MainStay Unconstrained Bond Fund Chosen as a 2014 Lipper Fund Award Winner

MainStay and MacKay Shields LLC Recognized in Lipper’s New Category: Alternative Credit Focus Funds for the 3- and 5-year Periods

NEW YORK, March 21, 2014 – MainStay Investments, a New York Life Company, today announced that the MainStay Unconstrained Bond Fund is a 2014 Lipper Fund Award Winner in Lipper's new category "Alternative Credit Focus Funds" for the 3- and 5-year periods.

The Fund and its sub-advisor MacKay Shields LLC — a leading fixed income investment management firm that focuses in the management of income oriented strategies—were recognized by The Lipper Fund Awards program for outperforming peers based on risk-adjusted, consistent returns. The MainStay Unconstrained Bond Fund's Class I shares (Ticker: MSDIX) received the Lipper Fund Award in the Alternative Credit Focus Funds category, based on performance history as of 11/30/13, for the 3- and 5-year periods.

"We are honored that the MainStay Unconstrained Bond Fund has been recognized among an impressive new class in the Lipper Fund 2014 Awards," said Dan Roberts, head and CIO of MacKay Shields' Global Fixed Income Team. "This award underscores the value of a long-term perspective on global fixed income investing, broad diversification, and careful active portfolio management to help mitigate risk for our shareholders."

MacKay Shields' Global Fixed Income Team, led by Dan Roberts, Lou Cohen, Taylor Wagenseil and Michael Kimble, have managed the Fund since 2009 and have been working together since 1989 managing fixed income strategies across numerous market cycles involving a range of economic circumstances and financial conditions, as well as across a wide spectrum of credit qualities, industries, and geographies.

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. The Thomson Reuters Awards for Excellence also include the Extel Survey Awards, the StarMine Analyst Awards, and the StarMine Broker Rankings. For more information, please contact markets.awards@thomsonreuters.com or visit excellence.thomsonreuters.com

About the Fund

The MainStay Unconstrained Bond Fund seeks to achieve its investment objective through a flexible investment process that allocates investments across the global fixed-income markets. The Fund, under normal circumstances, invests at least 80% of its assets in a diversified portfolio of debt or debt-related securities such as: debt or debt-related securities issued or guaranteed by the U.S. or foreign governments, their agencies or instrumentalities; obligations of international or supranational entities; debt or debt-related securities issued by U.S. or foreign corporate entities; zero coupon bonds; municipal bonds; mortgage-related and other asset-backed securities; loan participation interests; convertible bonds; and variable or floating rate debt securities. The Fund may invest up to 15% of its total assets in equity securities.

About MacKay Shields LLC

MacKay Shields LLC ("MacKay") is a global, multi-product fixed income investment advisory firm managing approximately $80 billion in assets as of December 31, 2013. Its clients include pension funds and other institutional investors in the U.S. and overseas. MacKay Shields is an indirect, wholly-owned subsidiary of New York Life Insurance Company. Please visit MacKay's website at www.mackayshields.com for more information.

About MainStay Investments

With more than $97 billion in assets under management as of December 31, 2013 across retail mutual funds and variable product sub-accounts, MainStay Investments is the mutual fund distribution arm of New York Life Investments. MainStay provides financial advisors access to a powerful mix of autonomous, institutional investment managers, delivered by people who understand the needs of today's financial advisor. As an indirect wholly-owned subsidiary of New York Life Insurance Company, a Fortune 100 company founded in 1845, MainStay is owned by the largest mutual life insurance company in the United States1 and one of the largest life insurers in the world. Please visit MainStay's website at www.mainstayinvestments.com for more information.

For additional information, please contact:

Allison Scott
New York Life Insurance Company
T: (212) 576-4517
C: (862) 222-4903
allison_scott@nylim.com

Joe McGurk
Sloane & Company
(212) 446-1874
jmcgurk@sloanepr.com

1. Based on revenue as reported by "Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual)," Fortune magazine, May 20, 2013. See http://money.cnn.com/magazines/fortune/fortune500/2013/faq/?iid=F500_sp_method for methodology.

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.

The MainStay Funds® are managed by New York Life Investment Management LLC and distributed by NYLIFE Distributors LLC, 169 Lackawanna Avenue, Parsippany, NJ 07054, 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.

Class I shares won the Lipper Fund Award for the 3- and 5-year periods out of 54 and 38 eligible funds, respectively, in the Lipper Alternative Credit Focus Funds Category. Lipper Fund Awards honor funds that have outperformed peers based on risk-adjusted, consistent return. Award based on performance history as of 11/30/13. Past performance is no guarantee of future results.

About risk: High-yield securities ("junk bonds") are generally considered speculative because they present a greater risk of loss than higher-quality debt securities and may be subject to greater price volatility. Foreign securities may be subject to greater risks than U.S. investments, including currency fluctuations, less liquid trading markets, greater price volatility, political and economic instability, less publicly available information, and changes in tax or currency laws or monetary policy. These risks are likely to be greater for emerging markets.

If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. Because the Fund's loss on a short sale arises from increases in the value of the security sold short, such loss is theoretically unlimited. When borrowing a security for delivery to a buyer, the Fund also may be required to pay a premium and other transaction costs, which would increase the cost of the security sold short. By investing the proceeds received from selling securities short, the Fund is employing a form of leverage. The use of leverage may increase the Fund's exposure to long equity positions and make any change in the Fund's NAV greater than it would be without the use of leverage. This could result in increased volatility of returns. Issuers of convertible securities may not be as financially strong as those issuing securities with higher credit ratings and are more vulnerable to economic changes. The Fund may invest in derivatives, which may increase the volatility of the Fund's net asset value. The principal risk of mortgage dollar rolls is that the security the Fund receives at the end of the transaction may be worth less than the security the Fund sold to the same counterparty at the beginning of the transaction. The principal risk of mortgage related and asset-backed securities is that underlying debt may be prepaid ahead of schedule, if interest rates fall, thereby reducing the value of the Fund's investment. If interest rates rise, less of the debt may be prepaid and the Fund may lose money.

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. 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. Duration provides a measure of a fund's interest-rate sensitivity – the longer a fund's duration, the more sensitive the fund is to shifts in interest rates. Unconstrained bond funds generally charge higher fees than standard core bond funds.