Declining dealer inventories, a large but fragmented investment universe, and a buyer base concentrated in retail investors, combine for a structurally inefficient market which lends itself to active management.

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MainStay MacKay Tax Free Bond Fund (MTBIX) is the only fund in the analysis to generate alpha during more than 89% of rolling three-year periods since its January 2010 inception.

 Source: Morningstar, as of 6/30/23. Past performance is no guarantee of future result, which will vary.      


Consider MainStay MacKay Tax Free Bond Fund

Relative value strategy
The team relies on credit analysis, yield curve positioning, and sector rotation to uncover the most compelling opportunities with a focus on investment grade securities.

Focus on risk management
The team emphasizes risk management and does not employ leverage or make interest rate bets.

Tenured team
The co-heads have worked together since 1993 and leverage their long-term relationships with municipal dealers to help drive success. 


About Risk

Before considering an investment in the Fund, you should understand that you could lose money.

A portion of the Fund's income may be subject to state and local taxes or the alternative minimum tax.

The Fund may invest in derivatives, which may increase the volatility of the Fund's NAV and may result in a loss to the Fund.

Funds that invest in bonds are subject to interest-rate risk and can lose principal value when interest rates rise. Bonds are also subject to credit risk, in which the bond issuer may fail to pay interest and principal in a timely manner.

Municipal bond risks include the ability of the issuer to repay the obligation, the relative lack of information about certain issuers, and the possibility of future tax and legislative changes, which could affect the market for and value of municipal securities.

Certain environmental, social, and governance ("ESG") criteria may be considered when evaluating an investment opportunity. This may result in the Fund having exposure to securities or sectors that are significantly different than the composition of the Fund's benchmark and performing differently than other funds and strategies in its peer group that do not take into account ESG criteria.

Active management strategies typically have higher fees than passive management.