Fund Evaluator:
NYLI MacKay Short Term Muni Investor Cl (MYTBX)
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Fund Details
NYLI MacKay Short Term Muni Investor Cl Overview
NYLI MacKay Short Term Muni Investor Cl (MYTBX) is an actively managed Municipal Bond Muni National Short fund. New York Life Investment Management LLC launched the fund in 2008.
The investment seeks current income exempt from regular federal income tax. The fund normally invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in municipal debt securities. It invests in an actively managed, diversified portfolio of tax-exempt municipal debt securities. The fund invests in investment grade securities. It may also invest up to 10% of its net assets in taxable municipal debt securities. Normally, the fund will have a dollar-weighted average maturity of three years or less.
About NYLI MacKay Short Term Muni Investor Cl (MYTBX)
There are 6 members of the management team with an average tenure of 9.17 years: Frances Lewis (2015), John Lawlor (2019), Scott Sprauer (2015), Sanjit Gill (2023), David Dowden (2015), Robert DiMella (2015). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Municipal 3 Yr 2-4 TR USD index with a weighting of 100%. NYLI MacKay Short Term Muni Investor Cl has 445 securities in its portfolio. The top 10 holdings constitute 14.1% 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 Short Term Muni Investor Cl is part of the Fixed Income global asset class and is within the Municipal Bond fund group. NYLI MacKay Short Term Muni Investor Cl has 1.5% 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 98.8% (97.3% domestic bond, 1.5% foreign bond and 0.0% convertible bond). NYLI MacKay Short Term Muni Investor Cl has 1.2% of the portfolio in cash.
Assets Under Management
The fund has $1 million in total assets, which is below the $633 million average for the Muni National Short 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.
MYTBX 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 Short Term Muni Investor Cl expense ratio is high compared to funds in the Muni National Short category. NYLI MacKay Short Term Muni Investor Cl has an expense ratio of 0.99%, which is 72% higher than its category average, making the fund expense ratio grade a F. 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 Short Term Muni Investor Cl has a portfolio turnover rate of 76%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 51% for the Muni National Short category.
Recently, in the month of July 2026, NYLI MacKay Short Term Muni Investor Cl returned -0.5%, which earned it a grade of C, as the Muni National Short category had an average return of -0.5%. 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 Short Term Muni Investor Cl has a trailing yield of 2.66%, which is below the 2.78% 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.
NYLI MacKay Short Term Muni Investor Cl Grades
Year to date, the fund has returned 0.5%, 0.3 percentage points worse than the category, which translates into a grade of D. The fund has returned 2.1% over the past year (grade of F), 2.9% over the past three years (grade of D) and 1.1% per year over the past five years (grade of F) and 1.0% per year over the past 10 years (grade of F).
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MYTBX 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 |
|
| MYTBX Return (NAV) | -0.5% | 0.0% | 2.1% | 2.9% | 1.1% | 1.0% |
| MYTBX Grade | C | D | F | D | F | F |
| +/- Category | -0.1% | -0.1% | -0.6% | -0.3% | -0.4% | -0.5% |
| Muni National Short Avg | -0.5% | 0.1% | 2.7% | 3.2% | 1.5% | 1.5% |
| MYTBX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
MYTBX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MYTBX Return (NAV) | 0.5% | 4.1% | 2.1% | 3.4% | -4.0% | -0.1% | 2.0% | 1.8% | 1.0% | 0.5% | 0.1% |
| MYTBX Grade | D | C | F | D | C | D | D | F | D | F | B |
| +/- Category | -0.3% | 0.0% | -0.5% | -0.4% | -0.8% | -0.5% | -0.4% | -1.6% | -0.1% | -1.3% | 0.2% |
| Muni National Short Avg | 0.8% | 4.0% | 2.6% | 3.9% | -3.2% | 0.4% | 2.4% | 3.4% | 1.2% | 1.9% | -0.1% |
| Risk Measures | |
| Standard Deviation: | 2.1% |
| Total Risk Index: | 0.17 - Low |
| Category Risk Index: | 1.02 - Average |
| Category Risk Grade: | C (49% Rank) |
| Beta: | 0.34 |
| R-Squared: | 85% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 2.7% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1365 Mil |
| Fund Total Assets: | $ 2 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 76% |
Management Team
| Number of Managers: 6 | |||
| Longest Tenure: 11.2 years | |||
| Average Tenure: 9.2 years | |||
| Managers (Year): Lewis Frances (2015), Sprauer Scott (2015), Dowden David (2015), DiMella Robert (2015), Lawlor John (2019), Gill Sanjit (2023) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 445 |
| % in Top 10 Holdings: | 14.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.5% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 97.3% |
| Foreign Bond: | 1.5% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.2% |
Purchase Information
| Fund Family: | New York Life Investment Management LLC |
| Phone Number: | 800-624-6782 |
| Website: | www.mainstayinvestments.com |
| Status: | Open |
| Inception Date: | February 28, 2008 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 0.50% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.99% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.58% |
| Share Class: | NYLI MacKay Short Term Muni Class I |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
