HARNESS THE POWER OF MUNIS

Keep More of What You Earn

Municipal bonds remain a popular source of tax-free income, often providing higher after-tax yields than corporate bonds. Their tax advantages have become even more compelling as state and local taxes continue to rise, making munis especially valuable for investors in high-tax states.

Learn how the MacKay team works

  

Tax-Free Income Potential

High Credit Quality

Portfolio Diversification

Historical Resilience in Volatile Markets

   

   

Solutions Across the Municipal Spectrum

Grounded in rigorous research and disciplined portfolio construction, MacKay Municipal Managers delivers a broad suite of municipal strategies available in multiple structures.

   

   

Click on the Fund Name, which includes the prospectus, investment objectives, performance, risk, and other essential information. Returns represent past performance, which is no guarantee of future results. Current performance may be lower or higher. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Visit www.newyorklifeinvestments.com for the most recent month-end performance.

   

   

All Municipal Bond Solutions

 

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Morningstar Rating Risk Adjusted Returns As of 12/31/2025 Average Annual Total Returns As of 12/31/2025 As of 12/31/2025
Symbol Name Asset Class Share Class Overall Rating Category Funds in Category YTD 1Y 3Y 5Y 10Y SI Incept. Date
MTFCX NYLI MacKay Tax Free Bond Fund Fixed Income C Morning Star Rating Morning Star Rating Morning Star Rating Muni National Long 156 0.62 0.62 -0.38 -0.38 3.62 3.62 2.62 2.62 3.56 3.56 3.56 3.56 0.18 0.18 0.18 0.18 2.05 2.05 2.05 2.05 3.20 3.20 3.20 3.20 09/01/1998
MTBAX NYLI MacKay Tax Free Bond Fund Fixed Income A Morning Star Rating Morning Star Rating Morning Star Rating Muni National Long 156 0.52 0.52 -2.50 -2.50 3.93 3.93 0.81 0.81 3.86 3.86 2.81 2.81 0.47 0.47 -0.45 -0.45 2.33 2.33 1.86 1.86 4.07 4.07 3.92 3.92 01/03/1995
MKINX NYLI MacKay Tax Free Bond Fund Fixed Income IN Morning Star Rating Morning Star Rating Morning Star Rating Muni National Long 156 0.62 0.62 -1.90 -1.90 3.86 3.86 1.27 1.27 3.80 3.80 2.93 2.93 0.41 0.41 -0.40 -0.40 2.30 2.30 1.83 1.83 3.73 3.73 3.46 3.46 02/28/2008
MTSPX NYLI MacKay Tax Free Bond Fund Fixed Income C2 Morning Star Rating Morning Star Rating Muni National Long 156 0.51 0.51 -0.49 -0.49 3.58 3.58 2.58 2.58 3.41 3.41 3.41 3.41 0.03 0.03 0.03 0.03 - - - - 0.47 0.47 0.47 0.47 08/31/2020
MTBIX NYLI MacKay Tax Free Bond Fund Fixed Income I Morning Star Rating Morning Star Rating Morning Star Rating Morning Star Rating Muni National Long 156 0.63 0.63 - - 4.19 4.19 - - 4.12 4.12 - - 0.72 0.72 - - 2.57 2.57 - - 3.94 3.94 - - 12/21/2009
MTBDX NYLI MacKay Tax Free Bond Fund Fixed Income R6 Morning Star Rating Morning Star Rating Morning Star Rating Morning Star Rating Muni National Long 156 0.52 0.52 - - 4.35 4.35 - - 4.17 4.17 - - 0.77 0.77 - - - - - - 1.76 1.76 - - 11/01/2019
MMMA NYLI MacKay Muni Allocation ETF Fixed Income - - Muni National Long 156 0.70 0.70 0.80 0.80 - - - - - - - - - - - - - - - - 0.43 0.43 0.45 0.45 12/16/2025
MMD NYLI MacKay DefinedTerm Muni Opportunities Fund Fixed Income - Morning Star Rating Morning Star Rating Morning Star Rating Morning Star Rating Morning Star Rating Muni National Long 156 0.49 0.49 2.42 2.42 2.55 2.55 4.50 4.50 3.92 3.92 2.24 2.24 -0.10 -0.10 -2.61 -2.61 3.30 3.30 2.84 2.84 4.45 4.45 3.51 3.51 06/26/2012
AZTAX NYLI MacKay Arizona Muni Fund Fixed Income A - Muni Single State Intermediate 105 0.59 0.59 -2.43 -2.43 4.46 4.46 1.32 1.32 - - - - - - - - - - - - 3.69 3.69 1.53 1.53 07/22/2024
AZTCX NYLI MacKay Arizona Muni Fund Fixed Income C Morning Star Rating Morning Star Rating Muni Single State Intermediate 105 0.69 0.69 -0.31 -0.31 4.15 4.15 3.15 3.15 2.70 2.70 2.70 2.70 -0.13 -0.13 -0.13 -0.13 0.93 0.93 0.93 0.93 2.82 2.82 2.82 2.82 04/01/1996
AZTYX NYLI MacKay Arizona Muni Fund Fixed Income I Morning Star Rating Morning Star Rating Morning Star Rating Morning Star Rating Muni Single State Intermediate 105 0.70 0.70 - - 4.61 4.61 - - 3.47 3.47 - - 0.70 0.70 - - 1.87 1.87 - - 3.90 3.90 - - 04/01/1996
AZTFX NYLI MacKay Arizona Muni Fund Fixed Income Z Morning Star Rating Morning Star Rating Morning Star Rating Muni Single State Intermediate 105 0.59 0.59 -2.43 -2.43 4.55 4.55 1.42 1.42 3.38 3.38 2.33 2.33 0.58 0.58 -0.03 -0.03 1.72 1.72 1.42 1.42 4.66 4.66 4.58 4.58 03/13/1986
MNOVX NYLI MacKay New York Muni Fund Fixed Income IN Morning Star Rating Morning Star Rating Morning Star Rating Morning Star Rating Muni New York Long 76 0.51 0.51 -2.00 -2.00 3.13 3.13 0.55 0.55 4.14 4.14 3.26 3.26 0.54 0.54 -0.27 -0.27 2.27 2.27 1.80 1.80 3.00 3.00 2.65 2.65 05/14/2012
MNOIX NYLI MacKay New York Muni Fund Fixed Income I Morning Star Rating Morning Star Rating Morning Star Rating Morning Star Rating Morning Star Rating Muni New York Long 76 0.52 0.52 - - 3.42 3.42 - - 4.43 4.43 - - 0.81 0.81 - - 2.54 2.54 - - 3.31 3.31 - - 05/14/2012
MNOCX NYLI MacKay New York Muni Fund Fixed Income C Morning Star Rating Morning Star Rating Morning Star Rating Muni New York Long 76 0.51 0.51 -0.49 -0.49 2.88 2.88 1.88 1.88 3.88 3.88 3.88 3.88 0.29 0.29 0.29 0.29 2.00 2.00 2.00 2.00 2.74 2.74 2.74 2.74 05/14/2012
MNOAX NYLI MacKay New York Muni Fund Fixed Income A Morning Star Rating Morning Star Rating Morning Star Rating Morning Star Rating Muni New York Long 76 0.62 0.62 -2.40 -2.40 3.17 3.17 0.07 0.07 4.17 4.17 3.12 3.12 0.54 0.54 -0.38 -0.38 2.27 2.27 1.80 1.80 3.04 3.04 2.69 2.69 05/14/2012
MNODX NYLI MacKay New York Muni Fund Fixed Income R6 Morning Star Rating Morning Star Rating Morning Star Rating Morning Star Rating Morning Star Rating Muni New York Long 76 0.52 0.52 - - 3.44 3.44 - - 4.41 4.41 - - 0.82 0.82 - - - - - - 1.60 1.60 - - 11/01/2019
MNOLX NYLI MacKay New York Muni Fund Fixed Income C2 Morning Star Rating Morning Star Rating Muni New York Long 76 0.50 0.50 -0.50 -0.50 2.72 2.72 1.73 1.73 3.73 3.73 3.73 3.73 0.14 0.14 0.14 0.14 - - - - 0.59 0.59 0.59 0.59 08/31/2020
UTAHX NYLI MacKay Utah Muni Fund Fixed Income Z Morning Star Rating Morning Star Rating Morning Star Rating Muni Single State Intermediate 105 0.71 0.71 -2.31 -2.31 4.71 4.71 1.57 1.57 3.19 3.19 2.15 2.15 0.40 0.40 -0.21 -0.21 1.70 1.70 1.39 1.39 4.09 4.09 4.00 4.00 07/24/1992
UTAYX NYLI MacKay Utah Muni Fund Fixed Income I Morning Star Rating Morning Star Rating Morning Star Rating Morning Star Rating Muni Single State Intermediate 105 0.61 0.61 - - 5.05 5.05 - - 3.41 3.41 - - 0.64 0.64 - - 1.91 1.91 - - 4.03 4.03 - - 05/21/1996
UTACX NYLI MacKay Utah Muni Fund Fixed Income C Morning Star Rating Morning Star Rating Muni Single State Intermediate 105 0.70 0.70 -0.30 -0.30 4.39 4.39 3.39 3.39 2.61 2.61 2.61 2.61 -0.24 -0.24 -0.24 -0.24 0.97 0.97 0.97 0.97 2.97 2.97 2.97 2.97 05/21/1996
UTAVX NYLI MacKay Utah Muni Fund Fixed Income A - Muni Single State Intermediate 105 0.61 0.61 -2.41 -2.41 4.81 4.81 1.66 1.66 - - - - - - - - - - - - 3.78 3.78 1.62 1.62 07/22/2024
MMCA NYLI MacKay California Muni Intermediate ETF Fixed Income - Morning Star Rating Morning Star Rating Morning Star Rating Morning Star Rating Morning Star Rating Muni California Intermediate 53 0.63 0.63 0.55 0.55 5.55 5.55 5.78 5.78 4.33 4.33 4.40 4.40 - - - - - - - - -0.05 -0.05 0.00 0.00 12/21/2021
MTFHX NYLI MacKay Strategic Muni Allocation Fund Fixed Income R6 Morning Star Rating Morning Star Rating Morning Star Rating Morning Star Rating Morning Star Rating Muni National Intermediate 253 0.61 0.61 - - 5.00 5.00 - - 4.52 4.52 - - 1.77 1.77 - - - - - - 2.47 2.47 - - 06/28/2019
MTFGX NYLI MacKay Strategic Muni Allocation Fund Fixed Income I Morning Star Rating Morning Star Rating Morning Star Rating Morning Star Rating Morning Star Rating Muni National Intermediate 253 0.61 0.61 - - 4.95 4.95 - - 4.48 4.48 - - 1.74 1.74 - - - - - - 2.45 2.45 - - 06/28/2019
MTFFX NYLI MacKay Strategic Muni Allocation Fund Fixed Income C Morning Star Rating Morning Star Rating Morning Star Rating Muni National Intermediate 253 0.60 0.60 -0.40 -0.40 4.38 4.38 3.38 3.38 3.89 3.89 3.89 3.89 1.10 1.10 1.10 1.10 - - - - 1.81 1.81 1.81 1.81 06/28/2019
MTFEX NYLI MacKay Strategic Muni Allocation Fund Fixed Income IN Morning Star Rating Morning Star Rating Morning Star Rating Morning Star Rating Muni National Intermediate 253 0.60 0.60 -1.91 -1.91 4.64 4.64 2.02 2.02 4.11 4.11 3.24 3.24 1.36 1.36 0.53 0.53 - - - - 2.07 2.07 1.35 1.35 06/28/2019
MTFDX NYLI MacKay Strategic Muni Allocation Fund Fixed Income A Morning Star Rating Morning Star Rating Morning Star Rating Morning Star Rating Muni National Intermediate 253 0.60 0.60 -2.41 -2.41 4.68 4.68 1.54 1.54 4.21 4.21 3.16 3.16 1.51 1.51 0.58 0.58 - - - - 2.22 2.22 1.50 1.50 06/28/2019
MTFZX NYLI MacKay Strategic Muni Allocation Fund Fixed Income Z - Muni National Intermediate 253 0.71 0.71 -2.31 -2.31 4.68 4.68 1.54 1.54 - - - - - - - - - - - - 3.80 3.80 1.64 1.64 07/22/2024
MTFMX NYLI MacKay Strategic Muni Allocation Fund Fixed Income C2 Morning Star Rating Morning Star Rating Morning Star Rating Muni National Intermediate 253 0.59 0.59 -0.41 -0.41 4.22 4.22 3.22 3.22 3.73 3.73 3.73 3.73 - - - - - - - - 3.46 3.46 3.46 3.46 12/13/2022
MCOIX NYLI MacKay California Muni Fund Fixed Income I Morning Star Rating Morning Star Rating Morning Star Rating Morning Star Rating Muni California Long 101 0.61 0.61 - - 2.65 2.65 - - 4.11 4.11 - - 0.64 0.64 - - 2.61 2.61 - - 3.14 3.14 - - 02/28/2013
MSCCX NYLI MacKay California Muni Fund Fixed Income C Morning Star Rating Morning Star Rating Morning Star Rating Muni California Long 101 0.59 0.59 -0.41 -0.41 2.11 2.11 1.12 1.12 3.56 3.56 3.56 3.56 0.11 0.11 0.11 0.11 2.07 2.07 2.07 2.07 2.57 2.57 2.57 2.57 02/28/2013
MSCAX NYLI MacKay California Muni Fund Fixed Income A Morning Star Rating Morning Star Rating Morning Star Rating Muni California Long 101 0.60 0.60 -2.42 -2.42 2.40 2.40 -0.68 -0.68 3.88 3.88 2.84 2.84 0.40 0.40 -0.52 -0.52 2.36 2.36 1.89 1.89 2.88 2.88 2.51 2.51 02/28/2013
MSCVX NYLI MacKay California Muni Fund Fixed Income IN Morning Star Rating Morning Star Rating Morning Star Rating Muni California Long 101 0.60 0.60 -1.91 -1.91 2.36 2.36 -0.20 -0.20 3.82 3.82 2.94 2.94 0.36 0.36 -0.46 -0.46 2.33 2.33 1.86 1.86 2.83 2.83 2.46 2.46 02/28/2013
MSODX NYLI MacKay California Muni Fund Fixed Income R6 Morning Star Rating Morning Star Rating Morning Star Rating Morning Star Rating Muni California Long 101 0.71 0.71 - - 2.66 2.66 - - 4.16 4.16 - - 0.67 0.67 - - - - - - 1.47 1.47 - - 11/01/2019
MCAMX NYLI MacKay California Muni Fund Fixed Income C2 Morning Star Rating Morning Star Rating Muni California Long 101 0.70 0.70 -0.30 -0.30 1.85 1.85 0.86 0.86 3.40 3.40 3.40 3.40 -0.05 -0.05 -0.05 -0.05 - - - - 0.41 0.41 0.41 0.41 08/31/2020
MMIN NYLI MacKay Muni Insured ETF Fixed Income - Morning Star Rating Morning Star Rating Morning Star Rating Muni National Long 156 0.54 0.54 0.54 0.54 4.27 4.27 4.56 4.56 4.23 4.23 4.29 4.29 0.47 0.47 0.43 0.43 - - - - 2.52 2.52 2.52 2.52 10/18/2017
MMIOX NYLI MacKay Muni Income Opportunities Fund Fixed Income I - Muni National Long 156 0.70 0.70 - - 4.04 4.04 - - - - - - - - - - - - - - 4.62 4.62 - - 03/25/2024
MMIPX NYLI MacKay Muni Income Opportunities Fund Fixed Income A1 - Muni National Long 156 0.69 0.69 -2.33 -2.33 3.53 3.53 0.42 0.42 - - - - - - - - - - - - 4.10 4.10 2.32 2.32 03/25/2024
MMIRX NYLI MacKay Muni Income Opportunities Fund Fixed Income A2 - Muni National Long 156 0.59 0.59 - - 3.52 3.52 - - - - - - - - - - - - - - 4.15 4.15 - - 03/25/2024
MMIVX NYLI MacKay Muni Income Opportunities Fund Fixed Income A3 - Muni National Long 156 0.68 0.68 - - 3.27 3.27 - - - - - - - - - - - - - - 3.84 3.84 - - 03/25/2024
ORTFX NYLI MacKay Oregon Muni Fund Fixed Income Z Morning Star Rating Morning Star Rating Morning Star Rating Muni Single State Intermediate 105 0.56 0.56 -2.46 -2.46 4.27 4.27 1.14 1.14 2.62 2.62 1.58 1.58 0.13 0.13 -0.48 -0.48 1.29 1.29 0.99 0.99 4.38 4.38 4.30 4.30 06/16/1986
ORTYX NYLI MacKay Oregon Muni Fund Fixed Income I Morning Star Rating Morning Star Rating Morning Star Rating Muni Single State Intermediate 105 0.56 0.56 - - 4.33 4.33 - - 2.74 2.74 - - 0.28 0.28 - - 1.45 1.45 - - 3.63 3.63 - - 04/05/1996
ORTCX NYLI MacKay Oregon Muni Fund Fixed Income C Morning Star Rating Muni Single State Intermediate 105 0.55 0.55 -0.45 -0.45 3.75 3.75 2.75 2.75 1.97 1.97 1.97 1.97 -0.59 -0.59 -0.59 -0.59 0.50 0.50 0.50 0.50 2.62 2.62 2.62 2.62 04/05/1996
ORTBX NYLI MacKay Oregon Muni Fund Fixed Income A - Muni Single State Intermediate 105 0.66 0.66 -2.36 -2.36 4.06 4.06 0.94 0.94 - - - - - - - - - - - - 2.98 2.98 0.84 0.84 07/22/2024
COTAX NYLI MacKay Colorado Muni Fund Fixed Income A - Muni Single State Intermediate 105 0.59 0.59 -2.42 -2.42 3.65 3.65 0.54 0.54 - - - - - - - - - - - - 3.09 3.09 0.94 0.94 07/22/2024
COTCX NYLI MacKay Colorado Muni Fund Fixed Income C Morning Star Rating Muni Single State Intermediate 105 0.59 0.59 -0.41 -0.41 3.36 3.36 2.36 2.36 2.10 2.10 2.10 2.10 -0.51 -0.51 -0.51 -0.51 0.46 0.46 0.46 0.46 2.38 2.38 2.38 2.38 04/30/1996
COTYX NYLI MacKay Colorado Muni Fund Fixed Income I Morning Star Rating Morning Star Rating Morning Star Rating Muni Single State Intermediate 105 0.60 0.60 - - 3.90 3.90 - - 2.89 2.89 - - 0.39 0.39 - - 1.40 1.40 - - 3.45 3.45 - - 04/30/1996
COTFX NYLI MacKay Colorado Muni Fund Fixed Income Z Morning Star Rating Morning Star Rating Morning Star Rating Muni Single State Intermediate 105 0.70 0.70 -2.32 -2.32 3.70 3.70 0.59 0.59 2.76 2.76 1.73 1.73 0.29 0.29 -0.32 -0.32 1.34 1.34 1.03 1.03 4.23 4.23 4.14 4.14 05/21/1987
MSTIX NYLI MacKay Short Term Muni Fund Fixed Income I Morning Star Rating Morning Star Rating Morning Star Rating Morning Star Rating Muni National Short 199 0.40 0.40 - - 4.68 4.68 - - 3.77 3.77 - - 1.65 1.65 - - 1.71 1.71 - - 3.40 3.40 - - 01/02/1991
MSTAX NYLI MacKay Short Term Muni Fund Fixed Income A Morning Star Rating Morning Star Rating Morning Star Rating Muni National Short 199 0.28 0.28 -0.72 -0.72 4.40 4.40 3.35 3.35 3.52 3.52 3.17 3.17 1.39 1.39 1.18 1.18 1.43 1.43 1.33 1.33 1.77 1.77 1.63 1.63 01/02/2004
MYTBX NYLI MacKay Short Term Muni Fund Fixed Income IN Morning Star Rating Morning Star Rating Muni National Short 199 0.38 0.38 -0.12 -0.12 4.06 4.06 3.54 3.54 3.19 3.19 3.01 3.01 1.05 1.05 0.95 0.95 1.07 1.07 0.96 0.96 1.09 1.09 0.92 0.92 02/28/2008
MSTEX NYLI MacKay Short Term Muni Fund Fixed Income R6 Morning Star Rating Morning Star Rating Morning Star Rating Morning Star Rating Muni National Short 199 0.29 0.29 - - 4.69 4.69 - - 3.82 3.82 - - - - - - - - - - 3.22 3.22 - - 05/02/2022
MSTUX NYLI MacKay Short Term Muni Fund Fixed Income A2 Morning Star Rating Morning Star Rating Morning Star Rating Muni National Short 199 0.28 0.28 -1.72 -1.72 4.39 4.39 2.30 2.30 3.51 3.51 2.82 2.82 1.39 1.39 0.98 0.98 - - - - 1.43 1.43 1.04 1.04 09/30/2020
MMIT NYLI MacKay Muni Intermediate ETF Fixed Income - Morning Star Rating Morning Star Rating Morning Star Rating Morning Star Rating Muni National Intermediate 253 0.57 0.57 0.53 0.53 4.77 4.77 4.99 4.99 3.95 3.95 3.94 3.94 1.12 1.12 1.09 1.09 - - - - 2.68 2.68 2.69 2.69 10/18/2017
MMHIX NYLI MacKay High Yield Muni Bond Fund Fixed Income I Morning Star Rating Morning Star Rating Morning Star Rating Morning Star Rating Morning Star Rating High Yield Muni 171 0.70 0.70 - - 3.17 3.17 - - 5.72 5.72 - - 1.56 1.56 - - 3.67 3.67 - - 5.51 5.51 - - 03/31/2010
MMHDX NYLI MacKay High Yield Muni Bond Fund Fixed Income C Morning Star Rating Morning Star Rating High Yield Muni 171 0.76 0.76 -0.24 -0.24 2.05 2.05 1.06 1.06 4.64 4.64 4.64 4.64 0.52 0.52 0.52 0.52 2.62 2.62 2.62 2.62 4.44 4.44 4.44 4.44 03/31/2010
MMHAX NYLI MacKay High Yield Muni Bond Fund Fixed Income A Morning Star Rating Morning Star Rating Morning Star Rating Morning Star Rating High Yield Muni 171 0.69 0.69 -2.33 -2.33 2.83 2.83 -0.26 -0.26 5.43 5.43 4.36 4.36 1.29 1.29 0.37 0.37 3.40 3.40 2.93 2.93 5.25 5.25 4.94 4.94 03/31/2010
MMHVX NYLI MacKay High Yield Muni Bond Fund Fixed Income IN Morning Star Rating Morning Star Rating Morning Star Rating Morning Star Rating High Yield Muni 171 0.69 0.69 -1.82 -1.82 2.90 2.90 0.33 0.33 5.45 5.45 4.56 4.56 1.29 1.29 0.47 0.47 3.39 3.39 2.92 2.92 5.22 5.22 4.92 4.92 03/31/2010
MMHEX NYLI MacKay High Yield Muni Bond Fund Fixed Income R6 Morning Star Rating Morning Star Rating Morning Star Rating Morning Star Rating High Yield Muni 171 0.70 0.70 - - 3.14 3.14 - - 5.75 5.75 - - 1.60 1.60 - - - - - - 2.30 2.30 - - 11/01/2019
MMSD NYLI MacKay Muni Short Duration ETF Fixed Income - - Muni National Short 199 0.38 0.38 0.43 0.43 - - - - - - - - - - - - - - - - 3.89 3.89 3.88 3.88 05/06/2025

   

Click on the Fund Name, which includes the prospectus, investment objectives, performance, risk, and other essential information. Returns represent past performance, which is no guarantee of future results. Current performance may be lower or higher. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Visit www.newyorklifeinvestments.com for the most recent month-end performance.

   

   

Why MacKay Municipal Managers

Rely on the leaders in active municipal investing for a time-tested approach from a tenured team.

Meet MacKay Municipal Managers  ❯

MacKay Team

Why MacKay Municipal Managers

Rely on the leaders in active municipal investing for a time-tested approach from a tenured team.

Meet MacKay Municipal Managers  ❯

MacKay Team

    

   

Stay Ahead with Insights from MacKay Municipal Managers

With 50,000+ muni issuers and constant market shifts, you need more than headlines. We deliver insights and expertise so you can act with conviction.

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Stay Ahead with Insights from MacKay Municipal Managers

With 50,000+ muni issuers and constant market shifts, you need more than headlines. We deliver insights and expertise so you can act with conviction.

Get the latest and subscribe:

By subscribing, you are consenting to receive personalized online advertisements from New York Life Investments. By unsubscribing, you will no longer receive personalized online advertisements from New York Life Investments.

   

   

    

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About MacKay Municipal Managers™

MacKay Municipal Managers™ is a recognized leader in active municipal bond investing and is entrusted with $XX billion in assets under management, as of December 31, 2025. The team manages a suite of highly rated municipal bond solutions available in multiple vehicles. MacKay Municipal Managers™ is a fundamental relative-value bond manager that combines a top-down approach with bottom-up, credit research. Our investment philosophy is centered on the belief that strong long-term performance can be achieved with a relative value, research driven approach in a highly fragmented, inefficient municipal bond market.


About MacKay Shields LLC

MacKay Shields LLC (together with its subsidiaries, "MacKay")*, a New York Life Investments company, is a global asset management firm with $158B billion in assets under management** as of September 30, 2025. MacKay manages fixed income strategies for high-net worth individuals and institutional clients through separately managed accounts and collective investment vehicles including private funds, collective investment trusts, UCITS, ETFs, closed end funds and mutual funds. MacKay provides investors with specialty fixed income expertise across global fixed income markets including municipal bonds, high yield bonds, investment grade bonds, structured credit, and emerging markets debt. The MacKay Shields client experience provides investors direct access to senior investment professionals. For more information, please visit www.mackayshields.com or follow us on Twitter or LinkedIn.


* MacKay Shields is a wholly owned subsidiary of New York Life Investment Management Holdings LLC, which is wholly owned by New York Life Insurance Company. "New York Life Investments" is both a service mark, and the common trade name of certain investment advisers affiliated with New York Life Insurance Company.


** Assets under management (AUM) as of December 31, 2025 represents assets managed by MacKay Shields LLC and its subsidiaries but excludes certain accounts and other assets over which MacKay Shields continues to exercise discretionary authority to liquidate but which are no longer actively managed.


About Risk


Municipal Bond risks include the ability of the issuer to repay the obligation, the relative lack of information about certain issuers, and the possibility of future tax and legislative changes, which could affect the market for and value of municipal securities. Bonds face interest-rate and credit risk. When interest rates rise, bond values can decrease, and there's a risk that the issuer may not pay interest or principal on time.

High-yield or “junk bonds” are speculative due to their higher risk of loss compared to higher-quality securities. Municipal bonds issued by or on behalf of states or municipalities may experience increased volatility as a result of adverse fiscal, economic, or political developments affecting those issuers.