Name
As of 12/09/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
N/A
1 yr return
N/A
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$284 M
Holdings in Top 10
17.9%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.58%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/09/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
UTAYX - Profile
Distributions
- YTD Total Return N/A
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio N/A
- Dividend Yield 3.7%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameMainStay MacKay Utah Muni Fund
-
Fund Family NameAquila
-
Inception DateMay 21, 1996
-
Shares OutstandingN/A
-
Share ClassI
-
CurrencyUSD
-
Domiciled CountryUS
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 Utah income taxes. These obligations are issued by the State of Utah, its counties and various other local authorities, certain other governmental issuers, and by other states and entities that do not tax interest from obligations issued by the State of Utah. These obligations also include obligations issued by other states, the interest on which is exempt, in the opinion of bond counsel or other appropriate counsel, from regular Federal income tax and, pursuant to Utah statutory authority, from Utah individual (but not corporate) income taxes. Municipal bonds of states other than Utah will not be treated as qualifying for the purposes of the 80% policy, to the extent the interest on the municipal bond is not exempt from Utah income tax. Under normal circumstances, at least 50% of the Fund’s assets will consist of obligations of Utah-based issuers. 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 Utah 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 Utah. 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 Utah 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 Utah 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 Utah 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.
UTAYX - Performance
Return Ranking - Trailing
Period | UTAYX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | N/A | N/A | N/A | N/A |
1 Yr | N/A | N/A | N/A | N/A |
3 Yr | N/A* | N/A | N/A | N/A |
5 Yr | N/A* | N/A | N/A | N/A |
10 Yr | N/A* | N/A | N/A | N/A |
* Annualized
Return Ranking - Calendar
Period | UTAYX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | N/A | N/A | N/A | N/A |
2022 | N/A | N/A | N/A | N/A |
2021 | N/A | N/A | N/A | N/A |
2020 | N/A | N/A | N/A | N/A |
2019 | N/A | N/A | N/A | N/A |
Total Return Ranking - Trailing
Period | UTAYX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | N/A | N/A | N/A | N/A |
1 Yr | N/A | N/A | N/A | N/A |
3 Yr | N/A* | N/A | N/A | N/A |
5 Yr | N/A* | N/A | N/A | N/A |
10 Yr | N/A* | N/A | N/A | N/A |
* Annualized
Total Return Ranking - Calendar
Period | UTAYX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | N/A | N/A | N/A | N/A |
2022 | N/A | N/A | N/A | N/A |
2021 | N/A | N/A | N/A | N/A |
2020 | N/A | N/A | N/A | N/A |
2019 | N/A | N/A | N/A | N/A |
NAV & Total Return History
UTAYX - Holdings
Concentration Analysis
UTAYX | Category Low | Category High | UTAYX % Rank | |
---|---|---|---|---|
Net Assets | 284 M | N/A | N/A | N/A |
Number of Holdings | 237 | N/A | N/A | N/A |
Net Assets in Top 10 | 45.6 M | N/A | N/A | N/A |
Weighting of Top 10 | 17.95% | N/A | N/A | N/A |
Top 10 Holdings
- BlackRock Liquidity Funds MuniCash 5.20%
- Utah Charter School Finance Authority, Series 2017 1.88%
- Utah Housing Corp., Series 2024G 1.54%
- City of Dallas Housing Finance Corp., Series 2024A 1.51%
- Utah Charter School Finance Authority, Series 2016 1.51%
- County of Weber, Series 2013 1.50%
- Utah Charter School Finance Authority, Series 2014A 1.29%
- Cache County School District, Series 2024 1.19%
- Utah Municipal Power Agency, Series 2016 B 1.17%
- Puerto Rico Sales Tax Financing Corp., Series A-2 1.16%
Asset Allocation
Weighting | Return Low | Return High | UTAYX % Rank | |
---|---|---|---|---|
Bonds | 99.61% | N/A | N/A | N/A |
Cash | 5.32% | N/A | N/A | N/A |
Stocks | 0.00% | N/A | N/A | N/A |
Preferred Stocks | 0.00% | N/A | N/A | N/A |
Other | 0.00% | N/A | N/A | N/A |
Convertible Bonds | 0.00% | N/A | N/A | N/A |
Bond Sector Breakdown
Weighting | Return Low | Return High | UTAYX % Rank | |
---|---|---|---|---|
Cash & Equivalents | 5.32% | N/A | N/A | N/A |
Derivative | 0.00% | N/A | N/A | N/A |
Securitized | 0.00% | N/A | N/A | N/A |
Corporate | 0.00% | N/A | N/A | N/A |
Municipal | 0.00% | N/A | N/A | N/A |
Government | 0.00% | N/A | N/A | N/A |
Bond Geographic Breakdown
Weighting | Return Low | Return High | UTAYX % Rank | |
---|---|---|---|---|
US | 99.61% | N/A | N/A | N/A |
Non US | 0.00% | N/A | N/A | N/A |
UTAYX - Expenses
Operational Fees
UTAYX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.58% | N/A | N/A | N/A |
Management Fee | 0.45% | N/A | N/A | N/A |
12b-1 Fee | N/A | N/A | N/A | N/A |
Administrative Fee | N/A | N/A | N/A | N/A |
Sales Fees
UTAYX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | N/A | N/A | N/A |
Deferred Load | N/A | N/A | N/A | N/A |
Trading Fees
UTAYX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | N/A | N/A | 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.
UTAYX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | N/A | N/A | N/A |
UTAYX - Distributions
Dividend Yield Analysis
UTAYX | Category Low | Category High | UTAYX % Rank | |
---|---|---|---|---|
Dividend Yield | 3.65% | N/A | N/A | N/A |
Dividend Distribution Analysis
UTAYX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly |
Net Income Ratio Analysis
UTAYX | Category Low | Category High | UTAYX % Rank | |
---|---|---|---|---|
Net Income Ratio | N/A | N/A | N/A | N/A |
Capital Gain Distribution Analysis
UTAYX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency |
Distributions History
Date | Amount | Type |
---|---|---|
Nov 30, 2024 | $0.030 | OrdinaryDividend |
Oct 31, 2024 | $0.031 | OrdinaryDividend |
Sep 30, 2024 | $0.029 | OrdinaryDividend |
Aug 31, 2024 | $0.029 | OrdinaryDividend |
Jul 31, 2024 | $0.008 | OrdinaryDividend |
Jun 30, 2024 | $0.020 | OrdinaryDividend |
May 31, 2024 | $0.021 | OrdinaryDividend |
Apr 30, 2024 | $0.020 | OrdinaryDividend |
Mar 31, 2024 | $0.021 | OrdinaryDividend |
Feb 29, 2024 | $0.020 | OrdinaryDividend |
Jan 31, 2024 | $0.021 | OrdinaryDividend |
Dec 31, 2023 | $0.020 | OrdinaryDividend |
Nov 30, 2023 | $0.020 | OrdinaryDividend |
Oct 31, 2023 | $0.020 | OrdinaryDividend |
Sep 30, 2023 | $0.019 | OrdinaryDividend |
Aug 31, 2023 | $0.020 | OrdinaryDividend |
Jul 31, 2023 | $0.020 | OrdinaryDividend |
Jun 30, 2023 | $0.019 | OrdinaryDividend |
May 31, 2023 | $0.019 | OrdinaryDividend |
Apr 28, 2023 | $0.019 | OrdinaryDividend |
Mar 31, 2023 | $0.019 | OrdinaryDividend |
Feb 28, 2023 | $0.018 | OrdinaryDividend |
Jan 31, 2023 | $0.019 | OrdinaryDividend |
Dec 30, 2022 | $0.019 | OrdinaryDividend |
Dec 28, 2022 | $0.007 | OrdinaryDividend |
Nov 30, 2022 | $0.018 | OrdinaryDividend |
Oct 31, 2022 | $0.019 | OrdinaryDividend |
Sep 30, 2022 | $0.018 | OrdinaryDividend |
Aug 31, 2022 | $0.018 | OrdinaryDividend |
Jul 29, 2022 | $0.018 | OrdinaryDividend |
Jun 30, 2022 | $0.017 | OrdinaryDividend |
May 31, 2022 | $0.018 | OrdinaryDividend |
Apr 29, 2022 | $0.017 | OrdinaryDividend |
Mar 31, 2022 | $0.018 | OrdinaryDividend |
Feb 28, 2022 | $0.016 | OrdinaryDividend |
Jan 31, 2022 | $0.017 | OrdinaryDividend |
Dec 31, 2021 | $0.017 | OrdinaryDividend |
Nov 30, 2021 | $0.016 | OrdinaryDividend |
Oct 29, 2021 | $0.017 | OrdinaryDividend |
Sep 30, 2021 | $0.016 | OrdinaryDividend |
Aug 31, 2021 | $0.017 | OrdinaryDividend |
Jul 30, 2021 | $0.017 | OrdinaryDividend |
Jun 30, 2021 | $0.017 | OrdinaryDividend |
May 28, 2021 | $0.018 | OrdinaryDividend |
Apr 30, 2021 | $0.017 | OrdinaryDividend |
Mar 31, 2021 | $0.019 | OrdinaryDividend |
Feb 26, 2021 | $0.020 | OrdinaryDividend |
Jan 29, 2021 | $0.018 | OrdinaryDividend |
Dec 31, 2020 | $0.019 | OrdinaryDividend |
Nov 30, 2020 | $0.019 | OrdinaryDividend |
Oct 30, 2020 | $0.019 | OrdinaryDividend |
Sep 30, 2020 | $0.019 | OrdinaryDividend |
Aug 31, 2020 | $0.019 | OrdinaryDividend |
Jul 31, 2020 | $0.020 | OrdinaryDividend |
Jun 30, 2020 | $0.020 | OrdinaryDividend |
May 29, 2020 | $0.021 | OrdinaryDividend |
Apr 30, 2020 | $0.020 | OrdinaryDividend |
Mar 31, 2020 | $0.021 | OrdinaryDividend |
Feb 28, 2020 | $0.020 | OrdinaryDividend |
Jan 31, 2020 | $0.022 | OrdinaryDividend |
Dec 31, 2019 | $0.000 | OrdinaryDividend |
Nov 29, 2019 | $0.000 | OrdinaryDividend |
Oct 31, 2019 | $0.000 | OrdinaryDividend |
Sep 30, 2019 | $0.000 | OrdinaryDividend |
Aug 30, 2019 | $0.000 | OrdinaryDividend |
Jul 31, 2019 | $0.000 | OrdinaryDividend |
Dec 29, 2016 | $0.010 | CapitalGainLongTerm |