NYLI MacKay Tax Free Bond Fund
NEW YORK LIFE INVESTMENTS FUNDS · 7 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
NYLI MacKay Tax Free 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
- Investment grade
- Rate sensitivity
- Long duration
Fund profile
As filed in the prospectus · 2026 Q1
The Fund seeks current income exempt from regular federal income tax.
The fund invests at least 80% of its assets in investment-grade municipal bonds with maturities typically between 10 and 30 years, employing active management by its subadvisor MacKay Shields LLC to identify mispriced securities through fundamental credit research, duration management, and sector allocation. The subadvisor may also hold up to 20% in unrated securities it deems of comparable quality. Because the fund's returns depend on the subadvisor's security selection and market timing decisions, performance will diverge from any benchmark. The fund may concentrate more than 25% of assets in municipal bonds from a single state or related issuers.
| Share class | Expense ratio |
|---|---|
| MTBAX | 0.74% |
| MTFCX | 1.03% |
| MKINX | 0.78% |
| MTBIX | 0.49% |
| MTBDX | 0.43% |
| MTSPX | 1.18% |
Portfolio turnover 54.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 97.01% |
| Cash & short-term | 2.26% |
Latest quarter
What changed since the fund's previous filing
Largest new: Minnesota Municipal Gas Agency, Pennsylvania Economic Development Financing Authority, Massachusetts Housing Finance Agency, New Hampshire Business Finance Authority, Black Belt Energy Gas District ×2, City of El Paso TX Water & Sewer, BlackRock MuniYield Quality Fund, Inc.
Largest exited: Colorado Health Facilities Authority, Connecticut State Health & Educational Facilities Authority, Omaha Public Power District, Hillsborough County Industrial Development Authority, Triborough Bridge & Tunnel Authority ×2, New York State Urban Development Corp., Michigan Finance 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 |
|---|---|---|---|---|---|
| +6.44% | +10.44% | +2.89% | 4.08% | -5.43% | |
| — | — | — | — | — | |
| +5.99% | +9.44% | +1.26% | 4.12% | -5.40% | |
| +6.25% | +10.24% | +2.55% | 4.10% | -5.42% | |
| +6.59% | +11.25% | +4.03% | 4.15% | -5.26% | |
| +6.63% | +11.25% | +4.26% | 4.23% | -5.35% | |
| +5.85% | +8.85% | +0.48% | 4.24% | -5.53% |
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 | 83.7% |
| Floating rate | 14.6% |
| Zero-coupon or unclassified | 1.7% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.7% |
| 1-3y | 1.7% |
| 3-5y | 2.0% |
| 5-10y | 9.8% |
| 10y+ | 85.7% |
Based on what filers reported; a filer that never reported a flag also reads as none.
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 | 51% |
| Interest rates | 49% |
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 | +7.27 yr |
| High yield | +0.27 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.07 yr | 1% |
| 5 yr | 0.50 yr | 7% |
| 10 yr | 2.95 yr | 41% |
| 30 yr | 3.75 yr | 52% |
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.08 yr | 1% |
| 5 yr | 0.54 yr | 7% |
| 10 yr | 3.04 yr | 40% |
| 30 yr | 3.88 yr | 51% |
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 | +0.00 | +0.00 | +0.00 | $1.4k | $578 |
| 1 yr | +0.07 | +0.08 | +0.00 | $72.7k | $3.5k |
| 5 yr | +0.50 | +0.52 | +0.02 | $487.3k | $16.7k |
| 10 yr | +2.95 | +2.92 | +0.13 | $2.74m | $119.4k |
| 30 yr | +3.75 | +3.76 | +0.12 | $3.53m | $114.5k |
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 |
|---|---|---|---|---|
| — | Chicago Board of Education Dedicated Capital Improvement Tax6.00% · due 2046-04-01 | 0.69% | $64.70M | — |
| — | Energy Southeast A Cooperative District5.25% floating · due 2054-07-01 | 0.69% | $64.36M | — |
| — | Minnesota Municipal Gas Agency5.00% · due 2035-09-01 | 0.68% | $63.43M | — |
| — | California Community Choice Financing Authority5.25% floating · due 2054-01-01 | 0.67% | $62.81M | — |
| — | New Hampshire Business Finance Authority6.89% · due 2034-04-01 | 0.65% | $60.70M | — |
| — | Los Angeles Department of Water & Power6.60% · due 2050-07-01 | 0.55% | $51.83M | — |
| — | San Francisco City & County Airport Commission5.50% · due 2055-05-01 | 0.53% | $49.45M | — |
| — | Southeast Energy Authority A Cooperative District5.00% floating · due 2055-05-01 | 0.51% | $48.25M | — |
| — | Oklahoma Turnpike Authority5.50% · due 2053-01-01 | 0.50% | $46.93M | — |
| — | Pennsylvania Economic Development Financing Authority5.00% · due 2031-06-15 | 0.50% | $46.88M | — |
Top 10 positions are 5.96% of net assets, top 25 11.98%, across 469 issuers.
See more of this fund's book
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