NYLI MacKay Tax Free Bond Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, NYLI MacKay Tax Free Bond Fund held 1,057 positions with $9.38B in net assets. Its ten largest holdings made up 6.0% of the fund. The MTBAX share class costs 0.74% a year. Over the 12 months to May 2026, MTBAX returned 7.3%, with dividends reinvested. In 2026 Q3 it added 123 new positions and exited 72.
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.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
Chicago Board of Education Dedicated Capital Improvement Tax 6.00% · due 2046-04-01 | 0.69% | $64.70M | — |
Energy Southeast A Cooperative District 5.25% floating · due 2054-07-01 | 0.69% | $64.36M | — |
Minnesota Municipal Gas Agency 5.00% · due 2035-09-01 | 0.68% | $63.43M | — |
California Community Choice Financing Authority 5.25% floating · due 2054-01-01 | 0.67% | $62.81M | — |
New Hampshire Business Finance Authority 6.89% · due 2034-04-01 | 0.65% | $60.70M | — |
Los Angeles Department of Water & Power 6.60% · due 2050-07-01 | 0.55% | $51.83M | — |
San Francisco City & County Airport Commission 5.50% · due 2055-05-01 | 0.53% | $49.45M | — |
Southeast Energy Authority A Cooperative District 5.00% floating · due 2055-05-01 | 0.51% | $48.25M | — |
Oklahoma Turnpike Authority 5.50% · due 2053-01-01 | 0.50% | $46.93M | — |
Pennsylvania Economic Development Financing Authority 5.00% · due 2031-06-15 | 0.50% | $46.88M | — |
The 200 largest of 1,057 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 | 97.01% |
| Cash & short-term | 2.26% |
How it has done
MTBAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.98%. 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 7 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.74% | +7.27% | +11.66% | +2.77% | -5.43% | |
| — | — | — | — | — | |
| 1.03% | +6.82% | +10.65% | +1.23% | -5.40% | |
| 0.78% | +7.07% | +11.45% | +2.43% | -5.42% | |
| 0.49% | +7.42% | +12.48% | +4.00% | -5.26% | |
| 0.43% | +7.58% | +12.61% | +4.25% | -5.35% | |
| 1.18% | +6.79% | +10.17% | +0.56% | -5.53% |
Fees & fund details
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
- Expense ratio, by class
- 0.43% – 1.18%· MTBAX 0.74%
- Portfolio turnover
- 54.00% 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.
123 new· the largest 8
72 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 | 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.
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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