David Dowden, a portfolio manager at NYLI MacKay DefinedTerm Muni Opportunities Fund (NYSE:MMD), recently purchased 3,300 shares of the fund, according to a filing with the Securities and Exchange Commission. The shares were acquired at a price of $14.9238 each, totaling approximately $49,248. This transaction brings Dowden’s total holdings in the fund to 3,300 shares. The $417 million fund, which currently offers a 4.82% dividend yield and has maintained dividend payments for 14 consecutive years, is trading near its 52-week low with a conservative beta of 0.53. InvestingPro analysis reveals several more key insights about the fund’s stability and growth potential.
In other recent news, the NYLI MacKay DefinedTerm Municipal Opportunities Fund announced an extension of its operational term until December 31, 2036. This decision came after a successful tender offer, which saw the fund offering to purchase all outstanding common shares at a price equivalent to the net asset value per share. The offer, initiated on October 17, 2024, and concluded on November 14, 2024, received shareholder approval, leading to the subsequent extension of the fund’s term. The amended Declaration of Trust, formalizing this extension, took effect immediately following the board’s approval. The extension is anticipated to provide a defined timeline for operations and investment planning, aligning with shareholder interests and the fund’s strategic direction. These recent developments, including the tender offer and term extension, are detailed in the SEC filing dated December 9, 2024.
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