Muni 360

A comprehensive view into the municipal market from MacKay Municipal Managers™. The minds behind munis.

Webcast: 2019 top 5 insights

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The minds behind munis offer their Top 5 insights for 2019.

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Supply & Demand, Increased Tax Revenues, and Puerto Rico

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Unfunded

Pension Funded Ratio

Fully Funded

Population by Age

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16-24

25-34

35-44

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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

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.

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Webcast: 2019 Top 5 Insights

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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

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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

See how we stack up Download Fact Sheet

Growth of Hypothetical
$100,000 Investment

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MSTIX

MainStay MacKay Short
Term Municipal Fund

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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

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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 12/31/18

Class I

See how we stack up Download Fact Sheet

Growth of Hypothetical
$100,000 Investment

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MMIN

IQ MacKay Municipal
Insured ETF

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MMIT

IQ MacKay Municipal
Intermediate ETF

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MMD

MainStay MacKay
Defined Term Municipal Opportunities Fund

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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 -- 7.40% 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 -- 8.98% 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+ 6.00% 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 5.10% 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- 8.97% 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 3.00% 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 5.00% 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+ 8.95% 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

Muni 360

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