Overview
Overview
MainStay MacKay Municipal Income Opportunities Fund seeks current income exempt from regular federal income tax.
Interval Fund Structure
Vehicle designed to prioritize shareholder interests offering daily subscriptions and quarterly liquidity.1
Dynamic Turn-Key Solution
Investment-grade oriented strategy with the flexibility to opportunistically invest up to 50% in high yield municipal securities.
Proven Approach
MacKay Municipal Managers use a proven relative value approach for municipal bond strategies.
Performance
Performance
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. Performance reflects a contractual fee waiver and/or expense limitation agreement in effect through 2/28/26, 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. 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 if they are repurchased within 18 months of the date of purchase on shares that were purchased without an initial sales charge. Visit www.newyorklifeinvestments.com for the most recent month-end performance. Expenses stated are as of the fund's most recent prospectus.
Fees & Expenses
Fees & Expenses
Performance reflects a contractual fee waiver and/or expense limitation agreement in effect through 2/28/2026, 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
Vice Chairman
Robert DiMella
Executive Managing Director
Michael Petty
Senior Managing Director
Michael Perilli
Director, Portfolio Manager and Trader
John Lawlor
Managing Director
Michael Denlinger
Managing Director
Literature
Literature
MainStay MacKay Municipal Income Opportunities Fund Class I: MMIOX | Class A1: MMIPX | Class A2: MMIRX | Class A3: MMIVX
1. Limited quarterly liquidity at NAV for 10% of outstanding shares.
Interval funds are closed-end funds that allow daily purchases and redemptions by periodically offering to repurchase a portion of shares from shareholders. These funds aim to create portfolios with less capital volatility while holding a greater percentage of less-liquid, longer-term investments, often with higher risk-return opportunities than open-end mutual funds or ETFs.
Key points to consider:
- Municipal Bond Risk:
- Risks related to municipal bonds include:
- Issuer Repayment: The possibility that the issuer may be unable to repay the bond obligation.
- Limited Information: Some issuers lack comprehensive information available to investors.
- Tax and Legislative Changes: Future changes in tax laws or legislation could impact the municipal securities market and their value.
- Risks related to municipal bonds include:
- Leverage Risk:
- Leverage creates opportunities for increased net investment income dividends for Common Shareholders.
- However, it also exposes the Fund to greater risk and costs.
- Increases and decreases in the Fund’s portfolio value are magnified when leverage is used.
- Interest expenses on borrowings may reduce the Fund’s return.
- The success of the Fund’s leveraging strategy is not guaranteed.
- Debt Securities Risk:
- Risks of investing in debt or fixed-income securities include credit risk, maturity risk, market risk, and interest rate risk.
- Below Investment Grade Securities Risk:
- The Fund may invest in securities that are rated, at the time of investment, below investment grade quality (rated Ba/BB or below, or judged to be of comparable quality by the Advisor), which are commonly referred to as "high yield" or "junk" bonds and are regarded as predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal when due. The value of high yield, lower quality bonds is affected by the creditworthiness of the issuers of the securities and by general economic and specific industry conditions. Issuers of high yield bonds are not perceived to be as strong financially as those with higher credit ratings.
Remember that investing in the Fund carries significant risks, and it is designed for long-term investment, not short-term trading.
New York Life Investment Management LLC is the manager of the Fund. It has delegated day-to-day portfolio management responsibilities to MacKay Shields, another subsidiary of New York Life Insurance Company.
Definitions
The 80% Bloomberg Muni / 20% Bloomberg HY Muni Index consists of the Bloomberg Municipal Bond Index and Bloomberg High Yield Municipal Bond Index weighted 80%/20% respectively. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. The Bloomberg High Yield Municipal Bond Index is a flagship measure of the non-investment grade and non-rated U.S. dollar-denominated tax-exempt bond market. Index results assume the reinvestment of all capital gain and dividend distributions. An investment cannot be made directly into an index..