NYLI MacKay DefinedTerm Muni Opportunities Fund SEC Filings

NYLI MacKay DefinedTerm Muni Opportunities Fund insider Alison Hiers Micucci, identified as CEO of the Subadvisor, reports her initial beneficial ownership position in the fund’s shares of beneficial interest. As of 2025-01-01, she reports 0 shares held with direct ownership status and no reportable transactions.

NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) is a diversified, leveraged closed-end municipal bond fund seeking current income exempt from regular U.S. federal income tax, with total return as a secondary objective. It is scheduled to liquidate and distribute net asset value on December 31, 2036, unless the Board extends or converts it.

For the year ended May 31, 2026, the fund returned 8.98% based on net asset value and 10.60% based on market price, outperforming the 6.67% Bloomberg Municipal Bond Index but modestly trailing its Morningstar peer group at NAV. Net investment income was $15.37 million, with total net assets of $307.63 million and net asset value per share of $16.38; the market price was $15.28, a 6.72% discount.

The portfolio is fully invested in municipal bonds and a small cash vehicle, with total investments of $477.72 million and managed assets of $483.53 million, supported by $174.16 million of tender option bond leverage, resulting in 36.02% leverage. Credit and sector positioning emphasize long-duration, higher-coupon, and non-investment-grade or non-rated securities, including meaningful exposure to Illinois and Puerto Rico revenue and general obligation bonds; 14.3% of Puerto Rico holdings are insured and all are current on principal and interest.

The fund’s net investment income yield to common shareholders was 5.06% of average net assets, with a net expense ratio (including interest expense) of 2.72%. Distributions to common shareholders totaled $14.08 million, primarily as tax-exempt income, with no return of capital in 2026. The Board and independent auditor confirmed continued operation under GAAP and renewed the management and subadvisory agreements after reviewing fees, performance, and services.

NYLI MacKay DefinedTerm Muni Opportunities Fund is holding an Annual Meeting on October 1, 2026 to elect three Class II Trustees: Alan R. Latshaw, Karen Hammond, and Stephanie Lynch, each for a three‑year term expiring in 2029. The Board, a majority of whom are independent, unanimously recommends voting “FOR” all nominees.

Shareholders of record on July 6, 2026 may cast one vote per share; 18,779,453 common shares were outstanding on that date, and a quorum requires 331/3% of shares entitled to vote. Several large intermediaries each hold more than 5% of outstanding shares on behalf of clients. PricewaterhouseCoopers LLC remains independent auditor, with $98,500 in audit fees for the fiscal year ended May 31, 2026 and aggregate non‑audit fees of about $22.9 million from the adviser and affiliates. The proxy details board composition, committee structure, risk‑oversight and compliance frameworks, and trustee compensation across the New York Life fund complex.

NYLI MacKay DefinedTerm Muni Opportunities Fund ownership update: First Trust Portfolios L.P., First Trust Advisors L.P. and The Charger Corporation report beneficial ownership of 1,970,287 shares, representing 10.49% of the Common class.

The filing states shared dispositive power over 1,970,287 shares and shared voting power of 1,447. The filing is jointly submitted pursuant to Rule 13d-1(k)(1) and disclaims beneficial ownership by the reporting entities.

NYLI MacKay DefinedTerm Muni Opportunities Fund disclosed insider holdings information for advisory board member Jivraj Adeel. As of the event date of January 1, 2026, the filing reports that Adeel beneficially owned 0 shares of beneficial interest, held directly. This is an initial ownership report that establishes Adeel’s starting position as an advisory board member without any reported equity stake in the fund.

NYLI MacKay DefinedTerm Muni Opportunities Fund insider Stephanie Lynch reports no beneficial ownership in the fund’s shares. Lynch, who serves as an Advisory Board Member, filed an initial insider ownership statement indicating she holds 0 shares of beneficial interest directly. This filing establishes a baseline record of her current holdings status with the fund.

NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) reported an insider transaction by a portfolio manager. On 11/25/2025, the reporting person sold 0.7151 shares of beneficial interest at a price of $14.92 per share, coded as a sale ("S"). After this small transaction, the insider reported owning 0 shares directly. The filing is a routine Form 4 disclosing this activity under insider reporting rules.

NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) reported an insider transaction by a portfolio manager. On 11/20/2025, the reporting person sold 11,964.7151 shares of beneficial interest of the fund at a price of $14.84 per share, coded as a sale transaction. After this trade, the reporting person reported owning 0 shares, with all holdings shown as directly owned before the transaction.

First Trust Portfolios L.P., First Trust Advisors L.P., and The Charger Corporation filed a Schedule 13G reporting beneficial ownership of 1,207,941 common shares of NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD), representing 6.43% of the class as of the event date 09/30/2025.

The filers report 0 shares with sole voting power, 1,274 shares with shared voting power, 0 shares with sole dispositive power, and 1,207,941 shares with shared dispositive power. The shares are largely held by unit investment trusts sponsored by First Trust; the trustee votes those shares to mirror outside holders, and the filers disclaim beneficial ownership. The certification states the securities were acquired and are held in the ordinary course and not to change or influence control.