2025 INVESTMENT OPPORTUNITES FROM NYLIM
Optimize After-Tax Returns

2 The Time is Right for Municipal Bonds - Source: Bloomberg as of 09/30/25. Yield is represented by yield to worst of Bloomberg Municipal Bond Index. Past performance is not indicative of future results. It is not possible to invest directly in an index.

3 Opportunistic When Market Conditions Change  - Source: MacKay Municipal Managers, as of September 30, 2025. Chart shows change in HY allocation with change in HY Muni Spread. % HY Allocation – Percentage allocation of a portfolio towards high-yield bonds. HY Muni Spread – Difference in yield between high-yield municipal bonds and comparable US Treasury securities. It is a measure of the credit risk premium for investing in high-yield municipal bonds.

All investments are subject to market risk, including the potential loss of principal. Past performance is not indicative of future results. Investment returns and principal value will fluctuate, and investors may experience gains or losses upon redemption.​

The Sharpe Ratio is a measure of risk-adjusted return, calculated by dividing the excess return of an investment over the risk-free rate by its standard deviation. It is used to understand the return of an investment compared to its risk. A higher Sharpe Ratio indicates better risk-adjusted performance.​

This material is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. The information provided does not consider the specific objectives or circumstances of any particular investor. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with their financial professionals.​

About Risk: 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. 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. Investing in below investment grade securities may carry a greater risk of nonpayment of interest or principal than higher-rated securities. High-yield municipal bonds may be subject to increased liquidity risk as compared to other high-yield debt securities.

MMIT: Liquidity risk is the risk that certain securities may be difficult or impossible to sell at the time that the seller would like or at the price that the seller believes the security is currently worth. The Fund’s income may decline when interest rates fall or if there are defaults in its portfolio. This decline can occur because the Fund may subsequently invest in lower-yielding securities when securities in its portfolio mature or the Fund otherwise needs to purchase additional securities. 

MTFGX: A portion of the Fund's income may be subject to state and local taxes or the alternative minimum tax. Income from municipal bonds held by the Fund could be declared taxable because of unfavorable changes in tax law, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a bond issuer. The Fund may invest in derivatives, which may increase the volatility of the Fund's NAV.