Growth Equity Update

To help you maintain resiliency in your portfolio, the investment professionals at New York Life Investments share their insights on the market and its impact on their specific area of expertise.

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Growth-oriented common stocks and other equity type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) may involve larger price swings and greater potential for loss than other types of investments. Typically, the subadvisor intends to invest substantially all of the Fund's investable assets in domestic securities. However, the Fund is permitted to invest up to 20% of its net assets in foreign securities. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. These risks may be greater for emerging markets. Certain environmental, social, and governance ("ESG") criteria may be considered when evaluating an investment opportunity. This may result in the Fund having exposure to securities or sectors that are significantly different than the composition of the Fund's benchmark and performing differently than other funds and strategies in its peer group that do not take into account ESG criteria.

The views expressed herein are from Fiera Capital and do not necessarily reflect the views of “New York Life Investment Management LLC (NYLIM)” or its affiliates. “New York Life Investment Management LLC (NYLIM)” engages the services of unaffiliated, federally registered investment advisors such as Fiera Capital. The products and services of “New York Life Investments” boutiques are not available to all clients and in all jurisdictions or regions.

This material represents an assessment of the market environment as of the date of this material; is subject to change; and is not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding any funds or any particular issuer/security. The strategies discussed are strictly for illustrative and educational purposes and are not a recommendation, offer, or solicitation to buy or sell any securities or to adopt any investment strategy. There is no guarantee that any strategies discussed will be effective.

Any forward looking statements are based on a number of assumptions concerning future events, and although we believe the sources used are reliable, the information contained in these materials has not been independently verified, and its accuracy is not guaranteed. In addition, there is no guarantee that market expectations will be achieved.