In plain terms — NYLI MacKay DefinedTerm Muni Opportunities Fund
Shares currently cost about 8.7% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 7.5% discount, so today's level is not wide for this fund (Z-score -0.7). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 5.9% a year of the share price (5.4% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.10 of assets — a ReinvestCapture™ rate of 6.4%, more than the payout rate itself. That is buying power, not a return.
The assets themselves fell 3.4% over the past year including distributions (NAV total return).
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -7.75% | 1.16% | -0.46 | 55 |
| 6 months | -7.37% | 1.10% | -0.84 | 107 |
| 1 year | -7.47% | 1.23% | -0.66 | 208 |
| 3 years | -5.82% | — | — | — |
| 5 years | -3.42% | — | — | — |
Current contemporaneous premium/discount -8.29% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -10.32% to -4.31%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -5.27% | -11.25% | -8.20% | -9.96% | -3.24% | -8.58% |
| Market price total return | -4.82% | -10.03% | -4.50% | -5.20% | +1.35% | -3.93% |
| NAV return | -3.89% | -8.33% | -7.82% | -7.94% | -1.81% | -6.32% |
| NAV total return | -3.47% | -7.16% | -4.36% | -3.42% | +2.57% | -1.73% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
The MainStay DefinedTerm Municipal Opportunities Fund operates as a specialized closed-end investment vehicle, concentrating on fixed income securities. It is established and overseen by New York Life Investment Management LLC, with MacKay Shields LLC sharing co-management responsibilities. The fund primarily directs its capital toward U.S. debt markets, specifically focusing on high-quality municipal bonds that offer exemption from ordinary U.S. federal income taxation. Its performance is gauged against the Barclays Municipal Bond Index. This fund was initiated on June 26, 2012, and is domiciled within the United States.
CEF Explorer research page for NYLI MacKay DefinedTerm Muni Opportunities Fund. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.