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NYLI MacKay New York Muni Class C2 Overview

NYLI MacKay New York Muni Class C2 (MNOLX) is an actively managed Municipal Bond Muni New York Long fund. New York Life Investment Management LLC launched the fund in 2020.

The investment seeks current income exempt from federal and New York State and, in some cases, New York local 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 New York income taxes. It generally invests in municipal bonds that have a maturity of five years or longer at the time of purchase.

About NYLI MacKay New York Muni Class C2 (MNOLX)

There are 5 members of the management team with an average tenure of 8.94 years: Frances Lewis (2017), Michael Perilli (2024), Michael Denlinger (2022), Michael Petty (2012), Robert DiMella (2012). 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 Municipal New York Exempt TR index with a weighting of 100%. NYLI MacKay New York Muni Class C2 has 455 securities in its portfolio. The top 10 holdings constitute 14.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

NYLI MacKay New York Muni Class C2 is part of the Fixed Income global asset class and is within the Municipal Bond fund group. NYLI MacKay New York Muni Class C2 has 9.1% 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 95.9% (86.7% domestic bond, 9.1% foreign bond and 0.0% convertible bond). NYLI MacKay New York Muni Class C2 has 4.1% of the portfolio in cash.

Assets Under Management

The fund has $2 million in total assets, which is below the $287 million average for the Muni New York Long 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.

MNOLX 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 New York Muni Class C2 expense ratio is high compared to funds in the Muni New York Long category. NYLI MacKay New York Muni Class C2 has an expense ratio of 1.18%, which is 39% higher than its category average, making the fund expense ratio grade a D. 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 New York Muni Class C2 has a portfolio turnover rate of 42%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 27% for the Muni New York Long category.

Recently, in the month of July 2026, NYLI MacKay New York Muni Class C2 returned -2.1%, which earned it a grade of C, as the Muni New York Long category had an average return of -2.1%. 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 New York Muni Class C2 has a trailing yield of 3.38%, which is below the 3.63% category average. The fund normally distributes its income monthly.

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 New York Muni Class C2 Grades

Year to date, the fund has returned 1.1%, 0.2 percentage points better than the category, which translates into a grade of B. The fund has returned 7.0% over the past year (grade of B), 3.0% over the past three years (grade of C) and -0.3% per year over the past five years (grade of D) and 1.5% per year over the past 10 years (grade of D).

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