1. 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

2. FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. High Yield Investment Team and Coverage 093015 HYC B Won Choi, CFA Managing Director Chemicals, Metals/Mining 18 Years Experience Won Choi, CFA Managing Director Chemicals, Metals/Mining 18 Years Experience Michael A. Snyder Managing Director Aerospace/Defense, Consumer Prod./Food Manufacturing, Media 28 Years Experience Michael A. Snyder Managing Director Aerospace/Defense, Consumer Prod./Food Manufacturing, Media 28 Years Experience James S. Wolf Managing Director Healthcare 28 Years Experience James S. Wolf Managing Director Healthcare 28 Years Experience Dohyun Cha, CFA Managing Director Energy 18 Years Experience Dohyun Cha, CFA Managing Director Energy 18 Years Experience Nate Hudson, CFA Managing Director Auto/Transportation, Services 24 Years Experience Nate Hudson, CFA Managing Director Auto/Transportation, Services 24 Years Experience Eric Gold Managing Director Cable/Broadcasting, Technology, Telecommunications 28 Years Experience Eric Gold Managing Director Cable/Broadcasting, Technology, Telecommunications 28 Years Experience Andrew Susser Executive Managing Director Lead Portfolio Manager 29 Years Experience Scott Mallek Managing Director Trader 19 Years Experience Scott Mallek Managing Director Trader 19 Years Experience J. Alex Leites Director Trader 22 Years Experience J. Alex Leites Director Trader 22 Years Experience Thomas Metcalf Associate Director Research Analyst 4 Years Experience Thomas Metcalf Associate Director Research Analyst 4 Years Experience Richard Lee Associate Trader 1 Year Experience Richard Lee Associate Trader 1 Year Experience Ryan Bailes, CFA Director Gaming, Paper/Packaging, Utilities, Homebuilding 20 Years Experience Ryan Bailes, CFA Director Gaming, Paper/Packaging, Utilities, Homebuilding 20 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. Meet minimum yield requirement Free cash flow used to retire 1/2 of debt in 5 years 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 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 D P 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 bps over 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 3 093015 HYC B

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

5. FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. Potential Return from Potential Early Tenders Invest in credits with attributes that make them early tender candidates Upside if the company is acquired or pursues an early tender Represent s first maturity 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

6. FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. MainStay Short Duration High Yield Fund: Characteristics Statistics as of September 30, 2015Quality Exposure (%) Lower quality rating if split-rated Top Ten Industries (%) 6 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

7. FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. 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. 7 Annualized as of September 30, 2015 Class A Shares at NAV 093015 HYC B

8. FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. Growth of US High Yield Market 8 Source: JP Morgan, 9/30/15 HY Market Size ($ billions) HY Investor Base 2014

9. FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. High Yield Spreads and Default Rates 093015 HYC B 9 As of September 30, 2015 Source: BofA Merrill Lynch

10. FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. Quality of High Yield New Issuance Has Improved 093015 HYC B 10 New Issue Volume ($ billions) 2013 - YTD 2015 2007 As of September 30, 2015 Source: JP Morgan

11. FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. LBO Financings Are Smaller Portion of New Issuance 093015 HYC B 11 LBO Acquisition % of New Issuance As of June 30, 2015 Source: Credit Suisse 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.

12. FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. High Yield Sector Performance 093015 HYC B 12 From January 1, 2015 to September 30, 2015 Source: 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.

13. 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 Fund Standardized Performance MainStay Short Duration High Yield Fund Share Class 1 year3 years5 years10 yearsSince Inception NAV (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

14. FOR REGISTERED REPRESENTATIVE USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. Disclosures To 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. 14 093015 HYC B