About MNOVX
NYLI MacKay New York Muni Fund is an open-end municipal bond mutual fund focused on generating current income that is generally exempt from federal and New York State income taxes, and in certain cases New York local taxes. Managed by New York Life Investment Management with subadviser MacKay Shields, the strategy applies a relative value approach that emphasizes fundamental credit analysis, yield-curve positioning, and sector rotation across New York municipal issuers. The portfolio targets investment-grade bonds while retaining flexibility to allocate across sectors such as essential services, transportation, housing, and revenue-backed authorities common to the New York municipal market. The team highlights risk management and avoids the use of leverage or explicit interest-rate bets, seeking consistent tax-exempt income within a disciplined framework. Distributions are declared on a regular schedule, reflecting the fund’s income-oriented mandate for investors seeking New York–specific tax-exempt exposure. As part of a long-tenured municipal platform, the fund plays a role in the market by channeling capital to state and local projects while offering investors diversified access to New York municipal credit.
Fund Family New York Life Investment Management LLC
Category Muni New York Long
Performance Rating Above Average
Risk Rating Average
Stock Exchange NASDAQ
Ticker Symbol MNOVX
Share Class Investor Class
Index Bloomberg New York TaxExempt Muni Bond TR
MNOVX had a total return of 4.59% in the past year, including dividends. Since the fund's
inception, the average annual return has been 6.53%.
