MMD - NYLI MacKay DefinedTerm Muni Opportunities Fund

What this means for you

One large investor owns more than 5% of this fund but has told the regulator it is not seeking changes. That is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

In the fund's last buy-back (results filed Nov 19, 2024), holders offered 32.8% of all shares. Results of the last buy-back →

1. Oct 14, 2026

   First Trust Portfolios L.P. cut its stake to 9.1% (from 10.5%), as a passive investor.

   Original document →

2. March 6, 2026

   First Trust Portfolios L.P. raised its stake to 10.5% (from 6.4%), as a passive investor.

   Original document →

3. Oct 31, 2025

   First Trust Portfolios L.P. now owns 6.4%, as a passive investor.

   Original document →

4. Nov 19, 2024

   The buy-back ended; holders offered 32.8% of all shares and the fund paid $16.89 a share.

   Original document →

5. Nov 15, 2024

   The buy-back ended; an early count says holders offered 32.5% of all shares.

   Original document →

About this fund

• Run by New York Life Investment Management LLC. Part of the NYLI Group of Funds fund family. As of May 31, 2026, from the fund's yearly report. Original document →
• Size: about $301 million of holdings, as of Aug 31, 2026. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 37% on top of its own money, as of Aug 31, 2026. Borrowed money makes gains and losses bigger. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.9% a year in management fees; 2.7% a year in total, including interest on borrowed money. Fiscal year ended May 31, 2026. As of May 31, 2026, from the fund's yearly report. Original document →
  Among the 76 funds we follow that invest in tax-free municipal bonds, 68 charge a lower management fee and 28 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended May 31, 2026) the fund paid $0.75 a share, all of it income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of May 31, 2026, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (May 31, 2026): $16.38. The shares traded at $15.28, about 6.7% below that. As of May 31, 2026, from the fund's yearly report. Original document →
• How the holdings did: down 0.9% over the last three months we have (June-Aug 2026), before the share price is taken into account. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2011.

How this has changed

• Payouts per share: $0.75 in the fiscal year ended May 31, 2026; $0.72 in the year ended May 31, 2025; $0.77 in the year ended May 31, 2024.As of May 31, 2026, from the fund's annual report. Original document →
• Of that, your own money back rather than income: none in the year ended May 31, 2026; $0.03 in the year ended May 31, 2025; none in the year ended May 31, 2024.As of May 31, 2026, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 2.72% a year in the fiscal year ended May 31, 2026; 2.72% a year in the year ended May 31, 2025; 2.88% a year in the year ended May 31, 2024.As of May 31, 2026, from the fund's annual report. Original document →
• Size of the holdings: about $308 million at May 31, 2026; $296 million at May 31, 2025; $466 million at May 31, 2024. From the fund's quarterly holdings reports. Original documents: May 31, 2026 →, May 31, 2025 →, May 31, 2024 →.
• Borrowing: about 36% on top of its own money at May 31, 2026; 38% at May 31, 2025; 29% at May 31, 2024. From the fund's quarterly holdings reports. Original documents: May 31, 2026 →, May 31, 2025 →, May 31, 2024 →.
• The fund had about 18.8 million shares at May 31, 2026, down 32.8% from May 31, 2024.As of May 31, 2026, from the fund's annual report. Original document →
  In between, the fund bought back shares. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended May 31, 2026: the shares returned +10.6%, counting payouts; the holdings +9%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of May 31, 2026, from the fund's annual report. Original document →
• The year ended May 31, 2025: the shares returned -6.2%, counting payouts; the holdings -1.4%. As of May 31, 2025, from the fund's annual report. Original document →
• The year ended May 31, 2024: the shares returned -0.1%, counting payouts; the holdings +2.8%. As of May 31, 2024, from the fund's annual report. Original document →
• The year ended May 31, 2023: the shares returned -4.2%, counting payouts; the holdings -1.5%. As of May 31, 2023, from the fund's annual report. Original document →
• The year ended May 31, 2022: the shares returned -13.6%, counting payouts; the holdings -9.7%. As of May 31, 2022, from the fund's annual report. Original document →
• Those five years together: the shares returned -14.2%. $10,000 of shares bought at the start (June 1, 2021) would have become about $8,580 by May 31, 2026, with every payout counted, before tax. As of May 31, 2026, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to Aug 31, 2026: +6.9%. The quarterly reports carry no share price, so this is the holdings alone. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 43 funds that invest in tax-free municipal bonds with a fiscal year ending within six months of this one, 14 reported a higher share return for that year and 28 a lower one. As of May 31, 2026, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

All tax-free municipal bonds (100%). About 89% issued in the U.S.

1. New York State Dormitory Authority - 6.5%
2. City of Los Angeles - 5%
3. Pennsylvania Economic Development Financing Authority - 4.3%
4. Las Vegas Valley Water District - 3.7%
5. Sales Tax Securitization Corp. - 3.7%
6. Puerto Rico Sales Tax Financing Corp., Series A-2 - 3.6%
7. Denver City & County School District - 3.6%
8. Southern California Public Power Authority - 3.4%
9. County of Lee - 3.4%
10. Port Authority of New York & New Jersey - 3.4%

As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →