MacKay Municipal Managers (M3) is Co-Headed by John Loffredo and Robert DiMella. John and Robert previously headed the largest municipal asset management group at Merrill Lynch Investment Management/BlackRock with assets in excess of $100 billion.

John and Robert have experience managing municipal assets across institutional separate accounts; open-end and closed-end funds; high net worth accounts; and custom opportunistic funds. Combined they have 32 years of investing experience and have managed municipal credit and portfolio strategies together for 15 years.

• Has research experience in all facets of the municipal market including investment grade municipals, municipal high yield, tender option bonds, municipal inflation protected bonds, auction market preferred, floating rate notes, and variable rate demand obligations.
• Employs a risk management focus throughout the investment process-with regard to municipal bonds-to help reduce volatility.
• Focuses on value added municipal portfolio management and seeks strong partnerships in three areas: separate accounts, commingled funds, and subadvisory relationships.

We believe that strong long-term performance can be achieved with a relative value research-driven approach:

• Active management of the portfolio in an effort to capitalize on market inefficiencies, consistently build a yield advantage, and seek an attractive after-tax total return.
• Focused on reduced volatility through a disciplined investment process.
• Fundamental, bottom-up credit research.

• The Team evaluates the current economic and political environments and their impact on fixed-income securities in general and on the municipal market in particular.
• Focus on Value—Team approach based on fundamental, bottom-up credit research of sectors and individual securities to identify attractive opportunities.
• The following four value-added strategies are regularly implemented:
  — Sector/security allocation
  — Yield curve positioning
  — Duration management
  — Buy/sell trade execution

		John Loffredo, CFA Senior Managing Director MacKay Municipal Managers Mr. Loffredo has been a municipal portfolio manager and/or municipal analyst on Wall Street since 1988, with a broad range of portfolio management and analytic experiences in the municipal markets. Mr. Loffredo was Chairman and Co-Founder of Mariner Municipal Managers. Prior to that he was a Managing Director and Co-Head of BlackRock’s Municipal Portfolio Management Group (from 2006 to 2007). Prior to BlackRock’s merger with Merrill Lynch Investment Managers (MLIM), he served as Chief Investment Officer of the Municipal Products Group. He was employed by Merrill Lynch from 1990-2006. Prior to Merrill Lynch, John worked for the City of Boston Treasury Department. Mr. Loffredo graduated with a MBA and Certificate of Public Management from Boston University and cum laude from Utah State University where he was a Harry S. Truman Scholar. He is a Chartered Financial Analyst.
		Robert DiMella, CFA Senior Managing Director MacKay Municipal Managers Mr. DiMella has been a municipal portfolio manager on Wall Street since 1992, with a broad range of trading and portfolio management experience in the municipal markets. Mr. DiMella was President and Co-Founder of Mariner Municipal Managers. Prior to that he was a Managing Director and Co-Head of BlackRock’s Municipal Portfolio Management Group (from 2006 to 2007). Prior to BlackRock’s merger with Merrill Lynch Investment Managers (MLIM), he served as a Senior Portfolio Manager and Managing Director of the Municipal Products Group. He was employed by Merrill Lynch from 1992-2006. Mr. DiMella earned his Master’s degree at Rutgers University Business School and an undergraduate degree at the University of Connecticut. He is a Chartered Financial Analyst.
		Mike Petty Director MacKay Municipal Managers Mr. Petty has been a Portfolio Manager on Wall Street since 1992, and has worked in the municipal products market since 1985. Mr. Petty has a broad array of trading, portfolio management, and sales experience. Prior to joining Mariner Municipal Managers, he was a Senior Portfolio Manager at Dreyfus Corp from 1997 through 2009, overseeing $2.1 billion in assets. From 1992 through 1997, he served as a portfolio manager for MLIM. Mr. Petty graduated from Hobart College with a BA in Mathematics and Economics.

There is no guarantee that any strategy will make a profit or protect against losses. MainStay Investments is a registered name under which New York Life Investment Management LLC does business. Neither New York Life Investment Management LLC nor its affiliates or their representatives provide legal, tax, or accounting advice. Instruct clients to seek guidance from their own professional advisors regarding their specific circumstances. MacKay Shields LLC is an affiliate of New York Life Investment Management LLC.

Securities distributed by NYLIFE Distributors LLC, 169 Lackawanna Avenue, Parsippany, New Jersey 07054.