MAINSTAY MACKAY DEFINEDTERM MUNICIPAL OPPORTUNITIES FUND DECLARES MONTHLY DIVIDEND DISTRIBUTIONS FOR THE MONTHS OF APRIL, MAY, AND JUNE 2024

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MainStay MacKay DefinedTerm Municipal Opportunities Fund (MMD) announces monthly dividend distributions of $0.06 per common share for April, May, and June 2024, consistent with previous months. The Fund's dividend is sourced from monthly undistributed net investment income. Investors can access portfolio and market commentary on April 1, 2024. The Fund's dividend schedule and important dates are provided for April, May, and June 2024.

NEW YORK, April 1, 2024 /PRNewswire/ -- MainStay MacKay DefinedTerm Municipal Opportunities Fund (the "Fund") (NYSE:MMD) today announced monthly dividend distributions of $0.06 per common share for the months of April, May, and June 2024. This amount is consistent with the Fund's January, February, and March 2024 dividend distribution, which was also $0.06 per common share.

Portfolio and municipal market commentary will be published on or around April 1, 2024 and can be retrieved here.

Dividend Distribution Schedule:

Month	Declaration Date	Ex-Date	Record Date	Payable Date
April	4/1/2024	4/15/2024	4/16/2024	4/30/2024
May	4/1/2024	5/15/2024	5/16/2024	5/31/2024
June	4/1/2024	6/14/2024	6/14/2024	6/28/2024

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 (855) 456-9683.

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 over $716 billion in Assets Under Management* as of December 31, 2023, New York Life Investments, Pensions and Investments' 25th 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 affiliated with New York Life Insurance Company, other than Kartesia Management. As of 12/31/2022 New York Life Investments changed its AUM calculation methodology, and AUM now includes certain assets, such as non-discretionary AUM, external fund selection, and overlay services, including ESG screening services, advisory consulting services, white labeling investment management services, and model portfolio delivery services, that do not qualify as Regulatory Assets Under Management, as defined in the SEC's Form ADV. AUM is reported in USD. AUM not denominated in USD is converted at the spot rate as of 3/31/2023. This total AUM figure 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.

** On June 12, 2023, New York Life Investments was ranked #25 in Pensions & Investments' Largest Money Managers 2023 for the time period 12/31/21 – 12/31/22. (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 2023 | Pensions & Investments (pionline.com)

"New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company.

About MacKay Municipal Managers™

MacKay Municipal Managers™ is a recognized leader in active municipal bond investing and is entrusted with $74 billion in assets under management, as of 12/31/23. The team manages a suite of highly rated municipal bond solutions available in multiple 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 (together with its subsidiaries, "MacKay")*, a New York Life Investments Company, is a global asset management firm with $139 billion in assets under management** as of December 31, 2023. MacKay manages fixed income strategies for high-net worth individuals and institutional clients through separately managed accounts and collective investment vehicles including private funds, UCITS, ETFs, closed end funds and mutual funds. MacKay maintains offices in New York City, Princeton, Los Angeles, London and Dublin. 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 December 31, 2023 represents assets managed by MacKay Shields LLC and its subsidiaries 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.

Media Contact:
Sara Guenoun | New York Life | (212) 576-4757 | Sara_j_Guenoun@newyorklife.com

Investors Contact:
855-456-9683

SMRU No. 6505960

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SOURCE New York Life Investments

FAQ

What is the dividend distribution amount per common share announced by MainStay MacKay DefinedTerm Municipal Opportunities Fund (MMD) for April, May, and June 2024?

MainStay MacKay DefinedTerm Municipal Opportunities Fund (MMD) has announced monthly dividend distributions of $0.06 per common share for April, May, and June 2024.

What is the source of the Fund's dividend distribution?

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

Where can investors access the Fund's daily New York Stock Exchange closing prices and net asset values per share?

Investors can access the Fund's daily New York Stock Exchange closing prices, net asset values per share, and other information by visiting the provided link or by calling the Fund's shareholder servicing agent at (855) 456-9683.

What are the risks associated with investments in MainStay MacKay DefinedTerm Municipal Opportunities Fund (MMD)?

Risks inherent in any investment in the Fund include market risk, interest rate risk, credit risk, and the possible loss of principal. Shares of closed-end funds like the Fund may trade at a discount from their net asset value, increasing investor risk.