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<br /> 2019<br /> Market Outlook<br /> Return to insights,<br /> instead of algorithms.<br /> Today's highly fragmented and complex municipal bond market requires<br /> experienced, active managers. Turn to our Muni 360 Report for a comprehensive<br /> view into the tax-free bond market, including our expert perspective on key<br /> drivers of performance. The report includes important municipal bond market<br /> developments, regional commentary, state profles and more.<br /> The Muni 360 report from MacKay Municipal Managers.™<br /> The minds behind munis.<br /> Download the report at www.muni360.com.<br /> New York Life Investments engages the services of MacKay Shields LLC, an afliated, federally registered advisor, to<br /> subadvise several Funds. New York Life Investments is a service mark and name under which New York Life Investment<br /> Management LLC does business. New York Life Investments, an indirect subsidiary of New York Life Insurance Company,<br /> Ne<a title="2019 Market Outlook page 1" href="https://secure.viewer.zmags.com/publication/746d5b27?page=1"> 2019 Market Outlook</a> <a title="2019 Market Outlook page 2" href="https://secure.viewer.zmags.com/publication/746d5b27?page=2"> Return to insights, instead of algorithms. </a> <a title="2019 Market Outlook page 3" href="https://secure.viewer.zmags.com/publication/746d5b27?page=3"> Editor-in-Chief DAVID ARMSTRONG david.armstrong@i</a> <a title="2019 Market Outlook page 4" href="https://secure.viewer.zmags.com/publication/746d5b27?page=4"> 53. 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