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

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.

Bloomberg Radio talks about the state of the muni market with our experts.

Webcast: A 360 View into the Muni Bond Market

Tune in to the replay to hear MacKay Municipal Managers’ in-depth perspective on the muni market and where the team is finding opportunities today.

Our Municipal Market Commentary

Stay informed about the state of the municipal bond market. Sign up below to receive our quarterly commentaries for insightful perspectives from the minds behind munis.

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 explore

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.

MTBIX

MainStay MacKay Tax
Free Bond Fund

Morningstar Ratings¹:

For Class A Morningstar ratings, see the fact sheet.

as of 12/31/18

Class I

See how we stack up Download Fact Sheet

Growth of Hypothetical
$100,000 Investment

Back to Fund Facts

MMHIX

MainStay MacKay High Yield
Municipal Bond Fund

Morningstar Ratings¹:

For Class A Morningstar ratings, see the fact sheet.

as of 12/31/18

Class I

Download Fact Sheet

MSTIX

MainStay MacKay Short
Term Municipal Fund

Download Fact Sheet

MCOIX

MainStay MacKay California
Tax Free Opportunities

Morningstar Ratings¹:

For Class A Morningstar ratings, see the fact sheet.

as of 12/31/18

Class I

See how we stack up Download Fact Sheet

Growth of Hypothetical
$100,000 Investment

Back to Fund Facts

MNOIX

MainStay MacKay New York
Tax Free Opportunities Fund

Morningstar Ratings¹:

For Class A Morningstar ratings, see the fact sheet.

as of 12/31/18

Class I

Muni 360

Top 5 Muni Insights

Get More on Munis

Bloomberg Radio

Start Exploring

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

Bloomberg Radio talks about the state of the muni market with our experts.

Webcast: A 360 View into the Muni Bond Market

Our Municipal Market Commentary

Municipal Bond Asset Allocation Guide

My risk tolerance is

Explore our award-winning municipal bond solutions

MTBIX

MainStay MacKay Tax
Free Bond Fund

Growth of Hypothetical
$100,000 Investment

MMHIX

MainStay MacKay High Yield
Municipal Bond Fund

MSTIX

MainStay MacKay Short
Term Municipal Fund

MCOIX

MainStay MacKay California
Tax Free Opportunities

Growth of Hypothetical
$100,000 Investment

MNOIX

MainStay MacKay New York
Tax Free Opportunities Fund

MMIN

IQ MacKay Municipal
Insured ETF

MMIT

IQ MacKay Municipal
Intermediate ETF

MMD

MainStay MacKay
Defined Term Municipal Opportunities Fund

Insights and resources

Muni 360

Top 5 Muni Insights

Get More on Munis

Bloomberg Radio

Start Exploring

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

Bloomberg Radio talks about the state of the muni market with our experts.

Webcast: A 360 View into the Muni Bond Market

Our Municipal Market Commentary

Municipal Bond Asset Allocation Guide

My risk tolerance is

Explore our award-winning municipal bond solutions

MTBIX

MainStay MacKay Tax Free Bond Fund

Growth of Hypothetical $100,000 Investment

MMHIX

MainStay MacKay High Yield Municipal Bond Fund

MSTIX

MainStay MacKay Short Term Municipal Fund

MCOIX

MainStay MacKay California Tax Free Opportunities

Growth of Hypothetical $100,000 Investment

MNOIX

MainStay MacKay New York Tax Free Opportunities Fund

MMIN

IQ MacKay Municipal Insured ETF

MMIT

IQ MacKay Municipal Intermediate ETF

MMD

MainStay MacKay Defined Term Municipal Opportunities Fund

Insights and resources

MainStay MacKay Tax
Free Bond Fund

Growth of Hypothetical
$100,000 Investment

MainStay MacKay High Yield
Municipal Bond Fund

MainStay MacKay Short
Term Municipal Fund

MainStay MacKay California
Tax Free Opportunities

Growth of Hypothetical
$100,000 Investment

MainStay MacKay New York
Tax Free Opportunities Fund

IQ MacKay Municipal
Insured ETF

IQ MacKay Municipal
Intermediate ETF

MainStay MacKay
Defined Term Municipal Opportunities Fund