Uncertain Markets & Municipals:
Mid-Year Update

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Explore Muni 360, state by state

John Loffredo, CFA
Robert DiMella, CFA

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.

  • Webcast Replay: Mid-year muni update

    Watch the replay of our webcast for a mid-year update on MacKay Municipal Managers’ 2019 insights, and their views on the opportunities ahead.

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  • AssetTV Masterclass: Muni market opportunities and challenges in 2019

    Tune in for CE credit and join David Dowden, Managing Director and Portfolio Manager at MacKay Municipal Managers, in the discussion on market technicals, tax reform and opportunities in today’s muni market.

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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

My risk tolerance is

MainStay MacKay Short Term Municipal Fund [I: MSTIX]

MainStay MacKay Tax Free Bond Fund [I: MTBIX]

MainStay MacKay High Yield Municipal Fund [I: MMHIX]

All investments are subject to market risk, including possible loss of principal. Diversification cannot assure a profit or protect against loss in a declining market.

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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

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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. 

MainStay MacKay High Yield Municipal Bond Fund
Morningstar Rating, as of 6/30/19 Overall based on risk-adjusted returns from among 155 High Yield Muni funds.

MMHIX

Ticker
Avg. Total Returns (as of 6/30/19)
5.55
YTD
6.81
1YR
4.54
3YR
7.63
5YR
n/a
10YR
7.29
SI
SI - Since Inception (3/31/2010)
MainStay MacKay Tax Free Bond Fund
Morningstar Rating, as of 6/30/19 Overall based on risk-adjusted returns from among 147 Muni National Long funds.

MTBIX

Ticker
Avg. Total Returns (as of 6/30/19)
5.41
YTD
6.47
1YR
2.77
3YR
4.41
5YR
5.82
10YR
5.27
SI
SI - Since Inception (5/1/1986)
Avg. Total Returns (as of 6/30/19)
n/a
YTD
n/a
1YR
n/a
3YR
n/a
5YR
n/a
10YR
n/a
SI
SI - Since Inception (6/28/2019)
Avg. Total Returns (as of 6/30/19)
7.09
YTD
8.21
1YR
2.13
3YR
2.29
5YR
2.88
10YR
5.46
SI
SI - Since Inception (5/1/1986)
IQ MacKay Municipal Intermediate ETF

MMIT

Ticker
Avg. Total Returns (as of 6/30/19)
NAV
MP
5.32
2.62
YTD
7.54
5.75
1YR
n/a

3YR
n/a

5YR
n/a

10YR
4.80
3.98
SI
SI - Since Inception (10/18/2017)
Avg. Total Returns (as of 6/30/19)
NAV
MP
5.55
5.44
YTD
6.81
13.83
1YR
4.54
6.81
3YR
7.63
9.92
5YR
n/a

10YR
7.29
6.74
SI
SI - Since Inception (6/26/2012)

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.

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