NYLI MacKay DefinedTerm Muni Opportunities Fund Declares Monthly Dividend Distributions for the Months of January, February, and March 2026

NEW YORK--(BUSINESS WIRE)--NYLI MacKay DefinedTerm Muni Opportunities Fund (the “Fund”) (NYSE:MMD) today announced monthly dividend distributions of $0.065 per common share for the months of January, February, and March 2026. This amount represents an increase from the Fund’s October, November, and December dividend distributions, which were $0.06 per common share.

Portfolio and municipal market commentary will be published on or around January 2, 2026 and can be retrieved here.

Dividend Distribution Schedule:

Month	Declaration Date	Ex-Date	Record Date	Payable Date
January	1/2/2026	1/15/2026	1/15/2026	2/2/2026
February	1/2/2026	2/13/2026	2/13/2026	3/2/2026
March	1/2/2026	3/16/2026	3/16/2026	4/1/2026

The Fund’s dividend will be derived from its monthly undistributed net investment income and is not expected to contain any return of principal.

The Fund’s daily New York Stock Exchange closing prices, net asset values per share, as well as other information are available by clicking here or by calling the Fund’s shareholder servicing agent at [phone].

For more insights from MacKay Municipal Managers™ and our New York Life Investments affiliates click here.

There are risks inherent in any investment, including market risk, interest rate risk, credit risk and the possible loss of principal. There can be no assurance that the Fund’s investment objectives will be achieved. Shares of closed-end funds frequently trade at a discount from their net asset value, which may increase investor risk.

About New York Life Investments
With approximately $799 billion* in assets under management as of Sept. 30, 2025, New York Life Investments, a Pensions & Investments’ Top 30 Largest Money Manager**, is comprised of the affiliated global asset management businesses of its parent company, New York Life Insurance Company, and offers clients access to specialized, independent investment teams through its family of affiliated boutiques. New York Life Investments remains committed to clients through a combination of the diverse perspectives of its boutiques and a long-lasting focus on sustainable relationships.

*Assets under management (AUM) includes assets of the investment advisers that make up “New York Life Investments” as of 9/30/2025. AUM includes certain assets, such as non-discretionary AUM, external fund selection, and overlay services, including ESG screening services, advisory consulting services, white labeling services, and model portfolio delivery services, that are not necessarily considered Regulatory Assets Under Management according to the SEC’s Form ADV. AUM is reported in USD. AUM not denominated in USD is converted at the spot rate as of 9/30/2025. The total AUM figure of “New York Life Investments” is less than the sum of the AUM of each affiliated investment adviser in the group because it does not count AUM where the same assets can be counted by more than one affiliated investment adviser.

**In June 2025, New York Life Investments was ranked #28 in Pensions & Investments’ Largest Money Managers 2025 for the time period 12/31/23 – 12/31/24. (Managers are ranked by total worldwide institutional assets under management. Full list here.) No direct or indirect compensation was paid for the creation and distribution of this ranking. For more information about ranking click here - Largest Money Managers 2025 | Pensions & Investments (pionline.com)

About MacKay Municipal Managers™
MacKay Municipal Managers™ is a recognized leader in active municipal bond investing and is entrusted with $82 billion in assets under management, as of September 30, 2025. The team manages a suite of highly rated municipal bond solutions available in multiple investment products and vehicles. MacKay Municipal Managers™ is a fundamental relative-value bond manager that combines a top-down approach with bottom-up, credit research. Our investment philosophy is centered on the belief that strong long-term performance can be achieved with a relative value, research driven approach in a highly fragmented, inefficient municipal bond market.

About MacKay Shields LLC
MacKay Shields LLC ("MacKay Shields")*, a New York Life Investments company, is a global asset management firm with $151 billion in assets under management** as of September 30, 2025. MacKay Shields manages fixed income strategies for high-net worth individuals and institutional clients through separately managed accounts and collective investment vehicles including private funds, collective investment trusts, UCITS, ETFs, closed end funds and mutual funds. MacKay Shields provides investors with specialty fixed income expertise across global fixed income markets including municipal, high yield, investment grade, structured credit, convertible and emerging markets debt. The MacKay Shields client experience provides investors direct access to senior investment professionals. For more information, please visit www.mackayshields.com or follow us on Twitter or LinkedIn.

*MacKay Shields is a wholly owned subsidiary of New York Life Investment Management Holdings LLC, which is wholly owned by New York Life Insurance Company.
** Assets under management (AUM) as of September 30, 2025 represents assets managed by MacKay Shields but excludes certain accounts and other assets over which MacKay Shields continues to exercise discretionary authority to liquidate but which are no longer actively managed.