Fund Evaluator:
NYLIM MacKay Tax Free Bond Class A (MTBAX)
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Best Performing in Muni National Long Over the Last Year
| 6.2% | Vanguard High-Yield Tax-Exempt Adm (VWALX) |
| 6.2% | Victory Tax Exempt Long-Term (USTEX) |
| 6.1% | Vanguard High-Yield Tax-Exempt (VWAHX) |
| 6.0% | Invesco Municipal Income Investor (VMINX) |
| 5.8% | Thrivent Municipal Bond S (TMBIX) |
Fund Details
NYLIM MacKay Tax Free Bond Class A Overview
NYLIM MacKay Tax Free Bond Class A (MTBAX) is an actively managed Municipal Bond Muni National Long fund. New York Life Investment Management LLC launched the fund in 1995.
The investment seeks current income exempt from regular federal income tax. The fund, under normal circumstances, invests at least 80% of its assets (net assets plus borrowings for investment purposes) in municipal bonds that are rated investment grade. On average, it will invest in municipal bonds that have a maturity range of 10 to 30 years. The fund may not invest more than 20% of its net assets in tax-exempt securities subject to the federal alternative minimum tax.
About NYLIM MacKay Tax Free Bond Class A (MTBAX)
There are 7 members of the management team with an average tenure of 13.27 years: John Loffredo (2009), Frances Lewis (2014), Michael Denlinger (2021), Scott Sprauer (2014), Michael Petty (2011), David Dowden (2014), Robert DiMella (2009). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg Municipal TR USD index with a weighting of 100%. NYLIM MacKay Tax Free Bond Class A has 1107 securities in its portfolio. The top 10 holdings constitute 6.4% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
NYLIM MacKay Tax Free Bond Class A is part of the Fixed Income global asset class and is within the Municipal Bond fund group. NYLIM MacKay Tax Free Bond Class A has 1.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.3% (97.5% domestic bond, 1.8% foreign bond and 0.0% convertible bond). NYLIM MacKay Tax Free Bond Class A has 0.7% of the portfolio in cash.
Assets Under Management
The fund has $995 million in total assets, which is below the $1 billion average for the Muni National Long category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
MTBAX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The NYLIM MacKay Tax Free Bond Class A expense ratio is above average compared to funds in the Muni National Long category. NYLIM MacKay Tax Free Bond Class A has an expense ratio of 0.74%, which is 6% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. NYLIM MacKay Tax Free Bond Class A has a portfolio turnover rate of 54%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 37% for the Muni National Long category.
Recently, in the month of August 2026, NYLIM MacKay Tax Free Bond Class A returned -0.3%, which earned it a grade of D, as the Muni National Long category had an average return of -0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
NYLIM MacKay Tax Free Bond Class A has a trailing yield of 3.71%, which is below the 3.75% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
NYLIM MacKay Tax Free Bond Class A Grades
Year to date, the fund has returned 0.4%, 0.2 percentage points worse than the category, which translates into a grade of D. The fund has returned 4.5% over the past year (grade of D), 3.4% over the past three years (grade of D) and 0.2% per year over the past five years (grade of C) and 1.8% per year over the past 10 years (grade of B).
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MTBAX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| MTBAX Return (NAV) | -0.3% | -1.2% | 4.5% | 3.4% | 0.2% | 1.8% |
| MTBAX Grade | D | D | D | D | C | B |
| +/- Category | -0.0% | -0.1% | -0.6% | -0.2% | 0.1% | 0.1% |
| Muni National Long Avg | -0.3% | -1.1% | 5.1% | 3.6% | 0.0% | 1.7% |
| MTBAX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
MTBAX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MTBAX Return (NAV) | 0.4% | 3.9% | 1.5% | 6.3% | -10.4% | 2.0% | 6.2% | 7.6% | 1.5% | 5.5% | 0.5% |
| MTBAX Grade | D | A | F | D | B | D | A | C | A | D | B |
| +/- Category | -0.2% | 0.9% | -1.0% | -0.6% | 1.2% | -0.8% | 1.4% | -0.5% | 0.8% | -0.3% | 0.3% |
| Muni National Long Avg | 0.6% | 3.0% | 2.5% | 6.8% | -11.6% | 2.8% | 4.8% | 8.1% | 0.7% | 5.8% | 0.2% |
| Risk Measures | |
| Standard Deviation: | 5.7% |
| Total Risk Index: | 0.47 - Low |
| Category Risk Index: | 0.88 - Low |
| Category Risk Grade: | A (12% Rank) |
| Beta: | 1.00 |
| R-Squared: | 99% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Extensive Sensitivity |
| Yield: | 3.7% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $9920 Mil |
| Fund Total Assets: | $ 996 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 54% |
Management Team
| Number of Managers: 7 | |||
| Longest Tenure: 17.2 years | |||
| Average Tenure: 13.3 years | |||
| Managers (Year): Loffredo John (2009), DiMella Robert (2009), Petty Michael (2011), Dowden David (2014), Lewis Frances (2014), Sprauer Scott (2014), Denlinger Michael (2021) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 1107 |
| % in Top 10 Holdings: | 6.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.8% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 97.5% |
| Foreign Bond: | 1.8% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.7% |
Purchase Information
| Fund Family: | New York Life Investment Management LLC |
| Phone Number: | 800-624-6782 |
| Website: | www.mainstayinvestments.com |
| Status: | Open |
| Inception Date: | January 3, 1995 |
| Min. Initial Purchase: | $15,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 3.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.74% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.79% |
| Share Class: | NYLIM MacKay Tax Free Bond Class A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
