NYLI MacKay Fund Seeks Two New Independent Trustees

TL;DR

**Vote FOR the new independent trustees; fresh eyes on the board could boost oversight and investor confidence in NYLI MacKay Muni Income Opportunities Fund.**

AI Summary

NYLI MacKay Muni Income Opportunities Fund is holding a Special Meeting of Shareholders on December 8, 2025, at 10:30 a.m. Eastern time, at 51 Madison Avenue, New York, New York 10010. The primary purpose of this meeting is to elect two new Independent Trustees to the Board of Trustees. The Board, after careful consideration of the Fund's size and complexity, unanimously nominated Stephanie Lynch and Adeel Jivraj for election on September 30, 2025. Ms. Lynch is a Co-Founder and Managing Partner of Global Endowment Management (GEM) since 2007, bringing extensive investment management experience from her prior role as CIO at The Duke Endowment. Mr. Jivraj, a retired Partner from Ernst & Young LLP (2005-2025), previously served as Assistant Chief Accountant for the U.S. Securities and Exchange Commission (SEC) and was a member of the SEC's Asset Management Advisory Committee (AMAC) from 2020 to 2021. The Board of Trustees recommends a vote FOR the Proposal to elect these two Nominees, emphasizing their qualifications and the benefit of adding new independent oversight to the Fund Complex, which includes 86 portfolios.

Why It Matters

This DEF 14A filing signals a proactive move by NYLI MacKay Muni Income Opportunities Fund to enhance its governance structure by adding two new Independent Trustees. For investors, this could mean stronger independent oversight of the Fund's operations and investment strategies, potentially leading to improved long-term performance and reduced risk. The addition of experienced professionals like Stephanie Lynch and Adeel Jivraj, with backgrounds in endowment management and SEC regulation, respectively, could bring fresh perspectives and expertise to the Board. In a competitive closed-end fund market, robust governance is a key differentiator, impacting investor confidence and the Fund's ability to navigate market challenges effectively.

Risk Assessment

Risk Level: low — The filing indicates a low risk level as it primarily concerns the routine election of two new Independent Trustees, a standard governance practice. The Board of Trustees unanimously nominated the candidates, Stephanie Lynch and Adeel Jivraj, on September 30, 2025, and recommends a vote FOR the proposal, suggesting internal alignment and a focus on strengthening oversight rather than addressing any immediate operational or financial distress.

Analyst Insight

Investors should review the qualifications of Stephanie Lynch and Adeel Jivraj and vote FOR their election to the Board of Trustees. This move is a positive step towards enhanced governance and independent oversight for the NYLI MacKay Muni Income Opportunities Fund.

Key Numbers

• December 8, 2025 — Date of Special Meeting of Shareholders (Meeting to elect two Trustees)
• 10:30 a.m. — Time of Special Meeting (Eastern time for the shareholder meeting)
• 2 — Number of Trustees to be elected (Two new Independent Trustees are nominated)
• September 30, 2025 — Date of Board nomination (Board unanimously nominated the two persons for election)
• September 26, 2025 — Record Date for voting (Shareholders as of this date are entitled to vote)
• 86 — Number of portfolios in Fund Complex (Number of portfolios overseen by current Trustees)
• 888-431-9147 — Shareholder inquiry phone number (Toll-free number for voting questions)
• 51 Madison Avenue, New York, New York 10010 — Meeting location (Offices of New York Life Investment Management LLC)
• 2007 — Year Stephanie Lynch co-founded GEM (Indicates extensive experience in investment management)
• 2025 — Year Adeel Jivraj retired from EY (Marks the end of his tenure as Partner at Ernst & Young LLP)

Key Players & Entities

• NYLI MacKay Muni Income Opportunities Fund (company) — Registrant and closed-end management investment company
• Stephanie Lynch (person) — Independent Trustee Nominee, Co-Founder and Managing Partner of Global Endowment Management (GEM)
• Adeel Jivraj (person) — Independent Trustee Nominee, Retired Partner at Ernst & Young LLP, former Assistant Chief Accountant for the SEC
• Kirk C. Lehneis (person) — President of NYLI MacKay Muni Income Opportunities Fund
• J. Kevin Gao (person) — Secretary and Chief Legal Officer of NYLI MacKay Muni Income Opportunities Fund
• New York Life Investment Management LLC (company) — Manager of the Fund and location of the Special Meeting
• Sodali & Co. (company) — Proxy solicitor for the Fund
• U.S. Securities and Exchange Commission (regulator) — Former employer of Adeel Jivraj
• Global Endowment Management (GEM) (company) — Current employer of Stephanie Lynch
• Ernst & Young LLP (company) — Former employer of Adeel Jivraj

FAQ

Industry Context

The closed-end fund industry, particularly those focused on municipal income, operates within a regulated environment where investor confidence in governance and management is paramount. The election of independent trustees is a standard governance practice aimed at enhancing oversight and aligning fund interests with shareholder value. The industry faces ongoing interest rate sensitivity and credit risk considerations for municipal bonds.

Regulatory Implications

The election of new independent trustees is a routine governance matter governed by SEC regulations and the Investment Company Act of 1940. Ensuring proper disclosure and shareholder voting procedures are followed is critical for compliance. The qualifications of the nominees, particularly their experience in finance and accounting, are relevant to maintaining the fund's regulatory standing.

What Investors Should Do

1. Vote FOR the election of Stephanie Lynch and Adeel Jivraj as Trustees.
2. Review the Proxy Statement and accompanying materials.
3. Submit your vote by mail, telephone, or internet by December 8, 2025.

Key Dates

• 2025-12-08: Special Meeting of Shareholders — Shareholders will vote on the election of two new Trustees.
• 2025-09-30: Board of Trustees nomination of new Trustees — The Board unanimously nominated Stephanie Lynch and Adeel Jivraj for election.
• 2025-09-26: Record Date for voting — Shareholders of record on this date are entitled to vote at the Special Meeting.
• 2025-10-17: Date of Proxy Statement and Notice of Special Meeting — Official communication to shareholders detailing the meeting agenda and voting procedures.
• 2025-10-22: First distribution of Proxy Statement and Notice — Shareholders begin receiving materials to inform their voting decisions.

Glossary

DEF 14A

A filing with the U.S. Securities and Exchange Commission (SEC) that provides detailed information about a company's annual meeting, including executive compensation, board of directors, and other corporate governance matters. (This document is the proxy statement for the NYLI MacKay Muni Income Opportunities Fund's special meeting, outlining the proposals shareholders will vote on.)

Trustee

A member of the Board of Trustees responsible for overseeing the management and operations of the Fund. (The primary purpose of the special meeting is to elect two new Trustees to the Board.)

Proxy Statement

A document that is sent to shareholders before a shareholder meeting, providing information about the matters to be voted on and soliciting their votes. (This document contains the detailed information shareholders need to make an informed decision about electing the proposed Trustees.)

Record Date

A specific date set by a company to determine which shareholders are eligible to vote at a shareholder meeting. (Shareholders who owned shares on September 26, 2025, are eligible to vote at the December 8, 2025, meeting.)

Fund Complex

A group of investment portfolios or funds that are managed by the same investment advisor or under the same umbrella organization. (The Fund Complex includes 86 portfolios, highlighting the scale of oversight required by the Board of Trustees.)

Closed-end management investment company

An investment company that issues a fixed number of shares in an initial public offering, and then trades on a stock exchange like other public companies. (This is the legal structure of the NYLI MacKay Muni Income Opportunities Fund.)

Year-Over-Year Comparison

This filing is a proxy statement for a special meeting focused on electing new trustees, not an annual report. Therefore, direct year-over-year comparisons of financial metrics like revenue or net income are not applicable. The key focus is on governance changes and the qualifications of the proposed new board members.

Filing Documents

• d943438ddef14a.htm (DEF 14A) — 238KB
• g943438g1011032137700.jpg (GRAPHIC) — 2KB
• g943438g1011032137875.jpg (GRAPHIC) — 4KB
• g943438g1011032137978.jpg (GRAPHIC) — 2KB
• g943438g1011032138069.jpg (GRAPHIC) — 3KB
• g943438g1011032138437.jpg (GRAPHIC) — 1KB
• 0001193125-25-242376.txt ( ) — 255KB

From the Filing

DEF 14A 1 d943438ddef14a.htm NYLI MACKAY MUNI INCOME OPPORTUNITIES FUND NYLI MacKay Muni Income Opportunities Fund SCHEDULE 14A (Rule 14a-101) INFORMATION REQUIRED IN A PROXY STATEMENT SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 Filed by the Registrant Filed by a Party other than the Registrant Check the appropriate box: Preliminary Proxy Statement Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) Definitive Proxy Statement Definitive Additional Materials Soliciting Material Under Rule 14a-12 NYLI MACKAY MUNI INCOME OPPORTUNITIES FUND (Name of Registrant as Specified In Its Charter) (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box): No fee required. Fee paid previously with preliminary materials. Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. NYLI MACKAY MUNI INCOME OPPORTUNITIES FUND 51 MADISON AVENUE NEW YORK, NEW YORK 10010 SPECIAL MEETING OF SHAREHOLDERS To Be Held December 8, 2025 October 17, 2025 To Our Shareholders: I am writing to ask for your vote on an important matter concerning NYLI MacKay Muni Income Opportunities Fund (the "Fund"), a closed-end management investment company organized as a Delaware statutory trust. Please take note that a Special Meeting of Shareholders (with any postponements or adjournments, "Special Meeting") of the Fund will be held on December 8, 2025, beginning at 10:30 a.m., Eastern time, at the offices of New York Life Investment Management LLC, 51 Madison Avenue, New York, New York 10010. At the Special Meeting, as explained in the accompanying Proxy Statement, you will be asked to vote on the following proposals: 1. To elect two Trustees to the Board of Trustees of the Fund; and 2. To transact such other business as may properly come before the Special Meeting. Proposal 1 (the "Proposal") is described in more detail in the accompanying Notice of Special Meeting and Proxy Statement. After careful consideration, the Board of Trustees of the Fund recommends that you read the enclosed materials carefully and then submit a vote FOR the Proposal. Your vote is very important regardless of the number of shares of the Fund you own. Whether or not you plan to attend the Special Meeting in person, please read the Proxy Statement and cast your vote promptly. It is important that your vote be received by no later than the time of the Special Meeting on December 8, 2025. You will receive a proxy card that outlines several ways to vote your shares, including by mail, telephone, and through the Internet. Please refer to the proxy card for more information on how to vote. If we do not receive a response from you by one of these methods, you may receive a telephone call from our proxy solicitor, Sodali & Co., reminding you to vote. If you have any questions regarding your vote, please call 888-431-9147. We will get you the answers that you need promptly. We appreciate your participation and prompt response in this matter, and thank you for your continued support. Sincerely, /s/ Kirk C. Lehneis Kirk C. Lehneis, President Encl. NYLI MACKAY MUNI INCOME OPPORTUNITIES FUND 51 Madison Avenue New York, New York 10010 NOTICE OF SPECIAL MEETING OF SHAREHOLDERS To Be Held December 8, 2025 The Proxy Statement is available at: https://proxyvotinginfo.com/p/nylifunds2025 NOTICE IS HEREBY GIVEN THAT A SPECIAL MEETING OF SHAREHOLDERS (with any postponements or adjournments, "Special Meeting") of the Fund, a closed-end management investment company organized as a Delaware statutory trust, will be held at the offices of New York Life Investment Management LLC ("New York Life Investments"), 51 Madison Avenue, New York, New York 10010, on December 8, 2025, beginning at 10:30 a.m., Eastern time. At the Special Meeting, and as described in greater detail in the Proxy Statement accompanying this Notice, shareholders of the Fund will be asked to consider and approve the following proposals: 1. To elect two Trustees to the Board of Trustees of the Fund; and 2. To transact such other business as may properly come before the Special Meeting. The Board of Trustees of the Fund (the "Board") has recommended that Proposal 1 (the "Proposal") be presented to all shareholders of the Fund. Although the Board believes that the Proposal is in the best interest of the Fund, the final decision to approve the Proposal is up to you. After careful consideration, the Board recommends that you vote FOR the Proposal. In addition, shareholders will be asked to consider and vote on such other matters as may properly come before the Special Meeting. The Board knows of no matters that will be brought before the Special Meeting other than the Proposal. Your attention is directed to the accompanying Proxy Statemen

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