Overview
Overview
NYLI MacKay Muni Income Opportunities Fund seeks current income exempt from regular federal income tax.
Dynamic “Turn-Key” Solution
Investment-grade oriented strategy with the flexibility to opportunistically invest up to 50% in high yield municipal securities.
Enhanced Income Potential
The fund seeks to generate high tax-exempt income through municipal security selection and tactical leverage capabilities.
Interval Fund Structure
The interval fund structure enables the use of more opportunistic investment strategies to seek excess total return potential.1
Performance
Performance
Returns represent past performance which is no guarantee of future results. Current performance may be lower or higher. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Performance reflects a contractual fee waiver and/or expense limitation agreement in effect through 2/28/26, without which total returns may have been lower. This agreement renews automatically for one-year terms unless written notice is provided before the start of the next term or upon approval of the Board. No initial sales charge applies on investments of $250,000 or more (and certain other qualified purchases). However, a contingent deferred sales charge of 1.00% may be imposed if they are repurchased within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Visit www.newyorklifeinvestments.com for the most recent month-end performance. Expenses stated are as of the fund's most recent prospectus.
Portfolio
Portfolio
Portfolio data as of 09/30/2024 Percentages based on managed assets and may change daily.
Fees & Expenses
Fees & Expenses
Performance reflects a contractual fee waiver and/or expense limitation agreement in effect through 2/28/2026, without which total returns may have been lower. This agreement renews automatically for one-year terms unless written notice is provided before the start of the next term or upon approval of the Board.
Distribution & Yields
Distribution & Yields
Subsidized Yield: the yield of a fund that includes any fee waivers or reimbursements currently in place by the fund’s manager. This figure shows the income generated by the fund after accounting for reduced expenses, giving a more favorable representation of returns under current conditions.
Unsubsidized Yield: the yield of a fund that excludes any fee waivers or reimbursements. It reflects the income the fund would generate if the full expenses were charged, offering a view of returns without any temporary fee reductions.
Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (ROC) of your investment in the fund. Because the distribution rate and the 12-month rate may include a ROC, they should not be confused with yield or income. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the composition of distributions. Final determination of a distribution’s tax character will be made on Form 1099 DIV sent to shareholders each January.
Distribution Rate: The distribution rate measures the percentage return in the form of dividends. It is calculated daily by annualizing the most recent dividend distribution and dividing by the daily share price (NAV or POP). If the Fund did not make a distribution as of the latest scheduled distribution date, "N/A" will be displayed.
12-month Rate: The 12-month rate measures the percentage return in the form of dividends. It is calculated monthly by taking the sum of the trailing 12-month dividend payments divided by the last month's ending share price (NAV or POP) plus any capital gains distributed over previous 12 months. If the Fund did not make any distributions over the previous 12 months, "N/A" will be displayed.
The 30 Day SEC Yield is calculated by dividing the net investment income per share for the first 30 days of the month by the offering price per share at the end of that period. The yield reflects the dividends and interest earned during the period, after the deduction of the Fund's expenses. Yield reflects a fee waiver and/or expense limitation agreement without which the 30 Day SEC Yield would have been lower.
Team
Team
Leader in specialty fixed income
Boutique offering specialty fixed income expertise across global fixed income markets including municipal bonds, structured credit, corporate credit and emerging markets debt.
John Loffredo, CFA
Vice Chairman
Robert DiMella, CFA
Executive Managing Director
Michael Petty
Senior Managing Director
Michael Perilli, CFA
Director, Portfolio Manager and Trader
John Lawlor
Managing Director
Michael Denlinger, CFA
Managing Director
Literature
Literature
IMPORTANT INFORMATION
NYLI MacKay Muni Income Opportunities Fund Class I: MMIOX | Class A1: MMIPX | Class A2: MMIRX | Class A3: MMIVX
1. Limited quarterly liquidity at NAV for 10% of outstanding shares.
Interval funds are closed-end funds that allow daily purchases and redemptions by periodically offering to repurchase a portion of shares from shareholders. These funds aim to create portfolios with less capital volatility while holding a greater percentage of less-liquid, longer-term investments, often with higher risk-return opportunities than open-end mutual funds or ETFs.
Key points to consider:
- Municipal Bond Risk:
- Risks related to municipal bonds include:
- Issuer Repayment: The possibility that the issuer may be unable to repay the bond obligation.
- Limited Information: Some issuers lack comprehensive information available to investors.
- Tax and Legislative Changes: Future changes in tax laws or legislation could impact the municipal securities market and their value.
- Risks related to municipal bonds include:
- Leverage Risk:
- Leverage creates opportunities for increased net investment income dividends for Common Shareholders.
- However, it also exposes the Fund to greater risk and costs.
- Increases and decreases in the Fund’s portfolio value are magnified when leverage is used.
- Interest expenses on borrowings may reduce the Fund’s return.
- The success of the Fund’s leveraging strategy is not guaranteed.
- Debt Securities Risk:
- Risks of investing in debt or fixed-income securities include credit risk, maturity risk, market risk, and interest rate risk.
- Below Investment Grade Securities Risk:
- The Fund may invest in securities that are rated, at the time of investment, below investment grade quality (rated Ba/BB or below, or judged to be of comparable quality by the Advisor), which are commonly referred to as "high yield" or "junk" bonds and are regarded as predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal when due. The value of high yield, lower quality bonds is affected by the creditworthiness of the issuers of the securities and by general economic and specific industry conditions. Issuers of high yield bonds are not perceived to be as strong financially as those with higher credit ratings.
Remember that investing in the Fund carries significant risks, and it is designed for long-term investment, not short-term trading.
New York Life Investment Management LLC is the manager of the Fund. It has delegated day-to-day portfolio management responsibilities to MacKay Shields, another subsidiary of New York Life Insurance Company.
Definitions
The 80% Bloomberg Muni / 20% Bloomberg HY Muni Index consists of the Bloomberg Municipal Bond Index and Bloomberg High Yield Municipal Bond Index weighted 80%/20% respectively. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. The Bloomberg High Yield Municipal Bond Index is a flagship measure of the non-investment grade and non-rated U.S. dollar-denominated tax-exempt bond market. Index results assume the reinvestment of all capital gain and dividend distributions. An investment cannot be made directly into an index..