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Fund Highlights

An investment-grade municipal bond closed-end fund designed to capitalize on opportunities in the municipal bond market. The Fund offers:

  • Attractive, generally tax-exempt monthly distributions and total return potential.1

    1. Distributions may be subject to taxes; please see "Tax Risk" in the "Risks" section for additional information.

  • An opportunistic investment approach through active management provided by the MacKay Municipal Managers™ team of MacKay Shields LLC, an experienced management team whose strategy seeks to identify relative values across the municipal bond market.
  • A defined term that seeks to provide the then net asset value (NAV) upon termination to shareholders. Keep in mind the NAV may be more or less than the price paid for shares upon termination.2

    2. The NAV provided will be as of the Termination Date, not the NAV at the time of the initial public offering.


It is expected that the Fund’s distributions will generally be treated as tax-exempt income for purposes of the regular U.S. Federal income tax. A portion of the Fund’s distributions may be (i) subject to U.S. Federal income tax and such distributions will generally be subject to state and local taxes, and (ii) includable in taxable income for purposes of the Federal alternative minimum tax.

Fund shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency.

There can be no assurance that the Fund's investment objectives will be met.



*Premium/Discount is the % difference between the Market price and the NAV price. When the Market price exceeds the NAV, the Fund is trading at a Premium. When the Market price is less than the NAV, the Fund is trading at a Discount.

There are risks inherent in any investment, including market risk, interest rate risk, credit risk and the possible loss of principal. There can be no assurance that the Fund’s investment objectives will be achieved. Shares of closed-end funds frequently trade at a discount from their net asset value, which may increase investor risk.

For more information about this Fund, please call 855-456-9683.

MainStay Investments® is a registered service mark and name under which New York Life Investment Management LLC does business. MainStay Investments,
an indirect subsidiary of New York Life Insurance Company, New York, NY 10010, provides investment advisory products and services.

© 2014 New York Life Investment Management LLC. All rights reserved.