Before considering an investment in the Fund, you should understand that you could lose money.
The Fund is not a money market fund and does not attempt to maintain a stable NAV. The Fund's net asset value per share will fluctuate.
There can be no guarantee that the Fund will achieve or maintain any particular level of yield.
Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. These risks may be greater for emerging markets.
The principal risk of mortgage dollar rolls is that the security the Fund receives at the end of the transaction may be worth less than the security the Fund sold to the same counterparty at the beginning of the transaction.
The principal risk of mortgage-related and asset-backed securities is that the underlying debt may be prepaid ahead of schedule, if interest rates fall, thereby reducing the value of the fund’s investment. If interest rates rise, less of the debt may be prepaid and the fund may lose money.
Bonds are also subject to credit risk, which is the possibility that 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.
Bloomberg Barclays 3-Year Municipal Bond Index is considered representative of the broad market for investment-grade tax-exempt bonds with a maturity range of 2-4 years.
An investment cannot be made directly into an index.
Standard Deviation measures how widely dispersed a fund's returns have been over a specified period of time. A high standard deviation indicates that the range is wide, implying greater potential for volatility.
Beta is a measure of historical volatility relative to an appropriate index (benchmark) based on its investment objective. A beta greater than 1.00 indicates volatility greater than the benchmark's.
R-Squared measures the percentage of a fund's movements that result from movements in the index.
Sharpe Ratio shown is calculated for the past 36-month period by dividing annualized excess returns by annualized standard deviation.
Effective Maturity is the average time to maturity of debt securities held in the portfolio, taking into consideration the possibility that the issuer may call the bond before its maturity date.
Annual Turnover Rate is as of the most recent annual shareholder report.
Modified Duration is inversely related to the approximate percentage change in price for a given change in yield.
Duration to Worst is the duration of a bond, computed using the bond's nearest call date or maturity, whichever comes first. This measure ignores future cash flow fluctuations due to embedded optionality.
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance (this does not include the effects of sales charges, loads, and redemption fees). The top 10% of products in each product category receive 5stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
Morningstar ratings as of 1/31/20.
MainStay MacKay Short Term Municipal Fund Morningstar Risk-Adjusted Ratings: US Fund Muni National Short Category - Class A Shares Overall Rating 3 stars out of 201 funds, 3 Year 3 stars out of 201 funds, 5 Year 3 stars out of 178 funds, 10 Year 2 stars out of 137 funds. Class A2 Shares Overall Rating 3 stars out of 201 funds, 3 Year 3 stars out of 201 funds, 5 Year 3 stars out of 178 funds, 10 Year 2 stars out of 134 funds. Class I Shares Overall Rating 3 stars out of 196 funds, 3 Year 3 stars out of 196 funds, 5 Year 3 stars out of 178 funds, 10 Year 3 stars out of 134 funds. Class INV Shares Overall Rating 1 stars out of 201 funds, 3 Year 2 stars out of 201 funds, 5 Year 1 stars out of 178 funds, 10 Year 1 stars out of 134 funds.