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Trending ETFs

MainStay MacKay Colorado Muni Fund

mutual fund
COTFX
Payout Change
Pending
Price as of:
$9.85 +0.0 +0.0%
primary theme
Municipal Bond
COTFX (Mutual Fund)

MainStay MacKay Colorado Muni Fund

Payout Change
Pending
Price as of:
$9.85 +0.0 +0.0%
primary theme
Municipal Bond
COTFX (Mutual Fund)

MainStay MacKay Colorado Muni Fund

Payout Change
Pending
Price as of:
$9.85 +0.0 +0.0%
primary theme
Municipal Bond

Name

As of 12/09/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.85

$137 M

3.31%

$0.33

0.69%

Vitals

YTD Return

2.2%

1 yr return

3.2%

3 Yr Avg Return

-0.2%

5 Yr Avg Return

0.5%

Net Assets

$137 M

Holdings in Top 10

22.5%

52 WEEK LOW AND HIGH

$9.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.69%

SALES FEES

Front Load 3.00%

Deferred Load N/A

TRADING FEES

Turnover 14.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 12/09/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.85

$137 M

3.31%

$0.33

0.69%

COTFX - Profile

Distributions

  • YTD Total Return 2.2%
  • 3 Yr Annualized Total Return -0.2%
  • 5 Yr Annualized Total Return 0.5%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.52%
DIVIDENDS
  • Dividend Yield 3.3%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    MainStay MacKay Colorado Muni Fund
  • Fund Family Name
    MainStay Group of Funds
  • Inception Date
    May 21, 1987
  • Shares Outstanding
    N/A
  • Share Class
    Z
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Christopher Johns

Fund Description

The Fund, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in municipal bonds, whose interest is, in the opinion of bond counsel for the issuers at the time of issuance, exempt from federal and Colorado income taxes. The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940 (the “1940 Act”).

Municipal bonds are generally debt obligations issued by or on behalf of states, territories and possessions of the United States, and their political subdivisions, agencies and instrumentalities that provide income free from federal, state and potentially local income taxes. If the interest on a particular municipal bond is exempt from federal and Colorado income taxes, the Fund will treat the bond as qualifying for purposes of the 80% policy even though the issuer of the bond may be located outside of Colorado. Municipal bonds include general obligation bonds, revenue bonds, industrial revenue bonds, industrial development bonds, private activity bonds, as well as short-term, tax-exempt obligations such as municipal notes and variable rate demand obligations. The Fund may invest up to 20% of its net assets in municipal bonds subject to the federal alternative minimum tax, and municipal bonds that pay interest that is subject to federal and Colorado income taxes.

Although the Fund may invest in municipal bonds rated in any rating category or in unrated municipal bonds, MacKay Shields LLC, the Fund's Subadvisor, intends to invest primarily in investment grade quality bonds as rated by at least one nationally recognized statistical rating organization (“NRSRO”) or if unrated, judged to be of comparable quality by the Subadvisor. The Fund may invest up to 20% of its net assets in municipal bonds that are rated below investment grade (commonly referred to as “high-yield securities” or “junk bonds”) as rated by at least one NRSRO, including up to 10% of its net assets in municipal bonds that are the subject of bankruptcy proceedings, that are in default as to the payment of principal or interest, or that are rated in the lowest rating category by a NRSRO, or if unrated, judged to be of comparable quality by the Subadvisor (“distressed securities”). If NRSROs assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the security's credit quality.

The Fund may invest more than 25% of its total assets in municipal bonds that are related in such a way that an economic, business or political development or change affecting one such security could also affect the other securities. The Fund will seek to maintain a portfolio dollar-weighted average duration of 3-10 years, although the Fund may invest in instruments of any duration or maturity.

If the supply of Colorado state tax exempt municipal bonds is insufficient to meet the Fund’s investment needs, the Fund may invest in municipal bonds issued by other states. Municipal bonds issued by other states purchased by the Fund will generally be exempt from federal income taxes, but may not be exempt from Colorado income taxes.

The Fund may invest in futures, options and swap agreements to seek enhanced returns or to reduce the risk of loss by hedging certain of its holdings.

Investment Process: In selecting investments, the Subadvisor analyzes the credit quality of issuers and considers the yields available on municipal bonds with different maturities.

The Subadvisor uses active management in an effort to identify municipal bonds it believes to be mispriced and to build a consistent yield advantage. The Subadvisor focuses on reducing volatility through a disciplined investment process, which includes fundamental, “bottom-up” credit research and risk management. In addition, the Subadvisor reviews macroeconomic events, technicals in the municipal market, and tax policies and analyzes individual municipal securities and sectors.

The Subadvisor’s investment process includes a risk analysis that gives consideration to a variety of security-specific risks with respect to municipal bonds, including environmental, social and governance (“ESG”) risks. “ESG risks” are defined as environmental, social or governance events or conditions that, if they occur, could cause an actual or a potential material negative impact on the value of the investment. Certain ESG factors may be more relevant for certain sectors or issuers than others. Factors considered by the Subadvisor may include an issuer’s exposure to or management of climate risk, energy resources, community and/or employee relations, demographic shifts, cybersecurity, regulation and financial management of policies and procedures. In addition to proprietary research, the Subadvisor may use screening tools such as those provided by third-party providers and, to the extent available, third-party data to identify ESG risk factors that may not have been captured through its own research. The Subadvisor’s consideration of ESG risk is weighed against other criteria and no sectors, industries or individual issuers are explicitly excluded from the Fund.

The Subadvisor may sell a security if it no longer believes the security will contribute to meeting the investment objective of the Fund. In considering whether to sell a security, the Subadvisor may evaluate, among other things, the condition of the economy and meaningful changes in the issuer's financial condition.

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COTFX - Performance

Return Ranking - Trailing

Period COTFX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.2% -4.4% 40.7% 88.05%
1 Yr 3.2% -2.6% 45.9% 90.53%
3 Yr -0.2%* -10.2% 6.4% 52.32%
5 Yr 0.5%* -6.5% 1105.2% 75.67%
10 Yr 1.2%* -0.9% 249.0% 74.13%

* Annualized

Return Ranking - Calendar

Period COTFX Return Category Return Low Category Return High Rank in Category (%)
2023 1.5% -1.4% 41.0% 86.67%
2022 -7.8% -39.7% 0.3% 18.57%
2021 -1.9% -5.6% 6.9% 97.46%
2020 2.0% -2.6% 310.0% 37.54%
2019 2.6% 0.0% 26.0% 84.09%

Total Return Ranking - Trailing

Period COTFX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.2% -4.4% 40.7% 88.05%
1 Yr 3.2% -2.6% 45.9% 90.53%
3 Yr -0.2%* -10.2% 6.4% 52.32%
5 Yr 0.5%* -6.5% 1105.2% 75.67%
10 Yr 1.2%* -0.9% 249.0% 74.13%

* Annualized

Total Return Ranking - Calendar

Period COTFX Return Category Return Low Category Return High Rank in Category (%)
2023 3.8% -1.3% 41.0% 88.28%
2022 -6.0% -39.7% 1.1% 18.77%
2021 -0.3% -4.8% 23761504.0% 92.78%
2020 3.8% -1.5% 17057.9% 49.44%
2019 3.8% 0.2% 3514.6% 88.84%

NAV & Total Return History


COTFX - Holdings

Concentration Analysis

COTFX Category Low Category High COTFX % Rank
Net Assets 137 M 3.22 M 71.9 B 80.24%
Number of Holdings 86 4 13418 90.60%
Net Assets in Top 10 28.8 M -317 M 3.09 B 78.91%
Weighting of Top 10 22.48% 1.8% 100.3% 30.17%

Top 10 Holdings

  1. Larimer Weld Boulder County School District R-2J Thompson, Series 2019 2.83%
  2. Adams Weld Counties School District No. 27J Brighton, Series 2017 2.75%
  3. Boulder Valley School District No. Re-2 Boulder, Series 2023 2.25%
  4. Jefferson County School District R-1, Series 2018 2.19%
  5. City County of Denver, Series A 2.18%
  6. Southeast Colorado Hospital District 2.10%
  7. University of Colorado, Series A 2.08%
  8. City County of Denver, Series 2018 A 2.04%
  9. Denver Urban Renewal Authority, Series 2013A-1 2.03%
  10. Midcities Metropolitan District No. 2, Series 2022 2.03%

Asset Allocation

Weighting Return Low Return High COTFX % Rank
Bonds
97.48% 0.00% 150.86% 75.97%
Cash
2.52% -50.86% 44.62% 24.65%
Stocks
0.00% 0.00% 99.78% 21.54%
Preferred Stocks
0.00% 0.00% 0.07% 9.40%
Other
0.00% -3.69% 53.54% 21.42%
Convertible Bonds
0.00% 0.00% 0.93% 8.70%

Bond Sector Breakdown

Weighting Return Low Return High COTFX % Rank
Municipal
99.01% 44.39% 100.00% 39.45%
Cash & Equivalents
1.80% 0.00% 44.41% 24.51%
Derivative
0.00% -3.69% 53.54% 18.00%
Securitized
0.00% 0.00% 5.93% 9.51%
Corporate
0.00% 0.00% 9.41% 24.95%
Government
0.00% 0.00% 52.02% 15.71%

Bond Geographic Breakdown

Weighting Return Low Return High COTFX % Rank
US
97.48% 0.00% 142.23% 73.34%
Non US
0.00% 0.00% 23.89% 13.23%

COTFX - Expenses

Operational Fees

COTFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.69% 0.01% 8.02% 55.31%
Management Fee 0.45% 0.00% 1.20% 54.23%
12b-1 Fee 0.08% 0.00% 1.00% 16.99%
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

COTFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 3.00% 0.50% 4.75% 66.09%
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

COTFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

COTFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 14.00% 0.00% 283.00% 36.60%

COTFX - Distributions

Dividend Yield Analysis

COTFX Category Low Category High COTFX % Rank
Dividend Yield 3.31% 0.00% 14.51% 74.16%

Dividend Distribution Analysis

COTFX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

COTFX Category Low Category High COTFX % Rank
Net Income Ratio 1.52% -0.53% 5.33% 70.84%

Capital Gain Distribution Analysis

COTFX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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COTFX - Fund Manager Analysis

Managers

Christopher Johns


Start Date

Tenure

Tenure Rank

May 21, 1987

35.05

35.1%

Mr. Christopher has served as the portfolio manager of Aquila Tax- Free Trust of Oregon since 2011. Mr. Johns is a Senior Vice President of the Davidson Fixed Income Management, Inc. and has been an officer of it and its predecessor companies since 1992. From 1984 through 1992, he was a portfolio manager at the former United Bank of Denver, which acted as investment adviser to the Fund from its inception through 1992. He was formerly a portfolio manager of Toledo Trust Company. He holds the degree of BBA in Finance from the University of Cincinnati

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.36 1.58