NYLI MacKay High Yield Muni Bond Fund
NEW YORK LIFE INVESTMENTS FUNDS TRUST · 5 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
NYLI MacKay High Yield Muni Bond Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Mixed credit
- Rate sensitivity
- Long duration
Fund profile
As filed in the prospectus · 2026 Q1
The Fund seeks a high level of current income exempt from federal income taxes. The Fund's secondary investment objective is total return.
The fund invests at least 80% of assets in municipal bonds, with day-to-day management delegated to MacKay Shields LLC as subadvisor. The subadvisor intends to hold at least 65% of net assets in medium- to low-quality rated bonds, using bottom-up credit research and macroeconomic analysis to identify mispriced securities and build yield advantage while managing volatility. The fund may invest up to 10% in distressed municipal securities—those in bankruptcy, in default, or rated in the lowest category—and reserves the right to invest less than 65% in medium- to low-quality bonds if the subadvisor determines insufficient supply or for temporary defensive measures. Because security selection depends on the subadvisor's credit judgments and mispricing assessments, fund performance will diverge from the broader municipal bond market.
| Share class | Expense ratio |
|---|---|
| MMHVX | 0.91% |
| MMHAX | 0.88% |
| MMHDX | 1.66% |
| MMHIX | 0.63% |
| MMHEX | 0.58% |
Portfolio turnover 28.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 95.16% |
| Cash & short-term | 2.95% |
| Other | 0.53% |
| Derivatives | 0.14% |
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: Arkansas Development Finance Authority, Minnesota Municipal Gas Agency, City of Houston TX Hotel Occupancy Tax & Special, Winchester Economic Development Authority, California Community Choice Financing Authority, New York Transportation Development Corp., Black Belt Energy Gas District, New Hampshire Business Finance Authority
Largest exited: Arkansas Development Finance Authority ×2, North Carolina Medical Care Commission, County of King, Colorado Health Facilities Authority, Industrial Development Board of the City of Mobile, New York Transportation Development Corp., California Pollution Control Financing Authority
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +6.86% | +14.97% | +5.29% | 5.47% | -7.46% | |
| +6.88% | +15.05% | +5.46% | 5.55% | -7.45% | |
| +6.08% | +12.42% | +1.45% | 5.49% | -7.56% | |
| +7.14% | +15.87% | +6.72% | 5.43% | -7.30% | |
| +7.29% | +16.16% | +7.07% | 5.54% | -7.38% |
These classes hold the same portfolio, so the 5.61pp spread over 5 years is the cost difference between them — roughly 1.12pp a year — not a difference in what they own.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 85.9% |
| Zero-coupon or unclassified | 8.0% |
| Floating rate | 6.1% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.0% |
| 1-3y | 1.0% |
| 3-5y | 2.0% |
| 5-10y | 6.8% |
| 10y+ | 89.3% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 52% |
| Interest rates | 48% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +5.19 yr |
| High yield | +3.47 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 1 yr | 0.01 yr | 0% |
| 5 yr | 0.18 yr | 2% |
| 10 yr | 2.68 yr | 32% |
| 30 yr | 5.53 yr | 66% |
3 mo is NEGATIVE (-0.41 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.02 yr | 0% |
| 5 yr | 0.18 yr | 2% |
| 10 yr | 2.75 yr | 32% |
| 30 yr | 5.71 yr | 66% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | -0.41 | +0.00 | +0.00 | $489 | $954 |
| 1 yr | +0.01 | +0.01 | +0.01 | $9.5k | $7.3k |
| 5 yr | +0.18 | +0.08 | +0.11 | $75.8k | $100.3k |
| 10 yr | +2.68 | +1.62 | +1.13 | $1.55m | $1.08m |
| 30 yr | +5.53 | +3.48 | +2.23 | $3.32m | $2.13m |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | Buckeye Tobacco Settlement Financing Authority5.00% · due 2055-06-01 | 2.10% | $200.53M | — |
| — | Puerto Rico Commonwealth Aqueduct & Sewer Authority5.00% · due 2047-07-01 | 1.33% | $126.92M | — |
| — | GDB Debt Recovery Authority of Puerto Rico7.50% · due 2040-08-20 | 1.29% | $123.60M | — |
| — | Public Finance Authority5.75% · due 2065-12-31 | 1.22% | $116.12M | — |
| — | Commonwealth of Puerto Rico0.00% floating · due 2043-11-01 | 1.16% | $111.04M | — |
| — | Matching Fund Special Purpose Securitization Corp.5.00% · due 2039-10-01 | 1.13% | $107.52M | — |
| — | New York Transportation Development Corp.5.50% · due 2054-12-31 | 1.05% | $100.41M | — |
| — | Puerto Rico Sales Tax Financing Corp.5.00% · due 2058-07-01 | 1.05% | $100.08M | — |
| — | Metropolitan Washington Airports Authority Dulles Toll Road4.00% · due 2049-10-01 | 0.93% | $88.56M | — |
| — | Puerto Rico Sales Tax Financing Corp.0.00% · due 2046-07-01 | 0.87% | $82.79M | — |
Top 10 positions are 12.13% of net assets, top 25 21.42%, across 486 issuers.
See more of this fund's book
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