SCHEDULE: First Trust Entities Report 10.49% Stake in NYLI MacKay Fund

First Trust Portfolios L.P., First Trust Advisors L.P., and The Charger Corporation jointly reported a 10.49% beneficial ownership stake in NYLI MacKay DefinedTerm Muni Opportunities Fund.

Summary

• First Trust Portfolios L.P., First Trust Advisors L.P., and The Charger Corporation jointly reported a 10.49% beneficial ownership stake in NYLI MacKay DefinedTerm Muni Opportunities Fund.
• The aggregate amount beneficially owned by the reporting persons is 1,970,287 shares of Common stock.
• First Trust Portfolios L.P. acts as sponsor of Unit Investment Trusts (UITs) that hold shares of the issuer, accounting for 1,968,840 shares with shared dispositive power.
• First Trust Advisors L.P., an affiliate, serves as portfolio supervisor for these UITs and as investment advisor/sub-advisor for other investment vehicles holding the remaining shares.
• The Charger Corporation is the General Partner of both First Trust Portfolios L.P. and First Trust Advisors L.P.
• The reporting persons disclaim beneficial ownership of the shares identified in this filing, stating that shares held by UITs are voted by the trustee.
• Shared voting power is reported as 1,447 shares for First Trust Advisors L.P. and The Charger Corporation, while shared dispositive power for all reporting persons is 1,970,287 shares.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral disclosure, typical for a Schedule 13G filing, indicating a significant passive ownership stake without implying positive or negative operational performance or strategic shifts.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding the issuer's future performance or strategy.

Management Comments

• The securities referred to were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer.
• The information set forth in this statement is true, complete and correct to the best of my knowledge and belief.

Industry Context

StockSavvy.ai notes that Schedule 13G filings are routine disclosures by passive investors holding more than 5% of a company's stock, indicating a significant but non-controlling stake. This filing highlights the continued presence of First Trust entities as major holders in the municipal bond fund space, reflecting their role in managing various investment vehicles.

Related Party Transactions

• The Charger Corporation is the General Partner of both First Trust Portfolios L.P. and First Trust Advisors L.P., and all three entities are filing this statement jointly.

Stakeholder Impact

• Shareholders: Provides transparency regarding significant institutional ownership, which can offer some stability.
• Issuer: Awareness of a large passive holder, but no direct operational impact.

Key Dates

Recommendation

This Schedule 13G filing is a routine disclosure of a significant passive ownership stake by First Trust entities in the NYLI MacKay DefinedTerm Muni Opportunities Fund. It does not contain information related to the fund's performance, strategy, or any events that would warrant a change in investment thesis. The disclosure confirms a stable, institutional holding, suggesting a 'hold' recommendation for existing investors.

Keywords

NYLI MacKay DefinedTerm Muni Opportunities Fund, First Trust Portfolios, First Trust Advisors, The Charger Corporation, Schedule 13G, beneficial ownership, investment fund, municipal bonds, UIT, investment adviser, broker-dealer