CEF Advisors

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MainStay MacKay DefinedTerm Municipal Opportunities Fund (MMD)

National Muni Bond Funds - National Municipal (tax-free) Bond

Data as of July 8, 2020
Market Price $20.70 (+ $0.12)
NAV (July 8, 2020) $20.29 (+ $0.01)
Premium / Discount 2.02% (+0.54%)
Fund Info
Inception June 27, 2012
Sponsor New York Life Investment Management
Website www.nylinvestments.com...
Phone 855-456-9683
Objective: Current income exempt from regular U.S. Federal income taxes with a secondary objective of total return by investing in a portfolio of municipal bonds.
Related Indexes
Term Municipal Fund Index
Tax-Sensitive Income Index
Capital & Leverage
Outstanding Shares 27,643,835
Total Assets (Reported: Nov. 30, 2019) $897M
Estimated Total Assets $615M
Net Assets $561M
Market Cap $572M
Purchases Turnover 22.98%
Sales Turnover 20.09%
Total Leverage 32.70%
Structural Leverage (out of total) 26.76%
Portfolio Leverage (out of total) 73.24%
Expense Ratio 2.36%
Non Lev Exp Ratio 1.02%
Rel Lev Cost 2.58%
Discount Data
Average Discount (3 Yr) -0.74%
Discount Low(3 Yr) -8.58%
Discount High(3 Yr) 8.33%
Discount Rel Range 62.70%
Comp Discount 7.33
Discount St Dev (1Yr) 2.45
Z-Stat (6mo) 0.14
Z-Stat (1Yr) 0.20
Z-Stat (3Yr) 1.04
Comp Z-Stat (6mo) -0.19
Comp Z-Stat (3Yr) 0.80
Distribution Data
Market Yield 4.93%
Income Yield 4.93%
Lev Adj NAV Yield 3.79%
Distribution Frequency M
Current Distribution $0.085
Current Income $0.085
Ex-Date 7/14/20
Payable Date 7/31/20
Div Growth (3yr) -5.56%
Dividend Change -5.6% on 7/2/18
Expected Div 8/3/20
RoC (1yr) 0.00%
RoC (3yr) 0.00%
Volume & Liquidity
Average Daily $ (M) $1,133
Avg Volume 30 day 45,557
Avg Volume 90 day 54,720
Volume Trend -16.75%
Comp Volume Trend -3.84%
Correlation & Volatility
Price Correlation (1yr)
vs. S&P 500 (TR)
Price Correlation (1yr)
vs. CEFA's 12 Major CEF Sectors Index
Price Correlation (1yr)
vs. CEFA's National Municipal Bond Index
Most Correlated Peer (Mk Pr): MVF 77.0%
NAV - Price Correlation (30 d) -21.4%
NAV - Price Correlation (90 d) 74.2%
NAV - Price Correlation (1 Yr) 86.0%
Price St Dev (1Yr) 24.8%
NAV St Dev (1Yr) 9.2%
Earnings / Share (3/31/20) $0.085
Earn Coverage 100.00%
Earnings Trend Up
UNII / Share (3/31/20) $0.023
Rel UNII 2.25
UNII Trend Down
Bond Specific Data
Maturity 18.20
Duration 4.00
Credit Rating (rbo) A
Investment Grade 78.10%
Non Investment Grade 10.90%
Unrated Bonds 11.00%
Average Bond Price 91.40
Discount vs Price -6.58
Coupon 7.67%
Zero Coupon 0.74%
AMT 3.62%
AMT Yield 4.88%
Bond Calls Risk 17.10%
NAV Beta (2yr)
vs. S&P 500 (TR)
NAV Beta (2yr)
vs. CEFA's 12 Major CEF Sectors Index
NAV Beta (2yr)
vs. CEFA's National Municipal Bond Index


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NOTES: Distribution type sourced from CEFdata.com. For specific information about a fund's distribution sources, visit the fund sponsor's website.

The following information applies to closed-end funds and business development companies in general: Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation (FDIC). Shares of closed-end funds (CEFs) and business development companies (BDCs) are subject to investment risks, including the possible loss of principal invested. There can be no assurance that fund objectives will be achieved. Closed-end funds and business development companies frequently trade at a discount to their net asset value. NAV returns are net of fund expenses, and assume reinvestment of distributions.

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