NYLI MacKay U.S. Infrastructure Bond Fund
NEW YORK LIFE INVESTMENTS FUNDS · 5 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2026 Q1
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.
| Share class | Gross | Net |
|---|---|---|
| MGVAX | 0.88% | 0.85% |
| MGVCX | 2.05% | 1.86% |
| MGOIX | 0.63% | 0.60% |
| MGVNX | 1.30% | 1.11% |
| MGVDX | 0.51% | 0.51% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 71.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| 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.
Latest quarter
What changed since the fund's previous filing
Largest new: New York Energy Finance Development Corp., State of Hawaii ×2, New Jersey Transportation Trust Fund Authority, City of Chicago IL, City of New York, Black Belt Energy Gas District, Los Angeles County Public Works Financing Authority
Largest exited: Idaho Housing & Finance Association, Port of Morrow, University of Minnesota, Black Belt Energy Gas District, Harris County Cultural Education Facilities Finance Corp., Maryland Department of Housing & Community Development, Health & Educational Facilities Authority of the State of Missouri, New York City Transitional 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 |
|---|---|---|---|---|---|
| +5.01% | +13.67% | +4.90% | 3.81% | -4.63% | |
| — | — | — | — | — | |
| +3.81% | +10.25% | -0.50% | 3.84% | -5.02% | |
| +5.06% | +14.34% | +5.85% | 3.80% | -4.47% | |
| +4.56% | +12.69% | +3.28% | 3.83% | -4.76% | |
| +5.28% | +14.59% | +6.28% | 3.89% | -4.43% |
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| DGCXX | Dreyfus Government Cash ManagementDGCXX | 3.96% | $88.96M | — |
| — | State of California7.60% · due 2040-11-01 | 1.77% | $39.89M | — |
| — | Massachusetts Educational Financing Authority6.17% · 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 Authority5.23% · due 2035-07-01 | 1.05% | $23.70M | — |
| — | New Hampshire Business Finance Authority6.89% · due 2034-04-01 | 1.01% | $22.72M | — |
| — | City of New York5.11% · 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 California7.55% · due 2039-04-01 | 0.86% | $19.31M | — |
| — | State of Hawaii5.08% · due 2040-10-01 | 0.81% | $18.16M | — |
Top 10 positions are 13.94% of net assets, top 25 23.56%, across 259 issuers.
See more of this fund's book
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