NYLI MacKay Colorado Muni Class C (Aquila Tax-Free Fund of Colorad) Fonds

The fund, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in municipal bonds, whose interest is, in the opinion of bond counsel for the issuers at the time of issuance, exempt from federal and Colorado income taxes. The fund is non-diversified.