MainStay MacKay DefinedTerm Municipal Opportunities Fund: management transactions · United States · SEC (Form 4)

About MainStay MacKay DefinedTerm Municipal Opportunities Fund

MainStay MacKay DefinedTerm Municipal Opportunities Fund (NYSE: MMD) is a US-listed closed-end investment fund organized as a Delaware statutory trust and registered as an investment company. Its principal executive address is in New York, New York, at 51 Madison Avenue, while administrative service references in SEC filings also point to Jersey City, New Jersey. The fund was organized in 2011 and commenced operations on June 26, 2012, making it a long-established vehicle in the US municipal bond universe. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1518557/000119312520197845/d889114dncsr.htm?utm_source=openai)) The fund’s strategy is centered on producing federally tax-exempt income by investing primarily in long-term municipal debt securities. Its portfolio is mainly composed of obligations issued by US states, local governments, political subdivisions, agencies, and public authorities. Recent SEC portfolio disclosures show broad exposure across states and sectors, reflecting a diversified municipal credit approach rather than a narrow single-issuer strategy. The fund can also employ leverage, including tender option bond transactions and other financing structures, which can enhance income but also increase sensitivity to interest-rate moves, spread widening, and credit deterioration. ([sec.gov](https://www.sec.gov/Archives/edgar/data/0001518557/000119312525170891/d17478dncsr.htm?utm_source=openai)) From a competitive standpoint, MMD is best understood as an actively managed, exchange-traded closed-end fund aimed at investors seeking municipal income with daily market liquidity. Its competitive edge lies in access to MacKay Shields’ municipal bond expertise within the broader New York Life Investments/MainStay platform. For investors in France, Belgium, or Switzerland, the key point is that the shares trade on the US stock market, so market price can differ materially from net asset value. That discount/premium dynamic is a defining feature of the investment case and should be monitored alongside portfolio quality and leverage. In the fund’s May 31, 2025 annual report, total net assets were about $295.6 million, managed assets about $471.0 million, and the shares traded at a discount to NAV. ([sec.gov](https://www.sec.gov/Archives/edgar/data/0001518557/000119312525170891/d17478dncsr.htm?utm_source=openai)) Geographically, the business is overwhelmingly US-centric: the underlying assets are municipal securities issued in the United States, and the fund is marketed to investors through the US-listed NYSE venue under the ticker MMD. The most notable recent development was a corporate rebranding in 2024, when the fund changed its name to NYLI MacKay DefinedTerm Muni Opportunities Fund while keeping the same ticker. In November 2024, the fund also disclosed preliminary results of a tender offer, indicating an active approach to capital structure management and shareholder liquidity. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1518557/000119312525170891/d17478dncsr.htm?utm_source=openai))