NYLI MacKay DefinedTerm Muni Opportunities Fund Shs of Beneficial Interest
MMD
New York Stock Exchange- -
USD
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Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- CEO
- David Dowden
- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 51 Madison Avenue New York City NY United States of America 10010-1603
- IPO Date
- Jun 26, 2012
- CIK
- 0001518557
- Website
- nylinvestments.com
- Similar Companies
- Business
- NYLI MacKay DefinedTerm Muni Opportunities Fund (NYSE: MMD) is a closed-end fixed income mutual fund that seeks current income exempt from regular U.S. federal income taxes through investments in a portfolio of municipal bonds, with a secondary objective of total return. The Fund invests at least 80% of its managed assets in investment-grade municipal bonds, the interest on which is generally excludable from gross income for federal income tax purposes (though a portion may be subject to the alternative minimum tax); its portfolio emphasizes sectors such as special tax, transportation, leasing, local general obligation, and hospital bonds, with significant allocations to states including Illinois, New York, California, Puerto Rico, and New Jersey. It employs an opportunistic, actively managed strategy across the U.S. municipal bond market, utilizing leverage through tender option bonds (TOBs) at approximately 36% of managed assets, and targets monthly distributions derived from net investment income. The Fund was launched on June 26, 2012, and is managed by New York Life Investment Management LLC (NYLI), with co-management by MacKay Shields LLC; its portfolio management team includes experienced professionals such as Robert DiMella, John Loffredo, Michael Petty, Scott Sprauer, David Dowden, John Lawlor, and Michael Denlinger. It is headquartered in New York, New York, as part of the New York Life Investments platform, and trades shares of beneficial interest on the New York Stock Exchange; total net assets stand at approximately $305 million, with managed assets of $480 million including leverage. In June 2024, the Board of Trustees approved an amendment and restatement of the Declaration of Trust, effective August 28, 2024, changing the Fund's name from MainStay MacKay DefinedTerm Municipal Opportunities Fund to its current name and enabling a potential extension of the original termination date from December 31, 2024, to December 31, 2036, contingent upon completion of an Eligible Tender Offer for 100% of outstanding common shares at net asset value. The Fund commenced this tender offer on October 17, 2024, with preliminary and final results announced in November 2024, providing shareholders an option for full repurchase amid the original wind-down provisions. It continues quarterly declarations of monthly dividend distributions, such as $0.060 per share for periods including October 2025 through December 2025, reflecting ongoing commitment to tax-exempt income generation.