Fund Evaluator:
NYLI MacKay Tax Free Bond Class R6 (MTBDX)
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Best Performing in Muni National Long Over the Last Year
| 7.5% | Victory Tax Exempt Long-Term (USTEX) |
| 7.3% | Vanguard High-Yield Tax-Exempt Adm (VWALX) |
| 7.2% | Vanguard High-Yield Tax-Exempt (VWAHX) |
| 7.1% | Thrivent Municipal Bond S (TMBIX) |
| 7.0% | T. Rowe Price Core Municipal Bond (PRTAX) |
Fund Details
NYLI MacKay Tax Free Bond Class R6 Overview
NYLI MacKay Tax Free Bond Class R6 (MTBDX) is an actively managed Municipal Bond Muni National Long fund. New York Life Investment Management LLC launched the fund in 2019.
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 NYLI MacKay Tax Free Bond Class R6 (MTBDX)
There are 7 members of the management team with an average tenure of 13.19 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%. NYLI MacKay Tax Free Bond Class R6 has 1086 securities in its portfolio. The top 10 holdings constitute 9.3% 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.
NYLI MacKay Tax Free Bond Class R6 is part of the Fixed Income global asset class and is within the Municipal Bond fund group. NYLI MacKay Tax Free Bond Class R6 has 1.9% 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 97.1% (95.3% domestic bond, 1.9% foreign bond and 0.0% convertible bond). NYLI MacKay Tax Free Bond Class R6 has 2.9% of the portfolio in cash.
Assets Under Management
The fund has $937 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.
MTBDX 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 NYLI MacKay Tax Free Bond Class R6 expense ratio is average compared to funds in the Muni National Long category. NYLI MacKay Tax Free Bond Class R6 has an expense ratio of 0.43%, which is 45% lower than its category average, making the fund expense ratio grade a A. 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. NYLI MacKay Tax Free Bond Class R6 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 38% for the Muni National Long category.
Recently, in the month of July 2026, NYLI MacKay Tax Free Bond Class R6 returned -1.8%, which earned it a grade of B, as the Muni National Long category had an average return of -1.9%. 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.
NYLI MacKay Tax Free Bond Class R6 has a trailing yield of 3.99%, which is above the 3.72% category average. The fund normally distributes its income monthly.
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.
NYLI MacKay Tax Free Bond Class R6 Grades
Year to date, the fund has returned 0.8%, 0.1 percentage points worse than the category, which translates into a grade of C. The fund has returned 6.1% over the past year (grade of C), 3.4% over the past three years (grade of C) and 0.5% per year over the past five years (grade of B) and 2.1% per year over the past 10 years (grade of A).
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MTBDX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| MTBDX Return (NAV) | -1.8% | -0.4% | 6.1% | 3.4% | 0.5% | 2.1% |
| MTBDX Grade | B | D | C | C | B | A |
| +/- Category | 0.1% | -0.1% | -0.2% | 0.1% | 0.4% | 0.4% |
| Muni National Long Avg | -1.9% | -0.3% | 6.3% | 3.2% | 0.0% | 1.8% |
| MTBDX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | na |
MTBDX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MTBDX Return (NAV) | 0.8% | 4.4% | 1.6% | 6.6% | -10.2% | 2.3% | 6.5% | 7.6% | 1.5% | 5.5% | 0.5% |
| MTBDX Grade | C | A | D | D | B | D | A | C | A | D | B |
| +/- Category | -0.1% | 1.3% | -0.8% | -0.3% | 1.5% | -0.5% | 1.8% | -0.5% | 0.8% | -0.3% | 0.3% |
| Muni National Long Avg | 0.9% | 3.0% | 2.5% | 6.8% | -11.6% | 2.8% | 4.7% | 8.1% | 0.7% | 5.8% | 0.2% |
| Risk Measures | |
| Standard Deviation: | 5.8% |
| Total Risk Index: | 0.47 - Below Average |
| Category Risk Index: | 0.89 - Below Average |
| Category Risk Grade: | B (24% Rank) |
| Beta: | 1.01 |
| R-Squared: | 99% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Extensive Sensitivity |
| Yield: | 4.0% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $9883 Mil |
| Fund Total Assets: | $ 937 Mil |
| Share Class Type: | Retirement |
| Portfolio Turnover: | 54% |
Management Team
| Number of Managers: 7 | |||
| Longest Tenure: 17.1 years | |||
| Average Tenure: 13.2 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 5/31/26)
| # of Holdings: | 1086 |
| % in Top 10 Holdings: | 9.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.9% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 95.3% |
| Foreign Bond: | 1.9% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.9% |
Purchase Information
| Fund Family: | New York Life Investment Management LLC |
| Phone Number: | 800-624-6782 |
| Website: | www.mainstayinvestments.com |
| Status: | Open |
| Inception Date: | November 1, 2019 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.43% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.78% |
| Share Class: | NYLI MacKay Tax Free Bond Class A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
