Generation Income

wants more yield and less volatility

Markets are volatile. Rates are uncertain. Who is Generation Income?
Those who know to seek income in unexpected places.


What is your primary goal for income generation?

Short-duration high yield has offered strong, risk-adjusted yield compared to other fixed-income asset classes

Source: Bloomberg Barclays and ICE BofAML indices. Period: 9/1/14–8/31/19. See appendix for additional information, including Index definitions. Past performance is no guarantee of future results which will vary. It is not possible to invest directly in an index.

Taxable municipal bonds have provided an alternative source of attractive income potential

Source: Bloomberg Barclays indices. As of 8/31/19. See appendix for additional information, including Index definitions. Past performance is no guarantee of future results, which will vary. It is not possible to invest directly in an index.

Many dividend-paying equities now offer higher yields than treasuries

Source: FactSet. As of 12/31/18

Insured municipal bonds have generated higher income with lower risk than corporate bonds

Source: Bloomberg Barclays indices. As of 8/31/19. See appendix for additional information. Past performance is no guarantee of future results, which will vary. It is not possible to invest directly in an index.

Explore these income-generating investments

Short-duration high yield has offered strong, risk-adjusted yield compared to other fixed-income asset classes

Source: Bloomberg Barclays and ICE BofAML indices. Period: 7/1/14 - 6/30/19. See bottom of page for additional information, including Index definitions. Past performance is no guarantee of future results which will vary. It is not possible to invest directly in an index.

MDHIX

MainStay MacKay Short Duration High Yield Fund MDHIX

MDHIX

Looking to generate high current income? Sometimes it pays to be short-sighted.

Income Institute: Access an alternative school of thought

Your resource for insights and learning opportunities related to income generation.

Short Duration High Yield: A Flower in the Junkyard

Read More

Why High Yield Wins the Battle of Short Duration Bonds

Read More

Rethink Your Income Strategy

Read Infographic

Taxable municipal bonds have provided an alternative source of attractive income potential

Source: Bloomberg Barclays indices. As of 6/30/19. See bottom of page for additional information, including Index definitions. Past performance is no guarantee of future results, which will vary. It is not possible to invest directly in an index.

MGOIX

MainStay MacKay Infrastructure Bond Fund MGOIX

MGOIX

Looking to enhance your investment-grade core? This approach can be constructive.

Income Institute: Access an alternative school of thought

Your resource for insights and learning opportunities related to income generation.

Financing the Infrastructure Boom

Read Infographic

Taxable Muni Bonds—Beyond the Basics

Read More

Rethink Your Income Strategy

Read Infographic

Insured municipal bonds have generated higher income with lower risk than corporate bonds

Source: Bloomberg Barclays indices. As of 5/31/19. See bottom of page for additional information, including Index definitions. Past performance is no guarantee of future results, which will vary. It is not possible to invest directly in an index.

MMIN

IQ MacKay Municipal Insured ETF MMIN

MMIN

Looking for tax-free income? This approach can minimize downside risk.

Income Institute: Access an alternative school of thought

Your resource for insights and learning opportunities related to income generation.

Why Insured Municipal Bonds Make Sense Today

Read More

Bloomberg TV Talks with David Dowden About Muni ETFs and Insured Munis

Watch Video

Why Actively Managed Municipal ETFs?

Read More

Rethink Your Income Strategy

Read Infographic

Many dividend-paying equities now offer higher yields than treasuries

Source: FactSet. As of 12/31/18.

EPLCX

MainStay Epoch U.S. Equity Yield Fund EPLCX

EPLCX

Looking for income and capital appreciation? This approach can pay dividends.

Income Institute: Access an alternative school of thought

Your resource for insights and learning opportunities related to income generation.

The Benefit of Equity Income in Investor Portfolios

Read More

MainStay Epoch U.S. Equity Yield Fund: Why Shareholder Yield?

Watch Video

Rethink Your Income Strategy

Read Infographic

Income Institute: Access an alternative school of thought

Your resource for insights and learning opportunities related to income generation.

Short Duration High Yield: A Flower in the Junkyard

Short duration high yield has historically exhibited favorable up/down capture ratios to other non-investment grade bonds, while also punching above its weight in terms of income generation. Providing high yield exposure while maintaining a quality bias makes short duration high yield a flower in the junkyard of risk assets.

Read More

Why High Yield Wins the Battle of Short Duration Bonds

With higher historical yield than other fixed income sectors and the ability to add diversification to a core bond portfolio, short duration high yield can allow investors to play enough offense to meet their income needs while also remaining on the defensive.

Read More

Rethink Your Income Strategy

As core bond risk/reward profiles become less and less compelling, it has become increasingly challenging to find consistent income. Luckily, there are many lesser-known asset classes that income-seeking investors should consider for the short and long term.

Read Infographic

Income Institute: Access an alternative school of thought

Your resource for insights and learning opportunities related to income generation.

Financing the Infrastructure Boom

U.S. infrastructure is currently in a state of disrepair. With the Trump administration's approval of a 10-year, $1.5 trillion revitalization plan, taxable municipal bonds present a strong investment opportunity as state and local governments look to fund such spending.

Read Infographic

Taxable Muni Bonds—Beyond the Basics

Preferential capital treatment, low correlations, stable ratings, and ESG friendly credits have piqued institutional interest in the taxable municipal bond asset class.

Read More

Rethink Your Income Strategy

As core bond risk/reward profiles become less and less compelling, it has become increasingly challenging to find consistent income. Luckily, there are many lesser-known asset classes that income-seeking investors should consider for the short and long term.

Read Infographic

Income Institute: Access an alternative school of thought

Your resource for insights and learning opportunities related to income generation.

The Benefit of Equity Income in Investor Portfolios

Investors looking to achieve their long-term financial goals should consider the additive properties of dividend-paying stocks in a portfolio. In addition to providing equity income, they also have performed better than non-paying stocks over the long term, with lower volatility.

Read More

MainStay Epoch U.S. Equity Yield Fund: Why Shareholder Yield?

William Priest, CEO and Co-CIO of Epoch Investment Partners, discusses the approach behind the MainStay Epoch U.S. Equity Yield Fund and why he believes dividend strategies are well-positioned in the current market environment.

Watch Video

Rethink Your Income Strategy

As core bond risk/reward profiles become less and less compelling, it has become increasingly challenging to find consistent income. Luckily, there are many lesser-known asset classes that income-seeking investors should consider for the short and long term.

Read Infographic

Income Institute: Access an alternative school of thought

Your resource for insights and learning opportunities related to income generation.

Why Insured Municipal Bonds Make Sense Today

Insured municipal bonds guarantee holders their principal and interest, even in the event of a default by the issuer. Pairing this benefit with their history of higher income and less risk than the broader muni market means they can be a smart allocation for investors on either side of the risk spectrum.

Read More

Bloomberg TV Talks with David Dowden About Muni ETFs and Insured Munis

David Dowden, Managing Director and Portfolio Manager of MacKay Municipal Managers, provides his insights on the municipal bond market and the strategy behind the IQ MacKay Municipal Insured ETF.

Watch Video

Why Actively Managed Municipal ETFs?

Due to the highly fragmented nature of the municipal bond market, active management could be key in helping investors navigate market inefficiencies. A cost effective, liquid investment vehicle that seeks to outperform the benchmark--actively managed municipal bond ETFs combine the best features of ETFs and mutual funds into one solution.

Read More

Rethink Your Income Strategy

As core bond risk/reward profiles become less and less compelling, it has become increasingly challenging to find consistent income. Luckily, there are many lesser-known asset classes that income-seeking investors should consider for the short and long term.

Read Infographic

Income solutions built for any market

Unique strategies to help investors manage an unpredictable rate environment.

  • Mutual Fund Distribution Yield
  • ETF Distribution Yield
  • Tax Equivalent Yield

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. All mutual funds are subject to market risk and will fluctuate in value.

The funds mentioned above are MainStay Funds. 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/funds for the most recent month-end performance.

Please note that not all products may be available for sale to all registered representatives and agents. Please consult your firm guidelines.


Explore our solutions

7.21

YTD%

MF

Product Type

4.08

30-day SEC Yield

12/17/2012

Inception Date

4.63

1YR

4.39

3YR

4.64

5YR

n/a

10YR
Avg. Total Returns (as of 9/30/19)

4.62

Since Inception

10.35

YTD%

MF

Product Type

2.38

30-day SEC Yield

11/2/2004

Inception Date

12.04

1YR

2.98

3YR

2.86

5YR

2.93

10YR
Avg. Total Returns (as of 9/30/19)

5.51

Since Inception

5.43

YTD%

ETF

Product Type

1.72

30-day SEC Yield

10/18/2017

Inception Date

7.35

1YR

n/a

3YR

n/a

5YR

n/a

10YR
Avg. Total Returns (as of 9/30/19)

5.39

Since Inception

18.64

YTD%

MF

Product Type

2.44

30-day SEC Yield

12/3/2008

Inception Date

9.34

1YR

10.31

3YR

9.29

5YR

11.46

10YR
Avg. Total Returns (as of 9/30/19)

13.18

Since Inception

Past performance is no guarantee of future results. Average annual total returns are shown at NAV for Funds and 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.