MMDNYLI MacKay DefinedTerm Muni Opportunities Fund

NYLI MacKay DefinedTerm Muni Opportunities Fund is a diversified closed-end management investment company. The Fund's primary investment objective is to seek current income exempt from regular U.S. Federal income taxes (but which may be includable in taxable income for the purpose of the Federal alternative minimum tax). Total return is a secondary objective. Under normal market conditions, the majority of its managed assets are invested in municipal bonds, the interest on which is, in the opinion of bond counsel to the issuers, generally excludable from gross income for regular U.S. Federal income tax purposes.