Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print MainStay MacKay High Yield Corp Bd A  MHCAX Release date as of 2024-04-30. Data on page is subject to change. Snapshot Total Returns Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2024-04-30 Out of 600 High Yield Bond Funds Morningstar® Style Box™ What is this? As of 2024-03-31 Total Fund Assets ($ Mil) 10,487.28 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks maximum current income through investment in a diversified portfolio of high-yield debt securities; capital appreciation is a secondary objective. The fund, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in high-yield corporate debt securities, including all types of high-yield domestic and foreign corporate debt securities that are rated below investment grade or that are unrated but are considered to be of comparable quality by the Subadvisor. It may invest up to 20% of its net assets in common stocks and other equity-related securities.

Morningstar Category: High Yield Bond High-yield bond portfolios concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These portfolios generally offer higher yields than other types of portfolios, but they are also more vulnerable to economic and credit risk. These portfolios 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.

Performance Growth of $10,000 (from 2014-01-01 to 2024-04-30) Investment: MainStay MacKay High Yield Corp Bd A Benchmark 1: Bloomberg US Agg Bond TR USD Benchmark 2: ICE BofA US High Yield TR USD Category: High Yield Bond This graph presents historical performance for the investment as well as an index and/or peer group. If the investment, index and/or peer group have performed similarly, the line representing the fund will overlay the index and/or peer group. Therefore, the line(s) representing the index and/or peer group history may be hidden. Total Annualized Returns % YTD 1 Year 3 Year 5 Year 10 Year Since Inception Investment 1.32 7.91 2.11 3.70 4.13 7.00 Bloomberg US Agg Bond TR USD -3.28 -1.47 -3.54 -0.16 1.20 5.30 ICE BofA US High Yield TR USD 0.49 8.88 1.50 3.53 4.19 --- Category 0.86 8.58 1.46 3.33 3.48 6.24 Morningstar Rating --- --- --- # of compared High Yield Bond funds covered (3 yrs : out of 600 funds) (5 yrs : out of 568 funds) (10 yrs : out of 430 funds) Ratings reflect risk-adjusted performance and are derived from a weighted average of the performance figures associated with its three, five and ten-year (if applicable) time periods. Investment results shown represent historical performance and do not guarantee future results. Investment returns and principal values fluctuate with changes in interest rates and other market conditions so the value, when redeemed may be worth more or less than original costs. Current performance may be lower or higher than the performance data shown. Fees and Expenses Total Annual Operating Expense 0.96% Prospectus Net Expense Ratio 0.96% Maximum Sales Charge 4.50% The total annual operating expense shown is before management fee waivers or expense caps. For more information on waivers/reimbursements, please see the prospectus. The total annual operating expense is also referred to as the prospectus gross expense ratio. Waiver Data Type Date % --- --- --- ---

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 1.8 Non-U.S. Stocks 0.1 Bonds 90.0 Cash 6.3 Other 1.9 Data through 2024-03-31 Morningstar Fixed-Income Sectors % Fund Government 0.00 Corporate 93.00 Securitized 0.00 Municipal 0.00 Cash & Equivalents 6.39 Derivative 0.62 Data through 2024-03-31 Credit Analysis % Bonds AAA 0.00 AA 0.10 A 0.00 BBB 10.20 BB 51.80 B 30.30 Below B 5.60 Not Rated 2.00 Data through 2024-03-31 Holding Status Total Number of Stock Holdings 12 Total Number of Bond Holdings 550 % of Net Assets in Top 10 Holdings 7.13 Turnover % (as of 2023-10-31) 20.00 30 Day SEC Yield % 6.03 Top Holdings Maturity Date Shares Value $000 % of Net Assets Sprint Capital Corporation 6.875% 2028-11-15 103,520 110,315 1.00 Great Outdoors Group, Llc-Term B-2 Loan Cme Term S 2028-03-06 99,836 99,822 0.90 NMG Holding Co Inc. 7.125% 2026-04-01 94,000 92,051 0.83 TransDigm, Inc. 6.25% 2026-03-15 84,230 84,230 0.76 Gulfport Energy Corp Ordinary Shares (New) --- 524 83,936 0.76 TransDigm, Inc. 6.375% 2029-03-01 78,065 78,308 0.71 Clarivate Science Holdings Corp. 4.875% 2029-07-01 68,411 63,289 0.57 Mercer International Inc. 5.125% 2029-02-01 69,075 60,715 0.55 Talen Energy Supply LLC 8.625% 2030-06-01 55,045 58,863 0.53 Watco Companies, L.L.C. / Watco Finance Corp. 6.5% 2027-06-15 58,345 57,669 0.52 Data through 2024-03-31

Principal Risks    Lending, Foreign Securities, Loss of Money, Not FDIC Insured, Income, Market/Market Volatility, Bank Loans, Convertible Securities, Equity Securities, High-Yield Securities, Restricted/Illiquid Securities, Derivatives, Pricing, Fixed-Income Securities, Shareholder Activity, Management, Money Market Fund Ownership Show Risk Definitions

Other Information Inception Date: 1995-01-03 Portfolio Manager(s) Andrew Susser   (2013-02-28) Andrew Susser is an Executive Managing Director and Head of High Yield. 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. 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   (2024-02-28) Dohyun Cha is a Managing Director on the High Yield Team, where he follows the energy sector. Prior to joining MacKay Shields in 2006, he was a Vice President at Credit Suisse, where he was an equity analyst covering the basic materials sector. Previously, he was a Financial Analyst in the Investment Banking Division of 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   (2024-02-28) Won Choi is a Managing Director on the High Yield Team, where he follows the financials and metals & mining sectors. He is also the Team’s ESG Coordinator. Prior to joining MacKay Shields in 2002, he was an Associate at Fenway Partners, Inc, a middle market private equity firm. Previously, he was a Financial Analyst in the Investment Banking Division of 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. Nate Hudson   (2024-02-28) Nate Hudson is a Managing Director on the High Yield Team, where he follows the automotive and services 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. Investment Advisor(s) New York Life Investment Management LLC Issuer New York Life Investment Management LLC

Show Data Definitions © Copyright 2024 Morningstar, Inc. All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or any losses arising from any use of information. Past performance is no guarantee of future performance. Past performance is no guarantee of future results. Returns will vary and shares may be worth more or less than their original cost when sold.