MacKay Shields and Cornerstone Capital Management Deliver Four Lipper Award Winners for MainStay Investments

Multi-Boutique Model Delivers Strong Risk-Adjusted Performance

NEW YORK, March 23, 2016 – MainStay Investments, a New York Life Company, today announced that four MainStay Funds have been recognized as 2016 Lipper Fund Award winners.

Based on their consistently strong, risk-adjusted three- or five-year performance, MainStay Unconstrained Bond Fund, MainStay U.S. Equity Opportunities Fund, MainStay Convertible Fund and MainStay New York Tax Free Opportunities Fund were honored in 2016. MainStay Unconstrained Bond Fund received the Lipper Fund Award for the third consecutive year while MainStay U.S. Equity Opportunities Fund was recognized for the second consecutive year.

“We are very proud that four MainStay Funds have been named 2016 Lipper Award winners,” said Stephen Fisher, president of MainStay Funds and New York Life Investment Management. “The MainStay multi-boutique model continues to deliver diversified investment solutions for our investors. The talent and dedication of our investment teams to delivering consistent risk- adjusted investment returns is second to none and we congratulate our family of investment professionals on their continued success.”

MainStay Unconstrained Bond Fund (Class I: MSDIX) received the 2016 Lipper Fund Award in the Alternative Credit Focus Funds category based on performance history as of 11/30/15, for the five-year period. The investment team is led by Dan Roberts, PhD, head and CIO of MacKay Shields’ Global Fixed Income Team. The Fund provides a flexible investment process that allocates investments across the global fixed-income markets. For the period ended 02/29/16, Morningstar rated the Fund’s Class I shares four stars overall.

MainStay U.S. Equity Opportunities Fund (Class I: MYCIX) received the 2016 Lipper Fund Award in the Alternative Active Extension Funds category, based on performance as of 11/30/15, for the three-year period. The investment team is led by Andrew Ver Planck, CIO, Global Systematic Equity, Cornerstone Capital Management. The Fund applies a long/short approach for the delivery of long-term capital growth and invests in U.S. equity securities and common stocks of well-established large cap U.S. companies. For the period ended 02/29/16, Morningstar rated the Fund’s Class I shares five stars overall.

MainStay Convertible Fund (Class I: MCNVX) received the 2016 Lipper Fund Award in the Convertible Securities Funds category based on performance history as of 11/30/15, for the three-year period. The investment team is led by Edward Silverstein, CFA, senior managing director and head of MacKay Shields’ Convertible Strategy. The Fund normally invests at least 80 percent of its assets in convertible securities, such as bonds, debentures, corporate notes, and preferred stocks or other securities that are convertible into common stock, cash value, or index securities. For the period ended 02/29/16, Morningstar rated the Fund’s Class I shares four stars overall.

MainStay New York Tax Free Opportunities Fund (Class I: MNOIX) received the 2016 Lipper Fund Award in the New York Municipal Debt Funds category based on performance history as of 11/30/15, for the three-year period. The investment team is led by John Loffredo and Robert DiMella, co-heads of MacKay Municipal Managers. The Fund invests at least 80 percent of its assets in municipal bonds, whose interest is, in the opinion of bond counsel for the issuers at the time of issuance, exempt from federal and New York income taxes. For the period ended 02/29/16, Morningstar rated the Fund’s Class I shares five stars overall.

The Lipper Fund Awards are part of the Thomson Reuters Awards for Excellence, a global family of awards that celebrate exceptional performance throughout the professional investment community. The Thomson Reuters Awards for Excellence recognize the world’s top funds, fund management firms, sell-side firms, research analysts, and investor relations teams. For more information, please visit http://excellence.thomsonreuters.com/award/lipper

According to Lipper, the awards recognize funds for their consistently strong risk-adjusted performance relative to their peers, based on Lipper’s proprietary performance-based methodology. Those funds with the most consistent return within their classification were declared the winner over three, five, or 10 years.

  • MainStay Unconstrained Bond Fund Class I shares received the Lipper Fund Award in the Alternative Credit Focus Funds category for the five-year period annualized out of 63 eligible funds as of 11/30/15.
  • MainStay U.S. Equity Opportunities Fund Class I shares received the Lipper Fund Award in the Alternative Active Extension Funds category for the three-year period annualized out of 29 eligible funds as of 11/30/15.
  • MainStay Convertible Fund Class I shares received the Lipper Fund Award in the Convertible Securities Funds category for the three-year period annualized out of 71 eligible funds as of 11/30/15.
  • MainStay New York Tax Free Opportunities Fund Class I shares received the Lipper Fund Award in the New York Municipal Debt Funds category for the three-year period annualized out of 91 eligible funds as of 11/30/15.

For a detailed explanation, please review the Lipper Fund Awards Methodology document at www.lipperweb.com

About MainStay Investments

With $82 billion in assets under management as of December 31, 2015, 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 mainstayinvestments.com.

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

All mutual funds are subject to market risk, including possible loss of principal. There is no assurance that the fund’s investment objectives will be met. Past performance is not indicative of future results.

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.

Securities distributed by NYLIFE Distributors LLC, 169 Lackawanna Avenue, Parsippany, NJ 07054 (Effective April 1, 2016, the address will be: 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 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.

For additional information, please contact:

Jacqueline Meere
New York Life Insurance Company
(212) 576-5301
jacqueline_meere@newyorklife.com

Allison Scott
New York Life Insurance
(212) 576-4517
allison_scott@newyorklife.com