Report 
 
      
Registrant:   Definedterm Municipal Opportunities Fund — List all N-SARs

Annual Report for the 2nd-half period ended at fiscal year end:  5/31/14

Were there any Answer File errors in the Filing?  None FoundNone Found by SEC InfoNot Checked by the FilerOne or more Found by SEC Info
Was the Answer File completed by the Registrant?  Yes

Is this an Amendment to a previous Report?  No
Is this a change to a previous Report?      No
 
Registrant 
 
 1.
SEC CIK:      1518557
SEC File #:   811-22551

Telephone #:  212-576-7000
 
 2.
Address:      51 Madison Avenue
              New York, NY  10010
 
 3.
Is this the first Form N-SAR filed by the Registrant?  No
 
 4.
Is this the final Form N-SAR filed by the Registrant?  No
 
 
Funds/Series 
↑Top of Form N-SAR 
     
                                                                               
 7.
Is the Registrant a Funds/Series (multiple portfolios) company?  No
 
Investment Adviser 
 
 8.1
Name:         New York Life Investment Management LLC
Role:         Adviser
SEC File #:   801-57396
Location:     New York, NY
 
 8.2
Name:         Mackay Shields LLC
Role:         Sub-Adviser
SEC File #:   801-05594
Location:     New York, NY
 
Administrator 
 
10.1
Name:         New York Life Investment Management LLC
SEC File #:   801-57396
Location:     New York, NY
 
Principal Underwriter 
 
11.1
Name:         BofA Merrill Lynch
SEC File #:   008-00345
Location:     One Bryant Park, NY
 
11.2
Name:         Citigroup Global Markets Inc.
SEC File #:   008-15286
Location:     388 Greenwich St, NY
 
11.3
Name:         Morgan Stanley & Co.
SEC File #:   008-104046
Location:     1585 Broadway, NY
 
11.4
Name:         Wells Fargo Securities, LLC
SEC File #:   008-05314
Location:     375 Park Avenue, NY
 
11.5
Name:         Raymond James & Associates, Inc.
SEC File #:   008-04393
Location:     880 Carrilon Parkway, FL
 
Shareholder Servicing/Transfer Agent 
 
12.1
Name:         Computershare Trust Co., N.A.
SEC File #:   085-11340
Location:     Canton, MA
 
Independent Public Accountant 
 
13.1
Name:         Pricewaterhousecoopers LLP
Location:     New York, NY
 
Affiliated Broker/Dealer 
 
14.1
Name:         Nylife Securities Inc.
SEC File #:   008-15517
 
14.2
Name:         Nylife Distributors LLC
SEC File #:   008-46655
 
Custodian 
 
15.1
Name:         State Street Bank & Trust Co.
Role:         Custodian
Location:     Boston, MA

Type of custody:  Section 17(f)(1) — Bank
 
18.
Does the Registrant’s/Series’ Custodian(s) maintain some or all of the
Registrant’s/Series’ securities in a central depository or book-entry
system pursuant to Rule 17f-4?  Yes
 
Family of Investment Companies 
 
19.
Is the Registrant/Series part of a “family” of investment companies?  Yes

Total number of registered management investment companies, Series
and portfolios (excluding any Unit Investment Trusts) in the family:  79

The Identification Code of the family for Form N-SAR Filings:  THECOMPANY
 
Brokerage Commissions Paid on Portfolio Transactions 
 
20.
The brokers who received the largest amount of gross brokerage
commissions during the period:
 
20.1
Broker:       JPMorgan Chase & Co.
IRS #:        13-3224016
Commissions paid ($000s):  20
 
21.
Total brokerage commissions paid by the Registrant during the period:
  Aggregate paid ($000s):  20
 
Portfolio Transactions with Entities Acting as Principals 
 
22.
The entities acting as principals with whom the Registrant did the
largest amount of portfolio transactions, based on total value of
principal, during the period:
 
22.1
Entity:       JPMorgan Chase & Co.
IRS #:        13-3224016
Registrant’s purchases ($000s):  169,953
Registrant’s sales ($000s):  143,267
 
22.2
Entity:       Citigroup, Inc.
IRS #:        52-1568099
Registrant’s purchases ($000s):  110,977
Registrant’s sales ($000s):  173,094
 
22.3
Entity:       Royal Bank of Canada
IRS #:        41-1416330
Registrant’s purchases ($000s):  84,194
Registrant’s sales ($000s):  116,564
 
22.4
Entity:       Deutsche Bank Securities, Inc.
IRS #:        13-2730828
Registrant’s purchases ($000s):  86,330
Registrant’s sales ($000s):  93,024
 
22.5
Entity:       National Financial Services LLC
IRS #:        04-3523567
Registrant’s purchases ($000s):  59,290
Registrant’s sales ($000s):  77,435
 
22.6
Entity:       US Bancorp
IRS #:        39-0281260
Registrant’s purchases ($000s):  114,428
Registrant’s sales ($000s):  5,312
 
22.7
Entity:       Goldman Sachs Group
IRS #:        13-5108880
Registrant’s purchases ($000s):  41,477
Registrant’s sales ($000s):  54,625
 
22.8
Entity:       Barclays Bank plc
IRS #:        94-3231066
Registrant’s purchases ($000s):  32,404
Registrant’s sales ($000s):  50,883
 
22.9
Entity:       Morgan Stanley & Co., Inc.
IRS #:        13-2655998
Registrant’s purchases ($000s):  27,791
Registrant’s sales ($000s):  40,797
 
22.10
Entity:       Bank of New York
IRS #:        13-3769702
Registrant’s purchases ($000s):  49,676
Registrant’s sales ($000s):  14,154
 
23.
Total purchase/sale transactions by the Registrant during the period:
   Aggregate purchases ($000s):  944,150
   Aggregate sales ($000s):  945,948
 
Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers 
 
24.
At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities?  No
 
Considerations which Affected the Participation of Brokers or Dealers 
 
26.
Considerations which affected the participation of brokers or dealers or
other entities in commissions or other compensation paid on portfolio
transactions of the Registrant:

Consideration?
Sales of the Registrant’s/Series’ shares ...............................  No
Receipt of investment research and statistical info ....................  Yes
Receipt of quotations for portfolio valuations .........................  No
Ability to execute portfolio transactions to obtain the best price
  and execution ........................................................  Yes
Receipt of telephone line and wire services ............................  No
Broker or Dealer which is an affiliated person .........................  No
An arrangement to return or credit part or all of commissions or
  profits thereon...
    To an Investment Adviser or Principal Underwriter, or to an
      affiliated person of either ......................................  No
    To the Registrant ..................................................  No
Other ..................................................................  No
 
Investment Company Type 
 
27.
Is the Registrant an “open-end” investment company?  No, Closed-End
 
Advisory Fee 
 
45.
Did the Registrant/Series have an advisory contract during the period?  Yes
 
46.
Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period?  No
 
47.
Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets?  Yes
 
48.
Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
    Single-fee rate:  0.6%
    Step-fee rates:
      For 1st $000s:  0
        Annual rate:  0.0%
 
49.
Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income?  No
 
50.
Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets?  No
 
51.
Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance?  No
 
52.
Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants?  No
 
53.
Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws?  No
 
54.
Indicated below are whether services were supplied or paid for wholly or
in substantial part by Investment Adviser(s) or Administrator(s) in
connection with the advisory or administrative contract(s) but for which
the Adviser(s) or Administrator(s) are not reimbursed by the Registrant:

Provided to the Registrant?
Occupancy and office rental ............................................  Yes
Clerical and bookkeeping services ......................................  Yes
Accounting services ....................................................  No
Services of independent auditors .......................................  No
Services of outside counsel ............................................  No
Registration and filing fees ...........................................  No
Stationery, supplies and printing ......................................  No
Salaries & compensation of Registrant’s interested Directors ...........  Yes
Salaries & compensation of Registrant’s disinterested Directors ........  No
Salaries & compensation of Registrant’s Officers who aren’t Directors ..  Yes
Reports to current shareholders ........................................  No
Determination of offering and redemption prices ........................  No
Trading department .....................................................  Yes
Prospectus preparation and printing for current shareholders ...........  No
Other ..................................................................  No
 
Miscellaneous Info 
 
55.
Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
    Overdrafts?  No
    Bank loans?  No
 
56.
During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies?  Yes
 
57.
Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend?  No
 
Classification and Asset Allocation 
 
58.
Is the Registrant/Series a Separate Account of an insurance company?  No
 
59.
Is the Registrant/Series a management investment company?  Yes
 
60.
Was the Registrant/Series a diversified investment company at any time
during the period?  Yes

Was the Registrant/Series a diversified investment company at the end of
the period?  Yes
 
61.
The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity:  $0
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  Yes

The percentage of net assets in each type at period end:

Debt — Short-Term Maturities
U.S. Treasury ...............................      0.0%
U.S. Government Agency ......................      0.0
Repurchase agreements .......................      0.0
State and Municipal – tax-free ..............      0.0
Bank certificates of deposit – domestic .....      0.0
Bank certificates of deposit – foreign ......      0.0
Bankers acceptances .........................      0.0
Commercial paper – taxable ..................      0.0
Time deposits ...............................      0.0
Options .....................................      0.0
All other ...................................      0.0

Debt — Intermediate & Long-Term Maturities
U.S. Treasury ...............................      0.0%
U.S. Government Agency ......................      0.0
State and Municipal – tax-free ..............  151.2
Corporate ...................................      0.0
All other ...................................      0.0

Non-Debt
Investments other than debt securities ......      0.0%
 
63.
The dollar-weighted average portfolio maturity at period end in days or,
if longer than one year, in years (to one decimal place):
    Days:     0
    Years:    23.5
 
64.
Is the timely payment of principal and interest on any of the
instruments listed in Item 62 insured or guaranteed by an entity other
than the issuer?  Yes

Is the issuer of any instrument covered in Item 62 delinquent or in
default as to payment of principal or interest at period end?  No
 
66.
Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities?  No
 
67.
Is the Registrant/Series a “balanced” Fund?  No
 
68.
Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
    Engaged primarily in production or distribution of precious metals?  No
    Located primarily in countries other than the United States?  No
 
69.
Is the Registrant/Series an index Fund?  No
 
Investment Practices 
 
70.
Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity                                            Permitted Engaged In
Writing or investing in repurchase agreements?           Yes      No
Writing or investing in options on equities?             Yes      No
Writing or investing in options on debt securities?      Yes      No
Writing or investing in options on stock indices?        Yes      No
Writing or investing in interest rate futures?           Yes to both
Writing or investing in stock index futures?             Yes      No
Writing or investing in options on futures?              Yes      No
Writing or investing in options on stock index futures?  Yes      No
Writing or investing in other commodity futures?         Yes      No
Investments in restricted securities?                    Yes      No
Investments in shares of other investment companies?     Yes      No
Investments in securities of foreign issuers?            Yes      No
Currency exchange transactions?                          Yes      No
Loaning portfolio securities?                            Yes      No
Borrowing of money?                                      Yes      No
Purchases/sales by certain exempted affiliated persons?  Yes      No
Margin purchases?                                        Yes      No
Short selling?                                           Yes      No
 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  616,130
Sales ($000s):      632,577

Monthly average Value of portfolio ($000s):  744,088

Percent turnover (lesser of Purchases or Sales, divided by Value):  83%
 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  12

Income  ($000s)
Net interest income ..............................................
 40,001
Net dividend income ..............................................
 –
Account maintenance fees .........................................
 –
Net other income .................................................
 –

Expenses  ($000s)
Advisory fees ....................................................
 4,512
Administrator fees ...............................................
 –
Salaries and other compensation ..................................
 –
Shareholder Servicing Agent fees .................................
 38
Custodian fees ...................................................
 12
Postage ..........................................................
 –
Printing expenses ................................................
 49
Directors’ fees ..................................................
 31
Registration fees ................................................
 –
Taxes ............................................................
 –
Interest .........................................................
 3,101
Bookkeeping fees paid to anyone performing this service ..........
 –
Auditing fees ....................................................
 59
Legal fees .......................................................
 79
Marketing/distribution payments, incl. Rule 12b-1 plan payments ..
 –
Amortization of organization expenses ............................
 –
Shareholder meeting expenses .....................................
 –
Other expenses ...................................................
 135
Total expenses ...................................................
 8,015

Expense reimbursements ($000s):   0

Net investment income ($000s):    31,985

Realized capital gains ($000s):   0
Realized capital losses ($000s):  45,590

Net unrealized appreciation during the period ($000s):  21,101
Net unrealized depreciation during the period ($000s):  0

Total income dividends for which the record date passed during the
period ($000s):  31,721

Total capital gains distributions for which the record date passed
during the period ($000s):  9,583
 
73.
Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income:    $1.1512

Distribution of capital gains:  $0.3478
Other distributions:            $0.0000
 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Cash .............................................................
 1,069
Repurchase agreements ............................................
 –
Short-term debt securities, other than repurchase agreements .....
 –
Long-term debt securities, including convertible debt ............
 781,708
Preferred, conv. preferred and adjustable-rate preferred stock ...
 –
Common stock .....................................................
 –
Options on equities ..............................................
 –
Options on all futures ...........................................
 –
Other investments ................................................
 –
Receivables from portfolio instruments sold ......................
 6,299
Receivables from affiliated persons ..............................
 –
Other receivables ................................................
 12,708
All other assets .................................................
 274
Total assets .....................................................
 802,058

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
 –
Amounts owed to affiliated persons ...............................
 404
Senior long-term debt ............................................
 –
Other liabilities:
  Reverse repurchase agreements ..................................
 –
  Short sales ....................................................
 –
  Written options ................................................
 –
  All other liabilities ..........................................
 284,694

Equity  ($000s)
Senior equity ....................................................
 –
Net assets of common shareholders ................................
 516,960

Number of shares outstanding (000s):   27,555

Net Asset Value (NAV) per share (to nearest cent):  $18.76

Total number of shareholder accounts:  6

Total value of assets in segregated accounts ($000s):  813
 
75.
Monthly average net assets during the period ($000s):  479,310
 
76.
Market price per share at period end:  $17.93
 
Additional Disclosures 
 
77.
Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
↑Exhibits in this Filing — or separately and incorporated by reference)?  Yes

EX-99.77B:  Accountant’s Report re: Internal Controls?  Yes

EX-99.77Q1: Other Disclosure?  Yes
 
Subsidiaries 
 
78.
Does the Registrant have any wholly-owned investment company
subsidiaries whose operating and financial data are consolidated with
that of the Registrant in this Report?  No
 
Fidelity Bond in Effect at Fiscal Year End 
 
80.
Insurer:      Federal Insurance Co.

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s):  8,850
 
81.
Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities?  Yes

How many other investment companies or other entities are covered by the
bond (counting each Fund/Series as a separate investment company):  79
 
82.
Does the mandatory coverage of the fidelity bond have a deductible?  Yes

The amount of the deductible ($000s):  25
 
83.
Were any claims with respect to this Registrant/Series filed under the
bond during the period?  No
 
84.
Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not?  No
 
85.
Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else?  No

Were any claims filed under such policy during the period with respect
to the Registrant/Series?  No
 
Sales, Repurchases and Redemptions 
 
86.
Sales, repurchases and redemptions of the Registrant’s securities:
 
Common Stock
Sales:
    Number of shares (000s):   0
    Net consideration received ($000s):  0
Repurchases:
    Number of shares (000s):   0
    Net consideration paid ($000s):      0

Preferred Stock
Sales:
    Number of shares (000s):   0
    Net consideration received ($000s):  0
Repurchases and redemptions:
    Number of shares (000s):   0
    Net consideration paid ($000s):      0

Debt Securities
Sales:
    Principal amount ($000s):  0
    Net consideration received ($000s):  0
Repurchases and redemptions:
    Principal amount ($000s):  0
    Net consideration paid ($000s):      0
 
Securities Outstanding 
 
87.
Securities of the Registrant that are registered on a national
securities exchange or listed on Nasdaq:
 
Title of class:  Common Stock
    CUSIP/CINS:  56064K·10·0
        Symbol:  MMD
 
88.
Did the Registrant have any of the following outstanding which exceeded
1% of aggregate net assets at any time during the period:

Notes or bonds?     Yes
Uncovered options?  No
Margin loans?       No
Preferred stock?    Yes
 
 Signature 
 
↑Top of Form N-SAR 
     
                                                                               
/s/      Jack R. Benintende      
Name:   Jack R. Benintende
Title:  PFO