Fund Evaluator:
NYLI MacKay Colorado Muni Class I (COTYX)
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Best Performing in Muni Single State Interm Over the Last Year
| 7.0% | Victory VA Bond (USVAX) |
| 6.9% | Dupree AL Tax-Free Income (DUALX) |
| 6.5% | Dupree TN Tax-Free Income (TNTIX) |
| 5.9% | Dupree KY Tax-Free Income (KYTFX) |
| 5.6% | Dupree NC Tax-Free Income (NTFIX) |
Fund Details
NYLI MacKay Colorado Muni Class I Overview
NYLI MacKay Colorado Muni Class I (COTYX) is an actively managed Municipal Bond Muni Single State Interm fund. New York Life Investment Management LLC launched the fund in 1996.
The investment seeks current income exempt from federal and Colorado income taxes. 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 non-diversified.
About NYLI MacKay Colorado Muni Class I (COTYX)
There are 5 members of the management team with an average tenure of 2.02 years: Michael Perilli (2024), Michael Denlinger (2024), Scott Sprauer (2024), Matthew Hage (2024), David Dowden (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Muni 1-15Y Blend(1-17) TR USD index with a weighting of 100%. NYLI MacKay Colorado Muni Class I has 109 securities in its portfolio. The top 10 holdings constitute 25.4% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
NYLI MacKay Colorado Muni Class I is part of the Fixed Income global asset class and is within the Municipal Bond fund group. NYLI MacKay Colorado Muni Class I has 5.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 91.6% (86.1% domestic bond, 5.4% foreign bond and 0.0% convertible bond). NYLI MacKay Colorado Muni Class I has 8.5% of the portfolio in cash.
Assets Under Management
The fund has $35 million in total assets, which is below the $85 million average for the Muni Single State Interm category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
COTYX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The NYLI MacKay Colorado Muni Class I expense ratio is average compared to funds in the Muni Single State Interm category. NYLI MacKay Colorado Muni Class I has an expense ratio of 0.55%, which is 34% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. NYLI MacKay Colorado Muni Class I has a portfolio turnover rate of 105%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 41% for the Muni Single State Interm category.
Recently, in the month of July 2026, NYLI MacKay Colorado Muni Class I returned -1.6%, which earned it a grade of C, as the Muni Single State Interm category had an average return of -1.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
NYLI MacKay Colorado Muni Class I has a trailing yield of 3.49%, which is above the 3.00% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
NYLI MacKay Colorado Muni Class I Grades
Year to date, the fund has returned 0.6%, 0.3 percentage points better than the category, which translates into a grade of B. The fund has returned 5.3% over the past year (grade of C), 2.7% over the past three years (grade of C) and 0.4% per year over the past five years (grade of B) and 1.1% per year over the past 10 years (grade of C).
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COTYX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| COTYX Return (NAV) | -1.6% | -0.5% | 5.3% | 2.7% | 0.4% | 1.1% |
| COTYX Grade | C | B | C | C | B | C |
| +/- Category | 0.1% | 0.1% | 0.3% | 0.1% | 0.2% | -0.1% |
| Muni Single State Interm Avg | -1.7% | -0.6% | 5.0% | 2.6% | 0.2% | 1.3% |
| COTYX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
COTYX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| COTYX Return (NAV) | 0.6% | 3.9% | 0.9% | 3.9% | -6.1% | -0.3% | 3.7% | 4.9% | 0.7% | 2.9% | 0.0% |
| COTYX Grade | B | C | C | D | A | F | D | F | C | D | C |
| +/- Category | 0.3% | -0.1% | 0.0% | -0.6% | 1.6% | -0.8% | -0.4% | -0.9% | -0.1% | -0.6% | -0.1% |
| Muni Single State Interm Avg | 0.3% | 4.0% | 0.9% | 4.5% | -7.7% | 0.5% | 4.2% | 5.7% | 0.8% | 3.5% | 0.1% |
| Risk Measures | |
| Standard Deviation: | 4.1% |
| Total Risk Index: | 0.33 - Low |
| Category Risk Index: | 0.81 - Below Average |
| Category Risk Grade: | B (20% Rank) |
| Beta: | 0.69 |
| R-Squared: | 95% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 3.5% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $111 Mil |
| Fund Total Assets: | $ 35 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 105% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 2.0 years | |||
| Average Tenure: 2.0 years | |||
| Managers (Year): Perilli Michael (2024), Denlinger Michael (2024), Sprauer Scott (2024), Hage Matthew (2024), Dowden David (2024) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 109 |
| % in Top 10 Holdings: | 25.4% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 5.4% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 86.1% |
| Foreign Bond: | 5.4% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 8.5% |
Purchase Information
| Fund Family: | New York Life Investment Management LLC |
| Phone Number: | 800-624-6782 |
| Website: | www.aquilafunds.com |
| Status: | Open |
| Inception Date: | April 30, 1996 |
| Min. Initial Purchase: | $1,000,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.55% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.84% |
| Share Class: | NYLI MacKay Colorado Muni Class Z |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
