NYLI MacKay U.S. Infrastructure Bond Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, NYLI MacKay U.S. Infrastructure Bond Fund held 538 positions with $2.25B in net assets. Its ten largest holdings made up 13.9% of the fund. The MGVAX share class costs 0.85% a year. Over the 12 months to May 2026, MGVAX returned 5.7%, with dividends reinvested. In 2026 Q3 it added 107 new positions and exited 49.
The Fund seeks current income.
The fund is actively managed by subadvisor MacKay Shields LLC, which allocates across taxable municipal debt, tax-exempt municipal debt, treasuries, and agencies based on economic conditions and yield outlook, with at least 60% of assets in taxable municipal infrastructure-related debt securities and at least 80% overall in infrastructure-related debt. Infrastructure-related issuers are defined as those deriving at least 50% of revenues, profits, or assets from ownership, management, development, construction, renovation, or operation of infrastructure assets such as transportation, utility, or social facilities. The fund invests only in investment-grade securities and commercial paper in the top two rating categories. Because security selection depends on the subadvisor's assessment of whether each holding will contribute to the fund's income objective, performance will vary with those judgments.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
DGCXXDreyfus Government Cash Management | 3.96% | $88.96M | — |
State of California 7.60% · due 2040-11-01 | 1.77% | $39.89M | — |
Massachusetts Educational Financing Authority 6.17% · due 2050-07-01 | 1.43% | $32.16M | — |
New York City Housing Development Corp. 5.46% · due 2031-12-15 | 1.28% | $28.81M | — |
New York State Dormitory Authority 5.23% · due 2035-07-01 | 1.05% | $23.70M | — |
New Hampshire Business Finance Authority 6.89% · due 2034-04-01 | 1.01% | $22.72M | — |
City of New York 5.11% · due 2039-10-01 | 0.89% | $20.01M | — |
New York Energy Finance Development Corp. 5.00% floating · due 2056-07-01 | 0.87% | $19.58M | — |
State of California 7.55% · due 2039-04-01 | 0.86% | $19.31M | — |
State of Hawaii 5.08% · due 2040-10-01 | 0.81% | $18.16M | — |
The 200 largest of 538 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 | 97.12% |
| Cash & short-term | 3.96% |
| Securitized | 0.01% |
| Derivatives | -0.00% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
How it has done
MGVAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.65%. 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 6 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.85% | +5.70% | +14.31% | +4.13% | -4.06% | |
| — | — | — | — | — | |
| 1.86% | +4.65% | +10.87% | -0.98% | -4.50% | |
| 0.60% | +5.89% | +15.13% | +5.34% | -3.93% | |
| 1.11% | +5.40% | +13.47% | +2.68% | -4.17% | |
| 0.51% | +5.98% | +15.22% | +5.64% | -3.90% |
Fees & fund details
NYLI MacKay U.S. Infrastructure 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
- Intermediate duration
- Expense ratio, by class
- 0.51% – 1.86%· MGVAX 0.85%
- Portfolio turnover
- 71.00% a year · as of 2026 Q1
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
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.
107 new· the largest 7
49 exited· the largest 8
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 | 95.4% |
| Floating rate | 3.0% |
| Zero-coupon or unclassified | 1.6% |
Share of the fund's debt value in each maturity band, shortest first.
| 1-3y | 1.5% |
| 3-5y | 11.4% |
| 5-10y | 45.3% |
| 10y+ | 41.8% |
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 | +6.23 yr |
| High yield | +0.17 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 | 1.59 yr | 25% |
| 10 yr | 3.24 yr | 51% |
| 30 yr | 1.37 yr | 22% |
3 mo is NEGATIVE (-0.12 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 1 yr | 0.11 yr | 2% |
| 5 yr | 1.60 yr | 25% |
| 10 yr | 3.29 yr | 51% |
| 30 yr | 1.40 yr | 22% |
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 | -0.12 | +0.00 | +0.00 | $0 | $0 |
| 1 yr | +0.10 | +0.10 | +0.00 | $22.8k | $839 |
| 5 yr | +1.59 | +1.56 | +0.05 | $350.0k | $10.4k |
| 10 yr | +3.24 | +3.19 | +0.10 | $717.0k | $22.7k |
| 30 yr | +1.37 | +1.38 | +0.02 | $309.9k | $4.7k |
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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