NYLI MacKay DefinedTerm Muni Opportunities Fund

NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) is a closed-end fixed income mutual fund launched and managed by New York Life Investment Management LLC, with co-management by MacKay Shields LLC. The fund operates as a publicly traded investment vehicle listed on the NYSE and invests primarily in investment-grade municipal bonds issued in the United States. Municipal bond holdings provide investors with income that is generally exempt from regular U.S. federal income taxation. The fund benchmarks its portfolio performance against the Barclays Municipal Bond Index.

Established in June 2012 and incorporated in Delaware, the fund is domiciled in the United States. As a closed-end fund structure, it issues a fixed number of shares and trades on secondary markets, distinguishing it from open-end mutual fund operations. The fund generates revenue through management fees charged on assets under management, which the investment managers retain as compensation for portfolio management and advisory services.

With a market capitalization of approximately $300 million, MMD represents a smaller-scale vehicle within the municipal bond fund landscape. The fund's operations and portfolio management are centered in New York, leveraging the expertise of both New York Life Investment Management and MacKay Shields as co-managers in fixed income and municipal securities.