Overview
Overview
NYLI MacKay U.S. Infrastructure Bond Fund invests in high-quality taxable municipals.
Relative value strategy
The team relies on credit analysis, yield curve positioning, and sector rotation to uncover the most compelling opportunities with a focus on investment grade securities.
Attractive alternative to corporate bonds
Provides access to high-quality taxable municipals, which offer attractive income and enhanced total return potential relative to investment-grade corporate bonds and other fixed-income sectors.
Portfolio diversifier
With low correlation to equities, taxable munis can provide important diversification benefits to portfolios.
Performance
Performance
Class A: 3.00% and INV: 2.50% maximum initial sales charge; a 1% CDSC may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Class B: CDSC up to 5% if redeemed within six years. Class C: 1% CDSC if redeemed within one year. Class I: No initial sales charge or CDSC.
Returns represent past performance which is no guarantee of future results. Current performance may be lower or higher. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. No initial sales charge applies on investments of $250,000 or more (and certain other qualified purchases). However, a contingent deferred sales charge of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Expenses stated are as of the fund's most recent prospectus.
Performance reflects a contractual fee waiver and/or expense limitation agreement for Class A and I shares in effect through 2/28/25, without which total returns may have been lower. This agreement renews automatically for one-year terms unless written notice is provided before the start of the next term or upon approval of the Board.
Portfolio
Portfolio
The Fund invests in investment grade securities as rated by a nationally recognized statistical rating organization (“NRSRO”) at the time of purchase, or if unrated, determined to be of comparable quality by MacKay Shields LLC, the Fund’s Subadvisor, and invests in commercial paper only if rated in the top two highest rating categories by an NRSRO at the time of purchase, or if unrated, determined by the Subadvisor to be of comparable quality. If NRSROs assign different ratings for the same security, the Fund will use the higher rating for purposes of determining the credit quality.
Distribution & Yields
Distribution & Yields
Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (ROC) of your investment in the fund. Because the distribution rate and the 12-month rate may include a ROC, they should not be confused with yield or income. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the composition of distributions. Final determination of a distribution’s tax character will be made on Form 1099 DIV sent to shareholders each January.
Distribution Rate: The distribution rate measures the percentage return in the form of dividends. It is calculated daily by annualizing the most recent dividend distribution and dividing by the daily share price (NAV or POP). If the Fund did not make a distribution as of the latest scheduled distribution date, "N/A" will be displayed.
12-month Rate: The 12-month rate measures the percentage return in the form of dividends. It is calculated monthly by taking the sum of the trailing 12-month dividend payments divided by the last month's ending share price (NAV or POP) plus any capital gains distributed over previous 12 months. If the Fund did not make any distributions over the previous 12 months, "N/A" will be displayed.
The 30 Day SEC Yield is calculated by dividing the net investment income per share for the first 30 days of the month by the offering price per share at the end of that period. The yield reflects the dividends and interest earned during the period, after the deduction of the Fund's expenses. Yield reflects a fee waiver and/or expense limitation agreement without which the 30 Day SEC Yield would have been lower.
Dividend distributions are the distribution of a dividend to mutual fund shareholders as of a certain date. The following Funds declare daily dividends: NYLI MacKay California Muni Fund, NYLI Floating Rate, NYLI MacKay High Yield Muni Bond Fund, NYLI MacKay U.S. Infrastructure Bond Fund, NYLI Money Market, NYLI MacKay New York Muni Fund, NYLI MacKay Short Term Muni Fund and NYLI MacKay Tax Free Bond.
Fees & Expenses
Fees & Expenses
Performance reflects a contractual fee waiver and/or expense limitation agreement for Class A and I shares in effect through 2/28/25, without which total returns may have been lower. This agreement renews automatically for one-year terms unless written notice is provided before the start of the next term or upon approval of the Board.
Team
Team
Leader in specialty fixed income
Boutique offering specialty fixed income expertise across global fixed income markets including municipal bonds, structured credit, corporate credit and emerging markets debt.
John Loffredo, CFA
Vice Chairman
Robert DiMella, CFA
Executive Managing Director
Michael Petty
Senior Managing Director
David Dowden
Managing Director, Portfolio Manager
Scott Sprauer
Senior Managing Director
Frances Lewis
Senior Managing Director
Robert Burke, CFA
Managing Director
Michael Denlinger, CFA
Managing Director
John Lawlor
Managing Director
Sanjit Gill, CFA
Director