1 MainStay MacKay High Yield Municipal Bond Fund . A: MMHAX | C: MMHDX | I: MMHIX | R6: MMHEX. All data as of 9/30/21. An active high Yield tax free bond fund Seeks: A high level of current income exempt from federal income taxes. The Fund's secondary investment objective is total return. Morningstar Category: High Yield Muni Benchmark: Bloomberg Municipal Bond Index Relative value strategy Focus on risk management D Tenured team The team relies on credit analysis, Yield curve The team emphasizes risk management and does The co-heads have worked together for over 20. positioning, and sector rotation to uncover the most not employ leverage or make interest rate bets. years and leverage their long-term relationships compelling opportunities with a focus on higher with Municipal dealers to help drive success. yielding segments of the market. Average Annual Total Returns1,2 (%) SI = Since Inception Morningstar Ratings4 as of 9/30/21.
2 Class A (NAV). QTR. YTD. 1 Yr 3 Yrs 5 Yrs 10 Yrs SI. Class A. (max. load) Class I. Class I (no load) Overall Morningstar Rating based on the risk-adjusted Bloomberg Municipal Bond Index returns from among 185 High Yield Muni funds. Morningstar Category Average . Stars # of Funds Fund inception: 3/31/2010. Class A 3 Yr 3 185. Growth of Hypothetical $10,000 Investment at NAV. 5 Yr 4 153. $30,000. 10 Yr 4 104. Class A: $22,008. $20,000. Class I 3 Yr 4 185. 5 Yr 4 153. $10,000 10 Yr 5 104. 0. 03/10 12/12 12/15 12/18 09/21 Fund Statistics3. Fund Inception 3/31/10. Calendar Year Returns (%) (Fund performance at NAV). Total Net Assets (all classes) $ B. 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011. Distribution Frequency Monthly*. Class A Number of Holdings 1572. Class I Annual Turnover Rate (%) 37. Bloomberg Municipal Bond Index Morningstar Category Average *Accrued daily. Fund Expenses (%) A C I R6 Fund Benchmark Total Annual Fund Operating Expenses Avg.
3 Price ($) Returns represent past performance which is no guarantee of future results. Current performance may be lower or Final Maturity Yrs Yrs higher. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less Modified Duration to Worst Yrs Yrs than their original cost. No initial sales charge applies on investments of $250,000 or more (and certain other qualified Class A. purchases). However, a contingent deferred sales charge of may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Standard Deviation (3yr) (%) Visit for the most recent month-end performance. Expenses stated are as of the Sharpe Ratio (3yr) fund's most recent prospectus. Yields and Distributions Class A Class I. New York Life Investments, New York Life Insurance Company, and it's affiliates and representatives do not provide legal, tax, or accounting advice.
4 Please consult your own legal and tax advisors. SEC 30-Day Yield The Morningstar Analyst Rating is not a credit or risk rating. It is a subjective evaluation performed by Morningstar's manager research group, which consists Unsubsidized 30-Day Yield of various Morningstar, Inc. subsidiaries ("Manager Research Group"). In the United States, that subsidiary is Morningstar Research Services LLC, which is registered with and governed by the Securities and Exchange Commission. The Manager Research Group evaluates funds based on five key pillars, which Tax-Equivalent Yield ( rate) are process, performance, people, parent, and price. The Manager Research Group uses this five pillar evaluation to determine how they believe funds are likely Last Distribution: Sep 2021 ($) to perform relative to a benchmark, or in the case of exchange-traded funds and index mutual funds, a relevant peer group, over the long term on a risk- adjusted basis.
5 They consider quantitative and qualitative factors in their research, and the weight of each pillar may vary. The Analyst Rating scale is Gold, SEC 30-Day Yield is based on net investment income for the Silver, Bronze, Neutral, and Negative. A Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group's conviction in a fund's 30-day period ended 9/30/21 divided by the offering price per prospects for outperformance. Analyst Ratings ultimately reflect the Manager Research Group's overall assessment, are overseen by an Analyst Rating share on that date. Yields for other share classes will vary. Committee, and are continuously monitored and reevaluated at least every 14 months. For more detailed information about Morningstar's Analyst Rating, including its methodology, please go to disclosures/. The Morningstar Analyst Rating (i) should not be used as the sole basis Unsubsidized 30-Day Yield reflects what the Yield would have in evaluating a fund, (ii) involves unknown risks and uncertainties which may cause Analyst expectations not to occur or to differ significantly from what they been without the effect of waivers and/or reimbursements.
6 Expected, and (iii) should not be considered an offer or solicitation to buy or sell the fund. Morningstar Analyst Rating Spectrum: Bronze: Fund with advantages Please note that there was no reimbursement for this time that outweigh the disadvantages across the five pillars and with sufficient level of analyst conviction to warrant a positive rating. period. Tax Equivalent Yield assumes the maximum regular federal income tax rate and the Medicare tax in effect December 2015. Tax treatment of Fund distributions vary; investors should consult a tax advisor to determine if the Fund is appropriate for them. Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency MainStay MacKay High Yield Municipal Bond Fund Asset Mix (%) Top States (%) Subadvisor Municipal Revenue Bonds Puerto Rico Municipal General Obligation Bonds Illinois Other California Income and equity investment experts offering a broad range Corpate Bonds New York of related strategies.
7 Cash and Other Assets (less liabilities) Texas John Loffredo, CFA. New Jersey Fund Manager since inception Credit Quality Breakdown (%). Ohio Industry experience: 34 years AAA: Pennsylvania AA: Robert DiMella, CFA. A: Colorado Fund Manager since inception BBB: Florida Industry experience: 32 years BB: B: Top Holdings (%). CCC and below: Michael Petty Not Rated: Puerto Rico Sales Tax Financing Corp., Revenue Fund Manager since inception Bonds Series A-1 , due 7/1/58 Industry experience: 35 years Buckeye Tobacco Settlement Financing Authority, Percentages are based on fixed-income securities held in the Revenue Bonds, Senior Lien Series B-2, Class 2 David Dowden Fund's investment portfolio and exclude any equity or , due 6/1/55 Fund Manager since 2014. convertible securities and cash or cash equivalents. Ratings Industry experience: 32 years apply to the underlying portfolio of debt securities held by the Golden State Tobacco Securitization Corp.
8 , Fund and are rated by an independent rating agency, such as Revenue Bonds Series B (zero coupon), due 6/1/47 Standard and Poor's, Moody's, and/or Fitch. If ratings are GDB Debt Recovery Authority of Puerto Rico, Scott Sprauer provided by the rating agencies, but differ, the lower rating Revenue Bonds , due 8/20/40 Fund Manager since 2014. will be utilized. If only one rating is provided, the available Industry experience: 29 years rating will be utilized. Securities that are unrated by the rating Hillsborough County Industrial Development agencies are reflected as such in the breakdown. Unrated Authority, Tampa General Hospital Project, Revenue Frances Lewis securities do not necessarily indicate low quality. S&P rates Bonds Series A , due 8/1/50 Fund Manager since 2017. borrowers on a scale from AAA to D. AAA through BBB. represent investment grade, while BB through D represent Portfolio data as of 9/30/21.
9 Percentages based on total net Industry experience: 30 years non-investment grade. assets and may change daily. Before You Invest Before considering an investment in the Fund, you should understand that you could lose money. A portion of the Fund's income may be subject to state and local taxes or the alternative minimum tax. Investing in below investment grade securities may carry a greater risk of nonpayment of interest or principal than higher-rated bonds. The Fund may invest in derivatives, which may increase the volatility of the Fund's NAV. Funds that invest in bonds are subject to interest-rate risk and can lose principal value when interest rates rise. Bonds are also subject to credit risk, in which the bond issuer may fail to pay interest and principal in a timely manner. Municipal bond risks include the ability of the issuer to repay the obligation, the relative lack of information about certain issuers, and the possibility of future tax and legislative changes, which could affect the market for and value of Municipal securities.
10 Investing in below investment grade securities may carry a greater risk of nonpayment of interest or principal than higher-rated securities. Certain environmental, social, and governance ("ESG") criteria may be considered when evaluating an investment opportunity. This may result in the Fund having exposure to securities or sectors that are significantly different than the composition of the Fund's benchmark and performing differently than other funds and strategies in its peer group that do not take into account ESG criteria. 1. Average annual total returns include the change in share price and reinvestment of dividends and capital gain distributions. Class I shares are generally only available to corporate and institutional investors. Class R shares are available only through corporate-sponsored retirement plans. 2. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment- grade tax-exempt bonds with a maturity of at least one year.