NYLI MacKay High Yield Muni Bond Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, NYLI MacKay High Yield Muni Bond Fund held 1,385 positions with $9.55B in net assets. Its ten largest holdings made up 12.1% of the fund. The MMHVX share class costs 0.91% a year. Over the 12 months to May 2026, MMHVX returned 8.5%, with dividends reinvested. In 2026 Q3 it added 46 new positions and exited 28.
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.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
Buckeye Tobacco Settlement Financing Authority 5.00% · due 2055-06-01 | 2.10% | $200.53M | — |
Puerto Rico Commonwealth Aqueduct & Sewer Authority 5.00% · due 2047-07-01 | 1.33% | $126.92M | — |
GDB Debt Recovery Authority of Puerto Rico 7.50% · due 2040-08-20 | 1.29% | $123.60M | — |
Public Finance Authority 5.75% · due 2065-12-31 | 1.22% | $116.12M | — |
Commonwealth of Puerto Rico 0.00% 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 Road 4.00% · due 2049-10-01 | 0.93% | $88.56M | — |
Puerto Rico Sales Tax Financing Corp. 0.00% · due 2046-07-01 | 0.87% | $82.79M | — |
The 200 largest of 1,385 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 95.16% |
| Cash & short-term | 2.95% |
| Other | 0.53% |
| Derivatives | 0.14% |
Derivatives are shown at market value, not notional exposure.
How it has done
MMHVX share class · total returns with dividends reinvested
Volatility over the last 12 months: 5.32%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 5 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.91% | +8.53% | +16.35% | +5.24% | -7.46% | |
| 0.88% | +8.64% | +16.54% | +5.41% | -7.45% | |
| 1.66% | +7.83% | +13.88% | +1.33% | -7.56% | |
| 0.63% | +8.81% | +17.37% | +6.67% | -7.30% | |
| 0.58% | +8.97% | +17.56% | +6.94% | -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.
Fees & fund details
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
- Expense ratio, by class
- 0.58% – 1.66%· MMHVX 0.91%
- Portfolio turnover
- 28.00% a year · as of 2026 Q1
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
46 new· the largest 8
28 exited· the largest 7
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.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
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