Investment adviser · CRD 107717

MACKAY SHIELDS LLC

Investment adviser filing (IA)

NEW YORK, NY, United States · Form ADV filed Aug 6, 2026

Regulatory AUM: $160B
Client accounts: 366
Employees: 206
Advisory professionals: 73

Who they report serving

Form ADV · Item 5.D

Client types and their share of reported regulatory assets.

Client type	Clients	Regulatory assets	Share of AUM
Investment companies	43	$67,656,262,089	42.4%
Insurance companies	75	$28,987,853,846	18.2%
Pooled investment vehicles	43	$23,478,388,680	14.7%
Retirement plans	72	$13,593,578,047	8.5%
Government entities	34	$13,078,237,387	8.2%
Sovereign wealth & foreign institutions	Fewer than 5	$6,466,387,664	4.1%
High-net-worth individuals	25	$2,971,029,318	1.9%
Corporations & businesses	12	$2,414,975,440	1.5%
Other clients	47	$557,697,538	0.3%
Banks & thrifts	Fewer than 5	$207,339,731	0.1%
Charities	Fewer than 5	$109,379,659	0.1%
Individuals	Fewer than 5	$0	0.0%
Other investment advisers	Fewer than 5	$0	0.0%

Filing source

Form ADV 2124546 · Aug 6, 2026 · Item 5.D

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

Private funds & service providers

33 Private funds

The count excludes feeder funds. Funds in the latest filing appear first, ordered by reported gross assets. Earlier funds retain their last reported values.

MACKAY MUNICIPAL CREDIT OPPORTUNITIES MASTER FUND, L.P.Hedge Fund · Last reported Aug 6, 2026$4.07BGross asset value

Form D fundraising filings

MACKAY MUNICIPAL CREDIT OPPORTUNITIES MASTER FUND LP

Feeder funds

MACKAY MUNICIPAL CREDIT OPPORTUNITIES FUND, L.P.
MACKAY MUNICIPAL CREDIT OPPORTUNITIES HL FUND, L.P.

Fund administrator CITCO (CANADA) INC. TORONTO, Canada Investor statements: Some (provided to some but not all investors) Related to adviser: No

Fund administrator CITCO FUND SERVICES (CURACAO) B.V. WILLEMSTAD, Curacao Investor statements: Some (provided to some but not all investors) Related to adviser: No

Auditor PRICEWATERHOUSECOOPERS LLP NEW YORK, New York, United States

Custodian J.P. MORGAN SECURITIES LLC NEW YORK, New York, United States Related to adviser: No

Custodian PERSHING LLC JERSEY CITY, New Jersey, United States Related to adviser: No

Custodian TD SECURITIES (USA) LLC NEW YORK, New York, United States Related to adviser: No

Marketer J.P. MORGAN SECURITIES LLC NEW YORK, New York, United States Related to adviser: No

Marketer MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED NEW YORK, New York, United States Related to adviser: No

Marketer MORGAN STANLEY PURCHASE, New York, United States Related to adviser: No

Marketer NYLIFE DISTRIBUTORS LLC JERSEY CITY, New Jersey, United States Related to adviser: Yes

Marketer RBC CAPITAL MARKETS, LLC NEW YORK, New York, United States Related to adviser: No

Marketer ROCKEFELLER CAPITAL MANAGEMENT NEW YORK, New York, United States Related to adviser: No

Marketer UBS FINANCIAL SERVICES INC. WEEHAWKEN, New Jersey, United States Related to adviser: No

Prime broker J.P. MORGAN SECURITIES LLC NEW YORK, New York, United States

Prime broker PERSHING LLC JERSEY CITY, New Jersey, United States

Prime broker TD SECURITIES (USA) LLC NEW YORK, New York, United States

Provider details

Annual audit: Yes
Prime brokers: Yes
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: Yes

PRICEWATERHOUSECOOPERS LLP
PCAOB 238

J.P. MORGAN SECURITIES LLC
SEC 8-35008

PERSHING LLC
SEC 8-17574

TD SECURITIES (USA) LLC
SEC 8-36747

J.P. MORGAN SECURITIES LLC
CRD 79 · SEC 801-3702

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
CRD 7691 · SEC 801-14235

MORGAN STANLEY
CRD 149777 · SEC 801-70103

NYLIFE DISTRIBUTORS LLC
CRD 35350 · SEC 8-46655

RBC CAPITAL MARKETS, LLC
CRD 31194 · SEC 801-13059

ROCKEFELLER CAPITAL MANAGEMENT
CRD 291361 · SEC 801-114033

UBS FINANCIAL SERVICES INC.
CRD 8174 · SEC 801-7163

J.P. MORGAN SECURITIES LLC
CRD 79 · SEC 8-35008

PERSHING LLC
CRD 7560 · SEC 8-17574

TD SECURITIES (USA) LLC
CRD 18476 · SEC 8-36747

Fund details & source

Fund ID: 805-6029565126
Reported beneficial owners: 2,672
Minimum commitment: $1M
Form D file number: 021-128978
Form D file number: 021-129176

Form ADV 2124546 · Aug 6, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

MACKAY MUNICIPAL OPPORTUNITIES MASTER FUND, L.P.Hedge Fund · Last reported Aug 6, 2026$2.67BGross asset value

Form D fundraising filings

MACKAY MUNICIPAL OPPORTUNITIES MASTER FUND LP