# NYLI MacKay DefinedTerm Muni Opportunities Fund

NYLI MacKay DefinedTerm Muni Opportunities Fund is an Asset Manager based in New York, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** New York, United States
- **Region:** North America
- **Address:** New York, NY, United States
- **Assets under management:** Undisclosed
- **Website:** newyorklifeinvestments.com

## Regulatory record

- **Reports private funds:** No

## About

The NYLI MacKay DefinedTerm Muni Opportunities Fund operates as a closed-end fund under the New York Life Investments umbrella, sub-advised by MacKay Shields' municipal bond team. Launched as part of a series of defined-maturity funds, it holds a portfolio of municipal securities selected for their credit quality and tax-exempt income potential. The manager, John Russell, has overseen MacKay's municipal strategies through multiple rate cycles (per the firm's official communications). The fund's strategy centers on investment-grade and select high-yield municipal bonds, with the defined-maturity feature setting it apart from perpetual CEFs. This structure aims to return the fund's net asset value to shareholders at the termination date, typically reducing the discount-to-NAV risk that plagues traditional closed-end funds. Holdings span general obligation and revenue bonds across states like California, New York, and Texas, with sector exposure to transportation, water and sewer, and essential service utilities. Parent firm New York Life Investments ranks among the largest US asset managers, and MacKay Shields manages over $160 billion in total assets (public record). The DefinedTerm series includes several sibling funds with staggered termination dates, reflecting a broader product architecture rather than a one-off structure. The municipal team sits within MacKay's fixed-income platform, which also runs core-plus, high-yield, and global bond strategies. Structurally, the defined-maturity closed-end fund is a hybrid: it offers the daily liquidity and exchange listing of a CEF with a termination mechanism more common to interval funds or target-maturity ETFs. For allocators, this means the discount can serve as an entry point with a built-in catalyst for convergence, a feature absent from open-end muni mutual funds and most competing CEFs.

## Sectors

- Municipal Bonds
- Fixed Income

## People

- John Russell — President, MacKay Municipal Managers

## Questions

### What is a defined-maturity closed-end fund and how does it work?

A defined-maturity closed-end fund holds a portfolio of bonds with maturities aligned to a specific termination date, at which point the fund liquidates and returns assets to shareholders. Unlike perpetual CEFs, which trade at persistent discounts or premiums to net asset value, the defined-maturity structure creates a natural catalyst for share price to converge toward NAV as the termination date approaches. This mechanism appeals to investors seeking municipal bond exposure without the uncertainty of an indefinite discount.

### Who manages the NYLI MacKay DefinedTerm Muni Opportunities Fund?

The fund is sub-advised by MacKay Shields, specifically its municipal bond team led by John Russell as President of MacKay Municipal Managers (per the firm's official communications). MacKay Shields operates as an affiliate of New York Life Investments, which provides the NYLI branding and distribution platform.

### How does this fund fit within the broader New York Life Investments lineup?

NYLI MacKay DefinedTerm Muni Opportunities Fund is one of several defined-maturity closed-end funds sponsored by New York Life Investments and sub-advised by MacKay Shields. The series includes funds across municipal and taxable fixed-income asset classes, all sharing the defined-maturity architecture. This structure targets financial advisors and individual investors seeking predictable termination alongside active credit management.

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Last updated: 2026-06-03T20:00:00.000Z

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