Definitive Materials Filed by Investment Companies. (497)
04 Abril 2014 - 11:44AM
Edgar (US Regulatory)
THE MAINSTAY GROUP OF FUNDS
MainStay High Yield Opportunities Fund
(the “Fund”)
Supplement dated April 4, 2014 to the
Summary Prospectus and Prospectus dated
February 28, 2014
As disclosed in the Prospectus, on September
15, 2008, one of the Fund’s trading counterparties, Lehman Brothers International (Europe) (“LBIE”), was placed
in insolvency administration under the U.K. Insolvency Act. As a result, the Fund was unable (i) to close out open short positions
with LBIE, and (ii) to sell or substitute out the securities that were pledged as collateral for these open short positions. On
March 12, 2014, the Fund’s open short positions with LBIE were closed out. In this regard, the Fund’s agreement with
New York Life Insurance Company (“New York Life”), which provided that, at the conclusion of the bankruptcy process,
New York Life would contribute to the Fund any difference between the value of the assets ultimately returned to the Fund, and
the then-current market value of the collateral, has terminated.
Accordingly, the sub-section entitled
“Fund
Counterparty Risk”
in the section entitled
“Principal Risks”
is deleted in its entirety.
PLEASE RETAIN THIS SUPPLEMENT FOR YOUR
FUTURE REFERENCE.
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