MainStay MacKay Tax Free Bond Fund (Class A) rankings in the Lipper General & Insured Municipal Debt Funds category: one-year: #40 out of 286; five-year: #54 out of 218; 10-year: #26 out of 164. MainStay MacKay Short Term Municipal Fund (Class A) rankings in the Lipper Short Term Municipal Debt Funds category: one-year: #51 out of 142; five-year: #50 out of 106; 10-year: #51 out of 77. IQ MacKay Municipal Intermediate ETF (MMIT) rankings in the Lipper Intermediate Municipal Debt Funds category: one-year: #12 out of 209. MainStay MacKay California Tax Free Opportunities Fund (Class A) rankings in the Lipper California Municipal Debt Funds category: one-year: #45 out of 121; five-year: #19 out of 95. MainStay MacKay New York Tax Free Opportunities Fund (Class A) rankings in the Lipper New York Municipal Debt Funds category: one-year: #12 out of 94; five-year: #11 out of 78. MainStay MacKay Intermediate Tax Free Bond Fund (Class A) rankings in the Lipper Intermediate Municipal Debt Funds Funds category: one-year: #40 out of 286; five-year: #54 out of 218; 10-year: #26 out of 164. MainStay MacKay U.S. Infrastructure Bond Fund (Class A) rankings in the Lipper General & Insured Municipal Debt Funds category: one-year: #80 out of 286. IQ MacKay Municipal Insured ETF (MMIN) rankings in the Lipper General & Insured Municipal Debt Funds category: one-year: #12 out of 286. As of 12/31/20. Past performance is no guarantee of future results, which may vary.
1. How Barron’s Ranks the Fund Families: To qualify for the Barron’s Fund Survey, a fund family must have at least three funds in Refinitiv Lipper’s general equity category, one in world equity, one mixed-asset fund (such as a balanced or target-date fund), two taxable-bond funds, and one national tax-exempt bond fund. Fund loads and 12b-1 fees aren’t included in the calculation of returns because the aim is to measure the manager’s skill.
Each fund’s return is measured against all funds in its Refinitiv Lipper category, resulting in a percentile ranking of 100 being the highest and one the lowest. This result is then weighted by asset size, relative to the fund family’s other assets in its general classification. If a family’s biggest funds do well, that boosts its overall showing; poor performance in its biggest funds hurts a firm’s ranking. Finally, the score is multiplied by the general classification weightings as determined by the entire Lipper universe of funds.
The category weightings for the one-year results in 2020 were general equity, 35.6%; mixed asset, 20.7%; world equity, 17.3%; taxable bond, 21.9%; and tax-exempt bond, 4.8%. The category weightings for the five-year results in 2020 were general equity, 36.2%; mixed asset, 20.9%; world equity, 16.9%; taxable bond, 21.6%; and tax-exempt bond, 4.4%. For the 10-year list, they were general equity, 37.5%; mixed asset, 19.5%, world equity, 17.3%; taxable bond, 20.8%; and tax-exempt bond, 4.8%. Ranking data is from Lipper.
Bloomberg High-Yield Corporate Bond Index is a rules-based, market-value-weighted index engineered to measure publicly issued non-investment grade USD fixed-rate, taxable and corporate bonds. Bloomberg U.S. Corporate Bond Index measures the investment grade, fixed-rate, taxable corporate bond market. It includes USD denominated securities publicly issued by U.S. and non-U.S. industrial, utility and financial issuers. Bloomberg U.S. 1-3 Year Government/Credit Index includes investment-grade corporate debt issues as well as debt issues of U.S. government agencies and the U.S. Treasury, with maturities of one to three years. Index results assume the reinvestment of all capital gain and dividend distributions. Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.
The Morningstar Analyst Rating is not a credit or risk rating. It is a subjective evaluation performed by the manager research analysts of Morningstar. Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent, and price. Analysts use this five pillar evaluation to determine how they believe funds are likely to perform over the long term on a risk-adjusted basis. They consider quantitative and qualitative factors in their research, and the weighting of each pillar may vary. The Analyst Rating scale is Gold, Silver, Bronze, Neutral, Negative. A Morningstar Analyst Rating of Gold, Silver, or Bronze reflect an Analyst’s conviction in a fund’s prospects for outperformance. Analyst Ratings are continuously monitored and reevaluated at least every 14 months.
Bronze Morningstar Analyst Rating: Fund with advantages that outweigh the disadvantages across the five pillars and with a sufficient level of analyst conviction to warrant a positive rating.
For more detailed information about Morningstar’s Analyst Rating, including its methodology, visit http://corporate.morningstar.com/us/documents/MethodologyDocuments/AnalystRatingforFundsMethodology.pdf.
The Morningstar Analyst Rating should not be used as the sole basis in evaluating a mutual fund. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar’s expectations not to occur or to differ significantly from what we expected.
Active management is the use of a human element, such as a single manager, co-managers or a team of managers, to actively manage a fund’s portfolio. Active management strategies typically have higher fees than passive management.
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