New York Life Investments Launches MainStay MacKay Intermediate Tax Free Bond Fund

MacKay Municipal Managers™ Celebrates 10-year Anniversary, Quadruples AUM

NEW YORK, July 25, 2019 – New York Life Investments today announced the launch of the MainStay MacKay Intermediate Tax Free Bond Fund (Institutional Class: MTFGX and Class A: MTFDX) (“Fund”), which seeks to provide investors with current income exempt from regular federal income tax by investing the vast majority of its assets in investment grade municipal bonds.

MacKay Municipal Managers™, the award-winning fund manager, is co-headed by John Loffredo and Robert DiMella. The team has an average of 25-30 years of experience investing in municipal bonds and has recently celebrated its 10-year anniversary and the quadrupling of municipal bond assets under management to more than $40 billion.

“We are expanding into the intermediate maturity sector to capitalize on an opportunity to provide clients with a unique, actively managed approach to a segment of the municipal bond market more accustomed to the historical approaches of buy and hold and bond laddering strategies,” said John Loffredo, CFA, Executive Managing Director and Co-Head of MacKay Municipal Managers.

Robert DiMella, CFA, Executive Managing Director and Co-Head of MacKay Municipal Managers added, “As we outlined at the onset of 2019, active management and tactical portfolio positioning have been rewarded amidst market uncertainty, and we believe that our approach will continue to bode well for our municipal bond clients through the second half of the year.”

This new Fund rounds out New York Life Investments’ municipal bonds mutual funds lineup, which now includes ten distinct strategies. For more information about the Fund, municipal bond market insights and the full suite of municipal bond offerings, visit: Muni360

About New York Life Investments
With $567 billion in Assets Under Management* as of May 31, 2019, New York Life Investments is comprised of the affiliated global asset management businesses of our parent company, New York Life Insurance Company (New York Life). We offer clients access to specialized, independent investment teams through our family of affiliated boutiques. We remain committed to our clients through a combination of the diverse perspectives of our boutiques and a long-lasting focus on sustainable relationships.

New York Life Insurance Company (www.newyorklife.com), 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. Headquartered in New York City, New York Life Insurance Company’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Insurance Company has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies***.

*AUM includes assets of Investment Advisors affiliated with New York Life Insurance Company as of May 31, 2019. AUM for Candriam and Ausbil is reported at the spot rate.

**Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 5/16/19. For methodology, please see http://fortune.com/fortune500/

***Individual independent rating agency commentary as of 7/30/2018: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+) The financial strength of New York Life Insurance Company applies only to its insurance products and not to investment products which are subject to market risk and fluctuation in value.

“New York Life Investments” is both a service mark, and the common trade name, of the investment advisors affiliated with New York Life Insurance Company.

Media Contact: Allison Scott | New York Life | +1.212.576.4517 | Allison_Scott@nylim.com

Before considering an investment in the Fund, you should understand that you could lose money.

Municipal bond risks include the ability of the issuer to repay the obligation, the relative lack of information about certain issuers, and the possibility of future tax and legislative changes, which could affect the market for and value of municipal securities. A portion of the Fund's income may be subject to state and local taxes or the alternative minimum tax. Income from municipal bonds held by the Fund could be declared taxable because of unfavorable changes in tax law, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a bond issuer. High-yield municipal bonds may be subject to increased liquidity risk as compared to other high-yield debt securities. The Fund may invest in derivatives, which may increase the volatility of the Fund's NAV. 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.

For more information about MainStay Funds®, call 800 -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.

New York Life Investment Management LLC engages the services of federally registered advisors. MacKay Shields LLC is an affiliate of New York Life. “New York Life Investments” is both a service mark, and the common trade name, of the investment advisors affiliated with New York Life Insurance Company. The MainStay Funds® are managed by New York Life Investment Management LLC and distributed by NYLIFE Distributors LLC, 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.