NYLI MacKay Strategic Muni Allocation Fund seeks current income exempt from regular federal income tax.
Flexible mandate
Investment grade strategy with a flexible mandate to opportunistically invest up to 35% in high yield securities.
Relative value strategy
The team relies on credit analysis, yield curve positioning, and sector rotation to uncover the most compelling opportunities.
Tenured team
The co-heads have worked together since 1993 and leverage their long-term relationships with municipal dealers to help drive success.
Class A: 3.00% and INV: 2.50% maximum initial sales charge; a 1% CDSC may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Class B: CDSC up to 5% if redeemed within six years. Class C: 1% CDSC if redeemed within one year. Class I: No initial sales charge or CDSC.
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. 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 on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Expenses stated are as of the fund's most recent prospectus.
Performance reflects a contractual fee waiver and/or expense limitation agreement for Class A and I shares in effect through 8/31/25, 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.
Percentages are based on fixed-income securities held in the Fund's investment portfolio and exclude any equity or convertible securities, credit default swaps, and cash or cash equivalents. Ratings apply to the underlying portfolio of debt securities held by the Fund and are rated by an independent rating agency, such as Standard and Poor's or Moody's. If ratings are provided by three rating agencies, but differ, the middle rating will be utilized. If ratings are provided by two rating agencies, but differ, the higher rating will be utilized. If only one rating is provided, the available rating will be utilized. Securities that are unrated by the rating agencies are reflected as such in the breakdown. Unrated securities do not necessarily indicate low quality. S&P rates borrowers on a scale from AAA to D. AAA through BBB represent investment grade, while BB through D represent non-investment grade.
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.
Dividend distributions are the distribution of a dividend to mutual fund shareholders as of a certain date. The following Funds declare daily dividends: NYLI MacKay California Muni Fund, NYLI Floating Rate, NYLI MacKay High Yield Muni Bond Fund, NYLI MacKay U.S. Infrastructure Bond Fund, NYLI Money Market, NYLI MacKay New York Muni Fund, NYLI MacKay Short Term Muni Fund and NYLI MacKay Tax Free Bond.
Performance reflects a contractual fee waiver and/or expense limitation agreement for Class A and I shares in effect through 8/31/25, 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.
Boutique offering specialty fixed income expertise across global fixed income markets including municipal bonds, structured credit, corporate credit and emerging markets debt.
Robert DiMella, CFA
Executive Managing Director
Michael Petty
Senior Managing Director
David Dowden
Managing Director, Portfolio Manager
Frances Lewis
Senior Managing Director
John Lawlor
Managing Director
Michael Denlinger, CFA
Managing Director
Sanjit Gill, CFA
Director
Matthew Hage
Director and Portfolio Manager
Prior to November 30, 2021, the Fund was named MainStay MacKay Intermediate Tax Free Bond Fund and its principal investment strategies were modified. New York Life Investments, New York Life Insurance Company, and it's affiliates and representatives do not provide legal, tax, or accounting advice. Please consult your own legal and tax advisors.
Before considering an investment in the Fund, you should understand that you could lose money.
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.
A portion of the Fund's income may be subject to state and local taxes or the alternative minimum tax.
Income from municipal bonds held by the Fund could be declared taxable because of unfavorable changes in tax law, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a bond issuer.
High-yield municipal bonds may be subject to increased liquidity risk as compared to other high-yield debt securities.
The Fund may invest in derivatives, which may increase the volatility of the Fund's NAV and may result in a loss to the Fund.
Funds that invest in bonds are subject to interest-rate risk and can lose principal value when interest rates rise.
The Fund is a new fund. As a new fund, there can be no assurance that it will grow to or maintain an economically viable size, in which case it could ultimately liquidate.
Funds that invest in bonds are subject to interest-rate risk and can lose principal value when interest rates rise.
Bloomberg Municipal Bond Index 1 -15 Yr. Blend covers the USD-denominated long-term tax exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.
An investment cannot be made directly into an index.
Final Maturity is the weighted average of the stated time to maturity for the securities held in the portfolio.
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.
Average Price is based on market value and is the market weighted average of all bonds held in the Fund's portfolio, including any zero coupon bonds.
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.