MacKay Municipal Managers™ Muni 360

Alabama AA 5.00% 4.1% Flat 4.1% Up 0.29% 70.85 19.4% 18.50% 13.30% 13.10% 12.10% 13.10% 13.30% 16.50% 99.90% 1,171 Alaska AA 0.00% 6.9% Down 7.2% Down -0.23% 66.62 4.9% 21.00% 13.70% 16.20% 12.60% 12.30% 12.90% 11.20% 99.90% 69 Arizona -- 4.54% 4.6% Down 4.7% Up 1.53% 62.73 21.8% 19.30% 13.60% 13.60% 12.20% 12.10% 12.10% 17.10% 100.00% 663 Arkansas AA 6.90% 3.7% Flat 3.7% Up 0.53% 76.29 30.5% 19.50% 13.40% 13.20% 12.20% 12.50% 12.70% 16.60% 100.10% 894 California AA- 13.30% 4.2% Down 4.7% Up 0.61% 66.53 28.2% 19.00% 13.50% 15.20% 13.20% 13.10% 12.00% 13.90% 99.90% 5,286 Colorado -- 4.63% 2.8% Flat 2.8% Up 1.37% 47.13 13.6% 18.70% 13.10% 15.50% 13.60% 12.80% 12.60% 13.80% 100.10% 1,349 Connecticut A+ 6.99% 4.4% Down 4.6% Up 0.01% 43.85 23.9% 16.80% 13.70% 12.40% 11.80% 14.30% 14.20% 16.80% 100.00% 273 Delaware AAA 6.60% 3.9% Down 4.6% Up 0.96% 82.8 32.4% 17.60% 12.50% 13.40% 11.50% 13.00% 13.80% 18.10% 99.90% 83 Florida AAA 0.00% 3.7% Down 4.1% Up 1.56% 79.06 21.1% 16.50% 11.80% 13.10% 12.00% 13.20% 13.30% 20.10% 100.00% 1,895 Georgia AAA 6.00% 3.9% Down 4.6% Up 1.11% 79.23 20.2% 19.90% 13.80% 13.90% 13.10% 13.60% 12.10% 13.50% 99.90% 1,012 Hawaii AA+ 11.00% 2.1% Down 2.3% Down -0.08% 54.8 25.2% 18.10% 12.00% 14.50% 12.60% 12.30% 12.80% 17.80% 100.10% 46 Idaho -- 7.40% 2.9% Down 3.1% Up 2.15% 91.27 25.8% 21.50% 13.60% 13.10% 12.40% 11.60% 12.30% 15.40% 99.90% 200 Illinois BBB- 4.95% 4.2% Down 5.0% Down -0.26% 38.42 16.7% 18.70% 13.30% 13.90% 12.80% 13.10% 13.00% 15.20% 100.00% 2,402 Indiana -- 3.23% 3.4% Down 3.6% Up 0.49% 65.04 36.6% 19.50% 14.00% 13.00% 12.30% 12.80% 13.10% 15.40% 100.10% 1,851 Iowa -- 8.98% 2.6% Down 3.1% Up 0.47% 82.13 27.0% 19.30% 14.10% 12.60% 11.90% 12.10% 13.30% 16.70% 100.00% 1,229 Kansas -- 5.70% 3.4% Down 3.6% Up 0.19% 67.12 30.5% 20.40% 14.30% 13.20% 12.10% 11.90% 12.80% 15.40% 100.10% 1,040 Kentucky A+ 6.00% 4.3% Down 5.0% Up 0.41% 33.87 18.6% 18.80% 13.30% 13.00% 12.40% 13.20% 13.30% 16.00% 100.00% 934 Louisiana AA- 6.00% 4.9% Down 5.0% Down -0.04% 65.56 18.1% 19.70% 13.20% 14.50% 12.30% 12.40% 12.90% 14.90% 99.90% 640 Maine AA 7.15% 3% Down 3.5% Up 0.42% 81.93 25.8% 15.50% 11.70% 11.90% 11.30% 13.90% 15.80% 19.90% 100.00% 153 Maryland AAA 5.75% 4.3% Up 4.1% Up 0.45% 68.56 29.7% 18.50% 12.70% 13.80% 12.70% 13.90% 13.40% 14.90% 99.90% 253 Massachusetts AA 5.10% 3.6% Down 3.7% Up 0.53% 59.94 30.1% 16.30% 13.80% 14.20% 12.10% 13.80% 13.60% 16.20% 100.00% 597 Michigan AA- 4.25% 4.3% Down 4.5% Up 0.29% 65.14 31.3% 17.90% 13.70% 12.70% 11.60% 13.30% 14.10% 16.70% 100.00% 1,810 Minnesota AA+ 9.85% 3% Down 3.4% Up 0.92% 63.34 23.1% 19.40% 12.90% 13.60% 12.50% 12.80% 13.40% 15.40% 100.00% 2,149 Mississippi AA 5.00% 4.8% Down 5.1% Down -0.04% 61.08 18.0% 19.80% 13.90% 13.20% 12.20% 12.60% 12.90% 15.50% 100.10% 468 Missouri AAA 5.90% 3.4% Down 3.6% Up 0.37% 77.86 18.1% 18.70% 13.20% 13.40% 12.00% 12.60% 13.50% 16.50% 99.90% 1,956 Montana AA 6.90% 3.7% Down 4.0% Up 1.13% 72.86 18.6% 18.20% 13.00% 12.90% 11.70% 11.70% 14.50% 18.10% 100.10% 284 Nebraska -- 6.84% 2.9% Flat 2.9% Up 0.65% 90.18 37.7% 20.70% 14.00% 13.30% 12.20% 11.70% 12.60% 15.40% 99.90% 1,336 Nevada AA 0.00% 4.6% Down 5.0% Up 1.96% 74.45 16.5% 19.00% 12.10% 14.70% 13.20% 13.20% 12.40% 15.30% 99.90% 158 New Hampshire AA 5.00% 2.7% Flat 2.7% Up 0.58% 62.58 20.6% 15.60% 13.10% 12.20% 11.30% 14.60% 15.60% 17.60% 100.00% 99 New Jersey A- 8.97% 4.2% Down 4.6% Up 0.30% 35.79 13.0% 18.10% 12.60% 13.00% 12.80% 14.20% 13.50% 15.80% 100.00% 1,258 New Mexico AA 4.90% 4.7% Down 6.1% Up 0.13% 62.52 14.0% 19.40% 13.50% 13.50% 11.80% 11.80% 13.20% 16.90% 100.10% 292 New York AA+ 8.82% 4.3% Down 4.7% Up 0.07% 94.51 40.1% 17.30% 13.00% 14.80% 12.40% 13.40% 13.10% 15.90% 99.90% 2,248 North Carolina AAA 5.50% 4.1% Down 4.4% Up 1.14% 90.67 26.6% 18.50% 13.40% 13.30% 12.60% 13.50% 12.90% 15.90% 100.10% 520 North Dakota -- 2.90% 2.6% Up 2.5% Down -0.02% 63.78 52.0% 19.90% 14.90% 15.10% 11.70% 10.90% 12.60% 15.00% 100.10% 444 Ohio AA+ 5.00% 4.6% Down 5.1% Up 0.31% 78.47 14.2% 18.40% 13.10% 13.10% 11.80% 13.00% 13.80% 16.70% 99.90% 1,892 Oklahoma AA 5.00% 3.8% Down 4.2% Up 0.25% 77.92 21.8% 20.40% 13.70% 13.90% 12.30% 11.90% 12.50% 15.30% 100.00% 914 Oregon AA+ 9.90% 3.9% Down 4.1% Up 1.37% 83.12 14.3% 17.50% 12.30% 14.20% 13.20% 12.40% 13.20% 17.10% 99.90% 539 Pennsylvania A+ 3.07% 4.2% Down 4.8% Up 0.14% 55.32 25.8% 17.10% 12.90% 13.20% 11.60% 13.30% 14.10% 17.80% 100.00% 1,915 Rhode Island AA 5.99% 4.1% Down 4.4% Up 0.20% 54.59 29.4% 16.00% 14.30% 13.70% 11.70% 13.50% 14.00% 16.80% 100.00% 109 South Carolina AA+ 7.00% 3.6% Down 4.2% Up 1.28% 54.25 18.3% 18.20% 13.10% 13.20% 12.00% 12.90% 13.30% 17.20% 99.90% 456 South Dakota -- 0.00% 3.1% Down 3.4% Up 0.93% 98 16.1% 20.90% 13.40% 13.10% 11.60% 11.40% 13.40% 16.30% 100% 253 Tennessee AAA 3.00% 3.5% Flat 3.5% Up 0.99% 96.23 29.2% 18.60% 13.00% 13.60% 12.40% 13.30% 13.10% 16.00% 100.00% 622 Texas AAA 0.00% 4% Down 4.1% Up 1.41% 76.06 23.8% 21.70% 14.10% 14.70% 13.40% 12.50% 11.30% 12.30% 100.00% 4,241 Utah AAA 5.00% 3.1% Down 3.3% Up 1.85% 90.31 21.3% 25.00% 16.00% 14.70% 13.60% 10.20% 9.60% 10.80% 99.90% 445 Vermont AA+ 8.95% 2.8% Down 3.0% Up 0.05% 64.26 52.5% 15.30% 14.10% 11.70% 11.20% 13.40% 15.50% 18.70% 99.90% 37 Virginia AAA 5.75% 3.1% Down 3.7% Up 0.66% 77.22 23.2% 18.30% 13.30% 14.00% 12.90% 13.60% 12.90% 15.00% 100.00% 644 Washington AA+ 0.00% 4.6% Down 4.8% Up 1.69% 89.6 24.8% 18.60% 12.50% 15.10% 13.10% 12.80% 12.90% 15.10% 100.10% 939 West Virginia AA- 6.50% 5.4% Up 5.1% Down -0.70% 79.23 28.1% 16.80% 12.30% 11.90% 12.10% 13.20% 14.40% 19.40% 100.10% 290 Wisconsin AA 7.65% 2.9% Down 3.3% Up 0.39% 97 18.8% 18.30% 13.50% 12.60% 12.00% 13.10% 14.10% 16.50% 98% 1,554 Wyoming -- 0.00% 3.8% Down 4.0% Down -0.97% 75.91 18.2% 19.80% 12.80% 13.70% 12.40% 11.50% 14.00% 15.80% 100.00% 85 Puerto Rico D N/A 9.1 Down 10.3% Down -2.08% 1.57% 20.6% 15.70% 13.60% 12.40% 12.50% 13.20% 12.90% 19.70% 100.00% 51

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This is a hypothetical illustration showing relative potential risk and yield. Risk based on standard deviation. *National muni tax-equivalent yield based on 40.80% tax level (37% highest federal tax bracket plus the 3.8% Medicare surcharge). CA and NY muni tax equivalent yield based on the blended rates derived from a top federal income tax rate of 37%, the 3.8% Medicare tax, top state income tax rates of 8.82% and 13.30% in New York and California, respectively. Past performance is no guarantee of future results, which will vary. For the most recent MainStay Funds performance, please visit our web site at nylinvestments.com/funds. All mutual funds are subject to market risk and will fluctuate in value.

MTBIX

MainStay MacKay Tax
Free Bond Fund

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as of 9/30/18

Class I

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MMHIX

MainStay MacKay High Yield
Municipal Bond Fund

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as of 9/30/18

Class I

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MSTIX

MainStay MacKay Short
Term Municipal Fund

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MCOIX

MainStay MacKay California
Tax Free Opportunities

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as of 9/30/18

Class I

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Growth of Hypothetical
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MNOIX

MainStay MacKay New York
Tax Free Opportunities Fund

Morningstar Ratings¹:

For Class A Morningstar ratings, see the fact sheet.

as of 9/30/18

Class I

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