MacKay Municipal Managers™ Muni 360

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 12/31/20)

Ticker	Name	Morningstar Ratings as of 12/31/20	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 177 High Yield Muni funds.	5.42		5.42	6.27	5.81	7.44	7.38	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 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 141 Muni National Long funds.	6.44		6.44	5.31	4.46	5.67	5.29	12/21/2009
Growth of Hypothetical $100,000 Investment
MTBIX: A look at performance during market dislocations and subsequent rallies 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		4.70		4.70	n/a	n/a	n/a	4.80	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		2.54		2.54	2.29	1.77	1.34	3.69	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 93 Muni California Long funds.	5.11		5.11	5.13	4.62	n/a	4.76	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 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.	5.37		5.37	5.06	4.29	n/a	4.77	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 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 U.S. Infrastructure Bond Fund Fact Sheet Resources		6.55		6.55	5.00	3.59	2.98	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	Overall based on risk-adjusted returns from 249 US Fund Muni National Intermediate funds.	NAV MP	7.44 7.43	7.44 7.43	5.685.64	n/a	n/a	5.795.87	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 Bloomberg TV talks with David Dowden about Muni ETFs and insured Munis Tune in Why Insured Municipal Bonds Make Sense Today Read more Get the latest commentary from the Fund's portfolio managers Read more
MMIT	IQ MacKay Municipal Intermediate ETF Fact Sheet Resources	Overall based on risk-adjusted returns from 249 US Fund Muni National Intermediate funds.	NAV MP	5.87 6.17	5.87 6.17	5.275.26	n/a	n/a	5.16 5.22	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 Get the latest commentary from the Fund’s portfolio managers Read More
MMD	MainStay MacKay Defined Term Municipal Opportunities Fund¹ Fact Sheet Resources	Overall based on risk-adjusted returns from 58 CE Muni National Long funds.	NAV MP	7.75 8.89	7.75 8.89	6.56 8.63	6.81 8.60	n/a	7.21 7.27	6/26/2012
Quarterly Commentary Read more

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

Morningstar Rating, as of 12/31/20 Overall based on risk-adjusted returns from among 177 High Yield Muni funds.

MMHIX

Ticker

Avg. Total Returns (as of 10/30/20)

5.42
YTD

5.42
1YR

6.27
3YR

5.81
5YR

7.44
10YR

7.38
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

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 12/31/20 Overall based on risk-adjusted returns from among 141 Muni National Long funds.

MTBIX

Ticker

Avg. Total Returns (as of 10/30/20)

6.44
YTD

6.44
1YR

5.31
3YR

4.46
5YR

5.67
10YR

5.29
SI

SI - Since Inception (12/21/2009)

Fact Sheet

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

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 10/30/20)

4.70
YTD

4.70
1YR

n/a
3YR

n/a
5YR

n/a
10YR

4.80
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 10/30/2020)

2.54
YTD

2.54
1YR

2.29
3YR

1.77
5YR

1.34
10YR

3.69
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 12/31/20 Overall based on risk-adjusted returns from 93 Muni California Long funds.

MCOIX

Ticker

Avg. Total Returns (as of 10/30/20)

5.11
YTD

5.11
1YR

5.13
3YR

4.62
5YR

n/a
10YR

4.76
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

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 12/31/20 Overall based on risk-adjusted returns from 65 Muni New York Long funds.

MNOIX

Ticker

Avg. Total Returns (as of 10/30/20)

5.37
YTD

5.37
1YR

5.06
3YR

4.29
5YR

n/a
10YR

4.77
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

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 U.S. Infrastructure Bond Fund

MGOIX

Ticker

Avg. Total Returns (as of 10/30/20)

6.55
YTD

6.55
1YR

5.00
3YR

3.59
5YR

2.98
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

Morningstar Rating, as of 12/31/20 Overall based on risk-adjusted returns from 249 US Fund Muni National Intermediate funds.

MMIN

Ticker

Avg. Total Returns (as of 10/30/20)

NAV
MP

7.44
7.43
YTD

7.44
7.43
1YR

5.68
5.64
3YR

n/a

5YR

n/a

10YR

5.79
5.87
3YR

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

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

Tune in

Why Insured Municipal Bonds Make Sense Today

Learn more about the only insured muni bond ETF

Get the latest commentary from the Fund's portfolio managers

IQ MacKay Municipal Intermediate ETF

Morningstar Rating, as of 12/31/20 Overall based on risk-adjusted returns from 249 US Fund Muni National Intermediate funds.

MMIT

Ticker

Avg. Total Returns (as of 10/30/20)

NAV
MP

5.87
6.17
YTD

5.87
6.17
1YR

5.27
5.26
3YR

n/a

5YR

n/a

10YR

5.16
5.22
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

Get the latest commentary from the Fund’s portfolio managers

MainStay MacKay Defined Term Municipal Opportunities Fund¹

Morningstar Rating, as of 12/31/20 Overall based on risk-adjusted returns from 58 CE Muni National Long funds.

MMD

Ticker

Avg. Total Returns (as of 10/30/20)

NAV
MP

7.75
8.89
YTD

7.75
8.89
1YR

6.56
8.63
3YR

6.81
8.60
5YR

n/a

10YR

7.21
7.27
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.

¹As of 12/31/20. MainStay MacKay High Yield Municipal Bond Fund’s Class A shares rated four stars (five stars Class I) overall and four stars (five stars Class I), four stars (five stars Class I) and four stars (five stars Class I) for the three-, five-, and 10-year periods from among 177, 152 and 100 High Yield Muni funds, respectively. MainStay MacKay Tax Free Bond Fund’s Class A shares rated four stars (four stars Class I) overall and four stars (four stars Class I), three stars (four stars Class I), and four stars (four stars Class I) for the three-, five- and 10-year periods from among 141, 125 and 101 Muni National Long Funds, respectively. MainStay MacKay California Tax Free Opportunities Fund’s Class A shares rated four stars (four stars Class I) overall and four stars (four stars Class I) and four stars (four stars Class I) for the three- and five-year periods from among 93 and 76 Muni California Long funds, respectively. MainStay MacKay New York Tax Free Opportunities Fund’s Class A shares rated four stars (five stars Class I) overall and four stars (five stars Class I) and four stars (five stars Class I) for the three- and five-year periods from among 65 and 58 Muni New York Long Funds, respectively. IQ MacKay Municipal Insured ETF rated five stars overall and five stars for the three-year period from among 249 Muni National Intermediate funds. IQ MacKay Municipal Intermediate ETF rated five stars overall and five stars for the three-year period from among 249 Muni National Intermediate funds. MainStay MacKay DefinedTerm Municipal Opportunities Fund rated five stars overall and five stars for the three- and five-year periods from among 58 and 58 Muni CE National Long Funds, respectively.

Alabama AA 5.00% 7.6% Up 4.1% Up 0.42% 70.85 19.4% 18.50% 13.30% 13.10% 12.10% 13.10% 13.30% 16.50% 71.90% 2,164 Alaska A+ 0.00% 12.4% Up 7.2% Down -0.47% 66.62 4.9% 21.00% 13.70% 16.20% 12.60% 12.30% 12.90% 11.20% 68.39% 148 Arizona -- 4.50% 10% Up 4.7% Up 2.88% 62.73 21.8% 19.30% 13.60% 13.60% 12.20% 12.10% 12.10% 17.10% 65.52% 1,339 Arkansas AA 6.60% 8.1% Up 3.7% Up 0.84% 76.29 30.5% 19.50% 13.40% 13.20% 12.20% 12.50% 12.70% 16.60% 81.22% 1,583 California AA- 13.30% 14.9% Up 4.7% Up 0.96% 66.53 28.2% 19.00% 13.50% 15.20% 13.20% 13.10% 12.00% 13.90% 71.14% 9,083 Colorado -- 4.63% 10.6% Up 10.6% Up 2.63% 47.13 13.6% 18.70% 13.10% 15.50% 13.60% 12.80% 12.60% 13.80% 58.77% 2,673 Connecticut A 6.99% 10.1% Up 4.6% Down 0.27% 43.85 23.9% 16.80% 13.70% 12.40% 11.80% 14.30% 14.20% 16.80% 46.67% 451 Delaware AAA 6.60% 12.6% Up 4.6% Up 1.63% 82.8 32.4% 17.60% 12.50% 13.40% 11.50% 13.00% 13.80% 18.10% 85.11% 169 Florida AAA 0.00% 10.3% Up 4.1% Up 3.26% 79.06 21.1% 16.50% 11.80% 13.10% 12.00% 13.20% 13.30% 20.10% 79.86% 3,770 Georgia AAA 5.75% 7.6% Up 4.6% Up 2.06% 79.23 20.2% 19.90% 13.80% 13.90% 13.10% 13.60% 12.10% 13.50% 80.08% 1,981 Hawaii AA+ 11.00% 13.4% Up 2.3% Down -0.55% 54.8 25.2% 18.10% 12.00% 14.50% 12.60% 12.30% 12.80% 17.80% 55.48% 70 Idaho -- 6.93% 5.8% Up 3.1% Up 4.1% 91.27 25.8% 21.50% 13.60% 13.10% 12.40% 11.60% 12.30% 15.40% 92.39% 519 Illinois BBB- 4.95% 14.5% Up 5.0% Down -0.64% 38.42 16.7% 18.70% 13.30% 13.90% 12.80% 13.10% 13.00% 15.20% 38.98% 4,742 Indiana -- 3.23% 11.1% Up 3.6% Up 0.80% 65.04 36.6% 19.50% 14.00% 13.00% 12.30% 12.80% 13.10% 15.40% 66.54% 4,082 Iowa -- 8.53% 8.4% Up 3.1% Up 0.75% 82.13 27.0% 19.30% 14.10% 12.60% 11.90% 12.10% 13.30% 16.70% 83.61% 2,559 Kansas -- 5.70% 7.5% Up 3.6% Down -0.04% 67.12 30.5% 20.40% 14.30% 13.20% 12.10% 11.90% 12.80% 15.40% 68.88% 2,300 Kentucky -- 5.00% 4.4% Flat 5.0% Up 0.70% 33.87 18.6% 18.80% 13.30% 13.00% 12.40% 13.20% 13.30% 16.00% 44.87% 1,967 Louisiana AA- 6.00% 9.5% Up 5.0% Down -0.32% 65.56 18.1% 19.70% 13.20% 14.50% 12.30% 12.40% 12.90% 14.90% 67.26% 1,744 Maine AA 7.15% 6.7% Up 3.5% Up 0.55% 81.93 25.8% 15.50% 11.70% 11.90% 11.30% 13.90% 15.80% 19.90% 84.50% 365 Maryland AAA 5.75% 8.3% Up 4.1% Up 0.67% 68.56 29.7% 18.50% 12.70% 13.80% 12.70% 13.90% 13.40% 14.90% 70.36% 473 Massachusetts AA 5.00% 17.7% Up 3.7% Up 1.08% 59.94 30.1% 16.30% 13.80% 14.20% 12.10% 13.80% 13.60% 16.20% 60.59% 904 Michigan AA 4.25% 14.9% Up 4.5% Up 0.49% 65.14 31.3% 17.90% 13.70% 12.70% 11.60% 13.30% 14.10% 16.70% 63.22% 3,683 Minnesota AAA 9.85% 8.6% Up 3.4% Up 1.59% 63.34 23.1% 19.40% 12.90% 13.60% 12.50% 12.80% 13.40% 15.40% 81.83% 3,623 Mississippi AA 5.00% 8.8% Up 5.1% Up 0.09% 61.08 18.0% 19.80% 13.90% 13.20% 12.20% 12.60% 12.90% 15.50% 62.60% 1,303 Missouri AAA 5.40% 7.8% Up 3.6% Up 0.70% 77.86 18.1% 18.70% 13.20% 13.40% 12.00% 12.60% 13.50% 16.50% 77.77% 3,642 Montana AA 6.90% 7.2% Up 4.0% Up 2.3% 72.86 18.6% 18.20% 13.00% 12.90% 11.70% 11.70% 14.50% 18.10% 72.56% 793 Nebraska -- 6.84% 5.5% Up 2.9% Up 1.21% 90.18 37.7% 20.70% 14.00% 13.30% 12.20% 11.70% 12.60% 15.40% 90.33% 2,446 Nevada AA+ 0.00% 15.2% Up 5.0% Up 3.47% 74.45 16.5% 19.00% 12.10% 14.70% 13.20% 13.20% 12.40% 15.30% 75.27% 279 New Hampshire AA 5.00% 9.2% Up 2.7% Up 1.09% 62.58 20.6% 15.60% 13.10% 12.20% 11.30% 14.60% 15.60% 17.60% 64.70% 296 New Jersey A- 10.75% 16.8% Up 4.6% Up 0.31% 35.79 13.0% 18.10% 12.60% 13.00% 12.80% 14.20% 13.50% 15.80% 38.41% 2,036 New Mexico AA 4.90% 8.4% Up 6.1% Up 0.06% 62.52 14.0% 19.40% 13.50% 13.50% 11.80% 11.80% 13.20% 16.90% 60.97% 666 New York AA+ 8.82% 15.6% Up 4.7% Down -0.52% 94.51 40.1% 17.30% 13.00% 14.80% 12.40% 13.40% 13.10% 15.90% 98.04% 3,646 North Carolina AAA 5.25% 7.5% Up 4.4% Up 2.20% 90.67 26.6% 18.50% 13.40% 13.30% 12.60% 13.50% 12.90% 15.90% 88.64% 1,098 North Dakota -- 2.90% 7.4% Up 2.5% Up 0.22% 63.78 52.0% 19.90% 14.90% 15.10% 11.70% 10.90% 12.60% 15.00% 65.19% 859 Ohio AA+ 4.80% 11% Up 5.1% Up 0.50% 78.47 14.2% 18.40% 13.10% 13.10% 11.80% 13.00% 13.80% 16.70% 75.85% 3,442 Oklahoma AA 5.00% 6.4% Up 4.2% Up 0.30% 77.92 21.8% 20.40% 13.70% 13.90% 12.30% 11.90% 12.50% 15.30% 81.34% 1,732 Oregon AA+ 9.90% 11.6% Up 4.1% Up 2.63% 83.12 14.3% 17.50% 12.30% 14.20% 13.20% 12.40% 13.20% 17.10% 82.07% 1,227 Pennsylvania A+ 3.07% 13.2% Up 4.8% Up 0.11% 55.32 25.8% 17.10% 12.90% 13.20% 11.60% 13.30% 14.10% 17.80% 54.75% 4,313 Rhode Island AA 5.99% 12.6% Up 4.4% Down -0.11% 54.59 29.4% 16.00% 14.30% 13.70% 11.70% 13.50% 14.00% 16.80% 54.20% 188 South Carolina AA+ 7.00% 8.7% Up 4.2% Up 2.48% 54.25 18.3% 18.20% 13.10% 13.20% 12.00% 12.90% 13.30% 17.20% 55.07% 857 South Dakota -- 0.00% 7.2% Up 3.4% Up 2.36% 98 16.1% 20.90% 13.40% 13.10% 11.60% 11.40% 13.40% 16.30% 100.02% 576 Tennessee AAA 1.00% 9.6% Up 3.5% Up 1.88% 96.23 29.2% 18.60% 13.00% 13.60% 12.40% 13.30% 13.10% 16.00% 97.73% 1,341 Texas AAA 0.00% 8.4% Up 4.1% Up 2.68% 76.06 23.8% 21.70% 14.10% 14.70% 13.40% 12.50% 11.30% 12.30% 70.62% 6,832 Utah AAA 4.95% 5.3% Up 3.3% Up 3.83% 90.31 21.3% 25.00% 16.00% 14.70% 13.60% 10.20% 9.60% 10.80% 85.16% 871 Vermont AA+ 8.75% 9.5% Up 3.0% Up 0.28% 64.26 52.5% 15.30% 14.10% 11.70% 11.20% 13.40% 15.50% 18.70% 64.23% 121 Virginia AAA 5.75% 8.1% Up 3.7% Up 1.27% 77.22 23.2% 18.30% 13.30% 14.00% 12.90% 13.60% 12.90% 15.00% 79.01% 1,248 Washington AA+ 0.00% 10% Up 4.8% Up 3.47% 89.6 24.8% 18.60% 12.50% 15.10% 13.10% 12.80% 12.90% 15.10% 93.87% 1,865 West Virginia AA- 6.50% 10.5% Up 5.1% Down -1.54% 79.23 28.1% 16.80% 12.30% 11.90% 12.10% 13.20% 14.40% 19.40% 82.26% 716 Wisconsin AA 7.65% 8.6% Up 3.3% Up 0.66% 97 18.8% 18.30% 13.50% 12.60% 12.00% 13.10% 14.10% 16.50% 96.45% 2,971 Wyoming -- 0.00% 7.6% Up 4.0% Down -1.85% 75.91 18.2% 19.80% 12.80% 13.70% 12.40% 11.50% 14.00% 15.80% 68.48% 309 Puerto Rico D N/A 7.7% Flat 7.7% Down -5.10% 1.57% 20.6% 15.70% 13.60% 12.40% 12.50% 13.20% 12.90% 19.70% 100.00% 11 District of Columbia AA+ 6.60% 8.7% Up 7.7% Up 2.6% 1.57% 20.6% 15.70% 13.60% 12.40% 12.50% 13.20% 12.90% 19.70% 100.00% 78

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Avg. Total Returns (as of 12/31/20)

Growth of Hypothetical $100,000 Investment

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

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

Power of Tax-Equivalent Yield

Get the latest commentary from the Fund's portfolio managers

Growth of Hypothetical $100,000 Investment

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

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

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

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

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

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

Power of Tax-Equivalent Yield for New York Residents

Capitalizing on Municipal Value in High-Tax States

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Dislocation opportunity in taxable municipal bonds

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Whitepaper: US Taxable Municipal Bonds: Beyond the Basics

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Growth of Hypothetical $100,000 Investment

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

Spotlight on Muni Bond ETFs

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

Why Insured Municipal Bonds Make Sense Today

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Growth of Hypothetical $100,000 Investment

Insights: Benefits of active muni ETFs vs. passive

Spotlight on Muni Bond ETFs

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

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Quarterly Commentary

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

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

Power of Tax-Equivalent Yield

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

Power of Tax-Equivalent Yield

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Power of Tax-Equivalent Yield

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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

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

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

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

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