Executives and guests of the Investments Group at New York Life, MainStay Investments and MacKay Shields will visit the New York Stock Exchange (NYSE) to celebrate the initial public offering of the MainStay DefinedTerm Municipal Opportunities Fund. The Fund began trading on the NYSE on June 27, 2012 under the ticker symbol “MMD”. |
In honor of the occasion, Jeffrey Phlegar, Chairman and Chief Executive Officer of MacKay Shields and Steve Fisher, President of the MainStay Funds at MainStay Investments, joined by members of each company’s management team, will ring the NYSE Opening Bell.
Watch the video of the ringing.
About the MainStay DefinedTerm Municipal Opportunities Fund (NYSE: MMD)
MainStay DefinedTerm Municipal Opportunities Fund (the “Fund”) is a diversified, closed-end management investment company (NYSE:MMD)
The Fund’s primary investment objective is to seek current income exempt from regular U.S. Federal income taxes (but which may be includable in taxable income for purposes of the Federal alternative minimum tax). The Fund has a secondary objective of total return. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its managed assets in municipal bonds, the interest on which is, in the opinion of bond counsel to the issuers, excludable from gross income for regular U.S. Federal income tax purposes (except that the interest may be includable in taxable income for purposes of the Federal alternative minimum tax). There can be no assurance that the Fund’s investment objectives will be achieved.
About New York Life’s Investments Group
The Investments Group of New York Life ranks among the largest asset management firms in the United States (Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, May 21, 2012). Through its multiple-boutique investment structure, New York Life offers access to an array of products designed for both institutional and retail clients. New York Life is a leading provider of retirement plans for corporations, multi-employer trusts and individuals, and is recognized as one of the nation's top providers of guaranteed products to both the qualified and non-qualified markets. Together with its affiliates and over 2,000 employees, the Investments Group of New York Life managed more than $345 billion in assets as of July 31, 2012.
About MainStay Investments
With over $62 billion in assets under management, as of July 31, 2012, MainStay Investments is the mutual fund distribution arm of New York Life. MainStay provides financial advisors access to a powerful mix of autonomous, institutional investment managers, delivered by people who understand the needs of today’s financial advisor. As an indirect subsidiary of New York Life Insurance Company, a Fortune 100 company founded in 1845, MainStay is owned by the largest mutual life insurance company in the United States and one of the largest life insurers in the world.
About MacKay Shields LLC
MacKay Shields LLC (“MacKay Shields”) serves as the Fund’s investment sub-advisor. MacKay Shields is an indirect wholly-owned subsidiary of New York Life Insurance Company and a wholly-owned subsidiary of New York Life Investment Management Holdings LLC. MacKay Shields is a multi-product investment management firm with approximately $71 billion in assets under management as of July 31, 2012. MacKay Shields manages a number of fixed income strategies for institutional clients and retail mutual funds, including: high yield, high yield active core, core plus, global fixed income, municipal and investment grade. MacKay Shields also manages convertible strategies.