1. FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. MainStay High Yield Corporate Bond Fund TICKERS: A: MHCAX INV: MHHIX C: MYHCX I: MHYIX R1: MHHRX R2: MHYRX R3: MHYTX R6: MHYSX 1628506 MSHY31b-04/16 1st Quarter 2016

2. FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. High Yield Investment Team and Coverage Team of Seasoned Credit Investors Won Choi, CFA Managing Director Chemicals, Metals/Mining 19 Years Experience Michael A. Snyder Managing Director Aerospace/Defense, Consumer Prod./Food Manufacturing, Media 29 Years Experience James S. Wolf Managing Director Healthcare 29 Years Experience Dohyun Cha, CFA Managing Director Energy 19 Years Experience Nate Hudson, CFA Managing Director Auto/Transportation, Services 25 Years Experience Eric Gold Managing Director Cable/Broadcasting, Technology, Telecommunications 29 Years Experience Andrew Susser Executive Managing Director Lead Portfolio Manager 30 Years Experience Scott Mallek Managing Director Trader 20 Years Experience J. Alex Leites Director Trader 23 Years Experience Thomas Metcalf Associate Director Research Analyst 5Years Experience Richard Lee Associate Trader 2 Years Experience Ryan Bailes, CFA Director Gaming, Paper/Packaging, Utilities, Homebuilding 21 Years Experience 2

3. FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. 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. There can be no assurance that investment objectives will be met. High Yield Investment Process Meet minimum yield requirement Reduce risk through diversification Sector weighting limits Individual issue limit O B J E C T I V E S C R I T E R I A HIGH YIELD FOCUS LIST HIGH YIELD FOCUS 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 Y F 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 GE 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 D P O R T F O L I O Quality of business Excess asset coverage (i.e. Loan to Value) Generally YTM >200 bps over comparable Treasury Minimum issue size of $150 million Generally exclude illiquid issues Free cash flow Capital structure Direction of business Free cash flow used to retire 1/2 of debt in 5 years Company willingness to access equity markets Management intent 3

4. FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. We Develop a Thorough Understanding of Risk Group 2 – Seasoned Issuers  Significant equity value  Strong credit statistics  Strong asset value  Group 2 is comprised of: Rated BB 5%, Rated B 26%, Rated CCC 7%, NR <1% 1 NR = 3% of portfolio. Percentage totals may not sum to 100% due to rounding. Every Holding Is in One of Four Risk Groups Group 3 – Risk Credits  Trading at discount  More research intensive  High yielding relative to universe  Group 3 is comprised of: Rated BB 1%, Rated B 5%, Rated CCC 9%, Rated CC <1%, Rated D <1%, Rated NR 1% Group 1 – Highest Quality  Strongest credit profile  Lowest volatility  Group 1 is comprised of: Rated A <1%, Rated BBB 4%, Rated BB 23%, Rated B 14%, NR 1% Group 4 – Special Situations  Significant discount to asset value  Group 4 is comprised of: Rated CCC <1%, CC <1%, CC <1%, D <1%, NR 1% 4

5. FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. MainStay High Yield Corporate Bond Fund: Characteristics 1. Lower quality rating if split-rated 5 Portfolio data is as of 3/31/16 and subject to change on a daily basis. Past performance is no guarantee of future results, which will vary. It is not possible to invest directly in an index. Current yield is Annual income (interest or dividends) divided by the current price of the security. This measure looks at the current price of a bond instead of its face value and represents the return an investor would expect if he or she purchased the bond and held it for a year. Yield-to-worst is the lowest potential yield that can be received on a bond without the issuer actually defaulting. Modified duration is inversely related to the approximate percentage change in price for a given change in yield.

6. FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. MainStay High Yield Corporate Bond Fund: Performance 6 Source: Morningstar Direct, 3/31/16. Past performance is no guarantee of future results, which will vary. It is not possible to invest directly in 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. Alpha measures a fund's risk-adjusted performance and is expressed as an annualized percentage. 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. Upside/Downside Market Capture measures a manager's performance in up/down markets relative to the fund's benchmark. The Credit Suisse High Yield Index is a market-weighted index that includes publicly traded bonds rated below BBB by S&P and Baa by Moody’s. An investment cannot be made directly into an index. The Morningstar High Yield Bond Category average represents those portfolios that primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency, such as Standard & Poor’s or Moody’s, at the level of BB (considered speculative for taxable bonds) and below.

7. FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. Returns represent past performance which is no guarantee of future results. Current performance may be lower or higher. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Visit mainstayinvestments.com for the most recent month end performance. 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. 7 MainStay High Yield Corporate Bond Fund: Performance

8. FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. Average Annual Total Returns as of 3/31/16 MainStay High Yield Corporate Bond Fund Returns represent past performance which is no guarantee of future results. Current performance may be lower or higher. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Visit mainstayinvestments.com for the most recent month end performance. Total annual operating expenses are: Class A: 0.96%, Investor Class: 1.02%, Class B: 1.77%, Class C: 1.77%, Class I: 0.71%, and Class R2: 1.06%. Average annual total returns include the change in share price and reinvestment of dividends and capital gain distributions. Performance for Class A, C, and I shares includes the historical performance of Class B shares from inception (5/1/86) through 12/31/94 for Class A, through 8/31/98 for Class C, and through 12/31/03 for Class I, adjusted to reflect the applicable sales charge (or CDSC) and fees and expenses. Performance for Investor Class shares includes the historical performance of Class A shares from inception through 2/27/08 adjusted to reflect the applicable fees and expenses. Class I shares are generally available only to corporate and institutional investors. MainStay High Yield Corporate Bond Fund Share Class1 year3 years5 years10 yearsSince Inception NAV (Inception) Class A (1/3/95)-1.63%1.83%4.64%5.75%8.32% Investor Class (2/28/08)-1.75%1.77%4.57%5.70%8.30% Class B (5/1/86)-2.49%1.01%3.82%4.92%7.52% Class C (9/1/98)-2.50%1.00%3.82%4.90%7.52% Class I (1/2/04)-1.38%2.08%4.90%6.00%8.57% Class R2 (5/1/08)-1.74%1.73%4.55%5.66%8.24% With Sales Charges Class A (max. 4.5% load)-6.06%0.28%3.69%5.27%8.15% Investor Class (max. 4.5% load)-6.18%0.22%3.61%5.21%8.13% Class B (max. 5% CDSC)-7.10%0.15%3.52%4.92%7.52% Class C (max. 1% CDSC)-3.42%1.00%3.82%4.90%7.52% Class I (no-load)-1.38%2.08%4.90%6.00%8.57% Class R2 (5/1/08)-1.74%1.73%4.55%5.66%8.24% Standardized Performance 8

9. FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. High Yield Overview

10. FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. Source: JP Morgan, 12/31/15. Growth of US High Yield Market 10

11. FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. High Yield Spreads and Default Rates Source: BofA Merrill Lynch, 3/31/16. Long term median calculated beginning 1998. Past performance is no guarantee of future results, which will vary. Default rate is the rate of borrowers who fail to remain current on their loans. It is a critical piece of information used by lenders to determine their risk exposure and economists to evaluate the health of the overall economy. Spread to worst is the difference in overall returns between two different classes of securities, or returns from the same class, but different representative securities. The spread to worst measures the difference from the worst performing security to the best, and can be seen as a measure of dispersion of returns within a given market or between markets. Median refers to the middle number in a sorted list of numbers. 11

12. FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. Quality Spreads Wider Than Historical Median 12 Source: BofA Merrill Lynch, as of 3/31/16. Current Spread: 1,302 bps Median Spread: 613 bps CCC -BB Spread to Worst (STW) Difference 12

13. FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. Largest High Yield Issuers Are Public Companies 13 Source: JP Morgan (left), BofA Merrill Lynch (right). Includes 10 largest issuers in the BofA Merrill Lynch US High Yield Index. Market Cap as of 03/02/2016 (Bloomberg). High Yield Market Size ($ billions) CompanyMarket Cap (Bln $) 1Sprint Corp $14.9 2HCA Holdings $28.3 3T-Mobile $31.7 4Valeant Pharmaceuticals $23.0 5Charter Communications $20.5 6Frontier Communications $6.6 7Ally Financial $8.7 8AerCap Holdings $7.5 9Tenet Healthcare $2.6 10DISH Network $22.7 Largest High Yield Issuers 62 of the 100 largest high yield issuers are in the Russell 1000 Index 13

14. FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. Quality of High Yield New Issuance Has Improved 14 Source: JP Morgan, 3/31/16. S&P rates borrowers on a scale from AAA to D. AAA through BBB represent investment grade, while BB through D represent non-investment grade. 14 Since 2013 2007 New Issue Volume ($ billions)

15. FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. LBO (Leveraged buyout) Financings Are Smaller Portion of New Issuance 15 Source: (Top) As of December 31, 2015, JP Morgan. (Bottom) Credit Suisse; Market Caps as of 3/2/2016 (Bloomberg). 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. 15

16. FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. Andrew Susser Senior Managing Director Portfolio Manager/Analyst Andrew Susser is a Senior Managing Director and Portfolio Manager/Research Analyst for the High Yield Team, where he helps manage high yield bond investments and follows the gaming, leisure, retail and food sectors. Prior to joining MacKay Shields in 2006, he was a Portfolio Manager with GoldenTree Asset Management. Previously, he was a Managing Director and Head of High Yield Bond Research at Banc of America Securities covering the gaming, lodging and leisure sectors. From 1999 to 2004, Andrew was named to the Institutional Investor All-America Fixed Income Research Team; from 2002 to 2004, he was ranked by Institutional Investor as the No. 1 analyst in the high yield sector. Andrew also worked as a Fixed Income Analyst for Salomon Brothers, as a Senior Analyst at Moody’s Investors Service and as a Market Analyst and Institutional Trading Liaison for Merrill Lynch Capital Markets. Andrew is a member of the firm’s Management Committee. He began his career as a Corporate Finance and M&A Attorney at Shearman & Sterling in their New York office. Andrew received a BA from Vassar College, an MBA from the Wharton Graduate School of Business and a JD from the University of Pennsylvania Law School. He has been working in the investment industry since 1986. Dohyun Cha, CFA Managing Director Portfolio Manager/Analyst Dohyun Cha is a Managing Director and Portfolio Manager/Research Analyst for the High Yield Team, where he helps manage high yield bond investments and follows the energy and utility sectors. Prior to joining MacKay Shields in 2006, he was a Vice President and Equity Analyst at Credit Suisse. Previously, he was a Financial Analyst at CIBC World Markets. Dohyun received a BS from Boston College and is a CFA Charterholder. He has been working in the investment industry since 1997. Won Choi, CFA Managing Director Portfolio Manager/Analyst Won Choi is a Managing Director and Portfolio Manager/Research Analyst for the High Yield Team, where he helps manage high yield bond investments and follows the chemicals, metals and paper & packaging sectors. Prior to joining MacKay Shields in 2002, he was a Private Equity Associate at Fenway Partners, Inc. Previously, he was a Financial Analyst in the Financial Entrepreneurs Group at Salomon Smith Barney. Won received a BA from Yale University and is a CFA Charterholder. He has been working in the investment industry since 1997. Biographies High Yield Team 16

17. FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. Eric Gold Managing Director Portfolio Manager/Analyst Eric Gold is a Managing Director and Portfolio Manager/Research Analyst for the High Yield Team, where he helps manage high yield bond investments and follows the cable TV, broadcasting, technology and telecommunications sectors. Prior to joining MacKay Shields in 2010, he was a sell-side Analyst covering the telecommunications, cable and media sectors at Sterne Agee & Leach, Inc. Previously, he was an Analyst at BlackRock and a sell-side Analyst at Grantchester Securities where he was ranked by Institutional Investor as the #1 analyst in the wireless telecommunications sector for 1999, 2000, 2001 and 2002. Eric received a BA from Vassar College and an MBA from New York University. He has been working in the investment industry since 1987. Nate Hudson, CFA Managing Director Portfolio Manager/Analyst Nate Hudson is a Managing Director and Portfolio Manager/Research Analyst for the High Yield Team, where he helps manage high yield bond investments and follows the automotive/transportation, building materials and homebuilding sectors. Prior to joining MacKay Shields in 2008, he was a Senior Analyst of High Yield Credit in Strategic Capital’s (White Ridge Advisors) proprietary investment group at Banc of America Securities. Previously, he was a sell-side High Yield Analyst at Banc of America Securities and a High Yield Credit Analyst at Nomura Corporate Research & Asset Management (NCRAM). Nate received a BA from Yale University and is a CFA Charterholder. He has been working in the investment industry since 1991. Michael A. Snyder Managing Director Portfolio Manager/Analyst Michael Snyder is a Managing Director and Portfolio Manager/Research Analyst for the High Yield Team, where he helps manage high yield bond investments and follows the aerospace/defense, consumer products, manufacturing and diversified media sectors. Prior to joining MacKay Shields in 2006, he was a Managing Director with AllianceBernstein as the Director of their Global High Yield Group. Previously, he was a Managing Director with both DLJ Asset Management and Bear Stearns Asset Management Group as the Director for DLJ’s Leverage Investment Group and Director of Bear Stearns High Yield Investment Group, and a Senior Vice President with Prudential Insurance Company of America, first in Merchant Banking and then High Yield Investments. Michael received a BA from Dickinson College and an MBA from Duke University’s Fuqua School of Business. He has been working in the investment industry since 1987. 17 Biographies High Yield Team

18. FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. James S. Wolf Managing Director Portfolio Manager/Analyst Jim Wolf is a Managing Director and Portfolio Manager/Research Analyst for the High Yield Team, where he helps manage high yield bond investments and follows the finance and healthcare sectors. Prior to joining the MacKay Shields in 2006, he was a Managing Director and Director of Research at First Albany Capital. Previously, he was a Director with RBC Capital Markets First Albany and a Managing Director of High Yield Research at Bear, Stearns & Co. Jim received a BA from Northwestern University and an MBA from the University of Rochester’s Simon School of Business. He has been working in the investment industry since 1987. Thomas Metcalf Associate Research Analyst Tom Metcalf is an Associate and Research Analyst for the High Yield Team. Prior to joining MacKay Shields in 2011, he was a Content Publisher at iO Global Ltd. Tom received a BS and an MS from the University of Durham. He has been working in the investment industry since 2011. Scott D. Mallek Director Trader Scott Mallek is a Director and Trader for the High Yield Team. Prior to joining MacKay Shields in 2002, he was an Assistant Vice President involved with IFG High Yield Trading at Salomon Smith Barney. Scott received a BA from Fairfield University and has been working in the investment industry since 1996. Alex Leites Associate Director Trader Alex Leites is an Associate Director and Trader for the High Yield Team. Prior to joining MacKay Shields in 2002, he was a Settlements Specialist at Credit Suisse First Boston. He previously worked at Kinexus, Inc., Bank of New York, Lazard Asset Management and Prudential Securities. Alex received a BS from New York University’s Stern School of Business and has been in the investment industry since 1993. 18 Biographies High Yield Team

19. FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC.  MacKay Shields believes the best way to maximize returns is to minimize default risk/loss  MacKay Shields has managed high yield portfolios since 1991 with a disciplined investment process focused on risk control.  Experience matters — the investment professionals have an average of over 20 years of investment experience. Past performance is no guarantee of future results. There can be no guarantee that investment objectives will be met. Why MacKay Shields? 19

20. FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. Disclosures About Risk Before considering an investment in the Fund, you should understand that you could lose money. 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. 20

21. FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. Disclosures 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. 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. Alpha measures a fund's risk-adjusted performance and is expressed as an annualized percentage. 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. Upside/Downside Market Capture measures a manager's performance in up/down markets relative to the fund's benchmark. 21

22. FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. Please ask your clients to consider the investment objectives, risks, charges, and expenses of the investment company carefully before investing. The prospectus or summary prospectus contains this and other information about the fund and can be obtained by contacting you, the financial professional. Instruct your clients to read the prospectus or summary prospectus carefully before investing. mainstayinvestments.com New York Life Investments engages the services of MacKay Shields LLC, an affiliated federally registered advisor, to subadvise the Fund. 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 by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, a wholly owned subsidiary of New York Life Insurance Company. NYLIFE Distributors LLC is a Member FINRA/SIPC. MainStay Funds For More Information 22