Frances is a Senior Managing Director at MacKay Municipal Managers and Portfolio Manager of the NYLI MacKay municipal bond funds. She heads the credit research efforts of the team. Her primary focus includes coverage of transportation, state and local general obligation sectors.
Frances joined the firm in 2009 in her current role. Previously, she was Director of Research for Mariner Municipal Managers and was previously at Merrill Lynch. She was also a Senior Fund Analyst and later Director of the Municipal Research Group at Merrill Lynch Investment Managers. She has worked in the financial services industry since 1991.
Frances earned a B.S. in economics from the University of Michigan and an M.B.A. from Boston University.
Finalist in the 2019 Women in Asset Management Awards in the “Bond Manager” category.
Products Managed
- at NAV
- W/ sales charge (MF)/mkt price (ETF)
| 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 |
| MTBAX | NYLI MacKay Tax Free Bond Fund | Fixed Income | A |
|
Muni National Long | 156 | 0.59 0.59 -2.42 -2.42 | 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 |
| MTFDX | NYLI MacKay Strategic Muni Allocation Fund | Fixed Income | A |
|
Muni National Intermediate | 253 | 0.78 0.78 -2.25 -2.25 | 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 |
| MMHAX | NYLI MacKay High Yield Muni Bond Fund | Fixed Income | A |
|
High Yield Muni | 171 | 0.48 0.48 -2.54 -2.54 | 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 |
| MMCA | NYLI MacKay California Muni Intermediate ETF | Fixed Income | - |
|
Muni California Intermediate | 53 | 0.78 0.78 0.73 0.73 | 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 |
| MNOAX | NYLI MacKay New York Muni Fund | Fixed Income | A |
|
Muni New York Long | 76 | 0.50 0.50 -2.51 -2.51 | 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 |
| MSTAX | NYLI MacKay Short Term Muni Fund | Fixed Income | A |
|
Muni National Short | 199 | 0.54 0.54 -0.47 -0.47 | 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 |
| MSCAX | NYLI MacKay California Muni Fund | Fixed Income | A |
|
Muni California Long | 101 | 0.67 0.67 -2.35 -2.35 | 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 |
| MMIN | NYLI MacKay Muni Insured ETF | Fixed Income | - |
|
Muni National Long | 156 | 0.64 0.64 0.71 0.71 | 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 |
| MMIT | NYLI MacKay Muni Intermediate ETF | Fixed Income | - |
|
Muni National Intermediate | 253 | 0.77 0.77 0.78 0.78 | 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 |
| MGVAX | NYLI MacKay U.S. Infrastructure Bond Fund | Fixed Income | A |
|
Intermediate Core Bond | 414 | -0.06 -0.06 -3.06 -3.06 | 8.28 8.28 5.03 5.03 | 5.83 5.83 4.76 4.76 | 0.69 0.69 -0.24 -0.24 | 1.99 1.99 1.53 1.53 | 3.91 3.91 3.75 3.75 | 01/03/1995 |
Performance data quoted represents past performance. Past performance is no guarantee of future results. Due to market volatility, current performance may be less or higher than the figures shown. Investment return and principal value will fluctuate so that upon redemption, shares may be worth more or less than their original cost. Performance figures for all Funds reflect contractual waivers and/or expense limitations, without which total returns may have been lower. These limitations may be modified or terminated only with Board approval.
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance (this does not include the effects of sales charges, loads, and redemption fees). The top 10% of products in each product category receive 5stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
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