NYLI MacKay Strategic Muni Allocation Fund
NEW YORK LIFE INVESTMENTS FUNDS TRUST · 7 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
NYLI MacKay Strategic Muni Allocation 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
- Investment grade
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2026 Q1
The Fund seeks current income exempt from regular federal income tax.
The fund invests in municipal bonds selected by its subadvisor, MacKay Shields LLC, using fundamental credit research and relative value analysis to identify mispriced securities and manage duration between 3 and 10 years. The portfolio maintains at least 65% in investment-grade municipal bonds rated BBB- or higher, with up to 35% in below-investment-grade bonds including up to 10% in distressed securities. The fund may invest more than 25% of assets in municipal bonds from the same state or economic region, concentrating its exposure to correlated issuers.
| Share class | Expense ratio |
|---|---|
| MTFHX | 0.45% |
| MTFEX | 0.79% |
| MTFDX | 0.74% |
| MTFGX | 0.49% |
| MTFFX | 1.04% |
| MTFMX | 1.19% |
| MTFZX | 0.64% |
Portfolio turnover 47.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 95.65% |
| Cash & short-term | 3.85% |
| Derivatives | 0.10% |
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: Minnesota Municipal Gas Agency, Arkansas Development Finance Authority, Kentucky Bond Development Corp., Black Belt Energy Gas District ×2, Public Finance Authority, Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Los Angeles Department of Water & Power
Largest exited: Connecticut State Health & Educational Facilities Authority, Illinois Housing Development Authority, New York Energy Finance Development Corp., Dallas Fort Worth International Airport, California State Public Works Board, Indiana Finance Authority, American Municipal Power, Inc., New York City Transitional Finance Authority Future Tax Secured
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 |
|---|---|---|---|---|---|
| +6.56% | +12.81% | +8.78% | 3.44% | -3.42% | |
| +6.31% | +11.70% | +6.92% | 3.48% | -3.39% | |
| +6.36% | +11.87% | +7.41% | 3.46% | -3.38% | |
| +6.52% | +12.67% | +8.60% | 3.44% | -3.42% | |
| +5.95% | +10.87% | +5.35% | 3.57% | -3.57% | |
| +5.89% | +10.46% | — | 3.48% | -3.61% | |
| +6.46% | — | — | 3.48% | — |
These classes hold the same portfolio, so the 0.68pp spread over 1 year is the cost difference between them — roughly 0.68pp 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 | 79.4% |
| Floating rate | 19.8% |
| Zero-coupon or unclassified | 0.7% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.4% |
| 1-3y | 3.5% |
| 3-5y | 5.3% |
| 5-10y | 17.8% |
| 10y+ | 72.0% |
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 | +5.05 yr |
| High yield | +0.74 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 | 0.10 yr | 2% |
| 5 yr | 0.70 yr | 13% |
| 10 yr | 3.35 yr | 60% |
| 30 yr | 1.46 yr | 26% |
3 mo is NEGATIVE (-0.28 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 | 0.11 yr | 2% |
| 5 yr | 0.73 yr | 13% |
| 10 yr | 3.44 yr | 59% |
| 30 yr | 1.51 yr | 26% |
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 | -0.28 | +0.00 | +0.00 | $1.1k | $69 |
| 1 yr | +0.10 | +0.09 | +0.01 | $24.2k | $3.9k |
| 5 yr | +0.70 | +0.64 | +0.09 | $170.0k | $23.5k |
| 10 yr | +3.35 | +2.96 | +0.48 | $782.2k | $126.0k |
| 30 yr | +1.46 | +1.35 | +0.16 | $355.4k | $42.4k |
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 |
|---|---|---|---|---|
| — | Puerto Rico Sales Tax Financing Corp.4.33% · due 2040-07-01 | 1.03% | $27.35M | — |
| — | Chicago Board of Education Dedicated Capital Improvement Tax6.00% · due 2046-04-01 | 0.88% | $23.26M | — |
| — | Main Street Natural Gas, Inc.5.00% floating · due 2055-05-01 | 0.81% | $21.31M | — |
| — | Metropolitan Transportation Authority | 0.61% | $16.00M | — |
| — | Kentucky Public Energy Authority5.00% floating · due 2055-01-01 | 0.58% | $15.33M | — |
| — | Minnesota Municipal Gas Agency5.00% · due 2035-09-01 | 0.51% | $13.56M | — |
| — | Development Authority of Burke County (The) | 0.51% | $13.34M | — |
| DGCXX | Dreyfus Government Cash ManagementDGCXX | 0.50% | $13.30M | — |
| — | Arkansas Development Finance Authority4.00% floating · due 2046-09-01 | 0.50% | $13.27M | — |
| — | Commonwealth of Puerto Rico0.00% floating · due 2051-11-01 | 0.50% | $13.21M | — |
Top 10 positions are 6.43% of net assets, top 25 12.78%, across 649 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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