# EDGAR Filing Document

**Accession Number:** 0001518557
**File Stem:** 0001193125-26-032790
**Filing Date:** 2026-2
**Character Count:** 162979
**Document Hash:** c009b14dc63fd31d8b121d77b6b43f62
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-032790.hdr.sgml**: 20260202

**ACCESSION NUMBER**: 0001193125-26-032790

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260202

**DATE AS OF CHANGE**: 20260202

**EFFECTIVENESS DATE**: 20260202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NYLI MacKay DefinedTerm Muni Opportunities Fund
- **CENTRAL INDEX KEY:** 0001518557

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22551
- **FILM NUMBER:** 26585918

**BUSINESS ADDRESS:**
- **STREET 1:** 51 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010
- **BUSINESS PHONE:** 212-576-7000

**MAIL ADDRESS:**
- **STREET 1:** 51 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MainStay MacKay DefinedTerm Municipal Opportunities Fund
- **DATE OF NAME CHANGE:** 20180410

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MainStay DefinedTerm Municipal Opportunities Fund
- **DATE OF NAME CHANGE:** 20120417

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MainStay DefinedTerm Municipal High Income Fund
- **DATE OF NAME CHANGE:** 20110419

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**Form N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES** 

**Investment Company Act File Number 811-22551** 

## NYLI MACKAY DEFINEDTERM

## MUNICIPAL OPPORTUNITIES FUND
(Exact name of Registrant as specified in charter)

51 Madison Avenue, New York, NY 10010

(Address of principal executive offices) (Zip code)

J. Kevin Gao, Esq.

30 Hudson Street

Jersey City, New Jersey 07302

(Name and address of agent for service)

Registrant's telephone number, including area code: (212) 576-7000

Date of fiscal year end: May 31

Date of reporting period: November 30, 2025

------

**FORM N-CSR** 

**Item 1.** **Reports to Stockholders.** <br>

------

## NYLI MacKay DefinedTerm Muni Opportunities Fund

------

### Semiannual Report
Unaudited \| November 30, 2025 \| NYSE Symbol **MMD**

Sign up for e-delivery of your shareholder reports. For full details on e-delivery, including who can participate and what you can receive via e-delivery,<br> please log in to www.computershare.com/investor.

Not FDIC/NCUA Insured Not a Deposit May Lose Value No Bank Guarantee Not Insured by Any Government Agency

![](g931792img38d902361.jpg)

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**Table of Contents**

---

| | |
|:---|:---|
| [Semiannual Report](#xx_2ca66584-7a72-4b20-bbef-ed1123e9ab15_1) |  |
| [Fund Performance and Statistics](#xx_8b768e81-b11e-41d2-b102-66e68c9cb373_1) | &nbsp;&nbsp;4 |
| [Portfolio of Investments](#xx_8b768e81-b11e-41d2-b102-66e68c9cb373_4) | &nbsp;&nbsp;7 |
| [Financial Statements](#xx_8b768e81-b11e-41d2-b102-66e68c9cb373_10) | &nbsp;&nbsp;13 |
| [Notes to Financial Statements](#xx_d2027da9-5e04-4200-8642-b104b1be3251_1) | &nbsp;&nbsp;18 |
| [Dividend Reinvestment Plan](#xx_124f14c1-f2fc-4ff6-85aa-a2b4564de49d_1) | &nbsp;&nbsp;25 |
| [Proxy Results](#xx_fb6e1ccf-7dac-4ad5-844b-96bddabc9a01_1) | &nbsp;&nbsp;26 |
| [Proxy Voting Policies and Procedures and Proxy Voting Record](#xx_fb6e1ccf-7dac-4ad5-844b-96bddabc9a01_1) | &nbsp;&nbsp;26 |
| [Shareholder Reports and Quarterly Portfolio Disclosure](#xx_fb6e1ccf-7dac-4ad5-844b-96bddabc9a01_1) | &nbsp;&nbsp;26 |

---

------

**Certain material in this report may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates and information about possible or future results or events related to the Fund, market or regulatory developments. The views expressed herein are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed herein are subject to change at any time based upon economic, market, or other conditions and the Fund undertakes no obligation to update the views expressed herein.**

------

[**Table of Contents**](#job_nyli__d2397700-97b9-4e89-bdc3-bf55e1ea8b86_toc)

Fund Performance and Statistics (Unaudited)

**Performance data quoted represents past performance of Common shares of the Fund. Past performance is no guarantee of future results. Because of market volatility and other factors, current performance may be lower or higher than the figures shown. Investment return and principal value will fluctuate. For performance information current to the most recent month-end, please visit newyorklifeinvestments.com/mmd.**

The performance table and graph do not reflect the deduction of taxes that a shareholder would pay on distributions or the sale of Fund shares.

![](g931792img1b1ec8a12.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns for the Period Ended November 30, 2025<sup>\*</sup>** | **Average Annual Total Returns for the Period Ended November 30, 2025<sup>\*</sup>** | **Average Annual Total Returns for the Period Ended November 30, 2025<sup>\*</sup>** | **Average Annual Total Returns for the Period Ended November 30, 2025<sup>\*</sup>** | **Average Annual Total Returns for the Period Ended November 30, 2025<sup>\*</sup>** |
|  | &nbsp;&nbsp;**Six <br> Months<sup>1</sup>** | &nbsp;&nbsp;**One <br> Year** | &nbsp;&nbsp;**Five <br> Years** | &nbsp;&nbsp;**Ten <br> Years** |
| Net Asset Value ("NAV")<sup>2</sup> | &nbsp;&nbsp;6.75% | &nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;3.50% |
| Market Price<sup>2</sup> | &nbsp;&nbsp;5.41 | &nbsp;&nbsp;(2.64) | &nbsp;&nbsp;(2.22) | &nbsp;&nbsp;3.14 |
| Bloomberg Municipal Bond Index<sup>3</sup> | &nbsp;&nbsp;5.16 | &nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;2.41 |
| Morningstar Muni National Long Category Average<sup>4</sup> | &nbsp;&nbsp;6.82 | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;2.32 |

---

\* Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

1. Not annualized.

2. Total returns assume dividends and capital gains distributions are reinvested.

3. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded.

4. The Morningstar Muni National Long Category Average is representative of funds that invest in bonds issued by various state and local governments to fund public projects. The income from these bonds is generally free from federal taxes. These funds have durations of more than 7 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.

---

| | |
|:---|:---|
| **4** | **NYLI MacKay DefinedTerm Muni Opportunities Fund** |

---

------

[**Table of Contents**](#job_nyli__d2397700-97b9-4e89-bdc3-bf55e1ea8b86_toc)

------

#### Fund Statistics as of November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| NYSE Symbol | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MMD | &nbsp;&nbsp;&nbsp;&nbsp;Premium/Discount <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(9.07)% |
| CUSIP | &nbsp;&nbsp;56064K100 | &nbsp;&nbsp;&nbsp;&nbsp;Total Net Assets (millions) | &nbsp;&nbsp;$308.5 |
| Inception Date | &nbsp;&nbsp;&nbsp;&nbsp;6/26/2012 | &nbsp;&nbsp;&nbsp;&nbsp;Total Managed Assets (millions)<sup>2</sup> | &nbsp;&nbsp;$471.2 |
| Market Price | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.94 | &nbsp;&nbsp;&nbsp;&nbsp;Leverage <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;34.09% |
| NAV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.43 | &nbsp;&nbsp;&nbsp;&nbsp;Percent of AMT Bonds<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.88% |

---

1. Premium/Discount
 is the percentage (%) difference between the market price and the NAV. When the market price exceeds the NAV, the Fund is trading at a premium. When the market price is less than the NAV, the Fund is trading at a discount.

2. "Managed
 Assets" is defined as the Fund's total assets, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the purpose of creating effective leverage (i.e. tender option bonds) or Fund liabilities related to
liquidation preference of any Preferred shares issued).

3. Leverage
is based on the use of proceeds received from tender option bond transactions, issuance of Preferred shares, funds borrowed from banks or other institutions or derivative transactions, expressed as a percentage of Managed Assets.

4. Alternative
 Minimum Tax ("AMT") is a separate tax computation under the Internal Revenue Code that, in effect, eliminates many deductions and credits and creates a tax liability for an individual who would otherwise pay little or no tax, expressed
as a percentage of Managed Assets.

------

#### Portfolio Composition as of November 30, 2025<sup>†</sup> (Unaudited)

---

| | |
|:---|:---|
| California | &nbsp;&nbsp;&nbsp;&nbsp;12.7% |
| Illinois | &nbsp;&nbsp;&nbsp;&nbsp;12.3 |
| New York | &nbsp;&nbsp;&nbsp;&nbsp;10.7 |
| Puerto Rico<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8.4 |
| Pennsylvania | &nbsp;&nbsp;&nbsp;&nbsp;6.2 |
| Texas | &nbsp;&nbsp;&nbsp;&nbsp;5.4 |
| Colorado | &nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| Florida | &nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| U.S. Virgin Islands | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| South Carolina | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Nevada | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Michigan | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| New Jersey | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Virginia | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| New Hampshire | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Nebraska | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Wisconsin | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |

---

---

| | |
|:---|:---|
| West Virginia | &nbsp;&nbsp;&nbsp;&nbsp;1.9% |
| Delaware | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Ohio | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Kentucky | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Guam | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Massachusetts | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Arkansas | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Utah | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| District of Columbia | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Montana | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Arizona | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Alabama | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Short–Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
|  | &nbsp;&nbsp;100.0% |

---

† As a
percentage of Managed Assets.

1. As
 of November 30, 2025, 25.0% of the Puerto Rico municipal securities held by the Fund were insured and all bonds continue to pay full principal and interest.

See Portfolio of Investments beginning on page 7 for specific holdings within these categories. The Fund's holdings are subject to change.

------

[**Table of Contents**](#job_nyli__d2397700-97b9-4e89-bdc3-bf55e1ea8b86_toc)

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#### Top Ten Holdings and/or Issuers Held as of November 30, 2025 (excluding short-term investments)# (Unaudited)
1. Chicago
 Board of Education, 5.75%-7.00%, due 4/1/34–12/1/46

2. Los
 Angeles Department of Water And Power, 5.00%, due 7/1/48

3. Pennsylvania
 Economic Development Financing Authority, 5.75%, due 12/31/62 (a)

4. Puerto
 Rico Sales Tax Financing Corp., 4.329%-4.55%, due 7/1/40

5. Las
 Vegas Valley Water District, 5.00%, due 6/1/53

6. City
 of Chicago, 5.50%-6.00%, due 1/1/38–1/1/49

7. Sales
 Tax Securitization Corp., 5.25%, due 1/1/48 (a)

8. City
 & County of Denver, 5.50%, due 12/1/49

9. Southern
 California Public Power Authority, 5.25%, due 7/1/50 (a)

10. New
 Hampshire Business Finance Authority, 6.89%, due 4/1/34

# Some of these holdings have been transferred to a Tender Option Bond ("TOB") Issuer in exchange for TOB Residuals and cash. <br> (a) Municipal security may feature credit enhancements, such as bond insurance.

------

#### Credit Quality as of November 30, 2025^ (Unaudited)
![](g931792img0a9777e63.jpg)

^ As a percentage of total investments.

Ratings apply to the underlying portfolio of bonds held by the Fund and are rated by an independent rating agency, such as Standard & Poor's ("S&P"), Moody's Investors Service, Inc. and/or Fitch Ratings, Inc. If the ratings provided by the ratings agencies differ, the higher rating will be utilized. If only one rating is provided, the available rating will be utilized. Securities that are unrated by the rating agencies are reflected as such in the breakdown. Unrated securities do not necessarily indicate low quality. S&P rates borrowers on a scale from AAA to D. AAA through BBB- represent investment grade, while BB+ through D represent non-investment grade.

------

---

| | |
|:---|:---|
| **6** | **NYLI MacKay DefinedTerm Muni Opportunities Fund** |

---

------

[**Table of Contents**](#job_nyli__d2397700-97b9-4e89-bdc3-bf55e1ea8b86_toc)

Portfolio of Investments November 30, 2025<sup>†</sup>(Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds 150.3%** | **Municipal Bonds 150.3%** | **Municipal Bonds 150.3%** |
| **Alabama 0.3% (0.2% of Managed Assets)** | **Alabama 0.3% (0.2% of Managed Assets)** | **Alabama 0.3% (0.2% of Managed Assets)** |
| Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 5/1/44 (a) | &nbsp;&nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$1002674 |
| **Arizona 0.5% (0.3% of Managed Assets)** | **Arizona 0.5% (0.3% of Managed Assets)** | **Arizona 0.5% (0.3% of Managed Assets)** |
| City of Phoenix, Espiritu Community Development Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, due 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1455000 | &nbsp;&nbsp;&nbsp;&nbsp; 1454820 |
| **Arkansas 1.0% (0.7% of Managed Assets)** | **Arkansas 1.0% (0.7% of Managed Assets)** | **Arkansas 1.0% (0.7% of Managed Assets)** |
| City of Hot Springs, Wastewater, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3127161 |
| **California 19.4% (12.7% of Managed Assets)** | **California 19.4% (12.7% of Managed Assets)** | **California 19.4% (12.7% of Managed Assets)** |
| California Statewide Communities Development Authority, Loma Linda University Medical Center Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3006865 |
| Hastings Campus Housing Finance Authority, Green Bond, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/61 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2259200 |
| Los Angeles Department of Water & Power, Power System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series D |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119145 |
| Los Angeles Department of Water And Power, Water System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/48 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15173421 |
| Norman Y Mineta San Jose International Airport SJC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/1/47 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3061565 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **California** | **California** | **California** |
| San Diego County Regional Airport Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/56 (b) | &nbsp;&nbsp;&nbsp;$5500000 | &nbsp;&nbsp;$5666191 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/46 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp;&nbsp; 3327873 |
| San Francisco City & County Airport Commission, San Francisco International Airport, Revenue Bonds, Second Series |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 5/1/55 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6456565 |
| Southern California Public Power Authority, Southern Transmission System Renewal Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 1, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/50 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10650505 |
| Trustees of The California State University, Systemwide, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 11/1/53 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9435345 |
| Upland Community Facilities District No. 2016-1, Improvement Area No. 2, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, due 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833607 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59990282 |
| **Colorado 5.9% (3.9% of Managed Assets)** | **Colorado 5.9% (3.9% of Managed Assets)** | **Colorado 5.9% (3.9% of Managed Assets)** |
| City & County of Denver, School District No. 1, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: State Aid Withholding |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/1/49 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11069912 |
| Copper Ridge Metropolitan District, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3960203 |
| Sterling Ranch Community Authority Board, Metropolitan District No. 2, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, due 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3315000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18345115 |

---

------

[**Table of Contents**](#job_nyli__d2397700-97b9-4e89-bdc3-bf55e1ea8b86_toc)

Portfolio of Investments November 30, 2025<sup>†</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **Delaware 2.9% (1.9% of Managed Assets)** | **Delaware 2.9% (1.9% of Managed Assets)** | **Delaware 2.9% (1.9% of Managed Assets)** |
| Delaware Transportation Authority, U.S. 301 Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/55 | &nbsp;&nbsp;&nbsp;$8787000 | &nbsp;&nbsp;$8787576 |
| **District of Columbia 0.8% (0.5% of Managed Assets)** | **District of Columbia 0.8% (0.5% of Managed Assets)** | **District of Columbia 0.8% (0.5% of Managed Assets)** |
| Metropolitan Washington Airports Authority, Dulles Toll Road, Metrorail & Capital Improvement Project, Revenue Bonds, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, due 10/1/41 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2475216 |
| **Florida 5.2% (3.4% of Managed Assets)** | **Florida 5.2% (3.4% of Managed Assets)** | **Florida 5.2% (3.4% of Managed Assets)** |
| County of Broward, Airport System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/42 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4540984 |
| County of Lee, Airport, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 10/1/49 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10596845 |
| Hillsborough County Port District, Tampa Port Authority Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/46 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012599 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16150428 |
| **Guam 1.5% (1.0% of Managed Assets)** | **Guam 1.5% (1.0% of Managed Assets)** | **Guam 1.5% (1.0% of Managed Assets)** |
| Port Authority of Guam, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4755504 |
| **Illinois 18.8% (12.3% of Managed Assets)** | **Illinois 18.8% (12.3% of Managed Assets)** | **Illinois 18.8% (12.3% of Managed Assets)** |
| Chicago Board of Education, Dedicated Capital Improvement, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 4/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8195871 |
| Chicago Board of Education, Dedicated Capital Improvement, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, due 12/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2880000 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, due 12/1/46 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4109194 |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, due 12/1/42 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3618573 |
| City of Chicago, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 1/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4940027 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **Illinois** | **Illinois** | **Illinois** |
| City of Chicago, Unlimited General Obligation (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 1/1/38 | &nbsp;&nbsp;&nbsp;$6215000 | &nbsp;&nbsp;$6338999 |
| Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4665000 | &nbsp;&nbsp;&nbsp;&nbsp; 4592678 |
| Sales Tax Securitization Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/1/48 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000000 | &nbsp;&nbsp;&nbsp;&nbsp; 11224952 |
| Southwestern Illinois Development Authority, Traid Community Unit School District No. 2 Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3229442 |
| State of Illinois, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 5/1/39 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8919182 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58048918 |
| **Kentucky 2.0% (1.3% of Managed Assets)** | **Kentucky 2.0% (1.3% of Managed Assets)** | **Kentucky 2.0% (1.3% of Managed Assets)** |
| Kentucky Bond Development Corp., Kentucky Communications Network Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 9/1/44 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6171361 |
| **Massachusetts 1.2% (0.8% of Managed Assets)** | **Massachusetts 1.2% (0.8% of Managed Assets)** | **Massachusetts 1.2% (0.8% of Managed Assets)** |
| Commonwealth of Massachusetts Transportation Fund, Rail Enhancement Program, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/53 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3535000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3679523 |
| **Michigan 4.6% (3.0% of Managed Assets)** | **Michigan 4.6% (3.0% of Managed Assets)** | **Michigan 4.6% (3.0% of Managed Assets)** |
| Michigan Finance Authority, Bronson Health Care Group, Inc., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5010287 |

---

---

| | |
|:---|:---|
| **8** | **NYLI MacKay DefinedTerm Muni Opportunities Fund** |

---

------

[**Table of Contents**](#job_nyli__d2397700-97b9-4e89-bdc3-bf55e1ea8b86_toc)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **Michigan (continued)** | **Michigan (continued)** | **Michigan (continued)** |
| Michigan Strategic Fund, State of Michigan Department of Transportation, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 12/31/43 (c) | &nbsp;&nbsp;&nbsp;$1540000 | &nbsp;&nbsp;$1541918 |
| State of Michigan, Trunk Line, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 11/15/44 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7720609 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14272814 |
| **Montana 0.7% (0.4% of Managed Assets)** | **Montana 0.7% (0.4% of Managed Assets)** | **Montana 0.7% (0.4% of Managed Assets)** |
| County of Gallatin, Bozeman Fiber Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;(zero coupon), due 10/15/55 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2865000 | &nbsp;&nbsp;&nbsp;&nbsp; 2029566 |
| **Nebraska 3.4% (2.2% of Managed Assets)** | **Nebraska 3.4% (2.2% of Managed Assets)** | **Nebraska 3.4% (2.2% of Managed Assets)** |
| Airport Authority of the City of Omaha, Airport Facilities, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 12/15/49 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10471636 |
| **Nevada 4.7% (3.1% of Managed Assets)** | **Nevada 4.7% (3.1% of Managed Assets)** | **Nevada 4.7% (3.1% of Managed Assets)** |
| Las Vegas Valley Water District, Water, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 6/1/53 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11471921 |
| Tahoe-Douglas Visitors Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2915000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3008547 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14480468 |
| **New Hampshire 3.5% (2.3% of Managed Assets)** | **New Hampshire 3.5% (2.3% of Managed Assets)** | **New Hampshire 3.5% (2.3% of Managed Assets)** |
| New Hampshire Business Finance Authority, Wheeling Power Co., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;6.89%, due 4/1/34 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10645888 |
| **New Jersey 4.1% (2.7% of Managed Assets)** | **New Jersey 4.1% (2.7% of Managed Assets)** | **New Jersey 4.1% (2.7% of Managed Assets)** |
| New Jersey Economic Development Authority, Continental Airlines, Inc. Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3534608 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **New Jersey** | **New Jersey** | **New Jersey** |
| New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 11/1/39 | &nbsp;&nbsp;&nbsp;$3400000 | &nbsp;&nbsp;$3420180 |
| New Jersey Transportation Trust Fund Authority, Transportation Program, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series AA |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4595000 | &nbsp;&nbsp;&nbsp;&nbsp; 4747074 |
| &nbsp;&nbsp;&nbsp;Series BB |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 958115 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12659977 |
| **New York 16.3% (10.7% of Managed Assets)** | **New York 16.3% (10.7% of Managed Assets)** | **New York 16.3% (10.7% of Managed Assets)** |
| Dormitory Authority of the State of New York, White Plains Hospital Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 10/1/54 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9535000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10252468 |
| Metropolitan Transportation Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series C-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 11/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7128712 |
| New York Liberty Development Corp., 3 World Trade Center Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/44 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000018 |
| Port Authority of New York & New Jersey, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series 231 |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 8/1/52 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10595790 |
| State of New York Dormitory Authority, Personal Income Tax, General Purpose, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 3/15/41 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10123151 |
| Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 11/15/49 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7224393 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50324532 |

---

------

[**Table of Contents**](#job_nyli__d2397700-97b9-4e89-bdc3-bf55e1ea8b86_toc)

Portfolio of Investments November 30, 2025<sup>†</sup>(Unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **Ohio 2.0% (1.3% of Managed Assets)** | **Ohio 2.0% (1.3% of Managed Assets)** | **Ohio 2.0% (1.3% of Managed Assets)** |
| Columbus Regional Airport Authority, John Glenn Columbus International Airport, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 1/1/55 (c) | &nbsp;&nbsp;&nbsp;$5000000 | &nbsp;&nbsp;$5293058 |
| Ohio Higher Educational Facility Commission, Ashtabula County Medical Center Obligated Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 1/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006196 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6299254 |
| **Pennsylvania 9.5% (6.2% of Managed Assets)** | **Pennsylvania 9.5% (6.2% of Managed Assets)** | **Pennsylvania 9.5% (6.2% of Managed Assets)** |
| Allentown Neighborhood Improvement Zone Development Authority, City Center Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 5/1/42 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9110000 | &nbsp;&nbsp;&nbsp;&nbsp; 9151626 |
| Pennsylvania Economic Development Financing Authority, Penndot Major Bridges Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 12/31/62 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13227989 |
| Southeastern Pennsylvania Transportation Authority, Asset Improvement Program, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 6/1/43 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6984822 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29364437 |
| **Puerto Rico 12.9% (8.4% of Managed Assets)** | **Puerto Rico 12.9% (8.4% of Managed Assets)** | **Puerto Rico 12.9% (8.4% of Managed Assets)** |
| Children's Trust Fund, Asset-Backed, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 5/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7885000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7993231 |
| Commonwealth of Puerto Rico, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8494805 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Senior Lien (a) |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2623709 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4921917 |
| Puerto Rico Municipal Finance Agency, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757023 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **Puerto Rico** | **Puerto Rico** | **Puerto Rico** |
| Puerto Rico Municipal Finance Agency, Revenue Bonds (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 8/1/30 | &nbsp;&nbsp;&nbsp;$1685000 | &nbsp;&nbsp;$1689827 |
| Puerto Rico Sales Tax Financing Corp., Restructured, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.55%, due 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2494189 |
| &nbsp;&nbsp;&nbsp;Series A-2 |  |  |
| &nbsp;&nbsp;&nbsp;4.329%, due 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10940000 | &nbsp;&nbsp;&nbsp;&nbsp; 10670671 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39645372 |
| **South Carolina 4.8% (3.1% of Managed Assets)** | **South Carolina 4.8% (3.1% of Managed Assets)** | **South Carolina 4.8% (3.1% of Managed Assets)** |
| South Carolina Public Service Authority, Santee Cooper, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series E, Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, due 12/1/52 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9186921 |
| Spartanburg Regional Health Services District Hospital, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 4/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5559146 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14746067 |
| **Texas 8.3% (5.4% of Managed Assets)** | **Texas 8.3% (5.4% of Managed Assets)** | **Texas 8.3% (5.4% of Managed Assets)** |
| City of Georgetown, Utility System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 8/15/52 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7831002 |
| Horizon Regional Municipal Utility District, Unlimited General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;Insured: BAM |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, due 2/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252956 |
| Tarrant County Cultural Education Facilities Finance Corp., Health Resources System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 11/15/52 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4344065 |
| Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC North Tarrant Express Project, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/31/58 (b)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10424281 |
| West Harris County Regional Water Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 12/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1701012 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25553316 |

---

---

| | |
|:---|:---|
| **10** | **NYLI MacKay DefinedTerm Muni Opportunities Fund** |

---

------

[**Table of Contents**](#job_nyli__d2397700-97b9-4e89-bdc3-bf55e1ea8b86_toc)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. Virgin Islands 5.0% (3.2% of Managed Assets)** | **U.S. Virgin Islands 5.0% (3.2% of Managed Assets)** | **U.S. Virgin Islands 5.0% (3.2% of Managed Assets)** |
| Matching Fund Special Purpose Securitization Corp., Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/30 | &nbsp;&nbsp;&nbsp;$1570000 | &nbsp;&nbsp;$1639105 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1570000 | &nbsp;&nbsp;&nbsp;&nbsp; 1659118 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4710000 | &nbsp;&nbsp;&nbsp;&nbsp; 4889979 |
| Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/29 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450615 |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2425477 |
| &nbsp;&nbsp;&nbsp;Series A, Insured: AG-CR |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2206456 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15270750 |
| **Utah 0.9% (0.6% of Managed Assets)** | **Utah 0.9% (0.6% of Managed Assets)** | **Utah 0.9% (0.6% of Managed Assets)** |
| City of Salt Lake City, Airport, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, due 7/1/53 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314586 |
| Military Installation Development Authority, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, due 6/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2329179 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2643765 |
| **Virginia 3.8% (2.5% of Managed Assets)** | **Virginia 3.8% (2.5% of Managed Assets)** | **Virginia 3.8% (2.5% of Managed Assets)** |
| Hampton Roads Transportation Accountability Commission, Roads Transportation Fund, Revenue Bonds, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, due 7/1/60 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10363463 |
| Virginia College Building Authority, Regent University Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335897 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11699360 |
| **West Virginia 3.0% (1.9% of Managed Assets)** | **West Virginia 3.0% (1.9% of Managed Assets)** | **West Virginia 3.0% (1.9% of Managed Assets)** |
| West Virginia Hospital Finance Authority, Vandalia Heath Group, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 9/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4770350 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **West Virginia** | **West Virginia** | **West Virginia** |
| West Virginia Hospital Finance Authority, Vandalia Heath Group, Revenue Bonds (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 9/1/48 | &nbsp;&nbsp;&nbsp;$4000000 | &nbsp;&nbsp;$4374792 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9145142 |
| **Wisconsin 3.3% (2.2% of Managed Assets)** | **Wisconsin 3.3% (2.2% of Managed Assets)** | **Wisconsin 3.3% (2.2% of Managed Assets)** |
| Public Finance Authority, CHF - Wilmington LLC, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Insured: AG |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1295000 | &nbsp;&nbsp;&nbsp;&nbsp; 1293039 |
| Public Finance Authority, Lindenwood Education System, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series B |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, due 6/1/27 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3015590 |
| Public Finance Authority, Ultimate Medical Academy Project, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, due 10/1/39 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5858637 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10167266 |
| Total Municipal Bonds<br> (Cost $453,705,195) |  | &nbsp;&nbsp;&nbsp;&nbsp;463408188 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** |  |
| **Short-Term Investment 0.5%** | **Short-Term Investment 0.5%** | **Short-Term Investment 0.5%** |
| **Unaffiliated Investment Company 0.5% (0.3% of Managed Assets)** | **Unaffiliated Investment Company 0.5% (0.3% of Managed Assets)** | **Unaffiliated Investment Company 0.5% (0.3% of Managed Assets)** |
| &nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management - Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;3.863% (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1604724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1604724 |
| Total Short-Term Investment<br> (Cost $1,604,724) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1604724 |
| Total Investments<br> (Cost $455,309,919) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150.8% | &nbsp;&nbsp;&nbsp;&nbsp;465012912 |
| Floating Rate Note Obligations (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52.1) | &nbsp;&nbsp;&nbsp;&nbsp;(160660000) |
| Other Assets, Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4105244 |
| Net Assets Applicable to Common Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$308458156 |

---

------

[**Table of Contents**](#job_nyli__d2397700-97b9-4e89-bdc3-bf55e1ea8b86_toc)

Portfolio of Investments November 30, 2025<sup>†</sup>(Unaudited) (continued)

† Percentages
indicated are based on Fund net assets applicable to Common shares.

(a) May be
sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.

(b) All or
portion of principal amount transferred to a Tender Option Bond ("TOB") Issuer in exchange for TOB Residuals and cash.

(c) Interest
on these securities is subject to alternative minimum tax.

(d) Step
coupon—Rate shown was the rate in effect as of November 30, 2025.

(e) Current
yield as of November 30, 2025.

(f) Face
 value of Floating Rate Notes issued in TOB transactions.

"Managed Assets" is defined as the Fund's total assets minus the sum of its accrued liabilities (other than Fund liabilities incurred for the purpose of creating effective leverage (i.e. tender option bonds) or Fund liabilities related to liquidation preference of any preferred shares issued), which was $471,235,917 as of November 30, 2025.

---

| |
|:---|
| Abbreviation(s): |
| AG—Assured Guaranty Ltd. |
| BAM—Build America Mutual Assurance Co. |
| CHF—Collegiate Housing Foundation |
| CR—Custodial Receipts |
| MTA—Metropolitan Transportation Authority |

---

The following is a summary of the fair valuations according to the inputs used as of November 30, 2025, for valuing the Fund's assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Quoted <br> Prices in<br> Active<br> Markets for<br> Identical<br> Assets<br> (Level 1)** | &nbsp;&nbsp;**Significant <br> Other<br> Observable<br> Inputs<br> (Level 2)** | &nbsp;&nbsp;**Significant <br> Unobservable<br> Inputs<br> (Level 3)** | &nbsp;&nbsp;**Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities (a) |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $463408188 | &nbsp;&nbsp;$— | &nbsp;&nbsp; $463408188 |
| Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investment Company | &nbsp;&nbsp;&nbsp;&nbsp; 1604724 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 1604724 |
| Total Investments in Securities | &nbsp;&nbsp;$1604724 | &nbsp;&nbsp;$463408188 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$465012912 |

---

(a) For
 a complete listing of investments and their industries, see the Portfolio of Investments.

The Fund holds liabilities in floating rate obligations, which are not reflected in the table above. The fair value of the Fund's liability for floating rate obligations approximate their liquidation values. Floating rate obligations are generally classified as Level 2 and further described later in the Notes to Financial Statements (See Note 2(G)).

---

| | |
|:---|:---|
| **12** | **NYLI MacKay DefinedTerm Muni Opportunities Fund** |

---

------

[**Table of Contents**](#job_nyli__d2397700-97b9-4e89-bdc3-bf55e1ea8b86_toc)

Statement of Assets and Liabilities as of November 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets** | **Assets** |
| Investment in securities, at value<br> (identified cost $455,309,919) | $465012912 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;7713177 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;472730223 |
| **Liabilities** | **Liabilities** |
| Payable for Floating Rate Note Obligations | &nbsp;&nbsp;160660000 |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209095 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125182 |
| &nbsp;&nbsp;&nbsp;Transfer agent | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10296 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5145 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16747 |
| Interest expense and fees payable | &nbsp;&nbsp;&nbsp;&nbsp;2117761 |
| Common share dividend payable | &nbsp;&nbsp;&nbsp;&nbsp;1126767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;164272067 |
| Net assets applicable to Common shares | $308458156 |
| Common shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;18779453 |
| Net asset value per Common share (Net assets applicable to Common shares divided by Common shares outstanding) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.43 |
| **Net Assets Applicable to Common Shares Consist of** | **Net Assets Applicable to Common Shares Consist of** |
| Common shares, $0.001 par value per share, unlimited number of shares authorized | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18779 |
| Additional paid-in-capital | &nbsp;&nbsp;385958405 |
|  | &nbsp;&nbsp;385977184 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;(77519028) |
| Net assets applicable to Common shares | $308458156 |

---

#### The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

#### 13

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[**Table of Contents**](#job_nyli__d2397700-97b9-4e89-bdc3-bf55e1ea8b86_toc)

Statement of Operations for the six months ended November 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income** |  |
| &nbsp;&nbsp;&nbsp;Interest | $11618204 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;1406329 |
| &nbsp;&nbsp;&nbsp;Interest expense and fees | &nbsp;&nbsp;&nbsp;&nbsp;2648441 |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136803 |
| &nbsp;&nbsp;&nbsp;Shareholder communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29539 |
| &nbsp;&nbsp;&nbsp;Transfer agent | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17598 |
| &nbsp;&nbsp;&nbsp;Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14222 |
| &nbsp;&nbsp;&nbsp;Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4073 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before waiver/reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;4297947 |
| &nbsp;&nbsp;&nbsp;Expense waiver/reimbursement from Manager (See Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;(140633) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;4157314 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;7460890 |
| **Realized and Unrealized Gain (Loss)** | **Realized and Unrealized Gain (Loss)** |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;(1675861) |
| Net change in unrealized appreciation (depreciation)<br> on investments | &nbsp;&nbsp;13790688 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;12114827 |
| Net increase (decrease) in net assets to Common shares<br> resulting from operations | $19575717 |

---

#### The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

---

| | |
|:---|:---|
| **14** | **NYLI MacKay DefinedTerm Muni Opportunities Fund** |

---

------

[**Table of Contents**](#job_nyli__d2397700-97b9-4e89-bdc3-bf55e1ea8b86_toc)

Statements of Changes in Net Assets<br> for the six months ended November 30, 2025 (Unaudited) and the year ended May 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Six months<br> ended<br> November 30,<br> 2025** | &nbsp;&nbsp;**Year <br> ended<br> May 31,<br> 2025** |
| **Increase (Decrease) in Net Assets Applicable to Common Shares** | **Increase (Decrease) in Net Assets Applicable to Common Shares** | **Increase (Decrease) in Net Assets Applicable to Common Shares** |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;$7460890 | &nbsp;&nbsp;$14367039 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(1675861) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3974087 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;13790688 | &nbsp;&nbsp;&nbsp;&nbsp;(17479783) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets applicable to Common shares resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;19575717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861343 |
| Distributions to Common shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(6760603) | &nbsp;&nbsp;&nbsp;&nbsp;(15544623) |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(720785) |
| &nbsp;&nbsp;&nbsp;Total distributions to Common shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(6760603) | &nbsp;&nbsp;&nbsp;&nbsp;(16265408) |
| &nbsp;&nbsp;&nbsp;Cost of shares repurchased and retired through tender offer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(154509566) |
| Net increase (decrease) in net assets applicable to Common shares | &nbsp;&nbsp;&nbsp;&nbsp;12815114 | &nbsp;&nbsp;&nbsp;&nbsp;(169913631) |
| **Net Assets Applicable to Common Shares** | **Net Assets Applicable to Common Shares** | **Net Assets Applicable to Common Shares** |
| Beginning of period | &nbsp;&nbsp;295643042 | &nbsp;&nbsp;&nbsp;&nbsp;465556673 |
| End of period | $308458156 | &nbsp;&nbsp;$295643042 |

---

#### 15

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[**Table of Contents**](#job_nyli__d2397700-97b9-4e89-bdc3-bf55e1ea8b86_toc)

Statement of Cash Flows<br> for the six-month period ended November 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Cash Flows From (Used in) Operating Activities:** | **Cash Flows From (Used in) Operating Activities:** |
| Net increase (decrease) in net assets resulting applicable to Common shares resulting from operations | $19575717 |
| Adjustments to reconcile net increase (decrease) in net assets applicable to Common shares from operations to net cash from (used in) operating activities |  |
| &nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;(34149290) |
| &nbsp;&nbsp;&nbsp;Investments sold and maturities of investments | &nbsp;&nbsp;&nbsp;44308429 |
| &nbsp;&nbsp;&nbsp;Amortization (accretion) of discount and premium, net | &nbsp;&nbsp;&nbsp;&nbsp;5142515 |
| &nbsp;&nbsp;&nbsp;Increase in interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(327689) |
| &nbsp;&nbsp;&nbsp;Decrease in other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21984 |
| &nbsp;&nbsp;&nbsp;Decrease in investment securities purchased payable | &nbsp;&nbsp;&nbsp;&nbsp;(3115140) |
| &nbsp;&nbsp;&nbsp;Decrease in professional fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30973) |
| &nbsp;&nbsp;&nbsp;Decrease in custodian payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3110) |
| &nbsp;&nbsp;&nbsp;Increase in shareholder communication payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692 |
| &nbsp;&nbsp;&nbsp;Increase in due to trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277 |
| &nbsp;&nbsp;&nbsp;Decrease in due to manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7522) |
| &nbsp;&nbsp;&nbsp;Decrease in due to transfer agent | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2808) |
| &nbsp;&nbsp;&nbsp;Increase in accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16416 |
| &nbsp;&nbsp;&nbsp;Increase in interest expense and fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70932 |
| &nbsp;&nbsp;&nbsp;Net realized loss from investments | &nbsp;&nbsp;&nbsp;&nbsp;1675861 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | &nbsp;&nbsp;(13790688) |
| Net cash from (used in) operating activities | &nbsp;&nbsp;&nbsp;19385603 |
| **Cash Flows From (Used in) Financing Activities:** | **Cash Flows From (Used in) Financing Activities:** |
| Proceeds from floating rate note obligations | &nbsp;&nbsp;&nbsp;11000000 |
| Payments on floating rate note obligations | &nbsp;&nbsp;(23625000) |
| Cash distributions paid, net of change in Common share dividend payable | &nbsp;&nbsp;&nbsp;&nbsp;(6760603) |
| Net cash used in financing activities | &nbsp;&nbsp;(19385603) |
| Net increase in cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash at end of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

#### The notes to the financial statements are an integral part of, and should be read in conjunction with, the financial statements.

---

| | |
|:---|:---|
| **16** | **NYLI MacKay DefinedTerm Muni Opportunities Fund** |

---

------

[**Table of Contents**](#job_nyli__d2397700-97b9-4e89-bdc3-bf55e1ea8b86_toc)

Financial Highlights selected per share data and ratios

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six months<br> ended<br> November 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended May 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended May 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended May 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended May 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended May 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025 <sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at beginning of period applicable to Common shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total dividends and distributions to Common shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value at end of period applicable to Common shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market price at end of period applicable to Common shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return on market price (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.19)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.16)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13.62)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment return on net asset value (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.41)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.49)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.68)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratios (to average net assets of Common shareholders)/<br> Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses (including interest expense and fees) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses (before waiver/reimbursement) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense and fees (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76%†† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to Common shareholders at end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$308458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$295643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$465557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$473941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$508811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$590652 |

---

---

| | |
|:---|:---|
| \* | Unaudited. |
| †† | Annualized. |
| (a) | Total investment return on market price is calculated assuming a purchase of a Common share at the market price on the first day and a sale on the last day business day of each month. Dividends and distributions are assumed to be reinvested at prices obtained under the Fund's dividend reinvestment plan. Total investment return on net asset value reflects the changes in net asset value during each period and assumes the reinvestment of dividends and distributions at net asset value on the last business day of each month. This percentage may be different from the total investment return on market price, due to differences between the market price and the net asset value. For periods less than one year, total investment return is not annualized. |
| (b) | Interest expense and fees relate to the costs of tender option bond transactions (See Note 2(G)) and the issuance of fixed rate municipal term preferred shares, where applicable, for the six months ended November 30, 2025 and for years ended May 31, 2025, 2024, 2023, 2022 and 2021, respectively. |
| (c) | The portfolio turnover rate includes variable rate demand notes. |

---

#### 17

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Notes to Financial Statements (Unaudited)

#### Note 1-Organization and Business
NYLI MacKay DefinedTerm Muni Opportunities Fund (the "Fund") was organized as a Delaware statutory trust on April 20, 2011, pursuant to an agreement and declaration of trust, which was most recently amended and restated on December 3, 2024 ("Declaration of Trust''). The Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a "diversified", closed-end management investment company, as those terms are defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time. The Fund first offered Common shares through an initial public offering on June 26, 2012.

Pursuant to the terms of the Declaration of Trust, the Fund will commence the process of liquidation and dissolution at the close of business on December 31, 2036, the Termination Date, unless otherwise extended by a majority of the Board. During the six-month period preceding the Termination Date or Extended Termination Date (as defined below), the Board may, without shareholder approval unless such approval is required by the 1940 Act, cause the Fund to (i) merge or consolidate the Fund so long as the surviving or resulting entity is an open-end registered investment company, as defined by the 1940 Act, or is a series thereof, that is managed by the same investment adviser which serves as the investment adviser to the Fund at that time or is an affiliate of such investment adviser; or (ii) convert the Fund from a closed-end company into an open-end registered investment company. Upon liquidation and termination of the Fund, shareholders will receive an amount equal to the Fund's NAV at that time, which may be greater or less than the price at which Common shares were issued. The Fund's investment objectives and policies are not designed to return to investors who purchased Common shares in the initial offering of such shares their initial investment on the Termination Date and such initial investors may receive more or less than their original investment upon termination.

Prior to the commencement of the six-month period preceding the Termination Date, a majority of the Board may approve an extension of the dissolution date of the Fund to a date after the Termination Date for a period of not more than two years or such shorter time as may be determined (the "Extended Termination Date"), upon a determination that taking such actions as described in (i) or (ii) above would not, given prevailing market conditions, be in the best interests of the Fund's shareholders. The Termination Date may be extended one or more times by the Board prior to the first business day of the sixth month before the next occurring Extended Termination Date.

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.

#### Note 2–Significant Accounting Policies
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification *Topic 946 Financial Services—Investment Companies.* The Fund prepares its financial statements in accordance with generally accepted accounting principles ("GAAP") in the United States of America and follows the significant accounting policies described below.

(A) Securities Valuation. Investments are usually valued as of the close of regular trading on the Exchange (usually 4:00 p.m. Eastern time) on each day the Fund is open for business ("valuation date").

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated New York Life Investment Management LLC ("New York Life Investments" or the "Manager") as its Valuation Designee (the "Valuation Designee"). The Valuation Designee is responsible for performing fair valuations relating to all investments in the Fund's portfolio for which market quotations are not readily available; periodically assessing and managing material valuation risks; establishing and applying fair value methodologies; testing fair valuation methodologies; evaluating and overseeing pricing services; ensuring appropriate segregation of valuation and portfolio management functions; providing quarterly, annual and prompt reporting to the Board, as appropriate; identifying potential conflicts of interest; and maintaining appropriate records. The Valuation Designee has established a valuation committee ("Valuation Committee") to assist in carrying out the Valuation Designee's responsibilities and establish prices of securities for which market quotations are not readily available. The Fund's and the Valuation Designee's policies and procedures ("Valuation Procedures") govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value the Fund's portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services and other third-party sources. The Valuation Committee meets (in person, via electronic mail or via teleconference) on an ad-hoc basis to determine fair valuations and on a quarterly basis to review fair value events with respect to certain securities for which market quotations are not readily available, including valuation risks and back-testing results, and to preview reports to the Board.

The Valuation Committee establishes prices of securities for which market quotations are not readily available based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. The Board shall oversee the Valuation Designee and review fair valuation materials on a prompt, quarterly and annual basis and approve proposed revisions to the Valuation Procedures.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to the Valuation Procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical

18 NYLI MacKay DefinedTerm Muni Opportunities Fund

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investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. "Fair value" is defined as the price the Fund would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy that maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. "Inputs" refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodologies used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices
(unadjusted) in active markets for an identical asset or liability

• Level 2—other
significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant
unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. The aggregate value by input level of the Fund's assets and liabilities as of November 30, 2025, is included at the end of the Portfolio of Investments.

The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

---

| | |
|:---|:---|
| • Benchmark yields | &nbsp;&nbsp;• Reported trades |
| • Broker/dealer quotes | &nbsp;&nbsp;• Issuer spreads |
| • Two-sided markets | &nbsp;&nbsp;• Benchmark securities |
| • Bids/offers | &nbsp;&nbsp;• Reference data (corporate actions or material event notices) |
| • Industry and economic events | &nbsp;&nbsp;• Comparable bonds |
| • Monthly payment information |  |

---

An asset or liability for which a market quotation is not readily available is valued by methods deemed reasonable in good faith by the Valuation Committee, following the Valuation Procedures to represent fair value. Under these procedures, the Valuation Designee generally uses a

market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Valuation Designee may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined for other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security's sale on the valuation date in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended November 30, 2025, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended or otherwise does not have a readily available market quotation on a given day; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security subject to trading collars for which no or limited trading takes place; and (vi) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 2 or 3 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs at the close of business each day on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Municipal debt securities are valued at the evaluated mean prices supplied by a pricing agent or broker selected by the Valuation Designee, in consultation with the Subadvisor. The evaluations are market-based measurements processed through a pricing application and represents the pricing agent's good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules-based logic utilizes valuation techniques that reflect participants' assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Valuation Designee, in consultation with the Subadvisor, to be representative of market values, at the regular close of trading of the Exchange on each valuation date. Municipal debt securities purchased on a delayed delivery basis are

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Notes to Financial Statements (Unaudited) (continued)

marked to market daily until settlement at the forward settlement date. Municipal debt securities are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The Valuation Procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B) Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Fund within the allowable time limits.

The Manager evaluates the Fund's tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is "more likely than not" to be sustained assuming examination by taxing authorities. The Manager analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Fund's financial statements. The Fund's federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C) Dividends and Distributions to Common Shareholders. Dividends and distributions are recorded on the ex-dividend date. The Fund intends to declare dividends from net investment income at least monthly and declares and pays distributions from net realized capital gains, if any, at least annually. Dividends and distributions are determined in accordance with federal income tax regulations and may differ from determinations using GAAP. For information on the Fund's dividend reinvestment plan, please see page 25.

(D) Security Transactions and Investment Income. The Fund records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Interest income is accrued as earned using the effective interest rate method. Discounts and premiums on securities purchased by the Fund, other than temporary cash investments that mature in 60 days or less at the time of purchase, are accreted and amortized, respectively, using the effective interest rate method.

The Fund may place a debt security on non-accrual status and reduce related interest income by ceasing current accruals and writing off all or a

portion of any interest receivables when the collection of all or a portion of such interest has become doubtful. A debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

(E) Expenses. The expenses borne by the Fund, including those of related parties to the Fund, are shown in the Statement of Operations. Certain expenses of the Fund are allocated in proportion to other funds within the New York Life Investments Group of Funds.

Additionally, the Fund may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Statement of Operations or in the expense ratios included in the Financial Highlights.

(F) Use of Estimates. In preparing financial statements in conformity with GAAP, the Manager makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

(G) Segment Reporting. The NYLI Disclosure Committee (the "Committee") acts as the Fund's chief operating decision maker, assessing performance and making decisions about resource allocation. The Committee has determined that the Fund has a single operating segment based on the fact that the Committee monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the Committee is consistent with that presented in the Fund's Portfolio of Investments, Statement of Changes in Net Assets and Financial Highlights.

(H) Tender Option Bonds. The Fund may leverage its assets through the use of proceeds received from tender option bond ("TOB") transactions. In a TOB transaction, a tender option bond trust (a "TOB Issuer") is typically established, which forms a special purpose trust into which the Fund, or an agent on behalf of the Fund, transfers municipal bonds or other municipal securities ("Underlying Securities"). A TOB Issuer typically issues two classes of beneficial interests: short-term floating rate notes ("TOB Floaters") with a fixed principal amount representing a senior interest in the Underlying Securities, and which are sold to third party investors, and residual interest municipal tender option bonds ("TOB Residuals") representing a subordinate interest in the Underlying Securities, and which are generally issued to the Fund. The interest rate on the TOB Floaters resets periodically, usually weekly, to a prevailing market rate, and holders of the TOB Floaters are granted the option to tender their TOB Floaters back to the TOB Issuer for repurchase at their principal amount plus accrued interest thereon periodically, usually daily or weekly. The Fund may invest in both TOB Floaters and TOB Residuals. The Fund may not invest more than 5% of its Managed

20 NYLI MacKay DefinedTerm Muni Opportunities Fund

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Assets (as defined in Note 3(A)) in any single TOB Issuer. The Fund may invest in both TOB Floaters and TOB Residuals issued by the same TOB Issuer.

Typically, a fund serves as the sponsor of the TOB issuer ("Fund-sponsored TOB"). Under this structure, a fund establishes, structures and "sponsors" the TOB Issuer in which it holds TOB Residuals. The Fund uses this or a similar structure for any TOB in which it invests. In connection with Fund-sponsored TOBs, the fund sponsoring the Fund-sponsored TOB ("Fund Sponsor") may contract with a third-party to perform some or all of the Fund Sponsor's duties as sponsor. Regardless of whether the Fund Sponsor delegates any of its sponsorship duties to a third party, the Fund Sponsor's expanded role under the Fund-sponsored TOB structure may increase the Fund Sponsor's operational and regulatory risk. If the third-party is unable to perform its obligations as an administrative agent, the Fund Sponsor itself would be subject to such obligations or would need to secure a replacement agent. The obligations that the Fund Sponsor may be required to undertake could include reporting and recordkeeping obligations under the Internal Revenue Code and federal securities laws and contractual obligations with other TOB service providers. The Fund may serve as a Fund Sponsor to a Fund-sponsored TOB. If the Fund serves as a Fund Sponsor, it would be subject to the obligations discussed above and the risks attendant to such obligations.

Under the Fund-sponsored TOB structure, the TOB Issuer receives Underlying Securities from the Fund through (or as) the Fund Sponsor and then issues TOB Floaters to third party investors and TOB Residuals to the Fund. The Fund is paid the cash (less transaction expenses, which are borne by the Fund) received by the TOB Issuer from the sale of TOB Floaters and typically will invest the cash in additional municipal bonds or other investments permitted by its investment policies. TOB Floaters may have first priority on the cash flow from the securities held by the TOB Issuer and are enhanced with a liquidity support arrangement from a bank or an affiliate of the sponsor (the "liquidity provider"), which allows holders to tender their position back to the TOB Issuer at par (plus accrued interest). The Fund, in addition to receiving cash from the sale of TOB Floaters, also receives TOB Residuals. TOB Residuals provide the Fund with the right to (1) cause the holders of TOB Floaters to tender their notes to the TOB Issuer at par (plus accrued interest), and (2) acquire the Underlying Securities from the TOB Issuer. In addition, all voting rights and decisions to be made with respect to any other rights relating to the Underlying Securities deposited in the TOB Issuer are passed through to the Fund, as the holder of TOB Residuals. Such a transaction, in effect, creates exposure for the Fund to the entire return of the Underlying Securities deposited in the TOB Issuer, with a net cash investment by the Fund that is less than the value of the Underlying Securities deposited in the TOB Issuer. This multiplies the positive or negative impact of the Underlying Securities' return within the Fund (thereby creating leverage). Income received from TOB Residuals will vary inversely with the short-term rate paid to holders of TOB Floaters and in most circumstances, TOB Residuals represent substantially all of the Underlying Securities' downside investment risk and also benefits disproportionately

from any potential appreciation of the Underlying Securities' value. The amount of such increase or decrease is a function, in part, of the amount of TOB Floaters sold by the TOB Issuer of these securities relative to the amount of TOB Residuals that it sells. The greater the amount of TOB Floaters sold relative to TOB Residuals, the more volatile the income paid on TOB Residuals will be. The price of TOB Residuals will be more volatile than that of the Underlying Securities because the interest rate is dependent on not only the fixed coupon rate of the Underlying Securities, but also on the short-term interest rate paid on TOB Floaters.

For TOB Floaters, generally, the interest rate earned will be based upon the market rates for municipal securities with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option, which may vary from weekly, to monthly, to extended periods of one year or multiple years. Since the option feature has a shorter term than the final maturity or first call date of the Underlying Securities deposited in the TOB Issuer, the Fund, if it is the holder of the TOB Floaters, relies upon the terms of the agreement with the financial institution furnishing the option as well as the credit strength of that institution. As further assurance of liquidity, the terms of the TOB Issuer provide for a liquidation of the Underlying Security deposited in the TOB Issuer and the application of the proceeds to pay off the TOB Floaters.

The TOB Issuer may be terminated without the consent of the Fund upon the occurrence of certain events, such as the bankruptcy or default of the issuer of the Underlying Securities deposited in the TOB Issuer, a substantial downgrade in the credit quality of the issuer of the securities deposited in the TOB Issuer, the inability of the TOB Issuer to obtain liquidity support for the TOB Floaters, a substantial decline in the market value of the Underlying Securities deposited in the TOB Issuer, or the inability of the sponsor to remarket any TOB Floaters tendered to it by holders of the TOB Floaters. In such an event, the TOB Floaters would be redeemed by the TOB Issuer at par (plus accrued interest) out of the proceeds from a sale of the Underlying Securities deposited in the TOB Issuer. If this happens, the Fund would be entitled to the assets of the TOB Issuer, if any, that remain after the TOB Floaters have been redeemed at par (plus accrued interest). If there are insufficient proceeds from the sale of these Underlying Securities to redeem all of the TOB Floaters at par (plus accrued interest), the liquidity provider or holders of the TOB Floaters would bear the losses on those securities and there would be no recourse to the Fund's assets (unless the Fund held a recourse TOB Residual).

To the extent that the remarketing agent and/or the liquidity provider is a banking entity, the TOB may face heightened liquidity risks due to restrictions applicable to banking entities under the Volcker Rule. The Volcker Rule generally prohibits banking entities from engaging in proprietary trading or from acquiring or retaining an ownership interest in, or sponsoring, a hedge fund or private equity fund (a "Covered Fund"). TOB Issuers are often structured as a Covered Fund, and therefore, a banking entity that is a remarketing agent would not be able to repurchase tendered TOB Floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Issuer to

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Notes to Financial Statements (Unaudited) (continued)

purchase the tendered TOB Floaters. The TOB Issuer, not the Fund Sponsor or the Fund, would be the borrower and the loan from the liquidity provider will be secured by the purchased TOB Floaters now held by the TOB Issuer. However, the Fund Sponsor and the Fund would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider. If a TOB Issuer in which the Fund invests experiences adverse events in connection with a failed remarketing of TOB Floaters or a liquidity shortfall, the Fund would experience a loss.

For financial reporting purposes, Underlying Securities that are deposited into a TOB Issuer are treated as investments of the Fund, and are presented in the Fund's Portfolio of Investments. Outstanding TOB Floaters issued by a TOB Issuer are presented as a liability at their face value as "Payable for Floating Rate Note Obligations" in the Fund's Statement of Assets and Liabilities. The face value of the TOB Floaters approximates their fair value of the floating rate notes. Interest income from the Underlying Securities are recorded by the Fund on an accrual basis. Interest expense incurred on the TOB Floaters and other expenses related to remarketing, administration and trustee services to a TOB Issuer are recognized as a component of "Interest expense and fees" in the Statement of Operations.

At November 30, 2025, the aggregate value of the Underlying Securities transferred to the TOB Issuer and the related liability for TOB Floaters were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Underlying <br> Securities Transferred<br> to TOB Issuers** | &nbsp;&nbsp;**Liability for<br> Floating Rate Note<br> Obligations** |
| &nbsp;&nbsp;$218669469 | &nbsp;&nbsp;$160660000 |

---

During the six-month period ended November 30, 2025, the Fund's average TOB Floaters outstanding and the daily weighted average interest rate, including fees, were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Average <br> Floating Rate Note<br> Obligations Outstanding** | &nbsp;&nbsp;**Daily Weighted<br> Average<br> Interest Rate** |
| &nbsp;&nbsp;$162780328 | &nbsp;&nbsp;1.63% |

---

(I) Statement of Cash Flows. The cash amount shown in the Fund's Statement of Cash Flows is the amount included in the Fund's Statement of Assets and Liabilities and represents the cash on hand at its custodian and restricted cash, if any, as of November 30, 2025.

(J) Municipal Bond Risk. The Fund may invest more heavily in municipal bonds from certain cities, states, territories or regions than others, which may increase the Fund's exposure to losses resulting from economic, political, regulatory occurrences, or declines in tax revenue impacting these particular cities, states, territories or regions. In addition, many state and municipal governments that issue securities are under significant economic and financial stress and may not be able to satisfy their obligations, and these events may be made worse in an adverse economic environment. The Fund may invest a substantial amount of its assets in municipal bonds whose interest is paid solely from revenues of

similar projects, such as tobacco settlement bonds. If the Fund concentrates its investments in this manner, it assumes the legal and economic risks relating to such projects and this may have a significant impact on the Fund's investment performance.

The Fund maintains exposures to the Commonwealth of Puerto Rico ("Puerto Rico") as of November 30, 2025, that represent 12.9% of the Fund's net assets, of which 25.0% are insured. Certain issuers in which the Fund may invest have experienced significant financial difficulties and the continuation or reoccurrence of these difficulties may impair their ability to service debt.

Despite significant challenges stemming from public health emergencies and natural disasters, including but not limited to hurricanes and earthquakes, Federal relief funding has aided Puerto Rico's economy. However, there is no guarantee that Puerto Rico will be able to continue to utilize remaining federal disaster recovery funding given, for example, labor and project management challenges. Puerto Rico also faces longer term declining demographic trends, which could impair the ability for the territory to service its municipal debt obligations.

(K) Indemnifications. Under the Fund's organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that may provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Manager believes that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Fund.

#### Note 3–Fees and Related Party Transactions
(A) Manager and Subadvisor. New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life Insurance Company ("New York Life"), serves as the Fund's Manager, pursuant to an Amended and Restated Management Agreement ("Management Agreement"). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Fund. Except for the portion of salaries and expenses that are the responsibility of the Fund, the Manager pays the salaries and expenses of all personnel affiliated with the Fund and certain operational expenses of the Fund. The Fund reimburses New York Life Investments in an amount equal to the portion of the compensation of the Chief Compliance Officer attributable to the Fund. MacKay Shields LLC ("MacKay Shields" or the "Subadvisor"), a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life, serves as the Subadvisor to the Fund and is responsible for the day-to-day portfolio management of the Fund. Pursuant to the terms of a Subadvisory Agreement ("Subadvisory Agreement") between

22 NYLI MacKay DefinedTerm Muni Opportunities Fund

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New York Life Investments and MacKay Shields, New York Life Investments pays for the services of the Subadvisor.

Under the Management Agreement, the Fund pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of 0.60% of the "Managed Assets". Managed Assets is defined as the Fund's total assets, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the purpose of creating effective leverage (i.e. tender option bonds) or Fund liabilities related to liquidation preference of any Preferred shares issued).

New York Life Investments has agreed to voluntarily waive 0.06% of the Fund's management fee for a one-year period from December 31, 2024, until December 31, 2025. As a result of the waiver, the Fund's net management fee, which is applied to Managed Assets, will be reduced from 0.60% to 0.54% for the period.

During the six-month period ended November 30, 2025, New York Life Investments earned fees from the Fund in the amount of $1,406,329 and paid the Subadvisor in the amount of $632,848.

JPMorgan Chase Bank, N.A. ("JPMorgan") provides sub-administration and sub-accounting services to the Fund pursuant to an agreement with New York Life Investments. These services include calculating the daily NAV of the Fund, maintaining the general ledger and sub-ledger accounts for the calculation of the Fund's NAV, and assisting New York Life Investments in conducting various aspects of the Fund's administrative operations. For providing these services to the Fund, JPMorgan is compensated by New York Life Investments.

Pursuant to an agreement between the Fund and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Fund. The Fund will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Fund.

(B) Transfer, Dividend Disbursing and Shareholder Servicing Agent. Computershare Trust Company, N.A. ("Computershare"), P.O. Box 43078, Providence, RI 02940-3078, is the Fund's transfer, dividend disbursing and shareholder servicing agent pursuant to an agreement between the Fund and Computershare.

#### Note 4-Federal Income Tax
As of November 30, 2025, the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax<br> Cost** | **Gross <br> Unrealized<br> Appreciation** | **Gross <br> Unrealized<br> (Depreciation)** | **Net <br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Investments in Securities | $294452321 | $10957163 | $(1254560) | $9702603 |

---

As of May 31, 2025, for federal income tax purposes, capital loss carryforwards of $76,690,372, as shown in the table below, were available to the extent provided by the regulations to offset future realized gains of the Fund. Accordingly, no capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such amounts.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Capital Loss<br> Available Through** | &nbsp;&nbsp;**Short-Term <br> Capital Loss<br> Amounts (000's)** | &nbsp;&nbsp;**Long-Term <br> Capital Loss<br> Amounts (000's)** |
| &nbsp;&nbsp;Unlimited | &nbsp;&nbsp;$43722 | &nbsp;&nbsp;$32968 |

---

During the year ended May 31, 2025 the tax character of distributions paid to Common shareholders (as reflected in the Statements of Changes in Net Assets) was as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**2025** |
| Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;$359415 |
| &nbsp;&nbsp;&nbsp;Return of Capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720785 |
| &nbsp;&nbsp;&nbsp;Exempt Interest Dividends | &nbsp;&nbsp;&nbsp;&nbsp;15185208 |
| Total | &nbsp;&nbsp;$16265408 |

---

#### Note 5–Custodian
JPMorgan is the custodian of cash and securities held by the Fund. Custodial fees are charged to the Fund based on the Fund's net assets and the market value of securities held by the Fund and the number of certain transactions incurred by the Fund.

#### Note 6–Purchases and Sales of Securities (in 000's)
During the six-month period ended November 30, 2025, purchases and sales of securities, other than short-term securities, were $34,149 and $44,308, respectively.

#### Note 7–Capital Share Transactions
During the six-month period ended November 30, 2025, there were no capital share transactions. Transactions in capital shares for the year ended May 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Year ended May 31, 2025: |  |  |
| Shares repurchased and retired through<br> tender offer<sup>(a)</sup> | &nbsp;&nbsp;(9147341) | &nbsp;&nbsp;$(154509566) |

---

(a) Tender
 offer price on expiration date November 14, 2024, was $16.89 per Common share and represented approximately 32.8% of the Fund's Common shares outstanding.

#### Note 8–Recent Accounting Pronouncement
In December 2023, the FASB issued Accounting Standard Update No. 2023-09, Income Taxes (ASC 740) Improvements to Income Tax Disclosures ("ASU 2023-09"). The primary purpose of the amendments

------

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Notes to Financial Statements (Unaudited) (continued)

within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by: federal, state, foreign, and jurisdiction (when income taxes paid is equal to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for public business entities beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be applied on a prospective basis. Retrospective application is permitted. Management is currently assessing the impact this standard will have on the financial statements as well as the method by which we will adopt the new standard. It does not expect the guidance to have a material impact on the Fund.

#### Note 9–Subsequent Events
In connection with the preparation of the financial statements of the Fund for the six-month period ended November 30, 2025, events and transactions subsequent to November 30, 2025, through the date the financial statements were issued have been evaluated by the Manager for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified, other than the following:

On October 1, 2025, the Fund declared a dividend in the amount of $0.06 per Common share, payable on January 2, 2026, to shareholders of record on December 15, 2025.

On January 2, 2026, the Fund declared dividends to Common shareholders for the upcoming quarter as shown in the following schedule:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Month** | &nbsp;&nbsp;**Ex-Date** | &nbsp;&nbsp;**Record Date** | &nbsp;&nbsp;**Payable Date** | &nbsp;&nbsp;**Amount** |
| January | &nbsp;&nbsp;1/15/2026 | &nbsp;&nbsp;1/15/2026 | &nbsp;&nbsp;2/2/2026 | &nbsp;&nbsp;$0.065 |
| February | &nbsp;&nbsp;2/13/2026 | &nbsp;&nbsp;2/13/2026 | &nbsp;&nbsp;3/2/2026 | &nbsp;&nbsp;$0.065 |
| March | &nbsp;&nbsp;3/16/2026 | &nbsp;&nbsp;3/16/2026 | &nbsp;&nbsp;4/1/2026 | &nbsp;&nbsp;$0.065 |

---

24 NYLI MacKay DefinedTerm Muni Opportunities Fund

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Dividend Reinvestment Plan (Unaudited)

Pursuant to the Fund's Dividend Reinvestment Plan (the "Plan") shareholders whose shares are registered in their own name may "opt-in" to the Plan and elect to reinvest all or a portion of their distributions in the Common shares by providing the required enrollment notice to Computershare Trust Company, N.A., the Plan Administrator ("Plan Administrator"). Shareholders whose shares are held in the name of a broker or other nominee may have distributions reinvested only if such a service is provided by the broker or the nominee or if the broker or the nominee permits participation in the Plan. Shareholders whose shares are held in the name of a broker or other nominee should contact the broker or nominee for details. A shareholder may terminate participation in the Plan at any time by notifying the Plan Administrator before the record date of the next distribution through the Internet, by telephone or in writing. All distributions to shareholders who do not participate in the Plan, or have elected to terminate their participation in the Plan, will be paid by check mailed directly to the record holder by or under the direction of the Plan Administrator when the Fund declares a distribution.

When the Fund declares a dividend or other distribution (together, a "Dividend") payable in cash, non-participants in the Plan will receive cash and participants in the Plan (i.e., those holders of Common shares who ("opt-in") will receive the equivalent in Common shares. The Common shares will be acquired by the Plan Administrator for the participants' accounts, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized Common shares from the Fund ("Newly Issued Common Shares") or (ii) by purchase of outstanding Common shares on the open market ("Open-Market Purchases") on the NYSE or elsewhere. If, on the payment date for any Dividend, the closing market price per Common share plus estimated per share fees, which include any brokerage commissions the Plan Administrator is required to pay, is equal to or greater than the NAV per Common share, the Plan Administrator will invest the Dividend amount in Newly Issued Common shares on behalf of the participants. The number of Newly Issued Common Shares to be credited to each participant's account will be determined by dividing the dollar amount of the Dividend by the NAV per Common share on the payment date; provided that, if the NAV is less or equal to 95% of the closing market value on the payment date, the dollar amount of the Dividend will be divided by 95% of the closing market price per Common share on the payment date. If, on the payment date for any Dividend, the NAV per Common share is greater than the closing market value plus estimated per share fees, the Plan Administrator will invest the Dividend amount in Common shares acquired on behalf of the participants in Open-Market Purchases. In the event of a market discount on the payment date for any Dividend, the Plan Administrator will have until the last business day before the next date on which the Common shares trade on an "ex-dividend" basis or 30 days after the payment date for such Dividend, whichever is sooner (the "Last Purchase Date"), to invest the Dividend amount in Common shares acquired in Open-Market Purchases. It is contemplated that the Fund will pay monthly income Dividends. Therefore, the period during which Open-Market Purchases can be made will exist only from the payment date of each Dividend through the date before the next "ex-dividend" date which typically will be approximately ten days. If, before the Plan Administrator has completed its Open-Market Purchases, the market price per Common share exceeds the NAV per Common shares, the average per Common share purchase price paid by the Plan

Administrator may exceed the NAV of the Common shares, resulting in the acquisition of fewer Common shares than if the Dividend had been paid in Newly Issued Common Shares on the Dividend payment date. Because of the foregoing difficulty with respect to Open-Market Purchases, the Plan provides that if the Plan Administrator is unable to invest the full Dividend amount in Open-Market Purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Administrator may cease making Open-Market Purchases and may invest the uninvested portion of the Dividend amount in Newly Issued Common Shares at the NAV per Common share at the close of business on the Last Purchase Date provided that, if the NAV per Common share is less than or equal to 95% of the then current market price per Common share; the dollar amount of the Dividend will be divided by 95% of the market price per Common share on the payment date.

The Plan Administrator maintains all shareholders' accounts in the Plan and furnishes written confirmation of all transactions in the accounts, including information needed by shareholders for tax records. Common shares in the account of each Plan participant will be held by the Plan Administrator on behalf of the Plan participant, and each shareholder proxy will include those shares purchased or received pursuant to the Plan. The Plan Administrator will forward all proxy solicitation materials to participants and vote proxies for shares held under the Plan in accordance with the instructions of the participants.

In the case of shareholders such as banks, brokers or nominees which hold shares for others who are the beneficial owners, the Plan Administrator will administer the Plan on the basis of the number of Common shares certified from time to time by the record shareholder's name and held for the account of beneficial owners who participate in the Plan.

There will be no charges with respect to Common shares issued directly by the Fund as a result of dividends or capital gains distributions payable either in Common shares or in cash. The Plan Administrator's fees for the handling of the reinvestment of dividends and distributions will be paid by the Fund. However, each participant will pay a per share fee incurred (currently $0.05) in connection with Open-Market Purchases. The reinvestment of Dividends will not relieve participants of any Federal, state or local income tax that may be payable (or required to be withheld) on such dividends. See "U.S. Federal Income Tax Matters." Participants that request a sale of shares through the Plan Administrator are subject to a $2.50 sales fee and a $0.15 per share sold fee. All per share fees include any brokerage commission the Plan Administrator is required to pay.

The Fund reserves the right to amend or terminate the Plan. There is no direct service charge to participants with regard to purchases in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants.

All correspondence or questions concerning the Plan should be directed to the Plan Administrator, Computershare Trust Company, N.A., by telephone (855) 456-9683, through the internet at www.computershare.com/investor or in writing to P.O. Box 43078, Providence, RI 02940-3078.

------

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### Proxy Results
The Annual Meeting of Shareholders was held on October 1, 2025, to elect two Class I Trustees of the Fund by shareholders of record as on July 7, 2025. Listed below are the results of this voting.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Trustees** | &nbsp;&nbsp;**Votes <br> For** | &nbsp;&nbsp;**Votes <br> Against** | &nbsp;&nbsp;**Total Votes** |
| &nbsp;&nbsp;Susan B. Kerley | &nbsp;&nbsp;15522089 | &nbsp;&nbsp;568749 | &nbsp;&nbsp;16090838 |
| &nbsp;&nbsp;Jacques P. Perold | &nbsp;&nbsp;15350233 | &nbsp;&nbsp;740605 | &nbsp;&nbsp;16090838 |

---

### Proxy Voting Policies and Procedures and Proxy Voting Record
The Fund is required to file with the SEC its proxy voting records for the 12-month period ending June 30 on Form N-PX. A description of the policies and procedures that are used to vote proxies relating to portfolio securities of the Fund is available free of charge upon request by calling 800-624-6782 or visiting the SEC's website at *www.sec.gov.* The most recent Form N-PX or proxy voting record is available free of charge upon request by calling 800-624-6782; visiting newyorklifeinvestments.com; or visiting the SEC's website at *www.sec.gov.*

### Shareholder Reports and Quarterly Portfolio Disclosure
The Fund is required to file its complete schedule of portfolio holdings with the SEC 60 days after its first and third fiscal quarter on Form N-PORT. The Fund's holdings report is available free of charge upon request by calling New York Life Investments at 800-624-6782.

26 NYLI MacKay DefinedTerm Muni Opportunities Fund

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#### Manager

#### New York Life Investment Management LLC
New York, New York

#### Subadvisor

#### MacKay Shields LLC<sup>1</sup>
New York, New York

#### Legal Counsel
Dechert LLP

#### Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP

#### Transfer, Dividend Disbursing and Shareholder Servicing Agent

#### Computershare Trust Company, N.A.
P.O. Box 43078<br> Providence, RI 02940-3078<br> (855) 456-9683

#### newyorklifeinvestments.com/mmd
1. An affiliate of New York Life Investment Management LLC.

"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.

5013532REG006-26 MSMHI10-01/26

(NYLIM) NL265

------

**Item 2.** **Code of Ethics.** <br>

Not applicable.

**Item 3.** **Audit Committee Financial Expert.** <br>

Not applicable.

**Item 4.** **Principal Accountant Fees and Services.** <br>

Not applicable.

**Item 5.** **Audit Committee of Listed Registrants.** <br>

Not applicable.

**Item 6.** **Investments.** <br>

See Item 1.

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies** <br>

Not applicable.

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** <br>

Not applicable.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

Not applicable.

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** <br>

Not applicable.

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** <br>

See Item 1

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable.

------

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable.

**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

Since the Registrant's last response to this Item, there have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees.

**Item 16.** **Controls and Procedures.** <br>

(a) Based on an evaluation of the Registrant's Disclosure Controls and Procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended "1940 Act") (the "Disclosure Controls"), as of a date within 90 days prior to the filing date (the "Filing Date") of this Form N-CSR (the "Report"), the Registrant's principal executive officer and principal financial officer have concluded that the Disclosure Controls are reasonably designed to ensure that information required to be disclosed by the Registrant in the Report is recorded, processed, summarized and reported by the Filing Date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the Registrant's management, including the Registrant's principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d)) under the 1940 Act that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

Not applicable.

**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

Not applicable

**Item 19.** **Exhibits.** <br>

---

| | |
|:---|:---|
| (a) (1) | [Code of Ethics](d931792dex99a1.htm) |
| (a) (2) | [Certifications of principal executive officer and principal financial officer as required by Rule 30a-2 under the 1940 Act.](d931792dex99cert.htm) |

---

------

(b) [Certifications of principal executive officer and principal financial officer as required by Section 906 of the Sarbanes-Oxley Act of 2002.](d931792dex99906cert.htm)

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the 1940 Act, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

**NYLI MACKAY DEFINEDTERM MUNICIPAL OPPORTUNITIES FUND** 

---

| | |
|:---|:---|
| By: | <u>/s/ Kirk C. Lehneis</u> |
|  | Kirk C. Lehneis |
|  | President and Principal Executive Officer |
| Date: February 2, 2026 | Date: February 2, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the 1940 Act, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | <u>/s/ Kirk C. Lehneis</u> |
|  | Kirk C. Lehneis |
|  | President and Principal Executive Officer |
| Date: February 2, 2026 | Date: February 2, 2026 |
| By: | <u>/s/ Jack R. Benintende</u> |
|  | Jack R. Benintende |
|  | Treasurer and Principal Financial<br>and Accounting Officer |
| Date: February 2, 2026 | Date: February 2, 2026 |

---

## Ex-99.(A)(1)

Exhibit (a)(1)

**CODE OF ETHICS** 

**FOR PRINCIPAL EXECUTIVE OFFICER AND** 

**PRINCIPAL FINANCIAL OFFICERS** 

**Pursuant to the Sarbanes-Oxley Act of 2002** 

**NEW YORK LIFE INVESTMENTS MUTUAL FUNDS** 

**NEW YORK LIFE INVESTMENTS FUNDS** 

**NEW YORK LIFE INVESTMENTS FUNDS TRUST** 

**NEW YORK LIFE INVESTMENTS VP FUNDS TRUST** 

**NYLI MACKAY DEFINEDTERM MUNI OPPORTUNITIES FUND** 

**NYLI CBRE GLOBAL INFRASTRUCTURE MEGATRENDS TERM FUND** 

**NYLI MACKAY MUNI INCOME OPPORTUNITIES FUND** 

**(the "Mutual Funds")** 

**NEW YORK LIFE INVESTMENTS ETFS** 

**NEW YORK LIFE INVESTMENTS ETF TRUST** 

**NEW YORK LIFE INVESTMENTS ACTIVE ETF TRUST** 

**(the "ETFs")** 

**(collectively the "Trusts")<sup>1</sup>** 

**Approved by the Board of Trustees** 

**of the Trusts** 

**June 2025** 

**I. <u>Introduction and Application</u>** 

The Trusts and each underlying series of the Trusts (each, a "Fund", and collectively, the "Funds") recognize the importance of high ethical standards in the conduct of their business and requires this Code of Ethics ("SOX Code") pursuant to the Sarbanes-Oxley Act of 2002 ("SOX Act") be observed by their principal executive officers (each, a "Covered Officer") (defined below). In accordance with the SOX Act and the rules promulgated thereunder by the U.S. Securities and Exchange Commission ("SEC") the Funds are required to file reports pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended ("1934 Act"), and must disclose whether each has adopted a code of ethics applicable to the principal executive officers. The Board of Trustees of each Trust (each, the "Board" and collectively, the "Boards"), including a majority of Independent Trustees (defined below), has approved this SOX Code in accordance with the requirements of the SOX Act and related SEC rules.

All recipients of the SOX Code are directed to read it carefully, retain it for future reference, and abide by the rules and policies set forth herein. Any questions concerning the applicability or interpretation of such rules and policies, and compliance therewith, should be directed to the applicable Compliance Officer (defined below).

<sup>1</sup> Reference to the "Trusts" may refer to one or more of the registrants as required by the context.

------

**II. <u>Purpose</u>** 

The Boards, in accordance with the SOX Act and the rules promulgated by the SEC, have adopted this SOX Code in order to deter wrongdoing and promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents filed by the Funds with the
SEC or made in other public communications by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prompt internal reporting to an appropriate person or persons of violations of the SOX Code to an appropriate
person or persons identified in the SOX Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the SOX Code.

**III. <u>Definitions</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) *"Covered Officer"* means the principal executive officer and senior financial officers, including the principal financial officer, controller or principal accounting officer, or persons performing similar functions. The Covered Officers of the Funds shall be identified in Schedule I, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) *"Compliance Officer"* means the person appointed by the Funds' Boards to administer the SOX Code. The Compliance Officer of the Funds shall be identified in Schedule II as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) *"Director"* or *"Trustee"* means a director or trustee of the Funds, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) *"Executive Officer"* shall have the same meaning as set forth in Rule 3b-7 of the 1934 Act. Subject to any changes in the Rule, an Executive Officer means the president, any vice president, any officer who performs a policy making function, or any other person who performs similar policy making functions for the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) *"Independent Director/Trustee"* means a director/trustee of a Board who is not an "interested person" of the Funds within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (" 1940 Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) *"Implicit Waiver"* means the Compliance Officer failed to take action within a reasonable period of time regarding a material departure from a provision of the SOX Code that has been made known to an Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) *"Restricted List*" means that listing of securities maintained by the Compliance Officer in which trading by certain individuals subject to the Funds' 17j-1 code of ethics is generally prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) *"Trustee"* means a trustee of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) *"Waiver"* means the approval by the Compliance Officer of a material departure from a provision of the SOX Code.

**IV. <u>Honest and Ethical Conduct</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>Overview.</u> A "conflict of interest" occurs when a Covered Officer's personal interest interferes with the interests of, or his or her service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Funds.

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Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the 1940 Act and the Investment Advisers Act of 1940, as amended (the "Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as 'affiliated persons" of the Funds. The Funds' and certain of its service providers' compliance policies, programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This SOX Code does not, and is not intended to, restate or replace these programs and procedures, and such conflicts fall outside of the parameters of this SOX Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise or result from the contractual relationship between the Funds and New York Life Investment Management LLC (the "Adviser"). The Covered Officers may be officers or employees of the Adviser. As a result, this SOX Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or the Adviser), be involved in establishing policies and implementing decisions that will have different effects on the Adviser and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Funds and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities normally will be deemed to have been handled ethically. In addition, it is recognized by the Boards that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>General Policy.</u> Each Covered Officer shall adhere to high standards of honest and ethical conduct. Each Covered Officer has a duty to exercise his or her authority and responsibility for the benefit of the Funds and its shareholders, to place the interests of the shareholders first, and to refrain from having outside interests that conflict with the interests of the Funds and its shareholders. Each such person must avoid any circumstances that might adversely affect, or appear to affect, his or her duty of loyalty to the Funds and its shareholders in discharging his or her responsibilities, including the protection of confidential information and corporate integrity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) <u>Conflicts of Interest.</u> Other conflicts of interest are covered by the SOX Code, even if such conflicts of interest are not subject to provisions of the 1940 Act. The following list provides examples of conflicts of interest under the SOX Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Prohibited Conflicts of Interest.</u> Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his or her personal influence or personal relationships improperly to influence decisions or financial
reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than benefit the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use material non-public knowledge of portfolio transactions made or
contemplated for the Funds to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• report at least annually the information elicited in the Funds' Directors/Trustees' and
Officers' Questionnaire relating to potential conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Duty to Disclose Conflicts.</u> Each Covered Officer has the duty to disclose to the Compliance Officer any interest that he or she may have in any firm, corporation or business entity that is not affiliated or participating in any joint venture or partnership with the Funds or its affiliates and that does business with the Funds or that otherwise presents a

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possible conflict of interest. Disclosure must be timely so that the Funds may take action concerning any possible conflict as it deems appropriate. It is recognized, however, that the Funds or its affiliates may have business relationships with many organizations and that a relatively small interest in publicly traded securities of an organization does not necessarily give rise to a prohibited conflict of interest. Therefore, the following procedures have been adopted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <u>Conflicts of Interest that may be Waived.</u> Conflict of interest situations may occur in which a Covered Officer may seek a Waiver from a provision(s) of the SOX Code. Waivers must be sought in accordance with Section VII of the SOX Code. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Board Memberships.* Except as described below, it is considered generally incompatible with the duties of a
Covered Officer to assume the position of director of a corporation not affiliated with the Funds. A report should be made by a Covered Officer to the Compliance Officer of any invitation to serve as a director of a corporation that is not an
affiliate, and the person must receive the approval of the Compliance Officer prior to accepting any such directorship. In the event that approval is given, the Compliance Officer shall immediately determine whether the corporation in question is to
be placed on the Funds' Restricted List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *"Other" Business Interests*. Except as described below, it is considered generally incompatible
with the duties of a Covered Officer to act as an officer, general partner, consultant, agent, representative or employee of any business other than an affiliate. A report should be made of any invitation to serve as an officer, general partner,
consultant, agent, representative or employee of any business that is not an affiliate for the approval of the Compliance Officer prior to accepting any such position. In the event that approval is given, the Compliance Officer shall immediately
determine whether the business in question is to be placed on the Funds' Restricted List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Gifts, Entertainment, Favors, or Loans.* Covered Officers are subject to the New York Life Investment
Management Gift and Entertainment Policy and should refer to that Policy for guidance with respect to the limits on giving and receiving gifts/entertainment to and from third parties that do business with the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Permissible Outside Activities.* Covered Officers who, in the regular course of their duties relating to
the Funds' private equity/venture capital advisory and investment activities, are asked to serve as the director, officer, general partner, consultant, agent, representative or employee of a privately-held business may do so with the prior
written approval of the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Doing Business with the Funds.* Except as approved by the Compliance Officer, Covered Officers may not have
a monetary interest, as principal, co-principal, agent, or beneficiary, directly or indirectly, or through any substantial interest in any other corporation or business unit, in any transaction involving the
Funds, subject to such exceptions as are specifically permitted under law.

**V. <u>Full, Fair, Accurate, Timely And Understandable Disclosure And Compliance</u>** 

Covered Officers shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• be familiar with the disclosure requirements generally applicable to the Funds;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or
outside the Funds, including the Funds' Directors/Trustees and auditors, governmental regulators, and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the extent appropriate within his or her area of responsibility, consult with other officers and employees of
the Funds, the Adviser, and other Funds service providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds files with, or submits to, the SEC and in other public
communications made by the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• promote compliance with the standards and restrictions imposed by applicable laws, rules, and regulations.

**VI. <u>Internal Reporting by Covered Persons</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>Certifications and Accountability. Each Covered Officer shall:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) upon adoption of the SOX Code (or thereafter as applicable upon becoming a Covered Officer), affirm in writing
on Exhibit A hereto that the Covered Officer has received, read, and understands the SOX Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) annually thereafter affirm on Exhibit A hereto that the Covered Officer has complied with the requirements of
the SOX Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) not retaliate against any other Covered Officer or employee of the Funds or their affiliated persons for
reports of potential violations that are made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>Reporting.</u> A Covered Officer shall promptly report any knowledge of a material violation of this SOX Code to the Compliance Officer. Failure to do so is itself a violation of the SOX Code.

**VII. <u>Waivers of Provisions of the SOX Code</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>Application of the SOX Code.</u> The Compliance Officer is responsible for applying this SOX Code to specific situations in which questions are presented under it and has the authority to interpret this SOX Code in any particular situation. The Compliance Officer is authorized to consult, as appropriate, with counsel to the Funds/counsel to the Independent Directors/Trustees. However, any approvals or Waivers sought by and/or granted to a Covered Officer will be reported to the applicable Board in accordance with Section VIII, below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>Waivers.</u> The Compliance Officer may grant Waivers to the SOX Code in circumstances that present special hardship. Waivers shall be structured to be as narrow as is reasonably practicable with appropriate safeguards designed to prevent abuse of the Waiver. To request a Waiver from the SOX Code, the Covered Officer shall submit to the Compliance Officer a written request describing the transaction, activity, or relationship for which a Waiver is sought. The request shall briefly explain the reason for engaging in the transaction, activity, or relationship. Notwithstanding the foregoing, no exception will be granted where such exception would result in a violation of SEC rules or other applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) <u>Documentation.</u> The Compliance Officer shall document all Waivers (including Implicit Waivers). If a Waiver is granted, the Compliance Officer shall prepare a brief description of the nature of the Waiver, the name of the Covered Officer and the date of the Waiver so that this information may be disclosed in the next applicable SEC financial disclosure filings ("Report") to be filed on behalf of the Funds or posted on the Funds' internet website within five business days following the date of the Waiver. All Waivers must be reported to the applicable Board at its quarterly meeting as set forth in Section VIII below.

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**VIII. <u>Board Reporting</u>** 

The Compliance Officer shall report any violations of the SOX Code to the applicable Board for its consideration on a quarterly basis. At a minimum, the report shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• describe the violation under the SOX Code and any sanctions imposed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identify and describe any Waivers sought or granted under the SOX Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identify any recommended changes to the SOX Code.

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**IX. <u>Amendments</u>** 

The Covered Officers and the Compliance Officer may recommend amendments to the SOX Code for the consideration and approval of the Boards. In connection with any amendment to the SOX Code, the Compliance Officer shall prepare a brief description of the amendment so that the necessary disclosure may be made with the next Report to be filed on behalf of the Funds or posted on the Funds' internet website within five business days following the date of the amendment.

**X. <u>Sanctions</u>** 

Compliance by Covered Officers with the provisions of the SOX Code is required. Covered Officers should be aware that in response to any violation, the Funds will take whatever action is deemed necessary under the circumstances, including, but not limited to, the imposition of appropriate sanctions. These sanctions may include, among others, the reversal of trades, reallocation of trades to client accounts, fines, disgorgement of profits, suspension, or termination.

**XI. <u>Record-keeping</u>** 

The Compliance Officer shall maintain all records, including any internal memoranda, relating to compliance with the SOX Code or Waivers of a provision(s) of the SOX Code, for a period of 7 years from the end of the fiscal year in which such document was created, 2 years in an accessible place.

**XII. <u>Other Policies and Procedures</u>** 

This SOX Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the SOX Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Adviser, the Funds' distributor or underwriter (the "Underwriter")<sup>2</sup>, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this SOX Code, they are superseded by this SOX Code to the extent that they overlap or conflict with the provisions of this SOX Code. The Funds' the Adviser's and the Underwriter's codes of ethics under Rule 17j-1 under the 1940 Act are separate requirements applying to the Covered Officers and others, and are not part of this SOX Code.

**XIII. <u>Confidentiality</u>** 

All reports and records prepared or maintained pursuant to this SOX Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this SOX Code, such matters shall not be disclosed to anyone other than the Boards, the Adviser, and the Compliance Officer, and their respective counsel.

**XIV. <u>Internal Use</u>** 

The SOX Code is intended solely for internal use by the Funds and does not constitute an admission, by or on behalf of the Funds, as to any fact, circumstance, or legal conclusion.

<sup>2</sup> NYLIFE Distributors LLC serves as the distributor and underwriter for the Mutual Funds.

<sup></sup> ALPS Distributors, Inc. serves as the distributor and underwriter for the ETFs.

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**SCHEDULE I** 

**COVERED OFFICERS** 

**[Mutual Funds and ETFs]** 

Kirk C. Lehneis, President and Principal Executive Officer

Jack R. Benintende, Treasurer and Principal Financial and

Accounting Officer of the Mutual Funds

Adefolahan Oyefeso, Treasurer and Principal Financial

and Accounting Officer of the ETFs

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**SCHEDULE II** 

**COMPLIANCE OFFICER** 

**[Mutual Funds and ETFs]** 

Kevin M. Gleason

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**EXHIBIT A** 

**NEW YORK LIFE INVESTMENTS MUTUAL FUNDS** 

**NEW YORK LIFE INVESTMENTS FUNDS** 

**NEW YORK LIFE INVESTMENTS FUNDS TRUST** 

**NEW YORK LIFE INVESTMENTS VP FUNDS TRUST** 

**NYLI MACKAY DEFINEDTERM MUNI OPPORTUNITIES FUND** 

**NYLI CBRE GLOBAL INFRASTRUCTURE MEGATRENDS TERM FUND** 

**NYLI MACKAY MUNI INCOME OPPORTUNITIES FUND** 

**(THE "MUTUAL FUNDS")** 

**NEW YORK LIFE INVESTMENTS ETFS** 

**NEW YORK LIFE INVESTMENTS ETF TRUST** 

**NEW YORK LIFE INVESTMENTS ACTIVE ETF TRUST** 

**(THE "ETFS")** 

**(COLLECTIVELY THE "TRUSTS")** 

**CODE OF ETHICS FOR** 

**PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICERS** 

**INITIAL AND ANNUAL CERTIFICATION OF COMPLIANCE** 

[x] I hereby certify that I have received the Trusts' Code of Ethics for Principal Executive Officers adopted pursuant to the Sarbanes-Oxley Act of 2002 (the "SOX Code") and that I have read and understood the SOX Code. I further certify that I am subject to the SOX Code and will comply with each of the SOX Code's provisions to which I am subject. 

[x] I hereby certify that I have received the Trusts' Code of Ethics for Principal Financial Officers adopted pursuant to the Sarbanes-Oxley Act of 2002 (the "SOX Code") and that I have read and understood the SOX Code. I further certify that I have complied with and will continue to comply with each of the provisions of the SOX Code to which I am subject. 

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| | |
|:---|:---|
|  By: | /s/ Kirk C. Lehneis |
|  Name: | Kirk C. Lehneis |
|  Title: | President and Principal Executive Officer |
|  Date: | February 2, 2026 |
|  By: | /s/ Jack R. Benintende |
|  Name: | Jack R. Benintende |
|  Title:  | Treasurer and Principal Financial and Accounting Officer of the Mutual Funds |
|  Date: | February 2, 2026 |

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| | |
|:---|:---|
|  By: |  |
|  Name: | Adefolahan Oyefeso |
|  Title: | Treasurer and Principal Financial and |
|  | Accounting Officer of the ETFs |
|  Date: | February 2, 2026 |

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## Ex-99.Cert

Exhibit (a)(2)

**SECTION 302 CERTIFICATIONS** 

I, Kirk C. Lehneis, President and Principal Executive Officer of NYLI MacKay DefinedTerm Municipal Opportunities Fund, certify that:

1. I have reviewed this report on Form N-CSR of NYLI MacKay DefinedTerm
Municipal Opportunities Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| By: | <u>/s/ Kirk C. Lehneis</u> |
|  | Kirk C. Lehneis |
|  | President and Principal Executive Officer,<br>NYLI MacKay DefinedTerm Municipal<br>Opportunities Fund |
|  | Date: February 2, 2026 |

---

------

**SECTION 302 CERTIFICATIONS** 

I, Jack R. Benintende, Treasurer and Principal Financial and Accounting Officer of NYLI MacKay DefinedTerm Municipal Opportunities Fund, certify that:

1. I have reviewed this report on Form N-CSR of NYLI MacKay DefinedTerm
Municipal Opportunities Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| By: | <u>/s/ Jack R. Benintende</u> |
|  | Jack R. Benintende |
|  | Treasurer and Principal Financial and Accounting Officer,<br>NYLI MacKay DefinedTerm Municipal Opportunities Fund |
|  | Date: February 2, 2026 |

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## Exhibit 99.906

Exhibit (b)

**SECTION 906 CERTIFICATIONS** 

In connection with this report on Form N-CSR for the Registrant as furnished to the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certifies, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | |
|:---|:---|
| By: | <u>/s/ Kirk C. Lehneis</u> |
|  | Kirk C. Lehneis |
|  | President and Principal Executive Officer,<br>NYLI MacKay DefinedTerm Municipal Opportunities Fund |
|  | Date: February 2, 2026 |

---

------

**SECTION 906 CERTIFICATIONS** 

In connection with this report on Form N-CSR for the Registrant as furnished to the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certifies, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | |
|:---|:---|
| By: | <u>/s/ Jack R. Benintende</u> |
|  | Jack R. Benintende |
|  | Treasurer and Principal Financial<br>and Accounting Officer,<br>NYLI MacKay DefinedTerm Municipal<br>Opportunities Fund |
|  | Date: February 2, 2026 |

---