This week, Phil welcomes special guest Erik Kazatsky, MacKay Municipal Manager, to discuss opportunities in the municipal bond market.

Municipal Bond Disclosures

Discussions of municipal bonds in this podcast reflect the opinions and perspectives of the host and guest based on prevailing market conditions at the time of recording and are provided for general informational purposes only. Such opinions do not constitute guarantees of performance, income, safety, or capital preservation, and should not be interpreted as predictions of future results.

Municipal bonds are not risk‑free investments. Although municipal bonds have historically exhibited lower default rates than some other fixed‑income sectors, they remain subject to interest rate risk, market risk, issuer credit and default risk, call and reinvestment risk, liquidity risk, and potential changes in tax treatment. An investment in municipal bonds may lose value, including principal, particularly during periods of rising interest rates or market stress.

Any references to municipal bonds as "attractive," "defensive," "stable," or similar characterizations represent subjective opinions only and do not imply or ensure reduced risk, guaranteed income, or positive investment outcomes.

Tax‑exempt income and tax‑equivalent yield (TEY) figures discussed are illustrative and hypothetical. Tax‑equivalent yield calculations are based on assumed tax rates and are not measures of actual performance or total return. Actual After‑tax results will vary based on individual circumstances, applicable tax laws, market conditions, fees, and expenses, which are not reflected.

Any references comparing municipal bonds to equities or describing income as "equity‑like" are intended for general context only. Municipal bonds and equities have materially different risk and return characteristics, and municipal bonds should not be expected to provide returns comparable to equities over a full market cycle.

Nothing contained in this podcast should be construed as a recommendation that any particular investment, investment strategy, or allocation is suitable for any individual investor. Listeners should consult their financial, tax, and legal professionals to determine whether municipal bonds or any investment strategy is appropriate given their specific goals, risk tolerance, and tax situation.

IMPORTANT DISCLOSURE

Availability of products and services provided by MacKay Shields may be limited by applicable laws and regulations in certain jurisdictions and this document is provided only for persons to whom this document and the products and services of MacKay Shields may otherwise lawfully be issued or made available. None of the products and services provided by MacKay Shields are offered to any person in any jurisdiction where such offering would be contrary to local law or regulation. This document is provided for information purposes only. It does not constitute investment advice and should not be construed as an offer to buy securities. The contents of this document have not been reviewed by any regulatory authority in any jurisdiction. All investments contain risks and may lose value and these materials do not undertake to explain all of the risks associated with any investment strategy referred to herein. Clients and investors should not invest in any strategy referred to herein unless satisfied that they and/or their representatives have requested and received all information that would enable them to evaluate the merits and risks thereof. Any forward-looking statements speak only as of the date they are made, and MacKay Shields assumes no duty and does not undertake to update forward looking statements. Any opinions expressed are the views and opinions of certain investment professionals at MacKay Shields which are subject to change without notice. There may have been, and may in the future be, changes to the investment personnel responsible for the management of the strategy(ies) described herein, as well as changes to the investment process utilized by such investment personnel. Past performance is not indicative of future results.

Past performance is not indicative of future results.

NOTE TO UK AND EUROPEAN UNION AUDIENCE

This document is intended only for the use of professional investors as defined in the Alternative Investment Fund Manager's Directive and/or the UK Financial Conduct Authority's Conduct of Business Sourcebook. To the extent this document has been issued in the United Kingdom, it has been issued by NYL Investments UK LLP, 200 Aldersgate Street, London UK EC1A 4HD, which is authorised and regulated by the UK Financial Conduct Authority. To the extent this document has been issued in the EEA, it has been issued by NYL Investments Europe Limited, 77 Sir John Rogerson's Quay, Block C Dublin D02 VK60 Ireland. NYL Investments Europe Limited is authorized and regulated by the Central Bank of Ireland (i) to act as an alternative investment fund manager of alternative investment funds under the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) and (ii) to provide the services of individual portfolio management, investment advice and the receipt and transmission of orders as defined in Regulation 7(4) of the AIFMD Regulations to persons who meet the definition of "professional client" as set out in the MiFID Regulations. It has passported its license in additional countries in the EEA.

This document only describes capabilities of certain affiliates of New York Life Investment Management and/or MacKay Shields LLC. No such affiliates will accept subscriptions in any funds not admitted to marketing in your country or provide services to potential customers in your country, including discretionary asset management services, except where it is licensed to do so or can rely on an applicable exemption.

MacKay Shields LLC is a wholly owned subsidiary of New York Life Investment Management Holdings LLC, which is wholly owned by New York Life Insurance Company. "New York Life Investment Management" is the brand name and service mark used to represent a group of affiliated investment advisors of New York Life Insurance Company, including New York Life Investment Management LLC, a registered investment advisor.

NOTE TO CANADIAN RECIPIENTS

The information in these materials is not an offer to sell securities or a solicitation of an offer to buy securities in any jurisdiction of Canada. In Canada, any offer or sale of securities or the provision of any advisory or investment fund manager services will be made only in accordance with applicable Canadian securities laws. More specifically, any offer or sale of securities will be made in accordance with applicable exemptions to dealer and investment fund manager registration requirements, as well as under an exemption from the requirement to file a prospectus, and any advice given on securities will be made in reliance on applicable exemptions to adviser registration requirements.

Information included herein should not be considered predicative of future transactions or commitments made by MacKay Shields LLC nor as an indication of current or future profitability. There is no assurance investment objectives will be met. Past performance is not indicative of future results.

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