"Today was one of those rounds where I played particularly well again," said McNulty, who earned his first Champions Tour victory at this event in 2004. "If you come back to a course which you've done well on, it's always got to do something with what fits your eye."
Gary McCord, Keith Fergus and Dan Pohl share third place at 4-under 67. Des Smyth, Dave Stockton, John Harris, Mark Johnson, Bobby Wadkins, Jerry Pate, Tom Kite and Larry Nelson all carded 3-under 68 to tie for sixth place.
Loren Roberts, who is bidding to win the first four events of the 2006 Champions Tour schedule, carded a 2-under 69 and is part of a group tied for 14th place along with, among others, defending champion Hale Irwin.