Fund Description: MainStay MacKay DefinedTerm Municipal Opportunities Fund, formerly MainStay DefinedTerm Municipal Opportunities Fund, is an exchange-traded closed-end fund or a closed-end ETF that is officially described as a diversified, closed-end management investment company. INVESTMENT OBJECTIVE: The MainStay MacKay DefinedTerm Municipal Opportunities Fund seeks current income exempt from regular U.S. Federal income taxes (but which may be includable in taxable income for purposes of the Federal alternative minimum tax). The Fund’s secondary objective is total return. FUND STRATEGY: The Fund seeks to achieve its investment objectives by investing, under normal market conditions, at least 80% of its Managed Assets 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 (except that the interest may be includable in taxable income for purposes of the Federal alternative minimum tax). Municipal bonds are types of debt obligations, which may have a variety of issuers, including governmental entities or other qualifying issuers. Issuers may be states, territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies and instrumentalities. Municipal bonds include, among other instruments, general obligation bonds, revenue bonds, municipal leases, certificates of participation, private activity bonds, and moral obligation bonds, as well as short-term, tax-exempt obligations such as municipal notes and variable rate demand obligations. Under normal market conditions, the Fund may not invest more than 25% of its Managed Assets in municipal bonds in any one industry or in any one state of origin and no more than 5% of its Managed Assets in any one issuer. Although the Fund may invest in municipal bonds rated in any rating category or in unrated municipal bonds, the Fund’s Sub-Advisor intends to invest at least 75% of the Managed Assets in investment grade quality municipal bonds as rated by at least one independent rating agency. The Fund may invest up to 25% of its Managed Assets in non-investment grade municipal bonds (commonly referred to as junk bonds). FUND MANAGEMENT: New York Life Investment Management LLC serves as the Fund's manager and will administer the Fund’s business affairs and manage the investment operations of the Fund and the composition of the portfolio of the Fund, subject to the supervision of the Board of Trustees. The Manager intends to delegate its portfolio management responsibilities to the Fund's Sub-Advisor, MacKay Shields LLC.