MacKay Municipal Managers™ Muni 360

MacKay Municipal Managers^™

The minds behind munis

Spotlight on Muni Bond ETFs

David Dowden, portfolio manager at MacKay Municipal Managers, discusses our actively managed muni bond ETFs and the current muni market.

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MMIT: Intermediate-term munis with skilled active management

ETF Trends discusses current muni market with Chuck Jaffe and features MMIT as a recent “ETF of the Week.”

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MMIN: The only insured muni bond strategy

Looking for assurance amid uncertainty? Add a layer of insurance to your portfolio with actively managed MMIN.

Learn more >

Municipal Market Update with MacKay Municipal Managers

Benefits of insured munis, opportunities in today’s market, and the importance of active management

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Solving for the cash conundrum with short term municipal bonds

Why investors should consider short-term municipal bonds as a solution for stepping out of cash.

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Liquidity management: More critical than ever

MacKay Municipal Managers explain why liquidity management is more critical than ever in today's market.

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COVID-19, the municipal markets and finding perspective

A recap of what’s transpired in the investment grade municipal marketplace and how to put this in perspective.

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Muni 360 Report

For the latest insights on the municipal market as well as state and regional profiles, download Muni360.

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Opportunity in high yield municipals?

Why some high yield municipal bonds are attractive in today’s environment.

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Dislocation opportunity in taxable municipal bonds

The recent widening of spreads in combination with some key factors may have created an advantageous entry point for taxable municipal bonds.

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In uncharted territory, leverage knowledge.

MacKay Municipal Managers share their top 5 muni market insights for 2020.

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MacKay Municipal Managers. The minds behind proven municipal bond solutions.

The experience of a large firm. The approach of a nimble, autonomous boutique. Plus, fund managers with a personal touch and a track record of success. All of which means we have the insights, experience, and solutions you need to take advantage of the tax-free bond market.

Stay informed about the state of the municipal bond market. Get the latest insights from MacKay Municipal Managers.

2020 Municipal Market Insights: Mid-Year Update

Our insights on COVID-19 and the municipal market: Read insights; Watch video

Comprehensive Muni360 Report: Download the latest; Subscribe to receive monthly

Municipal Bond Asset Allocation Guide

For Financial Advisors looking to build their clients’ portfolios, download our Municipal Bond Asset Allocation Guide. Investors, please inquire about our guide with your financial advisor.

National Asset Allocation Guide

California Asset Allocation Guide

New York Asset Allocation Guide

Explore our award-winning municipal bond solutions

Named top manager

Overall and category Barron’s rankings are based on total returns for the 2018 calendar year among 57 qualifying fund families. MainStay MacKay High Yield Municipal Bond Fund (Class I) rankings in the Lipper High Yield Municipal Debt Funds category: one-year: #18 out of 180; five-year: #6 out of 129; 10-year: n/a. MainStay MacKay Tax Free Bond Fund (Class I) rankings in the Lipper General & Insured Municipal Debt Funds category: one-year: #47 out of 266; five-year: #24 out of 205; 10-year: n/a. MainStay MacKay California Tax Free Opportunities Fund (Class I) rankings in the Lipper California Municipal Debt Funds category: one-year: #8 out of 124; five-year: #6 out of 104; 10-year: n/a. MainStay MacKay New York Tax Free Opportunities Fund (Class I) rankings in the Lipper New York Municipal Debt Funds category: one-year: #7 out of 91; five-year: #6 out of 83; 10-year: n/a. MainStay MacKay Short Term Municipal Fund (Class I) rankings in the Lipper Short Term Municipal Debt Funds category: one-year: #48 out of 131; five-year: #20 out of 100; 10-year: 30 out of 62. As of 3/31/19. Past performance is no guarantee of future results.

National and state-specific strategies across the income and risk spectrum

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.

Avg. Total Returns (as of 6/30/20)

Ticker	Name	Morningstar Ratings as of 6/30/20	YTD		1YR	3YR	5YR	10YR	Since Incep.	Inception Date
MMHIX	MainStay MacKay High Yield Municipal Bond Fund Fact Sheet Resources See How We Stack Up	Overall based on risk-adjusted returns from among 169 High Yield Muni funds.	-1.07		1.75	4.73	5.48	6.91	7.10	3/31/2010
Growth of Hypothetical $100,000 Investment
Why some high yield municipal bonds are attractive in today’s environment Read more MMHIX: A look at performance during market dislocations and subsequent rallies Read more Morningstar Analyst Report: MMHIX Read more Power of Tax-Equivalent Yield Read more Get the latest commentary from the Fund's portfolio managers Read more
MTBIX	MainStay MacKay Tax Free Bond Fund Fact Sheet Resources See How We Stack Up	Overall based on risk-adjusted returns from among 147 Muni National Long funds.	2.36		4.73	4.78	4.51	5.19	5.25	12/21/2009
Growth of Hypothetical $100,000 Investment
MTBIX: A look at performance during market dislocations and subsequent rallies Read more Morningstar Analyst Report: MTBIX Read more Power of Tax-Equivalent Yield Read more Get the latest commentary from the Fund's portfolio managers Read more
MTFGX	MainStay MacKay Intermediate Tax Free Bond Fund Fact Sheet Resources		0.67		3.20	n/a	n/a	n/a	3.18	6/28/2019
Power of Tax-Equivalent Yield Read more Get the latest commentary from the Fund's portfolio managers Read more
MSTIX	MainStay MacKay Short Term Municipal Fund Fact Sheet Resources		1.25		2.13	1.94	1.65	1.28	3.72	1/2/1991
Solving for the cash conundrum with short term municipal bonds Read more MSTIX: Short-term muni bonds may help manage volatility and have historically offered attractive TEY Read more Power of Tax-Equivalent Yield Read more Get the latest commentary from the Fund's portfolio managers Read more
MCOIX	MainStay MacKay California Tax Free Opportunities Fund Fact Sheet Resources See How We Stack Up	Overall based on risk-adjusted returns from 95 Muni California Long funds.	0.96		3.93	4.60	4.84	n/a	4.52	2/28/2013
Growth of Hypothetical $100,000 Investment
MCOIX: A look at performance during market dislocations and subsequent rallies Read more Fund Brochure: Tax-free investing in the highest tax state Read more Morningstar Analyst Report: MCOIX Read more Power of Tax-Equivalent Yield for California Residents Read more Capitalizing on Municipal Value in High-Tax States Read more Get the latest commentary from the Fund's portfolio managers Read more
MNOIX	MainStay MacKay New York Tax Free Opportunities Fund Fact Sheet Resources See How We Stack Up	Overall based on risk-adjusted returns from 65 Muni New York Long funds.	1.12		3.54	4.29	4.38	n/a	4.55	5/14/2012
Growth of Hypothetical $100,000 Investment
MNOIX: A look at performance during market dislocations and subsequent rallies Read more Fund Brochure: Tax-free investing in a high-tax state Read more Morningstar Analyst Report: MNOIX Read more Power of Tax-Equivalent Yield for New York Residents Read more Capitalizing on Municipal Value in High-Tax States Read more Get the latest commentary from the Fund's portfolio managers Read more
MGOIX	MainStay MacKay Infrastructure Bond Fund Fact Sheet Resources		3.36		5.36	4.20	3.08	2.70	5.46	1/2/2004
Dislocation opportunity in taxable municipal bonds Read more Learn more about the next generation of core bond exposure Read more Whitepaper: US Taxable Municipal Bonds: Beyond the Basics Read more Get the latest commentary from the Fund's portfolio managers Read more
MMIN	IQ MacKay Municipal Insured ETF Fact Sheet Resources		NAV MP	3.91 3.98	6.51 6.85	n/a	n/a	n/a	5.60 5.72	10/18/2017
Growth of Hypothetical $100,000 Investment
Insights: Benefits of active muni ETFs vs. a passive approach Read more Spotlight on Muni Bond ETFs Listen to podcast Perspective: Why actively managed municipal ETFs? Read more Bloomberg TV talks with David Dowden about Muni ETFs and insured Munis Tune in Why Insured Municipal Bonds Make Sense Today Read more Look to Insured Munis for High Quality and Attractive Income Read more Learn more about the only insured muni bond ETF Read more Get the latest commentary from the Fund's portfolio managers Read more
MMIT	IQ MacKay Municipal Intermediate ETF Fact Sheet Resources		NAV MP	2.35 2.40	4.94 4.75	n/a	n/a	n/a	4.84 4.82	10/18/2017
Growth of Hypothetical $100,000 Investment
Insights: Benefits of active muni ETFs vs. passive Read more Spotlight on Muni Bond ETFs Listen to podcast ETF Trends discusses current muni market with Chuck Jaffe and features MMIT as a recent “ETF of the Week.” Watch video Perspective: Why Actively Managed Municipal ETFs? Read more Get the latest commentary from the Fund’s portfolio managers Read More
MMD	MainStay MacKay Defined Term Municipal Opportunities Fund¹ Fact Sheet Resources		NAV MP	1.51 -0.69	4.11 2.49	5.67 6.56	7.13 9.19	n/a	6.88 6.50	6/26/2012
Quarterly Commentary Read more

MainStay MacKay High Yield Municipal Bond Fund See How We Stack Up

Morningstar Rating, as of 6/30/20 Overall based on risk-adjusted returns from among 169 High Yield Muni funds.

MMHIX

Ticker

Avg. Total Returns (as of 6/30/20)

-1.07
YTD

1.75
1YR

4.73
3YR

5.48
5YR

6.91
10YR

7.10
SI

SI - Since Inception (3/31/2010)

Fact Sheet

Why some high yield municipal bonds are attractive in today’s environment

MMHIX: A look at performance during market dislocations and subsequent rallies

Morningstar Analyst Report: MMHIX

Power of Tax-Equivalent Yield

Get the latest commentary from the Fund's portfolio managers

MainStay MacKay Tax Free Bond Fund See How We Stack Up

Morningstar Rating, as of 6/30/20 Overall based on risk-adjusted returns from among 147 Muni National Long funds.

MTBIX

Ticker

Avg. Total Returns (as of 6/30/20)

2.36
YTD

4.73
1YR

4.78
3YR

4.51
5YR

5.19
10YR

5.25
SI

SI - Since Inception (12/21/2009)

Fact Sheet

MTBIX: A look at performance during market dislocations and subsequent rallies

Morningstar Analyst Report: MMHIX

Power of Tax-Equivalent Yield

Get the latest commentary from the Fund's portfolio managers

MainStay MacKay Intermediate Tax Free Bond Fund

MTFGX

Ticker

Avg. Total Returns (as of 6/30/20)

0.67
YTD

3.20
1YR

n/a
3YR

n/a
5YR

n/a
10YR

3.18
SI

SI - Since Inception (6/28/2019)

Fact Sheet

Power of Tax-Equivalent Yield

Get the latest commentary from the Fund's portfolio managers

MainStay MacKay Short Term Municipal Fund

MSTIX

Ticker

Avg. Total Returns (as of 6/30/20)

1.25
YTD

2.13
1YR

1.94
3YR

1.65
5YR

1.28
10YR

3.72
SI

SI - Since Inception (5/1/1986)

Fact Sheet

Solving for the cash conundrum with short term municipal bonds

MSTIX: Short-term muni bonds may help manage volatility and have historically offered attractive TEY

Power of Tax-Equivalent Yield

Get the latest commentary from the Fund's portfolio managers

MainStay MacKay California Tax Free Opportunities Fund See How We Stack Up

Morningstar Rating, as of 6/30/20 Overall based on risk-adjusted returns from 95 Muni California Long funds.

MCOIX

Ticker

Avg. Total Returns (as of 6/30/20)

0.96
YTD

3.93
1YR

4.60
3YR

4.84
5YR

n/a
10YR

4.52
SI

SI - Since Inception (2/28/2013)

Fact Sheet

MCOIX: A look at performance during market dislocations and subsequent rallies

Fund Brochure: Tax-free investing in the highest tax state

Morningstar Analyst Report: MCOIX

Power of Tax-Equivalent Yield for California Residents

Capitalizing on Municipal Value in High-Tax States

Get the latest commentary from the Fund's portfolio managers

MainStay MacKay New York Tax Free Opportunities Fund See How We Stack Up

Morningstar Rating, as of 6/30/20 Overall based on risk-adjusted returns from 65 Muni New York Long funds.

MNOIX

Ticker

Avg. Total Returns (as of 6/30/20)

1.12
YTD

3.54
1YR

4.29
3YR

4.38
5YR

n/a
10YR

4.55
SI

SI - Since Inception (5/14/2012)

Fact Sheet

MNOIX: A look at performance during market dislocations and subsequent rallies

Fund Brochure: Tax-free investing in a high-tax state

Morningstar Analyst Report: MNOIX

Power of Tax-Equivalent Yield for New York Residents

Capitalizing on Municipal Value in High-Tax States

Get the latest commentary from the Fund's portfolio managers

MainStay MacKay Infrastructure Bond Fund

MGOIX

Ticker

Avg. Total Returns (as of 6/30/20)

3.36
YTD

5.36
1YR

4.20
3YR

3.08
5YR

2.70
10YR

5.46
SI

SI - Since Inception (1/2/2004)

Fact Sheet

Dislocation opportunity in taxable municipal bonds

Learn more about the next generation of core bond exposure

Whitepaper: US Taxable Municipal Bonds: Beyond the Basics

Get the latest commentary from the Fund's porfolio managers

IQ MacKay Municipal Insured ETF

MMIN

Ticker

Avg. Total Returns (as of 6/30/20)

NAV
MP

3.91
3.98
YTD

6.51
6.85
1YR

n/a

3YR

n/a

5YR

n/a

10YR

5.60
5.72
SI

SI - Since Inception (10/18/2017)

Fact Sheet

Insights: Benefits of active muni ETFs vs. a passive approach

Spotlight on Muni Bond ETFs

Listen to podcast

Perspective: Why actively managed municipal ETFs?

Bloomberg TV talks with David Dowden about Muni ETFs and insured Munis

Tune in

Why Insured Municipal Bonds Make Sense Today

Look to Insured Munis for High Quality and Attractive Income

Learn more about the only insured muni bond ETF

Get the latest commentary from the Fund's portfolio managers

IQ MacKay Municipal Intermediate ETF

MMIT

Ticker

Avg. Total Returns (as of 6/30/20)

NAV
MP

2.35
2.40
YTD

4.94
4.75
1YR

n/a

3YR

n/a

5YR

n/a

10YR

4.84
4.82
SI

SI - Since Inception (10/18/2017)

Fact Sheet

Insights: Benefits of active muni ETFs vs. passive

Spotlight on Muni Bond ETFs

Listen to podcast

Why actively managed municipal ETFs?

Get the latest commentary from the Fund’s portfolio managers

MainStay MacKay Defined Term Municipal Opportunities Fund¹

MMD

Ticker

Avg. Total Returns (as of 6/30/20)

NAV
MP

1.51
-0.69
YTD

4.11
2.49
1YR

5.67
6.56
3YR

7.13
9.19
5YR

n/a

10YR

6.88
6.50
SI

SI - Since Inception (6/26/2012)

Fact Sheet

Quarterly Commentary

Past performance is no guarantee of future results. Average annual total returns are shown at NAV for Funds, and are shown at NAV and Market Price for ETFs.

Click on the fund name for the most current fund page, which includes the prospectus, investment objectives, performance, risk, and other important information. Returns represent past performance which is no guarantee of future results. Current performance may be lower or higher. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Visit nylinvestments.com/etfs and nylinvestments.com/funds for the most recent month-end performance.

Shares bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Total Returns are calculatedusing the daily 4:00 pm ET net asset value (NAV). Beginning on May 31, 2016, the price used to calculate the market pricereturns ("MP") is the mean between the day's last bid and ask prices. Prior to May 31, 2016, market price returns werecalculated using the day's closing price on the fund's primary exchange. The market price returns do not represent returns aninvestor would receive if shares were traded at other times.

¹There are risks inherent in any investment, including market risk, interest rate risk, credit risk and the possible loss of principal. There can be no assurance that the Fund’s investment objectives will be achieved. Shares of closed-end funds frequently trade at a discount from their net asset value, which may increase investor risk. For more information about this Fund, please call 855-456-9683.

Alabama AA 5.00% 4% Up 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% 2,141 Alaska AA- 0.00% 6.3% 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% 148 Arizona -- 4.54% 4.7% Flat 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% 1,326 Arkansas AA 6.90% 3.6% Down 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% 1,570 California AA- 13.30% 4.1% 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% 8,953 Colorado -- 4.63% 3.3% Up 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% 2,554 Connecticut A 6.99% 4.1% 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% 446 Delaware AAA 6.60% 3.8% 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% 164 Florida AAA 0.00% 3.3% 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% 3,695 Georgia AAA 5.75% 3.5% 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% 1,946 Hawaii AA+ 11.00% 2.4% Up 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% 68 Idaho -- 6.93% 2.6% 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% 518 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% 4,715 Indiana -- 3.23% 3.6% Up 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% 4,052 Iowa -- 8.53% 2.4% 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% 2,457 Kansas -- 5.70% 3.2% 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% 2,286 Kentucky -- 5.00% 4.5% Flat 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% 1,949 Louisiana AA- 6.00% 5.0% Up 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% 1,740 Maine AA 7.15% 3.4% Up 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% 364 Maryland AAA 5.75% 4% Down 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% 476 Massachusetts AA 5.05% 3.4% 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% 891 Michigan AA 4.25% 3.9% 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% 3,661 Minnesota AAA 9.85% 2.8% 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% 3,591 Mississippi AA 5.00% 4.7% 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% 1,295 Missouri AAA 5.40% 3% 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% 3,592 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% 785 Nebraska -- 6.84% 2.8% Down 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% 2,391 Nevada AA+ 0.00% 4.4% 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% 276 New Hampshire AA 5.00% 2.5% Down 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% 289 New Jersey A- 10.75% 4% 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% 2,031 New Mexico AA 4.90% 4.6% 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% 665 New York AA+ 8.82% 3.9% 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% 3,620 North Carolina AAA 5.25% 3.6% 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% 1,093 North Dakota -- 2.90% 2.8% 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% 844 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% 3,385 Oklahoma AA 5.00% 3.3% 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% 1,716 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% 1,224 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% 4,286 Rhode Island AA 5.99% 3.8% 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% 186 South Carolina AA+ 7.00% 3.3% 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% 845 South Dakota -- 0.00% 3% Down 3.4% Up 0.93% 98 16.1% 20.90% 13.40% 13.10% 11.60% 11.40% 13.40% 16.30% 100% 567 Tennessee AAA 2.00% 3.6% Up 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% 1,330 Texas AAA 0.00% 3.7% 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% 6,706 Utah AAA 4.95% 3.2% Flat 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% 861 Vermont AA+ 8.75% 2.7% 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% 125 Virginia AAA 5.75% 2.8% 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% 1,229 Washington AA+ 0.00% 4.3% 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% 1,885 West Virginia AA- 6.50% 5.2% Down 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% 723 Wisconsin AA 7.65% 3% 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% 4.1% 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% 309 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% 11

Actively managed MMIN and MMIT. All of the alpha potential, less of the cost.