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| MainStay Tax Free Bond Fund |
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Get to know each MainStay Fund with these in-depth views. Simply click on the tabs below for related information. |
| Fund Performance
| Share Class (Inception) |
Category:
Income |
YTD % |
1 Year % |
3 Year % |
5 Year % |
10 Year % |
Since Incep. % |
| Average Annual Total Returns as of 04/30/2008 |
| NAV: |
| Class A (01/03/1995) |
-0.24 |
-0.83 |
2.10 |
2.30 |
3.53 |
5.40 |
| Class INV (02/28/2008) |
-0.16 |
-0.75 |
2.13 |
2.32 |
3.54 |
5.40 |
| Class B (05/01/1986) |
-0.33 |
-1.08 |
1.84 |
2.04 |
3.26 |
4.94 |
| Class C (09/01/1998) |
-0.33 |
-1.08 |
1.84 |
2.04 |
3.26 |
4.94 |
With Sales Charges: |
| Class A (01/03/1995) |
-4.73 |
-5.29 |
0.55 |
1.36 |
3.05 |
5.18 |
| Class INV (02/28/2008) |
-4.65 |
-5.22 |
0.57 |
1.38 |
3.06 |
5.18 |
| Class B (05/01/1986) |
-5.25 |
-5.85 |
0.93 |
1.70 |
3.26 |
4.94 |
| Class C (09/01/1998) |
-1.31 |
-2.04 |
1.84 |
2.04 |
3.26 |
4.94 |
| Average Annual Total Returns as of 03/31/2008 |
| NAV: |
| Class A (01/03/1995) |
-1.42 |
-1.69 |
2.19 |
2.22 |
3.31 |
5.36 |
| Class INV (02/28/2008) |
-1.44 |
-1.71 |
2.19 |
2.22 |
3.31 |
5.36 |
| Class B (05/01/1986) |
-1.59 |
-2.05 |
1.90 |
1.94 |
3.04 |
4.90 |
| Class C (09/01/1998) |
-1.49 |
-1.94 |
1.94 |
1.97 |
3.05 |
4.90 |
With Sales Charges: |
| Class A (01/03/1995) |
-5.86 |
-6.12 |
0.64 |
1.29 |
2.84 |
5.14 |
| Class INV (02/28/2008) |
-5.88 |
-6.13 |
0.63 |
1.28 |
2.84 |
5.14 |
| Class B (05/01/1986) |
-6.47 |
-6.76 |
0.98 |
1.60 |
3.04 |
4.90 |
| Class C (09/01/1998) |
-2.46 |
-2.89 |
1.94 |
1.97 |
3.05 |
4.90 |
Performance data quoted represents past performance. Past performance is no guarantee of future results. Due to market volatility, current performance may be less or higher than the figures shown. Investment return and principal value will fluctuate so that upon redemption, shares may be worth more or less than their original cost. Performance data shown at NAV does not reflect the deduction of the sales load, which, if reflected, would reduce the performance quoted.
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Class A & INV: 4.5% maximum initial sales charge. Class B: CDSC up to 5% if redeemed within six years. Class C: 1% CDSC if redeemed within one year. Gross Expenses: Class A 1.03%, INV 1.18%, B 1.38%, C 1.38%
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| | Growth of a Hypothetical $10,000 Investment at NAV | |  | | Class B shares 05/01/1986 to 03/31/2008. Based on total returns with reinvestment of
distributions and does not reflect the effect of any sales charges, which would
reduce performance shown. Performance for Class A and C shares will differ based
on differences in their sales charges and expense structures. The Lehman
Brothers® (LB) Municipal Bond Index is an unmanaged index that
includes approximately 15,000 municipal bonds, rated Baa or better by Moody's,
with a maturity of at least two years. Bonds subject to the Alternative Minimum Tax
or with floating or zero coupons are excluded. Results assume the reinvestment of
all capital gain and dividend distributions. An investment cannot be made directly
into an index. |
| > View total monthly holdings (30-day delayed) | |
Top Holdings
| |
% of Net Assets |
| California State, 5.00%, due 8/1/25 |
4.7% |
|
| Puerto Rico Public Buildings Authority, 5.00%, due 7/1/36 |
4.3% |
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| Golden State Tobacco Securitization Corp., 5.00%, due 6/1/45 |
4.2% |
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| Buckeye, OH, Tobacco Settlement Financing Authority, 5.75%, due 6/1/34 |
4.1% |
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| Illinois State Toll Highway Authority, 5.00%, due 1/1/26 |
3.6% |
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| North Carolina Municipal Power Agency, 6.50%, due 1/1/20 |
3.5% |
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| Chicago Housing Authority, 5.00%, due 7/1/23 |
3.4% |
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| Seattle, WA, 6.00%, due 10/1/15 |
3.3% |
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| Highlands County, FL, Health Facilities Authority, (Multiple Obligors), 5.38%, due 11/15/35 |
2.6% |
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| Hillsborough County, FL, Industrial Development Authority, 5.25%, due 10/1/41 |
2.6% |
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Top States
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% of Net Assets |
| Illinois |
13.5% |
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| California |
12.4% |
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| Ohio |
10.1% |
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| Texas |
10.1% |
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| New York |
9.5% |
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| | Quality Breakdown
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Investment Advisor
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| MainStay is a division of New York Life Investment Management LLC (NYLIM), a world-class financial services organization that with its affiliates has more than $246 billion in assets under management as of March 31, 2008. NYLIM is the Investment Advisor for all MainStay Funds and serving as manager, runs the Funds' day-to-day business.
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Investment Subadvisor
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The Investment Advisor has delegated its portfolio management responsibilities for this Fund to its Investment Subadvisor, MacKay Shields LLC. MacKay Shields has specialized in money management for over 30 years, serving institutional and corporate clients.
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Portfolio Manager(s)
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| |  John Fitzgerald, CFA
Mr. Fitzgerald became a Manager of MainStay Tax Free Bond Fund in July 2000. Mr. Fitzgerald joined MacKay Shields in 2000. Prior to joining MacKay Shields, Mr. Fitzgerald was a Vice President and Senior Portfolio Manager at Citibank Asset Management, where he managed tax-exempt fixed-income accounts for institutions and high net-worth individuals from August 1999 to May 2000. Prior to this, he was a Vice President and Portfolio Manager at BlackRock Inc., and an Assistant Vice President at TCW Insurance Advisors. Mr. Fitzgerald holds a B.S. from Fordham University, an M.B.A. from New York University, and is a Chartered Financial Analyst. |
| |  Laurie Walters, CFA
Ms. Walters has managed MainStay Tax Free Bond Fund since July 2000. Ms. Walters joined MacKay Shields in 1997 and became an Associate Director in 2001. Prior to joining MacKay Shields, Ms. Walters was a Mortgage Trader at Bear Stearns & Company from September 1994 to February 1995, and she was with Nomura Securities International from 1987 to 1994. Prior to this, Ms. Walters was an investment-banking analyst at PaineWebber, Inc. Ms. Walters is a Chartered Financial Analyst.
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Investment Strategy
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The Fund's portfolio managers seek to reduce risk by investing primarily in quality municipal securities, rated among the four highest grades by Moody's or Standard & Poor's. |
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The Fund's investments may include general obligation and revenue bonds, industrial development bonds, pollution control bonds, and zero-coupon bonds. |
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The Fund invests in municipal bonds and other tax-exempt securities issued for public projects, such as roads, bridges, hospitals, and schools. |
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Fund Statistics
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Class A |
Class INV |
Class B |
Class C |
| Total Net Assets |
151.6M |
25.6M |
28.6M |
7.2M |
| Beta1 | 1.05 | 1.05 | 1.03 | 1.05 | | Standard Deviation2 | 4.71 | 4.71 | 4.67 | 4.71 | | Effective Maturity | 6.8 Yrs | | | | | Number of Holdings | 68 | | | | | Effective Duration | 7.6 Years | | | | | Purchases | $1,000 minimum initial investment,
$50 subsequent | |
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Investor Profile
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Investors seeking to keep more of what they earn. |
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Investors seeking regular monthly income. |
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Tax-conscious equity or equity-and-income investors seeking to strengthen the income portion of their portfolios. |
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Why Municipal Bonds?
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Most municipal bonds are exempt from regular federal income taxes, which means you may keep more of what you earn.
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| | 1Beta is a measure of historical volatility
relative to an appropriate index based on its investment objective.
A beta greater than 1.00 indicates volatility greater than the market's.
Beta shown is based on monthly returns over the last three years.
2Standard Deviation measures how widely dispersed a
fund's returns have been over a specified period of time (five years).
A high standard deviation indicates that the range is wide, implying
greater potential for volatility. |
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What You Should Know
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| Before You Invest | | 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 net asset value and may result in a loss to the Fund.
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| View the Prospectus | This mutual fund may be offered and sold only to persons in the United States. Please contact your investment professional or call 800-MAINSTAY (624-6782) for a prospectus or download it now. Please consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus contains this and other information about the investment company. Please read it carefully before you invest.
NYLIFE Distributors LLC, 169 Lackawanna Avenue, Parsippany, NJ 07054.
These products are not federally insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, or similar agency.
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All total returns are shown both with and without their maximum sales charge and assume capital gain and dividend distributions are reinvested.
Class A and R2 shares have an annual 12b-1 fee of .25%. Class B and C shares have an annual 12b-1 fee of 1.00%. Class I and R1 shares have no annual 12b-1 fee.
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| Performance for Class A and C shares, first offered 1/3/95 and 9/1/98, respectively, includes the historical performance of the Fund's Class B shares from inception (5/1/86) through 12/31/94 for Class A and through 8/31/98 for Class C, adjusted to reflect the applicable sales charge (or CDSC) and fees and expenses for such shares. MainStay Tax Free Bond Fund is not available in Retirement Services products. |
| > Back to Top |
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| Class A: 01/03/95 |
| Class INV: 02/28/08 |
| Class B: 05/01/86 |
| Class C: 09/01/98 |
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| > |
| Class A: MTBAX |
| Class INV: MKINX |
| Class B: MKTBX |
| Class C: MTFCX |
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| > |
| Class A: 56062F756 |
| Class INV: 56062X377 |
| Class B: 56062F806 |
| Class C: 56062F327 |
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| > |
| Class A: 645 |
| Class INV: 2570 |
| Class B: 45 |
| Class C: 725 |
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