MainStay Short Duration High Yield Fund Earns Five-Star Morningstar Rating

MainStay Investments (“MainStay”), a New York Life company, is pleased to announce that the three year track record for risk adjusted return of the MainStay Short Duration High Yield Fund (MDHIX) has earned the Fund’s Class I1 shares a five-star rating from Morningstar, a leading provider of independent investment research in North America, Europe, Australia, and Asia.

The MainStay Short Duration High Yield Fund ranked in the 9th percentile out of 636 funds in its Morningstar High Yield Bond category2. The Fund was also recognized by Money Magazine as a best-in-class fund for 2015 in the high yield fund category3.

The High Yield Corporate Bond team at MacKay Shields LLC (“MacKay”), a fixed-income focused investment management firm, has served as the subadvisor to the MainStay Short Duration High Yield Fund since its inception, December 17, 2012. The team has developed a strong track record in successfully navigating challenging economic times through a commitment to intensive research, due diligence and bottom-up investing.

“The Fund’s recent recognition by Morningstar and Money Magazine is a testament to the high degree of emphasis we put on teamwork, strategic decision-making and company research,” said Stephen Fisher, president of New York Life Investment Management and MainStay Investments. “The team also manages the MainStay High Yield Corporate Bond Fund (MHCAX, MHYIX), one of the most tenured high yield funds in the business. Considering the impressive collection of professionals working across both Funds, we look forward to further success.”

“We are proud to receive this five-star recognition from Morningstar for the MainStay Short Duration High Yield Fund,” said Jeffrey Phlegar, chairman and CEO at MacKay Shields. Mr. Phlegar added, “Generating income is a key objective for many investors and one that is difficult to achieve in today’s low interest-rate environment.”

The MainStay Short Duration High Yield Fund seeks to identify companies with strong asset coverage ratios and free cash flow, with an emphasis on high current income. The Fund predominantly targets short duration high-yield securities that offer fixed-rate coupons. The team employs a value-oriented, bottom-up investment process, focusing on bonds issued by companies that have a significant “margin of safety” through sufficient asset coverage (estimate of value relative to debt).

For more information about the MainStay Short Duration High Yield Fund and the MainStay High Yield Corporate Bond Fund, please visit www.mainstayfunds.com.

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For the period ended 12/31/15: Class A Shares rated three stars overall and rated three stars for the three-year period from among 636 high-yield bond funds; Class I Shares rated five stars overall and five stars for the three year period from among 636 high-yield bond funds. Ratings for other share classes may vary.

The Overall Morningstar Rating™ is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating™ metrics. For each fund with at least a three year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars, and the next 10% receive one star.

About risk:

The Fund is not a money market fund and does not attempt to maintain a stable net asset value. The Fund’s net asset value per share will fluctuate. 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 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.

The Fund may invest in derivatives, which may increase the volatility of the Fund’s net asset value 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, or that negative perception of the issuer’s ability to make such payments may cause the price of that bond to decline.

For more information about MainStay Funds, call 800-MAINSTAY (624-6782) for a prospectus or summary prospectus. Investors are asked to consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus or summary prospectus contains this and other information about the investment company. Please read the prospectus or summary prospectus carefully before investing.

About MainStay Investments

With approximately $79 billion in assets under management as of March 31, 2016, across retail mutual funds, exchange traded funds (ETFs) and variable product sub-accounts, MainStay Investments is the mutual fund and ETF distribution arm of New York Life Insurance Company. MainStay provides access to a powerful mix of autonomous, institutional investment managers, delivered by experienced professionals who understand the needs of today's investors. For more information on MainStay Investments, please visit www.mainstayinvestments.com.

MainStay Investments® is a registered service mark and name under which New York Life Investment Management LLC does business.

About MacKay Shields LLC

MacKay Shields LLC (“MacKay”) serves as the Fund’s investment subadvisor. MacKay is an indirect wholly-owned subsidiary of New York Life Insurance Company and a wholly-owned subsidiary of New York Life Investment Management Holdings LLC. MacKay is a fixed-income focused investment management firm with $91 billion in assets under management as of March 31, 2016. MacKay manages fixed income strategies for high-net worth individuals, institutional clients and mutual funds, including unconstrained bond, global high yield, high yield, high yield active core, municipal high yield, short duration high yield, low volatility high yield, municipal short term, core investment grade, municipal investment grade, core plus, core plus opportunities, convertibles, emerging markets credit, and bank loans. For more information please visit www.mackayshields.com.

About New York Life Insurance Company

New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s & (AA+).** Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments*** provides institutional asset management and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Please visit New York Life’s website at www.newyorklife.com for more information.

*Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),”Fortune magazine, 6/15/15. For methodology, see http://fortune.com/fortune500/.
**Individual independent rating agency commentary as of 8/11/15.
***New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.

1 Class I shares are generally available only to corporate and institutional investors.
2 Ranking based over the past three years, as of February 29, 2016.
3 Money Magazine, December 22, 2015, “The Hottest Funds in 2015”. For methodology, click here.

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