration High Yield: Seeking high current income

093015 HYC B

Companies with sufficient asset coverage(estimate of value relative to debt)

Resilient credit profiles with strong asset coverage

Diversified high quality portfolio of seasoned corporate issuers

Duration target of less than 3 years

No leverage

No derivatives

Yield opportunity

Seeks high current income and low exposure to interest-rate sensitivity

Short duration bonds historically undervalued on a risk-adjusted basis

Potential return upside from potential early tenders

4

Debt Tender Offer is when a firm retires all or a portion of its debt securities by making an offer to its debtholders to repurchase a predetermined number of bonds at a specified price and during a set period of time. An "early" tender would take place prior to the set period of time.


Potential Return from Potential Early TendersInvest in credits with attributes that make them early tender candidates

Upside if the company

is acquired or pursues an early

tender

Represents

firstmaturity

High coupons

or restrictive covenants

Secured by claim

on significant

assets

Non-callable

Logical candidates for early redemption

Incentive for companies to redeem before maturity

Enhances credit profile of security

A risk for potential early tenders could be if the debt is a candidate, but then not redeemed...

093015 HYC B


MainStay Short Duration High Yield Fund:CharacteristicsStatistics as of September 30, 2015 Quality Exposure (%)

Lower quality rating if split-rated

Top Ten Industries (%)

6

Cash

BBB & Above¹

BB

B

CCC & Below

NR

3.0

2.9

49.4

39.3

1.8

3.7

6.0

56.0

38.1

0.0

0.0

BofA ML U.S. Corporates Cash Pay Bb-B 1-5 year IndexMainStay Short Duration High Yield Fund

MainStay Short Duration High Yield

Fund BofA ML Cash Pay Bb-B 1-5 Year Index

Current Yield (%) 6.72% 6.93%Yield to Worst (%) 6.74% 6.99%Modified Duration (years) 2.24 2.47

Energy 11.7 13.9Healthcare 8.2 8.3Transportation 7.8 4.2Service 7.2 6.0Housing 6.4 4.6Communications 6.4 7.8Cable/Wireless Video 6.3 3.2Financial 6.2 6.1Metals/Minerals 5.8 4.6Information Technology 5.1 5.9

Past performance is no guarantee of future results, which will vary. Portfolio data is as of 9/30/15 and subject to change on a daily basis. Current yield is the annual income (interest or dividends) divided by the current price of the security. Yield to worst is the bond yield computed by using the lower of either the yield to maturity or the yield to call on every possible call date.

093015 HYC B


MainStay High Yield Short Duration High Yield Fund

Performance data quoted represents past performance. Past performance is no guarantee of future results. Due to market volatility, current performance may be less or higher than the figures shown. Investment return and principal will fluctuate so that upon redemption, shares may be worth more or less than their original cost. Returns shown at NAV do not reflect deduction of sales charges which would lower performance. For performance information current to the most recent month-end, please visit our web site at mainstayinvestments.com.

Source: Lipper Inc., is an independent fund performance monitor. Results are based on total returns with capital gain and dividend distributions reinvested and do not reflect any deduction of sales charges. Lipper numbers are based on the Fund’s total-return rank for the specified time period relative to all funds that have the same Lipper category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. Percentile ranks within categories are most useful in those categories that have a large number of funds.

Performance charges for A shares might have been less favorable had sales charges been included.

Performance Period

MainStay High Yield Corporate

Bond Fund Lipper Average High Yield Fund

Lipper Percentile in Peer Group

Lipper Ranking in Peer Group

BofA ML Corporates Cash Pay BB-B 1-5

Year Index

YTD 1.49% -2.30% N/A N/A -1.5%

1 Year 1.51% -3.77% 3rd 17 / 653 -1.90%

2 Years 3.01% 0.96% 9th 48 / 585 1.4%

7

Annualized as of September 30, 2015 Class A Shares at NAV

093015 HYC B


Growth of US High Yield Market

8

Source: JP Morgan, 9/30/15

HY Market Size ($ billions) HY Investor Base 2014

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

448565

622 649754

870 902 892942 946 962 944

1,1111,229

1,289

1,429

1,5621,648

Hedge Funds and Other; 3.1%

High Yield Mutual Funds; 20.6%

ETFs; 3.0%

Insurance Companies;

24.3%

Pension Funds; 23.0%

Investment Grade Funds;

6.5%

Equity and Income

Funds; 3.8%

Foreign; 15.7%


High Yield Spreads and Default Rates

093015 HYC

B9

As of September 30, 2015 Source: BofA Merrill Lynch

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 20150

400

800

1,200

1,600

2,000

0.0

4.0

8.0

12.0

16.0

20.0Issuer Default Rate Spread to Worst Median Spread to Worst

Spre

ad T

o W

orst

(bp

s) Default Rate (%

)

Current Spread: 654 bpsLong Term Median: 532 bps


Quality of High Yield New Issuance Has Improved

093015 HYC

B

10

New Issue Volume ($ billions)2013 - YTD 2015

2007

As of September 30, 2015Source: JP Morgan

BB and Higher 30.4%

B54.5%

CCC14.0%

Not Rated1.1%

1997

1999

2001

2003

2005

2007

2009

2011

2013

YTD

2014

126151

100

47

95

68

152158

106

149148

53

181

302

243

368

399

357

286

251BB and Higher54.2%

B36.4%

CCC8.5%

Not Rated0.9%


LBO Financings Are Smaller Portion of New Issuance

093015 HYC

B

11

LBO Acquisition % of New Issuance

2007 Largest New Issuers 2014-2015 Largest New Issuers

TXU (LBO) Charter Communications

Freeport McMoran GM/GM Finance

HD Supply (LBO) Valeant Pharmaceuticals

Realogy (LBO) Frontier Communications

First Data (LBO) HCA Inc.

As of June 30, 2015Source: Credit Suisse

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD 2015

14.3%

24.1%26.1%

28.1%

14.2%

0.6%

4.7%7.3% 6.7% 6.4% 5.2% 4.9%

Leveraged Buyout (LBO) is the acquisition of another company using a significant amount of borrowed money (bonds or loans) to meet the cost of acquisition.


Food

& D

rug

Food

/Tob

acco

Gaming

/Leis

ure

Hous

ing

Reta

ilHe

althc

are

Cons

umer

Prod

ucts

Finan

cial

Man

ufac

turin

gTr

ansp

orta

tion

CS H

Y Ind

ex Ex

. Ene

rgy/

Met

als/M

inera

ls

Servi

ce

Infor

mati

on Te

chno

logy

Fore

st Pr

od./C

onta

iners

Aero

spac

eM

edia/

Telec

omCS

HY I

ndex

Utility

Chem

icals

Ener

gyM

etals

/Mine

rals

(20.0)

(17.5)

(15.0)

(12.5)

(10.0)

(7.5)

(5.0)

(2.5)

0.0

2.5

5.0

7.5

10.0

0.65%

(2.42)%

(2.14)% (5.17)%

YTD Return % Q3 Return %

Tota

l Ret

urn

(%)

High Yield Sector Performance

093015 HYC

B

12

From January 1, 2015 to September 30, 2015Source: Credit Suisse High Yield Index. Sorted by highest year-to-date total return. It is not possible to invest directly into an index. Past performance is no guarantee of future results, which will vary.

FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC.FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC.13

Performance data quoted represents past performance. Past performance is no guarantee of future results. Due to market volatility, current performance may be less or higher than the figures shown. Investment return and principal value will fluctuate, so that upon redemption, shares may be worth more or less than their original cost. Performance figures reflect a contractual fee waiver and/or expense limitation agreement in effect through 2/28/16, without which total returns may have been lower. This agreement shall renew automatically for one-year terms unless written notice is provided prior to the start of the next term or upon approval of the Board. For performance information current to the most recent month-end, visit our web site at mainstayinvestments.com.Class A & INV: 3% maximum initial sales charge. Class C: 1% CDSC if redeemed within one year. Class I: No initial sales charge or CDSC. Total annual operating expenses are: Class A: 1.01%, Investor Class: 1.12%, Class C: 1.87%, Class I: 0.76%, and Class R2: 1.11%.

Average Annual Total Returns for the Period Ended 9/30/15

MainStay Short Duration High Yield FundStandardized Performance

MainStay Short Duration High Yield Fund

Share Class 1 year 3 years 5 years 10 yearsSince

InceptionNAV (Inception) Class A (12/17/12) 1.51% - - - 3.32% Investor Class (12/17/12) 1.38% - - - 3.15% Class C (12/17/12) 0.62% - - - 2.43% Class I (12/17/12) 1.87% - - - 3.59%With Sales Charges Class A (max. 3.0% load) -1.54% - - - 2.20%

Investor Class (max. 3.0% load) -1.66% - - - 2.03%

Class C (max. 1% CDSC) -0.35% - - - 2.43% Class I (no-load) 1.87% - - - 3.59%

093015 HYC B


DisclosuresTo learn more about MainStay Funds,® call 800-MAINSTAY (624-6782) for a prospectus or summary prospectus. Please ask your clients to consider the investment objectives, risks, and charges and expenses of these investments carefully before investing. The prospectus or summary prospectus contains this and other information about the Funds and can be obtained by contacting you, the financial professional. Instruct your clients to read the prospectus or summary prospectus carefully before investing.

About Risk:Foreign securities can be subject to greater risks than U.S. investments, including currency fluctuations, less liquid trading markets, greater price volatility, political and economic instability, less publicly available information, and changes in tax or currency laws or currency laws or monetary policy. These risks are likely to be greater for emerging markets than in developed markets.

High yield securities (“junk bonds”) have speculative characteristics and present a greater risk of loss than higher quality debt securities. These securities can also be subject to greater price volatility.

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

Floating rate loans are generally considered to have speculative characteristics that involve default risk of principal and interest, collateral impairment, 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.

Definitions:Credit Suisse High Yield Index is a is a market-weighted index that includes publicly traded bonds rated below BBB by S&P and Baa by Moody’s.

Lipper defines the High Current Yield Funds Category as Funds that aim at high (relative) current yield from fixed income securities, have no quality or maturity restrictions, and tend to invest in lower-grade debt issues.

MacKay Shields is a federally registered advisor and an affiliate of New York Investment Management LLC. MainStay Investments® is a registered service mark and name under which New York Life Investment Management LLC does business. MainStay Investments, an indirect subsidiary of New York Life Insurance Company, New York, NY 10010, provides investment advisory products and services. The MainStay Funds® are managed by New York Life Investment Management LLC and distributed through NYLIFE Distributors LLC, 169 Lackawanna Avenue, Parsippany, NJ 07054, a wholly owned subsidiary of New York Life Insurance Company. NYLIFE Distributors LLC is a Member FINRA/SIPC.

14093015 HYC B

Documents

FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. MainStay Short Duration High Yield Fund TICKERS A: MDHAX INV: MDHVX C: MDHCX