MainStay Investments, a New York Life company, has added the MainStay New York Tax Free Opportunities Fund, the firm's first state-specific municipal bond strategy, to its portfolio.

The fund is managed by Robert DiMella and John Loffredo at affiliate MacKay Shields LLC. According to Mainstay, New York issues about 15% of the supply in the entire municipal marketplace, second only to California, creating the opportunity to manage diversified portfolios and deliver a relative value within the state of New York.

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