Topic of Interest

MacKay Shields Adds New Municipal Team
MacKay Shields, subadvisor of certain MainStay Funds, has added a top notch municipal team to their line-up of portfolio managers. John Loffredo and Robert DiMella have a combined 32 years of investing experience and have managed municipal credit and portfolio strategies together for 15 years. Their Team’s research experience includes all facets of the municipal market including investment grade municipals, municipal high yield, tender option bonds, and municipal inflation protected bonds. Loffredo and DiMella are supported by dedicated research and risk management personnel with a combined average of 22 years of experience. As of July 1, 2009, they have been named interim managers of MainStay Tax Free Bond Fund. Pending shareholder approval, they will take over as permanent managers of the Fund.

About Risk
A portion of MainStay Tax Free Bond Fund’s income may be subject to state and local taxes or the alternative minimum tax. The Fund may invest in derivatives, which may increase the volatility of the Fund’s net asset value and may result in a loss to the Fund. Funds that invest in bonds are subject to interest-rate risk and can lose principal value when interest rates rise.