Municipal bonds.
More than tax-free income.

Uncertain times call for proven muni solutions that can add stability, diversification, and tax-free income.

Market volatility, COVID-19, and municipal markets

Read our insights

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MacKay Municipal Managers^™

The minds behind munis

Opportunity in high yield municipals?

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

Get the insights >

Consider 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.”

Watch the video >

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.

Get the insights >

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.

Read our insights >

In uncharted territory, leverage knowledge.

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

Get the insights >

Muni 360 Report

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

Download the report >
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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.

Get the insight >

Munis: No place to be passive

Why active municipal ETFs are better than a passive approach.

Learn more >

Opportunity in high yield municipals?

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

Consider 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.”

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.

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.

In uncharted territory, leverage knowledge.

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

Muni 360 Report

Stay informed about the state of the municipal bond market.

Liquidity management: More critical than ever

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

Munis: No place to be passive

Why active municipal ETFs are better than a passive approach.

Muni 360

The comprehensive view into the municipal market

Select a State

Unfunded

Pension Funded Ratio

Fully Funded

Population by Age

0-15

16-24

25-34

35-44

45-54

55-64

65+

Start Exploring

For our fund managers’ full 360 perspective on this state’s muni market, download the full report.

Tax Income

84% Pension Liabilities

Tax Spending

Population by Age

0-15

16-24

25-34

35-44

45-54

55-64

65+

B- S&P Rating

8.7% Top Marginal Tax Rate

235 No. of Issuers

4.3% UnemploymentUnemployment rate as of 11/30/18. The arrow refers to the direction change in unemployment rate from one year earlier

2% Population% change year-over-year, as of 7/1/17

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 3/31/20)

Ticker	Name	Morningstar Ratings as of 3/31/20	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 162 High Yield Muni funds.	-4.38		0.95	4.37	4.55	6.93	6.92	3/31/2010
Growth of Hypothetical $100,000 Investment
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 149 Muni National Long funds.	-0.64		4.17	4.49	3.63	5.09	5.20	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		-2.56		n/a	n/a	n/a	n/a	-0.10	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	Overall based on risk-adjusted returns from among 180 Muni National Short funds	-0.30		1.35	1.57	1.34	1.20	3.69	1/2/1991
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 among 96 Muni California Long funds.	-1.91		3.37	4.59	4.09	n/a	4.26	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 among 67 Muni New York Long funds.	-1.61		2.84	4.24	3.55	n/a	4.33	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		0.85		7.24	3.72	2.39	2.78	5.42	1/2/2004
Learn more about the next generation of core bond exposure Read more Get the latest commentary from the Fund's portfolio managers Read more Whitepaper: US Taxable Municipal Bonds: Beyond the Basics Read more Dislocation opportunity in taxable municipal bonds Read more
MMIN	IQ MacKay Municipal Insured ETF Fact Sheet Resources		NAV MP	1.21 1.32	6.22 6.48	n/a	n/a	n/a	5.05 5.20	10/18/2017
Growth of Hypothetical $100,000 Investment
Proactive vs. Reactive Investing Read more 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	-0.36 -0.12	4.44 4.66	n/a	n/a	n/a	4.20 4.25	10/18/2017
Growth of Hypothetical $100,000 Investment
ETF Trends discusses current muni market with Chuck Jaffe and features MMIT as a recent “ETF of the Week.” Watch video Proactive vs. Reactive Investing Read more Get the latest commentary from the Fund’s portfolio managers Read More Perspective: Why Actively Managed Municipal ETFs? Read more
MMD	MainStay MacKay Defined Term Municipal Opportunities Fund¹ Fact Sheet Resources		NAV MP	-3.45 -7.43	1.41 -0.62	5.14 5.33	5.50 6.42	n/a	6.42 5.76	6/26/2012
Quarterly Commentary Read more

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

Morningstar Rating, as of 3/31/20 Overall based on risk-adjusted returns from among 162 High Yield Muni funds.

MMHIX

Ticker

Avg. Total Returns (as of 3/31/20)

-4.38
YTD

0.95
1YR

4.37
3YR

4.55
5YR

6.93
10YR

6.92
SI

SI - Since Inception (3/31/2010)

Fact Sheet

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 3/31/20 Overall based on risk-adjusted returns from among 149 Muni National Long funds.

MTBIX

Ticker

Avg. Total Returns (as of 3/31/20)

-0.64
YTD

4.17
1YR

4.49
3YR

3.63
5YR

5.09
10YR

5.20
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 3/31/20)

-2.56
YTD

n/a
1YR

n/a
3YR

n/a
5YR

n/a
10YR

-0.10
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

Morningstar Rating, as of 3/31/20

MSTIX

Ticker

Avg. Total Returns (as of 3/31/20)

-0.3
YTD

1.35
1YR

1.57
3YR

1.34
5YR

1.20
10YR

3.69
SI

SI - Since Inception (5/1/1986)

Fact Sheet

Power of Tax-Equivalent Yield

Diversify with short-term municipals to help manage volatility

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 3/31/20 Overall based on risk-adjusted returns from among 96 Muni California Long funds.

MCOIX

Ticker

Avg. Total Returns (as of 3/31/20)

-1.91
YTD

3.37
1YR

4.59
3YR

4.09
5YR

n/a
10YR

4.26
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 3/31/20 Overall based on risk-adjusted returns from among 67 Muni New York Long funds.

MNOIX

Ticker

Avg. Total Returns (as of 3/31/20)

-1.61
YTD

2.84
1YR

4.24
3YR

3.55
5YR

n/a
10YR

4.33
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 3/31/20)

0.85
YTD

7.24
1YR

3.72
3YR

2.39
5YR

2.78
10YR

5.42
SI

SI - Since Inception (1/2/2004)

Fact Sheet

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

Dislocation opportunity in taxable municipal bonds

IQ MacKay Municipal Insured ETF

MMIN

Ticker

Avg. Total Returns (as of 3/31/20)

NAV
MP

1.21
1.32
YTD

6.22
6.48
1YR

n/a

3YR

n/a

5YR

n/a

10YR

5.05
5.20
SI

SI - Since Inception (10/18/2017)

Fact Sheet

Proactive vs. Reactive Investing

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 3/31/20)

NAV
MP

-0.36
-0.12
YTD

4.44
4.66
1YR

n/a

3YR

n/a

5YR

n/a

10YR

4.20
4.25
SI

SI - Since Inception (10/18/2017)

Fact Sheet

Proactive vs. Reactive Investing

Get the latest commentary from the Fund’s portfolio managers

Why actively managed municipal ETFs?

MainStay MacKay Defined Term Municipal Opportunities Fund¹

MMD

Ticker

Avg. Total Returns (as of 3/31/20)

NAV
MP

-3.45
-7.43
YTD

1.41
-0.62
1YR

5.14
5.33
3YR

5.50
6.42
5YR

n/a

10YR

6.42
5.76
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 A+ 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

Municipal bonds. More than tax-free income.

MacKay Municipal Managers™

Opportunity in high yield municipals?

Consider intermediate-term munis with skilled active management

Dislocation opportunity in taxable municipal bonds

COVID-19, the municipal markets and finding perspective

In uncharted territory, leverage knowledge.

Muni 360 Report

Liquidity management: More critical than ever

Munis: No place to be passive

Muni 360

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Municipal Bond Asset Allocation Guide

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Avg. Total Returns (as of 3/31/20)

Growth of Hypothetical $100,000 Investment

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

Morningstar Analyst Report: MMHIX

Power of Tax-Equivalent Yield

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Growth of Hypothetical $100,000 Investment

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

Morningstar Analyst Report: MTBIX

Power of Tax-Equivalent Yield

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Power of Tax-Equivalent Yield

Get the latest commentary from the Fund's portfolio managers

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

Growth of Hypothetical $100,000 Investment

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

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Growth of Hypothetical $100,000 Investment

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

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Learn more about the next generation of core bond exposure

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Whitepaper: US Taxable Municipal Bonds: Beyond the Basics

Dislocation opportunity in taxable municipal bonds

Growth of Hypothetical $100,000 Investment

Proactive vs. Reactive Investing

Perspective: Why actively managed municipal ETFs?

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

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

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Growth of Hypothetical $100,000 Investment

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

Proactive vs. Reactive Investing

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Perspective: Why Actively Managed Municipal ETFs?

Quarterly Commentary

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

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

Power of Tax-Equivalent Yield

Get the latest commentary from the Fund's portfolio managers

Power of Tax-Equivalent Yield

Diversify with short-term municipals to help manage volatility

Get the latest commentary from the Fund's portfolio managers

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

Municipal bonds.
More than tax-free income.

MacKay Municipal Managers^™

Growth of Hypothetical
$100,000 Investment

Growth of Hypothetical
$100,000 Investment

Growth of Hypothetical
$100,000 Investment

Growth of Hypothetical
$100,000 Investment

Growth of Hypothetical
$100,000 Investment

Growth of Hypothetical
$100,000 Investment