New York Life Investments Interval Fund to Change Name in August

MainStay MacKay Municipal Income Opportunities Fund, a fixed income interval fund sponsored by New York Life Investments, will be changing its name to NYLI MacKay Muni Income Opportunities Fund on or around Aug. 28, 2024.

The fund is a newly organized, non-diversified, closed-end management investment company with four share classes, currently: Class I, Class A1, Class A2, and Class A3 shares.

As of June 24, 2024, the fund’s net asset value across all share classes was $10.12, a 1.2% increase on an initial $10 NAV per share per class.

Launched in March 2024, the fund allocates between investment grade municipals and high yield municipals that adjust with changes to relative value, according to NYLI. It seeks current income exempt from regular federal income tax.

More specifically, the fund invests at least 80% of its assets in a portfolio of municipal securities and other related investments, the interest from which is exempt from federal income tax. Municipal bonds and other related investments include general obligation bonds, revenue bonds, industrial revenue bonds, industrial development bonds, private activity bonds, as well as short-term, tax-exempt obligations such as municipal notes and variable rate demand obligations.

The fund may also invest in tender option bond trusts to purchase additional securities.

New York Life Investments is a diversified, global asset management firm with $725 billion in assets under management.

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