MASAX Fees and Costs — NYLI MacKay Strategic Bond Fund, Class A
Data updated: 2026-09-23
The net expense ratio is 0.98%: a 0.57% management fee, a 0.25% 12b-1 fee plus 0.16% other expenses. This share class carries a maximum front-end sales load of 4.50%. In fiscal 2025 the fund paid $72K in broker commissions, 0.0071% of average net assets, and portfolio turnover was 136%.
MASAX Fees and Expenses
Annual operating expenses and sales charges of MASAX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.57% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.16% |
| Gross expense ratio | 0.98% |
| Fee waiver | — |
| Net expense ratio | 0.98% |
| Sales charges | |
|---|---|
| Max front load | 4.50% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
MASAX Costs Over Time
On $10,000 invested in MASAX, assuming 5% a year before costs, total costs come to $1,164 over 5 years, cutting the return by 1.99% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Sales charges | $450 | $450 | $450 |
| Fund expenses (net expense ratio 0.98%) | $98 | $307 | $532 |
| Trading costs (broker commissions) | $1 | $2 | $4 |
| Lost growth on money paid in costs | $23 | $86 | $178 |
| Total costs | $571 | $845 | $1,164 |
| Value after costs | $9,929 | $10,731 | $11,599 |
| Impact on return, per year | 5.71% | 2.62% | 1.99% |
MASAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0071%
- Total broker commissions: $72K
- Bought from dealers (principal trades, not a cost): $4.6B
- Portfolio turnover (prospectus): 136%
- Securities on loan, average value: $21.3M
- Net income from securities lending: $142K (0.014% of average net assets)
MASAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Citigroup Global Markets Inc. | $72K | 100.00% |
MASAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $1.4B | 35.95% |
| BofA Securities, Inc. | $798.2M | 19.88% |
| Citadel Securities LLC | $530.4M | 13.21% |
| Citigroup Global Markets Inc. | $275.9M | 6.87% |
| StoneX Financial, Inc | $201.3M | 5.01% |
| Nomura Securities International, Inc. | $178.6M | 4.45% |
| Bank of Montreal | $177.1M | 4.41% |
| Barclays Capital, Inc. | $168.1M | 4.19% |
| Goldman Sachs & Co. LLC | $133.7M | 3.33% |
| Pershing LLC | $108.7M | 2.71% |
NYLI MacKay Strategic Bond Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| MSYEX | Class R6 | 0.62% | none |
| MSDIX | Class I | 0.68% | none |
| MASAX | Class A | 0.98% | 4.50% |
| MSYDX | Investor Class | 1.22% | 4.00% |
| MSICX | Class C | 1.97% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.