UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-22321
MainStay Funds Trust
(Exact name of registrant as specified in charter)
| 51 Madison Avenue, New York, New York 10010 | |
| (Address of principal executive offices) | (Zip Code) |
J. Kevin Gao, Esq., 30 Hudson Street, Jersey City, NJ 07302
(Name and address of agent for service)
Registrant's telephone number, including area code: 800-624-6782
Date of fiscal year end: October 31
Date of reporting period: July 31, 2018
Item 1. Schedule of Investments.
The schedule of investments for the period ended July 31, 2018 is filed herewith.
MainStay Balanced Fund
Portfolio of Investments July 31, 2018 (Unaudited)
| Principal Amount | Value | |||||||||
| Long-Term Bonds 29.6% † | ||||||||||
| Asset-Backed Securities 2.6% | ||||||||||
| Auto Floor Plan Asset-Backed Securities 0.0% ‡ | ||||||||||
| NextGear Floorplan Master Owner Trust Series 2017-2A, Class A2 2.56%, due 10/17/22 (a) | $ | 200,000 | $ | 196,602 | ||||||
| Automobile 0.1% | ||||||||||
| Hertz Vehicle Financing LLC Series 2016-1A, Class A 2.32%, due 3/25/20 (a) | 400,000 | 398,348 | ||||||||
| Volkswagen Auto Loan Enhanced Trust Series 2018-1, Class A3 3.02%, due 11/21/22 | 213,000 | 212,496 | ||||||||
| 610,844 | ||||||||||
| Other Asset-Backed Securities 2.5% | ||||||||||
| AIMCO CLO (a)(b) | ||||||||||
| Series 2018-AA, Class A 2.861% (3 Month LIBOR + 1.02%), due 4/17/31 | 1,000,000 | 996,665 | ||||||||
| Series 2017-AA, Class A 3.618% (3 Month LIBOR + 1.26%), due 7/20/29 | 500,000 | 500,672 | ||||||||
| Apidos CLO XXI Series 2015-21A, Class A1R 3.263%, due 7/18/27 (a)(c)(d) | 600,000 | 600,000 | ||||||||
| Apidos CLO XXV Series 2016-25A, Class A1 3.818% (3 Month LIBOR + 1.46%), due 10/20/28 (a)(b) | 650,000 | 650,454 | ||||||||
| Ares XXIX CLO, Ltd. Series 2014-1A, Class A1R 3.543% (3 Month LIBOR + 1.19%), due 4/17/26 (a)(b) | 171,492 | 171,571 | ||||||||
| Capital Automotive REIT Series 2017-1A, Class A1 3.87%, due 4/15/47 (a) | 395,000 | 393,107 | ||||||||
| Cedar Funding IV CLO, Ltd. Series 2014-4A, Class AR 3.592% (3 Month LIBOR + 1.23%), due 7/23/30 (a)(b) | 1,500,000 | 1,503,259 | ||||||||
| Domino's Pizza Master Issuer LLC Series 2017-1A, Class A2II 3.082%, due 7/25/47 (a) | 2,277,000 | 2,199,901 | ||||||||
| Dryden Senior Loan Fund Series 2018-64A, Class A 3.19% (3 Month LIBOR + 0.97%), due 4/18/31 (a)(b) | 500,000 | 497,501 | ||||||||
| Elara HGV Timeshare Issuer LLC Series 2017-A, Class A 2.69%, due 3/25/30 (a) | 255,571 | 249,740 | ||||||||
| FOCUS Brands Funding LLC Series 2017-1A, Class A2I 3.857%, due 4/30/47 (a) | 197,500 | 196,773 | ||||||||
| Galaxy XXII CLO, Ltd. Series 2016-22A, Class A1R 3.339% (3 Month LIBOR + 1.00%), due 7/16/28 (a)(b) | 250,000 | 249,998 | ||||||||
| Highbridge Loan Management, Ltd. Series 2016-6A, Class A1R 2.845% (3 Month LIBOR + 1.00%), due 2/5/31 (a)(b) | 1,100,000 | 1,098,828 | ||||||||
| HPS Loan Management, Ltd. Series 2011-A17, Class A 3.049% (3 Month LIBOR + 1.26%), due 5/6/30 (a)(b) | 1,000,000 | 1,001,593 | ||||||||
| LCM, Ltd. Partnership Series 2015-A, Class AR 3.599% (3 Month LIBOR + 1.24%), due 7/20/30 (a)(b) | 650,000 | 652,274 | ||||||||
| Magnetite XII, Ltd. Series 2015-12A, Class AR 3.677% (3 Month LIBOR + 1.33%), due 4/15/27 (a)(b) | 1,100,000 | 1,100,634 | ||||||||
| Neuberger Berman CLO XIV, Ltd. Series 2013-14A, Class AR 3.608% (3 Month LIBOR + 1.25%), due 1/28/30 (a)(b) | 500,000 | 501,151 | ||||||||
| Octagon Investment Partners 30, Ltd. Series 2017-1A, Class A1 3.678% (3 Month LIBOR + 1.32%), due 3/17/30 (a)(b) | 500,000 | 501,256 | ||||||||
| Octagon Loan Funding, Ltd. Series 2014-1A, Class A1R 3.024% (3 Month LIBOR + 1.14%), due 11/18/26 (a)(b) | 643,000 | 643,055 | ||||||||
| Sound Point CLO XVI, Ltd. Series 2017-2A, Class A 3.639% (3 Month LIBOR + 1.28%), due 7/25/30 (a)(b) | 820,000 | 821,035 | ||||||||
| THL Credit Wind River CLO, Ltd. (a)(b) | ||||||||||
| Series 2017-4A, Class A 3.034% (3 Month LIBOR + 1.15%), due 11/20/30 | 507,000 | 507,189 | ||||||||
| Series 2014-3A, Class AR 3.462% (3 Month LIBOR + 1.10%), due 1/22/27 | 650,000 | 650,219 | ||||||||
| Series 2017-2A, Class A 3.588% (3 Month LIBOR + 1.23%), due 7/20/30 | 250,000 | 250,264 | ||||||||
| TIAA CLO III, Ltd. Series 2017-2A, Class A 3.497% (3 Month LIBOR + 1.15%), due 1/16/31 (a)(b) | 1,000,000 | 997,501 | ||||||||
| Volvo Financial Equipment LLC Series 2016-1A, Class A3 1.67%, due 2/18/20 (a) | 101,217 | 100,916 | ||||||||
| 17,035,556 | ||||||||||
| Total Asset-Backed Securities (Cost $17,931,094) | 17,843,002 | |||||||||
| Corporate Bonds 13.3% | ||||||||||
| Aerospace & Defense 0.3% | ||||||||||
| BAE Systems PLC 4.75%, due 10/11/21 (a) | 1,550,000 | 1,600,160 | ||||||||
| General Dynamics Corp. 3.00%, due 5/11/21 | 725,000 | 721,861 | ||||||||
| 2,322,021 | ||||||||||
| Auto Manufacturers 0.6% | ||||||||||
| Daimler Finance North America LLC 2.85%, due 1/6/22 (a) | 1,475,000 | 1,440,079 | ||||||||
| Ford Motor Credit Co. LLC 4.25%, due 9/20/22 | 1,000,000 | 1,001,946 | ||||||||
| General Motors Financial Co., Inc. 4.35%, due 4/9/25 | 1,925,000 | 1,893,984 | ||||||||
| 4,336,009 | ||||||||||
| Banks 4.0% | ||||||||||
| Bank of America Corp. | ||||||||||
| 3.864%, due 7/23/24 (e) | 425,000 | 425,609 | ||||||||
| 4.45%, due 3/3/26 | 2,000,000 | 2,007,583 | ||||||||
| BNP Paribas S.A. 3.375%, due 1/9/25 (a) | 525,000 | 498,397 | ||||||||
| Capital One Financial Corp. 3.80%, due 1/31/28 | 800,000 | 764,085 | ||||||||
| Citigroup, Inc. | ||||||||||
| 2.876%, due 7/24/23 (e) | 575,000 | 555,864 | ||||||||
| 4.60%, due 3/9/26 | 1,500,000 | 1,509,073 | ||||||||
| Citizens Bank N.A. 2.25%, due 10/30/20 | 1,038,000 | 1,010,943 | ||||||||
| Cooperatieve Rabobank UA 4.375%, due 8/4/25 | 1,750,000 | 1,733,310 | ||||||||
| Credit Agricole S.A. (a) | ||||||||||
| 3.25%, due 10/4/24 | 825,000 | 781,174 | ||||||||
| 3.375%, due 1/10/22 | 375,000 | 369,122 | ||||||||
| Credit Suisse Group Funding Guernsey, Ltd. 3.80%, due 9/15/22 | 1,490,000 | 1,482,833 | ||||||||
| Discover Bank 3.20%, due 8/9/21 | 1,210,000 | 1,194,240 | ||||||||
| ¤ | Fifth Third Bancorp 4.30%, due 1/16/24 | 2,250,000 | 2,279,695 | |||||||
| Goldman Sachs Group, Inc. | ||||||||||
| 2.905%, due 7/24/23 (e) | 750,000 | 724,159 | ||||||||
| 3.85%, due 1/26/27 | 800,000 | 777,227 | ||||||||
| ¤ | JPMorgan Chase & Co. 3.875%, due 9/10/24 | 2,575,000 | 2,549,778 | |||||||
| Lloyds Banking Group PLC 2.907%, due 11/7/23 (e) | 1,500,000 | 1,428,886 | ||||||||
| Mitsubishi UFJ Financial Group, Inc. 2.95%, due 3/1/21 | 1,098,000 | 1,082,742 | ||||||||
| Morgan Stanley | ||||||||||
| 3.591%, due 7/22/28 (e) | 425,000 | 404,068 | ||||||||
| 4.10%, due 5/22/23 | 600,000 | 602,681 | ||||||||
| 4.35%, due 9/8/26 | 1,175,000 | 1,167,829 | ||||||||
| Santander UK Group Holdings PLC (e) | ||||||||||
| 3.373%, due 1/5/24 | 1,250,000 | 1,207,372 | ||||||||
| 3.823%, due 11/3/28 | 425,000 | 398,053 | ||||||||
| Santander UK PLC 3.40%, due 6/1/21 | 300,000 | 300,134 | ||||||||
| SunTrust Bank 3.00%, due 2/2/23 | 250,000 | 244,185 | ||||||||
| UBS Group Funding Switzerland A.G. (a) | ||||||||||
| 4.125%, due 4/15/26 | 600,000 | 598,551 | ||||||||
| 4.253%, due 3/23/28 | 1,000,000 | 1,002,792 | ||||||||
| 27,100,385 | ||||||||||
| Beverages 0.4% | ||||||||||
| Anheuser-Busch InBev Finance, Inc. 2.65%, due 2/1/21 | 615,000 | 606,958 | ||||||||
| Anheuser-Busch InBev Worldwide, Inc. 4.00%, due 4/13/28 | 1,250,000 | 1,247,590 | ||||||||
| Keurig Dr. Pepper, Inc. 4.597%, due 5/25/28 (a) | 575,000 | 586,898 | ||||||||
| 2,441,446 | ||||||||||
| Biotechnology 0.2% | ||||||||||
| Celgene Corp. 3.875%, due 8/15/25 | 1,250,000 | 1,234,191 | ||||||||
| Building Materials 0.3% | ||||||||||
| Fortune Brands Home & Security, Inc. 4.00%, due 6/15/25 | 1,225,000 | 1,214,089 | ||||||||
| Masco Corp. 4.45%, due 4/1/25 | 1,090,000 | 1,097,185 | ||||||||
| 2,311,274 | ||||||||||
| Chemicals 0.4% | ||||||||||
| Mosaic Co. 4.05%, due 11/15/27 | 525,000 | 504,749 | ||||||||
| NewMarket Corp. 4.10%, due 12/15/22 | 1,065,000 | 1,067,318 | ||||||||
| NOVA Chemicals Corp. 5.00%, due 5/1/25 (a) | 500,000 | 476,250 | ||||||||
| Yara International ASA 4.75%, due 6/1/28 (a) | 650,000 | 659,234 | ||||||||
| 2,707,551 | ||||||||||
| Diversified Financial Services 0.1% | ||||||||||
| American Express Credit Corp. 2.885% (3 Month LIBOR + 0.55%), due 3/18/19 (b) | 725,000 | 727,313 | ||||||||
| Discover Financial Services 5.20%, due 4/27/22 | 75,000 | 77,976 | ||||||||
| 805,289 | ||||||||||
| Electric 1.0% | ||||||||||
| Commonwealth Edison Co. 3.10%, due 11/1/24 | 300,000 | 290,093 | ||||||||
| DTE Electric Co. 2.65%, due 6/15/22 | 1,160,000 | 1,129,107 | ||||||||
| Emera U.S. Finance, L.P. 2.70%, due 6/15/21 | 1,250,000 | 1,220,032 | ||||||||
| Entergy Corp. 4.00%, due 7/15/22 | 1,200,000 | 1,219,560 | ||||||||
| Exelon Corp. 2.85%, due 6/15/20 | 825,000 | 817,250 | ||||||||
| FirstEnergy Transmission LLC 4.35%, due 1/15/25 (a) | 1,225,000 | 1,230,620 | ||||||||
| ¤ | WEC Energy Group, Inc. 3.375%, due 6/15/21 | 650,000 | 650,161 | |||||||
| 6,556,823 | ||||||||||
| Electronics 0.1% | ||||||||||
| Amphenol Corp. 3.125%, due 9/15/21 | 400,000 | 396,636 | ||||||||
| Food 0.2% | ||||||||||
| Ingredion, Inc. 4.625%, due 11/1/20 | 650,000 | 665,562 | ||||||||
| McCormick & Co., Inc. 3.15%, due 8/15/24 | 1,050,000 | 1,007,628 | ||||||||
| 1,673,190 | ||||||||||
| Forest Products & Paper 0.2% | ||||||||||
| Fibria Overseas Finance, Ltd. | ||||||||||
| 4.00%, due 1/14/25 | 675,000 | 642,347 | ||||||||
| 5.50%, due 1/17/27 | 625,000 | 643,281 | ||||||||
| 1,285,628 | ||||||||||
| Health Care - Products 0.3% | ||||||||||
| Becton Dickinson & Co. 2.894%, due 6/6/22 | 2,088,000 | 2,027,378 | ||||||||
| Health Care - Services 0.1% | ||||||||||
| Laboratory Corp. of America Holdings 3.25%, due 9/1/24 | 950,000 | 913,666 | ||||||||
| Insurance 0.4% | ||||||||||
| Nationwide Financial Services, Inc. 5.375%, due 3/25/21 (a) | 1,450,000 | 1,505,216 | ||||||||
| Pricoa Global Funding I 2.20%, due 6/3/21 (a) | 1,050,000 | 1,015,325 | ||||||||
| 2,520,541 | ||||||||||
| Iron & Steel 0.2% | ||||||||||
| Carpenter Technology Corp. 4.45%, due 3/1/23 | 350,000 | 349,356 | ||||||||
| Reliance Steel & Aluminum Co. 4.50%, due 4/15/23 | 1,300,000 | 1,320,867 | ||||||||
| 1,670,223 | ||||||||||
| Mining 0.5% | ||||||||||
| Anglo American Capital PLC (a) | ||||||||||
| 4.75%, due 4/10/27 | 700,000 | 681,124 | ||||||||
| 4.875%, due 5/14/25 | 485,000 | 487,391 | ||||||||
| Rio Tinto Finance USA, Ltd. 3.75%, due 6/15/25 | 1,600,000 | 1,603,475 | ||||||||
| Teck Resources, Ltd. 3.75%, due 2/1/23 | 750,000 | 740,625 | ||||||||
| 3,512,615 | ||||||||||
| Multi-National 0.1% | ||||||||||
| International Bank for Reconstruction & Development 2.00%, due 10/30/20 | 1,000,000 | 982,087 | ||||||||
| Oil & Gas 0.8% | ||||||||||
| Anadarko Petroleum Corp. 4.85%, due 3/15/21 | 1,700,000 | 1,750,935 | ||||||||
| Cenovus Energy, Inc. 4.25%, due 4/15/27 | 1,045,000 | 1,014,012 | ||||||||
| Helmerich & Payne International Drilling Co. 4.65%, due 3/15/25 | 590,000 | 604,520 | ||||||||
| Nabors Industries, Inc. 5.00%, due 9/15/20 | 1,210,000 | 1,216,050 | ||||||||
| Petroleos Mexicanos | ||||||||||
| 3.50%, due 1/30/23 | 300,000 | 285,066 | ||||||||
| 4.875%, due 1/24/22 | 200,000 | 201,422 | ||||||||
| 5.35%, due 2/12/28 (a) | 150,000 | 140,145 | ||||||||
| 5,212,150 | ||||||||||
| Packaging & Containers 0.2% | ||||||||||
| WestRock Co. 3.75%, due 3/15/25 (a) | 1,125,000 | 1,101,648 | ||||||||
| Pharmaceuticals 0.2% | ||||||||||
| Bayer U.S. Finance II LLC 3.875%, due 12/15/23 (a) | 700,000 | 701,889 | ||||||||
| GlaxoSmithKline Capital, Inc. 3.375%, due 5/15/23 | 600,000 | 597,620 | ||||||||
| 1,299,509 | ||||||||||
| Pipelines 0.9% | ||||||||||
| Buckeye Partners, L.P. 4.15%, due 7/1/23 | 1,750,000 | 1,723,514 | ||||||||
| Energy Transfer Partners, L.P. / Regency Energy Finance Corp. 5.875%, due 3/1/22 | 1,500,000 | 1,584,965 | ||||||||
| Enterprise Products Operating LLC 2.80%, due 2/15/21 | 350,000 | 346,257 | ||||||||
| Kinder Morgan, Inc. 5.00%, due 2/15/21 (a) | 1,270,000 | 1,312,697 | ||||||||
| ONEOK, Inc. 4.55%, due 7/15/28 | 950,000 | 970,716 | ||||||||
| Texas Eastern Transmission, L.P. 2.80%, due 10/15/22 (a) | 525,000 | 502,803 | ||||||||
| 6,440,952 | ||||||||||
| Real Estate Investment Trusts 0.6% | ||||||||||
| Highwoods Realty, L.P. 3.625%, due 1/15/23 | 1,750,000 | 1,715,472 | ||||||||
| Simon Property Group, L.P. 2.625%, due 6/15/22 | 775,000 | 752,379 | ||||||||
| VEREIT Operating Partnership, L.P. 4.875%, due 6/1/26 | 1,750,000 | 1,752,129 | ||||||||
| 4,219,980 | ||||||||||
| Retail 0.2% | ||||||||||
| CVS Health Corp. 4.30%, due 3/25/28 | 1,620,000 | 1,615,182 | ||||||||
| Software 0.4% | ||||||||||
| Fidelity National Information Services, Inc. 2.25%, due 8/15/21 | 2,075,000 | 1,999,127 | ||||||||
| Fiserv, Inc. 4.75%, due 6/15/21 | 500,000 | 517,849 | ||||||||
| 2,516,976 | ||||||||||
| Telecommunications 0.5% | ||||||||||
| AT&T, Inc. 3.95%, due 1/15/25 | 408,000 | 401,855 | ||||||||
| Telefonica Emisiones SAU 4.103%, due 3/8/27 | 825,000 | 806,651 | ||||||||
| Verizon Communications, Inc. 3.50%, due 11/1/24 | 1,850,000 | 1,812,699 | ||||||||
| Vodafone Group PLC 4.375%, due 5/30/28 | 450,000 | 450,448 | ||||||||
| 3,471,653 | ||||||||||
| Transportation 0.1% | ||||||||||
| Burlington Northern Santa Fe LLC 4.70%, due 10/1/19 | 400,000 | 407,706 | ||||||||
| Total Corporate Bonds (Cost $92,522,181) | 91,082,709 | |||||||||
| Foreign Government Bonds 0.1% | ||||||||||
| Poland 0.0% ‡ | ||||||||||
| Republic of Poland Government International Bond 5.00%, due 3/23/22 | 150,000 | 158,215 | ||||||||
| Russia 0.1% | ||||||||||
| Russian Federation 3.50%, due 1/16/19 (a) | 600,000 | 600,558 | ||||||||
| Total Foreign Government Bonds (Cost $748,687) | 758,773 | |||||||||
| Mortgage-Backed Securities 1.7% | ||||||||||
| Commercial Mortgage Loans (Collateralized Mortgage Obligations) 1.7% | ||||||||||
| Bank Series 2017-BNK5, Class A2 2.987%, due 6/15/60 | 600,000 | 591,261 | ||||||||
| Benchmark Mortgage Trust | ||||||||||
| Series 2018-B1, Class A2 3.571%, due 1/15/51 | 300,000 | 302,368 | ||||||||
| Series 2018-B2, Class A2 3.662%, due 2/15/51 | 250,000 | 252,836 | ||||||||
| CD Mortgage Trust Series 2017-CD4, Class A2 3.03%, due 5/10/50 | 1,200,000 | 1,186,186 | ||||||||
| CFCRE Commercial Mortgage Trust Series 2017-C8, Class A2 2.982%, due 6/15/50 | 1,600,000 | 1,576,178 | ||||||||
| Citigroup Commercial Mortgage Trust Series 2014-GC21, Class A5 3.855%, due 5/10/47 | 200,000 | 203,180 | ||||||||
| COMM Mortgage Trust Series 2013-LC13, Class A2 3.009%, due 8/10/46 | 125,633 | 125,558 | ||||||||
| DBJPM Mortgage Trust Series 2017-C6, Class A2 2.917%, due 6/10/50 | 1,500,000 | 1,475,329 | ||||||||
| GRACE Mortgage Trust Series 2014-GRCE, Class A 3.369%, due 6/10/28 (a) | 400,000 | 400,871 | ||||||||
| JPMBB Commercial Mortgage Securities Trust Series 2013-C14, Class A2 3.019%, due 8/15/46 | 179,019 | 179,101 | ||||||||
| Morgan Stanley Bank of America Merrill Lynch Trust | ||||||||||
| Series 2013-C13, Class A2 2.936%, due 11/15/46 | 476,930 | 476,649 | ||||||||
| Series 2017-C33, Class A2 3.14%, due 5/15/50 | 2,000,000 | 1,981,973 | ||||||||
| Series 2013-C12, Class A4 4.259%, due 10/15/46 (d) | 600,000 | 618,250 | ||||||||
| Morgan Stanley Capital I Trust Series 2017-H1, Class A2 3.089%, due 6/15/50 | 1,700,000 | 1,691,245 | ||||||||
| UBS Commercial Mortgage Trust Series 2018-C8, Class A2 3.713%, due 2/15/51 | 800,000 | 809,208 | ||||||||
| Wells Fargo Commercial Mortgage Trust Series 2016-C33, Class AS 3.749%, due 3/15/59 | 100,000 | 98,868 | ||||||||
| Total Mortgage-Backed Securities (Cost $12,396,454) | 11,969,061 | |||||||||
| U.S. Government & Federal Agencies 11.9% | ||||||||||
| ¤ | Federal Home Loan Bank 1.2% | |||||||||
| 1.375%, due 3/18/19 | 450,000 | 447,425 | ||||||||
| 1.50%, due 10/21/19 | 800,000 | 789,693 | ||||||||
| 1.70%, due 5/15/20 | 850,000 | 834,778 | ||||||||
| 2.125%, due 2/11/20 | 1,200,000 | 1,190,259 | ||||||||
| 2.30%, due 1/26/21 | 825,000 | 814,521 | ||||||||
| 2.375%, due 3/30/20 | 550,000 | 547,210 | ||||||||
| 2.50%, due 12/10/27 | 1,700,000 | 1,591,914 | ||||||||
| 2.51%, due 12/29/22 | 700,000 | 683,447 | ||||||||
| 2.625%, due 5/28/20 | 750,000 | 749,180 | ||||||||
| 3.00%, due 3/10/28 | 500,000 | 487,224 | ||||||||
| 8,135,651 | ||||||||||
| ¤ | Federal Home Loan Mortgage Corporation 1.0% | |||||||||
| 1.25%, due 8/15/19 | 650,000 | 641,997 | ||||||||
| 1.25%, due 10/2/19 | 775,000 | 763,526 | ||||||||
| 1.35%, due 1/25/19 | 1,200,000 | 1,195,136 | ||||||||
| 1.375%, due 8/15/19 | 850,000 | 840,403 | ||||||||
| 1.50%, due 1/17/20 | 550,000 | 541,500 | ||||||||
| 2.75%, due 6/19/23 | 650,000 | 643,880 | ||||||||
| 2.753%, due 1/30/23 | 650,000 | 638,812 | ||||||||
| 3.32%, due 6/14/23 | 600,000 | 598,324 | ||||||||
| 3.35%, due 7/26/23 | 500,000 | 497,341 | ||||||||
| 3.375%, due 8/16/23 | 600,000 | 599,108 | ||||||||
| 6,960,027 | ||||||||||
| ¤ | Federal National Mortgage Association 0.9% | |||||||||
| 1.25%, due 7/26/19 | 1,000,000 | 988,126 | ||||||||
| 1.50%, due 2/28/20 | 1,100,000 | 1,080,373 | ||||||||
| 1.75%, due 9/12/19 | 650,000 | 644,488 | ||||||||
| 1.875%, due 9/24/26 | 3,700,000 | 3,362,157 | ||||||||
| 6,075,144 | ||||||||||
| Federal National Mortgage Association (Mortgage Pass-Through Securities) 0.2% | ||||||||||
| 2.125%, due 4/24/26 | 400,000 | 372,496 | ||||||||
| 2.50%, due 4/13/21 | 725,000 | 718,743 | ||||||||
| 1,091,239 | ||||||||||
| ¤ | United States Treasury Notes 8.6% | |||||||||
| 1.375%, due 1/15/20 | 3,000,000 | 2,948,320 | ||||||||
| 1.625%, due 11/15/22 | 5,600 | 5,329 | ||||||||
| 1.875%, due 4/30/22 | 1,800,000 | 1,740,375 | ||||||||
| 1.875%, due 9/30/22 | 500,000 | 481,387 | ||||||||
| 2.25%, due 2/15/21 | 3,725,000 | 3,679,747 | ||||||||
| 2.25%, due 10/31/24 | 1,420,000 | 1,366,695 | ||||||||
| 2.375%, due 4/15/21 | 1,100,000 | 1,089,129 | ||||||||
| 2.625%, due 7/31/20 | 22,400,000 | 22,379,875 | ||||||||
| 2.625%, due 5/15/21 | 3,725,000 | 3,711,031 | ||||||||
| 2.625%, due 7/15/21 | 3,700,000 | 3,685,258 | ||||||||
| 2.75%, due 4/30/23 | 6,725,000 | 6,695,841 | ||||||||
| 2.75%, due 7/31/23 | 3,700,000 | 3,682,945 | ||||||||
| 2.75%, due 2/28/25 | 730,000 | 722,729 | ||||||||
| 2.75%, due 6/30/25 | 1,875,000 | 1,854,346 | ||||||||
| 2.875%, due 4/30/25 | 325,000 | 324,035 | ||||||||
| 2.875%, due 5/31/25 | 2,420,500 | 2,413,030 | ||||||||
| 2.875%, due 5/15/28 | 2,250,000 | 2,232,773 | ||||||||
| 59,012,845 | ||||||||||
| Total U.S. Government & Federal Agencies (Cost $81,840,329) | 81,274,906 | |||||||||
| Total Long-Term Bonds (Cost $205,438,745) | 202,928,451 | |||||||||
| Shares | ||||||||||
| Common Stocks 64.9% | ||||||||||
| Aerospace & Defense 0.9% | ||||||||||
| General Dynamics Corp. | 4,486 | 896,123 | ||||||||
| Huntington Ingalls Industries, Inc. | 7,429 | 1,731,329 | ||||||||
| Lockheed Martin Corp. | 3,171 | 1,034,063 | ||||||||
| Textron, Inc. | 21,154 | 1,444,184 | ||||||||
| United Technologies Corp. | 6,615 | 897,920 | ||||||||
| 6,003,619 | ||||||||||
| Airlines 0.6% | ||||||||||
| Delta Air Lines, Inc. | 18,882 | 1,027,559 | ||||||||
| JetBlue Airways Corp. (f) | 42,627 | 767,286 | ||||||||
| Southwest Airlines Co. | 15,208 | 884,497 | ||||||||
| United Continental Holdings, Inc. (f) | 18,938 | 1,522,615 | ||||||||
| 4,201,957 | ||||||||||
| Auto Components 0.0% ‡ | ||||||||||
| Lear Corp. | 1,707 | 307,482 | ||||||||
| Visteon Corp. (f) | 246 | 28,802 | ||||||||
| 336,284 | ||||||||||
| Automobiles 0.6% | ||||||||||
| Ford Motor Co. | 100,863 | 1,012,665 | ||||||||
| General Motors Co. | 23,376 | 886,184 | ||||||||
| Harley-Davidson, Inc. | 49,134 | 2,107,357 | ||||||||
| 4,006,206 | ||||||||||
| Banks 3.3% | ||||||||||
| Bank of America Corp. | 36,754 | 1,134,963 | ||||||||
| BB&T Corp. | 19,744 | 1,003,193 | ||||||||
| CIT Group, Inc. | 38,695 | 2,048,126 | ||||||||
| Citigroup, Inc. | 15,918 | 1,144,345 | ||||||||
| Citizens Financial Group, Inc. | 3,958 | 157,449 | ||||||||
| Commerce Bancshares, Inc. | 29,065 | 1,941,542 | ||||||||
| ¤ | Fifth Third Bancorp | 102,987 | 3,047,385 | |||||||
| First Citizens BancShares, Inc., Class A | 1,125 | 457,672 | ||||||||
| First Hawaiian, Inc. | 49,232 | 1,391,296 | ||||||||
| Huntington Bancshares, Inc. | 55,534 | 857,445 | ||||||||
| ¤ | JPMorgan Chase & Co. | 9,857 | 1,133,062 | |||||||
| KeyCorp | 153,786 | 3,209,514 | ||||||||
| M&T Bank Corp. | 262 | 45,418 | ||||||||
| PNC Financial Services Group, Inc. | 6,057 | 877,235 | ||||||||
| SunTrust Banks, Inc. | 28,022 | 2,019,546 | ||||||||
| Texas Capital Bancshares, Inc. (f) | 4,037 | 366,560 | ||||||||
| U.S. Bancorp | 19,170 | 1,016,202 | ||||||||
| Wells Fargo & Co. | 17,364 | 994,784 | ||||||||
| 22,845,737 | ||||||||||
| Beverages 0.3% | ||||||||||
| Coca-Cola Co. | 19,047 | 888,162 | ||||||||
| PepsiCo., Inc. | 8,894 | 1,022,810 | ||||||||
| 1,910,972 | ||||||||||
| Biotechnology 0.6% | ||||||||||
| Alexion Pharmaceuticals, Inc. (f) | 6,695 | 890,167 | ||||||||
| Amgen, Inc. | 6,036 | 1,186,376 | ||||||||
| Biogen, Inc. (f) | 3,064 | 1,024,510 | ||||||||
| Gilead Sciences, Inc. | 15,077 | 1,173,443 | ||||||||
| 4,274,496 | ||||||||||
| Building Products 0.1% | ||||||||||
| Johnson Controls International PLC | 24,152 | 905,942 | ||||||||
| Capital Markets 2.3% | ||||||||||
| Ameriprise Financial, Inc. | 19,741 | 2,875,671 | ||||||||
| Bank of New York Mellon Corp. | 21,525 | 1,150,942 | ||||||||
| BlackRock, Inc. | 2,030 | 1,020,603 | ||||||||
| CME Group, Inc. | 7,138 | 1,135,799 | ||||||||
| Goldman Sachs Group, Inc. | 3,684 | 874,692 | ||||||||
| Intercontinental Exchange, Inc. | 13,671 | 1,010,424 | ||||||||
| Lazard, Ltd., Class A | 32,417 | 1,760,243 | ||||||||
| Legg Mason, Inc. | 54,193 | 1,849,607 | ||||||||
| Morgan Stanley | 17,300 | 874,688 | ||||||||
| Nasdaq, Inc. | 8,651 | 790,701 | ||||||||
| Northern Trust Corp. | 8,425 | 920,178 | ||||||||
| Raymond James Financial, Inc. | 2,566 | 235,020 | ||||||||
| State Street Corp. | 13,193 | 1,165,074 | ||||||||
| 15,663,642 | ||||||||||
| Chemicals 2.3% | ||||||||||
| Air Products & Chemicals, Inc. | 6,299 | 1,034,107 | ||||||||
| Ashland Global Holdings, Inc. | 2,154 | 176,865 | ||||||||
| Cabot Corp. | 30,484 | 2,014,992 | ||||||||
| CF Industries Holdings, Inc. | 53,623 | 2,381,934 | ||||||||
| DowDuPont, Inc. | 12,939 | 889,815 | ||||||||
| Eastman Chemical Co. | 19,555 | 2,026,289 | ||||||||
| Ecolab, Inc. | 6,256 | 880,219 | ||||||||
| Huntsman Corp. | 67,671 | 2,269,009 | ||||||||
| LyondellBasell Industries N.V., Class A | 10,545 | 1,168,280 | ||||||||
| Olin Corp. | 31,325 | 924,401 | ||||||||
| PPG Industries, Inc. | 8,024 | 887,936 | ||||||||
| Praxair, Inc. | 5,325 | 891,937 | ||||||||
| 15,545,784 | ||||||||||
| Commercial Services & Supplies 0.6% | ||||||||||
| Clean Harbors, Inc. (f) | 15,300 | 871,029 | ||||||||
| Republic Services, Inc. | 30,974 | 2,244,996 | ||||||||
| Waste Management, Inc. | 12,948 | 1,165,320 | ||||||||
| 4,281,345 | ||||||||||
| Communications Equipment 0.2% | ||||||||||
| Cisco Systems, Inc. | 27,288 | 1,154,010 | ||||||||
| Juniper Networks, Inc. | 3,042 | 80,126 | ||||||||
| 1,234,136 | ||||||||||
| Construction & Engineering 0.0% ‡ | ||||||||||
| AECOM (f) | 9,956 | 334,123 | ||||||||
| Consumer Finance 1.3% | ||||||||||
| American Express Co. | 10,070 | 1,002,166 | ||||||||
| Capital One Financial Corp. | 9,391 | 885,759 | ||||||||
| Credit Acceptance Corp. (f) | 3,608 | 1,384,029 | ||||||||
| Discover Financial Services | 30,356 | 2,167,722 | ||||||||
| OneMain Holdings, Inc. (f) | 21,306 | 708,424 | ||||||||
| Synchrony Financial | 86,590 | 2,505,915 | ||||||||
| 8,654,015 | ||||||||||
| Containers & Packaging 0.2% | ||||||||||
| Ball Corp. | 31,497 | 1,227,438 | ||||||||
| Diversified Consumer Services 0.3% | ||||||||||
| H&R Block, Inc. | 80,231 | 2,018,612 | ||||||||
| Diversified Financial Services 0.1% | ||||||||||
| Berkshire Hathaway, Inc., Class B (f) | 5,101 | 1,009,335 | ||||||||
| Diversified Telecommunication Services 0.3% | ||||||||||
| AT&T, Inc. | 31,739 | 1,014,696 | ||||||||
| Verizon Communications, Inc. | 16,776 | 866,312 | ||||||||
| 1,881,008 | ||||||||||
| Electric 0.3% | ||||||||||
| Vistra Energy Corp. (f) | 102,167 | 2,308,974 | ||||||||
| Electric Utilities 1.6% | ||||||||||
| American Electric Power Co., Inc. | 12,508 | 889,819 | ||||||||
| Avangrid, Inc. | 35,373 | 1,770,772 | ||||||||
| Duke Energy Corp. | 10,901 | 889,740 | ||||||||
| Entergy Corp. | 4,964 | 403,474 | ||||||||
| Evergy, Inc. | 15,867 | 889,980 | ||||||||
| Exelon Corp. | 24,297 | 1,032,623 | ||||||||
| FirstEnergy Corp. | 2,404 | 85,174 | ||||||||
| NextEra Energy, Inc. | 5,296 | 887,292 | ||||||||
| Southern Co. | 18,379 | 893,219 | ||||||||
| Xcel Energy, Inc. | 72,550 | 3,399,693 | ||||||||
| 11,141,786 | ||||||||||
| Electrical Equipment 0.8% | ||||||||||
| Acuity Brands, Inc. | 15,878 | 2,207,518 | ||||||||
| Eaton Corp. PLC | 12,717 | 1,057,673 | ||||||||
| Emerson Electric Co. | 14,400 | 1,040,832 | ||||||||
| nVent Electric PLC (f) | 37,247 | 1,020,568 | ||||||||
| Regal Beloit Corp. | 2,639 | 226,822 | ||||||||
| 5,553,413 | ||||||||||
| Electronic Equipment, Instruments & Components 0.3% | ||||||||||
| Corning, Inc. | 2,225 | 73,825 | ||||||||
| Jabil, Inc. | 72,969 | 2,055,537 | ||||||||
| 2,129,362 | ||||||||||
| Energy Equipment & Services 0.7% | ||||||||||
| Baker Hughes, a GE Co. | 25,384 | 877,779 | ||||||||
| RPC, Inc. | 48,458 | 717,178 | ||||||||
| Schlumberger, Ltd. | 15,028 | 1,014,690 | ||||||||
| Transocean, Ltd. (f) | 162,210 | 2,087,643 | ||||||||
| 4,697,290 | ||||||||||
| Equity Real Estate Investment Trusts 5.0% | ||||||||||
| Apple Hospitality REIT, Inc. | 107,921 | 1,941,499 | ||||||||
| AvalonBay Communities, Inc. | 3,900 | 689,715 | ||||||||
| Brixmor Property Group, Inc. | 22,693 | 401,439 | ||||||||
| Crown Castle International Corp. | 8,033 | 890,297 | ||||||||
| Digital Realty Trust, Inc. | 12 | 1,457 | ||||||||
| Equity Residential | 14,313 | 936,500 | ||||||||
| Gaming and Leisure Properties, Inc. | 56,255 | 2,043,182 | ||||||||
| HCP, Inc. | 23,632 | 612,069 | ||||||||
| Highwoods Properties, Inc. | 19,648 | 964,913 | ||||||||
| Hospitality Properties Trust | 71,150 | 2,011,410 | ||||||||
| Host Hotels & Resorts, Inc. | 131,052 | 2,744,229 | ||||||||
| Iron Mountain, Inc. | 460 | 16,151 | ||||||||
| Lamar Advertising Co., Class A | 24,262 | 1,786,411 | ||||||||
| Life Storage, Inc. | 10,462 | 1,003,934 | ||||||||
| Omega Healthcare Investors, Inc. | 68,189 | 2,024,531 | ||||||||
| Outfront Media, Inc. | 87,526 | 1,859,928 | ||||||||
| Park Hotels & Resorts, Inc. | 68,554 | 2,144,369 | ||||||||
| Prologis, Inc. | 13,547 | 888,954 | ||||||||
| Rayonier, Inc. | 31,846 | 1,114,928 | ||||||||
| Retail Properties of America, Inc., Class A | 43,709 | 548,548 | ||||||||
| Senior Housing Properties Trust | 55,466 | 989,513 | ||||||||
| Simon Property Group, Inc. | 5,909 | 1,041,225 | ||||||||
| Uniti Group, Inc. (f) | 97,285 | 1,719,999 | ||||||||
| Ventas, Inc. | 9,811 | 553,144 | ||||||||
| VEREIT, Inc. | 294,960 | 2,250,545 | ||||||||
| Vornado Realty Trust | 11,811 | 849,447 | ||||||||
| Welltower, Inc. | 3,172 | 198,567 | ||||||||
| Weyerhaeuser Co. | 33,246 | 1,136,348 | ||||||||
| WP Carey, Inc. | 8,726 | 570,506 | ||||||||
| 33,933,758 | ||||||||||
| Food & Staples Retailing 0.9% | ||||||||||
| Kroger Co. | 57,137 | 1,656,973 | ||||||||
| U.S. Foods Holding Corp. (f) | 61,787 | 2,089,019 | ||||||||
| Walgreens Boots Alliance, Inc. | 16,639 | 1,125,129 | ||||||||
| Walmart, Inc. | 11,427 | 1,019,631 | ||||||||
| 5,890,752 | ||||||||||
| Food Products 1.2% | ||||||||||
| Archer-Daniels-Midland Co. | 2,131 | 102,842 | ||||||||
| Conagra Brands, Inc. | 20,433 | 750,095 | ||||||||
| Flowers Foods, Inc. | 3,763 | 76,765 | ||||||||
| General Mills, Inc. | 19,176 | 883,247 | ||||||||
| Kraft Heinz Co. | 14,608 | 880,132 | ||||||||
| Mondelez International, Inc., Class A | 20,478 | 888,336 | ||||||||
| Pilgrim's Pride Corp. (f) | 93,325 | 1,663,051 | ||||||||
| TreeHouse Foods, Inc. (f) | 37,710 | 1,790,848 | ||||||||
| Tyson Foods, Inc., Class A | 17,817 | 1,027,150 | ||||||||
| 8,062,466 | ||||||||||
| Gas Utilities 0.2% | ||||||||||
| UGI Corp. | 22,436 | 1,192,249 | ||||||||
| Health Care Equipment & Supplies 0.9% | ||||||||||
| Abbott Laboratories | 15,585 | 1,021,441 | ||||||||
| Baxter International, Inc. | 16,125 | 1,168,256 | ||||||||
| Becton Dickinson & Co. | 4,107 | 1,028,270 | ||||||||
| Boston Scientific Corp. (f) | 26,741 | 898,765 | ||||||||
| Danaher Corp. | 9,975 | 1,023,235 | ||||||||
| Medtronic PLC | 11,401 | 1,028,712 | ||||||||
| Zimmer Biomet Holdings, Inc. | 265 | 33,263 | ||||||||
| 6,201,942 | ||||||||||
| Health Care Providers & Services 3.1% | ||||||||||
| Aetna, Inc. | 4,642 | 874,506 | ||||||||
| Anthem, Inc. | 4,562 | 1,154,186 | ||||||||
| Cardinal Health, Inc. | 46,517 | 2,323,524 | ||||||||
| Centene Corp. (f) | 14,921 | 1,944,654 | ||||||||
| Cigna Corp. | 6,508 | 1,167,665 | ||||||||
| CVS Health Corp. | 17,065 | 1,106,836 | ||||||||
| DaVita, Inc. (f) | 5,093 | 357,936 | ||||||||
| Express Scripts Holding Co. (f) | 14,424 | 1,146,131 | ||||||||
| HCA Healthcare, Inc. | 9,276 | 1,152,358 | ||||||||
| Humana, Inc. | 3,676 | 1,154,926 | ||||||||
| McKesson Corp. | 9,140 | 1,147,984 | ||||||||
| MEDNAX, Inc. (f) | 22,785 | 974,970 | ||||||||
| Molina Healthcare, Inc. (f) | 17,661 | 1,838,334 | ||||||||
| Premier, Inc., Class A (f) | 34,287 | 1,282,334 | ||||||||
| Universal Health Services, Inc., Class B | 16,351 | 1,996,457 | ||||||||
| WellCare Health Plans, Inc. (f) | 7,127 | 1,905,902 | ||||||||
| 21,528,703 | ||||||||||
| Hotels, Restaurants & Leisure 1.3% | ||||||||||
| Carnival Corp. | 19,594 | 1,160,749 | ||||||||
| Darden Restaurants, Inc. | 12,605 | 1,347,979 | ||||||||
| Extended Stay America, Inc. | 40,280 | 857,561 | ||||||||
| Las Vegas Sands Corp. | 14,455 | 1,039,314 | ||||||||
| McDonald's Corp. | 5,550 | 874,347 | ||||||||
| Norwegian Cruise Line Holdings, Ltd. (f) | 26,491 | 1,325,345 | ||||||||
| Royal Caribbean Cruises, Ltd. | 13,309 | 1,500,723 | ||||||||
| Yum! Brands, Inc. | 11,183 | 886,700 | ||||||||
| 8,992,718 | ||||||||||
| Household Durables 0.1% | ||||||||||
| Lennar Corp., Class A | 9,003 | 470,587 | ||||||||
| PulteGroup, Inc. | 7,948 | 226,438 | ||||||||
| 697,025 | ||||||||||
| Household Products 0.7% | ||||||||||
| Colgate-Palmolive Co. | 13,249 | 887,816 | ||||||||
| Energizer Holdings, Inc. | 29,237 | 1,861,812 | ||||||||
| Kimberly-Clark Corp. | 9,403 | 1,070,626 | ||||||||
| Procter & Gamble Co. | 12,663 | 1,024,183 | ||||||||
| 4,844,437 | ||||||||||
| Independent Power & Renewable Electricity Producers 0.7% | ||||||||||
| AES Corp. | 173,573 | 2,318,935 | ||||||||
| NRG Energy, Inc. | 74,416 | 2,356,755 | ||||||||
| 4,675,690 | ||||||||||
| Industrial Conglomerates 0.6% | ||||||||||
| 3M Co. | 4,292 | 911,277 | ||||||||
| Carlisle Cos., Inc. | 9,921 | 1,218,696 | ||||||||
| General Electric Co. | 66,914 | 912,038 | ||||||||
| Honeywell International, Inc. | 6,471 | 1,033,095 | ||||||||
| 4,075,106 | ||||||||||
| Insurance 4.5% | ||||||||||
| Aflac, Inc. | 21,922 | 1,020,250 | ||||||||
| Allstate Corp. | 12,165 | 1,157,135 | ||||||||
| American International Group, Inc. | 16,027 | 884,851 | ||||||||
| American National Insurance Co. | 11,196 | 1,444,172 | ||||||||
| Arthur J. Gallagher & Co. | 37,004 | 2,640,235 | ||||||||
| Assured Guaranty, Ltd. | 29,292 | 1,140,045 | ||||||||
| Athene Holding, Ltd., Class A (f) | 47,900 | 2,197,173 | ||||||||
| Brighthouse Financial, Inc. (f) | 4,086 | 177,455 | ||||||||
| Chubb, Ltd. | 7,262 | 1,014,647 | ||||||||
| Cincinnati Financial Corp. | 33,644 | 2,544,496 | ||||||||
| CNA Financial Corp. | 37,838 | 1,770,062 | ||||||||
| Fidelity National Financial, Inc. | 18,089 | 732,604 | ||||||||
| First American Financial Corp. | 39,000 | 2,184,000 | ||||||||
| Lincoln National Corp. | 2,384 | 162,350 | ||||||||
| Marsh & McLennan Cos., Inc. | 10,474 | 873,113 | ||||||||
| Mercury General Corp. | 6,173 | 317,477 | ||||||||
| MetLife, Inc. | 25,148 | 1,150,269 | ||||||||
| Old Republic International Corp. | 99,825 | 2,127,271 | ||||||||
| Prudential Financial, Inc. | 11,491 | 1,159,557 | ||||||||
| Reinsurance Group of America, Inc. | 15,293 | 2,163,959 | ||||||||
| Torchmark Corp. | 10,578 | 931,604 | ||||||||
| Travelers Cos., Inc. | 8,777 | 1,142,239 | ||||||||
| W.R. Berkley Corp. | 29,058 | 2,202,887 | ||||||||
| 31,137,851 | ||||||||||
| Internet Software & Services 0.6% | ||||||||||
| Akamai Technologies, Inc. (f) | 22,171 | 1,668,589 | ||||||||
| eBay, Inc. (f) | 34,177 | 1,143,221 | ||||||||
| LogMeIn, Inc. | 14,190 | 1,150,100 | ||||||||
| 3,961,910 | ||||||||||
| IT Services 2.0% | ||||||||||
| Booz Allen Hamilton Holding Corp. | 10,653 | 503,567 | ||||||||
| Cognizant Technology Solutions Corp., Class A | 12,576 | 1,024,944 | ||||||||
| Conduent, Inc. (f) | 100,944 | 1,812,954 | ||||||||
| CoreLogic, Inc. (f) | 35,215 | 1,714,971 | ||||||||
| DXC Technology Co. | 19,571 | 1,658,447 | ||||||||
| Euronet Worldwide, Inc. (f) | 656 | 60,313 | ||||||||
| Fidelity National Information Services, Inc. | 12,718 | 1,311,607 | ||||||||
| International Business Machines Corp. | 7,909 | 1,146,251 | ||||||||
| Sabre Corp. | 68,295 | 1,681,423 | ||||||||
| Teradata Corp. (f) | 23,320 | 892,923 | ||||||||
| Western Union Co. | 80,934 | 1,631,629 | ||||||||
| 13,439,029 | ||||||||||
| Leisure Products 0.3% | ||||||||||
| Brunswick Corp. | 31,041 | 1,995,936 | ||||||||
| Life Sciences Tools & Services 0.1% | ||||||||||
| Thermo Fisher Scientific, Inc. | 3,816 | 894,966 | ||||||||
| Machinery 2.3% | ||||||||||
| AGCO Corp. | 12,352 | 778,423 | ||||||||
| Caterpillar, Inc. | 6,301 | 906,084 | ||||||||
| Crane Co. | 13,793 | 1,249,232 | ||||||||
| Cummins, Inc. | 18,790 | 2,683,400 | ||||||||
| Dover Corp. | 10,389 | 862,079 | ||||||||
| Ingersoll-Rand PLC | 7,788 | 767,196 | ||||||||
| PACCAR, Inc. | 49,853 | 3,276,339 | ||||||||
| Pentair PLC | 11,034 | 492,668 | ||||||||
| Snap-on, Inc. | 6,926 | 1,174,580 | ||||||||
| Terex Corp. | 45,757 | 2,018,799 | ||||||||
| Trinity Industries, Inc. | 43,610 | 1,661,541 | ||||||||
| 15,870,341 | ||||||||||
| Marine 0.1% | ||||||||||
| Kirby Corp. (f) | 4,046 | 337,639 | ||||||||
| Media 1.9% | ||||||||||
| Charter Communications, Inc., Class A (f) | 3,455 | 1,052,324 | ||||||||
| Cinemark Holdings, Inc. | 409 | 14,691 | ||||||||
| Comcast Corp., Class A | 28,642 | 1,024,811 | ||||||||
| Discovery, Inc. (f) | ||||||||||
| Class A (g) | 4,204 | 111,742 | ||||||||
| Class C | 19,916 | 488,938 | ||||||||
| John Wiley & Sons, Inc., Class A | 19,378 | 1,223,721 | ||||||||
| News Corp. | ||||||||||
| Class A | 39,451 | 594,527 | ||||||||
| Class B | 92,856 | 1,420,697 | ||||||||
| Omnicom Group, Inc. | 28,794 | 1,981,891 | ||||||||
| Twenty-First Century Fox, Inc. | ||||||||||
| Class A | 19,499 | 877,455 | ||||||||
| Class B | 19,775 | 878,405 | ||||||||
| Viacom, Inc. | ||||||||||
| Class A | 3,295 | 113,348 | ||||||||
| Class B | 78,989 | 2,294,630 | ||||||||
| Walt Disney Co. | 9,017 | 1,023,971 | ||||||||
| 13,101,151 | ||||||||||
| Metals & Mining 1.2% | ||||||||||
| Alcoa Corp. (f) | 25,066 | 1,084,606 | ||||||||
| Freeport-McMoRan, Inc. | 202,174 | 3,335,871 | ||||||||
| Newmont Mining Corp. | 45,129 | 1,655,332 | ||||||||
| United States Steel Corp. | 58,459 | 2,129,661 | ||||||||
| 8,205,470 | ||||||||||
| Mortgage Real Estate Investment Trusts 0.4% | ||||||||||
| Chimera Investment Corp. | 787 | 15,032 | ||||||||
| New Residential Investment Corp. | 115,923 | 2,073,863 | ||||||||
| Starwood Property Trust, Inc. | 14,660 | 334,834 | ||||||||
| 2,423,729 | ||||||||||
| Multi-Utilities 3.0% | ||||||||||
| Ameren Corp. | 45,115 | 2,799,837 | ||||||||
| CenterPoint Energy, Inc. | 61,614 | 1,754,767 | ||||||||
| CMS Energy Corp. | 56,080 | 2,710,907 | ||||||||
| Consolidated Edison, Inc. | 43,167 | 3,407,171 | ||||||||
| Dominion Energy, Inc. | 12,369 | 886,981 | ||||||||
| DTE Energy Co. | 28,937 | 3,140,822 | ||||||||
| Public Service Enterprise Group, Inc. | 40,013 | 2,063,070 | ||||||||
| Sempra Energy | 3,235 | 373,934 | ||||||||
| ¤ | WEC Energy Group, Inc. | 46,700 | 3,099,479 | |||||||
| 20,236,968 | ||||||||||
| Multiline Retail 0.9% | ||||||||||
| Kohl's Corp. | 34,314 | 2,534,775 | ||||||||
| Macy's, Inc. | 63,834 | 2,536,125 | ||||||||
| Target Corp. | 14,169 | 1,143,155 | ||||||||
| 6,214,055 | ||||||||||
| Oil, Gas & Consumable Fuels 6.0% | ||||||||||
| Anadarko Petroleum Corp. | 15,612 | 1,142,018 | ||||||||
| Andeavor | 11,034 | 1,655,762 | ||||||||
| Antero Resources Corp. (f) | 92,027 | 1,890,235 | ||||||||
| Chesapeake Energy Corp. (f) | 353,019 | 1,666,250 | ||||||||
| Chevron Corp. | 9,001 | 1,136,556 | ||||||||
| Concho Resources, Inc. (f) | 112 | 16,335 | ||||||||
| ConocoPhillips | 15,922 | 1,149,091 | ||||||||
| Continental Resources, Inc. (f) | 30,068 | 1,920,443 | ||||||||
| Devon Energy Corp. | 75,173 | 3,383,537 | ||||||||
| Energen Corp. (f) | 14,194 | 1,052,911 | ||||||||
| EOG Resources, Inc. | 7,818 | 1,008,053 | ||||||||
| Exxon Mobil Corp. | 14,077 | 1,147,416 | ||||||||
| HollyFrontier Corp. | 33,788 | 2,519,909 | ||||||||
| Kinder Morgan, Inc. | 64,832 | 1,152,713 | ||||||||
| Kosmos Energy, Ltd. (f) | 226,793 | 1,719,091 | ||||||||
| Marathon Oil Corp. | 110,971 | 2,343,707 | ||||||||
| Marathon Petroleum Corp. | 14,119 | 1,141,239 | ||||||||
| Murphy Oil Corp. | 61,951 | 2,060,490 | ||||||||
| Newfield Exploration Co. (f) | 3,042 | 87,366 | ||||||||
| Occidental Petroleum Corp. | 13,812 | 1,159,241 | ||||||||
| ONEOK, Inc. | 12,432 | 875,710 | ||||||||
| PBF Energy, Inc., Class A | 43,645 | 2,038,221 | ||||||||
| Phillips 66 | 9,420 | 1,161,863 | ||||||||
| Pioneer Natural Resources Co. | 5,309 | 1,004,834 | ||||||||
| QEP Resources, Inc. (f) | 119,805 | 1,244,774 | ||||||||
| SM Energy Co. | 71,643 | 1,970,899 | ||||||||
| Valero Energy Corp. | 9,813 | 1,161,369 | ||||||||
| Whiting Petroleum Corp. (f) | 40,761 | 2,023,784 | ||||||||
| 40,833,817 | ||||||||||
| Paper & Forest Products 0.3% | ||||||||||
| Domtar Corp. | 39,540 | 1,906,619 | ||||||||
| Personal Products 0.4% | ||||||||||
| Herbalife Nutrition, Ltd. (f) | 38,385 | 1,981,818 | ||||||||
| Nu Skin Enterprises, Inc., Class A | 11,650 | 848,702 | ||||||||
| 2,830,520 | ||||||||||
| Pharmaceuticals 1.1% | ||||||||||
| Allergan PLC | 6,254 | 1,151,299 | ||||||||
| Bristol-Myers Squibb Co. | 17,234 | 1,012,497 | ||||||||
| Eli Lilly & Co. | 10,361 | 1,023,770 | ||||||||
| Johnson & Johnson | 7,684 | 1,018,284 | ||||||||
| Merck & Co., Inc. | 13,587 | 894,976 | ||||||||
| Mylan N.V. (f) | 39,603 | 1,477,588 | ||||||||
| Pfizer, Inc. | 26,320 | 1,050,958 | ||||||||
| 7,629,372 | ||||||||||
| Professional Services 0.1% | ||||||||||
| Nielsen Holdings PLC | 39,853 | 938,937 | ||||||||
| Real Estate Management & Development 0.3% | ||||||||||
| Jones Lang LaSalle, Inc. | 13,165 | 2,251,347 | ||||||||
| Road & Rail 0.5% | ||||||||||
| CSX Corp. | 16,371 | 1,157,102 | ||||||||
| Norfolk Southern Corp. | 6,028 | 1,018,732 | ||||||||
| Union Pacific Corp. | 6,838 | 1,024,948 | ||||||||
| 3,200,782 | ||||||||||
| Semiconductors & Semiconductor Equipment 1.9% | ||||||||||
| Analog Devices, Inc. | 4,090 | 393,213 | ||||||||
| Broadcom, Inc. | 4,509 | 999,961 | ||||||||
| Cypress Semiconductor Corp. | 51,423 | 915,844 | ||||||||
| First Solar, Inc. (f) | 21,982 | 1,150,758 | ||||||||
| Intel Corp. | 24,130 | 1,160,653 | ||||||||
| Micron Technology, Inc. (f) | 21,708 | 1,145,965 | ||||||||
| NXP Semiconductors N.V. (f) | 10,709 | 1,020,996 | ||||||||
| Qorvo, Inc. (f) | 28,977 | 2,369,159 | ||||||||
| QUALCOMM, Inc. | 16,371 | 1,049,217 | ||||||||
| Skyworks Solutions, Inc. | 14,632 | 1,383,895 | ||||||||
| Teradyne, Inc. | 24,874 | 1,075,800 | ||||||||
| 12,665,461 | ||||||||||
| Software 1.0% | ||||||||||
| CA, Inc. | 24,475 | 1,082,040 | ||||||||
| Dell Technologies, Inc., Class V (f) | 31,274 | 2,893,470 | ||||||||
| Microsoft Corp. | 10,920 | 1,158,394 | ||||||||
| Oracle Corp. | 24,110 | 1,149,565 | ||||||||
| SS&C Technologies Holdings, Inc. | 16,108 | 854,851 | ||||||||
| 7,138,320 | ||||||||||
| Specialty Retail 1.8% | ||||||||||
| Advance Auto Parts, Inc. | 6,239 | 881,134 | ||||||||
| Best Buy Co., Inc. | 34,679 | 2,601,965 | ||||||||
| Dick's Sporting Goods, Inc. | 53,769 | 1,835,674 | ||||||||
| Foot Locker, Inc. | 40,686 | 1,985,884 | ||||||||
| Gap, Inc. | 68,338 | 2,061,757 | ||||||||
| L Brands, Inc. | 3,706 | 117,369 | ||||||||
| Michaels Cos., Inc. (f) | 50,983 | 1,040,563 | ||||||||
| Williams-Sonoma, Inc. | 32,137 | 1,879,693 | ||||||||
| 12,404,039 | ||||||||||
| Technology Hardware, Storage & Peripherals 0.5% | ||||||||||
| Hewlett Packard Enterprise Co. | 56,996 | 880,018 | ||||||||
| HP, Inc. | 49,816 | 1,149,754 | ||||||||
| Western Digital Corp. | 23,474 | 1,646,701 | ||||||||
| 3,676,473 | ||||||||||
| Textiles, Apparel & Luxury Goods 1.0% | ||||||||||
| Michael Kors Holdings, Ltd. (f) | 29,627 | 1,977,010 | ||||||||
| Ralph Lauren Corp. | 12,981 | 1,752,175 | ||||||||
| Tapestry, Inc. | 51,677 | 2,435,020 | ||||||||
| VF Corp. | 4,188 | 385,589 | ||||||||
| 6,549,794 | ||||||||||
| Tobacco 0.1% | ||||||||||
| Philip Morris International, Inc. | 10,165 | 877,239 | ||||||||
| Trading Companies & Distributors 0.0% ‡ | ||||||||||
| HD Supply Holdings, Inc. (f) | 4,877 | 214,490 | ||||||||
| Wireless Telecommunication Services 0.2% | ||||||||||
| T-Mobile U.S., Inc. (f) | 16,978 | 1,018,680 | ||||||||
| Telephone & Data Systems, Inc. | 3,621 | 91,430 | ||||||||
| United States Cellular Corp. (f) | 3,485 | 119,745 | ||||||||
| 1,229,855 | ||||||||||
| Total Common Stocks (Cost $366,818,681) | 444,426,432 | |||||||||
| Exchange-Traded Funds 5.1% | ||||||||||
| ¤ | iShares Intermediate Government / Credit Bond ETF | 165,277 | 17,780,500 | |||||||
| ¤ | iShares Russell 1000 Value ETF | 43,724 | 5,479,492 | |||||||
| SPDR S&P 500 ETF Trust | 3,991 | 1,122,788 | ||||||||
| SPDR S&P MidCap 400 ETF Trust | 8,188 | 2,956,441 | ||||||||
| ¤ | Vanguard Mid-Cap Value ETF | 65,082 | 7,419,348 | |||||||
| Total Exchange-Traded Funds (Cost $33,923,992) | 34,758,569 | |||||||||
| Principal Amount | ||||||||||
| Short-Term Investments 0.8% | ||||||||||
| Other Commercial Paper 0.4% | ||||||||||
| Total SA Capital 1.926%, due 8/1/18 | $ | 3,000,000 | 3,000,000 | |||||||
| Total Other Commercial Paper (Cost $3,000,000) | 3,000,000 | |||||||||
| Repurchase Agreements 0.4% | ||||||||||
| Fixed Income Clearing Corp. 0.94%, dated 7/31/18 due 8/1/18 Proceeds at Maturity $1,370,109 (Collateralized by United States Treasury Notes with a rate of 1.375% and maturity dates 6/30/23, with a Principal Amount of $1,500,000 and a Market Value of $1,400,550) | 1,370,073 | 1,370,073 | ||||||||
| RBC Capital Markets 1.88%, dated 7/31/18 due 8/1/18 Proceeds at Maturity $1,362,071(Collateralized by United States Treasury securities with rates between 2.50% and 3.125% and maturity dates between 8/15/44 and 5/15/46, with a Principal Amount of $1,363,700 and a Market Value of $1,389,372) | 1,362,000 | 1,362,000 | ||||||||
| Total Repurchase Agreements (Cost $2,732,073) | 2,732,073 | |||||||||
| Total Short-Term Investments (Cost $5,732,073) | 5,732,073 | |||||||||
| Total Investments (Cost $611,913,491) | 100.4 | % | 687,845,525 | |||||||
| Other Assets, Less Liabilities | (0.4 | ) | (2,958,052 | ) | ||||||
| Net Assets | 100.0 | % | $ | 684,887,473 | ||||||
| † | Percentages indicated are based on Fund net assets. |
| ¤ | Among the Fund's 10 largest holdings or issuers held, as of July 31, 2018, excluding short-term investments. May be subject to change daily. |
| ‡ | Less than one-tenth of a percent. |
| (a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (b) | Floating rate - Rate shown was the rate in effect as of July 31, 2018. |
| (c) | Fair valued security - Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of July 31, 2018, the total market value of fair valued security was $600,000, which represented 0.1% of the Fund's net assets. |
| (d) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at period end. |
| (e) | Fixed to floating rate - Rate shown was the rate in effect as of July 31, 2018. |
| (f) | Non-income producing security. |
| (g) | All or a portion of this security was held on loan. As of July 31, 2018, the aggregate market value of such securities, including those sold and pending settlement, was $1,370,291 and the Fund received non-cash collateral in the amount of $1,372,703. |
As of July 31, 2018, the Fund held the following futures contracts1:
| Type | Number of Contracts Long | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 | |||||||||||
| 2-Year United States Treasury Note | 17 | September 2018 | $ | 3,598,671 | $ | 3,593,375 | $ | (5,296 | ) | |||||||
| 5-Year United States Treasury Note | 69 | September 2018 | 7,811,183 | 7,805,625 | (5,558 | ) | ||||||||||
| 10-Year United States Treasury Ultra Note | 43 | September 2018 | 5,465,185 | 5,465,703 | 518 | |||||||||||
| 10-Year United States Treasury Note | 4 | September 2018 | 480,703 | 477,688 | (3,015 | ) | ||||||||||
| $ | 17,355,742 | $ | 17,342,391 | $ | (13,351 | ) | ||||||||||
| 1. | As of July 31, 2018, cash in the amount of $116,990 was on deposit with a broker or futures commission merchant for futures transactions. |
| 2. | Represents the difference between the value of the contracts at the time they were opened and the value as of July 31, 2018. |
The following abbreviations are used in the preceding pages:
| ETF | —Exchange-Traded Fund |
| LIBOR | —London Interbank Offered Rate |
| REIT | —Real Estate Investment Trust |
| SPDR | —Standard & Poor's Depositary Receipt |
The following is a summary of the fair valuations according to the inputs used as of July 31, 2018, for valuing the Fund's assets.
Asset Valuation Inputs
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
| Investments in Securities (a) | ||||||||||||||||
| Long-Term Bonds | ||||||||||||||||
| Asset-Backed Securities | $ | — | $ | 17,843,002 | $ | — | $ | 17,843,002 | ||||||||
| Corporate Bonds | — | 91,082,709 | — | 91,082,709 | ||||||||||||
| Foreign Government Bonds | — | 758,773 | — | 758,773 | ||||||||||||
| Mortgage-Backed Securities | — | 11,969,061 | — | 11,969,061 | ||||||||||||
| U.S. Government & Federal Agencies | — | 81,274,906 | — | 81,274,906 | ||||||||||||
| Total Long-Term Bonds | — | 202,928,451 | — | 202,928,451 | ||||||||||||
| Common Stocks | 444,426,432 | — | — | 444,426,432 | ||||||||||||
| Exchange-Traded Funds | 34,758,569 | — | — | 34,758,569 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Other Commercial Paper | — | 3,000,000 | — | 3,000,000 | ||||||||||||
| Repurchase Agreements | — | 2,732,073 | — | 2,732,073 | ||||||||||||
| Total Short-Term Investments | — | 5,732,073 | — | 5,732,073 | ||||||||||||
| Total Investments in Securities | 479,185,001 | 208,660,524 | — | 687,845,525 | ||||||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts (b) | 518 | — | — | 518 | ||||||||||||
| Total Investments in Securities and Other Financial Instruments | $ | 479,185,519 | $ | 208,660,524 | $ | — | $ | 687,846,043 | ||||||||
Liability Valuation Inputs
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts (b) | $ | (13,869 | ) | $ | — | $ | — | $ | (13,869 | ) | ||||||
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| (b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
The Fund recognizes transfers between the levels as of the beginning of the period.
For the period ended July 31, 2018, the Fund did not have any transfers among levels.
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:
| Investments in Securities | Balance
as of October 31, 2017 | Accrued Discounts (Premiums) | Realized
Gain (Loss) | Change
in Unrealized Appreciation (Depreciation) | Purchases | Sales | Transfers
in to Level 3 | Transfers
out of Level 3 | Balance
as of July 31, 2018 | Change
in Unrealized Appreciation (Depreciation) from Investments Still Held at July 31, 2018 | ||||||||||||||||||||||||||||||
| Rights | ||||||||||||||||||||||||||||||||||||||||
| Food & Staples Retailing | $ | 18,063 | $ | - | $ | (1,440 | ) | $ | - | $ | - | $ | (16,623 | ) | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||
MainStay Candriam Emerging Markets Equity Fund
Portfolio of Investments July 31, 2018 (Unaudited)
| Shares | Value | |||||||||
| Common Stocks 83.2% † | ||||||||||
| Argentina 0.2% | ||||||||||
| Grupo Financiero Galicia S.A., ADR (Banks) | 4,000 | $ | 142,520 | |||||||
| Brazil 4.7% | ||||||||||
| Localiza Rent a Car S.A. (Road & Rail) | 80,000 | 506,221 | ||||||||
| Rumo S.A. (Road & Rail) (a) | 150,000 | 593,478 | ||||||||
| Suzano Papel E Celulose S.A. (Paper & Forest Products) | 40,000 | 474,782 | ||||||||
| TIM Participacoes S.A. (Wireless Telecommunication Services) | 125,000 | 412,970 | ||||||||
| ¤ | Vale S.A. (Metals & Mining) | 115,000 | 1,680,281 | |||||||
| 3,667,732 | ||||||||||
| China 33.1% | ||||||||||
| 58.com, Inc., ADR (Internet Software & Services) (a) | 12,000 | 807,120 | ||||||||
| AAC Technologies Holdings, Inc. (Electronic Equipment, Instruments & Components) | 37,000 | 471,395 | ||||||||
| Aier Eye Hospital Group Co., Ltd., Class A (Health Care Providers & Services) | 96,035 | 470,152 | ||||||||
| ¤ | Alibaba Group Holding, Ltd., Sponsored ADR (Internet Software & Services) (a) | 18,500 | 3,463,755 | |||||||
| Anhui Conch Cement Co., Ltd., Class H (Construction Materials) | 200,000 | 1,280,410 | ||||||||
| ANTA Sports Products, Ltd. (Textiles, Apparel & Luxury Goods) | 130,000 | 662,500 | ||||||||
| ¤ | China Construction Bank Corp., Class H (Banks) | 2,500,000 | 2,264,605 | |||||||
| China Everbright International, Ltd. (Commercial Services & Supplies) | 450,000 | 548,092 | ||||||||
| China Merchants Bank Co., Ltd., Class H (Banks) | 340,000 | 1,327,677 | ||||||||
| China Mobile, Ltd. (Wireless Telecommunication Services) | 60,000 | 541,212 | ||||||||
| China Petroleum & Chemical Corp., Class H (Oil, Gas & Consumable Fuels) | 920,000 | 887,292 | ||||||||
| Country Garden Holdings Co., Ltd. (Real Estate Management & Development) | 290,000 | 449,277 | ||||||||
| Country Garden Services Holdings Co., Ltd. (Commercial Services & Supplies) (a) | 34,482 | 56,320 | ||||||||
| CSPC Pharmaceutical Group, Ltd. (Pharmaceuticals) | 385,000 | 1,005,536 | ||||||||
| Geely Automobile Holdings, Ltd. (Automobiles) | 270,000 | 615,743 | ||||||||
| Haier Electronics Group Co., Ltd. (Household Durables) (a) | 160,000 | 466,808 | ||||||||
| Hangzhou Hikvision Digital Technology Co., Ltd., Class A (Electronic Equipment, Instruments & Components) | 75,000 | 379,916 | ||||||||
| Midea Group Co., Ltd., Class A (Household Durables) | 44,000 | 306,869 | ||||||||
| MMG, Ltd. (Metals & Mining) (a) | 600,000 | 366,159 | ||||||||
| PetroChina Co., Ltd., Class H (Oil, Gas & Consumable Fuels) | 1,000,000 | 763,150 | ||||||||
| ¤ | Ping An Insurance Group Co. of China, Ltd., Class H (Insurance) | 160,000 | 1,484,001 | |||||||
| Shimao Property Holdings, Ltd. (Real Estate Management & Development) | 280,000 | 793,727 | ||||||||
| Silergy Corp. (Semiconductors & Semiconductor Equipment) | 26,000 | 597,047 | ||||||||
| Sunny Optical Technology Group Co., Ltd. (Electronic Equipment, Instruments & Components) | 60,000 | 989,929 | ||||||||
| TAL Education Group, ADR (Diversified Consumer Services) (a) | 22,000 | 703,780 | ||||||||
| ¤ | Tencent Holdings, Ltd. (Internet Software & Services) | 76,000 | 3,439,295 | |||||||
| Weibo Corp., Sponsored ADR (Internet Software & Services) (a) | 7,600 | 628,900 | ||||||||
| 25,770,667 | ||||||||||
| Colombia 0.8% | ||||||||||
| Ecopetrol S.A., Sponsored ADR (Oil, Gas & Consumable Fuels) | 30,000 | 641,100 | ||||||||
| Hong Kong 1.0% | ||||||||||
| China Gas Holdings, Ltd. (Gas Utilities) | 190,000 | 769,775 | ||||||||
| Indonesia 1.9% | ||||||||||
| PT Bank Rakyat Indonesia Persero Tbk (Banks) | 3,700,000 | 787,726 | ||||||||
| PT United Tractors Tbk (Oil, Gas & Consumable Fuels) | 240,000 | 586,685 | ||||||||
| PT Waskita Karya Persero Tbk (Construction & Engineering) | 1,000,000 | 147,018 | ||||||||
| 1,521,429 | ||||||||||
| Malaysia 0.7% | ||||||||||
| My EG Services BHD (IT Services) | 300,000 | 91,513 | ||||||||
| Public Bank BHD (Banks) | 76,000 | 449,830 | ||||||||
| 541,343 | ||||||||||
| Mexico 2.8% | ||||||||||
| Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B (Transportation Infrastructure) | 3,000 | 53,585 | ||||||||
| Grupo Financiero Banorte S.A.B. de C.V., Class O (Banks) | 165,000 | 1,150,890 | ||||||||
| Grupo Mexico S.A.B. de C.V., Series B (Metals & Mining) | 250,000 | 786,978 | ||||||||
| Unifin Financiera S.A.B. de C.V. SOFOM ENR (Consumer Finance) | 60,000 | 166,662 | ||||||||
| 2,158,115 | ||||||||||
| Peru 0.9% | ||||||||||
| Credicorp, Ltd. (Banks) | 3,200 | 732,064 | ||||||||
| Philippines 0.6% | ||||||||||
| Ayala Land, Inc. (Real Estate Management & Development) | 600,000 | 461,538 | ||||||||
| Poland 2.6% | ||||||||||
| Alior Bank S.A. (Banks) (a) | 32,000 | 636,112 | ||||||||
| CD Projekt S.A. (Software) (a) | 13,000 | 702,520 | ||||||||
| Dino Polska S.A. (Food & Staples Retailing) (a)(b) | 24,000 | 658,002 | ||||||||
| 1,996,634 | ||||||||||
| Republic of Korea 11.8% | ||||||||||
| Cosmax, Inc. (Personal Products) | 4,500 | 547,088 | ||||||||
| Hana Tour Service, Inc. (Hotels, Restaurants & Leisure) | 4,000 | 278,550 | ||||||||
| Hotel Shilla Co., Ltd. (Specialty Retail) | 7,500 | 669,110 | ||||||||
| InBody Co., Ltd. (Health Care Equipment & Supplies) | 8,000 | 180,575 | ||||||||
| KB Financial Group, Inc. (Banks) | 11,600 | 555,813 | ||||||||
| Koh Young Technology, Inc. (Semiconductors & Semiconductor Equipment) | 6,400 | 623,609 | ||||||||
| Korea Investment Holdings Co., Ltd. (Capital Markets) | 11,100 | 708,479 | ||||||||
| LG Household & Health Care, Ltd. (Personal Products) | 500 | 540,830 | ||||||||
| Medy-Tox, Inc. (Biotechnology) | 100 | 64,166 | ||||||||
| POSCO (Metals & Mining) | 2,400 | 709,069 | ||||||||
| S-Oil Corp. (Oil, Gas & Consumable Fuels) | 4,600 | 483,172 | ||||||||
| ¤ | Samsung Electronics Co., Ltd. (Technology Hardware, Storage & Peripherals) | 60,000 | 2,480,669 | |||||||
| Samsung Engineering Co., Ltd. (Construction & Engineering) (a) | 41,000 | 623,072 | ||||||||
| SK Hynix, Inc. (Semiconductors & Semiconductor Equipment) | 9,000 | 694,319 | ||||||||
| 9,158,521 | ||||||||||
| Russia 3.4% | ||||||||||
| Alrosa PJSC (Metals & Mining) (a)(c) | 400,000 | 620,293 | ||||||||
| Tatneft PJSC (Oil, Gas & Consumable Fuels) | 79,000 | 910,462 | ||||||||
| Yandex N.V., Class A (Internet Software & Services) (a) | 32,000 | 1,150,720 | ||||||||
| 2,681,475 | ||||||||||
| South Africa 5.9% | ||||||||||
| Capitec Bank Holdings, Ltd. (Banks) | 9,500 | 686,504 | ||||||||
| Discovery, Ltd. (Insurance) | 44,000 | 568,065 | ||||||||
| ¤ | Naspers, Ltd., Class N (Media) | 10,900 | 2,683,714 | |||||||
| Pick N Pay Stores, Ltd. (Food & Staples Retailing) | 100,000 | 565,711 | ||||||||
| Sappi, Ltd. (Paper & Forest Products) | 10,000 | 71,274 | ||||||||
| 4,575,268 | ||||||||||
| Taiwan 9.1% | ||||||||||
| Airtac International Group (Machinery) | 36,000 | 392,174 | ||||||||
| ASPEED Technology, Inc. (Semiconductors & Semiconductor Equipment) | 21,000 | 555,628 | ||||||||
| Chailease Holding Co., Ltd. (Diversified Financial Services) | 163,200 | 533,089 | ||||||||
| China Life Insurance Co., Ltd. (Insurance) | 700,000 | 740,838 | ||||||||
| Ennoconn Corp. (Technology Hardware, Storage & Peripherals) | 40,000 | 495,198 | ||||||||
| Globalwafers Co., Ltd. (Semiconductors & Semiconductor Equipment) | 52,000 | 878,160 | ||||||||
| ¤ | Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & Semiconductor Equipment) | 400,000 | 3,214,216 | |||||||
| Win Semiconductors Corp. (Semiconductors & Semiconductor Equipment) | 50,000 | 241,719 | ||||||||
| 7,051,022 | ||||||||||
| Thailand 0.9% | ||||||||||
| CP ALL PCL, NVDR (Food & Staples Retailing) | 300,000 | 676,285 | ||||||||
| Turkey 0.9% | ||||||||||
| Turk Hava Yollari AO (Airlines) (a) | 150,000 | 526,241 | ||||||||
| Turkiye Garanti Bankasi A.S. (Banks) | 100,000 | 144,351 | ||||||||
| 670,592 | ||||||||||
| United Arab Emirates 1.9% | ||||||||||
| NMC Health PLC (Health Care Providers & Services) | 29,000 | 1,444,907 | ||||||||
| Total Common Stocks (Cost $69,048,681) | 64,660,987 | |||||||||
| Exchange-Traded Funds 7.3% | ||||||||||
| United States 7.3% | ||||||||||
| ¤ | Invesco India ETF (Exchange Traded Funds) | 108,000 | 2,843,640 | |||||||
| ¤ | iShares MSCI India ETF (Exchange Traded Funds) | 80,000 | 2,850,400 | |||||||
| 5,694,040 | ||||||||||
| Total Exchange-Traded Funds (Cost $5,608,459) | 5,694,040 | |||||||||
| Preferred Stocks 4.6% | ||||||||||
| Brazil 2.9% | ||||||||||
| Itau Unibanco Holding S.A. | 105,000 | 1,258,892 | ||||||||
| Petroleo Brasileiro S.A. | 190,000 | 998,268 | ||||||||
| 2,257,160 | ||||||||||
| Republic of Korea 1.7% | ||||||||||
| LG Chem, Ltd. | 2,900 | 559,961 | ||||||||
| ¤ | Samsung Electronics Co., Ltd. | 23,000 | 786,439 | |||||||
| 1,346,400 | ||||||||||
| Total Preferred Stocks (Cost $4,088,833) | 3,603,560 | |||||||||
| Closed-End Funds 1.8% | ||||||||||
| United States 1.8% | ||||||||||
| India Fund, Inc. (Capital Markets) | 55,000 | 1,403,600 | ||||||||
| Total Closed-End Funds (Cost $1,431,145) | 1,403,600 | |||||||||
| Short-Term Investment 1.7% | ||||||||||
| Affiliated Investment Company 1.7% | ||||||||||
| MainStay U.S. Government Liquidity Fund, 1.75% (d) | 1,300,901 | 1,300,901 | ||||||||
| Total Short-Term Investment (Cost $1,300,901) | 1,300,901 | |||||||||
| Total Investments (Cost $81,478,019) | 98.6 | % | 76,663,088 | |||||||
| Other Assets, Less Liabilities | 1.4 | 1,090,433 | ||||||||
| Net Assets | 100.0 | % | $ | 77,753,521 | ||||||
| † | Percentages indicated are based on Fund net assets. |
| ¤ | Among the Fund's 10 largest holdings, as of July 31, 2018, excluding short-term investment. May be subject to change daily. |
| (a) | Non-income producing security. |
| (b) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (c) | Fair valued security - Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of July 31, 2018, the total market value of fair valued security was $620,293, which represented 0.8% of the Fund's net assets. |
| (d) | Rate reported is the current yield as of July 31, 2018. |
The following abbreviations are used in the preceding pages:
| ADR | —American Depositary Receipt |
| ETF | —Exchange-Traded Fund |
| NVDR | —Non-Voting Depositary Receipt |
The following is a summary of the fair valuations according to the inputs used as of July 31, 2018, for valuing the Fund's assets.
Asset Valuation Inputs
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
| Investments in Securities (a) | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Russia | $ | — | $ | 620,293 | $ | — | $ | 620,293 | ||||||||
| All Other Countries | 64,040,694 | — | — | 64,040,694 | ||||||||||||
| Total Common Stocks | 64,040,694 | 620,293 | — | 64,660,987 | ||||||||||||
| Exchange-Traded Funds | 5,694,040 | — | — | 5,694,040 | ||||||||||||
| Preferred Stocks | 3,603,560 | — | — | 3,603,560 | ||||||||||||
| Closed-End Funds | 1,403,600 | — | — | 1,403,600 | ||||||||||||
| Short-Term Investment | 1,300,901 | — | — | 1,300,901 | ||||||||||||
| Total Investments in Securities | $ | 76,042,795 | $ | 620,293 | $ | — | $ | 76,663,088 | ||||||||
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
The Fund recognizes transfers between the levels as of the beginning of the period.
For the period ended July 31, 2018, the Fund did not have any transfers among levels.
As of July 31, 2018, the Fund did not hold any investments with significant unobservable inputs (Level 3).
MainStay Conservative Allocation Fund
Portfolio of Investments July 31, 2018 (Unaudited)
| Shares | Value | |||||||||
| Affiliated Investment Companies 98.4% † | ||||||||||
| Equity Funds 48.4% | ||||||||||
| IQ 50 Percent Hedged FTSE International ETF | 1,060,783 | $ | 22,618,864 | |||||||
| IQ Chaikin U.S. Large Cap ETF | 748,575 | 19,477,921 | ||||||||
| IQ Chaikin U.S. Small Cap ETF | 431,503 | 12,492,012 | ||||||||
| IQ Global Resources ETF (a) | 197,570 | 5,381,807 | ||||||||
| MainStay Absolute Return Multi-Strategy Fund Class I (b) | 1,448,415 | 13,673,036 | ||||||||
| MainStay Candriam Emerging Markets Equity Fund Class R6 (a)(b) | 1,030,825 | 9,617,594 | ||||||||
| MainStay Cushing MLP Premier Fund Class I | 240,346 | 3,018,751 | ||||||||
| MainStay Cushing Renaissance Advantage Fund Class I (b) | 427,383 | 9,128,898 | ||||||||
| MainStay Epoch Capital Growth Fund Class I | 312,887 | 4,158,270 | ||||||||
| MainStay Epoch Global Choice Fund Class I (b) | 483,905 | 10,641,061 | ||||||||
| MainStay Epoch International Choice Fund Class I | 254,065 | 9,161,576 | ||||||||
| MainStay Epoch U.S. All Cap Fund Class R6 (a)(b) | 324,004 | 9,515,999 | ||||||||
| MainStay Epoch U.S. Equity Yield Fund Class R6 | 770,041 | 12,613,278 | ||||||||
| MainStay Epoch U.S. Small Cap Fund Class I (b) | 657,331 | 21,389,562 | ||||||||
| MainStay Large Cap Growth Fund Class R6 (a) | 198,953 | 2,266,078 | ||||||||
| MainStay MacKay Emerging Markets Equity Fund Class R6 (a)(b) | 945,105 | 9,696,780 | ||||||||
| MainStay MacKay Growth Fund Class I (b) | 140,654 | 5,434,889 | ||||||||
| MainStay MacKay International Opportunities Fund Class I | 1,278,269 | 11,440,507 | ||||||||
| MainStay MacKay S&P 500 Index Fund Class I | 36,342 | 1,878,131 | ||||||||
| MainStay MacKay U.S. Equity Opportunities Fund Class I | 1,513,428 | 15,467,234 | ||||||||
| MainStay MAP Equity Fund Class I | 257,850 | 11,453,678 | ||||||||
| Total Equity Funds (Cost $187,807,085) | 220,525,926 | |||||||||
| Fixed Income Funds 50.0% | ||||||||||
| IQ Enhanced Core Bond U.S. ETF | 876,261 | 16,298,455 | ||||||||
| IQ S&P High Yield Low Volatility Bond ETF | 250,798 | 6,080,597 | ||||||||
| MainStay Floating Rate Fund Class I | 2,467,554 | 22,972,930 | ||||||||
| MainStay Indexed Bond Fund Class I (b) | 10,844,016 | 111,368,048 | ||||||||
| MainStay MacKay Convertible Fund Class I | 310,791 | 5,541,401 | ||||||||
| MainStay MacKay High Yield Corporate Bond Fund Class R6 | 1,536,450 | 8,619,485 | ||||||||
| MainStay MacKay High Yield Municipal Bond Fund Class I | 571,750 | 7,209,771 | ||||||||
| MainStay MacKay Short Duration High Yield Fund Class I | 979,901 | 9,652,026 | ||||||||
| MainStay MacKay Short Term Municipal Fund Class I | 2,011 | 19,222 | ||||||||
| MainStay MacKay Total Return Bond Fund Class R6 | 2,719,634 | 27,903,445 | ||||||||
| MainStay MacKay Unconstrained Bond Fund Class R6 | 1,424,617 | 12,422,664 | ||||||||
| Total Fixed Income Funds (Cost $230,081,245) | 228,088,044 | |||||||||
| Total Affiliated Investment Companies (Cost $417,888,330) | 448,613,970 | |||||||||
| Short-Term Investment 1.7% | ||||||||||
| Affiliated Investment Company 1.7% | ||||||||||
| MainStay U.S. Government Liquidity Fund, 1.75% (c) | 7,749,035 | 7,749,035 | ||||||||
| Total Short-Term Investment (Cost $7,749,035) | 7,749,035 | |||||||||
| Total Investments (Cost $425,637,365) | 100.1 | % | 456,363,005 | |||||||
| Other Assets, Less Liabilities | (0.1 | ) | (561,033 | ) | ||||||
| Net Assets | 100.0 | % | $ | 455,801,972 | ||||||
| † | Percentages indicated are based on Fund net assets. |
| (a) | Non-income producing Underlying Fund. |
| (b) | The Fund's ownership exceeds 5% of the outstanding shares of the Underlying Fund's share class. |
| (c) | Rate reported is the current yield as of July 31, 2018. |
The following abbreviations are used in the preceding pages:
| ETF | —Exchange-Traded Fund |
| FTSE | —Financial Times Stock Exchange |
| MLP | —Master limited partnership |
The following is a summary of the fair valuations according to the inputs used as of July 31, 2018, for valuing the Fund's assets.
Asset Valuation Inputs
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
| Investments (a) | ||||||||||||||||
| Affiliated Investment Companies | ||||||||||||||||
| Equity Funds | $ | 220,525,926 | $ | — | $ | — | $ | 220,525,926 | ||||||||
| Fixed Income Funds | 228,088,044 | — | — | 228,088,044 | ||||||||||||
| Short-Term Investment | 7,749,035 | — | — | 7,749,035 | ||||||||||||
| Total Investments in Securities | $ | 456,363,005 | $ | — | $ | — | $ | 456,363,005 | ||||||||
| (a) | For a complete listing of investments, see the Portfolio of Investments. |
The Fund recognizes transfers between the levels as of the beginning of the period.
For the period ended July 31, 2018, the Fund did not have any transfers among levels.
As of July 31, 2018, the Fund did not hold any investments with significant unobservable inputs (Level 3).
MainStay Epoch Capital Growth Fund
Portfolio of Investments July 31, 2018 (Unaudited)
| Shares | Value | |||||||||
| Common Stocks 97.6%† | ||||||||||
| Australia 2.9% | ||||||||||
| Commonwealth Bank of Australia (Banks) | 7,268 | $ | 403,848 | |||||||
| CSL, Ltd. (Biotechnology) | 8,874 | 1,296,237 | ||||||||
| Mineral Resources, Ltd. (Metals & Mining) | 42,571 | 523,445 | ||||||||
| Northern Star Resources, Ltd. (Metals & Mining) | 131,104 | 701,307 | ||||||||
| Regis Resources, Ltd. (Metals & Mining) | 139,264 | 461,459 | ||||||||
| 3,386,296 | ||||||||||
| Canada 4.3% | ||||||||||
| Canadian National Railway Co. (Road & Rail) | 10,431 | 931,120 | ||||||||
| CCL Industries, Inc., Class B (Containers & Packaging) | 11,129 | 564,642 | ||||||||
| Constellation Software, Inc. (Software) | 1,379 | 999,684 | ||||||||
| Dollarama, Inc. (Multiline Retail) | 31,197 | 1,127,155 | ||||||||
| Royal Bank of Canada (Banks) | 9,685 | 756,053 | ||||||||
| West Fraser Timber Co., Ltd. (Paper & Forest Products) | 11,194 | 695,295 | ||||||||
| 5,073,949 | ||||||||||
| China 0.8% | ||||||||||
| Hengan International Group Co., Ltd. (Personal Products) | 101,000 | 898,816 | ||||||||
| Denmark 0.7% | ||||||||||
| Genmab A/S (Biotechnology) (a) | 5,178 | 887,302 | ||||||||
| France 3.6% | ||||||||||
| Edenred (Commercial Services & Supplies) | 26,526 | 1,044,382 | ||||||||
| ¤ | LVMH Moet Hennessy Louis Vuitton S.E. (Textiles, Apparel & Luxury Goods) | 5,629 | 1,967,112 | |||||||
| Thales S.A. (Aerospace & Defense) | 9,555 | 1,256,419 | ||||||||
| 4,267,913 | ||||||||||
| Germany 0.7% | ||||||||||
| Continental A.G. (Auto Components) | 3,406 | 784,613 | ||||||||
| Hong Kong 3.7% | ||||||||||
| AIA Group, Ltd. (Insurance) | 64,800 | 565,521 | ||||||||
| China Gas Holdings, Ltd. (Gas Utilities) | 132,400 | 536,412 | ||||||||
| Hong Kong Exchanges & Clearing, Ltd. (Capital Markets) | 34,400 | 1,015,032 | ||||||||
| WH Group, Ltd. (Food Products) (b) | 1,472,500 | 1,181,895 | ||||||||
| Xinyi Glass Holdings, Ltd. (Auto Components) | 938,000 | 1,104,225 | ||||||||
| 4,403,085 | ||||||||||
| Indonesia 0.5% | ||||||||||
| PT Bank Central Asia Tbk (Banks) | 367,400 | 593,012 | ||||||||
| Israel 1.1% | ||||||||||
| Check Point Software Technologies, Ltd. (Software) (a) | 11,632 | 1,310,577 | ||||||||
| Italy 0.8% | ||||||||||
| FinecoBank Banca Fineco S.p.A (Banks) | 81,783 | 961,111 | ||||||||
| Japan 6.6% | ||||||||||
| Daito Trust Construction Co., Ltd. (Real Estate Management & Development) | 6,000 | 1,001,565 | ||||||||
| ¤ | Fast Retailing Co., Ltd. (Specialty Retail) | 4,300 | 1,874,748 | |||||||
| Hoshizaki Corp. (Machinery) | 9,200 | 926,459 | ||||||||
| Koito Manufacturing Co., Ltd. (Auto Components) | 8,100 | 519,403 | ||||||||
| Nexon Co., Ltd. (Software) (a) | 101,000 | 1,449,761 | ||||||||
| Start Today Co., Ltd. (Internet & Direct Marketing Retail) | 23,200 | 930,573 | ||||||||
| Unicharm Corp. (Household Products) | 18,300 | 555,964 | ||||||||
| Zenkoku Hosho Co., Ltd. (Diversified Financial Services) | 12,200 | 536,815 | ||||||||
| 7,795,288 | ||||||||||
| Malta 0.4% | ||||||||||
| Kindred Group PLC (Hotels, Restaurants & Leisure) | 39,634 | 511,824 | ||||||||
| Mexico 1.7% | ||||||||||
| Fresnillo PLC (Metals & Mining) | 75,174 | 1,025,177 | ||||||||
| Wal-Mart de Mexico S.A.B. de C.V. (Food & Staples Retailing) | 319,000 | 931,271 | ||||||||
| 1,956,448 | ||||||||||
| Netherlands 0.5% | ||||||||||
| ASML Holding N.V. (Semiconductors & Semiconductor Equipment) | 2,950 | 632,998 | ||||||||
| Portugal 0.3% | ||||||||||
| Jeronimo Martins SGPS S.A. (Food & Staples Retailing) | 20,149 | 299,935 | ||||||||
| Republic of Korea 0.5% | ||||||||||
| Hugel, Inc. (Biotechnology) (a) | 1,492 | 636,599 | ||||||||
| Singapore 0.4% | ||||||||||
| Singapore Exchange, Ltd. (Capital Markets) | 95,100 | 519,737 | ||||||||
| South Africa 0.5% | ||||||||||
| FirstRand, Ltd. (Diversified Financial Services) | 123,866 | 651,619 | ||||||||
| Spain 2.4% | ||||||||||
| Amadeus IT Group S.A. (IT Services) | 17,716 | 1,512,283 | ||||||||
| Industria de Diseno Textil S.A. (Specialty Retail) | 41,873 | 1,373,445 | ||||||||
| 2,885,728 | ||||||||||
| Sweden 2.0% | ||||||||||
| Assa Abloy AB, Class B (Building Products) | 40,510 | 803,248 | ||||||||
| Atlas Copco AB, Class B (Machinery) | 33,155 | 868,943 | ||||||||
| Epiroc AB (Machinery) (a) | 63,054 | 668,191 | ||||||||
| 2,340,382 | ||||||||||
| Switzerland 1.1% | ||||||||||
| Roche Holding A.G. (Pharmaceuticals) | 3,780 | 927,869 | ||||||||
| Schindler Holding A.G., Registered (Machinery) | 1,525 | 345,306 | ||||||||
| 1,273,175 | ||||||||||
| Taiwan 0.5% | ||||||||||
| Eclat Textile Co., Ltd. (Textiles, Apparel & Luxury Goods) | 56,000 | 644,803 | ||||||||
| United Kingdom 6.0% | ||||||||||
| Admiral Group PLC (Insurance) | 42,344 | 1,101,012 | ||||||||
| Aptiv PLC (Auto Components) | 9,477 | 929,409 | ||||||||
| Delphi Technologies PLC (Auto Components) | 13,509 | 610,201 | ||||||||
| Hargreaves Lansdown PLC (Capital Markets) | 34,799 | 948,222 | ||||||||
| Howden Joinery Group PLC (Trading Companies & Distributors) | 125,664 | 786,930 | ||||||||
| Persimmon PLC (Household Durables) | 30,695 | 999,966 | ||||||||
| Prudential PLC (Insurance) | 23,540 | 557,698 | ||||||||
| RELX N.V. (Professional Services) | 51,932 | 1,129,213 | ||||||||
| 7,062,651 | ||||||||||
| United States 55.6% | ||||||||||
| A.O. Smith Corp. (Building Products) | 14,900 | 886,997 | ||||||||
| ¤ | AbbVie, Inc. (Biotechnology) | 19,597 | 1,807,431 | |||||||
| Accenture PLC, Class A (IT Services) | 8,184 | 1,303,957 | ||||||||
| Advanced Energy Industries, Inc. (Semiconductors & Semiconductor Equipment) (a) | 12,038 | 737,207 | ||||||||
| ¤ | Alaska Air Group, Inc. (Airlines) | 31,587 | 1,984,611 | |||||||
| Align Technology, Inc. (Health Care Equipment & Supplies) (a) | 1,626 | 579,913 | ||||||||
| ¤ | Alphabet, Inc., Class A (Internet Software & Services) (a) | 1,721 | 2,112,046 | |||||||
| American Express Co. (Consumer Finance) | 9,117 | 907,324 | ||||||||
| ¤ | Apple, Inc. (Technology Hardware, Storage & Peripherals) | 10,269 | 1,954,088 | |||||||
| Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | 25,530 | 1,241,524 | ||||||||
| Arista Networks, Inc. (Communications Equipment) (a) | 3,283 | 839,562 | ||||||||
| Automatic Data Processing, Inc. (IT Services) | 8,841 | 1,193,447 | ||||||||
| Bank of Hawaii Corp. (Banks) | 10,853 | 873,558 | ||||||||
| Biogen, Inc. (Biotechnology) (a) | 3,114 | 1,041,228 | ||||||||
| Boeing Co. (Aerospace & Defense) | 2,490 | 887,187 | ||||||||
| Booking Holdings, Inc. (Internet & Direct Marketing Retail) (a) | 259 | 525,438 | ||||||||
| Bruker Corp. (Life Sciences Tools & Services) | 19,825 | 642,330 | ||||||||
| C.H. Robinson Worldwide, Inc. (Air Freight & Logistics) | 6,392 | 589,534 | ||||||||
| Cerner Corp. (Health Care Technology) (a) | 16,564 | 1,028,293 | ||||||||
| Core Laboratories N.V. (Energy Equipment & Services) | 7,446 | 834,846 | ||||||||
| Costco Wholesale Corp. (Food & Staples Retailing) | 7,608 | 1,663,946 | ||||||||
| Dollar General Corp. (Multiline Retail) | 5,856 | 574,766 | ||||||||
| Domino's Pizza, Inc. (Hotels, Restaurants & Leisure) | 2,117 | 556,051 | ||||||||
| DowDuPont, Inc. (Chemicals) | 8,290 | 570,103 | ||||||||
| East West Bancorp, Inc. (Banks) | 8,793 | 569,259 | ||||||||
| Encompass Health Corp. (Health Care Providers & Services) | 12,638 | 955,812 | ||||||||
| Estee Lauder Cos., Inc., Class A (Personal Products) | 8,063 | 1,088,021 | ||||||||
| Expeditors International of Washington, Inc. (Air Freight & Logistics) | 16,515 | 1,257,948 | ||||||||
| FactSet Research Systems, Inc. (Capital Markets) | 4,850 | 976,596 | ||||||||
| Fortune Brands Home & Security, Inc. (Building Products) | 12,216 | 708,528 | ||||||||
| Gentex Corp. (Auto Components) | 26,201 | 607,863 | ||||||||
| Hawaiian Holdings, Inc. (Airlines) | 16,330 | 654,833 | ||||||||
| Henry Schein, Inc. (Health Care Providers & Services) (a) | 15,493 | 1,230,299 | ||||||||
| Hexcel Corp. (Aerospace & Defense) | 10,366 | 715,358 | ||||||||
| Home Depot, Inc. (Specialty Retail) | 2,904 | 573,598 | ||||||||
| Jack Henry & Associates, Inc. (IT Services) | 4,996 | 672,961 | ||||||||
| Jazz Pharmaceuticals PLC (Pharmaceuticals) (a) | 7,884 | 1,364,563 | ||||||||
| ¤ | Lam Research Corp. (Semiconductors & Semiconductor Equipment) | 10,684 | 2,036,798 | |||||||
| Liberty SiriusXM Group, Class A (Media) (a) | 14,114 | 665,334 | ||||||||
| ¤ | LyondellBasell Industries N.V., Class A (Chemicals) | 17,602 | 1,950,126 | |||||||
| Marriott International, Inc., Class A (Hotels, Restaurants & Leisure) | 4,137 | 528,874 | ||||||||
| Marsh & McLennan Cos., Inc. (Insurance) | 7,041 | 586,938 | ||||||||
| ¤ | Masimo Corp. (Health Care Equipment & Supplies) (a) | 20,830 | 2,070,919 | |||||||
| Mastercard, Inc., Class A (IT Services) | 4,948 | 979,704 | ||||||||
| Mettler-Toledo International, Inc. (Life Sciences Tools & Services) (a) | 1,543 | 914,243 | ||||||||
| Microsoft Corp. (Software) | 14,439 | 1,531,689 | ||||||||
| NIKE, Inc., Class B (Textiles, Apparel & Luxury Goods) | 7,020 | 539,908 | ||||||||
| NVR, Inc. (Household Durables) (a) | 97 | 267,665 | ||||||||
| Paychex, Inc. (IT Services) | 19,436 | 1,341,473 | ||||||||
| Paycom Software, Inc. (Software) (a) | 5,402 | 573,962 | ||||||||
| PetMed Express, Inc. (Internet & Direct Marketing Retail) | 15,134 | 561,925 | ||||||||
| Rollins, Inc. (Commercial Services & Supplies) | 11,681 | 641,754 | ||||||||
| Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment) | 10,399 | 983,537 | ||||||||
| Southwest Airlines Co. (Airlines) | 19,241 | 1,119,057 | ||||||||
| Stamps.com, Inc. (Internet Software & Services) (a) | 1,703 | 444,483 | ||||||||
| Starbucks Corp. (Hotels, Restaurants & Leisure) | 13,400 | 702,026 | ||||||||
| TJX Cos., Inc. (Specialty Retail) | 10,869 | 1,057,119 | ||||||||
| Union Pacific Corp. (Road & Rail) | 8,809 | 1,320,381 | ||||||||
| United Parcel Service, Inc., Class B (Air Freight & Logistics) | 7,868 | 943,294 | ||||||||
| ¤ | UnitedHealth Group, Inc. (Health Care Providers & Services) | 8,042 | 2,036,395 | |||||||
| Valvoline, Inc. (Chemicals) | 23,070 | 521,151 | ||||||||
| Veeva Systems, Inc., Class A (Health Care Technology) (a) | 13,000 | 983,190 | ||||||||
| Visa, Inc., Class A (IT Services) | 8,128 | 1,111,423 | ||||||||
| WABCO Holdings, Inc. (Machinery) (a) | 6,684 | 840,045 | ||||||||
| Western Alliance Bancorp (Banks) (a) | 13,952 | 791,357 | ||||||||
| Yum China Holdings, Inc. (Hotels, Restaurants & Leisure) | 15,380 | 554,910 | ||||||||
| Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | 5,110 | 405,172 | ||||||||
| 65,715,878 | ||||||||||
| Total Common Stocks (Cost $97,888,194) | 115,493,739 | |||||||||
| Short-Term Investment 2.3% | ||||||||||
| Affiliated Investment Company 2.3% | ||||||||||
| MainStay U.S. Government Liquidity Fund, 1.75% (c) | 2,725,468 | 2,725,468 | ||||||||
| Total Short-Term Investment (Cost $2,725,468) | 2,725,468 | |||||||||
| Total Investments (Cost $100,613,662) | 99.9 | % | 118,219,207 | |||||||
| Other Assets, Less Liabilities | 0.1 | 78,071 | ||||||||
| Net Assets | 100.0 | % | $ | 118,297,278 | ||||||
| † | Percentages indicated are based on Fund net assets. |
| ¤ | Among the Fund's 10 largest holdings, as of July 31, 2018, excluding short-term investment. May be subject to change daily. |
| (a) | Non-income producing security. |
| (b) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (c) | Rate reported is the current yield as of July 31, 2018. |
The following is a summary of the fair valuations according to the inputs used as of July 31, 2018, for valuing the Fund's assets.
Asset Valuation Inputs
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
| Investments in Securities (a) | ||||||||||||||||
| Common Stocks | $ | 115,493,739 | $ | — | $ | — | $ | 115,493,739 | ||||||||
| Short-Term Investment | ||||||||||||||||
| Affiliated Investment Company | 2,725,468 | — | — | 2,725,468 | ||||||||||||
| Total Investments in Securities | $ | 118,219,207 | $ | — | $ | — | $ | 118,219,207 | ||||||||
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
The Fund recognizes transfers between the levels as of the beginning of the period.
For the period ended July 31, 2018, the Fund did not have any transfers among levels. (See Note 2)
As of July 31, 2018, the Fund did not hold any investments with significant unobservable inputs (Level 3). (See Note 2)
MainStay Epoch Global Choice Fund
Portfolio of Investments July 31, 2018 (Unaudited)
| Shares | Value | |||||||||
| Common Stocks 98.7% † | ||||||||||
| China 2.8% | ||||||||||
| Alibaba Group Holding, Ltd., Sponsored ADR (Internet Software & Services) (a) | 29,184 | $ | 5,464,120 | |||||||
| Denmark 1.6% | ||||||||||
| ISS A/S (Commercial Services & Supplies) | 85,098 | 3,180,884 | ||||||||
| France 3.1% | ||||||||||
| Safran S.A. (Aerospace & Defense) | 50,162 | 6,220,568 | ||||||||
| Germany 3.0% | ||||||||||
| Bayer A.G., Registered (Pharmaceuticals) | 53,303 | 5,937,542 | ||||||||
| Japan 11.5% | ||||||||||
| Kyudenko Corp. (Construction & Engineering) | 41,300 | 1,651,040 | ||||||||
| Nippon Telegraph & Telephone Corp. (Diversified Telecommunication Services) | 100,900 | 4,663,517 | ||||||||
| SCSK Corp. (IT Services) | 104,100 | 4,915,691 | ||||||||
| Seria Co., Ltd. (Multiline Retail) | 77,900 | 3,580,968 | ||||||||
| Sony Corp. (Household Durables) | 74,700 | 3,893,499 | ||||||||
| Suzuki Motor Corp. (Automobiles) | 68,900 | 4,036,703 | ||||||||
| 22,741,418 | ||||||||||
| Netherlands 3.4% | ||||||||||
| ¤ | Airbus S.E. (Aerospace & Defense) | 54,967 | 6,813,220 | |||||||
| Switzerland 2.2% | ||||||||||
| Glencore PLC (Metals & Mining) (a) | 968,769 | 4,253,359 | ||||||||
| United Kingdom 8.2% | ||||||||||
| AstraZeneca PLC (Pharmaceuticals) | 84,852 | 6,531,995 | ||||||||
| Convatec Group PLC (Health Care Equipment & Supplies) (b) | 1,462,285 | 4,203,314 | ||||||||
| Diageo PLC (Beverages) | 147,624 | 5,429,262 | ||||||||
| 16,164,571 | ||||||||||
| United States 62.9% | ||||||||||
| Alphabet, Inc., Class C (Internet Software & Services) (a) | 4,942 | 6,015,699 | ||||||||
| Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | 103,254 | 5,021,242 | ||||||||
| Chubb, Ltd. (Insurance) | 34,788 | 4,860,579 | ||||||||
| ¤ | Danaher Corp. (Health Care Equipment & Supplies) | 67,788 | 6,953,693 | |||||||
| ¤ | DowDuPont, Inc. (Chemicals) | 131,154 | 9,019,461 | |||||||
| Hexcel Corp. (Aerospace & Defense) | 77,014 | 5,314,736 | ||||||||
| Home Depot, Inc. (Specialty Retail) | 25,102 | 4,958,147 | ||||||||
| ¤ | Kroger Co. (Food & Staples Retailing) | 239,400 | 6,942,600 | |||||||
| Martin Marietta Materials, Inc. (Construction Materials) | 32,016 | 6,384,631 | ||||||||
| Marvell Technology Group, Ltd. (Semiconductors & Semiconductor Equipment) | 211,395 | 4,504,827 | ||||||||
| ¤ | Merck & Co., Inc. (Pharmaceuticals) | 100,273 | 6,604,982 | |||||||
| ¤ | Microsoft Corp. (Software) | 78,263 | 8,302,139 | |||||||
| ¤ | Morgan Stanley (Capital Markets) | 131,971 | 6,672,454 | |||||||
| Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 77,500 | 6,504,575 | ||||||||
| PayPal Holdings, Inc. (IT Services) (a) | 48,964 | 4,021,903 | ||||||||
| ¤ | Phillips 66 (Oil, Gas & Consumable Fuels) | 68,211 | 8,413,145 | |||||||
| Spotify Technology S.A. (Internet Software & Services) (a) | 24,584 | 4,494,693 | ||||||||
| ¤ | UnitedHealth Group, Inc. (Health Care Providers & Services) | 26,649 | 6,748,060 | |||||||
| Universal Display Corp. (Semiconductors & Semiconductor Equipment) | 59,422 | 5,722,339 | ||||||||
| ¤ | Visa, Inc., Class A (IT Services) | 52,153 | 7,131,401 | |||||||
| 124,591,306 | ||||||||||
| Total Common Stocks (Cost $169,081,567) | 195,366,988 | |||||||||
| Short-Term Investment 1.4% | ||||||||||
| Affiliated Investment Company 1.4% | ||||||||||
| MainStay U.S. Government Liquidity Fund,1.75% (c) | 2,675,711 | 2,675,711 | ||||||||
| Total Short-Term Investment (Cost $2,675,711) | 2,675,711 | |||||||||
| Total Investments (Cost $171,757,278) | 100.1 | % | 198,042,699 | |||||||
| Other Assets, Less Liabilities | (0.1 | ) | (110,179 | ) | ||||||
| Net Assets | 100.0 | % | $ | 197,932,520 | ||||||
| † | Percentages indicated are based on Fund net assets. |
| ¤ | Among the Fund's 10 largest holdings, as of July 31, 2018, excluding short-term investment. May be subject to change daily. |
| (a) | Non-income producing security. |
| (b) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (c) | Rate reported is the current yield as of July 31, 2018 |
| The following abbreviation is used in the preceding pages: | ||
| ADR | —American Depositary Receipt | |
The following is a summary of the fair valuations according to the inputs used as of July 31, 2018, for valuing the Fund's assets.
Asset Valuation Inputs
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
| Investments in Securities (a) | ||||||||||||||||
| Common Stocks | $ | 195,366,988 | $ | — | $ | — | $ | 195,366,988 | ||||||||
| Short-Term Investment | ||||||||||||||||
| Affiliated Investment Company | 2,675,711 | — | — | 2,675,711 | ||||||||||||
| Total Investments in Securities | $ | 198,042,699 | $ | — | $ | — | $ | 198,042,699 | ||||||||
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
The Fund recognizes transfers between the levels as of the beginning of the period.
For the period ended July 31, 2018, the Fund did not have any transfers among levels.
As of July 31, 2018, the Fund did not hold any investments with significant unobservable inputs (Level 3).
MainStay Epoch Global Equity Yield Fund
Portfolio of Investments July 31, 2018 (Unaudited)
| Shares | Value | |||||||||
| Common Stocks 99.0% † | ||||||||||
| Australia 2.6% | ||||||||||
| Commonwealth Bank of Australia (Banks) | 396,100 | $ | 22,009,381 | |||||||
| Macquarie Group, Ltd. (Capital Markets) | 199,451 | 18,199,723 | ||||||||
| Sonic Healthcare, Ltd. (Health Care Providers & Services) | 944,636 | 18,303,390 | ||||||||
| Westpac Banking Corp. (Banks) | 1,310,712 | 28,687,947 | ||||||||
| 87,200,441 | ||||||||||
| Canada 6.2% | ||||||||||
| ¤ | BCE, Inc. (Diversified Telecommunication Services) | 1,312,950 | 55,794,193 | |||||||
| Nutrien, Ltd. (Chemicals) | 523,130 | 28,358,877 | ||||||||
| Pembina Pipeline Corp. (Oil, Gas & Consumable Fuels) | 907,678 | 32,655,057 | ||||||||
| Rogers Communications, Inc., Class B (Wireless Telecommunication Services) | 712,443 | 36,321,805 | ||||||||
| Royal Bank of Canada (Banks) | 309,453 | 24,157,245 | ||||||||
| TELUS Corp. (Diversified Telecommunication Services) | 730,969 | 26,719,127 | ||||||||
| 204,006,304 | ||||||||||
| France 7.8% | ||||||||||
| AXA S.A. (Insurance) | 2,057,411 | 51,966,002 | ||||||||
| Cie Generale des Etablissements Michelin SCA (Auto Components) | 177,841 | 22,896,216 | ||||||||
| Sanofi (Pharmaceuticals) | 295,632 | 25,709,505 | ||||||||
| SCOR S.E. (Insurance) | 613,205 | 23,841,953 | ||||||||
| ¤ | TOTAL S.A. (Oil, Gas & Consumable Fuels) | 929,624 | 60,722,935 | |||||||
| Unibail-Rodamco-Westfield (Equity Real Estate Investment Trusts) (a) | 190,544 | 42,300,975 | ||||||||
| Vinci S.A. (Construction & Engineering) | 284,083 | 28,568,549 | ||||||||
| 256,006,135 | ||||||||||
| Germany 8.2% | ||||||||||
| ¤ | Allianz S.E., Registered (Insurance) | 250,060 | 55,305,982 | |||||||
| BASF S.E. (Chemicals) | 354,527 | 34,060,753 | ||||||||
| Daimler A.G., Registered (Automobiles) | 424,971 | 29,393,990 | ||||||||
| Deutsche Post A.G., Registered (Air Freight & Logistics) | 709,055 | 25,031,538 | ||||||||
| Deutsche Telekom A.G., Registered (Diversified Telecommunication Services) (a) | 2,752,551 | 45,544,539 | ||||||||
| ¤ | Muenchener Rueckversicherungs-Gesellschaft A.G., Registered (Insurance) | 250,594 | 55,602,836 | |||||||
| Siemens A.G., Registered (Industrial Conglomerates) | 172,067 | 24,297,701 | ||||||||
| 269,237,339 | ||||||||||
| Italy 3.1% | ||||||||||
| Assicurazioni Generali S.p.A. (Insurance) | 1,016,235 | 18,062,682 | ||||||||
| Snam S.p.A. (Oil, Gas & Consumable Fuels) | 7,509,748 | 32,272,098 | ||||||||
| Terna Rete Elettrica Nazionale S.p.A. (Electric Utilities) | 9,036,410 | 50,614,615 | ||||||||
| 100,949,395 | ||||||||||
| Netherlands 1.7% | ||||||||||
| ¤ | Royal Dutch Shell PLC, Class A, Sponsored ADR (Oil, Gas & Consumable Fuels) | 807,214 | 55,189,221 | |||||||
| Norway 1.5% | ||||||||||
| Equinor ASA (Oil, Gas & Consumable Fuels) | 946,946 | 25,146,170 | ||||||||
| Orkla ASA (Food Products) | 2,862,781 | 24,217,281 | ||||||||
| 49,363,451 | ||||||||||
| Singapore 1.1% | ||||||||||
| Singapore Exchange, Ltd. (Capital Markets) | 3,218,450 | 17,589,355 | ||||||||
| Singapore Telecommunications, Ltd. (Diversified Telecommunication Services) | 7,301,814 | 17,217,305 | ||||||||
| 34,806,660 | ||||||||||
| Spain 1.8% | ||||||||||
| Naturgy Energy Group S.A. (Gas Utilities) | 1,018,544 | 27,608,177 | ||||||||
| Red Electrica Corp. S.A. (Electric Utilities) | 1,493,173 | 31,673,197 | ||||||||
| 59,281,374 | ||||||||||
| Sweden 0.7% | ||||||||||
| Svenska Handelsbanken A.B., Class A (Banks) | 1,874,261 | 23,159,288 | ||||||||
| Switzerland 3.9% | ||||||||||
| Nestle S.A., Registered (Food Products) | 386,862 | 31,530,337 | ||||||||
| Novartis A.G., Registered (Pharmaceuticals) | 409,958 | 34,464,378 | ||||||||
| Roche Holding A.G. (Pharmaceuticals) | 135,113 | 33,165,899 | ||||||||
| Swisscom A.G., Registered (Diversified Telecommunication Services) | 58,895 | 27,676,457 | ||||||||
| 126,837,071 | ||||||||||
| Taiwan 0.6% | ||||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR (Semiconductors & Semiconductor Equipment) | 459,615 | 18,940,734 | ||||||||
| United Kingdom 14.5% | ||||||||||
| ¤ | AstraZeneca PLC, Sponsored ADR (Pharmaceuticals) | 1,552,068 | 60,732,421 | |||||||
| BAE Systems PLC (Aerospace & Defense) | 5,029,210 | 43,118,302 | ||||||||
| British American Tobacco PLC (Tobacco) | 683,649 | 37,696,547 | ||||||||
| British American Tobacco PLC, Sponsored ADR (Tobacco) | 325,657 | 17,839,490 | ||||||||
| Diageo PLC (Beverages) | 483,866 | 17,795,449 | ||||||||
| ¤ | GlaxoSmithKline PLC (Pharmaceuticals) | 2,729,977 | 56,672,367 | |||||||
| ¤ | Imperial Brands PLC (Tobacco) | 1,466,612 | 56,248,527 | |||||||
| Lloyds Banking Group PLC (Banks) | 32,989,539 | 27,010,792 | ||||||||
| Micro Focus International PLC (Software) | 733,306 | 12,031,256 | ||||||||
| National Grid PLC (Multi-Utilities) | 3,961,008 | 42,283,624 | ||||||||
| SSE PLC (Electric Utilities) | 1,400,788 | 22,982,546 | ||||||||
| Unilever PLC (Personal Products) | 602,812 | 34,457,658 | ||||||||
| Vodafone Group PLC (Wireless Telecommunication Services) | 19,761,158 | 48,243,748 | ||||||||
| 477,112,727 | ||||||||||
| United States 45.3% | ||||||||||
| AbbVie, Inc. (Biotechnology) | 220,569 | 20,343,079 | ||||||||
| Altria Group, Inc. (Tobacco) | 881,122 | 51,704,239 | ||||||||
| Ameren Corp. (Multi-Utilities) | 389,171 | 24,151,952 | ||||||||
| American Electric Power Co., Inc. (Electric Utilities) | 349,908 | 24,892,455 | ||||||||
| Arthur J. Gallagher & Co. (Insurance) | 273,690 | 19,527,781 | ||||||||
| AT&T, Inc. (Diversified Telecommunication Services) | 1,512,804 | 48,364,344 | ||||||||
| BB&T Corp. (Banks) | 347,900 | 17,676,799 | ||||||||
| BlackRock, Inc. (Capital Markets) | 33,489 | 16,836,930 | ||||||||
| CenturyLink, Inc. (Diversified Telecommunication Services) | 1,135,368 | 21,310,857 | ||||||||
| Cisco Systems, Inc. (Communications Equipment) | 998,913 | 42,244,031 | ||||||||
| CME Group, Inc. (Capital Markets) | 105,087 | 16,721,443 | ||||||||
| Coca-Cola Co. (Beverages) | 392,636 | 18,308,617 | ||||||||
| Dominion Energy, Inc. (Multi-Utilities) | 531,213 | 38,093,284 | ||||||||
| DowDuPont, Inc. (Chemicals) | 344,134 | 23,666,095 | ||||||||
| ¤ | Duke Energy Corp. (Electric Utilities) | 645,540 | 52,688,975 | |||||||
| Eaton Corp. PLC (Electrical Equipment) | 513,089 | 42,673,612 | ||||||||
| Emerson Electric Co. (Electrical Equipment) | 299,096 | 21,618,659 | ||||||||
| Entergy Corp. (Electric Utilities) | 472,318 | 38,390,007 | ||||||||
| Enterprise Products Partners, L.P. (Oil, Gas & Consumable Fuels) | 1,457,373 | 42,263,817 | ||||||||
| Exxon Mobil Corp. (Oil, Gas & Consumable Fuels) | 482,711 | 39,345,774 | ||||||||
| FirstEnergy Corp. (Electric Utilities) | 835,978 | 29,618,700 | ||||||||
| Intel Corp. (Semiconductors & Semiconductor Equipment) | 460,770 | 22,163,037 | ||||||||
| Iron Mountain, Inc. (Equity Real Estate Investment Trusts) | 929,624 | 32,639,099 | ||||||||
| Johnson & Johnson (Pharmaceuticals) | 170,912 | 22,649,258 | ||||||||
| Kimberly-Clark Corp. (Household Products) | 241,355 | 27,480,680 | ||||||||
| Las Vegas Sands Corp. (Hotels, Restaurants & Leisure) | 426,125 | 30,638,387 | ||||||||
| Leggett & Platt, Inc. (Household Durables) | 593,573 | 25,861,976 | ||||||||
| Lockheed Martin Corp. (Aerospace & Defense) | 71,598 | 23,348,108 | ||||||||
| Magellan Midstream Partners, L.P. (Oil, Gas & Consumable Fuels) | 412,268 | 29,584,352 | ||||||||
| McDonald's Corp. (Hotels, Restaurants & Leisure) | 155,899 | 24,560,328 | ||||||||
| Merck & Co., Inc. (Pharmaceuticals) | 389,171 | 25,634,694 | ||||||||
| MetLife, Inc. (Insurance) | 791,046 | 36,182,444 | ||||||||
| Microsoft Corp. (Software) | 244,820 | 25,970,506 | ||||||||
| Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 557,774 | 46,813,972 | ||||||||
| People's United Financial, Inc. (Banks) | 1,136,335 | 20,715,387 | ||||||||
| PepsiCo., Inc. (Beverages) | 213,640 | 24,568,600 | ||||||||
| Pfizer, Inc. (Pharmaceuticals) | 1,218,327 | 48,647,797 | ||||||||
| Philip Morris International, Inc. (Tobacco) | 487,331 | 42,056,665 | ||||||||
| PPL Corp. (Electric Utilities) | 1,139,800 | 32,792,046 | ||||||||
| Procter & Gamble Co. (Household Products) | 272,535 | 22,042,631 | ||||||||
| Public Storage (Equity Real Estate Investment Trusts) | 94,694 | 20,627,194 | ||||||||
| QUALCOMM, Inc. (Semiconductors & Semiconductor Equipment) | 341,123 | 21,862,573 | ||||||||
| Southern Co. (Electric Utilities) | 497,724 | 24,189,386 | ||||||||
| Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 311,799 | 34,709,465 | ||||||||
| United Parcel Service, Inc., Class B (Air Freight & Logistics) | 203,247 | 24,367,283 | ||||||||
| ¤ | Verizon Communications, Inc. (Diversified Telecommunication Services) | 1,153,658 | 59,574,899 | |||||||
| WEC Energy Group, Inc. (Multi-Utilities) | 357,991 | 23,759,863 | ||||||||
| Wells Fargo & Co. (Banks) | 308,335 | 17,664,512 | ||||||||
| Welltower, Inc. (Equity Real Estate Investment Trusts) | 715,983 | 44,820,536 | ||||||||
| 1,486,367,128 | ||||||||||
| Total Common Stocks (Cost $3,048,210,762) | 3,248,457,268 | |||||||||
| Short-Term Investment 1.1% | ||||||||||
| Affiliated Investment Company 1.1% | ||||||||||
| MainStay U.S. Government Liquidity Fund, 1.75% (b) | 34,983,406 | 34,983,406 | ||||||||
| Total Short-Term Investment (Cost $34,983,406) | 34,983,406 | |||||||||
| Total Investments (Cost $3,083,194,168) | 100.1 | % | 3,283,440,674 | |||||||
| Other Assets, Less Liabilities | (0.1 | ) | (3,732,575 | ) | ||||||
| Net Assets | 100.0 | % | $ | 3,279,708,099 | ||||||
| † | Percentages indicated are based on Fund net assets. |
| ¤ | Among the Fund's 10 largest holdings, as of July 31, 2018, excluding short-term investment. May be subject to change daily. |
| (a) | Non-income producing security. |
| (b) | Rate reported is the current yield as of July 31, 2018 |
| The following abbreviation is used in the preceding pages: | |
| ADR | —American Depositary Receipt |
The following is a summary of the fair valuations according to the inputs used as of July 31, 2018, for valuing the Fund's assets.
Asset Valuation Inputs
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
| Investments in Securities (a) | ||||||||||||||||
| Common Stocks | $ | 3,248,457,268 | $ | — | $ | — | $ | 3,248,457,268 | ||||||||
| Short-Term Investment | ||||||||||||||||
| Affiliated Investment Company | 34,983,406 | — | — | 34,983,406 | ||||||||||||
| Total Investments in Securities | $ | 3,283,440,674 | $ | — | $ | — | $ | 3,283,440,674 | ||||||||
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
The Fund recognizes transfers between the levels as of the beginning of the period.
For the period ended July 31, 2018, the Fund did not have any transfers among levels.
As of July 31, 2018, the Fund did not hold any investments with significant unobservable inputs (Level 3).
MainStay Epoch International Choice Fund
Portfolio of Investments July 31, 2018 (Unaudited)
| Shares | Value | |||||||||
| Common Stocks 97.3% † | ||||||||||
| Canada 2.8% | ||||||||||
| Fairfax Financial Holdings, Ltd. (Insurance) | 28,173 | $ | 15,918,173 | |||||||
| China 2.7% | ||||||||||
| Baidu, Inc., Sponsored ADR (Internet Software & Services) (a) | 60,768 | 15,020,634 | ||||||||
| Denmark 2.7% | ||||||||||
| ISS A/S (Commercial Services & Supplies) | 410,600 | 15,347,847 | ||||||||
| France 11.1% | ||||||||||
| Danone S.A. (Food Products) | 167,717 | 13,181,216 | ||||||||
| ¤ | Pernod Ricard S.A. (Beverages) | 119,064 | 19,206,431 | |||||||
| Safran S.A. (Aerospace & Defense) | 82,478 | 10,228,061 | ||||||||
| ¤ | TOTAL S.A. (Oil, Gas & Consumable Fuels) | 299,926 | 19,591,132 | |||||||
| 62,206,840 | ||||||||||
| Germany 10.4% | ||||||||||
| Fresenius S.E. & Co. KGaA (Health Care Providers & Services) | 204,849 | 15,814,442 | ||||||||
| Merck KGaA (Pharmaceuticals) | 67,922 | 6,979,832 | ||||||||
| ¤ | SAP S.E. (Software) | 209,016 | 24,404,623 | |||||||
| Siemens A.G., Registered (Industrial Conglomerates) | 78,915 | 11,143,642 | ||||||||
| 58,342,539 | ||||||||||
| India 1.8% | ||||||||||
| ICICI Bank, Ltd., Sponsored ADR (Banks) (a) | 1,115,920 | 9,853,574 | ||||||||
| Japan 18.5% | ||||||||||
| Bridgestone Corp. (Auto Components) | 444,400 | 17,463,611 | ||||||||
| Mitsubishi Estate Co., Ltd. (Real Estate Management & Development) | 744,150 | 12,911,067 | ||||||||
| ¤ | Nippon Telegraph & Telephone Corp. (Diversified Telecommunication Services) | 468,190 | 21,639,368 | |||||||
| SMC Corp. (Machinery) | 32,400 | 10,860,368 | ||||||||
| ¤ | Sony Corp. (Household Durables) | 406,000 | 21,161,454 | |||||||
| ¤ | Subaru Corp. (Automobiles) | 679,500 | 19,774,565 | |||||||
| 103,810,433 | ||||||||||
| Netherlands 9.2% | ||||||||||
| Akzo Nobel N.V. (Chemicals) | 186,487 | 17,249,223 | ||||||||
| ASML Holding N.V. (Semiconductors & Semiconductor Equipment) | 33,243 | 7,133,141 | ||||||||
| Koninklijke DSM N.V. (Chemicals) | 106,558 | 11,356,371 | ||||||||
| Royal Dutch Shell PLC, Class A (Oil, Gas & Consumable Fuels) | 462,740 | 15,882,704 | ||||||||
| 51,621,439 | ||||||||||
| Portugal 1.3% | ||||||||||
| NOS SGPS S.A. (Media) | 1,296,680 | 7,554,070 | ||||||||
| Republic of Korea 4.2% | ||||||||||
| ¤ | Samsung Electronics Co., Ltd., GDR (Technology Hardware, Storage & Peripherals) | 23,063 | 23,708,764 | |||||||
| Spain 1.9% | ||||||||||
| Aena SME, S.A. (Transportation Infrastructure) | 59,983 | 10,899,930 | ||||||||
| Sweden 1.6% | ||||||||||
| Svenska Handelsbanken A.B., Class A (Banks) | 721,459 | 8,914,701 | ||||||||
| Switzerland 18.1% | ||||||||||
| ABB, Ltd., Registered (Electrical Equipment) | 733,618 | 16,826,203 | ||||||||
| Julius Baer Group, Ltd. (Capital Markets) (a) | 327,143 | 17,986,835 | ||||||||
| ¤ | LafargeHolcim, Ltd., Registered (Construction Materials) (a) | 464,267 | 23,744,363 | |||||||
| ¤ | Nestle S.A., Registered (Food Products) | 250,734 | 20,435,524 | |||||||
| ¤ | Novartis A.G., Registered (Pharmaceuticals) | 268,374 | 22,561,684 | |||||||
| 101,554,609 | ||||||||||
| United Kingdom 8.3% | ||||||||||
| Dignity PLC (Diversified Consumer Services) | 467,244 | 6,206,403 | ||||||||
| Lloyds Banking Group PLC (Banks) | 22,888,613 | 18,740,473 | ||||||||
| Meggitt PLC (Aerospace & Defense) | 731,789 | 5,476,824 | ||||||||
| Royal Bank of Scotland Group PLC (Banks) (a) | 4,822,853 | 16,167,416 | ||||||||
| 46,591,116 | ||||||||||
| United States 2.7% | ||||||||||
| LivaNova PLC (Health Care Equipment & Supplies) (a) | 135,691 | 14,943,650 | ||||||||
| Total Common Stocks (Cost $426,943,328) | 546,288,319 | |||||||||
| Short-Term Investment 2.4% | ||||||||||
| Affiliated Investment Company 2.4% | ||||||||||
| MainStay U.S. Government Liquidity Fund, 1.75% (b) | 13,495,171 | 13,495,171 | ||||||||
| Total Short-Term Investment (Cost $13,495,171) | 13,495,171 | |||||||||
| Total Investments (Cost $440,438,499) | 99.7 | % | 559,783,490 | |||||||
| Other Assets, Less Liabilities | 0.3 | 1,488,882 | ||||||||
| Net Assets | 100.0 | % | $ | 561,272,372 | ||||||
| † | Percentages indicated are based on Fund net assets. |
| ¤ | Among the Fund's 10 largest holdings, as of July 31, 2018, excluding short-term investment. May be subject to change daily. |
| (a) | Non-income producing security. |
| (b) | Rate reported is the current yield as of July 31, 2018. |
| The following abbreviations are used in the preceding pages: | ||
| ADR | —American Depositary Receipt | |
| GDR | —Global Depositary Receipt | |
The following is a summary of the fair valuations according to the inputs used as of July 31, 2018, for valuing the Fund's assets.
Asset Valuation Inputs
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
| Investments in Securities (a) | ||||||||||||||||
| Common Stocks | $ | 546,288,319 | $ | — | $ | — | $ | 546,288,319 | ||||||||
| Short-Term Investment | ||||||||||||||||
| Affiliated Investment Company | 13,495,171 | — | — | 13,495,171 | ||||||||||||
| Total Investments in Securities | $ | 559,783,490 | $ | — | $ | — | $ | 559,783,490 | ||||||||
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
The Fund recognizes transfers between the levels as of the beginning of the period.
For the period ended July 31, 2018, the Fund did not have any transfers among levels.
As of July 31, 2018, the Fund did not hold any investments with significant unobservable inputs (Level 3).
MainStay Epoch U.S. All Cap Fund
Portfolio of Investments July 31, 2018 (Unaudited)
| Shares | Value | |||||||||
| Common Stocks 96.7% † | ||||||||||
| Aerospace & Defense 4.3% | ||||||||||
| ¤ | Boeing Co. | 53,464 | $ | 19,049,223 | ||||||
| Hexcel Corp. | 204,832 | 14,135,457 | ||||||||
| 33,184,680 | ||||||||||
| Air Freight & Logistics 1.0% | ||||||||||
| XPO Logistics, Inc. (a) | 75,568 | 7,535,641 | ||||||||
| Banks 5.8% | ||||||||||
| ¤ | Bank of America Corp. | 744,920 | 23,003,129 | |||||||
| Bank OZK | 259,404 | 10,609,624 | ||||||||
| Western Alliance Bancorp (a) | 194,533 | 11,033,912 | ||||||||
| 44,646,665 | ||||||||||
| Beverages 0.9% | ||||||||||
| Coca-Cola Co. | 154,145 | 7,187,781 | ||||||||
| Building Products 3.0% | ||||||||||
| Fortune Brands Home & Security, Inc. | 147,549 | 8,557,842 | ||||||||
| Johnson Controls International PLC | 386,520 | 14,498,365 | ||||||||
| 23,056,207 | ||||||||||
| Capital Markets 3.3% | ||||||||||
| Ameriprise Financial, Inc. | 57,515 | 8,378,210 | ||||||||
| Morgan Stanley | 337,684 | 17,073,303 | ||||||||
| 25,451,513 | ||||||||||
| Chemicals 3.1% | ||||||||||
| DowDuPont, Inc. | 222,075 | 15,272,098 | ||||||||
| Ecolab, Inc. | 60,408 | 8,499,405 | ||||||||
| 23,771,503 | ||||||||||
| Construction & Engineering 1.7% | ||||||||||
| Jacobs Engineering Group, Inc. | 197,195 | 13,336,298 | ||||||||
| Construction Materials 1.6% | ||||||||||
| Martin Marietta Materials, Inc. | 61,565 | 12,277,292 | ||||||||
| Consumer Finance 0.9% | ||||||||||
| Discover Financial Services | 99,176 | 7,082,158 | ||||||||
| Containers & Packaging 0.9% | ||||||||||
| Berry Global Group, Inc. (a) | 147,780 | 7,219,053 | ||||||||
| Diversified Financial Services 1.5% | ||||||||||
| AXA Equitable Holdings, Inc. (a) | 539,624 | 11,866,332 | ||||||||
| Electrical Equipment 1.3% | ||||||||||
| AMETEK, Inc. | 130,190 | 10,128,782 | ||||||||
| Electronic Equipment, Instruments & Components 1.0% | ||||||||||
| Coherent, Inc. (a) | 48,604 | 7,682,348 | ||||||||
| Food & Staples Retailing 2.1% | ||||||||||
| Costco Wholesale Corp. | 72,559 | 15,869,379 | ||||||||
| Health Care Equipment & Supplies 3.1% | ||||||||||
| Boston Scientific Corp. (a) | 360,598 | 12,119,699 | ||||||||
| Danaher Corp. | 110,401 | 11,324,934 | ||||||||
| 23,444,633 | ||||||||||
| Health Care Providers & Services 7.5% | ||||||||||
| ¤ | Centene Corp. (a) | 131,694 | 17,163,679 | |||||||
| ¤ | UnitedHealth Group, Inc. | 101,606 | 25,728,671 | |||||||
| Universal Health Services, Inc., Class B | 123,744 | 15,109,143 | ||||||||
| 58,001,493 | ||||||||||
| Hotels, Restaurants & Leisure 2.2% | ||||||||||
| MGM Resorts International | 232,028 | 7,278,719 | ||||||||
| Starbucks Corp. | 187,821 | 9,839,942 | ||||||||
| 17,118,661 | ||||||||||
| Household Durables 1.0% | ||||||||||
| LGI Homes, Inc. (a) | 153,798 | 7,949,819 | ||||||||
| Insurance 4.8% | ||||||||||
| American International Group, Inc. | 171,967 | 9,494,298 | ||||||||
| Chubb, Ltd. | 45,942 | 6,419,016 | ||||||||
| MetLife, Inc. | 278,202 | 12,724,960 | ||||||||
| Willis Towers Watson PLC | 50,224 | 8,006,710 | ||||||||
| 36,644,984 | ||||||||||
| Internet & Direct Marketing Retail 1.0% | ||||||||||
| Booking Holdings, Inc. (a) | 3,587 | 7,277,019 | ||||||||
| Internet Software & Services 2.8% | ||||||||||
| ¤ | Alphabet, Inc., Class C (a) | 17,705 | 21,551,588 | |||||||
| IT Services 2.9% | ||||||||||
| Sabre Corp. | 287,344 | 7,074,409 | ||||||||
| Visa, Inc., Class A | 110,008 | 15,042,494 | ||||||||
| 22,116,903 | ||||||||||
| Machinery 1.9% | ||||||||||
| Ingersoll-Rand PLC | 148,822 | 14,660,455 | ||||||||
| Metals & Mining 0.5% | ||||||||||
| Reliance Steel & Aluminum Co. | 44,785 | 4,039,607 | ||||||||
| Multi-Utilities 1.0% | ||||||||||
| WEC Energy Group, Inc. | 114,220 | 7,580,781 | ||||||||
| Multiline Retail 1.8% | ||||||||||
| Dollar General Corp. | 140,837 | 13,823,152 | ||||||||
| Oil, Gas & Consumable Fuels 5.1% | ||||||||||
| Anadarko Petroleum Corp. | 192,797 | 14,103,101 | ||||||||
| ¤ | Occidental Petroleum Corp. | 210,156 | 17,638,393 | |||||||
| Plains GP Holdings, L.P., Class A | 303,083 | 7,361,886 | ||||||||
| 39,103,380 | ||||||||||
| Pharmaceuticals 3.9% | ||||||||||
| Allergan PLC | 81,933 | 15,083,046 | ||||||||
| Pfizer, Inc. | 374,022 | 14,934,698 | ||||||||
| 30,017,744 | ||||||||||
| Semiconductors & Semiconductor Equipment 6.8% | ||||||||||
| ¤ | Applied Materials, Inc. | 366,731 | 17,834,129 | |||||||
| Cypress Semiconductor Corp. | 498,889 | 8,885,213 | ||||||||
| Marvell Technology Group, Ltd. | 681,503 | 14,522,829 | ||||||||
| Universal Display Corp. | 114,914 | 11,066,218 | ||||||||
| 52,308,389 | ||||||||||
| Software 7.2% | ||||||||||
| ¤ | Microsoft Corp. | 382,586 | 40,584,723 | |||||||
| PTC, Inc. (a) | 157,154 | 14,444,024 | ||||||||
| 55,028,747 | ||||||||||
| Specialty Retail 4.6% | ||||||||||
| CarMax, Inc. (a) | 88,298 | 6,594,094 | ||||||||
| ¤ | Home Depot, Inc. | 88,992 | 17,577,700 | |||||||
| TJX Cos., Inc. | 118,849 | 11,559,254 | ||||||||
| 35,731,048 | ||||||||||
| Technology Hardware, Storage & Peripherals 5.0% | ||||||||||
| ¤ | Apple, Inc. | 201,939 | 38,426,972 | |||||||
| Textiles, Apparel & Luxury Goods 1.2% | ||||||||||
| Hanesbrands, Inc. | 428,181 | 9,531,309 | ||||||||
| Total Common Stocks (Cost $590,652,960) | 744,652,316 | |||||||||
| Short-Term Investment 3.6% | ||||||||||
| Affiliated Investment Company 3.6% | ||||||||||
| MainStay U.S. Government Liquidity Fund, 1.75% (b) | 27,386,794 | 27,386,794 | ||||||||
| Total Short-Term Investment (Cost $27,386,794) | 27,386,794 | |||||||||
| Total Investments (Cost $618,039,754) | 100.3 | % | 772,039,110 | |||||||
| Other Assets, Less Liabilities | (0.3 | ) | (2,221,595 | ) | ||||||
| Net Assets | 100.0 | % | $ | 769,817,515 | ||||||
| † | Percentages indicated are based on Fund net assets. |
| ¤ | Among the Fund's 10 largest holdings, as of July 31, 2018, excluding short-term investment. May be subject to change daily. |
| (a) | Non-income producing security. |
| (b) | Rate reported is the current yield as of July 31, 2018. |
The
following is a summary of the fair valuations according to the inputs used as of July 31, 2018, for valuing the Fund's assets.
Asset Valuation Inputs
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
| Investments in Securities (a) | ||||||||||||||||
| Common Stocks | $ | 744,652,316 | $ | — | $ | — | $ | 744,652,316 | ||||||||
| Short-Term Investment | ||||||||||||||||
| Affiliated Investment Company | 27,386,794 | — | — | 27,386,794 | ||||||||||||
| Total Investments in Securities | $ | 772,039,110 | $ | — | $ | — | $ | 772,039,110 | ||||||||
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
The Fund recognizes transfers between the levels as of the beginning of the period.
For the period ended July 31, 2018, the Fund did not have any transfers among levels.
As of July 31, 2018, the Fund did not hold any investments with significant unobservable inputs (Level 3).
MainStay Epoch U.S. Equity Yield Fund
Portfolio of Investments July 31, 2018 (Unaudited)
| Shares | Value | |||||||||
| Common Stocks 98.2% † | ||||||||||
| Aerospace & Defense 5.1% | ||||||||||
| Boeing Co. | 42,501 | $ | 15,143,106 | |||||||
| General Dynamics Corp. | 40,001 | 7,990,600 | ||||||||
| Lockheed Martin Corp. | 47,001 | 15,327,026 | ||||||||
| Raytheon Co. | 43,501 | 8,614,503 | ||||||||
| United Technologies Corp. | 75,503 | 10,248,777 | ||||||||
| 57,324,012 | ||||||||||
| Air Freight & Logistics 0.7% | ||||||||||
| United Parcel Service, Inc., Class B | 67,002 | 8,032,870 | ||||||||
| Automobiles 0.4% | ||||||||||
| Daimler A.G., Sponsored ADR | 285,511 | 4,920,782 | ||||||||
| Banks 3.5% | ||||||||||
| BB&T Corp. | 140,524 | 7,140,025 | ||||||||
| M&T Bank Corp. | 32,501 | 5,634,048 | ||||||||
| People's United Financial, Inc. | 493,020 | 8,987,755 | ||||||||
| U.S. Bancorp | 211,508 | 11,212,039 | ||||||||
| Wells Fargo & Co. | 104,004 | 5,958,389 | ||||||||
| 38,932,256 | ||||||||||
| Beverages 3.2% | ||||||||||
| Coca-Cola Co. | 164,006 | 7,647,600 | ||||||||
| Coca-Cola European Partners PLC | 259,510 | 10,702,192 | ||||||||
| Molson Coors Brewing Co., Class B | 94,503 | 6,331,701 | ||||||||
| PepsiCo., Inc. | 97,504 | 11,212,960 | ||||||||
| 35,894,453 | ||||||||||
| Biotechnology 2.0% | ||||||||||
| AbbVie, Inc. | 147,006 | 13,558,363 | ||||||||
| Amgen, Inc. | 45,001 | 8,844,947 | ||||||||
| 22,403,310 | ||||||||||
| Capital Markets 2.6% | ||||||||||
| BlackRock, Inc. | 29,001 | 14,580,543 | ||||||||
| CME Group, Inc. | 94,003 | 14,957,757 | ||||||||
| 29,538,300 | ||||||||||
| Chemicals 2.1% | ||||||||||
| DowDuPont, Inc. | 212,008 | 14,579,790 | ||||||||
| Nutrien, Ltd. | 172,507 | 9,351,605 | ||||||||
| 23,931,395 | ||||||||||
| Commercial Services & Supplies 2.6% | ||||||||||
| Deluxe Corp. | 84,503 | 4,979,762 | ||||||||
| Republic Services, Inc. | 157,006 | 11,379,795 | ||||||||
| Waste Management, Inc. | 138,005 | 12,420,450 | ||||||||
| 28,780,007 | ||||||||||
| Communications Equipment 1.5% | ||||||||||
| Cisco Systems, Inc. | 393,516 | 16,641,792 | ||||||||
| Containers & Packaging 0.8% | ||||||||||
| Bemis Co., Inc. | 206,008 | 9,457,827 | ||||||||
| Distributors 0.6% | ||||||||||
| Genuine Parts Co. | 64,502 | 6,276,690 | ||||||||
| Diversified Telecommunication Services 4.7% | ||||||||||
| AT&T, Inc. | 516,021 | 16,497,191 | ||||||||
| BCE, Inc. | 255,510 | 10,841,289 | ||||||||
| CenturyLink, Inc. | 392,450 | 7,366,287 | ||||||||
| ¤ | Verizon Communications, Inc. | 359,515 | 18,565,355 | |||||||
| 53,270,122 | ||||||||||
| Electric Utilities 9.5% | ||||||||||
| Alliant Energy Corp. | 146,006 | 6,273,878 | ||||||||
| American Electric Power Co., Inc. | 167,007 | 11,880,878 | ||||||||
| Duke Energy Corp. | 199,008 | 16,243,033 | ||||||||
| Entergy Corp. | 191,508 | 15,565,770 | ||||||||
| Evergy, Inc. | 130,505 | 7,320,025 | ||||||||
| Eversource Energy | 183,007 | 11,112,185 | ||||||||
| FirstEnergy Corp. | 312,013 | 11,054,621 | ||||||||
| Pinnacle West Capital Corp. | 101,004 | 8,123,752 | ||||||||
| PPL Corp. | 383,516 | 11,033,755 | ||||||||
| Southern Co. | 173,507 | 8,432,440 | ||||||||
| 107,040,337 | ||||||||||
| Electrical Equipment 2.7% | ||||||||||
| ¤ | Eaton Corp. PLC | 206,508 | 17,175,270 | |||||||
| Emerson Electric Co. | 183,507 | 13,263,886 | ||||||||
| 30,439,156 | ||||||||||
| Equity Real Estate Investment Trusts 3.0% | ||||||||||
| Iron Mountain, Inc. | 317,013 | 11,130,326 | ||||||||
| Public Storage | 34,001 | 7,406,438 | ||||||||
| Welltower, Inc. | 245,010 | 15,337,626 | ||||||||
| 33,874,390 | ||||||||||
| Food & Staples Retailing 0.9% | ||||||||||
| Walmart, Inc. | 117,004 | 10,440,267 | ||||||||
| Food Products 1.6% | ||||||||||
| Campbell Soup Co. | 169,007 | 6,912,386 | ||||||||
| Kraft Heinz Co. | 183,507 | 11,056,297 | ||||||||
| 17,968,683 | ||||||||||
| Health Care Equipment & Supplies 0.7% | ||||||||||
| Medtronic PLC | 90,003 | 8,120,971 | ||||||||
| Health Care Providers & Services 1.3% | ||||||||||
| CVS Health Corp. | 83,003 | 5,383,575 | ||||||||
| UnitedHealth Group, Inc. | 35,001 | 8,862,953 | ||||||||
| 14,246,528 | ||||||||||
| Hotels, Restaurants & Leisure 2.7% | ||||||||||
| Brinker International, Inc. | 116,504 | 5,495,494 | ||||||||
| Las Vegas Sands Corp. | 203,508 | 14,632,225 | ||||||||
| McDonald's Corp. | 68,002 | 10,713,035 | ||||||||
| 30,840,754 | ||||||||||
| Household Durables 0.9% | ||||||||||
| Leggett & Platt, Inc. | 234,509 | 10,217,557 | ||||||||
| Household Products 3.2% | ||||||||||
| Colgate-Palmolive Co. | 77,003 | 5,159,971 | ||||||||
| ¤ | Kimberly-Clark Corp. | 149,006 | 16,965,823 | |||||||
| Procter & Gamble Co. | 163,506 | 13,224,365 | ||||||||
| 35,350,159 | ||||||||||
| Industrial Conglomerates 2.5% | ||||||||||
| 3M Co. | 75,503 | 16,030,797 | ||||||||
| Honeywell International, Inc. | 73,503 | 11,734,754 | ||||||||
| 27,765,551 | ||||||||||
| Insurance 5.3% | ||||||||||
| Allianz S.E., Sponsored ADR | 560,023 | 12,351,307 | ||||||||
| ¤ | Arthur J. Gallagher & Co. | 246,510 | 17,588,489 | |||||||
| Marsh & McLennan Cos., Inc. | 96,004 | 8,002,893 | ||||||||
| MetLife, Inc. | 296,012 | 13,539,589 | ||||||||
| Travelers Cos., Inc. | 63,950 | 8,322,453 | ||||||||
| 59,804,731 | ||||||||||
| IT Services 1.5% | ||||||||||
| Automatic Data Processing, Inc. | 43,001 | 5,804,705 | ||||||||
| Paychex, Inc. | 167,007 | 11,526,823 | ||||||||
| 17,331,528 | ||||||||||
| Metals & Mining 0.6% | ||||||||||
| Reliance Steel & Aluminum Co. | 77,503 | 6,990,771 | ||||||||
| Multi-Utilities 6.4% | ||||||||||
| ¤ | Ameren Corp. | 317,013 | 19,673,827 | |||||||
| Black Hills Corp. | 125,005 | 7,496,550 | ||||||||
| CMS Energy Corp. | 185,007 | 8,943,238 | ||||||||
| Dominion Energy, Inc. | 170,007 | 12,191,202 | ||||||||
| NiSource, Inc. | 301,512 | 7,893,584 | ||||||||
| WEC Energy Group, Inc. | 229,509 | 15,232,512 | ||||||||
| 71,430,913 | ||||||||||
| Multiline Retail 0.6% | ||||||||||
| Target Corp. | 79,003 | 6,373,962 | ||||||||
| Oil, Gas & Consumable Fuels 6.6% | ||||||||||
| Enterprise Products Partners, L.P. | 522,021 | 15,138,609 | ||||||||
| Exxon Mobil Corp. | 172,507 | 14,061,046 | ||||||||
| Magellan Midstream Partners, L.P. | 160,006 | 11,482,030 | ||||||||
| Occidental Petroleum Corp. | 191,508 | 16,073,266 | ||||||||
| ¤ | Royal Dutch Shell PLC, Class A, Sponsored ADR | 258,010 | 17,640,144 | |||||||
| 74,395,095 | ||||||||||
| Pharmaceuticals 4.4% | ||||||||||
| Johnson & Johnson | 124,005 | 16,433,143 | ||||||||
| Merck & Co., Inc. | 205,508 | 13,536,812 | ||||||||
| ¤ | Pfizer, Inc. | 484,020 | 19,326,918 | |||||||
| 49,296,873 | ||||||||||
| Semiconductors & Semiconductor Equipment 5.8% | ||||||||||
| Analog Devices, Inc. | 150,506 | 14,469,647 | ||||||||
| Intel Corp. | 161,506 | 7,768,438 | ||||||||
| Maxim Integrated Products, Inc. | 153,006 | 9,354,787 | ||||||||
| Microchip Technology, Inc. | 69,002 | 6,446,857 | ||||||||
| QUALCOMM, Inc. | 116,242 | 7,449,950 | ||||||||
| ¤ | Texas Instruments, Inc. | 178,507 | 19,871,399 | |||||||
| 65,361,078 | ||||||||||
| Software 2.0% | ||||||||||
| ¤ | Microsoft Corp. | 157,506 | 16,708,237 | |||||||
| Oracle Corp. | 122,505 | 5,841,038 | ||||||||
| 22,549,275 | ||||||||||
| Specialty Retail 1.0% | ||||||||||
| Home Depot, Inc. | 55,002 | 10,863,995 | ||||||||
| Technology Hardware, Storage & Peripherals 0.9% | ||||||||||
| Apple, Inc. | 53,002 | 10,085,751 | ||||||||
| Tobacco 4.3% | ||||||||||
| ¤ | Altria Group, Inc. | 296,512 | 17,399,324 | |||||||
| British American Tobacco PLC, Sponsored ADR | 296,012 | 16,215,538 | ||||||||
| Philip Morris International, Inc. | 170,007 | 14,671,604 | ||||||||
| 48,286,466 | ||||||||||
| Total
Common Stocks (Cost $1,032,506,271) | 1,104,478,607 | |||||||||
| Short-Term Investment 0.1% | ||||||||||
| Affiliated Investment Company 0.1% | ||||||||||
| MainStay U.S. Government Liquidity Fund, 1.75% (a) | 962,519 | 962,519 | ||||||||
| Total
Short-Term Investment (Cost $962,519) | 962,519 | |||||||||
| Total
Investments (Cost $1,033,468,790) | 98.3 | % | 1,105,441,126 | |||||||
| Other Assets, Less Liabilities | 1.7 | 19,529,554 | ||||||||
| Net Assets | 100.0 | % | $ | 1,124,970,680 | ||||||
| † | Percentages indicated are based on Fund net assets. |
| ¤ | Among the Fund's 10 largest holdings, as of July 31, 2018, excluding short-term investment. May be subject to change daily. |
| (a) | Rate reported is the current yield as of July 31, 2018. |
The following abbreviation is used in the preceding pages:
ADR —American Depositary Receipt
The
following is a summary of the fair valuations according to the inputs used as of July 31, 2018, for valuing the Fund's assets.
Asset Valuation Inputs
| Description | Quoted Prices (Level 1) | Significant (Level 2) | Significant (Level 3) | Total | ||||||||||||
| Investments in Securities (a) | ||||||||||||||||
| Common Stocks | $ | 1,104,478,607 | $ | — | $ | — | $ | 1,104,478,607 | ||||||||
| Short-Term Investment | ||||||||||||||||
| Affiliated Investment Company | 962,519 | — | — | 962,519 | ||||||||||||
| Total Investments in Securities | $ | 1,105,441,126 | $ | — | $ | — | $ | 1,105,441,126 | ||||||||
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
The Fund recognizes transfers between the levels as of the beginning of the period.
For the period ended July 31, 2018, the Fund did not have any transfers among levels.
As of July 31, 2018, the Fund did not hold any investments with significant unobservable inputs (Level 3).
MainStay Epoch U.S. Small Cap Fund
Portfolio of Investments July 31, 2018 (Unaudited)
| Shares | Value | |||||||||
| Common Stocks 96.4% † | ||||||||||
| Aerospace & Defense 1.6% | ||||||||||
| Hexcel Corp. | 137,957 | $ | 9,520,413 | |||||||
| Auto Components 3.9% | ||||||||||
| Dorman Products, Inc. (a) | 151,713 | 11,329,927 | ||||||||
| ¤ | LCI Industries | 133,548 | 12,279,738 | |||||||
| 23,609,665 | ||||||||||
| Banks 10.0% | ||||||||||
| Bank of Hawaii Corp. | 121,049 | 9,743,234 | ||||||||
| ¤ | Bank OZK | 291,595 | 11,926,236 | |||||||
| Eagle Bancorp, Inc. (a) | 201,140 | 10,871,617 | ||||||||
| Horizon Bancorp, Inc. | 388,960 | 8,172,050 | ||||||||
| Texas Capital Bancshares, Inc. (a) | 119,704 | 10,869,123 | ||||||||
| Western Alliance Bancorp (a) | 143,145 | 8,119,184 | ||||||||
| 59,701,444 | ||||||||||
| Building Products 1.0% | ||||||||||
| American Woodmark Corp. (a) | 73,843 | 6,162,198 | ||||||||
| Capital Markets 5.2% | ||||||||||
| Artisan Partners Asset Management, Inc., Class A | 260,489 | 8,973,846 | ||||||||
| Diamond Hill Investment Group, Inc. | 48,472 | 9,294,021 | ||||||||
| Morningstar, Inc. | 59,382 | 7,838,424 | ||||||||
| Pzena Investment Management, Inc., Class A | 505,778 | 4,931,336 | ||||||||
| 31,037,627 | ||||||||||
| Chemicals 2.0% | ||||||||||
| ¤ | Valvoline, Inc. | 538,299 | 12,160,174 | |||||||
| Commercial Services & Supplies 5.1% | ||||||||||
| Casella Waste Systems, Inc., Class A (a) | 346,430 | 9,547,611 | ||||||||
| Knoll, Inc. | 362,186 | 8,167,294 | ||||||||
| ¤ | U.S. Ecology, Inc. | 190,027 | 12,883,831 | |||||||
| 30,598,736 | ||||||||||
| Construction Materials 1.7% | ||||||||||
| Summit Materials, Inc., Class A (a) | 416,370 | 10,450,887 | ||||||||
| Consumer Finance 1.1% | ||||||||||
| Credit Acceptance Corp. (a) | 17,292 | 6,633,211 | ||||||||
| Electronic Equipment, Instruments & Components 1.9% | ||||||||||
| Coherent, Inc. (a) | 70,990 | 11,220,679 | ||||||||
| Energy Equipment & Services 4.1% | ||||||||||
| Core Laboratories N.V. | 66,601 | 7,467,304 | ||||||||
| Newpark Resources, Inc. (a) | 691,708 | 7,643,374 | ||||||||
| Oil States International, Inc. (a) | 264,219 | 9,221,243 | ||||||||
| 24,331,921 | ||||||||||
| Equity Real Estate Investment Trusts 2.8% | ||||||||||
| CubeSmart | 181,472 | 5,509,490 | ||||||||
| GEO Group, Inc. | 442,546 | 11,453,090 | ||||||||
| 16,962,580 | ||||||||||
| Food & Staples Retailing 1.3% | ||||||||||
| Casey's General Stores, Inc. | 71,304 | 7,799,231 | ||||||||
| Food Products 3.5% | ||||||||||
| B&G Foods, Inc. (b) | 361,802 | 11,360,583 | ||||||||
| J & J Snack Foods Corp. | 66,219 | 9,599,106 | ||||||||
| 20,959,689 | ||||||||||
| Health Care Equipment & Supplies 2.0% | ||||||||||
| ¤ | LeMaitre Vascular, Inc. | 325,103 | 11,703,708 | |||||||
| Health Care Providers & Services 7.2% | ||||||||||
| AMN Healthcare Services, Inc. (a) | 115,538 | 6,990,049 | ||||||||
| ¤ | Encompass Health Corp. | 164,857 | 12,468,135 | |||||||
| ¤ | Molina Healthcare, Inc. (a) | 115,369 | 12,008,759 | |||||||
| ¤ | Universal Health Services, Inc., Class B | 95,297 | 11,635,764 | |||||||
| 43,102,707 | ||||||||||
| Hotels, Restaurants & Leisure 5.8% | ||||||||||
| Cedar Fair, L.P. | 187,209 | 10,697,122 | ||||||||
| Cheesecake Factory, Inc. | 119,844 | 6,714,859 | ||||||||
| Eldorado Resorts, Inc. (a) | 137,188 | 5,878,506 | ||||||||
| Extended Stay America, Inc. | 531,284 | 11,311,037 | ||||||||
| 34,601,524 | ||||||||||
| Household Durables 1.6% | ||||||||||
| LGI Homes, Inc. (a) | 185,224 | 9,574,229 | ||||||||
| Household Products 1.3% | ||||||||||
| Central Garden & Pet Co., Class A (a) | 196,176 | 7,870,581 | ||||||||
| Insurance 1.8% | ||||||||||
| Universal Insurance Holdings, Inc. | 249,570 | 11,080,908 | ||||||||
| Internet & Direct Marketing Retail 1.3% | ||||||||||
| PetMed Express, Inc. | 208,582 | 7,744,650 | ||||||||
| Internet Software & Services 1.7% | ||||||||||
| Stamps.com, Inc. (a) | 39,121 | 10,210,581 | ||||||||
| IT Services 2.7% | ||||||||||
| MAXIMUS, Inc. | 111,153 | 7,203,826 | ||||||||
| Sabre Corp. | 369,487 | 9,096,770 | ||||||||
| 16,300,596 | ||||||||||
| Leisure Products 0.9% | ||||||||||
| Brunswick Corp. | 84,649 | 5,442,931 | ||||||||
| Life Sciences Tools & Services 2.3% | ||||||||||
| Bio-Techne Corp. | 26,329 | 4,229,491 | ||||||||
| Bruker Corp. | 300,475 | 9,735,390 | ||||||||
| 13,964,881 | ||||||||||
| Machinery 6.7% | ||||||||||
| Alamo Group, Inc. | 77,564 | 7,213,452 | ||||||||
| John Bean Technologies Corp. | 83,127 | 9,193,846 | ||||||||
| Kadant, Inc. | 60,716 | 5,865,165 | ||||||||
| Timken Co. | 130,656 | 6,434,808 | ||||||||
| ¤ | Woodward, Inc. | 139,494 | 11,607,296 | |||||||
| 40,314,567 | ||||||||||
| Metals & Mining 1.5% | ||||||||||
| Compass Minerals International, Inc. | 128,976 | 8,751,022 | ||||||||
| Professional Services 0.7% | ||||||||||
| Insperity, Inc. | 40,991 | 3,898,244 | ||||||||
| Real Estate Management & Development 1.3% | ||||||||||
| Howard Hughes Corp. (a) | 58,410 | 7,917,475 | ||||||||
| Road & Rail 1.6% | ||||||||||
| Genesee & Wyoming, Inc., Class A (a) | 109,515 | 9,418,290 | ||||||||
| Semiconductors & Semiconductor Equipment 4.6% | ||||||||||
| Advanced Energy Industries, Inc. (a) | 123,470 | 7,561,303 | ||||||||
| Inphi Corp. (a) | 260,704 | 8,196,534 | ||||||||
| ¤ | Universal Display Corp. | 120,472 | 11,601,453 | |||||||
| 27,359,290 | ||||||||||
| Software 0.8% | ||||||||||
| QAD, Inc., Class A | 94,252 | 4,693,750 | ||||||||
| Textiles, Apparel & Luxury Goods 1.6% | ||||||||||
| Carter's, Inc. | 91,409 | 9,582,405 | ||||||||
| Thrifts & Mortgage Finance 3.8% | ||||||||||
| BofI Holding, Inc. (a) | 256,243 | 9,998,602 | ||||||||
| HFF, Inc., Class A | 137,231 | 6,176,767 | ||||||||
| Hingham Institution For Savings | 30,236 | 6,684,273 | ||||||||
| 22,859,642 | ||||||||||
| Total
Common Stocks (Cost $495,064,338) | 577,540,436 | |||||||||
| Short-Term Investment 3.0% | ||||||||||
| Affiliated Investment Company 3.0% | ||||||||||
| MainStay U.S. Government Liquidity Fund, 1.75% (c) | 18,067,132 | 18,067,132 | ||||||||
| Total
Short-Term Investment (Cost $18,067,132) | 18,067,132 | |||||||||
| Total
Investments (Cost $513,131,470) | 99.4 | % | 595,607,568 | |||||||
| Other Assets, Less Liabilities | 0.6 | 3,682,501 | ||||||||
| Net Assets | 100.0 | % | $ | 599,290,069 | ||||||
| † | Percentages indicated are based on Fund net assets. |
| ¤ | Among the Fund's 10 largest holdings, as of July 31, 2018, excluding short-term investment. May be subject to change daily. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security was held on loan. As of July 31, 2018, the market value of securities loaned was $5,021,865 and the Fund received non-cash collateral in the amount of $5,197,790. |
| (c) | Rate reported is the current yield as of July 31, 2018. |
The following is a summary of the fair valuations according to the inputs used as of July 31, 2018, for valuing the Fund's assets.
Asset Valuation Inputs
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
| Investments in Securities (a) | ||||||||||||||||
| Common Stocks | $ | 577,540,436 | $ | — | $ | — | $ | 577,540,436 | ||||||||
| Short-Term Investment | ||||||||||||||||
| Affiliated Investment Company | 18,067,132 | — | — | 18,067,132 | ||||||||||||
| Total Investments in Securities | $ | 595,607,568 | $ | — | $ | — | $ | 595,607,568 | ||||||||
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
The Fund recognizes transfers between the levels as of the beginning of the period.
For the period ended July 31, 2018, the Fund did not have any transfers among levels.
As of July 31, 2018, the Fund did not hold any investments with significant unobservable inputs (Level 3).
MainStay Floating Rate Fund
Portfolio of Investments July 31, 2018 (Unaudited)
| Principal Amount | Value | |||||||||
| Long-Term Bonds 96.4% † | ||||||||||
| Corporate Bonds 3.4% | ||||||||||
| Aerospace & Defense 0.1% | ||||||||||
| DAE Funding LLC 5.00%, due 8/1/24 (a) | $ | 1,000,000 | $ | 982,500 | ||||||
| Auto Parts & Equipment 0.1% | ||||||||||
| Cooper-Standard Automotive, Inc. 5.625%, due 11/15/26 (a) | 600,000 | 589,500 | ||||||||
| Delphi Technologies PLC 5.00%, due 10/1/25 (a) | 1,200,000 | 1,131,612 | ||||||||
| 1,721,112 | ||||||||||
| Building Materials 0.1% | ||||||||||
| Jeld-Wen, Inc. (a) | ||||||||||
| 4.625%, due 12/15/25 | 590,000 | 560,500 | ||||||||
| 4.875%, due 12/15/27 | 780,000 | 726,375 | ||||||||
| 1,286,875 | ||||||||||
| Chemicals 0.2% | ||||||||||
| Platform Specialty Products Corp. 5.875%, due 12/1/25 (a) | 2,800,000 | 2,813,160 | ||||||||
| Chemicals, Plastics & Rubber 0.3% | ||||||||||
| Alpha 3 B.V. / Alpha U.S. Bidco, Inc. 6.25%, due 2/1/25 (a) | 1,600,000 | 1,564,000 | ||||||||
| Platform Specialty Products Corp. 6.50%, due 2/1/22 (a) | 1,500,000 | 1,537,500 | ||||||||
| Versum Materials, Inc. 5.50%, due 9/30/24 (a) | 1,950,000 | 1,986,563 | ||||||||
| 5,088,063 | ||||||||||
| Commercial Services 0.3% | ||||||||||
| Hertz Corp. 5.875%, due 10/15/20 | 3,300,000 | 3,262,380 | ||||||||
| KAR Auction Services, Inc. 5.125%, due 6/1/25 (a) | 1,400,000 | 1,358,000 | ||||||||
| 4,620,380 | ||||||||||
| Electric 0.7% | ||||||||||
| NRG Energy, Inc. 7.25%, due 5/15/26 | 2,700,000 | 2,875,500 | ||||||||
| ¤ | Vistra Energy Corp. | |||||||||
| 7.375%, due 11/1/22 | 2,000,000 | 2,087,500 | ||||||||
| 7.625%, due 11/1/24 | 1,500,000 | 1,607,325 | ||||||||
| 8.125%, due 1/30/26 (a) | 3,750,000 | 4,121,437 | ||||||||
| 10,691,762 | ||||||||||
| Entertainment 0.1% | ||||||||||
| Pinnacle Entertainment, Inc. 5.625%, due 5/1/24 | 1,250,000 | 1,309,375 | ||||||||
| Environmental Controls 0.1% | ||||||||||
| Advanced Disposal Services, Inc. 5.625%, due 11/15/24 (a) | 1,200,000 | 1,185,000 | ||||||||
| Wrangler Buyer Corp. 6.00%, due 10/1/25 (a) | 550,000 | 517,000 | ||||||||
| 1,702,000 | ||||||||||
| Finance - Other Services 0.1% | ||||||||||
| Nationstar Mortgage LLC / Nationstar Capital Corp. 6.50%, due 7/1/21 | 1,000,000 | 1,002,500 | ||||||||
| Health Care - Services 0.1% | ||||||||||
| CHS / Community Health Systems, Inc. 6.25%, due 3/31/23 | 1,000,000 | 930,000 | ||||||||
| MPH Acquisition Holdings LLC 7.125%, due 6/1/24 (a) | 330,000 | 341,550 | ||||||||
| 1,271,550 | ||||||||||
| Household Products & Wares 0.0% ‡ | ||||||||||
| Prestige Brands, Inc. 6.375%, due 3/1/24 (a) | 700,000 | 699,125 | ||||||||
| Housewares 0.1% | ||||||||||
| Scotts Miracle-Gro Co. 5.25%, due 12/15/26 | 800,000 | 764,000 | ||||||||
| Insurance 0.1% | ||||||||||
| Acrisure, LLC / Acrisure Finance, Inc. 7.00%, due 11/15/25 (a) | 2,280,000 | 2,063,400 | ||||||||
| Machinery - Diversified 0.0% ‡ | ||||||||||
| RBS Global, Inc. / Rexnord LLC 4.875%, due 12/15/25 (a) | 700,000 | 672,000 | ||||||||
| Media 0.3% | ||||||||||
| Altice France S.A. 6.00%, due 5/15/22 (a) | 2,000,000 | 2,061,400 | ||||||||
| E.W. Scripps Co. 5.125%, due 5/15/25 (a) | 1,200,000 | 1,129,128 | ||||||||
| Salem Media Group, Inc. 6.75%, due 6/1/24 (a) | 1,400,000 | 1,267,000 | ||||||||
| 4,457,528 | ||||||||||
| Miscellaneous - Manufacturing 0.1% | ||||||||||
| Koppers, Inc. 6.00%, due 2/15/25 (a) | 2,000,000 | 2,004,000 | ||||||||
| Oil & Gas 0.0% ‡ | ||||||||||
| EP Energy LLC / Everest Acquistion Finance, Inc. 8.00%, due 2/15/25 (a) | 800,000 | 610,000 | ||||||||
| Oil & Gas Services 0.0% ‡ | ||||||||||
| USA Compression Partners, L.P. / USA Compression Finance Corp. 6.875%, due 4/1/26 (a) | 640,000 | 658,400 | ||||||||
| Packaging & Containers 0.3% | ||||||||||
| ARD Finance S.A. 7.125% (7.875% PIK), due 9/15/23 (b) | 1,330,000 | 1,343,300 | ||||||||
| Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 7.25%, due 5/15/24 (a) | 1,200,000 | 1,251,000 | ||||||||
| Greif, Inc. 7.75%, due 8/1/19 | 1,350,000 | 1,402,718 | ||||||||
| Plastipak Holdings, Inc. 6.25%, due 10/15/25 (a) | 530,000 | 486,275 | ||||||||
| 4,483,293 | ||||||||||
| Pharmaceuticals 0.2% | ||||||||||
| Bausch Health Cos., Inc. (a) | ||||||||||
| 5.50%, due 11/1/25 | 700,000 | 701,260 | ||||||||
| 6.50%, due 3/15/22 | 1,500,000 | 1,564,050 | ||||||||
| 2,265,310 | ||||||||||
| Pipelines 0.1% | ||||||||||
| Energy Transfer Equity, L.P. 4.25%, due 3/15/23 | 1,400,000 | 1,361,500 | ||||||||
| Retail 0.0% ‡ | ||||||||||
| PetSmart, Inc. 5.875%, due 6/1/25 (a) | 800,000 | 628,000 | ||||||||
| Total Corporate Bonds (Cost $53,298,955) | 53,155,833 | |||||||||
| Floating Rate Loans 83.1% (c) | ||||||||||
| Aerospace & Defense 0.9% | ||||||||||
| DAE Aviation Holdings, Inc. 1st Lien Term Loan 5.83% (1 Month LIBOR + 3.75%), due 7/7/22 | 5,139,110 | 5,120,759 | ||||||||
| Engility Corp. Term Loan B2 4.827% (1 Month LIBOR + 2.75%), due 8/12/23 | 1,688,089 | 1,691,043 | ||||||||
| TransDigm, Inc. | ||||||||||
| 2018 Term Loan F 4.577% (1 Month LIBOR + 2.50%), due 6/9/23 | 7,037,451 | 7,036,170 | ||||||||
| 2018 Term Loan E 4.577% (1 Month LIBOR + 2.50%), due 5/30/25 | 997,500 | 996,669 | ||||||||
| 14,844,641 | ||||||||||
| Automobile 3.3% | ||||||||||
| American Axle and Manufacturing, Inc. Term Loan B 4.32% (3 Month LIBOR + 2.25%), due 4/6/24 | 3,920,025 | 3,900,425 | ||||||||
| AP Exhaust Acquisition LLC 1st Lien Term Loan 7.355% (3 Month LIBOR + 5.00%), due 5/10/24 | 3,465,000 | 3,309,075 | ||||||||
| Autodata, Inc. 1st Lien Term Loan 5.329% (1 Month LIBOR + 3.25%), due 12/13/24 | 1,047,375 | 1,046,066 | ||||||||
| Belron Finance U.S. LLC Term Loan B 4.863% (3 Month LIBOR + 2.50%), due 11/7/24 | 2,487,500 | 2,492,164 | ||||||||
| CH Hold Corp. 1st Lien Term Loan 5.077% (1 Month LIBOR + 3.00%), due 2/1/24 | 4,439,644 | 4,461,842 | ||||||||
| Chassix, Inc. (d) | ||||||||||
| 2017 1st Lien Term Loan 7.875% (3 Month LIBOR + 5.50%), due 11/15/23 | 1,724,722 | 1,741,969 | ||||||||
| 2017 1st Lien Term Loan 8.00% (6 Month LIBOR + 5.50%), due 11/15/23 | 1,757,778 | 1,775,356 | ||||||||
| Federal-Mogul Holdings Corp. | ||||||||||
| New Term Loan C 5.82% (1 Month LIBOR + 3.75%), due 4/15/21 | 4,329,468 | 4,336,685 | ||||||||
| New Term Loan C 5.83% (1 Month LIBOR + 3.75%), due 4/15/21 | 1,432,923 | 1,435,312 | ||||||||
| KAR Auction Services, Inc. Term Loan B5 4.625% (1 Month LIBOR + 2.50%), due 3/9/23 | 2,307,399 | 2,310,283 | ||||||||
| L&W, Inc. 2018 Term Loan B 6.081% (1 Month LIBOR + 4.00%), due 5/22/25 | 3,200,000 | 3,202,000 | ||||||||
| Mavis Tire Express Services Corp. | ||||||||||
| 2018 Delayed Draw Term Loan 1.239%, due 3/20/25 | 24,662 | 24,523 | ||||||||
| 2018 1st Lien Term Loan 5.336% (1 Month LIBOR + 3.25%), due 3/20/25 | 2,761,349 | 2,745,816 | ||||||||
| Tenneco, Inc. 1st Lien Term Loan B TBD, due 6/14/25 (e) | 10,400,000 | 10,341,500 | ||||||||
| Tower Automotive Holdings USA LLC 2017 Term Loan B 4.875% (1 Month LIBOR + 2.75%), due 3/7/24 | 4,282,301 | 4,293,006 | ||||||||
| Truck Hero, Inc. 1st Lien Term Loan 5.831% (1 Month LIBOR + 3.75%), due 4/21/24 | 4,339,500 | 4,339,500 | ||||||||
| 51,755,522 | ||||||||||
| Banking 1.1% | ||||||||||
| Broadstreet Partners, Inc. 2018 Term Loan B 5.327% (1 Month LIBOR + 3.25%), due 11/8/23 | 2,481,108 | 2,484,984 | ||||||||
| Capital Automotive L.P. 2017 2nd Lien Term Loan 8.08% (1 Month LIBOR + 6.00%), due 3/24/25 (d) | 4,244,123 | 4,307,785 | ||||||||
| Focus Financial Partners LLC 2018 1st Lien Term Loan TBD, due 7/3/24 | — | 0 | ||||||||
| Greenhill & Co., Inc. (d) | ||||||||||
| 1st Lien Term Loan 5.822% (1 Month LIBOR + 3.75%), due 10/12/22 | 1,750,000 | 1,758,750 | ||||||||
| 1st Lien Term Loan 5.824% (1 Month LIBOR + 3.75%), due 10/12/22 | 1,350,000 | 1,356,750 | ||||||||
| 1st Lien Term Loan 6.084% (3 Month LIBOR + 3.75%), due 10/12/22 | 312,500 | 314,062 | ||||||||
| Jane Street Group LLC 2018 Term Loan B 5.827% (1 Month LIBOR + 3.75%), due 8/25/22 (d) | 2,494,055 | 2,509,643 | ||||||||
| Russell Investments U.S. Inst'l Holdco, Inc. Term Loan B 5.327% (1 Month LIBOR + 3.25%), due 6/1/23 | 3,468,513 | 3,474,583 | ||||||||
| VFH Parent LLC 2017 Refinanced Term Loan B 5.586% (3 Month LIBOR + 3.25%), due 12/30/21 (d) | 798,361 | 803,351 | ||||||||
| 17,009,908 | ||||||||||
| Beverage, Food & Tobacco 3.1% | ||||||||||
| Acosta Holdco, Inc. 2015 Term Loan 5.327% (1 Month LIBOR + 3.25%), due 9/26/21 | 2,283,509 | 1,789,700 | ||||||||
| Advantage Sales & Marketing, Inc. | ||||||||||
| 2014 1st Lien Term Loan 5.327% (1 Month LIBOR + 3.25%), due 7/23/21 | 2,753,563 | 2,599,247 | ||||||||
| Incremental Term Loan B 5.327% (1 Month LIBOR + 3.25%), due 7/25/21 | 1,485,000 | 1,401,778 | ||||||||
| 2014 2nd Lien Term Loan 8.577% (1 Month LIBOR + 6.50%), due 7/25/22 | 1,458,333 | 1,269,479 | ||||||||
| Albertsons LLC | ||||||||||
| 2017 Term Loan B4 4.827% (1 Month LIBOR + 2.75%), due 8/25/21 | 3,837,942 | 3,817,555 | ||||||||
| 2017 Term Loan B6 5.319% (3 Month LIBOR + 3.00%), due 6/22/23 | 1,576,851 | 1,566,118 | ||||||||
| American Seafoods Group LLC 2017 1st Lien Term Loan 4.83% (1 Month LIBOR + 2.75%), due 8/21/23 (d) | 1,922,250 | 1,917,444 | ||||||||
| Arctic Glacier U.S.A., Inc. 2018 Term Loan B 5.577% (1 Month LIBOR + 3.50%), due 3/20/24 | 2,419,467 | 2,428,540 | ||||||||
| ASP MSG Acquisition Co., Inc. 2017 Term Loan B 6.077% (1 Month LIBOR + 4.00%), due 8/16/23 | 3,124,004 | 3,123,030 | ||||||||
| CH Guenther & Son, Inc. 2018 Term Loan B 4.827% (1 Month LIBOR + 2.75%), due 3/31/25 (d) | 2,750,000 | 2,746,562 | ||||||||
| Chobani LLC 2017 Term Loan B 5.577% (1 Month LIBOR + 3.50%), due 10/10/23 | 1,975,016 | 1,973,371 | ||||||||
| Hearthside Food Solutions LLC 2018 Term Loan B 5.064% (3 Month LIBOR + 3.00%), due 5/23/25 | 7,200,000 | 7,145,100 | ||||||||
| JBS USA LLC 2017 Term Loan B 4.835% (3 Month LIBOR + 2.50%), due 10/30/22 | 7,121,970 | 7,113,067 | ||||||||
| Post Holdings, Inc. 2017 Series A Incremental Term Loan 4.07% (1 Month LIBOR + 2.00%), due 5/24/24 | 2,475,000 | 2,474,107 | ||||||||
| Supervalu Inc. | ||||||||||
| 2017 Delayed Draw Term Loan 5.577% (1 Month LIBOR + 3.50%), due 6/8/24 | 779,018 | 779,505 | ||||||||
| 2017 Term Loan B 5.577% (1 Month LIBOR + 3.50%), due 6/8/24 | 1,298,363 | 1,299,175 | ||||||||
| U.S. Foods, Inc. 2016 Term Loan B 4.077% (1 Month LIBOR + 2.00%), due 6/27/23 | 4,892,462 | 4,892,462 | ||||||||
| 48,336,240 | ||||||||||
| Broadcasting & Entertainment 4.3% | ||||||||||
| CBS Radio, Inc. 2017 Term Loan B 4.831% (1 Month LIBOR + 2.75%), due 11/17/24 | 1,554,292 | 1,543,930 | ||||||||
| Charter Communications Operating LLC 2017 Term Loan B 4.08% (1 Month LIBOR + 2.00%), due 4/30/25 | 9,950,000 | 9,951,134 | ||||||||
| Cumulus Media New Holdings, Inc. Exit Term Loan 6.58% (1 Month LIBOR + 4.50%), due 5/15/22 (f) | 2,938,113 | 2,897,714 | ||||||||
| Global Eagle Entertainment, Inc. 1st Lien Term Loan 10.02% (6 Month LIBOR + 7.50%), due 1/6/23 | 2,034,375 | 2,071,671 | ||||||||
| iHeartCommunications, Inc. Term Loan D TBD, due 1/30/19 (f)(g) | 3,250,000 | 2,513,332 | ||||||||
| Meredith Corp. Term Loan B 5.077% (1 Month LIBOR + 3.00%), due 1/31/25 | 3,491,250 | 3,500,523 | ||||||||
| Mission Broadcasting, Inc. 2017 Term Loan B2 4.592% (1 Month LIBOR + 2.50%), due 1/17/24 | 305,260 | 305,260 | ||||||||
| Nexstar Broadcasting, Inc. 2017 Term Loan B2 4.592% (1 Month LIBOR + 2.50%), due 1/17/24 | 2,289,827 | 2,289,827 | ||||||||
| Sinclair Television Group, Inc. 2017 Term Loan B TBD, due 12/12/24 (e) | 9,166,667 | 9,148,333 | ||||||||
| Tribune Media Co. | ||||||||||
| Term Loan 5.077% (1 Month LIBOR + 3.00%), due 12/27/20 | 430,305 | 430,305 | ||||||||
| Term Loan C 5.077% (1 Month LIBOR + 3.00%), due 1/27/24 | 6,877,714 | 6,869,117 | ||||||||
| Unitymedia Finance LLC Term Loan B 4.322% (1 Month LIBOR + 2.25%), due 9/30/25 | 3,500,000 | 3,490,158 | ||||||||
| Univision Communications, Inc. Term Loan C5 4.827% (1 Month LIBOR + 2.75%), due 3/15/24 | 10,989,790 | 10,663,525 | ||||||||
| Virgin Media Bristol LLC 2017 Term Loan K 4.572% (1 Month LIBOR + 2.50%), due 1/15/26 | 8,095,238 | 8,080,060 | ||||||||
| WideOpenWest Finance LLC 2017 Term Loan B 5.329% (1 Month LIBOR + 3.25%), due 8/18/23 | 2,955,165 | 2,819,721 | ||||||||
| 66,574,610 | ||||||||||
| Buildings & Real Estate 3.8% | ||||||||||
| Big Ass Fans LLC 2018 Term Loan 6.084% (3 Month LIBOR + 3.75%), due 5/21/24 | 1,990,000 | 2,001,194 | ||||||||
| Core & Main L.P. | ||||||||||
| 2017 Term Loan B 5.211% (6 Month LIBOR + 3.00%), due 8/1/24 | 1,913,088 | 1,917,870 | ||||||||
| 2017 Term Loan B 5.30% (3 Month LIBOR + 3.00%), due 8/1/24 | 1,687,212 | 1,691,430 | ||||||||
| DTZ U.S. Borrower LLC | ||||||||||
| 2015 1st Lien Term Loan 5.327% (1 Month LIBOR + 3.25%), due 11/4/21 | 1,595,794 | 1,593,134 | ||||||||
| 2015 1st Lien Term Loan 5.557% (3 Month LIBOR + 3.25%), due 11/4/21 | 3,568,168 | 3,562,220 | ||||||||
| 2015 1st Lien Term Loan 5.584% (3 Month LIBOR + 3.25%), due 11/4/21 | 188,527 | 188,213 | ||||||||
| GGP, Inc. 1st Lien Term Loan B TBD, due 5/4/25 (e) | 10,500,000 | 10,413,375 | ||||||||
| Jeld-Wen, Inc. 2017 1st Lien Term Loan 4.334% (3 Month LIBOR + 2.00%), due 12/14/24 | 1,710,156 | 1,710,584 | ||||||||
| Ply Gem Industries, Inc. 2018 Term Loan 6.087% (3 Month LIBOR + 3.75%), due 4/12/25 | 2,333,333 | 2,334,792 | ||||||||
| Priso Acquisition Corp. 2017 Term Loan B 5.077% (1 Month LIBOR + 3.00%), due 5/8/22 (e) | 3,639,777 | 3,642,809 | ||||||||
| Realogy Group LLC 2018 Term Loan B 4.317% (1 Month LIBOR + 2.25%), due 2/8/25 | 5,966,433 | 5,979,487 | ||||||||
| SIWF Holdings, Inc. (d) | ||||||||||
| 1st Lien Term Loan 6.322% (1 Month LIBOR + 4.25%), due 6/15/25 | 2,760,000 | 2,766,900 | ||||||||
| 2nd Lien Term Loan 10.572% (1 Month LIBOR + 8.50%), due 6/15/26 | 480,000 | 456,000 | ||||||||
| SMG Holdings, Inc. 2017 1st Lien Term Loan 5.327% (1 Month LIBOR + 3.25%), due 1/23/25 | 1,496,250 | 1,498,744 | ||||||||
| SRS Distribution, Inc. 2018 1st Lien Term Loan 5.58% (3 Month LIBOR + 3.25%), due 5/23/25 | 5,200,000 | 5,116,800 | ||||||||
| VC GB Holdings, Inc. 2017 1st Lien Term Loan 5.077% (1 Month LIBOR + 3.00%), due 2/28/24 (d) | 3,013,079 | 3,009,313 | ||||||||
| ¤ | Wilsonart LLC 2017 Term Loan B 5.59% (3 Month LIBOR + 3.25%), due 12/19/23 | 12,044,931 | 12,073,164 | |||||||
| 59,956,029 | ||||||||||
| Cargo Transport 0.0% ‡ | ||||||||||
| PODS LLC 2018 1st Lien Term Loan 4.847% (1 Month LIBOR + 2.75%), due 12/6/24 | 694,751 | 695,185 | ||||||||
| Chemicals, Plastics & Rubber 2.8% | ||||||||||
| Allnex USA, Inc. Term Loan B3 5.569% (3 Month LIBOR + 3.25%), due 9/13/23 | 1,946,776 | 1,955,293 | ||||||||
| Colouroz Investment 2 LLC 2nd Lien Term Loan B2 9.592% (3 Month LIBOR + 7.25%), due 9/6/22 | 757,463 | 611,652 | ||||||||
| Emerald Performance Materials LLC | ||||||||||
| New 1st Lien Term Loan 5.577% (1 Month LIBOR + 3.50%), due 8/1/21 | 2,402,588 | 2,413,099 | ||||||||
| New 2nd Lien Term Loan 9.827% (1 Month LIBOR + 7.75%), due 8/1/22 | 1,300,000 | 1,304,875 | ||||||||
| Encapsys LLC 1st Lien Term Loan 5.327% (1 Month LIBOR + 3.25%), due 11/7/24 | 997,500 | 999,163 | ||||||||
| Flex Acquisition Co., Inc. 1st Lien Term Loan 5.337% (3 Month LIBOR + 3.00%), due 12/29/23 | 4,443,750 | 4,432,641 | ||||||||
| Flint Group U.S. LLC | ||||||||||
| 1st Lien Term Loan B2 5.201% (3 Month LIBOR + 3.00%), due 9/7/21 | 8,317 | 7,807 | ||||||||
| 1st Lien Term Loan B2 5.342% (3 Month LIBOR + 3.00%), due 9/7/21 | 3,193,693 | 2,998,080 | ||||||||
| Ineos U.S. Finance LLC 2017 Term Loan B 4.169% (2 Month LIBOR + 2.00%), due 3/31/24 | 3,980,000 | 3,970,603 | ||||||||
| KMG Chemicals, Inc. Term Loan B 4.827% (1 Month LIBOR + 2.75%), due 6/15/24 | 850,909 | 854,100 | ||||||||
| MacDermid, Inc. Term Loan B6 5.077% (1 Month LIBOR + 3.00%), due 6/7/23 | 5,153,177 | 5,160,907 | ||||||||
| Nexeo Solutions LLC | ||||||||||
| 2017 Repriced Term Loan 5.557% (3 Month LIBOR + 3.25%), due 6/9/23 | 1,617,775 | 1,625,864 | ||||||||
| 2017 Repriced Term Loan 5.584% (3 Month LIBOR + 3.25%), due 6/9/23 | 1,572,521 | 1,580,384 | ||||||||
| 2017 Repriced Term Loan 5.592% (3 Month LIBOR + 3.25%), due 6/9/23 | 1,640,349 | 1,648,551 | ||||||||
| Tronox Blocked Borrower LLC Term Loan B 5.077% (1 Month LIBOR + 3.00%), due 9/22/24 | 2,257,236 | 2,267,580 | ||||||||
| Tronox Finance LLC Term Loan B 5.077% (1 Month LIBOR + 3.00%), due 9/22/24 | 5,209,005 | 5,232,878 | ||||||||
| Venator Materials Corp. Term Loan B 5.077% (1 Month LIBOR + 3.00%), due 8/8/24 (d) | 2,977,500 | 2,988,666 | ||||||||
| Zep, Inc. | ||||||||||
| 2017 1st Lien Term Loan 6.334% (3 Month LIBOR + 4.00%), due 8/12/24 (d) | 687,288 | 663,232 | ||||||||
| 2017 2nd Lien Term Loan 10.584% (3 Month LIBOR + 8.25%), due 8/11/25 | 3,500,000 | 3,430,000 | ||||||||
| 44,145,375 | ||||||||||
| Containers, Packaging & Glass 3.2% | ||||||||||
| Anchor Glass Container Corp. | ||||||||||
| 2017 1st Lien Term Loan 4.822% (1 Month LIBOR + 2.75%), due 12/7/23 | 1,713,776 | 1,555,252 | ||||||||
| 2017 1st Lien Term Loan 4.827% (1 Month LIBOR + 2.75%), due 12/7/23 | 1,029,476 | 934,249 | ||||||||
| Berlin Packaging LLC | ||||||||||
| 2018 1st Lien Term Loan 5.08% (1 Month LIBOR + 3.00%), due 11/7/25 | 244,004 | 243,776 | ||||||||
| 2018 1st Lien Term Loan 5.10% (1 Month LIBOR + 3.00%), due 11/7/25 | 1,180,982 | 1,179,874 | ||||||||
| 2018 1st Lien Term Loan 5.34% (3 Month LIBOR + 3.00%), due 11/7/25 | 165,923 | 165,767 | ||||||||
| Berry Global, Inc. Term Loan R 4.086% (1 Month LIBOR + 2.00%), due 1/19/24 | 2,962,500 | 2,962,500 | ||||||||
| BWAY Holding Co. 2017 Term Loan B 5.581% (3 Month LIBOR + 3.25%), due 4/3/24 | 5,940,000 | 5,921,438 | ||||||||
| Caraustar Industries, Inc. 2017 Term Loan B 7.834% (3 Month LIBOR + 5.50%), due 3/14/22 | 2,366,875 | 2,380,485 | ||||||||
| Charter NEX U.S. Holdings, Inc. 2017 Term Loan B 5.077% (1 Month LIBOR + 3.00%), due 5/16/24 | 4,455,000 | 4,442,473 | ||||||||
| Consolidated Container Co. LLC 2017 1st Lien Term Loan 4.827% (1 Month LIBOR + 2.75%), due 5/22/24 | 3,970,050 | 3,973,357 | ||||||||
| Fort Dearborn Co. | ||||||||||
| 2016 1st Lien Term Loan 6.173% (2 Month LIBOR + 4.00%), due 10/19/23 | 19,135 | 18,896 | ||||||||
| 2016 1st Lien Term Loan 6.343% (3 Month LIBOR + 4.00%), due 10/19/23 | 3,430,835 | 3,387,949 | ||||||||
| 2016 2nd Lien Term Loan 10.843% (3 Month LIBOR + 8.50%), due 10/19/24 | 1,500,000 | 1,395,000 | ||||||||
| Klockner-Pentaplast of America, Inc. 2017 Term Loan B2 6.327% (1 Month LIBOR + 4.25%), due 6/30/22 | 4,962,500 | 4,742,289 | ||||||||
| Plastipak Packaging, Inc. 2018 Term Loan B 4.59% (1 Month LIBOR + 2.50%), due 10/14/24 | 1,488,750 | 1,483,912 | ||||||||
| Pro Mach Group, Inc. 2018 Term Loan B 5.097% (1 Month LIBOR + 3.00%), due 3/7/25 | 997,500 | 989,769 | ||||||||
| Rack Merger Sub, Inc. 2nd Lien Term Loan 9.329% (1 Month LIBOR + 7.25%), due 10/3/22 (d) | 596,296 | 597,787 | ||||||||
| Ranpak Corp. 2015 Term Loan 5.327% (1 Month LIBOR + 3.25%), due 10/1/21 (d) | 984,732 | 984,732 | ||||||||
| Reynolds Group Holdings, Inc. 2017 Term Loan 4.827% (1 Month LIBOR + 2.75%), due 2/5/23 | 6,567,734 | 6,587,234 | ||||||||
| TricorBraun Holdings, Inc. | ||||||||||
| 1st Lien Delayed Draw Term Loan 6.08% (3 Month LIBOR + 3.75%), due 11/30/23 | 273,919 | 274,124 | ||||||||
| 2016 1st Lien Term Loan 6.084% (3 Month LIBOR + 3.75%), due 11/30/23 | 2,718,491 | 2,720,530 | ||||||||
| Trident TPI Holdings, Inc. 2017 USD Term Loan B1 5.327% (1 Month LIBOR + 3.25%), due 10/17/24 | 3,081,857 | 3,068,374 | ||||||||
| 50,009,767 | ||||||||||
| Diversified/Conglomerate Manufacturing 3.6% | ||||||||||
| Allied Universal Holdco LLC 2015 Term Loan 5.827% (1 Month LIBOR + 3.75%), due 7/28/22 | 4,247,550 | 4,180,651 | ||||||||
| EXC Holdings III Corp. 2017 1st Lien Term Loan 5.834% (3 Month LIBOR + 3.50%), due 12/2/24 (d) | 1,567,125 | 1,565,166 | ||||||||
| Filtration Group Corp. 2018 1st Lien Term Loan 5.077% (1 Month LIBOR + 3.00%), due 3/29/25 | 3,092,250 | 3,102,188 | ||||||||
| First Data Corp. 2024 Term Loan 4.069% (1 Month LIBOR + 2.00%), due 4/26/24 | 8,269,054 | 8,267,176 | ||||||||
| Gardner Denver, Inc. 2017 Term Loan B 4.827% (1 Month LIBOR + 2.75%), due 7/30/24 | 2,551,796 | 2,557,267 | ||||||||
| Gopher Resource LLC 1st Lien Term Loan 5.327% (1 Month LIBOR + 3.25%), due 3/6/25 | 3,491,250 | 3,499,978 | ||||||||
| GYP Holdings III Corp. 2018 Term Loan B 4.827% (1 Month LIBOR + 2.75%), due 6/1/25 | 1,862,000 | 1,843,380 | ||||||||
| Hyster-Yale Group, Inc. Term Loan B 5.327% (1 Month LIBOR + 3.25%), due 5/30/23 (d) | 950,000 | 952,375 | ||||||||
| Iron Mountain, Inc. 2018 Term Loan B 3.827% (1 Month LIBOR + 1.75%), due 1/2/26 (d) | 4,364,063 | 4,304,057 | ||||||||
| Pre-Paid Legal Services, Inc. 2018 1st Lien Term Loan 5.342% (1 Month LIBOR + 3.25%), due 5/1/25 | 3,800,000 | 3,807,125 | ||||||||
| Quikrete Holdings, Inc. 2016 1st Lien Term Loan 4.827% (1 Month LIBOR + 2.75%), due 11/15/23 | 6,876,832 | 6,865,658 | ||||||||
| ¤ | Red Ventures LLC | |||||||||
| 1st Lien Term Loan 6.077% (1 Month LIBOR + 4.00%), due 11/8/24 | 9,810,000 | 9,900,743 | ||||||||
| 2nd Lien Term Loan 10.077% (1 Month LIBOR + 8.00%), due 11/8/25 | 2,812,500 | 2,868,750 | ||||||||
| TRC Cos., Inc. Term Loan 5.577% (1 Month LIBOR + 3.50%), due 6/21/24 | 2,084,250 | 2,086,855 | ||||||||
| 55,801,369 | ||||||||||
| Diversified/Conglomerate Service 4.9% | ||||||||||
| Applied Systems, Inc. | ||||||||||
| 2017 1st Lien Term Loan 5.334% (3 Month LIBOR + 3.00%), due 9/19/24 | 4,962,500 | 4,978,350 | ||||||||
| 2017 2nd Lien Term Loan 9.334% (3 Month LIBOR + 7.00%), due 9/19/25 | 970,000 | 999,100 | ||||||||
| Blackhawk Network Holdings, Inc. 2018 1st Lien Term Loan 5.072% (1 Month LIBOR + 3.00%), due 6/15/25 | 4,000,000 | 4,005,000 | ||||||||
| Brickman Group, Ltd. LLC | ||||||||||
| 1st Lien Term Loan 5.077% (1 Month LIBOR + 3.00%), due 12/18/20 | 2,113,099 | 2,116,622 | ||||||||
| 1st Lien Term Loan 5.079% (1 Month LIBOR + 3.00%), due 12/18/20 | 3,143,097 | 3,148,336 | ||||||||
| Change Healthcare Holdings, Inc. 2017 Term Loan B 4.827% (1 Month LIBOR + 2.75%), due 3/1/24 | 5,290,179 | 5,280,259 | ||||||||
| Cypress Intermediate Holdings III, Inc. 2017 1st Lien Term Loan 5.08% (1 Month LIBOR + 3.00%), due 4/27/24 | 3,960,000 | 3,955,874 | ||||||||
| Element Materials Technology Group US Holdings, Inc. 2017 USD Term Loan B 5.577% (1 Month LIBOR + 3.50%), due 6/28/24 (d) | 3,989,975 | 4,009,925 | ||||||||
| Greeneden U.S. Holdings II LLC 2018 USD Term Loan B 5.577% (1 Month LIBOR + 3.50%), due 12/1/23 | 1,477,612 | 1,484,262 | ||||||||
| Information Resources, Inc. 1st Lien Term Loan 6.569% (3 Month LIBOR + 4.25%), due 1/18/24 | 3,950,000 | 3,969,750 | ||||||||
| J.D. Power and Associates (d) | ||||||||||
| 1st Lien Term Loan 6.327% (1 Month LIBOR + 4.25%), due 9/7/23 | 4,051,431 | 4,071,688 | ||||||||
| 2nd Lien Term Loan 10.577% (1 Month LIBOR + 8.50%), due 9/7/24 | 958,333 | 958,333 | ||||||||
| Kronos, Inc. 2017 Term Loan B 5.358% (3 Month LIBOR + 3.00%), due 11/1/23 | 5,777,131 | 5,791,209 | ||||||||
| Mitchell International, Inc. 2017 1st Lien Term Loan 5.327% (1 Month LIBOR + 3.25%), due 11/29/24 | 3,491,250 | 3,484,652 | ||||||||
| MKS Instruments, Inc. 2017 Term Loan B3 3.827% (1 Month LIBOR + 1.75%), due 5/1/23 | 1,699,276 | 1,704,232 | ||||||||
| Monitronics International, Inc. Term Loan B2 7.834% (3 Month LIBOR + 5.50%), due 9/30/22 | 3,219,807 | 3,014,544 | ||||||||
| MX Holdings U.S., Inc. Term Loan B1B 5.077% (1 Month LIBOR + 3.00%), due 8/14/23 (d) | 4,279,039 | 4,279,039 | ||||||||
| Prime Security Services Borrower LLC 2016 1st Lien Term Loan 4.827% (1 Month LIBOR + 2.75%), due 5/2/22 | 6,548,994 | 6,554,450 | ||||||||
| Sophia L.P. 2017 Term Loan B 5.584% (3 Month LIBOR + 3.25%), due 9/30/22 | 3,830,847 | 3,835,635 | ||||||||
| TruGreen, Ltd. Partnership 2017 Term Loan 6.078% (1 Month LIBOR + 4.00%), due 4/13/23 (d) | 3,537,270 | 3,550,535 | ||||||||
| Verint Systems, Inc. 2018 Term Loan B 4.092% (1 Month LIBOR + 2.00%), due 6/28/24 | 2,970,000 | 2,966,288 | ||||||||
| WEX, Inc. 2017 Term Loan B2 4.327% (1 Month LIBOR + 2.25%), due 6/30/23 | 1,960,000 | 1,960,700 | ||||||||
| 76,118,783 | ||||||||||
| Ecological 0.4% | ||||||||||
| Advanced Disposal Services, Inc. Term Loan B3 4.193% (1 Week LIBOR + 2.25%), due 11/10/23 | 5,821,795 | 5,827,616 | ||||||||
| Electronics 11.6% | ||||||||||
| Almonde, Inc. | ||||||||||
| 1st Lien Term Loan 5.807% (3 Month LIBOR + 3.50%), due 6/13/24 | 5,955,000 | 5,868,837 | ||||||||
| 2nd Lien Term Loan 9.557% (3 Month LIBOR + 7.25%), due 6/13/25 | 2,450,000 | 2,361,188 | ||||||||
| ASG Technologies Group, Inc. 2018 Term Loan 5.577% (1 Month LIBOR + 3.50%), due 7/31/24 | 2,944,454 | 2,927,891 | ||||||||
| Barracuda Networks, Inc. | ||||||||||
| 1st Lien Term Loan 5.322% (1 Month LIBOR + 3.25%), due 2/12/25 | 1,500,000 | 1,499,063 | ||||||||
| 2nd Lien Term Loan 9.322% (1 Month LIBOR + 7.25%), due 2/12/26 | 50,000 | 50,109 | ||||||||
| ¤ | BMC Software Finance, Inc. | |||||||||
| 2018 USD Term Loan B TBD, due 6/26/25 (e) | 9,384,000 | 9,373,809 | ||||||||
| 2017 1st Lien Term Loan 5.327% (1 Month LIBOR + 3.25%), due 9/10/22 | 7,532,102 | 7,532,102 | ||||||||
| Cologix, Inc. 2017 1st Lien Term Loan 5.067% (3 Month LIBOR + 3.00%), due 3/20/24 | 4,942,487 | 4,937,545 | ||||||||
| Colorado Buyer, Inc. | ||||||||||
| Term Loan B 5.36% (3 Month LIBOR + 3.00%), due 5/1/24 | 1,485,000 | 1,488,249 | ||||||||
| 2nd Lien Term Loan 9.61% (3 Month LIBOR + 7.25%), due 5/1/25 | 1,200,000 | 1,186,200 | ||||||||
| CommScope, Inc. Term Loan B5 4.077% (1 Month LIBOR + 2.00%), due 12/29/22 | 612,553 | 614,850 | ||||||||
| Compuware Corp. Term Loan B3 5.58% (1 Month LIBOR + 3.50%), due 12/15/21 | 1,856,555 | 1,858,412 | ||||||||
| Cortes NP Acquisition Corp. 2017 Term Loan B 6.10% (1 Month LIBOR + 4.00%), due 11/30/23 (d) | 1,527,255 | 1,517,710 | ||||||||
| Diebold, Inc. 2017 Term Loan B 4.875% (1 Month LIBOR + 2.75%), due 11/6/23 (d) | 2,485,208 | 2,466,569 | ||||||||
| EIG Investors Corp. 2018 1st Lien Term Loan 6.075% (3 Month LIBOR + 3.75%), due 2/9/23 | 6,553,393 | 6,563,629 | ||||||||
| Epicor Software Corp. 1st Lien Term Loan 5.33% (1 Month LIBOR + 3.25%), due 6/1/22 | 10,472,111 | 10,457,147 | ||||||||
| Evertec Group LLC New Term Loan B 4.576% (1 Month LIBOR + 2.50%), due 4/17/20 | 419,634 | 413,339 | ||||||||
| Exact Merger Sub LLC 1st Lien Term Loan 6.584% (3 Month LIBOR + 4.25%), due 9/27/24 (d) | 3,970,000 | 3,970,000 | ||||||||
| Eze Castle Software, Inc. 2017 1st Lien Term Loan 5.077% (1 Month LIBOR + 3.00%), due 4/6/20 | 2,630,182 | 2,632,649 | ||||||||
| Flexential Intermediate Corp. 2017 1st Lien Term Loan 5.834% (3 Month LIBOR + 3.50%), due 8/1/24 | 2,779,000 | 2,748,895 | ||||||||
| Flexera Software LLC 2018 1st Lien Term Loan 5.33% (1 Month LIBOR + 3.25%), due 2/26/25 | 1,047,375 | 1,045,193 | ||||||||
| GreenSky Holdings, LLC 2018 Term Loan B 5.375% (1 Month LIBOR + 3.25%), due 3/29/25 (d) | 3,142,125 | 3,142,125 | ||||||||
| GTCR Valor Cos., Inc. 2017 Term Loan B1 5.584% (3 Month LIBOR + 3.25%), due 6/16/23 | 3,138,175 | 3,151,064 | ||||||||
| Hyland Software, Inc. | ||||||||||
| 2017 1st Lien Term Loan 5.327% (1 Month LIBOR + 3.25%), due 7/1/22 | 8,591,849 | 8,615,477 | ||||||||
| 2017 2nd Lien Term Loan 9.077% (1 Month LIBOR + 7.00%), due 7/7/25 | 1,416,667 | 1,432,009 | ||||||||
| Infor (U.S.), Inc. Term Loan B6 4.827% (1 Month LIBOR + 2.75%), due 2/1/22 | 4,172,826 | 4,175,434 | ||||||||
| Informatica Corp. 2018 Term Loan 5.327% (1 Month LIBOR + 3.25%), due 8/5/22 | 1,978,122 | 1,985,540 | ||||||||
| LANDesk Group, Inc. 2017 Term Loan B 6.33% (1 Month LIBOR + 4.25%), due 1/20/24 | 2,223,419 | 2,213,414 | ||||||||
| MA FinanceCo. LLC Term Loan B3 4.577% (1 Month LIBOR + 2.50%), due 6/21/24 | 550,000 | 545,875 | ||||||||
| ¤ | McAfee LLC | |||||||||
| 2017 Term Loan B 6.572% (1 Month LIBOR + 4.50%), due 9/30/24 | 8,684,375 | 8,742,995 | ||||||||
| 2017 2nd Lien Term Loan 10.572% (1 Month LIBOR + 8.50%), due 9/29/25 | 3,000,000 | 3,052,500 | ||||||||
| MH Sub I LLC 2017 1st Lien Term Loan 5.829% (1 Month LIBOR + 3.75%), due 9/13/24 | 8,273,321 | 8,286,616 | ||||||||
| NeuStar, Inc. 2018 Term Loan B3 4.572% (1 Month LIBOR + 2.50%), due 1/8/20 | 847,522 | 847,786 | ||||||||
| Optiv Security, Inc. 1st Lien Term Loan 5.313% (1 Month LIBOR + 3.25%), due 2/1/24 | 717,421 | 699,485 | ||||||||
| Project Alpha Intermediate Holding, Inc. 2017 Term Loan B 5.99% (6 Month LIBOR + 3.50%), due 4/26/24 | 2,970,000 | 2,951,438 | ||||||||
| Project Leopard Holdings, Inc. 2018 Term Loan 6.077% (1 Month LIBOR + 4.00%), due 7/7/23 | 1,985,025 | 1,988,747 | ||||||||
| Rocket Software, Inc. 2016 1st Lien Term Loan 6.084% (3 Month LIBOR + 3.75%), due 10/14/23 | 4,977,525 | 4,998,679 | ||||||||
| RP Crown Parent LLC 2016 Term Loan B 4.827% (1 Month LIBOR + 2.75%), due 10/12/23 | 3,797,200 | 3,792,453 | ||||||||
| Seattle Spinco, Inc. USD Term Loan B3 4.577% (1 Month LIBOR + 2.50%), due 6/21/24 | 3,714,286 | 3,686,429 | ||||||||
| Sirius Computer Solutions, Inc. 2016 Term Loan 6.327% (1 Month LIBOR + 4.25%), due 10/30/22 | 1,135,586 | 1,139,845 | ||||||||
| Solera LLC Term Loan B 4.827% (1 Month LIBOR + 2.75%), due 3/3/23 | 5,675,546 | 5,679,445 | ||||||||
| SonicWALL, Inc. 1st Lien Term Loan 5.826% (3 Month LIBOR + 3.50%), due 5/16/25 | 1,600,000 | 1,598,000 | ||||||||
| ¤ | SS&C Technologies, Inc. 2018 Term Loan B3 4.577% (1 Month LIBOR + 2.50%), due 4/16/25 | 11,970,024 | 12,005,396 | |||||||
| Tempo Acquisition LLC Term Loan 5.077% (1 Month LIBOR + 3.00%), due 5/1/24 | 5,445,000 | 5,450,445 | ||||||||
| Tibco Software, Inc. Repriced Term Loan B 5.58% (3 Month LIBOR + 3.50%), due 12/4/20 | 5,909,732 | 5,929,430 | ||||||||
| Veritas Bermuda, Ltd. | ||||||||||
| Repriced Term Loan B 6.577% (1 Month LIBOR + 4.50%), due 1/27/23 | 1,989,229 | 1,832,933 | ||||||||
| Repriced Term Loan B 6.834% (3 Month LIBOR + 4.50%), due 1/27/23 | 662,500 | 610,447 | ||||||||
| Vertafore, Inc. 2018 1st Lien Term Loan 5.327% (1 Month LIBOR + 3.25%), due 7/2/25 (e) | 1,600,000 | 1,596,686 | ||||||||
| Western Digital Corp. 2018 Term Loan B4 3.827% (1 Month LIBOR + 1.75%), due 4/29/23 | 3,335,397 | 3,331,922 | ||||||||
| Xerox Business Services LLC Term Loan B 4.577% (1 Month LIBOR + 2.50%), due 12/7/23 | 3,959,799 | 3,963,513 | ||||||||
| Zebra Technologies Corp. 2018 Term Loan B 4.057% (3 Month LIBOR + 1.75%), due 10/27/21 | 2,341,646 | 2,346,245 | ||||||||
| 181,305,759 | ||||||||||
| Finance 1.8% | ||||||||||
| Alliant Holdings I, Inc. 2018 Term Loan B 5.078% (1 Month LIBOR + 3.00%), due 5/9/25 | 3,176,905 | 3,174,697 | ||||||||
| Brand Energy & Infrastructure Services, Inc. | ||||||||||
| 2017 Term Loan 6.584% (3 Month LIBOR + 4.25%), due 6/21/24 | 36,029 | 36,185 | ||||||||
| 2017 Term Loan 6.589% (3 Month LIBOR + 4.25%), due 6/21/24 | 1,147,840 | 1,152,782 | ||||||||
| 2017 Term Loan 6.597% (3 Month LIBOR + 4.25%), due 6/21/24 | 5,949,954 | 5,975,575 | ||||||||
| Duff & Phelps Corp. 2017 Term Loan B 5.584% (3 Month LIBOR + 3.25%), due 2/13/25 | 6,940,938 | 6,935,982 | ||||||||
| Edelman Financial Center LLC 2018 Term Loan B 5.592% (3 Month LIBOR + 3.25%), due 7/21/25 (e) | 2,800,000 | 2,810,500 | ||||||||
| Istar, Inc. (d) | ||||||||||
| 2016 Term Loan B 4.832% (1 Month LIBOR + 2.75%), due 6/28/23 | 416,651 | 416,651 | ||||||||
| 2016 Term Loan B 4.852% (3 Month LIBOR + 2.75%), due 6/28/23 | 416,651 | 416,651 | ||||||||
| Trans Union LLC 2018 Term Loan B4 4.077% (1 Month LIBOR + 2.00%), due 6/19/25 | 1,800,000 | 1,802,531 | ||||||||
| Transplace Holdings, Inc. 1st Lien Term Loan 5.822% (1 Month LIBOR + 3.75%), due 10/7/24 (d) | 2,786,018 | 2,789,500 | ||||||||
| USS Ultimate Holdings, Inc. | ||||||||||
| 1st Lien Term Loan 5.827% (1 Month LIBOR + 3.75%), due 8/25/24 (d) | 1,885,750 | 1,897,536 | ||||||||
| 2nd Lien Term Loan 9.827% (1 Month LIBOR + 7.75%), due 8/25/25 | 600,000 | 601,500 | ||||||||
| 28,010,090 | ||||||||||
| Grocery 0.1% | ||||||||||
| Albertsons LLC 2018 ABL Last Out Term Loan TBD, due 5/2/23 (d)(e) | 1,800,000 | 1,797,750 | ||||||||
| Healthcare, Education & Childcare 7.8% | ||||||||||
| Acadia Healthcare Company, Inc. 2018 Term Loan B4 4.577% (1 Month LIBOR + 2.50%), due 2/16/23 | 2,319,354 | 2,325,875 | ||||||||
| Akorn, Inc. Term Loan B 6.875% (1 Month LIBOR + 4.75%), due 4/16/21 (d) | 339,928 | 333,979 | ||||||||
| Alliance Healthcare Services, Inc. 2017 Term Loan B 6.577% (1 Month LIBOR + 4.50%), due 10/24/23 | 2,073,750 | 2,079,799 | ||||||||
| Alvogen Pharma US, Inc. 2018 Term Loan B 6.83% (1 Month LIBOR + 4.75%), due 4/2/22 | 4,248,757 | 4,268,229 | ||||||||
| Amneal Pharmaceuticals LLC 2018 Term Loan B 5.625% (1 Month LIBOR + 3.50%), due 5/4/25 | 5,248,787 | 5,233,476 | ||||||||
| Ardent Health Partners LLC 2018 Term Loan 6.572% (1 Month LIBOR + 4.50%), due 6/30/25 (d) | 4,666,667 | 4,695,833 | ||||||||
| Avantor, Inc. 2017 1st Lien Term Loan 6.077% (1 Month LIBOR + 4.00%), due 11/21/24 | 5,323,250 | 5,360,955 | ||||||||
| Carestream Dental Equipment, Inc. 2017 1st Lien Term Loan 5.584% (3 Month LIBOR + 3.25%), due 9/1/24 | 1,989,987 | 1,982,525 | ||||||||
| Community Health Systems, Inc. Term Loan H 5.557% (3 Month LIBOR + 3.25%), due 1/27/21 | 3,259,620 | 3,204,324 | ||||||||
| Concentra, Inc. 2018 1st Lien Term Loan 4.85% (1 Month LIBOR + 2.75%), due 6/1/22 | 6,373,543 | 6,376,201 | ||||||||
| DaVita HealthCare Partners, Inc. Term Loan B 4.827% (1 Month LIBOR + 2.75%), due 6/24/21 | 3,910,952 | 3,929,693 | ||||||||
| Envision Healthcare Corp. 2016 Term Loan B 5.08% (1 Month LIBOR + 3.00%), due 12/1/23 | 4,492,064 | 4,485,047 | ||||||||
| Equian LLC Add on Term Loan B 5.331% (1 Month LIBOR + 3.25%), due 5/20/24 | 5,084,919 | 5,084,919 | ||||||||
| ExamWorks Group, Inc. 2017 Term Loan 5.327% (1 Month LIBOR + 3.25%), due 7/27/23 | 4,763,103 | 4,786,918 | ||||||||
| Explorer Holdings, Inc. 2016 Term Loan B 6.084% (3 Month LIBOR + 3.75%), due 5/2/23 (d) | 2,425,253 | 2,431,316 | ||||||||
| Gentiva Health Services, Inc. 2018 1st Lien Term Loan 6.125% (3 Month LIBOR + 3.75%), due 7/2/25 (d)(e) | 5,212,670 | 5,238,733 | ||||||||
| Jaguar Holding Co. II 2018 Term Loan 4.577% (1 Month LIBOR + 2.50%), due 8/18/22 | 5,751,918 | 5,752,637 | ||||||||
| Kinetic Concepts, Inc. 2017 Term Loan B 5.584% (3 Month LIBOR + 3.25%), due 2/2/24 | 7,920,000 | 7,937,820 | ||||||||
| MedPlast Holdings, Inc. 2018 1st Lien Term Loan 6.087% (3 Month LIBOR + 3.75%), due 7/2/25 (d)(e) | 800,000 | 808,000 | ||||||||
| Onex Carestream Finance L.P. | ||||||||||
| 1st Lien Term Loan 6.077% (1 Month LIBOR + 4.00%), due 6/7/19 | 3,626,236 | 3,622,352 | ||||||||
| 2nd Lien Term Loan 10.577% (1 Month LIBOR + 8.50%), due 12/7/19 (e) | 1,965,694 | 1,960,167 | ||||||||
| Ortho-Clinical Diagnostics S.A. 2018 Term Loan B 5.327% (1 Month LIBOR + 3.25%), due 6/30/25 | 7,112,365 | 7,105,032 | ||||||||
| Parexel International Corp. Term Loan B 4.827% (1 Month LIBOR + 2.75%), due 9/27/24 | 3,225,625 | 3,216,754 | ||||||||
| Pearl Intermediate Parent LLC | ||||||||||
| 2018 Delayed Draw Term Loan 2.131%, due 2/14/25 | 209,716 | 206,439 | ||||||||
| 2018 1st Lien Term Loan 4.829% (1 Month LIBOR + 2.75%), due 2/14/25 | 2,569,318 | 2,529,173 | ||||||||
| PharMerica Corp. 1st Lien Term Loan 5.578% (1 Month LIBOR + 3.50%), due 12/6/24 | 1,396,500 | 1,400,427 | ||||||||
| PowerSchool 2018 Term Loan B TBD, due 5/30/25 (e) | 4,000,000 | 3,983,052 | ||||||||
| RPI Finance Trust Term Loan B6 4.334% (3 Month LIBOR + 2.00%), due 3/27/23 | 3,752,925 | 3,758,787 | ||||||||
| Select Medical Corp. | ||||||||||
| 2017 Term Loan B 4.83% (1 Month LIBOR + 2.75%), due 3/1/21 | 4,934,783 | 4,947,120 | ||||||||
| 2017 Term Loan B 6.75% (PRIME + 1.75%), due 3/1/21 | 2,717 | 2,724 | ||||||||
| Sound Inpatient Physicians 2018 1st Lien Term Loan 5.077% (1 Month LIBOR + 3.00%), due 6/27/25 | 2,000,000 | 2,010,000 | ||||||||
| Team Health Holdings, Inc. 1st Lien Term Loan 4.827% (1 Month LIBOR + 2.75%), due 2/6/24 | 7,885,076 | 7,658,380 | ||||||||
| U.S. Anesthesia Partners, Inc. 2017 Term Loan 5.077% (1 Month LIBOR + 3.00%), due 6/23/24 | 2,726,231 | 2,724,527 | ||||||||
| 121,441,213 | ||||||||||
| Home and Office Furnishings, Housewares & Durable Consumer Products 0.5% | ||||||||||
| Comfort Holding LLC 1st Lien Term Loan 6.827% (1 Month LIBOR + 4.75%), due 2/5/24 (d) | 2,765,000 | 2,647,487 | ||||||||
| Serta Simmons Bedding LLC | ||||||||||
| 1st Lien Term Loan 5.587% (1 Month LIBOR + 3.50%), due 11/8/23 | 1,324,228 | 1,109,751 | ||||||||
| 1st Lien Term Loan 5.592% (1 Month LIBOR + 3.50%), due 11/8/23 | 4,729,949 | 3,963,868 | ||||||||
| 7,721,106 | ||||||||||
| Hotels, Motels, Inns & Gaming 5.4% | ||||||||||
| Affinity Gaming LLC Initial Term Loan 5.327% (1 Month LIBOR + 3.25%), due 7/1/23 | 3,133,402 | 3,099,128 | ||||||||
| AP Gaming I LLC 2018 1st Lien Term Loan 6.327% (1 Month LIBOR + 4.25%), due 2/15/24 | 3,069,743 | 3,091,485 | ||||||||
| Caesars Entertainment Operating Co. Exit Term Loan 4.077% (1 Month LIBOR + 2.00%), due 10/6/24 | 3,316,667 | 3,311,927 | ||||||||
| Caesars Resort Collection LLC 2017 1st Lien Term Loan B 4.827% (1 Month LIBOR + 2.75%), due 12/22/24 | 9,286,667 | 9,314,861 | ||||||||
| Churchill Downs, Inc. 2017 Term Loan B 4.08% (1 Month LIBOR + 2.00%), due 12/27/24 | 2,487,500 | 2,487,500 | ||||||||
| CityCenter Holdings LLC 2017 Term Loan B 4.327% (1 Month LIBOR + 2.25%), due 4/18/24 | 6,705,136 | 6,707,530 | ||||||||
| Everi Payments, Inc. Term Loan B 5.077% (1 Month LIBOR + 3.00%), due 5/9/24 | 5,452,481 | 5,472,928 | ||||||||
| Hilton Worldwide Finance LLC Term Loan B2 3.814% (3 Month LIBOR + 1.75%), due 10/25/23 | 5,174,122 | 5,187,963 | ||||||||
| Las Vegas Sands LLC 2018 Term Loan B 3.827% (1 Month LIBOR + 1.75%), due 3/27/25 | 4,199,916 | 4,192,915 | ||||||||
| MGM Growth Properties Operating Partnership L.P. 2016 Term Loan B 4.077% (1 Month LIBOR + 2.00%), due 4/25/23 | 6,431,953 | 6,425,251 | ||||||||
| Penn National Gaming, Inc. 2017 Term Loan B 4.577% (1 Month LIBOR + 2.50%), due 1/19/24 | 1,233,452 | 1,236,921 | ||||||||
| ¤ | Scientific Games International, Inc. | |||||||||
| 2018 Term Loan B5 4.827% (1 Month LIBOR + 2.75%), due 8/14/24 | 2,874,266 | 2,874,625 | ||||||||
| 2018 Term Loan B5 4.921% (2 Month LIBOR + 2.75%), due 8/14/24 | 12,086,752 | 12,088,263 | ||||||||
| Station Casinos LLC 2016 Term Loan B 4.58% (1 Month LIBOR + 2.50%), due 6/8/23 | 5,044,211 | 5,050,793 | ||||||||
| UFC Holdings LLC 1st Lien Term Loan 5.33% (1 Month LIBOR + 3.25%), due 8/18/23 | 5,979,549 | 5,998,235 | ||||||||
| Wyndham Hotels & Resorts, Inc. Term Loan B 3.827% (1 Month LIBOR + 1.75%), due 5/30/25 | 3,500,000 | 3,506,874 | ||||||||
| Wyndham Worldwide Corp. 2018 1st Lien Term Loan B 4.327% (1 Month LIBOR + 2.25%), due 5/30/25 | 4,000,000 | 4,005,000 | ||||||||
| 84,052,199 | ||||||||||
| Insurance 3.0% | ||||||||||
| AmWINS Group, Inc. | ||||||||||
| 2017 Term Loan B 4.827% (1 Month LIBOR + 2.75%), due 1/25/24 | 3,809,274 | 3,800,703 | ||||||||
| 2017 Term Loan B 4.836% (1 Month LIBOR + 2.75%), due 1/25/24 | 1,115,726 | 1,113,216 | ||||||||
| AssuredPartners, Inc. 2017 1st Lien Add-On Term Loan 5.327% (1 Month LIBOR + 3.25%), due 10/22/24 | 2,481,281 | 2,482,832 | ||||||||
| ¤ | Asurion LLC | |||||||||
| 2018 Term Loan B7 TBD, due 11/3/23 (e) | 1,837,500 | 1,833,891 | ||||||||
| 2017 Term Loan B4 5.077% (1 Month LIBOR + 3.00%), due 8/4/22 | 3,662,952 | 3,661,121 | ||||||||
| 2018 Term Loan B6 5.077% (1 Month LIBOR + 3.00%), due 11/3/23 | 3,512,867 | 3,507,222 | ||||||||
| 2017 2nd Lien Term Loan 8.577% (1 Month LIBOR + 6.50%), due 8/4/25 | 2,900,000 | 2,942,291 | ||||||||
| Hub International, Ltd. | ||||||||||
| 2018 Term Loan B 5.165% (3 Month LIBOR + 3.00%), due 4/25/25 | 11,691 | 11,678 | ||||||||
| 2018 Term Loan B 5.335% (3 Month LIBOR + 3.00%), due 4/25/25 | 4,664,779 | 4,659,713 | ||||||||
| MPH Acquisition Holdings LLC 2016 Term Loan B 5.084% (3 Month LIBOR + 2.75%), due 6/7/23 | 3,786,744 | 3,785,164 | ||||||||
| NFP Corp. Term Loan B 5.077% (1 Month LIBOR + 3.00%), due 1/8/24 | 2,462,500 | 2,455,832 | ||||||||
| ¤ | Sedgwick Claims Management Services, Inc. | |||||||||
| 1st Lien Term Loan 4.827% (1 Month LIBOR + 2.75%), due 3/1/21 | 4,262,573 | 4,252,581 | ||||||||
| 2nd Lien Term Loan 7.827% (1 Month LIBOR + 5.75%), due 2/28/22 | 5,252,695 | 5,283,334 | ||||||||
| 2nd Lien Term Loan 8.057% (3 Month LIBOR + 5.75%), due 2/28/22 | 1,547,305 | 1,556,331 | ||||||||
| USI, Inc. 2017 Repriced Term Loan 5.334% (3 Month LIBOR + 3.00%), due 5/16/24 | 5,463,737 | 5,448,373 | ||||||||
| 46,794,282 | ||||||||||
| Leisure, Amusement, Motion Pictures & Entertainment 2.4% | ||||||||||
| Boyd Gaming Corp. Term Loan B3 4.45% (1 Week LIBOR + 2.50%), due 9/15/23 | 3,031,234 | 3,045,632 | ||||||||
| Creative Artists Agency LLC 2018 Term Loan B 5.072% (1 Month LIBOR + 3.00%), due 2/15/24 | 3,862,941 | 3,867,770 | ||||||||
| Fitness International LLC | ||||||||||
| 2018 Term Loan A 4.827% (1 Month LIBOR + 2.75%), due 4/18/23 | 1,225,341 | 1,224,320 | ||||||||
| 2018 Term Loan A 5.253% (3 Month LIBOR + 2.75%), due 4/18/23 | 614,659 | 614,148 | ||||||||
| 2018 Term Loan B 5.327% (1 Month LIBOR + 3.25%), due 4/18/23 | 408,310 | 410,249 | ||||||||
| 2018 Term Loan B 5.753% (3 Month LIBOR + 3.25%), due 4/18/25 | 204,155 | 205,125 | ||||||||
| Intrawest Resorts Holdings, Inc. Term Loan B1 5.077% (1 Month LIBOR + 3.00%), due 7/31/24 | 3,482,500 | 3,480,323 | ||||||||
| LTF Merger Sub, Inc. 2017 Term Loan B 5.057% (3 Month LIBOR + 2.75%), due 6/10/22 | 4,906,176 | 4,910,557 | ||||||||
| Recess Holdings, Inc. 2017 1st Lien Term Loan 6.203% (6 Month LIBOR + 3.75%), due 9/29/24 (d) | 874,345 | 876,531 | ||||||||
| Six Flags Theme Parks, Inc. 2015 Term Loan B 3.83% (3 Month LIBOR + 1.75%), due 6/30/22 | 3,432,249 | 3,436,540 | ||||||||
| TKC Holdings, Inc. | ||||||||||
| 2017 1st Lien Term Loan 5.83% (1 Month LIBOR + 3.75%), due 2/1/23 | 3,826,563 | 3,821,779 | ||||||||
| 2017 2nd Lien Term Loan 10.08% (1 Month LIBOR + 8.00%), due 2/1/24 | 1,100,000 | 1,096,563 | ||||||||
| Travel Leaders Group LLC New 2017 1st Lien Term Loan 7.001% (6 Month LIBOR + 4.50%), due 1/25/24 | 2,963,812 | 2,974,927 | ||||||||
| TriMark USA LLC 2017 1st Lien Term Loan 5.58% (1 Month LIBOR + 3.50%), due 8/28/24 | 2,779,299 | 2,781,036 | ||||||||
| William Morris Endeavor Entertainment LLC 2018 1st Lien Term Loan 4.93% (2 Month LIBOR + 2.75%), due 5/18/25 | 4,877,280 | 4,855,942 | ||||||||
| 37,601,442 | ||||||||||
| Machinery (Non-Agriculture, Non-Construct & Non-Electronic) 1.3% | ||||||||||
| Anvil International LLC Term Loan B 6.58% (1 Month LIBOR + 4.50%), due 8/1/24 (d) | 4,161,081 | 4,181,887 | ||||||||
| Columbus McKinnon Corp. 2018 Term Loan B 4.834% (3 Month LIBOR + 2.50%), due 1/31/24 (d) | 3,605,685 | 3,605,685 | ||||||||
| CPM Holdings, Inc. Term Loan B 5.577% (1 Month LIBOR + 3.50%), due 4/11/22 | 1,938,802 | 1,952,131 | ||||||||
| Power Products LLC (d) | ||||||||||
| 2017 Term Loan B 6.106% (3 Month LIBOR + 4.00%), due 12/20/22 | 12,695 | 12,695 | ||||||||
| 2017 Term Loan B 6.347% (3 Month LIBOR + 4.00%), due 12/20/22 | 5,001,837 | 5,001,837 | ||||||||
| Rexnord LLC 2017 Term Loan B 4.314% (3 Month LIBOR + 2.25%), due 8/21/24 | 4,359,640 | 4,363,729 | ||||||||
| Welbilt, Inc. 2016 Term Loan B 4.827% (1 Month LIBOR + 2.75%), due 3/3/23 | 1,671,795 | 1,680,154 | ||||||||
| 20,798,118 | ||||||||||
| Mining, Steel, Iron & Non-Precious Metals 2.2% | ||||||||||
| American Rock Salt Co. LLC 2018 1st Lien Term Loan 5.827% (1 Month LIBOR + 3.75%), due 3/21/25 | 2,743,125 | 2,743,125 | ||||||||
| Gates Global LLC 2017 Repriced Term Loan B 5.084% (3 Month LIBOR + 2.75%), due 4/1/24 | 2,723,270 | 2,728,036 | ||||||||
| GrafTech Finance, Inc. 2018 Term Loan B 5.59% (1 Month LIBOR + 3.50%), due 2/12/25 (d) | 7,666,667 | 7,647,500 | ||||||||
| HFOTCO LLC 2018 Term Loan B 5.09% (3 Month LIBOR + 2.75%), due 6/26/25 (e) | 3,200,000 | 3,196,000 | ||||||||
| Keane Group Holdings LLC 2018 1st Lien Term Loan 5.875% (1 Month LIBOR + 3.75%), due 5/25/25 (d) | 4,000,000 | 3,980,000 | ||||||||
| Minerals Technologies, Inc. | ||||||||||
| 2017 Term Loan B 4.33% (1 Month LIBOR + 2.25%), due 2/14/24 | 1,093,882 | 1,099,351 | ||||||||
| 2017 Term Loan B 4.59% (3 Month LIBOR + 2.25%), due 2/14/24 | 370,180 | 372,031 | ||||||||
| MRC Global (US) Inc. 2018 1st Lien Term Loan B 5.077% (1 Month LIBOR + 3.00%), due 9/20/24 (d) | 3,283,500 | 3,291,709 | ||||||||
| U.S. Silica Co. 2018 Term Loan B 6.125% (1 Month LIBOR + 4.00%), due 5/1/25 | 3,491,250 | 3,488,342 | ||||||||
| Unimin Corp. Term Loan 6.05% (3 Month LIBOR + 3.75%), due 6/1/25 | 5,714,286 | 5,715,474 | ||||||||
| 34,261,568 | ||||||||||
| Oil & Gas 2.1% | ||||||||||
| Apergy Corp. 2018 1st Lien Term Loan 4.625% (3 Month LIBOR + 2.50%), due 5/9/25 | 1,400,000 | 1,402,916 | ||||||||
| Ascent Resources - Marcellus LLC 2018 Exit Term Loan 8.60% (1 Month LIBOR + 6.50%), due 3/30/23 | 333,333 | 333,333 | ||||||||
| Chesapeake Energy Corp. Term Loan 9.577% (1 Month LIBOR + 7.50%), due 8/23/21 | 2,166,667 | 2,264,167 | ||||||||
| Drillship Hydra Owners, Inc. Term Loan 8.00%, due 9/20/24 | 336,947 | 353,233 | ||||||||
| Fieldwood Energy LLC | ||||||||||
| Exit 1st Lien TL 7.327% (1 Month LIBOR + 5.25%), due 4/11/22 | 805,556 | 807,066 | ||||||||
| Exit 2nd Lien TL 9.327% (1 Month LIBOR + 7.25%), due 4/11/23 | 1,087,500 | 1,052,156 | ||||||||
| GIP III Stetson I, L.P. 2018 Term Loan B TBD, due 7/19/25 (e) | 4,200,000 | 4,215,750 | ||||||||
| HGIM Corp. 2018 Exit Term Loan 10.00% (PRIME + 5.00%), due 7/3/23 (d)(e) | 587,677 | 589,146 | ||||||||
| Lucid Energy Group II LLC 2018 1st Lien Term Loan 5.079% (1 Month LIBOR + 3.00%), due 2/17/25 | 2,593,500 | 2,525,421 | ||||||||
| McDermott Technology Americas, Inc. 2018 1st Lien Term Loan 7.077% (1 Month LIBOR + 5.00%), due 5/10/25 | 5,985,000 | 6,019,414 | ||||||||
| Medallion Midland Acquisition LLC 1st Lien Term Loan 5.327% (1 Month LIBOR + 3.25%), due 10/30/24 | 1,393,000 | 1,366,881 | ||||||||
| Philadelphia Energy Solutions LLC (f) | ||||||||||
| DIP Term Loan A 8.203% (1 Month LIBOR + 6.25%), due 8/7/18 | 1,250,825 | 1,238,317 | ||||||||
| Term Loan B 9.00% (PRIME + 4.00%), due 4/4/19 | 2,118,447 | 1,676,221 | ||||||||
| Seadrill Partners Finco LLC Term Loan B 8.334% (3 Month LIBOR + 6.00%), due 2/21/21 (e) | 4,048,357 | 3,776,781 | ||||||||
| Summit Midstream Partners Holdings LLC Term Loan B 8.077% (1 Month LIBOR + 6.00%), due 5/13/22 | 2,680,000 | 2,715,175 | ||||||||
| Traverse Midstream Partners LLC 2017 Term Loan 6.34% (3 Month LIBOR + 4.00%), due 9/27/24 | 2,000,000 | 2,006,250 | ||||||||
| 32,342,227 | ||||||||||
| Personal & Nondurable Consumer Products 0.2% | ||||||||||
| Aramark Services, Inc. 2018 Term Loan B3 4.084% (3 Month LIBOR + 1.75%), due 3/11/25 | 3,990,000 | 3,994,987 | ||||||||
| Personal & Nondurable Consumer Products (Manufacturing Only) 1.6% | ||||||||||
| American Builders & Contractors Supply Co., Inc. 2018 Term Loan B 4.077% (1 Month LIBOR + 2.00%), due 10/31/23 | 4,251,188 | 4,230,416 | ||||||||
| Hillman Group, Inc. | ||||||||||
| 2018 Delayed Draw Term Loan TBD, due 5/31/25 | 403,597 | 404,270 | ||||||||
| 2018 Term Loan B 5.834% (3 Month LIBOR + 3.50%), due 5/31/25 | 1,296,403 | 1,298,564 | ||||||||
| KIK Custom Products, Inc. 2015 Term Loan B 6.077% (1 Month LIBOR + 4.00%), due 5/15/23 | 2,550,000 | 2,523,437 | ||||||||
| Prestige Brands, Inc. Term Loan B4 4.077% (1 Month LIBOR + 2.00%), due 1/26/24 | 2,583,459 | 2,585,611 | ||||||||
| Revlon Consumer Products Corp. 2016 Term Loan B 5.577% (1 Month LIBOR + 3.50%), due 9/7/23 | 3,111,250 | 2,296,215 | ||||||||
| Spectrum Brands, Inc. | ||||||||||
| 2017 Term Loan B 4.34% (3 Month LIBOR + 2.00%), due 6/23/22 | 108,127 | 108,161 | ||||||||
| 2017 Term Loan B 4.35% (3 Month LIBOR + 2.00%), due 6/23/22 | 1,240,146 | 1,240,533 | ||||||||
| 2017 Term Loan B 4.363% (3 Month LIBOR + 2.00%), due 6/23/22 | 432,695 | 432,830 | ||||||||
| SRAM LLC 2018 Term Loan B 4.945% (2 Month LIBOR + 2.75%), due 3/15/24 | 6,265,364 | 6,281,028 | ||||||||
| Varsity Brands, Inc. 2017 Term Loan B 5.577% (1 Month LIBOR + 3.50%), due 12/15/24 | 4,477,500 | 4,478,301 | ||||||||
| 25,879,366 | ||||||||||
| Personal, Food & Miscellaneous Services 1.3% | ||||||||||
| Golden Nugget, Inc. | ||||||||||
| 2017 Incremental Term Loan 4.827% (1 Month LIBOR + 2.75%), due 10/4/23 | 2,687,752 | 2,695,310 | ||||||||
| 2017 Incremental Term Loan 4.828% (1 Month LIBOR + 2.75%), due 10/4/23 | 2,063,850 | 2,069,654 | ||||||||
| IRB Holding Corp. 1st Lien Term Loan 5.347% (1 Month LIBOR + 3.25%), due 2/5/25 | 3,491,250 | 3,514,816 | ||||||||
| KFC Holding Co. 2018 Term Loan B 3.829% (1 Month LIBOR + 1.75%), due 4/3/25 | 4,935,175 | 4,930,546 | ||||||||
| Weight Watchers International, Inc. | ||||||||||
| 2017 Term Loan B 6.85% (1 Month LIBOR + 4.75%), due 11/29/24 | 1,143,182 | 1,150,803 | ||||||||
| 2017 Term Loan B 7.09% (3 Month LIBOR + 4.75%), due 11/29/24 | 5,681,818 | 5,719,699 | ||||||||
| 20,080,828 | ||||||||||
| Printing & Publishing 0.8% | ||||||||||
| Cengage Learning Acquisitions, Inc. 2016 Term Loan B 6.329% (1 Month LIBOR + 4.25%), due 6/7/23 | 1,324,104 | 1,252,933 | ||||||||
| Getty Images, Inc. Term Loan B 5.572% (1 Month LIBOR + 3.50%), due 10/18/19 | 3,484,600 | 3,406,197 | ||||||||
| McGraw-Hill Global Education Holdings LLC 2016 Term Loan B 6.077% (1 Month LIBOR + 4.00%), due 5/4/22 | 3,527,714 | 3,469,506 | ||||||||
| Prometric Holdings, Inc. 1st Lien Term Loan 5.08% (1 Month LIBOR + 3.00%), due 1/29/25 | 2,219,438 | 2,208,340 | ||||||||
| Shutterfly, Inc. Term Loan B2 4.83% (1 Month LIBOR + 2.75%), due 8/17/24 | 2,100,000 | 2,107,350 | ||||||||
| 12,444,326 | ||||||||||
| Retail Store 4.2% | ||||||||||
| Alphabet Holding Co., Inc. 2017 1st Lien Term Loan 5.577% (1 Month LIBOR + 3.50%), due 9/26/24 | 5,359,500 | 5,031,230 | ||||||||
| American Tire Distributors Holdings, Inc. 2015 Term Loan 6.327% (1 Month LIBOR + 4.25%), due 9/1/21 | 2,251,796 | 1,580,479 | ||||||||
| Bass Pro Group LLC Term Loan B 7.077% (1 Month LIBOR + 5.00%), due 9/25/24 | 4,962,500 | 4,992,275 | ||||||||
| Belk, Inc. Term Loan 6.836% (1 Month LIBOR + 4.75%), due 12/12/22 | 2,411,170 | 1,893,774 | ||||||||
| BJ's Wholesale Club, Inc. 2017 1st Lien Term Loan 5.597% (1 Month LIBOR + 3.50%), due 2/3/24 | 6,806,909 | 6,821,088 | ||||||||
| CNT Holdings III Corp. 2017 Term Loan 5.33% (1 Month LIBOR + 3.25%), due 1/22/23 | 1,515,932 | 1,484,351 | ||||||||
| Harbor Freight Tools USA, Inc. 2018 Term Loan B 4.577% (1 Month LIBOR + 2.50%), due 8/18/23 | 3,545,583 | 3,530,624 | ||||||||
| Leslie's Poolmart, Inc. 2016 Term Loan 5.577% (1 Month LIBOR + 3.50%), due 8/16/23 | 4,823,262 | 4,814,219 | ||||||||
| Michaels Stores, Inc. 2018 Term Loan B 4.572% (1 Month LIBOR + 2.50%), due 1/28/23 | 5,066,553 | 5,060,220 | ||||||||
| Neiman Marcus Group, Ltd. LLC 2020 Term Loan 5.336% (1 Month LIBOR + 3.25%), due 10/25/20 | 2,895,232 | 2,549,975 | ||||||||
| Party City Holdings, Inc. | ||||||||||
| 2018 Term Loan B 4.83% (1 Month LIBOR + 2.75%), due 8/19/22 | 2,521,303 | 2,521,066 | ||||||||
| 2018 Term Loan B 5.28% (3 Month LIBOR + 2.75%), due 8/19/22 | 2,473,826 | 2,473,594 | ||||||||
| 2018 Term Loan B 6.75% (PRIME + 1.75%), due 8/19/22 | 2,481,637 | 2,481,404 | ||||||||
| Petco Animal Supplies, Inc. 2017 Term Loan B 5.592% (3 Month LIBOR + 3.25%), due 1/26/23 | 3,599,436 | 2,578,096 | ||||||||
| PetSmart, Inc. Term Loan B2 5.10% (1 Month LIBOR + 3.00%), due 3/11/22 | 5,052,113 | 4,192,203 | ||||||||
| Sally Holdings LLC Term Loan B2 4.50%, due 7/5/24 (d) | 3,333,333 | 3,175,000 | ||||||||
| Staples, Inc. 2017 Term Loan B 6.358% (3 Month LIBOR + 4.00%), due 9/12/24 | 8,291,667 | 8,211,337 | ||||||||
| Uber Technologies 2018 Incremental Term Loan 5.574% (1 Month LIBOR + 3.50%), due 7/13/23 | 2,393,909 | 2,400,492 | ||||||||
| 65,791,427 | ||||||||||
| Telecommunications 3.0% | ||||||||||
| Avaya, Inc. 2018 Term Loan B 6.322% (1 Month LIBOR + 4.25%), due 12/15/24 | 2,487,500 | 2,497,273 | ||||||||
| CenturyLink, Inc. 2017 Term Loan B 4.827% (1 Month LIBOR + 2.75%), due 1/31/25 | 4,975,000 | 4,897,266 | ||||||||
| CSC Holdings LLC 2018 Term Loan B 4.572% (1 Month LIBOR + 2.50%), due 1/25/26 | 3,740,625 | 3,728,157 | ||||||||
| Frontier Communications Corp. 2017 Term Loan B1 5.83% (1 Month LIBOR + 3.75%), due 6/15/24 | 2,970,000 | 2,925,450 | ||||||||
| Microchip Technology, Inc. 2018 Term Loan B 4.08% (1 Month LIBOR + 2.00%), due 5/29/25 | 5,000,000 | 5,012,500 | ||||||||
| Rackspace Hosting, Inc. 2017 Incremental 1st Lien Term Loan 5.363% (3 Month LIBOR + 3.00%), due 11/3/23 | 2,084,211 | 2,073,008 | ||||||||
| Radiate Holdco LLC 1st Lien Term Loan 5.077% (1 Month LIBOR + 3.00%), due 2/1/24 | 5,530,000 | 5,477,775 | ||||||||
| SBA Senior Finance II LLC 2018 Term Loan B 4.08% (1 Month LIBOR + 2.00%), due 4/11/25 | 6,527,482 | 6,512,070 | ||||||||
| Sprint Communications, Inc. 1st Lien Term Loan B 4.625% (1 Month LIBOR + 2.50%), due 2/2/24 | 4,937,500 | 4,936,266 | ||||||||
| Syniverse Holdings, Inc. | ||||||||||
| 2018 1st Lien Term Loan 7.078% (1 Month LIBOR + 5.00%), due 3/9/23 | 3,740,625 | 3,740,625 | ||||||||
| 2018 2nd Lien Term Loan 11.078% (1 Month LIBOR + 9.00%), due 3/11/24 (d) | 1,000,000 | 982,500 | ||||||||
| West Corp. 2017 Term Loan 6.077% (1 Month LIBOR + 4.00%), due 10/10/24 | 3,948,633 | 3,945,344 | ||||||||
| 46,728,234 | ||||||||||
| Utilities 2.4% | ||||||||||
| Astoria Energy LLC Term Loan B 6.08% (1 Month LIBOR + 4.00%), due 12/24/21 | 3,205,994 | 3,228,036 | ||||||||
| Calpine Corp. Term Loan B5 4.84% (3 Month LIBOR + 2.50%), due 1/15/24 | 5,474,547 | 5,474,821 | ||||||||
| Compass Power Generation LLC 2017 Term Loan B 5.827% (1 Month LIBOR + 3.75%), due 12/20/24 | 1,617,256 | 1,625,746 | ||||||||
| Dayton Power & Light Co. Term Loan B 4.08% (1 Month LIBOR + 2.00%), due 8/24/22 (d) | 492,500 | 490,038 | ||||||||
| EIF Channelview Cogeneration LLC 2018 Term Loan B 6.33% (1 Month LIBOR + 4.25%), due 5/3/25 | 3,500,000 | 3,524,063 | ||||||||
| ExGen Renewables IV LLC Term Loan B 5.31% (3 Month LIBOR + 3.00%), due 11/28/24 (d) | 2,454,206 | 2,469,545 | ||||||||
| Granite Acquisition, Inc. | ||||||||||
| Term Loan C 5.834% (3 Month LIBOR + 3.50%), due 12/19/21 | 88,897 | 89,545 | ||||||||
| Term Loan B 5.837% (3 Month LIBOR + 3.50%), due 12/19/21 | 3,878,644 | 3,906,927 | ||||||||
| 2nd Lien Term Loan B 9.584% (3 Month LIBOR + 7.25%), due 12/19/22 | 1,521,278 | 1,521,278 | ||||||||
| Helix Gen Funding LLC Term Loan B 5.827% (1 Month LIBOR + 3.75%), due 6/2/24 | 5,520,056 | 5,559,574 | ||||||||
| Southeast PowerGen LLC Term Loan B 5.58% (1 Month LIBOR + 3.50%), due 12/2/21 | 1,675,024 | 1,546,605 | ||||||||
| TEX Operations Co. LLC Exit Term Loan B 4.077% (1 Month LIBOR + 2.00%), due 8/4/23 | 3,208,286 | 3,200,711 | ||||||||
| ¤ | Vistra Energy Corp. | |||||||||
| 1st Lien Term Loan B3 4.073% (1 Month LIBOR + 2.00%), due 12/31/25 | 2,926,829 | 2,919,919 | ||||||||
| 1st Lien Term Loan B3 4.077% (1 Month LIBOR + 2.00%), due 12/31/25 | 1,073,171 | 1,070,637 | ||||||||
| Vistra Operations Co. LLC 2016 Term Loan B2 4.327% (1 Month LIBOR + 2.25%), due 12/14/23 | 1,077,344 | 1,076,766 | ||||||||
| 37,704,211 | ||||||||||
| Total Floating Rate Loans (Cost $1,306,130,736) | 1,299,824,178 | |||||||||
| Foreign Floating Rate Loans 9.9% (c) | ||||||||||
| Beverage, Food & Tobacco 0.2% | ||||||||||
| Jacobs Douwe Egberts International B.V. Term Loan B5 4.625% (3 Month LIBOR + 2.25%), due 7/2/22 | 2,674,611 | 2,674,611 | ||||||||
| Broadcasting & Entertainment 0.4% | ||||||||||
| Numericable Group S.A. | ||||||||||
| Term Loan B11 4.822% (1 Month LIBOR + 2.75%), due 7/31/25 | 1,967,575 | 1,869,196 | ||||||||
| Term Loan B12 5.072% (1 Month LIBOR + 3.00%), due 1/31/26 | 3,969,975 | 3,883,132 | ||||||||
| 5,752,328 | ||||||||||
| Buildings & Real Estate 0.1% | ||||||||||
| Reece, Ltd. 2018 Term Loan B 4.34% (3 Month LIBOR + 2.00%), due 7/2/25 | 1,500,000 | 1,500,937 | ||||||||
| Chemicals, Plastics & Rubber 1.0% | ||||||||||
| Allnex (Luxembourg) & Cy S.C.A. 2016 USD Term Loan B2 5.569% (3 Month LIBOR + 3.25%), due 9/13/23 | 2,583,912 | 2,595,217 | ||||||||
| Alpha 3 B.V. 2017 Term Loan B1 5.334% (3 Month LIBOR + 3.00%), due 1/31/24 | 4,957,481 | 4,957,481 | ||||||||
| Diamond (BC) B.V. Term Loan 5.077% (1 Month LIBOR + 3.00%), due 9/6/24 | 3,316,667 | 3,257,242 | ||||||||
| Flint Group GmbH (d) | ||||||||||
| Term Loan C 5.201% (3 Month LIBOR + 3.00%), due 9/7/21 | 1,375 | 1,292 | ||||||||
| Term Loan C 5.342% (3 Month LIBOR + 3.00%), due 9/7/21 | 527,955 | 496,277 | ||||||||
| Oxea Holding Drei GmbH 2017 Term Loan B2 5.625% (3 Month LIBOR + 3.50%), due 10/11/24 | 4,466,250 | 4,463,459 | ||||||||
| 15,770,968 | ||||||||||
| Diversified/Conglomerate Manufacturing 0.7% | ||||||||||
| AI Ladder (Luxembourg) Subco S.A R.L. 2018 Term Loan 7.02% (3 Month LIBOR + 4.50%), due 7/2/25 (e) | 3,571,429 | 3,555,804 | ||||||||
| Bright Bidco B.V. (d) | ||||||||||
| 2018 Term Loan B 5.577% (1 Month LIBOR + 3.50%), due 6/30/24 | 1,276,394 | 1,266,821 | ||||||||
| 2018 Term Loan B 5.834% (3 Month LIBOR + 3.50%), due 6/30/24 | 2,683,681 | 2,663,553 | ||||||||
| Garda World Security Corp. 2017 Term Loan 5.80% (3 Month LIBOR + 3.50%), due 5/24/24 | 3,524,772 | 3,540,634 | ||||||||
| 11,026,812 | ||||||||||
| Ecological 0.2% | ||||||||||
| GFL Environmental, Inc. | ||||||||||
| 2018 Delayed Draw Term Loan 2.75%, due 5/30/25 | 154,696 | 154,213 | ||||||||
| 2018 Term Loan B 5.084% (3 Month LIBOR + 2.75%), due 5/30/25 | 3,024,309 | 3,014,858 | ||||||||
| 3,169,071 | ||||||||||
| Electronics 1.0% | ||||||||||
| Avast Software B.V. 2018 USD Term Loan B 4.834% (3 Month LIBOR + 2.50%), due 9/30/23 | 3,251,871 | 3,259,548 | ||||||||
| Camelot UK Holdco, Ltd. 2017 Repriced Term Loan 5.327% (1 Month LIBOR + 3.25%), due 10/3/23 | 1,473,900 | 1,475,742 | ||||||||
| Oberthur Technologies S.A. 2016 Term Loan B1 6.084% (3 Month LIBOR + 3.75%), due 1/10/24 | 2,244,844 | 2,240,916 | ||||||||
| SS&C Technologies Holdings Europe S.A R.L. 2018 Term Loan B4 4.577% (1 Month LIBOR + 2.50%), due 4/16/25 | 4,591,456 | 4,605,024 | ||||||||
| Trader Corp. 2017 Term Loan B 5.072% (1 Month LIBOR + 3.00%), due 9/28/23 (d) | 4,034,980 | 4,034,980 | ||||||||
| 15,616,210 | ||||||||||
| Finance 0.5% | ||||||||||
| ION Trading Technologies S.A.R.L. USD Incremental Term Loan B TBD, due 11/21/24 (e) | 8,000,000 | 7,975,000 | ||||||||
| Healthcare, Education & Childcare 1.6% | ||||||||||
| Auris Luxembourg III S.A.R.L. 2018 USD Term Loan B TBD, due 7/20/25 (e) | 3,937,500 | 3,964,570 | ||||||||
| Endo Luxembourg Finance Co. I S.A R.L. 2017 Term Loan B 6.375% (1 Month LIBOR + 4.25%), due 4/29/24 | 7,132,500 | 7,134,726 | ||||||||
| Mallinckrodt International Finance S.A. Term Loan B 5.203% (3 Month LIBOR + 2.75%), due 9/24/24 | 2,307,705 | 2,270,525 | ||||||||
| ¤ | Valeant Pharmaceuticals International, Inc. 2018 Term Loan B 5.092% (1 Month LIBOR + 3.00%), due 6/1/25 | 11,433,865 | 11,441,583 | |||||||
| 24,811,404 | ||||||||||
| Hotels, Motels, Inns & Gaming 0.9% | ||||||||||
| Belmond Interfin, Ltd. Dollar Term Loan 4.827% (1 Month LIBOR + 2.75%), due 7/3/24 | 2,376,000 | 2,374,515 | ||||||||
| Four Seasons Hotels, Ltd. New 1st Lien Term Loan 4.077% (1 Month LIBOR + 2.00%), due 11/30/23 | 492,500 | 491,884 | ||||||||
| Gateway Casinos & Entertainment, Ltd. 2018 Term Loan B 5.473% (3 Month LIBOR + 3.00%), due 12/1/23 | 2,215,000 | 2,222,383 | ||||||||
| GVC Holdings PLC 2018 Term Loan 4.577% (1 Month LIBOR + 2.50%), due 3/29/24 | 2,992,500 | 2,994,993 | ||||||||
| Stars Group Holdings B.V. 2018 USD Incremental Term Loan 5.831% (3 Month LIBOR + 3.50%), due 7/10/25 (e) | 6,250,000 | 6,308,437 | ||||||||
| 14,392,212 | ||||||||||
| Leisure, Amusement, Motion Pictures & Entertainment 0.9% | ||||||||||
| Bombardier Recreational Products, Inc. 2016 Term Loan B 4.08% (1 Month LIBOR + 2.00%), due 5/23/25 | 4,405,375 | 4,388,855 | ||||||||
| Delta 2 (LUX) S.A.R.L. 2018 USD Term Loan 4.577% (1 Month LIBOR + 2.50%), due 2/1/24 | 6,650,036 | 6,613,461 | ||||||||
| DHX Media, Ltd. Term Loan B 5.825% (1 Month LIBOR + 3.75%), due 12/29/23 | 1,826,232 | 1,827,373 | ||||||||
| Lions Gate Entertainment Corp. 2018 Term Loan B 4.314% (3 Month LIBOR + 2.25%), due 3/24/25 | 1,745,625 | 1,741,261 | ||||||||
| 14,570,950 | ||||||||||
| Media 0.1% | ||||||||||
| Altice France S.A. 2018 Term Loan B13 TBD, due 7/13/26 (e) | 2,083,332 | 2,037,107 | ||||||||
| Oil & Gas 0.3% | ||||||||||
| EG Group, Ltd. 2018 Term Loan B 6.267% (3 Month LIBOR + 4.00%), due 2/6/25 | 2,793,000 | 2,775,544 | ||||||||
| MEG Energy Corp. 2017 Term Loan B 5.58% (1 Month LIBOR + 3.50%), due 12/31/23 | 562,500 | 562,675 | ||||||||
| Pacific Drilling S.A. Term Loan B TBD (PRIME + 4.50%), due 6/3/19 (e)(f)(g) | 2,978,889 | 1,102,189 | ||||||||
| 4,440,408 | ||||||||||
| Personal & Nondurable Consumer Products (Manufacturing Only) 0.5% | ||||||||||
| Array Canada, Inc. Term Loan B 7.334% (3 Month LIBOR + 5.00%), due 2/10/23 | 1,762,645 | 1,753,832 | ||||||||
| Titan Acquisition, Ltd. 2018 Term Loan B 5.077% (1 Month LIBOR + 3.00%), due 3/28/25 | 5,610,938 | 5,517,420 | ||||||||
| 7,271,252 | ||||||||||
| Personal, Food & Miscellaneous Services 0.2% | ||||||||||
| 1011778 B.C. Unlimited Liability Co. Term Loan B3 4.327% (1 Month LIBOR + 2.25%), due 2/16/24 | 2,525,227 | 2,523,124 | ||||||||
| Printing & Publishing 0.4% | ||||||||||
| Springer Science & Business Media Deutschland GmbH Term Loan B13 5.577% (1 Month LIBOR + 3.50%), due 8/15/22 | 6,317,433 | 6,312,499 | ||||||||
| Retail Store 0.2% | ||||||||||
| EG Finco, Ltd. 2018 USD Term Loan 6.334% (3 Month LIBOR + 4.00%), due 2/7/25 | 3,491,250 | 3,477,069 | ||||||||
| Telecommunications 0.7% | ||||||||||
| Digicel International Finance, Ltd. 2017 Term Loan B 5.33% (1 Month LIBOR + 3.25%), due 5/28/24 | 967,689 | 921,723 | ||||||||
| Intelsat Jackson Holdings S.A. 2017 Term Loan B3 5.827% (1 Month LIBOR + 3.75%), due 11/27/23 | 4,702,081 | 4,709,266 | ||||||||
| Telesat Canada Term Loan B4 4.84% (3 Month LIBOR + 2.50%), due 11/17/23 | 5,238,058 | 5,225,031 | ||||||||
| 10,856,020 | ||||||||||
| Total Foreign Floating Rate Loans (Cost $156,112,261) | 154,177,982 | |||||||||
| Total Long-Term Bonds (Cost $1,515,541,952) | 1,507,157,993 | |||||||||
| Shares | ||||||||||
| Affiliated Investment Company 0.1% | ||||||||||
| Fixed Income Fund 0.1% | ||||||||||
| MainStay MacKay High Yield Corporate Bond Fund Class I | 217,584 | 1,222,821 | ||||||||
| Total Affiliated Investment Company (Cost $1,255,443) | 1,222,821 | |||||||||
| Common Stocks 0.8% | ||||||||||
| Beverages 0.0% ‡ | ||||||||||
| Nellson Nutraceutical, Inc. (d)(e)(h)(i) | 379 | 0 | ||||||||
| Communications Equipment 0.0% ‡ | ||||||||||
| Energy Future Holdings Corp. (d)(e)(h)(i) | 175,418 | 0 | ||||||||
| Electric 0.2% | ||||||||||
| ¤ | Vistra Energy Corp. (i) | 107,130 | 2,421,138 | |||||||
| Energy Equipment & Services 0.1% | ||||||||||
| Ocean Rig UDW, Inc., Class A (i)(j) | 75,655 | 2,121,366 | ||||||||
| Equity Real Estate Investment Trusts 0.1% | ||||||||||
| VICI Properties, Inc. | 104,245 | 2,121,386 | ||||||||
| Hotels, Restaurants & Leisure 0.1% | ||||||||||
| Caesars Entertainment Corp. (i) | 71,926 | 812,764 | ||||||||
| Media 0.0% ‡ | ||||||||||
| Cumulus Media, Inc. (d)(i) | 37,743 | 632,195 | ||||||||
| Metals & Mining 0.2% | ||||||||||
| AFGlobal Corp. (d)(e)(h)(i) | 60,753 | 3,554,050 | ||||||||
| Oil & Gas 0.0% ‡ | ||||||||||
| HGIM Corp. (d)(h)(i) | 1,382 | 65,645 | ||||||||
| Templar Energy Corp., Class B (d)(e)(h)(i) | 60,655 | 704 | ||||||||
| Templar Energy LLC, Class A (d)(e)(h)(i) | 60,049 | 69,656 | ||||||||
| 136,005 | ||||||||||
| Oil, Gas & Consumable Fuels 0.1% | ||||||||||
| Ascent Resources (d)(e)(h)(i) | 244,062 | 787,100 | ||||||||
| Total Common Stocks (Cost $11,796,501) | 12,586,004 | |||||||||
| Preferred Stocks 0.0%‡ | ||||||||||
| Oil & Gas 0.0% ‡ | ||||||||||
| Templar Energy Corp. (8.00% PIK) (b)(d)(e)(h)(i) | 83,606 | 269,954 | ||||||||
| Total Preferred Stocks (Cost $379,311) | 269,954 | |||||||||
| Number of Rights | ||||||||||
| Rights 0.0%‡ | ||||||||||
| Electric 0.0% ‡ | ||||||||||
| ¤ | Vistra Energy Corp. (d)(e) (h)(i) | 107,130 | 87,847 | |||||||
| Total Rights (Cost $87,847) | 87,847 | |||||||||
| Number of Warrants | ||||||||||
| Warrants 0.0%‡ | ||||||||||
| Oil & Gas 0.0% ‡ | ||||||||||
| Ascent Resources (d)(e)(h)(i) | ||||||||||
| 1st Lien Warrants Expires 3/30/23 | 23,368 | 2,804 | ||||||||
| 2nd Lien Tranche A Expires 3/30/23 | 30,044 | 5,258 | ||||||||
| 2nd Lien Tranche B Expires 3/30/23 | 62,000 | 1,860 | ||||||||
| HGIM Corp. Expires 7/2/47 (d)(e)(h)(i) | 6,177 | 293,407 | ||||||||
| Total Warrants (Cost $259,875) | 303,329 | |||||||||
| Principal Amount | ||||||||||
| Short-Term Investments 6.9% | ||||||||||
| U.S. Government & Federal Agencies 6.9% (k) | ||||||||||
| 1.864%, due 8/2/18 | $ | 6,197,000 | 6,196,684 | |||||||
| 1.868%, due 8/2/18 | 16,305,000 | 16,304,167 | ||||||||
| 1.877%, due 8/2/18 | 1,762,000 | 1,761,910 | ||||||||
| 1.879%, due 8/23/18 | 1,116,000 | 1,114,738 | ||||||||
| 1.88%, due 8/16/18 | 10,084,000 | 10,076,220 | ||||||||
| 1.881%, due 8/23/18 | 22,986,000 | 22,959,978 | ||||||||
| 1.883%, due 8/9/18 | 38,773,000 | 38,756,974 | ||||||||
| 1.897%, due 8/23/18 | 2,629,000 | 2,625,999 | ||||||||
| 1.898%, due 8/16/18 | 3,035,000 | 3,032,635 | ||||||||
| 1.904%, due 8/30/18 | 4,847,000 | 4,839,679 | ||||||||
| Total Short-Term Investments (Cost $107,655,444) | 107,668,984 | |||||||||
| Total Investments (Cost $1,636,976,373) | 104.2 | % | 1,629,296,932 | |||||||
| Other Assets, Less Liabilities | (4.2 | ) | (65,206,534 | ) | ||||||
| Net Assets | 100.0 | % | $ | 1,564,090,398 | ||||||
| † | Percentages indicated are based on Fund net assets. |
| ¤ | Among the Fund's 10 largest holdings or issuers held, as of July 31, 2018, excluding short-term investments. May be subject to change daily. |
| ‡ | Less than one-tenth of a percent. |
| (a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (b) | PIK ("Payment-in-Kind") - issuer may pay interest or dividends with additional securities and/or in cash. |
| (c) | Floating rate - Rate shown was the rate in effect as of July 31, 2018. |
| (d) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (e) | Illiquid security - As of July 31, 2018, the total market value of these securities deemed illiquid under procedures approved by the Board of Trustees was $104,742,029, which represented 6.7% of the Fund's net assets. |
| (f) | Issue in default. |
| (g) | Issue in non-accrual status. |
| (h) | Fair valued security - Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of July 31, 2018, the total market value of fair valued securities was $5,138,285, which represented 0.3% of the Fund's net assets. |
| (i) | Non-income producing security. |
| (j) | All or a portion of this security was held on loan. As of July 31, 2018, the market value of securities loaned was $2,100,140 and the Fund received non-cash collateral in the amount of $2,153,318. |
| (k) | Interest rate shown represents yield to maturity. |
The following abbreviations are used in the preceding pages:
LIBOR —London Interbank Offered Rate
TBD —To Be Determined
The
following is a summary of the fair valuations according to the inputs used as of July 31, 2018, for valuing the Fund's assets.
Asset Valuation Inputs
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
| Investments in Securities (a) | ||||||||||||||||
| Long-Term Bonds | ||||||||||||||||
| Corporate Bonds | $ | — | $ | 53,155,833 | $ | — | $ | 53,155,833 | ||||||||
| Floating Rate Loans (b) | — | 1,174,560,845 | 125,263,333 | 1,299,824,178 | ||||||||||||
| Foreign Floating Rate Loans (c) | — | 145,715,059 | 8,462,923 | 154,177,982 | ||||||||||||
| Total Long-Term Bonds | — | 1,373,431,737 | 133,726,256 | 1,507,157,993 | ||||||||||||
| Affiliated Investment Company | ||||||||||||||||
| Fixed Income Fund | 1,222,821 | — | — | 1,222,821 | ||||||||||||
| Common Stocks (d) | 7,476,654 | — | 5,109,350 | 12,586,004 | ||||||||||||
| Preferred Stocks (e) | — | — | 269,954 | 269,954 | ||||||||||||
| Rights (f) | — | — | 87,847 | 87,847 | ||||||||||||
| Warrants (g) | — | — | 303,329 | 303,329 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| U.S. Government & Federal Agencies | — | 107,668,984 | — | 107,668,984 | ||||||||||||
| Total Investments in Securities | $ | 8,699,475 | $ | 1,481,100,721 | $ | 139,496,736 | $ | 1,629,296,932 | ||||||||
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| (b) | The Level 3 securities valued at $125,263,333 are held within the Floating Rate Loans section of the Portfolio of Investments, which were valued by a pricing service without adjustment. |
| (c) | The Level 3 securities valued at $8,462,923 are held within the Foreign Floating Rate Loans section of the Portfolio of Investments, which were valued by a pricing service without adjustment. |
| (d) | The Level 3 securities valued at $632,195, $3,554,050, $136,005, and $787,100 are held in Media, Metals & Mining, Oil & Gas, and Oil, Gas & Consumable Fuels, respectively, within the Common Stocks section of the Portfolio of Investments. |
| (e) | The Level 3 security valued at $269,954 is held in Oil & Gas within the Preferred Stocks section of the Portfolio of Investments. |
| (f) | The Level 3 security valued at $87,847 is held in Electric within the Rights section of the Portfolio of Investments. |
| (g) | The Level 3 securities valued at $303,329 are held in Oil & Gas within the Warrants section of the Portfolio of Investments. |
The Portfolio recognizes transfers between the levels as of the beginning of the period.
As of July 31, 2018, securities with a market value of $47,898,635 transferred from Level 2 to Level 3. The transfer occurred as a result of utilizing significant unobservable inputs. As of October 31, 2017, the fair value obtained for these securities, as determined based on information provided by an independent pricing source, utilized significant observable inputs.
As of July 31, 2018, a security with a market value of $18,853,574 transferred from Level 3 to Level 2. The transfer occurred as a result of utilizing significant observable inputs. As of October 31, 2017, the fair value obtained for these securities, as determined based on information provided by an independent pricing source, utilized significant unobservable inputs.
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:
| Investments in Securities | Balance
as of October 31, 2017 | Accrued Discounts (Premiums) | Realized
Gain (Loss) | Change
in Appreciation | Purchases | Sales (a) | Transfers
in to Level 3 | Transfers
out of Level 3 | Balance
as of July 31, 2018 | Change
in Unrealized Appreciation (Depreciation) from Investments Still Held as of July 31, 2018 | ||||||||||||||||||||||||||||||
| Long-Term Bonds | ||||||||||||||||||||||||||||||||||||||||
| Floating Rate Loans | ||||||||||||||||||||||||||||||||||||||||
| Automobile | $ | 5,155,125 | $ | 6,269 | $ | (14,787 | ) | $ | 93,673 | $ | 3,430,011 | $ | (2,634,216 | ) | $ | - | $ | (2,518,750 | ) | $ | 3,517,325 | $ | 96,485 | |||||||||||||||||
| Banking | 5,776,176 | 7,531 | 8,011 | (29,922 | ) | 3,650,521 | (1,870,726 | ) | 3,508,750 | - | 11,050,341 | (12,331 | ) | |||||||||||||||||||||||||||
| Beverage, Food & Tobacco | 1,999,800 | 2,394 | 543 | (34,141 | ) | 2,753,160 | (57,750 | ) | - | - | 4,664,006 | (34,141 | ) | |||||||||||||||||||||||||||
| Buildings & Real Estate | 3,050,230 | (36 | ) | (175 | ) | 15,746 | 6,230,270 | (3,063,822 | ) | - | - | 6,232,213 | 23,983 | |||||||||||||||||||||||||||
| Chemicals, Plastics & Rubber | 9,123,683 | 428 | 32,225 | (76,187 | ) | - | (3,057,693 | ) | 3,723,125 | (6,093,683 | ) | 3,651,898 | (76,187 | ) | ||||||||||||||||||||||||||
| Containers, Packaging & Glass | 7,832,119 | 1,950 | 12,469 | (50,739 | ) | - | (5,721,887 | ) | 993,607 | (1,485,000 | ) | 1,582,519 | 6,067 | |||||||||||||||||||||||||||
| Diversified/Conglomerate Manufacturing | - | 1,137 | 125 | (53,421 | ) | 5,935,164 | (56,313 | ) | 994,906 | - | 6,821,598 | (53,421 | ) | |||||||||||||||||||||||||||
| Diversified/Conglomerate Service | 4,354,900 | 7,571 | 423 | (83,891 | ) | 4,030,019 | (111,124 | ) | 8,671,622 | - | 16,869,520 | (83,891 | ) | |||||||||||||||||||||||||||
| Electronics | 3,916,074 | 12,264 | 81,524 | (149,462 | ) | 3,142,141 | (5,072,913 | ) | 9,582,850 | (416,074 | ) | 11,096,404 | (115,326 | ) | ||||||||||||||||||||||||||
| Finance | 1,066,449 | 3,570 | 1,520 | (38,850 | ) | 898,271 | (243,872 | ) | 3,833,250 | - | 5,520,338 | (38,850 | ) | |||||||||||||||||||||||||||
| Grocery | - | - | - | 6,750 | 1,791,000 | - | - | - | 1,797,750 | 6,750 | ||||||||||||||||||||||||||||||
| Healthcare, Education & Childcare | 10,144,111 | 1,122 | (38,878 | ) | 96,688 | 10,576,587 | (14,346,394 | ) | 7,074,625 | - | 13,507,861 | 115,633 | ||||||||||||||||||||||||||||
| Home and Office Furnishings, Housewares & Durable Consumer Products | - | 2,977 | 176 | 141,683 | - | (21,000 | ) | 2,523,651 | - | 2,647,487 | 141,683 | |||||||||||||||||||||||||||||
| Hotels, Motels, Inns & Gaming | 3,139,393 | (288 | ) | 15 | (39,505 | ) | 21 | (3,099,636 | ) | - | - | - | - | |||||||||||||||||||||||||||
| Leisure, Amusement, Motion Pictures & Entertainment | 3,058,000 | 1,743 | 17,097 | (22,797 | ) | 19 | (3,061,236 | ) | 883,705 | - | 876,531 | 900 | ||||||||||||||||||||||||||||
| Machinery (Non-Agriculture, Non-Construct & Non-Electronic) | 3,203,438 | (1,316 | ) | (1,237 | ) | (45,010 | ) | 4,870,031 | (311,156 | ) | 5,087,354 | - | 12,802,104 | (45,010 | ) | |||||||||||||||||||||||||
| Mining, Steel, Iron & Non-Precious Metals | 3,312,375 | 3,255 | 40 | 26,662 | 14,877,675 | (3,300,798 | ) | - | - | 14,919,209 | 47,163 | |||||||||||||||||||||||||||||
| Oil & Gas | 1,656,726 | 5,939 | 4 | 474,561 | 575,923 | (2,124,007 | ) | - | - | 589,146 | 13,030 | |||||||||||||||||||||||||||||
| Retail Store | 3,308,333 | 1,792 | - | (135,125 | ) | - | - | - | - | 3,175,000 | (135,125 | ) | ||||||||||||||||||||||||||||
| Telecommunications | 1,318,638 | 2,581 | 1,488 | (18,026 | ) | 985,019 | (1,307,200 | ) | - | - | 982,500 | (3,464 | ) | |||||||||||||||||||||||||||
| Utilities | 2,590,900 | 161 | 794,538 | (726,415 | ) | 2,417,990 | (2,620,664 | ) | 503,073 | - | 2,959,583 | (4,265 | ) | |||||||||||||||||||||||||||
| Foreign Floating Rate Loans | ||||||||||||||||||||||||||||||||||||||||
| Beverage, Food & Tobacco | 2,638,125 | 113 | 6,433 | (19,687 | ) | 16 | (2,625,000 | ) | - | - | - | - | ||||||||||||||||||||||||||||
| Chemicals, Plastics & Rubber | 2,634,543 | (68 | ) | 21 | (16,376 | ) | - | (4,125 | ) | 518,117 | (2,634,543 | ) | 497,569 | (16,376 | ) | |||||||||||||||||||||||||
| Diversified/Conglomerate Manufacturing | - | (75 | ) | (5 | ) | (30,599 | ) | 3,980,978 | (19,925 | ) | - | - | 3,930,374 | (30,599 | ) | |||||||||||||||||||||||||
| Electronics | 4,369,543 | (1,383 | ) | 667 | 11,666 | - | (345,513 | ) | - | - | 4,034,980 | 11,666 | ||||||||||||||||||||||||||||
| Leisure, Amusement, Motion Pictures & Entertainment | 7,195,078 | 236 | 671 | (39,912 | ) | - | (4,416,377 | ) | - | (2,739,696 | ) | - | - | |||||||||||||||||||||||||||
| Personal & Nondurable Consumer Products (Manufacturing Only) | 2,965,828 | - | - | - | - | - | - | (2,965,828 | ) | - | - | |||||||||||||||||||||||||||||
| Common Stocks | ||||||||||||||||||||||||||||||||||||||||
| Media | - | - | - | - | 632,195 | - | - | - | 632,195 | - | ||||||||||||||||||||||||||||||
| Metals & Mining | 2,460,496 | - | - | 1,093,554 | - | - | - | - | 3,554,050 | 1,093,554 | ||||||||||||||||||||||||||||||
| Oil & Gas | 295,391 | - | - | (214,666 | ) | 55,280 | - | - | - | 136,005 | (214,666 | ) | ||||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels | - | - | - | 12,203 | 774,897 | - | - | - | 787,100 | 12,203 | ||||||||||||||||||||||||||||||
| Preferred Stocks | ||||||||||||||||||||||||||||||||||||||||
| Oil & Gas | 312,415 | - | - | (42,461 | ) | - | - | - | - | 269,954 | (42,461 | ) | ||||||||||||||||||||||||||||
| Rights | ||||||||||||||||||||||||||||||||||||||||
| Electric | - | - | - | - | 87,847 | - | - | - | 87,847 | - | ||||||||||||||||||||||||||||||
| Warrants | ||||||||||||||||||||||||||||||||||||||||
| Oil & Gas | - | - | - | 43,454 | 259,875 | - | - | - | 303,329 | 43,454 | ||||||||||||||||||||||||||||||
| Total | $ | 96,877,889 | $ | 59,867 | $ | 902,908 | $ | 149,448 | $ | 71,954,910 | $ | (59,493,347 | ) | $ | 47,898,635 | $ | (18,853,574 | ) | $ | 139,496,736 | $ | 706,458 | ||||||||||||||||||
| (a) | Sales include principal reductions. |
MainStay Growth Allocation Fund
Portfolio of Investments July 31, 2018 (Unaudited)
| Shares | Value | |||||||||
| Affiliated Investment Companies 100.0% † | ||||||||||
| Equity Funds 100.0% | ||||||||||
| IQ 50 Percent Hedged FTSE International ETF | 1,064,271 | $ | 22,693,238 | |||||||
| IQ Chaikin U.S. Large Cap ETF (a) | 944,299 | 24,570,660 | ||||||||
| IQ Chaikin U.S. Small Cap ETF (a) | 1,012,272 | 29,305,274 | ||||||||
| IQ Global Resources ETF (b) | 401,412 | 10,934,463 | ||||||||
| MainStay Candriam Emerging Markets Equity Fund Class R6 (a)(b) | 1,604,944 | 14,974,128 | ||||||||
| MainStay Cushing MLP Premier Fund Class I | 250,502 | 3,146,307 | ||||||||
| MainStay Cushing Renaissance Advantage Fund Class I (a) | 530,599 | 11,333,591 | ||||||||
| MainStay Epoch Capital Growth Fund Class I | 269,264 | 3,578,523 | ||||||||
| MainStay Epoch Global Choice Fund Class I | 379,536 | 8,345,991 | ||||||||
| MainStay Epoch International Choice Fund Class I | 629,091 | 22,685,039 | ||||||||
| MainStay Epoch U.S. All Cap Fund Class R6 (a)(b) | 1,063,630 | 31,238,818 | ||||||||
| MainStay Epoch U.S. Equity Yield Fund Class R6 (a) | 2,217,684 | 36,325,662 | ||||||||
| MainStay Epoch U.S. Small Cap Fund Class I (a) | 1,253,849 | 40,800,243 | ||||||||
| MainStay Large Cap Growth Fund Class R6 | 463,694 | 5,281,476 | ||||||||
| MainStay MacKay Emerging Markets Equity Fund Class R6 (a)(b) | 1,459,143 | 14,970,802 | ||||||||
| MainStay MacKay Growth Fund Class I (a) | 408,679 | 15,791,346 | ||||||||
| MainStay MacKay International Equity Fund Class I | 230,390 | 4,130,898 | ||||||||
| MainStay MacKay International Opportunities Fund Class I | 2,963,538 | 26,523,663 | ||||||||
| MainStay MacKay S&P 500 Index Fund Class I | 41,213 | 2,129,908 | ||||||||
| MainStay MacKay U.S. Equity Opportunities Fund Class I (a) | 4,060,232 | 41,495,573 | ||||||||
| MainStay MAP Equity Fund Class I (a) | 757,053 | 33,628,304 | ||||||||
| Total Affiliated Investment Companies (Cost $319,737,471) | 403,883,907 | |||||||||
| Short-Term Investment 0.0%‡ | ||||||||||
| Affiliated Investment Company 0.0% ‡ | ||||||||||
| MainStay U.S. Government Liquidity Fund, 1.75% (c) | 75,886 | 75,886 | ||||||||
| Total Short-Term Investment (Cost $75,886) | 75,886 | |||||||||
| Total Investments (Cost $319,813,357) | 100.0 | % | 403,959,793 | |||||||
| Other Assets, Less Liabilities | 0.0 | ‡ | 84,290 | |||||||
| Net Assets | 100.0 | % | $ | 404,044,083 | ||||||
| † | Percentages indicated are based on Fund net assets. |
| ‡ | Less than one-tenth of a percent. |
| (a) | The Fund's ownership exceeds 5% of the outstanding shares of the Underlying Fund's share class. |
| (b) | Non-income producing Underlying Fund. |
| (c) | Rate reported is the current yield as of July 31, 2018. |
The following abbreviations are used in the preceding pages:
| ETF | —Exchange-Traded Fund |
| FTSE | —Financial Times Stock Exchange |
| MLP | —Master limited partnership |
The
following is a summary of the fair valuations according to the inputs used as of July 31, 2018, for valuing the Fund's assets.
Asset Valuation Inputs
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
| Investments (a) | ||||||||||||||||
| Affiliated Investment Companies | ||||||||||||||||
| Equity Funds | $ | 403,883,907 | $ | — | $ | — | $ | 403,883,907 | ||||||||
| Short-Term Investment | 75,886 | 75,886 | ||||||||||||||
| Total Investments in Securities | $ | 403,959,793 | $ | — | $ | — | $ | 403,959,793 | ||||||||
| (a) | For a complete listing of investments, see the Portfolio of Investments. |
The Fund recognizes transfers between the levels as of the beginning of the period.
For the period ended July 31, 2018, the Fund did not have any transfers among levels.
As of July 31, 2018, the Fund did not hold any investments with significant unobservable inputs (Level 3).
MainStay Indexed Bond Fund
Portfolio of Investments July 31, 2018 (Unaudited)
| Principal
Amount | Value | |||||||||
| Long-Term Bonds 98.9% † | ||||||||||
| Asset-Backed Securities 0.6% | ||||||||||
| Automobile 0.5% | ||||||||||
| GM
Financial Securitized Term Auto Recievables Trust Series 2018-3, Class A3 3.02%, due 5/16/23 | $ | 700,000 | $ | 698,718 | ||||||
| Hyundai
Auto Lease Securitization Trust Series 2018-B, Class A3 3.04%, due 10/15/21 (a) | 100,000 | 99,805 | ||||||||
| Volkswagen
Auto Loan Enhanced Trust Series 2018-1, Class A3 3.02%, due 11/21/22 | 186,000 | 185,560 | ||||||||
| 984,083 | ||||||||||
| Home Equity 0.0% ‡ | ||||||||||
| Saxon
Asset Securities Trust Series 2003-1, Class AF5 4.719%, due 6/25/33 (b) | 77,142 | 76,644 | ||||||||
| Other Asset-Backed Securities 0.1% | ||||||||||
| MVW
Owner Trust Series 2017-1A, Class A 2.42%, due 12/20/34 (a) | 167,828 | 162,723 | ||||||||
| Total
Asset-Backed Securities (Cost $1,230,618) | 1,223,450 | |||||||||
| Corporate Bonds 26.9% | ||||||||||
| Aerospace & Defense 0.5% | ||||||||||
| Boeing
Co. 2.35%, due 10/30/21 | 170,000 | 166,870 | ||||||||
| General
Dynamics Corp. 3.00%, due 5/11/21 | 170,000 | 169,264 | ||||||||
| Lockheed
Martin Corp. 4.70%, due 5/15/46 | 135,000 | 145,341 | ||||||||
| Northrop Grumman Corp. | ||||||||||
| 3.25%, due 1/15/28 | 205,000 | 194,320 | ||||||||
| 5.05%, due 8/1/19 | 135,000 | 137,930 | ||||||||
| United
Technologies Corp. 3.10%, due 6/1/22 | 340,000 | 336,393 | ||||||||
| 1,150,118 | ||||||||||
| Agriculture 0.1% | ||||||||||
| Archer-Daniels-Midland
Co. 4.535%, due 3/26/42 | 291,000 | 301,779 | ||||||||
| Airlines 0.0% ‡ | ||||||||||
| Continental
Airlines, Inc. Series 1992-2, Class A1 7.256%, due 9/15/21 | 14,571 | 15,008 | ||||||||
| Auto Manufacturers 0.9% | ||||||||||
| Daimler
Finance N.A. LLC 8.50%, due 1/18/31 | 205,000 | 288,788 | ||||||||
| Ford Motor Credit Co. LLC | ||||||||||
| 3.219%, due 1/9/22 | 270,000 | 263,914 | ||||||||
| 3.81%, due 1/9/24 | 675,000 | 653,693 | ||||||||
| General
Motors Financial Co., Inc. 5.25%, due 3/1/26 | 405,000 | 419,624 | ||||||||
| Toyota
Motor Credit Corp. 3.40%, due 9/15/21 | 270,000 | 272,755 | ||||||||
| 1,898,774 | ||||||||||
| Banks 6.3% | ||||||||||
| Bank of America Corp. | ||||||||||
| 3.419%, due 12/20/28 (c) | 678,000 | 637,611 | ||||||||
| 5.00%, due 1/21/44 | 270,000 | 290,293 | ||||||||
| Bank
of New York Mellon Corp. 2.50%, due 4/15/21 | 475,000 | 466,033 | ||||||||
| Bank
of Nova Scotia 2.70%, due 3/7/22 | 350,000 | 341,932 | ||||||||
| Barclays
PLC 5.25%, due 8/17/45 | 270,000 | 270,687 | ||||||||
| BB&T
Corp. 2.05%, due 5/10/21 | 475,000 | 458,797 | ||||||||
| BNP
Paribas S.A. 3.25%, due 3/3/23 | 270,000 | 266,467 | ||||||||
| Capital
One Financial Corp. 3.75%, due 4/24/24 | 340,000 | 333,761 | ||||||||
| Citigroup, Inc. | ||||||||||
| 4.45%, due 9/29/27 | 510,000 | 504,209 | ||||||||
| 5.875%, due 2/22/33 | 340,000 | 377,250 | ||||||||
| Cooperatieve
Rabobank UA 5.75%, due 12/1/43 | 340,000 | 385,189 | ||||||||
| Credit
Suisse A.G. 3.625%, due 9/9/24 | 340,000 | 336,298 | ||||||||
| Fifth
Third Bank 2.25%, due 6/14/21 | 475,000 | 462,384 | ||||||||
| ¤ | Goldman Sachs Group, Inc. | |||||||||
| 2.876%, due 10/31/22 (c) | 1,320,000 | 1,291,268 | ||||||||
| 3.85%, due 1/26/27 | 170,000 | 165,161 | ||||||||
| 4.25%, due 10/21/25 | 205,000 | 203,623 | ||||||||
| ¤ | HSBC Holdings PLC | |||||||||
| 3.90%, due 5/25/26 | 270,000 | 265,024 | ||||||||
| 4.30%, due 3/8/26 | 950,000 | 959,751 | ||||||||
| JPMorgan
Chase & Co. 4.85%, due 2/1/44 | 680,000 | 711,231 | ||||||||
| Lloyds
Banking Group PLC 3.75%, due 1/11/27 | 270,000 | 255,622 | ||||||||
| ¤ | Morgan Stanley | |||||||||
| 2.75%, due 5/19/22 | 1,195,000 | 1,159,963 | ||||||||
| 3.625%, due 1/20/27 | 170,000 | 163,313 | ||||||||
| 4.00%, due 7/23/25 | 270,000 | 270,241 | ||||||||
| Northern
Trust Corp. 3.45%, due 11/4/20 | 135,000 | 136,043 | ||||||||
| PNC
Bank N.A. 2.70%, due 11/1/22 | 540,000 | 519,443 | ||||||||
| Santander
UK PLC 2.375%, due 3/16/20 | 475,000 | 468,784 | ||||||||
| State
Street Bank & Trust Co. 5.25%, due 10/15/18 | 100,000 | 100,537 | ||||||||
| Sumitomo
Mitsui Banking Corp. 2.65%, due 7/23/20 | 405,000 | 399,478 | ||||||||
| U.S.
Bank N.A. 2.00%, due 1/24/20 | 475,000 | 468,352 | ||||||||
| Wells
Fargo & Co. 4.48%, due 1/16/24 | 478,000 | 488,623 | ||||||||
| Wells
Fargo Bank N.A. 5.95%, due 8/26/36 | 150,000 | 174,046 | ||||||||
| Westpac
Banking Corp. 2.50%, due 6/28/22 | 340,000 | 326,442 | ||||||||
| 13,657,856 | ||||||||||
| Beverages 0.8% | ||||||||||
| Anheuser-Busch
InBev Finance, Inc. 4.90%, due 2/1/46 | 610,000 | 636,589 | ||||||||
| Coca-Cola
Co. 3.15%, due 11/15/20 | 305,000 | 306,483 | ||||||||
| Diageo
Capital PLC 2.625%, due 4/29/23 | 340,000 | 328,826 | ||||||||
| Molson
Coors Brewing Co. 3.00%, due 7/15/26 | 135,000 | 123,624 | ||||||||
| Pepsi-Cola
Metropolitan Bottling Co., Inc. 7.00%, due 3/1/29 | 60,000 | 76,687 | ||||||||
| PepsiCo,
Inc. 2.85%, due 2/24/26 | 270,000 | 257,121 | ||||||||
| 1,729,330 | ||||||||||
| Biotechnology 0.6% | ||||||||||
| Amgen,
Inc. 3.125%, due 5/1/25 | 475,000 | 457,024 | ||||||||
| Celgene
Corp. 3.625%, due 5/15/24 | 270,000 | 265,769 | ||||||||
| Gilead
Sciences, Inc. 3.70%, due 4/1/24 | 540,000 | 542,567 | ||||||||
| 1,265,360 | ||||||||||
| Chemicals 0.4% | ||||||||||
| E.I.
du Pont de Nemours & Co. 3.625%, due 1/15/21 | 135,000 | 136,737 | ||||||||
| LYB
International Finance B.V. 4.00%, due 7/15/23 | 135,000 | 135,518 | ||||||||
| Mosaic
Co. 4.05%, due 11/15/27 | 305,000 | 293,235 | ||||||||
| Nutrien,
Ltd. 4.875%, due 3/30/20 | 150,000 | 153,210 | ||||||||
| Rohm
& Haas Co. 7.85%, due 7/15/29 | 135,000 | 173,977 | ||||||||
| 892,677 | ||||||||||
| Computers 0.4% | ||||||||||
| Apple, Inc. | ||||||||||
| 2.90%, due 9/12/27 | 510,000 | 482,647 | ||||||||
| 4.45%, due 5/6/44 | 270,000 | 286,181 | ||||||||
| 768,828 | ||||||||||
| Cosmetics & Personal Care 0.2% | ||||||||||
| Procter
& Gamble Co. 2.70%, due 2/2/26 | 340,000 | 322,134 | ||||||||
| Unilever
Capital Corp. 2.60%, due 5/5/24 | 205,000 | 195,343 | ||||||||
| 517,477 | ||||||||||
| Diversified Financial Services 0.5% | ||||||||||
| GE
Capital International Funding Co. 4.418%, due 11/15/35 | 550,000 | 535,874 | ||||||||
| National
Rural Utilities Cooperative Finance Corp. 8.00%, due 3/1/32 | 100,000 | 138,154 | ||||||||
| Visa,
Inc. 3.15%, due 12/14/25 | 340,000 | 330,658 | ||||||||
| 1,004,686 | ||||||||||
| Electric 1.9% | ||||||||||
| CenterPoint
Energy Houston Electric LLC Series K2 6.95%, due 3/15/33 | 100,000 | 130,118 | ||||||||
| Consolidated
Edison Co. of New York, Inc. 5.85%, due 3/15/36 | 135,000 | 158,562 | ||||||||
| Duke
Energy Carolinas LLC 5.30%, due 2/15/40 | 270,000 | 312,191 | ||||||||
| Entergy
Gulf States Louisiana LLC 3.95%, due 10/1/20 | 340,000 | 344,907 | ||||||||
| Exelon
Corp. 7.60%, due 4/1/32 | 135,000 | 169,317 | ||||||||
| Florida
Power & Light Co. 3.80%, due 12/15/42 | 205,000 | 197,725 | ||||||||
| Georgia
Power Co. 4.75%, due 9/1/40 | 170,000 | 177,781 | ||||||||
| Jersey
Central Power & Light Co. 7.35%, due 2/1/19 | 35,000 | 35,714 | ||||||||
| Ohio
Power Co. Series G 6.60%, due 2/15/33 | 205,000 | 257,723 | ||||||||
| Oncor
Electric Delivery Co. LLC 7.00%, due 9/1/22 | 135,000 | 152,958 | ||||||||
| PacifiCorp 6.25%, due 10/15/37 | 270,000 | 342,429 | ||||||||
| PECO
Energy Co. 5.95%, due 10/1/36 | 205,000 | 252,302 | ||||||||
| PPL
Electric Utilities Corp. 3.00%, due 9/15/21 | 270,000 | 268,336 | ||||||||
| PSEG Power LLC | ||||||||||
| 5.125%, due 4/15/20 | 110,000 | 113,194 | ||||||||
| 8.625%, due 4/15/31 | 50,000 | 65,410 | ||||||||
| Puget
Sound Energy, Inc. 6.274%, due 3/15/37 | 100,000 | 123,841 | ||||||||
| South
Carolina Electric & Gas Co. 6.05%, due 1/15/38 | 135,000 | 153,537 | ||||||||
| Southern
California Edison Co. 4.50%, due 9/1/40 | 235,000 | 237,377 | ||||||||
| Virginia
Electric & Power Co. 6.00%, due 5/15/37 | 235,000 | 281,483 | ||||||||
| Xcel
Energy, Inc. 6.50%, due 7/1/36 | 205,000 | 261,754 | ||||||||
| 4,036,659 | ||||||||||
| Electrical Components & Equipment 0.1% | ||||||||||
| Emerson
Electric Co. 4.25%, due 11/15/20 | 150,000 | 153,001 | ||||||||
| Environmental Controls 0.1% | ||||||||||
| Republic
Services, Inc. 5.00%, due 3/1/20 | 235,000 | 241,371 | ||||||||
| Food 0.3% | ||||||||||
| Conagra
Brands, Inc. 7.00%, due 10/1/28 | 100,000 | 115,557 | ||||||||
| General
Mills, Inc. 4.20%, due 4/17/28 | 70,000 | 69,702 | ||||||||
| Kraft
Heinz Foods Co. 5.20%, due 7/15/45 | 170,000 | 168,449 | ||||||||
| Mondelez
International, Inc. 4.00%, due 2/1/24 | 70,000 | 70,352 | ||||||||
| Tyson
Foods, Inc. 4.50%, due 6/15/22 | 300,000 | 309,436 | ||||||||
| 733,496 | ||||||||||
| Forest Products & Paper 0.4% | ||||||||||
| Fibria Overseas Finance, Ltd. | ||||||||||
| 4.00%, due 1/14/25 | 305,000 | 290,246 | ||||||||
| 5.50%, due 1/17/27 | 305,000 | 313,921 | ||||||||
| International
Paper Co. 3.80%, due 1/15/26 | 170,000 | 166,075 | ||||||||
| 770,242 | ||||||||||
| Gas 0.1% | ||||||||||
| NiSource,
Inc. 4.80%, due 2/15/44 | 235,000 | 245,374 | ||||||||
| Health Care - Products 0.7% | ||||||||||
| Abbott
Laboratories 4.90%, due 11/30/46 | 340,000 | 373,695 | ||||||||
| Becton
Dickinson & Co. 3.70%, due 6/6/27 | 170,000 | 163,124 | ||||||||
| Medtronic,
Inc. 3.50%, due 3/15/25 | 540,000 | 537,824 | ||||||||
| Thermo
Fisher Scientific, Inc. 2.95%, due 9/19/26 | 205,000 | 189,971 | ||||||||
| Zimmer
Biomet Holdings, Inc. 3.55%, due 4/1/25 | 340,000 | 326,006 | ||||||||
| 1,590,620 | ||||||||||
| Health Care - Services 0.5% | ||||||||||
| Aetna,
Inc. 4.125%, due 6/1/21 | 175,000 | 177,693 | ||||||||
| Anthem,
Inc. 4.375%, due 12/1/47 | 270,000 | 256,871 | ||||||||
| Cigna
Corp. 5.125%, due 6/15/20 | 150,000 | 154,885 | ||||||||
| Laboratory
Corporation of America Holdings 4.625%, due 11/15/20 | 135,000 | 138,513 | ||||||||
| Quest
Diagnostics, Inc. 4.75%, due 1/30/20 | 135,000 | 138,244 | ||||||||
| UnitedHealth
Group, Inc. 4.75%, due 7/15/45 | 205,000 | 223,994 | ||||||||
| 1,090,200 | ||||||||||
| Housewares 0.1% | ||||||||||
| Newell
Brands, Inc. 3.85%, due 4/1/23 | 270,000 | 264,795 | ||||||||
| Insurance 0.4% | ||||||||||
| American
International Group, Inc. 6.25%, due 5/1/36 | 135,000 | 156,273 | ||||||||
| AXA
S.A. 8.60%, due 12/15/30 | 105,000 | 133,403 | ||||||||
| Chubb
INA Holdings, Inc. 4.35%, due 11/3/45 | 205,000 | 210,075 | ||||||||
| Hartford
Financial Services Group, Inc. 5.50%, due 3/30/20 | 150,000 | 155,355 | ||||||||
| MetLife,
Inc. 5.70%, due 6/15/35 | 135,000 | 153,664 | ||||||||
| Travelers
Cos., Inc. 6.75%, due 6/20/36 | 100,000 | 129,783 | ||||||||
| 938,553 | ||||||||||
| Internet 0.1% | ||||||||||
| Amazon.com,
Inc. 3.875%, due 8/22/37 | 270,000 | 268,660 | ||||||||
| Iron & Steel 0.0% ‡ | ||||||||||
| Vale
Overseas, Ltd. 4.375%, due 1/11/22 | 32,000 | 32,576 | ||||||||
| Machinery - Construction & Mining 0.1% | ||||||||||
| Caterpillar,
Inc. 3.803%, due 8/15/42 | 205,000 | 197,084 | ||||||||
| Machinery - Diversified 0.2% | ||||||||||
| Deere
& Co. 4.375%, due 10/16/19 | 135,000 | 137,329 | ||||||||
| John
Deere Capital Corp. 2.80%, due 3/6/23 | 205,000 | 199,842 | ||||||||
| 337,171 | ||||||||||
| Media 0.7% | ||||||||||
| 21st
Century Fox America, Inc. 6.40%, due 12/15/35 | 235,000 | 293,775 | ||||||||
| Comcast Corp. | ||||||||||
| 3.999%, due 11/1/49 | 109,000 | 98,436 | ||||||||
| 4.049%, due 11/1/52 | 264,000 | 237,353 | ||||||||
| Discovery
Communications LLC 6.35%, due 6/1/40 | 140,000 | 155,119 | ||||||||
| Thomson
Reuters Corp. 5.85%, due 4/15/40 | 105,000 | 113,322 | ||||||||
| Time Warner Cable LLC | ||||||||||
| 5.00%, due 2/1/20 | 165,000 | 168,334 | ||||||||
| 6.55%, due 5/1/37 | 370,000 | 405,965 | ||||||||
| 1,472,304 | ||||||||||
| Mining 0.5% | ||||||||||
| Barrick
PD Australia Finance Pty., Ltd. 5.95%, due 10/15/39 | 205,000 | 227,955 | ||||||||
| BHP
Billiton Finance USA, Ltd. 5.00%, due 9/30/43 | 270,000 | 307,010 | ||||||||
| Newmont
Mining Corp. 5.125%, due 10/1/19 | 205,000 | 209,219 | ||||||||
| Rio
Tinto Finance USA, Ltd. 3.75%, due 6/15/25 | 270,000 | 270,587 | ||||||||
| 1,014,771 | ||||||||||
| Miscellaneous - Manufacturing 0.1% | ||||||||||
| 3M
Co. 2.25%, due 9/19/26 | 135,000 | 122,828 | ||||||||
| Multi-National 0.6% | ||||||||||
| European Investment Bank | ||||||||||
| 2.25%, due 8/15/22 | 340,000 | 330,639 | ||||||||
| 2.875%, due 9/15/20 | 340,000 | 340,465 | ||||||||
| Inter-American
Development Bank 6.80%, due 10/15/25 | 250,000 | 306,313 | ||||||||
| International
Bank for Reconstruction & Development 2.00%, due 1/26/22 | 340,000 | 329,255 | ||||||||
| 1,306,672 | ||||||||||
| Oil & Gas 2.2% | ||||||||||
| Anadarko
Petroleum Corp. 5.55%, due 3/15/26 | 270,000 | 291,593 | ||||||||
| Apache
Corp. 4.75%, due 4/15/43 | 135,000 | 129,506 | ||||||||
| BP
Capital Markets PLC 4.50%, due 10/1/20 | 405,000 | 416,419 | ||||||||
| Cenovus
Energy, Inc. 5.25%, due 6/15/37 | 205,000 | 206,149 | ||||||||
| Chevron Corp. | ||||||||||
| 2.411%, due 3/3/22 | 205,000 | 200,092 | ||||||||
| 4.95%, due 3/3/19 | 170,000 | 172,450 | ||||||||
| ConocoPhillips 5.90%, due 10/15/32 | 170,000 | 197,865 | ||||||||
| Devon
Energy Corp. 4.00%, due 7/15/21 | 270,000 | 272,653 | ||||||||
| EOG
Resources, Inc. 4.10%, due 2/1/21 | 270,000 | 275,032 | ||||||||
| Equinor
ASA 7.75%, due 6/15/23 | 170,000 | 201,990 | ||||||||
| Exxon
Mobil Corp. 3.043%, due 3/1/26 | 340,000 | 331,108 | ||||||||
| Hess
Corp. 7.30%, due 8/15/31 | 135,000 | 157,749 | ||||||||
| Marathon
Petroleum Corp. 5.125%, due 3/1/21 | 475,000 | 493,682 | ||||||||
| Noble
Energy, Inc. 4.15%, due 12/15/21 | 340,000 | 345,349 | ||||||||
| Occidental
Petroleum Corp. 3.125%, due 2/15/22 | 235,000 | 233,639 | ||||||||
| Petroleos
Mexicanos 6.625%, due 6/15/35 | 340,000 | 329,290 | ||||||||
| Shell
International Finance B.V. 3.75%, due 9/12/46 | 375,000 | 355,492 | ||||||||
| Suncor
Energy, Inc. 6.50%, due 6/15/38 | 135,000 | 168,687 | ||||||||
| 4,778,745 | ||||||||||
| Oil & Gas Services 0.1% | ||||||||||
| Halliburton
Co. 3.80%, due 11/15/25 | 205,000 | 203,603 | ||||||||
| Pharmaceuticals 1.2% | ||||||||||
| AbbVie,
Inc. 3.60%, due 5/14/25 | 440,000 | 429,180 | ||||||||
| Allergan
Funding SCS 3.80%, due 3/15/25 | 270,000 | 264,911 | ||||||||
| AstraZeneca
PLC 6.45%, due 9/15/37 | 135,000 | 169,087 | ||||||||
| Bayer
U.S. Finance II LLC 4.40%, due 7/15/44 (a) | 100,000 | 96,093 | ||||||||
| GlaxoSmithKline
Capital, Inc. 6.375%, due 5/15/38 | 170,000 | 221,631 | ||||||||
| Johnson
& Johnson 3.55%, due 3/1/36 | 205,000 | 197,825 | ||||||||
| Merck
& Co., Inc. 2.75%, due 2/10/25 | 235,000 | 226,366 | ||||||||
| Novartis
Capital Corp. 3.10%, due 5/17/27 | 205,000 | 197,296 | ||||||||
| Shire
Acquisitions Investments Ireland DAC 2.875%, due 9/23/23 | 270,000 | 255,035 | ||||||||
| Teva
Pharmaceutical Finance Co. B.V. 3.65%, due 11/10/21 | 100,000 | 96,007 | ||||||||
| Wyeth
LLC 6.00%, due 2/15/36 | 270,000 | 329,732 | ||||||||
| 2,483,163 | ||||||||||
| Pipelines 0.8% | ||||||||||
| Energy Transfer Partners, L.P. | ||||||||||
| 4.05%, due 3/15/25 | 340,000 | 332,805 | ||||||||
| 5.20%, due 2/1/22 | 135,000 | 140,440 | ||||||||
| Enterprise
Products Operating LLC Series B 6.875%, due 3/1/33 | 270,000 | 332,910 | ||||||||
| Kinder
Morgan Energy Partners, L.P. 5.80%, due 3/15/35 | 405,000 | 431,589 | ||||||||
| Phillips
66 Partners, L.P. 4.68%, due 2/15/45 | 170,000 | 161,452 | ||||||||
| TransCanada
PipeLines, Ltd. 5.85%, due 3/15/36 | 205,000 | 232,123 | ||||||||
| Williams
Cos., Inc. 8.75%, due 3/15/32 | 114,000 | 149,625 | ||||||||
| 1,780,944 | ||||||||||
| Real Estate Investment Trusts 0.4% | ||||||||||
| ERP
Operating, L.P. 4.50%, due 6/1/45 | 205,000 | 207,398 | ||||||||
| Simon
Property Group, L.P. 3.375%, due 3/15/22 | 440,000 | 439,336 | ||||||||
| Weyerhaeuser
Co. 7.375%, due 3/15/32 | 135,000 | 170,954 | ||||||||
| 817,688 | ||||||||||
| Retail 1.2% | ||||||||||
| CVS Health Corp. | ||||||||||
| 4.30%, due 3/25/28 | 135,000 | 134,599 | ||||||||
| 5.05%, due 3/25/48 | 270,000 | 279,800 | ||||||||
| 6.25%, due 6/1/27 | 175,000 | 196,892 | ||||||||
| Home
Depot, Inc. 5.875%, due 12/16/36 | 340,000 | 418,784 | ||||||||
| Lowe's
Cos., Inc. 4.05%, due 5/3/47 | 205,000 | 200,112 | ||||||||
| Macy's
Retail Holdings, Inc. 2.875%, due 2/15/23 | 340,000 | 319,951 | ||||||||
| McDonald's Corp. | ||||||||||
| 3.375%, due 5/26/25 | 270,000 | 265,485 | ||||||||
| 3.70%, due 1/30/26 | 135,000 | 134,673 | ||||||||
| Target
Corp. 2.50%, due 4/15/26 | 170,000 | 157,421 | ||||||||
| Walgreens
Boots Alliance, Inc. 3.45%, due 6/1/26 | 170,000 | 160,981 | ||||||||
| Walmart,
Inc. 4.30%, due 4/22/44 | 270,000 | 282,213 | ||||||||
| 2,550,911 | ||||||||||
| Semiconductors 0.1% | ||||||||||
| Applied
Materials, Inc. 3.30%, due 4/1/27 | 100,000 | 97,454 | ||||||||
| Broadcom
Corp. / Broadcom Cayman Finance, Ltd. 3.625%, due 1/15/24 | 205,000 | 198,333 | ||||||||
| 295,787 | ||||||||||
| Software 0.8% | ||||||||||
| Fiserv,
Inc. 3.50%, due 10/1/22 | 100,000 | 99,541 | ||||||||
| Microsoft Corp. | ||||||||||
| 3.00%, due 10/1/20 | 340,000 | 340,335 | ||||||||
| 4.25%, due 2/6/47 | 540,000 | 573,291 | ||||||||
| Oracle
Corp. 2.95%, due 5/15/25 | 810,000 | 780,869 | ||||||||
| 1,794,036 | ||||||||||
| Telecommunications 1.6% | ||||||||||
| America
Movil S.A.B. de C.V. 3.125%, due 7/16/22 | 270,000 | 264,064 | ||||||||
| AT&T, Inc. | ||||||||||
| 4.25%, due 3/1/27 | 270,000 | 267,186 | ||||||||
| 4.35%, due 6/15/45 | 205,000 | 177,756 | ||||||||
| 4.55%, due 3/9/49 | 6,000 | 5,288 | ||||||||
| 5.15%, due 11/15/46 (a) | 406,000 | 392,867 | ||||||||
| 5.20%, due 3/15/20 | 340,000 | 350,758 | ||||||||
| Cisco Systems, Inc. | ||||||||||
| 3.625%, due 3/4/24 | 205,000 | 208,350 | ||||||||
| 4.45%, due 1/15/20 | 270,000 | 276,316 | ||||||||
| Motorola
Solutions, Inc. 7.50%, due 5/15/25 | 135,000 | 154,381 | ||||||||
| Orange
S.A. 9.00%, due 3/1/31 | 240,000 | 334,516 | ||||||||
| Telefonica
Emisiones SAU 7.045%, due 6/20/36 | 135,000 | 164,882 | ||||||||
| Verizon Communications, Inc. | ||||||||||
| 4.672%, due 3/15/55 | 423,000 | 397,842 | ||||||||
| 4.862%, due 8/21/46 | 225,000 | 225,291 | ||||||||
| Vodafone Group PLC | ||||||||||
| 4.375%, due 5/30/28 | 70,000 | 70,070 | ||||||||
| 7.875%, due 2/15/30 | 135,000 | 170,543 | ||||||||
| 3,460,110 | ||||||||||
| Transportation 0.8% | ||||||||||
| Burlington
Northern Santa Fe LLC 5.75%, due 5/1/40 | 305,000 | 363,962 | ||||||||
| Canadian
Pacific Railway Co. 7.25%, due 5/15/19 | 170,000 | 175,640 | ||||||||
| CSX
Transportation, Inc. 7.875%, due 5/15/43 | 135,000 | 195,044 | ||||||||
| FedEx Corp. | ||||||||||
| 3.20%, due 2/1/25 | 305,000 | 296,664 | ||||||||
| 8.00%, due 1/15/19 | 50,000 | 51,222 | ||||||||
| Norfolk
Southern Corp. 4.837%, due 10/1/41 | 173,000 | 185,747 | ||||||||
| Union
Pacific Corp. 2.75%, due 3/1/26 | 340,000 | 317,270 | ||||||||
| United
Parcel Service, Inc. 3.40%, due 11/15/46 | 135,000 | 117,540 | ||||||||
| 1,703,089 | ||||||||||
| Water 0.1% | ||||||||||
| American
Water Capital Corp. 4.30%, due 12/1/42 | 270,000 | 272,765 | ||||||||
| Total
Corporate Bonds (Cost $57,495,562) | 58,159,111 | |||||||||
| Foreign Government Bonds 1.9% | ||||||||||
| Colombia Government International Bond | ||||||||||
| 4.00%, due 2/26/24 | 500,000 | 501,500 | ||||||||
| 5.00%, due 6/15/45 | 200,000 | 199,000 | ||||||||
| Mexico Government International Bond | ||||||||||
| 4.15%, due 3/28/27 | 650,000 | 639,925 | ||||||||
| 4.75%, due 3/8/44 | 340,000 | 319,090 | ||||||||
| Panama
Government International Bond 3.75%, due 3/16/25 | 555,000 | 553,335 | ||||||||
| Peruvian
Government International Bond 7.35%, due 7/21/25 | 375,000 | 459,750 | ||||||||
| Philippine
Government International Bond 4.20%, due 1/21/24 | 500,000 | 513,134 | ||||||||
| Poland
Government International Bond 3.00%, due 3/17/23 | 500,000 | 491,175 | ||||||||
| Province
of Quebec Canada Series NJ 7.50%, due 7/15/23 | 120,000 | 142,487 | ||||||||
| United
Mexican States 4.125%, due 1/21/26 | 270,000 | 268,110 | ||||||||
| Total
Foreign Government Bonds (Cost $4,150,203) | 4,087,506 | |||||||||
| Mortgage-Backed Securities 2.0% | ||||||||||
| Agency (Collateralized Mortgage Obligations) 0.8% | ||||||||||
| ¤ | FHLMC Multifamily Structured Pass-Through Certificates | |||||||||
| Series K031, Class A2 3.30%, due 4/25/23 (d) | 800,000 | 803,985 | ||||||||
| Series K039, Class A2 3.303%, due 7/25/24 | 800,000 | 802,907 | ||||||||
| 1,606,892 | ||||||||||
| Commercial Mortgage Loans (Collateralized Mortgage Obligations) 1.2% | ||||||||||
| Benchmark
Mortgage Trust Series 2018-B5, Class A4 4.208%, due 7/15/51 | 800,000 | 824,413 | ||||||||
| COMM
Mortgage Trust Series 2014-CR17, Class A5 3.977%, due 5/10/47 | 700,000 | 715,146 | ||||||||
| Morgan
Stanley Bank of America Merrill Lynch Trust Series 2013-C12, Class A4 4.259%, due 10/15/46 (d) | 600,000 | 618,250 | ||||||||
| Morgan
Stanley Capital I Trust Series 2018-H3, Class A4 3.914%, due 7/15/51 | 500,000 | 501,814 | ||||||||
| 2,659,623 | ||||||||||
| Total
Mortgage-Backed Securities (Cost $4,321,472) | 4,266,515 | |||||||||
| Municipal Bonds 0.5% | ||||||||||
| Texas 0.5% | ||||||||||
| Texas
Transportation Commission State Highway Fund, Revenue Bonds 5.178%, due 4/1/30 | 900,000 | 1,017,036 | ||||||||
| Total
Municipal Bonds (Cost $1,052,203) | 1,017,036 | |||||||||
| U.S. Government & Federal Agencies 67.0% | ||||||||||
| ¤ | Federal Home Loan Mortgage Corporation 1.1% | |||||||||
| 2.375%, due 1/13/22 | 1,000,000 | 983,853 | ||||||||
| 2.753%, due 1/30/23 | 225,000 | 221,127 | ||||||||
| 3.32%, due 6/14/23 | 175,000 | 174,511 | ||||||||
| 3.375%, due 8/16/23 | 375,000 | 374,443 | ||||||||
| 3.75%, due 3/27/19 | 600,000 | 605,553 | ||||||||
| 2,359,487 | ||||||||||
| ¤ | Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 7.7% | |||||||||
| 2.50%, due 6/1/28 | 289,611 | 281,985 | ||||||||
| 2.50%, due 1/1/31 | 342,377 | 331,460 | ||||||||
| 2.50%, due 12/1/31 | 82,776 | 80,132 | ||||||||
| 2.50%, due 4/1/32 TBA (e) | 300,000 | 289,889 | ||||||||
| 2.50%, due 2/1/33 | 95,035 | 91,990 | ||||||||
| 2.50%, due 6/1/33 | 197,180 | 190,680 | ||||||||
| 3.00%, due 2/1/27 | 124,928 | 124,509 | ||||||||
| 3.00%, due 9/1/30 | 302,764 | 300,003 | ||||||||
| 3.00%, due 9/1/32 | 91,900 | 90,996 | ||||||||
| 3.00%, due 12/1/32 | 95,236 | 94,299 | ||||||||
| 3.00%, due 1/1/33 | 199,980 | 198,013 | ||||||||
| 3.00%, due 1/1/33 TBA (e) | 200,000 | 197,854 | ||||||||
| 3.00%, due 11/1/37 | 284,204 | 278,450 | ||||||||
| 3.00%, due 12/1/37 | 95,513 | 93,343 | ||||||||
| 3.00%, due 8/1/43 | 577,232 | 560,691 | ||||||||
| 3.00%, due 4/1/45 | 361,029 | 349,366 | ||||||||
| 3.00%, due 4/1/46 | 183,172 | 176,707 | ||||||||
| 3.00%, due 7/1/46 | 163,939 | 158,153 | ||||||||
| 3.00%, due 9/1/46 | 259,505 | 250,346 | ||||||||
| 3.00%, due 10/1/46 | 208,749 | 201,382 | ||||||||
| 3.00%, due 11/1/46 | 264,563 | 255,144 | ||||||||
| 3.00%, due 1/1/47 | 90,024 | 86,768 | ||||||||
| 3.00%, due 3/1/47 | 94,871 | 91,506 | ||||||||
| 3.00%, due 4/1/47 | 94,128 | 90,767 | ||||||||
| 3.00%, due 7/1/47 TBA (e) | 500,000 | 481,554 | ||||||||
| 3.00%, due 2/1/48 | 694,489 | 669,327 | ||||||||
| 3.00%, due 6/1/48 | 100,000 | 96,378 | ||||||||
| 3.50%, due 4/1/26 | 166,064 | 167,505 | ||||||||
| 3.50%, due 4/1/32 | 127,146 | 128,422 | ||||||||
| 3.50%, due 2/1/33 TBA (e) | 100,000 | 100,803 | ||||||||
| 3.50%, due 1/1/38 | 194,016 | 193,986 | ||||||||
| 3.50%, due 4/1/41 | 140,655 | 140,459 | ||||||||
| 3.50%, due 3/1/42 | 223,607 | 223,296 | ||||||||
| 3.50%, due 4/1/42 | 314,115 | 313,678 | ||||||||
| 3.50%, due 7/1/44 | 119,255 | 118,969 | ||||||||
| 3.50%, due 2/1/45 | 67,558 | 67,215 | ||||||||
| 3.50%, due 9/1/45 | 762,176 | 758,047 | ||||||||
| 3.50%, due 4/1/46 | 223,630 | 222,251 | ||||||||
| 3.50%, due 6/1/46 | 165,882 | 164,778 | ||||||||
| 3.50%, due 12/1/46 | 84,417 | 83,743 | ||||||||
| 3.50%, due 6/1/47 | 285,905 | 283,492 | ||||||||
| 3.50%, due 9/1/47 | 191,476 | 189,791 | ||||||||
| 3.50%, due 11/1/47 | 136,244 | 135,020 | ||||||||
| 3.50%, due 12/1/47 | 397,177 | 393,606 | ||||||||
| 3.50%, due 1/1/48 | 96,508 | 95,638 | ||||||||
| 3.50%, due 2/1/48 TBA (e) | 700,000 | 693,277 | ||||||||
| 3.50%, due 3/1/48 | 98,722 | 97,830 | ||||||||
| 3.50%, due 5/1/48 | 494,944 | 490,474 | ||||||||
| 3.50%, due 6/1/48 | 349,424 | 346,266 | ||||||||
| 4.00%, due 8/1/18 | 536 | 536 | ||||||||
| 4.00%, due 8/1/21 | 167,687 | 171,732 | ||||||||
| 4.00%, due 2/1/31 | 93,721 | 95,873 | ||||||||
| 4.00%, due 7/1/39 | 252,437 | 257,374 | ||||||||
| 4.00%, due 12/1/40 | 174,230 | 178,402 | ||||||||
| 4.00%, due 2/1/41 | 132,829 | 136,010 | ||||||||
| 4.00%, due 5/1/44 | 411,432 | 419,932 | ||||||||
| 4.00%, due 8/1/45 | 161,889 | 164,764 | ||||||||
| 4.00%, due 9/1/45 | 58,612 | 59,746 | ||||||||
| 4.00%, due 4/1/47 | 288,365 | 293,540 | ||||||||
| 4.00%, due 6/1/47 | 89,911 | 91,474 | ||||||||
| 4.00%, due 10/1/47 | 145,512 | 147,834 | ||||||||
| 4.00%, due 12/1/47 | 272,952 | 277,646 | ||||||||
| 4.00%, due 1/1/48 | 196,700 | 200,229 | ||||||||
| 4.00%, due 4/1/48 TBA (e) | 500,000 | 507,628 | ||||||||
| 4.00%, due 5/1/48 | 298,850 | 303,552 | ||||||||
| 4.50%, due 6/1/34 | 8,341 | 8,651 | ||||||||
| 4.50%, due 6/1/35 | 39,621 | 41,266 | ||||||||
| 4.50%, due 8/1/35 | 50,106 | 52,158 | ||||||||
| 4.50%, due 7/1/39 | 4,619 | 4,840 | ||||||||
| 4.50%, due 1/1/40 | 226,511 | 237,365 | ||||||||
| 4.50%, due 8/1/40 | 178,950 | 187,525 | ||||||||
| 4.50%, due 2/1/41 | 4,632 | 4,854 | ||||||||
| 4.50%, due 11/1/47 | 193,711 | 200,952 | ||||||||
| 4.50%, due 2/1/48 | 200,000 | 207,448 | ||||||||
| 4.50%, due 4/1/48 TBA (e) | 200,000 | 207,361 | ||||||||
| 5.00%, due 8/1/35 | 173,333 | 184,724 | ||||||||
| 5.00%, due 6/1/37 | 67,457 | 71,813 | ||||||||
| 5.50%, due 9/1/35 | 47,244 | 51,037 | ||||||||
| 5.50%, due 4/1/37 | 51,446 | 55,527 | ||||||||
| 5.50%, due 4/1/38 | 42,973 | 46,389 | ||||||||
| 5.50%, due 8/1/38 | 38,649 | 41,624 | ||||||||
| 6.00%, due 5/1/40 | 78,654 | 86,088 | ||||||||
| 6.50%, due 11/1/25 | 625 | 692 | ||||||||
| 6.50%, due 5/1/26 | 694 | 769 | ||||||||
| 6.50%, due 3/1/27 | 1,220 | 1,352 | ||||||||
| 6.50%, due 5/1/31 | 2,600 | 2,880 | ||||||||
| 6.50%, due 8/1/31 | 1,377 | 1,525 | ||||||||
| 6.50%, due 1/1/32 | 13,759 | 15,239 | ||||||||
| 6.50%, due 3/1/32 | 6,038 | 6,687 | ||||||||
| 6.50%, due 4/1/32 | 6,245 | 6,916 | ||||||||
| 6.50%, due 7/1/32 | 6,512 | 7,212 | ||||||||
| 6.50%, due 9/1/37 | 14,587 | 16,156 | ||||||||
| 7.00%, due 4/1/26 | 1,672 | 1,823 | ||||||||
| 7.00%, due 7/1/26 | 185 | 197 | ||||||||
| 7.00%, due 12/1/27 | 2,478 | 2,658 | ||||||||
| 7.00%, due 1/1/30 | 257 | 274 | ||||||||
| 7.50%, due 1/1/26 | 278 | 300 | ||||||||
| 7.50%, due 2/1/32 | 11,749 | 13,386 | ||||||||
| 8.00%, due 7/1/26 | 82 | 90 | ||||||||
| 16,594,288 | ||||||||||
| Federal National Mortgage Association 0.5% | ||||||||||
| 1.00%, due 10/24/19 | 500,000 | 490,354 | ||||||||
| 1.625%, due 1/21/20 | 250,000 | 246,398 | ||||||||
| 6.21%, due 8/6/38 | 275,000 | 386,830 | ||||||||
| 1,123,582 | ||||||||||
| ¤ | Federal National Mortgage Association (Mortgage Pass-Through Securities) 12.2% | |||||||||
| 2.50%, due 2/1/28 | 296,126 | 288,769 | ||||||||
| 2.50%, due 9/1/28 | 103,439 | 100,870 | ||||||||
| 2.50%, due 6/1/31 | 147,783 | 143,330 | ||||||||
| 2.50%, due 9/1/31 | 81,144 | 78,698 | ||||||||
| 2.50%, due 10/1/31 | 92,013 | 89,118 | ||||||||
| 2.50%, due 12/1/31 | 83,501 | 80,985 | ||||||||
| 2.50%, due 1/1/32 | 160,773 | 155,715 | ||||||||
| 2.50%, due 3/1/32 | 149,479 | 144,776 | ||||||||
| 2.50%, due 6/1/32 TBA (e) | 300,000 | 290,356 | ||||||||
| 2.50%, due 7/1/32 | 197,989 | 191,760 | ||||||||
| 2.50%, due 8/1/32 | 86,863 | 84,131 | ||||||||
| 2.50%, due 6/1/33 | 194,333 | 188,219 | ||||||||
| 2.50%, due 5/1/43 | 136,992 | 128,347 | ||||||||
| 3.00%, due 8/1/21 | 105,288 | 104,730 | ||||||||
| 3.00%, due 11/1/23 | 103,630 | 103,739 | ||||||||
| 3.00%, due 12/1/24 | 56,841 | 56,884 | ||||||||
| 3.00%, due 4/1/25 | 83,140 | 83,193 | ||||||||
| 3.00%, due 2/1/29 | 99,820 | 99,468 | ||||||||
| 3.00%, due 8/1/30 | 170,425 | 169,455 | ||||||||
| 3.00%, due 4/1/31 | 138,658 | 137,465 | ||||||||
| 3.00%, due 3/1/32 | 83,821 | 83,100 | ||||||||
| 3.00%, due 6/1/32 | 72,749 | 72,123 | ||||||||
| 3.00%, due 12/1/32 | 93,524 | 92,731 | ||||||||
| 3.00%, due 1/1/33 | 198,057 | 196,378 | ||||||||
| 3.00%, due 2/1/33 | 199,980 | 198,260 | ||||||||
| 3.00%, due 4/1/33 | 198,294 | 196,609 | ||||||||
| 3.00%, due 4/1/35 | 243,575 | 241,083 | ||||||||
| 3.00%, due 6/1/36 | 321,080 | 315,310 | ||||||||
| 3.00%, due 8/1/43 | 728,301 | 707,922 | ||||||||
| 3.00%, due 9/1/43 | 697,146 | 677,704 | ||||||||
| 3.00%, due 9/1/45 | 223,744 | 216,353 | ||||||||
| 3.00%, due 7/1/46 | 166,275 | 160,499 | ||||||||
| 3.00%, due 9/1/46 | 624,908 | 603,199 | ||||||||
| 3.00%, due 11/1/46 | 445,645 | 430,164 | ||||||||
| 3.00%, due 12/1/46 | 99,095 | 95,653 | ||||||||
| 3.00%, due 1/1/47 | 72,754 | 70,225 | ||||||||
| 3.00%, due 2/1/47 | 99,509 | 96,050 | ||||||||
| 3.00%, due 4/1/47 | 300,000 | 289,572 | ||||||||
| 3.00%, due 6/1/47 TBA (e) | 700,000 | 674,680 | ||||||||
| 3.00%, due 10/1/47 | 195,634 | 188,821 | ||||||||
| 3.00%, due 11/1/47 | 99,518 | 96,058 | ||||||||
| 3.00%, due 6/1/48 | 792,808 | 764,542 | ||||||||
| 3.50%, due 2/1/21 | 38,462 | 38,823 | ||||||||
| 3.50%, due 11/1/25 | 123,848 | 125,010 | ||||||||
| 3.50%, due 11/1/27 | 64,325 | 65,148 | ||||||||
| 3.50%, due 7/1/29 | 40,272 | 40,789 | ||||||||
| 3.50%, due 5/1/31 | 188,875 | 188,629 | ||||||||
| 3.50%, due 3/1/33 TBA (e) | 100,000 | 100,883 | ||||||||
| 3.50%, due 6/1/33 | 196,167 | 198,007 | ||||||||
| 3.50%, due 12/1/40 | 173,457 | 173,285 | ||||||||
| 3.50%, due 12/1/41 | 165,935 | 165,770 | ||||||||
| 3.50%, due 3/1/42 | 406,010 | 405,607 | ||||||||
| 3.50%, due 10/1/43 | 373,407 | 372,229 | ||||||||
| 3.50%, due 11/1/43 | 155,457 | 155,190 | ||||||||
| 3.50%, due 1/1/44 | 165,475 | 165,310 | ||||||||
| 3.50%, due 8/1/45 | 707,857 | 703,427 | ||||||||
| 3.50%, due 9/1/45 | 174,832 | 173,737 | ||||||||
| 3.50%, due 10/1/45 | 65,931 | 65,519 | ||||||||
| 3.50%, due 11/1/45 | 156,579 | 155,599 | ||||||||
| 3.50%, due 1/1/46 | 155,412 | 154,440 | ||||||||
| 3.50%, due 2/1/46 | 247,387 | 245,839 | ||||||||
| 3.50%, due 3/1/46 | 137,441 | 136,581 | ||||||||
| 3.50%, due 4/1/46 | 208,131 | 206,828 | ||||||||
| 3.50%, due 7/1/47 | 96,304 | 95,642 | ||||||||
| 3.50%, due 10/1/47 | 250,021 | 248,242 | ||||||||
| 3.50%, due 11/1/47 | 384,158 | 380,920 | ||||||||
| 3.50%, due 12/1/47 | 193,043 | 191,578 | ||||||||
| 3.50%, due 1/1/48 | 98,168 | 97,324 | ||||||||
| 3.50%, due 1/1/48 TBA (e) | 1,000,000 | 990,804 | ||||||||
| 3.50%, due 3/1/48 | 195,996 | 194,463 | ||||||||
| 3.50%, due 5/1/48 | 696,993 | 691,365 | ||||||||
| 3.50%, due 6/1/48 | 599,184 | 594,036 | ||||||||
| 3.50%, due 8/1/48 | 400,000 | 396,563 | ||||||||
| 4.00%, due 3/1/22 | 56,146 | 57,507 | ||||||||
| 4.00%, due 3/1/25 | 71,356 | 73,103 | ||||||||
| 4.00%, due 1/1/31 | 89,985 | 92,098 | ||||||||
| 4.00%, due 6/1/39 | 224,456 | 229,633 | ||||||||
| 4.00%, due 12/1/39 | 286,877 | 293,487 | ||||||||
| 4.00%, due 9/1/40 | 207,812 | 212,648 | ||||||||
| 4.00%, due 3/1/41 | 405,691 | 415,107 | ||||||||
| 4.00%, due 11/1/44 | 225,062 | 229,099 | ||||||||
| 4.00%, due 11/1/45 | 132,654 | 134,866 | ||||||||
| 4.00%, due 12/1/45 | 123,360 | 125,404 | ||||||||
| 4.00%, due 6/1/46 | 135,717 | 137,979 | ||||||||
| 4.00%, due 7/1/46 | 64,055 | 65,108 | ||||||||
| 4.00%, due 9/1/46 | 177,178 | 180,053 | ||||||||
| 4.00%, due 4/1/47 | 56,537 | 57,454 | ||||||||
| 4.00%, due 5/1/47 | 422,038 | 428,989 | ||||||||
| 4.00%, due 9/1/47 | 95,301 | 96,871 | ||||||||
| 4.00%, due 10/1/47 | 181,603 | 184,592 | ||||||||
| 4.00%, due 11/1/47 | 294,089 | 298,934 | ||||||||
| 4.00%, due 1/1/48 | 746,327 | 758,533 | ||||||||
| 4.00%, due 2/1/48 | 491,838 | 499,935 | ||||||||
| 4.00%, due 3/1/48 TBA (e) | 900,000 | 914,203 | ||||||||
| 4.50%, due 5/1/19 | 312 | 315 | ||||||||
| 4.50%, due 11/1/22 | 1,565 | 1,585 | ||||||||
| 4.50%, due 4/1/24 | 35,218 | 35,489 | ||||||||
| 4.50%, due 3/1/30 | 89,830 | 93,519 | ||||||||
| 4.50%, due 3/1/40 | 417,052 | 437,081 | ||||||||
| 4.50%, due 4/1/41 | 93,013 | 95,471 | ||||||||
| 4.50%, due 9/1/41 | 93,324 | 97,463 | ||||||||
| 4.50%, due 8/1/44 | 80,441 | 83,907 | ||||||||
| 4.50%, due 11/1/44 | 70,086 | 73,095 | ||||||||
| 4.50%, due 7/1/46 | 94,554 | 98,112 | ||||||||
| 4.50%, due 5/1/47 | 94,963 | 98,536 | ||||||||
| 4.50%, due 7/1/47 | 66,225 | 68,716 | ||||||||
| 4.50%, due 8/1/47 | 160,264 | 166,362 | ||||||||
| 4.50%, due 4/1/48 | 100,001 | 103,763 | ||||||||
| 4.50%, due 4/1/48 TBA (e) | 300,000 | 311,180 | ||||||||
| 4.50%, due 6/1/48 | 248,193 | 257,531 | ||||||||
| 5.00%, due 8/1/31 | 170,557 | 180,232 | ||||||||
| 5.00%, due 7/1/35 | 99,426 | 106,145 | ||||||||
| 5.00%, due 7/1/37 | 160,373 | 171,283 | ||||||||
| 5.00%, due 8/1/38 | 57,477 | 61,377 | ||||||||
| 5.00%, due 1/1/48 | 400,000 | 423,269 | ||||||||
| 5.50%, due 8/1/34 TBA (e) | 300,000 | 320,367 | ||||||||
| 5.50%, due 5/1/35 | 65,710 | 70,295 | ||||||||
| 5.50%, due 11/1/36 | 21,531 | 23,216 | ||||||||
| 5.50%, due 8/1/37 | 127,696 | 138,196 | ||||||||
| 6.00%, due 7/1/36 | 42,710 | 46,317 | ||||||||
| 6.00%, due 12/1/36 | 14,812 | 16,176 | ||||||||
| 6.00%, due 4/1/37 | 48,617 | 53,198 | ||||||||
| 6.00%, due 8/1/37 | 16,269 | 17,740 | ||||||||
| 6.00%, due 12/1/37 | 48,903 | 53,201 | ||||||||
| 6.50%, due 8/1/32 | 30,427 | 33,445 | ||||||||
| 6.50%, due 8/1/35 | 13,521 | 14,812 | ||||||||
| 6.50%, due 8/1/36 | 361 | 396 | ||||||||
| 6.50%, due 8/1/37 | 2,908 | 3,186 | ||||||||
| 6.50%, due 10/1/37 | 570 | 625 | ||||||||
| 6.50%, due 11/1/37 | 6,394 | 7,005 | ||||||||
| 6.50%, due 12/1/37 | 12,691 | 14,214 | ||||||||
| 7.50%, due 7/1/30 | 3,914 | 3,998 | ||||||||
| 7.50%, due 7/1/31 | 14,895 | 16,140 | ||||||||
| 8.00%, due 6/1/25 | 54 | 58 | ||||||||
| 8.00%, due 9/1/25 | 462 | 494 | ||||||||
| 8.00%, due 9/1/26 | 1,870 | 2,074 | ||||||||
| 8.00%, due 10/1/26 | 166 | 167 | ||||||||
| 8.00%, due 11/1/26 | 152 | 152 | ||||||||
| 26,390,137 | ||||||||||
| ¤ | Government National Mortgage Association (Mortgage Pass-Through Securities) 8.0% | |||||||||
| 2.50%, due 1/20/47 | 89,329 | 84,360 | ||||||||
| 3.00%, due 1/20/43 | 245,865 | 242,061 | ||||||||
| 3.00%, due 8/15/43 | 49,475 | 48,630 | ||||||||
| 3.00%, due 8/20/43 | 471,828 | 464,526 | ||||||||
| 3.00%, due 9/15/43 | 108,387 | 106,534 | ||||||||
| 3.00%, due 3/20/45 | 123,652 | 121,241 | ||||||||
| 3.00%, due 7/20/45 | 199,477 | 195,587 | ||||||||
| 3.00%, due 2/20/46 | 82,663 | 81,004 | ||||||||
| 3.00%, due 8/20/46 | 832,767 | 814,638 | ||||||||
| 3.00%, due 9/20/46 | 351,939 | 344,394 | ||||||||
| 3.00%, due 11/20/46 | 91,872 | 89,794 | ||||||||
| 3.00%, due 12/20/46 | 259,448 | 253,505 | ||||||||
| 3.00%, due 5/20/47 | 64,968 | 63,454 | ||||||||
| 3.00%, due 1/20/48 | 493,888 | 481,875 | ||||||||
| 3.00%, due 2/20/48 | 423,241 | 412,947 | ||||||||
| 3.00%, due 3/20/48 | 900,000 | 878,110 | ||||||||
| 3.50%, due 6/20/42 | 368,466 | 371,933 | ||||||||
| 3.50%, due 4/15/43 | 157,858 | 158,708 | ||||||||
| 3.50%, due 8/20/43 | 173,214 | 174,686 | ||||||||
| 3.50%, due 11/20/43 | 473,840 | 477,865 | ||||||||
| 3.50%, due 4/20/45 | 230,156 | 230,835 | ||||||||
| 3.50%, due 7/20/45 | 382,752 | 383,881 | ||||||||
| 3.50%, due 12/20/45 | 522,826 | 524,368 | ||||||||
| 3.50%, due 1/20/46 | 193,216 | 193,756 | ||||||||
| 3.50%, due 11/20/46 | 237,473 | 237,771 | ||||||||
| 3.50%, due 1/20/47 | 500,572 | 501,149 | ||||||||
| 3.50%, due 5/20/47 | 899,005 | 900,041 | ||||||||
| 3.50%, due 8/20/47 | 95,897 | 96,007 | ||||||||
| 3.50%, due 9/20/47 | 1,478,767 | 1,480,471 | ||||||||
| 3.50%, due 12/20/47 | 400,000 | 400,461 | ||||||||
| 3.50%, due 5/15/48 | 100,000 | 100,140 | ||||||||
| 3.50%, due 7/20/48 | 900,000 | 901,037 | ||||||||
| 4.00%, due 9/15/40 | 176,294 | 181,105 | ||||||||
| 4.00%, due 12/15/41 | 64,877 | 66,666 | ||||||||
| 4.00%, due 1/20/42 | 534,467 | 551,317 | ||||||||
| 4.00%, due 10/20/43 | 111,217 | 114,581 | ||||||||
| 4.00%, due 8/20/44 | 252,084 | 259,707 | ||||||||
| 4.00%, due 4/20/45 | 95,791 | 98,689 | ||||||||
| 4.00%, due 12/20/45 | 54,295 | 55,940 | ||||||||
| 4.00%, due 1/20/46 | 55,092 | 56,757 | ||||||||
| 4.00%, due 2/20/46 | 55,443 | 57,084 | ||||||||
| 4.00%, due 2/20/47 | 80,279 | 82,144 | ||||||||
| 4.00%, due 4/20/47 | 188,355 | 192,913 | ||||||||
| 4.00%, due 5/20/47 | 91,308 | 93,691 | ||||||||
| 4.00%, due 7/20/47 | 90,619 | 93,060 | ||||||||
| 4.00%, due 12/20/47 | 391,991 | 401,101 | ||||||||
| 4.00%, due 4/20/48 | 749,183 | 766,595 | ||||||||
| 4.00%, due 5/20/48 | 300,001 | 307,019 | ||||||||
| 4.50%, due 4/15/39 | 135,242 | 142,866 | ||||||||
| 4.50%, due 5/20/39 | 123,728 | 130,305 | ||||||||
| 4.50%, due 6/20/40 | 85,905 | 90,478 | ||||||||
| 4.50%, due 9/15/40 | 49,622 | 52,421 | ||||||||
| 4.50%, due 7/20/41 | 145,147 | 152,849 | ||||||||
| 4.50%, due 9/20/43 | 88,436 | 93,073 | ||||||||
| 4.50%, due 5/20/47 | 74,334 | 77,585 | ||||||||
| 4.50%, due 8/15/47 | 99,990 | 103,894 | ||||||||
| 4.50%, due 11/20/47 | 289,305 | 300,774 | ||||||||
| 4.50%, due 1/20/48 | 200,001 | 207,929 | ||||||||
| 5.00%, due 4/20/33 | 30,588 | 32,692 | ||||||||
| 5.00%, due 8/15/33 | 25,615 | 26,814 | ||||||||
| 5.00%, due 6/20/36 | 2,098 | 2,244 | ||||||||
| 5.00%, due 8/15/39 | 97,257 | 103,490 | ||||||||
| 5.00%, due 9/20/40 | 158,116 | 169,079 | ||||||||
| 5.00%, due 11/15/47 | 200,000 | 210,374 | ||||||||
| 5.50%, due 3/15/33 | 92,662 | 100,813 | ||||||||
| 5.50%, due 7/20/34 | 31,895 | 34,765 | ||||||||
| 5.50%, due 12/20/35 | 56,318 | 60,995 | ||||||||
| 6.00%, due 3/20/29 | 9,567 | 10,483 | ||||||||
| 6.00%, due 12/15/32 | 5,895 | 6,450 | ||||||||
| 6.00%, due 1/20/35 | 28,338 | 31,260 | ||||||||
| 6.50%, due 6/15/35 | 574 | 634 | ||||||||
| 8.00%, due 6/15/26 | 71 | 76 | ||||||||
| 8.00%, due 10/15/26 | 69 | 70 | ||||||||
| 8.00%, due 5/15/27 | 63 | 64 | ||||||||
| 8.00%, due 7/15/27 | 180 | 192 | ||||||||
| 8.00%, due 9/15/27 | 195 | 209 | ||||||||
| 8.50%, due 7/15/26 | 543 | 592 | ||||||||
| 8.50%, due 11/15/26 | 4,258 | 4,298 | ||||||||
| 17,341,906 | ||||||||||
| ¤ | United States Treasury Bonds 5.9% | |||||||||
| 2.75%, due 8/15/47 | 3,025,000 | 2,830,738 | ||||||||
| 2.75%, due 11/15/47 | 850,000 | 795,182 | ||||||||
| 3.00%, due 11/15/44 | 1,485,000 | 1,462,899 | ||||||||
| 3.00%, due 11/15/45 | 75,000 | 73,860 | ||||||||
| 3.00%, due 5/15/47 | 585,000 | 575,380 | ||||||||
| 3.00%, due 2/15/48 | 3,410,000 | 3,354,721 | ||||||||
| 3.375%, due 5/15/44 | 250,000 | 263,027 | ||||||||
| 4.50%, due 2/15/36 | 2,700,000 | 3,251,074 | ||||||||
| 12,606,881 | ||||||||||
| ¤ | United States Treasury Notes 31.6% | |||||||||
| 0.75%, due 10/31/18 | 1,050,000 | 1,046,657 | ||||||||
| 1.125%, due 1/31/19 | 4,950,000 | 4,923,316 | ||||||||
| 1.125%, due 6/30/21 | 915,000 | 873,217 | ||||||||
| 1.25%, due 12/15/18 | 325,000 | 323,930 | ||||||||
| 1.25%, due 6/30/19 | 2,125,000 | 2,102,256 | ||||||||
| 1.25%, due 8/31/19 | 1,300,000 | 1,282,734 | ||||||||
| 1.375%, due 7/31/19 | 600,000 | 593,625 | ||||||||
| 1.375%, due 9/30/19 | 250,000 | 246,729 | ||||||||
| 1.375%, due 3/31/20 | 50,000 | 48,979 | ||||||||
| 1.375%, due 9/15/20 | 475,000 | 462,160 | ||||||||
| 1.375%, due 6/30/23 | 825,000 | 769,474 | ||||||||
| 1.50%, due 6/15/20 | 250,000 | 244,717 | ||||||||
| 1.50%, due 7/15/20 | 275,000 | 268,877 | ||||||||
| 1.50%, due 8/15/20 | 650,000 | 634,893 | ||||||||
| 1.50%, due 1/31/22 | 600,000 | 574,125 | ||||||||
| 1.50%, due 2/28/23 | 75,000 | 70,702 | ||||||||
| 1.625%, due 3/15/20 | 300,000 | 295,242 | ||||||||
| 1.625%, due 10/15/20 | 1,750,000 | 1,709,668 | ||||||||
| 1.625%, due 8/31/22 | 325,000 | 310,045 | ||||||||
| 1.625%, due 4/30/23 | 600,000 | 567,656 | ||||||||
| 1.625%, due 5/31/23 | 650,000 | 614,326 | ||||||||
| 1.75%, due 11/15/20 | 2,150,000 | 2,103,893 | ||||||||
| 1.75%, due 3/31/22 | 300,000 | 289,031 | ||||||||
| 1.875%, due 12/15/20 | 800,000 | 784,469 | ||||||||
| 1.875%, due 1/31/22 | 400,000 | 387,703 | ||||||||
| 1.875%, due 2/28/22 | 1,500,000 | 1,452,832 | ||||||||
| 1.875%, due 3/31/22 | 250,000 | 241,904 | ||||||||
| 1.875%, due 7/31/22 | 950,000 | 916,230 | ||||||||
| 1.875%, due 9/30/22 | 925,000 | 890,565 | ||||||||
| 1.875%, due 8/31/24 | 1,825,000 | 1,721,773 | ||||||||
| 2.00%, due 10/31/22 | 675,000 | 652,720 | ||||||||
| 2.00%, due 11/30/22 | 75,000 | 72,480 | ||||||||
| 2.125%, due 6/30/21 | 1,200,000 | 1,178,672 | ||||||||
| 2.125%, due 12/31/22 | 225,000 | 218,391 | ||||||||
| 2.125%, due 2/29/24 | 125,000 | 120,142 | ||||||||
| 2.125%, due 7/31/24 | 700,000 | 670,223 | ||||||||
| 2.125%, due 9/30/24 | 175,000 | 167,303 | ||||||||
| 2.125%, due 5/15/25 | 1,485,000 | 1,411,910 | ||||||||
| 2.25%, due 2/29/20 | 200,000 | 198,867 | ||||||||
| 2.25%, due 3/31/20 | 250,000 | 248,408 | ||||||||
| 2.25%, due 2/15/21 | 75,000 | 74,089 | ||||||||
| 2.25%, due 10/31/24 | 1,025,000 | 986,522 | ||||||||
| 2.25%, due 12/31/24 | 500,000 | 480,625 | ||||||||
| 2.25%, due 11/15/25 | 280,000 | 267,466 | ||||||||
| 2.25%, due 11/15/27 | 425,000 | 400,430 | ||||||||
| 2.375%, due 4/15/21 | 3,775,000 | 3,737,692 | ||||||||
| 2.375%, due 5/15/27 | 255,000 | 243,605 | ||||||||
| 2.50%, due 5/31/20 | 900,000 | 897,434 | ||||||||
| 2.50%, due 6/30/20 | 9,000,000 | 8,971,523 | ||||||||
| 2.625%, due 7/31/20 | 525,000 | 524,528 | ||||||||
| 2.625%, due 5/15/21 | 1,700,000 | 1,693,625 | ||||||||
| 2.625%, due 6/15/21 | 500,000 | 498,047 | ||||||||
| 2.625%, due 7/15/21 | 4,000,000 | 3,984,063 | ||||||||
| 2.625%, due 6/30/23 | 925,000 | 915,533 | ||||||||
| 2.75%, due 4/30/23 | 2,500,000 | 2,489,160 | ||||||||
| 2.75%, due 5/31/23 | 1,000,000 | 995,898 | ||||||||
| 2.75%, due 7/31/23 | 1,300,000 | 1,294,008 | ||||||||
| 2.75%, due 6/30/25 | 1,050,000 | 1,038,434 | ||||||||
| 2.75%, due 2/15/28 | 1,600,000 | 1,571,313 | ||||||||
| 2.875%, due 4/30/25 | 2,900,000 | 2,891,391 | ||||||||
| 2.875%, due 5/31/25 | 350,000 | 348,920 | ||||||||
| 2.875%, due 5/15/28 | 2,250,000 | 2,232,773 | ||||||||
| 68,227,923 | ||||||||||
| Total
U.S. Government & Federal Agencies (Cost $146,822,847) | 144,644,204 | |||||||||
| Total
Long-Term Bonds (Cost $215,072,905) | 213,397,822 | |||||||||
| Short-Term Investments 3.9% | ||||||||||
| Other Commercial Paper 2.3% | ||||||||||
| Total
SA Capital 1.926%, due 8/1/18 (a) | 5,000,000 | 5,000,000 | ||||||||
| Total
Other Commercial Paper (Cost $5,000,000) | 5,000,000 | |||||||||
| Repurchase Agreement 1.6% | ||||||||||
| RBC
Capital Markets 1.88%, dated 7/31/18 due 8/1/18 Proceeds at Maturity $3,388,177(Collateralized by United States Treasury securities with rates between 2.25% and 3.125% and maturity dates between 2/15/27 and 8/15/44, with a Principal Amount of $3,387,500 and a Market Value of $3,456,032) | 3,388,000 | 3,388,000 | ||||||||
| Total
Repurchase Agreement (Cost $3,388,000) | 3,388,000 | |||||||||
| Total
Short-Term Investments (Cost $8,388,000) | 8,388,000 | |||||||||
| Total
Investments (Cost $223,460,905) | 102.8 | % | 221,785,822 | |||||||
| Other Assets, Less Liabilities | (2.8 | ) | (6,092,554 | ) | ||||||
| Net Assets | 100.0 | % | $ | 215,693,268 | ||||||
| † | Percentages indicated are based on Fund net assets. |
| ¤ | Among the Fund's 10 largest issuers held, as of July 31, 2018, excluding short-term investments. May be subject to change daily. |
| ‡ | Less than one-tenth of a percent. |
| (a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (b) | Step coupon - Rate shown was the rate in effect as of July 31, 2018. |
| (c) | Fixed to floating rate - Rate shown was the rate in effect as of July 31, 2018. |
| (d) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at period end. |
| (e) | TBA - Securities purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement. As of July 31, 2018, the total net market value of these securities was $6,080,839, which represented 2.8% of the Fund's net assets. All or a portion of these securities are a part of a mortgage dollar roll agreement. |
As of July 31, 2018, the Fund held the following futures contracts1:
| Type | Number of Contracts Long (Short) | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 | |||||||||||
| 2-Year United States Treasury Note | 4 | September 2018 | $ | 848,827 | $ | 845,500 | $ | (3,327 | ) | |||||||
| 5-Year United States Treasury Note | 44 | September 2018 | 4,970,443 | 4,977,500 | 7,057 | |||||||||||
| 10-Year United States Treasury Note | 5 | September 2018 | 599,081 | 597,109 | (1,972 | ) | ||||||||||
| 10-Year United States Treasury Ultra Note | 7 | September 2018 | 891,011 | 889,766 | (1,245 | ) | ||||||||||
| United States Treasury Long Bond | (26) | September 2018 | (3,676,464 | ) | (3,717,188 | ) | (40,724 | ) | ||||||||
| United States Treasury Ultra Bond | 15 | September 2018 | 2,328,621 | 2,353,594 | 24,973 | |||||||||||
| $ | 5,961,519 | $ | 5,946,281 | $ | (15,238 | ) | ||||||||||
| 1. | As of July 31, 2018, cash in the amount of $55,296 was on deposit with a broker or futures commission merchant for futures transactions. |
| 2. | Represents the difference between the value of the contracts at the time they were opened and the value as of July 31, 2018. |
The following abbreviation is used in the preceding pages:
| LIBOR | —London Interbank Offered Rate |
The following is a summary of the fair valuations according to the inputs used as of July 31, 2018, for valuing the Fund's assets and liabilities.
Asset Valuation Inputs
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
| Investments in Securities (a) | ||||||||||||||||
| Long-Term Bonds | ||||||||||||||||
| Asset-Backed Securities | $ | — | $ | 1,223,450 | $ | — | $ | 1,223,450 | ||||||||
| Corporate Bonds | — | 58,159,111 | — | 58,159,111 | ||||||||||||
| Foreign Government Bonds | — | 4,087,506 | — | 4,087,506 | ||||||||||||
| Mortgage-Backed Securities | — | 4,266,515 | — | 4,266,515 | ||||||||||||
| Municipal Bonds | — | 1,017,036 | — | 1,017,036 | ||||||||||||
| U.S. Government & Federal Agencies | — | 144,644,204 | — | 144,644,204 | ||||||||||||
| Total Long-Term Bonds | — | 213,397,822 | — | 213,397,822 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Other Commercial Paper | — | 5,000,000 | — | 5,000,000 | ||||||||||||
| Repurchase Agreement | — | 3,388,000 | — | 3,388,000 | ||||||||||||
| Total Short-Term Investments | — | 8,388,000 | — | 8,388,000 | ||||||||||||
| Total Investments in Securities | — | 221,785,822 | — | 221,785,822 | ||||||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts (b) | 32,030 | — | — | 32,030 | ||||||||||||
| Total Investments in Securities and Other Financial Instruments | $ | 32,030 | $ | 221,785,822 | $ | — | $ | 221,817,852 | ||||||||
Liability Valuation Inputs
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts (b) | $ | (47,268 | ) | $ | — | $ | — | $ | (47,268 | ) | ||||||
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| (b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
The Fund recognizes transfers between the levels as of the beginning of the period.
For the period ended July 31, 2018, the Fund did not have any transfers among levels.
As of July 31, 2018, the Fund did not hold any investments with significant unobservable inputs (Level 3).
MainStay MacKay California Tax Free Opportunities Fund
Portfolio of Investments July 31, 2018 (Unaudited)
| Principal
Amount | Value | |||||||||
| Municipal Bonds 98.0% † | ||||||||||
| Airport 5.9% | ||||||||||
| Antonio
B Won Pat International Airport Authority, Guam Airport, Revenue Bonds Series C, Insured: AGM 6.00%, due 10/1/34 (a) | $ | 1,000,000 | $ | 1,147,630 | ||||||
| ¤ | California Municipal Finance Authority, LAX Integrated Express Solutions Project, Revenue Bonds (a) | |||||||||
| Insured: AGM 3.25%, due 12/31/32 | 1,000,000 | 969,660 | ||||||||
| 4.00%, due 12/31/47 | 1,600,000 | 1,601,248 | ||||||||
| 5.00%, due 6/30/31 | 3,100,000 | 3,567,790 | ||||||||
| City
of Los Angeles, Department of Airports, International Airport, Revenue Bonds Series B 5.00%, due 5/15/31 | 1,500,000 | 1,586,685 | ||||||||
| City
of Los Angeles, Department of Airports, Los Angeles International Airport, Revenue Bonds Series A 5.25%, due 5/15/48 (a) | 1,375,000 | 1,596,361 | ||||||||
| Sacramento
County, California Airport System, Revenue Bonds Series C 5.00%, due 7/1/38 (a) | 3,000,000 | 3,444,570 | ||||||||
| ¤ | San
Francisco City & County International Airports Communities, Revenue Bonds Series A 5.00%, due 5/1/47 (a) | 6,000,000 | 6,725,640 | |||||||
| 20,639,584 | ||||||||||
| Development 2.1% | ||||||||||
| California
Infrastructure & Economic Development Bank, Clean Water Revolving Fund, Revenue Bonds 5.00%, due 10/1/43 | 2,100,000 | 2,463,468 | ||||||||
| California
Infrastructure & Economic Development Bank, Independent System Operator Corp. Project, Revenue Bonds 5.00%, due 2/1/39 | 1,000,000 | 1,092,360 | ||||||||
| California
Pollution Control Financing Authority, Revenue Bonds 5.00%, due 11/21/45 (a)(b) | 2,175,000 | 2,306,370 | ||||||||
| California
Statewide Communities Development Authority, Provident Group, Pomona Properties, Revenue Bonds Series A 5.75%, due 1/15/45 (b) | 400,000 | 427,228 | ||||||||
| California
Statewide Communities Development Authority, Revenue Bonds Insured: AGM 5.00%, due 11/15/49 | 1,000,000 | 1,104,110 | ||||||||
| 7,393,536 | ||||||||||
| Education 5.9% | ||||||||||
| California Municipal Finance Authority, American Heritage Education, Revenue Bonds | ||||||||||
| Series A 5.00%, due 6/1/36 | 475,000 | 517,636 | ||||||||
| Series A 5.00%, due 6/1/46 | 700,000 | 754,922 | ||||||||
| California Municipal Finance Authority, Creative Center Los Altos Project, Pinewood & Oakwood Schools, Revenue Bonds (b) | ||||||||||
| Series B 4.00%, due 11/1/36 | 400,000 | 383,444 | ||||||||
| Series B 4.50%, due 11/1/46 | 1,600,000 | 1,603,184 | ||||||||
| California
Municipal Finance Authority, Palmdale Aerospace Academy Projects, Revenue Bonds 5.00%, due 7/1/46 (b) | 795,000 | 815,861 | ||||||||
| California
Municipal Finance Authority, Partnerships Uplift Community Project, Revenue Bonds Series A 5.30%, due 8/1/47 | 500,000 | 511,000 | ||||||||
| California
School Facilities Financing Authority, Azusa Unified School District, Revenue Bonds Insured: AGM (zero coupon), due 8/1/49 | 7,905,000 | 1,782,814 | ||||||||
| California School Finance Authority, Aspire Public Schools, Revenue Bonds (b) | ||||||||||
| 5.00%, due 8/1/27 | 500,000 | 553,050 | ||||||||
| 5.00%, due 8/1/28 | 700,000 | 771,512 | ||||||||
| 5.00%, due 8/1/36 | 600,000 | 646,932 | ||||||||
| 5.00%, due 8/1/41 | 750,000 | 803,895 | ||||||||
| 5.00%, due 8/1/46 | 975,000 | 1,041,973 | ||||||||
| California
School Finance Authority, Charter School Classical Academies Project, Revenue Bonds Series A 5.00%, due 10/1/37 (b) | 1,485,000 | 1,569,882 | ||||||||
| California
School Finance Authority, Grimmway Schools Obligation, Revenue Bonds Series A 5.00%, due 7/1/46 (b) | 750,000 | 765,690 | ||||||||
| California School Finance Authority, High Tech High Learning Project, Revenue Bonds (b) | ||||||||||
| Series A 5.00%, due 7/1/37 | 500,000 | 544,595 | ||||||||
| Series A 5.00%, due 7/1/49 | 500,000 | 535,615 | ||||||||
| California
School Finance Authority, KIPP LA Projects, Revenue Bonds Series A 5.00%, due 7/1/34 | 600,000 | 655,050 | ||||||||
| California State Municipal Finance Authority, Charter School, King Chavez Academy, Revenue Bonds (b) | ||||||||||
| Series A 5.00%, due 5/1/36 | 1,275,000 | 1,336,621 | ||||||||
| Series A 5.00%, due 5/1/46 | 1,325,000 | 1,366,963 | ||||||||
| California
State Municipal Finance Authority, Charter School, Palmdale Aerospace Academy Projects, Revenue Bonds 5.00%, due 7/1/36 (b) | 1,300,000 | 1,348,958 | ||||||||
| Oxnard
California School District, COPS, Property Acquisition and Improvement Project, Certificate of Participation Insured: BAM 2.00%, due 8/1/45 (c) | 1,000,000 | 1,008,460 | ||||||||
| San
Marcos School Financing Authority, Revenue Bonds Insured: AGM 5.25%, due 8/15/40 | 1,000,000 | 1,179,520 | ||||||||
| 20,497,577 | ||||||||||
| Facilities 0.4% | ||||||||||
| California
State Public Works Board, Capital Project, Revenue Bonds Series I-1 6.625%, due 11/1/34 | 30,000 | 30,058 | ||||||||
| San
Bernardino County Financing Authority, Court House Facilities Project, Revenue Bonds Series C, Insured: NATL-RE 5.50%, due 6/1/37 | 1,275,000 | 1,385,389 | ||||||||
| 1,415,447 | ||||||||||
| General 15.7% | ||||||||||
| Anaheim
Public Financing Authority, Revenue Bonds Series A 5.00%, due 5/1/33 | 1,000,000 | 1,133,600 | ||||||||
| California Infrastructure & Economic Development Bank, The Salvation Army Western Territory, Revenue Bonds | ||||||||||
| 4.00%, due 9/1/33 | 1,225,000 | 1,303,253 | ||||||||
| 4.00%, due 9/1/34 | 1,000,000 | 1,059,470 | ||||||||
| California
Statewide Communities Development Authority, California Baptist University, Revenue Bonds Series A 6.375%, due 11/1/43 | 500,000 | 573,750 | ||||||||
| Cathedral City Redevelopment Agency Successor Agency, Merged Redevelopment Project Area, Tax Allocation | ||||||||||
| Series A, Insured: AGM 5.00%, due 8/1/26 | 1,000,000 | 1,141,420 | ||||||||
| Series A, Insured: AGM 5.00%, due 8/1/34 | 1,000,000 | 1,119,510 | ||||||||
| City
of Irvine, Community Facilities District, Special Tax 5.00%, due 9/1/49 | 1,385,000 | 1,480,634 | ||||||||
| ¤ | County of Los Angeles CA, Vermont Corridor County Administration Building, Revenue Bonds | |||||||||
| Series A 4.00%, due 12/1/48 | 4,000,000 | 4,136,840 | ||||||||
| Series A 5.00%, due 12/1/38 | 1,910,000 | 2,237,832 | ||||||||
| Del Mar California Race Track Authority, Revenue Bonds | ||||||||||
| 5.00%, due 10/1/30 | 1,000,000 | 1,102,790 | ||||||||
| 5.00%, due 10/1/38 | 1,800,000 | 1,801,926 | ||||||||
| Livermore
Valley Water Financing Authority, Revenue Bonds Series A 5.00%, due 7/1/47 | 3,945,000 | 4,511,542 | ||||||||
| Lodi
CA, Public Financing Authority, Revenue Bonds Insured: AGM 5.00%, due 9/1/32 | 1,650,000 | 1,971,668 | ||||||||
| Madera
Redevelopment Agency, Tax Allocation Series A 5.00%, due 9/1/36 | 2,305,000 | 2,703,419 | ||||||||
| Manteca
Redevelopment Agency, Sub Amended Merged Project, Tax Allocation 1.30%, due 10/1/42 (d) | 5,470,000 | 5,470,000 | ||||||||
| Montclair
Financing Authority, Public Facilities Project, Revenue Bonds Insured: AGM 5.00%, due 10/1/32 | 1,000,000 | 1,131,580 | ||||||||
| Puerto
Rico Convention Center District Authority, Revenue Bonds Series A, Insured: AGC 4.50%, due 7/1/36 | 1,290,000 | 1,290,529 | ||||||||
| Puerto Rico Infrastructure Financing Authority, Revenue Bonds | ||||||||||
| Series C, Insured: AMBAC 5.50%, due 7/1/24 | 70,000 | 75,765 | ||||||||
| Series C, Insured: AMBAC 5.50%, due 7/1/26 | 455,000 | 496,505 | ||||||||
| Riverside
County Public Financing Authority, Project Area No. 1 Desert Communities & Interstate 215 Corridor Project, Tax Allocation Series A, Insured: BAM 4.00%, due 10/1/32 | 1,050,000 | 1,100,621 | ||||||||
| Riverside
County Public Financing Authority, Tax Allocation Series A, Insured: BAM 4.00%, due 10/1/40 | 1,500,000 | 1,540,515 | ||||||||
| Riverside
County Transportation Commission, Limited Tax, Revenue Bonds Series A 5.25%, due 6/1/39 | 1,000,000 | 1,162,930 | ||||||||
| San
Francisco City & County Redevelopment Agency, Mission Bay South Redevelopment Project, Tax Allocation Series C 5.00%, due 8/1/36 | 1,250,000 | 1,423,725 | ||||||||
| South
Orange County Public Financing Authority, Special Tax Series A 5.00%, due 8/15/32 | 775,000 | 836,171 | ||||||||
| Territory
of Guam, Business Privilege Tax, Revenue Bonds Series B1 5.00%, due 1/1/27 | 1,500,000 | 1,586,670 | ||||||||
| Territory
of Guam, Hotel Occupancy Tax, Revenue Bonds Series A 6.50%, due 11/1/40 | 1,740,000 | 1,912,399 | ||||||||
| Territory
of Guam, Revenue Bonds Series A 5.125%, due 1/1/42 | 2,890,000 | 3,022,738 | ||||||||
| Territory
of Guam, Section 30, Revenue Bonds Series A 5.00%, due 12/1/32 | 2,000,000 | 2,199,440 | ||||||||
| Virgin Islands Public Finance Authority, Matching Fund Loan, Revenue Bonds | ||||||||||
| Series A 5.00%, due 10/1/25 | 620,000 | 615,350 | ||||||||
| Subseries A 6.00%, due 10/1/39 | 800,000 | 726,000 | ||||||||
| Series A 6.625%, due 10/1/29 | 300,000 | 278,250 | ||||||||
| Series A 6.75%, due 10/1/37 | 2,450,000 | 2,272,375 | ||||||||
| Virgin
Islands Public Finance Authority, Revenue Bonds Series A, Insured: AGM 5.00%, due 10/1/32 | 1,205,000 | 1,297,134 | ||||||||
| 54,716,351 | ||||||||||
| General Obligation 7.0% | ||||||||||
| California State, Unlimited General Obligation | 305,000 | 314,137 | ||||||||
| Coast
Community College District, Election 2012, Unlimited General Obligation Series D 4.50%, due 8/1/39 | 500,000 | 550,880 | ||||||||
| ¤ | Commonwealth of Puerto Rico, Public Improvement, Unlimited General Obligation | |||||||||
| Series A, Insured: AGM 4.00%, due 7/1/22 | 115,000 | 119,344 | ||||||||
| Insured: AMBAC 4.50%, due 7/1/23 | 565,000 | 565,277 | ||||||||
| Series A, Insured: AGC 5.00%, due 7/1/23 | 260,000 | 267,584 | ||||||||
| Series A-4, Insured: AGM 5.00%, due 7/1/31 | 410,000 | 426,933 | ||||||||
| Series A, Insured: AGM 5.00%, due 7/1/35 | 2,175,000 | 2,353,676 | ||||||||
| Series C, Insured: AGM 5.25%, due 7/1/26 | 445,000 | 475,291 | ||||||||
| Series A-4, Insured: AGM 5.25%, due 7/1/30 | 175,000 | 183,330 | ||||||||
| Series A, Insured: NATL-RE 5.50%, due 7/1/19 | 1,530,000 | 1,567,684 | ||||||||
| Series A, Insured: AGM 5.50%, due 7/1/27 | 620,000 | 672,489 | ||||||||
| Grossmont-Cuyamaca
CA, Community College District, Unlimited General Obligation Series B 4.00%, due 8/1/47 | 1,000,000 | 1,039,300 | ||||||||
| Hartnell
Community College District, Election 2016, Unlimited General Obligation Series A 4.00%, due 8/1/47 | 2,215,000 | 2,301,584 | ||||||||
| Hartnell
Community College District, Unlimited General Obligation Series A (zero coupon), due 8/1/37 | 2,500,000 | 1,168,000 | ||||||||
| Kern
Community College District, Safety Repair & Improvement, Unlimited General Obligation Series C 5.75%, due 11/1/34 | 650,000 | 765,148 | ||||||||
| Mount
San Jacinto Community College District, Election 2014, Unlimited General Obligation Series B 4.00%, due 8/1/38 | 1,985,000 | 2,093,838 | ||||||||
| Palo
Verde Community College District, Election 2014, Unlimited General Obligation Series A, Insured: AGM 4.00%, due 8/1/45 | 500,000 | 516,955 | ||||||||
| Puerto
Rico Municipal Finance Agency, Revenue Bonds Series A, Insured: AGM 5.25%, due 8/1/21 | 300,000 | 308,010 | ||||||||
| Puerto Rico Public Buildings Authority, Revenue Bonds | ||||||||||
| Insured: CIFG, AGM 5.25%, due 7/1/20 | 475,000 | 500,531 | ||||||||
| Series F, Insured: AGC 5.25%, due 7/1/25 | 160,000 | 178,288 | ||||||||
| Santa
Monica Community College District, Election 2016, Unlimited General Obligation Series A 4.00%, due 8/1/47 | 1,250,000 | 1,315,287 | ||||||||
| Southwestern
Community College District, Unlimited General Obligation Series A 4.00%, due 8/1/47 | 2,000,000 | 2,071,920 | ||||||||
| Tahoe
Forest, California Hospital District, Unlimited General Obligation 5.00%, due 8/1/29 | 1,815,000 | 2,139,177 | ||||||||
| Virgin
Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds Series A 5.00%, due 10/1/32 | 1,250,000 | 1,137,500 | ||||||||
| Virgin
Islands Public Finance Authority, Revenue Bonds Series A 5.00%, due 10/1/29 | 1,500,000 | 1,380,000 | ||||||||
| 24,412,163 | ||||||||||
| Higher Education 3.9% | ||||||||||
| California
Educational Facilities Authority, Claremont McKenna College, Revenue Bonds Series A 4.00%, due 1/1/39 | 1,800,000 | 1,870,200 | ||||||||
| California Educational Facilities Authority, Loma Linda University, Revenue Bonds | ||||||||||
| Series A 5.00%, due 4/1/23 | 570,000 | 639,284 | ||||||||
| Series A 5.00%, due 4/1/24 | 280,000 | 318,808 | ||||||||
| California
State Educational Facilities Authority, Chapman University, Revenue Bonds Series B 4.00%, due 4/1/47 | 2,750,000 | 2,816,715 | ||||||||
| California
State Municipal Finance Authority, Biola University, Revenue Bonds 5.00%, due 10/1/37 | 1,000,000 | 1,133,450 | ||||||||
| California
State Municipal Finance Authority, California Baptist University, Revenue Bonds Series A 5.00%, due 11/1/46 (b) | 1,000,000 | 1,066,710 | ||||||||
| California
State Municipal Finance Authority, Pomona College, Revenue Bonds 5.00%, due 1/1/48 | 1,250,000 | 1,463,750 | ||||||||
| California
State Municipal Finance Authority, Southern California Institute of Architecture Project, Revenue Bonds 5.00%, due 12/1/38 | 845,000 | 949,408 | ||||||||
| California
State Municipal Finance Authority, University of La Verne, Revenue Bonds Series A 4.00%, due 6/1/47 | 1,000,000 | 1,032,280 | ||||||||
| California
Statewide Communities Development Authority, California Baptist University, Revenue Bonds Series A 5.00%, due 11/1/41 (b) | 1,000,000 | 1,077,400 | ||||||||
| California
Statewide Communities Development Authority, Lancer Plaza Project, Revenue Bonds 5.875%, due 11/1/43 | 1,000,000 | 1,109,350 | ||||||||
| 13,477,355 | ||||||||||
| Housing 3.4% | ||||||||||
| California Municipal Finance Authority, Mobile Home Park Senior Caritas Projects, Revenue Bonds | ||||||||||
| Series A 4.00%, due 8/15/42 | 1,540,000 | 1,553,952 | ||||||||
| Series A 5.00%, due 8/15/29 | 805,000 | 915,204 | ||||||||
| Series A 5.00%, due 8/15/31 | 140,000 | 157,881 | ||||||||
| California
Municipal Finance Authority, Windsor Mobile Country Club, Revenue Bonds Series A 4.00%, due 11/15/37 | 1,320,000 | 1,365,527 | ||||||||
| California
Public Finance Authority, University Housing, Claremont Properties LLC, Project, Revenue Bonds Series A 5.00%, due 7/1/47 (b) | 750,000 | 798,218 | ||||||||
| California
Statewide Communities Development Authority, Lancer Educational Student Housing Project, Revenue Bonds Series A 5.00%, due 6/1/46 (b) | 1,000,000 | 1,054,220 | ||||||||
| California
Statewide Communities Development Authority, Student Housing, Revenue Bonds 5.00%, due 5/15/40 | 2,075,000 | 2,307,836 | ||||||||
| California
Statewide Communities Development Authority, University of California, Irvine Campus Apartments, Revenue Bonds Series A 5.00%, due 5/15/47 | 3,500,000 | 3,919,265 | ||||||||
| 12,072,103 | ||||||||||
| Medical 11.8% | ||||||||||
| ABAG
Finance Authority for Nonprofit Corp., Sharp Health Care, Revenue Bonds Series A 5.00%, due 8/1/43 | 1,750,000 | 1,909,600 | ||||||||
| California
Health Facilities Financing Authority, Children's Hospital, Revenue Bonds Series A 5.00%, due 8/15/47 | 1,000,000 | 1,107,160 | ||||||||
| California
Health Facilities Financing Authority, Stanford Health Care, Revenue Bonds Series A 5.00%, due 11/15/36 | 3,000,000 | 3,514,860 | ||||||||
| California
Municipal Finance Authority, Community Medical Centers, Revenue Bonds Series A 5.00%, due 2/1/46 | 490,000 | 535,658 | ||||||||
| California
Municipal Finance Authority, Inland Regional Center Project, Revenue Bonds 5.00%, due 6/15/37 | 1,000,000 | 1,109,530 | ||||||||
| California
Public Finance Authority, Henry Mayo Newhall Hospital, Revenue Bonds 5.00%, due 10/15/47 | 1,000,000 | 1,070,010 | ||||||||
| ¤ | California
Public Finance Authority, Sharp HealthCare, Revenue Bonds Series C 1.20%, due 8/1/52 (d) | 5,900,000 | 5,900,000 | |||||||
| ¤ | California State Educational Facilities Authority, Sutter Health, Revenue Bonds | |||||||||
| Series A 5.00%, due 11/15/34 | 475,000 | 544,773 | ||||||||
| Series A 5.00%, due 11/15/37 | 5,175,000 | 5,967,396 | ||||||||
| Series A 5.00%, due 11/15/38 | 1,600,000 | 1,838,032 | ||||||||
| California
State Health Facilities Financing Authority, Children's Hospital, Revenue Bonds Series A 5.00%, due 8/15/42 | 500,000 | 555,620 | ||||||||
| California
State Health Facilities Financing Authority, Dignity Health, Revenue Bonds Series D, Insured: NATL-RE 1.341%, due 7/1/21 (c) | 1,200,000 | 1,188,780 | ||||||||
| California
State Health Facilities Financing Authority, El Camino Hospital, Revenue Bonds 4.125%, due 2/1/47 | 750,000 | 767,558 | ||||||||
| California
State Health Facilities Financing Authority, Kaiser Permanente, Revenue Bonds Subseries A2 4.00%, due 11/1/51 | 1,000,000 | 1,027,220 | ||||||||
| California State Municipal Finance Authority, Community Medical Centers, Revenue Bonds | ||||||||||
| Series A 5.00%, due 2/1/27 | 1,100,000 | 1,281,874 | ||||||||
| Series A 5.00%, due 2/1/37 | 1,000,000 | 1,114,100 | ||||||||
| California
Statewide Communities Development Authority, Huntington Memorial Hospital Project, Revenue Bonds 4.00%, due 7/1/48 | 1,000,000 | 1,014,710 | ||||||||
| California
Statewide Communities Development Authority, Loma Linda University Medical Center, Revenue Bonds Series A 5.00%, due 12/1/46 (b) | 2,000,000 | 2,118,040 | ||||||||
| California
Statewide Communities Development Authority, Revenue Bonds Series M 0.80%, due 4/1/38 (d) | 4,000,000 | 4,000,000 | ||||||||
| City
of Whittier, California, Health Facility Presbyterian Intercommunity Hospital, Revenue Bonds 6.25%, due 6/1/36 | 1,000,000 | 1,113,140 | ||||||||
| Regents
of the University of California Medical Center Pooled Revenue, Revenue Bonds Series B-2 1.10%, due 5/15/32 (d) | 2,200,000 | 2,200,000 | ||||||||
| Washington
Township Health Care District, Revenue Bonds Series B 4.00%, due 7/1/36 | 1,380,000 | 1,386,141 | ||||||||
| 41,264,202 | ||||||||||
| Mello-Roos 0.5% | ||||||||||
| Irvine
Unified School District, Community Facilities District No. 9, Special Tax Series B 5.00%, due 9/1/42 | 1,000,000 | 1,119,930 | ||||||||
| Rio
Elementary School District Community Facilities District No.1, Special Tax Insured: BAM 5.00%, due 9/1/35 | 500,000 | 562,110 | ||||||||
| 1,682,040 | ||||||||||
| Multi-Family Housing 1.4% | ||||||||||
| San
Francisco City & County Multifamily Housing, 1601 Mariposa Apartments, Revenue Bonds Series B-2 0.71%, due 7/1/57 (d) | 5,000,000 | 5,000,000 | ||||||||
| Nursing Homes 1.5% | ||||||||||
| ABAG
Finance Authority for Nonprofit Corp., Episcopal Senior Communities, Revenue Bonds Series A 5.00%, due 7/1/42 | 500,000 | 530,015 | ||||||||
| California
Municipal Finance Authority, Asian Community Center, Revenue Bonds Insured: California Mortgage Insurance 5.00%, due 4/1/48 | 1,545,000 | 1,747,812 | ||||||||
| California
Statewide Communities Development Authority, American Baptist Homes West, Revenue Bonds 5.00%, due 10/1/45 | 1,300,000 | 1,407,133 | ||||||||
| California
Statewide Communities Development Authority, Front Porch Communities & Services, Revenue Bonds 4.00%, due 4/1/47 | 1,000,000 | 1,010,920 | ||||||||
| California
Statewide Communities Development Authority, Redwoods Project, Revenue Bonds Insured: California Mortgage Insurance 5.375%, due 11/15/44 | 535,000 | 607,862 | ||||||||
| 5,303,742 | ||||||||||
| Power 3.9% | ||||||||||
| ¤ | California
Infrastructure & Economic Development Bank, Pacific Gas & Electric Co., Revenue Bonds Series B 1.41%, due 11/1/26 (d) | 5,500,000 | 5,500,000 | |||||||
| Guam Power Authority, Revenue Bonds | ||||||||||
| Series A 5.00%, due 10/1/34 | 1,000,000 | 1,054,430 | ||||||||
| Series A 5.00%, due 10/1/40 | 1,000,000 | 1,084,830 | ||||||||
| ¤ | Los Angeles Department of Water & Power, Revenue Bonds (d) | |||||||||
| Subseries B-3 1.20%, due 7/1/34 | 2,225,000 | 2,225,000 | ||||||||
| Subseries A-7 1.20%, due 7/1/35 | 175,000 | 175,000 | ||||||||
| Puerto Rico Electric Power Authority, Revenue Bonds | ||||||||||
| Series TT, Insured: AGM 4.20%, due 7/1/19 | 240,000 | 240,518 | ||||||||
| Series UU, Insured: AGC 4.25%, due 7/1/27 | 460,000 | 460,313 | ||||||||
| Series SS, Insured: NATL-RE 5.00%, due 7/1/22 | 640,000 | 644,422 | ||||||||
| Series UU, Insured: AGM 5.00%, due 7/1/24 | 225,000 | 231,593 | ||||||||
| Southern
California State Public Power Authority, Magnolia Power Project, Revenue Bonds Series A-1 1.25%, due 7/1/36 (d) | 2,000,000 | 2,000,000 | ||||||||
| 13,616,106 | ||||||||||
| School District 12.6% | ||||||||||
| Alvord
Unified School District, Election 2012, Unlimited General Obligation Series A, Insured: AGM 5.25%, due 8/1/37 | 825,000 | 926,830 | ||||||||
| Banning
CA Unified School District, Election 2016, Unlimited General Obligation Series A, Insured: AGM 4.00%, due 8/1/46 | 500,000 | 516,420 | ||||||||
| Beaumont
CA Unified School District, Election 2008, Unlimited General Obligation Series D, Insured: BAM 5.25%, due 8/1/44 | 1,000,000 | 1,163,590 | ||||||||
| Ceres
Unified School District, Unlimited General Obligation Insured: BAM (zero coupon), due 8/1/37 | 500,000 | 236,500 | ||||||||
| Chino
Valley Unified School District, Election 2016, Unlimited General Obligation Series A 5.25%, due 8/1/47 | 1,000,000 | 1,176,270 | ||||||||
| El Rancho
Unified School District, Election 2016, Unlimited General Obligation Series A, Insured: BAM 5.25%, due 8/1/46 | 2,745,000 | 3,207,642 | ||||||||
| Fontana
Unified School District, Unlimited General Obligation Series C (zero coupon), due 8/1/33 | 2,825,000 | 1,453,688 | ||||||||
| Fresno
Unified School District, Election 2010, Unlimited General Obligation Series F 4.00%, due 8/1/32 | 1,475,000 | 1,572,704 | ||||||||
| Jurupa Unified School District, Unlimited General Obligation | ||||||||||
| Series B 5.00%, due 8/1/33 | 1,555,000 | 1,834,916 | ||||||||
| Series B 5.00%, due 8/1/37 | 1,000,000 | 1,165,260 | ||||||||
| Kerman
CA Unified School District, Election 2016, Unlimited General Obligation Insured: BAM 5.25%, due 8/1/46 | 1,755,000 | 2,053,789 | ||||||||
| Lemoore
Union High School District, Election 2016, Unlimited General Obligation Series A 5.50%, due 8/1/42 | 560,000 | 673,103 | ||||||||
| Lennox
School District, Election 2016, Unlimited General Obligation Insured: AGM 4.00%, due 8/1/47 | 3,000,000 | 3,091,620 | ||||||||
| Local
Public Schools Funding Authority, School Improvement District, Election 2016, Unlimited General Obligation Series A, Insured: BAM 4.00%, due 8/1/42 | 750,000 | 781,672 | ||||||||
| Needles
Unified School District, Election 2008, Unlimited General Obligation Series B, Insured: AGM (zero coupon), due 8/1/45 | 1,250,000 | 878,975 | ||||||||
| Oakland
Unified School District, Alameda County, Election of 2012, Unlimited General Obligation 6.625%, due 8/1/38 | 500,000 | 574,035 | ||||||||
| Oakland
Unified School District, Alameda County, Unlimited General Obligation 5.00%, due 8/1/31 | 1,100,000 | 1,297,340 | ||||||||
| Oceanside
Unified School District, Unlimited General Obligation Series C (zero coupon), due 8/1/51 | 25,000 | 3,565 | ||||||||
| Paramount
Unified School District, Election 2016, Unlimited General Obligation Series A, Insured: AGM 5.25%, due 8/1/46 | 1,500,000 | 1,755,375 | ||||||||
| Pittsburg Unified School District, Unlimited General Obligation | ||||||||||
| Series C (zero coupon), due 8/1/47 | 3,500,000 | 733,425 | ||||||||
| Series C (zero coupon), due 8/1/52 | 5,000,000 | 751,700 | ||||||||
| Redwood
City School District, Election 2015, Unlimited General Obligation 5.25%, due 8/1/44 | 2,000,000 | 2,403,440 | ||||||||
| San
Bernardino City Unified School District, Election 2012, Unlimited General Obligation Series C, Insured: AGM 5.00%, due 8/1/34 | 655,000 | 748,226 | ||||||||
| San
Leandro CA Unified School District, Election 2016, Unlimited General Obligation Series A, Insured: BAM 5.25%, due 8/1/42 | 1,000,000 | 1,180,590 | ||||||||
| San
Rafael CA, Elementary School District, Unlimited General Obligation Series B 4.00%, due 8/1/47 | 4,160,000 | 4,330,602 | ||||||||
| San
Ysidro School District, Unlimited General Obligation Insured: AGM (zero coupon), due 8/1/47 | 3,000,000 | 708,930 | ||||||||
| Sanger
Unified School District, Election 2012, Unlimited General Obligation Series C, Insured: BAM 4.00%, due 8/1/39 | 1,020,000 | 1,056,751 | ||||||||
| Santa Barbara Unified School District, Election 2010, Unlimited General Obligation | ||||||||||
| Series A (zero coupon), due 8/1/36 | 1,000,000 | 1,096,870 | ||||||||
| Series B 5.00%, due 8/1/38 | 1,000,000 | 1,121,250 | ||||||||
| Santee
CA, School District, Unlimited General Obligation 5.00%, due 8/1/48 | 2,205,000 | 2,515,023 | ||||||||
| Savanna
School District, Election 2008, Unlimited General Obligation Series B, Insured: AGM (zero coupon), due 2/1/52 | 1,000,000 | 667,360 | ||||||||
| Taft
Elementary School District, Election 2012, Unlimited General Obligation Series B, Insured: AGM 6.00%, due 8/1/44 | 1,200,000 | 1,440,468 | ||||||||
| Westminster
School District, Election 2008, Unlimited General Obligation Series B, Insured: BAM (zero coupon), due 8/1/48 | 5,000,000 | 788,000 | ||||||||
| 43,905,929 | ||||||||||
| Tobacco Settlement 6.0% | ||||||||||
| California County Tobacco Securitization Agency, Asset-Backed, Revenue Bonds | ||||||||||
| Series B (zero coupon), due 6/1/46 | 10,000,000 | 1,854,000 | ||||||||
| Series A 5.00%, due 6/1/47 | 1,275,000 | 1,271,048 | ||||||||
| 5.70%, due 6/1/46 | 1,000,000 | 1,004,540 | ||||||||
| California County Tobacco Securitization Agency, Revenue Bonds | ||||||||||
| Series A 5.125%, due 6/1/38 | 1,290,000 | 1,299,365 | ||||||||
| 5.125%, due 6/1/38 | 550,000 | 553,988 | ||||||||
| 5.25%, due 6/1/46 | 1,165,000 | 1,164,918 | ||||||||
| California
Statewide Financing Authority, Turbo Pooled Program C, Revenue Bonds (zero coupon), due 6/1/55 | 20,000,000 | 1,096,400 | ||||||||
| Children's
Trust Fund, Asset-Backed, Revenue Bonds Series A (zero coupon), due 5/15/50 | 1,500,000 | 166,125 | ||||||||
| ¤ | Golden State Tobacco Securitization Corp., Asset-Backed, Revenue Bonds | |||||||||
| Series A-1 5.00%, due 6/1/34 | 5,000,000 | 5,685,950 | ||||||||
| Series A-2 5.30%, due 6/1/37 | 3,265,000 | 3,413,002 | ||||||||
| Guam
Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed, Revenue Bonds 5.625%, due 6/1/47 | 1,025,000 | 1,017,415 | ||||||||
| Tobacco Securitization Authority of Northern California, Revenue Bonds | ||||||||||
| Series A-1 5.375%, due 6/1/38 | 820,000 | 824,420 | ||||||||
| Series A-1 5.50%, due 6/1/45 | 1,585,000 | 1,593,543 | ||||||||
| 20,944,714 | ||||||||||
| Transportation 4.7% | ||||||||||
| Alameda Corridor Transportation Authority, Revenue Bonds | ||||||||||
| Series B, Insured: AGM 4.00%, due 10/1/37 | 750,000 | 776,400 | ||||||||
| Series A, Insured: AGM 5.00%, due 10/1/29 | 1,000,000 | 1,135,940 | ||||||||
| Foothill-Eastern
Transportation Corridor Agency, Revenue Bonds Series C 6.50%, due 1/15/43 | 500,000 | 582,765 | ||||||||
| Puerto Rico Highway & Transportation Authority, Revenue Bonds | ||||||||||
| Series N, Insured: AMBAC (zero coupon), due 7/1/20 | 405,000 | 373,677 | ||||||||
| Insured: AGC 4.125%, due 7/1/19 | 120,000 | 120,317 | ||||||||
| Series D, Insured: AGM 5.00%, due 7/1/32 | 1,205,000 | 1,229,943 | ||||||||
| Series G, Insured: AGC 5.00%, due 7/1/42 | 40,000 | 40,490 | ||||||||
| Series N, Insured: NATL-RE 5.25%, due 7/1/32 | 640,000 | 679,917 | ||||||||
| Series N, Insured: AGC 5.25%, due 7/1/36 | 1,000,000 | 1,159,430 | ||||||||
| Insured: AMBAC 5.50%, due 7/1/26 | 460,000 | 501,961 | ||||||||
| San
Diego Association of Governments, South Bay Expressway, Revenue Bonds Series A 5.00%, due 7/1/42 | 2,000,000 | 2,304,020 | ||||||||
| San
Francisco Municipal Transportation Agency, Revenue Bonds 5.00%, due 3/1/44 | 1,500,000 | 1,679,235 | ||||||||
| San Joaquin Hills Transportation Corridor Agency, Junior Lien, Revenue Bonds | ||||||||||
| Series B 5.25%, due 1/15/44 | 1,000,000 | 1,095,440 | ||||||||
| Series B 5.25%, due 1/15/49 | 500,000 | 546,215 | ||||||||
| San Joaquin Hills Transportation Corridor Agency, Revenue Bonds | ||||||||||
| Series A 5.00%, due 1/15/44 | 3,500,000 | 3,815,595 | ||||||||
| Senior Lien-Series A 5.00%, due 1/15/50 | 500,000 | 543,275 | ||||||||
| 16,584,620 | ||||||||||
| Utilities 1.4% | ||||||||||
| ¤ | Guam Government, Waterworks Authority, Revenue Bonds | |||||||||
| 5.25%, due 7/1/33 | 1,100,000 | 1,191,707 | ||||||||
| 5.50%, due 7/1/43 | 1,415,000 | 1,539,506 | ||||||||
| Imperial
Irrigation District Electric, Revenue Bonds Series C 5.00%, due 11/1/37 | 1,000,000 | 1,139,520 | ||||||||
| Turlock
Irrigation District, Revenue Bonds 5.50%, due 1/1/41 | 1,000,000 | 1,076,170 | ||||||||
| 4,946,903 | ||||||||||
| Water 9.9% | ||||||||||
| California
Pollution Control Financing Authority, Revenue Bonds 5.00%, due 11/21/45 (b) | 1,255,000 | 1,270,261 | ||||||||
| City
of Clovis, California, Sewer Revenue Bonds Insured: AGM 5.25%, due 8/1/29 | 500,000 | 589,170 | ||||||||
| Colton
Utility Authority, Revenue Bonds Insured: AGM 4.00%, due 3/1/47 | 2,500,000 | 2,576,925 | ||||||||
| Eastern
Municipal Water District, Water & Wastewater, Revenue Bonds Series A 5.00%, due 7/1/45 | 2,850,000 | 3,255,298 | ||||||||
| ¤ | Guam
Government, Waterworks Authority, Revenue Bonds 5.00%, due 1/1/46 | 5,020,000 | 5,477,322 | |||||||
| Irvine
Ranch Water District, Improvement District Construction, Special Assessment Series B 1.18%, due 10/1/41 (d) | 2,700,000 | 2,700,000 | ||||||||
| Los Angeles County Sanitation Districts Financing Authority, Green Bonds, Revenue Bonds | ||||||||||
| Series A 4.00%, due 10/1/33 | 1,000,000 | 1,063,700 | ||||||||
| Series A 5.00%, due 10/1/30 | 1,075,000 | 1,272,316 | ||||||||
| ¤ | Los
Angeles Department of Water & Power, Revenue Bonds Subseries B-2 1.18%, due 7/1/35 (d) | 4,400,000 | 4,400,000 | |||||||
| Metropolitan Water District of Southern California, Revenue Bonds (d) | ||||||||||
| Series B-1 1.19%, due 7/1/37 | 3,600,000 | 3,600,000 | ||||||||
| Series A 1.20%, due 7/1/47 | 800,000 | 800,000 | ||||||||
| Oxnard
Financing Authority, Waste Water, Revenue Bonds Insured: AGM 5.00%, due 6/1/34 | 1,000,000 | 1,119,840 | ||||||||
| Puerto Rico Commonwealth, Aqueduct & Sewer Authority, Revenue Bonds | ||||||||||
| Series A, Insured: AGC 5.00%, due 7/1/28 | 100,000 | 102,584 | ||||||||
| Series A 6.00%, due 7/1/44 | 1,000,000 | 850,000 | ||||||||
| Senior Lien-Series A 6.00%, due 7/1/47 | 1,000,000 | 842,500 | ||||||||
| Santa
Margarita-Dana Point Authority, Water District Improvement, Revenue Bonds 4.00%, due 8/1/36 | 2,025,000 | 2,137,793 | ||||||||
| Silicon
Valley Clean Water, Revenue Bonds 5.00%, due 8/1/45 | 500,000 | 571,165 | ||||||||
| Stockton
Public Financing Authority, Delta Water Supply Project, Revenue Bonds Series A 6.25%, due 10/1/38 | 1,000,000 | 1,183,230 | ||||||||
| Stockton
Public Financing Authority, Water System, Capital Improvement Projects, Revenue Bonds Series A, Insured: NATL-RE 4.75%, due 10/1/35 | 20,000 | 20,055 | ||||||||
| Watereuse
Finance Authority, Revenue Bonds Series A 5.50%, due 5/1/36 | 500,000 | 578,080 | ||||||||
| West
Sacramento CA, Financing Authority, Water Capital Projects, Revenue Bonds Insured: BAM 4.00%, due 10/1/39 | 300,000 | 315,267 | ||||||||
| 34,725,506 | ||||||||||
| Total
Municipal Bonds (Cost $339,554,997) | 98.0 | % | 342,597,878 | |||||||
| Other Assets, Less Liabilities | 2.0 | 6,937,491 | ||||||||
| Net Assets | 100.0 | % | $ | 349,535,369 | ||||||
| † | Percentages indicated are based on Fund net assets. |
| ¤ | Among the Fund's 10 largest holdings or issuers held, as of July 31, 2018. May be subject to change daily. |
| (a) | Interest on these securities was subject to alternative minimum tax. |
| (b) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (c) | Floating rate - Rate shown was the rate in effect as of July 31, 2018. |
| (d) | Variable-rate demand notes (VRDNs) - Provide the right to sell the security at face value on either that day or within the rate-reset period. VRDNs will normally trade as if the maturity is the earlier put date, even though stated maturity is longer. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. The maturity date shown is the final maturity. |
As of July 31, 2018, the Fund held the following futures contracts1:
| Type | Number of Contracts (Short) | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 | |||||||||||
| 10-Year United States Treasury Note | (217) | September 2018 | $ | (25,856,413 | ) | $ | (25,914,547 | ) | $ | (58,134 | ) | |||||
| United States Treasury Long Bond | (81) | September 2018 | (11,498,948 | ) | (11,580,468 | ) | (81,520 | ) | ||||||||
| $ | (37,355,361 | ) | $ | (37,495,015 | ) | $ | (139,654 | ) | ||||||||
| 1. | As of July 31, 2018, cash in the amount of $414,150 was on deposit with a broker or futures commission merchant for futures transactions. |
| 2. | Represents the difference between the value of the contracts at the time they were opened and the value as of July 31, 2018. |
The following abbreviations are used in the preceding pages:
| AGC | —Assured Guaranty Corp. |
| AGM | —Assured Guaranty Municipal Corp. |
| AMBAC | —Ambac Assurance Corp. |
| BAM | —Build America Mutual Assurance Co. |
| CIFG | —CIFG Group |
| NATL-RE | —National Public Finance Guarantee Corp. |
The following is a summary of the fair valuations according to the inputs used as of July 31, 2018, for valuing the Fund's assets and liabilities.
Asset Valuation Inputs
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
| Investments in Securities (a) | ||||||||||||||||
| Municipal Bonds | $ | — | $ | 342,597,878 | $ | — | $ | 342,597,878 | ||||||||
| Total Investments in Securities | $ | — | $ | 342,597,878 | $ | — | $ | 342,597,878 | ||||||||
Liability Valuation Inputs
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts (b) | $ | (139,654 | ) | $ | — | $ | — | $ | (139,654 | ) | ||||||
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| (b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
The Fund recognizes transfers between the levels as of the beginning of the period.
For the period ended July 31, 2018, the Fund did not have any transfers among levels.
As of July 31, 2018, the Fund did not hold any investments with significant unobservable inputs (Level 3).
MainStay MacKay Emerging Markets Equity Fund
Portfolio of Investments July 31, 2018 (Unaudited)
| Shares | Value | |||||||||
| Common Stocks 95.0% † | ||||||||||
| Brazil 5.0% | ||||||||||
| Banco do Brasil S.A. (Banks) | 82,700 | $ | 716,103 | |||||||
| Banco Santander Brasil S.A. (Banks) | 40,600 | 394,610 | ||||||||
| Construtora Tenda S.A. (Household Durables) (a) | 34,200 | 242,288 | ||||||||
| Estacio Participacoes S.A. (Diversified Consumer Services) | 39,800 | 275,174 | ||||||||
| Fibria Celulose S.A. (Paper & Forest Products) | 14,200 | 279,967 | ||||||||
| JBS S.A. (Food Products) | 123,800 | 297,518 | ||||||||
| Kroton Educacional S.A. (Diversified Consumer Services) | 15,300 | 46,063 | ||||||||
| Petroleo Brasileiro S.A. (Oil, Gas & Consumable Fuels) | 49,300 | 288,184 | ||||||||
| Qualicorp Consultoria e corret (Health Care Providers & Services) | 19,900 | 106,305 | ||||||||
| SLC Agricola S.A. (Food Products) | 18,500 | 260,744 | ||||||||
| ¤ | Vale S.A. (Metals & Mining) | 91,836 | 1,341,829 | |||||||
| Wiz Solucoes e Corretagem de Seguros S.A. (Insurance) | 12,400 | 26,100 | ||||||||
| 4,274,885 | ||||||||||
| Chile 0.1% | ||||||||||
| Empresas CMPC S.A. (Paper & Forest Products) | 31,546 | 127,837 | ||||||||
| China 31.8% | ||||||||||
| Agricultural Bank of China, Ltd., Class H (Banks) | 1,593,000 | 771,227 | ||||||||
| ¤ | Alibaba Group Holding, Ltd., Sponsored ADR (Internet Software & Services) (a) | 18,500 | 3,463,755 | |||||||
| Anhui Conch Cement Co., Ltd., Class H (Construction Materials) | 107,500 | 688,220 | ||||||||
| BAIC Motor Corp., Ltd., Class H (Automobiles) (b) | 598,500 | 497,158 | ||||||||
| Baidu, Inc., Sponsored ADR (Internet Software & Services) (a) | 4,100 | 1,013,438 | ||||||||
| Bank of China, Ltd., Class H (Banks) | 2,357,000 | 1,105,071 | ||||||||
| Bank of Communications Co., Ltd., Class H (Banks) | 159,000 | 114,656 | ||||||||
| Beijing Enterprises Holdings, Ltd. (Gas Utilities) | 11,000 | 53,465 | ||||||||
| China CITIC Bank Corp., Ltd., Class H (Banks) | 988,000 | 633,152 | ||||||||
| China Communications Construction Co., Ltd., Class H (Construction & Engineering) | 602,000 | 664,965 | ||||||||
| China Communications Services Corp., Ltd., Class H (Diversified Telecommunication Services) | 914,000 | 578,743 | ||||||||
| ¤ | China Construction Bank Corp., Class H (Banks) | 1,813,000 | 1,642,292 | |||||||
| China Evergrande Group (Real Estate Management & Development) (a)(c) | 75,000 | 206,872 | ||||||||
| China Huarong Asset Management Co., Ltd., Class H (Capital Markets) (b) | 860,000 | 219,135 | ||||||||
| China Longyuan Power Group Corp., Ltd., Class H (Independent Power & Renewable Electricity Producers) | 657,000 | 611,879 | ||||||||
| China Mobile, Ltd. (Wireless Telecommunication Services) | 43,000 | 387,869 | ||||||||
| China Petroleum & Chemical Corp., Class H (Oil, Gas & Consumable Fuels) | 888,000 | 856,430 | ||||||||
| China Shenhua Energy Co., Ltd., Class H (Oil, Gas & Consumable Fuels) | 43,000 | 96,967 | ||||||||
| China Travel International Investment Hong Kong, Ltd. (Hotels, Restaurants & Leisure) | 1,106,000 | 443,863 | ||||||||
| China Vanke Co., Ltd., Class H (Real Estate Management & Development) | 104,000 | 331,913 | ||||||||
| CNOOC, Ltd. (Oil, Gas & Consumable Fuels) | 73,000 | 122,022 | ||||||||
| Country Garden Holdings Co., Ltd. (Real Estate Management & Development) | 254,000 | 393,505 | ||||||||
| Dongfeng Motor Group Co., Ltd., Class H (Automobiles) | 540,000 | 541,441 | ||||||||
| Fang Holdings, Ltd., ADR (Internet Software & Services) (a) | 80,200 | 259,848 | ||||||||
| Fosun International, Ltd. (Industrial Conglomerates) | 206,000 | 376,356 | ||||||||
| Huaneng Renewables Corp., Ltd., Class H (Independent Power & Renewable Electricity Producers) | 1,340,000 | 498,506 | ||||||||
| ¤ | Industrial & Commercial Bank of China, Ltd., Class H (Banks) | 1,822,000 | 1,348,675 | |||||||
| Longfor Group Holdings, Ltd. (Real Estate Management & Development) | 179,500 | 504,262 | ||||||||
| Luye Pharma Group, Ltd. (Pharmaceuticals) | 499,500 | 485,560 | ||||||||
| Momo, Inc., Sponsored ADR (Internet Software & Services) (a) | 12,900 | 529,158 | ||||||||
| PICC Property & Casualty Co., Ltd., Class H (Insurance) | 186,000 | 209,720 | ||||||||
| ¤ | Ping An Insurance Group Co. of China, Ltd., Class H (Insurance) | 139,000 | 1,289,226 | |||||||
| Shanghai Jin Jiang International Hotels Group Co., Ltd., Class H (Hotels, Restaurants & Leisure) | 28,000 | 10,060 | ||||||||
| Shimao Property Holdings, Ltd. (Real Estate Management & Development) | 67,500 | 191,345 | ||||||||
| Sihuan Pharmaceutical Holdings Group, Ltd. (Pharmaceuticals) | 1,519,000 | 327,060 | ||||||||
| Sinopec Engineering Group Co., Ltd., Class H (Construction & Engineering) | 58,000 | 59,115 | ||||||||
| Sinotrans, Ltd., Class H (Air Freight & Logistics) | 190,000 | 87,871 | ||||||||
| Sinotruk Hong Kong, Ltd. (Machinery) | 48,500 | 68,711 | ||||||||
| Soho China, Ltd. (Real Estate Management & Development) | 69,500 | 32,673 | ||||||||
| Springland International Holdings, Ltd. (Food & Staples Retailing) | 93,000 | 20,972 | ||||||||
| Sunac China Holdings, Ltd. (Real Estate Management & Development) (c) | 5,000 | 16,244 | ||||||||
| ¤ | Tencent Holdings, Ltd. (Internet Software & Services) | 1,200 | 54,840 | |||||||
| ¤ | Tencent Holdings, Ltd. (Internet Software & Services) | 93,200 | 4,217,662 | |||||||
| Want Want China Holdings, Ltd. (Food Products) | 625,000 | 516,782 | ||||||||
| Weichai Power Co., Ltd., Class H (Machinery) | 392,000 | 477,948 | ||||||||
| Weiqiao Textile Co., Ltd., Class H (Textiles, Apparel & Luxury Goods) | 25,000 | 10,543 | ||||||||
| Yuzhou Properties Co., Ltd. (Real Estate) | 221,000 | 124,451 | ||||||||
| Zhongsheng Group Holdings, Ltd. (Specialty Retail) | 126,000 | 287,026 | ||||||||
| 27,442,652 | ||||||||||
| Colombia 0.1% | ||||||||||
| Ecopetrol S.A. (Oil, Gas & Consumable Fuels) | 47,258 | 50,193 | ||||||||
| Egypt 0.1% | ||||||||||
| Telecom Egypt Co. (Diversified Telecommunication Services) | 86,575 | 67,148 | ||||||||
| Greece 0.1% | ||||||||||
| FF Group (Specialty Retail) (a)(d) | 10,300 | 57,813 | ||||||||
| Hong Kong 0.3% | ||||||||||
| SSY Group, Ltd. (Pharmaceuticals) | 296,000 | 282,837 | ||||||||
| India 9.1% | ||||||||||
| Coal India, Ltd. (Oil, Gas & Consumable Fuels) | 117,676 | 449,009 | ||||||||
| DCM Shriram, Ltd. (Chemicals) | 10,473 | 50,406 | ||||||||
| GAIL India, Ltd. (Gas Utilities) | 114,938 | 629,269 | ||||||||
| Graphite India, Ltd. (Electrical Equipment) | 17,942 | 266,306 | ||||||||
| HCL Technologies, Ltd. (IT Services) | 35,369 | 497,431 | ||||||||
| HEG, Ltd. (Electrical Equipment) | 3,995 | 251,354 | ||||||||
| Hindustan Unilever, Ltd. (Household Products) | 15,784 | 398,822 | ||||||||
| Housing Development Finance Corp., Ltd. (Thrifts & Mortgage Finance) | 7,525 | 218,203 | ||||||||
| Infosys, Ltd. (IT Services) | 37,207 | 742,119 | ||||||||
| IRB Infrastructure Developers, Ltd. (Construction & Engineering) | 83,118 | 243,102 | ||||||||
| Jubilant Life Sciences, Ltd. (Pharmaceuticals) | 16,935 | 183,187 | ||||||||
| Just Dial, Ltd. (Internet Software & Services) (a) | 9,441 | 77,222 | ||||||||
| Larsen & Toubro Infotech, Ltd. (IT Services) (b) | 2,217 | 60,640 | ||||||||
| National Aluminium Co., Ltd. (Metals & Mining) | 199,162 | 178,875 | ||||||||
| Oil & Natural Gas Corp., Ltd. (Oil, Gas & Consumable Fuels) | 152,531 | 368,950 | ||||||||
| PC Jeweller, Ltd. (Specialty Retail) (a) | 111,826 | 148,370 | ||||||||
| Radico Khaitan, Ltd. (Beverages) | 19,626 | 125,334 | ||||||||
| Reliance Industries, Ltd. (Oil, Gas & Consumable Fuels) | 28,599 | 493,765 | ||||||||
| Reliance Power, Ltd. (Independent Power & Renewable Electricity Producers) (a) | 485,149 | 236,964 | ||||||||
| Rural Electrification Corp., Ltd. (Diversified Financial Services) | 149,745 | 256,430 | ||||||||
| Shriram Transport Finance Co., Ltd. (Consumer Finance) | 15,824 | 319,762 | ||||||||
| Tata Consultancy Services, Ltd. (IT Services) | 33,837 | 960,552 | ||||||||
| Tech Mahindra, Ltd. (IT Services) | 60,687 | 601,683 | ||||||||
| Vakrangee, Ltd. (IT Services) | 132,127 | 92,180 | ||||||||
| 7,849,935 | ||||||||||
| Indonesia 1.1% | ||||||||||
| PT Indah Kiat Pulp & Paper Corp. Tbk (Paper & Forest Products) | 377,300 | 502,369 | ||||||||
| PT Perusahaan Gas Negara Persero Tbk (Gas Utilities) | 3,504,400 | 413,140 | ||||||||
| PT Waskita Karya Persero Tbk (Construction & Engineering) | 520,700 | 76,552 | ||||||||
| 992,061 | ||||||||||
| Malaysia 1.0% | ||||||||||
| AirAsia Group BHD (Airlines) | 295,700 | 258,965 | ||||||||
| Supermax Corp. BHD (Health Care Equipment & Supplies) | 242,400 | 260,588 | ||||||||
| Top Glove Corp. BHD (Health Care Equipment & Supplies) | 139,600 | 348,227 | ||||||||
| 867,780 | ||||||||||
| Mexico 2.2% | ||||||||||
| Alfa S.A.B. de C.V., Class A (Industrial Conglomerates) | 275,000 | 374,482 | ||||||||
| America Movil S.A.B. de C.V., Series L (Wireless Telecommunication Services) | 662,300 | 566,790 | ||||||||
| Mexichem S.A.B de C.V. (Chemicals) | 58,400 | 204,362 | ||||||||
| OHL Mexico S.A.B. de C.V. (Transportation Infrastructure) | 82,800 | 118,128 | ||||||||
| Wal-Mart de Mexico S.A.B. de C.V. (Food & Staples Retailing) | 228,500 | 667,070 | ||||||||
| 1,930,832 | ||||||||||
| Republic of Korea 15.0% | ||||||||||
| BNK Financial Group, Inc. (Banks) | 12,525 | 100,433 | ||||||||
| CJ ENM Co., Ltd. (Internet & Direct Marketing Retail) | 1,057 | 219,120 | ||||||||
| Com2uS Corp. (Software) | 165 | 22,405 | ||||||||
| Daelim Industrial Co., Ltd. (Construction & Engineering) | 8,094 | 567,264 | ||||||||
| Daishin Securities Co., Ltd. (Capital Markets) | 17,681 | 184,926 | ||||||||
| Daou Technology, Inc. (Capital Markets) | 7,682 | 162,753 | ||||||||
| DGB Financial Group, Inc. (Banks) | 40,072 | 334,933 | ||||||||
| Dongwon Industries Co., Ltd. (Food Products) | 771 | 219,173 | ||||||||
| Easy Bio, Inc. (Food Products) | 36,043 | 246,162 | ||||||||
| F&F Co., Ltd. (Textiles, Apparel & Luxury Goods) | 1,675 | 116,793 | ||||||||
| H.S. Industries Co., Ltd. (Textiles, Apparel & Luxury Goods) | 10,760 | 71,852 | ||||||||
| Hana Financial Group, Inc. (Banks) | 17,987 | 721,956 | ||||||||
| Industrial Bank of Korea (Banks) | 40,778 | 570,487 | ||||||||
| Jayjun Cosmetic Co., Ltd. (Personal Products) (a) | 12,591 | 224,548 | ||||||||
| KB Financial Group, Inc. (Banks) | 13,743 | 658,494 | ||||||||
| KGInicis Co., Ltd. (IT Services) | 7,301 | 122,374 | ||||||||
| Korea Gas Corp. (Gas Utilities) (a) | 8,776 | 457,373 | ||||||||
| Kumho Petrochemical Co., Ltd. (Chemicals) | 3,468 | 350,319 | ||||||||
| LF Corp. (Textiles, Apparel & Luxury Goods) | 8,746 | 215,005 | ||||||||
| LG Corp. (Industrial Conglomerates) | 1,340 | 90,320 | ||||||||
| LG Electronics, Inc. (Household Durables) | 7,521 | 502,902 | ||||||||
| Lotte Chemical Corp. (Chemicals) | 1,551 | 498,444 | ||||||||
| LOTTE Himart Co., Ltd. (Specialty Retail) | 1,383 | 95,320 | ||||||||
| Lottle Fine Chemical Co., Ltd. (Chemicals) | 693 | 38,099 | ||||||||
| POSCO (Metals & Mining) | 1,613 | 476,553 | ||||||||
| Posco Daewoo Corp. (Trading Companies & Distributors) | 29,037 | 497,080 | ||||||||
| Samchully Co., Ltd. (Gas Utilities) | 1,866 | 189,327 | ||||||||
| ¤ | Samsung Electronics Co., Ltd. (Technology Hardware, Storage & Peripherals) | 82,543 | 3,412,697 | |||||||
| ¤ | SK Hynix, Inc. (Semiconductors & Semiconductor Equipment) | 16,073 | 1,239,977 | |||||||
| SK Telecom Co., Ltd. (Wireless Telecommunication Services) | 1,538 | 344,405 | ||||||||
| 12,951,494 | ||||||||||
| Russia 5.3% | ||||||||||
| Gazprom PAO, Sponsored ADR (Oil, Gas & Consumable Fuels) | 199,565 | 906,025 | ||||||||
| LUKOIL PJSC, Sponsored ADR (Oil, Gas & Consumable Fuels) | 10,888 | 778,492 | ||||||||
| Magnitogorsk Iron & Steel Works PJSC, Registered, Sponsored GDR (Metals & Mining) | 9,769 | 94,466 | ||||||||
| MMC Norilsk Nickel PJSC, ADR (Metals & Mining) | 38,811 | 672,013 | ||||||||
| Sberbank of Russia PJSC, Sponsored ADR (Banks) | 75,807 | 1,063,572 | ||||||||
| Severstal PJSC, Registered, GDR (Metals & Mining) | 13,525 | 220,728 | ||||||||
| Surgutneftegas PJSC, Sponsored ADR (Oil, Gas & Consumable Fuels) | 31,465 | 143,480 | ||||||||
| Tatneft PJSC, Sponsored ADR (Oil, Gas & Consumable Fuels) | 10,080 | 699,552 | ||||||||
| 4,578,328 | ||||||||||
| South Africa 6.8% | ||||||||||
| Absa Group, Ltd. (Banks) | 48,358 | 631,271 | ||||||||
| Ascendis Health, Ltd. (Pharmaceuticals) (a) | 239,914 | 186,028 | ||||||||
| Assore, Ltd. (Metals & Mining) | 1,808 | 37,760 | ||||||||
| Astral Foods, Ltd. (Food Products) | 11,203 | 248,436 | ||||||||
| Blue Label Telecoms, Ltd. (Commercial Services & Supplies) | 291,590 | 204,395 | ||||||||
| EOH Holdings, Ltd. (IT Services) | 80,450 | 253,554 | ||||||||
| Exxaro Resources, Ltd. (Oil, Gas & Consumable Fuels) | 56,292 | 553,622 | ||||||||
| FirstRand, Ltd. (Diversified Financial Services) | 81,025 | 426,246 | ||||||||
| Liberty Holdings, Ltd. (Insurance) | 36,790 | 322,707 | ||||||||
| ¤ | Naspers, Ltd., Class N (Media) | 6,949 | 1,710,929 | |||||||
| Nedbank Group, Ltd. (Banks) | 21,030 | 435,788 | ||||||||
| RMB Holdings, Ltd. (Diversified Financial Services) | 23,443 | 146,684 | ||||||||
| Sasol, Ltd. (Chemicals) | 13,885 | 546,437 | ||||||||
| Telkom S.A. SOC, Ltd. (Diversified Telecommunication Services) | 54,884 | 210,033 | ||||||||
| 5,913,890 | ||||||||||
| Taiwan 12.8% | ||||||||||
| Cathay Financial Holding Co., Ltd. (Insurance) | 43,000 | 74,022 | ||||||||
| Chilisin Electronics Corp. (Electronic Equipment, Instruments & Components) | 43,000 | 178,382 | ||||||||
| Chung Hung Steel Corp. (Metals & Mining) (a) | 205,000 | 95,422 | ||||||||
| Coretronic Corp. (Electronic Equipment, Instruments & Components) | 33,000 | 51,310 | ||||||||
| CTBC Financial Holding Co., Ltd. (Banks) | 942,927 | 639,111 | ||||||||
| Formosa Taffeta Co., Ltd. (Textiles, Apparel & Luxury Goods) | 15,000 | 15,875 | ||||||||
| Fubon Financial Holding Co., Ltd. (Diversified Financial Services) | 393,000 | 650,849 | ||||||||
| Gigabyte Technology Co., Ltd. (Technology Hardware, Storage & Peripherals) | 111,000 | 222,624 | ||||||||
| Ginko International Co., Ltd. (Health Care Equipment & Supplies) (a) | 16,000 | 126,739 | ||||||||
| Globalwafers Co., Ltd. (Semiconductors & Semiconductor Equipment) | 34,000 | 574,182 | ||||||||
| Grand Pacific Petrochemical (Chemicals) | 267,000 | 249,435 | ||||||||
| Hon Hai Precision Industry Co., Ltd. (Electronic Equipment, Instruments & Components) | 75,218 | 205,895 | ||||||||
| Lien Hwa Industrial Corp. (Food Products) | 121,150 | 156,315 | ||||||||
| Long Chen Paper Co., Ltd. (Paper & Forest Products) | 113,000 | 99,291 | ||||||||
| Micro-Star International Co., Ltd. (Technology Hardware, Storage & Peripherals) | 176,000 | 603,645 | ||||||||
| Momo.com, Inc. (Internet & Direct Marketing Retail) | 2,000 | 13,066 | ||||||||
| Nanya Technology Corp. (Semiconductors & Semiconductor Equipment) | 201,000 | 516,058 | ||||||||
| Pou Chen Corp. (Textiles, Apparel & Luxury Goods) | 278,000 | 305,569 | ||||||||
| Ruentex Development Co., Ltd. (Real Estate Management & Development) | 76,000 | 84,282 | ||||||||
| Ruentex Industries, Ltd. (Textiles, Apparel & Luxury Goods) | 261,000 | 499,595 | ||||||||
| Shin Kong Financial Holding Co., Ltd. (Insurance) (a) | 1,431,000 | 542,222 | ||||||||
| Sino-American Silicon Products, Inc. (Semiconductors & Semiconductor Equipment) (a) | 7,000 | 24,009 | ||||||||
| Supreme Electronics Co., Ltd. (Electronic Equipment, Instruments & Components) (a) | 86,000 | 97,057 | ||||||||
| Synnex Technology International Corp. (Electronic Equipment, Instruments & Components) | 51,000 | 72,717 | ||||||||
| Taiwan Cement Corp. (Construction Materials) | 365,200 | 469,413 | ||||||||
| ¤ | Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & Semiconductor Equipment) | 332,000 | 2,667,799 | |||||||
| TCI Co., Ltd. (Personal Products) (a) | 15,000 | 284,184 | ||||||||
| Uni-President Enterprises Corp. (Food Products) | 145,000 | 382,701 | ||||||||
| Yageo Corp. (Electronic Equipment, Instruments & Components) | 21,693 | 553,414 | ||||||||
| Yuanta Financial Holding Co., Ltd. (Capital Markets) | 1,294,000 | 595,982 | ||||||||
| 11,051,165 | ||||||||||
| Thailand 2.8% | ||||||||||
| Electricity Generating PCL, NVDR (Independent Power & Renewable Electricity Producers) | 34,400 | 238,846 | ||||||||
| Krung Thai Bank PCL, NVDR (Banks) | 94,600 | 54,024 | ||||||||
| PTT Exploration & Production PCL, NVDR (Oil, Gas & Consumable Fuels) | 146,400 | 609,450 | ||||||||
| PTT Global Chemical PCL, NVDR (Chemicals) | 269,200 | 661,470 | ||||||||
| PTT PCL, NVDR (Oil, Gas & Consumable Fuels) | 508,400 | 783,153 | ||||||||
| Thai Oil PCL, NVDR (Oil, Gas & Consumable Fuels) | 23,000 | 55,478 | ||||||||
| 2,402,421 | ||||||||||
| Turkey 1.4% | ||||||||||
| Aksa Akrilik Kimya Sanayii A.S. (Textiles, Apparel & Luxury Goods) | 17,292 | 41,075 | ||||||||
| Haci Omer Sabanci Holding A.S. (Diversified Financial Services) | 77,445 | 133,491 | ||||||||
| TAV Havalimanlari Holding A.S. (Transportation Infrastructure) | 80,953 | 476,958 | ||||||||
| Turk Hava Yollari AO (Airlines) (a) | 153,638 | 539,004 | ||||||||
| 1,190,528 | ||||||||||
| Total Common Stocks (Cost $81,282,186) | 82,031,799 | |||||||||
| Exchange-Traded Funds 0.1% | ||||||||||
| United States 0.1% | ||||||||||
| iShares MSCI Emerging Markets ETF (Capital Markets) | 2,716 | 121,840 | ||||||||
| Total Exchange-Traded Funds (Cost $119,132) | 121,840 | |||||||||
| Preferred Stocks 3.5% | ||||||||||
| Brazil 2.3% | ||||||||||
| Banco do Estado do Rio Grande do Sul S.A. 6.59% Class B (Banks) | 67,400 | 282,472 | ||||||||
| Cia Energetica de Minas Gerais 6.25% (Electric Utilities) | 211,200 | 463,106 | ||||||||
| Cia Paranaense de Energia 5.56% Class B (Electric Utilities) | 44,900 | 245,238 | ||||||||
| Itau Unibanco Holding S.A. 6.71% (Banks) | 4,804 | 57,597 | ||||||||
| Petroleo Brasileiro S.A. 0.50% (Oil, Gas & Consumable Fuels) | 175,600 | 922,610 | ||||||||
| 1,971,023 | ||||||||||
| Republic of Korea 1.2% | ||||||||||
| ¤ | Samsung Electronics Co., Ltd. 3.47% (Technology Hardware, Storage & Peripherals) | 29,764 | 1,017,720 | |||||||
| Total Preferred Stocks (Cost $3,087,409) | 2,988,743 | |||||||||
| Short-Term Investment 0.5% | ||||||||||
| Affiliated Investment Company 0.5% | ||||||||||
| MainStay U.S. Government Liquidity Fund, 1.75% (e) | 438,086 | 438,086 | ||||||||
| Total Short-Term Investment (Cost $438,086) | 438,086 | |||||||||
| Total Investments (Cost $84,926,813) | 99.1 | % | 85,580,468 | |||||||
| Other Assets, Less Liabilities | 0.9 | 806,992 | ||||||||
| Net Assets | 100.0 | % | $ | 86,387,460 | ||||||
| † | Percentages indicated are based on Fund net assets. |
| ¤ | Among the Fund's 10 largest holdings, as of July 31, 2018, excluding short-term investment. May be subject to change daily. |
| (a) | Non-income producing security. |
| (b) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (c) | All or a portion of this security was held on loan. As of July 31, 2018, the market value of securities loaned was $222,274 and the Fund received non-cash collateral in the amount of $233,618. |
| (d) | Fair valued security - Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of July 31, 2018, the total market value of fair valued security was $57,813, which represented 0.1% of the Fund's net assets. |
| (e) | Rate reported is the current yield as of July 31, 2018. |
The following abbreviations are used in the preceding pages:
| ADR | —American Depositary Receipt |
| ETF | —Exchange-Traded Fund |
| NVDR | —Non-Voting Depositary Receipt |
The
following is a summary of the fair valuations according to the inputs used as of July 31, 2018, for valuing the Fund's assets.
Asset Valuation Inputs
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
| Investments in Securities (a) | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Greece | $ | — | $ | 57,813 | $ | — | $ | 57,813 | ||||||||
| All Other Countries | 81,973,986 | — | — | 81,973,986 | ||||||||||||
| Total Common Stocks | 81,973,986 | 57,813 | — | 82,031,799 | ||||||||||||
| Exchange-Traded Funds | 121,840 | — | — | 121,840 | ||||||||||||
| Preferred Stocks | 2,988,743 | — | — | 2,988,743 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Affiliated Investment Company | 438,086 | — | — | 438,086 | ||||||||||||
| Total Investments in Securities | $ | 85,522,655 | $ | 57,813 | $ | — | $ | 85,580,468 | ||||||||
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
The Fund recognizes transfers between the levels as of the beginning of the period.
For the period ended July 31, 2018, the Fund did not have any transfers among levels.
As of July 31, 2018, the Fund did not hold any investments with significant unobservable inputs (Level 3).
MainStay MacKay Growth Fund
Portfolio of Investments July 31, 2018 (Unaudited)
| Shares | Value | |||||||||
| Common Stocks 97.9% † | ||||||||||
| Aerospace & Defense 4.1% | ||||||||||
| ¤ | Boeing Co. | 39,122 | $ | 13,939,169 | ||||||
| Lockheed Martin Corp. | 21,298 | 6,945,278 | ||||||||
| Northrop Grumman Corp. | 12,181 | 3,660,269 | ||||||||
| Raytheon Co. | 7,439 | 1,473,145 | ||||||||
| Spirit AeroSystems Holdings, Inc., Class A | 25,074 | 2,338,150 | ||||||||
| 28,356,011 | ||||||||||
| Air Freight & Logistics 1.0% | ||||||||||
| C.H. Robinson Worldwide, Inc. | 765 | 70,556 | ||||||||
| Expeditors International of Washington, Inc. | 29,518 | 2,248,386 | ||||||||
| United Parcel Service, Inc., Class B | 3,649 | 437,479 | ||||||||
| XPO Logistics, Inc. (a) | 41,596 | 4,147,953 | ||||||||
| 6,904,374 | ||||||||||
| Auto Components 0.2% | ||||||||||
| Aptiv PLC | 11,879 | 1,164,973 | ||||||||
| Beverages 1.4% | ||||||||||
| Coca-Cola Co. | 69,411 | 3,236,635 | ||||||||
| Keurig Dr. Pepper, Inc. | 81,074 | 1,946,587 | ||||||||
| PepsiCo., Inc. | 36,890 | 4,242,350 | ||||||||
| 9,425,572 | ||||||||||
| Biotechnology 4.6% | ||||||||||
| AbbVie, Inc. | 121,820 | 11,235,458 | ||||||||
| Amgen, Inc. | 39,347 | 7,733,653 | ||||||||
| Biogen, Inc. (a) | 14,240 | 4,761,429 | ||||||||
| Celgene Corp. (a) | 6,653 | 599,369 | ||||||||
| Gilead Sciences, Inc. | 101,217 | 7,877,719 | ||||||||
| 32,207,628 | ||||||||||
| Capital Markets 1.9% | ||||||||||
| Cboe Global Markets, Inc. | 21,656 | 2,103,447 | ||||||||
| Evercore, Inc., Class A | 35,557 | 4,017,941 | ||||||||
| Lazard, Ltd., Class A | 46,974 | 2,550,688 | ||||||||
| LPL Financial Holdings, Inc. | 58,590 | 3,883,931 | ||||||||
| Virtu Financial, Inc., Class A | 21,243 | 428,047 | ||||||||
| 12,984,054 | ||||||||||
| Chemicals 0.9% | ||||||||||
| Chemours Co. | 44,021 | 2,016,602 | ||||||||
| LyondellBasell Industries N.V., Class A | 40,534 | 4,490,762 | ||||||||
| 6,507,364 | ||||||||||
| Communications Equipment 0.2% | ||||||||||
| Arista Networks, Inc. (a) | 2,946 | 753,381 | ||||||||
| F5 Networks, Inc. (a) | 3,366 | 576,865 | ||||||||
| Palo Alto Networks, Inc. (a) | 692 | 137,196 | ||||||||
| 1,467,442 | ||||||||||
| Consumer Finance 0.2% | ||||||||||
| American Express Co. | 651 | 64,788 | ||||||||
| Credit Acceptance Corp. (a) | 47 | 18,029 | ||||||||
| Synchrony Financial | 52,950 | 1,532,373 | ||||||||
| 1,615,190 | ||||||||||
| Containers & Packaging 0.1% | ||||||||||
| Avery Dennison Corp. | 3,560 | 408,261 | ||||||||
| Diversified Consumer Services 0.4% | ||||||||||
| Grand Canyon Education, Inc. (a) | 1,261 | 146,944 | ||||||||
| H&R Block, Inc. | 102,696 | 2,583,832 | ||||||||
| 2,730,776 | ||||||||||
| Electronic Equipment, Instruments & Components 0.4% | ||||||||||
| CDW Corp. | 5,597 | 470,652 | ||||||||
| Zebra Technologies Corp., Class A (a) | 17,505 | 2,414,464 | ||||||||
| 2,885,116 | ||||||||||
| Energy Equipment & Services 0.0% ‡ | ||||||||||
| Halliburton Co. | 6,489 | 275,263 | ||||||||
| Equity Real Estate Investment Trusts 0.6% | ||||||||||
| Omega Healthcare Investors, Inc. | 22,689 | 673,637 | ||||||||
| Public Storage | 681 | 148,342 | ||||||||
| Uniti Group, Inc. (a) | 196,478 | 3,473,731 | ||||||||
| 4,295,710 | ||||||||||
| Food & Staples Retailing 1.8% | ||||||||||
| Costco Wholesale Corp. | 36,893 | 8,068,868 | ||||||||
| Sysco Corp. | 15,341 | 1,031,069 | ||||||||
| U.S. Foods Holding Corp. (a) | 98,458 | 3,328,865 | ||||||||
| 12,428,802 | ||||||||||
| Health Care Equipment & Supplies 1.5% | ||||||||||
| ABIOMED, Inc. (a) | 2,183 | 773,939 | ||||||||
| Baxter International, Inc. | 11,753 | 851,505 | ||||||||
| ICU Medical, Inc. (a) | 2,664 | 764,035 | ||||||||
| Intuitive Surgical, Inc. (a) | 5,822 | 2,958,682 | ||||||||
| ResMed, Inc. | 6,335 | 670,116 | ||||||||
| Varian Medical Systems, Inc. (a) | 36,273 | 4,187,718 | ||||||||
| 10,205,995 | ||||||||||
| Health Care Providers & Services 6.4% | ||||||||||
| Centene Corp. (a) | 20,143 | 2,625,237 | ||||||||
| Encompass Health Corp. | 45,950 | 3,475,198 | ||||||||
| Express Scripts Holding Co. (a) | 33,103 | 2,630,364 | ||||||||
| HCA Healthcare, Inc. | 44,237 | 5,495,563 | ||||||||
| Humana, Inc. | 18,970 | 5,959,995 | ||||||||
| Molina Healthcare, Inc. (a) | 40,569 | 4,222,827 | ||||||||
| ¤ | UnitedHealth Group, Inc. | 59,778 | 15,136,985 | |||||||
| WellCare Health Plans, Inc. (a) | 17,507 | 4,681,722 | ||||||||
| 44,227,891 | ||||||||||
| Hotels, Restaurants & Leisure 1.8% | ||||||||||
| Chipotle Mexican Grill, Inc. (a) | 614 | 266,267 | ||||||||
| Darden Restaurants, Inc. | 18,964 | 2,028,010 | ||||||||
| Extended Stay America, Inc. | 27,406 | 583,474 | ||||||||
| Las Vegas Sands Corp. | 29,988 | 2,156,137 | ||||||||
| Marriott International, Inc., Class A | 13,310 | 1,701,550 | ||||||||
| Six Flags Entertainment Corp. | 29,482 | 1,914,856 | ||||||||
| Starbucks Corp. | 37,418 | 1,960,329 | ||||||||
| Vail Resorts, Inc. | 50 | 13,844 | ||||||||
| Yum China Holdings, Inc. | 57,346 | 2,069,044 | ||||||||
| 12,693,511 | ||||||||||
| Independent Power & Renewable Electricity Producers 0.3% | ||||||||||
| NRG Energy, Inc. | 59,441 | 1,882,496 | ||||||||
| Industrial Conglomerates 0.5% | ||||||||||
| 3M Co. | 6,376 | 1,353,752 | ||||||||
| Honeywell International, Inc. | 12,472 | 1,991,155 | ||||||||
| 3,344,907 | ||||||||||
| Insurance 0.7% | ||||||||||
| Progressive Corp. | 80,313 | 4,819,583 | ||||||||
| Internet & Direct Marketing Retail 8.3% | ||||||||||
| ¤ | Amazon.com, Inc. (a) | 21,484 | 38,186,521 | |||||||
| Booking Holdings, Inc. (a) | 2,497 | 5,065,714 | ||||||||
| Expedia Group, Inc. | 36,464 | 4,880,342 | ||||||||
| Netflix, Inc. (a) | 21,585 | 7,283,858 | ||||||||
| TripAdvisor, Inc. (a) | 33,262 | 1,928,863 | ||||||||
| 57,345,298 | ||||||||||
| Internet Software & Services 12.2% | ||||||||||
| Akamai Technologies, Inc. (a) | 55,007 | 4,139,827 | ||||||||
| ¤ | Alphabet, Inc. (a) | |||||||||
| Class A | 16,381 | 20,103,091 | ||||||||
| Class C | 16,580 | 20,182,171 | ||||||||
| eBay, Inc. (a) | 115,455 | 3,861,970 | ||||||||
| ¤ | Facebook, Inc., Class A (a) | 141,711 | 24,456,484 | |||||||
| GoDaddy, Inc., Class A (a) | 57,611 | 4,241,322 | ||||||||
| IAC / InterActiveCorp (a) | 23,689 | 3,488,205 | ||||||||
| Twitter, Inc. (a) | 43,365 | 1,382,042 | ||||||||
| VeriSign, Inc. (a) | 19,588 | 2,844,765 | ||||||||
| 84,699,877 | ||||||||||
| IT Services 7.7% | ||||||||||
| Accenture PLC, Class A | 11,935 | 1,901,604 | ||||||||
| Alliance Data Systems Corp. | 4,966 | 1,116,754 | ||||||||
| Conduent, Inc. (a) | 88,273 | 1,585,383 | ||||||||
| CoreLogic, Inc. (a) | 19,767 | 962,653 | ||||||||
| Euronet Worldwide, Inc. (a) | 5,119 | 470,641 | ||||||||
| First Data Corp., Class A (a) | 194,514 | 4,524,396 | ||||||||
| International Business Machines Corp. | 45,026 | 6,525,618 | ||||||||
| ¤ | Mastercard, Inc., Class A | 57,337 | 11,352,726 | |||||||
| PayPal Holdings, Inc. (a) | 61,558 | 5,056,374 | ||||||||
| Sabre Corp. | 153,783 | 3,786,137 | ||||||||
| Square, Inc., Class A (a) | 14,810 | 957,466 | ||||||||
| ¤ | Visa, Inc., Class A | 111,846 | 15,293,822 | |||||||
| 53,533,574 | ||||||||||
| Leisure Products 0.4% | ||||||||||
| Polaris Industries, Inc. | 27,190 | 2,866,370 | ||||||||
| Life Sciences Tools & Services 0.0% ‡ | ||||||||||
| Thermo Fisher Scientific, Inc. | 47 | 11,023 | ||||||||
| Machinery 0.7% | ||||||||||
| Allison Transmission Holdings, Inc. | 92,442 | 4,344,774 | ||||||||
| Caterpillar, Inc. | 1,436 | 206,497 | ||||||||
| 4,551,271 | ||||||||||
| Media 0.8% | ||||||||||
| AMC Networks, Inc., Class A (a) | 4,229 | 254,966 | ||||||||
| Live Nation Entertainment, Inc. (a) | 63,577 | 3,133,075 | ||||||||
| Sirius XM Holdings, Inc. | 5,017 | 35,219 | ||||||||
| Walt Disney Co. | 20,698 | 2,350,465 | ||||||||
| 5,773,725 | ||||||||||
| Metals & Mining 0.3% | ||||||||||
| Alcoa Corp. (a) | 2,262 | 97,877 | ||||||||
| United States Steel Corp. | 46,270 | 1,685,616 | ||||||||
| 1,783,493 | ||||||||||
| Multiline Retail 1.2% | ||||||||||
| Macy's, Inc. | 97,120 | 3,858,578 | ||||||||
| Nordstrom, Inc. | 79,405 | 4,161,616 | ||||||||
| 8,020,194 | ||||||||||
| Oil, Gas & Consumable Fuels 2.7% | ||||||||||
| Andeavor | 9,684 | 1,453,181 | ||||||||
| Antero Resources Corp. (a) | 17,355 | 356,472 | ||||||||
| Continental Resources, Inc. (a) | 64,587 | 4,125,172 | ||||||||
| HollyFrontier Corp. | 52,716 | 3,931,559 | ||||||||
| Kosmos Energy, Ltd. (a) | 195,422 | 1,481,299 | ||||||||
| Marathon Petroleum Corp. | 36,233 | 2,928,713 | ||||||||
| Murphy Oil Corp. | 4,897 | 162,874 | ||||||||
| PBF Energy, Inc., Class A | 84,332 | 3,938,304 | ||||||||
| Valero Energy Corp. | 3,834 | 453,754 | ||||||||
| Whiting Petroleum Corp. (a) | 49 | 2,433 | ||||||||
| 18,833,761 | ||||||||||
| Personal Products 1.1% | ||||||||||
| Estee Lauder Cos., Inc., Class A | 23,841 | 3,217,105 | ||||||||
| Herbalife Nutrition, Ltd. (a) | 71,979 | 3,716,276 | ||||||||
| Nu Skin Enterprises, Inc., Class A | 9,678 | 705,042 | ||||||||
| 7,638,423 | ||||||||||
| Pharmaceuticals 0.4% | ||||||||||
| Eli Lilly & Co. | 8,860 | 875,457 | ||||||||
| Jazz Pharmaceuticals PLC (a) | 9,648 | 1,669,876 | ||||||||
| Johnson & Johnson | 751 | 99,522 | ||||||||
| 2,644,855 | ||||||||||
| Professional Services 0.6% | ||||||||||
| Robert Half International, Inc. | 56,076 | 4,248,318 | ||||||||
| Road & Rail 1.0% | ||||||||||
| CSX Corp. | 35,707 | 2,523,771 | ||||||||
| Genesee & Wyoming, Inc., Class A (a) | 31,969 | 2,749,334 | ||||||||
| Union Pacific Corp. | 10,726 | 1,607,720 | ||||||||
| 6,880,825 | ||||||||||
| Semiconductors & Semiconductor Equipment 3.9% | ||||||||||
| Applied Materials, Inc. | 4,228 | 205,608 | ||||||||
| Broadcom, Inc. | 5,655 | 1,254,109 | ||||||||
| Intel Corp. | 70,771 | 3,404,085 | ||||||||
| Micron Technology, Inc. (a) | 115,212 | 6,082,042 | ||||||||
| MKS Instruments, Inc. | 18,607 | 1,754,640 | ||||||||
| NVIDIA Corp. | 30,151 | 7,382,774 | ||||||||
| ON Semiconductor Corp. (a) | 163,426 | 3,603,543 | ||||||||
| Texas Instruments, Inc. | 32,613 | 3,630,479 | ||||||||
| 27,317,280 | ||||||||||
| Software 11.0% | ||||||||||
| Adobe Systems, Inc. (a) | 29,065 | 7,111,624 | ||||||||
| CDK Global, Inc. | 28,914 | 1,805,679 | ||||||||
| Citrix Systems, Inc. (a) | 21,877 | 2,405,814 | ||||||||
| Dell Technologies, Inc., Class V (a) | 42,590 | 3,940,427 | ||||||||
| Electronic Arts, Inc. (a) | 5,394 | 694,478 | ||||||||
| Fortinet, Inc. (a) | 64,168 | 4,036,809 | ||||||||
| Manhattan Associates, Inc. (a) | 23,008 | 1,107,145 | ||||||||
| ¤ | Microsoft Corp. | 392,364 | 41,621,973 | |||||||
| Oracle Corp. | 94,484 | 4,504,997 | ||||||||
| salesforce.com, Inc. (a) | 22,535 | 3,090,675 | ||||||||
| SS&C Technologies Holdings, Inc. | 37,041 | 1,965,766 | ||||||||
| VMware, Inc., Class A (a) | 28,787 | 4,162,312 | ||||||||
| 76,447,699 | ||||||||||
| Specialty Retail 5.1% | ||||||||||
| Advance Auto Parts, Inc. | 8,290 | 1,170,797 | ||||||||
| Best Buy Co., Inc. | 41,169 | 3,088,910 | ||||||||
| Burlington Stores, Inc. (a) | 13,579 | 2,075,007 | ||||||||
| Foot Locker, Inc. | 72,008 | 3,514,711 | ||||||||
| Gap, Inc. | 84,448 | 2,547,796 | ||||||||
| Home Depot, Inc. | 40,779 | 8,054,668 | ||||||||
| Lowe's Cos., Inc. | 32,786 | 3,256,961 | ||||||||
| Michaels Cos., Inc. (a) | 66,656 | 1,360,449 | ||||||||
| Tractor Supply Co. | 56,244 | 4,389,282 | ||||||||
| Urban Outfitters, Inc. (a) | 42,551 | 1,889,264 | ||||||||
| Williams-Sonoma, Inc. | 63,068 | 3,688,847 | ||||||||
| 35,036,692 | ||||||||||
| Technology Hardware, Storage & Peripherals 7.7% | ||||||||||
| ¤ | Apple, Inc. | 273,817 | 52,104,637 | |||||||
| NetApp, Inc. | 19,457 | 1,508,307 | ||||||||
| 53,612,944 | ||||||||||
| Textiles, Apparel & Luxury Goods 2.2% | ||||||||||
| Carter's, Inc. | 36,452 | 3,821,263 | ||||||||
| Michael Kors Holdings, Ltd. (a) | 60,006 | 4,004,200 | ||||||||
| NIKE, Inc., Class B | 15,294 | 1,176,262 | ||||||||
| Ralph Lauren Corp. | 13,739 | 1,854,490 | ||||||||
| Tapestry, Inc. | 83,545 | 3,936,640 | ||||||||
| VF Corp. | 3,111 | 286,430 | ||||||||
| 15,079,285 | ||||||||||
| Tobacco 0.3% | ||||||||||
| Altria Group, Inc. | 32,329 | 1,897,066 | ||||||||
| Trading Companies & Distributors 1.3% | ||||||||||
| HD Supply Holdings, Inc. (a) | 241 | 10,599 | ||||||||
| United Rentals, Inc. (a) | 27,050 | 4,025,040 | ||||||||
| W.W. Grainger, Inc. | 13,852 | 4,800,549 | ||||||||
| 8,836,188 | ||||||||||
| Total
Common Stocks (Cost $492,782,445) | 677,889,080 | |||||||||
| Exchange-Traded Funds 2.0% | ||||||||||
| ¤ | iShares Russell 1000 Growth ETF | 97,626 | 14,400,811 | |||||||
| Total
Exchange-Traded Funds (Cost $13,232,281) | 14,400,811 | |||||||||
| Short-Term Investment 0.1% | ||||||||||
| Affiliated Investment Company 0.1% | ||||||||||
| MainStay U.S. Government Liquidity Fund, 1.75% (b) | 364,243 | 364,243 | ||||||||
| Total
Short-Term Investment (Cost $364,243) | 364,243 | |||||||||
| Total
Investments (Cost $506,378,969) | 100.0 | % | 692,654,134 | |||||||
| Other Assets, Less Liabilities | (0.0 | )‡ | (307,556 | ) | ||||||
| Net Assets | 100.0 | % | $ | 692,346,578 | ||||||
| † | Percentages indicated are based on Fund net assets. |
| ¤ | Among the Fund's 10 largest holdings or issuers, as of July 31, 2018, excluding short-term investment. May be subject to change daily. |
| ‡ | Less than one-tenth of a percent. |
| (a) | Non-income producing security. |
| (b) | Rate reported is the current yield as of July 31, 2018. |
The following abbreviation is used in the preceding pages:
| ETF | —Exchange-Traded Fund |
The
following is a summary of the fair valuations according to the inputs used as of July 31, 2018, for valuing the Fund's assets.
Asset Valuation Inputs
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
| Investments in Securities (a) | ||||||||||||||||
| Common Stocks | $ | 677,889,080 | $ | — | $ | — | $ | 677,889,080 | ||||||||
| Exchange-Traded Funds | 14,400,811 | — | — | 14,400,811 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Affiliated Investment Company | 364,243 | — | — | 364,243 | ||||||||||||
| Total Investments in Securities | $ | 692,654,134 | $ | — | $ | — | $ | 692,654,134 | ||||||||
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
The Fund recognizes transfers between the levels as of the beginning of the period.
For the period ended July 31, 2018, the Fund did not have any transfers among levels.
As of July 31, 2018, the Fund did not hold any investments with significant unobservable inputs (Level 3).
MainStay MacKay High Yield Municipal Bond Fund
Portfolio of Investments July 31, 2018 (Unaudited)
| Principal Amount | Value | |||||||||
| Municipal Bonds 99.7% † | ||||||||||
| Alabama 1.2% | ||||||||||
| Alabama Special Care Facilities Financing Authority-Birmingham AL, Methodist Home for the Aging, Revenue Bonds Series S 5.75%, due 6/1/45 | $ | 1,250,000 | $ | 1,371,087 | ||||||
| County of Jefferson AL, Sewer, Revenue Bonds | ||||||||||
| Senior Lien-Series A, Insured: AGM 5.50%, due 10/1/53 | 11,960,000 | 13,304,543 | ||||||||
| Series D 6.00%, due 10/1/42 | 2,500,000 | 2,872,625 | ||||||||
| Industrial Development Board of the City of Mobile Alabama, Pollution Control Electric Power Co.-Barry Plant, Revenue Bonds 1st Series 1.51%, due 6/1/34 (a) | 20,000,000 | 20,000,000 | ||||||||
| Montgomery Educational Building Authority, Faulkner University, Revenue Bonds Series A 5.00%, due 10/1/43 | 5,080,000 | 5,214,671 | ||||||||
| West Jefferson Industrial Development Board, Solid Waste Disposal, Revenue Bonds 1.55%, due 12/1/38 (a)(b) | 11,800,000 | 11,800,000 | ||||||||
| 54,562,926 | ||||||||||
| Alaska 0.7% | ||||||||||
| Alaska State Housing Finance Corp., Revenue Bonds Series A 1.50%, due 6/1/32 (a)(b) | 14,715,000 | 14,715,000 | ||||||||
| Northern Tobacco Securitization Corp., Asset-Backed, Revenue Bonds Series A 5.00%, due 6/1/46 | 14,560,000 | 14,644,594 | ||||||||
| 29,359,594 | ||||||||||
| Arizona 1.7% | ||||||||||
| Arizona Health Facilities Authority, Dignity Health Medical Group, Revenue Bonds 0.98%, due 7/1/35 (a) | 4,400,000 | 4,400,000 | ||||||||
| Arizona Health Facilities Authority, Phoenix Children's Hospital, Revenue Bonds Series A 5.00%, due 2/1/42 | 7,945,000 | 8,355,439 | ||||||||
| Arizona Industrial Development Authority, American Charter Schools, Revenue Bonds (c) | ||||||||||
| 6.00%, due 7/1/37 | 3,035,000 | 3,221,835 | ||||||||
| 6.00%, due 7/1/47 | 4,785,000 | 5,037,600 | ||||||||
| Arizona Industrial Development Authority, Basis Schools Projects, Revenue Bonds (c) | ||||||||||
| Series G 5.00%, due 7/1/47 | 1,000,000 | 1,028,940 | ||||||||
| Series A 5.375%, due 7/1/50 | 1,500,000 | 1,567,215 | ||||||||
| Florence Town, Inc. Industrial Development Authority, Legacy Traditional School Project, Revenue Bonds 6.00%, due 7/1/43 | 2,450,000 | 2,589,282 | ||||||||
| Industrial Development Authority of the City of Phoenix, Basis Schools Projects, Revenue Bonds (c) | ||||||||||
| Series A 5.00%, due 7/1/35 | 1,700,000 | 1,756,083 | ||||||||
| Series A 5.00%, due 7/1/46 | 4,120,000 | 4,218,962 | ||||||||
| Industrial Development Authority of the City of Phoenix, Downtown Phoenix Student LLC, Revenue Bonds | ||||||||||
| Series A 5.00%, due 7/1/37 | 1,000,000 | 1,104,410 | ||||||||
| Series A 5.00%, due 7/1/42 | 1,000,000 | 1,099,190 | ||||||||
| Series A 6.25%, due 7/1/36 | 965,000 | 959,799 | ||||||||
| Industrial Development Authority of the City of Phoenix, Great Hearts Academies, Revenue Bonds | ||||||||||
| 5.00%, due 7/1/46 | 1,350,000 | 1,422,643 | ||||||||
| 6.40%, due 7/1/47 | 1,000,000 | 1,127,870 | ||||||||
| Industrial Development Authority of the City of Phoenix, Mayo Clinic, Revenue Bonds Series B 1.39%, due 11/15/52 (a) | 19,380,000 | 19,380,000 | ||||||||
| Industrial Development Authority of the City of Phoenix, Villa Montessori, Inc., Revenue Bonds 5.00%, due 7/1/45 | 1,150,000 | 1,190,009 | ||||||||
| Industrial Development Authority of the County of Pima, American Leadership AC, Revenue Bonds 5.625%, due 6/15/45 (c) | 3,985,000 | 4,235,059 | ||||||||
| Industrial Development Authority of the County of Pima, Charter Schools Project, Revenue Bonds Series Q 5.375%, due 7/1/31 | 1,955,000 | 2,093,805 | ||||||||
| Industrial Development Authority of the County of Pima, Paradise Education Center Project, Revenue Bonds 6.10%, due 6/1/45 | 1,100,000 | 1,141,305 | ||||||||
| Industrial Development Authority of the County of Yavapai, Agribusiness & Equine Center, Revenue Bonds 7.875%, due 3/1/42 | 500,000 | 575,970 | ||||||||
| Maricopa County Industrial Development Authority, Horizon Community Learning Center, Revenue Bonds 5.00%, due 7/1/35 | 3,000,000 | 3,117,060 | ||||||||
| Pima County Industrial Development Authority, American Leadership Academy Project, Revenue Bonds 5.00%, due 6/15/47 (c) | 4,150,000 | 4,177,307 | ||||||||
| Tempe Industrial Development Authority, Revenue Bonds Series A 6.125%, due 10/1/47 (c) | 2,800,000 | 3,076,612 | ||||||||
| 76,876,395 | ||||||||||
| Arkansas 0.1% | ||||||||||
| Arkansas Development Finance Authority, Revenue Bonds | ||||||||||
| Series C 5.00%, due 2/1/33 | 1,425,000 | 1,560,389 | ||||||||
| Series C 5.00%, due 2/1/35 | 1,170,000 | 1,274,037 | ||||||||
| Little Rock Metrocentre Improvement District No.1, Little Rock Newspapers, Inc., Revenue Bonds 1.51%, due 12/1/25 (a) | 1,400,000 | 1,400,000 | ||||||||
| 4,234,426 | ||||||||||
| California 12.7% | ||||||||||
| Alameda Corridor Transportation Authority, Revenue Bonds Series 1999-A, Insured: NATL-RE (zero coupon), due 10/1/35 | 3,440,000 | 1,763,791 | ||||||||
| Anaheim Public Financing Authority, Public Improvements Project, Revenue Bonds Series A-1, Insured: NATL-RE 4.75%, due 9/1/33 | 12,000,000 | 12,027,720 | ||||||||
| Antelope Valley Healthcare District, Revenue Bonds Series A 5.00%, due 3/1/46 | 1,095,000 | 1,152,783 | ||||||||
| Bassett Unified School District, Unlimited General Obligation | ||||||||||
| Series C, Insured: NATL-RE (zero coupon), due 8/1/41 | 2,050,000 | 807,946 | ||||||||
| Series C, Insured: NATL-RE (zero coupon), due 8/1/42 | 2,000,000 | 748,120 | ||||||||
| California County Tobacco Securitization Agency, Revenue Bonds | ||||||||||
| 5.125%, due 6/1/38 | 4,225,000 | 4,255,631 | ||||||||
| Series A 5.125%, due 6/1/38 | 3,500,000 | 3,525,410 | ||||||||
| 5.25%, due 6/1/46 | 3,275,000 | 3,274,771 | ||||||||
| 5.65%, due 6/1/41 | 8,600,000 | 8,651,600 | ||||||||
| California Health Facilities Financing Authority, Scripps Health, Revenue Bonds Series C 0.63%, due 10/1/42 (a) | 5,950,000 | 5,950,000 | ||||||||
| California Municipal Finance Authority, Baptist University, Revenue Bonds (c) | ||||||||||
| Series A 5.375%, due 11/1/40 | 3,000,000 | 3,278,820 | ||||||||
| Series A 5.50%, due 11/1/45 | 6,000,000 | 6,588,660 | ||||||||
| California Municipal Finance Authority, Community Hospitals Center, Certificates of Participation 5.50%, due 2/1/39 | 1,640,000 | 1,674,932 | ||||||||
| ¤ | California Municipal Finance Authority, LAX Integrated Express Solutions Project, Revenue Bonds (b) | |||||||||
| Insured: AGM 3.25%, due 12/31/32 | 6,715,000 | 6,511,267 | ||||||||
| 4.00%, due 12/31/47 | 23,000,000 | 23,017,940 | ||||||||
| Series A 5.00%, due 12/31/43 | 21,700,000 | 24,347,617 | ||||||||
| Series A 5.00%, due 12/31/47 | 5,000,000 | 5,587,850 | ||||||||
| Series B 5.00%, due 6/1/48 | 2,000,000 | 2,226,500 | ||||||||
| California Municipal Finance Authority, Palmdale Aerospace Academy Projects, Revenue Bonds 5.00%, due 7/1/46 (c) | 1,165,000 | 1,195,570 | ||||||||
| California Municipal Finance Authority, Partnerships Uplift Community Project, Revenue Bonds Series A 5.30%, due 8/1/47 | 1,525,000 | 1,558,550 | ||||||||
| California Municipal Finance Authority, Southwestern Law School, Revenue Bonds 6.50%, due 11/1/41 | 1,000,000 | 1,121,970 | ||||||||
| California Municipal Finance Authority, University of La Verne, Revenue Bonds Series A 6.25%, due 6/1/40 | 500,000 | 542,620 | ||||||||
| California Pollution Control Finance Authority, Pacific Gas & Electric Co., Revenue Bonds Series F 1.38%, due 11/1/26 (a) | 40,000,000 | 40,000,000 | ||||||||
| California Public Finance Authority, Sharp HealthCare, Revenue Bonds Series B 1.20%, due 8/1/52 (a) | 20,000,000 | 20,000,000 | ||||||||
| California School Finance Authority, Classical Academies Project, Revenue Bonds Series A-1 7.375%, due 10/1/43 | 1,000,000 | 1,176,210 | ||||||||
| California School Finance Authority, High Tech High Learning Project, Revenue Bonds Series A 5.00%, due 7/1/49 (c) | 3,000,000 | 3,213,690 | ||||||||
| California Statewide Communities Development Authority, Aspire Public Schools, Revenue Bonds | ||||||||||
| 6.00%, due 7/1/40 | 2,490,000 | 2,539,476 | ||||||||
| 6.375%, due 7/1/45 | 1,170,000 | 1,195,050 | ||||||||
| California Statewide Communities Development Authority, California Baptist University, Revenue Bonds | ||||||||||
| Series A 6.375%, due 11/1/43 | 3,535,000 | 4,056,413 | ||||||||
| 7.50%, due 11/1/41 | 1,000,000 | 1,183,490 | ||||||||
| California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Revenue Bonds (c) | ||||||||||
| Series A 5.00%, due 6/1/36 | 2,250,000 | 2,385,878 | ||||||||
| Series A 5.00%, due 6/1/46 | 2,000,000 | 2,108,440 | ||||||||
| California Statewide Communities Development Authority, Lancer Plaza Project, Revenue Bonds | ||||||||||
| 5.625%, due 11/1/33 | 680,000 | 756,949 | ||||||||
| 5.875%, due 11/1/43 | 435,000 | 482,567 | ||||||||
| California Statewide Communities Development Authority, Loma Linda University Medical Center, Revenue Bonds | ||||||||||
| Series A 5.25%, due 12/1/56 (c) | 20,000,000 | 21,484,600 | ||||||||
| 5.50%, due 12/1/54 | 3,800,000 | 4,111,372 | ||||||||
| California Statewide Communities Development Authority, Redlands Community Hospital Obligated Group, Revenue Bonds 5.00%, due 10/1/46 | 1,560,000 | 1,714,378 | ||||||||
| California Statewide Communities Development Authority, Stars Citrus, Certificates of Participation Insured: NATL-RE 5.30%, due 4/1/28 (d) | 200,000 | 200,000 | ||||||||
| California Statewide Financing Authority, Turbo Pooled Program C, Revenue Bonds (zero coupon), due 6/1/55 | 128,700,000 | 7,055,334 | ||||||||
| Cathedral City Public Financing Authority, Tax Allocation | ||||||||||
| Series A, Insured: NATL-RE (zero coupon), due 8/1/23 | 925,000 | 809,375 | ||||||||
| Series A, Insured: NATL-RE (zero coupon), due 8/1/26 | 1,085,000 | 845,041 | ||||||||
| City of San Buenaventura CA, Community Memorial Health System, Revenue Bonds 7.50%, due 12/1/41 | 6,150,000 | 6,849,009 | ||||||||
| Davis Redevelopment Agency, Davis Redevelopment Project, Tax Allocation Series A 7.00%, due 12/1/36 | 1,375,000 | 1,595,880 | ||||||||
| Del Mar Race Track Authority, Revenue Bonds 5.00%, due 10/1/35 | 1,665,000 | 1,810,155 | ||||||||
| Fontana Unified School District, Unlimited General Obligation | ||||||||||
| Series C (zero coupon), due 8/1/38 | 10,000,000 | 3,689,500 | ||||||||
| Series C (zero coupon), due 8/1/39 | 17,900,000 | 6,210,584 | ||||||||
| Series C (zero coupon), due 8/1/43 | 16,000,000 | 4,367,200 | ||||||||
| Series C (zero coupon), due 8/1/44 | 8,000,000 | 2,062,480 | ||||||||
| Foothill-Eastern Transportation Corridor Agency, Revenue Bonds | ||||||||||
| Series A 6.00%, due 1/15/49 | 1,500,000 | 1,737,030 | ||||||||
| Series C 6.50%, due 1/15/43 | 5,000,000 | 5,827,650 | ||||||||
| Fresno Unified School District, Election 2001, Unlimited General Obligation Series G (zero coupon), due 8/1/41 | 10,000,000 | 2,358,400 | ||||||||
| Golden State Tobacco Securitization Corp., Asset-Backed, Revenue Bonds Series A-2 5.30%, due 6/1/37 | 20,365,000 | 21,288,145 | ||||||||
| ¤ | Golden State Tobacco Securitization Corp., Revenue Bonds | |||||||||
| Series B (zero coupon), due 6/1/47 | 625,000,000 | 111,343,750 | ||||||||
| Series A-1 5.00%, due 6/1/47 | 10,500,000 | 10,790,010 | ||||||||
| Series A-1 5.125%, due 6/1/47 | 5,350,000 | 5,370,116 | ||||||||
| Series A-1 5.25%, due 6/1/47 | 6,500,000 | 6,764,485 | ||||||||
| Hayward Unified School District, Unlimited General Obligation Series A, Insured: AGM (zero coupon), due 8/1/37 | 6,135,000 | 1,768,782 | ||||||||
| Inland Empire Tobacco Securitization Authority, Revenue Bonds Series E (zero coupon), due 6/1/57 (c) | 30,000,000 | 1,457,700 | ||||||||
| Irvine Ranch Water District, Improvement District Construction, Special Assessment Series B 1.18%, due 10/1/41 (a) | 4,600,000 | 4,600,000 | ||||||||
| Mendocino-Lake Community College District, Unlimited General Obligation | ||||||||||
| Series B, Insured: AGM (zero coupon), due 8/1/39 | 8,400,000 | 2,098,488 | ||||||||
| Series B, Insured: AGM (zero coupon), due 8/1/51 | 40,000,000 | 3,732,800 | ||||||||
| Northern California Gas Authority No.1, Gas Project, Revenue Bonds Series B 2.286% (3 Month LIBOR + 0.72%), due 7/1/27 (d) | 24,300,000 | 23,816,916 | ||||||||
| Oakley Redevelopment Agency, Revenue Bonds Series A, Insured: AMBAC 5.00%, due 9/1/33 | 100,000 | 100,306 | ||||||||
| Riverside County Transportation Commission, Revenue Bonds Senior Lien-Series A 5.75%, due 6/1/48 | 1,480,000 | 1,633,654 | ||||||||
| Rohnerville School District, Unlimited General Obligation | ||||||||||
| Series B, Insured: AGM (zero coupon), due 8/1/42 | 1,000,000 | 375,100 | ||||||||
| Series B, Insured: AGM (zero coupon), due 8/1/47 | 1,000,000 | 299,490 | ||||||||
| San Francisco City & County Redevelopment Agency, District #6 Mission Bay Public, Special Tax | ||||||||||
| Series C (zero coupon), due 8/1/37 | 5,015,000 | 1,847,777 | ||||||||
| Series C (zero coupon), due 8/1/38 | 2,000,000 | 688,820 | ||||||||
| San Francisco City & County Redevelopment Agency, Mission Bay South Redevelopment, Tax Allocation Series D 7.00%, due 8/1/41 | 435,000 | 493,542 | ||||||||
| San Joaquin Hills Transportation Corridor Agency, Junior Lien, Revenue Bonds | ||||||||||
| Series B 5.25%, due 1/15/44 | 12,000,000 | 13,145,280 | ||||||||
| Series B 5.25%, due 1/15/49 | 4,220,000 | 4,610,055 | ||||||||
| San Joaquin Hills Transportation Corridor Agency, Revenue Bonds Senior Lien-Series A 5.00%, due 1/15/50 | 18,150,000 | 19,720,882 | ||||||||
| Santa Ana Unified School District, Election 2008, Unlimited General Obligation Series B, Insured: AGC (zero coupon), due 8/1/47 | 25,000,000 | 6,913,750 | ||||||||
| Sierra Kings Health Care District, Unlimited General Obligation 5.00%, due 8/1/37 | 2,465,000 | 2,721,680 | ||||||||
| State of California, Unlimited General Obligation Series B-1 0.55%, due 5/1/33 (a) | 10,600,000 | 10,600,000 | ||||||||
| Stockton East Water District, Certificates of Participation | ||||||||||
| Series B, Insured: NATL-RE (zero coupon), due 4/1/26 | 100,000 | 63,269 | ||||||||
| Series B, Insured: NATL-RE (zero coupon), due 4/1/27 | 140,000 | 83,338 | ||||||||
| Stockton Public Financing Authority, Parking & Capital Projects, Revenue Bonds | ||||||||||
| Insured: NATL-RE 4.80%, due 9/1/20 | 125,000 | 125,214 | ||||||||
| Insured: NATL-RE 5.125%, due 9/1/30 | 2,900,000 | 2,900,319 | ||||||||
| Insured: NATL-RE 5.25%, due 9/1/23 | 345,000 | 345,124 | ||||||||
| Insured: NATL-RE 5.25%, due 9/1/24 | 100,000 | 100,032 | ||||||||
| Insured: NATL-RE 5.25%, due 9/1/34 | 350,000 | 350,049 | ||||||||
| Insured: NATL-RE 5.375%, due 9/1/21 | 175,000 | 175,089 | ||||||||
| Stockton Public Financing Authority, Revenue Bonds Series A, Insured: NATL-RE 4.00%, due 8/1/19 | 50,000 | 50,000 | ||||||||
| Stockton Unified School District, Election 2008, Unlimited General Obligation | ||||||||||
| Series D, Insured: AGM (zero coupon), due 8/1/42 | 9,080,000 | 3,485,449 | ||||||||
| Series B (zero coupon), due 6/1/50 | 16,260,000 | 2,240,953 | ||||||||
| Tobacco Securitization Authority of Northern California, Revenue Bonds | ||||||||||
| Series A-1 5.125%, due 6/1/46 | 18,160,000 | 18,257,882 | ||||||||
| Series A-1 5.375%, due 6/1/38 | 2,470,000 | 2,483,313 | ||||||||
| Series A-1 5.50%, due 6/1/45 | 5,100,000 | 5,127,489 | ||||||||
| Turlock Public Financing Authority, Tax Allocation 7.50%, due 9/1/39 | 500,000 | 574,960 | ||||||||
| West Contra Costa Healthcare District, Certificates of Participation 6.25%, due 7/1/42 | 5,000,000 | 5,488,150 | ||||||||
| Westminster School District, Unlimited General Obligation Series B, Insured: BAM (zero coupon), due 8/1/53 | 20,000,000 | 2,139,600 | ||||||||
| 571,807,977 | ||||||||||
| Colorado 2.7% | ||||||||||
| Arkansas River Power Authority, Revenue Bonds | ||||||||||
| Series A 5.00%, due 10/1/43 | 9,675,000 | 10,714,675 | ||||||||
| 6.00%, due 10/1/40 | 575,000 | 579,364 | ||||||||
| Belleview Station Metropolitan District No.2, Limited General Obligation 5.125%, due 12/1/46 | 2,375,000 | 2,436,109 | ||||||||
| Central Platte Valley Metropolitan District, Unlimited General Obligation | ||||||||||
| 5.00%, due 12/1/43 | 1,250,000 | 1,326,662 | ||||||||
| Series A 5.375%, due 12/1/33 | 1,500,000 | 1,671,885 | ||||||||
| City & County of Denver CO, United Airlines Project, Revenue Bonds 5.00%, due 10/1/32 (b) | 7,000,000 | 7,512,330 | ||||||||
| Colorado Bridge Enterprise, Central 70 Project, Revenue Bonds 4.00%, due 6/30/51 (b) | 19,500,000 | 19,322,940 | ||||||||
| Colorado Health Facilities Authority, Covenant Retirement Communities, Revenue Bonds 5.00%, due 12/1/35 | 3,500,000 | 3,792,005 | ||||||||
| Colorado Health Facilities Authority, Frasier Meadows Retirement Community Project, Revenue Bonds Series A 5.25%, due 5/15/47 | 2,000,000 | 2,172,740 | ||||||||
| Colorado Health Facilities Authority, Mental Health Center of Denver Project, Revenue Bonds Series A 5.75%, due 2/1/44 | 4,175,000 | 4,630,033 | ||||||||
| Colorado International Center Metropolitan District No. 14, Limited General Obligation 5.875%, due 12/1/46 | 2,500,000 | 2,649,100 | ||||||||
| Denver Health & Hospital Authority, Revenue Bonds Series A 5.25%, due 12/1/45 | 4,250,000 | 4,548,860 | ||||||||
| Dominion Water & Sanitation District, Revenue Bonds | ||||||||||
| Senior Lien 5.75%, due 12/1/36 | 9,935,000 | 10,527,027 | ||||||||
| 6.00%, due 12/1/46 | 1,000,000 | 1,062,770 | ||||||||
| E-470 Public Highway Authority, Revenue Bonds | ||||||||||
| Series B, Insured: NATL-RE (zero coupon), due 9/1/22 | 5,000,000 | 4,545,350 | ||||||||
| Series B, Insured: NATL-RE (zero coupon), due 9/1/25 | 245,000 | 200,234 | ||||||||
| Series B, Insured: NATL-RE (zero coupon), due 9/1/26 | 4,540,000 | 3,546,421 | ||||||||
| Series B, Insured: NATL-RE (zero coupon), due 9/1/27 | 735,000 | 473,876 | ||||||||
| Series B, Insured: NATL-RE (zero coupon), due 9/1/28 | 1,405,000 | 851,613 | ||||||||
| Series B, Insured: NATL-RE (zero coupon), due 9/1/29 | 4,510,000 | 3,070,453 | ||||||||
| Series B, Insured: NATL-RE (zero coupon), due 9/1/30 | 500,000 | 324,535 | ||||||||
| Series B, Insured: NATL-RE (zero coupon), due 9/1/35 | 2,245,000 | 1,068,957 | ||||||||
| Series B, Insured: NATL-RE (zero coupon), due 9/1/37 | 1,170,000 | 501,977 | ||||||||
| Series B, Insured: NATL-RE (zero coupon), due 9/1/39 | 515,000 | 198,857 | ||||||||
| (zero coupon), due 9/1/40 | 5,250,000 | 2,237,550 | ||||||||
| (zero coupon), due 9/1/41 | 3,925,000 | 1,598,535 | ||||||||
| Eagle County Airport Terminal Corp., Revenue Bonds Series B 5.00%, due 5/1/33 (b) | 2,435,000 | 2,708,036 | ||||||||
| Foothills Metropolitan District, Special Assessment 6.00%, due 12/1/38 | 3,815,000 | 3,911,367 | ||||||||
| Fountain Urban Renewal Authority, Improvement-South Academy Highland, Tax Allocation Series A 5.25%, due 11/1/37 | 1,900,000 | 1,933,041 | ||||||||
| Park Creek Metropolitan District, Senior Ltd., Property, Tax Allocation Senior Lien-Series A 5.00%, due 12/1/45 | 4,000,000 | 4,455,920 | ||||||||
| Southglenn Metropolitan District, Special Revenue, Limited General Obligation 5.00%, due 12/1/46 | 2,100,000 | 2,136,288 | ||||||||
| Sterling Ranch Community Authority Board, Revenue Bonds Series A 5.00%, due 12/1/47 | 3,500,000 | 3,545,220 | ||||||||
| Villages at Castle Rock CO, Metropolitan District No.6, Cobblestone Ranch Project, Limited General Obligation Series 2 (zero coupon), due 12/1/37 | 40,000,000 | 10,902,400 | ||||||||
| 121,157,130 | ||||||||||
| Connecticut 0.3% | ||||||||||
| City of Hartford CT, Unlimited General Obligation | ||||||||||
| Series B 5.00%, due 4/1/26 | 60,000 | 65,130 | ||||||||
| Series B 5.00%, due 4/1/27 | 500,000 | 540,035 | ||||||||
| Series B 5.00%, due 4/1/30 | 640,000 | 686,074 | ||||||||
| Series B 5.00%, due 4/1/33 | 100,000 | 106,487 | ||||||||
| Connecticut State Health & Educational Facility Authority, Church Home of Hartford, Inc., Revenue Bonds Series A 5.00%, due 9/1/53 (c) | 1,500,000 | 1,557,495 | ||||||||
| Hartford Stadium Authority, Stadium Authority Lease, Revenue Bonds Series A 5.00%, due 2/1/36 | 1,475,000 | 1,460,250 | ||||||||
| State of Connecticut, Bradley International Airport, Revenue Bonds Series A, Insured: ACA 6.60%, due 7/1/24 (b) | 2,075,000 | 2,080,727 | ||||||||
| State of Connecticut, Unlimited General Obligation Series C 5.00%, due 6/15/28 | 5,000,000 | 5,733,550 | ||||||||
| 12,229,748 | ||||||||||
| Delaware 0.3% | ||||||||||
| Delaware State Health Facilities Authority, Nanticoke Memorial Hospital Project, Revenue Bonds 5.00%, due 7/1/32 | 3,855,000 | 4,110,278 | ||||||||
| Kent County DE, Student Housing & Dining Facility, CHF-Dover LLC, Delaware State University Project, Revenue Bonds | ||||||||||
| Series A 5.00%, due 7/1/40 | 1,050,000 | 1,134,231 | ||||||||
| Series A 5.00%, due 7/1/48 | 1,250,000 | 1,342,138 | ||||||||
| Series A 5.00%, due 7/1/53 | 3,250,000 | 3,476,427 | ||||||||
| Series A 5.00%, due 7/1/58 | 4,500,000 | 4,777,380 | ||||||||
| 14,840,454 | ||||||||||
| District of Columbia 1.3% | ||||||||||
| District of Columbia, Center Strategic & International Studies, Revenue Bonds 6.625%, due 3/1/41 | 1,000,000 | 1,123,270 | ||||||||
| District of Columbia, Friendship Public Charter School, Revenue Bonds 5.00%, due 6/1/46 | 1,400,000 | 1,507,884 | ||||||||
| District of Columbia, Methodist Home, Revenue Bonds Series A-R 5.25%, due 1/1/39 | 1,015,000 | 991,351 | ||||||||
| District of Columbia, Provident Group-Howard Properties, Revenue Bonds 5.00%, due 10/1/30 | 1,000,000 | 1,022,160 | ||||||||
| District of Columbia, Tobacco Settlement Financing Corp., Revenue Bonds Series A (zero coupon), due 6/15/46 | 85,000,000 | 15,030,550 | ||||||||
| District of Columbia, Tranche 1, Revenue Bonds Series A 1.53%, due 8/15/38 (a) | 4,050,000 | 4,050,000 | ||||||||
| District of Columbia, Unrefunded-Howard University, Revenue Bonds Series A 6.25%, due 10/1/32 | 1,400,000 | 1,489,684 | ||||||||
| Metropolitan Washington Airports Authority Dulles Toll Road, Metrorail & Capital, Revenue Bonds 5.00%, due 10/1/53 | 30,365,000 | 32,142,263 | ||||||||
| Metropolitan Washington Airports Authority Dulles Toll Road, Revenue Bonds 2nd Senior Lien (zero coupon), due 10/1/39 | 5,005,000 | 2,080,979 | ||||||||
| 59,438,141 | ||||||||||
| Florida 2.1% | ||||||||||
| Capital Projects Finance Authority, Revenue Bonds Series F-1, Insured: NATL-RE 5.00%, due 10/1/31 | 4,120,000 | 4,123,049 | ||||||||
| Capital Trust Agency, Inc., Odyssey Charter School, Revenue Bonds Series A 5.50%, due 7/1/47 (c) | 2,000,000 | 2,006,880 | ||||||||
| Celebration Pointe Community Development District, Special Assessment 5.125%, due 5/1/45 | 2,750,000 | 2,799,747 | ||||||||
| City of Atlantic Beach FL, Fleet Landing Project, Revenue Bonds Series B 5.625%, due 11/15/43 | 1,500,000 | 1,656,330 | ||||||||
| City of Orlando FL, Unrefunded Third Lien, Tourist Development Tax, Revenue Bonds Insured: AGC 5.50%, due 11/1/38 | 885,000 | 887,646 | ||||||||
| City of Tallahassee FL, Memorial Healthcare, Inc., Revenue Bonds Series A 5.00%, due 12/1/55 | 7,500,000 | 7,991,700 | ||||||||
| Collier County Educational Facilities Authority, Marian University Project, Revenue Bonds | ||||||||||
| 5.25%, due 6/1/28 | 2,250,000 | 2,391,593 | ||||||||
| 6.125%, due 6/1/43 | 2,500,000 | 2,700,325 | ||||||||
| County of Bay FL, Bay Haven Charter Academy, Inc., Revenue Bonds | ||||||||||
| Series A 5.00%, due 9/1/45 | 250,000 | 259,405 | ||||||||
| Series A 6.00%, due 9/1/40 | 1,000,000 | 1,043,780 | ||||||||
| County of St. Lucie FL, Power & Light Co. Project, Revenue Bonds 1.53%, due 9/1/28 (a) | 6,200,000 | 6,200,000 | ||||||||
| Florida Development Finance Corp., Florida Charter Foundation, Inc. Projects, Revenue Bonds Series A 4.75%, due 7/15/36 (c) | 3,605,000 | 3,519,814 | ||||||||
| Florida State Higher Educational Facilities Financial Authority, Ringling College Project, Revenue Bonds 4.00%, due 3/1/47 | 6,620,000 | 6,389,955 | ||||||||
| Halifax Hospital Medical Center, Revenue Bonds 4.00%, due 6/1/46 | 2,565,000 | 2,539,376 | ||||||||
| Lee County Industrial Development Authority, Preserve Project, Revenue Bonds Series A 5.75%, due 12/1/52 (c) | 4,500,000 | 4,617,180 | ||||||||
| Martin County FL, Pollution Control, Florida Power & Light Co. Project, Revenue Bonds 1.58%, due 7/15/22 (a) | 15,000,000 | 15,000,000 | ||||||||
| Martin County Health Facilities Authority, Martin Memorial Medical Center, Revenue Bonds 5.00%, due 11/15/45 | 3,500,000 | 3,676,750 | ||||||||
| Miami Beach Health Facilities Authority, Sinai Medical Center Florida, Revenue Bonds | ||||||||||
| 5.00%, due 11/15/29 | 1,825,000 | 1,947,969 | ||||||||
| 5.00%, due 11/15/39 | 2,230,000 | 2,365,450 | ||||||||
| Mid-Bay Bridge Authority, Revenue Bonds | ||||||||||
| Series A 5.00%, due 10/1/35 | 1,500,000 | 1,655,400 | ||||||||
| Series C 5.00%, due 10/1/40 | 1,000,000 | 1,087,010 | ||||||||
| Series A 7.25%, due 10/1/40 | 2,500,000 | 2,902,025 | ||||||||
| North Sumter County Utility Dependent District, Revenue Bonds 6.25%, due 10/1/43 | 1,500,000 | 1,632,300 | ||||||||
| Orange County Health Facilities Authority, Mayflower Retirement Center, Inc., Revenue Bonds 5.125%, due 6/1/42 | 400,000 | 418,452 | ||||||||
| Osceola County Expressway Authority, Poinciana, Revenue Bonds Senior Lien 6.00%, due 10/1/36 | 4,000,000 | 3,339,080 | ||||||||
| Osceola County Expressway Authority, Revenue Bonds Senior Lien-Series A 5.375%, due 10/1/47 | 11,170,000 | 12,089,849 | ||||||||
| 95,241,065 | ||||||||||
| Georgia 2.2% | ||||||||||
| Burke County Development Authority, Georgia Power Co., Vogtle Project, Revenue Bonds (a) | ||||||||||
| 1.59%, due 5/1/22 | 11,500,000 | 11,500,000 | ||||||||
| 1.59%, due 10/1/32 | 23,000,000 | 23,000,000 | ||||||||
| Series 1 1.60%, due 7/1/49 | 5,620,000 | 5,620,000 | ||||||||
| Cedartown Polk County Hospital Authority, Antic Certs-Polk Medical Center, Revenue Bonds 5.00%, due 7/1/39 | 8,100,000 | 8,752,941 | ||||||||
| Cobb County Development Authority, Kennesaw State University, Revenue Bonds Junior Lien 5.00%, due 7/15/38 | 2,390,000 | 2,529,313 | ||||||||
| Fulton County Residential Care Facilities for the Elderly Authority, Lenbrook Square Foundation, Inc., Revenue Bonds 5.00%, due 7/1/36 | 4,000,000 | 4,383,200 | ||||||||
| Gainesville & Hall County Development Authority, Educational Facilities, Reverside Military Academy, Revenue Bonds 5.125%, due 3/1/52 | 1,500,000 | 1,579,110 | ||||||||
| Marietta Development Authority, University Facilities-Life University, Inc. Project, Revenue Bonds Series A 5.00%, due 11/1/37 (c) | 3,750,000 | 4,004,363 | ||||||||
| Monroe County Development Authority, Georgia Power Co.-Scherer Project, Revenue Bonds 1.59%, due 11/1/48 (a) | 29,275,000 | 29,275,000 | ||||||||
| Private Colleges & Universities Authority, Mercer University Project, Revenue Bonds 5.00%, due 10/1/45 | 6,000,000 | 6,381,720 | ||||||||
| 97,025,647 | ||||||||||
| Guam 1.5% | ||||||||||
| Antonio B. Won Pat International Airport Authority, Revenue Bonds Series C 6.375%, due 10/1/43 (b) | 3,000,000 | 3,396,030 | ||||||||
| Guam Government, Waterworks Authority, Revenue Bonds | ||||||||||
| 5.00%, due 1/1/46 | 6,575,000 | 7,173,983 | ||||||||
| 5.50%, due 7/1/43 | 13,565,000 | 14,758,584 | ||||||||
| Port Authority of Guam, Revenue Bonds Series A 5.00%, due 7/1/48 | 4,250,000 | 4,664,205 | ||||||||
| Territory of Guam, Revenue Bonds | ||||||||||
| Series D 5.00%, due 11/15/29 | 1,415,000 | 1,566,787 | ||||||||
| Series D 5.00%, due 11/15/39 | 25,750,000 | 27,796,095 | ||||||||
| Series A 5.125%, due 1/1/42 | 3,420,000 | 3,577,081 | ||||||||
| Series A 6.50%, due 11/1/40 | 3,990,000 | 4,385,329 | ||||||||
| 67,318,094 | ||||||||||
| Hawaii 0.1% | ||||||||||
| State of Hawaii Department of Budget & Finance, Hawaii Pacific University, Revenue Bonds | ||||||||||
| 6.625%, due 7/1/33 | 2,085,000 | 2,201,156 | ||||||||
| Series A 6.875%, due 7/1/43 | 1,045,000 | 1,099,162 | ||||||||
| State of Hawaii Department of Budget & Finance, Revenue Bonds 5.00%, due 1/1/45 (c) | 1,500,000 | 1,486,905 | ||||||||
| 4,787,223 | ||||||||||
| Idaho 0.0% ‡ | ||||||||||
| Idaho Health Facilities Authority, Madison Memorial Hospital, Revenue Bonds 5.00%, due 9/1/37 | 1,000,000 | 1,063,460 | ||||||||
| Illinois 13.8% | ||||||||||
| Chicago Board of Education Dedicated Capital Improvement, Unlimited General Obligation (c) | ||||||||||
| Series B 7.00%, due 12/1/42 | 10,000,000 | 12,005,300 | ||||||||
| Series A 7.00%, due 12/1/46 | 4,000,000 | 4,788,520 | ||||||||
| Chicago Board of Education, School Reform Board, Unlimited General Obligation Series A-A, Insured: AGC 5.50%, due 12/1/26 | 19,400,000 | 22,389,540 | ||||||||
| Chicago Board of Education, School Reform, Unlimited General Obligation Series A, Insured: NATL-RE (zero coupon), due 12/1/27 | 5,105,000 | 3,401,206 | ||||||||
| Chicago Board of Education, Special Tax 6.00%, due 4/1/46 | 35,000,000 | 40,960,850 | ||||||||
| ¤ | Chicago Board of Education, Unlimited General Obligation | |||||||||
| Series F 5.00%, due 12/1/31 | 21,515,000 | 21,753,816 | ||||||||
| Series B 5.00%, due 12/1/33 | 2,050,000 | 2,087,372 | ||||||||
| Series G 5.00%, due 12/1/34 | 5,000,000 | 5,196,200 | ||||||||
| Series H 5.00%, due 12/1/36 | 7,000,000 | 7,242,270 | ||||||||
| Series A 5.00%, due 12/1/41 | 1,620,000 | 1,639,699 | ||||||||
| Series H 5.00%, due 12/1/46 | 7,000,000 | 7,172,690 | ||||||||
| Series A 5.25%, due 12/1/41 | 5,295,000 | 5,399,788 | ||||||||
| Series A 5.50%, due 12/1/39 | 6,995,000 | 7,191,210 | ||||||||
| Series A 7.00%, due 12/1/44 | 11,375,000 | 13,241,069 | ||||||||
| Chicago O'Hare International Airport Special Facility, AMT-Trips Obligated Group, Revenue Bonds (b) | ||||||||||
| 5.00%, due 7/1/38 | 1,500,000 | 1,656,615 | ||||||||
| 5.00%, due 7/1/48 | 5,000,000 | 5,470,000 | ||||||||
| Chicago O'Hare International Airport Special Facility, Lufthansa German Project, Revenue Bonds 0.98%, due 5/1/35 (a)(b) | 40,000,000 | 40,000,000 | ||||||||
| Chicago Transit Authority, Second Lien, Revenue Bonds 5.00%, due 12/1/46 | 7,500,000 | 8,065,050 | ||||||||
| City of Chicago IL, City Colleges, Unlimited General Obligation Insured: NATL-RE (zero coupon), due 1/1/34 | 300,000 | 150,630 | ||||||||
| City of Chicago IL, Sales Tax, Revenue Bonds | ||||||||||
| Series A 5.25%, due 1/1/38 | 11,550,000 | 12,835,053 | ||||||||
| Series A 5.00%, due 1/1/41 | 10,000,000 | 11,030,300 | ||||||||
| ¤ | City of Chicago IL, Unlimited General Obligation | |||||||||
| Series A 4.625%, due 1/1/32 | 145,000 | 145,274 | ||||||||
| Series C 5.00%, due 1/1/34 | 1,355,000 | 1,363,929 | ||||||||
| Series A 5.00%, due 1/1/35 | 7,020,000 | 7,278,827 | ||||||||
| Series C 5.00%, due 1/1/40 | 11,855,000 | 11,925,893 | ||||||||
| Series A 5.25%, due 1/1/35 | 5,000,000 | 5,092,700 | ||||||||
| Series A 5.25%, due 1/1/37 | 275,000 | 275,358 | ||||||||
| Series B 5.50%, due 1/1/31 | 2,360,000 | 2,551,514 | ||||||||
| Series 2005D 5.50%, due 1/1/37 | 3,500,000 | 3,739,190 | ||||||||
| Series 2005D 5.50%, due 1/1/40 | 1,245,000 | 1,325,763 | ||||||||
| Series A 5.75%, due 1/1/34 | 3,850,000 | 4,303,877 | ||||||||
| Series A 6.00%, due 1/1/38 | 34,385,000 | 38,810,349 | ||||||||
| City of Chicago IL, Waterworks Second Lien, Revenue Bonds 4.00%, due 11/1/37 | 15,000,000 | 14,999,250 | ||||||||
| City of Romeoville IL, Lewis University, Revenue Bonds | ||||||||||
| Series B 4.125%, due 10/1/41 | 1,000,000 | 984,540 | ||||||||
| Series B 4.125%, due 10/1/46 | 2,100,000 | 2,046,912 | ||||||||
| Series B 5.00%, due 10/1/36 | 1,000,000 | 1,063,950 | ||||||||
| Series B 5.00%, due 10/1/39 | 1,275,000 | 1,351,169 | ||||||||
| Illinois Finance Authority, Benedictine University, Revenue Bonds 5.00%, due 10/1/38 | 5,750,000 | 6,146,233 | ||||||||
| Illinois Finance Authority, Charter School Project, Revenue Bonds Series A 7.125%, due 10/1/41 | 1,500,000 | 1,588,020 | ||||||||
| Illinois Finance Authority, Christian Homes, Inc., Revenue Bonds 5.00%, due 5/15/40 | 1,265,000 | 1,323,835 | ||||||||
| Illinois Finance Authority, Columbia College Chicago, Revenue Bonds 5.00%, due 12/1/37 | 10,000,000 | 10,378,200 | ||||||||
| Illinois Finance Authority, Franciscan Communities, Inc., Revenue Bonds Series A 5.00%, due 5/15/47 | 1,155,000 | 1,228,943 | ||||||||
| Illinois Finance Authority, Friendship Village Schaumburg, Revenue Bonds | ||||||||||
| 5.00%, due 2/15/37 | 3,730,000 | 3,698,780 | ||||||||
| 5.125%, due 2/15/45 | 8,415,000 | 8,384,538 | ||||||||
| Illinois Finance Authority, Memorial Health System, Revenue Bonds 1.48%, due 10/1/22 (a) | 1,400,000 | 1,400,000 | ||||||||
| Illinois Finance Authority, Noble Network Charter Schools, Revenue Bonds 5.00%, due 9/1/32 | 1,830,000 | 1,953,287 | ||||||||
| Illinois Finance Authority, Roosevelt University Project, Revenue Bonds | ||||||||||
| 5.50%, due 4/1/32 | 2,000,000 | 2,000,040 | ||||||||
| 6.50%, due 4/1/39 | 4,000,000 | 4,134,040 | ||||||||
| 6.50%, due 4/1/44 | 3,000,000 | 3,126,468 | ||||||||
| Illinois Finance Authority, Rosalind Franklin University of Medicine & Science, Revenue Bonds | ||||||||||
| Series C 4.25%, due 8/1/42 | 2,900,000 | 2,857,080 | ||||||||
| Series C 5.00%, due 8/1/49 | 1,300,000 | 1,402,518 | ||||||||
| Illinois Finance Authority, Student Housing & Academic Facility, CHF-Chicago LLC, University of Illinois at Chicago Project, Revenue Bonds Series A 5.00%, due 2/15/50 | 1,545,000 | 1,666,035 | ||||||||
| Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Revenue Bonds Series B (zero coupon), due 12/15/54 | 45,000,000 | 7,550,100 | ||||||||
| Metropolitan Pier & Exposition Authority, McCormick Place Expansion, Revenue Bonds, Series A 5.50%, due 6/15/50 | 10,600,000 | 10,980,513 | ||||||||
| Metropolitan Pier & Exposition Authority, McCormick Place Project, Revenue Bonds | ||||||||||
| 4.25%, due 6/15/42 | 1,660,000 | 1,594,878 | ||||||||
| Series A 5.00%, due 6/15/42 | 7,050,000 | 7,294,987 | ||||||||
| Series A 5.00%, due 6/15/57 | 13,000,000 | 13,870,740 | ||||||||
| Metropolitan Pier & Exposition Authority, McCormick, Revenue Bonds Series A, Insured: NATL-RE (zero coupon), due 12/15/38 | 94,950,000 | 37,004,863 | ||||||||
| Metropolitan Pier & Exposition Authority, Revenue Bonds Series B, Insured: AGM (zero coupon), due 12/15/50 | 10,000,000 | 2,353,200 | ||||||||
| Metropolitan Pier And Exposition Authority Met Pier And Exposition Auth Ilr Cabs-mccormick Place Expansion Revenue Bonds (zero coupon), due 12/15/56 | 55,000,000 | 8,237,900 | ||||||||
| ¤ | State of Illinois, Unlimited General Obligation | |||||||||
| Series D 3.25%, due 11/1/26 | 5,540,000 | 5,189,540 | ||||||||
| Insured: BAM 4.00%, due 6/1/41 | 25,955,000 | 26,232,459 | ||||||||
| Series A 4.50%, due 12/1/41 | 6,775,000 | 6,706,979 | ||||||||
| Series B 5.00%, due 11/1/19 | 30,000,000 | 30,970,500 | ||||||||
| Series D 5.00%, due 11/1/24 | 7,515,000 | 8,076,746 | ||||||||
| Series D 5.00%, due 11/1/27 | 8,000,000 | 8,670,720 | ||||||||
| Series C 5.00%, due 11/1/29 | 35,000,000 | 37,485,350 | ||||||||
| Series B 5.00%, due 5/1/34 | 8,110,000 | 8,617,362 | ||||||||
| Series A 5.00%, due 5/1/38 | 2,400,000 | 2,536,392 | ||||||||
| Series A 5.00%, due 5/1/40 | 2,000,000 | 2,108,760 | ||||||||
| 5.50%, due 7/1/38 | 3,000,000 | 3,160,530 | ||||||||
| Village of Bridgeview IL, Revenue Bonds Series A 5.00%, due 12/1/42 | 5,250,000 | 5,456,010 | ||||||||
| Village of Bridgeview IL, Unlimited General Obligation Series A 5.50%, due 12/1/43 | 1,545,000 | 1,515,892 | ||||||||
| Village of Matteson IL, Utility Revenue Source, Unlimited General Obligation Insured: AGM 4.00%, due 12/1/26 | 200,000 | 200,132 | ||||||||
| Village of Oak Lawn IL, Unlimited General Obligation | ||||||||||
| Insured: NATL-RE 4.40%, due 12/1/26 | 400,000 | 400,416 | ||||||||
| Insured: NATL-RE 4.45%, due 12/1/28 | 430,000 | 430,447 | ||||||||
| Insured: NATL-RE 4.50%, due 12/1/30 | 475,000 | 475,508 | ||||||||
| Insured: NATL-RE 4.50%, due 12/1/32 | 520,000 | 520,546 | ||||||||
| Insured: NATL-RE 4.50%, due 12/1/34 | 575,000 | 575,569 | ||||||||
| 620,440,729 | ||||||||||
| Indiana 0.8% | ||||||||||
| Carmel Redevelopment District, Certificates of Participation Series C 6.50%, due 7/15/35 | 1,000,000 | 1,110,990 | ||||||||
| City of Indianapolis IN, Economic Development, Revenue Bonds Series A 1.45%, due 7/1/55 (a) | 6,200,000 | 6,200,000 | ||||||||
| City of Valparaiso IN, Revenue Bonds 7.00%, due 1/1/44 (b) | 5,500,000 | 6,459,475 | ||||||||
| Gary Chicago International Airport Authority, Revenue Bonds (b) | ||||||||||
| 5.00%, due 2/1/29 | 1,170,000 | 1,294,020 | ||||||||
| 5.25%, due 2/1/34 | 750,000 | 830,925 | ||||||||
| Indiana Finance Authority, Educational Facilities-Marian University Project, Revenue Bonds 6.375%, due 9/15/41 | 670,000 | 720,471 | ||||||||
| Indiana Finance Authority, King's Daughters Hospital & Healthcare, Revenue Bonds | ||||||||||
| 5.50%, due 8/15/40 | 4,835,000 | 5,054,412 | ||||||||
| 5.50%, due 8/15/45 | 210,000 | 218,728 | ||||||||
| Indiana Finance Authority, Marquette Manor LLC, Revenue Bonds 5.00%, due 3/1/39 | 5,505,000 | 5,727,787 | ||||||||
| Indiana Finance Authority, Sisters of St. Francis, Health Services, Revenue Bonds Series J 1.50%, due 11/1/37 (a) | 5,295,000 | 5,295,000 | ||||||||
| Indiana Finance Authority, University of Indianapolis Education Facilities Project, Revenue Bonds 5.00%, due 10/1/43 | 2,000,000 | 2,158,800 | ||||||||
| 35,070,608 | ||||||||||
| Iowa 1.4% | ||||||||||
| City of Coralville IA, Annual Appropriation, Revenue Bonds Series B 4.25%, due 5/1/37 | 6,750,000 | 6,866,640 | ||||||||
| City of Coralville IA, Tax Allocation Series C 4.50%, due 5/1/47 | 2,930,000 | 2,945,060 | ||||||||
| Iowa Finance Authority, Health System Obligation, Revenue Bonds Series B-2 1.47%, due 2/15/39 (a) | 20,000,000 | 20,000,000 | ||||||||
| Iowa Higher Education Loan Authority, Loras College, Revenue Bonds 1.48%, due 11/1/36 (a) | 10,000,000 | 10,000,000 | ||||||||
| Iowa Higher Education Loan Authority, Private College Facility-Des Moines, Revenue Bonds 1.48%, due 10/1/33 (a) | 3,450,000 | 3,450,000 | ||||||||
| Iowa Tobacco Settlement Authority, Revenue Bonds | ||||||||||
| Series C 5.375%, due 6/1/38 | 6,145,000 | 6,211,489 | ||||||||
| Series C 5.625%, due 6/1/46 | 6,730,000 | 6,807,664 | ||||||||
| Xenia Rural Water District, Revenue Bonds 5.00%, due 12/1/41 | 6,000,000 | 6,469,680 | ||||||||
| 62,750,533 | ||||||||||
| Kansas 0.5% | ||||||||||
| University of Kansas Hospital Authority, KU Health System, Revenue Bonds 1.48%, due 9/1/34 (a) | 2,400,000 | 2,400,000 | ||||||||
| Wyandotte County-Kansas City Unified Government, Revenue Bonds (zero coupon), due 9/1/34 (c) | 61,455,000 | 22,429,231 | ||||||||
| 24,829,231 | ||||||||||
| Kentucky 0.9% | ||||||||||
| City of Campbellsville KY, Campbellsville University Project, Revenue Bonds 5.00%, due 3/1/39 | 4,730,000 | 4,889,827 | ||||||||
| City of Glasgow KY, Healthcare Revenue, T. J. Samson Community Hospital, Revenue Bonds 6.45%, due 2/1/41 | 1,000,000 | 1,065,360 | ||||||||
| County of Ohio KY, Big Rivers Electric Corp. Project, Revenue Bonds Series A 6.00%, due 7/15/31 | 13,910,000 | 14,095,698 | ||||||||
| Kentucky Economic Development Finance Authority, Owensboro Health, Revenue Bonds | ||||||||||
| Series A 5.00%, due 6/1/37 | 2,850,000 | 3,075,521 | ||||||||
| Series A 5.00%, due 6/1/45 | 10,725,000 | 11,384,480 | ||||||||
| Kentucky State Economic Development Finance Authority, Catholic Health, Revenue Bonds Series C 1.03%, due 5/1/34 (a) | 5,100,000 | 5,100,000 | ||||||||
| 39,610,886 | ||||||||||
| Louisiana 0.5% | ||||||||||
| City of New Orleans LA, Water System, Revenue Bonds 5.00%, due 12/1/44 | 5,500,000 | 6,056,380 | ||||||||
| Jefferson Parish Hospital Service District No. 2, East Jefferson General Hospital, Revenue Bonds 6.375%, due 7/1/41 | 7,640,000 | 7,958,970 | ||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds Series B, Insured: NATL-RE 1.645%, due 8/1/34 (d) | 50,000 | 47,037 | ||||||||
| Louisiana Public Facilities Authority, Belle Chasse Education Foundation, Revenue Bonds 6.50%, due 5/1/31 | 3,700,000 | 3,915,377 | ||||||||
| Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Revenue Bonds 5.00%, due 5/15/47 | 5,000,000 | 5,443,000 | ||||||||
| 23,420,764 | ||||||||||
| Maine 0.1% | ||||||||||
| Maine Health & Higher Educational Facilities Authority, Eastern Maine Medical Center Obligation Group, Revenue Bonds | ||||||||||
| 5.00%, due 7/1/33 | 3,825,000 | 4,000,912 | ||||||||
| 5.00%, due 7/1/43 | 2,590,000 | 2,688,031 | ||||||||
| 6,688,943 | ||||||||||
| Maryland 0.3% | ||||||||||
| City of Baltimore MD, Convention Center Hotel, Revenue Bonds 5.00%, due 9/1/46 | 3,500,000 | 3,839,605 | ||||||||
| Maryland Health & Higher Educational Facilities Authority, Charlestown Community, Revenue Bonds 6.25%, due 1/1/45 | 1,000,000 | 1,102,140 | ||||||||
| Maryland Health & Higher Educational Facilities Authority, Green Street Academy, Inc., Revenue Bonds (c) | ||||||||||
| Series A 5.125%, due 7/1/37 | 1,260,000 | 1,274,780 | ||||||||
| Series A 5.375%, due 7/1/52 | 1,530,000 | 1,540,159 | ||||||||
| Maryland Health & Higher Educational Facilities Authority, Meritus Medical Center, Revenue Bonds 5.00%, due 7/1/45 | 4,000,000 | 4,304,440 | ||||||||
| Maryland Health & Higher Educational Facilities Authority, Revenue Bonds 5.25%, due 1/1/37 | 1,000,000 | 1,113,100 | ||||||||
| 13,174,224 | ||||||||||
| Massachusetts 2.3% | ||||||||||
| Massachusetts Development Finance Agency, Dexter Southfield, Revenue Bonds 5.00%, due 5/1/41 | 3,000,000 | 3,279,510 | ||||||||
| Massachusetts Development Finance Agency, Green Bonds-Boston Medical Center, Revenue Bonds 5.00%, due 7/1/44 | 11,900,000 | 12,881,036 | ||||||||
| Massachusetts Development Finance Agency, Lawrence General Hospital, Revenue Bonds Series A 5.50%, due 7/1/44 | 6,000,000 | 6,509,040 | ||||||||
| Massachusetts Development Finance Agency, North Hill Community, Revenue Bonds Series A 6.50%, due 11/15/43 (c) | 2,000,000 | 2,434,680 | ||||||||
| Massachusetts Development Finance Agency, Seven Hills Foundation & Affiliates, Revenue Bonds Series A 5.00%, due 9/1/45 | 5,750,000 | 6,032,612 | ||||||||
| Massachusetts Development Finance Agency, UMass Boston Student Housing Project, Revenue Bonds 5.00%, due 10/1/48 | 17,800,000 | 19,260,312 | ||||||||
| Massachusetts Development Finance Agency, UMass Memorial Healthcare, Revenue Bonds Series I 5.00%, due 7/1/46 | 6,500,000 | 7,079,605 | ||||||||
| Massachusetts Development Finance Agency, Western New England University, Revenue Bonds | ||||||||||
| 5.00%, due 9/1/40 | 1,325,000 | 1,425,409 | ||||||||
| 5.00%, due 9/1/45 | 1,175,000 | 1,260,270 | ||||||||
| Massachusetts Health & Educational Facilities Authority, Baystate Medical Center, Revenue Bonds Series K 1.45%, due 7/1/39 (a) | 9,045,000 | 9,045,000 | ||||||||
| Massachusetts Health & Educational Facilities Authority, Lowell General Hospital, Revenue Bonds Series C 5.125%, due 7/1/35 | 1,630,000 | 1,705,078 | ||||||||
| Massachusetts Port Authority, Special Facilities-Delta Airlines, Inc., Revenue Bonds (b)(d) | ||||||||||
| Series C, Insured: AMBAC 1.284%, due 1/1/31 | 13,000,000 | 13,000,000 | ||||||||
| Series B, Insured: AMBAC 4.194%, due 1/1/31 | 11,500,000 | 11,500,000 | ||||||||
| Massachusetts State Water Resources Authority, Revenue Bonds Series C 1.47%, due 8/1/20 (a) | 6,600,000 | 6,600,000 | ||||||||
| 102,012,552 | ||||||||||
| Michigan 3.0% | ||||||||||
| Advanced Technology Academy, Public School Academy, Revenue Bonds 6.00%, due 11/1/37 | 550,000 | 550,352 | ||||||||
| Calhoun County Hospital Finance Authority, Oaklawn Hospital, Revenue Bonds 5.00%, due 2/15/41 | 2,000,000 | 2,094,740 | ||||||||
| Chandler Park Academy, Revenue Bonds | ||||||||||
| 5.125%, due 11/1/30 | 1,050,000 | 1,050,546 | ||||||||
| 5.125%, due 11/1/35 | 605,000 | 605,260 | ||||||||
| City of Detroit MI, Unlimited General Obligation | ||||||||||
| Insured: AMBAC 4.60%, due 4/1/24 | 20,150 | 18,457 | ||||||||
| Insured: AMBAC 5.25%, due 4/1/22 | 58,125 | 56,798 | ||||||||
| Insured: AMBAC 5.25%, due 4/1/24 | 45,725 | 43,756 | ||||||||
| City of Detroit MI, Water Supply System, Great Lakes Water Authority, Revenue Bonds Senior Lien-Series C 4.50%, due 7/1/27 | 165,000 | 171,432 | ||||||||
| City of Detroit MI, Water Supply System, Revenue Bonds Senior Lien-Series A 5.00%, due 7/1/36 | 655,000 | 692,400 | ||||||||
| City of Detroit MI, Water Supply System, Unrefunded-2015, Revenue Bonds 2nd Lien-Series B, Insured: NATL-RE 5.00%, due 7/1/34 | 10,000 | 10,028 | ||||||||
| Great Lakes Water Authority, Sewage Disposal System, Revenue Bonds Senior Lien-Series A 5.25%, due 7/1/39 | 5,000,000 | 5,437,450 | ||||||||
| Great Lakes Water Authority, Water Supply System, Revenue Bonds | ||||||||||
| Senior Lien-Series C 5.00%, due 7/1/41 | 1,620,000 | 1,707,869 | ||||||||
| Senior Lien-Series A 5.25%, due 7/1/41 | 10,840,000 | 11,659,829 | ||||||||
| Michigan Finance Authority, College for Creative Studies, Revenue Bonds | ||||||||||
| 5.00%, due 12/1/36 | 1,000,000 | 1,071,310 | ||||||||
| 5.00%, due 12/1/40 | 1,000,000 | 1,045,570 | ||||||||
| 5.00%, due 12/1/45 | 4,000,000 | 4,162,800 | ||||||||
| Michigan Finance Authority, Great Lakes Water, Revenue Bonds Series C-1 5.00%, due 7/1/44 | 1,000,000 | 1,076,380 | ||||||||
| Michigan Finance Authority, Higher Education-Thomas M. Cooley Law, Revenue Bonds 6.75%, due 7/1/44 (c) | 14,625,000 | 14,694,469 | ||||||||
| Michigan Finance Authority, Limited Obligation, Lawrence Technological University Project, Revenue Bonds | ||||||||||
| 5.00%, due 2/1/37 | 2,000,000 | 2,154,820 | ||||||||
| 5.25%, due 2/1/32 | 3,600,000 | 4,003,668 | ||||||||
| Michigan Finance Authority, Local Government Loan Program, Revenue Bonds | ||||||||||
| 5.00%, due 7/1/34 | 1,000,000 | 1,092,660 | ||||||||
| Series D4 5.00%, due 7/1/34 | 1,000,000 | 1,094,570 | ||||||||
| 5.00%, due 7/1/35 | 2,000,000 | 2,186,600 | ||||||||
| Michigan Finance Authority, Presbyterian Villages Hospital, Revenue Bonds 5.50%, due 11/15/45 | 1,000,000 | 1,040,040 | ||||||||
| Michigan Finance Authority, Public School Academy, University Learning, Revenue Bonds 7.50%, due 11/1/40 | 855,000 | 877,478 | ||||||||
| Michigan Finance Authority, Public School Academy-Detroit, Revenue Bonds | ||||||||||
| 7.00%, due 10/1/31 | 2,120,000 | 2,040,542 | ||||||||
| 7.00%, due 10/1/36 | 1,740,000 | 1,624,882 | ||||||||
| Michigan Finance Authority, Public School Academy-Voyageur, Revenue Bonds 5.90%, due 7/15/46 (c) | 2,085,000 | 1,698,629 | ||||||||
| Michigan Municipal Bond Authority, Local Government Loan Program, Revenue Bonds Series C, Insured: AMBAC 4.50%, due 5/1/31 | 305,000 | 298,320 | ||||||||
| Michigan Public Educational Facilities Authority, Dr. Joseph F. Pollack, Revenue Bonds 8.00%, due 4/1/40 | 500,000 | 519,890 | ||||||||
| Michigan Public Educational Facilities Authority, Landmark Academy, Revenue Bonds | ||||||||||
| 6.625%, due 6/1/30 | 350,000 | 349,391 | ||||||||
| 7.00%, due 12/1/39 | 2,700,000 | 2,701,917 | ||||||||
| Michigan Public Educational Facilities Authority, Richfield Public School Academy, Revenue Bonds 5.00%, due 9/1/36 | 150,000 | 149,112 | ||||||||
| Michigan Strategic Fund, Evangelical Homes, Revenue Bonds 5.50%, due 6/1/47 | 3,100,000 | 3,217,707 | ||||||||
| Michigan Strategic Fund, Events Centre Project, Tax Allocation Series A 4.125%, due 7/1/45 (d) | 19,700,000 | 19,737,233 | ||||||||
| Michigan Tobacco Settlement Finance Authority, Revenue Bonds | ||||||||||
| Series B (zero coupon), due 6/1/52 | 104,990,000 | 7,318,853 | ||||||||
| Series A 6.00%, due 6/1/34 | 7,370,000 | 7,414,220 | ||||||||
| Series A 6.00%, due 6/1/48 | 23,315,000 | 23,454,890 | ||||||||
| Wayne County Michigan, Capital Improvement, Limited General Obligation Series A, Insured: AGM 5.00%, due 2/1/38 | 4,400,000 | 4,411,396 | ||||||||
| 133,536,264 | ||||||||||
| Minnesota 0.6% | ||||||||||
| City of Blaine MN, Senior Housing and Healthcare, Crest View Senior Community, Revenue Bonds Series A 6.125%, due 7/1/45 | 2,100,000 | 2,079,378 | ||||||||
| City of Ham Lake MN, Charter School Lease, Parnassus Preparatory School Project, Revenue Bonds Series A 5.00%, due 11/1/47 | 3,500,000 | 3,578,050 | ||||||||
| City of Minneapolis MN/St. Paul Housing & Redevelopment Authority, Allina Health Systems, Revenue Bonds Series B-1 1.51%, due 11/15/35 (a) | 4,600,000 | 4,600,000 | ||||||||
| City of Rochester MN, Samaritan Bethany, Inc., Revenue Bonds 5.00%, due 8/1/48 | 2,000,000 | 2,059,460 | ||||||||
| Housing & Redevelopment Authority of The City of St. Paul Minnesota, Healtheast Care System, Revenue Bonds | ||||||||||
| 5.00%, due 11/15/29 | 1,745,000 | 2,054,214 | ||||||||
| 5.00%, due 11/15/40 | 1,775,000 | 2,089,530 | ||||||||
| Housing & Redevelopment Authority of The City of St. Paul Minnesota, Hmong College Preparatory Academy Project, Revenue Bonds Series A 5.75%, due 9/1/46 | 3,000,000 | 3,180,660 | ||||||||
| Housing & Redevelopment Authority of The City of St. Paul Minnesota, Nova Classical Academy, Revenue Bonds Series A 6.625%, due 9/1/42 | 1,000,000 | 1,141,350 | ||||||||
| Minneapolis MN, Charter School Lease, Twin Cities International School Project, Revenue Bonds Series A 5.00%, due 12/1/47 (c) | 4,085,000 | 3,856,975 | ||||||||
| Minnesota Higher Education Facilities Authority, Augsburg College, Revenue Bonds Series A 5.00%, due 5/1/46 | 1,350,000 | 1,438,155 | ||||||||
| 26,077,772 | ||||||||||
| Mississippi 0.0% ‡ | ||||||||||
| Mississippi Development Bank, Magnolia Regional Health Center Project, Revenue Bonds Series A 6.75%, due 10/1/36 | 1,250,000 | 1,320,275 | ||||||||
| Missouri 2.1% | ||||||||||
| Arnold Retail Corridor Transportation Development District, Revenue Bonds 6.65%, due 5/1/38 | 500,000 | 502,120 | ||||||||
| Branson Industrial Development Authority, Branson Landing-Retail Project, Tax Allocation | ||||||||||
| 5.25%, due 6/1/21 | 185,000 | 180,194 | ||||||||
| 5.50%, due 6/1/29 | 3,510,000 | 3,411,930 | ||||||||
| City of Lee's Summit MO, Summit Fair Project, Tax Allocation 7.25%, due 4/1/30 | 1,500,000 | 1,557,435 | ||||||||
| Kansas City Industrial Development Authority, Kansas City Parking LLC, Revenue Bonds 6.25%, due 9/1/32 | 1,000,000 | 1,025,150 | ||||||||
| Kirkwood Industrial Development Authority, Aberdeen Heights Project, Revenue Bonds Series A 5.25%, due 5/15/50 | 3,250,000 | 3,446,852 | ||||||||
| Lee's Summit Industrial Development Authority, Fair Community Improvement District, Special Assessment | ||||||||||
| 5.00%, due 5/1/35 | 1,365,000 | 1,368,522 | ||||||||
| 6.00%, due 5/1/42 | 2,800,000 | 2,809,800 | ||||||||
| Lees Summit MO, Special Obligation Tax, Improvement Summit Fair Project, Tax Allocation 4.875%, due 11/1/37 (c) | 2,000,000 | 1,945,460 | ||||||||
| Missouri Health & Educational Facilities Authority, Ranken Technical College, Revenue Bonds Series B 1.48%, due 11/1/31 (a) | 1,900,000 | 1,900,000 | ||||||||
| ¤ | Missouri State Health & Educational Facilities Authority, Stars Mercy Health System, Revenue Bonds (d) | |||||||||
| Series B, Insured: AMBAC 3.042%, due 6/1/31 | 4,900,000 | 4,900,000 | ||||||||
| Series C, Insured: AMBAC 3.042%, due 6/1/31 | 40,000,000 | 40,000,000 | ||||||||
| Series A, Insured: AMBAC 3.042%, due 6/1/31 | 27,500,000 | 27,500,000 | ||||||||
| Saint Louis MO, Land Clearance Authority, Scottrade Center Project, Revenue Bonds Series A 5.00%, due 4/1/48 | 3,250,000 | 3,517,995 | ||||||||
| St. Louis County Industrial Development Authority, Nazareth Living Center Project, Revenue Bonds 5.125%, due 8/15/45 | 1,900,000 | 1,953,599 | ||||||||
| 96,019,057 | ||||||||||
| Nebraska 0.1% | ||||||||||
| Douglas County, Hospital Authority No. 2, Madonna Rehabilitation Hospital, Revenue Bonds 4.00%, due 5/15/33 | 2,100,000 | 2,124,801 | ||||||||
| Gage County Hospital Authority No. 1, Beatrice Community Hospital & Health Center, Inc., Revenue Bonds Series B 6.75%, due 6/1/35 | 2,755,000 | 2,999,396 | ||||||||
| 5,124,197 | ||||||||||
| Nevada 0.6% | ||||||||||
| City of Reno NV, Revenue Bonds | ||||||||||
| Series B, Insured: NATL-RE (zero coupon), due 6/1/38 | 1,285,000 | 473,767 | ||||||||
| Series D (zero coupon), due 7/1/58 (c)(f) | 9,000,000 | 719,550 | ||||||||
| City of Reno NV, Transportation Rail Access Project, Revenue Bonds | ||||||||||
| Series C (zero coupon), due 7/1/58 (c)(f) | 20,000,000 | 2,233,000 | ||||||||
| Series A 4.00%, due 6/1/43 | 2,500,000 | 2,533,750 | ||||||||
| County of Washoe NV, Sierra Pacific Power Co. Project, Revenue Bonds Series E 0.97%, due 3/1/36 (a)(b) | 870,000 | 870,000 | ||||||||
| Las Vegas NV, New Convention & Visitors Authority, Revenue Bonds | ||||||||||
| Series B 4.00%, due 7/1/39 | 4,710,000 | 4,816,352 | ||||||||
| Series B 4.00%, due 7/1/40 | 4,640,000 | 4,741,198 | ||||||||
| Las Vegas Redevelopment Agency, Tax Allocation 5.00%, due 6/15/45 | 2,750,000 | 2,980,313 | ||||||||
| State of Nevada Department of Business & Industry, Somerset Academy of Las Vegas, Revenue Bonds (c) | ||||||||||
| Series A 5.00%, due 12/15/38 | 1,000,000 | 1,031,010 | ||||||||
| Series A 5.00%, due 12/15/48 | 3,465,000 | 3,548,437 | ||||||||
| State of Nevada Department of Business & Industry, Tahoe Regional Planning Agency, Revenue Bonds Series A, Insured: AMBAC 4.50%, due 6/1/37 | 1,185,000 | 1,146,890 | ||||||||
| 25,094,267 | ||||||||||
| New Hampshire 0.3% | ||||||||||
| Manchester Housing & Redevelopment Authority, Inc., Revenue Bonds | ||||||||||
| Series B, Insured: ACA (zero coupon), due 1/1/21 | 2,375,000 | 2,170,251 | ||||||||
| Series B, Insured: ACA (zero coupon), due 1/1/26 | 1,975,000 | 1,376,437 | ||||||||
| New Hampshire Health & Education Facilities Authority Act, Kendal at Hanover, Revenue Bonds 5.00%, due 10/1/46 | 1,800,000 | 1,924,218 | ||||||||
| New Hampshire Health & Education Facilities Authority Act, Southern New Hampshire University, Revenue Bonds 5.00%, due 1/1/42 | 2,825,000 | 3,018,343 | ||||||||
| New Hampshire Health & Education Facilities Authority, Catholic Medical Center, Revenue Bonds 5.00%, due 7/1/44 | 3,000,000 | 3,281,820 | ||||||||
| 11,771,069 | ||||||||||
| New Jersey 3.0% | ||||||||||
| City of Atlantic NJ, Unlimited General Obligation Insured: AGM 4.00%, due 11/1/26 | 805,000 | 830,027 | ||||||||
| New Jersey Economic Development Authority, Continental Airlines, Inc. Project, Revenue Bonds (b) | ||||||||||
| 5.25%, due 9/15/29 | 4,920,000 | 5,353,255 | ||||||||
| 5.50%, due 4/1/28 | 195,000 | 195,371 | ||||||||
| Series A 5.625%, due 11/15/30 | 8,085,000 | 9,157,880 | ||||||||
| Series B 5.625%, due 11/15/30 | 7,000,000 | 7,928,900 | ||||||||
| 5.75%, due 9/15/27 | 3,485,000 | 3,849,392 | ||||||||
| New Jersey Economic Development Authority, Motor Vehicle Surcharge, Revenue Bonds Series A 4.00%, due 7/1/34 | 1,000,000 | 999,950 | ||||||||
| New Jersey Economic Development Authority, Private Activity The Goethals, Revenue Bonds Insured: AGM 5.125%, due 7/1/42 (b) | 1,705,000 | 1,868,697 | ||||||||
| New Jersey Economic Development Authority, Provident Group-Kean Properties, Revenue Bonds | ||||||||||
| Series A 5.00%, due 7/1/37 | 500,000 | 542,100 | ||||||||
| Series A 5.00%, due 1/1/50 | 1,175,000 | 1,260,810 | ||||||||
| New Jersey Economic Development Authority, Revenue Bonds (b) | ||||||||||
| 5.125%, due 1/1/34 | 3,000,000 | 3,270,870 | ||||||||
| 5.375%, due 1/1/43 | 2,000,000 | 2,189,620 | ||||||||
| New Jersey Economic Development Authority, Rowan Properties LLC, Revenue Bonds Series A 5.00%, due 1/1/48 | 9,410,000 | 9,948,346 | ||||||||
| New Jersey Economic Development Authority, Team Academy Charter School Project, Revenue Bonds 6.00%, due 10/1/43 | 2,055,000 | 2,256,965 | ||||||||
| New Jersey Economic Development Authority, UMM Energy Partners, Revenue Bonds Series A 5.125%, due 6/15/43 (b) | 2,000,000 | 2,073,300 | ||||||||
| New Jersey Educational Facilities Authority, College of St. Elizabeth, Revenue Bonds Series D 5.00%, due 7/1/46 | 2,190,000 | 2,208,418 | ||||||||
| New Jersey Health Care Facilities Financing Authority, St. Peter's University Hospital, Revenue Bonds | ||||||||||
| 5.75%, due 7/1/37 | 2,520,000 | 2,526,275 | ||||||||
| 6.25%, due 7/1/35 | 2,725,000 | 2,912,071 | ||||||||
| New Jersey Health Care Facilities Financing Authority, University Hospital, Revenue Bonds Series A, Insured: AGM 5.00%, due 7/1/46 | 3,750,000 | 4,116,825 | ||||||||
| New Jersey State Economic Development Authority, State Government Buildings Project, Revenue Bonds | ||||||||||
| Series C 5.00%, due 6/15/42 | 9,210,000 | 9,990,824 | ||||||||
| Series C 5.00%, due 6/15/47 | 6,000,000 | 6,474,480 | ||||||||
| New Jersey Transportation Trust Fund Authority, Revenue Bonds Series A, Insured: AMBAC 4.75%, due 12/15/37 | 1,315,000 | 1,316,617 | ||||||||
| New Jersey Turnpike Authority, Revenue Bonds Series E 5.00%, due 1/1/45 | 8,830,000 | 9,793,441 | ||||||||
| South Jersey Port Corp., Revenue Bonds | ||||||||||
| Series B 5.00%, due 1/1/42 (b) | 3,250,000 | 3,534,668 | ||||||||
| Series A 5.00%, due 1/1/49 | 7,360,000 | 8,059,347 | ||||||||
| South Jersey Transportation Authority LLC, Revenue Bonds Series A 5.00%, due 11/1/39 | 1,000,000 | 1,085,800 | ||||||||
| ¤ | Tobacco Settlement Financing Corp., Revenue Bonds | |||||||||
| Series A 5.00%, due 6/1/46 | 6,700,000 | 7,377,169 | ||||||||
| Series B 5.00%, due 6/1/46 | 20,200,000 | 21,691,568 | ||||||||
| 132,812,986 | ||||||||||
| New Mexico 0.2% | ||||||||||
| New Mexico Hospital Equipment Loan Council, Gerald Champion, Revenue Bonds 5.50%, due 7/1/42 | 7,250,000 | 7,797,810 | ||||||||
| New York 7.4% | ||||||||||
| Albany Industrial Development Agency, Brighter Choice Charter School, Revenue Bonds Series A 5.00%, due 4/1/32 | 1,500,000 | 1,409,295 | ||||||||
| Build NYC Resource Corp., Pratt Paper, Inc. Project, Revenue Bonds 5.00%, due 1/1/35 (b)(c) | 1,500,000 | 1,612,155 | ||||||||
| City of New Rochelle NY, Iona College Project, Revenue Bonds Series A 5.00%, due 7/1/40 | 3,455,000 | 3,724,490 | ||||||||
| City of New York NY, Unlimited General Obligation (a) | ||||||||||
| Subseries J-6 1.45%, due 8/1/24 | 7,000,000 | 7,000,000 | ||||||||
| Subseries A-5 1.45%, due 8/1/44 | 15,470,000 | 15,470,000 | ||||||||
| Subseries E-5 1.45%, due 3/1/48 | 11,000,000 | 11,000,000 | ||||||||
| Series I 1.50%, due 4/1/36 | 10,200,000 | 10,200,000 | ||||||||
| City of Newburgh NY, Limited General Obligation | ||||||||||
| Series A 5.00%, due 6/15/21 | 750,000 | 808,500 | ||||||||
| Series A 5.00%, due 6/15/26 | 960,000 | 1,042,416 | ||||||||
| Series A 5.50%, due 6/15/31 | 750,000 | 816,555 | ||||||||
| Dutchess County Industrial Development Agency, Bard College Civic Facility, Revenue Bonds | ||||||||||
| Series A-2 4.50%, due 8/1/36 | 500,000 | 469,425 | ||||||||
| Series A-1 5.00%, due 8/1/46 | 14,765,000 | 14,424,667 | ||||||||
| Metropolitan Transportation Authority, Green, Revenue Bonds Series A1 5.25%, due 11/15/56 | 10,000,000 | 11,226,600 | ||||||||
| Metropolitan Transportation Authority, Revenue Bonds Subseries D-2 1.52%, due 11/1/35 (a) | 10,200,000 | 10,200,000 | ||||||||
| Nassau County Tobacco Settlement Corp., Asset-Backed, Revenue Bonds | ||||||||||
| Series A-3 5.00%, due 6/1/35 | 2,075,000 | 2,069,252 | ||||||||
| Series A-3 5.125%, due 6/1/46 | 13,155,000 | 13,033,711 | ||||||||
| New York City Industrial Development Agency, Queens Baseball Stadium, Revenue Bonds | ||||||||||
| Insured: AMBAC 5.00%, due 1/1/36 | 1,500,000 | 1,504,020 | ||||||||
| Insured: AMBAC 5.00%, due 1/1/39 | 5,695,000 | 5,772,053 | ||||||||
| New York City Water & Sewer System, Second General Resolution, Revenue Bonds Series AA-3 1.48%, due 6/15/48 (a) | 15,840,000 | 15,840,000 | ||||||||
| New York Convention Center Development Corp., Revenue Bonds Series B, Insured: AGM (zero coupon), due 11/15/49 | 9,835,000 | 2,779,666 | ||||||||
| New York Counties Tobacco Trust V, Pass Through, Revenue Bonds Series S 1 (zero coupon), due 6/1/38 | 2,500,000 | 772,625 | ||||||||
| New York Liberty Development Corp., Bank of America, Revenue Bonds Class 2 6.375%, due 7/15/49 | 1,000,000 | 1,054,050 | ||||||||
| New York Liberty Development Corp., World Trade Center, Revenue Bonds (c) | ||||||||||
| Class 1 5.00%, due 11/15/44 | 2,000,000 | 2,113,500 | ||||||||
| Class 2 5.15%, due 11/15/34 | 4,150,000 | 4,558,816 | ||||||||
| Class 2 5.375%, due 11/15/40 | 6,500,000 | 7,159,165 | ||||||||
| Class 3 7.25%, due 11/15/44 | 10,500,000 | 12,449,850 | ||||||||
| New York State Dormitory Authority, Montefiore Obligated Group, Revenue Bonds | ||||||||||
| Series A 4.00%, due 8/1/37 | 3,250,000 | 3,284,742 | ||||||||
| Series A 4.00%, due 8/1/38 | 3,250,000 | 3,282,045 | ||||||||
| Series A 5.00%, due 8/1/32 | 3,845,000 | 4,390,721 | ||||||||
| Series A 5.00%, due 8/1/35 | 2,350,000 | 2,662,151 | ||||||||
| New York State Dormitory Authority, Orange Regional Medical Center, Revenue Bonds (c) | ||||||||||
| 5.00%, due 12/1/29 | 1,000,000 | 1,128,450 | ||||||||
| 5.00%, due 12/1/30 | 1,200,000 | 1,349,244 | ||||||||
| New York State Dormitory Authority, Touro College & University System, Revenue Bonds 5.00%, due 1/1/47 | 9,000,000 | 9,721,980 | ||||||||
| New York State Energy Research & Development Authority, Niagara Mohawk Power Corp., Revenue Bonds Insured: AMBAC 5.204%, due 12/1/25 (d) | 5,000,000 | 5,000,000 | ||||||||
| New York State Energy Research & Development Authority, Revenue Bonds Insured: AMBAC 5.192%, due 3/1/27 (d) | 1,480,000 | 1,480,000 | ||||||||
| New York State Housing Finance Agency, 505 West 37th Street, Revenue Bonds (a) | ||||||||||
| Series A 1.54%, due 5/1/42 | 17,000,000 | 17,000,000 | ||||||||
| Series B 1.54%, due 5/1/42 | 6,000,000 | 6,000,000 | ||||||||
| New York Transportation Development Corp., American Airlines, Inc., Revenue Bonds 5.00%, due 8/1/26 (b) | 6,200,000 | 6,540,132 | ||||||||
| New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Revenue Bonds (b) | ||||||||||
| Series A 5.00%, due 7/1/41 | 5,000,000 | 5,369,750 | ||||||||
| Series A 5.00%, due 7/1/46 | 10,000,000 | 10,723,000 | ||||||||
| Series A 5.25%, due 1/1/50 | 20,110,000 | 21,806,882 | ||||||||
| Onondaga Civic Development Corp., St. Joseph's Hospital Health Center, Revenue Bonds 4.50%, due 7/1/32 | 7,500,000 | 8,235,075 | ||||||||
| Orange County Funding Corp., Mount St. Mary College, Revenue Bonds Series A 5.00%, due 7/1/42 | 1,430,000 | 1,513,684 | ||||||||
| Riverhead Industrial Development Agency, Revenue Bonds 7.00%, due 8/1/43 | 1,500,000 | 1,665,450 | ||||||||
| Rockland Tobacco Asset Securitization Corp., Asset-Backed, Revenue Bonds Series B (zero coupon), due 8/15/50 (c) | 13,000,000 | 1,425,580 | ||||||||
| Southold Local Development Corp., Peconic Landing, Inc. Project, Revenue Bonds 4.00%, due 12/1/45 | 815,000 | 759,735 | ||||||||
| Suffolk County Economic Development Corp., Peconic Landing Southold, Revenue Bonds 6.00%, due 12/1/40 | 1,000,000 | 1,070,730 | ||||||||
| Suffolk County Industrial Development Agency, Eastern Long Island Hospital, Revenue Bonds 5.50%, due 1/1/37 (c) | 2,000,000 | 1,999,800 | ||||||||
| Suffolk Tobacco Asset Securitization Corp., Revenue Bonds | ||||||||||
| Series B 6.00%, due 6/1/48 | 1,125,000 | 1,125,686 | ||||||||
| Series C 6.625%, due 6/1/44 | 13,000,000 | 13,706,940 | ||||||||
| Syracuse Industrial Development Agency, Carousel Center Project, Revenue Bonds (b) | ||||||||||
| Series A 5.00%, due 1/1/34 | 3,010,000 | 3,243,395 | ||||||||
| Series A 5.00%, due 1/1/35 | 2,000,000 | 2,148,380 | ||||||||
| Series A 5.00%, due 1/1/36 | 2,650,000 | 2,839,555 | ||||||||
| Tompkins County Development Corp., Kendal at Ithaca, Inc. Project, Revenue Bonds 5.00%, due 7/1/44 | 1,000,000 | 1,070,100 | ||||||||
| Triborough Bridge & Tunnel Authority, Revenue Bonds (a) | ||||||||||
| Subseries B-3 1.40%, due 1/1/32 | 8,000,000 | 8,000,000 | ||||||||
| Series F 1.54%, due 11/1/32 | 20,000,000 | 20,000,000 | ||||||||
| Westchester County Local Development Corp., Pace University, Revenue Bonds Series A 5.50%, due 5/1/42 | 6,205,000 | 6,866,019 | ||||||||
| 333,920,037 | ||||||||||
| North Carolina 0.6% | ||||||||||
| North Carolina Turnpike Authority, Revenue Bonds Series A 5.00%, due 7/1/54 | 10,000,000 | 10,870,200 | ||||||||
| University of North Carolina Hospital, Chapel Hill, Revenue Bonds Series A 1.45%, due 2/15/31 (a) | 15,470,000 | 15,470,000 | ||||||||
| 26,340,200 | ||||||||||
| North Dakota 0.6% | ||||||||||
| Ward County ND, Health Care Facilities, Trinity Health Obligated Group, Revenue Bonds | ||||||||||
| Series C 5.00%, due 6/1/48 | 5,000,000 | 5,432,500 | ||||||||
| Series C 5.00%, due 6/1/53 | 18,800,000 | 20,346,488 | ||||||||
| 25,778,988 | ||||||||||
| Ohio 5.5% | ||||||||||
| Akron Bath Copley Joint Township Hospital District, Revenue Bonds 5.25%, due 11/15/46 | 7,225,000 | 7,872,143 | ||||||||
| ¤ | Buckeye Tobacco Settlement Financing Authority, Asset-Backed, Senior Turbo, Revenue Bonds | |||||||||
| Series A-2 5.125%, due 6/1/24 | 12,620,000 | 12,604,225 | ||||||||
| Series A-2 5.375%, due 6/1/24 | 6,735,000 | 6,735,135 | ||||||||
| Series A-2 5.75%, due 6/1/34 | 8,575,000 | 8,596,523 | ||||||||
| Series A-2 5.875%, due 6/1/30 | 25,925,000 | 26,054,625 | ||||||||
| Series A-2 5.875%, due 6/1/47 | 6,000,000 | 6,051,660 | ||||||||
| Series A-2 6.00%, due 6/1/42 | 4,880,000 | 4,880,049 | ||||||||
| Buckeye Tobacco Settlement Financing Authority, Revenue Bonds Series B (zero coupon), due 6/1/47 | 240,000,000 | 20,400,000 | ||||||||
| Butler County Port Authority, Liberty CTR Project, Revenue Bonds | ||||||||||
| Series C 5.00%, due 12/1/24 | 870,000 | 871,096 | ||||||||
| Series C 6.00%, due 12/1/43 | 3,500,000 | 3,459,225 | ||||||||
| Cleveland-Cuyahoga County Port Authority, Revenue Bonds | ||||||||||
| Series A 5.00%, due 12/1/47 | 6,240,000 | 6,379,714 | ||||||||
| 7.00%, due 12/1/18 (e)(f)(g) | 710,000 | 128,510 | ||||||||
| 7.35%, due 12/1/31 (e)(f)(g) | 6,000,000 | 1,086,000 | ||||||||
| County of Cuyahoga OH, Cleveland Orchestra Project, Revenue Bonds Insured: AMBAC 5.504%, due 12/1/28 (d) | 11,750,000 | 11,750,000 | ||||||||
| County of Cuyahoga OH, MetroHealth System, Revenue Bonds | ||||||||||
| 5.00%, due 2/15/37 | 5,350,000 | 5,721,611 | ||||||||
| 5.00%, due 2/15/57 | 6,750,000 | 7,089,457 | ||||||||
| 5.25%, due 2/15/47 | 10,500,000 | 11,322,885 | ||||||||
| 5.50%, due 2/15/52 | 2,200,000 | 2,401,696 | ||||||||
| 5.50%, due 2/15/57 | 12,300,000 | 13,381,662 | ||||||||
| County of Hamilton OH, Christ Hospital Project, Revenue Bonds 5.50%, due 6/1/42 | 2,500,000 | 2,766,475 | ||||||||
| County of Hamilton OH, Life Enriching Communities Project, Revenue Bonds | ||||||||||
| 5.00%, due 1/1/42 | 1,080,000 | 1,138,914 | ||||||||
| 5.00%, due 1/1/46 | 2,090,000 | 2,245,057 | ||||||||
| County of Montgomery OH, Premier Health-Miami Valley Hospital, Revenue Bonds (a) | ||||||||||
| Series E 1.50%, due 11/15/45 | 19,990,000 | 19,990,000 | ||||||||
| Series F 1.50%, due 11/15/45 | 9,870,000 | 9,870,000 | ||||||||
| Ohio Higher Educational Facilities Commission, Cleveland Clinic Health System, Revenue Bonds Series B-2 1.50%, due 1/1/39 (a) | 14,015,000 | 14,015,000 | ||||||||
| Ohio Higher Educational Facility Commission, Cleveland Clinic, Revenue Bonds Series B-4 1.48%, due 1/1/43 (a) | 23,910,000 | 23,910,000 | ||||||||
| Ohio State Air Quality Development Authority Exempt Facilities, Pratt Paper LLC Project, Revenue Bonds 4.50%, due 1/15/48 (b)(c) | 4,000,000 | 4,143,320 | ||||||||
| Summit County Development Finance Authority, Cleveland-Flats East Development, Tax Allocation Series B 6.875%, due 5/15/40 | 1,170,000 | 1,272,902 | ||||||||
| Toledo-Lucas County Port Authority, University of Toledo Project, Revenue Bonds | ||||||||||
| Series A 5.00%, due 7/1/34 | 1,400,000 | 1,464,778 | ||||||||
| Series A 5.00%, due 7/1/39 | 1,500,000 | 1,558,395 | ||||||||
| Series A 5.00%, due 7/1/46 | 9,790,000 | 10,139,013 | ||||||||
| 249,300,070 | ||||||||||
| Oklahoma 1.8% | ||||||||||
| Norman Regional Hospital Authority, Revenue Bonds | ||||||||||
| 4.00%, due 9/1/37 | 2,215,000 | 2,254,781 | ||||||||
| 5.00%, due 9/1/37 | 3,500,000 | 3,871,840 | ||||||||
| Oklahoma Development Finance Authority, Oklahoma University Medicine Project, Revenue Bonds | ||||||||||
| Series B 5.25%, due 8/15/43 | 7,000,000 | 7,915,180 | ||||||||
| Series B 5.25%, due 8/15/48 | 13,175,000 | 14,838,475 | ||||||||
| Series B 5.50%, due 8/15/52 | 6,325,000 | 7,232,195 | ||||||||
| Series B 5.50%, due 8/15/57 | 10,000,000 | 11,389,500 | ||||||||
| Oklahoma Development Finance Authority, Provident OK Educational Resources, Inc. Cross Village Student Housing Project, Revenue Bonds | ||||||||||
| Series A 5.00%, due 8/1/47 | 16,850,000 | 16,606,349 | ||||||||
| Series A 5.00%, due 8/1/52 | 11,665,000 | 11,492,825 | ||||||||
| Series A 5.25%, due 8/1/57 | 3,000,000 | 2,955,540 | ||||||||
| Tulsa County Industrial Authority, Montereau, Inc., Project, Revenue Bonds 5.25%, due 11/15/45 | 1,250,000 | 1,377,450 | ||||||||
| 79,934,135 | ||||||||||
| Oregon 0.8% | ||||||||||
| Astoria Hospital Facilities Authority, Columbia Memorial Hospital, Revenue Bonds 3.50%, due 8/1/42 | 845,000 | 758,472 | ||||||||
| Clackamas County or Hospital Facility Authority, Senior Living-Willamette View Project, Revenue Bonds | ||||||||||
| Series B 3.00%, due 11/15/22 | 2,500,000 | 2,512,200 | ||||||||
| Series A 5.00%, due 11/15/52 | 1,500,000 | 1,633,335 | ||||||||
| Medford Hospital Facilities Authority, Asante Health System, Revenue Bonds Insured: AGM 3.379%, due 8/15/34 (d) | 19,150,000 | 19,150,000 | ||||||||
| Medford Hospital Facilities Authority, Revenue Bonds 5.00%, due 10/1/42 | 4,605,000 | 4,917,311 | ||||||||
| Oregon State Facilities Authority, College Housing Northwest Project, Revenue Bonds 5.00%, due 10/1/48 (c) | 1,560,000 | 1,584,976 | ||||||||
| Oregon State Facilities Authority, Samaritan Health Services Project, Revenue Bonds Series A 5.00%, due 10/1/46 | 3,000,000 | 3,259,290 | ||||||||
| Yamhill County Hospital Authority, Friendsview Retirement Community, Revenue Bonds Series A 5.00%, due 11/15/46 | 1,000,000 | 1,067,320 | ||||||||
| 34,882,904 | ||||||||||
| Pennsylvania 3.7% | ||||||||||
| Allegheny County Higher Education Building Authority, Carlow University Project, Revenue Bonds 7.00%, due 11/1/40 | 1,000,000 | 1,158,460 | ||||||||
| Allegheny County Industrial Development Authority, Propel Charitable School Sunrise, Revenue Bonds 6.00%, due 7/15/38 | 3,100,000 | 3,234,416 | ||||||||
| Allegheny County Industrial Development Authority, Propel Charter Montour, Revenue Bonds Series A 6.75%, due 8/15/35 | 280,000 | 294,123 | ||||||||
| Allentown Neighborhood Improvement Development Zone Authority, City Center Project, Revenue Bonds (c) 5.00%, due 5/1/42 (c) | 19,150,000 | 20,753,198 | ||||||||
| Chester County Industrial Development Authority, Collegium Charter School, Revenue Bonds Series A 5.25%, due 10/15/47 | 3,250,000 | 3,322,637 | ||||||||
| Chester County Industrial Development Authority, The Hickman Project, Revenue Bonds 5.25%, due 1/1/37 | 1,710,000 | 1,695,978 | ||||||||
| City of Erie Higher Education Building Authority, Mercyhurst University Project, Revenue Bonds | ||||||||||
| 5.00%, due 9/15/27 | 820,000 | 859,212 | ||||||||
| 5.00%, due 9/15/28 | 860,000 | 898,924 | ||||||||
| 5.00%, due 9/15/29 | 175,000 | 181,879 | ||||||||
| 5.00%, due 9/15/37 | 4,590,000 | 4,610,425 | ||||||||
| City of Harrisburg PA, Unlimited General Obligation | ||||||||||
| Series F, Insured: AMBAC (zero coupon), due 9/15/18 | 335,000 | 333,982 | ||||||||
| Series D, Insured: AMBAC (zero coupon), due 9/15/18 | 480,000 | 478,541 | ||||||||
| Series F, Insured: AMBAC (zero coupon), due 9/15/19 | 125,000 | 119,748 | ||||||||
| Series F, Insured: AMBAC (zero coupon), due 3/15/20 | 15,000 | 13,979 | ||||||||
| Series F, Insured: AMBAC (zero coupon), due 9/15/20 | 365,000 | 335,807 | ||||||||
| Series F, Insured: AMBAC (zero coupon), due 9/15/22 | 545,000 | 450,797 | ||||||||
| City of York PA, Unlimited General Obligation 7.25%, due 11/15/41 | 280,000 | 322,140 | ||||||||
| Commonwealth Financing Authority, Tobacco Master Settlement Payment, Revenue Bonds Insured: AGM 4.00%, due 6/1/39 | 14,000,000 | 14,331,380 | ||||||||
| Cumberland County Municipal Authority, Asbury Pennsylvania Obligation Group, Revenue Bonds 5.25%, due 1/1/32 | 300,000 | 309,333 | ||||||||
| Dauphin County General Authority, Harrisburg University Science Technology Project, Revenue Bonds (c) | ||||||||||
| 5.00%, due 10/15/34 | 6,000,000 | 6,182,400 | ||||||||
| 5.125%, due 10/15/41 | 3,000,000 | 3,078,360 | ||||||||
| Delaware County Authority, Cabrini University, Revenue Bonds 5.00%, due 7/1/42 | 1,405,000 | 1,499,655 | ||||||||
| Erie County Hospital Authority, St. Mary's Home Erie Project, Revenue Bonds Series A, Insured: AGC 4.50%, due 7/1/23 | 250,000 | 250,643 | ||||||||
| Huntingdon County General Authority, Aicup Financing Program, Juniata College, Revenue Bonds Series 002 5.00%, due 5/1/46 | 4,255,000 | 4,612,463 | ||||||||
| Montgomery County Higher Education & Health Authority, Philadelphia Presbyterian Homes Project, Revenue Bonds 4.00%, due 12/1/48 | 2,540,000 | 2,504,719 | ||||||||
| Montgomery County Industrial Development Authority, ACTS Retirement - Life Communities, Inc., Revenue Bonds 5.00%, due 11/15/36 | 5,000,000 | 5,527,600 | ||||||||
| Montgomery County Industrial Development Authority, Albert Einstein Healthcare, Revenue Bonds | ||||||||||
| 5.25%, due 1/15/45 | 6,300,000 | 6,721,722 | ||||||||
| 5.25%, due 1/15/46 | 1,000,000 | 1,066,350 | ||||||||
| New Wilmington Municipal Authority, Westminster College Project, Revenue Bonds 5.25%, due 5/1/46 | 3,700,000 | 3,995,889 | ||||||||
| Northeastern Pennsylvania Hospital & Education Authority, Wilkes University Project, Revenue Bonds Series A 5.25%, due 3/1/42 | 7,640,000 | 8,064,937 | ||||||||
| Pennsylvania Economic Development Financing Authority, American Airlines Group, Revenue Bonds Series B 8.00%, due 5/1/29 | 245,000 | 265,815 | ||||||||
| Pennsylvania Economic Development Financing Authority, Bridges Finance Co., Revenue Bonds 4.125%, due 12/31/38 (b) | 4,000,000 | 4,049,760 | ||||||||
| Pennsylvania Economic Development Financing Authority, PPL Energy Supply, Revenue Bonds Series C 5.00%, due 12/1/37 (d) | 5,500,000 | 5,539,710 | ||||||||
| Pennsylvania Higher Educational Facilities Authority, Holy Family University, Revenue Bonds | ||||||||||
| Series A 6.25%, due 9/1/33 | 1,560,000 | 1,728,948 | ||||||||
| Series A 6.50%, due 9/1/38 | 1,000,000 | 1,112,420 | ||||||||
| Pennsylvania Higher Educational Facilities Authority, Shippensburg University Student Services, Revenue Bonds 5.00%, due 10/1/44 | 1,000,000 | 1,038,340 | ||||||||
| Pennsylvania Higher Educational Facilities Authority, Shippensburg University, Revenue Bonds 6.25%, due 10/1/43 | 1,000,000 | 1,090,520 | ||||||||
| Pennsylvania Higher Educational Facilities Authority, Widener University, Revenue Bonds | ||||||||||
| Series A 5.50%, due 7/15/38 | 2,500,000 | 2,690,175 | ||||||||
| 5.50%, due 7/15/43 | 2,400,000 | 2,573,616 | ||||||||
| Pennsylvania Turnpike Commission, Revenue Bonds Series C 5.00%, due 12/1/44 | 16,535,000 | 18,148,155 | ||||||||
| Philadelphia Authority for Industrial Development, First Philadelphia Preparatory Charter School Project, Revenue Bonds Series A 7.25%, due 6/15/43 | 4,500,000 | 5,107,005 | ||||||||
| Philadelphia Authority for Industrial Development, Health Activity, Revenue Bonds 6.50%, due 6/1/45 | 2,200,000 | 2,284,370 | ||||||||
| Philadelphia Authority for Industrial Development, New Foundation Charter School Project, Revenue Bonds 6.625%, due 12/15/41 | 1,000,000 | 1,101,360 | ||||||||
| Philadelphia Authority for Industrial Development, Senior Living, Wesley Enhanced Living Obligation Group, Revenue Bonds Series A 5.00%, due 7/1/49 | 3,000,000 | 3,176,820 | ||||||||
| Philadelphia Authority for Industrial Development, Tacony Academy Charter School, Revenue Bonds 7.375%, due 6/15/43 | 1,500,000 | 1,666,515 | ||||||||
| Philadelphia Authority for Industrial Development, University of the Arts, Revenue Bonds 5.00%, due 3/15/45 (c) | 7,000,000 | 7,117,250 | ||||||||
| Scranton Redevelopment Authority, Revenue Bonds Series A 5.00%, due 11/15/28 | 3,000,000 | 3,041,880 | ||||||||
| Scranton-Lackawanna Health & Welfare Authority, Marywood University Project, Revenue Bonds | ||||||||||
| 5.00%, due 6/1/36 | 1,000,000 | 1,029,970 | ||||||||
| 5.00%, due 6/1/46 | 2,625,000 | 2,677,657 | ||||||||
| Susquehanna Area Regional Airport Authority , Revenue Bonds Series B 4.00%, due 1/1/33 | 2,500,000 | 2,517,050 | ||||||||
| West Shore Area Authority, Holy Spirit Hospital Sisters, Revenue Bonds 6.50%, due 1/1/41 | 1,200,000 | 1,334,124 | ||||||||
| 166,501,157 | ||||||||||
| Puerto Rico 8.8% | ||||||||||
| Children's Trust Fund, Asset-Backed, Revenue Bonds | ||||||||||
| Series A (zero coupon), due 5/15/50 | 46,000,000 | 5,094,500 | ||||||||
| 5.375%, due 5/15/33 | 4,605,000 | 4,650,221 | ||||||||
| 5.625%, due 5/15/43 | 36,980,000 | 37,303,575 | ||||||||
| Children’s Trust Fund Puerto Rico Tobacco Settlement, Revenue Bonds 5.50%, due 5/15/39 | 1,475,000 | 1,484,646 | ||||||||
| Commonwealth of Puerto Rico, Aqueduct & Sewer Authority, Revenue Bonds Series A, Insured: AGC 5.125%, due 7/1/47 | 6,300,000 | 6,318,963 | ||||||||
| Commonwealth of Puerto Rico, Public Improvement, Unlimited General Obligation | ||||||||||
| Insured: AMBAC 4.50%, due 7/1/23 | 1,045,000 | 1,045,512 | ||||||||
| Series A, Insured: AGC 5.00%, due 7/1/25 | 250,000 | 257,325 | ||||||||
| Series A-4, Insured: AGM 5.00%, due 7/1/31 | 5,000,000 | 5,206,500 | ||||||||
| Series A, Insured: AGM 5.00%, due 7/1/35 | 550,000 | 595,183 | ||||||||
| Series A, Insured: AGM 5.25%, due 7/1/24 | 1,000,000 | 1,073,880 | ||||||||
| Series A-4, Insured: AGM 5.25%, due 7/1/30 | 7,080,000 | 7,417,008 | ||||||||
| Series A, Insured: NATL-RE 5.50%, due 7/1/19 | 5,410,000 | 5,543,248 | ||||||||
| Series A, Insured: AMBAC 5.50%, due 7/1/19 | 680,000 | 695,504 | ||||||||
| Series A, Insured: NATL-RE 5.50%, due 7/1/20 | 7,240,000 | 7,564,352 | ||||||||
| Series A 8.00%, due 7/1/35 (e)(g) | 2,090,000 | 841,225 | ||||||||
| Puerto Rico Commonwealth, Aqueduct & Sewer Authority, Revenue Bonds | ||||||||||
| Senior Lien-Series A 5.00%, due 7/1/21 | 2,080,000 | 1,752,400 | ||||||||
| Senior Lien-Series A 5.00%, due 7/1/22 | 4,680,000 | 3,942,900 | ||||||||
| Senior Lien-Series A 5.50%, due 7/1/28 | 4,000,000 | 3,370,000 | ||||||||
| Series A 6.00%, due 7/1/44 | 23,250,000 | 19,762,500 | ||||||||
| Senior Lien-Series A 6.00%, due 7/1/47 | 4,235,000 | 3,567,987 | ||||||||
| Puerto Rico Convention Center District Authority, Revenue Bonds | ||||||||||
| Series A, Insured: AGC 4.50%, due 7/1/36 | 6,240,000 | 6,242,558 | ||||||||
| Series A, Insured: AMBAC 5.00%, due 7/1/31 | 7,765,000 | 7,768,572 | ||||||||
| Puerto Rico Electric Power Authority, Revenue Bonds | ||||||||||
| 5.00%, due 7/1/20 | 5,125,000 | 3,126,250 | ||||||||
| Series DDD 3.30%, due 7/1/19 (e)(g) | 510,000 | 312,375 | ||||||||
| Series TT 4.20%, due 7/1/19 (e)(g) | 150,000 | 91,875 | ||||||||
| Series ZZ 4.25%, due 7/1/20 (e)(g) | 400,000 | 245,000 | ||||||||
| 4.375%, due 7/1/21 | 25,000 | 15,250 | ||||||||
| Series CCC 4.375%, due 7/1/22 (e)(g) | 115,000 | 70,438 | ||||||||
| Series CCC 4.625%, due 7/1/25 (e)(g) | 125,000 | 76,563 | ||||||||
| Series ZZ 4.75%, due 7/1/27 (e)(g) | 405,000 | 248,063 | ||||||||
| Series A 4.80%, due 7/1/29 (e)(g) | 385,000 | 235,813 | ||||||||
| Series DDD 5.00%, due 7/1/21 (e)(g) | 95,000 | 58,188 | ||||||||
| Series PP, Insured: NATL-RE 5.00%, due 7/1/22 | 200,000 | 201,382 | ||||||||
| Series SS, Insured: NATL-RE 5.00%, due 7/1/22 | 1,140,000 | 1,147,877 | ||||||||
| Series RR, Insured: NATL-RE 5.00%, due 7/1/23 | 4,580,000 | 4,601,801 | ||||||||
| 5.00%, due 7/1/24 | 100,000 | 61,000 | ||||||||
| Series RR, Insured: NATL-RE 5.00%, due 7/1/24 | 115,000 | 115,501 | ||||||||
| Series SS, Insured: NATL-RE 5.00%, due 7/1/25 | 770,000 | 772,857 | ||||||||
| Series TT 5.00%, due 7/1/25 (e)(g) | 455,000 | 278,688 | ||||||||
| Series UU, Insured: AGC 5.00%, due 7/1/26 | 2,000,000 | 2,058,600 | ||||||||
| Series:T 5.00%, due 7/1/26 | 50,000 | 30,500 | ||||||||
| Series TT, Insured: AGM 5.00%, due 7/1/27 | 150,000 | 154,395 | ||||||||
| Series TT 5.00%, due 7/1/27 (e)(g) | 190,000 | 116,375 | ||||||||
| Series TT 5.00%, due 7/1/37 (e)(g) | 490,000 | 300,125 | ||||||||
| Series A 5.00%, due 7/1/42 (e)(g) | 4,430,000 | 2,713,375 | ||||||||
| 5.05%, due 7/1/42 | 100,000 | 61,750 | ||||||||
| Series ZZ 5.25%, due 7/1/23 (e)(g) | 50,000 | 30,625 | ||||||||
| 5.25%, due 7/1/24 | 2,500,000 | 1,525,000 | ||||||||
| 5.25%, due 7/1/26 | 370,000 | 225,700 | ||||||||
| Series AAA 5.25%, due 7/1/26 (e)(g) | 100,000 | 61,250 | ||||||||
| Series CCC 5.25%, due 7/1/26 (e)(g) | 180,000 | 110,250 | ||||||||
| Series AAA 5.25%, due 7/1/27 (e)(g) | 300,000 | 183,750 | ||||||||
| Series VV, Insured: NATL-RE 5.25%, due 7/1/29 | 620,000 | 660,728 | ||||||||
| Series VV, Insured: NATL-RE 5.25%, due 7/1/30 | 3,850,000 | 4,101,597 | ||||||||
| Series AAA 5.25%, due 7/1/30 (e)(g) | 145,000 | 88,813 | ||||||||
| Insured: AGM 5.25%, due 7/1/31 | 15,000,000 | 17,241,750 | ||||||||
| Series VV, Insured: NATL-RE 5.25%, due 7/1/32 | 345,000 | 366,518 | ||||||||
| Series WW 5.25%, due 7/1/33 (e)(g) | 375,000 | 229,688 | ||||||||
| Series XX 5.25%, due 7/1/35 (e)(g) | 265,000 | 162,313 | ||||||||
| 5.25%, due 7/1/40 | 4,025,000 | 2,455,250 | ||||||||
| Series WW 5.50%, due 7/1/21 (e)(g) | 225,000 | 137,813 | ||||||||
| Series WW 5.50%, due 7/1/38 (e)(g) | 215,000 | 131,688 | ||||||||
| 6.05%, due 7/1/32 | 1,050,000 | 640,500 | ||||||||
| 6.125%, due 7/1/40 | 1,500,000 | 926,250 | ||||||||
| Series A 7.00%, due 7/1/40 (e)(g) | 140,000 | 87,850 | ||||||||
| ¤ | Puerto Rico Highway & Transportation Authority, Revenue Bonds | |||||||||
| Series N, Insured: AMBAC (zero coupon), due 7/1/20 | 1,490,000 | 1,374,763 | ||||||||
| Insured: AMBAC (zero coupon), due 7/1/27 | 200,000 | 121,960 | ||||||||
| Series A, Insured: NATL-RE 4.75%, due 7/1/38 | 725,000 | 717,750 | ||||||||
| Series A, Insured: AGM 4.75%, due 7/1/38 | 650,000 | 650,507 | ||||||||
| Insured: NATL-RE 5.00%, due 7/1/22 | 345,000 | 347,091 | ||||||||
| Insured: AGC 5.00%, due 7/1/23 | 2,870,000 | 2,953,718 | ||||||||
| Insured: NATL-RE 5.00%, due 7/1/28 | 460,000 | 461,256 | ||||||||
| Series N, Insured: AMBAC 5.25%, due 7/1/30 | 3,680,000 | 3,994,235 | ||||||||
| Series N, Insured: AMBAC 5.25%, due 7/1/31 | 9,295,000 | 10,099,110 | ||||||||
| Series CC, Insured: AGM 5.25%, due 7/1/32 | 4,500,000 | 5,190,525 | ||||||||
| Series N, Insured: NATL-RE 5.25%, due 7/1/33 | 7,490,000 | 7,938,276 | ||||||||
| Series CC, Insured: AGM 5.25%, due 7/1/36 | 1,850,000 | 2,144,982 | ||||||||
| Series L, Insured: AMBAC 5.25%, due 7/1/38 | 1,035,000 | 1,117,852 | ||||||||
| Series N, Insured: AGC, AGM 5.50%, due 7/1/25 | 2,245,000 | 2,535,885 | ||||||||
| Insured: NATL-RE 5.50%, due 7/1/28 | 7,550,000 | 8,192,203 | ||||||||
| Series CC, Insured: NATL-RE 5.50%, due 7/1/29 | 5,010,000 | 5,446,120 | ||||||||
| Series CC, Insured: AGC 5.50%, due 7/1/31 | 3,450,000 | 4,052,991 | ||||||||
| Series CC, Insured: AGM 5.50%, due 7/1/31 | 465,000 | 546,273 | ||||||||
| Puerto Rico Infrastructure Financing Authority, Revenue Bonds | ||||||||||
| Series C, Insured: AMBAC 5.50%, due 7/1/23 | 1,480,000 | 1,590,526 | ||||||||
| Series C, Insured: AMBAC 5.50%, due 7/1/25 | 12,110,000 | 13,173,379 | ||||||||
| Series C, Insured: AMBAC 5.50%, due 7/1/26 | 7,405,000 | 8,080,484 | ||||||||
| Series C, Insured: AMBAC 5.50%, due 7/1/28 | 12,400,000 | 13,652,152 | ||||||||
| Series A 8.25%, due 5/1/17 (c)(e)(f)(g) | 7,100,000 | 2,840,000 | ||||||||
| Puerto Rico Municipal Finance Agency, Revenue Bonds | ||||||||||
| Series A, Insured: AGM 5.00%, due 8/1/27 | 2,530,000 | 2,604,129 | ||||||||
| Series A, Insured: AGM 5.00%, due 8/1/30 | 720,000 | 736,135 | ||||||||
| Puerto Rico Public Buildings Authority, Government Facilities, Revenue Bonds | ||||||||||
| Series F, Insured: NATL-RE 5.25%, due 7/1/19 | 2,000,000 | 2,044,780 | ||||||||
| Series K, Insured: AGM 5.25%, due 7/1/27 | 5,970,000 | 6,104,206 | ||||||||
| Series M-3, Insured: NATL-RE 6.00%, due 7/1/23 | 1,295,000 | 1,409,672 | ||||||||
| Puerto Rico Public Buildings Authority, Revenue Bonds | ||||||||||
| Series G, Insured: AGC 4.75%, due 7/1/32 | 270,000 | 270,235 | ||||||||
| Insured: AGC 5.25%, due 7/1/33 | 680,000 | 696,558 | ||||||||
| Series D, Insured: AMBAC 5.45%, due 7/1/31 | 305,000 | 305,311 | ||||||||
| ¤ | Puerto Rico Sales Tax Financing Corp., Revenue Bonds | |||||||||
| Series A, Insured: NATL-RE (zero coupon), due 8/1/40 | 8,970,000 | 2,808,058 | ||||||||
| Series A, Insured: NATL-RE (zero coupon), due 8/1/41 | 62,035,000 | 18,421,293 | ||||||||
| Series A, Insured: NATL-RE (zero coupon), due 8/1/42 | 17,875,000 | 5,035,030 | ||||||||
| Series A, Insured: NATL-RE (zero coupon), due 8/1/43 | 97,250,000 | 25,984,227 | ||||||||
| Series A, Insured: NATL-RE (zero coupon), due 8/1/44 | 49,670,000 | 12,588,861 | ||||||||
| Series A, Insured: NATL-RE (zero coupon), due 8/1/45 | 115,605,000 | 27,793,754 | ||||||||
| Series A, Insured: NATL-RE (zero coupon), due 8/1/46 | 1,905,000 | 434,454 | ||||||||
| Series A, Insured: AMBAC (zero coupon), due 8/1/54 | 5,000,000 | 738,100 | ||||||||
| Series A, Insured: AGM 5.00%, due 8/1/40 | 6,990,000 | 7,180,757 | ||||||||
| Series C, Insured: AGM 5.125%, due 8/1/42 | 4,000,000 | 4,173,880 | ||||||||
| 394,511,411 | ||||||||||
| Rhode Island 0.4% | ||||||||||
| Providence Redevelopment Agency, Port Providence Lease, Certificates of Participation | ||||||||||
| Series A, Insured: AGC (zero coupon), due 9/1/24 | 1,735,000 | 1,351,548 | ||||||||
| Series A, Insured: AGC (zero coupon), due 9/1/26 | 685,000 | 483,041 | ||||||||
| Series A, Insured: AGC (zero coupon), due 9/1/29 | 1,835,000 | 1,111,019 | ||||||||
| Series A, Insured: AGC (zero coupon), due 9/1/30 | 1,835,000 | 1,055,584 | ||||||||
| Series A, Insured: AGC (zero coupon), due 9/1/32 | 1,500,000 | 776,625 | ||||||||
| Series A, Insured: AGC (zero coupon), due 9/1/34 | 1,000,000 | 464,190 | ||||||||
| Series A, Insured: AGC (zero coupon), due 9/1/35 | 360,000 | 158,260 | ||||||||
| Series A, Insured: AGC (zero coupon), due 9/1/36 | 470,000 | 195,529 | ||||||||
| Rhode Island Health & Educational Building Corp., Lifespan Obligated Group, Revenue Bonds 5.00%, due 5/15/39 | 1,250,000 | 1,351,087 | ||||||||
| Rhode Island Health & Educational Building Corp., Public Schools Financing Project, Revenue Bonds Insured: AMBAC 5.00%, due 5/15/21 | 65,000 | 65,198 | ||||||||
| ¤ | Tobacco Settlement Financing Corp., Revenue Bonds Series A (zero coupon), due 6/1/52 | 94,920,000 | 11,990,294 | |||||||
| 19,002,375 | ||||||||||
| South Carolina 1.1% | ||||||||||
| South Carolina Jobs-Economic Development Authority, The Woodlands at Furman, Revenue Bonds 5.25%, due 11/15/52 | 7,000,000 | 7,532,000 | ||||||||
| South Carolina Public Service Authority, Revenue Bonds | ||||||||||
| Series C 5.00%, due 12/1/46 | 5,570,000 | 5,923,305 | ||||||||
| Series E 5.00%, due 12/1/48 | 20,190,000 | 21,258,455 | ||||||||
| Series B 5.00%, due 12/1/56 | 6,055,000 | 6,502,283 | ||||||||
| Series E 5.25%, due 12/1/55 | 7,500,000 | 8,119,875 | ||||||||
| 49,335,918 | ||||||||||
| South Dakota 0.1% | ||||||||||
| South Dakota Health & Educational Facilities Authority, Revenue Bonds Series E 5.00%, due 11/1/42 | 3,150,000 | 3,434,792 | ||||||||
| Tennessee 0.9% | ||||||||||
| Chattanooga-Hamilton County Hospital Authority, Revenue Bonds 5.00%, due 10/1/44 | 6,500,000 | 6,943,105 | ||||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Lipscomb University Project, Revenue Bonds Series A 5.00%, due 10/1/45 | 11,910,000 | 12,809,205 | ||||||||
| Shelby County Health Educational & Housing Facilities Board, Methodist Le Bonheur Healthcare, Revenue Bonds Series A, Insured: AGM 1.45%, due 6/1/42 (a) | 20,000,000 | 20,000,000 | ||||||||
| 39,752,310 | ||||||||||
| Texas 3.8% | ||||||||||
| Bexar County Health Facilities Development Corp., Army Retirement Residence Foundation, Revenue Bonds 5.00%, due 7/15/41 | 3,000,000 | 3,204,690 | ||||||||
| Bowie County Industrial Development Corp., Texarkana Newspapers, Inc., Revenue Bonds 1.51%, due 11/1/25 (a) | 3,300,000 | 3,300,000 | ||||||||
| Central Texas Regional Mobility Authority, Revenue Bonds | ||||||||||
| (zero coupon), due 1/1/23 | 1,000,000 | 886,810 | ||||||||
| (zero coupon), due 1/1/33 | 315,000 | 175,244 | ||||||||
| (zero coupon), due 1/1/34 | 3,275,000 | 1,736,176 | ||||||||
| (zero coupon), due 1/1/35 | 3,700,000 | 1,864,282 | ||||||||
| (zero coupon), due 1/1/36 | 2,000,000 | 963,200 | ||||||||
| (zero coupon), due 1/1/39 | 3,500,000 | 1,468,530 | ||||||||
| 5.00%, due 1/1/33 | 1,225,000 | 1,319,239 | ||||||||
| 5.00%, due 1/1/42 | 2,340,000 | 2,501,086 | ||||||||
| 6.75%, due 1/1/41 | 7,500,000 | 8,354,100 | ||||||||
| Central Texas Turnpike System, Revenue Bonds | ||||||||||
| Series C 5.00%, due 8/15/37 | 1,150,000 | 1,246,370 | ||||||||
| Series C 5.00%, due 8/15/42 | 10,850,000 | 11,710,079 | ||||||||
| City of Houston TX , Airport System Revenue, United Airlines, Inc., Revenue Bonds 5.00%, due 7/1/29 (b) | 6,400,000 | 6,929,984 | ||||||||
| Clifton Higher Education Finance Corp., Idea Public Schools, Revenue Bonds | ||||||||||
| 5.75%, due 8/15/41 | 1,750,000 | 1,941,275 | ||||||||
| 6.00%, due 8/15/43 | 3,500,000 | 3,899,035 | ||||||||
| Clifton Higher Education Finance Corp., Revenue Bonds Series A 5.00%, due 12/1/45 | 2,500,000 | 2,664,925 | ||||||||
| Decatur Hospital Authority, Wise Regional Health System, Revenue Bonds Series A 5.25%, due 9/1/44 | 3,250,000 | 3,481,725 | ||||||||
| Grand Parkway Transportation Corp., 1st Tier Toll, Revenue Bonds Series A 5.50%, due 4/1/53 | 600,000 | 670,326 | ||||||||
| Harris County Cultural Education Facilities Finance Corp., Houston Methodist Hospital, Revenue Bonds (a) | ||||||||||
| Subseries C-1 1.54%, due 12/1/24 | 6,800,000 | 6,800,000 | ||||||||
| Subseries C-2 1.54%, due 12/1/27 | 15,600,000 | 15,600,000 | ||||||||
| Harris County Cultural Education Facilities Finance Corp., Revenue Bonds 7.00%, due 1/1/43 | 1,500,000 | 1,808,955 | ||||||||
| Harris County Cultural Education Facilities Finance Corp., YMCA Greater Houston Area, Revenue Bonds | ||||||||||
| Series A 5.00%, due 6/1/33 | 900,000 | 952,497 | ||||||||
| Series A 5.00%, due 6/1/38 | 1,960,000 | 2,071,661 | ||||||||
| Harris County Health Facilities Development Corp., Methodist Hospital System, Revenue Bonds (a) | ||||||||||
| Series A-2 1.54%, due 12/1/41 | 2,000,000 | 2,000,000 | ||||||||
| Series A-1 1.54%, due 12/1/41 | 1,100,000 | 1,100,000 | ||||||||
| Harris County-Houston Sports Authority Cap Appreciation, Senior Lien, Revenue Bonds Series A, Insured: AGM (zero coupon), due 11/15/40 | 1,060,000 | 358,980 | ||||||||
| Harris County-Houston Sports Authority, Revenue Bonds | ||||||||||
| Series G, Insured: NATL-RE (zero coupon), due 11/15/18 | 325,000 | 323,492 | ||||||||
| Series H, Insured: NATL-RE (zero coupon), due 11/15/24 | 970,000 | 779,434 | ||||||||
| Series H, Insured: NATL-RE (zero coupon), due 11/15/26 | 600,000 | 441,372 | ||||||||
| Series H, Insured: NATL-RE (zero coupon), due 11/15/29 | 735,000 | 477,941 | ||||||||
| Series H, Insured: NATL-RE (zero coupon), due 11/15/32 | 250,000 | 137,660 | ||||||||
| Series A-3, Insured: NATL-RE (zero coupon), due 11/15/32 | 1,670,000 | 828,053 | ||||||||
| Series H, Insured: NATL-RE (zero coupon), due 11/15/33 | 185,000 | 95,292 | ||||||||
| Series A-3, Insured: NATL-RE (zero coupon), due 11/15/33 | 890,000 | 415,666 | ||||||||
| Series A, Insured: NATL-RE (zero coupon), due 11/15/34 | 1,805,000 | 801,573 | ||||||||
| Series A, Insured: AGM (zero coupon), due 11/15/34 | 1,535,000 | 775,973 | ||||||||
| Series H, Insured: NATL-RE (zero coupon), due 11/15/38 | 1,395,000 | 515,187 | ||||||||
| Series A, Insured: AGM, NATL-RE (zero coupon), due 11/15/38 | 36,815,000 | 14,180,033 | ||||||||
| Series H, Insured: NATL-RE (zero coupon), due 11/15/39 | 1,525,000 | 527,009 | ||||||||
| Series H, Insured: NATL-RE (zero coupon), due 11/15/40 | 1,855,000 | 600,519 | ||||||||
| Series H, Insured: NATL-RE (zero coupon), due 11/15/41 | 700,000 | 212,247 | ||||||||
| Montgomery County Toll Road Authority, Revenue Bonds 5.00%, due 9/15/48 | 2,500,000 | 2,704,925 | ||||||||
| New Hope Cultural Education Facilities Corp., Collegiate Housing Tarleton State, Revenue Bonds Series A 5.00%, due 4/1/46 | 3,000,000 | 3,183,330 | ||||||||
| New Hope Cultural Education Facilities Corp., Jubilee Academic Center Project, Revenue Bonds Series A 5.125%, due 8/15/47 (c) | 2,085,000 | 2,103,306 | ||||||||
| New Hope Cultural Education Facilities Corp., Stephenville Tarleton State, Revenue Bonds Series A 6.00%, due 4/1/45 | 3,550,000 | 3,948,026 | ||||||||
| North East Texas Regional Mobility Authority, Revenue Bonds | ||||||||||
| Series B 5.00%, due 1/1/41 | 6,000,000 | 6,493,440 | ||||||||
| Series B 5.00%, due 1/1/46 | 2,650,000 | 2,859,032 | ||||||||
| North Texas Education Finance Corp., Uplift Education, Revenue Bonds Series A 5.25%, due 12/1/47 | 7,705,000 | 8,127,465 | ||||||||
| Red River Educational Finance Corp., Houston Baptist University Project, Revenue Bonds 5.50%, due 10/1/46 | 2,000,000 | 2,220,320 | ||||||||
| San Juan Higher Education Finance Authority, Idea Public Schools, Revenue Bonds Series A 6.70%, due 8/15/40 | 1,000,000 | 1,097,950 | ||||||||
| Tarrant County Cultural Education Facilities Finance Corp., Barton Creek Senior Living CTR, Revenue Bonds 5.00%, due 11/15/40 | 1,500,000 | 1,565,940 | ||||||||
| Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds 5.00%, due 12/15/26 | 3,500,000 | 3,829,595 | ||||||||
| Texas Private Activity Bond Surface Transportation Corp., NTE Mobility, Revenue Bonds Senior Lien 6.75%, due 6/30/43 (b) | 11,700,000 | 13,644,891 | ||||||||
| Texas Private Activity Bond Surface Transportation Corp., Senior Lien, LBJ Infrastructure, Revenue Bonds | ||||||||||
| 7.00%, due 6/30/40 | 3,080,000 | 3,338,782 | ||||||||
| 7.50%, due 6/30/33 | 750,000 | 822,195 | ||||||||
| Texas Private Activity Bond Surface Transportation Corp., Senior Lien, NTE Mobility, Revenue Bonds 6.875%, due 12/31/39 | 5,050,000 | 5,363,655 | ||||||||
| Texas Public Finance Authority Charter School Finance Corp., ED - Burnham Wood Project, Revenue Bonds Series A 6.25%, due 9/1/36 | 400,000 | 400,272 | ||||||||
| Travis County Health Facilities Development Corp., Westminster Manor, Revenue Bonds 7.125%, due 11/1/40 | 1,000,000 | 1,116,720 | ||||||||
| 172,940,464 | ||||||||||
| U.S. Virgin Islands 1.8% | ||||||||||
| Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds Series A 5.00%, due 10/1/32 | 15,000,000 | 13,650,000 | ||||||||
| Virgin Islands Public Finance Authority, Matching Fund Loan, Revenue Bonds | ||||||||||
| Series A 4.00%, due 10/1/22 | 2,065,000 | 2,070,163 | ||||||||
| Series C 5.00%, due 10/1/19 | 4,590,000 | 4,681,800 | ||||||||
| Series B 5.00%, due 10/1/19 | 6,025,000 | 6,175,625 | ||||||||
| Series C 5.00%, due 10/1/22 | 8,505,000 | 8,568,787 | ||||||||
| Series B 5.00%, due 10/1/25 | 2,500,000 | 2,343,750 | ||||||||
| Series A 5.00%, due 10/1/29 | 635,000 | 620,713 | ||||||||
| Series B 5.25%, due 10/1/29 | 2,820,000 | 2,608,500 | ||||||||
| Subseries A 6.00%, due 10/1/39 | 790,000 | 716,925 | ||||||||
| Series A 6.625%, due 10/1/29 | 3,105,000 | 2,879,887 | ||||||||
| Series A 6.75%, due 10/1/19 | 1,080,000 | 1,101,600 | ||||||||
| Series A 6.75%, due 10/1/37 | 10,810,000 | 10,026,275 | ||||||||
| Virgin Islands Public Finance Authority, Revenue Bonds | ||||||||||
| Series C 5.00%, due 10/1/20 | 2,000,000 | 1,960,000 | ||||||||
| Series C 5.00%, due 10/1/30 | 9,270,000 | 8,482,050 | ||||||||
| Series A 5.00%, due 10/1/34 | 2,600,000 | 2,346,500 | ||||||||
| Series C 5.00%, due 10/1/39 | 6,130,000 | 5,486,350 | ||||||||
| Virgin Islands Public Finance Authority, Senior Lien-Matching Fund Loan Note, Revenue Bonds Senior Lien-Series B 5.00%, due 10/1/25 | 6,700,000 | 6,649,750 | ||||||||
| Virgin Islands Water & Power Authority-Electric System, Revenue Bonds Series A 5.00%, due 7/1/31 | 1,145,000 | 1,053,400 | ||||||||
| 81,422,075 | ||||||||||
| Utah 0.4% | ||||||||||
| Utah Charter School Finance Authority, Da Vinci Academy, Revenue Bonds 7.75%, due 3/15/39 | 700,000 | 803,747 | ||||||||
| Utah Infrastructure Agency, Telecommunication, Revenue Bonds | ||||||||||
| Series A 5.00%, due 10/15/32 | 5,000,000 | 5,531,600 | ||||||||
| Series A 5.00%, due 10/15/34 | 2,385,000 | 2,626,791 | ||||||||
| Series A 5.00%, due 10/15/40 | 3,000,000 | 3,272,340 | ||||||||
| Series A 5.375%, due 10/15/40 | 6,260,000 | 7,014,142 | ||||||||
| 19,248,620 | ||||||||||
| Vermont 0.1% | ||||||||||
| Vermont Educational & Health Buildings Financing Agency, Developmental & Mental Health Services, Revenue Bonds Series A, Insured: AGC 4.75%, due 8/15/36 | 500,000 | 513,165 | ||||||||
| Vermont Student Assistance Corp., Education Loan, Revenue Bonds Subseries B 4.50%, due 6/15/45 (b) | 3,500,000 | 3,504,900 | ||||||||
| 4,018,065 | ||||||||||
| Virginia 2.3% | ||||||||||
| Albemarle County Economic Development Authority, Sentara Martha Jefferson Hospital, Revenue Bonds Series B 1.47%, due 10/1/48 (a) | 21,000,000 | 21,000,000 | ||||||||
| Chesapeake Bay Bridge & Tunnel District, Revenue Bonds 5.00%, due 7/1/46 | 8,450,000 | 9,399,527 | ||||||||
| Henrico County Economic Development Authority, Residential Care Facility, Revenue Bonds Series C 5.00%, due 12/1/47 | 2,200,000 | 2,322,408 | ||||||||
| Newport News Economic Development Authority, LifeSpire, Revenue Bonds 5.00%, due 12/1/38 | 2,575,000 | 2,697,055 | ||||||||
| Roanoke Economic Development Authority, Lynchburg College, Revenue Bonds Series A 4.00%, due 9/1/48 | 4,890,000 | 4,789,217 | ||||||||
| Tobacco Settlement Financing Corp., Convertible-Senior, Revenue Bonds Senior Lien-Series B2 5.20%, due 6/1/46 | 2,000,000 | 2,007,680 | ||||||||
| ¤ | Tobacco Settlement Financing Corp., Revenue Bonds Series B1 5.00%, due 6/1/47 | 19,535,000 | 19,534,609 | |||||||
| Virginia College Building Authority, Marymount University Project, Revenue Bonds Series B 5.00%, due 7/1/45 (c) | 1,945,000 | 2,048,202 | ||||||||
| Virginia Small Business Financing Authority, Elizabeth River Crossing, Revenue Bonds Senior Lien 5.50%, due 1/1/42 (b) | 10,000,000 | 10,842,600 | ||||||||
| Virginia Small Business Financing Authority, Express Lanes LLC, Revenue Bonds Senior Lien 5.00%, due 1/1/40 (b) | 10,000,000 | 10,567,500 | ||||||||
| Virginia Small Business Financing Authority, Transform I-66 P3 Project, Revenue Bonds 5.00%, due 12/31/56 (b) | 17,000,000 | 18,596,640 | ||||||||
| Virginia Small Business Financing Authority, University Real Estate, Revenue Bonds 1.45%, due 7/1/30 (a) | 65,000 | 65,000 | ||||||||
| 103,870,438 | ||||||||||
| Washington 0.6% | ||||||||||
| King County Public Hospital District No.4, Limited General Obligation 7.00%, due 12/1/40 | 1,000,000 | 1,031,800 | ||||||||
| Port of Seattle Industrial Development Corp., King County Public Hospital District, Special Facilities Delta Airlines, Revenue Bonds 5.00%, due 4/1/30 (b) | 1,825,000 | 1,983,520 | ||||||||
| Washington Health Care Facilities Authority, Kadlec Regional Medical Center, Revenue Bonds 5.00%, due 12/1/42 | 6,660,000 | 7,325,334 | ||||||||
| Washington Higher Educational Facilities Authority, Whitworth University Project, Revenue Bonds Series A 5.00%, due 10/1/40 | 3,000,000 | 3,239,580 | ||||||||
| Washington State Housing Finance Commission, Riverview Retirement Community, Revenue Bonds 5.00%, due 1/1/48 | 3,000,000 | 3,098,100 | ||||||||
| Whidbey Island Public Hospital District, Unlimited General Obligation | ||||||||||
| 5.375%, due 12/1/39 | 9,920,000 | 10,440,701 | ||||||||
| 5.50%, due 12/1/33 | 2,070,000 | 2,205,771 | ||||||||
| 29,324,806 | ||||||||||
| West Virginia 0.2% | ||||||||||
| Glenville State College, Board of Governors, Revenue Bonds 5.25%, due 6/1/47 | 4,000,000 | 3,926,320 | ||||||||
| Monongalia County Commission Special District, University Town Center, Revenue Bonds Series A 5.50%, due 6/1/37 (c) | 4,000,000 | 4,135,320 | ||||||||
| 8,061,640 | ||||||||||
| Wisconsin 1.4% | ||||||||||
| Public Finance Authority, Bancroft NeuroHealth Project, Revenue Bonds (c) | ||||||||||
| Series A 5.00%, due 6/1/36 | 750,000 | 767,018 | ||||||||
| Series A 5.125%, due 6/1/48 | 1,625,000 | 1,664,357 | ||||||||
| Public Finance Authority, Cullowhee LLC, Revenue Bonds 5.25%, due 7/1/47 | 2,000,000 | 2,123,580 | ||||||||
| Public Finance Authority, FFAH North Carolina & Missouri Portfolio, Revenue Bonds | ||||||||||
| Series A 4.75%, due 12/1/35 | 1,150,000 | 1,203,533 | ||||||||
| Series A 5.00%, due 12/1/45 | 3,200,000 | 3,361,952 | ||||||||
| Series A 5.15%, due 12/1/50 | 2,250,000 | 2,371,927 | ||||||||
| Public Finance Authority, Glenridge Palmer Ranch, Revenue Bonds Series A 8.25%, due 6/1/46 | 1,000,000 | 1,146,470 | ||||||||
| Public Finance Authority, Guilford College, Revenue Bonds 5.50%, due 1/1/47 | 4,000,000 | 4,293,960 | ||||||||
| Public Finance Authority, National Gypsum Co., Revenue Bonds (b) | ||||||||||
| 4.00%, due 8/1/35 | 4,000,000 | 3,908,240 | ||||||||
| 5.25%, due 4/1/30 | 10,500,000 | 11,218,515 | ||||||||
| Public Finance Authority, Roseman University Health Sciences, Revenue Bonds | ||||||||||
| 5.50%, due 4/1/32 | 1,250,000 | 1,341,137 | ||||||||
| 5.875%, due 4/1/45 | 6,650,000 | 7,163,047 | ||||||||
| Public Finance Authority, Senior-Obligation Group, Revenue Bonds Series B 5.00%, due 7/1/42 (b) | 10,000,000 | 10,566,400 | ||||||||
| Public Finance Authority, Whitestone-Retirement Facilities 1st Mortgage, Revenue Bonds 5.00%, due 3/1/52 (c) | 1,800,000 | 1,918,404 | ||||||||
| Public Finance Authority, Wisconsin Airport Facilities, AFCO Investors II Portfolio, Revenue Bonds 5.75%, due 10/1/31 (b)(c) | 1,670,000 | 1,684,596 | ||||||||
| Public Finance Authority, Wisconsin Senior Living, Rose Villa Project, Revenue Bonds Series A 5.75%, due 11/15/44 (c) | 1,400,000 | 1,504,300 | ||||||||
| Village of Warrens WI, Unlimited General Obligation 4.70%, due 12/1/19 | 120,000 | 114,808 | ||||||||
| Wisconsin Health & Educational Facilities Authority, Aurora Health Care, Revenue Bonds Series B 1.48%, due 7/15/28 (a) | 3,100,000 | 3,100,000 | ||||||||
| Wisconsin Health & Educational Facilities Authority, Sauk-Prairie Memorial Hospital, Inc., Revenue Bonds 5.375%, due 2/1/48 | 4,400,000 | 4,575,120 | ||||||||
| 64,027,364 | ||||||||||
| Wyoming 0.0% ‡ | ||||||||||
| West Park Hospital District, West Park Hospital Project, Revenue Bonds Series B 6.50%, due 6/1/27 | 500,000 | 537,540 | ||||||||
| Wyoming Community Development Authority, Revenue Bonds 6.50%, due 7/1/43 | 930,000 | 985,428 | ||||||||
| 1,522,968 | ||||||||||
| Total Municipal Bonds (Cost $4,263,488,421) | 4,484,625,184 | |||||||||
| Shares | ||||||||||
| Closed-End Funds 0.1% | ||||||||||
| Massachusetts 0.1% | ||||||||||
| DWS Municipal Income Trust | 124,496 | 1,369,456 | ||||||||
| MFS Municipal Income Trust | 98,613 | 666,624 | ||||||||
| Pioneer Municipal High Income Trust | 84,969 | 984,791 | ||||||||
| Total Closed-End Funds (Cost $3,158,028) | 3,020,871 | |||||||||
| Total Investments (Cost $4,266,646,449) | 99.8 | % | 4,487,646,055 | |||||||
| Other Assets, Less Liabilities | 0.2 | 10,101,816 | ||||||||
| Net Assets | 100.0 | % | $ | 4,497,747,871 | ||||||
| † | Percentages indicated are based on Fund net assets. |
| ¤ | Among the Fund's 10 largest holdings or issuers held, as of July 31, 2018. May be subject to change daily. |
| ‡ | Less than one-tenth of a percent. |
| (a) | Variable-rate demand notes (VRDNs) - Provide the right to sell the security at face value on either that day or within the rate-reset period. VRDNs will normally trade as if the maturity is the earlier put date, even though stated maturity is longer. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. The maturity date shown is the final maturity. |
| (b) | Interest on these securities was subject to alternative minimum tax. |
| (c) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (d) | Floating rate - Rate shown was the rate in effect as of July 31, 2018. |
| (e) | Issue in non-accrual status. |
| (f) | Illiquid security - As of July 31, 2018, the total market value of these securities deemed illiquid under procedures approved by the Board of Trustees was $7,007,060, which represented 0.2% of the Fund's net assets. |
| (g) | Issue in default. |
As of July 31, 2018, the Fund held the following futures contracts1:
| Type | Number
of Contracts (Short) | Expiration Date | Value
at Trade Date | Current
Notional Amount | Unrealized Appreciation (Depreciation)2 | |||||||||||
| 10-Year United States Treasury Note | (1,215) | September 2018 | $ | (144,772,081 | ) | $ | (145,097,578 | ) | $ | (325,497 | ) | |||||
| United States Treasury Long Bond | (249) | September 2018 | (35,348,619 | ) | (35,599,219 | ) | (250,600 | ) | ||||||||
| $ | (180,120,700 | ) | $ | (180,696,797 | ) | $ | (576,097 | ) | ||||||||
| 1. | As of July 31, 2018, cash in the amount of $1,848,450 was on deposit with a broker or futures commission merchant for futures transactions. |
| 2. | Represents the difference between the value of the contracts at the time they were opened and the value as of July 31, 2018. |
| The following abbreviations are used in the preceding pages: | |
| ACA | —ACA Financial Guaranty Corp. |
| AGC | —Assured Guaranty Corp. |
| AGM | —Assured Guaranty Municipal Corp. |
| AMBAC | —Ambac Assurance Corp. |
| BAM | —Build America Mutual Assurance Co. |
| NATL-RE | —National Public Finance Guarantee Corp. |
The following is a summary of the fair valuations according to the inputs used as of July 31, 2018, for valuing the Fund's assets and liabilities.
Asset Valuation Inputs
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
| Investments in Securities (a) | ||||||||||||||||
| Municipal Bonds | $ | — | $ | 4,484,625,184 | $ | — | $ | 4,484,625,184 | ||||||||
| Closed-End Funds | 3,020,871 | — | — | 3,020,871 | ||||||||||||
| Total Investments in Securities | $ | 3,020,871 | $ | 4,484,625,184 | $ | — | $ | 4,487,646,055 | ||||||||
Liability Valuation Inputs
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts (b) | $ | (576,097 | ) | $ | — | $ | — | $ | (576,097 | ) | ||||||
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| (b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
The Fund recognizes transfers between the levels as of the beginning of the period.
For the period ended July 31, 2018, the Fund did not have any transfers among levels.
As of July 31, 2018, the Fund did not hold any investments with significant unobservable inputs (Level 3).
MainStay MacKay International Opportunities Fund
Portfolio of Investments July 31, 2018 (Unaudited)
| Shares | Value | |||||||||
| Common Stocks 100.8% † | ||||||||||
| Australia 6.3% | ||||||||||
| Accent Group, Ltd. (Specialty Retail) | 536,822 | $ | 570,329 | |||||||
| Appen, Ltd. (IT Services) | 347,253 | 2,801,788 | ||||||||
| Australian Pharmaceutical Industries, Ltd. (Health Care Providers & Services) | 492,352 | 618,190 | ||||||||
| Beach Energy, Ltd. (Oil, Gas & Consumable Fuels) (a) | 3,220,651 | 4,570,214 | ||||||||
| BHP Billiton PLC (Metals & Mining) | 108,971 | 2,509,602 | ||||||||
| BHP Billiton, Ltd. (Metals & Mining) (a) | 116,216 | 3,009,905 | ||||||||
| Bravura Solutions, Ltd. (Software) (b) | 224,326 | 539,988 | ||||||||
| Commonwealth Bank of Australia (Banks) | 9,031 | 501,809 | ||||||||
| Computershare, Ltd. (IT Services) | 388,987 | 5,256,870 | ||||||||
| Fortescue Metals Group, Ltd. (Metals & Mining) | 1,107,323 | 3,595,135 | ||||||||
| Genworth Mortgage Insurance Australia, Ltd. (Thrifts & Mortgage Finance) (c) | 1,037,727 | 2,073,934 | ||||||||
| GWA Group, Ltd. (Building Products) (b) | 346,642 | 842,148 | ||||||||
| Kogan.com, Ltd. (Internet & Direct Marketing Retail) | 91,284 | 318,751 | ||||||||
| Lovisa Holdings, Ltd. (Specialty Retail) | 47,150 | 393,038 | ||||||||
| Macquarie Group, Ltd. (Capital Markets) | 48,653 | 4,439,542 | ||||||||
| Navigator Global Investments, Ltd. (Capital Markets) | 82,595 | 355,297 | ||||||||
| Nine Entertainment Co. Holdings, Ltd. (Media) (c) | 2,379,338 | 3,959,712 | ||||||||
| NRW Holdings, Ltd. (Construction & Engineering) (d) | 239,782 | 301,957 | ||||||||
| Sandfire Resources NL (Metals & Mining) | 464,597 | 2,547,371 | ||||||||
| Select Harvests, Ltd. (Food Products) | 88,918 | 396,370 | ||||||||
| Senex Energy, Ltd. (Oil, Gas & Consumable Fuels) (d) | 410,278 | 137,167 | ||||||||
| Seven Group Holdings, Ltd. (Trading Companies & Distributors) (c) | 307,133 | 4,376,577 | ||||||||
| Western Areas, Ltd. (Metals & Mining) | 452,976 | 1,090,384 | ||||||||
| Westpac Banking Corp. (Banks) | 40,400 | 884,247 | ||||||||
| 46,090,325 | ||||||||||
| Austria 1.4% | ||||||||||
| OMV A.G. (Oil, Gas & Consumable Fuels) (b) | 85,193 | 4,817,644 | ||||||||
| Raiffeisen Bank International A.G. (Banks) (b) | 163,500 | 5,454,614 | ||||||||
| 10,272,258 | ||||||||||
| Belgium 0.7% | ||||||||||
| Ageas (Insurance) | 56,497 | 3,029,069 | ||||||||
| Mithra Pharmaceuticals S.A. (Pharmaceuticals) (b) | 44,848 | 1,762,085 | ||||||||
| UCB S.A. (Pharmaceuticals) | 7,609 | 653,617 | ||||||||
| 5,444,771 | ||||||||||
| China 0.7% | ||||||||||
| Ausnutria Dairy Corp., Ltd. (Food Products) | 507,000 | 735,078 | ||||||||
| China Sunsine Chemical Holdings, Ltd. (Chemicals) | 316,300 | 348,514 | ||||||||
| Yangzijiang Shipbuilding Holdings, Ltd. (Machinery) | 5,444,500 | 3,779,375 | ||||||||
| 4,862,967 | ||||||||||
| Colombia 0.2% | ||||||||||
| Millicom International Cellular S.A. (Wireless Telecommunication Services) (b) | 19,560 | 1,252,399 | ||||||||
| Denmark 2.2% | ||||||||||
| GN Store Nord A/S (Health Care Equipment & Supplies) | 68,484 | 3,267,002 | ||||||||
| H. Lundbeck A/S (Pharmaceuticals) | 73,867 | 5,347,129 | ||||||||
| Matas A/S (Specialty Retail) | 45,878 | 368,605 | ||||||||
| Novo Nordisk A/S, Class B (Pharmaceuticals) | 16,017 | 799,650 | ||||||||
| Pandora A/S (Textiles, Apparel & Luxury Goods) | 71,821 | 5,105,478 | ||||||||
| Per Aarsleff Holding A/S (Construction & Engineering) | 3,791 | 135,339 | ||||||||
| Scandinavin Tobacco Group A/S (Tobacco) (e) | 23,836 | 387,881 | ||||||||
| Spar Nord Bank A/S (Banks) | 43,437 | 468,278 | ||||||||
| 15,879,362 | ||||||||||
| Finland 1.0% | ||||||||||
| Finnair OYJ (Airlines) | 190,552 | 1,774,777 | ||||||||
| Fortum OYJ (Electric Utilities) | 136,216 | 3,421,424 | ||||||||
| Ramirent OYJ (Trading Companies & Distributors) | 93,156 | 933,002 | ||||||||
| Stora Enso OYJ, Class R (Paper & Forest Products) | 49,510 | 818,339 | ||||||||
| 6,947,542 | ||||||||||
| France 7.2% | ||||||||||
| Airbus S.E. (Aerospace & Defense) | 25,622 | 3,175,875 | ||||||||
| Akka Technologies (Professional Services) | 4,904 | 361,273 | ||||||||
| Coface S.A. (Insurance) (d) | 52,541 | 470,621 | ||||||||
| Eiffage S.A. (Construction & Engineering) | 23,045 | 2,579,431 | ||||||||
| Engie S.A. (Multi-Utilities) | 412,658 | 6,666,312 | ||||||||
| Eramet (Metals & Mining) | 25,133 | 2,495,149 | ||||||||
| Kaufman & Broad S.A. (Household Durables) | 11,935 | 610,444 | ||||||||
| L'Oreal S.A. (Personal Products) | 17,783 | 4,356,458 | ||||||||
| LVMH Moet Hennessy Louis Vuitton S.E. (Textiles, Apparel & Luxury Goods) | 3,217 | 1,124,214 | ||||||||
| Mersen S.A. (Electrical Equipment) | 8,341 | 345,276 | ||||||||
| Orange S.A. (Diversified Telecommunication Services) | 192,831 | 3,295,491 | ||||||||
| Renault S.A. (Automobiles) | 41,671 | 3,668,730 | ||||||||
| Sanofi (Pharmaceuticals) (a) | 41,473 | 3,606,681 | ||||||||
| Schneider Electric S.E. (Electrical Equipment) (a) | 30,225 | 2,433,054 | ||||||||
| ¤ | Societe Generale S.A. (Banks) | 157,544 | 7,020,779 | |||||||
| Trigano S.A. (Leisure Products) | 7,971 | 1,146,469 | ||||||||
| Ubisoft Entertainment S.A. (Software) (d) | 33,120 | 3,657,554 | ||||||||
| Unibail- Rodamco- Westfield (Equity Real Estate Investment Trusts) | 965 | 214,231 | ||||||||
| Veolia Environnement S.A. (Multi-Utilities) | 131,583 | 3,005,784 | ||||||||
| Vinci S.A. (Construction & Engineering) | 24,957 | 2,509,778 | ||||||||
| 52,743,604 | ||||||||||
| Germany 7.4% | ||||||||||
| Allianz S.E., Registered (Insurance) (b) | 15,789 | 3,492,067 | ||||||||
| CANCOM S.E. (IT Services) | 15,488 | 838,172 | ||||||||
| Covestro A.G. (Chemicals) (b)(e) | 63,934 | 6,137,896 | ||||||||
| Deutsche Lufthansa A.G., Registered (Airlines) | 222,040 | 6,231,419 | ||||||||
| Deutsche Pfandbriefbank A.G. (Thrifts & Mortgage Finance) (e) | 272,990 | 4,277,559 | ||||||||
| Deutz A.G. (Machinery) | 239,782 | 2,180,025 | ||||||||
| Dr. Hoenle A.G. (Electrical Equipment) | 3,062 | 312,224 | ||||||||
| HOCHTIEF A.G. (Construction & Engineering) | 9,058 | 1,627,986 | ||||||||
| ProSiebenSat.1 Media S.E. (Media) | 204,839 | 5,542,689 | ||||||||
| Rocket Internet S.E. (Internet Software & Services) (d)(e) | 60,506 | 2,102,770 | ||||||||
| SAP S.E. (Software) | 12,661 | 1,478,293 | ||||||||
| Siemens A.G., Registered (Industrial Conglomerates) (e) | 6,656 | 939,898 | ||||||||
| Siemens Healthineers A.G. (Health Care Equipment & Supplies) (d) | 79,325 | 3,533,642 | ||||||||
| Siltronic A.G. (Semiconductors & Semiconductor Equipment) | 28,368 | 4,947,622 | ||||||||
| Sixt S.E. (Road & Rail) (b) | 9,558 | 1,238,372 | ||||||||
| SMA Solar Technology A.G. (Semiconductors & Semiconductor Equipment) | 690 | 29,144 | ||||||||
| TUI A.G. (Hotels, Restaurants & Leisure) | 250,408 | 5,360,655 | ||||||||
| Uniper S.E. (Independent Power & Renewable Electricity Producers) | 105,783 | 3,301,482 | ||||||||
| Vonovia S.E. (Real Estate) | 2,574 | 124,640 | ||||||||
| Wacker Neuson S.E. (Machinery) | 17,738 | 457,982 | ||||||||
| 54,154,537 | ||||||||||
| Hong Kong 3.6% | ||||||||||
| AIA Group, Ltd. (Insurance) | 591,200 | 5,159,504 | ||||||||
| CK Asset Holdings, Ltd. (Real Estate Management & Development) | 451,500 | 3,454,249 | ||||||||
| First Pacific Co., Ltd. (Diversified Financial Services) | 4,406,000 | 2,043,284 | ||||||||
| Get Nice Financial Group, Ltd. (Capital Markets) | 516,000 | 65,083 | ||||||||
| Giordano International, Ltd. (Specialty Retail) | 1,752,000 | 993,292 | ||||||||
| Haitong International Securities Group, Ltd. (Capital Markets) | 148,000 | 66,750 | ||||||||
| HKT Trust & HKT, Ltd. (Diversified Telecommunication Services) | 324,000 | 433,428 | ||||||||
| Hopewell Holdings, Ltd. (Industrial Conglomerates) | 146,500 | 519,811 | ||||||||
| Lifestyle International Holdings, Ltd. (Multiline Retail) | 657,000 | 1,305,789 | ||||||||
| Luk Fook Holdings International, Ltd. (Specialty Retail) | 440,000 | 1,564,011 | ||||||||
| Melco International Development, Ltd. (Hotels, Restaurants & Leisure) | 201,000 | 569,782 | ||||||||
| Melco Resorts & Entertainment, Ltd., ADR (Hotels, Restaurants & Leisure) | 116,100 | 3,002,346 | ||||||||
| NWS Holdings, Ltd. (Industrial Conglomerates) | 230,000 | 415,515 | ||||||||
| PC Partner Group, Ltd. (Technology Hardware, Storage & Peripherals) | 182,000 | 151,878 | ||||||||
| PCCW, Ltd. (Diversified Telecommunication Services) | 431,000 | 251,493 | ||||||||
| Sa Sa International Holdings, Ltd. (Specialty Retail) | 1,596,000 | 849,948 | ||||||||
| Sands China, Ltd. (Hotels, Restaurants & Leisure) | 178,400 | 918,246 | ||||||||
| Shun Tak Holdings, Ltd. (Industrial Conglomerates) | 1,446,000 | 585,839 | ||||||||
| Singamas Container Holdings, Ltd. (Machinery) | 2,438,000 | 310,611 | ||||||||
| United Laboratories International Holdings, Ltd. (Pharmaceuticals) (c) | 1,964,000 | 1,871,656 | ||||||||
| Yue Yuen Industrial Holdings, Ltd. (Textiles, Apparel & Luxury Goods) | 564,000 | 1,516,158 | ||||||||
| 26,048,673 | ||||||||||
| Israel 1.5% | ||||||||||
| Harel Insurance Investments & Financial Services, Ltd. (Insurance) | 82,763 | 635,789 | ||||||||
| Israel Chemicals, Ltd. (Chemicals) | 132,334 | 632,444 | ||||||||
| Israel Corp., Ltd. (Chemicals) | 9,922 | 2,229,896 | ||||||||
| Oil Refineries, Ltd. (Oil, Gas & Consumable Fuels) | 2,092,402 | 962,954 | ||||||||
| Paz Oil Co., Ltd. (Oil, Gas & Consumable Fuels) | 2,945 | 420,153 | ||||||||
| Plus500, Ltd. (Diversified Financial Services) | 77,967 | 1,899,348 | ||||||||
| Teva Pharmaceutical Industries, Ltd., Sponsored ADR (Pharmaceuticals) | 188,400 | 4,510,296 | ||||||||
| 11,290,880 | ||||||||||
| Italy 4.3% | ||||||||||
| Anima Holding S.p.A. (Capital Markets) (e) | 101,840 | 547,322 | ||||||||
| ASTM S.p.A. (Transportation Infrastructure) | 78,815 | 2,147,382 | ||||||||
| Banca Farmafactoring S.p.A. (Diversified Financial Services) (e) | 31,127 | 194,549 | ||||||||
| Banca IFIS S.p.A. (Diversified Financial Services) | 53,835 | 1,687,112 | ||||||||
| BPER Banca (Banks) | 784,361 | 4,385,097 | ||||||||
| El.En. S.p.A. (Health Care Equipment & Supplies) | 44,628 | 1,474,769 | ||||||||
| Enel S.p.A. (Electric Utilities) | 630,166 | 3,514,940 | ||||||||
| Falck Renewables S.p.A. (Independent Power & Renewable Electricity Producers) | 544,010 | 1,437,672 | ||||||||
| Fincantieri S.p.A (Machinery) (d) | 906,800 | 1,368,933 | ||||||||
| Intesa Sanpaolo S.p.A. (Banks) | 1,885,011 | 5,805,962 | ||||||||
| Maire Tecnimont S.p.A. (Construction & Engineering) | 691,511 | 3,588,648 | ||||||||
| Mediaset S.p.A. (Media) (d) | 598,616 | 2,032,076 | ||||||||
| Poste Italiane S.p.A. (Insurance) (e) | 314,058 | 2,925,463 | ||||||||
| Prima Industrie S.p.A. (Machinery) | 1,475 | 62,783 | ||||||||
| Societa Cattolica di Assicurazioni S.C. (Insurance) | 18,607 | 171,236 | ||||||||
| 31,343,944 | ||||||||||
| Japan 25.1% | ||||||||||
| AGC, Inc. (Building Products) | 138,200 | 5,771,980 | ||||||||
| Arata Corp. (Distributors) | 20,500 | 1,103,698 | ||||||||
| Arisawa Manufacturing Co., Ltd. (Electronic Equipment, Instruments & Components) | 59,700 | 632,692 | ||||||||
| ¤ | Astellas Pharma, Inc. (Pharmaceuticals) | 411,200 | 6,683,862 | |||||||
| Belluna Co., Ltd. (Internet & Direct Marketing Retail) | 58,000 | 675,366 | ||||||||
| Chubu Electric Power Co., Inc. (Electric Utilities) (b) | 361,400 | 5,560,870 | ||||||||
| Chubu Shiryo Co., Ltd. (Food Products) | 4,700 | 68,179 | ||||||||
| Concordia Financial Group, Ltd. (Banks) | 312,400 | 1,676,340 | ||||||||
| Cosmo Energy Holdings Co., Ltd. (Oil, Gas & Consumable Fuels) | 46,600 | 1,642,034 | ||||||||
| Daiho Corp. (Construction & Engineering) | 104,000 | 620,382 | ||||||||
| Daito Pharmaceutical Co., Ltd. (Pharmaceuticals) | 14,800 | 463,927 | ||||||||
| Daiwa House Industry Co., Ltd. (Real Estate Management & Development) | 170,500 | 6,203,050 | ||||||||
| Daiwa Securities Group, Inc. (Capital Markets) | 156,400 | 910,299 | ||||||||
| Feed One Co., Ltd. (Food Products) | 71,500 | 141,958 | ||||||||
| FUJI SOFT, Inc. (Software) | 32,500 | 1,319,590 | ||||||||
| Fukuoka Financial Group, Inc. (Banks) | 515,000 | 2,814,157 | ||||||||
| Fukuyama Transporting Co., Ltd. (Road & Rail) | 10,900 | 529,330 | ||||||||
| Geo Holdings Corp. (Specialty Retail) | 14,600 | 183,716 | ||||||||
| H-ONE Co., Ltd. (Auto Components) | 18,800 | 215,213 | ||||||||
| Hakuhodo DY Holdings, Inc. (Media) | 148,300 | 2,273,275 | ||||||||
| Hamakyorex Co., Ltd. (Road & Rail) | 17,400 | 601,449 | ||||||||
| Haseko Corp. (Household Durables) | 9,500 | 125,658 | ||||||||
| Heiwa Real Estate REIT, Inc. (Equity Real Estate Investment Trusts) | 394 | 380,205 | ||||||||
| Hoosiers Holdings (Household Durables) | 52,600 | 361,282 | ||||||||
| Horiba, Ltd. (Electronic Equipment, Instruments & Components) | 50,100 | 3,445,593 | ||||||||
| Hosokawa Micron Corp. (Machinery) | 1,800 | 116,389 | ||||||||
| Iida Group Holdings Co., Ltd. (Household Durables) | 78,500 | 1,536,793 | ||||||||
| Internet Initiative Japan, Inc. (Internet Software & Services) | 29,300 | 570,985 | ||||||||
| Ishihara Sangyo Kaisha, Ltd. (Chemicals) (d) | 58,300 | 716,399 | ||||||||
| J Front Retailing Co., Ltd. (Multiline Retail) | 31,200 | 456,218 | ||||||||
| Japan Post Holdings Co., Ltd. (Insurance) | 537,600 | 5,923,384 | ||||||||
| Japan Securities Finance Co., Ltd. (Diversified Financial Services) | 48,900 | 272,456 | ||||||||
| Jeol, Ltd. (Health Care Equipment & Supplies) | 25,000 | 248,401 | ||||||||
| JTEKT Corp. (Machinery) (b) | 128,600 | 1,853,984 | ||||||||
| JVC Kenwood Corp. (Household Durables) | 367,700 | 1,029,290 | ||||||||
| Kanamoto Co., Ltd. (Trading Companies & Distributors) | 9,300 | 289,027 | ||||||||
| Kansai Electric Power Co., Inc. (Electric Utilities) | 238,900 | 3,392,865 | ||||||||
| KDDI Corp. (Wireless Telecommunication Services) | 41,100 | 1,144,250 | ||||||||
| Kobe Steel, Ltd. (Metals & Mining) | 253,200 | 2,484,107 | ||||||||
| Kohnan Shoji Co., Ltd. (Specialty Retail) | 20,600 | 449,160 | ||||||||
| Marubeni Corp. (Trading Companies & Distributors) | 741,400 | 5,641,310 | ||||||||
| Maruha Nichiro Corp. (Food Products) | 53,200 | 1,976,890 | ||||||||
| Maruwa Co., Ltd. (Electronic Equipment, Instruments & Components) | 8,200 | 628,485 | ||||||||
| Meiko Electronics Co., Ltd. (Electronic Equipment, Instruments & Components) (c) | 147,500 | 3,061,731 | ||||||||
| Mirai Corp. (Equity Real Estate Investment Trusts) | 278 | 492,277 | ||||||||
| Mitsubishi Gas Chemical Co., Inc. (Chemicals) | 232,700 | 5,181,979 | ||||||||
| Mitsubishi Research Institute, Inc. (IT Services) | 9,700 | 373,894 | ||||||||
| Mizuho Financial Group, Inc. (Banks) | 1,249,500 | 2,174,598 | ||||||||
| Net One Systems Co., Ltd. (IT Services) | 106,900 | 2,326,054 | ||||||||
| Nexon Co., Ltd. (Software) (d) | 1,900 | 27,273 | ||||||||
| NichiiGakkan Co. (Health Care Providers & Services) | 78,200 | 882,604 | ||||||||
| Nikkiso Co., Ltd. (Health Care Equipment & Supplies) | 1,700 | 17,803 | ||||||||
| Nippon Carbon Co., Ltd. (Electrical Equipment) (c) | 78,800 | 4,524,402 | ||||||||
| Nippon Electric Glass Co., Ltd. (Electronic Equipment, Instruments & Components) | 133,500 | 4,304,141 | ||||||||
| Nippon Sheet Glass Co., Ltd. (Building Products) | 264,600 | 2,761,599 | ||||||||
| Nippon Soda Co., Ltd. (Chemicals) | 39,000 | 228,458 | ||||||||
| Nippon Thompson Co., Ltd. (Machinery) | 241,500 | 1,762,411 | ||||||||
| Nippon Yakin Kogyo Co., Ltd. (Metals & Mining) | 890,300 | 2,985,847 | ||||||||
| Nippon Yusen KK (Marine) | 127,100 | 2,442,766 | ||||||||
| Nittetsu Mining Co., Ltd. (Metals & Mining) | 6,800 | 325,967 | ||||||||
| Nohmi Bosai, Ltd. (Electronic Equipment, Instruments & Components) | 15,600 | 311,540 | ||||||||
| Nojima Corp. (Specialty Retail) | 47,600 | 976,563 | ||||||||
| NTT Data Corp. (IT Services) | 215,700 | 2,455,718 | ||||||||
| NuFlare Technology, Inc. (Semiconductors & Semiconductor Equipment) | 7,600 | 466,270 | ||||||||
| Pressance Corp. (Household Durables) | 67,900 | 1,031,116 | ||||||||
| Rakuten, Inc. (Internet & Direct Marketing Retail) | 445,600 | 3,135,918 | ||||||||
| Rengo Co., Ltd. (Containers & Packaging) | 442,000 | 4,035,970 | ||||||||
| Ricoh Co., Ltd. (Technology Hardware, Storage & Peripherals) | 583,300 | 5,675,718 | ||||||||
| Sanei Architecture Planning Co., Ltd. (Household Durables) (c) | 25,800 | 456,170 | ||||||||
| SBI Holdings, Inc. (Capital Markets) (b) | 213,500 | 5,814,135 | ||||||||
| SBS Holdings, Inc. (Air Freight & Logistics) | 8,400 | 99,990 | ||||||||
| SEED Co. Ltd (Health Care Equipment & Supplies) (c) | 52,300 | 1,004,699 | ||||||||
| Seino Holdings Co., Ltd (Road & Rail) | 136,400 | 2,377,531 | ||||||||
| SHIFT, Inc. (IT Services) (d) | 6,800 | 292,215 | ||||||||
| Shimizu Corp. (Construction & Engineering) (b) | 140,300 | 1,465,549 | ||||||||
| Shindengen Electric Manufacturing Co., Ltd. (Semiconductors & Semiconductor Equipment) | 6,200 | 293,878 | ||||||||
| Shionogi & Co., Ltd. (Pharmaceuticals) | 1,200 | 65,208 | ||||||||
| Shiseido Co., Ltd. (Personal Products) | 18,100 | 1,328,990 | ||||||||
| Showa Corp. (Auto Components) | 199,900 | 3,353,865 | ||||||||
| Sony Corp. (Household Durables) (b) | 57,000 | 2,970,943 | ||||||||
| Sumitomo Chemical Co., Ltd. (Chemicals) | 354,000 | 2,029,370 | ||||||||
| Sumitomo Corp. (Trading Companies & Distributors) | 3,200 | 52,515 | ||||||||
| Sumitomo Heavy Industries, Ltd. (Machinery) | 91,500 | 3,166,883 | ||||||||
| Sushiro Global Holdings, Ltd. (Hotels, Restaurants & Leisure) (d) | 7,000 | 388,767 | ||||||||
| Tachibana Eletech Co., Ltd. (Electronic Equipment, Instruments & Components) | 3,400 | 59,021 | ||||||||
| Tamura Corp. (Electronic Equipment, Instruments & Components) | 231,500 | 1,527,943 | ||||||||
| TIS Inc. (IT Services) | 87,300 | 4,184,841 | ||||||||
| Toho Holdings Co., Ltd. (Health Care Providers & Services) | 31,800 | 781,527 | ||||||||
| Tokio Marine Holdings, Inc. (Insurance) (a) | 75,000 | 3,555,650 | ||||||||
| Tokuyama Corp. (Chemicals) | 82,400 | 2,593,999 | ||||||||
| TOMONY Holdings, Inc. (Banks) | 600 | 2,694 | ||||||||
| Tosoh Corp. (Chemicals) | 342,400 | 5,573,206 | ||||||||
| Towa Bank, Ltd. (Banks) | 28,800 | 307,794 | ||||||||
| Towa Pharmaceutical Co., Ltd. (Pharmaceuticals) | 25,800 | 1,432,885 | ||||||||
| Toyo Tanso Co., Ltd. (Electrical Equipment) | 67,300 | 1,923,029 | ||||||||
| ¤ | Toyota Motor Corp. (Automobiles) | 144,600 | 9,446,881 | |||||||
| Tsukishima Kikai Co., Ltd. (Machinery) | 14,400 | 193,820 | ||||||||
| World Holdings Co., Ltd. (Professional Services) | 14,800 | 471,207 | ||||||||
| Yokogawa Bridge Holdings Corp. (Construction & Engineering) | 1,300 | 23,950 | ||||||||
| Yurtec Corp. (Construction & Engineering) | 8,400 | 69,039 | ||||||||
| 182,405,309 | ||||||||||
| Liechtenstein 0.0% ‡ | ||||||||||
| VP Bank A.G. (Capital Markets) | 674 | 131,512 | ||||||||
| Luxembourg 0.3% | ||||||||||
| ArcelorMittal (Metals & Mining) | 31,284 | 1,006,552 | ||||||||
| RTL Group S.A. (Media) | 19,543 | 1,456,854 | ||||||||
| 2,463,406 | ||||||||||
| Macau 0.7% | ||||||||||
| Wynn Macau, Ltd. (Hotels, Restaurants & Leisure) | 1,651,200 | 4,859,533 | ||||||||
| Malta 0.2% | ||||||||||
| Catena Media PLC (Internet Software & Services) (d) | 115,922 | 1,530,606 | ||||||||
| Netherlands 4.7% | ||||||||||
| ABN AMRO Group N.V. (Banks) (e) | 112,819 | 3,126,620 | ||||||||
| EXOR N.V. (Diversified Financial Services) | 77,812 | 5,120,887 | ||||||||
| Flow Traders (Capital Markets) (e) | 49,294 | 1,464,105 | ||||||||
| Heineken Holding N.V. (Beverages) | 41,114 | 3,973,535 | ||||||||
| Intertrust N.V. (Professional Services) (e) | 32,456 | 565,491 | ||||||||
| ¤ | Koninklijke Ahold Delhaize N.V. (Food & Staples Retailing) | 262,472 | 6,677,080 | |||||||
| ¤ | Koninklijke Philips N.V. (Health Care Equipment & Supplies) | 162,385 | 7,128,279 | |||||||
| Randstad N.V. (Professional Services) | 50,124 | 3,180,314 | ||||||||
| Royal Dutch Shell PLC, Class A (Oil, Gas & Consumable Fuels) | 85,860 | 2,946,987 | ||||||||
| 34,183,298 | ||||||||||
| New Zealand 0.2% | ||||||||||
| Air New Zealand, Ltd. (Airlines) | 259,256 | 573,420 | ||||||||
| SKY Network Television, Ltd. (Media) | 40,611 | 75,014 | ||||||||
| Summerset Group Holdings, Ltd. (Health Care Providers & Services) | 102,771 | 541,477 | ||||||||
| 1,189,911 | ||||||||||
| Norway 3.2% | ||||||||||
| Austevoll Seafood ASA (Food Products) | 293,019 | 4,267,764 | ||||||||
| B2Holding ASA (Consumer Finance) | 384,497 | 823,048 | ||||||||
| DNO ASA (Oil, Gas & Consumable Fuels) (d) | 2,188,129 | 4,634,247 | ||||||||
| Grieg Seafood ASA (Food Products) | 315,391 | 3,744,873 | ||||||||
| Kvaerner ASA (Energy Equipment & Services) (d) | 48,767 | 87,769 | ||||||||
| Leroy Seafood Group ASA (Food Products) | 337,032 | 2,651,085 | ||||||||
| Marine Harvest ASA (Food Products) | 129,666 | 2,835,224 | ||||||||
| Norway Royal Salmon ASA (Food Products) | 18,367 | 466,119 | ||||||||
| TGS NOPEC Geophysical Co. ASA (Energy Equipment & Services) | 103,344 | 3,940,341 | ||||||||
| 23,450,470 | ||||||||||
| Portugal 0.4% | ||||||||||
| Altri SGPS S.A. (Paper & Forest Products) | 209,492 | 2,143,483 | ||||||||
| CTT-Correios de Portugal S.A. (Air Freight & Logistics) | 91,966 | 323,267 | ||||||||
| Mota-Engil SGPS S.A. (Construction & Engineering) (d) | 143,696 | 481,408 | ||||||||
| Semapa-Sociedade de Investimento e Gestao (Paper & Forest Products) | 5,426 | 127,532 | ||||||||
| 3,075,690 | ||||||||||
| Russia 0.3% | ||||||||||
| Evraz PLC (Metals & Mining) | 256,656 | 1,876,387 | ||||||||
| Singapore 1.0% | ||||||||||
| Chip Eng Seng Corp., Ltd. (Construction & Engineering) | 473,900 | 280,229 | ||||||||
| Genting Singapore, Ltd. (Hotels, Restaurants & Leisure) | 5,349,900 | 5,030,207 | ||||||||
| Singapore Airlines, Ltd. (Airlines) | 268,700 | 1,946,143 | ||||||||
| 7,256,579 | ||||||||||
| Spain 3.0% | ||||||||||
| Almirall S.A. (Pharmaceuticals) | 35,424 | 507,018 | ||||||||
| Banco Santander S.A. (Banks) | 61,913 | 348,922 | ||||||||
| CaixaBank S.A. (Banks) | 993,495 | 4,597,018 | ||||||||
| Ence Energia y Celulosa S.A. (Paper & Forest Products) | 461,118 | 4,351,411 | ||||||||
| Iberdrola S.A. (Electric Utilities) | 706,766 | 5,495,938 | ||||||||
| Repsol S.A. (Oil, Gas & Consumable Fuels) (b) | 324,017 | 6,431,645 | ||||||||
| Sacyr S.A. (Construction & Engineering) | 12,497 | 39,895 | ||||||||
| 21,771,847 | ||||||||||
| Sweden 2.9% | ||||||||||
| Atlas Copco A.B., Class A (Machinery) | 33,442 | 957,664 | ||||||||
| Essity AB, Class B (Household Products) | 31,729 | 793,500 | ||||||||
| G5 Entertainment A.B. (Software) | 32,252 | 1,501,654 | ||||||||
| Granges A.B. (Metals & Mining) | 4,185 | 52,402 | ||||||||
| Mycronic A.B. (Electronic Equipment, Instruments & Components) (c) | 75,494 | 769,712 | ||||||||
| Nobina A.B. (Road & Rail) (e) | 95,903 | 665,315 | ||||||||
| Paradox Interactive A.B. (Software) | 28,124 | 616,026 | ||||||||
| Peab A.B. (Construction & Engineering) | 102,579 | 826,540 | ||||||||
| Scandic Hotels Group A.B. (Hotels, Restaurants & Leisure) (e) | 31,612 | 330,395 | ||||||||
| Securitas A.B., Class B (Commercial Services & Supplies) | 13,120 | 236,200 | ||||||||
| SKF A.B., Class B (Machinery) | 288,157 | 5,925,063 | ||||||||
| SSAB A.B., Class A (Metals & Mining) | 571,224 | 2,816,183 | ||||||||
| Swedish Orphan Biovitrum A.B. (Biotechnology) (d) | 188,462 | 5,096,841 | ||||||||
| Tethys Oil A.B. (Oil, Gas & Consumable Fuels) | 23,087 | 286,456 | ||||||||
| 20,873,951 | ||||||||||
| Switzerland 8.1% | ||||||||||
| Adecco Group A.G., Registered (Professional Services) | 57,300 | 3,528,914 | ||||||||
| Ferrexpo PLC (Metals & Mining) | 1,388,704 | 3,556,171 | ||||||||
| Glencore PLC (Metals & Mining) (d) | 84,860 | 372,576 | ||||||||
| Leonteq A.G. (Capital Markets) (c) | 27,718 | 1,541,055 | ||||||||
| ¤ | Nestle S.A., Registered (Food Products) (b) | 103,614 | 8,444,831 | |||||||
| ¤ | Novartis A.G., Registered (Pharmaceuticals) | 114,464 | 9,622,768 | |||||||
| ¤ | Roche Holding A.G. (Pharmaceuticals) (a) | 56,707 | 13,919,746 | |||||||
| Schweizerische Nationalbank, Registered (Diversified Financial Services) | 80 | 502,550 | ||||||||
| STMicroelectronics N.V. (Semiconductors & Semiconductor Equipment) | 252,946 | 5,503,031 | ||||||||
| Swatch Group A.G. (Textiles, Apparel & Luxury Goods) | 4,697 | 2,110,484 | ||||||||
| Swissquote Group Holding S.A., Registered (Capital Markets) | 27,120 | 1,780,336 | ||||||||
| Vifor Pharma A.G. (Pharmaceuticals) | 2,643 | 501,026 | ||||||||
| ¤ | Zurich Insurance Group A.G. (Insurance) | 23,480 | 7,225,528 | |||||||
| 58,609,016 | ||||||||||
| United Kingdom 12.8% | ||||||||||
| Anglo American PLC (Metals & Mining) | 275,637 | 6,269,049 | ||||||||
| AstraZeneca PLC (Pharmaceuticals) | 4,184 | 322,089 | ||||||||
| Barratt Developments PLC (Household Durables) | 688,158 | 4,823,309 | ||||||||
| Bovis Homes Group PLC (Household Durables) | 102,197 | 1,547,289 | ||||||||
| BP PLC (Oil, Gas & Consumable Fuels) | 548,325 | 4,126,062 | ||||||||
| British American Tobacco PLC (Tobacco) (b) | 26,328 | 1,451,731 | ||||||||
| Computacenter PLC (IT Services) | 142,445 | 2,927,889 | ||||||||
| Convatec Group PLC (Health Care Equipment & Supplies) (e) | 31,680 | 91,064 | ||||||||
| Diageo PLC (Beverages) | 6,280 | 230,964 | ||||||||
| EnQuest PLC (Oil, Gas & Consumable Fuels) (d) | 1,229,512 | 582,580 | ||||||||
| Games Workshop Group PLC (Leisure Products) | 6,423 | 252,494 | ||||||||
| Genel Energy PLC (Oil, Gas & Consumable Fuels) (c) | 519,938 | 1,846,012 | ||||||||
| GlaxoSmithKline PLC (Pharmaceuticals) (a) | 169,883 | 3,526,649 | ||||||||
| Go-Ahead Group PLC (Road & Rail) | 18,298 | 370,343 | ||||||||
| Gulf Keystone Petroleum, Ltd. (Oil, Gas & Consumable Fuels) (d) | 515,281 | 1,738,173 | ||||||||
| HSBC Holdings PLC (Banks) | 536,737 | 5,146,328 | ||||||||
| Imperial Brands PLC (Tobacco) | 89,645 | 3,438,128 | ||||||||
| International Consolidated Airlines Group S.A. (Airlines) | 677,259 | 6,295,052 | ||||||||
| J.D. Wetherspoon PLC (Hotels, Restaurants & Leisure) | 33,438 | 535,007 | ||||||||
| Legal & General Group PLC (Insurance) | 1,323,452 | 4,563,352 | ||||||||
| Lloyds Banking Group PLC (Banks) | 8,066,352 | 6,604,474 | ||||||||
| Morgan Sindall Group PLC (Construction & Engineering) | 152 | 2,813 | ||||||||
| Next PLC (Multiline Retail) | 69,293 | 5,398,821 | ||||||||
| OneSavings Bank PLC (Thrifts & Mortgage Finance) | 364,261 | 2,079,781 | ||||||||
| Paragon Banking Group PLC (Thrifts & Mortgage Finance) | 83,021 | 542,667 | ||||||||
| Persimmon PLC (Household Durables) | 157,808 | 5,140,987 | ||||||||
| Pets at Home Group PLC (Specialty Retail) (b) | 668,555 | 1,018,791 | ||||||||
| Redrow PLC (Household Durables) | 92,003 | 648,473 | ||||||||
| Rio Tinto, Ltd. (Metals & Mining) | 89,353 | 5,390,445 | ||||||||
| Royal Mail PLC (Air Freight & Logistics) | 96,224 | 592,215 | ||||||||
| Softcat PLC (IT Services) (b) | 116,103 | 1,231,319 | ||||||||
| Tesco PLC (Food & Staples Retailing) | 1,946,068 | 6,648,871 | ||||||||
| Unilever N.V., CVA (Personal Products) | 1,229 | 70,764 | ||||||||
| Unilever PLC (Personal Products) | 35,345 | 2,020,374 | ||||||||
| Vedanta Resources PLC (Metals & Mining) | 1,975 | 21,257 | ||||||||
| WPP PLC (Media) | 386,414 | 6,045,675 | ||||||||
| 93,541,291 | ||||||||||
| United States 1.4% | ||||||||||
| Carnival PLC (Hotels, Restaurants & Leisure) (a) | 6,177 | 358,762 | ||||||||
| ¤ | Shire PLC (Biotechnology) | 132,654 | 7,575,741 | |||||||
| Sims Metal Management, Ltd. (Metals & Mining) | 159,042 | 2,026,448 | ||||||||
| 9,960,951 | ||||||||||
| Total Common Stocks (Cost $719,609,244) | 733,511,019 | |||||||||
| Preferred Stocks 0.2% | ||||||||||
| Germany 0.2% | ||||||||||
| Schaeffler A.G. 3.80% (Auto Components) | 105,979 | 1,452,419 | ||||||||
| Total Preferred Stocks (Cost $1,604,239) | 1,452,419 | |||||||||
| Short-Term Investment 0.1% | ||||||||||
| Affiliated Investment Company 0.1% | ||||||||||
| MainStay U.S. Government Liquidity Fund, 1.75% (f) | 502,419 | 502,419 | ||||||||
| Total Short-Term Investment (Cost $502,419) | 502,419 | |||||||||
| Total Investments, Before Investments Sold Short (Cost $721,715,902) | 101.1 | % | 735,465,857 | |||||||
| Investments Sold Short (2.4%) | ||||||||||
| Common Stocks Sold Short (0.0%)‡ | Shares | |||||||||
| Australia (0.0%) ‡ | ||||||||||
| Jacana Minerals, Ltd. (Metals & Mining) (d)(g)(h)(i) | (26,409 | ) | (2 | ) | ||||||
| Virgin Australia International Holdings Pty, Ltd. (Airlines) (d)(g)(h)(i) | (444,108 | ) | (33 | ) | ||||||
| (35 | ) | |||||||||
| China (0.0%) ‡ | ||||||||||
| Boshiwa International Holding, Ltd. (Specialty Retail) (d)(g)(h)(i) | (86,000 | ) | (2,739 | ) | ||||||
| Hong Kong (0.0%) ‡ | ||||||||||
| Anxin-China Holdings, Ltd. (Electronic Equipment, Instruments & Components) (d)(g)(h)(i) | (1,608,000 | ) | (20,487 | ) | ||||||
| Total Common Stocks Sold Short (Proceeds $315,432) | (23,261 | ) | ||||||||
| Exchange-Traded Funds Sold Short (2.4%) | ||||||||||
| United States (2.4%) | ||||||||||
| iShares MSCI EAFE ETF (Capital Markets) | (253,032 | ) | (17,428,844 | ) | ||||||
| Total Exchange-Traded Funds Sold Short (Proceeds $17,316,276) | (17,428,844 | ) | ||||||||
| Number of Rights | ||||||||||
| Rights Sold Short (0.0%)‡ | ||||||||||
| Austria (0.0%) ‡ | ||||||||||
| Intercell A.G. (Biotechnology) (d)(g)(h)(i) | (19,159 | ) | (2 | ) | ||||||
| Total Rights Sold Short (Proceeds $0) | (2 | ) | ||||||||
Number of Warrants | ||||||||||
| Warrants Sold Short (0.0%)‡ | ||||||||||
| Singapore (0.0%) ‡ | ||||||||||
| Ezion Holdings, Ltd. (Energy Equipment & Services) (d)(g)(h)(i) | (2,005,620 | ) | (2,357 | ) | ||||||
| Total Warrants Sold Short (Proceeds $0) | (2,357 | ) | ||||||||
| Total Investments Sold Short (Proceeds $17,631,708) | (17,454,464 | ) | ||||||||
| Total Investments, Net of Investments Sold Short (Cost $704,084,194) | 98.7 | % | 718,011,393 | |||||||
| Other Assets, Less Liabilities | 1.3 | 9,782,757 | ||||||||
| Net Assets | 100.0 | % | $ | 727,794,150 | ||||||
| † | Percentages indicated are based on Fund net assets. |
| ¤ | Among the Fund's 10 largest holdings, as of July 31, 2018, excluding short-term investment. May be subject to change daily. |
| ‡ | Less than one-tenth of a percent. |
| (a) | Represents a security, or a portion thereof, which is maintained in a segregated account at the Fund's custodian as collateral for securities sold short. |
| (b) | Security, or a portion thereof, was maintained in a segregated account at the Fund's custodian as collateral for securities Sold Short. |
| (c) | All or a portion of this security was held on loan. As of July 31, 2018, the market value of securities loaned was $15,419,457 and the Fund received non-cash collateral in the amount of $16,423,467. |
| (d) | Non-income producing security. |
| (e) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (f) | Rate reported is the current yield as of July 31, 2018. |
| (g) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (h) | Illiquid security - As of July 31, 2018, the total market value of these securities deemed illiquid under procedures approved by the Board of Trustees was $(25,620), which represented less than one-tenth of a percent of the Fund's net assets. |
| (i) | Fair valued security - Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of July 31, 2018, the total market value of fair valued securities was $(25,620), which represented less than one-tenth of a percent of the Fund's net assets. |
Swap Contracts
Open OTC total return equity swap contracts as of July 31, 2018 were as follows:
| Swap
Counterparty | Reference Obligation | Floating Rate 1 | Termination
Date(s) | Payment
Frequency Paid/Received | Notional
Amount Long/ (Short) (000)* | Unrealized
Appreciation | ||||||||||
| Australia | ||||||||||||||||
| Citigroup | Altura Mining, Ltd. | 1 month LIBOR BBA minus 6.96% | 11/26/2018 | Monthly | $ | (1,343 | ) | $ | 320,820 | |||||||
| Citigroup | Ardent Leisure Group | 1 month LIBOR BBA minus 1.00% | 11/26/2018 | Monthly | (2,896 | ) | 12,677 | |||||||||
| Citigroup | Bellamy's Australia, Ltd. | 1 month LIBOR BBA minus 3.00% | 11/26/2018 | Monthly | (365 | ) | 32,477 | |||||||||
| Citigroup | Bendigo & Adelaide Bank, Ltd. | 1 month LIBOR BBA plus 0.50% | 11/26/2018 | Monthly | 8,162 | 265,079 | ||||||||||
| Citigroup | Clean TeQ Holdings, Ltd. | 1 month LIBOR BBA minus 12.80% | 11/26/2018 | Monthly | (2,455 | ) | 1,081,835 | |||||||||
| Citigroup | CSL, Ltd. | 1 month LIBOR BBA plus 0.50% | 11/26/2018 | Monthly | 7,142 | 154,211 | ||||||||||
| Citigroup | Emeco Holdings, Ltd. | 1 month LIBOR BBA minus 0.902% | 11/26/2018 | Monthly | (394 | ) | 7,284 | |||||||||
| Citigroup | Galaxy Resources, Ltd. | 1 month LIBOR BBA minus 12.00% | 11/26/2018 | Monthly | (3,396 | ) | 360,151 | |||||||||
| Citigroup | Global Geoscience, Ltd. | 1 month LIBOR BBA minus 6.77% | 11/26/2018 | Monthly | (428 | ) | 152,994 | |||||||||
| Citigroup | Kidman Resources, Ltd. | 1 month LIBOR BBA minus 6.00% | 11/26/2018 | Monthly | (774 | ) | 144,823 | |||||||||
| Citigroup | Lynas Corp., Ltd. | 1 month LIBOR BBA minus 3.00% | 11/26/2018 | Monthly | (2,963 | ) | 17,768 | |||||||||
| Citigroup | Metals X, Ltd. | 1 month LIBOR BBA minus 1.92% | 11/26/2018 | Monthly | (836 | ) | 152,415 | |||||||||
| Citigroup | Nufarm, Ltd. | 1 month LIBOR BBA minus 0.50% | 11/26/2018 | Monthly | (1,158 | ) | 170,445 | |||||||||
| Citigroup | Vocus Group, Ltd. | 1 month LIBOR BBA minus 0.75% | 11/26/2018 | Monthly | (2,300 | ) | 217,822 | |||||||||
| Citigroup | Wesfarmers, Ltd. | 1 month LIBOR BBA plus 0.50% | 11/26/2018 | Monthly | 7,416 | 257,225 | ||||||||||
| Citigroup | Whitehaven Coal, Ltd. | 1 month LIBOR BBA plus 0.50% | 11/26/2018 | Monthly | 2,483 | 184,510 | ||||||||||
| Austria | ||||||||||||||||
| Citigroup | Zumtobel Group A.G. | 1 month LIBOR BBA minus 1.01% | 11/21/2018 | Monthly | (747 | ) | 232,447 | |||||||||
| Belgium | ||||||||||||||||
| Citigroup | Euronav N.V. | 1 month LIBOR BBA minus 0.50% | 11/21/2018 | Monthly | (1,211 | ) | 5,896 | |||||||||
| Citigroup | Ion Beam Applications | 1 month LIBOR BBA minus 6.50% | 11/21/2018 | Monthly | (3,853 | ) | 102,417 | |||||||||
| Citigroup | Kinepolis Group N.V. | 1 month LIBOR BBA minus 1.66% | 11/21/2018 | Monthly | (463 | ) | 38,917 | |||||||||
| Citigroup | Nyrstar N.V. | 1 month LIBOR BBA minus 8.76% | 11/21/2018 | Monthly | (919 | ) | 257,060 | |||||||||
| Denmark | ||||||||||||||||
| Citigroup | Bang & Olufsen A/S | 1 month LIBOR BBA minus 0.40% | 11/21/2018 | Monthly | (327 | ) | 18,368 | |||||||||
| Citigroup | Zealand Pharma A/S | 1 month LIBOR BBA minus 10.73% | 11/21/2018 | Monthly | (141 | ) | 4,863 | |||||||||
| France | ||||||||||||||||
| Citigroup | Claranova SADIR | 1 month LIBOR BBA minus 9.00% | 11/21/2018 | Monthly | (134 | ) | 2 | |||||||||
| Citigroup | DBV Technologies S.A. | 1 month LIBOR BBA minus 2.24% | 11/21/2018 | Monthly | (3,129 | ) | 723,067 | |||||||||
| Citigroup | Europcar Groupe S.A. | 1 month LIBOR BBA minus 0.52% | 11/21/2018 | Monthly | (1,935 | ) | 103,394 | |||||||||
| Citigroup | Innate Pharma S.A. | 1 month LIBOR BBA minus 15.00% | 11/21/2018 | Monthly | (139 | ) | 27,319 | |||||||||
| Citigroup | Nanobiotix | 1 month LIBOR BBA minus 26.73% | 11/21/2018 | Monthly | (327 | ) | 22,898 | |||||||||
| Citigroup | Peugeot S.A. | 1 month LIBOR BBA plus 0.40% | 11/21/2018 | Monthly | 7,020 | 1,348,235 | ||||||||||
| Citigroup | S.O.I.T.E.C. | 1 month LIBOR BBA minus 0.63% | 11/21/2018 | Monthly | (1,710 | ) | 21,622 | |||||||||
| Citigroup | SRP Groupe S.A. | 1 month LIBOR BBA minus 10.66% | 11/21/2018 | Monthly | (547 | ) | 194,534 | |||||||||
| Citigroup | Tarkett S.A. | 1 month LIBOR BBA minus 0.50% | 11/21/2018 | Monthly | (2,984 | ) | 298,562 | |||||||||
| Citigroup | Technicolor S.A., Registered | 1 month LIBOR BBA minus 2.32% | 11/21/2018 | Monthly | (5,033 | ) | 1,653,936 | |||||||||
| Citigroup | TOTAL S.A. | 1 month LIBOR BBA plus 0.40% | 11/21/2018 | Monthly | 8,333 | 464,913 | ||||||||||
| Citigroup | Virbac S.A. | 1 month LIBOR BBA minus 0.70% | 11/21/2018 | Monthly | (316 | ) | 12,825 | |||||||||
| Germany | ||||||||||||||||
| Citigroup | Allianz S.E., Registered | 1 month LIBOR BBA plus 0.40% | 11/21/2018 | Monthly | 10,046 | 267,918 | ||||||||||
| Citigroup | Dialog Semiconductor PLC | 1 month LIBOR BBA minus 0.40% | 11/21/2018 | Monthly | (2,952 | ) | 53,076 | |||||||||
| Citigroup | GRENKE A.G. | 1 month LIBOR BBA minus 1.20% | 11/21/2018 | Monthly | (2,862 | ) | 106,722 | |||||||||
| Citigroup | SLM Solutions Group A.G. | 1 month LIBOR BBA minus 11.43% | 11/21/2018 | Monthly | (1,242 | ) | 294,898 | |||||||||
| Citigroup | Tele Columbus A.G. | 1 month LIBOR BBA minus 3.20% | 11/21/2018 | Monthly | (349 | ) | 35,848 | |||||||||
| Hong Kong | ||||||||||||||||
| Citigroup | Esprit Holdings, Ltd. | 1 month LIBOR BBA minus 0.80% | 11/30/2018 | Monthly | (3,530 | ) | 974,905 | |||||||||
| Citigroup | OP Financial, Ltd. | 1 month LIBOR BBA minus 13.58% | 11/30/2018 | Monthly | (260 | ) | 16,473 | |||||||||
| Citigroup | We Solutions, Ltd. | 1 month LIBOR BBA minus 14.50% | 11/30/2018 | Monthly | (113 | ) | 22,214 | |||||||||
| Italy | ||||||||||||||||
| Citigroup | Ansaldo STS SpA | 1 month LIBOR BBA minus 0.49% | 11/21/2018 | Monthly | (1,096 | ) | 23,694 | |||||||||
| Citigroup | Credito Valtellinese SpA | 1 month LIBOR BBA minus 7.77% | 11/21/2018 | Monthly | (3,072 | ) | 9,302 | |||||||||
| Citigroup | Datalogic SpA | 1 month LIBOR BBA minus 0.40% | 11/21/2018 | Monthly | (739 | ) | 7,890 | |||||||||
| Citigroup | De' Longhi SpA | 1 month LIBOR BBA minus 0.41% | 11/21/2018 | Monthly | (1,816 | ) | 11,625 | |||||||||
| Citigroup | FinecoBank Banca Fineco SpA | 1 month LIBOR BBA minus 0.40% | 11/21/2018 | Monthly | (1,138 | ) | 14,181 | |||||||||
| Citigroup | Safilo Group S.p.A. | 1 month LIBOR BBA minus 1.75% | 11/21/2018 | Monthly | (506 | ) | 61,864 | |||||||||
| Japan | ||||||||||||||||
| Citigroup | Adastria Co., Ltd. | 1 month LIBOR BBA minus 2.26% | 11/26/2018 | Monthly | (2,160 | ) | 88,825 | |||||||||
| Citigroup | BROCCOLI Co., Ltd. | 1 month LIBOR BBA minus 10.00% | 11/26/2018 | Monthly | (282 | ) | 4,459 | |||||||||
| Citigroup | Clarion Co., Ltd. | 1 month LIBOR BBA minus 0.72% | 11/26/2018 | Monthly | (445 | ) | 18,174 | |||||||||
| Citigroup | COOKPAD, Inc. | 1 month LIBOR BBA minus 6.00% | 11/26/2018 | Monthly | (1,302 | ) | 158,995 | |||||||||
| Citigroup | CTS Co., Ltd. | 1 month LIBOR BBA minus 5.23% | 11/26/2018 | Monthly | (450 | ) | 8,578 | |||||||||
| Citigroup | Dexerials Corp. | 1 month LIBOR BBA minus 0.75% | 11/26/2018 | Monthly | (620 | ) | 1,058 | |||||||||
| Citigroup | FP Corp. | 1 month LIBOR BBA minus 0.50% | 11/26/2018 | Monthly | (1,592 | ) | 52,679 | |||||||||
| Citigroup | FreakOut Holdings, Inc. | 1 month LIBOR BBA minus 12.38% | 11/26/2018 | Monthly | (868 | ) | 365,148 | |||||||||
| Citigroup | Fujitsu General, Ltd. | 1 month LIBOR BBA minus 0.50% | 11/26/2018 | Monthly | (1,389 | ) | 88,115 | |||||||||
| Citigroup | Funai Soken Holdings, Inc. | 1 month LIBOR BBA minus 0.54% | 11/26/2018 | Monthly | (1,397 | ) | 82,733 | |||||||||
| Citigroup | House Do Co., Ltd. | 1 month LIBOR BBA minus 6.75% | 11/26/2018 | Monthly | (530 | ) | 59,873 | |||||||||
| Citigroup | LIFULL Co., Ltd. | 1 month LIBOR BBA minus 0.75% | 11/26/2018 | Monthly | (814 | ) | 31,667 | |||||||||
| Citigroup | Matsuya Co., Ltd. | 1 month LIBOR BBA minus 0.65% | 11/26/2018 | Monthly | (1,645 | ) | 148,883 | |||||||||
| Citigroup | Medical Data Vision Co., Ltd. | 1 month LIBOR BBA minus 10.69% | 11/26/2018 | Monthly | (1,481 | ) | 42,404 | |||||||||
| Citigroup | Mitsubishi Pencil Co., Ltd. | 1 month LIBOR BBA minus 0.50% | 11/26/2018 | Monthly | (170 | ) | 5,872 | |||||||||
| Citigroup | Mitsui & Co., Ltd. | 1 month LIBOR BBA plus 0.50% | 11/26/2018 | Monthly | 7,688 | 489,475 | ||||||||||
| Citigroup | Miyakoshi Holdings, Inc. | 1 month LIBOR BBA minus 5.75% | 11/26/2018 | Monthly | (164 | ) | 16,433 | |||||||||
| Citigroup | Orient Corp. | 1 month LIBOR BBA minus 1.43% | 11/26/2018 | Monthly | (1,445 | ) | 21,721 | |||||||||
| Citigroup | OSAKA Titanium Technologies Co., Ltd. | 1 month LIBOR BBA minus 4.00% | 11/26/2018 | Monthly | (1,387 | ) | 31,135 | |||||||||
| Citigroup | Pacific Metals Co., Ltd. | 1 month LIBOR BBA minus 1.25% | 11/26/2018 | Monthly | (2,310 | ) | 247,163 | |||||||||
| Citigroup | Sanden Holdings Corp. | 1 month LIBOR BBA minus 0.50% | 11/26/2018 | Monthly | (112 | ) | 5,770 | |||||||||
| Citigroup | SEC Carbon, Ltd. | 1 month LIBOR BBA minus 9.50% | 11/26/2018 | Monthly | (171 | ) | 6,452 | |||||||||
| Citigroup | Septeni Holdings Co., Ltd. | 1 month LIBOR BBA minus 1.75% | 11/26/2018 | Monthly | (175 | ) | 73,496 | |||||||||
| Citigroup | Seven & i Holdings Co., Ltd. | 1 month LIBOR BBA plus 0.50% | 11/26/2018 | Monthly | 7,164 | 9,767 | ||||||||||
| Citigroup | Sony Corp. | 1 month LIBOR BBA plus 0.50% | 11/26/2018 | Monthly | 8,742 | 250,391 | ||||||||||
| Citigroup | Tokyo Base Co., Ltd. | 1 month LIBOR BBA minus 15.50% | 11/26/2018 | Monthly | (232 | ) | 15,094 | |||||||||
| Citigroup | WATAMI Co., Ltd. | 1 month LIBOR BBA minus 1.00% | 11/26/2018 | Monthly | (55 | ) | 2,340 | |||||||||
| Citigroup | Yasunaga Corp. | 1 month LIBOR BBA minus 11.50% | 11/26/2018 | Monthly | (685 | ) | 140,690 | |||||||||
| Citigroup | Yushin Precision Equipment Co., Ltd. | 1 month LIBOR BBA minus 3.25% | 11/26/2018 | Monthly | (142 | ) | 25,024 | |||||||||
| Kazakhstan | ||||||||||||||||
| Citigroup | Nostrum Oil & Gas PLC | 1 month LIBOR BBA minus 1.61% | 11/21/2018 | Monthly | (467 | ) | 163,337 | |||||||||
| Netherlands | ||||||||||||||||
| Citigroup | Accell Group | 1 month LIBOR BBA minus 0.50% | 11/21/2018 | Monthly | (149 | ) | 4,281 | |||||||||
| Citigroup | NN Group N.V. | 1 month LIBOR BBA plus 0.40% | 11/21/2018 | Monthly | 6,598 | 230,520 | ||||||||||
| Norway | ||||||||||||||||
| Citigroup | Nordic Nanovector ASA | 1 month LIBOR BBA minus 5.76% | 11/21/2018 | Monthly | (2,002 | ) | 401,918 | |||||||||
| Citigroup | Otello Corp ASA | 1 month LIBOR BBA minus 1.00% | 11/21/2018 | Monthly | (635 | ) | 109,127 | |||||||||
| Citigroup | Salmar ASA | 1 month LIBOR BBA plus 0.40% | 11/21/2018 | Monthly | 5,525 | 1,472,411 | ||||||||||
| Citigroup | Sbanken ASA | 1 month LIBOR BBA minus 0.413% | 11/21/2018 | Monthly | (397 | ) | 6,960 | |||||||||
| Citigroup | Schibsted ASA | 1 month LIBOR BBA minus 0.40% | 11/21/2018 | Monthly | (1,461 | ) | 6,578 | |||||||||
| Citigroup | XXL ASA | 1 month LIBOR BBA minus 0.53% | 11/21/2018 | Monthly | (1,220 | ) | 311,635 | |||||||||
| Portugal | ||||||||||||||||
| Citigroup | Pharol SGPS S.A. | 1 month LIBOR BBA minus 7.83% | 11/21/2018 | Monthly | (385 | ) | 127,000 | |||||||||
| Singapore | ||||||||||||||||
| Citigroup | COSCO Shipping International Singapore Co., Ltd. | 1 month LIBOR BBA minus 10.49% | 11/30/2018 | Monthly | (1,622 | ) | 239,717 | |||||||||
| Citigroup | Sembcorp Marine, Ltd. | 1 month LIBOR BBA minus 9.16% | 11/30/2018 | Monthly | (598 | ) | 31,489 | |||||||||
| Spain | ||||||||||||||||
| Citigroup | ACS Actividades de Construccion y Servicios S.A. | 1 month LIBOR BBA plus 0.40% | 11/21/2018 | Monthly | 6,702 | 767,838 | ||||||||||
| Citigroup | Neinor Homes S.A. | 1 month LIBOR BBA minus 0.56% | 11/21/2018 | Monthly | (2,008 | ) | 54,108 | |||||||||
| Citigroup | Pharma Mar S.A. | 1 month LIBOR BBA minus 2.25% | 11/21/2018 | Monthly | (898 | ) | 114,204 | |||||||||
| Citigroup | Promotora de Informaciones S.A., Class A | 1 month LIBOR BBA minus 6.50% | 11/21/2018 | Monthly | (168 | ) | 9,441 | |||||||||
| Citigroup | Solaria Energia y Medio Ambiente S.A. | 1 month LIBOR BBA minus 8.00% | 11/21/2018 | Monthly | (33 | ) | 3,030 | |||||||||
| Citigroup | Tubacex S.A. | 1 month LIBOR BBA minus 2.64% | 11/21/2018 | Monthly | (873 | ) | 49,747 | |||||||||
| Sweden | ||||||||||||||||
| Citigroup | AXACTOR AB | 1 month LIBOR BBA minus 5.84% | 11/21/2018 | Monthly | (821 | ) | 67,365 | |||||||||
| Citigroup | LeoVegas AB | 1 month LIBOR BBA minus 0.40% | 11/21/2018 | Monthly | (204 | ) | 2,976 | |||||||||
| Citigroup | RaySearch Laboratories AB | 1 month LIBOR BBA minus 2.48% | 11/21/2018 | Monthly | (2,085 | ) | 444,071 | |||||||||
| Citigroup | Tobii AB | 1 month LIBOR BBA minus 14.00% | 11/21/2018 | Monthly | (53 | ) | 617 | |||||||||
| Citigroup | Vitrolife AB | 1 month LIBOR BBA minus 0.40% | 11/21/2018 | Monthly | (484 | ) | 49,865 | |||||||||
| Switzerland | ||||||||||||||||
| Citigroup | Basilea Pharmaceutica A.G., Registered | 1 month LIBOR BBA minus 1.508% | 11/21/2018 | Monthly | (1,452 | ) | 63,219 | |||||||||
| Citigroup | COSMO Pharmaceuticals N.V. | 1 month LIBOR BBA minus 7.00% | 11/21/2018 | Monthly | (3,892 | ) | 142,228 | |||||||||
| Citigroup | Kudelski S.A. | 1 month LIBOR BBA minus 12.50% | 11/21/2018 | Monthly | (64 | ) | 2,280 | |||||||||
| Citigroup | Meyer Burger Technology A.G. | 1 month LIBOR BBA minus 2.92% | 11/21/2018 | Monthly | (3,012 | ) | 1,001,546 | |||||||||
| United Kingdom | ||||||||||||||||
| Citigroup | Acacia Mining PLC | 1 month LIBOR BBA minus 0.76% | 11/21/2018 | Monthly | (1,228 | ) | 188,408 | |||||||||
| Citigroup | Capita PLC | 1 month LIBOR BBA minus 0.50% | 11/21/2018 | Monthly | (1,881 | ) | 160,832 | |||||||||
| Citigroup | Dunelm Group PLC | 1 month LIBOR BBA minus 0.35% | 11/21/2018 | Monthly | (831 | ) | 7,906 | |||||||||
| Citigroup | GlaxoSmithKline PLC | 1 month LIBOR BBA plus 0.35% | 11/21/2018 | Monthly | 10,620 | 486,810 | ||||||||||
| Citigroup | J. Sainsbury PLC | 1 month LIBOR BBA plus 0.35% | 11/21/2018 | Monthly | 6,047 | 1,344,068 | ||||||||||
| Citigroup | Lancashire Holdings, Ltd. | 1 month LIBOR BBA minus 0.35% | 11/21/2018 | Monthly | (3,481 | ) | 380,254 | |||||||||
| Citigroup | Metro Bank PLC | 1 month LIBOR BBA minus 3.23% | 11/21/2018 | Monthly | (4,180 | ) | 356,456 | |||||||||
| Citigroup | Mitie Group PLC | 1 month LIBOR BBA minus 0.46% | 11/21/2018 | Monthly | (618 | ) | 29,069 | |||||||||
| Citigroup | NCC Group PLC | 1 month LIBOR BBA minus 1.25% | 11/21/2018 | Monthly | (2,989 | ) | 74,818 | |||||||||
| Citigroup | On the Beach Group PLC | 1 month LIBOR BBA minus 0.71% | 11/21/2018 | Monthly | (2,310 | ) | 350,022 | |||||||||
| Citigroup | Petra Diamonds, Ltd. | 1 month LIBOR BBA minus 1.19% | 11/21/2018 | Monthly | (3,600 | ) | 1,157,723 | |||||||||
| Citigroup | Rio Tinto PLC, Registered | 1 month LIBOR BBA plus 0.35% | 11/21/2018 | Monthly | 8,491 | 1,250,368 | ||||||||||
| Citigroup | Royal Dutch Shell PLC, Class B | 1 month LIBOR BBA plus 0.35% | 11/21/2018 | Monthly | 11,575 | 824,331 | ||||||||||
| Citigroup | Serco Group PLC | 1 month LIBOR BBA minus 0.48% | 11/21/2018 | Monthly | (3,886 | ) | 184,281 | |||||||||
| Citigroup | Stobart Group, Ltd. | 1 month LIBOR BBA minus 0.35% | 11/21/2018 | Monthly | (1,015 | ) | 55,047 | |||||||||
| Citigroup | Superdry PLC | 1 month LIBOR BBA minus 0.35% | 11/21/2018 | Monthly | (2,365 | ) | 34,868 | |||||||||
| Citigroup | Ted Baker PLC | 1 month LIBOR BBA minus 0.35% | 11/21/2018 | Monthly | (2,821 | ) | 190,947 | |||||||||
| Citigroup | Telecom Plus PLC | 1 month LIBOR BBA minus 0.36% | 11/21/2018 | Monthly | (1,861 | ) | 167,603 | |||||||||
| Citigroup | Vectura Group PLC | 1 month LIBOR BBA minus 0.44% | 11/21/2018 | Monthly | (4,053 | ) | 378,510 | |||||||||
| $ | (17.269 | ) | $ | 26,956,664 | ||||||||||||
| Swap Counterparty | Reference Obligation | Floating Rate 1 | Termination Date(s) | Payment Frequency Paid/Received | Notional Amount Long/ (Short) (000)* | Unrealized
Depreciation | ||||||||||
| Australia | ||||||||||||||||
| Citigroup | Australian Agricultural Co., Ltd. | 1 month LIBOR BBA minus 1.50% | 11/26/2018 | Monthly | $ | (590 | ) | $ | (32,885 | ) | ||||||
| Citigroup | Corporate Travel Management, Ltd. | 1 month LIBOR BBA minus 0.50% | 11/26/2018 | Monthly | (368 | ) | (20,350 | ) | ||||||||
| Citigroup | GUD Holdings, Ltd. | 1 month LIBOR BBA minus 0.50% | 11/26/2018 | Monthly | (104 | ) | (10,555 | ) | ||||||||
| Citigroup | HT&E, Ltd. | 1 month LIBOR BBA minus 0.81% | 11/26/2018 | Monthly | (1,944 | ) | (401,493 | ) | ||||||||
| Citigroup | InvoCare, Ltd. | 1 month LIBOR BBA minus 0.82% | 11/26/2018 | Monthly | (1,860 | ) | (185,268 | ) | ||||||||
| Citigroup | Liquefied Natural Gas, Ltd. | 1 month LIBOR BBA minus 10.00% | 11/26/2018 | Monthly | (169 | ) | (13,887 | ) | ||||||||
| Citigroup | Mineral Resources, Ltd. | 1 month LIBOR BBA plus 0.50% | 11/26/2018 | Monthly | 2,445 | (43,767 | ) | |||||||||
| Citigroup | Nanosonics, Ltd. | 1 month LIBOR BBA minus 0.51% | 11/26/2018 | Monthly | (3,628 | ) | (292,104 | ) | ||||||||
| Citigroup | Pilbara Minerals, Ltd. | 1 month LIBOR BBA minus 13.03% | 11/26/2018 | Monthly | (665 | ) | (19,019 | ) | ||||||||
| Citigroup | Seven West Media, Ltd. | 1 month LIBOR BBA minus 0.50% | 11/26/2018 | Monthly | (144 | ) | (44,662 | ) | ||||||||
| Citigroup | South32, Ltd. | 1 month LIBOR BBA plus 0.50% | 11/26/2018 | Monthly | 4,878 | (366,940 | ) | |||||||||
| Citigroup | Technology One, Ltd. | 1 month LIBOR BBA minus 1.00% | 11/26/2018 | Monthly | (720 | ) | (114,741 | ) | ||||||||
| Citigroup | Virgin Australia Holdings, Ltd. | 1 month LIBOR BBA minus 5.00% | 11/26/2018 | Monthly | (125 | ) | (6,067 | ) | ||||||||
| Citigroup | Webjet, Ltd. | 1 month LIBOR BBA minus 1.00% | 11/26/2018 | Monthly | (1,742 | ) | (421,267 | ) | ||||||||
| Citigroup | WiseTech Global, Ltd. | 1 month LIBOR BBA minus 0.75% | 11/26/2018 | Monthly | (118 | ) | (7,687 | ) | ||||||||
| Austria | ||||||||||||||||
| Citigroup | FACC A.G. | 1 month LIBOR BBA minus 0.51% | 11/21/2018 | Monthly | (1,232 | ) | (57,559 | ) | ||||||||
| Citigroup | Lenzing A.G. | 1 month LIBOR BBA minus 0.40% | 11/21/2018 | Monthly | (332 | ) | (30,577 | ) | ||||||||
| Belgium | ||||||||||||||||
| Citigroup | Ontex Group N.V. | 1 month LIBOR BBA minus 1.35% | 11/21/2018 | Monthly | (1,539 | ) | (20,665 | ) | ||||||||
| Denmark | ||||||||||||||||
| Citigroup | ALK-Abello A/S | 1 month LIBOR BBA minus 1.25% | 11/21/2018 | Monthly | (3,912 | ) | (925,646 | ) | ||||||||
| Citigroup | Bavarian Nordic A/S | 1 month LIBOR BBA minus 6.00% | 11/21/2018 | Monthly | (1,101 | ) | (67,950 | ) | ||||||||
| Finland | ||||||||||||||||
| Citigroup | Caverion OYJ | 1 month LIBOR BBA minus 2.182% | 11/21/2018 | Monthly | (1,074 | ) | (67,024 | ) | ||||||||
| Citigroup | Lehto Group OYJ | 1 month LIBOR BBA minus 1.78% | 11/21/2018 | Monthly | (383 | ) | (5,003 | ) | ||||||||
| France | ||||||||||||||||
| Citigroup | Air France-KLM | 1 month LIBOR BBA minus 0.40% | 11/21/2018 | Monthly | (2,950 | ) | (262,586 | ) | ||||||||
| Citigroup | AXA S.A. | 1 month LIBOR BBA plus 0.40% | 11/21/2018 | Monthly | 8,226 | (450,594 | ) | |||||||||
| Citigroup | BNP Paribas S.A. | 1 month LIBOR BBA plus 0.40% | 11/21/2018 | Monthly | 10,893 | (1,903,076 | ) | |||||||||
| Citigroup | Chargeurs S.A. | 1 month LIBOR BBA minus 0.28% | 11/21/2018 | Monthly | (47 | ) | (4,038 | ) | ||||||||
| Citigroup | Direct Energie | 1 month LIBOR BBA minus 9.80% | 11/21/2018 | Monthly | (114 | ) | (23,842 | ) | ||||||||
| Citigroup | Elior Group S.A. | 1 month LIBOR BBA minus 0.40% | 11/21/2018 | Monthly | (1,773 | ) | (8,167 | ) | ||||||||
| Citigroup | Sanofi | 1 month LIBOR BBA plus 0.40% | 11/21/2018 | Monthly | 12,478 | (528,925 | ) | |||||||||
| Citigroup | Solocal Group | 1 month LIBOR BBA minus 3.84% | 11/21/2018 | Monthly | (2,978 | ) | (432,088 | ) | ||||||||
| Citigroup | Vallourec S.A. | 1 month LIBOR BBA minus 4.46% | 11/21/2018 | Monthly | (2,378 | ) | (116,974 | ) | ||||||||
| Germany | ||||||||||||||||
| Citigroup | Aumann A.G. | 1 month LIBOR BBA minus 6.47% | 11/21/2018 | Monthly | (703 | ) | (32,161 | ) | ||||||||
| Citigroup | BASF S.E. | 1 month LIBOR BBA plus 0.40% | 11/21/2018 | Monthly | 4,889 | (639,928 | ) | |||||||||
| Citigroup | Basler A.G. | 1 month LIBOR BBA minus 4.56% | 11/21/2018 | Monthly | (512 | ) | (2,260 | ) | ||||||||
| Citigroup | Bayer A.G., Registered | 1 month LIBOR BBA plus 0.40% | 11/21/2018 | Monthly | 20,061 | (57,176 | ) | |||||||||
| Citigroup | Fielmann A.G. | 1 month LIBOR BBA minus 0.40% | 11/21/2018 | Monthly | (2,042 | ) | (40,438 | ) | ||||||||
| Citigroup | Hypoport A.G. | 1 month LIBOR BBA minus 5.50% | 11/21/2018 | Monthly | (3,046 | ) | (638,145 | ) | ||||||||
| Citigroup | SGL Carbon S.E. | 1 month LIBOR BBA minus 4.32% | 11/21/2018 | Monthly | (925 | ) | (3,007 | ) | ||||||||
| Citigroup | Volkswagen A.G. | 1 month LIBOR BBA plus 0.40% | 11/21/2018 | Monthly | 7,330 | (17,499 | ) | |||||||||
| Citigroup | Vossloh A.G. | 1 month LIBOR BBA minus 8.25% | 11/21/2018 | Monthly | (111 | ) | (3,653 | ) | ||||||||
| Citigroup | zooplus A.G. | 1 month LIBOR BBA minus 4.50% | 11/21/2018 | Monthly | (3,456 | ) | (25,509 | ) | ||||||||
| Hong Kong | ||||||||||||||||
| Citigroup | Camsing International Holding, Ltd. | 1 month LIBOR BBA minus 10.52% | 11/30/2018 | Monthly | (351 | ) | (28,871 | ) | ||||||||
| Italy | ||||||||||||||||
| Citigroup | Bio On S.p.A. | 1 month LIBOR BBA minus 2.86% | 11/21/2018 | Monthly | (386 | ) | (308,169 | ) | ||||||||
| Citigroup | Cerved Group SpA | 1 month LIBOR BBA minus 0.40% | 11/21/2018 | Monthly | (1,339 | ) | (64,037 | ) | ||||||||
| Citigroup | Fila SpA | 1 month LIBOR BBA minus 1.26% | 11/21/2018 | Monthly | (853 | ) | (35,033 | ) | ||||||||
| Citigroup | OVS SpA | 1 month LIBOR BBA minus 0.40% | 11/21/2018 | Monthly | (523 | ) | (13,948 | ) | ||||||||
| Citigroup | Saipem SpA | 1 month LIBOR BBA minus 0.40% | 11/21/2018 | Monthly | (843 | ) | (125,088 | ) | ||||||||
| Citigroup | Tamburi Investment Partners SpA | 1 month LIBOR BBA minus 0.54% | 11/21/2018 | Monthly | (2,622 | ) | (53,721 | ) | ||||||||
| Japan | ||||||||||||||||
| Citigroup | Anicom Holdings, Inc. | 1 month LIBOR BBA minus 4.00% | 11/26/2018 | Monthly | (3,176 | ) | (758,179 | ) | ||||||||
| Citigroup | Benefit One, Inc. | 1 month LIBOR BBA minus 1.25% | 11/26/2018 | Monthly | (201 | ) | (874 | ) | ||||||||
| Citigroup | Chiyoda Co., Ltd. | 1 month LIBOR BBA minus 0.50% | 11/26/2018 | Monthly | (268 | ) | (12,880 | ) | ||||||||
| Citigroup | Chiyoda Corp. | 1 month LIBOR BBA minus 1.25% | 11/26/2018 | Monthly | (117 | ) | (1,493 | ) | ||||||||
| Citigroup | EM Systems Co., Ltd. | 1 month LIBOR BBA minus 1.90% | 11/26/2018 | Monthly | (166 | ) | (6,101 | ) | ||||||||
| Citigroup | eRex Co., Ltd. | 1 month LIBOR BBA minus 9.50% | 11/26/2018 | Monthly | (78 | ) | (460 | ) | ||||||||
| Citigroup | Fuso Chemical Co., Ltd. | 1 month LIBOR BBA minus 1.32% | 11/26/2018 | Monthly | (564 | ) | (18,493 | ) | ||||||||
| Citigroup | Giken, Ltd. | 1 month LIBOR BBA minus 5.00% | 11/26/2018 | Monthly | (371 | ) | (31,392 | ) | ||||||||
| Citigroup | Gree, Inc. | 1 month LIBOR BBA minus 0.50% | 11/26/2018 | Monthly | (321 | ) | (8,031 | ) | ||||||||
| Citigroup | Hirata Corp. | 1 month LIBOR BBA minus 9.00% | 11/26/2018 | Monthly | (1,816 | ) | (74,863 | ) | ||||||||
| Citigroup | Hitachi, Ltd. | 1 month LIBOR BBA plus 0.50% | 11/26/2018 | Monthly | 7,143 | (498,981 | ) | |||||||||
| Citigroup | JINS, Inc. | 1 month LIBOR BBA minus 2.47% | 11/26/2018 | Monthly | (1,365 | ) | (177,338 | ) | ||||||||
| Citigroup | Mebuki Financial Group, Inc. | 1 month LIBOR BBA plus 0.50% | 11/26/2018 | Monthly | 6,849 | (742,790 | ) | |||||||||
| Citigroup | Mitsubishi Corp. | 1 month LIBOR BBA plus 0.50% | 11/26/2018 | Monthly | 7,546 | (228,553 | ) | |||||||||
| Citigroup | Mitsui Mining & Smelting Co., Ltd. | 1 month LIBOR BBA minus 0.50% | 11/26/2018 | Monthly | (2,495 | ) | (138,340 | ) | ||||||||
| Citigroup | Nippon Telegraph & Telephone Corp. | 1 month LIBOR BBA plus 0.50% | 11/26/2018 | Monthly | 7,022 | (206,993 | ) | |||||||||
| Citigroup | Nissei ASB Machine Co., Ltd. | 1 month LIBOR BBA minus 1.50% | 11/26/2018 | Monthly | (127 | ) | (2,114 | ) | ||||||||
| Citigroup | Nittoku Engineering Co., Ltd. | 1 month LIBOR BBA minus 5.00% | 11/26/2018 | Monthly | (505 | ) | (35,617 | ) | ||||||||
| Citigroup | Open Door, Inc. | 1 month LIBOR BBA minus 8.60% | 11/26/2018 | Monthly | (330 | ) | (20,650 | ) | ||||||||
| Citigroup | OPT Holding, Inc. | 1 month LIBOR BBA minus 7.59% | 11/26/2018 | Monthly | (968 | ) | (71,189 | ) | ||||||||
| Citigroup | Plenus Co., Ltd. | 1 month LIBOR BBA minus 3.50% | 11/26/2018 | Monthly | (364 | ) | (27,206 | ) | ||||||||
| Citigroup | Sakai Moving Service Co., Ltd. | 1 month LIBOR BBA minus 1.96% | 11/26/2018 | Monthly | (345 | ) | (19,431 | ) | ||||||||
| Citigroup | Shoei Co., Ltd. | 1 month LIBOR BBA minus 1.01% | 11/26/2018 | Monthly | (1,829 | ) | (107,386 | ) | ||||||||
| Citigroup | Sosei Group Corp. | 1 month LIBOR BBA minus 8.00% | 11/26/2018 | Monthly | (1,666 | ) | (61,596 | ) | ||||||||
| Citigroup | Sumitomo Mitsui Financial Group, Inc. | 1 month LIBOR BBA plus 0.50% | 11/26/2018 | Monthly | 8,095 | (258,399 | ) | |||||||||
| Citigroup | TechMatrix Corp. | 1 month LIBOR BBA minus 4.23% | 11/26/2018 | Monthly | (400 | ) | (14,242 | ) | ||||||||
| Citigroup | Toho Titanium Co., Ltd. | 1 month LIBOR BBA minus 3.18% | 11/26/2018 | Monthly | (2,113 | ) | (397,819 | ) | ||||||||
| Citigroup | Tokyo Individualized Educational Institute, Inc. | 1 month LIBOR BBA minus 15.00% | 11/26/2018 | Monthly | (271 | ) | (13,466 | ) | ||||||||
| Citigroup | Totetsu Kogyo Co., Ltd. | 1 month LIBOR BBA minus 0.50% | 11/26/2018 | Monthly | (331 | ) | (4,744 | ) | ||||||||
| Citigroup | UMC Electronics Co., Ltd. | 1 month LIBOR BBA minus 24.00% | 11/26/2018 | Monthly | (228 | ) | (6,455 | ) | ||||||||
| Citigroup | Uzabase, Inc. | 1 month LIBOR BBA minus 6.62% | 11/26/2018 | Monthly | (601 | ) | (174,118 | ) | ||||||||
| Citigroup | Vector, Inc. | 1 month LIBOR BBA minus 2.85% | 11/26/2018 | Monthly | (1,498 | ) | (68,516 | ) | ||||||||
| Citigroup | Yakuodo Co., Ltd. | 1 month LIBOR BBA minus 2.75% | 11/26/2018 | Monthly | (523 | ) | (13,428 | ) | ||||||||
| Citigroup | Yonex Co., Ltd. | 1 month LIBOR BBA minus 13.00% | 11/26/2018 | Monthly | (684 | ) | (33,160 | ) | ||||||||
| Citigroup | Yume No Machi Souzou Iinkai Co., Ltd. | 1 month LIBOR BBA minus 10.00% | 11/26/2018 | Monthly | (518 | ) | (248,375 | ) | ||||||||
| Netherlands | ||||||||||||||||
| Citigroup | Royal Dutch Shell PLC, Class A | 1 month LIBOR BBA plus 0.35% | 11/21/2018 | Monthly | 9,005 | (102,517 | ) | |||||||||
| Citigroup | TomTom N.V. | 1 month LIBOR BBA minus 0.49% | 11/21/2018 | Monthly | (3,039 | ) | (176,023 | ) | ||||||||
| Norway | ||||||||||||||||
| Citigroup | Borregaard ASA | 1 month LIBOR BBA minus 0.44% | 11/21/2018 | Monthly | (190 | ) | (5,253 | ) | ||||||||
| Citigroup | NEL ASA | 1 month LIBOR BBA minus 10.50% | 11/21/2018 | Monthly | (75 | ) | (1,693 | ) | ||||||||
| Citigroup | Petroleum Geo-Services ASA | 1 month LIBOR BBA minus 1.241% | 11/21/2018 | Monthly | (564 | ) | (58,068 | ) | ||||||||
| Citigroup | Scatec Solar ASA | 1 month LIBOR BBA minus 4.13% | 11/21/2018 | Monthly | (566 | ) | (99,219 | ) | ||||||||
| Singapore | ||||||||||||||||
| Citigroup | Raffles Medical Group, Ltd. | 1 month LIBOR BBA minus 2.50% | 11/30/2018 | Monthly | (458 | ) | (18,699 | ) | ||||||||
| Spain | ||||||||||||||||
| Citigroup | Cellnex Telecom S.A. | 1 month LIBOR BBA minus 0.40% | 11/21/2018 | Monthly | (3,027 | ) | (95,702 | ) | ||||||||
| Citigroup | Liberbank S.A. | 1 month LIBOR BBA minus 0.40% | 11/21/2018 | Monthly | (538 | ) | (36,743 | ) | ||||||||
| Sweden | ||||||||||||||||
| Citigroup | Avanza Bank Holding AB | 1 month LIBOR BBA minus 1.65% | 11/21/2018 | Monthly | (838 | ) | (14,944 | ) | ||||||||
| Citigroup | Cellavision AB | 1 month LIBOR BBA minus 0.88% | 11/21/2018 | Monthly | (130 | ) | (42,508 | ) | ||||||||
| Citigroup | Clas Ohlson AB, Class B | 1 month LIBOR BBA minus 4.49% | 11/21/2018 | Monthly | (566 | ) | (52,776 | ) | ||||||||
| Citigroup | Evolution Gaming Group AB | 1 month LIBOR BBA minus 0.40% | 11/21/2018 | Monthly | (122 | ) | (7,474 | ) | ||||||||
| Citigroup | Volvo AB | 1 month LIBOR BBA plus 0.40% | 11/21/2018 | Monthly | 8,002 | (907,879 | ) | |||||||||
| Switzerland | ||||||||||||||||
| Citigroup | Burkhalter Holding A.G. | 1 month LIBOR BBA minus 3.33% | 11/21/2018 | Monthly | (229 | ) | (10,869 | ) | ||||||||
| Citigroup | Comet Holding A.G., Registered | 1 month LIBOR BBA minus 0.75% | 11/21/2018 | Monthly | (862 | ) | (97,254 | ) | ||||||||
| United Kingdom | ||||||||||||||||
| Citigroup | Arrow Global Group PLC | 1 month LIBOR BBA minus 0.879% | 11/21/2018 | Monthly | (248 | ) | (51 | ) | ||||||||
| Citigroup | Clarkson PLC | 1 month LIBOR BBA minus 0.35% | 11/21/2018 | Monthly | (306 | ) | (5,717 | ) | ||||||||
| Citigroup | Essentra PLC | 1 month LIBOR BBA minus 0.35% | 11/21/2018 | Monthly | (286 | ) | (12,726 | ) | ||||||||
| Citigroup | Fiat Chrysler Automobiles N.V. | 1 month LIBOR BBA plus 0.40% | 11/21/2018 | Monthly | 6,888 | (188,965 | ) | |||||||||
| Citigroup | Ocado Group PLC | 1 month LIBOR BBA minus 2.25% | 11/21/2018 | Monthly | (505 | ) | (1,563,420 | ) | ||||||||
| Citigroup | Provident Financial PLC | 1 month LIBOR BBA minus 2.24% | 11/21/2018 | Monthly | (2,360 | ) | (44,755 | ) | ||||||||
| Citigroup | Sanne Group PLC | 1 month LIBOR BBA minus 0.35% | 11/21/2018 | Monthly | (736 | ) | (21,738 | ) | ||||||||
| Citigroup | Sirius Minerals PLC | 1 month LIBOR BBA minus 9.00% | 11/21/2018 | Monthly | (850 | ) | (126,947 | ) | ||||||||
| Citigroup | TalkTalk Telecom Group PLC | 1 month LIBOR BBA minus 5.51% | 11/21/2018 | Monthly | (2,517 | ) | (10,258 | ) | ||||||||
| Citigroup | Ultra Electronics Holdings PLC | 1 month LIBOR BBA minus 0.35% | 11/21/2018 | Monthly | (2,053 | ) | (154,282 | ) | ||||||||
| Citigroup | Vodafone Group PLC | 1 month LIBOR BBA plus 0.35% | 11/21/2018 | Monthly | 9,869 | (1,122,814 | ) | |||||||||
| $ | 46,613 | $ | (18,437,015 | ) | ||||||||||||
| 1 | Fund pays the floating rate and receives the total return of the reference entity. |
| * | Notional amounts reflected as a positive value indicate a long position held by the Fund or Index and a negative value indicates a short position. |
The following abbreviations are used in the preceding pages:
| ADR | —American Depositary Receipt |
| AGC | —Assured Guaranty Corp. |
| BBA | —British Bankers' Association |
| CVA | —Company Voluntary Agreement |
| EM | —Emerging Markets |
| ETF | —Exchange-Traded Fund |
| LIBOR | —London Interbank Offered Rate |
The
following is a summary of the fair valuations according to the inputs used as of July 31, 2018, for valuing the Fund's assets
and liabilities.
Asset Valuation Inputs
| Description | Quoted Prices (Level 1) | Significant (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
| Investments in Securities (a) | ||||||||||||||||
| Common Stocks | $ | 733,511,019 | $ | — | $ | — | $ | 733,511,019 | ||||||||
| Preferred Stocks | 1,452,419 | — | — | 1,452,419 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Affiliated Investment Company | 502,419 | — | — | 502,419 | ||||||||||||
| Total Investments in Securities | 735,465,857 | — | — | 735,465,857 | ||||||||||||
| Other Financial Instruments | ||||||||||||||||
| Total Return Equity Swap Contracts (b) | — | 26,956,664 | — | 26,956,664 | ||||||||||||
| Total Investments in Securities and Other Financial Instruments | $ | 735,465,857 | $ | 26,956,664 | $ | — | $ | 762,422,521 | ||||||||
Liability Valuation Inputs
| Description | Quoted Prices (Level 1) | Significant (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
| Common Stocks Sold Short (c) | $ | — | $ | — | $ | (23,261 | ) | $ | (23,261 | ) | ||||||
| Exchange Traded Fund Sold Short | (17,428,844 | ) | — | — | (17,428,844 | ) | ||||||||||
| Rights Sold Short (d) | — | — | (2 | ) | (2 | ) | ||||||||||
| Warrants Sold Short (e) | — | — | (2,357 | ) | (2,357 | ) | ||||||||||
| Other Financial Instruments | ||||||||||||||||
| Total Return Equity Swap Contracts (b) | — | (18,437,015 | ) | — | (18,437,015 | ) | ||||||||||
| Total Investments in Securities Sold Short and Other Financial Instruments | $ | (17,428,844 | ) | $ | (18,437,015 | ) | $ | (25,620 | ) | $ | (35,891,479 | ) | ||||
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| (b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
| (c) | The Level 3 securities valued at $(35), $(2,739), and $(20,487) are held in Australia, China, and Hong Kong, respectively, within the Common Stocks Sold Short section of the Portfolio of Investments. |
| (d) | The Level 3 security valued at $(2) is held in Austria within the Rights Sold Short section of the Portfolio of Investments. |
| (e) | The Level 3 security valued at $(2,357) is held in Singapore within the Warrants Sold Short section of the Portfolio of Investments. |
The Fund recognizes transfers between the levels as of the beginning of the period.
For the period ended July 31, 2018, the Fund did not have any transfers among levels.
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:
| Investments in Securities | Balance
as of October 31, 2017 | Accrued Discounts (Premiums) | Realized
Gain (Loss) | Change
in Unrealized Appreciation (Depreciation) | Purchases | Sales | Transfers
in to Level 3 | Transfers
out of Level 3 | Balance
as of July 31, 2018 | Change
in Unrealized Appreciation (Depreciation) from Investments Still Held as of July 31, 2018 | ||||||||||||||||||||||||||||||
| Common Stocks Sold Short | ||||||||||||||||||||||||||||||||||||||||
| Australia | $ | (3,401 | ) | $ | - | $ | - | $ | 3,366 | $ | - | $ | - | $ | - | $ | - | $ | (35 | ) | $ | 3,366 | ||||||||||||||||||
| China | (1,852 | ) | - | - | (887 | ) | - | - | - | - | (2,739 | ) | (887 | ) | ||||||||||||||||||||||||||
| Hong Kong | (7,935 | ) | - | - | (12,552 | ) | - | (20,487 | ) | (12,552 | ) | |||||||||||||||||||||||||||||
| Rights Sold Short | ||||||||||||||||||||||||||||||||||||||||
| Austria | (2 | ) | - | - | - | - | - | - | - | (2 | ) | - | ||||||||||||||||||||||||||||
| Warrants Sold Short | ||||||||||||||||||||||||||||||||||||||||
| Singapore | - | - | - | (2,357 | ) | - | - | - | - | (2,357 | ) | (2,357 | ) | |||||||||||||||||||||||||||
| Total | $ | (13,190 | ) | $ | - | $ | - | $ | (12,430 | ) | $ | - | $ | - | $ | - | $ | - | $ | (25,620 | ) | $ | (12,430 | ) | ||||||||||||||||
MainStay MacKay New York Tax Free Opportunities Fund
Portfolio of Investments July 31, 2018 (Unaudited)
| Principal Amount | Value | |||||||||
| Municipal Bonds 99.9% † | ||||||||||
| Airport 3.3% | ||||||||||
| Antonio B Won Pat International Airport Authority, Guam Airport, Revenue Bonds (a) | ||||||||||
| Series C 6.00%, due 10/1/23 | $ | 500,000 | $ | 501,390 | ||||||
| Series C, Insured: AGM 6.00%, due 10/1/34 | 1,000,000 | 1,147,630 | ||||||||
| New York Transportation Development Corp., American Airlines-JFK International Airport, Revenue Bonds 5.00%, due 8/1/31 (a) | 2,300,000 | 2,409,365 | ||||||||
| New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Revenue Bonds (a) | ||||||||||
| Series A, Insured: AGM 4.00%, due 7/1/46 | 2,500,000 | 2,515,650 | ||||||||
| Series A 5.00%, due 7/1/46 | 2,000,000 | 2,144,600 | ||||||||
| Niagara Frontier Transportation Authority, Buffalo Niagara International Airport, Revenue Bonds (a) | ||||||||||
| Series A 5.00%, due 4/1/24 | 490,000 | 554,582 | ||||||||
| Series A 5.00%, due 4/1/27 | 610,000 | 675,435 | ||||||||
| Series A 5.00%, due 4/1/29 | 325,000 | 357,724 | ||||||||
| Ogdensburg Bridge & Port Authority, Revenue Bonds 5.75%, due 7/1/47 (a)(b) | 2,300,000 | 2,307,820 | ||||||||
| 12,614,196 | ||||||||||
| Development 9.6% | ||||||||||
| Buffalo & Erie County Industrial Land Development Corp., Buffalo State College Foundation Housing, Revenue Bonds Series A 5.375%, due 10/1/41 | 855,000 | 925,529 | ||||||||
| Build NYC Resource Corp., Pratt Paper, Inc. Project, Revenue Bonds 5.00%, due 1/1/35 (a)(b) | 1,000,000 | 1,074,770 | ||||||||
| Build NYC Resource Corp., YMCA of Greater New York, Revenue Bonds | ||||||||||
| 5.00%, due 8/1/32 | 1,000,000 | 1,069,750 | ||||||||
| 5.00%, due 8/1/42 | 1,000,000 | 1,062,790 | ||||||||
| Dobbs Ferry Local Development Corp., Mercy College Project, Revenue Bonds 5.00%, due 7/1/39 | 1,000,000 | 1,119,110 | ||||||||
| Dutchess County Local Development Corp., Revenue Bonds Series A 5.00%, due 7/1/34 | 500,000 | 551,245 | ||||||||
| Hempstead Town Local Development Corp., Adelphi University Project, Revenue Bonds Series B 5.25%, due 2/1/39 | 475,000 | 482,861 | ||||||||
| New York City Industrial Development Agency, Revenue Bonds Series A 5.00%, due 7/1/28 (a) | 1,500,000 | 1,600,245 | ||||||||
| New York City Trust for Cultural Resource, Alvin Ailey Dance Foundation, Revenue Bonds Series A 4.00%, due 7/1/46 | 1,515,000 | 1,551,118 | ||||||||
| New York Liberty Development Corp., Bank of America, Revenue Bonds | ||||||||||
| Class 2 5.625%, due 7/15/47 | 1,050,000 | 1,108,569 | ||||||||
| Class 2 6.375%, due 7/15/49 | 545,000 | 574,457 | ||||||||
| New York Liberty Development Corp., Goldman Sachs Headquarters, Revenue Bonds | ||||||||||
| 5.25%, due 10/1/35 | 500,000 | 615,820 | ||||||||
| 5.50%, due 10/1/37 | 700,000 | 891,968 | ||||||||
| ¤ | New York Liberty Development Corp., World Trade Center, Revenue Bonds | |||||||||
| Class 2 5.00%, due 9/15/43 | 1,040,000 | 1,123,044 | ||||||||
| Class 3 5.00%, due 3/15/44 | 1,500,000 | 1,614,930 | ||||||||
| Class 2 5.375%, due 11/15/40 (b) | 1,500,000 | 1,652,115 | ||||||||
| 5.75%, due 11/15/51 | 1,500,000 | 1,670,895 | ||||||||
| Class 3 7.25%, due 11/15/44 (b) | 2,500,000 | 2,964,250 | ||||||||
| Port Authority of New York & New Jersey, JFK International Airport, Revenue Bonds | ||||||||||
| 5.50%, due 12/1/31 | 950,000 | 1,024,642 | ||||||||
| 6.00%, due 12/1/42 | 730,000 | 796,671 | ||||||||
| ¤ | Syracuse Industrial Development Agency, Carousel Center Project, Revenue Bonds (a) | |||||||||
| Series A 5.00%, due 1/1/30 | 2,785,000 | 3,038,546 | ||||||||
| Series A 5.00%, due 1/1/31 | 1,425,000 | 1,547,963 | ||||||||
| Series A 5.00%, due 1/1/34 | 2,750,000 | 2,963,235 | ||||||||
| Tompkins County Development Corp., Tompkins Cortland Community College, Revenue Bonds 5.00%, due 7/1/38 | 1,700,000 | 1,721,335 | ||||||||
| Westchester County Local Development Corp., Pace University, Revenue Bonds Series A 5.50%, due 5/1/42 | 3,250,000 | 3,596,223 | ||||||||
| 36,342,081 | ||||||||||
| Education 4.9% | ||||||||||
| Albany Industrial Development Agency, Brighter Choice Charter School, Revenue Bonds | ||||||||||
| Series A 5.00%, due 4/1/27 | 1,375,000 | 1,340,020 | ||||||||
| Series A 5.00%, due 4/1/37 | 1,000,000 | 907,320 | ||||||||
| Buffalo & Erie County Industrial Land Development Corp., Tapestry Charter School Project, Revenue Bonds | ||||||||||
| 5.00%, due 8/1/37 | 1,325,000 | 1,409,866 | ||||||||
| 5.00%, due 8/1/47 | 1,540,000 | 1,622,421 | ||||||||
| 5.00%, due 8/1/52 | 1,035,000 | 1,082,299 | ||||||||
| Build NYC Resource Corp., Inwood Academy Leadership Charter School Project, Revenue Bonds (b) | ||||||||||
| Series A 5.125%, due 5/1/38 | 800,000 | 819,992 | ||||||||
| Series A 5.50%, due 5/1/48 | 1,500,000 | 1,566,600 | ||||||||
| ¤ | Build NYC Resource Corp., Revenue Bonds | |||||||||
| Series A 5.00%, due 6/1/32 (b) | 1,000,000 | 1,076,810 | ||||||||
| Series A 5.00%, due 6/1/37 (b) | 1,000,000 | 1,064,540 | ||||||||
| 5.00%, due 7/1/45 | 1,120,000 | 1,238,272 | ||||||||
| Series A 5.00%, due 6/1/47 (b) | 3,100,000 | 3,269,508 | ||||||||
| New York State Dormitory Authority, Revenue Bonds Insured: AMBAC 4.625%, due 7/1/36 | 200,000 | 195,348 | ||||||||
| Rensselaer NY, City School District, Certificates of Participation | ||||||||||
| Insured: AGM 4.00%, due 6/1/34 | 650,000 | 671,164 | ||||||||
| Insured: AGM 4.00%, due 6/1/35 | 850,000 | 874,743 | ||||||||
| Riverhead Industrial Development Agency, Revenue Bonds | ||||||||||
| 7.00%, due 8/1/43 | 575,000 | 638,423 | ||||||||
| 7.00%, due 8/1/48 | 665,000 | 736,767 | ||||||||
| 18,514,093 | ||||||||||
| Facilities 0.9% | ||||||||||
| Build NYC Resource Corp., Royal Charter Properties, Revenue Bonds Insured: AGM 4.75%, due 12/15/32 | 2,000,000 | 2,114,520 | ||||||||
| Puerto Rico Public Buildings Authority, Government Facilities, Revenue Bonds Series M-3, Insured: NATL-RE 6.00%, due 7/1/25 | 235,000 | 259,988 | ||||||||
| Territory of Guam, Unlimited General Obligation Series A 6.75%, due 11/15/29 | 1,000,000 | 1,065,530 | ||||||||
| 3,440,038 | ||||||||||
| General 13.5% | ||||||||||
| Build NYC Resource Corp., Bronx Charter School for Excellence, Revenue Bonds Series A 5.50%, due 4/1/43 | 1,160,000 | 1,190,566 | ||||||||
| Erie County Fiscal Stability Authority, Revenue Bonds 3.00%, due 9/1/34 | 1,250,000 | 1,206,512 | ||||||||
| Guam Government, Business Privilege Tax, Revenue Bonds Series B-1 5.00%, due 1/1/32 | 1,070,000 | 1,121,082 | ||||||||
| Hudson Yards Infrastructure Corp., Revenue Bonds | ||||||||||
| 5.25%, due 2/15/47 | 1,400,000 | 1,504,523 | ||||||||
| 5.75%, due 2/15/47 | 2,025,000 | 2,219,544 | ||||||||
| New York City Industrial Development Agency, Pilot-Queens Baseball Stadium, Revenue Bonds Insured: AMBAC 5.00%, due 1/1/46 | 2,300,000 | 2,333,419 | ||||||||
| New York City Industrial Development Agency, Queens Baseball Stadium, Revenue Bonds | ||||||||||
| Insured: AMBAC 5.00%, due 1/1/31 | 465,000 | 466,256 | ||||||||
| Insured: AMBAC 5.00%, due 1/1/36 | 1,780,000 | 1,784,770 | ||||||||
| Insured: AMBAC 5.00%, due 1/1/39 | 560,000 | 567,577 | ||||||||
| Insured: AGC 6.375%, due 1/1/39 | 500,000 | 509,565 | ||||||||
| New York City Industrial Development Agency, United Jewish Appeal, Revenue Bonds 5.00%, due 7/1/34 | 1,000,000 | 1,090,890 | ||||||||
| New York City Industrial Development Agency, Yankee Stadium, Revenue Bonds | ||||||||||
| Insured: AGC (zero coupon), due 3/1/40 | 380,000 | 161,998 | ||||||||
| Insured: AGC (zero coupon), due 3/1/44 | 500,000 | 174,840 | ||||||||
| Insured: AGC (zero coupon), due 3/1/45 | 200,000 | 66,600 | ||||||||
| Insured: AGC (zero coupon), due 3/1/46 | 3,250,000 | 1,032,785 | ||||||||
| Insured: AGC (zero coupon), due 3/1/47 | 1,115,000 | 338,001 | ||||||||
| ¤ | New York City Transitional Finance Authority, Building Aid, Revenue Bonds | |||||||||
| Series S-1 4.00%, due 7/15/36 | 1,500,000 | 1,565,415 | ||||||||
| Series S-3 4.00%, due 7/15/46 | 2,905,000 | 2,996,537 | ||||||||
| Series S-3 5.00%, due 7/15/43 | 2,500,000 | 2,869,450 | ||||||||
| Series S 6.00%, due 7/15/38 | 500,000 | 501,675 | ||||||||
| New York City Trust for Cultural Resources, American Museum of National History, Revenue Bonds Series A 5.00%, due 7/1/41 | 1,000,000 | 1,122,010 | ||||||||
| New York City Trust For Cultural Resources, The Museum of Modern Art, Revenue Bonds 4.00%, due 4/1/30 | 1,200,000 | 1,318,188 | ||||||||
| New York Convention Center Development Corp., Revenue Bonds | ||||||||||
| Series B, Insured: AGM (zero coupon), due 11/15/49 | 6,500,000 | 1,837,095 | ||||||||
| 5.00%, due 11/15/40 | 1,500,000 | 1,694,970 | ||||||||
| Puerto Rico Convention Center District Authority, Revenue Bonds Series A, Insured: AGC 4.50%, due 7/1/36 | 500,000 | 500,205 | ||||||||
| Puerto Rico Infrastructure Financing Authority, Revenue Bonds Series C, Insured: AMBAC 5.50%, due 7/1/24 | 650,000 | 703,534 | ||||||||
| Puerto Rico Municipal Finance Agency, Revenue Bonds Series C, Insured: AGC 5.25%, due 8/1/23 | 100,000 | 109,549 | ||||||||
| Schenectady Metroplex Development Authority, Revenue Bonds Series A, Insured: AGM 5.50%, due 8/1/33 | 1,000,000 | 1,141,620 | ||||||||
| Syracuse Industrial Development Agency, Revenue Bonds Series A 3.25%, due 5/1/34 | 1,000,000 | 987,810 | ||||||||
| Territory of Guam, Hotel Occupancy Tax, Revenue Bonds Series A 6.00%, due 11/1/26 | 3,000,000 | 3,240,510 | ||||||||
| ¤ | Territory of Guam, Revenue Bonds | |||||||||
| Series D 5.00%, due 11/15/35 | 1,450,000 | 1,576,773 | ||||||||
| Series A 5.125%, due 1/1/42 | 3,000,000 | 3,137,790 | ||||||||
| Series A 6.50%, due 11/1/40 | 2,000,000 | 2,198,160 | ||||||||
| Territory of Guam, Section 30, Revenue Bonds | ||||||||||
| Series A 5.00%, due 12/1/32 | 1,000,000 | 1,099,720 | ||||||||
| Series A 5.375%, due 12/1/24 | 1,125,000 | 1,180,507 | ||||||||
| Series A 5.75%, due 12/1/34 | 500,000 | 527,130 | ||||||||
| Virgin Islands Public Finance Authority, Matching Fund Loan, Revenue Bonds | ||||||||||
| Series C 5.00%, due 10/1/19 | 500,000 | 510,000 | ||||||||
| Series A 5.00%, due 10/1/25 | 200,000 | 198,500 | ||||||||
| Subseries A 6.00%, due 10/1/39 | 505,000 | 458,288 | ||||||||
| Series A 6.625%, due 10/1/29 | 775,000 | 718,812 | ||||||||
| Series A 6.75%, due 10/1/37 | 1,630,000 | 1,511,825 | ||||||||
| Virgin Islands Public Finance Authority, Revenue Bonds Series A, Insured: AGM 5.00%, due 10/1/32 | 1,415,000 | 1,523,191 | ||||||||
| 50,998,192 | ||||||||||
| General Obligation 11.0% | ||||||||||
| Buffalo NY, Limited General Obligation | ||||||||||
| Series A 5.00%, due 4/1/27 | 500,000 | 587,435 | ||||||||
| Series A 5.00%, due 4/1/28 | 400,000 | 466,608 | ||||||||
| ¤ | City of New York NY, Unlimited General Obligation | |||||||||
| Subseries J-6 1.45%, due 8/1/24 (c) | 1,700,000 | 1,700,000 | ||||||||
| Subseries A-5 1.45%, due 8/1/44 (c) | 4,700,000 | 4,700,000 | ||||||||
| Series I 1.50%, due 4/1/36 (c) | 600,000 | 600,000 | ||||||||
| Subseries A-7 1.52%, due 8/1/44 (c) | 300,000 | 300,000 | ||||||||
| Series B-1 4.00%, due 10/1/41 | 500,000 | 519,835 | ||||||||
| City of Newburgh NY, Limited General Obligation | ||||||||||
| Series A, Insured: AGM 3.50%, due 7/15/36 | 725,000 | 710,761 | ||||||||
| Series A 5.50%, due 6/15/31 | 500,000 | 544,370 | ||||||||
| City of Ogdensburg NY, Public Improvement, Limited General Obligation | ||||||||||
| 5.50%, due 4/15/23 | 40,000 | 42,161 | ||||||||
| 5.50%, due 4/15/24 | 45,000 | 47,354 | ||||||||
| 5.50%, due 4/15/26 | 50,000 | 52,099 | ||||||||
| 5.50%, due 4/15/28 | 55,000 | 56,482 | ||||||||
| City of Yonkers NY, Limited General Obligation Series A, Insured: BAM 4.00%, due 9/1/31 | 1,500,000 | 1,597,545 | ||||||||
| Commonwealth of Puerto Rico, Public Improvement, Unlimited General Obligation | ||||||||||
| Insured: NATL-RE 5.00%, due 7/1/28 | 150,000 | 150,173 | ||||||||
| Series A, Insured: AGM 5.00%, due 7/1/35 | 835,000 | 903,595 | ||||||||
| Insured: AGM 5.25%, due 7/1/20 | 375,000 | 395,156 | ||||||||
| Series A, Insured: AGM 5.25%, due 7/1/24 | 150,000 | 161,082 | ||||||||
| Series A, Insured: AGM 5.375%, due 7/1/25 | 340,000 | 367,598 | ||||||||
| Series A, Insured: NATL 5.50%, due 7/1/19 | 820,000 | 840,197 | ||||||||
| Series A, Insured: AGC 5.50%, due 7/1/29 | 225,000 | 263,385 | ||||||||
| County of Nassau NY, Limited General Obligation | ||||||||||
| Series A 4.00%, due 4/1/27 | 1,000,000 | 1,056,950 | ||||||||
| Series C, Insured: BAM 5.00%, due 4/1/39 | 4,000,000 | 4,485,760 | ||||||||
| County of Rockland NY, Limited General Obligation | ||||||||||
| Insured: AGM 4.00%, due 5/1/44 | 915,000 | 947,025 | ||||||||
| Insured: AGM 4.00%, due 5/1/45 | 950,000 | 982,604 | ||||||||
| Insured: AGM 4.00%, due 5/1/46 | 985,000 | 1,018,126 | ||||||||
| Insured: AGM 4.00%, due 5/1/48 | 1,065,000 | 1,099,357 | ||||||||
| Insured: BAM 5.00%, due 6/1/24 | 500,000 | 575,905 | ||||||||
| Insured: BAM 5.00%, due 6/1/25 | 560,000 | 653,128 | ||||||||
| Insured: BAM 5.00%, due 6/1/26 | 550,000 | 647,647 | ||||||||
| Glens Falls NY, Limited General Obligation | ||||||||||
| Insured: AGM 4.00%, due 1/15/31 | 500,000 | 532,820 | ||||||||
| Insured: AGM 4.00%, due 1/15/32 | 315,000 | 333,087 | ||||||||
| Insured: AGM 4.00%, due 1/15/33 | 250,000 | 263,505 | ||||||||
| Puerto Rico Municipal Finance Agency, Revenue Bonds Series A, Insured: AGM 4.75%, due 8/1/22 | 1,420,000 | 1,424,757 | ||||||||
| Suffolk County NY, Public Improvement, Limited General Obligation | ||||||||||
| Series A, Insured: AGM 3.25%, due 6/1/36 | 715,000 | 695,123 | ||||||||
| Series A, Insured: AGM 3.25%, due 6/1/37 | 725,000 | 700,132 | ||||||||
| Town of Oyster Bay NY, Limited General Obligation Insured: AGM 4.00%, due 8/1/30 | 365,000 | 382,016 | ||||||||
| Town of Oyster Bay NY, Public Improvement Project, Limited General Obligation | ||||||||||
| 4.00%, due 2/15/26 | 3,440,000 | 3,668,072 | ||||||||
| Series A, Insured: BAM 5.00%, due 1/15/28 | 500,000 | 555,260 | ||||||||
| Village of Johnson City NY, Limited General Obligation Series A 4.00%, due 2/22/19 | 550,000 | 551,496 | ||||||||
| Village of Valley Stream NY, Limited General Obligation | ||||||||||
| Insured: BAM 4.00%, due 4/1/33 | 490,000 | 514,735 | ||||||||
| Insured: BAM 4.00%, due 4/1/34 | 510,000 | 533,980 | ||||||||
| Insured: BAM 4.00%, due 4/1/35 | 530,000 | 553,097 | ||||||||
| Insured: BAM 4.00%, due 4/1/36 | 550,000 | 571,703 | ||||||||
| Insured: BAM 4.00%, due 4/1/37 | 570,000 | 590,543 | ||||||||
| Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds | ||||||||||
| Series A. Insured: AGM 5.00%, due 10/1/32 | 1,200,000 | 1,291,752 | ||||||||
| Series A 5.00%, due 10/1/32 | 1,000,000 | 910,000 | ||||||||
| Virgin Islands Public Finance Authority, Revenue Bonds Series A 5.00%, due 10/1/29 | 1,000,000 | 920,000 | ||||||||
| 41,464,416 | ||||||||||
| Higher Education 13.8% | ||||||||||
| Build NYC Resource Corp., Manhattan College Project, Revenue Bonds 4.00%, due 8/1/42 | 1,500,000 | 1,523,820 | ||||||||
| Build NYC Resource Corp., New York Law School Project, Revenue Bonds | ||||||||||
| 5.00%, due 7/1/30 | 3,865,000 | 4,253,858 | ||||||||
| 5.00%, due 7/1/33 | 1,520,000 | 1,660,448 | ||||||||
| 5.00%, due 7/1/41 | 200,000 | 215,776 | ||||||||
| City of Amherst NY, Daemen College Project, Revenue Bonds | ||||||||||
| 4.00%, due 10/1/37 | 1,000,000 | 990,700 | ||||||||
| 5.00%, due 10/1/43 | 2,000,000 | 2,165,580 | ||||||||
| 5.00%, due 10/1/48 | 2,000,000 | 2,156,900 | ||||||||
| County of Cattaraugus NY, St. Bonaventure University, Revenue Bonds 5.00%, due 5/1/44 | 1,200,000 | 1,300,056 | ||||||||
| Dutchess County Industrial Development Agency, Bard College Civic Facility, Revenue Bonds | ||||||||||
| Series A-2 4.50%, due 8/1/36 | 405,000 | 380,234 | ||||||||
| Series A-1 5.00%, due 8/1/46 | 1,555,000 | 1,519,157 | ||||||||
| Dutchess County Local Development Corp., Culinary Institute of America Project, Revenue Bonds | ||||||||||
| Series A-1 5.00%, due 7/1/31 | 375,000 | 421,294 | ||||||||
| 5.00%, due 7/1/33 | 700,000 | 780,724 | ||||||||
| Dutchess County Local Development Corp., Marist College Project, Revenue Bonds Series A 5.00%, due 7/1/39 | 1,000,000 | 1,095,990 | ||||||||
| Madison County Capital Resource Corp., Colgate University Project, Revenue Bonds Series A 5.00%, due 7/1/29 | 1,000,000 | 1,100,490 | ||||||||
| Monroe County Industrial Development Corp., St. John Fisher College, Revenue Bonds Series A 5.00%, due 6/1/24 | 330,000 | 362,228 | ||||||||
| Monroe County Industrial Development Corp., University of Rochester Project, Revenue Bonds Series D 4.00%, due 7/1/43 | 2,470,000 | 2,567,639 | ||||||||
| Monroe County NY Industrial Development Corp., Rochester General Hospital, Revenue Bonds 4.00%, due 10/1/47 | 1,695,000 | 1,674,779 | ||||||||
| New York City of Albany Capital Resource Corp., Albany College of Pharmacy & Health Sciences Project, Revenue Bonds Series A 5.00%, due 12/1/33 | 150,000 | 164,275 | ||||||||
| New York State Dormitory Authority, Culinary Institute of America, Revenue Bonds 6.00%, due 7/1/38 | 1,500,000 | 1,586,205 | ||||||||
| New York State Dormitory Authority, Fordham University, Revenue Bonds Series A 5.00%, due 7/1/41 | 1,000,000 | 1,120,490 | ||||||||
| New York State Dormitory Authority, New York University, Revenue Bonds Series A 4.00%, due 7/1/43 | 2,950,000 | 3,067,675 | ||||||||
| New York State Dormitory Authority, Pace University, Revenue Bonds | ||||||||||
| Series A 4.00%, due 5/1/33 | 400,000 | 405,860 | ||||||||
| Series A 4.25%, due 5/1/42 | 450,000 | 457,326 | ||||||||
| New York State Dormitory Authority, Rochester, Revenue Bonds Series B 1.50%, due 7/1/33 (c) | 335,000 | 335,000 | ||||||||
| New York State Dormitory Authority, The New School, Revenue Bonds | ||||||||||
| Series A 5.00%, due 7/1/35 | 210,000 | 233,963 | ||||||||
| 6.00%, due 7/1/50 | 1,500,000 | 1,620,630 | ||||||||
| New York State Dormitory Authority, Touro College & University System, Revenue Bonds 5.00%, due 1/1/42 | 5,000,000 | 5,421,500 | ||||||||
| New York State Dormitory Authority, University of Rochester, Revenue Bonds Series A 1.50%, due 7/1/31 (c) | 740,000 | 740,000 | ||||||||
| Orange County Funding Corp., Mount St. Mary College, Revenue Bonds Series A 5.00%, due 7/1/42 | 1,000,000 | 1,058,520 | ||||||||
| St. Lawrence County Industrial Development Agency, Civic Development Corp., St. Lawrence University, Revenue Bonds Series A 4.00%, due 7/1/43 | 3,000,000 | 3,034,440 | ||||||||
| St. Lawrence County Industrial Development Agency, Clarkson University Project, Revenue Bonds | ||||||||||
| 5.00%, due 9/1/47 | 1,300,000 | 1,445,457 | ||||||||
| 5.375%, due 9/1/41 | 500,000 | 544,060 | ||||||||
| Syracuse Industrial Development Agency, Syracuse University Project, Revenue Bonds Series A-2 1.48%, due 12/1/37 (c) | 5,725,000 | 5,725,000 | ||||||||
| Troy Capital Resource Corp., Rensselaer Polytechnic Institute, Revenue Bonds 5.00%, due 8/1/32 | 1,000,000 | 1,126,240 | ||||||||
| 52,256,314 | ||||||||||
| Housing 1.6% | ||||||||||
| Albany Capital Resource Corp., Empire Commons Student Housing, Inc. Project, Revenue Bonds | ||||||||||
| Series A 5.00%, due 5/1/29 | 600,000 | 687,288 | ||||||||
| Series A 5.00%, due 5/1/30 | 350,000 | 399,354 | ||||||||
| Series A 5.00%, due 5/1/31 | 200,000 | 227,460 | ||||||||
| City of Amherst NY, UBF Faculty-Student Housing Corp., Revenue Bonds Series S, Insured: AGM 5.00%, due 10/1/45 | 2,000,000 | 2,270,280 | ||||||||
| Westchester County Local Development Corp., Purchase Housing Corp. II Project, Revenue Bonds | ||||||||||
| 5.00%, due 6/1/29 | 185,000 | 211,350 | ||||||||
| 5.00%, due 6/1/30 | 330,000 | 375,365 | ||||||||
| 5.00%, due 6/1/31 | 265,000 | 300,340 | ||||||||
| 5.00%, due 6/1/37 | 1,000,000 | 1,113,860 | ||||||||
| Westchester County Local Development Corp., Revenue Bonds 5.00%, due 6/1/42 | 500,000 | 553,725 | ||||||||
| 6,139,022 | ||||||||||
| Medical 7.4% | ||||||||||
| Dutchess County Local Development Corp., Health Quest Systems, Inc., Revenue Bonds Series B 5.00%, due 7/1/46 | 6,000,000 | 6,595,500 | ||||||||
| Jefferson County NY, Civic Facility Development Corp., Samaritan Medical Center Project, Revenue Bonds 4.00%, due 11/1/31 | 2,705,000 | 2,740,408 | ||||||||
| Monroe County Industrial Development Corp., Rochester General Hospital, Revenue Bonds | ||||||||||
| Series A 5.00%, due 12/1/32 | 540,000 | 588,114 | ||||||||
| Series A 5.00%, due 12/1/42 | 1,000,000 | 1,073,050 | ||||||||
| Monroe County NY Industrial Development Corp., Rochester General Hospital, Revenue Bonds 4.00%, due 12/1/37 | 1,000,000 | 1,007,720 | ||||||||
| Nassau County Local Economic Assistance Corp., Catholic Health Services of Long Island, Revenue Bonds 5.00%, due 7/1/34 | 250,000 | 271,397 | ||||||||
| New York State Dormitory Authority, Catholic Health System Obligation Group, Revenue Bonds | ||||||||||
| Series A 5.00%, due 7/1/32 | 600,000 | 630,618 | ||||||||
| Series B 5.00%, due 7/1/32 | 390,000 | 409,902 | ||||||||
| New York State Dormitory Authority, Miriam Osborn Memorial Home, Revenue Bonds 5.00%, due 7/1/42 | 965,000 | 985,854 | ||||||||
| New York State Dormitory Authority, Montefiore Obligated Group, Revenue Bonds Series A 4.00%, due 8/1/36 | 5,750,000 | 5,835,330 | ||||||||
| New York State Dormitory Authority, North Shore Long Island Jewish Obligated Group, Revenue Bonds Series B 5.00%, due 5/1/39 | 1,500,000 | 1,622,115 | ||||||||
| New York State Dormitory Authority, NYU Langone Hospital, Revenue Bonds 4.00%, due 7/1/40 | 1,000,000 | 1,025,230 | ||||||||
| New York State Dormitory Authority, Orange Regional Medical Center, Revenue Bonds (b) | ||||||||||
| 5.00%, due 12/1/34 | 3,500,000 | 3,887,275 | ||||||||
| 5.00%, due 12/1/35 | 100,000 | 109,229 | ||||||||
| Onondaga Civic Development Corp., St. Joseph's Hospital Health Center, Revenue Bonds 4.50%, due 7/1/32 | 965,000 | 1,059,580 | ||||||||
| Suffolk County Economic Development Corp., Catholic Health Services of Long Island, Revenue Bonds Series C 5.00%, due 7/1/33 | 250,000 | 272,237 | ||||||||
| 28,113,559 | ||||||||||
| Multi-Family Housing 8.4% | ||||||||||
| Albany, Housing Authority, Nutgrove Garden Apartments Project, Revenue Bonds 1.30%, due 12/1/25 (a)(c) | 830,000 | 830,000 | ||||||||
| ¤ | New York City NY, Housing Development Corp., 8 Spruce Street Multifamily Mortgage, Revenue Bonds Series D 3.00%, due 2/15/48 | 7,900,000 | 7,897,946 | |||||||
| New York City NY, Housing Development Corp., Multifamily, Sustainable Neighborhood, Revenue Bonds | ||||||||||
| Series G-1 3.70%, due 11/1/47 | 1,000,000 | 982,390 | ||||||||
| Series I-1 4.05%, due 11/1/41 | 1,000,000 | 1,017,560 | ||||||||
| Series I-1 4.15%, due 11/1/46 | 3,250,000 | 3,311,002 | ||||||||
| New York City NY, Housing Development Corp., Revenue Bonds | ||||||||||
| Series G-1 3.85%, due 11/1/45 | 615,000 | 619,735 | ||||||||
| Series A 5.00%, due 7/1/23 | 1,400,000 | 1,587,894 | ||||||||
| ¤ | New York State Housing Finance Agency, 160 Madison Avenue, Revenue Bonds (c) | |||||||||
| 1.55%, due 11/1/46 | 5,400,000 | 5,400,000 | ||||||||
| Series A 1.55%, due 11/1/46 | 5,700,000 | 5,700,000 | ||||||||
| New York State Housing Finance Agency, 505 West 37th Street, Revenue Bonds (c) | ||||||||||
| Series A 1.54%, due 5/1/42 | 100,000 | 100,000 | ||||||||
| Series B 1.54%, due 5/1/42 | 2,250,000 | 2,250,000 | ||||||||
| Series A 1.55%, due 5/1/42 (a) | 1,900,000 | 1,900,000 | ||||||||
| Rensselaer NY Housing Authority, Van Rensselaer & Renwyck Apartments, Revenue Bonds 5.00%, due 12/1/47 | 175,000 | 172,078 | ||||||||
| 31,768,605 | ||||||||||
| Nursing Homes 1.0% | ||||||||||
| Brookhaven NY Local Development Corp., Jefferson's Ferry Project, Revenue Bonds 5.25%, due 11/1/36 | 1,130,000 | 1,285,285 | ||||||||
| Southold Local Development Corp., Peconic Landing, Inc. Project, Revenue Bonds 5.00%, due 12/1/45 | 1,625,000 | 1,693,770 | ||||||||
| Tompkins County Development Corp., Kendal at Ithaca, Inc. Project, Revenue Bonds 5.00%, due 7/1/44 | 750,000 | 802,575 | ||||||||
| 3,781,630 | ||||||||||
| Pollution 1.8% | ||||||||||
| Dutchess County Resource Recovery Agency, Solid Waste System, Revenue Bonds (a) | ||||||||||
| 5.00%, due 1/1/25 | 1,000,000 | 1,135,230 | ||||||||
| 5.00%, due 1/1/26 | 1,000,000 | 1,142,750 | ||||||||
| New York State Energy Research & Development Authority, Niagara Mohawk Power Corp., Revenue Bonds Insured: AMBAC 5.204%, due 12/1/25 (d) | 600,000 | 600,000 | ||||||||
| New York State Energy Research & Development Authority, Revenue Bonds Insured: AMBAC 5.192%, due 3/1/27 (d) | 4,000,000 | 4,000,000 | ||||||||
| 6,877,980 | ||||||||||
| Power 1.3% | ||||||||||
| Guam Power Authority, Revenue Bonds | ||||||||||
| Series A 5.00%, due 10/1/38 | 2,700,000 | 2,939,895 | ||||||||
| Series A 5.00%, due 10/1/40 | 1,250,000 | 1,356,037 | ||||||||
| Puerto Rico Electric Power Authority, Revenue Bonds | ||||||||||
| Series TT, Insured: NATL-RE 5.00%, due 7/1/23 | 265,000 | 266,261 | ||||||||
| Series TT, Insured: NATL-RE 5.00%, due 7/1/26 | 215,000 | 215,654 | ||||||||
| 4,777,847 | ||||||||||
| School District 1.1% | ||||||||||
| Genesee Valley Central School District at Angelica Belmont, Unlimited General Obligation Insured: AGM 4.00%, due 6/15/30 | 665,000 | 688,614 | ||||||||
| Harrison NY, Central School District, Unlimited General Obligation | ||||||||||
| Insured: State Aid Withholding 3.50%, due 3/15/44 | 1,015,000 | 988,123 | ||||||||
| Insured: State Aid Withholding 3.50%, due 3/15/45 | 1,055,000 | 1,024,658 | ||||||||
| Insured: State Aid Withholding 3.55%, due 3/15/47 | 1,130,000 | 1,102,146 | ||||||||
| Poughkeepsie NY City School District, Unlimited General Obligation Insured: MAC 3.00%, due 5/1/33 | 400,000 | 388,344 | ||||||||
| 4,191,885 | ||||||||||
| Tobacco Settlement 6.0% | ||||||||||
| Chautauqua Tobacco Asset Securitization Corp., Revenue Bonds 5.00%, due 6/1/34 | 750,000 | 791,017 | ||||||||
| Children's Trust Fund, Asset-Backed, Revenue Bonds | ||||||||||
| Series A (zero coupon), due 5/15/50 | 2,500,000 | 276,875 | ||||||||
| 5.625%, due 5/15/43 | 2,300,000 | 2,320,125 | ||||||||
| Nassau County Tobacco Settlement Corp., Asset-Backed, Revenue Bonds Series A-3 5.125%, due 6/1/46 | 5,615,000 | 5,563,230 | ||||||||
| New York Counties Tobacco Trust IV, Settlement Pass Through, Revenue Bonds | ||||||||||
| Series A 5.00%, due 6/1/42 | 1,000,000 | 999,960 | ||||||||
| Series A 5.00%, due 6/1/45 | 145,000 | 144,390 | ||||||||
| New York Counties Tobacco Trust V, Pass Through, Revenue Bonds Series S 1 (zero coupon), due 6/1/38 | 1,600,000 | 494,480 | ||||||||
| Niagara Tobacco Asset Securitization Corp., Revenue Bonds 5.25%, due 5/15/40 | 500,000 | 535,435 | ||||||||
| Rockland Tobacco Asset Securitization Corp., Asset-Backed, Revenue Bonds Series B (zero coupon), due 8/15/50 (b) | 13,000,000 | 1,425,580 | ||||||||
| ¤ | Suffolk Tobacco Asset Securitization Corp., Revenue Bonds | |||||||||
| Series B 5.25%, due 6/1/37 | 850,000 | 921,247 | ||||||||
| Series B 6.00%, due 6/1/48 | 1,000,000 | 1,000,610 | ||||||||
| Series C 6.625%, due 6/1/44 | 5,300,000 | 5,588,214 | ||||||||
| TSASC, Inc., Revenue Bonds Series B 5.00%, due 6/1/45 | 2,500,000 | 2,568,100 | ||||||||
| Westchester Tobacco Asset Securitization, Revenue Bonds Series B 5.00%, due 6/1/41 | 250,000 | 269,782 | ||||||||
| 22,899,045 | ||||||||||
| Transportation 9.6% | ||||||||||
| Buffalo & Fort Erie Public Bridge Authority, Revenue Bonds 5.00%, due 1/1/47 | 2,400,000 | 2,705,064 | ||||||||
| Metropolitan Transportation Authority, Revenue Bonds | ||||||||||
| Series F 5.00%, due 11/15/34 | 1,000,000 | 1,128,580 | ||||||||
| Series A1 5.00%, due 11/15/36 | 1,000,000 | 1,123,140 | ||||||||
| Series E-1 5.00%, due 11/15/42 | 890,000 | 999,444 | ||||||||
| MTA Hudson Rail Yards Trust Obligations, Revenue Bonds Series A 5.00%, due 11/15/56 | 5,205,000 | 5,630,769 | ||||||||
| New York State Thruway Authority, General Revenue Junior Indebtedness Obligation, Revenue Bonds Series A 5.25%, due 1/1/56 | 2,500,000 | 2,814,725 | ||||||||
| New York State Thruway Authority, Revenue Bonds Series L 4.00%, due 1/1/36 | 4,000,000 | 4,198,440 | ||||||||
| Port Authority of Guam, Revenue Bonds (a) | ||||||||||
| Series B 5.00%, due 7/1/36 | 225,000 | 244,141 | ||||||||
| Series B 5.00%, due 7/1/37 | 200,000 | 216,504 | ||||||||
| Port Authority of New York & New Jersey, Revenue Bonds | ||||||||||
| Consolidated - Series 190 5.00%, due 5/1/32 | 595,000 | 628,433 | ||||||||
| Series 178 5.00%, due 12/1/38 (a) | 1,500,000 | 1,649,040 | ||||||||
| Series 198 5.00%, due 11/15/46 | 2,000,000 | 2,272,580 | ||||||||
| Puerto Rico Highway & Transportation Authority, Revenue Bonds | ||||||||||
| Insured: AGC 5.00%, due 7/1/23 | 340,000 | 349,918 | ||||||||
| Series N, Insured: NATL-RE 5.25%, due 7/1/32 | 1,010,000 | 1,072,994 | ||||||||
| Series N, Insured: AGC 5.25%, due 7/1/36 | 1,000,000 | 1,159,430 | ||||||||
| ¤ | Triborough Bridge & Tunnel Authority, Revenue Bonds | |||||||||
| Subseries B-3 1.40%, due 1/1/32 (c) | 4,500,000 | 4,500,000 | ||||||||
| Subseries B-2 1.42%, due 1/1/32 (c) | 495,000 | 495,000 | ||||||||
| Series F 1.54%, due 11/1/32 (c) | 2,740,000 | 2,740,000 | ||||||||
| Series B 5.00%, due 11/15/45 | 2,000,000 | 2,268,360 | ||||||||
| 36,196,562 | ||||||||||
| Utilities 1.9% | ||||||||||
| Guam Government, Waterworks Authority, Revenue Bonds 5.25%, due 7/1/33 | 1,210,000 | 1,310,877 | ||||||||
| Long Island Power Authority, Revenue Bonds | ||||||||||
| 5.00%, due 9/1/42 | 2,000,000 | 2,268,200 | ||||||||
| Series A 5.00%, due 9/1/44 | 2,000,000 | 2,220,780 | ||||||||
| Series B 5.00%, due 9/1/45 | 1,000,000 | 1,106,530 | ||||||||
| Series B 5.00%, due 9/1/46 | 245,000 | 274,508 | ||||||||
| 7,180,895 | ||||||||||
| Water 2.8% | ||||||||||
| Great Neck North, Water Authority, Revenue Bonds | ||||||||||
| Series A 4.00%, due 1/1/32 | 250,000 | 272,225 | ||||||||
| Series A 4.00%, due 1/1/33 | 425,000 | 460,998 | ||||||||
| Series A 4.00%, due 1/1/34 | 250,000 | 270,478 | ||||||||
| Guam Government, Waterworks Authority, Revenue Bonds 5.00%, due 1/1/46 | 925,000 | 1,009,267 | ||||||||
| Monroe County Water Authority, Revenue Bonds 5.00%, due 8/1/37 | 750,000 | 826,613 | ||||||||
| New York City Water & Sewer System, 2nd General Resolution, Revenue Bonds Series BB-1 1.45%, due 6/15/39 (c) | 1,500,000 | 1,500,000 | ||||||||
| New York City Water & Sewer System, Revenue Bonds Series DD 5.00%, due 6/15/34 | 1,000,000 | 1,114,410 | ||||||||
| Niagara Falls Public Water Authority, Water & Sewer System, Revenue Bonds Series A 5.00%, due 7/15/34 | 770,000 | 874,150 | ||||||||
| Puerto Rico Commonwealth, Aqueduct & Sewer Authority, Revenue Bonds | ||||||||||
| Senior Lien-Series A 6.00%, due 7/1/38 | 1,255,000 | 1,066,750 | ||||||||
| Series A 6.00%, due 7/1/44 | 400,000 | 340,000 | ||||||||
| Saratoga County Water Authority, Revenue Bonds 4.00%, due 9/1/48 | 2,825,000 | 2,923,592 | ||||||||
| 10,658,483 | ||||||||||
| Total Municipal Bonds (Cost $375,543,823) | 378,214,843 | |||||||||
| Shares | ||||||||||
| Closed-End Funds 0.3% | ||||||||||
| New York 0.3% | ||||||||||
| Eaton Vance New York Municipal Bond Fund | 1,048 | 11,675 | ||||||||
| Nuveen New York AMT-Free Quality Municipal Income Fund | 100,000 | 1,213,000 | ||||||||
| Total Closed-End Funds (Cost $1,379,741) | 1,224,675 | |||||||||
| Total Investments (Cost $376,923,564) | 100.2 | % | 379,439,518 | |||||||
| Other Assets, Less Liabilities | (0.2 | ) | (684,682 | ) | ||||||
| Net Assets | 100.0 | % | $ | 378,754,836 |
| † | Percentages indicated are based on Fund net assets. |
| ¤ | Among the Fund's 10 largest holdings or issuers held, as of July 31, 2018. May be subject to change daily. |
| (a) | Interest on these securities was subject to alternative minimum tax. |
| (b) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (c) | Variable-rate demand notes (VRDNs) - Provide the right to sell the security at face value on either that day or within the rate-reset period. VRDNs will normally trade as if the maturity is the earlier put date, even though stated maturity is longer. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. The maturity date shown is the final maturity. |
| (d) | Floating rate - Rate shown was the rate in effect as of July 31, 2018. |
As of July 31, 2018, the Fund held the following futures contracts1:
| Type | Number of Contracts (Short) | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 | |||||||||||
| 10-Year United States Treasury Note | (161) | September 2018 | $ | (19,183,790 | ) | $ | (19,226,922 | ) | $ | (43,132 | ) | |||||
| United States Treasury Long Bond | (14) | September 2018 | (1,987,473 | ) | (2,001,563 | ) | (14,090 | ) | ||||||||
| $ | (21,171,263 | ) | $ | (21,228,485 | ) | $ | (57,222 | ) | ||||||||
| 1. | As of July 31, 2018, cash in the amount of $201,250 was on deposit with a broker or futures commission merchant for futures transactions. |
| 2. | Represents the difference between the value of the contracts at the time they were opened and the value as of July 31, 2018. |
The following abbreviations are used in the preceding pages:
| AGC | —Assured Guaranty Corp. |
| AGM | —Assured Guaranty Municipal Corp. |
| AMBAC | —Ambac Assurance Corp. |
| BAM | —Build America Mutual Assurance Co. |
| NATL-RE | —National Public Finance Guarantee Corp. |
The following is a summary of the fair valuations according to the inputs used as of July 31, 2018, for valuing the Fund's assets and liabilities.
Asset Valuation Inputs
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
| Investments in Securities (a) | ||||||||||||||||
| Municipal Bonds | $ | — | $ | 378,214,843 | $ | — | $ | 378,214,843 | ||||||||
| Closed-End Funds | 1,224,675 | — | — | 1,224,675 | ||||||||||||
| Total Investments in Securities | $ | 1,224,675 | $ | 378,214,843 | $ | — | $ | 379,439,518 | ||||||||
Liability Valuation Inputs
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts (b) | $ | (57,222 | ) | $ | — | $ | — | $ | (57,222 | ) | ||||||
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| (b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
The Fund recognizes transfers between the levels as of the beginning of the period.
For the period ended July 31, 2018, the Fund did not have any transfers among levels.
As of July 31, 2018, the Fund did not hold any investments with significant unobservable inputs (Level 3).
MainStay MacKay S&P 500 Index Fund
Portfolio of Investments July 31, 2018 (Unaudited)
| Shares | Value | |||||||||
| Common Stocks 99.1% † | ||||||||||
| Aerospace & Defense 2.7% | ||||||||||
| Arconic, Inc. | 21,480 | $ | 465,901 | |||||||
| Boeing Co. | 27,685 | 9,864,165 | ||||||||
| General Dynamics Corp. | 13,965 | 2,789,648 | ||||||||
| Harris Corp. | 6,002 | 990,030 | ||||||||
| Huntington Ingalls Industries, Inc. | 2,250 | 524,363 | ||||||||
| L3 Technologies, Inc. | 3,967 | 850,683 | ||||||||
| Lockheed Martin Corp. | 12,558 | 4,095,164 | ||||||||
| Northrop Grumman Corp. | 8,816 | 2,649,120 | ||||||||
| Raytheon Co. | 14,522 | 2,875,792 | ||||||||
| Rockwell Collins, Inc. | 8,303 | 1,154,034 | ||||||||
| Textron, Inc. | 12,944 | 883,687 | ||||||||
| TransDigm Group, Inc. | 2,465 | 925,706 | ||||||||
| United Technologies Corp. | 37,615 | 5,105,860 | ||||||||
| 33,174,153 | ||||||||||
| Air Freight & Logistics 0.7% | ||||||||||
| C.H. Robinson Worldwide, Inc. | 7,039 | 649,207 | ||||||||
| Expeditors International of Washington, Inc. | 8,831 | 672,657 | ||||||||
| FedEx Corp. | 12,428 | 3,055,672 | ||||||||
| United Parcel Service, Inc., Class B | 34,860 | 4,179,366 | ||||||||
| 8,556,902 | ||||||||||
| Airlines 0.4% | ||||||||||
| Alaska Air Group, Inc. | 6,231 | 391,494 | ||||||||
| American Airlines Group, Inc. | 21,064 | 832,871 | ||||||||
| Delta Air Lines, Inc. | 32,625 | 1,775,452 | ||||||||
| Southwest Airlines Co. | 26,966 | 1,568,342 | ||||||||
| United Continental Holdings, Inc. (a) | 11,914 | 957,886 | ||||||||
| 5,526,045 | ||||||||||
| Auto Components 0.2% | ||||||||||
| Aptiv PLC | 13,385 | 1,312,667 | ||||||||
| BorgWarner, Inc. | 9,984 | 459,464 | ||||||||
| Goodyear Tire & Rubber Co. | 12,124 | 293,522 | ||||||||
| 2,065,653 | ||||||||||
| Automobiles 0.4% | ||||||||||
| Ford Motor Co. | 197,873 | 1,986,645 | ||||||||
| General Motors Co. | 64,128 | 2,431,093 | ||||||||
| Harley-Davidson, Inc. | 8,414 | 360,876 | ||||||||
| 4,778,614 | ||||||||||
| Banks 6.3% | ||||||||||
| Bank of America Corp. | 476,703 | 14,720,589 | ||||||||
| BB&T Corp. | 39,420 | 2,002,930 | ||||||||
| Citigroup, Inc. | 128,909 | 9,267,268 | ||||||||
| Citizens Financial Group, Inc. | 24,505 | 974,809 | ||||||||
| Comerica, Inc. | 8,692 | 842,602 | ||||||||
| Fifth Third Bancorp | 34,655 | 1,025,441 | ||||||||
| Huntington Bancshares, Inc. | 55,862 | 862,509 | ||||||||
| ¤ | JPMorgan Chase & Co. | 172,125 | 19,785,769 | |||||||
| KeyCorp | 53,671 | 1,120,114 | ||||||||
| M&T Bank Corp. | 7,342 | 1,272,736 | ||||||||
| People's United Financial, Inc. | 17,587 | 320,611 | ||||||||
| PNC Financial Services Group, Inc. | 23,735 | 3,437,540 | ||||||||
| Regions Financial Corp. | 56,780 | 1,056,676 | ||||||||
| SunTrust Banks, Inc. | 23,499 | 1,693,573 | ||||||||
| SVB Financial Group (a) | 2,678 | 824,503 | ||||||||
| U.S. Bancorp | 78,881 | 4,181,482 | ||||||||
| Wells Fargo & Co. | 221,709 | 12,701,709 | ||||||||
| Zions Bancorp. | 9,965 | 515,190 | ||||||||
| 76,606,051 | ||||||||||
| Beverages 1.8% | ||||||||||
| Brown-Forman Corp., Class B | 13,242 | 704,739 | ||||||||
| Coca-Cola Co. | 193,608 | 9,027,941 | ||||||||
| Constellation Brands, Inc., Class A | 8,494 | 1,785,694 | ||||||||
| Molson Coors Brewing Co., Class B | 9,355 | 626,785 | ||||||||
| Monster Beverage Corp. (a) | 20,765 | 1,246,315 | ||||||||
| PepsiCo., Inc. | 71,678 | 8,242,970 | ||||||||
| 21,634,444 | ||||||||||
| Biotechnology 2.6% | ||||||||||
| AbbVie, Inc. | 76,613 | 7,066,017 | ||||||||
| Alexion Pharmaceuticals, Inc. (a) | 11,248 | 1,495,534 | ||||||||
| Amgen, Inc. | 33,669 | 6,617,642 | ||||||||
| Biogen, Inc. (a) | 10,667 | 3,566,725 | ||||||||
| Celgene Corp. (a) | 35,734 | 3,219,276 | ||||||||
| Gilead Sciences, Inc. | 65,733 | 5,115,999 | ||||||||
| Incyte Corp. (a) | 8,894 | 591,807 | ||||||||
| Regeneron Pharmaceuticals, Inc. (a) | 3,910 | 1,438,919 | ||||||||
| Vertex Pharmaceuticals, Inc. (a) | 12,883 | 2,255,169 | ||||||||
| 31,367,088 | ||||||||||
| Building Products 0.3% | ||||||||||
| A.O. Smith Corp. | 7,334 | 436,593 | ||||||||
| Allegion PLC | 4,801 | 391,473 | ||||||||
| Fortune Brands Home & Security, Inc. | 7,377 | 427,866 | ||||||||
| Johnson Controls International PLC | 46,823 | 1,756,331 | ||||||||
| Masco Corp. | 15,697 | 633,060 | ||||||||
| 3,645,323 | ||||||||||
| Capital Markets 2.9% | ||||||||||
| Affiliated Managers Group, Inc. | 2,746 | 439,387 | ||||||||
| Ameriprise Financial, Inc. | 7,311 | 1,064,993 | ||||||||
| Bank of New York Mellon Corp. | 51,094 | 2,731,996 | ||||||||
| BlackRock, Inc. | 6,235 | 3,134,709 | ||||||||
| Cboe Global Markets, Inc. | 5,687 | 552,378 | ||||||||
| Charles Schwab Corp. | 60,704 | 3,099,546 | ||||||||
| CME Group, Inc. | 17,214 | 2,739,092 | ||||||||
| E*TRADE Financial Corp. (a) | 13,342 | 797,985 | ||||||||
| Franklin Resources, Inc. | 16,113 | 552,998 | ||||||||
| Goldman Sachs Group, Inc. | 17,758 | 4,216,282 | ||||||||
| Intercontinental Exchange, Inc. | 29,282 | 2,164,233 | ||||||||
| Invesco, Ltd. | 20,766 | 560,474 | ||||||||
| Moody's Corp. | 8,440 | 1,444,253 | ||||||||
| Morgan Stanley | 68,910 | 3,484,090 | ||||||||
| MSCI, Inc. | 4,501 | 748,021 | ||||||||
| Nasdaq, Inc. | 5,909 | 540,083 | ||||||||
| Northern Trust Corp. | 10,692 | 1,167,780 | ||||||||
| Raymond James Financial, Inc. | 6,563 | 601,105 | ||||||||
| S&P Global, Inc. | 12,704 | 2,546,390 | ||||||||
| State Street Corp. | 18,473 | 1,631,351 | ||||||||
| T. Rowe Price Group, Inc. | 12,241 | 1,457,658 | ||||||||
| 35,674,804 | ||||||||||
| Chemicals 1.9% | ||||||||||
| Air Products & Chemicals, Inc. | 11,081 | 1,819,168 | ||||||||
| Albemarle Corp. | 5,600 | 527,520 | ||||||||
| CF Industries Holdings, Inc. | 11,797 | 524,023 | ||||||||
| DowDuPont, Inc. | 117,325 | 8,068,440 | ||||||||
| Eastman Chemical Co. | 7,217 | 747,826 | ||||||||
| Ecolab, Inc. | 13,127 | 1,846,969 | ||||||||
| FMC Corp. | 6,800 | 611,184 | ||||||||
| International Flavors & Fragrances, Inc. | 3,990 | 529,712 | ||||||||
| LyondellBasell Industries N.V., Class A | 16,253 | 1,800,670 | ||||||||
| Mosaic Co. | 17,731 | 533,880 | ||||||||
| PPG Industries, Inc. | 12,604 | 1,394,759 | ||||||||
| Praxair, Inc. | 14,528 | 2,433,440 | ||||||||
| Sherwin-Williams Co. | 4,162 | 1,834,318 | ||||||||
| 22,671,909 | ||||||||||
| Commercial Services & Supplies 0.4% | ||||||||||
| Cintas Corp. | 4,370 | 893,578 | ||||||||
| Copart, Inc. (a) | 10,629 | 609,998 | ||||||||
| Republic Services, Inc. | 11,273 | 817,067 | ||||||||
| Stericycle, Inc. (a) | 4,326 | 302,214 | ||||||||
| Waste Management, Inc. | 20,110 | 1,809,900 | ||||||||
| 4,432,757 | ||||||||||
| Communications Equipment 1.0% | ||||||||||
| Cisco Systems, Inc. | 237,749 | 10,054,405 | ||||||||
| F5 Networks, Inc. (a) | 3,090 | 529,564 | ||||||||
| Juniper Networks, Inc. | 17,651 | 464,928 | ||||||||
| Motorola Solutions, Inc. | 8,197 | 994,296 | ||||||||
| 12,043,193 | ||||||||||
| Construction & Engineering 0.1% | ||||||||||
| Fluor Corp. | 7,107 | 364,234 | ||||||||
| Jacobs Engineering Group, Inc. | 6,093 | 412,070 | ||||||||
| Quanta Services, Inc. (a) | 7,563 | 257,671 | ||||||||
| 1,033,975 | ||||||||||
| Construction Materials 0.1% | ||||||||||
| Martin Marietta Materials, Inc. | 3,182 | 634,554 | ||||||||
| Vulcan Materials Co. | 6,682 | 748,384 | ||||||||
| 1,382,938 | ||||||||||
| Consumer Finance 0.7% | ||||||||||
| American Express Co. | 36,101 | 3,592,772 | ||||||||
| Capital One Financial Corp. | 24,591 | 2,319,423 | ||||||||
| Discover Financial Services | 17,642 | 1,259,815 | ||||||||
| Synchrony Financial | 35,867 | 1,037,991 | ||||||||
| 8,210,001 | ||||||||||
| Containers & Packaging 0.3% | ||||||||||
| Avery Dennison Corp. | 4,450 | 510,326 | ||||||||
| Ball Corp. | 17,655 | 688,015 | ||||||||
| International Paper Co. | 20,934 | 1,124,784 | ||||||||
| Packaging Corp. of America | 4,770 | 538,533 | ||||||||
| Sealed Air Corp. | 8,147 | 359,038 | ||||||||
| WestRock Co. | 12,965 | 751,711 | ||||||||
| 3,972,407 | ||||||||||
| Distributors 0.1% | ||||||||||
| Genuine Parts Co. | 7,418 | 721,845 | ||||||||
| LKQ Corp. (a) | 15,657 | 524,823 | ||||||||
| 1,246,668 | ||||||||||
| Diversified Consumer Services 0.0% ‡ | ||||||||||
| H&R Block, Inc. | 10,576 | 266,092 | ||||||||
| Diversified Financial Services 1.6% | ||||||||||
| ¤ | Berkshire Hathaway, Inc., Class B (a) | 97,302 | 19,253,147 | |||||||
| Jefferies Financial Group, Inc. | 15,328 | 371,704 | ||||||||
| 19,624,851 | ||||||||||
| Diversified Telecommunication Services 1.9% | ||||||||||
| AT&T, Inc. | 366,824 | 11,727,363 | ||||||||
| CenturyLink, Inc. | 49,631 | 931,574 | ||||||||
| Verizon Communications, Inc. | 208,884 | 10,786,770 | ||||||||
| 23,445,707 | ||||||||||
| Electric Utilities 1.8% | ||||||||||
| Alliant Energy Corp. | 11,702 | 502,835 | ||||||||
| American Electric Power Co., Inc. | 24,899 | 1,771,315 | ||||||||
| Duke Energy Corp. | 35,439 | 2,892,531 | ||||||||
| Edison International | 16,471 | 1,097,463 | ||||||||
| Entergy Corp. | 9,141 | 742,980 | ||||||||
| Evergy, Inc. | 13,711 | 769,050 | ||||||||
| Eversource Energy | 16,020 | 972,734 | ||||||||
| Exelon Corp. | 48,804 | 2,074,170 | ||||||||
| FirstEnergy Corp. | 22,663 | 802,950 | ||||||||
| NextEra Energy, Inc. | 23,833 | 3,992,981 | ||||||||
| PG&E Corp. | 26,107 | 1,124,690 | ||||||||
| Pinnacle West Capital Corp. | 5,659 | 455,153 | ||||||||
| PPL Corp. | 35,340 | 1,016,732 | ||||||||
| Southern Co. | 51,142 | 2,485,501 | ||||||||
| Xcel Energy, Inc. | 25,725 | 1,205,474 | ||||||||
| 21,906,559 | ||||||||||
| Electrical Equipment 0.5% | ||||||||||
| AMETEK, Inc. | 11,707 | 910,805 | ||||||||
| Eaton Corp. PLC | 22,107 | 1,838,639 | ||||||||
| Emerson Electric Co. | 31,854 | 2,302,407 | ||||||||
| Rockwell Automation, Inc. | 6,349 | 1,190,818 | ||||||||
| 6,242,669 | ||||||||||
| Electronic Equipment, Instruments & Components 0.4% | ||||||||||
| Amphenol Corp., Class A | 15,239 | 1,424,999 | ||||||||
| Corning, Inc. | 41,977 | 1,392,797 | ||||||||
| FLIR Systems, Inc. | 6,937 | 406,508 | ||||||||
| IPG Photonics Corp. (a) | 1,900 | 311,676 | ||||||||
| TE Connectivity, Ltd. | 17,701 | 1,656,283 | ||||||||
| 5,192,263 | ||||||||||
| Energy Equipment & Services 0.8% | ||||||||||
| Baker Hughes, a GE Co. | 21,051 | 727,944 | ||||||||
| Halliburton Co. | 44,284 | 1,878,527 | ||||||||
| Helmerich & Payne, Inc. | 5,504 | 337,670 | ||||||||
| National Oilwell Varco, Inc. | 19,313 | 938,998 | ||||||||
| Schlumberger, Ltd. | 70,024 | 4,728,020 | ||||||||
| TechnipFMC PLC | 21,941 | 714,180 | ||||||||
| 9,325,339 | ||||||||||
| Equity Real Estate Investment Trusts 2.7% | ||||||||||
| Alexandria Real Estate Equities, Inc. | 5,206 | 663,453 | ||||||||
| American Tower Corp. | 22,328 | 3,309,903 | ||||||||
| Apartment Investment & Management Co., Class A | 7,955 | 339,281 | ||||||||
| AvalonBay Communities, Inc. | 6,987 | 1,235,651 | ||||||||
| Boston Properties, Inc. | 7,804 | 979,636 | ||||||||
| Crown Castle International Corp. | 20,971 | 2,324,216 | ||||||||
| Digital Realty Trust, Inc. | 10,412 | 1,264,225 | ||||||||
| Duke Realty Corp. | 18,049 | 525,587 | ||||||||
| Equinix, Inc. | 4,017 | 1,764,588 | ||||||||
| Equity Residential | 18,615 | 1,217,979 | ||||||||
| Essex Property Trust, Inc. | 3,339 | 802,863 | ||||||||
| Extra Space Storage, Inc. | 6,375 | 599,059 | ||||||||
| Federal Realty Investment Trust | 3,702 | 464,601 | ||||||||
| GGP, Inc. | 31,977 | 681,750 | ||||||||
| HCP, Inc. | 23,750 | 615,125 | ||||||||
| Host Hotels & Resorts, Inc. | 37,478 | 784,789 | ||||||||
| Iron Mountain, Inc. | 14,228 | 499,545 | ||||||||
| Kimco Realty Corp. | 21,480 | 358,501 | ||||||||
| Macerich Co. | 5,488 | 324,121 | ||||||||
| Mid-America Apartment Communities, Inc. | 5,753 | 579,787 | ||||||||
| Prologis, Inc. | 26,957 | 1,768,918 | ||||||||
| Public Storage | 7,575 | 1,650,062 | ||||||||
| Realty Income Corp. | 14,377 | 801,805 | ||||||||
| Regency Centers Corp. | 7,451 | 474,107 | ||||||||
| SBA Communications Corp. (a) | 5,823 | 921,490 | ||||||||
| Simon Property Group, Inc. | 15,656 | 2,758,744 | ||||||||
| SL Green Realty Corp. | 4,470 | 460,902 | ||||||||
| UDR, Inc. | 13,528 | 520,557 | ||||||||
| Ventas, Inc. | 18,013 | 1,015,573 | ||||||||
| Vornado Realty Trust | 8,749 | 629,228 | ||||||||
| Welltower, Inc. | 18,805 | 1,177,193 | ||||||||
| Weyerhaeuser Co. | 38,270 | 1,308,069 | ||||||||
| 32,821,308 | ||||||||||
| Food & Staples Retailing 1.4% | ||||||||||
| Costco Wholesale Corp. | 22,173 | 4,849,457 | ||||||||
| Kroger Co. | 41,092 | 1,191,668 | ||||||||
| Sysco Corp. | 24,231 | 1,628,566 | ||||||||
| Walgreens Boots Alliance, Inc. | 43,114 | 2,915,369 | ||||||||
| Walmart, Inc. | 73,137 | 6,526,014 | ||||||||
| 17,111,074 | ||||||||||
| Food Products 1.1% | ||||||||||
| Archer-Daniels-Midland Co. | 28,269 | 1,364,262 | ||||||||
| Campbell Soup Co. | 9,727 | 397,834 | ||||||||
| Conagra Brands, Inc. | 19,894 | 730,309 | ||||||||
| General Mills, Inc. | 29,973 | 1,380,556 | ||||||||
| Hershey Co. | 7,064 | 693,756 | ||||||||
| Hormel Foods Corp. | 13,653 | 491,098 | ||||||||
| J.M. Smucker Co. | 5,743 | 638,162 | ||||||||
| Kellogg Co. | 12,625 | 896,754 | ||||||||
| Kraft Heinz Co. | 30,201 | 1,819,610 | ||||||||
| McCormick & Co., Inc. | 6,131 | 720,638 | ||||||||
| Mondelez International, Inc., Class A | 74,571 | 3,234,890 | ||||||||
| Tyson Foods, Inc., Class A | 15,045 | 867,344 | ||||||||
| 13,235,213 | ||||||||||
| Health Care Equipment & Supplies 3.1% | ||||||||||
| Abbott Laboratories | 88,631 | 5,808,876 | ||||||||
| ABIOMED, Inc. (a) | 2,136 | 757,276 | ||||||||
| Align Technology, Inc. (a) | 3,647 | 1,300,703 | ||||||||
| Baxter International, Inc. | 24,905 | 1,804,367 | ||||||||
| Becton Dickinson & Co. | 13,508 | 3,381,998 | ||||||||
| Boston Scientific Corp. (a) | 69,755 | 2,344,466 | ||||||||
| Cooper Cos., Inc. | 2,478 | 645,519 | ||||||||
| Danaher Corp. | 31,078 | 3,187,981 | ||||||||
| DENTSPLY SIRONA, Inc. | 11,498 | 553,169 | ||||||||
| Edwards Lifesciences Corp. (a) | 10,656 | 1,517,947 | ||||||||
| Hologic, Inc. (a) | 13,802 | 592,244 | ||||||||
| IDEXX Laboratories, Inc. (a) | 4,391 | 1,075,488 | ||||||||
| Intuitive Surgical, Inc. (a) | 5,728 | 2,910,912 | ||||||||
| Medtronic PLC | 68,461 | 6,177,236 | ||||||||
| ResMed, Inc. | 7,216 | 763,308 | ||||||||
| Stryker Corp. | 16,248 | 2,652,486 | ||||||||
| Varian Medical Systems, Inc. (a) | 4,626 | 534,072 | ||||||||
| Zimmer Biomet Holdings, Inc. | 10,276 | 1,289,843 | ||||||||
| 37,297,891 | ||||||||||
| Health Care Providers & Services 3.1% | ||||||||||
| Aetna, Inc. | 16,536 | 3,115,217 | ||||||||
| AmerisourceBergen Corp. | 8,223 | 672,888 | ||||||||
| Anthem, Inc. | 12,901 | 3,263,953 | ||||||||
| Cardinal Health, Inc. | 15,706 | 784,515 | ||||||||
| Centene Corp. (a) | 10,373 | 1,351,913 | ||||||||
| Cigna Corp. | 12,298 | 2,206,507 | ||||||||
| CVS Health Corp. | 51,395 | 3,333,480 | ||||||||
| DaVita, Inc. (a) | 7,057 | 495,966 | ||||||||
| Envision Healthcare Corp. (a) | 6,124 | 271,048 | ||||||||
| Express Scripts Holding Co. (a) | 28,397 | 2,256,426 | ||||||||
| HCA Healthcare, Inc. | 14,127 | 1,754,997 | ||||||||
| Henry Schein, Inc. (a) | 7,787 | 618,366 | ||||||||
| Humana, Inc. | 6,960 | 2,186,693 | ||||||||
| Laboratory Corp. of America Holdings (a) | 5,172 | 906,858 | ||||||||
| McKesson Corp. | 10,214 | 1,282,878 | ||||||||
| Quest Diagnostics, Inc. | 6,866 | 739,605 | ||||||||
| UnitedHealth Group, Inc. | 48,581 | 12,301,681 | ||||||||
| Universal Health Services, Inc., Class B | 4,406 | 537,973 | ||||||||
| 38,080,964 | ||||||||||
| Health Care Technology 0.1% | ||||||||||
| Cerner Corp. (a) | 15,936 | 989,307 | ||||||||
| Hotels, Restaurants & Leisure 1.6% | ||||||||||
| Carnival Corp. | 20,523 | 1,215,782 | ||||||||
| Chipotle Mexican Grill, Inc. (a) | 1,236 | 536,004 | ||||||||
| Darden Restaurants, Inc. | 6,258 | 669,230 | ||||||||
| Hilton Worldwide Holdings, Inc. | 14,124 | 1,110,994 | ||||||||
| Marriott International, Inc., Class A | 15,005 | 1,918,239 | ||||||||
| McDonald's Corp. | 39,694 | 6,253,393 | ||||||||
| MGM Resorts International | 25,333 | 794,696 | ||||||||
| Norwegian Cruise Line Holdings, Ltd. (a) | 10,450 | 522,813 | ||||||||
| Royal Caribbean Cruises, Ltd. | 8,564 | 965,677 | ||||||||
| Starbucks Corp. | 69,764 | 3,654,936 | ||||||||
| Wynn Resorts, Ltd. | 4,282 | 714,152 | ||||||||
| Yum! Brands, Inc. | 16,340 | 1,295,599 | ||||||||
| 19,651,515 | ||||||||||
| Household Durables 0.3% | ||||||||||
| D.R. Horton, Inc. | 17,363 | 758,763 | ||||||||
| Garmin, Ltd. | 5,623 | 351,156 | ||||||||
| Leggett & Platt, Inc. | 6,636 | 289,131 | ||||||||
| Lennar Corp., Class A | 13,832 | 722,999 | ||||||||
| Mohawk Industries, Inc. (a) | 3,206 | 603,882 | ||||||||
| Newell Brands, Inc. | 24,554 | 643,069 | ||||||||
| PulteGroup, Inc. | 13,280 | 378,347 | ||||||||
| Whirlpool Corp. | 3,262 | 427,648 | ||||||||
| 4,174,995 | ||||||||||
| Household Products 1.4% | ||||||||||
| Church & Dwight Co., Inc. | 12,371 | 691,539 | ||||||||
| Clorox Co. | 6,547 | 884,958 | ||||||||
| Colgate-Palmolive Co. | 44,099 | 2,955,074 | ||||||||
| Kimberly-Clark Corp. | 17,660 | 2,010,768 | ||||||||
| Procter & Gamble Co. | 127,123 | 10,281,708 | ||||||||
| 16,824,047 | ||||||||||
| Independent Power & Renewable Electricity Producers 0.1% | ||||||||||
| AES Corp. | 33,436 | 446,705 | ||||||||
| NRG Energy, Inc. | 15,123 | 478,945 | ||||||||
| 925,650 | ||||||||||
| Industrial Conglomerates 1.6% | ||||||||||
| 3M Co. | 30,013 | 6,372,360 | ||||||||
| General Electric Co. | 439,078 | 5,984,633 | ||||||||
| Honeywell International, Inc. | 37,760 | 6,028,384 | ||||||||
| Roper Technologies, Inc. | 5,215 | 1,574,409 | ||||||||
| 19,959,786 | ||||||||||
| Insurance 2.4% | ||||||||||
| Aflac, Inc. | 39,137 | 1,821,436 | ||||||||
| Allstate Corp. | 17,769 | 1,690,187 | ||||||||
| American International Group, Inc. | 45,381 | 2,505,485 | ||||||||
| Aon PLC | 12,361 | 1,774,422 | ||||||||
| Arthur J. Gallagher & Co. | 9,215 | 657,490 | ||||||||
| Assurant, Inc. | 2,664 | 293,839 | ||||||||
| Brighthouse Financial, Inc. (a) | 6,041 | 262,361 | ||||||||
| Chubb, Ltd. | 23,548 | 3,290,127 | ||||||||
| Cincinnati Financial Corp. | 7,551 | 571,082 | ||||||||
| Everest Re Group, Ltd. | 2,072 | 452,421 | ||||||||
| Hartford Financial Services Group, Inc. | 18,105 | 954,133 | ||||||||
| Lincoln National Corp. | 11,057 | 752,982 | ||||||||
| Loews Corp. | 13,237 | 672,175 | ||||||||
| Marsh & McLennan Cos., Inc. | 25,650 | 2,138,184 | ||||||||
| MetLife, Inc. | 51,390 | 2,350,579 | ||||||||
| Principal Financial Group, Inc. | 13,464 | 781,989 | ||||||||
| Progressive Corp. | 29,441 | 1,766,754 | ||||||||
| Prudential Financial, Inc. | 21,233 | 2,142,622 | ||||||||
| Torchmark Corp. | 5,339 | 470,206 | ||||||||
| Travelers Cos., Inc. | 13,663 | 1,778,103 | ||||||||
| Unum Group | 11,182 | 444,261 | ||||||||
| Willis Towers Watson PLC | 6,665 | 1,062,534 | ||||||||
| XL Group, Ltd. | 13,057 | 734,195 | ||||||||
| 29,367,567 | ||||||||||
| Internet & Direct Marketing Retail 4.1% | ||||||||||
| ¤ | Amazon.com, Inc. (a) | 20,360 | 36,188,679 | |||||||
| Booking Holdings, Inc. (a) | 2,435 | 4,939,933 | ||||||||
| Expedia Group, Inc. | 6,110 | 817,762 | ||||||||
| Netflix, Inc. (a) | 21,975 | 7,415,464 | ||||||||
| TripAdvisor, Inc. (a) | 5,417 | 314,132 | ||||||||
| 49,675,970 | ||||||||||
| Internet Software & Services 5.1% | ||||||||||
| Akamai Technologies, Inc. (a) | 8,626 | 649,193 | ||||||||
| ¤ | Alphabet, Inc. (a) | |||||||||
| Class A | 15,098 | 18,528,568 | ||||||||
| Class C | 15,348 | 18,682,507 | ||||||||
| eBay, Inc. (a) | 46,732 | 1,563,185 | ||||||||
| ¤ | Facebook, Inc., Class A (a) | 121,259 | 20,926,878 | |||||||
| Twitter, Inc. (a) | 33,104 | 1,055,024 | ||||||||
| VeriSign, Inc. (a) | 4,853 | 704,801 | ||||||||
| 62,110,156 | ||||||||||
| IT Services 4.4% | ||||||||||
| Accenture PLC, Class A | 32,511 | 5,179,978 | ||||||||
| Alliance Data Systems Corp. | 2,437 | 548,033 | ||||||||
| Automatic Data Processing, Inc. | 22,270 | 3,006,227 | ||||||||
| Broadridge Financial Solutions, Inc. | 5,961 | 673,474 | ||||||||
| Cognizant Technology Solutions Corp., Class A | 29,620 | 2,414,030 | ||||||||
| DXC Technology Co. | 14,397 | 1,220,002 | ||||||||
| Fidelity National Information Services, Inc. | 16,734 | 1,725,777 | ||||||||
| Fiserv, Inc. (a) | 20,699 | 1,562,360 | ||||||||
| FleetCor Technologies, Inc. (a) | 4,532 | 983,444 | ||||||||
| Gartner, Inc. (a) | 4,613 | 624,739 | ||||||||
| Global Payments, Inc. | 8,066 | 907,990 | ||||||||
| International Business Machines Corp. | 43,158 | 6,254,889 | ||||||||
| Mastercard, Inc., Class A | 46,352 | 9,177,696 | ||||||||
| Paychex, Inc. | 16,165 | 1,115,708 | ||||||||
| PayPal Holdings, Inc. (a) | 56,425 | 4,634,749 | ||||||||
| Total System Services, Inc. | 8,387 | 767,746 | ||||||||
| Visa, Inc., Class A | 90,298 | 12,347,348 | ||||||||
| Western Union Co. | 23,292 | 469,567 | ||||||||
| 53,613,757 | ||||||||||
| Leisure Products 0.1% | ||||||||||
| Hasbro, Inc. | 5,748 | 572,558 | ||||||||
| Mattel, Inc. | 17,391 | 275,995 | ||||||||
| 848,553 | ||||||||||
| Life Sciences Tools & Services 0.9% | ||||||||||
| Agilent Technologies, Inc. | 16,175 | 1,068,197 | ||||||||
| Illumina, Inc. (a) | 7,431 | 2,410,319 | ||||||||
| IQVIA Holdings, Inc. (a) | 8,171 | 996,372 | ||||||||
| Mettler-Toledo International, Inc. (a) | 1,284 | 760,783 | ||||||||
| PerkinElmer, Inc. | 5,593 | 442,854 | ||||||||
| Thermo Fisher Scientific, Inc. | 20,339 | 4,770,106 | ||||||||
| Waters Corp. (a) | 3,961 | 781,386 | ||||||||
| 11,230,017 | ||||||||||
| Machinery 1.5% | ||||||||||
| Caterpillar, Inc. | 30,226 | 4,346,499 | ||||||||
| Cummins, Inc. | 7,830 | 1,118,202 | ||||||||
| Deere & Co. | 16,394 | 2,373,687 | ||||||||
| Dover Corp. | 7,820 | 648,904 | ||||||||
| Flowserve Corp. | 6,614 | 293,199 | ||||||||
| Fortive Corp. | 15,507 | 1,272,815 | ||||||||
| Illinois Tool Works, Inc. | 15,413 | 2,209,145 | ||||||||
| Ingersoll-Rand PLC | 12,536 | 1,234,921 | ||||||||
| PACCAR, Inc. | 17,785 | 1,168,830 | ||||||||
| Parker-Hannifin Corp. | 6,722 | 1,136,354 | ||||||||
| Pentair PLC | 8,206 | 366,398 | ||||||||
| Snap-on, Inc. | 2,861 | 485,197 | ||||||||
| Stanley Black & Decker, Inc. | 7,801 | 1,166,015 | ||||||||
| Xylem, Inc. | 9,096 | 696,390 | ||||||||
| 18,516,556 | ||||||||||
| Media 2.2% | ||||||||||
| CBS Corp., Class B | 17,263 | 909,242 | ||||||||
| Charter Communications, Inc., Class A (a) | 9,364 | 2,852,087 | ||||||||
| Comcast Corp., Class A | 232,154 | 8,306,470 | ||||||||
| Discovery, Inc. (a) | ||||||||||
| Class A (b) | 7,889 | 209,690 | ||||||||
| Class C | 17,269 | 423,954 | ||||||||
| DISH Network Corp., Class A (a) | 11,574 | 365,275 | ||||||||
| Interpublic Group of Cos., Inc. | 19,490 | 439,500 | ||||||||
| News Corp. | ||||||||||
| Class A | 19,376 | 291,996 | ||||||||
| Class B | 6,156 | 94,187 | ||||||||
| Omnicom Group, Inc. | 11,490 | 790,857 | ||||||||
| Twenty-First Century Fox, Inc. | ||||||||||
| Class A | 53,286 | 2,397,870 | ||||||||
| Class B | 22,203 | 986,257 | ||||||||
| Viacom, Inc., Class B | 17,844 | 518,368 | ||||||||
| Walt Disney Co. | 75,161 | 8,535,283 | ||||||||
| 27,121,036 | ||||||||||
| Metals & Mining 0.3% | ||||||||||
| Freeport-McMoRan, Inc. | 68,115 | 1,123,897 | ||||||||
| Newmont Mining Corp. | 26,970 | 989,260 | ||||||||
| Nucor Corp. | 16,081 | 1,076,301 | ||||||||
| 3,189,458 | ||||||||||
| Multi-Utilities 0.9% | ||||||||||
| Ameren Corp. | 12,318 | 764,455 | ||||||||
| CenterPoint Energy, Inc. | 21,813 | 621,234 | ||||||||
| CMS Energy Corp. | 14,283 | 690,440 | ||||||||
| Consolidated Edison, Inc. | 15,709 | 1,239,912 | ||||||||
| Dominion Energy, Inc. | 32,989 | 2,365,641 | ||||||||
| DTE Energy Co. | 9,175 | 995,855 | ||||||||
| NiSource, Inc. | 17,055 | 446,500 | ||||||||
| Public Service Enterprise Group, Inc. | 25,541 | 1,316,894 | ||||||||
| SCANA Corp. | 7,210 | 288,328 | ||||||||
| Sempra Energy | 13,353 | 1,543,473 | ||||||||
| WEC Energy Group, Inc. | 15,952 | 1,058,734 | ||||||||
| 11,331,466 | ||||||||||
| Multiline Retail 0.5% | ||||||||||
| Dollar General Corp. | 12,850 | 1,261,228 | ||||||||
| Dollar Tree, Inc. (a) | 12,021 | 1,097,277 | ||||||||
| Kohl's Corp. | 8,505 | 628,264 | ||||||||
| Macy's, Inc. | 15,488 | 615,338 | ||||||||
| Nordstrom, Inc. | 5,938 | 311,211 | ||||||||
| Target Corp. | 26,952 | 2,174,487 | ||||||||
| 6,087,805 | ||||||||||
| Oil, Gas & Consumable Fuels 5.4% | ||||||||||
| Anadarko Petroleum Corp. | 26,040 | 1,904,826 | ||||||||
| Andeavor | 7,029 | 1,054,772 | ||||||||
| Apache Corp. | 19,319 | 888,674 | ||||||||
| Cabot Oil & Gas Corp. | 22,825 | 536,388 | ||||||||
| Chevron Corp. | 96,606 | 12,198,440 | ||||||||
| Cimarex Energy Co. | 4,824 | 475,646 | ||||||||
| Concho Resources, Inc. (a) | 9,608 | 1,401,327 | ||||||||
| ConocoPhillips | 59,151 | 4,268,928 | ||||||||
| Devon Energy Corp. | 26,460 | 1,190,965 | ||||||||
| EOG Resources, Inc. | 29,264 | 3,773,300 | ||||||||
| EQT Corp. | 12,751 | 633,470 | ||||||||
| ¤ | Exxon Mobil Corp. | 214,037 | 17,446,156 | |||||||
| Hess Corp. | 13,237 | 868,744 | ||||||||
| HollyFrontier Corp. | 8,925 | 665,626 | ||||||||
| Kinder Morgan, Inc. | 95,912 | 1,705,315 | ||||||||
| Marathon Oil Corp. | 43,132 | 910,948 | ||||||||
| Marathon Petroleum Corp. | 23,350 | 1,887,380 | ||||||||
| Newfield Exploration Co. (a) | 10,097 | 289,986 | ||||||||
| Noble Energy, Inc. | 24,490 | 883,844 | ||||||||
| Occidental Petroleum Corp. | 38,713 | 3,249,182 | ||||||||
| ONEOK, Inc. | 20,782 | 1,463,884 | ||||||||
| Phillips 66 | 21,217 | 2,616,905 | ||||||||
| Pioneer Natural Resources Co. | 8,616 | 1,630,750 | ||||||||
| Valero Energy Corp. | 21,785 | 2,578,255 | ||||||||
| Williams Cos., Inc. | 41,843 | 1,244,829 | ||||||||
| 65,768,540 | ||||||||||
| Personal Products 0.1% | ||||||||||
| Coty, Inc., Class A | 23,904 | 320,553 | ||||||||
| Estee Lauder Cos., Inc., Class A | 11,323 | 1,527,925 | ||||||||
| 1,848,478 | ||||||||||
| Pharmaceuticals 4.6% | ||||||||||
| Allergan PLC | 17,141 | 3,155,487 | ||||||||
| Bristol-Myers Squibb Co. | 82,632 | 4,854,630 | ||||||||
| Eli Lilly & Co. | 48,288 | 4,771,337 | ||||||||
| ¤ | Johnson & Johnson | 135,593 | 17,968,785 | |||||||
| Merck & Co., Inc. | 136,006 | 8,958,715 | ||||||||
| Mylan N.V. (a) | 26,059 | 972,261 | ||||||||
| Nektar Therapeutics (a) | 8,145 | 428,427 | ||||||||
| Perrigo Co. PLC | 6,510 | 524,185 | ||||||||
| Pfizer, Inc. | 295,719 | 11,808,060 | ||||||||
| Zoetis, Inc. | 24,461 | 2,115,387 | ||||||||
| 55,557,274 | ||||||||||
| Professional Services 0.3% | ||||||||||
| Equifax, Inc. | 6,081 | 763,165 | ||||||||
| IHS Markit, Ltd. (a) | 18,003 | 954,699 | ||||||||
| Nielsen Holdings PLC | 16,928 | 398,824 | ||||||||
| Robert Half International, Inc. | 6,247 | 473,273 | ||||||||
| Verisk Analytics, Inc. (a) | 7,853 | 868,699 | ||||||||
| 3,458,660 | ||||||||||
| Real Estate Management & Development 0.1% | ||||||||||
| CBRE Group, Inc., Class A (a) | 15,286 | 761,243 | ||||||||
| Road & Rail 1.0% | ||||||||||
| CSX Corp. | 44,253 | 3,127,802 | ||||||||
| J.B. Hunt Transport Services, Inc. | 4,328 | 518,927 | ||||||||
| Kansas City Southern | 5,187 | 603,093 | ||||||||
| Norfolk Southern Corp. | 14,284 | 2,413,996 | ||||||||
| Union Pacific Corp. | 39,209 | 5,877,037 | ||||||||
| 12,540,855 | ||||||||||
| Semiconductors & Semiconductor Equipment 3.9% | ||||||||||
| Advanced Micro Devices, Inc. (a) | 41,654 | 763,518 | ||||||||
| Analog Devices, Inc. | 18,750 | 1,802,625 | ||||||||
| Applied Materials, Inc. | 50,961 | 2,478,233 | ||||||||
| Broadcom, Inc. | 20,297 | 4,501,266 | ||||||||
| Intel Corp. | 235,581 | 11,331,446 | ||||||||
| KLA-Tencor Corp. | 7,880 | 925,270 | ||||||||
| Lam Research Corp. | 8,293 | 1,580,978 | ||||||||
| Microchip Technology, Inc. | 11,882 | 1,110,135 | ||||||||
| Micron Technology, Inc. (a) | 58,631 | 3,095,130 | ||||||||
| NVIDIA Corp. | 30,686 | 7,513,774 | ||||||||
| Qorvo, Inc. (a) | 6,395 | 522,855 | ||||||||
| QUALCOMM, Inc. | 74,952 | 4,803,674 | ||||||||
| Skyworks Solutions, Inc. | 9,205 | 870,609 | ||||||||
| Texas Instruments, Inc. | 49,488 | 5,509,004 | ||||||||
| Xilinx, Inc. | 12,811 | 923,289 | ||||||||
| 47,731,806 | ||||||||||
| Software 6.1% | ||||||||||
| Activision Blizzard, Inc. | 38,482 | 2,825,348 | ||||||||
| Adobe Systems, Inc. (a) | 24,896 | 6,091,553 | ||||||||
| ANSYS, Inc. (a) | 4,247 | 717,233 | ||||||||
| Autodesk, Inc. (a) | 11,077 | 1,422,730 | ||||||||
| CA, Inc. | 15,796 | 698,341 | ||||||||
| Cadence Design Systems, Inc. (a) | 14,251 | 628,327 | ||||||||
| Citrix Systems, Inc. (a) | 6,509 | 715,795 | ||||||||
| Electronic Arts, Inc. (a) | 15,512 | 1,997,170 | ||||||||
| Intuit, Inc. | 12,323 | 2,516,850 | ||||||||
| ¤ | Microsoft Corp. | 388,416 | 41,203,169 | |||||||
| Oracle Corp. | 150,655 | 7,183,230 | ||||||||
| Red Hat, Inc. (a) | 8,982 | 1,268,528 | ||||||||
| salesforce.com, Inc. (a) | 35,657 | 4,890,358 | ||||||||
| Symantec Corp. | 31,421 | 635,333 | ||||||||
| Synopsys, Inc. (a) | 7,533 | 673,676 | ||||||||
| Take-Two Interactive Software, Inc. (a) | 5,782 | 653,482 | ||||||||
| 74,121,123 | ||||||||||
| Specialty Retail 2.3% | ||||||||||
| Advance Auto Parts, Inc. | 3,743 | 528,624 | ||||||||
| AutoZone, Inc. (a) | 1,348 | 951,054 | ||||||||
| Best Buy Co., Inc. | 12,399 | 930,297 | ||||||||
| CarMax, Inc. (a) | 9,002 | 672,269 | ||||||||
| Foot Locker, Inc. | 5,971 | 291,444 | ||||||||
| Gap, Inc. | 10,969 | 330,935 | ||||||||
| Home Depot, Inc. | 58,316 | 11,518,576 | ||||||||
| L Brands, Inc. | 12,262 | 388,338 | ||||||||
| Lowe's Cos., Inc. | 41,555 | 4,128,074 | ||||||||
| O'Reilly Automotive, Inc. (a) | 4,141 | 1,267,146 | ||||||||
| Ross Stores, Inc. | 19,141 | 1,673,498 | ||||||||
| Tiffany & Co. | 5,150 | 708,434 | ||||||||
| TJX Cos., Inc. | 31,701 | 3,083,239 | ||||||||
| Tractor Supply Co. | 6,170 | 481,507 | ||||||||
| Ulta Salon Cosmetics & Fragrance, Inc. (a) | 2,890 | 706,287 | ||||||||
| 27,659,722 | ||||||||||
| Technology Hardware, Storage & Peripherals 4.4% | ||||||||||
| ¤ | Apple, Inc. | 248,480 | 47,283,259 | |||||||
| Hewlett Packard Enterprise Co. | 77,196 | 1,191,906 | ||||||||
| HP, Inc. | 82,978 | 1,915,132 | ||||||||
| NetApp, Inc. | 13,545 | 1,050,008 | ||||||||
| Seagate Technology PLC | 14,512 | 763,622 | ||||||||
| Western Digital Corp. | 15,128 | 1,061,229 | ||||||||
| Xerox Corp. | 10,815 | 280,866 | ||||||||
| 53,546,022 | ||||||||||
| Textiles, Apparel & Luxury Goods 0.8% | ||||||||||
| Hanesbrands, Inc. | 18,218 | 405,533 | ||||||||
| Michael Kors Holdings, Ltd. (a) | 7,578 | 505,680 | ||||||||
| NIKE, Inc., Class B | 64,845 | 4,987,229 | ||||||||
| PVH Corp. | 3,896 | 598,114 | ||||||||
| Ralph Lauren Corp. | 2,814 | 379,834 | ||||||||
| Tapestry, Inc. | 14,550 | 685,596 | ||||||||
| Under Armour, Inc. (a) | ||||||||||
| Class A | 9,402 | 187,758 | ||||||||
| Class C | 9,522 | 178,442 | ||||||||
| VF Corp. | 16,551 | 1,523,850 | ||||||||
| 9,452,036 | ||||||||||
| Tobacco 1.0% | ||||||||||
| Altria Group, Inc. | 95,681 | 5,614,561 | ||||||||
| Philip Morris International, Inc. | 78,585 | 6,781,886 | ||||||||
| 12,396,447 | ||||||||||
| Trading Companies & Distributors 0.2% | ||||||||||
| Fastenal Co. | 14,542 | 827,876 | ||||||||
| United Rentals, Inc. (a) | 4,226 | 628,829 | ||||||||
| W.W. Grainger, Inc. | 2,577 | 893,085 | ||||||||
| 2,349,790 | ||||||||||
| Water Utilities 0.1% | ||||||||||
| American Water Works Co., Inc. | 9,001 | 794,338 | ||||||||
| Total Common Stocks (c) (Cost $334,318,873) | 1,206,176,830 | |||||||||
| Short-Term Investments 0.8% | ||||||||||
| Affiliated Investment Company 0.0% ‡ | ||||||||||
| MainStay U.S. Government Liquidity Fund, 1.75% (d) | 66,773 | 66,773 | ||||||||
| Total Affiliated Investment Company (Cost $66,773) | 66,773 | |||||||||
| Principal Amount | ||||||||||
| U.S. Governments 0.8% | ||||||||||
| United States Treasury Bills (e) | ||||||||||
| 1.942%, due 10/4/18 | $ | 1,600,000 | 1,594,518 | |||||||
| 1.947%, due 10/4/18 | 1,000,000 | 996,573 | ||||||||
| 1.953%, due 10/4/18 | 200,000 | 199,315 | ||||||||
| 1.96%, due 10/4/18 | 400,000 | 398,629 | ||||||||
| 1.966%, due 10/4/18 | 4,600,000 | 4,584,237 | ||||||||
| 1.987%, due 10/25/18 (f) | 2,000,000 | 1,990,762 | ||||||||
| Total U.S. Governments (Cost $9,764,171) | 9,764,034 | |||||||||
| Total Short-Term Investments (Cost $9,830,944) | 9,830,807 | |||||||||
| Total Investments (Cost $344,149,817) | 99.9 | % | 1,216,007,637 | |||||||
| Other Assets, Less Liabilities | 0.1 | 945,610 | ||||||||
| Net Assets | 100.0 | % | $ | 1,216,953,247 | ||||||
| † | Percentages indicated are based on Fund net assets. |
| ¤ | Among the Fund's 10 largest holdings, as of July 31, 2018, excluding short-term investments. May be subject to change daily. |
| ‡ | Less than one-tenth of a percent. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security was held on loan. As of July 31, 2018, the market value of securities loaned was $207,590 and the Fund received non-cash collateral in the amount of $208,918. |
| (c) | The combined market value of common stocks and notional value of Standard & Poor's 500 Index futures contracts represents 99.9% of the Portfolio's net assets. |
| (d) | Rate reported is the current yield as of July 31, 2018. |
| (e) | Interest rate shown represents yield to maturity. |
| (f) | Represents a security which was maintained at the broker as collateral for futures contracts. |
As of July 31, 2018, the Fund held the following futures contracts1:
| Type | Number of Contracts Long | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 | |||||||||||
| Standard & Poor's 500 Index Mini | 69 | September 2018 | $ | 9,647,107 | $ | 9,718,995 | $ | 71,888 | ||||||||
| 1. | As of July 31, 2018, cash in the amount of $392,000 was on deposit with a broker or futures commission merchant for futures transactions. |
| 2. | Represents the difference between the value of the contracts at the time they were opened and the value as of July 31, 2018. |
The following is a summary of the fair valuations according to the inputs used as of July 31, 2018, for valuing the Fund's assets.
Asset Valuation Inputs
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
| Investments in Securities (a) | ||||||||||||||||
| Common Stocks | $ | 1,206,176,830 | $ | — | $ | — | $ | 1,206,176,830 | ||||||||
| Short-Term Investments | ||||||||||||||||
| Affiliated Investment Company | 66,773 | — | — | 66,773 | ||||||||||||
| U.S. Government | — | 9,764,034 | — | 9,764,034 | ||||||||||||
| Total Short-Term Investments | 66,773 | 9,764,034 | — | 9,830,807 | ||||||||||||
| Total Investments in Securities | 1,206,243,603 | 9,764,034 | — | 1,216,007,637 | ||||||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts (b) | 71,888 | — | — | 71,888 | ||||||||||||
| Total Investments in Securities and Other Financial Instruments | $ | 1,206,315,491 | $ | 9,764,034 | $ | — | $ | 1,216,079,525 | ||||||||
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| (b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
The Fund recognizes transfers between the levels as of the beginning of the period.
For the period ended July 31, 2018, the Fund did not have any transfers among levels.
As of July 31, 2018, the Fund did not hold any investments with significant unobservable inputs (Level 3).
MainStay MacKay Short Duration High Yield Fund
Portfolio of Investments July 31, 2018 (Unaudited)
| Principal Amount | Value | |||||||||
| Long-Term Bonds 92.0% † | ||||||||||
| Convertible Bonds 0.9% | ||||||||||
| Auto Parts & Equipment 0.2% | ||||||||||
| Exide Technologies 7.00% (7.00% PIK), due 4/30/25 (a)(b)(c)(d)(e) | $ | 3,536,451 | $ | 2,157,235 | ||||||
| Oil & Gas 0.1% | ||||||||||
| Comstock Resources, Inc. 7.75% (7.75% PIK), due 4/1/19 (b) | 1,200,000 | 1,231,775 | ||||||||
| Real Estate Investment Trusts 0.6% | ||||||||||
| VEREIT, Inc. | ||||||||||
| 3.00%, due 8/1/18 | 2,590,000 | 2,593,227 | ||||||||
| 3.75%, due 12/15/20 | 4,865,000 | 4,910,658 | ||||||||
| 7,503,885 | ||||||||||
| Total Convertible Bonds (Cost $11,813,828) | 10,892,895 | |||||||||
| Corporate Bonds 82.5% | ||||||||||
| Advertising 1.0% | ||||||||||
| Lamar Media Corp. 5.375%, due 1/15/24 | 5,000,000 | 5,125,000 | ||||||||
| Outfront Media Capital LLC / Outfront Media Capital Corp. | ||||||||||
| 5.25%, due 2/15/22 | 4,000,000 | 4,030,000 | ||||||||
| 5.625%, due 2/15/24 | 3,000,000 | 3,025,470 | ||||||||
| 12,180,470 | ||||||||||
| Aerospace & Defense 1.2% | ||||||||||
| KLX, Inc. 5.875%, due 12/1/22 (f) | 5,590,000 | 5,792,637 | ||||||||
| TransDigm, Inc. | ||||||||||
| 5.50%, due 10/15/20 | 5,138,000 | 5,144,422 | ||||||||
| 6.00%, due 7/15/22 | 2,425,000 | 2,467,923 | ||||||||
| Triumph Group, Inc. 5.25%, due 6/1/22 | 1,000,000 | 897,500 | ||||||||
| 14,302,482 | ||||||||||
| Apparel 0.2% | ||||||||||
| William Carter Co. 5.25%, due 8/15/21 | 1,850,000 | 1,873,773 | ||||||||
| Auto Manufacturers 1.5% | ||||||||||
| Aston Martin Capital Holdings, Ltd. 6.50%, due 4/15/22 (f) | 6,900,000 | 7,023,027 | ||||||||
| BCD Acquisition, Inc. 9.625%, due 9/15/23 (f) | 2,427,000 | 2,554,418 | ||||||||
| Jaguar Land Rover Automotive PLC (f) | ||||||||||
| 4.125%, due 12/15/18 | 670,000 | 671,474 | ||||||||
| 4.25%, due 11/15/19 | 905,000 | 906,131 | ||||||||
| McLaren Finance PLC 5.75%, due 8/1/22 (f) | 7,300,000 | 7,191,960 | ||||||||
| 18,347,010 | ||||||||||
| Auto Parts & Equipment 3.8% | ||||||||||
| Exide Technologies 11.00% (4.00% Cash and 7.00% PIK), due 4/30/22 (a)(b)(c)(e)(f) | 10,643,550 | 9,525,977 | ||||||||
| ¤ | IHO Verwaltungs GmbH 4.125% (4.125% Cash or 4.875% PIK), due 9/15/21 (b)(f) | 17,369,000 | 17,151,887 | |||||||
| Meritor, Inc. 6.25%, due 2/15/24 | 1,600,000 | 1,604,000 | ||||||||
| Nexteer Automotive Group, Ltd. 5.875%, due 11/15/21 (f) | 5,762,000 | 5,906,050 | ||||||||
| Schaeffler Finance B.V. 4.75%, due 5/15/23 (f) | 9,580,000 | 9,484,200 | ||||||||
| Titan International, Inc. 6.50%, due 11/30/23 (f) | 2,000,000 | 2,000,000 | ||||||||
| ZF North America Capital, Inc. 4.00%, due 4/29/20 (f) | 1,050,000 | 1,054,557 | ||||||||
| 46,726,671 | ||||||||||
| Banks 0.2% | ||||||||||
| CIT Group, Inc. 4.125%, due 3/9/21 | 2,500,000 | 2,496,875 | ||||||||
| Biotechnology 0.1% | ||||||||||
| AMAG Pharmaceuticals, Inc. 7.875%, due 9/1/23 (f) | 1,000,000 | 1,058,750 | ||||||||
| Building Materials 1.1% | ||||||||||
| Gibraltar Industries, Inc. 6.25%, due 2/1/21 | 936,000 | 940,680 | ||||||||
| Griffon Corp. 5.25%, due 3/1/22 | 2,910,000 | 2,826,337 | ||||||||
| Masonite International Corp. 5.625%, due 3/15/23 (f) | 2,000,000 | 2,040,000 | ||||||||
| Summit Materials LLC / Summit Materials Finance Corp. | ||||||||||
| 6.125%, due 7/15/23 | 3,000,000 | 3,045,000 | ||||||||
| 8.50%, due 4/15/22 | 4,570,000 | 4,912,750 | ||||||||
| 13,764,767 | ||||||||||
| Chemicals 2.1% | ||||||||||
| Blue Cube Spinco LLC 9.75%, due 10/15/23 | 10,620,000 | 12,027,150 | ||||||||
| Kissner Holdings, L.P. / Kissner Milling Co., Ltd. / BSC Holding, Inc. / Kissner USA 8.375%, due 12/1/22 (f) | 3,790,000 | 3,856,325 | ||||||||
| Olin Corp. 5.50%, due 8/15/22 | 4,400,000 | 4,488,000 | ||||||||
| PolyOne Corp. 5.25%, due 3/15/23 | 4,375,000 | 4,467,969 | ||||||||
| PQ Corp. 6.75%, due 11/15/22 (f) | 1,454,000 | 1,526,700 | ||||||||
| 26,366,144 | ||||||||||
| Commercial Services 4.4% | ||||||||||
| Ashtead Capital, Inc. 5.625%, due 10/1/24 (f) | 4,200,000 | 4,320,960 | ||||||||
| Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 5.50%, due 4/1/23 | 2,800,000 | 2,758,000 | ||||||||
| Flexi-Van Leasing, Inc. 10.00%, due 2/15/23 (f) | 3,175,000 | 2,968,625 | ||||||||
| Great Lakes Dredge & Dock Corp. 8.00%, due 5/15/22 | 2,000,000 | 2,055,000 | ||||||||
| IHS Markit, Ltd. 5.00%, due 11/1/22 (f) | 6,630,000 | 6,807,087 | ||||||||
| Nielsen Co. Luxembourg S.A.R.L. 5.50%, due 10/1/21 (f) | 5,845,000 | 5,830,388 | ||||||||
| ¤ | Nielsen Finance LLC / Nielsen Finance Co. | |||||||||
| 4.50%, due 10/1/20 | 5,000,000 | 4,976,550 | ||||||||
| 5.00%, due 4/15/22 (f) | 17,400,000 | 16,910,625 | ||||||||
| Service Corp. International 5.375%, due 1/15/22 | 4,200,000 | 4,249,875 | ||||||||
| United Rentals North America, Inc. 4.625%, due 7/15/23 | 2,000,000 | 2,005,000 | ||||||||
| WEX, Inc. 4.75%, due 2/1/23 (f) | 710,000 | 713,550 | ||||||||
| 53,595,660 | ||||||||||
| Computers 0.5% | ||||||||||
| NCR Corp. | ||||||||||
| 5.00%, due 7/15/22 | 3,000,000 | 2,958,750 | ||||||||
| 5.875%, due 12/15/21 | 3,335,000 | 3,385,025 | ||||||||
| 6,343,775 | ||||||||||
| Containers & Packaging 0.4% | ||||||||||
| OI European Group B.V. 4.00%, due 3/15/23 (f) | 5,775,000 | 5,457,375 | ||||||||
| Cosmetics & Personal Care 0.6% | ||||||||||
| Edgewell Personal Care Co. | ||||||||||
| 4.70%, due 5/19/21 | 1,775,000 | 1,775,000 | ||||||||
| 4.70%, due 5/24/22 | 5,974,000 | 5,877,221 | ||||||||
| 7,652,221 | ||||||||||
| Distribution & Wholesale 0.6% | ||||||||||
| American Tire Distributors, Inc. 10.25%, due 3/1/22 (f) | 2,000,000 | 815,000 | ||||||||
| LKQ Corp. 4.75%, due 5/15/23 | 6,800,000 | 6,791,500 | ||||||||
| 7,606,500 | ||||||||||
| Diversified Financial Services 3.4% | ||||||||||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.625%, due 10/30/20 | 965,000 | 983,164 | ||||||||
| Credit Acceptance Corp. 6.125%, due 2/15/21 | 8,617,000 | 8,713,941 | ||||||||
| Jefferies Finance LLC / JFIN Co-Issuer Corp. (f) | ||||||||||
| 6.875%, due 4/15/22 | 2,300,000 | 2,317,641 | ||||||||
| 7.375%, due 4/1/20 | 1,000,000 | 1,017,500 | ||||||||
| 7.50%, due 4/15/21 | 2,000,000 | 2,040,000 | ||||||||
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. (f) | ||||||||||
| 5.25%, due 3/15/22 | 3,000,000 | 3,000,330 | ||||||||
| 5.875%, due 8/1/21 | 4,990,000 | 5,039,900 | ||||||||
| Lincoln Finance, Ltd. 7.375%, due 4/15/21 (f) | 4,025,000 | 4,156,618 | ||||||||
| Oxford Finance LLC / Oxford Finance Co-Issuer II, Inc. 6.375%, due 12/15/22 (f) | 6,750,000 | 6,851,250 | ||||||||
| VFH Parent LLC / Orchestra Co-Issuer, Inc. 6.75%, due 6/15/22 (f) | 7,100,000 | 7,304,125 | ||||||||
| 41,424,469 | ||||||||||
| Electric 1.8% | ||||||||||
| AES Corp. | ||||||||||
| 4.00%, due 3/15/21 | 1,000,000 | 998,750 | ||||||||
| 4.50%, due 3/15/23 | 1,000,000 | 996,250 | ||||||||
| Calpine Corp. (f) | ||||||||||
| 5.875%, due 1/15/24 | 3,400,000 | 3,417,000 | ||||||||
| 6.00%, due 1/15/22 | 3,394,000 | 3,453,395 | ||||||||
| GenOn Energy, Inc. (g)(h) | ||||||||||
| 7.875%, due 6/15/18 | 5,985,000 | 3,800,475 | ||||||||
| 9.50%, due 10/15/18 | 3,125,000 | 1,953,125 | ||||||||
| NRG Energy, Inc. 6.25%, due 7/15/22 | 6,840,000 | 7,053,750 | ||||||||
| 21,672,745 | ||||||||||
| Electrical Components & Equipment 0.4% | ||||||||||
| WESCO Distribution, Inc. 5.375%, due 12/15/21 | 4,540,000 | 4,634,432 | ||||||||
| Engineering & Construction 0.1% | ||||||||||
| Weekley Homes LLC / Weekley Finance Corp. 6.00%, due 2/1/23 | 1,000,000 | 965,000 | ||||||||
| Entertainment 1.3% | ||||||||||
| GLP Capital, L.P. / GLP Financing II, Inc. | ||||||||||
| 4.375%, due 11/1/18 | 1,600,000 | 1,600,800 | ||||||||
| 4.375%, due 4/15/21 | 2,979,000 | 3,022,762 | ||||||||
| 4.875%, due 11/1/20 | 4,000,000 | 4,060,000 | ||||||||
| Rivers Pittsburgh Borrower, L.P. / Rivers Pittsburgh Finance Corp. 6.125%, due 8/15/21 (f) | 7,615,000 | 7,567,406 | ||||||||
| 16,250,968 | ||||||||||
| Food 2.7% | ||||||||||
| Albertsons Cos, Inc. 6.085%, due 1/15/24 (f)(i) | 4,280,000 | 4,333,500 | ||||||||
| B&G Foods, Inc. 4.625%, due 6/1/21 | 3,225,000 | 3,196,781 | ||||||||
| C&S Group Enterprises LLC 5.375%, due 7/15/22 (f) | 12,110,000 | 12,004,038 | ||||||||
| Darling Ingredients, Inc. 5.375%, due 1/15/22 | 2,577,000 | 2,618,876 | ||||||||
| Ingles Markets, Inc. 5.75%, due 6/15/23 | 2,820,000 | 2,827,050 | ||||||||
| KeHE Distributors LLC / KeHE Finance Corp. 7.625%, due 8/15/21 (f) | 3,555,000 | 3,443,906 | ||||||||
| Land O' Lakes, Inc. 6.00%, due 11/15/22 (f) | 1,200,000 | 1,262,113 | ||||||||
| TreeHouse Foods, Inc. 4.875%, due 3/15/22 | 3,500,000 | 3,501,050 | ||||||||
| 33,187,314 | ||||||||||
| Forest Products & Paper 0.3% | ||||||||||
| Mercer International, Inc. | ||||||||||
| 6.50%, due 2/1/24 | 2,005,000 | 2,050,113 | ||||||||
| 7.75%, due 12/1/22 | 2,040,000 | 2,142,000 | ||||||||
| 4,192,113 | ||||||||||
| Gas 0.2% | ||||||||||
| Rockpoint Gas Storage Canada, Ltd. 7.00%, due 3/31/23 (f) | 3,000,000 | 2,985,000 | ||||||||
| Health Care - Products 0.6% | ||||||||||
| Avanos Medical, Inc. 6.25%, due 10/15/22 | 4,330,000 | 4,416,600 | ||||||||
| DJO Finco, Inc. / DJO Finance LLC / DJO Finance Corp. 8.125%, due 6/15/21 (f) | 2,130,000 | 2,188,575 | ||||||||
| Hill-Rom Holdings, Inc. 5.75%, due 9/1/23 (f) | 630,000 | 639,450 | ||||||||
| 7,244,625 | ||||||||||
| Health Care - Services 5.4% | ||||||||||
| Acadia Healthcare Co., Inc. 5.625%, due 2/15/23 | 7,410,000 | 7,465,575 | ||||||||
| Centene Corp. 5.625%, due 2/15/21 | 9,500,000 | 9,707,812 | ||||||||
| Encompass Health Corp. 5.125%, due 3/15/23 | 1,000,000 | 997,500 | ||||||||
| Fresenius Medical Care U.S. Finance II, Inc. (f) | ||||||||||
| 5.875%, due 1/31/22 | 2,000,000 | 2,116,600 | ||||||||
| 6.50%, due 9/15/18 | 207,000 | 207,787 | ||||||||
| ¤ | HCA, Inc. | |||||||||
| 5.875%, due 5/1/23 | 9,255,000 | 9,683,044 | ||||||||
| 6.50%, due 2/15/20 | 4,966,000 | 5,168,613 | ||||||||
| 7.50%, due 2/15/22 | 16,000,000 | 17,580,000 | ||||||||
| 7.50%, due 12/15/23 | 2,895,000 | 3,148,313 | ||||||||
| Polaris Intermediate Corp. 8.50% (8.50% PIK), due 12/1/22 (b)(f) | 2,100,000 | 2,170,875 | ||||||||
| Tenet Healthcare Corp. | ||||||||||
| 6.00%, due 10/1/20 | 1,650,000 | 1,713,938 | ||||||||
| 7.50%, due 1/1/22 (f) | 3,435,000 | 3,598,162 | ||||||||
| 8.125%, due 4/1/22 | 3,000,000 | 3,195,000 | ||||||||
| 66,753,219 | ||||||||||
| Home Builders 3.6% | ||||||||||
| Ashton Woods USA LLC / Ashton Woods Finance Co. 6.875%, due 2/15/21 (f) | 351,000 | 352,755 | ||||||||
| AV Homes, Inc. 6.625%, due 5/15/22 | 2,505,000 | 2,580,150 | ||||||||
| Brookfield Residential Properties, Inc. 6.50%, due 12/15/20 (f) | 7,472,000 | 7,554,192 | ||||||||
| Brookfield Residential Properties, Inc. / Brookfield Residential U.S. Corp. 6.125%, due 7/1/22 (f) | 1,750,000 | 1,756,562 | ||||||||
| Century Communities, Inc. 6.875%, due 5/15/22 | 4,805,000 | 4,885,739 | ||||||||
| D.R. Horton, Inc. 3.75%, due 3/1/19 | 1,165,000 | 1,167,858 | ||||||||
| Mason Finance Sub, Inc. 6.875%, due 8/15/23 | 1,500,000 | 915,000 | ||||||||
| New Home Co., Inc. 7.25%, due 4/1/22 | 3,185,000 | 3,266,727 | ||||||||
| Shea Homes, L.P. / Shea Homes Funding Corp. 5.875%, due 4/1/23 (f) | 5,709,000 | 5,666,182 | ||||||||
| Taylor Morrison Communities, Inc. / Taylor Morrison Holdings II, Inc. 5.25%, due 4/15/21 (f) | 12,560,000 | 12,547,817 | ||||||||
| Toll Brothers Finance Corp. 5.875%, due 2/15/22 | 1,000,000 | 1,042,500 | ||||||||
| William Lyon Homes, Inc. 6.00%, due 9/1/23 (f) | 1,000,000 | 980,000 | ||||||||
| Williams Scotsman International, Inc. 7.875%, due 12/15/22 (f) | 1,645,000 | 1,714,913 | ||||||||
| 44,430,395 | ||||||||||
| Household Products & Wares 1.4% | ||||||||||
| Prestige Brands, Inc. 5.375%, due 12/15/21 (f) | 9,264,000 | 9,275,580 | ||||||||
| Spectrum Brands, Inc. 6.625%, due 11/15/22 | 7,290,000 | 7,508,700 | ||||||||
| 16,784,280 | ||||||||||
| Insurance 0.7% | ||||||||||
| MGIC Investment Corp. 5.75%, due 8/15/23 | 4,000,000 | 4,123,800 | ||||||||
| Wand Merger Corp. 8.125%, due 7/15/23 (f) | 4,200,000 | 4,368,420 | ||||||||
| 8,492,220 | ||||||||||
| Internet 1.9% | ||||||||||
| Cogent Communications Group, Inc. 5.375%, due 3/1/22 (f) | 7,301,000 | 7,428,767 | ||||||||
| Netflix, Inc. | ||||||||||
| 5.375%, due 2/1/21 | 2,000,000 | 2,052,500 | ||||||||
| 5.50%, due 2/15/22 | 6,300,000 | 6,496,875 | ||||||||
| 5.75%, due 3/1/24 | 3,000,000 | 3,071,250 | ||||||||
| Symantec Corp. 3.95%, due 6/15/22 | 455,000 | 444,776 | ||||||||
| VeriSign, Inc. 4.625%, due 5/1/23 | 4,249,000 | 4,259,623 | ||||||||
| 23,753,791 | ||||||||||
| Iron & Steel 0.0% ‡ | ||||||||||
| Allegheny Technologies, Inc. 5.95%, due 1/15/21 | 500,000 | 507,325 | ||||||||
| Leisure Time 1.2% | ||||||||||
| Brunswick Corp. 4.625%, due 5/15/21 (f) | 5,190,000 | 5,171,445 | ||||||||
| Carlson Travel, Inc. 6.75%, due 12/15/23 (f) | 9,200,000 | 9,200,000 | ||||||||
| 14,371,445 | ||||||||||
| Lodging 1.2% | ||||||||||
| Choice Hotels International, Inc. | ||||||||||
| 5.70%, due 8/28/20 | 1,500,000 | 1,548,750 | ||||||||
| 5.75%, due 7/1/22 | 1,000,000 | 1,041,250 | ||||||||
| Jack Ohio Finance LLC / Jack Ohio Finance 1 Corp. 6.75%, due 11/15/21 (f) | 6,625,000 | 6,840,312 | ||||||||
| MGM Resorts International 7.75%, due 3/15/22 | 4,500,000 | 4,927,500 | ||||||||
| 14,357,812 | ||||||||||
| Machinery - Diversified 0.2% | ||||||||||
| Briggs & Stratton Corp. 6.875%, due 12/15/20 | 2,500,000 | 2,650,000 | ||||||||
| Media 6.7% | ||||||||||
| Altice France S.A. 6.00%, due 5/15/22 (f) | 6,400,000 | 6,596,480 | ||||||||
| Altice Luxembourg S.A. 7.75%, due 5/15/22 (f) | 2,800,000 | 2,786,000 | ||||||||
| Altice U.S. Finance I Corp. 5.375%, due 7/15/23 (f) | 1,000,000 | 1,008,750 | ||||||||
| ¤ | CCO Holdings LLC / CCO Holdings Capital Corp. | |||||||||
| 5.125%, due 2/15/23 | 3,600,000 | 3,582,000 | ||||||||
| 5.25%, due 3/15/21 | 6,200,000 | 6,262,000 | ||||||||
| 5.25%, due 9/30/22 | 2,250,000 | 2,272,500 | ||||||||
| 5.75%, due 1/15/24 | 2,700,000 | 2,727,000 | ||||||||
| Charter Communications Operating LLC / Charter Communications Operating Capital 3.579%, due 7/23/20 | 2,525,000 | 2,527,361 | ||||||||
| ¤ | DISH DBS Corp. | |||||||||
| 5.125%, due 5/1/20 | 2,000,000 | 1,985,000 | ||||||||
| 5.875%, due 7/15/22 | 7,600,000 | 7,106,000 | ||||||||
| 6.75%, due 6/1/21 | 17,500,000 | 17,592,750 | ||||||||
| 7.875%, due 9/1/19 | 1,540,000 | 1,595,825 | ||||||||
| Quebecor Media, Inc. 5.75%, due 1/15/23 | 4,700,000 | 4,829,250 | ||||||||
| Sterling Entertainment Enterprises LLC 10.25%, due 1/15/25 (c)(d)(e) | 3,000,000 | 3,120,000 | ||||||||
| Videotron, Ltd. 5.00%, due 7/15/22 | 5,869,000 | 5,983,446 | ||||||||
| Virgin Media Secured Finance PLC 5.25%, due 1/15/21 | 12,477,000 | 12,726,540 | ||||||||
| 82,700,902 | ||||||||||
| Metal Fabricate & Hardware 0.7% | ||||||||||
| Grinding Media, Inc. / Moly-Cop AltaSteel, Ltd. 7.375%, due 12/15/23 (f) | 8,000,000 | 8,320,000 | ||||||||
| Mining 1.6% | ||||||||||
| First Quantum Minerals, Ltd. (f) | ||||||||||
| 7.00%, due 2/15/21 | 1,000,000 | 1,010,000 | ||||||||
| 7.25%, due 5/15/22 | 3,000,000 | 3,015,000 | ||||||||
| Freeport McMoRan, Inc. 6.875%, due 2/15/23 | 5,300,000 | 5,671,000 | ||||||||
| Hecla Mining Co. 6.875%, due 5/1/21 | 4,125,000 | 4,150,781 | ||||||||
| Joseph T. Ryerson & Son, Inc. 11.00%, due 5/15/22 (f) | 2,000,000 | 2,205,000 | ||||||||
| Petra Diamonds U.S. Treasury PLC 7.25%, due 5/1/22 (f) | 4,000,000 | 3,820,000 | ||||||||
| 19,871,781 | ||||||||||
| Miscellaneous - Manufacturing 2.2% | ||||||||||
| Amsted Industries, Inc. 5.00%, due 3/15/22 (f) | 12,160,000 | 12,160,000 | ||||||||
| CTP Transportation Products LLC / CTP Finance, Inc. 8.25%, due 12/15/19 (f) | 3,485,000 | 3,493,712 | ||||||||
| EnPro Industries, Inc. 5.875%, due 9/15/22 | 2,500,000 | 2,543,750 | ||||||||
| Gates Global LLC / Gates Global Co. 6.00%, due 7/15/22 (f) | 8,616,000 | 8,669,850 | ||||||||
| 26,867,312 | ||||||||||
| Oil & Gas 5.3% | ||||||||||
| Ascent Resources Utica Holdings LLC / ARU Finance Corp. 10.00%, due 4/1/22 (f) | 5,455,000 | 6,027,775 | ||||||||
| California Resources Corp. 8.00%, due 12/15/22 (f) | 1,000,000 | 895,000 | ||||||||
| Carrizo Oil & Gas, Inc. 7.50%, due 9/15/20 | 544,000 | 544,680 | ||||||||
| CNX Resources Corp. 5.875%, due 4/15/22 | 4,400,000 | 4,408,844 | ||||||||
| Comstock Resources, Inc. 10.00% (10.00% Cash or 12.25% PIK), due 3/15/20 (b) | 6,810,000 | 7,167,525 | ||||||||
| Continental Resources, Inc. 5.00%, due 9/15/22 | 2,375,000 | 2,410,025 | ||||||||
| Energy Ventures Gom LLC / EnVen Finance Corp. 11.00%, due 2/15/23 (f) | 2,000,000 | 2,150,000 | ||||||||
| Gulfport Energy Corp. 6.625%, due 5/1/23 | 4,060,000 | 4,110,750 | ||||||||
| Murphy Oil USA, Inc. 6.00%, due 8/15/23 | 1,000,000 | 1,025,000 | ||||||||
| Newfield Exploration Co. 5.75%, due 1/30/22 | 5,652,000 | 5,892,210 | ||||||||
| PetroQuest Energy, Inc. 10.00% (1.00% Cash and 9.00% PIK), due 2/15/21 (b)(e)(g) | 2,457,095 | 1,105,693 | ||||||||
| QEP Resources, Inc. 5.375%, due 10/1/22 | 1,000,000 | 1,015,000 | ||||||||
| ¤ | Range Resources Corp. | |||||||||
| 5.75%, due 6/1/21 | 6,000,000 | 6,135,000 | ||||||||
| 5.875%, due 7/1/22 | 6,645,000 | 6,678,225 | ||||||||
| Rex Energy Corp. 8.00%, due 10/1/20 (g)(h) | 7,906,000 | 948,720 | ||||||||
| Talos Production LLC / Talos Production Finance, Inc. 11.00%, due 4/3/22 (f) | 4,693,787 | 4,905,007 | ||||||||
| Transocean Guardian, Ltd. 5.875%, due 1/15/24 (f) | 2,000,000 | 2,020,000 | ||||||||
| Ultra Resources, Inc. 6.875%, due 4/15/22 (f) | 5,500,000 | 3,561,250 | ||||||||
| Whiting Petroleum Corp. 5.75%, due 3/15/21 | 1,000,000 | 1,020,000 | ||||||||
| WPX Energy, Inc. 6.00%, due 1/15/22 | 3,030,000 | 3,143,625 | ||||||||
| 65,164,329 | ||||||||||
| Oil & Gas Services 0.6% | ||||||||||
| Bristow Group, Inc. 8.75%, due 3/1/23 (f) | 1,500,000 | 1,470,000 | ||||||||
| Forum Energy Technologies, Inc. 6.25%, due 10/1/21 | 6,040,000 | 6,017,350 | ||||||||
| 7,487,350 | ||||||||||
| Packaging & Containers 0.1% | ||||||||||
| Berry Global, Inc. 6.00%, due 10/15/22 | 1,000,000 | 1,022,500 | ||||||||
| Pharmaceuticals 0.4% | ||||||||||
| Bausch Health Cos., Inc. 6.50%, due 3/15/22 (f) | 3,895,000 | 4,061,316 | ||||||||
| Endo Finance LLC / Endo Finco, Inc. 7.25%, due 1/15/22 (f) | 1,500,000 | 1,417,500 | ||||||||
| 5,478,816 | ||||||||||
| Pipelines 1.6% | ||||||||||
| Andeavor Logistics, L.P. / Tesoro Logistics Finance Corp. | ||||||||||
| 5.50%, due 10/15/19 | 1,911,000 | 1,953,558 | ||||||||
| 6.25%, due 10/15/22 | 373,000 | 385,607 | ||||||||
| EnLink Midstream Partners, L.P. 2.70%, due 4/1/19 | 2,660,000 | 2,650,291 | ||||||||
| NGPL PipeCo LLC 4.375%, due 8/15/22 (f) | 8,425,000 | 8,446,063 | ||||||||
| NuStar Logistics, L.P. 6.75%, due 2/1/21 | 3,615,000 | 3,768,638 | ||||||||
| Semgroup Corp. / Rose Rock Finance Corp. 5.625%, due 7/15/22 | 2,800,000 | 2,758,000 | ||||||||
| 19,962,157 | ||||||||||
| Real Estate 0.7% | ||||||||||
| Kennedy-Wilson, Inc. 5.875%, due 4/1/24 | 1,000,000 | 975,000 | ||||||||
| Realogy Group LLC / Realogy Co-Issuer Corp. (f) | ||||||||||
| 4.50%, due 4/15/19 | 2,720,000 | 2,726,800 | ||||||||
| 4.875%, due 6/1/23 | 1,000,000 | 931,000 | ||||||||
| 5.25%, due 12/1/21 | 3,750,000 | 3,759,375 | ||||||||
| 8,392,175 | ||||||||||
| Real Estate Investment Trusts 4.2% | ||||||||||
| ¤ | Equinix, Inc. | |||||||||
| 5.375%, due 1/1/22 | 20,665,000 | 21,362,444 | ||||||||
| 5.375%, due 4/1/23 | 7,500,000 | 7,687,500 | ||||||||
| MGM Growth Properties Operating Partnership, L.P. / MGP Finance Co-Issuer, Inc. 5.625%, due 5/1/24 | 3,911,000 | 3,998,997 | ||||||||
| RHP Hotel Properties, L.P. / RHP Finance Corp. 5.00%, due 4/15/21 | 6,692,000 | 6,742,190 | ||||||||
| Sabra Health Care, L.P. / Sabra Capital Corp. 5.50%, due 2/1/21 | 3,295,000 | 3,340,306 | ||||||||
| SBA Communications Corp. 4.00%, due 10/1/22 | 3,125,000 | 3,024,438 | ||||||||
| Starwood Property Trust, Inc. 5.00%, due 12/15/21 | 5,000,000 | 5,062,500 | ||||||||
| 51,218,375 | ||||||||||
| Retail 3.1% | ||||||||||
| 1011778 B.C. ULC / New Red Finance, Inc. 4.625%, due 1/15/22 (f) | 2,000,000 | 1,995,000 | ||||||||
| DriveTime Automotive Group, Inc. / Bridgecrest Acceptance Corp. 8.00%, due 6/1/21 (f) | 5,150,000 | 5,227,250 | ||||||||
| GameStop Corp. 5.50%, due 10/1/19 (f) | 5,090,000 | 5,096,363 | ||||||||
| Group 1 Automotive, Inc. | ||||||||||
| 5.00%, due 6/1/22 | 2,000,000 | 1,975,000 | ||||||||
| 5.25%, due 12/15/23 (f) | 1,000,000 | 975,000 | ||||||||
| L Brands, Inc. | ||||||||||
| 5.625%, due 2/15/22 | 3,500,000 | 3,565,625 | ||||||||
| 6.625%, due 4/1/21 | 1,000,000 | 1,052,500 | ||||||||
| Penske Automotive Group, Inc. 3.75%, due 8/15/20 | 4,540,000 | 4,483,250 | ||||||||
| Rite Aid Corp. 6.125%, due 4/1/23 (f) | 6,600,000 | 6,633,000 | ||||||||
| Yum! Brands, Inc. | ||||||||||
| 3.875%, due 11/1/20 | 1,185,000 | 1,185,000 | ||||||||
| 5.30%, due 9/15/19 | 5,425,000 | 5,513,156 | ||||||||
| 37,701,144 | ||||||||||
| Software 1.6% | ||||||||||
| ACI Worldwide, Inc. 6.375%, due 8/15/20 (f) | 7,860,000 | 7,860,000 | ||||||||
| Activision Blizzard, Inc. 6.125%, due 9/15/23 (f) | 1,250,000 | 1,284,697 | ||||||||
| IQVIA, Inc. 4.875%, due 5/15/23 (f) | 1,000,000 | 1,015,000 | ||||||||
| Open Text Corp. 5.625%, due 1/15/23 (f) | 8,905,000 | 9,116,494 | ||||||||
| 19,276,191 | ||||||||||
| Telecommunications 8.4% | ||||||||||
| Anixter, Inc. 5.625%, due 5/1/19 | 1,365,000 | 1,388,888 | ||||||||
| CenturyLink, Inc. | ||||||||||
| 5.80%, due 3/15/22 | 6,000,000 | 5,992,500 | ||||||||
| 6.45%, due 6/15/21 | 3,000,000 | 3,093,750 | ||||||||
| Cogent Communications Finance, Inc. 5.625%, due 4/15/21 (f) | 5,860,000 | 5,860,000 | ||||||||
| Frontier Communications Corp. 10.50%, due 9/15/22 | 5,600,000 | 5,082,000 | ||||||||
| Hughes Satellite Systems Corp. | ||||||||||
| 6.50%, due 6/15/19 | 7,140,000 | 7,282,800 | ||||||||
| 7.625%, due 6/15/21 | 4,255,000 | 4,563,487 | ||||||||
| Inmarsat Finance PLC 4.875%, due 5/15/22 (f) | 10,000,000 | 9,900,000 | ||||||||
| Level 3 Financing, Inc. | ||||||||||
| 5.375%, due 8/15/22 | 3,500,000 | 3,508,750 | ||||||||
| 5.625%, due 2/1/23 | 1,000,000 | 1,007,500 | ||||||||
| 6.125%, due 1/15/21 | 1,750,000 | 1,765,855 | ||||||||
| Nokia OYJ 3.375%, due 6/12/22 | 4,000,000 | 3,860,000 | ||||||||
| Sprint Capital Corp. 6.90%, due 5/1/19 | 2,000,000 | 2,041,000 | ||||||||
| ¤ | Sprint Communications, Inc. | |||||||||
| 7.00%, due 3/1/20 (f) | 9,840,000 | 10,212,936 | ||||||||
| 9.00%, due 11/15/18 (f) | 1,433,000 | 1,457,361 | ||||||||
| 9.25%, due 4/15/22 | 5,000,000 | 5,625,000 | ||||||||
| Sprint Corp. 7.875%, due 9/15/23 | 3,000,000 | 3,202,500 | ||||||||
| ¤ | T-Mobile USA, Inc. | |||||||||
| 4.00%, due 4/15/22 | 13,045,000 | 12,898,244 | ||||||||
| 6.00%, due 3/1/23 | 4,705,000 | 4,846,150 | ||||||||
| 6.50%, due 1/15/24 | 9,000,000 | 9,382,500 | ||||||||
| 102,971,221 | ||||||||||
| Toys, Games & Hobbies 0.2% | ||||||||||
| Mattel, Inc. 4.35%, due 10/1/20 | 2,065,000 | 2,044,350 | ||||||||
| Transportation 0.3% | ||||||||||
| XPO Logistics, Inc. 6.50%, due 6/15/22 (f) | 4,125,000 | 4,238,437 | ||||||||
| Trucking & Leasing 0.7% | ||||||||||
| Fortress Transportation & Infrastructure Investors LLC 6.75%, due 3/15/22 (f) | 7,950,000 | 8,268,000 | ||||||||
| Total Corporate Bonds (Cost $1,023,415,358) | 1,013,414,666 | |||||||||
| Loan Assignments 8.6% (i) | ||||||||||
| Advertising 0.6% | ||||||||||
| Lamar Media Corp. 2018 Term Loan B 3.875% (1 Month LIBOR + 1.75%), due 3/14/25 | 7,481,250 | 7,471,898 | ||||||||
| Banks 0.3% | ||||||||||
| Jane Street Group LLC 2018 Term Loan B 5.827% (1 Month LIBOR + 3.75%), due 8/25/22 (a) | 3,900,625 | 3,925,004 | ||||||||
| Broadcast Services and Programming 0.2% | ||||||||||
| Midcontinent Communications New Term Loan B 4.072% (1 Month LIBOR + 2.00%), due 12/31/23 | 3,012,052 | 3,020,838 | ||||||||
| Building Materials 0.1% | ||||||||||
| Jeld-Wen, Inc. 2017 1st Lien Term Loan 4.334% (3 Month LIBOR + 2.00%), due 12/14/24 | 1,492,500 | 1,492,873 | ||||||||
| Chemicals 0.4% | ||||||||||
| H.B. Fuller Co. 2017 Term Loan B 4.086% (1 Month LIBOR + 2.00%), due 10/20/24 | 5,434,128 | 5,433,280 | ||||||||
| Distribution & Wholesale 0.2% | ||||||||||
| Beacon Roofing Supply, Inc. 2017 Term Loan B 4.347% (1 Month LIBOR + 2.25%), due 1/2/25 | 1,995,000 | 1,992,149 | ||||||||
| Diversified Financial Services 0.2% | ||||||||||
| Altisource Solutions S.a.r.l. 2018 Term Loan B 6.334% (3 Month LIBOR + 4.00%), due 3/29/24 | 749,554 | 743,309 | ||||||||
| LPL Holdings, Inc. 2017 1st Lien Term Loan B 4.336% (1 Month LIBOR + 2.25%), due 9/23/24 | 248,125 | 248,125 | ||||||||
| 2017 1st Lien Term Loan B 4.641% (3 Month LIBOR + 2.25%), due 9/23/24 | 248,125 | 248,125 | ||||||||
| VFH Parent LLC 2017 Refinanced Term Loan B 5.586% (3 Month LIBOR + 3.25%), due 12/30/21 (a) | 997,951 | 1,004,188 | ||||||||
| 2,243,747 | ||||||||||
| Diversified/Conglomerate Manufacturing 0.3% | ||||||||||
| Neenah Foundry Co. (a)(d) 2017 Term Loan 8.668% (2 Month LIBOR + 6.50%), due 12/13/22 | 1,706,250 | 1,689,188 | ||||||||
| 2017 Term Loan 8.671% (2 Month LIBOR + 6.50%), due 12/13/22 | 1,706,250 | 1,689,187 | ||||||||
| 3,378,375 | ||||||||||
| Electronics 0.3% | ||||||||||
| Kemet Electronic Corp. Term Loan B 8.077% (1 Month LIBOR + 6.00%), due 4/26/24 (a) | 3,800,000 | 3,838,000 | ||||||||
| Entertainment 0.6% | ||||||||||
| Churchill Downs, Inc. 2017 Term Loan B 4.08% (1 Month LIBOR + 2.00%), due 12/27/24 | 3,980,000 | 3,980,000 | ||||||||
| NAI Entertainment Holdings LLC Term Loan B 4.58% (1 Month LIBOR + 2.50%), due 4/23/25 | 3,800,000 | 3,795,250 | ||||||||
| 7,775,250 | ||||||||||
| Hotels, Motels, Inns & Gaming 0.7% | ||||||||||
| CityCenter Holdings LLC 2017 Term Loan B 4.327% (1 Month LIBOR + 2.25%), due 4/18/24 | 6,952,443 | 6,954,925 | ||||||||
| Four Seasons Hotels, Ltd. New 1st Lien Term Loan 4.077% (1 Month LIBOR + 2.00%), due 11/30/23 | 1,970,000 | 1,967,538 | ||||||||
| 8,922,463 | ||||||||||
| Household Products & Wares 0.5% | ||||||||||
| Prestige Brands, Inc. Term Loan B4 4.077% (1 Month LIBOR + 2.00%), due 1/26/24 | 2,583,459 | 2,585,611 | ||||||||
| Spectrum Brands, Inc. 2017 Term Loan B 4.34% (3 Month LIBOR + 2.00%), due 6/23/22 | 183,028 | 183,085 | ||||||||
| 2017 Term Loan B 4.35% (2 Month LIBOR + 2.00%), due 6/23/22 | 7,632 | 7,635 | ||||||||
| 2017 Term Loan B 4.35% (3 Month LIBOR + 2.00%), due 6/23/22 | 2,091,570 | 2,092,222 | ||||||||
| 2017 Term Loan B 4.363% (3 Month LIBOR + 2.00%), due 6/23/22 | 732,425 | 732,654 | ||||||||
| 5,601,207 | ||||||||||
| Insurance 0.4% | ||||||||||
| MPH Acquisition Holdings LLC 2016 Term Loan B 5.084% (3 Month LIBOR + 2.75%), due 6/7/23 | 4,612,954 | 4,611,031 | ||||||||
| Internet 0.1% | ||||||||||
| Match Group, Inc. 2017 Term Loan B 4.579% (1 Month LIBOR + 2.50%), due 11/16/22 (a) | 612,500 | 615,562 | ||||||||
| Iron & Steel 0.2% | ||||||||||
| Big River Steel LLC Term Loan B 7.334% (3 Month LIBOR + 5.00%), due 8/23/23 | 2,977,500 | 3,005,414 | ||||||||
| Media 0.5% | ||||||||||
| Charter Communications Operating LLC 2017 Term Loan B 4.08% (1 Month LIBOR + 2.00%), due 4/30/25 | 6,268,500 | 6,269,215 | ||||||||
| Mining, Steel, Iron & Non-Precious Metals 0.4% | ||||||||||
| Aleris International, Inc. 2018 Term Loan 6.827% (1 Month LIBOR + 4.75%), due 2/8/23 | 4,700,000 | 4,738,187 | ||||||||
| Retail 0.3% | ||||||||||
| KFC Holding Co. 2018 Term Loan B 3.829% (1 Month LIBOR + 1.75%), due 4/3/25 | 3,456,338 | 3,453,095 | ||||||||
| Retail Stores 1.4% | ||||||||||
| American Tire Distributors Holdings, Inc. 2015 Term Loan 6.327% (1 Month LIBOR + 4.25%), due 9/1/21 | 997,423 | 700,066 | ||||||||
| ¤ | Bass Pro Group LLC Term Loan B 7.077% (1 Month LIBOR + 5.00%), due 9/25/24 | 16,937,759 | 17,039,386 | |||||||
| 17,739,452 | ||||||||||
| Semiconductors 0.4% | ||||||||||
| Micron Technology, Inc. Term Loan 3.83% (1 Month LIBOR + 1.75%), due 4/26/22 | 4,902,456 | 4,910,114 | ||||||||
| Software 0.5% | ||||||||||
| Donnelley Financial Solutions, Inc. 2017 Term Loan B 5.077% (1 Month LIBOR + 3.00%), due 10/2/23 (a) | 1,075,000 | 1,079,031 | ||||||||
| Press Ganey Holdings, Inc. 2018 1st Lien Term Loan 4.827% (1 Month LIBOR + 2.75%), due 10/23/23 | 496,222 | 495,809 | ||||||||
| RP Crown Parent LLC 2016 Term Loan B 4.827% (1 Month LIBOR + 2.75%), due 10/12/23 | 4,000,000 | 3,995,000 | ||||||||
| 5,569,840 | ||||||||||
| Total Loan Assignments (Cost $105,445,976) | 106,006,994 | |||||||||
| Total Long-Term Bonds (Cost $1,140,675,162) | 1,130,314,555 | |||||||||
| Shares | ||||||||||
| Common Stocks 0.5% | ||||||||||
| Auto Parts & Equipment 0.1% | ||||||||||
| Exide Technologies (a)(c)(e)(j) | 256,017 | 791,093 | ||||||||
| Oil, Gas & Consumable Fuels 0.4% | ||||||||||
| PetroQuest Energy, Inc. (j) | 31,419 | 7,519 | ||||||||
| Talos Energy, Inc. (j) | 130,766 | 4,856,649 | ||||||||
| 4,864,168 | ||||||||||
| Total Common Stocks (Cost $4,989,399) | 5,655,261 | |||||||||
| Short-Term Investment 7.0% | ||||||||||
| Investment Company 7.0% | ||||||||||
| State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.821% (k) | 85,736,088 | 85,736,088 | ||||||||
| Total Short-Term Investment (Cost $85,736,088) | 85,736,088 | |||||||||
| Total Investments (Cost $1,231,400,649) | 99.5 | % | 1,221,705,904 | |||||||
| Other Assets, Less Liabilities | 0.5 | 6,298,645 | ||||||||
| Net Assets | 100.0 | % | $ | 1,228,004,549 | ||||||
| † | Percentages indicated are based on Fund net assets. |
| ¤ | Among the Fund's 10 largest holdings or issuers held, as of July 31, 2018, excluding short-term investment. May be subject to change daily. |
| ‡ | Less than one-tenth of a percent. |
| (a) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (b) | PIK ("Payment-in-Kind") - issuer may pay interest or dividends with additional securities and/or in cash. |
| (c) | Fair valued security - Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of July 31, 2018, the total market value of fair valued securities was $15,594,305, which represented 1.3% of the Fund's net assets. |
| (d) | Restricted security. |
| (e) | Illiquid security - As of July 31, 2018, the total market value of these securities deemed illiquid under procedures approved by the Board of Trustees was $16,699,998, which represented 1.4% of the Fund's net assets. |
| (f) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (g) | Issue in non-accrual status. |
| (h) | Issue in default. |
| (i) | Floating rate - Rate shown was the rate in effect as of July 31, 2018. |
| (j) | Non-income producing security. |
| (k) | Rate reported is the current yield as of July 31,2018. |
The following abbreviation is used in the preceding pages:
| LIBOR | —London Interbank Offered Rate |
The following is a summary of the fair valuations according to the inputs used as of July 31, 2018, for valuing the Fund's assets.
Asset Valuation Inputs
| Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
| Description | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||
| Investments in Securities (a) | ||||||||||||||||
| Long-Term Bonds | ||||||||||||||||
| Convertible Bonds (b) | $ | — | $ | 8,735,660 | $ | 2,157,235 | $ | 10,892,895 | ||||||||
| Corporate Bonds (c) | — | 1,003,888,689 | 9,525,977 | 1,013,414,666 | ||||||||||||
| Loan Assignments (d) | — | 92,166,834 | 13,840,160 | 106,006,994 | ||||||||||||
| Total Long-Term Bonds | — | 1,104,791,183 | 25,523,372 | 1,130,314,555 | ||||||||||||
| Common Stocks (e) | 4,864,168 | — | 791,093 | 5,655,261 | ||||||||||||
| Short-Term Investment | ||||||||||||||||
| Investment Company | 85,736,088 | — | — | 85,736,088 | ||||||||||||
| Total Investments in Securities | $ | 90,600,256 | $ | 1,104,791,183 | $ | 26,314,465 | $ | 1,221,705,904 | ||||||||
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| (b) | The Level 3 security valued at $2,157,235 is held in Auto Parts & Equipment within the Convertible Bonds section of the Portfolio of Investments. |
| (c) | The Level 3 security valued at $9,525,977 is held in Auto Parts & Equipment within the Corporate Bonds section of the Portfolio of Investments. |
| (d) | The Level 3 securities valued at $3,925,004, $1,004,188, $3,378,375, $3,838,000, $615,562, and $1,079,031 are held in Banks, Diversified Financial Services, Diversified/Conglomerate Manufacturing, Electronics, Internet and Software, respectively, within the Loan Assignments section of the Portfolio of Investments, which were valued by a pricing service without adjustment. |
| (e) | The Level 3 security valued at $791,093 is held in Auto Parts & Equipment within the Common Stocks section of the Portfolio of Investments. |
The Fund recognizes transfers between the levels as of the beginning of the period.
As of July 31, 2018, a loan assignment with a market value of $617,094 transferred from Level 2 to Level 3. The transfer occurred as a result of utilizing significant unobservable inputs. As of October 31, 2017, the fair value obtained for this security, as determined based on information provided by an independent pricing source, utilized significant other observable inputs.
As of July 31, 2018, a loan assignment with a market value of $3,052,500 transferred from Level 3 to Level 2. The transfer occurred as a result of utilizing significant other observable inputs. As of October 31, 2017, the fair value obtained for this security, as determined based on information provided by an independent pricing source, utilized significant unobservable inputs.
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:
| Investments in Securities | Balance as of October 31, 2017 | Accrued Discounts (Premiums) | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Purchases | Sales (b) | Transfers in to Level 3 | Transfers out of Level 3 | Balance as of July 31, 2018 | Change in Unrealized Appreciation (Depreciation) from Investments Still Held as of July 31, 2018 | ||||||||||||||||||||||||||||||
| Long-Term Bonds | ||||||||||||||||||||||||||||||||||||||||
| Convertible Bonds | ||||||||||||||||||||||||||||||||||||||||
| Auto Parts & Equipment | $ | 1,521,906 | $ | 27,534 | $ | - | $ | 372,659 | $ | 235,136 | (a) | $ | - | $ | - | $ | - | $ | 2,157,235 | $ | 372,659 | |||||||||||||||||||
| Corporate Bonds | ||||||||||||||||||||||||||||||||||||||||
| Auto Parts & Equipment | 8,017,639 | 124,113 | - | 663,493 | 720,732 | (a) | - | - | - | 9,525,977 | 663,493 | |||||||||||||||||||||||||||||
| Loan Assignments | ||||||||||||||||||||||||||||||||||||||||
| Banks | - | 872 | 106 | 32,598 | 3,940,803 | (49,375 | ) | - | - | 3,925,004 | 32,598 | |||||||||||||||||||||||||||||
| Diversified Financial Services | - | 198 | 429 | 7,194 | 1,411,460 | (415,093 | ) | - | - | 1,004,188 | 7,194 | |||||||||||||||||||||||||||||
| Diversified/Conglomerate Manufacturing | - | 4,034 | 811 | (3,970 | ) | 3,465,000 | (87,500 | ) | - | - | 3,378,375 | (3,970 | ) | |||||||||||||||||||||||||||
| Electronics | 3,989,500 | 12,600 | 3,958 | (18,058 | ) | - | (150,000 | ) | - | - | 3,838,000 | (18,058 | ) | |||||||||||||||||||||||||||
| Internet | - | 985 | - | (2,517 | ) | - | - | 617,094 | - | 615,562 | (2,517 | ) | ||||||||||||||||||||||||||||
| Iron & Steel | 3,052,500 | - | - | - | - | - | - | (3,052,500 | ) | - | - | |||||||||||||||||||||||||||||
| Real Estate Investment Trust | 741,520 | 33 | 1,508 | (4,311 | ) | - | (738,750 | ) | - | - | - | - | ||||||||||||||||||||||||||||
| Software | 2,007,500 | 929 | 3,574 | (7,972 | ) | - | (925,000 | ) | - | - | 1,079,031 | (7,972 | ) | |||||||||||||||||||||||||||
| Common Stock | ||||||||||||||||||||||||||||||||||||||||
| Auto Parts & Equipment | 417,308 | - | - | 373,785 | - | - | - | - | 791,093 | 373,785 | ||||||||||||||||||||||||||||||
| Total | $ | 19,747,873 | $ | 171,298 | $ | 10,386 | $ | 1,412,901 | $ | 9,773,131 | $ | (2,365,718 | ) | $ | 617,094 | $ | (3,052,500 | ) | $ | 26,314,465 | $ | 1,417,212 | ||||||||||||||||||
(a) Purchases include PIK securities.
(b) Sales include principal reductions.
MainStay MacKay Total Return Bond Fund
Portfolio of Investments July 31, 2018 (Unaudited)
| Principal Amount | Value | |||||||||
| Long-Term Bonds 95.8% † | ||||||||||
| Asset-Backed Securities 0.4% | ||||||||||
| Automobile Asset-Backed Securities 0.2% | ||||||||||
| BMW Floorplan Master Owner Trust Series 2018-1, Class A1 3.15%, due 5/15/23 (a) | $ | 1,680,000 | $ | 1,676,704 | ||||||
| Other Asset-Backed Securities 0.2% | ||||||||||
| Verizon Owner Trust Series 2018-1A, Class A1A 2.82%, due 9/20/22 (a) | 2,475,000 | 2,459,455 | ||||||||
| Total Asset-Backed Securities (Cost $4,145,590) | 4,136,159 | |||||||||
| Corporate Bonds 52.9% | ||||||||||
| Aerospace & Defense 0.7% | ||||||||||
| Harris Corp. 5.054%, due 4/27/45 | 3,000,000 | 3,161,763 | ||||||||
| KLX, Inc. 5.875%, due 12/1/22 (a) | 4,395,000 | 4,554,319 | ||||||||
| 7,716,082 | ||||||||||
| Agriculture 0.9% | ||||||||||
| Altria Group, Inc. | ||||||||||
| 5.375%, due 1/31/44 | 700,000 | 769,717 | ||||||||
| 9.25%, due 8/6/19 | 2,838,000 | 3,014,380 | ||||||||
| Cargill, Inc. 4.307%, due 5/14/21 (a) | 3,000,000 | 3,079,577 | ||||||||
| Philip Morris International, Inc. | ||||||||||
| 4.25%, due 11/10/44 | 2,100,000 | 2,034,695 | ||||||||
| 4.375%, due 11/15/41 | 1,075,000 | 1,053,748 | ||||||||
| Reynolds American, Inc. 8.125%, due 6/23/19 | 720,000 | 752,570 | ||||||||
| 10,704,687 | ||||||||||
| Airlines 0.5% | ||||||||||
| American Airlines, Inc. Series 2017-2, Class AA, Pass Through Trust 3.35%, due 4/15/31 | 6,000,000 | 5,751,140 | ||||||||
| Auto Manufacturers 1.1% | ||||||||||
| Ford Motor Co. | ||||||||||
| 7.45%, due 7/16/31 | 2,095,000 | 2,431,143 | ||||||||
| 9.215%, due 9/15/21 | 2,355,000 | 2,711,383 | ||||||||
| Ford Motor Credit Co. LLC 8.125%, due 1/15/20 | 2,580,000 | 2,749,532 | ||||||||
| General Motors Co. 5.20%, due 4/1/45 | 2,860,000 | 2,679,448 | ||||||||
| General Motors Financial Co., Inc. 3.20%, due 7/13/20 | 1,620,000 | 1,614,899 | ||||||||
| 12,186,405 | ||||||||||
| Banks 9.7% | ||||||||||
| ¤ | Bank of America Corp. | |||||||||
| 3.30%, due 1/11/23 | 680,000 | 671,222 | ||||||||
| 3.419%, due 12/20/28 (b) | 468,000 | 440,121 | ||||||||
| 3.705%, due 4/24/28 (b) | 5,000,000 | 4,826,445 | ||||||||
| 4.25%, due 10/22/26 | 6,900,000 | 6,837,996 | ||||||||
| 5.125%, due 6/17/19 (b)(c) | 2,075,000 | 2,107,495 | ||||||||
| 6.30%, due 3/10/26 (b)(c) | 1,500,000 | 1,597,500 | ||||||||
| Bank of New York Mellon Corp. 4.625%, due 9/20/26 (b)(c) | 1,325,000 | 1,262,341 | ||||||||
| Barclays PLC 2.75%, due 11/8/19 | 3,740,000 | 3,715,559 | ||||||||
| ¤ | Citigroup, Inc. | |||||||||
| 2.50%, due 7/29/19 | 5,880,000 | 5,862,581 | ||||||||
| 3.40%, due 5/1/26 | 1,950,000 | 1,860,890 | ||||||||
| 3.70%, due 1/12/26 | 4,190,000 | 4,071,891 | ||||||||
| 3.887%, due 1/10/28 (b) | 3,489,000 | 3,389,343 | ||||||||
| 4.05%, due 7/30/22 | 580,000 | 584,392 | ||||||||
| 5.30%, due 5/6/44 | 2,314,000 | 2,412,383 | ||||||||
| Discover Bank | ||||||||||
| 7.00%, due 4/15/20 | 1,340,000 | 1,407,689 | ||||||||
| 8.70%, due 11/18/19 | 474,000 | 503,936 | ||||||||
| ¤ | Goldman Sachs Group, Inc. | |||||||||
| 3.00%, due 4/26/22 | 11,325,000 | 11,066,445 | ||||||||
| 3.50%, due 11/16/26 | 4,305,000 | 4,085,440 | ||||||||
| 6.75%, due 10/1/37 | 1,610,000 | 1,968,747 | ||||||||
| ¤ | JPMorgan Chase & Co. | |||||||||
| 2.95%, due 10/1/26 | 4,870,000 | 4,536,747 | ||||||||
| 3.375%, due 5/1/23 | 6,500,000 | 6,351,321 | ||||||||
| 5.50%, due 10/15/40 | 745,000 | 847,172 | ||||||||
| Lloyds Banking Group PLC 4.582%, due 12/10/25 | 8,183,000 | 8,090,348 | ||||||||
| ¤ | Morgan Stanley | |||||||||
| 2.625%, due 11/17/21 | 5,755,000 | 5,600,971 | ||||||||
| 3.591%, due 7/22/28 (b) | 1,850,000 | 1,758,884 | ||||||||
| 3.875%, due 1/27/26 | 380,000 | 375,316 | ||||||||
| 3.971%, due 7/22/38 (b) | 1,035,000 | 974,823 | ||||||||
| 4.875%, due 11/1/22 | 3,945,000 | 4,092,600 | ||||||||
| 5.00%, due 11/24/25 | 4,535,000 | 4,712,979 | ||||||||
| 5.75%, due 1/25/21 | 5,000,000 | 5,271,684 | ||||||||
| Royal Bank of Scotland Group PLC | ||||||||||
| 5.125%, due 5/28/24 | 5,985,000 | 6,092,472 | ||||||||
| 6.00%, due 12/19/23 | 280,000 | 296,883 | ||||||||
| Santander Holdings USA, Inc. 4.40%, due 7/13/27 | 1,108,000 | 1,076,144 | ||||||||
| Wachovia Corp. 5.50%, due 8/1/35 | 1,220,000 | 1,322,833 | ||||||||
| Wells Fargo & Co. 5.375%, due 11/2/43 | 265,000 | 289,006 | ||||||||
| Wells Fargo Bank N.A. 5.85%, due 2/1/37 | 555,000 | 644,650 | ||||||||
| 111,007,249 | ||||||||||
| Beverages 1.4% | ||||||||||
| Anheuser-Busch InBev Finance, Inc. 2.65%, due 2/1/21 | 2,145,000 | 2,116,951 | ||||||||
| Constellation Brands, Inc. | ||||||||||
| 3.875%, due 11/15/19 | 5,000,000 | 5,046,839 | ||||||||
| 4.50%, due 5/9/47 | 2,740,000 | 2,664,799 | ||||||||
| 4.75%, due 11/15/24 | 1,905,000 | 1,985,377 | ||||||||
| PepsiCo, Inc. 2.00%, due 4/15/21 | 4,565,000 | 4,444,267 | ||||||||
| 16,258,233 | ||||||||||
| Biotechnology 0.5% | ||||||||||
| Biogen, Inc. 2.90%, due 9/15/20 | 2,010,000 | 2,000,845 | ||||||||
| Gilead Sciences, Inc. 2.55%, due 9/1/20 | 4,010,000 | 3,968,057 | ||||||||
| 5,968,902 | ||||||||||
| Building Materials 1.0% | ||||||||||
| Masco Corp. 3.50%, due 11/15/27 | 5,000,000 | 4,603,799 | ||||||||
| Standard Industries, Inc. 5.375%, due 11/15/24 (a) | 4,940,000 | 4,892,082 | ||||||||
| USG Corp. 5.50%, due 3/1/25 (a) | 1,960,000 | 2,004,100 | ||||||||
| 11,499,981 | ||||||||||
| Chemicals 1.9% | ||||||||||
| Air Liquide Finance S.A. (a) | ||||||||||
| 1.375%, due 9/27/19 | 3,625,000 | 3,557,959 | ||||||||
| 1.75%, due 9/27/21 | 2,470,000 | 2,351,778 | ||||||||
| Braskem Netherlands Finance B.V. 4.50%, due 1/10/28 (a) | 5,665,000 | 5,402,994 | ||||||||
| Eastman Chemical Co. 2.70%, due 1/15/20 | 5,320,000 | 5,287,306 | ||||||||
| Mexichem S.A.B. de C.V. 4.00%, due 10/4/27 (a) | 2,400,000 | 2,260,080 | ||||||||
| WR Grace & Co-Conn 5.125%, due 10/1/21 (a) | 3,095,000 | 3,149,163 | ||||||||
| 22,009,280 | ||||||||||
| Commercial Services 0.2% | ||||||||||
| United Rentals North America, Inc. | ||||||||||
| 5.50%, due 5/15/27 | 1,485,000 | 1,471,487 | ||||||||
| 5.875%, due 9/15/26 | 1,380,000 | 1,400,700 | ||||||||
| 2,872,187 | ||||||||||
| Computers 0.6% | ||||||||||
| Apple, Inc. | ||||||||||
| 1.55%, due 8/4/21 | 2,215,000 | 2,124,346 | ||||||||
| 3.85%, due 8/4/46 | 1,605,000 | 1,549,794 | ||||||||
| Dell International LLC / EMC Corp. 3.48%, due 6/1/19 (a) | 220,000 | 220,719 | ||||||||
| Hewlett Packard Enterprise Co. 2.85%, due 10/5/18 | 2,435,000 | 2,435,985 | ||||||||
| 6,330,844 | ||||||||||
| Cosmetics & Personal Care 0.2% | ||||||||||
| Unilever Capital Corp. 1.375%, due 7/28/21 | 2,450,000 | 2,324,338 | ||||||||
| Diversified Financial Services 2.1% | ||||||||||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | ||||||||||
| 3.50%, due 5/26/22 | 3,690,000 | 3,619,336 | ||||||||
| 4.50%, due 5/15/21 | 1,240,000 | 1,260,902 | ||||||||
| Air Lease Corp. | ||||||||||
| 3.25%, due 3/1/25 | 3,700,000 | 3,454,258 | ||||||||
| 4.25%, due 9/15/24 | 2,445,000 | 2,439,941 | ||||||||
| Ally Financial, Inc. | ||||||||||
| 7.50%, due 9/15/20 | 166,000 | 178,243 | ||||||||
| 8.00%, due 11/1/31 | 3,580,000 | 4,313,900 | ||||||||
| Capital One Bank USA N.A. 3.375%, due 2/15/23 | 3,046,000 | 2,968,765 | ||||||||
| Discover Financial Services 3.85%, due 11/21/22 | 1,526,000 | 1,515,355 | ||||||||
| International Lease Finance Corp. 5.875%, due 8/15/22 | 2,200,000 | 2,340,906 | ||||||||
| Peachtree Corners Funding Trust 3.976%, due 2/15/25 (a) | 1,780,000 | 1,722,237 | ||||||||
| 23,813,843 | ||||||||||
| Electric 1.7% | ||||||||||
| Duquesne Light Holdings, Inc. (a) | ||||||||||
| 3.616%, due 8/1/27 | 1,645,000 | 1,545,548 | ||||||||
| 5.90%, due 12/1/21 | 3,000,000 | 3,166,952 | ||||||||
| FirstEnergy Transmission LLC 5.45%, due 7/15/44 (a) | 3,000,000 | 3,327,027 | ||||||||
| IPALCO Enterprises, Inc. 3.45%, due 7/15/20 | 1,375,000 | 1,364,687 | ||||||||
| N.V. Energy, Inc. 6.25%, due 11/15/20 | 5,000,000 | 5,319,995 | ||||||||
| PPL Capital Funding, Inc. 5.00%, due 3/15/44 | 1,000,000 | 1,043,283 | ||||||||
| Puget Energy, Inc. 6.50%, due 12/15/20 | 3,155,000 | 3,359,269 | ||||||||
| 19,126,761 | ||||||||||
| Electronics 0.5% | ||||||||||
| Honeywell International, Inc. 1.85%, due 11/1/21 | 6,400,000 | 6,151,339 | ||||||||
| Environmental Controls 0.4% | ||||||||||
| Waste Management, Inc. 2.40%, due 5/15/23 | 4,605,000 | 4,386,051 | ||||||||
| Food 1.7% | ||||||||||
| Kerry Group Financial Services 3.20%, due 4/9/23 (a) | 4,375,000 | 4,269,062 | ||||||||
| Mondelez International Holdings Netherlands B.V. (a) | ||||||||||
| 1.625%, due 10/28/19 | 4,170,000 | 4,099,089 | ||||||||
| 2.00%, due 10/28/21 | 4,495,000 | 4,285,857 | ||||||||
| Post Holdings, Inc. 5.00%, due 8/15/26 (a) | 1,735,000 | 1,635,238 | ||||||||
| Smithfield Foods, Inc. 2.70%, due 1/31/20 (a) | 1,840,000 | 1,811,084 | ||||||||
| Tyson Foods, Inc. 5.15%, due 8/15/44 | 3,000,000 | 3,089,901 | ||||||||
| 19,190,231 | ||||||||||
| Food Services 0.4% | ||||||||||
| Aramark Services, Inc. 5.125%, due 1/15/24 | 4,000,000 | 4,035,000 | ||||||||
| Gas 0.3% | ||||||||||
| NiSource, Inc. 3.49%, due 5/15/27 | 2,935,000 | 2,816,793 | ||||||||
| Southern California Gas Co. 3.20%, due 6/15/25 | 915,000 | 889,179 | ||||||||
| 3,705,972 | ||||||||||
| Health Care - Products 1.1% | ||||||||||
| Becton Dickinson & Co. 3.363%, due 6/6/24 | 6,075,000 | 5,860,195 | ||||||||
| Zimmer Biomet Holdings, Inc. 3.55%, due 4/1/25 | 6,900,000 | 6,615,997 | ||||||||
| 12,476,192 | ||||||||||
| Health Care - Services 0.4% | ||||||||||
| Anthem, Inc. 4.65%, due 1/15/43 | 1,895,000 | 1,874,238 | ||||||||
| Cigna Corp. 3.25%, due 4/15/25 | 2,755,000 | 2,614,530 | ||||||||
| 4,488,768 | ||||||||||
| Holding Company - Diversified 0.3% | ||||||||||
| CK Hutchison International (17) II, Ltd. 3.25%, due 9/29/27 (a) | 3,575,000 | 3,319,812 | ||||||||
| Home Builders 1.0% | ||||||||||
| Lennar Corp. 5.875%, due 11/15/24 | 2,320,000 | 2,395,400 | ||||||||
| NVR, Inc. 3.95%, due 9/15/22 | 6,420,000 | 6,443,622 | ||||||||
| TRI Pointe Group, Inc. / TRI Pointe Homes, Inc. 5.875%, due 6/15/24 | 3,180,000 | 3,156,150 | ||||||||
| 11,995,172 | ||||||||||
| Home Furnishing 0.8% | ||||||||||
| Whirlpool Corp. 4.85%, due 6/15/21 | 8,850,000 | 9,174,662 | ||||||||
| Insurance 3.3% | ||||||||||
| Alterra Finance LLC 6.25%, due 9/30/20 | 2,900,000 | 3,061,018 | ||||||||
| American International Group, Inc. 4.20%, due 4/1/28 | 1,950,000 | 1,944,865 | ||||||||
| AXA Equitable Holdings, Inc. 4.35%, due 4/20/28 (a) | 5,025,000 | 4,917,821 | ||||||||
| Hartford Financial Services Group, Inc. 6.00%, due 1/15/19 | 600,000 | 609,055 | ||||||||
| Liberty Mutual Group, Inc. (a) | ||||||||||
| 4.25%, due 6/15/23 | 2,020,000 | 2,043,187 | ||||||||
| 6.50%, due 5/1/42 | 3,675,000 | 4,508,508 | ||||||||
| Markel Corp. | ||||||||||
| 3.625%, due 3/30/23 | 2,515,000 | 2,476,705 | ||||||||
| 5.00%, due 3/30/43 | 2,500,000 | 2,523,232 | ||||||||
| Metropolitan Life Global Funding I 1.95%, due 9/15/21 (a) | 3,840,000 | 3,677,406 | ||||||||
| Protective Life Corp. 7.375%, due 10/15/19 | 4,180,000 | 4,385,097 | ||||||||
| Protective Life Global Funding 2.161%, due 9/25/20 (a) | 2,500,000 | 2,440,538 | ||||||||
| Prudential Financial, Inc. 7.375%, due 6/15/19 | 3,550,000 | 3,688,526 | ||||||||
| Voya Financial, Inc. 3.65%, due 6/15/26 | 1,305,000 | 1,237,106 | ||||||||
| 37,513,064 | ||||||||||
| Internet 0.4% | ||||||||||
| Match Group, Inc. 5.00%, due 12/15/27 (a) | 4,285,000 | 4,030,578 | ||||||||
| Iron & Steel 0.5% | ||||||||||
| ArcelorMittal 7.00%, due 10/15/39 | 3,100,000 | 3,495,250 | ||||||||
| Vale Overseas, Ltd. 6.875%, due 11/21/36 | 2,280,000 | 2,649,816 | ||||||||
| 6,145,066 | ||||||||||
| Lodging 0.5% | ||||||||||
| MGM Resorts International 6.00%, due 3/15/23 | 5,000,000 | 5,181,250 | ||||||||
| Media 2.6% | ||||||||||
| Charter Communications Operating LLC / Charter Communications Operating Capital 4.464%, due 7/23/22 | 4,000,000 | 4,066,482 | ||||||||
| NBC Universal Media LLC 5.15%, due 4/30/20 | 7,900,000 | 8,166,187 | ||||||||
| Time Warner Cable LLC 8.75%, due 2/14/19 | 7,000,000 | 7,213,956 | ||||||||
| Time Warner Entertainment Co., L.P. 8.375%, due 3/15/23 | 3,660,000 | 4,250,356 | ||||||||
| Virgin Media Secured Finance PLC 5.25%, due 1/15/21 | 1,160,000 | 1,183,200 | ||||||||
| Warner Media LLC 3.80%, due 2/15/27 | 5,660,000 | 5,412,014 | ||||||||
| 30,292,195 | ||||||||||
| Mining 0.4% | ||||||||||
| Anglo American Capital PLC 4.875%, due 5/14/25 (a) | 2,780,000 | 2,793,705 | ||||||||
| Teck Resources, Ltd. 8.50%, due 6/1/24 (a) | 1,441,000 | 1,586,901 | ||||||||
| 4,380,606 | ||||||||||
| Miscellaneous - Manufacturing 1.0% | ||||||||||
| Amsted Industries, Inc. 5.375%, due 9/15/24 (a) | 5,850,000 | 5,806,125 | ||||||||
| Textron Financial Corp. 4.078% (3 Month LIBOR + 1.735%), due 2/15/67 (a)(d) | 5,685,000 | 5,144,925 | ||||||||
| 10,951,050 | ||||||||||
| Oil & Gas 3.0% | ||||||||||
| Chevron Corp. 1.961%, due 3/3/20 | 1,855,000 | 1,831,799 | ||||||||
| Continental Resources, Inc. 5.00%, due 9/15/22 | 5,250,000 | 5,327,423 | ||||||||
| Marathon Petroleum Corp. | ||||||||||
| 5.00%, due 9/15/54 | 2,080,000 | 1,960,939 | ||||||||
| 6.50%, due 3/1/41 | 1,580,000 | 1,856,361 | ||||||||
| Petrobras Global Finance B.V. 7.375%, due 1/17/27 | 8,100,000 | 8,424,000 | ||||||||
| Petroleos Mexicanos 6.75%, due 9/21/47 | 6,955,000 | 6,442,486 | ||||||||
| Valero Energy Corp. | ||||||||||
| 6.125%, due 2/1/20 | 3,216,000 | 3,344,825 | ||||||||
| 6.625%, due 6/15/37 | 4,000,000 | 4,880,471 | ||||||||
| 34,068,304 | ||||||||||
| Packaging & Containers 0.3% | ||||||||||
| WestRock Co. (a) | ||||||||||
| 3.00%, due 9/15/24 | 2,400,000 | 2,268,245 | ||||||||
| 3.375%, due 9/15/27 | 1,000,000 | 941,232 | ||||||||
| 3,209,477 | ||||||||||
| Pharmaceuticals 0.8% | ||||||||||
| Allergan Funding SCS 4.55%, due 3/15/35 | 1,095,000 | 1,067,939 | ||||||||
| Bayer U.S. Finance II LLC 3.50%, due 6/25/21 (a) | 1,920,000 | 1,924,222 | ||||||||
| Zoetis, Inc. | ||||||||||
| 3.25%, due 2/1/23 | 3,885,000 | 3,822,661 | ||||||||
| 4.70%, due 2/1/43 | 2,745,000 | 2,857,768 | ||||||||
| 9,672,590 | ||||||||||
| Pipelines 2.1% | ||||||||||
| Andeavor Logistics, L.P. / Tesoro Logistics Finance Corp. 6.25%, due 10/15/22 | 1,491,000 | 1,541,396 | ||||||||
| Columbia Pipeline Group, Inc. 3.30%, due 6/1/20 | 5,680,000 | 5,657,440 | ||||||||
| Kinder Morgan Energy Partners, L.P. 6.375%, due 3/1/41 | 385,000 | 426,981 | ||||||||
| MPLX, L.P. 4.875%, due 6/1/25 | 5,305,000 | 5,510,569 | ||||||||
| Spectra Energy Partners, L.P. 4.75%, due 3/15/24 | 5,137,000 | 5,289,104 | ||||||||
| Targa Resources Partners, L.P. / Targa Resources Partners Finance Corp. 4.125%, due 11/15/19 | 5,500,000 | 5,500,000 | ||||||||
| 23,925,490 | ||||||||||
| Real Estate 0.5% | ||||||||||
| ProLogis, L.P. 4.25%, due 8/15/23 | 5,400,000 | 5,552,623 | ||||||||
| Real Estate Investment Trusts 1.0% | ||||||||||
| Alexandria Real Estate Equities, Inc. 4.60%, due 4/1/22 | 1,265,000 | 1,301,442 | ||||||||
| Crown Castle International Corp. | ||||||||||
| 3.20%, due 9/1/24 | 5,580,000 | 5,303,028 | ||||||||
| 5.25%, due 1/15/23 | 126,000 | 132,051 | ||||||||
| Ventas Realty, L.P. / Ventas Capital Corp. 4.25%, due 3/1/22 | 1,370,000 | 1,395,407 | ||||||||
| Welltower, Inc. | ||||||||||
| 3.75%, due 3/15/23 | 570,000 | 563,455 | ||||||||
| 5.25%, due 1/15/22 | 2,445,000 | 2,550,850 | ||||||||
| 11,246,233 | ||||||||||
| Retail 2.8% | ||||||||||
| Alimentation Couche-Tard, Inc. 2.70%, due 7/26/22 (a) | 7,345,000 | 7,065,594 | ||||||||
| CVS Health Corp. | ||||||||||
| 2.80%, due 7/20/20 | 6,880,000 | 6,814,478 | ||||||||
| 4.78%, due 3/25/38 | 750,000 | 755,835 | ||||||||
| 5.05%, due 3/25/48 | 750,000 | 777,223 | ||||||||
| CVS Pass-Through Trust 5.789%, due 1/10/26 (a)(e) | 54,536 | 56,875 | ||||||||
| Darden Restaurants, Inc. 3.85%, due 5/1/27 | 5,980,000 | 5,753,759 | ||||||||
| O'Reilly Automotive, Inc. 4.625%, due 9/15/21 | 5,955,000 | 6,154,965 | ||||||||
| QVC, Inc. | ||||||||||
| 4.45%, due 2/15/25 | 1,535,000 | 1,468,090 | ||||||||
| 4.85%, due 4/1/24 | 1,550,000 | 1,537,606 | ||||||||
| Walmart, Inc. 3.125%, due 6/23/21 | 2,115,000 | 2,119,912 | ||||||||
| 32,504,337 | ||||||||||
| Semiconductors 0.3% | ||||||||||
| NXP B.V. / NXP Funding LLC 4.625%, due 6/1/23 (a) | 3,825,000 | 3,868,031 | ||||||||
| Software 0.7% | ||||||||||
| Microsoft Corp. | ||||||||||
| 2.00%, due 8/8/23 | 3,540,000 | 3,346,721 | ||||||||
| 4.10%, due 2/6/37 | 2,090,000 | 2,191,914 | ||||||||
| MSCI, Inc. 4.75%, due 8/1/26 (a) | 2,865,000 | 2,829,187 | ||||||||
| 8,367,822 | ||||||||||
| Telecommunications 3.0% | ||||||||||
| AT&T, Inc. 3.80%, due 3/1/24 | 5,920,000 | 5,862,245 | ||||||||
| Hughes Satellite Systems Corp. 6.50%, due 6/15/19 | 946,000 | 964,920 | ||||||||
| Level 3 Financing, Inc. | ||||||||||
| 5.375%, due 1/15/24 | 2,160,000 | 2,138,400 | ||||||||
| 5.375%, due 5/1/25 | 1,845,000 | 1,798,875 | ||||||||
| Rogers Communications, Inc. | ||||||||||
| 3.625%, due 12/15/25 | 1,360,000 | 1,326,373 | ||||||||
| 4.30%, due 2/15/48 | 750,000 | 717,552 | ||||||||
| Sprint Capital Corp. | ||||||||||
| 6.875%, due 11/15/28 | 1,170,000 | 1,126,125 | ||||||||
| 6.90%, due 5/1/19 | 475,000 | 484,738 | ||||||||
| Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC (a) | ||||||||||
| 3.36%, due 3/20/23 | 5,923,125 | 5,893,509 | ||||||||
| 4.738%, due 3/20/25 | 3,205,000 | 3,180,963 | ||||||||
| T-Mobile USA, Inc. 6.375%, due 3/1/25 | 500,000 | 521,250 | ||||||||
| Telecom Italia Capital S.A. 7.721%, due 6/4/38 | 480,000 | 529,200 | ||||||||
| Telefonica Emisiones SAU 4.57%, due 4/27/23 | 5,110,000 | 5,274,284 | ||||||||
| VEON Holdings B.V. 4.95%, due 6/16/24 (a) | 2,450,000 | 2,344,944 | ||||||||
| Verizon Communications, Inc. 5.15%, due 9/15/23 | 1,955,000 | 2,095,687 | ||||||||
| 34,259,065 | ||||||||||
| Toys, Games & Hobbies 0.3% | ||||||||||
| Hasbro, Inc. | ||||||||||
| 5.10%, due 5/15/44 | 2,045,000 | 1,950,684 | ||||||||
| 6.35%, due 3/15/40 | 1,500,000 | 1,643,619 | ||||||||
| 3,594,303 | ||||||||||
| Total Corporate Bonds (Cost $612,135,898) | 605,255,215 | |||||||||
| Mortgage-Backed Securities 1.5% | ||||||||||
| Commercial Mortgage Loans (Collateralized Mortgage Obligations) 1.5% | ||||||||||
| Bayview Commercial Asset Trust Series 2006-4A, Class A1 2.294% (1 Month LIBOR + 0.23%), due 12/25/36 (a)(d) | 61,669 | 59,288 | ||||||||
| COMM Mortgage Trust Series 2013-CR8, Class A4 3.334%, due 6/10/46 | 4,011,000 | 3,993,171 | ||||||||
| Four Times Square Trust Series 2006-4TS, Class A 5.401%, due 12/13/28 (a) | 2,376,751 | 2,483,001 | ||||||||
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2018-AON, Class A 4.128%, due 7/5/31 (a) | 3,250,000 | 3,341,963 | ||||||||
| Wells Fargo Commercial Mortgage Trust (a)(f) | ||||||||||
| Series 2018-1745, Class A 3.874%, due 6/15/36 | 3,450,000 | 3,428,805 | ||||||||
| Series 2018-AUS, Class A 4.193%, due 7/17/36 | 3,950,000 | 3,982,107 | ||||||||
| 17,288,335 | ||||||||||
| Residential Mortgage (Collateralized Mortgage Obligation) 0.0% ‡ | ||||||||||
| Mortgage Equity Conversion Asset Trust Series 2007-FF2, Class A 2.89% (1 Year Treasury Constant Maturity Rate + 0.47%), due 2/25/42 (a)(d)(e)(g)(h) | 244,087 | 227,017 | ||||||||
| Total Mortgage-Backed Securities (Cost $17,672,073) | 17,515,352 | |||||||||
| U.S. Government & Federal Agencies 41.0% | ||||||||||
| Fannie Mae (Collateralized Mortgage Obligation) 0.0% ‡ | ||||||||||
| Series 1991-66, Class J 8.125%, due 6/25/21 | 81 | 85 | ||||||||
| ¤ | Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 9.5% | |||||||||
| 2.50%, due 8/1/46 | 5,784,672 | 5,388,283 | ||||||||
| 3.00%, due 6/1/43 | 6,109,764 | 5,934,298 | ||||||||
| 3.00%, due 5/1/46 | 4,165,333 | 4,018,327 | ||||||||
| 3.00%, due 12/1/46 | 2,995,816 | 2,890,083 | ||||||||
| 3.00%, due 1/1/47 | 2,255,051 | 2,173,498 | ||||||||
| 3.00%, due 7/1/47 TBA (i) | 7,200,000 | 6,934,372 | ||||||||
| 3.00%, due 9/1/47 | 3,806,736 | 3,668,459 | ||||||||
| 3.50%, due 12/1/41 | 5,778,721 | 5,770,680 | ||||||||
| 3.50%, due 5/1/42 | 5,073,586 | 5,066,539 | ||||||||
| 3.50%, due 2/1/43 | 5,273,776 | 5,266,443 | ||||||||
| 3.50%, due 5/1/43 | 2,174,316 | 2,171,291 | ||||||||
| 3.50%, due 5/1/44 | 7,579,025 | 7,568,487 | ||||||||
| 3.50%, due 5/1/46 | 4,728,690 | 4,697,214 | ||||||||
| 3.50%, due 2/1/48 TBA (i) | 6,000,000 | 5,942,375 | ||||||||
| 4.00%, due 8/1/31 | 1,251,691 | 1,280,491 | ||||||||
| 4.00%, due 1/1/41 | 1,781,772 | 1,824,956 | ||||||||
| 4.00%, due 2/1/41 | 3,347,482 | 3,432,643 | ||||||||
| 4.00%, due 4/1/41 | 836,333 | 856,357 | ||||||||
| 4.00%, due 1/1/42 | 10,433,833 | 10,710,324 | ||||||||
| 4.00%, due 6/1/42 | 3,730,423 | 3,821,938 | ||||||||
| 4.00%, due 8/1/44 | 6,349,283 | 6,516,925 | ||||||||
| 4.346% (1 Year Treasury Constant Maturity Rate + 2.25%), due 6/1/35 (d) | 47,572 | 50,103 | ||||||||
| 4.50%, due 9/1/39 | 250,099 | 261,391 | ||||||||
| 4.50%, due 1/1/40 | 1,620,709 | 1,698,373 | ||||||||
| 4.50%, due 12/1/40 | 1,280,012 | 1,342,176 | ||||||||
| 4.50%, due 5/1/41 | 1,162,508 | 1,218,217 | ||||||||
| 4.50%, due 6/1/41 | 4,967,065 | 5,205,092 | ||||||||
| 4.50%, due 8/1/41 | 2,085,318 | 2,184,494 | ||||||||
| 5.00%, due 8/1/33 | 122,002 | 129,518 | ||||||||
| 5.50%, due 1/1/21 | 22,750 | 23,193 | ||||||||
| 5.50%, due 2/1/33 | 42,790 | 46,271 | ||||||||
| 5.50%, due 7/1/34 | 129,179 | 139,877 | ||||||||
| 5.50%, due 4/1/37 | 5,910 | 6,380 | ||||||||
| 5.50%, due 5/1/37 | 4,038 | 4,360 | ||||||||
| 5.50%, due 7/1/37 | 18,893 | 20,370 | ||||||||
| 5.50%, due 1/1/38 | 46,759 | 50,985 | ||||||||
| 6.00%, due 2/1/27 | 27,878 | 30,268 | ||||||||
| 6.00%, due 3/1/36 | 37,760 | 41,354 | ||||||||
| 6.50%, due 4/1/37 | 82,523 | 91,399 | ||||||||
| 108,477,804 | ||||||||||
| ¤ | Federal National Mortgage Association (Mortgage Pass-Through Securities) 11.5% | |||||||||
| 2.50%, due 7/1/46 | 6,035,723 | 5,630,290 | ||||||||
| 3.00%, due 4/1/43 | 1,857,680 | 1,805,759 | ||||||||
| 3.00%, due 6/1/57 | 6,256,625 | 5,973,973 | ||||||||
| 3.50%, due 2/1/41 | 4,966,522 | 4,961,585 | ||||||||
| 3.50%, due 3/1/41 | 430,158 | 429,731 | ||||||||
| 3.50%, due 11/1/41 | 7,832,264 | 7,824,477 | ||||||||
| 3.50%, due 1/1/42 | 1,425,182 | 1,423,762 | ||||||||
| 3.50%, due 3/1/42 | 2,858,425 | 2,856,026 | ||||||||
| 3.50%, due 10/1/42 | 2,444,845 | 2,432,611 | ||||||||
| 3.50%, due 2/1/43 | 2,812,455 | 2,808,789 | ||||||||
| 3.50%, due 3/1/43 | 4,809,424 | 4,785,326 | ||||||||
| 3.50%, due 5/1/43 | 2,255,470 | 2,251,193 | ||||||||
| 3.50%, due 6/1/43 | 716,126 | 712,543 | ||||||||
| 3.50%, due 11/1/45 | 4,910,566 | 4,879,834 | ||||||||
| 4.00%, due 9/1/31 | 972,546 | 995,396 | ||||||||
| 4.00%, due 11/1/40 | 871,449 | 896,712 | ||||||||
| 4.00%, due 1/1/41 | 2,282,754 | 2,344,185 | ||||||||
| 4.00%, due 2/1/41 | 10,199,229 | 10,438,942 | ||||||||
| 4.00%, due 3/1/41 | 2,275,197 | 2,341,174 | ||||||||
| 4.00%, due 10/1/41 | 2,856,450 | 2,939,371 | ||||||||
| 4.00%, due 1/1/42 | 5,491,136 | 5,625,095 | ||||||||
| 4.00%, due 2/1/42 | 1,159,064 | 1,186,036 | ||||||||
| 4.00%, due 3/1/42 | 6,742,388 | 6,901,561 | ||||||||
| 4.00%, due 7/1/42 | 1,186,179 | 1,215,126 | ||||||||
| 4.00%, due 9/1/42 | 3,232,329 | 3,304,713 | ||||||||
| 4.00%, due 3/1/48 TBA (i) | 4,500,000 | 4,571,015 | ||||||||
| 4.50%, due 11/1/18 | 4,374 | 4,408 | ||||||||
| 4.50%, due 6/1/23 | 77,732 | 80,341 | ||||||||
| 4.50%, due 6/1/39 | 5,672,235 | 5,943,287 | ||||||||
| 4.50%, due 8/1/39 | 2,597,438 | 2,722,925 | ||||||||
| 4.50%, due 9/1/39 | 2,380,574 | 2,494,191 | ||||||||
| 4.50%, due 1/1/40 | 348,092 | 364,796 | ||||||||
| 4.50%, due 8/1/40 | 581,370 | 609,294 | ||||||||
| 4.50%, due 9/1/40 | 5,192,875 | 5,441,492 | ||||||||
| 4.50%, due 12/1/40 | 5,227,809 | 5,479,024 | ||||||||
| 4.50%, due 7/1/41 | 2,642,499 | 2,769,491 | ||||||||
| 4.50%, due 8/1/41 | 1,365,607 | 1,431,079 | ||||||||
| 4.50%, due 8/1/42 | 1,453,024 | 1,522,806 | ||||||||
| 4.50%, due 4/1/48 TBA (i) | 4,500,000 | 4,667,695 | ||||||||
| 5.00%, due 9/1/20 | 2,235 | 2,273 | ||||||||
| 5.00%, due 10/1/20 | 18,699 | 19,239 | ||||||||
| 5.00%, due 12/1/20 | 35,328 | 36,170 | ||||||||
| 5.00%, due 7/1/33 | 240,670 | 256,888 | ||||||||
| 5.00%, due 10/1/33 | 101,714 | 108,618 | ||||||||
| 5.00%, due 5/1/35 | 558,522 | 596,262 | ||||||||
| 5.00%, due 6/1/35 | 1,021,091 | 1,090,100 | ||||||||
| 5.00%, due 7/1/35 | 95,647 | 102,035 | ||||||||
| 5.00%, due 1/1/36 | 111,214 | 118,740 | ||||||||
| 5.00%, due 2/1/36 | 844,518 | 901,740 | ||||||||
| 5.00%, due 5/1/36 | 301,503 | 321,936 | ||||||||
| 5.00%, due 9/1/36 | 85,009 | 90,787 | ||||||||
| 5.50%, due 6/1/21 | 46,942 | 47,946 | ||||||||
| 5.50%, due 6/1/33 | 561,751 | 609,930 | ||||||||
| 5.50%, due 11/1/33 | 92,551 | 100,028 | ||||||||
| 5.50%, due 12/1/33 | 66,480 | 71,845 | ||||||||
| 5.50%, due 4/1/34 | 234,723 | 254,284 | ||||||||
| 5.50%, due 5/1/34 | 331,376 | 358,922 | ||||||||
| 5.50%, due 6/1/34 | 89,434 | 96,895 | ||||||||
| 5.50%, due 3/1/35 | 119,087 | 128,567 | ||||||||
| 5.50%, due 4/1/36 | 208,048 | 224,790 | ||||||||
| 5.50%, due 12/1/36 | 50,264 | 54,215 | ||||||||
| 5.50%, due 1/1/37 | 269,812 | 296,896 | ||||||||
| 5.50%, due 4/1/37 | 163,544 | 176,213 | ||||||||
| 5.50%, due 7/1/37 | 365,999 | 403,230 | ||||||||
| 5.50%, due 8/1/37 | 74,176 | 80,105 | ||||||||
| 5.50%, due 9/1/37 | 1,914 | 2,063 | ||||||||
| 6.00%, due 1/1/33 | 33,731 | 36,829 | ||||||||
| 6.00%, due 3/1/33 | 32,406 | 35,142 | ||||||||
| 6.00%, due 8/1/34 | 1,648 | 1,802 | ||||||||
| 6.00%, due 9/1/35 | 110,216 | 122,667 | ||||||||
| 6.00%, due 6/1/36 | 33,168 | 36,014 | ||||||||
| 6.00%, due 12/1/36 | 87,292 | 95,879 | ||||||||
| 6.00%, due 4/1/37 | 14,537 | 15,139 | ||||||||
| 6.00%, due 9/1/37 | 10,002 | 10,919 | ||||||||
| 6.00%, due 10/1/37 | 32,185 | 33,513 | ||||||||
| 6.00%, due 11/1/37 | 6,153 | 6,716 | ||||||||
| 6.00%, due 1/1/38 | 1,314 | 1,425 | ||||||||
| 6.00%, due 11/1/38 | 20,346 | 22,064 | ||||||||
| 6.50%, due 6/1/31 | 16,615 | 18,203 | ||||||||
| 6.50%, due 8/1/31 | 8,630 | 9,454 | ||||||||
| 6.50%, due 10/1/31 | 6,460 | 7,151 | ||||||||
| 6.50%, due 6/1/32 | 22,333 | 24,467 | ||||||||
| 6.50%, due 6/1/36 | 2,739 | 3,026 | ||||||||
| 6.50%, due 7/1/36 | 5,340 | 5,864 | ||||||||
| 6.50%, due 8/1/36 | 942 | 1,032 | ||||||||
| 6.50%, due 11/1/36 | 38,507 | 42,891 | ||||||||
| 6.50%, due 2/1/37 | 11,191 | 12,260 | ||||||||
| 6.50%, due 7/1/37 | 4,468 | 4,895 | ||||||||
| 6.50%, due 8/1/37 | 21,374 | 23,416 | ||||||||
| 6.50%, due 9/1/37 | 36,592 | 40,088 | ||||||||
| 132,227,627 | ||||||||||
| ¤ | Government National Mortgage Association (Mortgage Pass-Through Securities) 1.4% | |||||||||
| 3.50%, due 8/20/47 | 5,685,376 | 5,691,928 | ||||||||
| 3.50%, due 12/1/47 TBA (i) | 6,850,000 | 6,852,943 | ||||||||
| 4.00%, due 11/20/40 | 290,504 | 299,653 | ||||||||
| 4.00%, due 12/20/44 | 2,564,155 | 2,641,758 | ||||||||
| 6.00%, due 2/15/29 | 7,194 | 7,803 | ||||||||
| 6.00%, due 4/15/29 | 40,095 | 43,945 | ||||||||
| 6.00%, due 8/15/32 | 93,131 | 102,151 | ||||||||
| 6.50%, due 7/15/28 | 12,511 | 13,733 | ||||||||
| 6.50%, due 5/15/29 | 6,144 | 6,825 | ||||||||
| 15,660,739 | ||||||||||
| ¤ | United States Treasury Bonds 7.0% | |||||||||
| 2.50%, due 2/15/46 | 34,020,000 | 30,329,627 | ||||||||
| 2.50%, due 5/15/46 | 7,093,000 | 6,318,588 | ||||||||
| 2.875%, due 11/15/46 | 3,670,000 | 3,523,917 | ||||||||
| 3.00%, due 2/15/47 | 20,995,000 | 20,664,493 | ||||||||
| 3.00%, due 2/15/48 | 2,930,000 | 2,882,502 | ||||||||
| 3.375%, due 5/15/44 | 3,065,000 | 3,224,715 | ||||||||
| 3.75%, due 11/15/43 | 11,800,000 | 13,179,586 | ||||||||
| 80,123,428 | ||||||||||
| ¤ | United States Treasury Notes 11.6% | |||||||||
| 1.25%, due 10/31/21 | 21,100,000 | 20,096,926 | ||||||||
| 1.75%, due 9/30/22 | 4,540,000 | 4,349,178 | ||||||||
| 1.75%, due 5/15/23 | 2,825,000 | 2,687,281 | ||||||||
| 2.00%, due 11/30/20 | 1,450,000 | 1,426,438 | ||||||||
| 2.00%, due 12/31/21 | 5,770,000 | 5,620,566 | ||||||||
| 2.00%, due 2/15/23 | 1,760,000 | 1,697,713 | ||||||||
| 2.00%, due 11/15/26 | 21,165,000 | 19,685,930 | ||||||||
| 2.125%, due 8/31/20 | 14,630,000 | 14,462,555 | ||||||||
| 2.25%, due 11/15/27 | 2,810,000 | 2,647,547 | ||||||||
| 2.375%, due 4/15/21 | 785,000 | 777,242 | ||||||||
| 2.50%, due 5/15/24 | 35,320,000 | 34,580,487 | ||||||||
| 2.75%, due 4/30/23 | 17,515,000 | 17,439,056 | ||||||||
| 2.875%, due 7/31/25 | 7,275,000 | 7,250,561 | ||||||||
| 132,721,480 | ||||||||||
| Total U.S. Government & Federal Agencies (Cost $482,140,748) | 469,211,163 | |||||||||
| Total Long-Term Bonds (Cost $1,116,094,309) | 1,096,117,889 | |||||||||
| Shares | ||||||||||
| Common Stocks 0.0%‡ | ||||||||||
| Commercial Services & Supplies 0.0% ‡ | ||||||||||
| Quad/Graphics, Inc. | 1 | 20 | ||||||||
| Media 0.0% ‡ | ||||||||||
| ION Media Networks, Inc. (e)(g)(h)(j) | 2 | 1,239 | ||||||||
| Total Common Stocks (Cost $0) | 1,259 | |||||||||
| Short-Term Investments 6.7% | ||||||||||
| Affiliated Investment Company 5.7% | ||||||||||
| MainStay U.S. Government Liquidity Fund, 1.75% (k) | 64,754,709 | 64,754,709 | ||||||||
| Total Affiliated Investment Company (Cost $64,754,709) | 64,754,709 | |||||||||
| Principal Amount | ||||||||||
| U.S. Governments 1.0% | ||||||||||
| United States Treasury Bills 1.765%, due 8/2/18 (l) | $ | 11,685,000 | 11,684,435 | |||||||
| Total U.S. Governments (Cost $11,684,435) | 11,684,435 | |||||||||
| Total Short-Term Investments (Cost $76,439,144) | 76,439,144 | |||||||||
| Total Investments (Cost $1,192,533,453) | 102.5 | % | 1,172,558,292 | |||||||
| Other Assets, Less Liabilities | (2.5 | ) | (28,063,359 | ) | ||||||
| Net Assets | 100.0 | % | $ | 1,144,494,933 | ||||||
| † | Percentages indicated are based on Fund net assets. |
| ¤ | Among the Fund's 10 largest holdings, as of July 31, 2018, excluding short-term investments. May be subject to change daily. |
| ‡ | Less than one-tenth of a percent. |
| (a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (b) | Fixed to floating rate - Rate shown was the rate in effect as of July 31, 2018. |
| (c) | Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
| (d) | Floating rate - Rate shown was the rate in effect as of July 31, 2018. |
| (e) | Fair valued security - Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of July 31, 2018, the total market value of fair valued securities was $285,131, which represented less than one-tenth of a percent of the Fund's net assets. |
| (f) | Collateral strip rate - A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of July 31, 2018. |
| (g) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (h) | Illiquid security - As of July 31, 2018, the total market value of these securities deemed illiquid under procedures approved by the Board of Trustees was $228,256, which represented less than one-tenth of a percent of the Fund's net assets. |
| (i) | TBA - Securities purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement. As of July 31, 2018, the total net market value of these securities was $28,968,400, which represented 2.5% of the Fund's net assets. All or a portion of these securities are a part of a mortgage dollar roll agreement. |
| (j) | Restricted security. |
| (k) | Rate reported is the current yield as of July 31, 2018. |
| (l) | Interest rate shown represents yield to maturity. |
As of July 31, 2018, the Fund held the following futures contracts1:
| Type | Number of Contracts Long (Short) | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 | |||||||||||
| 2-Year United States Treasury Note | 361 | September 2018 | $ | 76,391,760 | $ | 76,306,375 | $ | (85,385 | ) | |||||||
| 5-Year United States Treasury Note | (753) | September 2018 | (85,139,943 | ) | (85,183,125 | ) | (43,182 | ) | ||||||||
| 10-Year United States Treasury Note | 165 | September 2018 | 19,861,567 | 19,704,609 | (156,958 | ) | ||||||||||
| Euro-BTP | (65) | September 2018 | (9,724,314 | ) | (9,675,786 | ) | 48,528 | |||||||||
| Euro Bund | 54 | September 2018 | 10,154,428 | 10,202,952 | 48,524 | |||||||||||
| $ | 11,543,498 | $ | 11,355,025 | $ | (188,473 | ) | ||||||||||
| 1. | As of July 31, 2018, cash in the amount of $6,944,000 was on deposit with a broker or futures commission merchant for futures transactions. |
| 2. | Represents the difference between the value of the contracts at the time they were opened and the value as of July 31, 2018. |
The following abbreviation is used in the preceding pages:
| BTP | —Buoni del Tesoro Poliennali (Eurex Exchange index) |
The following is a summary of the fair valuations according to the inputs used as of July 31, 2018, for valuing the Fund's assets and liabilities.
Asset Valuation Inputs
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
| Investments in Securities (a) | ||||||||||||||||
| Long-Term Bonds | ||||||||||||||||
| Asset-Backed Securities | $ | — | $ | 4,136,159 | $ | — | $ | 4,136,159 | ||||||||
| Corporate Bonds | — | 605,255,215 | — | 605,255,215 | ||||||||||||
| Mortgage-Backed Securities (b) | — | 17,288,335 | 227,017 | 17,515,352 | ||||||||||||
| U.S. Government & Federal Agencies | — | 469,211,163 | — | 469,211,163 | ||||||||||||
| Total Long-Term Bonds | — | 1,095,890,872 | 227,017 | 1,096,117,889 | ||||||||||||
| Common Stocks (c) | 20 | — | 1,239 | 1,259 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Affiliated Investment Company | 64,754,709 | — | — | 64,754,709 | ||||||||||||
| U.S. Government | — | 11,684,435 | — | 11,684,435 | ||||||||||||
| Total Short-Term Investments | 64,754,709 | 11,684,435 | — | 76,439,144 | ||||||||||||
| Total Investments in Securities | 64,754,729 | 1,107,575,307 | 228,256 | 1,172,558,292 | ||||||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts (d) | 97,052 | — | — | 97,052 | ||||||||||||
| Total Investments in Securities and Other Financial Instruments | $ | 64,851,781 | $ | 1,107,575,307 | $ | 228,256 | $ | 1,172,655,344 | ||||||||
Liability Valuation Inputs
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
| Other Financial Instruments | ||||||||||||||||
| Futures Contracts (d) | $ | (285,525 | ) | $ | — | $ | — | $ | (285,525 | ) | ||||||
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| (b) | The Level 3 security valued at $227,017 is held in Residential Mortgage (Collateralized Mortgage Obligation) within the Mortgage-Backed Securities section of the Portfolio of Investments. |
| (c) | The Level 3 security valued at $1,239 is held in Media within the Common Stocks section of the Portfolio of Investments. |
| (d) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
The Fund recognizes transfers between the levels as of the beginning of the period.
For the period ended July 31, 2018, the Fund did not have any transfers between among levels.
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:
| Investments in Securities | Balance as of October 31, 2017 | Accrued Discounts (Premiums) | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Purchases | Sales (a) | Transfers in to Level 3 | Transfers out of Level 3 | Balance as of July 31, 2018 | Change in Unrealized Appreciation (Depreciation) from Investments Still Held at July 31, 2018 | ||||||||||||||||||||||||||||||
| Long-Term Bonds | ||||||||||||||||||||||||||||||||||||||||
| Mortgage-Backed Securities | ||||||||||||||||||||||||||||||||||||||||
| Residential Mortgage (Collateralized Mortgage Obligation) | $ | 228,294 | $ | - | $ | - | $ | 22,405 | $ | - | $ | (23,682 | ) | $ | - | $ | - | $ | 227,017 | $ | 18,914 | |||||||||||||||||||
| Common Stock | ||||||||||||||||||||||||||||||||||||||||
| Media | 1,357 | - | - | (118 | ) | - | - | - | - | 1,239 | (118 | ) | ||||||||||||||||||||||||||||
| Total | $ | 229,651 | $ | - | $ | - | $ | 22,287 | $ | - | $ | (23,682 | ) | $ | - | $ | - | $ | 228,256 | $ | 18,796 | |||||||||||||||||||
(a) Sales include principal reductions.
MainStay MacKay U.S. Equity Opportunities Fund
Portfolio of Investments July 31, 2018 (Unaudited)
| Shares | Value | |||||||||
| Common Stocks 98.3% † | ||||||||||
| Aerospace & Defense 1.6% | ||||||||||
| Boeing Co. | 40,400 | $ | 14,394,520 | |||||||
| Lockheed Martin Corp. | 8,800 | 2,869,680 | ||||||||
| 17,264,200 | ||||||||||
| Air Freight & Logistics 1.0% | ||||||||||
| FedEx Corp. | 18,400 | 4,524,008 | ||||||||
| XPO Logistics, Inc. (a) | 63,200 | 6,302,304 | ||||||||
| 10,826,312 | ||||||||||
| Automobiles 1.0% | ||||||||||
| General Motors Co. | 210,128 | 7,965,953 | ||||||||
| Thor Industries, Inc. | 33,000 | 3,130,050 | ||||||||
| 11,096,003 | ||||||||||
| Banks 6.3% | ||||||||||
| ¤ | Bank of America Corp. | 597,983 | 18,465,715 | |||||||
| Bank OZK | 14,100 | 576,690 | ||||||||
| Citigroup, Inc. | 8,968 | 644,710 | ||||||||
| Fifth Third Bancorp | 240,800 | 7,125,272 | ||||||||
| ¤ | JPMorgan Chase & Co. | 195,719 | 22,497,899 | |||||||
| KeyCorp | 74,400 | 1,552,728 | ||||||||
| ¤ | Wells Fargo & Co. | 275,467 | 15,781,504 | |||||||
| 66,644,518 | ||||||||||
| Beverages 1.3% | ||||||||||
| Coca-Cola Co. | 12,089 | 563,710 | ||||||||
| Constellation Brands, Inc., Class A | 8,600 | 1,807,978 | ||||||||
| Molson Coors Brewing Co., Class B | 14,600 | 978,200 | ||||||||
| PepsiCo., Inc. | 89,784 | 10,325,160 | ||||||||
| 13,675,048 | ||||||||||
| Biotechnology 2.8% | ||||||||||
| Amgen, Inc. | 60,227 | 11,837,617 | ||||||||
| Celgene Corp. (a) | 82,450 | 7,427,920 | ||||||||
| Gilead Sciences, Inc. | 138,900 | 10,810,587 | ||||||||
| 30,076,124 | ||||||||||
| Building Products 0.3% | ||||||||||
| Owens Corning | 49,000 | 3,048,780 | ||||||||
| Capital Markets 2.4% | ||||||||||
| Ameriprise Financial, Inc. | 11,000 | 1,602,370 | ||||||||
| Evercore, Inc., Class A | 45,900 | 5,186,700 | ||||||||
| Lazard, Ltd., Class A | 128,540 | 6,979,722 | ||||||||
| Legg Mason, Inc. | 39,033 | 1,332,196 | ||||||||
| LPL Financial Holdings, Inc. | 96,700 | 6,410,243 | ||||||||
| Raymond James Financial, Inc. | 9,000 | 824,310 | ||||||||
| State Street Corp. | 36,200 | 3,196,822 | ||||||||
| 25,532,363 | ||||||||||
| Chemicals 2.9% | ||||||||||
| Cabot Corp. | 4,000 | 264,400 | ||||||||
| Chemours Co. | 115,500 | 5,291,055 | ||||||||
| Huntsman Corp. | 212,200 | 7,115,066 | ||||||||
| LyondellBasell Industries N.V., Class A | 70,993 | 7,865,314 | ||||||||
| Olin Corp. | 152,100 | 4,488,471 | ||||||||
| Westlake Chemical Corp. | 51,900 | 5,564,718 | ||||||||
| 30,589,024 | ||||||||||
| Communications Equipment 1.0% | ||||||||||
| Cisco Systems, Inc. | 161,525 | 6,830,892 | ||||||||
| EchoStar Corp., Class A (a) | 8,643 | 388,849 | ||||||||
| Juniper Networks, Inc. | 133,900 | 3,526,926 | ||||||||
| 10,746,667 | ||||||||||
| Diversified Consumer Services 0.6% | ||||||||||
| H&R Block, Inc. | 232,900 | 5,859,764 | ||||||||
| Diversified Financial Services 0.8% | ||||||||||
| Berkshire Hathaway, Inc., Class B (a) | 44,489 | 8,803,038 | ||||||||
| Diversified Telecommunication Services 0.6% | ||||||||||
| AT&T, Inc. | 149,869 | 4,791,312 | ||||||||
| Verizon Communications, Inc. | 40,538 | 2,093,382 | ||||||||
| 6,884,694 | ||||||||||
| Electric 0.6% | ||||||||||
| Vistra Energy Corp. (a) | 283,700 | 6,411,620 | ||||||||
| Electric Utilities 0.7% | ||||||||||
| PG&E Corp. | 169,600 | 7,306,368 | ||||||||
| Electronic Equipment, Instruments & Components 1.3% | ||||||||||
| CDW Corp. | 82,500 | 6,937,425 | ||||||||
| Jabil, Inc. | 233,641 | 6,581,667 | ||||||||
| 13,519,092 | ||||||||||
| Energy Equipment & Services 1.1% | ||||||||||
| Halliburton Co. | 127,700 | 5,417,034 | ||||||||
| Patterson-UTI Energy, Inc. | 362,300 | 6,231,560 | ||||||||
| 11,648,594 | ||||||||||
| Equity Real Estate Investment Trusts 2.4% | ||||||||||
| Equinix, Inc. | 17,800 | 7,819,184 | ||||||||
| Hospitality Properties Trust | 131,600 | 3,720,332 | ||||||||
| Host Hotels & Resorts, Inc. | 333,548 | 6,984,495 | ||||||||
| Lamar Advertising Co., Class A | 10,300 | 758,389 | ||||||||
| Park Hotels & Resorts, Inc. | 209,100 | 6,540,648 | ||||||||
| 25,823,048 | ||||||||||
| Food & Staples Retailing 0.7% | ||||||||||
| Costco Wholesale Corp. | 800 | 174,968 | ||||||||
| Walmart, Inc. | 75,700 | 6,754,711 | ||||||||
| 6,929,679 | ||||||||||
| Food Products 2.0% | ||||||||||
| Bunge, Ltd. | 45,967 | 3,177,699 | ||||||||
| Flowers Foods, Inc. | 14,700 | 299,880 | ||||||||
| Ingredion, Inc. | 17,200 | 1,742,360 | ||||||||
| Pilgrim's Pride Corp. (a) | 326,800 | 5,823,576 | ||||||||
| Seaboard Corp. | 99 | 360,162 | ||||||||
| TreeHouse Foods, Inc. (a) | 89,400 | 4,245,606 | ||||||||
| Tyson Foods, Inc., Class A | 103,400 | 5,961,010 | ||||||||
| 21,610,293 | ||||||||||
| Health Care Equipment & Supplies 2.2% | ||||||||||
| Abbott Laboratories | 149,600 | 9,804,784 | ||||||||
| Baxter International, Inc. | 65,500 | 4,745,475 | ||||||||
| ResMed, Inc. | 22,300 | 2,358,894 | ||||||||
| Varian Medical Systems, Inc. (a) | 57,900 | 6,684,555 | ||||||||
| 23,593,708 | ||||||||||
| Health Care Providers & Services 5.2% | ||||||||||
| Anthem, Inc. | 21,058 | 5,327,674 | ||||||||
| Centene Corp. (a) | 57,600 | 7,507,008 | ||||||||
| Cigna Corp. | 18,500 | 3,319,270 | ||||||||
| HCA Healthcare, Inc. | 17,100 | 2,124,333 | ||||||||
| Humana, Inc. | 26,200 | 8,231,516 | ||||||||
| Molina Healthcare, Inc. (a) | 56,600 | 5,891,494 | ||||||||
| ¤ | UnitedHealth Group, Inc. | 63,854 | 16,169,110 | |||||||
| WellCare Health Plans, Inc. (a) | 27,300 | 7,300,566 | ||||||||
| 55,870,971 | ||||||||||
| Hotels, Restaurants & Leisure 2.0% | ||||||||||
| Darden Restaurants, Inc. | 63,400 | 6,779,996 | ||||||||
| Las Vegas Sands Corp. | 11,300 | 812,470 | ||||||||
| Norwegian Cruise Line Holdings, Ltd. (a) | 3,900 | 195,117 | ||||||||
| Royal Caribbean Cruises, Ltd. | 2,200 | 248,072 | ||||||||
| Wynn Resorts, Ltd. | 37,500 | 6,254,250 | ||||||||
| Yum China Holdings, Inc. | 181,900 | 6,562,952 | ||||||||
| 20,852,857 | ||||||||||
| Household Products 0.2% | ||||||||||
| Procter & Gamble Co. | 27,559 | 2,228,972 | ||||||||
| Insurance 1.9% | ||||||||||
| Allstate Corp. | 53,897 | 5,126,682 | ||||||||
| Athene Holding, Ltd., Class A (a) | 88,700 | 4,068,669 | ||||||||
| MetLife, Inc. | 37,200 | 1,701,528 | ||||||||
| Progressive Corp. | 27,800 | 1,668,278 | ||||||||
| Prudential Financial, Inc. | 54,102 | 5,459,433 | ||||||||
| Reinsurance Group of America, Inc. | 13,600 | 1,924,400 | ||||||||
| 19,948,990 | ||||||||||
| Internet & Direct Marketing Retail 5.0% | ||||||||||
| ¤ | Amazon.com, Inc. (a) | 20,023 | 35,589,681 | |||||||
| Booking Holdings, Inc. (a) | 600 | 1,217,232 | ||||||||
| Expedia Group, Inc. | 39,732 | 5,317,731 | ||||||||
| Netflix, Inc. (a) | 14,600 | 4,926,770 | ||||||||
| Qurate Retail, Inc. (a) | 313,700 | 6,678,673 | ||||||||
| 53,730,087 | ||||||||||
| Internet Software & Services 4.6% | ||||||||||
| ¤ | Alphabet, Inc., Class A (a) | 14,437 | 17,717,375 | |||||||
| eBay, Inc. (a) | 208,800 | 6,984,360 | ||||||||
| ¤ | Facebook, Inc., Class A (a) | 96,200 | 16,602,196 | |||||||
| IAC / InterActiveCorp (a) | 43,400 | 6,390,650 | ||||||||
| LogMeIn, Inc. | 16,400 | 1,329,220 | ||||||||
| 49,023,801 | ||||||||||
| IT Services 5.9% | ||||||||||
| Accenture PLC, Class A | 62,111 | 9,896,146 | ||||||||
| Alliance Data Systems Corp. | 29,800 | 6,701,424 | ||||||||
| Automatic Data Processing, Inc. | 2,200 | 296,978 | ||||||||
| Booz Allen Hamilton Holding Corp. | 15,860 | 749,702 | ||||||||
| Broadridge Financial Solutions, Inc. | 16,800 | 1,898,064 | ||||||||
| Conduent, Inc. (a) | 355,700 | 6,388,372 | ||||||||
| Euronet Worldwide, Inc. (a) | 77,702 | 7,143,922 | ||||||||
| First Data Corp., Class A (a) | 78,300 | 1,821,258 | ||||||||
| Mastercard, Inc., Class A | 37,500 | 7,425,000 | ||||||||
| PayPal Holdings, Inc. (a) | 48,100 | 3,950,934 | ||||||||
| Sabre Corp. | 257,000 | 6,327,340 | ||||||||
| Visa, Inc., Class A | 73,200 | 10,009,368 | ||||||||
| 62,608,508 | ||||||||||
| Leisure Products 1.1% | ||||||||||
| Brunswick Corp. | 87,800 | 5,645,540 | ||||||||
| Polaris Industries, Inc. | 54,200 | 5,713,764 | ||||||||
| 11,359,304 | ||||||||||
| Life Sciences Tools & Services 0.2% | ||||||||||
| Bio-Rad Laboratories, Inc., Class A (a) | 152 | 46,611 | ||||||||
| Charles River Laboratories International, Inc. (a) | 16,100 | 2,001,230 | ||||||||
| 2,047,841 | ||||||||||
| Machinery 2.3% | ||||||||||
| AGCO Corp. | 80,500 | 5,073,110 | ||||||||
| Caterpillar, Inc. | 34,245 | 4,924,431 | ||||||||
| Cummins, Inc. | 49,200 | 7,026,252 | ||||||||
| PACCAR, Inc. | 83,000 | 5,454,760 | ||||||||
| Terex Corp. | 2,300 | 101,476 | ||||||||
| Trinity Industries, Inc. | 53,200 | 2,026,920 | ||||||||
| 24,606,949 | ||||||||||
| Media 2.7% | ||||||||||
| Comcast Corp., Class A | 373,920 | 13,378,858 | ||||||||
| DISH Network Corp., Class A (a) | 48,900 | 1,543,284 | ||||||||
| Lions Gate Entertainment Corp., Class B | 95,400 | 2,181,798 | ||||||||
| Live Nation Entertainment, Inc. (a) | 134,100 | 6,608,448 | ||||||||
| Viacom, Inc., Class B | 189,300 | 5,499,165 | ||||||||
| 29,211,553 | ||||||||||
| Metals & Mining 0.6% | ||||||||||
| Alcoa Corp. (a) | 142,400 | 6,161,648 | ||||||||
| Mortgage Real Estate Investment Trusts 0.6% | ||||||||||
| New Residential Investment Corp. | 347,900 | 6,223,931 | ||||||||
| Oil, Gas & Consumable Fuels 4.9% | ||||||||||
| ¤ | Chevron Corp. | 126,059 | 15,917,470 | |||||||
| ConocoPhillips | 138,100 | 9,966,677 | ||||||||
| Devon Energy Corp. | 15,000 | 675,150 | ||||||||
| HollyFrontier Corp. | 93,019 | 6,937,357 | ||||||||
| Marathon Oil Corp. | 15,000 | 316,800 | ||||||||
| Marathon Petroleum Corp. | 71,586 | 5,786,296 | ||||||||
| ONEOK, Inc. | 55,800 | 3,930,552 | ||||||||
| Valero Energy Corp. | 74,159 | 8,776,718 | ||||||||
| 52,307,020 | ||||||||||
| Paper & Forest Products 0.6% | ||||||||||
| Domtar Corp. | 133,600 | 6,442,192 | ||||||||
| Personal Products 1.5% | ||||||||||
| Estee Lauder Cos., Inc., Class A | 23,238 | 3,135,736 | ||||||||
| Herbalife Nutrition, Ltd. (a) | 124,500 | 6,427,935 | ||||||||
| Nu Skin Enterprises, Inc., Class A | 82,200 | 5,988,270 | ||||||||
| 15,551,941 | ||||||||||
| Pharmaceuticals 2.4% | ||||||||||
| Catalent, Inc. (a) | 21,336 | 889,711 | ||||||||
| Eli Lilly & Co. | 27,800 | 2,746,918 | ||||||||
| Johnson & Johnson | 68,792 | 9,116,316 | ||||||||
| Mylan N.V. (a) | 189,238 | 7,060,470 | ||||||||
| Perrigo Co. PLC | 5,361 | 431,668 | ||||||||
| Pfizer, Inc. | 133,411 | 5,327,101 | ||||||||
| 25,572,184 | ||||||||||
| Professional Services 1.0% | ||||||||||
| ManpowerGroup, Inc. | 24,298 | 2,266,032 | ||||||||
| Nielsen Holdings PLC | 44,200 | 1,041,352 | ||||||||
| Robert Half International, Inc. | 99,600 | 7,545,696 | ||||||||
| 10,853,080 | ||||||||||
| Real Estate Management & Development 1.6% | ||||||||||
| CBRE Group, Inc., Class A (a) | 81,000 | 4,033,800 | ||||||||
| Jones Lang LaSalle, Inc. | 40,200 | 6,874,602 | ||||||||
| Realogy Holdings Corp. (b) | 271,808 | 5,944,441 | ||||||||
| 16,852,843 | ||||||||||
| Road & Rail 0.7% | ||||||||||
| Ryder System, Inc. | 89,900 | 7,039,170 | ||||||||
| Semiconductors & Semiconductor Equipment 2.5% | ||||||||||
| Applied Materials, Inc. | 177,600 | 8,636,688 | ||||||||
| Micron Technology, Inc. (a) | 161,600 | 8,530,864 | ||||||||
| MKS Instruments, Inc. | 50,800 | 4,790,440 | ||||||||
| NVIDIA Corp. | 17,300 | 4,236,078 | ||||||||
| 26,194,070 | ||||||||||
| Software 5.6% | ||||||||||
| Adobe Systems, Inc. (a) | 13,900 | 3,401,052 | ||||||||
| CDK Global, Inc. | 43,500 | 2,716,575 | ||||||||
| Citrix Systems, Inc. (a) | 24,000 | 2,639,280 | ||||||||
| Dell Technologies, Inc., Class V (a) | 78,800 | 7,290,576 | ||||||||
| Fortinet, Inc. (a) | 11,900 | 748,629 | ||||||||
| ¤ | Microsoft Corp. | 243,708 | 25,852,545 | |||||||
| Nuance Communications, Inc. (a) | 136,000 | 2,008,720 | ||||||||
| Oracle Corp. | 40,162 | 1,914,924 | ||||||||
| Pegasystems, Inc. | 7,200 | 400,320 | ||||||||
| salesforce.com, Inc. (a) | 45,800 | 6,281,470 | ||||||||
| Symantec Corp. | 154,900 | 3,132,078 | ||||||||
| VMware, Inc., Class A (a) | 22,000 | 3,180,980 | ||||||||
| 59,567,149 | ||||||||||
| Specialty Retail 3.2% | ||||||||||
| Advance Auto Parts, Inc. | 4,600 | 649,658 | ||||||||
| Best Buy Co., Inc. | 94,900 | 7,120,347 | ||||||||
| Burlington Stores, Inc. (a) | 41,500 | 6,341,615 | ||||||||
| Dick's Sporting Goods, Inc. | 181,543 | 6,197,878 | ||||||||
| Foot Locker, Inc. | 122,800 | 5,993,868 | ||||||||
| Home Depot, Inc. | 14,729 | 2,909,272 | ||||||||
| L Brands, Inc. | 95,400 | 3,021,318 | ||||||||
| Lowe's Cos., Inc. | 18,600 | 1,847,724 | ||||||||
| 34,081,680 | ||||||||||
| Technology Hardware, Storage & Peripherals 5.5% | ||||||||||
| ¤ | Apple, Inc. | 231,870 | 44,122,542 | |||||||
| HP, Inc. | 325,400 | 7,510,232 | ||||||||
| Western Digital Corp. | 93,700 | 6,573,055 | ||||||||
| 58,205,829 | ||||||||||
| Textiles, Apparel & Luxury Goods 2.2% | ||||||||||
| Michael Kors Holdings, Ltd. (a) | 99,729 | 6,654,916 | ||||||||
| Ralph Lauren Corp. | 50,200 | 6,775,996 | ||||||||
| Skechers U.S.A., Inc., Class A (a) | 800 | 22,176 | ||||||||
| Tapestry, Inc. | 146,700 | 6,912,504 | ||||||||
| VF Corp. | 34,600 | 3,185,622 | ||||||||
| 23,551,214 | ||||||||||
| Trading Companies & Distributors 0.7% | ||||||||||
| United Rentals, Inc. (a) | 43,400 | 6,457,920 | ||||||||
| Univar, Inc. (a) | 5,373 | 147,704 | ||||||||
| W.W. Grainger, Inc. | 3,600 | 1,247,616 | ||||||||
| 7,853,240 | ||||||||||
| Wireless Telecommunication Services 0.0% ‡ | ||||||||||
| United States Cellular Corp. (a) | 11,600 | 398,576 | ||||||||
| Total Common Stocks (Cost $862,852,433) |
1,046,234,537 | |||||||||
| Short-Term Investments 2.2% | ||||||||||
| Affiliated Investment Company 2.1% | ||||||||||
| MainStay U.S. Government Liquidity Fund, 1.75% (c) | 22,529,730 | 22,529,730 | ||||||||
| Total Affiliated Investment Company (Cost $22,529,730) |
22,529,730 | |||||||||
| Repurchase Agreement 0.1% | ||||||||||
| Fixed Income Clearing Corp. 0.94%, dated 7/31/18 due 8/1/18 Proceeds at Maturity $318,769 (Collateralized by a United States Treasury Note with a rate of 1.375% and a maturity date of 06/30/23, with a Principal Amount of $350,000 and a Market Value of $326,795) |
318,760 | 318,760 | ||||||||
| Total Repurchase Agreement (Cost $318,760) |
318,760 | |||||||||
| Total Short-Term Investments (Cost $22,848,490) |
22,848,490 | |||||||||
| Total Investments, Before Investments Sold Short (Cost $885,700,923) |
100.5 | % | 1,069,083,027 | |||||||
| Shares | ||||||||||
| Investments Sold Short (0.6%) | ||||||||||
| Exchange-Traded Funds Sold Short (0.6%) | ||||||||||
| SPDR S&P 500 ETF Trust | (20,525 | ) | (5,774,298 | ) | ||||||
| Total Investments Sold Short (Proceeds $5,767,927) |
(5,774,298 | ) | ||||||||
| Total Investments, Net of Investments Sold Short (Cost $879,932,996) |
99.9 | % | 1,063,308,729 | |||||||
| Other Assets, Less Liabilities | 0.1 | 902,021 | ||||||||
| Net Assets | 100.0 | % | $ | 1,064,210,750 | ||||||
| † | Percentages indicated are based on Fund net assets. |
| ¤ | Among the Fund's 10 largest holdings, as of July 31, 2018, excluding short-term investments. May be subject to change daily. |
| ‡ | Less than one-tenth of a percent. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security was held on loan. As of July 31, 2018, the market value of securities loaned was $5,633,231 and the Fund received non-cash collateral in the amount of $5,795,505. |
| (c) | Rate reported is the current yield as of July 31, 2018. |
Swap Contracts
Open OTC total return equity swap contracts as of July 31, 2018 were as follows:
| Swap Counterparty |
Reference Obligation | Floating Rate 1 | Termination Date(s) |
Payment Frequency Paid/Received |
Notional Amount Long/ (Short) (000)* |
Unrealized Appreciation |
||||||||||
| Citigroup | 3D Systems Corp. | 1 month LIBOR BBA minus 6.00% | 7/19/2019 | Monthly | $ | (5,829 | ) | $ | 690,733 | |||||||
| Citigroup | AbbVie, Inc. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 10,121 | 167,822 | ||||||||||
| Citigroup | Acacia Communications, Inc. | 1 month LIBOR BBA minus 1.65% | 7/19/2019 | Monthly | (3,991 | ) | 109,194 | |||||||||
| Citigroup | Acadia Healthcare Co, Inc. | 1 month LIBOR BBA minus 0.50% | 7/19/2019 | Monthly | (4,188 | ) | 310,967 | |||||||||
| Citigroup | Accelerate Diagnostics, Inc. | 1 month LIBOR BBA minus 10.00% | 7/19/2019 | Monthly | (3,941 | ) | 257,329 | |||||||||
| Citigroup | Aclaris Therapeutics, Inc. | 1 month LIBOR BBA minus 1.00% | 7/19/2019 | Monthly | (4,216 | ) | 334,482 | |||||||||
| Citigroup | Agios Pharmaceuticals, Inc. | 1 month LIBOR BBA minus 0.70% | 7/19/2019 | Monthly | (1,578 | ) | 170,247 | |||||||||
| Citigroup | Akorn, Inc. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 2,981 | 468,615 | ||||||||||
| Citigroup | Alnylam Pharmaceuticals, Inc. | 1 month LIBOR BBA minus 0.35% | 7/19/2019 | Monthly | (2,406 | ) | 222,649 | |||||||||
| Citigroup | Alphabet, Inc., Class C | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 18,492 | 754,258 | ||||||||||
| Citigroup | Altisource Portfolio Solutions S.A. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 1,002 | 54,921 | ||||||||||
| Citigroup | Amphastar Pharmaceuticals, Inc. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 1,830 | 33,909 | ||||||||||
| Citigroup | Applied Optoelectronics, Inc. | 1 month LIBOR BBA minus 14.95% | 7/19/2019 | Monthly | (1,937 | ) | 230,794 | |||||||||
| Citigroup | ArcBest Corp. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 2,072 | 12,377 | ||||||||||
| Citigroup | Archer-Daniels-Midland Co. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 6,850 | 269,744 | ||||||||||
| Citigroup | Aspen Insurance Holdings Ltd. | 1 month LIBOR BBA minus 0.35% | 7/19/2019 | Monthly | (4,056 | ) | 187,372 | |||||||||
| Citigroup | At Home Group, Inc. | 1 month LIBOR BBA minus 0.70% | 7/19/2019 | Monthly | (3,928 | ) | 37,184 | |||||||||
| Citigroup | Atkore International Group, Inc. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 4,119 | 278,487 | ||||||||||
| Citigroup | Autodesk, Inc. | 1 month LIBOR BBA minus 0.35% | 7/19/2019 | Monthly | (4,330 | ) | 389,319 | |||||||||
| Citigroup | Babcock & Wilcox Enterprises, Inc. | 1 month LIBOR BBA minus 2.15% | 7/19/2019 | Monthly | (1,849 | ) | 18,217 | |||||||||
| Citigroup | Biogen, Inc. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 9,112 | 1,195,449 | ||||||||||
| Citigroup | BJ's Restaurants, Inc. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 4,176 | 229,121 | ||||||||||
| Citigroup | Bluebird Bio, Inc. | 1 month LIBOR BBA minus 0.35% | 7/19/2019 | Monthly | (2,220 | ) | 130,542 | |||||||||
| Citigroup | Camping World Holdings, Inc., Class A | 1 month LIBOR BBA minus 3.00% | 7/19/2019 | Monthly | (4,631 | ) | 370,648 | |||||||||
| Citigroup | Century Aluminum Co. | 1 month LIBOR BBA minus 0.35% | 7/19/2019 | Monthly | (728 | ) | 116,220 | |||||||||
| Citigroup | Chico's FAS, Inc. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 2,413 | 72,378 | ||||||||||
| Citigroup | Cloudera, Inc. | 1 month LIBOR BBA minus 0.35% | 7/19/2019 | Monthly | (4,528 | ) | 85,820 | |||||||||
| Citigroup | Coca-Cola Bottling Co. Consolidated | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 808 | 69,281 | ||||||||||
| Citigroup | CONMED Corp. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 561 | 1,224 | ||||||||||
| Citigroup | Conn's, Inc. | 1 month LIBOR BBA minus 1.25% | 7/19/2019 | Monthly | (3,766 | ) | 167,067 | |||||||||
| Citigroup | Delek US Holdings, Inc. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 3,868 | 90,916 | ||||||||||
| Citigroup | Depomed, Inc. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 4,009 | 883,911 | ||||||||||
| Citigroup | Dermira, Inc. | 1 month LIBOR BBA minus 0.55% | 7/19/2019 | Monthly | (2,293 | ) | 179,910 | |||||||||
| Citigroup | Discovery, Inc., Class A | 1 month LIBOR BBA minus 2.90% | 7/19/2019 | Monthly | (4,998 | ) | 141,678 | |||||||||
| Citigroup | elf Beauty, Inc. | 1 month LIBOR BBA minus 6.50% | 7/19/2019 | Monthly | (3,052 | ) | 551,539 | |||||||||
| Citigroup | Endo International PLC | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 2,056 | 245,303 | ||||||||||
| Citigroup | Endologix, Inc. | 1 month LIBOR BBA minus 0.90% | 7/19/2019 | Monthly | (2,061 | ) | 110,427 | |||||||||
| Citigroup | Energy Recovery, Inc. | 1 month LIBOR BBA minus 2.25% | 7/19/2019 | Monthly | (1,554 | ) | 2,835 | |||||||||
| Citigroup | EnerSys | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 2,465 | 34,468 | ||||||||||
| Citigroup | Entercom Communications Class A | 1 month LIBOR BBA minus 0.95% | 7/19/2019 | Monthly | (4,042 | ) | 9,446 | |||||||||
| Citigroup | EQT Corp. | 1 month LIBOR BBA minus 0.35% | 7/19/2019 | Monthly | (2,020 | ) | 207,636 | |||||||||
| Citigroup | Essendant, Inc. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 290 | 39,697 | ||||||||||
| Citigroup | Evolent Health, Inc., Class A | 1 month LIBOR BBA minus 0.80% | 7/19/2019 | Monthly | (3,499 | ) | 261,128 | |||||||||
| Citigroup | EW Scripps Co., Class A | 1 month LIBOR BBA minus 0.35% | 7/19/2019 | Monthly | (215 | ) | 9,503 | |||||||||
| Citigroup | Exact Sciences Corp. | 1 month LIBOR BBA minus 0.35% | 7/19/2019 | Monthly | (2,243 | ) | 158,029 | |||||||||
| Citigroup | Exterran Corp. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 1,602 | 47,392 | ||||||||||
| Citigroup | Exxon Mobil Corp. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 18,548 | 125,719 | ||||||||||
| Citigroup | First BanCorp. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 1,141 | 20,917 | ||||||||||
| Citigroup | First Solar, Inc. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 1,017 | 277 | ||||||||||
| Citigroup | Fitbit, Inc., Class A | 1 month LIBOR BBA minus 1.20% | 7/19/2019 | Monthly | (6,444 | ) | 493,457 | |||||||||
| Citigroup | Floor & Decor Holdings, Inc., Class A | 1 month LIBOR BBA minus 0.60% | 7/19/2019 | Monthly | (4,924 | ) | 478,228 | |||||||||
| Citigroup | Fred’s, Inc., Class A | 1 month LIBOR BBA minus 11.00% | 7/19/2019 | Monthly | (1,058 | ) | 20,514 | |||||||||
| Citigroup | Freeport-McMoRan, Inc. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 7,138 | 121,524 | ||||||||||
| Citigroup | Freshpet, Inc. | 1 month LIBOR BBA minus 0.85% | 7/19/2019 | Monthly | (238 | ) | 123 | |||||||||
| Citigroup | Gannett Co., Inc. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 4,107 | 17,835 | ||||||||||
| Citigroup | GasLog Ltd. | 1 month LIBOR BBA minus 0.55% | 7/19/2019 | Monthly | (1,838 | ) | 182,229 | |||||||||
| Citigroup | Genworth Financial, Inc., Class A | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 5,344 | 87,942 | ||||||||||
| Citigroup | GNC Holdings, Inc., Class A | 1 month LIBOR BBA minus 3.00% | 7/19/2019 | Monthly | (2,706 | ) | 440,424 | |||||||||
| Citigroup | Golar LNG Ltd. | 1 month LIBOR BBA minus 0.75% | 7/19/2019 | Monthly | (1,705 | ) | 105,332 | |||||||||
| Citigroup | GoPro, Inc., Class A | 1 month LIBOR BBA minus 4.75% | 7/19/2019 | Monthly | (4,463 | ) | 221,634 | |||||||||
| Citigroup | Groupon, Inc. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 3,362 | 125,064 | ||||||||||
| Citigroup | GTT Communications, Inc. | 1 month LIBOR BBA minus 0.35% | 7/19/2019 | Monthly | (598 | ) | 20,436 | |||||||||
| Citigroup | Haemonetics Corp. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 4,205 | 204,499 | ||||||||||
| Citigroup | Hibbett Sports, Inc. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 557 | 7,391 | ||||||||||
| Citigroup | HighPoint Resources Corp. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 749 | 29,600 | ||||||||||
| Citigroup | Impinj, Inc. | 1 month LIBOR BBA minus 8.50% | 7/19/2019 | Monthly | (5,519 | ) | 4,585 | |||||||||
| Citigroup | Inphi Corp. | 1 month LIBOR BBA minus 1.14% | 7/19/2019 | Monthly | (3,639 | ) | 24,933 | |||||||||
| Citigroup | Insight Enterprises, Inc. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 3,955 | 16,604 | ||||||||||
| Citigroup | Integer Holdings Corp. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 4,105 | 363,440 | ||||||||||
| Citigroup | International Business Machines Corp. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 11,355 | 58,827 | ||||||||||
| Citigroup | IPG Photonics Corp. | 1 month LIBOR BBA minus 0.35% | 7/19/2019 | Monthly | (3,950 | ) | 1,245,390 | |||||||||
| Citigroup | Kosmos Energy Ltd. | 1 month LIBOR BBA minus 0.35% | 7/19/2019 | Monthly | (409 | ) | 29,795 | |||||||||
| Citigroup | LCI Industries | 1 month LIBOR BBA minus 0.35% | 7/19/2019 | Monthly | (1,250 | ) | 4,450 | |||||||||
| Citigroup | LGI Homes, Inc. | 1 month LIBOR BBA minus 0.85% | 7/19/2019 | Monthly | (3,862 | ) | 343,552 | |||||||||
| Citigroup | Liberty Expedia Holdings Class A | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 3,934 | 313,654 | ||||||||||
| Citigroup | Lumber Liquidators Holdings, Inc. | 1 month LIBOR BBA minus 0.75% | 7/19/2019 | Monthly | (3,769 | ) | 880,943 | |||||||||
| Citigroup | MACOM Technology Solutions Holdings, Inc. | 1 month LIBOR BBA minus 1.50% | 7/19/2019 | Monthly | (4,346 | ) | 185,283 | |||||||||
| Citigroup | MarineMax, Inc. | 1 month LIBOR BBA minus 0.55% | 7/19/2019 | Monthly | (1,792 | ) | 183,659 | |||||||||
| Citigroup | MarketAxess Holdings, Inc. | 1 month LIBOR BBA minus 0.35% | 7/19/2019 | Monthly | (4,144 | ) | 153,060 | |||||||||
| Citigroup | Matrix Service Co. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 1,582 | 91,008 | ||||||||||
| Citigroup | Mattel, Inc. | 1 month LIBOR BBA minus 1.25% | 7/19/2019 | Monthly | (4,271 | ) | 293,056 | |||||||||
| Citigroup | Medpace Holdings, Inc. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 437 | 158,202 | ||||||||||
| Citigroup | Merck & Co, Inc. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 415 | 32,413 | ||||||||||
| Citigroup | Meta Financial Group, Inc. | 1 month LIBOR BBA minus 0.55% | 7/19/2019 | Monthly | (1,429 | ) | 143,021 | |||||||||
| Citigroup | Multi-Color Corp. | 1 month LIBOR BBA minus 0.55% | 7/19/2019 | Monthly | (1,836 | ) | 51,733 | |||||||||
| Citigroup | Nabors Industries Ltd. | 1 month LIBOR BBA minus 0.35% | 7/19/2019 | Monthly | (654 | ) | 6,013 | |||||||||
| Citigroup | Navient Corp. | 1 month LIBOR BBA minus 0.35% | 7/19/2019 | Monthly | (4,087 | ) | 43,035 | |||||||||
| Citigroup | Nektar Therapeutics | 1 month LIBOR BBA minus 0.35% | 7/19/2019 | Monthly | (2,933 | ) | 78,510 | |||||||||
| Citigroup | NeoPhotonics Corp. | 1 month LIBOR BBA minus 8.30% | 7/19/2019 | Monthly | (4,068 | ) | 55,962 | |||||||||
| Citigroup | Neurocrine Biosciences, Inc. | 1 month LIBOR BBA minus 0.35% | 7/19/2019 | Monthly | (1,376 | ) | 28,387 | |||||||||
| Citigroup | Newell Brands, Inc. | 1 month LIBOR BBA minus 0.35% | 7/19/2019 | Monthly | (4,269 | ) | 11,916 | |||||||||
| Citigroup | Ocular Therapeutix, Inc. | 1 month LIBOR BBA minus 4.25% | 7/19/2019 | Monthly | (2,525 | ) | 588,698 | |||||||||
| Citigroup | Ocwen Financial Corp. | 1 month LIBOR BBA minus 1.30% | 7/19/2019 | Monthly | (929 | ) | 32,851 | |||||||||
| Citigroup | OFG BanCorp. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 1,279 | 188,593 | ||||||||||
| Citigroup | Okta, Inc. | 1 month LIBOR BBA minus 0.35% | 7/19/2019 | Monthly | (3,969 | ) | 173,120 | |||||||||
| Citigroup | Orthofix International N.V. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 253 | 46 | ||||||||||
| Citigroup | Pacira Pharmaceuticals, Inc. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 4,522 | 339,450 | ||||||||||
| Citigroup | Party City Holdco, Inc. | 1 month LIBOR BBA minus 1.50% | 7/19/2019 | Monthly | (1,101 | ) | 7,578 | |||||||||
| Citigroup | Phibro Animal Health Corp. Class A | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 1,958 | 8,688 | ||||||||||
| Citigroup | Pitney Bowes, Inc. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 2,883 | 29,227 | ||||||||||
| Citigroup | ProPetro Holding Corp. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 3,566 | 102,403 | ||||||||||
| Citigroup | Pulse Biosciences, Inc. | 1 month LIBOR BBA minus 13.50% | 7/19/2019 | Monthly | (700 | ) | 123,324 | |||||||||
| Citigroup | Pure Storage, Inc., Class A | 1 month LIBOR BBA minus 1.00% | 7/19/2019 | Monthly | (2,068 | ) | 212,372 | |||||||||
| Citigroup | Revance Therapeutics, Inc. | 1 month LIBOR BBA minus 1.05% | 7/19/2019 | Monthly | (271 | ) | 1,130 | |||||||||
| Citigroup | Ring Energy, Inc. | 1 month LIBOR BBA minus 0.35% | 7/19/2019 | Monthly | (3,521 | ) | 61,340 | |||||||||
| Citigroup | Royal Gold, Inc. | 1 month LIBOR BBA minus 0.35% | 7/19/2019 | Monthly | (4,181 | ) | 336,998 | |||||||||
| Citigroup | Sage Therapeutics, Inc. | 1 month LIBOR BBA minus 0.50% | 7/19/2019 | Monthly | (2,307 | ) | 201,123 | |||||||||
| Citigroup | Scorpio Tankers, Inc. | 1 month LIBOR BBA minus 0.50% | 7/19/2019 | Monthly | (4,762 | ) | 1,167,977 | |||||||||
| Citigroup | Sears Holdings Corp. | 1 month LIBOR BBA minus 15.00% | 7/19/2019 | Monthly | (314 | ) | 79,798 | |||||||||
| Citigroup | Shake Shack, Inc., Class A | 1 month LIBOR BBA minus 2.00% | 7/19/2019 | Monthly | (395 | ) | 27,397 | |||||||||
| Citigroup | Signet Jewelers Ltd. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 3,735 | 13,639 | ||||||||||
| Citigroup | Stratasys Ltd. | 1 month LIBOR BBA minus 0.95% | 7/19/2019 | Monthly | (1,670 | ) | 31,287 | |||||||||
| Citigroup | SunPower Corp. | 1 month LIBOR BBA minus 35.00% | 7/19/2019 | Monthly | (3,434 | ) | 81,733 | |||||||||
| Citigroup | Surgery Partners, Inc. | 1 month LIBOR BBA minus 4.85% | 7/19/2019 | Monthly | (1,380 | ) | 9,450 | |||||||||
| Citigroup | Synaptics, Inc. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 6,181 | 59,316 | ||||||||||
| Citigroup | Syneos Health, Inc. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 127 | 6,284 | ||||||||||
| Citigroup | Talos Energy, Inc. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 2,298 | 9,295 | ||||||||||
| Citigroup | Tellurian, Inc. | 1 month LIBOR BBA minus 9.50% | 7/19/2019 | Monthly | (3,863 | ) | 481,777 | |||||||||
| Citigroup | Tempur Sealy International, Inc. | 1 month LIBOR BBA minus 0.95% | 7/19/2019 | Monthly | (4,256 | ) | 175,396 | |||||||||
| Citigroup | Tesla, Inc. | 1 month LIBOR BBA minus 2.35% | 7/19/2019 | Monthly | (5,190 | ) | 211,525 | |||||||||
| Citigroup | TherapeuticsMD, Inc. | 1 month LIBOR BBA minus 4.40% | 7/19/2019 | Monthly | (4,483 | ) | 1,135,810 | |||||||||
| Citigroup | Theravance Biopharma, Inc. | 1 month LIBOR BBA minus 1.85% | 7/19/2019 | Monthly | (2,959 | ) | 15,002 | |||||||||
| Citigroup | TPI Composites, Inc. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 887 | 114,150 | ||||||||||
| Citigroup | TrueBlue, Inc. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 1,083 | 7,066 | ||||||||||
| Citigroup | Unit Corp. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 1,627 | 60,923 | ||||||||||
| Citigroup | United States Steel Corp. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 6,585 | 228,357 | ||||||||||
| Citigroup | United Therapeutics Corp. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 7,190 | 304,044 | ||||||||||
| Citigroup | USANA Health Sciences, Inc. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 831 | 2,691 | ||||||||||
| Citigroup | Varex Imaging Corp. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 2,392 | 53,459 | ||||||||||
| Citigroup | Veeco Instruments, Inc. | 1 month LIBOR BBA minus 0.35% | 7/19/2019 | Monthly | (1,820 | ) | 10,937 | |||||||||
| Citigroup | Veeva Systems, Inc., Class A | 1 month LIBOR BBA minus 0.35% | 7/19/2019 | Monthly | (3,595 | ) | 140,306 | |||||||||
| Citigroup | Warrior Met Coal, Inc. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 3,894 | 109,372 | ||||||||||
| Citigroup | Winnebago Industries | 1 month LIBOR BBA minus 0.55% | 7/19/2019 | Monthly | (2,393 | ) | 86,054 | |||||||||
| Citigroup | Xperi Corp. | 1 month LIBOR BBA plus 0.35% | 7/19/2019 | Monthly | 1,608 | 536 | ||||||||||
| Citigroup | Zillow Group, Inc., Class A | 1 month LIBOR BBA minus 0.35% | 7/19/2019 | Monthly | (2,466 | ) | 263,469 | |||||||||
| Citigroup | Zillow Group, Inc., Class C | 1 month LIBOR BBA minus 0.70% | 7/19/2019 | Monthly | (4,674 | ) | 480,107 | |||||||||
| $ | (31,225 | ) | $ | 25,688,862 | ||||||||||||
| Swap Counterparty |
Reference Obligation | Floating Rate 1 | Termination Date(s) |
Payment Frequency Paid/Received |
Notional Amount Long/ (Short) (000)* |
Unrealized Depreciation |
||||||||||
Citigroup |
AAC Holdings, Inc. |
1 month LIBOR BBA minus 1.00% |
7/19/2019 |
Monthly |
$ | (1,040 | ) | $ | (37,455 | ) | ||||||
Citigroup |
Abercrombie & Fitch Co., Class A |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
4,029 | (324,035 | ) | |||||||||
Citigroup |
Aerie Pharmaceuticals, Inc. |
1 month LIBOR BBA minus 0.55% |
7/19/2019 |
Monthly |
(5,022 | ) | (143,453 | ) | ||||||||
Citigroup |
Akamai Technologies, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
7,564 | (577,273 | ) | |||||||||
Citigroup |
Akcea Therapeutics, Inc. |
1 month LIBOR BBA minus 7.10% |
7/19/2019 |
Monthly |
(2,509 | ) | (598,110 | ) | ||||||||
Citigroup |
Albemarle Corp. |
1 month LIBOR BBA minus 0.35% |
7/19/2019 |
Monthly |
(4,040 | ) | (116,767 | ) | ||||||||
Citigroup |
Ambac Financial Group, Inc. |
1 month LIBOR BBA minus 0.35% |
7/19/2019 |
Monthly |
(4,045 | ) | (44,567 | ) | ||||||||
Citigroup |
Ambarella, Inc. |
1 month LIBOR BBA minus 0.75% |
7/19/2019 |
Monthly |
(2,487 | ) | (38,673 | ) | ||||||||
Citigroup |
ANI Pharmaceuticals, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
3,830 | (18,260 | ) | |||||||||
Citigroup |
Ascena Retail Group, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
352 | (31,439 | ) | |||||||||
Citigroup |
Atlassian Corp. PLC, Class A |
1 month LIBOR BBA minus 0.35% |
7/19/2019 |
Monthly |
(1,405 | ) | (158,381 | ) | ||||||||
Citigroup |
B&G Foods, Inc. |
1 month LIBOR BBA minus 7.50% |
7/19/2019 |
Monthly |
(4,481 | ) | (134,618 | ) | ||||||||
Citigroup |
Barnes & Noble, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
645 | (16,987 | ) | |||||||||
Citigroup |
Basic Energy Services, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
1,901 | (50,544 | ) | |||||||||
Citigroup |
Beazer Homes USA, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
501 | (19,566 | ) | |||||||||
Citigroup |
BioTelemetry, Inc. |
1 month LIBOR BBA minus 0.35% |
7/19/2019 |
Monthly |
(3,857 | ) | (444,902 | ) | ||||||||
Citigroup |
Bloomin' Brands, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
4,197 | (500,119 | ) | |||||||||
Citigroup |
Blucora, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
203 | (12,356 | ) | |||||||||
Citigroup |
Brookdale Senior Living, Inc. |
1 month LIBOR BBA minus 0.35% |
7/19/2019 |
Monthly |
(3,852 | ) | (88,008 | ) | ||||||||
Citigroup |
Caesars Entertainment Corp. |
1 month LIBOR BBA minus 0.35% |
7/19/2019 |
Monthly |
(3,974 | ) | (89,858 | ) | ||||||||
Citigroup |
CalAmp Corp. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
602 | (19,578 | ) | |||||||||
Citigroup |
California Resources Corp. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
1,077 | (193,135 | ) | |||||||||
Citigroup |
CARBO Ceramics, Inc. |
1 month LIBOR BBA minus 7.50% |
7/19/2019 |
Monthly |
(2,891 | ) | (411,631 | ) | ||||||||
Citigroup |
CarMax, Inc. |
1 month LIBOR BBA minus 0.35% |
7/19/2019 |
Monthly |
(3,403 | ) | (55,780 | ) | ||||||||
Citigroup |
Centennial Resource Development, Inc., Class A |
1 month LIBOR BBA minus 0.35% |
7/19/2019 |
Monthly |
(4,115 | ) | (143,512 | ) | ||||||||
Citigroup |
CenturyLink, Inc. |
1 month LIBOR BBA minus 0.35% |
7/19/2019 |
Monthly |
(545 | ) | (6,942 | ) | ||||||||
Citigroup |
Cloud Peak Energy, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
169 | (50,531 | ) | |||||||||
Citigroup |
Cognex Corp. |
1 month LIBOR BBA minus 0.35% |
7/19/2019 |
Monthly |
(3,992 | ) | (660,855 | ) | ||||||||
Citigroup |
Consolidated Communications Holdings |
1 month LIBOR BBA minus 1.00% |
7/19/2019 |
Monthly |
(373 | ) | (7,126 | ) | ||||||||
Citigroup |
Corcept Therapeutics, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
2,939 | (513,712 | ) | |||||||||
Citigroup |
Crocs, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
4,616 | (190,235 | ) | |||||||||
Citigroup |
Customers BanCorp, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
2,969 | (354,578 | ) | |||||||||
Citigroup |
Cutera, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
1,947 | (48,124 | ) | |||||||||
Citigroup |
Dean Foods Co. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
1,183 | (71,962 | ) | |||||||||
Citigroup |
Denbury Resources, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
4,208 | (138,192 | ) | |||||||||
Citigroup |
Diplomat Pharmacy, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
3,380 | (731,029 | ) | |||||||||
Citigroup |
Dorman Products, Inc. |
1 month LIBOR BBA minus 0.55% |
7/19/2019 |
Monthly |
(3,548 | ) | (201,027 | ) | ||||||||
Citigroup |
Endocyte, Inc. |
1 month LIBOR BBA minus 4.35% |
7/19/2019 |
Monthly |
(2,132 | ) | (50,802 | ) | ||||||||
Citigroup |
Enova International, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
2,013 | (200,383 | ) | |||||||||
Citigroup |
Express Scripts Holding Co. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
8,759 | (121,376 | ) | |||||||||
Citigroup |
Express, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
2,620 | (58,828 | ) | |||||||||
Citigroup |
EZCORP, Inc., Class A |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
1,968 | (131,986 | ) | |||||||||
Citigroup |
First Hawaiian, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
2,467 | (289 | ) | |||||||||
Citigroup |
Flagstar BanCorp, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
330 | (13,937 | ) | |||||||||
Citigroup |
Forum Energy Technologies, Inc. |
1 month LIBOR BBA minus 0.35% |
7/19/2019 |
Monthly |
(4,156 | ) | (200,904 | ) | ||||||||
Citigroup |
Fossil Group, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
5,181 | (201,386 | ) | |||||||||
Citigroup |
Fox Factory Holding Corp. |
1 month LIBOR BBA minus 0.35% |
7/19/2019 |
Monthly |
(1,576 | ) | (128,397 | ) | ||||||||
Citigroup |
Frank's International N.V. |
1 month LIBOR BBA minus 0.95% |
7/19/2019 |
Monthly |
(3,559 | ) | (410,458 | ) | ||||||||
Citigroup |
Gap, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
4,794 | (204,050 | ) | |||||||||
Citigroup |
GCI Liberty, Inc. |
1 month LIBOR BBA minus 0.35% |
7/19/2019 |
Monthly |
(4,296 | ) | (263,866 | ) | ||||||||
Citigroup |
Genesco, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
3,614 | (47,147 | ) | |||||||||
Citigroup |
Glu Mobile, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
710 | (12,490 | ) | |||||||||
Citigroup |
Golden Entertainment, Inc. |
1 month LIBOR BBA minus 0.55% |
7/19/2019 |
Monthly |
(1,743 | ) | (132,526 | ) | ||||||||
Citigroup |
GrafTech International Ltd. |
1 month LIBOR BBA minus 0.35% |
7/19/2019 |
Monthly |
(999 | ) | (183,715 | ) | ||||||||
Citigroup |
Henry Schein, Inc. |
1 month LIBOR BBA minus 0.35% |
7/19/2019 |
Monthly |
(4,127 | ) | (376,283 | ) | ||||||||
Citigroup |
Horizon Pharma PLC |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
4,608 | (1,044 | ) | |||||||||
Citigroup |
Ichor Holdings Ltd. |
1 month LIBOR BBA minus 0.70% |
7/19/2019 |
Monthly |
(598 | ) | (14,974 | ) | ||||||||
Citigroup |
Immersion Corp. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
977 | (115,429 | ) | |||||||||
Citigroup |
Innoviva, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
1,692 | (23,834 | ) | |||||||||
Citigroup |
Intel Corp. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
16,590 | (1,511,244 | ) | |||||||||
Citigroup |
Intersect ENT, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
4,178 | (541,645 | ) | |||||||||
Citigroup |
Intra-Cellular Therapies, Inc. |
1 month LIBOR BBA minus 0.65% |
7/19/2019 |
Monthly |
(2,961 | ) | (89,962 | ) | ||||||||
Citigroup |
Ionis Pharmaceuticals, Inc. |
1 month LIBOR BBA minus 0.35% |
7/19/2019 |
Monthly |
(2,354 | ) | (6,034 | ) | ||||||||
Citigroup |
iRobot Corp. |
1 month LIBOR BBA minus 4.30% |
7/19/2019 |
Monthly |
(5,006 | ) | (68,755 | ) | ||||||||
Citigroup |
Lannett Co, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
2,312 | (279,829 | ) | |||||||||
Citigroup |
Lantheus Holdings, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
2,659 | (113,143 | ) | |||||||||
Citigroup |
Liberty Broadband Corp. Class A |
1 month LIBOR BBA minus 0.60% |
7/19/2019 |
Monthly |
(4,370 | ) | (197,635 | ) | ||||||||
Citigroup |
Liberty Broadband Corp. Class C |
1 month LIBOR BBA minus 0.35% |
7/19/2019 |
Monthly |
(4,372 | ) | (181,435 | ) | ||||||||
Citigroup |
Liberty Media Corp. Class A |
1 month LIBOR BBA minus 0.35% |
7/19/2019 |
Monthly |
(2,449 | ) | (110,403 | ) | ||||||||
Citigroup |
Liberty Media Corp. Class C |
1 month LIBOR BBA minus 0.80% |
7/19/2019 |
Monthly |
(3,898 | ) | (128,832 | ) | ||||||||
Citigroup |
LivePerson, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
4,683 | (19,283 | ) | |||||||||
Citigroup |
LSB Industries, Inc. |
1 month LIBOR BBA minus 1.60% |
7/19/2019 |
Monthly |
(1,166 | ) | (260,453 | ) | ||||||||
Citigroup |
Macquarie Infrastructure Corp. |
1 month LIBOR BBA minus 0.60% |
7/19/2019 |
Monthly |
(4,482 | ) | (297,730 | ) | ||||||||
Citigroup |
Magellan Health, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
4,303 | (1,069,724 | ) | |||||||||
Citigroup |
Mammoth Energy Services, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
1,629 | (66,716 | ) | |||||||||
Citigroup |
Matson, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
1,260 | (18,941 | ) | |||||||||
Citigroup |
MBIA, Inc. |
1 month LIBOR BBA minus 4.25% |
7/19/2019 |
Monthly |
(4,611 | ) | (298,584 | ) | ||||||||
Citigroup |
Medicines Co. |
1 month LIBOR BBA minus 0.35% |
7/19/2019 |
Monthly |
(1,777 | ) | (142,430 | ) | ||||||||
Citigroup |
Meredith Corp. |
1 month LIBOR BBA minus 0.55% |
7/19/2019 |
Monthly |
(941 | ) | (18,403 | ) | ||||||||
Citigroup |
Meritor, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
4,119 | (130,972 | ) | |||||||||
Citigroup |
Motorcar Parts of America, Inc. |
1 month LIBOR BBA minus 0.35% |
7/19/2019 |
Monthly |
(826 | ) | (49,403 | ) | ||||||||
Citigroup |
National Vision Holdings, Inc. |
1 month LIBOR BBA minus 0.35% |
7/19/2019 |
Monthly |
(1,322 | ) | (65,017 | ) | ||||||||
Citigroup |
New York Community BanCorp, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
6,203 | (453,840 | ) | |||||||||
Citigroup |
NRG Energy, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
6,825 | (53,078 | ) | |||||||||
Citigroup |
Omeros Corp. |
1 month LIBOR BBA minus 4.00% |
7/19/2019 |
Monthly |
(1,347 | ) | (144,054 | ) | ||||||||
Citigroup |
ON Semiconductor Corp. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
9,007 | (395,848 | ) | |||||||||
Citigroup |
Owens & Minor, Inc. |
1 month LIBOR BBA minus 0.35% |
7/19/2019 |
Monthly |
(2,713 | ) | (273,834 | ) | ||||||||
Citigroup |
Par Pacific Holdings, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
78 | (723 | ) | |||||||||
Citigroup |
Parsley Energy, Inc., Class A |
1 month LIBOR BBA minus 0.35% |
7/19/2019 |
Monthly |
(1,433 | ) | (100,667 | ) | ||||||||
Citigroup |
PBF Energy, Inc., Class A |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
7,338 | (67,557 | ) | |||||||||
Citigroup |
Peabody Energy Corp. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
4,471 | (327,846 | ) | |||||||||
Citigroup |
Penumbra, Inc. |
1 month LIBOR BBA minus 0.35% |
7/19/2019 |
Monthly |
(1,346 | ) | (61,571 | ) | ||||||||
Citigroup |
PetIQ, Inc. |
1 month LIBOR BBA minus 1.85% |
7/19/2019 |
Monthly |
(1,070 | ) | (121,882 | ) | ||||||||
Citigroup |
Plantronics, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
1,359 | (30,221 | ) | |||||||||
Citigroup |
Plug Power, Inc. |
1 month LIBOR BBA minus 15.50% |
7/19/2019 |
Monthly |
(2,270 | ) | (169 | ) | ||||||||
Citigroup |
Premier, Inc., Class A |
1 month LIBOR BBA minus 0.55% |
7/19/2019 |
Monthly |
(2,547 | ) | (25,661 | ) | ||||||||
Citigroup |
Progress Software Corp. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
610 | (51,023 | ) | |||||||||
Citigroup |
Quad/Graphics, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
1,818 | (39,736 | ) | |||||||||
Citigroup |
Red Robin Gourmet Burgers, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
4,163 | (278,275 | ) | |||||||||
Citigroup |
RenaissanceRe Holdings Ltd. |
1 month LIBOR BBA minus 0.55% |
7/19/2019 |
Monthly |
(2,475 | ) | (23,249 | ) | ||||||||
Citigroup |
Roku, Inc. |
1 month LIBOR BBA minus 1.60% |
7/19/2019 |
Monthly |
(1,785 | ) | (208,958 | ) | ||||||||
Citigroup |
Rush Enterprises, Inc., Class A |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
2,735 | (9,063 | ) | |||||||||
Citigroup |
SandRidge Energy, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
153 | (7,468 | ) | |||||||||
Citigroup |
Seattle Genetics, Inc. |
1 month LIBOR BBA minus 0.35% |
7/19/2019 |
Monthly |
(2,776 | ) | (162,204 | ) | ||||||||
Citigroup |
Select Energy Services, Inc., Class A |
1 month LIBOR BBA minus 0.35% |
7/19/2019 |
Monthly |
(487 | ) | (9,358 | ) | ||||||||
Citigroup |
Shoe Carnival, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
640 | (20,393 | ) | |||||||||
Citigroup |
Sientra, Inc. |
1 month LIBOR BBA minus 1.80% |
7/19/2019 |
Monthly |
(947 | ) | (39,467 | ) | ||||||||
Citigroup |
Solaris Oilfield Infrastructure Class A |
1 month LIBOR BBA minus 0.50% |
7/19/2019 |
Monthly |
(3,121 | ) | (182,830 | ) | ||||||||
Citigroup |
SunCoke Energy, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
518 | (37,282 | ) | |||||||||
Citigroup |
Supernus Pharmaceuticals, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
3,378 | (183,858 | ) | |||||||||
Citigroup |
Switch, Inc., Class A |
1 month LIBOR BBA minus 0.75% |
7/19/2019 |
Monthly |
(4,069 | ) | (102,298 | ) | ||||||||
Citigroup |
Synchrony Financial |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
7,456 | (1,263,398 | ) | |||||||||
Citigroup |
Tailored Brands, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
4,455 | (1,096,241 | ) | |||||||||
Citigroup |
Team, Inc. |
1 month LIBOR BBA minus 1.70% |
7/19/2019 |
Monthly |
(3,879 | ) | (47,809 | ) | ||||||||
Citigroup |
Textainer Group Holdings Ltd. |
1 month LIBOR BBA minus 0.86% |
7/19/2019 |
Monthly |
(995 | ) | (3,252 | ) | ||||||||
Citigroup |
Tile Shop Holdings, Inc. |
1 month LIBOR BBA minus 0.50% |
7/19/2019 |
Monthly |
(2,053 | ) | (95,504 | ) | ||||||||
Citigroup |
TransEnterix, Inc. |
1 month LIBOR BBA minus 40.00% |
7/19/2019 |
Monthly |
(1,271 | ) | (185,342 | ) | ||||||||
Citigroup |
TriNet Group, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
2,956 | (45,996 | ) | |||||||||
Citigroup |
Trupanion, Inc. |
1 month LIBOR BBA minus 13.00% |
7/19/2019 |
Monthly |
(4,551 | ) | (142,501 | ) | ||||||||
Citigroup |
Uniti Group, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
1,210 | (86,288 | ) | |||||||||
Citigroup |
Universal Display Corp. |
1 month LIBOR BBA minus 0.80% |
7/19/2019 |
Monthly |
(4,151 | ) | (376,407 | ) | ||||||||
Citigroup |
ViewRay, Inc. |
1 month LIBOR BBA minus 6.50% |
7/19/2019 |
Monthly |
(1,102 | ) | (533,622 | ) | ||||||||
Citigroup |
Vista Outdoor, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
3,645 | (54,026 | ) | |||||||||
Citigroup |
W&T Offshore, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
4,305 | (236,246 | ) | |||||||||
Citigroup |
WaVe Life Sciences Ltd. |
1 month LIBOR BBA minus 2.60% |
7/19/2019 |
Monthly |
(2,402 | ) | (31,151 | ) | ||||||||
Citigroup |
Weatherford International PLC |
1 month LIBOR BBA minus 0.35% |
7/19/2019 |
Monthly |
(2,678 | ) | (20,604 | ) | ||||||||
Citigroup |
World Fuel Services Corp. |
1 month LIBOR BBA minus 0.35% |
7/19/2019 |
Monthly |
(842 | ) | (150,310 | ) | ||||||||
Citigroup |
ZAGG, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
3,205 | (492,398 | ) | |||||||||
Citigroup |
Zogenix, Inc. |
1 month LIBOR BBA minus 0.55% |
7/19/2019 |
Monthly |
(414 | ) | (135,906 | ) | ||||||||
Citigroup |
Zumiez, Inc. |
1 month LIBOR BBA plus 0.35% |
7/19/2019 |
Monthly |
824 | (42,748 | ) | |||||||||
| $ | 33,106 | $ | (24,256,159 | ) | ||||||||||||
| 1 | Fund pays the floating rate and receives the total return of the reference entity. |
| * | Notional amounts reflected as a positive value indicate a long position held by the Fund or Index and a negative value indicates a short position. |
The following abbreviations are used in the preceding pages:
| BBA | —British Bankers' Association |
| ETF | —Exchange-Traded Fund |
| LIBOR | —London Interbank Offered Rate |
| SPDR | —Standard & Poor's Depositary Receipt |
The following is a summary of the fair valuations according to the inputs used as of July 31, 2018, for valuing the Fund's assets and liabilities.
Asset Valuation Inputs
| Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
| Description | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||
| Investments in Securities (a) | ||||||||||||||||
| Common Stocks | $ | 1,046,234,537 | $ | — | $ | — | $ | 1,046,234,537 | ||||||||
| Short-Term Investments | ||||||||||||||||
| Affiliated Investment Company | 22,529,730 | — | — | 22,529,730 | ||||||||||||
| Repurchase Agreement | — | 318,760 | — | 318,760 | ||||||||||||
| Total Short-Term Investments | 22,529,730 | 318,760 | — | 22,848,490 | ||||||||||||
| Total Investments in Securities | $ | 1,068,764,267 | $ | 318,760 | $ | — | $ | 1,069,083,027 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Total Return Equity Swap Contracts (b) | — | 25,688,862 | — | 25,688,862 | ||||||||||||
| Total Investments in Securities and Other Financial Instruments | $ | 1,068,764,267 | $ | 26,007,622 | $ | — | $ | 1,094,771,889 | ||||||||
Liability Valuation Inputs
| Quoted Prices | Significant | |||||||||||||||
| in Active | Other | Significant | ||||||||||||||
| Markets for | Observable | Unobservable | ||||||||||||||
| Identical Assets | Inputs | Inputs | ||||||||||||||
| Description | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||
| Exchange-Traded Fund Sold Short | $ | (5,774,298 | ) | $ | — | $ | — | $ | (5,774,298 | ) | ||||||
| Other Financial Instruments | ||||||||||||||||
| Total Return Equity Swap Contracts (b) | — | (24,256,159 | ) | — | (24,256,159 | ) | ||||||||||
| Total Investments in Securities Sold Short and Other Financial Instruments | $ | (5,774,298 | ) | $ | (24,256,159 | ) | $ | — | $ | (30,030,457 | ) | |||||
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| (b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
The Fund recognizes transfers between the levels as of the beginning of the period.
For the period ended July 31, 2018, the Fund did not have any transfers between among levels.
As of June 30, 2018, the Fund did not hold any investments with significant unobservable inputs (Level 3).
MainStay Moderate Allocation Fund
Portfolio of Investments July 31, 2018 (Unaudited)
| Shares | Value | |||||||||
| Affiliated Investment Companies 98.4% † | ||||||||||
| Equity Funds 67.2% | ||||||||||
| IQ 50 Percent Hedged FTSE International ETF | 1,704,748 | $ | 36,350,001 | |||||||
| IQ Chaikin U.S. Large Cap ETF (a) | 1,368,585 | 35,610,582 | ||||||||
| IQ Chaikin U.S. Small Cap ETF (a) | 855,107 | 24,755,348 | ||||||||
| IQ Global Resources ETF (b) | 447,981 | 12,203,002 | ||||||||
| MainStay Absolute Return Multi-Strategy Fund Class I (a) | 1,395,991 | 13,178,155 | ||||||||
| MainStay Candriam Emerging Markets Equity Fund Class R6 (a)(b) | 2,092,883 | 19,526,601 | ||||||||
| MainStay Cushing MLP Premier Fund Class I | 421,347 | 5,292,124 | ||||||||
| MainStay Cushing Renaissance Advantage Fund Class I (a) | 495,312 | 10,579,867 | ||||||||
| MainStay Epoch Capital Growth Fund Class I (a) | 512,450 | 6,810,460 | ||||||||
| MainStay Epoch Global Choice Fund Class I (a) | 755,576 | 16,615,125 | ||||||||
| MainStay Epoch International Choice Fund Class I (a) | 755,702 | 27,250,610 | ||||||||
| MainStay Epoch U.S. All Cap Fund Class R6 (a)(b) | 1,110,902 | 32,627,192 | ||||||||
| MainStay Epoch U.S. Equity Yield Fund Class R6 (a) | 2,632,754 | 43,124,508 | ||||||||
| MainStay Epoch U.S. Small Cap Fund Class I (a) | 1,338,675 | 43,560,500 | ||||||||
| MainStay Large Cap Growth Fund Class R6 | 643,100 | 7,324,910 | ||||||||
| MainStay MacKay Emerging Markets Equity Fund Class R6 (a)(b) | 1,920,700 | 19,706,378 | ||||||||
| MainStay MacKay Growth Fund Class I (a) | 412,332 | 15,932,495 | ||||||||
| MainStay MacKay International Equity Fund Class I | 111,636 | 2,001,625 | ||||||||
| MainStay MacKay International Opportunities Fund Class I (a) | 3,634,950 | 32,532,803 | ||||||||
| MainStay MacKay S&P 500 Index Fund Class I | 36,084 | 1,864,801 | ||||||||
| MainStay MacKay U.S. Equity Opportunities Fund Class I (a) | 4,698,237 | 48,015,978 | ||||||||
| MainStay MAP Equity Fund Class I (a) | 868,696 | 38,587,463 | ||||||||
| Total Equity Funds (Cost $405,247,507) | 493,450,528 | |||||||||
| Fixed Income Funds 31.2% | ||||||||||
| IQ Enhanced Core Bond U.S. ETF (a) | 363,901 | 6,768,558 | ||||||||
| IQ Enhanced Core Plus Bond U.S. ETF (a) | 1,103,198 | 21,143,562 | ||||||||
| IQ S&P High Yield Low Volatility Bond ETF | 105,373 | 2,554,768 | ||||||||
| MainStay Floating Rate Fund Class I | 2,104,229 | 19,590,373 | ||||||||
| MainStay Indexed Bond Fund Class I (a) | 3,046,078 | 31,283,224 | ||||||||
| MainStay MacKay Convertible Fund Class I | 479,790 | 8,554,663 | ||||||||
| MainStay MacKay High Yield Corporate Bond Fund Class R6 | 580,600 | 3,257,165 | ||||||||
| MainStay MacKay High Yield Municipal Bond Fund Class I | 893,901 | 11,272,091 | ||||||||
| MainStay MacKay Short Duration High Yield Fund Class I | 1,544,212 | 15,210,491 | ||||||||
| MainStay MacKay Short Term Municipal Fund Class I | 210,357 | 2,011,014 | ||||||||
| MainStay MacKay Total Return Bond Fund Class R6 (a) | 8,465,973 | 86,860,884 | ||||||||
| MainStay MacKay Unconstrained Bond Fund Class R6 | 2,327,793 | 20,298,358 | ||||||||
| Total Fixed Income Funds (Cost $229,751,596) | 228,805,151 | |||||||||
| Total Affiliated Investment Companies (Cost $634,999,103) | 722,255,679 | |||||||||
| Short-Term Investment 1.7% | ||||||||||
| Affiliated Investment Company 1.7% | ||||||||||
| MainStay U.S. Government Liquidity Fund, 1.75% (c) | 12,733,608 | 12,733,608 | ||||||||
| Total Short-Term Investment (Cost $12,733,608) | 12,733,608 | |||||||||
| Total Investments (Cost $647,732,711) | 100.1 | % | 734,989,287 | |||||||
| Other Assets, Less Liabilities | (0.1 | ) | (1,033,605 | ) | ||||||
| Net Assets | 100.0 | % | $ | 733,955,682 | ||||||
| † | Percentages indicated are based on Fund net assets. |
| (a) | The Fund's ownership exceeds 5% of the outstanding shares of the Underlying Fund's share class. |
| (b) | Non-income producing Underlying Fund. |
| (c) | Rate reported is the current yield as of July 31, 2018. |
The following abbreviations are used in the preceding pages:
| ETF | —Exchange-Traded Fund |
| FTSE | —Financial Times Stock Exchange |
| MLP | —Master limited partnership |
The following is a summary of the fair valuations according to the inputs used as of July 31, 2018, for valuing the Fund's assets.
Asset Valuation Inputs
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
| Investments (a) | ||||||||||||||||
| Affiliated Investment Companies | ||||||||||||||||
| Equity Funds | $ | 493,450,528 | $ | — | $ | — | $ | 493,450,528 | ||||||||
| Fixed Income Funds | 228,805,151 | — | — | 228,805,151 | ||||||||||||
| Short-Term Investment | 12,733,608 | — | — | 12,733,608 | ||||||||||||
| Total Investments in Securities | $ | 734,989,287 | $ | — | $ | — | $ | 734,989,287 | ||||||||
| (a) | For a complete listing of investments, see the Portfolio of Investments. |
The Fund recognizes transfers between the levels as of the beginning of the period.
For the period ended July 31, 2018, the Fund did not have any transfers among levels.
As of July 31, 2018, the Fund did not hold any investments with significant unobservable inputs (Level 3).
MainStay Moderate Growth Allocation Fund
Portfolio of Investments July 31, 2018 (Unaudited)
| Shares | Value | |||||||||
| Affiliated Investment Companies 98.4% † | ||||||||||
| Equity Funds 85.8% | ||||||||||
| IQ 50 Percent Hedged FTSE International ETF | 1,755,228 | $ | 37,426,376 | |||||||
| IQ Chaikin U.S. Large Cap ETF | 1,607,997 | 41,840,082 | ||||||||
| IQ Chaikin U.S. Small Cap ETF | 1,384,208 | 40,072,822 | ||||||||
| IQ Global Resources ETF (a) | 638,319 | 17,387,809 | ||||||||
| MainStay Absolute Return Multi-Strategy Fund Class I (b) | 492,613 | 4,650,263 | ||||||||
| MainStay Candriam Emerging Markets Equity Fund Class R6 (a)(b) | 2,585,910 | 24,126,537 | ||||||||
| MainStay Cushing MLP Premier Fund Class I | 398,029 | 4,999,243 | ||||||||
| MainStay Cushing Renaissance Advantage Fund Class I (b) | 574,907 | 12,280,023 | ||||||||
| MainStay Epoch Capital Growth Fund Class I (b) | 510,299 | 6,781,878 | ||||||||
| MainStay Epoch Global Choice Fund Class I (b) | 829,746 | 18,246,115 | ||||||||
| MainStay Epoch International Choice Fund Class I (b) | 1,108,950 | 39,988,727 | ||||||||
| MainStay Epoch U.S. All Cap Fund Class R6 (a)(b) | 1,278,705 | 37,555,576 | ||||||||
| MainStay Epoch U.S. Equity Yield Fund Class R6 (b) | 3,827,073 | 62,687,459 | ||||||||
| MainStay Epoch U.S. Small Cap Fund Class I (b) | 2,606,979 | 84,831,088 | ||||||||
| MainStay Large Cap Growth Fund Class R6 | 634,830 | 7,230,712 | ||||||||
| MainStay MacKay Emerging Markets Equity Fund Class R6 (a)(b) | 2,366,255 | 24,277,776 | ||||||||
| MainStay MacKay Growth Fund Class I (b) | 515,820 | 19,931,304 | ||||||||
| MainStay MacKay International Equity Fund Class I | 476,656 | 8,546,446 | ||||||||
| MainStay MacKay International Opportunities Fund Class I (b) | 5,238,158 | 46,881,516 | ||||||||
| MainStay MacKay S&P 500 Index Fund Class I | 68,216 | 3,525,418 | ||||||||
| MainStay MacKay U.S. Equity Opportunities Fund Class I (b) | 6,269,195 | 64,071,172 | ||||||||
| MainStay MAP Equity Fund Class I (b) | 1,223,596 | 54,352,141 | ||||||||
| Total Equity Funds (Cost $525,891,026) | 661,690,483 | |||||||||
| Fixed Income Funds 12.6% | ||||||||||
| IQ Enhanced Core Plus Bond U.S. ETF | 314,245 | 6,022,725 | ||||||||
| IQ S&P High Yield Low Volatility Bond ETF | 98,550 | 2,389,345 | ||||||||
| MainStay Floating Rate Fund Class I | 1,790,231 | 16,667,052 | ||||||||
| MainStay MacKay Convertible Fund Class I | 521,964 | 9,306,613 | ||||||||
| MainStay MacKay High Yield Corporate Bond Fund Class R6 | 437,182 | 2,452,593 | ||||||||
| MainStay MacKay High Yield Municipal Bond Fund Class I | 945,557 | 11,923,474 | ||||||||
| MainStay MacKay Short Duration High Yield Fund Class I | 1,635,794 | 16,112,570 | ||||||||
| MainStay MacKay Short Term Municipal Fund Class I | 450,616 | 4,307,891 | ||||||||
| MainStay MacKay Total Return Bond Fund Class R6 | 623,953 | 6,401,757 | ||||||||
| MainStay MacKay Unconstrained Bond Fund Class R6 | 2,433,198 | 21,217,488 | ||||||||
| Total Fixed Income Funds (Cost $94,839,125) | 96,801,508 | |||||||||
| Total Affiliated Investment Companies (Cost $620,730,151) | 758,491,991 | |||||||||
| Short-Term Investment 1.7% | ||||||||||
| Affiliated Investment Company 1.7% | ||||||||||
| MainStay U.S. Government Liquidity Fund, 1.75% (c) | 13,160,504 | 13,160,504 | ||||||||
| Total Short-Term Investment (Cost $13,160,504) | 13,160,504 | |||||||||
| Total Investments (Cost $633,890,655) | 100.1 | % | 771,652,495 | |||||||
| Other Assets, Less Liabilities | (0.1 | ) | (447,961 | ) | ||||||
| Net Assets | 100.0 | % | $ | 771,204,534 | ||||||
| † | Percentages indicated are based on Fund net assets. |
| (a) | Non-income producing Underlying Fund. |
| (b) | The Fund's ownership exceeds 5% of the outstanding shares of the Underlying Fund's share class. |
| (c) | Rate reported is the current yield as of July 31, 2018. |
| The following abbreviations are used in the preceding pages: | |
| ETF | —Exchange-Traded Fund |
| FTSE | —Financial Times Stock Exchange |
| MLP | —Master limited partnership |
The following is a summary of the fair valuations according to the inputs used as of July 31, 2018, for valuing the Fund's assets.
Asset Valuation Inputs
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
| Investments (a) | ||||||||||||||||
| Affiliated Investment Companies | ||||||||||||||||
| Equity Funds | $ | 661,690,483 | $ | — | $ | — | $ | 661,690,483 | ||||||||
| Fixed Income Funds | 96,801,508 | — | — | 96,801,508 | ||||||||||||
| Short-Term Investment | 13,160,504 | — | — | 13,160,504 | ||||||||||||
| Total Investments in Securities | $ | 771,652,495 | $ | — | $ | — | $ | 771,652,495 | ||||||||
| (a) | For a complete listing of investments, see the Portfolio of Investments. |
The Fund recognizes transfers between the levels as of the beginning of the period.
For the period ended July 31, 2018, the Fund did not have any transfers among levels.
As of July 31, 2018, the Fund did not hold any investments with significant unobservable inputs (Level 3).
MainStay Retirement 2010 Fund
Portfolio of Investments July 31, 2018 (Unaudited)
| Shares | Value | |||||||||
| Affiliated Investment Companies 85.5% † | ||||||||||
| Equity Funds 31.2% | ||||||||||
| IQ 50 Percent Hedged FTSE International ETF | 73,482 | $ | 1,566,842 | |||||||
| IQ Chaikin U.S. Large Cap ETF | 93,708 | 2,438,282 | ||||||||
| IQ Chaikin U.S. Small Cap ETF | 67,564 | 1,955,978 | ||||||||
| IQ Global Resources ETF (a) | 11,465 | 312,307 | ||||||||
| MainStay Epoch International Choice Fund Class I | 136 | 4,911 | ||||||||
| MainStay Epoch U.S. All Cap Fund Class R6 (a) | 31,853 | 935,513 | ||||||||
| MainStay Epoch U.S. Equity Yield Fund Class R6 | 39,158 | 641,416 | ||||||||
| MainStay Large Cap Growth Fund Class R6 | 93,613 | 1,066,257 | ||||||||
| MainStay MacKay Common Stock Fund Class I | 18,478 | 502,778 | ||||||||
| MainStay MacKay Growth Fund Class I | 25,584 | 988,552 | ||||||||
| MainStay MacKay S&P 500 Index Fund Class I | 5,259 | 271,759 | ||||||||
| MainStay MAP Equity Fund Class I | 7,101 | 315,423 | ||||||||
| Total Equity Funds (Cost $9,003,497) | 11,000,018 | |||||||||
| Fixed Income Funds 54.3% | ||||||||||
| IQ Enhanced Core Bond U.S. ETF | 85,587 | 1,591,918 | ||||||||
| IQ Enhanced Core Plus Bond U.S. ETF | 142 | 2,722 | ||||||||
| IQ S&P High Yield Low Volatility Bond ETF | 15,853 | 384,356 | ||||||||
| MainStay Floating Rate Fund Class I | 7,280 | 67,779 | ||||||||
| MainStay Indexed Bond Fund Class I | 732,339 | 7,521,124 | ||||||||
| MainStay MacKay Convertible Fund Class I | 22,883 | 407,996 | ||||||||
| MainStay MacKay High Yield Corporate Bond Fund Class R6 | 96,957 | 543,928 | ||||||||
| MainStay MacKay High Yield Municipal Bond Fund Class I | 45,600 | 575,019 | ||||||||
| MainStay MacKay Short Duration High Yield Fund Class I | 81,727 | 805,012 | ||||||||
| MainStay MacKay Short Term Municipal Fund Class I | 13,212 | 126,303 | ||||||||
| MainStay MacKay Total Return Bond Fund Class R6 | 691,708 | 7,096,921 | ||||||||
| Total Fixed Income Funds (Cost $19,592,245) | 19,123,078 | |||||||||
| Total Affiliated Investment Companies (Cost $28,595,742) | 30,123,096 | |||||||||
| Unaffiliated Investment Companies 12.9% | ||||||||||
| Equity Funds 5.8% | ||||||||||
| iShares MSCI All Country Asia ex-Japan ETF | 8,113 | 592,654 | ||||||||
| iShares MSCI EAFE Small-Cap ETF | 9,812 | 622,866 | ||||||||
| iShares MSCI Frontier 100 ETF (b) | 3,324 | 98,789 | ||||||||
| iShares MSCI India ETF | 3,203 | 114,123 | ||||||||
| iShares MSCI Philippines ETF | 2,569 | 84,135 | ||||||||
| iShares MSCI Poland ETF | 1,737 | 42,296 | ||||||||
| iShares Russell 2000 ETF | 134 | 22,226 | ||||||||
| SPDR S&P Emerging Markets Small Cap ETF (b) | 6,980 | 337,134 | ||||||||
| VanEck Vectors Africa Index ETF | 2,308 | 54,746 | ||||||||
| VanEck Vectors India Small-Cap Index ETF | 1,360 | 68,857 | ||||||||
| Total Equity Funds (Cost $1,946,558) | 2,037,826 | |||||||||
| Fixed Income Funds 7.1% | ||||||||||
| iShares TIPS Bond ETF | 5,355 | 598,903 | ||||||||
| VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | 30,166 | 525,492 | ||||||||
| Vanguard Short-Term Inflation-Protected Securities ETF | 28,255 | 1,377,996 | ||||||||
| Total Fixed Income Funds (Cost $2,520,423) | 2,502,391 | |||||||||
| Total Unaffiliated Investment Companies (Cost $4,466,981) | 4,540,217 | |||||||||
| Short-Term Investment 1.6% | ||||||||||
| Affiliated Investment Company 1.6% | ||||||||||
| MainStay U.S. Government Liquidity Fund, 1.75% (c) | 551,140 | 551,140 | ||||||||
| Total Short-Term Investment (Cost $551,140) | 551,140 | |||||||||
| Total Investments (Cost $33,613,863) | 100.0 | % | 35,214,453 | |||||||
| Other Assets, Less Liabilities | (0.0 | )‡ | (7,368 | ) | ||||||
| Net Assets | 100.0 | % | $ | 35,207,085 | ||||||
| † | Percentages indicated are based on Fund net assets. |
| ‡ | Less than one-tenth of a percent. |
| (a) | Non-income producing Underlying Fund. |
| (b) | All or a portion of this security was held on loan. As of July 31, 2018, the market value of securities loaned was $117,099 and the Fund received non-cash collateral in the amount of $119,223. |
| (c) | Rate reported is the current yield as of July 31, 2018. |
| The following abbreviations are used in the preceding pages: | |
| EM | —Emerging Markets |
| ETF | —Exchange-Traded Fund |
| FTSE | —Financial Times Stock Exchange |
| SPDR | —Standard & Poor's Depositary Receipt |
| TIPS | —Treasury Inflation- Protected Security |
The following is a summary of the fair valuations according to the inputs used as of July 31, 2018, for valuing the Fund's assets.
Asset Valuation Inputs
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
| Investments (a) | ||||||||||||||||
| Affiliated Investment Companies | ||||||||||||||||
| Equity Funds | $ | 11,000,018 | $ | — | $ | — | $ | 11,000,018 | ||||||||
| Fixed Income Funds | 19,123,078 | — | — | 19,123,078 | ||||||||||||
| Short-Term Investment | 551,140 | — | — | 551,140 | ||||||||||||
| Total Affiliated Investment Companies | 30,674,236 | — | — | 30,674,236 | ||||||||||||
| Unaffiliated Investment Companies | ||||||||||||||||
| Equity Funds | 2,037,826 | — | — | 2,037,826 | ||||||||||||
| Fixed Income Funds | 2,502,391 | — | — | 2,502,391 | ||||||||||||
| Total Unaffiliated Investment Companies | 4,540,217 | — | — | 4,540,217 | ||||||||||||
| Total Investments in Securities | $ | 35,214,453 | $ | — | $ | — | $ | 35,214,453 | ||||||||
| (a) | For a complete listing of investments, see the Portfolio of Investments. |
The Fund recognizes transfers between the levels as of the beginning of the period.
For the period ended July 31, 2018, the Fund did not have any transfers between among levels.
As of July 31, 2018, the Fund did not hold any investments with significant unobservable inputs (Level 3).
MainStay Retirement 2020 Fund
Portfolio of Investments July 31, 2018 (Unaudited)
| Shares | Value | |||||||||
| Affiliated Investment Companies 85.0% † | ||||||||||
| Equity Funds 49.1% | ||||||||||
| IQ 50 Percent Hedged FTSE International ETF | 272,519 | $ | 5,810,868 | |||||||
| IQ Chaikin U.S. Large Cap ETF | 338,664 | 8,812,037 | ||||||||
| IQ Chaikin U.S. Small Cap ETF | 256,184 | 7,416,527 | ||||||||
| IQ Global Resources ETF (a) | 63,329 | 1,725,082 | ||||||||
| MainStay Epoch International Choice Fund Class I | 144,868 | 5,223,926 | ||||||||
| MainStay Epoch U.S. All Cap Fund Class R6 (a) | 192,448 | 5,652,193 | ||||||||
| MainStay Epoch U.S. Equity Yield Fund Class R6 | 271,284 | 4,443,634 | ||||||||
| MainStay Large Cap Growth Fund Class R6 | 549,114 | 6,254,406 | ||||||||
| MainStay MacKay Common Stock Fund Class I (b) | 151,367 | 4,118,699 | ||||||||
| MainStay MacKay Growth Fund Class I | 76,364 | 2,950,720 | ||||||||
| MainStay MacKay International Equity Fund Class I | 17,427 | 312,474 | ||||||||
| MainStay MacKay S&P 500 Index Fund Class I | 70,639 | 3,650,632 | ||||||||
| MainStay MAP Equity Fund Class I | 78,612 | 3,491,964 | ||||||||
| Total Equity Funds (Cost $47,041,874) | 59,863,162 | |||||||||
| Fixed Income Funds 35.9% | ||||||||||
| IQ Enhanced Core Bond U.S. ETF (b) | 289,039 | 5,376,125 | ||||||||
| IQ Enhanced Core Plus Bond U.S. ETF | 3,782 | 72,485 | ||||||||
| IQ S&P High Yield Low Volatility Bond ETF | 11,580 | 280,757 | ||||||||
| MainStay Floating Rate Fund Class I | 9,509 | 88,530 | ||||||||
| MainStay Indexed Bond Fund Class I | 907,973 | 9,324,881 | ||||||||
| MainStay MacKay Convertible Fund Class I | 75,303 | 1,342,644 | ||||||||
| MainStay MacKay High Yield Corporate Bond Fund Class R6 | 60,775 | 340,948 | ||||||||
| MainStay MacKay High Yield Municipal Bond Fund Class I | 149,906 | 1,890,315 | ||||||||
| MainStay MacKay Short Duration High Yield Fund Class I | 287,450 | 2,831,386 | ||||||||
| MainStay MacKay Short Term Municipal Fund Class I | 79,472 | 759,748 | ||||||||
| MainStay MacKay Total Return Bond Fund Class R6 | 2,089,338 | 21,436,610 | ||||||||
| Total Fixed Income Funds (Cost $44,567,819) | 43,744,429 | |||||||||
| Total Affiliated Investment Companies (Cost $91,609,693) | 103,607,591 | |||||||||
| Unaffiliated Investment Companies 13.5% | ||||||||||
| Equity Funds 8.2% | ||||||||||
| iShares MSCI All Country Asia ex-Japan ETF | 36,830 | 2,690,432 | ||||||||
| iShares MSCI EAFE Small-Cap ETF | 51,478 | 3,267,823 | ||||||||
| iShares MSCI Frontier 100 ETF (c) | 14,484 | 430,464 | ||||||||
| iShares MSCI India ETF | 13,328 | 474,877 | ||||||||
| iShares MSCI Philippines ETF | 10,762 | 352,456 | ||||||||
| iShares MSCI Poland ETF | 8,332 | 202,884 | ||||||||
| iShares Russell 2000 ETF | 2,891 | 479,530 | ||||||||
| SPDR S&P Emerging Markets Small Cap ETF | 31,207 | 1,507,298 | ||||||||
| VanEck Vectors Africa Index ETF | 9,830 | 233,168 | ||||||||
| VanEck Vectors India Small-Cap Index ETF | 6,302 | 319,070 | ||||||||
| Total Equity Funds (Cost $8,897,323) | 9,958,002 | |||||||||
| Fixed Income Funds 5.3% | ||||||||||
| iShares TIPS Bond ETF | 14,156 | 1,583,207 | ||||||||
| VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | 74,256 | 1,293,539 | ||||||||
| Vanguard Short-Term Inflation-Protected Securities ETF | 73,649 | 3,591,862 | ||||||||
| Total Fixed Income Funds (Cost $6,492,272) | 6,468,608 | |||||||||
| Total Unaffiliated Investment Companies (Cost $15,389,595) | 16,426,610 | |||||||||
| Short-Term Investment 1.4% | ||||||||||
| Affiliated Investment Company 1.4% | ||||||||||
| MainStay U.S. Government Liquidity Fund, 1.75% (d) | 1,745,378 | 1,745,378 | ||||||||
| Total Short-Term Investment (Cost $1,745,378) | 1,745,378 | |||||||||
| Total Investments (Cost $108,744,666) | 99.9 | % | 121,779,579 | |||||||
| Other Assets, Less Liabilities | 0.1 | 88,155 | ||||||||
| Net Assets | 100.0 | % | $ | 121,867,734 | ||||||
| † | Percentages indicated are based on Fund net assets. |
| (a) | Non-income producing Underlying Fund. |
| (b) | The Fund's ownership exceeds 5% of the outstanding shares of the Underlying Fund's share class. |
| (c) | All or a portion of this security was held on loan. As of July 31, 2018, the market value of securities loaned was $133,354 and the Fund received non-cash collateral in the amount of $135,732. |
| (d) | Rate reported is the current yield as of July 31, 2018. |
The following abbreviations are used in the preceding pages:
| EM | —Emerging Markets |
| ETF | —Exchange-Traded Fund |
| FTSE | —Financial Times Stock Exchange |
| SPDR | —Standard & Poor's Depositary Receipt |
| TIPS | —Treasury Inflation- Protected Security |
The following is a summary of the fair valuations according to the inputs used as of July 31, 2018, for valuing the Fund's assets.
Asset Valuation Inputs
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
| Investments (a) | ||||||||||||||||
| Affiliated Investment Companies | ||||||||||||||||
| Equity Funds | $ | 59,863,162 | $ | — | $ | — | $ | 59,863,162 | ||||||||
| Fixed Income Funds | 43,744,429 | — | — | 43,744,429 | ||||||||||||
| Short-Term Investment | 1,745,378 | — | — | 1,745,378 | ||||||||||||
| Total Affiliated Investment Companies | 105,352,969 | — | — | 105,352,969 | ||||||||||||
| Unaffiliated Investment Companies | ||||||||||||||||
| Equity Funds | 9,958,002 | — | — | 9,958,002 | ||||||||||||
| Fixed Income Funds | 6,468,608 | — | — | 6,468,608 | ||||||||||||
| Total Unaffiliated Investment Companies | 16,426,610 | — | — | 16,426,610 | ||||||||||||
| Total Investments in Securities | $ | 121,779,579 | $ | — | $ | — | $ | 121,779,579 | ||||||||
| (a) | For a complete listing of investments, see the Portfolio of Investments. |
The Fund recognizes transfers between the levels as of the beginning of the period.
For the period ended July 31, 2018, the Fund did not have any transfers among levels.
As of July 31, 2018, the Fund did not hold any investments with significant unobservable inputs (Level 3).
MainStay Retirement 2030 Fund
Portfolio of Investments July 31, 2018 (Unaudited)
| Shares | Value | |||||||||
| Affiliated Investment Companies 86.2% † | ||||||||||
| Equity Funds 64.0% | ||||||||||
| IQ 50 Percent Hedged FTSE International ETF | 630,793 | $ | 13,450,273 | |||||||
| IQ Chaikin U.S. Large Cap ETF | 794,395 | 20,670,158 | ||||||||
| IQ Chaikin U.S. Small Cap ETF | 659,789 | 19,100,891 | ||||||||
| IQ Global Resources ETF (a) | 177,054 | 4,822,951 | ||||||||
| MainStay Epoch International Choice Fund Class I | 451,593 | 16,284,441 | ||||||||
| MainStay Epoch U.S. All Cap Fund Class R6 (a)(b) | 710,682 | 20,872,727 | ||||||||
| MainStay Epoch U.S. Equity Yield Fund Class R6 | 855,157 | 14,007,467 | ||||||||
| MainStay Large Cap Growth Fund Class R6 | 1,576,441 | 17,955,666 | ||||||||
| MainStay MacKay Common Stock Fund Class I (b) | 410,604 | 11,172,536 | ||||||||
| MainStay MacKay Growth Fund Class I (b) | 192,919 | 7,454,387 | ||||||||
| MainStay MacKay International Equity Fund Class I | 168,200 | 3,015,820 | ||||||||
| MainStay MacKay S&P 500 Index Fund Class I | 226,351 | 11,697,830 | ||||||||
| MainStay MAP Equity Fund Class I | 257,899 | 11,455,859 | ||||||||
| Total Equity Funds (Cost $137,831,637) | 171,961,006 | |||||||||
| Fixed Income Funds 22.2% | ||||||||||
| IQ Enhanced Core Plus Bond U.S. ETF | 572,283 | 10,968,204 | ||||||||
| IQ S&P High Yield Low Volatility Bond ETF | 25,010 | 606,367 | ||||||||
| MainStay Floating Rate Fund Class I | 57,410 | 534,488 | ||||||||
| MainStay Indexed Bond Fund Class I | 150,297 | 1,543,548 | ||||||||
| MainStay MacKay Convertible Fund Class I | 171,921 | 3,065,347 | ||||||||
| MainStay MacKay High Yield Corporate Bond Fund Class R6 | 110,995 | 622,682 | ||||||||
| MainStay MacKay High Yield Municipal Bond Fund Class I | 350,014 | 4,413,681 | ||||||||
| MainStay MacKay Short Duration High Yield Fund Class I | 634,182 | 6,246,695 | ||||||||
| MainStay MacKay Short Term Municipal Fund Class I | 83,016 | 793,637 | ||||||||
| MainStay MacKay Total Return Bond Fund Class R6 | 3,011,617 | 30,899,189 | ||||||||
| Total Fixed Income Funds (Cost $60,273,279) | 59,693,838 | |||||||||
| Total Affiliated Investment Companies (Cost $198,104,916) | 231,654,844 | |||||||||
| Unaffiliated Investment Companies 12.0% | ||||||||||
| Equity Funds 9.5% | ||||||||||
| iShares MSCI All Country Asia ex-Japan ETF | 94,581 | 6,909,142 | ||||||||
| iShares MSCI EAFE Small-Cap ETF | 130,441 | 8,280,395 | ||||||||
| iShares MSCI Frontier 100 ETF | 31,924 | 948,781 | ||||||||
| iShares MSCI India ETF | 31,026 | 1,105,456 | ||||||||
| iShares MSCI Philippines ETF (c) | 25,392 | 831,588 | ||||||||
| iShares MSCI Poland ETF | 19,406 | 472,536 | ||||||||
| iShares Russell 2000 ETF | 10,969 | 1,819,428 | ||||||||
| SPDR S&P Emerging Markets Small Cap ETF | 80,963 | 3,910,513 | ||||||||
| VanEck Vectors Africa Index ETF | 21,986 | 521,508 | ||||||||
| VanEck Vectors India Small-Cap Index ETF | 16,111 | 815,700 | ||||||||
| Total Equity Funds (Cost $22,868,561) | 25,615,047 | |||||||||
| Fixed Income Funds 2.5% | ||||||||||
| iShares TIPS Bond ETF | 7,022 | 785,341 | ||||||||
| VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | 229,543 | 3,998,639 | ||||||||
| Vanguard Short-Term Inflation-Protected Securities ETF | 38,101 | 1,858,186 | ||||||||
| Total Fixed Income Funds (Cost $6,795,556) | 6,642,166 | |||||||||
| Total Unaffiliated Investment Companies (Cost $29,664,117) | 32,257,213 | |||||||||
| Short-Term Investment 1.9% | ||||||||||
| Affiliated Investment Company 1.9% | ||||||||||
| MainStay U.S. Government Liquidity Fund, 1.75% (d) | 5,104,215 | 5,104,215 | ||||||||
| Total Short-Term Investment (Cost $5,104,215) | 5,104,215 | |||||||||
| Total Investments (Cost $232,873,248) | 100.1 | % | 269,016,272 | |||||||
| Other Assets, Less Liabilities | (0.1 | ) | (252,643 | ) | ||||||
| Net Assets | 100.0 | % | $ | 268,763,629 | ||||||
| † | Percentages indicated are based on Fund net assets. |
| (a) | Non-income producing Underlying Fund. |
| (b) | The Fund's ownership exceeds 5% of the outstanding shares of the Underlying Fund's share class. |
| (c) | All or a portion of this security was held on loan. As of July 31, 2018, the market value of securities loaned was $644,782 and the Fund received non-cash collateral in the amount of $664,470. |
| (d) | Rate reported is the current yield as of July 31, 2018. |
The following abbreviations are used in the preceding pages:
| EM | —Emerging Markets |
| ETF | —Exchange-Traded Fund |
| FTSE | —Financial Times Stock Exchange |
| SPDR | —Standard & Poor's Depositary Receipt |
| TIPS | —Treasury Inflation- Protected Security |
The following is a summary of the fair valuations according to the inputs used as of July 31, 2018, for valuing the Fund's assets.
Asset Valuation Inputs
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
| Investments (a) | ||||||||||||||||
| Affiliated Investment Companies | ||||||||||||||||
| Equity Funds | $ | 171,961,006 | $ | — | $ | — | $ | 171,961,006 | ||||||||
| Fixed Income Funds | 59,693,838 | — | — | 59,693,838 | ||||||||||||
| Short-Term Investment | 5,104,215 | — | — | 5,104,215 | ||||||||||||
| Total Affiliated Investment Companies | 236,759,059 | — | — | 236,759,059 | ||||||||||||
| Unaffiliated Investment Companies | ||||||||||||||||
| Equity Funds | 25,615,047 | — | — | 25,615,047 | ||||||||||||
| Fixed Income Funds | 6,642,166 | — | — | 6,642,166 | ||||||||||||
| Total Unaffiliated Investment Companies | 32,257,213 | — | — | 32,257,213 | ||||||||||||
| Total Investments in Securities | $ | 269,016,272 | $ | — | $ | — | $ | 269,016,272 | ||||||||
| (a) | For a complete listing of investments, see the Portfolio of Investments. |
The Fund recognizes transfers between the levels as of the beginning of the period.
For the period ended July 31, 2018, the Fund did not have any transfers among levels.
As of July 31, 2018, the Fund did not hold any investments with significant unobservable inputs (Level 3).
MainStay Retirement 2040 Fund
Portfolio of Investments July 31, 2018 (Unaudited)
| Shares | Value | |||||||||
| Affiliated Investment Companies 84.7% † | ||||||||||
| Equity Funds 75.5% | ||||||||||
| IQ 50 Percent Hedged FTSE International ETF | 533,942 | $ | 11,385,138 | |||||||
| IQ Chaikin U.S. Large Cap ETF | 751,181 | 19,545,730 | ||||||||
| IQ Chaikin U.S. Small Cap ETF | 807,798 | 23,385,752 | ||||||||
| IQ Global Resources ETF (a) | 186,748 | 5,087,015 | ||||||||
| MainStay Epoch International Choice Fund Class I | 519,801 | 18,744,034 | ||||||||
| MainStay Epoch U.S. All Cap Fund Class R6 (a)(b) | 685,421 | 20,130,815 | ||||||||
| MainStay Epoch U.S. Equity Yield Fund Class R6 | 935,150 | 15,317,757 | ||||||||
| MainStay Large Cap Growth Fund Class R6 | 1,689,341 | 19,241,599 | ||||||||
| MainStay MacKay Common Stock Fund Class I (b) | 405,580 | 11,035,844 | ||||||||
| MainStay MacKay Growth Fund Class I (b) | 162,883 | 6,293,801 | ||||||||
| MainStay MacKay International Equity Fund Class I | 243,078 | 4,358,395 | ||||||||
| MainStay MacKay S&P 500 Index Fund Class I | 215,373 | 11,130,501 | ||||||||
| MainStay MAP Equity Fund Class I | 234,092 | 10,398,348 | ||||||||
| Total Equity Funds (Cost $145,490,557) | 176,054,729 | |||||||||
| Fixed Income Funds 9.2% | ||||||||||
| IQ Enhanced Core Plus Bond U.S. ETF | 211,925 | 4,061,691 | ||||||||
| IQ S&P High Yield Low Volatility Bond ETF | 14,313 | 347,019 | ||||||||
| MainStay Floating Rate Fund Class I | 103,042 | 959,322 | ||||||||
| MainStay MacKay Convertible Fund Class I | 150,659 | 2,686,248 | ||||||||
| MainStay MacKay High Yield Corporate Bond Fund Class R6 | 119,667 | 671,333 | ||||||||
| MainStay MacKay Short Duration High Yield Fund Class I | 284,388 | 2,801,225 | ||||||||
| MainStay MacKay Total Return Bond Fund Class R6 | 567,870 | 5,826,342 | ||||||||
| MainStay MacKay High Yield Municipal Bond Fund Class I | 312,269 | 3,937,711 | ||||||||
| MainStay MacKay Short Term Municipal Fund Class I | 3,677 | 35,152 | ||||||||
| Total Fixed Income Funds (Cost $21,144,536) | 21,326,043 | |||||||||
| Total Affiliated Investment Companies (Cost $166,635,093) | 197,380,772 | |||||||||
| Unaffiliated Investment Companies 13.3% | ||||||||||
| Equity Funds 10.9% | ||||||||||
| iShares MSCI All Country Asia ex-Japan ETF | 92,465 | 6,754,568 | ||||||||
| iShares MSCI EAFE Small-Cap ETF | 135,138 | 8,578,560 | ||||||||
| iShares MSCI Frontier 100 ETF | 29,502 | 876,799 | ||||||||
| iShares MSCI India ETF | 29,227 | 1,041,358 | ||||||||
| iShares MSCI Philippines ETF (c) | 24,653 | 807,386 | ||||||||
| iShares MSCI Poland ETF | 17,313 | 421,572 | ||||||||
| iShares Russell 2000 ETF | 12,767 | 2,117,662 | ||||||||
| SPDR S&P Emerging Markets Small Cap ETF | 77,281 | 3,732,672 | ||||||||
| VanEck Vectors Africa Index ETF | 20,296 | 481,421 | ||||||||
| VanEck Vectors India Small-Cap Index ETF | 13,993 | 708,466 | ||||||||
| Total Equity Funds (Cost $22,958,168) | 25,520,464 | |||||||||
| Fixed Income Funds 2.4% | ||||||||||
| iShares TIPS Bond ETF | 5,934 | 663,659 | ||||||||
| VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | 188,714 | 3,287,398 | ||||||||
| Vanguard Short-Term Inflation-Protected Securities ETF | 32,795 | 1,599,412 | ||||||||
| Total Fixed Income Funds (Cost $5,694,017) | 5,550,469 | |||||||||
| Total Unaffiliated Investment Companies (Cost $28,652,185) | 31,070,933 | |||||||||
| Short-Term Investment 2.0% | ||||||||||
| Affiliated Investment Company 2.0% | ||||||||||
| MainStay U.S. Government Liquidity Fund, 1.75% (d) | 4,729,086 | 4,729,086 | ||||||||
| Total Short-Term Investment (Cost $4,729,086) | 4,729,086 | |||||||||
| Total Investments (Cost $200,016,364) | 100.0 | % | 233,180,791 | |||||||
| Other Assets, Less Liabilities | (0.0 | )‡ | (80,889 | ) | ||||||
| Net Assets | 100.0 | % | $ | 233,099,902 | ||||||
| † | Percentages indicated are based on Fund net assets. |
| ‡ | Less than one-tenth of a percent. |
| (a) | Non-income producing Underlying Fund. |
| (b) | The Fund's ownership exceeds 5% of the outstanding shares of the Underlying Fund's share class. |
| (c) | All or a portion of this security was held on loan. As of July 31, 2018, the market value of securities loaned was $799,297 and the Fund received non-cash collateral in the amount of $823,703. |
| (d) | Rate reported is the current yield as of July 31, 2018. |
| The following abbreviations are used in the preceding pages: | |
| EM | —Emerging Markets |
| ETF | —Exchange-Traded Fund |
| FTSE | —Financial Times Stock Exchange |
| SPDR | —Standard & Poor's Depositary Receipt |
| TIPS | —Treasury Inflation- Protected Security |
The following is a summary of the fair valuations according to the inputs used as of July 31, 2018, for valuing the Fund's assets.
Asset Valuation Inputs
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
| Investments (a) | ||||||||||||||||
| Affiliated Investment Companies | ||||||||||||||||
| Equity Funds | $ | 176,054,729 | $ | — | $ | — | $ | 176,054,729 | ||||||||
| Fixed Income Funds | 21,326,043 | — | — | 21,326,043 | ||||||||||||
| Short-Term Investment | 4,729,086 | — | — | 4,729,086 | ||||||||||||
| Total Affiliated Investment Companies | 202,159,808 | — | — | 202,159,808 | ||||||||||||
| Unaffiliated Investment Companies | ||||||||||||||||
| Equity Funds | 25,520,464 | — | — | 25,520,464 | ||||||||||||
| Fixed Income Funds | 5,550,469 | — | — | 5,550,469 | ||||||||||||
| Total Unaffiliated Investment Companies | 31,070,933 | — | — | 31,070,933 | ||||||||||||
| Total Investments in Securities | $ | 233,180,791 | $ | — | $ | — | $ | 233,180,791 | ||||||||
| (a) | For a complete listing of investments, see the Portfolio of Investments. |
The Fund recognizes transfers between the levels as of the beginning of the period.
For the period ended July 31, 2018, the Fund did not have any transfers among levels.
As of July 31, 2018, the Fund did not hold any investments with significant unobservable inputs (Level 3).
MainStay Retirement 2050 Fund
Portfolio of Investments July 31, 2018 (Unaudited)
| Shares | Value | |||||||||
| Affiliated Investment Companies 83.8% † | ||||||||||
| Equity Funds 80.4% | ||||||||||
| IQ 50 Percent Hedged FTSE International ETF | 278,382 | $ | 5,935,884 | |||||||
| IQ Chaikin U.S. Large Cap ETF | 471,789 | 12,275,950 | ||||||||
| IQ Chaikin U.S. Small Cap ETF | 472,807 | 13,687,763 | ||||||||
| IQ Global Resources ETF (a) | 113,635 | 3,095,417 | ||||||||
| MainStay Epoch International Choice Fund Class I | 315,129 | 11,363,551 | ||||||||
| MainStay Epoch U.S. All Cap Fund Class R6 (a)(b) | 370,734 | 10,888,457 | ||||||||
| MainStay Epoch U.S. Equity Yield Fund Class R6 | 497,639 | 8,151,320 | ||||||||
| MainStay Large Cap Growth Fund Class R6 | 1,109,834 | 12,641,006 | ||||||||
| MainStay MacKay Common Stock Fund Class I (b) | 279,945 | 7,617,309 | ||||||||
| MainStay MacKay Growth Fund Class I | 102,329 | 3,954,009 | ||||||||
| MainStay MacKay International Equity Fund Class I | 155,917 | 2,795,595 | ||||||||
| MainStay MacKay S&P 500 Index Fund Class I | 103,319 | 5,339,508 | ||||||||
| MainStay MAP Equity Fund Class I | 144,759 | 6,430,197 | ||||||||
| Total Equity Funds (Cost $85,966,247) | 104,175,966 | |||||||||
| Fixed Income Funds 3.4% | ||||||||||
| IQ Enhanced Core Plus Bond U.S. ETF | 12,494 | 239,456 | ||||||||
| MainStay Floating Rate Fund Class I | 3,739 | 34,812 | ||||||||
| MainStay MacKay Convertible Fund Class I | 81,436 | 1,452,005 | ||||||||
| MainStay MacKay High Yield Corporate Bond Fund Class R6 | 39 | 221 | ||||||||
| MainStay MacKay High Yield Municipal Bond Fund Class I | 163,366 | 2,060,042 | ||||||||
| MainStay MacKay Short Duration High Yield Fund Class I | 34,887 | 343,640 | ||||||||
| MainStay MacKay Short Term Municipal Fund Class I | 112 | 1,072 | ||||||||
| MainStay MacKay Total Return Bond Fund Class R6 | 26,108 | 267,872 | ||||||||
| Total Fixed Income Funds (Cost $4,313,887) | 4,399,120 | |||||||||
| Total Affiliated Investment Companies (Cost $90,280,134) | 108,575,086 | |||||||||
| Unaffiliated Investment Companies 14.2% | ||||||||||
| Equity Funds 12.4% | ||||||||||
| iShares MSCI All Country Asia ex-Japan ETF | 52,948 | 3,867,851 | ||||||||
| iShares MSCI EAFE Small-Cap ETF | 85,647 | 5,436,872 | ||||||||
| iShares MSCI Frontier 100 ETF | 19,244 | 571,932 | ||||||||
| iShares MSCI India ETF | 18,670 | 665,212 | ||||||||
| iShares MSCI Philippines ETF (c) | 16,451 | 538,770 | ||||||||
| iShares MSCI Poland ETF | 10,702 | 260,594 | ||||||||
| iShares Russell 2000 ETF | 10,759 | 1,784,595 | ||||||||
| SPDR S&P Emerging Markets Small Cap ETF | 45,021 | 2,174,514 | ||||||||
| VanEck Vectors Africa Index ETF | 12,064 | 286,158 | ||||||||
| VanEck Vectors India Small-Cap Index ETF | 9,146 | 463,062 | ||||||||
| Total Equity Funds (Cost $14,250,047) | 16,049,560 | |||||||||
| Fixed Income Funds 1.8% | ||||||||||
| iShares TIPS Bond ETF | 3,171 | 354,645 | ||||||||
| VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | 64,851 | 1,129,704 | ||||||||
| Vanguard Short-Term Inflation-Protected Securities ETF | 17,866 | 871,325 | ||||||||
| Total Fixed Income Funds (Cost $2,416,008) | 2,355,674 | |||||||||
| Total Unaffiliated Investment Companies (Cost $16,666,055) | 18,405,234 | |||||||||
| Short-Term Investment 2.0% | ||||||||||
| Affiliated Investment Company 2.0% | ||||||||||
| MainStay U.S. Government Liquidity Fund, 1.75% (d) | 2,522,101 | 2,522,101 | ||||||||
| Total Short-Term Investment (Cost $2,522,101) | 2,522,101 | |||||||||
| Total Investments (Cost $109,468,290) | 100.0 | % | 129,502,421 | |||||||
| Other Assets, Less Liabilities | 0.0 | ‡ | 28,433 | |||||||
| Net Assets | 100.0 | % | $ | 129,530,854 | ||||||
| † | Percentages indicated are based on Fund net assets. |
| ‡ | Less than one-tenth of a percent. |
| (a) | Non-income producing Underlying Fund. |
| (b) | The Fund's ownership exceeds 5% of the outstanding shares of the Underlying Fund's share class. |
| (c) | All or a portion of this security was held on loan. As of July 31, 2018, the market value of securities loaned was $530,747 and the Fund received non-cash collateral in the amount of $546,953. |
| (d) | Rate reported is the current yield as of July 31, 2018. |
The following abbreviations are used in the preceding pages:
| EM | —Emerging Markets |
| ETF | —Exchange-Traded Fund |
| FTSE | —Financial Times Stock Exchange |
| SPDR | —Standard & Poor's Depositary Receipt |
| TIPS | —Treasury Inflation- Protected Security |
The following is a summary of the fair valuations according to the inputs used as of July 31, 2018, for valuing the Fund's assets.
Asset Valuation Inputs
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
| Investments (a) | ||||||||||||||||
| Affiliated Investment Companies | ||||||||||||||||
| Equity Funds | $ | 104,175,966 | $ | — | $ | — | $ | 104,175,966 | ||||||||
| Fixed Income Funds | 4,399,120 | — | — | 4,399,120 | ||||||||||||
| Short-Term Investment | 2,522,101 | — | — | 2,522,101 | ||||||||||||
| Total Affiliated Investment Companies | 111,097,187 | — | — | 111,097,187 | ||||||||||||
| Unaffiliated Investment Companies | ||||||||||||||||
| Equity Funds | 16,049,560 | — | — | 16,049,560 | ||||||||||||
| Fixed Income Funds | 2,355,674 | — | — | 2,355,674 | ||||||||||||
| Total Unaffiliated Investment Companies | 18,405,234 | — | — | 18,405,234 | ||||||||||||
| Total Investments in Securities | $ | 129,502,421 | $ | — | $ | — | $ | 129,502,421 | ||||||||
| (a) | For a complete listing of investments, see the Portfolio of Investments. |
The Fund recognizes transfers between the levels as of the beginning of the period.
For the period ended July 31, 2018, the Fund did not have any transfers among levels.
As of July 31, 2018, the Fund did not hold any investments with significant unobservable inputs (Level 3).
MainStay Retirement 2060 Fund
Portfolio of Investments July 31, 2018 (Unaudited)
| Shares | Value | |||||||||
| Affiliated Investment Companies 83.8% † | ||||||||||
| Equity Funds 83.8% | ||||||||||
| IQ 50 Percent Hedged FTSE International ETF | 23,010 | $ | 490,638 | |||||||
| IQ Chaikin U.S. Large Cap ETF | 43,433 | 1,130,127 | ||||||||
| IQ Chaikin U.S. Small Cap ETF | 33,375 | 966,206 | ||||||||
| IQ Global Resources ETF (a) | 9,544 | 259,979 | ||||||||
| MainStay Epoch International Choice Fund Class I | 29,307 | 1,056,823 | ||||||||
| MainStay Epoch U.S. All Cap Fund Class R6 (a) | 35,024 | 1,028,655 | ||||||||
| MainStay Epoch U.S. Equity Yield Fund Class R6 | 42,454 | 695,394 | ||||||||
| MainStay Large Cap Growth Fund Class R6 | 103,086 | 1,174,145 | ||||||||
| MainStay MacKay Common Stock Fund Class I | 26,578 | 723,179 | ||||||||
| MainStay MacKay Growth Fund Class I | 7,050 | 272,413 | ||||||||
| MainStay MacKay International Equity Fund Class I | 15,763 | 282,639 | ||||||||
| MainStay MacKay S&P 500 Index Fund Class I | 6,553 | 338,637 | ||||||||
| MainStay MAP Equity Fund Class I | 11,084 | 492,331 | ||||||||
| Total Equity Funds (Cost $7,682,702) | 8,911,166 | |||||||||
| Fixed Income Funds 0.0% ‡ | ||||||||||
| IQ Enhanced Core Plus Bond U.S. ETF | 58 | 1,112 | ||||||||
| MainStay MacKay Convertible Fund Class I | 3 | 61 | ||||||||
| MainStay MacKay Short Duration High Yield Fund Class I | 16 | 155 | ||||||||
| MainStay MacKay Total Return Bond Fund Class R6 | 86 | 878 | ||||||||
| Total Fixed Income Funds (Cost $2,269) | 2,206 | |||||||||
| Total Affiliated Investment Companies (Cost $7,684,971) | 8,913,372 | |||||||||
| Unaffiliated Investment Companies 13.6% | ||||||||||
| Equity Funds 13.5% | ||||||||||
| iShares MSCI All Country Asia ex-Japan ETF | 4,573 | 334,058 | ||||||||
| iShares MSCI EAFE Small-Cap ETF | 7,594 | 482,067 | ||||||||
| iShares MSCI Frontier 100 ETF (b) | 1,337 | 39,736 | ||||||||
| iShares MSCI India ETF | 1,389 | 49,490 | ||||||||
| iShares MSCI Philippines ETF | 1,287 | 42,149 | ||||||||
| iShares MSCI Poland ETF | 723 | 17,605 | ||||||||
| iShares Russell 2000 ETF | 1,467 | 243,331 | ||||||||
| SPDR S&P Emerging Markets Small Cap ETF (b) | 3,725 | 179,918 | ||||||||
| VanEck Vectors Africa Index ETF | 921 | 21,846 | ||||||||
| VanEck Vectors India Small-Cap Index ETF | 595 | 30,125 | ||||||||
| Total Equity Funds (Cost $1,268,588) | 1,440,325 | |||||||||
| Fixed Income Funds 0.1% | ||||||||||
| iShares TIPS Bond ETF | 34 | 3,803 | ||||||||
| VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | 15 | 261 | ||||||||
| Vanguard Short-Term Inflation-Protected Securities ETF | 77 | 3,755 | ||||||||
| Total Fixed Income Funds (Cost $8,014) | 7,819 | |||||||||
| Total Unaffiliated Investment Companies (Cost $1,276,602) | 1,448,144 | |||||||||
| Short-Term Investment 2.0% | ||||||||||
| Affiliated Investment Company 2.0% | ||||||||||
| MainStay U.S. Government Liquidity Fund, 1.75% (c) | 210,736 | 210,736 | ||||||||
| Total Short-Term Investment (Cost $210,736) | 210,736 | |||||||||
| Total Investments (Cost $9,172,309) | 99.4 | % | 10,572,252 | |||||||
| Other Assets, Less Liabilities | 0.6 | 59,090 | ||||||||
| Net Assets | 100.0 | % | $ | 10,631,342 | ||||||
| † | Percentages indicated are based on Fund net assets. |
| ‡ | Less than one-tenth of a percent. |
| (a) | Non-income producing Underlying Fund. |
| (b) | All or a portion of this security was held on loan. As of July 31, 2018, the market value of securities loaned was $39,320 and the Fund received non-cash collateral in the amount of $40,021. |
| (c) | Rate reported is the current yield as of July 31, 2018. |
The following abbreviations are used in the preceding pages:
| EM | —Emerging Markets |
| ETF | —Exchange-Traded Fund |
| FTSE | —Financial Times Stock Exchange |
| SPDR | —Standard & Poor's Depositary Receipt |
| TIPS | —Treasury Inflation- Protected Security |
The following is a summary of the fair valuations according to the inputs used as of July 31, 2018, for valuing the Fund's assets.
Asset Valuation Inputs
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total | ||||||||||||
| Investments (a) | ||||||||||||||||
| Affiliated Investment Companies | ||||||||||||||||
| Equity Funds | $ | 8,911,166 | $ | — | $ | — | $ | 8,911,166 | ||||||||
| Fixed Income Funds | 2,206 | — | — | 2,206 | ||||||||||||
| Short-Term Investment | 210,736 | — | — | 210,736 | ||||||||||||
| Total Affiliated Investment Companies | 9,124,108 | — | — | 9,124,108 | ||||||||||||
| Unaffiliated Investment Companies | ||||||||||||||||
| Equity Funds | 1,440,325 | — | — | 1,440,325 | ||||||||||||
| Fixed Income Funds | 7,819 | — | — | 7,819 | ||||||||||||
| Total Unaffiliated Investment Companies | 1,448,144 | — | — | 1,448,144 | ||||||||||||
| Total Investments in Securities | $ | 10,572,252 | $ | — | $ | — | $ | 10,572,252 | ||||||||
| (a) | For a complete listing of investments, see the Portfolio of Investments. |
The Fund recognizes transfers between the levels as of the beginning of the period.
For the period ended July 31, 2018, the Fund did not have any transfers among levels.
As of July 31, 2018, the Fund did not hold any investments with significant unobservable inputs (Level 3).
MainStay U.S. Government Liquidity Fund
Portfolio of Investments July 31, 2018 (Unaudited)
| Principal Amount | Amortized Cost | |||||||||
| Short-Term Investments 100.0% † | ||||||||||
| Government Agency Debt 53.4% | ||||||||||
| Federal Agricultural Mortgage Corp. 1.926%, due 8/30/18 (a) | $ | 10,000,000 | $ | 9,984,694 | ||||||
| Federal Farm Credit Banks (a) | ||||||||||
| 1.94%, due 8/21/18 | 3,000,000 | 2,996,850 | ||||||||
| 1.94%, due 8/22/18 | 50,000,000 | 49,944,875 | ||||||||
| Federal Home Loan Banks (a) | ||||||||||
| 1.916%, due 8/16/18 | 30,000,000 | 29,976,375 | ||||||||
| 1.94%, due 8/8/18 | 30,000,000 | 29,988,992 | ||||||||
| 1.94%, due 8/15/18 | 100,000,000 | 99,927,083 | ||||||||
| 1.94%, due 8/17/18 | 52,000,000 | 51,956,436 | ||||||||
| 1.94%, due 8/23/18 | 76,000,000 | 75,911,988 | ||||||||
| 1.95%, due 9/5/18 | 50,000,000 | 49,907,153 | ||||||||
| Tennessee Valley Authority (a) | ||||||||||
| 1.94%, due 8/7/18 | 60,000,000 | 59,981,010 | ||||||||
| 1.94%, due 8/14/18 | 30,000,000 | 29,979,417 | ||||||||
| Total Government Agency Debt (Cost $490,554,873) | 490,554,873 | |||||||||
| Treasury Debt 46.6% | ||||||||||
| United States Treasury Bills (a) | ||||||||||
| 1.886%, due 8/9/18 | 63,594,000 | 63,567,785 | ||||||||
| 1.891%, due 8/16/18 | 298,971,000 | 298,740,584 | ||||||||
| 1.901%, due 8/30/18 | 2,418,000 | 2,414,348 | ||||||||
| 1.905%, due 8/23/18 | 63,182,000 | 63,110,473 | ||||||||
| Total Treasury Debt (Cost $427,833,190) | 427,833,190 | |||||||||
| Total Investments (Amortized Cost $918,388,063) | 100.0 | % | 918,388,063 | |||||||
| Other Assets, Less Liabilities | (0.0 | )‡ | (432,159 | ) | ||||||
| Net Assets | 100.0 | % | $ | 917,955,904 | ||||||
| † | Percentages indicated are based on Fund net assets. | |
| ‡ | Less than one-tenth of a percent. | |
| (a) | Interest rate shown represents yield to maturity. |
The following is a summary of the fair valuations according to the inputs used as of July 31, 2018, for valuing the Fund's assets.
Asset Valuation Inputs
| Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
| Investments in Securities (a) | ||||||||||||||||
| Short-Term Investments | ||||||||||||||||
| Government Agency Debt | $ | — | $ | 490,554,873 | $ | — | $ | 490,554,873 | ||||||||
| Treasury Debt | — | 427,833,190 | — | 427,833,190 | ||||||||||||
| Total Short-Term Investments | — | 918,388,063 | — | 918,388,063 | ||||||||||||
| Total Investments in Securities | $ | — | $ | 918,388,063 | $ | — | $ | 918,388,063 | ||||||||
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
The Fund recognizes transfers between the levels as of the beginning of the period.
For the period ended July 31, 2018, the Fund did not have any transfers among levels.
As of July 31, 2018, the Fund did not hold any investments with significant unobservable inputs (Level 3).
MainStay Funds Trust
NOTES TO PORTFOLIOS OF INVESTMENTS July 31, 2018 (Unaudited)
SECURITIES VALUATION.
Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the "Exchange") (usually 4:00 p.m. Eastern time) on each day the Funds are open for business ("valuation date").
The Board of Trustees of the MainStay Funds Trust (the "Board") adopted procedures establishing methodologies for the valuation of each Fund's securities and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Funds (the "Valuation Committee"). The Board authorized the Valuation Committee to appoint a Valuation Subcommittee (the "Subcommittee") to deal in the first instance with establishing the prices of securities for which market quotations are not readily available or the prices of which are not otherwise readily determinable under these procedures. The Subcommittee meets (in person, via electronic mail or via teleconference) on an as-needed basis. Subsequently, the Valuation Committee meets to ensure that actions taken by the Subcommittee were appropriate. The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for the day-to-day valuation of portfolio assets (including fair value measurements for the Funds' assets and liabilities) rests with New York Life Investment Management LLC ("New York Life Investments" or the "Manager"), aided to whatever extent necessary by the Subadvisor(s) to each Fund.
To assess the appropriateness of security valuations, the Manager, the Subadvisor(s) or the Funds' third party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third party pricing services or broker sources. For those securities valued through either a standardized fair valuation methodology or a fair valuation measurement, the Subcommittee deals in the first instance with such valuation and the Valuation Committee reviews and affirms, if appropriate, the reasonableness of the valuation based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. Any action taken by the Subcommittee with respect to the valuation of a portfolio security or other asset is submitted for review and ratification (if appropriate) to the Valuation Committee and the Board at the next regularly scheduled meeting.
"Fair value" is defined as the price that a Fund would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. "Inputs" refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of each Fund. Unobservable inputs reflect each Fund’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.
| · | Level 1 – quoted prices in active markets for an identical asset or liability |
| · | Level 2 – other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
| · | Level 3 – significant unobservable inputs (including each Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. As of July 31, 2018, the aggregate value by input level of each Fund's assets and liabilities is included at the end of each Fund's respective Portfolio of Investments.
The Funds may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:
| • Benchmark yields | • Reported trades |
| • Broker/dealer quotes | • Issuer spreads |
| • Two-sided markets | • Benchmark securities |
| • Bids/offers | • Reference data (corporate actions or material event notices) |
| • Industry and economic events | • Comparable bonds |
| • Equity and credit default swap curves | • Monthly payment information |
An asset or liability for which market values cannot be measured using the methodologies described above is valued by methods deemed reasonable in good faith by the Valuation Committee, following the procedures established by the Board, to represent fair value. Under these procedures, the Funds generally use a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information. The Funds may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Discounts may also be applied due to the nature and/or duration of any restrictions on the disposition of the asset or liability. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Funds' valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Funds' valuation procedures are designed to value a security at the price a Fund may reasonably expect to receive upon the security's sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that a Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the period ended July 31, 2018, there were no material changes to the fair value methodologies.
Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been de-listed from a national exchange; (v) a security for which the market price is not readily available from a third party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisor(s) reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities for which market quotations or observable inputs are not readily available are generally categorized as Level 3 in the hierarchy. As of July 31, 2018, securities that were fair valued in such a manner are shown in the Portfolio of Investments.
Certain securities held by certain Funds may principally trade in foreign markets. Events may occur between the time the foreign markets close and the time at which each of the Fund's net asset values ("NAVs") are calculated. These events may include, but are not limited to, situations relating to a single issuer in a market sector, significant fluctuations in U.S. or foreign markets, natural disasters, armed conflicts, governmental actions or other developments not tied directly to the securities markets. Should the Manager or the Subadvisor(s) conclude that such events may have affected the accuracy of the last price of such securities reported on the local foreign market, the Subcommittee may, pursuant to procedures adopted by the Board, adjust the value of the local price to reflect the estimated impact on the price of such securities as a result of such events. In this instance, securities are generally categorized as Level 3 in the hierarchy. Additionally, certain foreign equity securities are also fair valued whenever the movement of a particular index exceeds certain thresholds. In such cases, the securities are fair valued by applying factors provided by a third party vendor in accordance with valuation procedures adopted by the Board and are generally categorized as Level 2 in the hierarchy. As of July 31, 2018, no foreign equity securities held by the Funds were fair valued in such a manner.
Investments in Underlying Portfolios/Funds are valued at their respective NAVs at the close of business each day. Securities held by the Underlying Portfolios/Funds are valued using policies consistent with those used by the Underlying Portfolios/Funds, as described in the paragraphs below. These securities are generally categorized as Level 1 in the hierarchy.
Equity securities, rights, warrants and shares of Exchange-Traded Funds are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. Futures contracts are valued at the last posted settlement price on the market where such futures are primarily traded. Investments in mutual funds, including money market funds, are valued at their respective NAVs as of the close of the Exchange on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.
Debt securities (other than convertible and municipal bonds) are valued at the evaluated bid prices (evaluated mean prices in the case of convertible and municipal bonds) supplied by a pricing agent or brokers selected by the Manager, in consultation with the Subadvisor(s). Those values reflect broker/dealer supplied prices and electronic data processing techniques, if the evaluated bid or mean prices are deemed by the Manager, in consultation with the Subadvisor(s) to be representative of market values at the regular close of trading of the Exchange on each valuation date. Debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Debt securities, including corporate bonds, U.S. government & federal agency bonds, municipal bonds, foreign bonds, convertible bonds, asset-backed securities, and mortgage-backed securities are generally categorized as Level 2 in the hierarchy.
Foreign currency forward contracts are valued at their fair market values measured on the basis of the mean between the last current bid and ask prices based on dealer or exchange quotations and are generally categorized as Level 2 in the hierarchy.
Swaps are marked to market daily based upon quotations from pricing agents, brokers, or market makers. These securities are generally categorized as Level 2 in the hierarchy.
Total return swap contracts, which are arrangements to exchange a market-linked return for a periodic payment, are based on a notional principal amount. To the extent that the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. Total return swap contracts are marked to market daily based upon quotations from market makers and these securities are generally categorized as Level 2 in the hierarchy.
Loan assignments, participations and commitments are valued at the average of bid quotations obtained from the engaged independent pricing service and are generally categorized as Level 2 in the hierarchy. Certain loan assignments, participations and commitments may be valued by utilizing significant unobservable inputs obtained from the pricing service and are generally categorized as Level 3 in the hierarchy.
Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Other temporary cash investments which mature in 60 days or less at the time of purchase are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the value on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.
The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The valuation procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.
The valuation techniques and significant amounts of unobservable inputs used in the fair valuation of each Fund's Level 3 securities are outlined in the table below. A significant increase or decrease in any of those inputs in isolation would result in a significantly higher or lower fair value measurement.
MainStay MacKay Short Duration High Yield Fund
| Asset Class | Fair Value at 7/31/18* | Valuation Technique | Unobservable Inputs | Range | ||||||
| Convertible Bond (1) | $ | 2,157,235 | Market Approach | Estimated Enterprise Value | $1,001.9m - $1,148.7m | |||||
| Corporate Bonds (1) | 9,525,977 | Income Approach | Estimated Yield to Maturity | 15.10% | ||||||
| Spread Adjustment | 3.28% | |||||||||
| Common Stocks (1) | 791,093 | Market Approach | Estimated Enterprise Value | $1,001.9m - $1,148.7m | ||||||
| Estimated Volatility | 20.00% | |||||||||
| $ | 12,474,305 | |||||||||
* The table above does not include certain Level 3 investments that were valued by brokers without adjustment. As of July 31, 2018, the value of these investments was $13,840,160. The inputs for this investment were not readily available or cannot be reasonably estimated.
A fund security or other asset may be determined to be illiquid under procedures approved by the Board. Illiquidity of a security might prevent the sale of such security at a time when the Manager or the Subadvisor(s) might wish to sell, and these securities could have the effect of decreasing the overall level of a Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, requiring a Fund to rely on judgments that may be somewhat subjective in measuring value, which could vary materially from the amount that a Fund could realize upon disposition. Difficulty in selling illiquid securities may result in a loss or may be costly to a Fund. Under the supervision of the Board, the Manager or the Subadvisor(s) determine the liquidity of a Fund's investments; in doing so, the Manager or the Subadvisor(s) may consider various factors, including: (i) the frequency of trades and quotations, (ii) the number of dealers and prospective purchasers, (iii) dealer undertakings to make a market, and (iv) the nature of the security and the market in which it trades (e.g., the time needed to dispose of the security, the method of soliciting offers and the mechanics of transfer). Illiquid securities often valued in accordance with methods deemed by the Board in good faith to be reasonable and appropriate to accurately reflect their fair value. The liquidity of each Fund's investments, as shown in their respective accompanying Portfolio of Investments, was determined as of July 31, 2018 and can change at any time in response to, among other relevant factors, market conditions or events or developments with respect to an individual issuer or instrument. As of July 31, 2018, securities deemed to be illiquid under procedures approved by the Board are shown in the Portfolio of Investments.
Investments in Affiliates (in 000s) During the period ended July 31, 2018, purchases and sales transactions, income earned from investments and shares held of investment companies managed by New York Life Investments or its affiliates were as follows:
| MainStay Candriam Emerging Markets Equity Fund | ||||||||||||||||||||||||||||||||||||
| Affiliated
Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net
Realized Gain/(Loss) on sales | Change
in Unrealized Appreciation/ Depreciation | Value,
End of Period | Dividend Income | Other Distributions | Shares
End of Period | |||||||||||||||||||||||||||
| MainStay U.S. Government Liquidity Fund | $ | — | $ | 4,690 | $ | (3,389 | ) | $ | — | $ | — | $ | 1,301 | $ | 2 | $ | — | 1,301 | ||||||||||||||||||
| MainStay Conservative Allocation Fund | ||||||||||||||||||||||||||||||||||||
| Affiliated
Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net
Realized Gain/(Loss) on sales | Change
in Unrealized Appreciation/ Depreciation | Value,
End of Period | Dividend Income | Other Distributions | Shares
End of Period | |||||||||||||||||||||||||||
| IQ 50 Percent Hedged FTSE Europe ETF | $ | 7,048 | $ | 103 | $ | (7,132 | ) | $ | 398 | $ | (417 | ) | $ | — | $ | 55 | $ | — | — | |||||||||||||||||
| IQ 50 Percent Hedged FTSE International ETF | 12,355 | 17,397 | (6,906 | ) | (223 | ) | (4 | ) | 22,619 | 588 | — | 1,061 | ||||||||||||||||||||||||
| IQ Chaikin U.S. Large Cap ETF | — | 24,115 | (5,004 | ) | (158 | ) | 525 | 19,478 | 112 | — | 749 | |||||||||||||||||||||||||
| IQ Chaikin U.S. Small Cap ETF | 2,901 | 9,797 | (574 | ) | (19 | ) | 387 | 12,492 | 39 | — | 432 | |||||||||||||||||||||||||
| IQ Enhanced Core Bond U.S. ETF | 22,202 | 2,219 | (7,002 | ) | (402 | ) | (719 | ) | 16,298 | 370 | — | 876 | ||||||||||||||||||||||||
| IQ Enhanced Core Plus Bond U.S. ETF | 7 | — | (7 | ) | (0 | )(a) | (0 | )(a) | — | 0 | (a) | — | — | |||||||||||||||||||||||
| IQ Global Resources ETF | 3,146 | 2,323 | (24 | ) | (0 | )(a) | (63 | ) | 5,382 | — | — | 198 | ||||||||||||||||||||||||
| IQ S&P High Yield Low Volatility Bond ETF | 5,932 | 1,078 | (602 | ) | (31 | ) | (296 | ) | 6,081 | 195 | — | 251 | ||||||||||||||||||||||||
| MainStay Absolute Return Multi-Strategy Fund Class I | 27,387 | 1,103 | (12,929 | ) | (639 | ) | (1,249 | ) | 13,673 | 501 | 225 | 1,448 | ||||||||||||||||||||||||
| MainStay Candriam Emerging Markets Equity Fund Class I | — | 12,821 | (12,803 | ) | (18 | ) | — | — | 1 | — | — | |||||||||||||||||||||||||
| MainStay Candriam Emerging Markets Equity Fund Class R6 | — | 13,061 | (2,426 | ) | (90 | ) | (927 | ) | 9,618 | — | — | 1,031 | ||||||||||||||||||||||||
| MainStay Cushing MLP Premier Fund Class I | 2,838 | 335 | (522 | ) | (126 | ) | 494 | 3,019 | 234 | — | 240 | |||||||||||||||||||||||||
| MainStay Cushing Renaissance Advantage Fund Class I | 12,515 | 1,139 | (5,686 | ) | 460 | 701 | 9,129 | 189 | — | 427 | ||||||||||||||||||||||||||
| MainStay Epoch Capital Growth Fund Class I | 3,979 | 183 | (239 | ) | 17 | 218 | 4,158 | 27 | 115 | 313 | ||||||||||||||||||||||||||
| MainStay Epoch Global Choice Fund Class I | 10,937 | 428 | (747 | ) | 71 | (48 | ) | 10,641 | 69 | 338 | 484 | |||||||||||||||||||||||||
| MainStay Epoch International Choice Fund Class I | 7,604 | 2,026 | (449 | ) | 1 | (20 | ) | 9,162 | 102 | — | 254 | |||||||||||||||||||||||||
| MainStay Epoch U.S. All Cap Fund Class I | 12,571 | 1,627 | (11,766 | ) | 217 | (2,649 | ) | — | 17 | 1,330 | — | |||||||||||||||||||||||||
| MainStay Epoch U.S. All Cap Fund Class R6 | — | 9,017 | (1,335 | ) | 89 | 1,745 | 9,516 | — | — | 324 | ||||||||||||||||||||||||||
| MainStay Epoch U.S. Equity Yield Fund Class I | 9,490 | 1,995 | (10,416 | ) | (44 | ) | (1,025 | ) | — | 55 | 321 | — | ||||||||||||||||||||||||
| MainStay Epoch U.S. Equity Yield Fund Class R6 | — | 11,720 | (241 | ) | (25 | ) | 1,159 | 12,613 | 138 | — | 770 | |||||||||||||||||||||||||
| MainStay Epoch U.S. Small Cap Fund Class I | 22,575 | 2,389 | (3,508 | ) | 233 | (300 | ) | 21,389 | — | 1,786 | 657 | |||||||||||||||||||||||||
| MainStay Floating Rate Fund Class I | 31,553 | 911 | (9,382 | ) | (29 | ) | (80 | ) | 22,973 | 948 | — | 2,468 | ||||||||||||||||||||||||
| MainStay Indexed Bond Fund Class I | 50,644 | 69,946 | (6,727 | ) | (423 | ) | (2,072 | ) | 111,368 | 1,360 | 191 | 10,844 | ||||||||||||||||||||||||
| MainStay Large Cap Growth Fund Class I | 10,444 | 1,385 | (9,741 | ) | 2,346 | (4,434 | ) | — | 6 | 1,379 | — | |||||||||||||||||||||||||
| MainStay Large Cap Growth Fund Class R6 | — | 1,784 | (1,298 | ) | 579 | 1,201 | 2,266 | — | — | 199 | ||||||||||||||||||||||||||
| MainStay MAP Equity Fund Class I | 15,153 | 2,322 | (5,832 | ) | 1,222 | (1,411 | ) | 11,454 | 97 | 1,342 | 258 | |||||||||||||||||||||||||
| MainStay MacKay Convertible Fund Class I (b) | 8,316 | 575 | (3,389 | ) | 173 | (134 | ) | 5,541 | 100 | 474 | 311 | |||||||||||||||||||||||||
| MainStay MacKay Emerging Markets Equity Fund Class I (c) | 24,131 | 2,034 | (24,201 | ) | 1,796 | (3,760 | ) | — | 199 | — | — | |||||||||||||||||||||||||
| MainStay MacKay Emerging Markets Equity Fund Class R6 | — | 10,168 | (2,501 | ) | 294 | 1,736 | 9,697 | — | — | 945 | ||||||||||||||||||||||||||
| MainStay MacKay Growth Fund Class I (d) | 5,217 | 362 | (697 | ) | 101 | 452 | 5,435 | 14 | 193 | 141 | ||||||||||||||||||||||||||
| MainStay MacKay High Yield Corporate Bond Fund Class I (e) | 14,413 | 299 | (13,159 | ) | 106 | (1,659 | ) | — | 282 | — | — | |||||||||||||||||||||||||
| MainStay MacKay High Yield Corporate Bond Fund Class R6 (e) | — | 11,817 | (4,486 | ) | 286 | 1,002 | 8,619 | 244 | — | 1,536 | ||||||||||||||||||||||||||
| MainStay MacKay High Yield Municipal Bond Fund Class I (f) | — | 7,156 | (3 | ) | 0 | (a) | 57 | 7,210 | 41 | — | 572 | |||||||||||||||||||||||||
| MainStay MacKay International Opportunities Fund Class I (g) | 9,430 | 3,319 | (539 | ) | (19 | ) | (750 | ) | 11,441 | 166 | — | 1,278 | ||||||||||||||||||||||||
| MainStay MacKay S&P 500 Index Fund Class I (h) | 1,437 | 2,898 | (2,351 | ) | (75 | ) | (31 | ) | 1,878 | 24 | 173 | 36 | ||||||||||||||||||||||||
| MainStay MacKay Short Duration High Yield Fund Class I (i) | 9,438 | 429 | (100 | ) | (1 | ) | (114 | ) | 9,652 | 308 | — | 980 | ||||||||||||||||||||||||
| MainStay MacKay Short Term Municipal Fund Class I (j) | — | 19 | — | — | — | 19 | 0 | (a) | — | 2 | ||||||||||||||||||||||||||
| MainStay MacKay Total Return Bond Fund Class I (k) | 81,530 | 1,993 | (82,626 | ) | (231 | ) | (666 | ) | — | 632 | — | — | ||||||||||||||||||||||||
| MainStay MacKay Total Return Bond Fund Class R6 (k) | — | 69,307 | (39,898 | ) | (1,301 | ) | (205 | ) | 27,903 | 570 | — | 2,720 | ||||||||||||||||||||||||
| MainStay MacKay U.S. Equity Opportunities Fund Class I (l) | 16,614 | 3,773 | (3,847 | ) | 166 | (1,239 | ) | 15,467 | 486 | 1,828 | 1,513 | |||||||||||||||||||||||||
| MainStay MacKay Unconstrained Bond Fund Class I (m) | 12,521 | 244 | (12,627 | ) | — | (138 | ) | — | 125 | — | — | |||||||||||||||||||||||||
| MainStay MacKay Unconstrained Bond Fund Class R6 | — | 12,992 | (441 | ) | (12 | ) | (116 | ) | 12,423 | 202 | — | 1,425 | ||||||||||||||||||||||||
| MainStay U.S. Government Liquidity Fund | — | 11,347 | (3,598 | ) | — | — | 7,749 | 11 | — | 7,749 | ||||||||||||||||||||||||||
| $ | 454,328 | $ | 329,956 | $ | (317,761 | ) | $ | 4,689 | $ | (14,849 | ) | $ | 456,363 | $ | 8,507 | $ | 9,695 | |||||||||||||||||||
| MainStay Epoch Capital Growth Fund | ||||||||||||||||||||||||||||||||||||
| Affiliated
Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net
Realized Gain/(Loss) on sales | Change
in Unrealized Appreciation/ Depreciation | Value,
End of Period | Dividend Income | Other Distributions | Shares
End of Period | |||||||||||||||||||||||||||
| MainStay U.S. Government Liquidity Fund | $ | — | $ | 5,577 | $ | (2,852 | ) | $ | — | $ | — | $ | 2,725 | $ | 6 | — | 2,725 | |||||||||||||||||||
| MainStay Epoch Global Choice Fund | ||||||||||||||||||||||||||||||||||||
| Affiliated
Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net
Realized Gain/(Loss) on sales | Change
in Unrealized Appreciation/ Depreciation | Value,
End of Period | Dividend Income | Other Distributions | Shares
End of Period | |||||||||||||||||||||||||||
| MainStay U.S. Government Liquidity Fund | $ | — | $ | 10,376 | $ | (7,700 | ) | $ | — | $ | — | $ | 2,676 | $ | 5 | $ | — | 2,676 | ||||||||||||||||||
| MainStay Epoch Global Equity Yield Fund | ||||||||||||||||||||||||||||||||||||
| Affiliated
Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net
Realized Gain/(Loss) on sales | Change
in Unrealized Appreciation/ Depreciation | Value,
End of Period | Dividend Income | Other Distributions | Shares
End of Period | |||||||||||||||||||||||||||
| MainStay U.S. Government Liquidity Fund | $ | — | $ | 113,839 | $ | (78,856 | ) | $ | — | $ | — | $ | 34,983 | $ | 75 | $ | — | 34,983 | ||||||||||||||||||
| MainStay Epoch International Choice Fund | ||||||||||||||||||||||||||||||||||||
| Affiliated
Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net
Realized Gain/(Loss) on sales | Change
in Unrealized Appreciation/ Depreciation | Value,
End of Period | Dividend Income | Other Distributions | Shares
End of Period | |||||||||||||||||||||||||||
| MainStay U.S. Government Liquidity Fund | $ | — | $ | 52,711 | $ | (39,216 | ) | $ | — | $ | — | $ | 13,495 | $ | 35 | $ | — | 13,495 | ||||||||||||||||||
| MainStay Epoch U.S. All Cap Fund | ||||||||||||||||||||||||||||||||||||
| Affiliated
Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net
Realized Gain/(Loss) on sales | Change
in Unrealized Appreciation/ Depreciation | Value,
End of Period | Dividend Income | Other Distributions | Shares
End of Period | |||||||||||||||||||||||||||
| MainStay U.S. Government Liquidity Fund | $ | — | $ | 70,352 | $ | (42,965 | ) | $ | — | $ | — | $ | 27,387 | $ | 23 | $ | — | 27,387 | ||||||||||||||||||
| MainStay Epoch U.S. Equity Yield Fund | ||||||||||||||||||||||||||||||||||||
| Affiliated
Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net
Realized Gain/(Loss) on sales | Change
in Unrealized Appreciation/ Depreciation | Value,
End of Period | Dividend Income | Other Distributions | Shares
End of Period | |||||||||||||||||||||||||||
| MainStay U.S. Government Liquidity Fund | $ | — | $ | 18,937 | $ | (17,974 | ) | $ | — | $ | — | $ | 963 | $ | 14 | $ | — | 963 | ||||||||||||||||||
| MainStay Epoch U.S. Small Cap Fund | ||||||||||||||||||||||||||||||||||||
| Affiliated
Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net
Realized Gain/(Loss) on sales | Change
in Unrealized Appreciation/ Depreciation | Value,
End of Period | Dividend Income | Other Distributions | Shares
End of Period | |||||||||||||||||||||||||||
| MainStay U.S. Government Liquidity Fund | $ | — | $ | 37,062 | $ | (18,995 | ) | $ | — | $ | — | $ | 18,067 | $ | 28 | $ | — | 18,067 | ||||||||||||||||||
| MainStay Floating Rate Fund | ||||||||||||||||||||||||||||||||||||
| Affiliated
Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net
Realized Gain/(Loss) on sales | Change
in Unrealized Appreciation/ Depreciation | Value,
End of Period | Dividend Income | Other Distributions | Shares
End of Period | |||||||||||||||||||||||||||
| MainStay MacKay High Yield Corporate Bond Fund Class I (e) | $ | 1,258 | $ | — | $ | (7 | ) | $ | — | $ | (28 | ) | $ | 1,223 | $ | 56 | $ | — | 218 | |||||||||||||||||
| MainStay Growth Allocation Fund | ||||||||||||||||||||||||||||||||||||
| Affiliated
Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net
Realized Gain/(Loss) on sales | Change
in Unrealized Appreciation/ Depreciation | Value,
End of Period | Dividend Income | Other Distributions | Shares
End of Period | |||||||||||||||||||||||||||
| IQ 50 Percent Hedged FTSE Europe ETF | $ | 5,524 | $ | 407 | $ | (5,908 | ) | $ | 307 | $ | (330 | ) | $ | — | $ | 45 | $ | — | — | |||||||||||||||||
| IQ 50 Percent Hedged FTSE International ETF | 10,200 | 13,041 | (340 | ) | (5 | ) | (203 | ) | 22,693 | 483 | — | 1,064 | ||||||||||||||||||||||||
| IQ Chaikin U.S. Large Cap ETF | — | 25,480 | (1,420 | ) | (21 | ) | 532 | 24,571 | 95 | — | 944 | |||||||||||||||||||||||||
| IQ Chaikin U.S. Small Cap ETF | 17,264 | 11,825 | (903 | ) | (32 | ) | 1,151 | 29,305 | 116 | — | 1,012 | |||||||||||||||||||||||||
| IQ Global Resources ETF | 6,764 | 4,412 | (127 | ) | (1 | ) | (114 | ) | 10,934 | — | — | 401 | ||||||||||||||||||||||||
| MainStay Absolute Return Multi-Strategy Fund Class I | 7 | — | (7 | ) | (0 | )(a) | 0 | (a) | — | 231 | — | — | ||||||||||||||||||||||||
| MainStay Candriam Emerging Markets Equity Fund Class I | — | 19,255 | (19,231 | ) | (24 | ) | — | — | 1 | — | — | |||||||||||||||||||||||||
| MainStay Candriam Emerging Markets Equity Fund Class R6 | — | 19,219 | (2,720 | ) | (84 | ) | (1,441 | ) | 14,974 | — | — | 1,605 | ||||||||||||||||||||||||
| MainStay Cushing MLP Premier Fund Class I | 2,075 | 1,030 | (251 | ) | (22 | ) | 314 | 3,146 | 219 | — | 251 | |||||||||||||||||||||||||
| MainStay Cushing Renaissance Advantage Fund Class I | 21,567 | 705 | (12,608 | ) | 867 | 803 | 11,334 | 256 | — | 531 | ||||||||||||||||||||||||||
| MainStay Epoch Capital Growth Fund Class I | 3,285 | 281 | (184 | ) | 2 | 195 | 3,579 | 23 | 96 | 269 | ||||||||||||||||||||||||||
| MainStay Epoch Global Choice Fund Class I | 8,567 | 322 | (569 | ) | 40 | (14 | ) | 8,346 | 53 | 259 | 380 | |||||||||||||||||||||||||
| MainStay Epoch International Choice Fund Class I | 23,117 | 1,518 | (1,821 | ) | 34 | (163 | ) | 22,685 | 310 | — | 629 | |||||||||||||||||||||||||
| MainStay Epoch U.S. All Cap Fund Class I | 27,905 | 7,181 | (28,840 | ) | (1 | ) | (6,245 | ) | — | 43 | 3,308 | — | ||||||||||||||||||||||||
| MainStay Epoch U.S. All Cap Fund Class R6 | — | 28,311 | (1,770 | ) | (78 | ) | 4,776 | 31,239 | — | — | 1,064 | |||||||||||||||||||||||||
| MainStay Epoch U.S. Equity Yield Fund Class I | 28,149 | 5,885 | (32,134 | ) | (24 | ) | (1,876 | ) | — | 162 | 952 | — | ||||||||||||||||||||||||
| MainStay Epoch U.S. Equity Yield Fund Class R6 | — | 40,883 | (6,632 | ) | (145 | ) | 2,220 | 36,326 | 444 | — | 2,218 | |||||||||||||||||||||||||
| MainStay Epoch U.S. Small Cap Fund Class I | 48,423 | 4,619 | (11,876 | ) | 1,399 | (1,765 | ) | 40,800 | — | 3,880 | 1,254 | |||||||||||||||||||||||||
| MainStay Large Cap Growth Fund Class I | 20,321 | 2,359 | (17,026 | ) | 3,762 | (9,416 | ) | — | 9 | 2,305 | — | |||||||||||||||||||||||||
| MainStay Large Cap Growth Fund Class R6 | — | 4,513 | (4,519 | ) | 2,171 | 3,116 | 5,281 | — | — | 464 | ||||||||||||||||||||||||||
| MainStay MAP Equity Fund Class I | 38,005 | 4,197 | (8,174 | ) | 1,041 | (1,441 | ) | 33,628 | 262 | 3,608 | 757 | |||||||||||||||||||||||||
| MainStay MacKay Emerging Markets Equity Fund Class I (c) | 33,476 | 2,856 | (33,254 | ) | 2,596 | (5,674 | ) | — | 278 | — | — | |||||||||||||||||||||||||
| MainStay MacKay Emerging Markets Equity Fund Class R6 | — | 14,790 | (2,880 | ) | 308 | 2,753 | 14,971 | — | — | 1,459 | ||||||||||||||||||||||||||
| MainStay MacKay Growth Fund Class I (d) | 14,761 | 643 | (1,184 | ) | 88 | 1,483 | 15,791 | 40 | 542 | 409 | ||||||||||||||||||||||||||
| MainStay MacKay International Equity Fund Class I (n) | 6,761 | 84 | (3,196 | ) | 1,125 | (643 | ) | 4,131 | 53 | — | 230 | |||||||||||||||||||||||||
| MainStay MacKay International Opportunities Fund Class I (g) | 26,604 | 3,136 | (1,199 | ) | (32 | ) | (1,985 | ) | 26,524 | 474 | — | 2,964 | ||||||||||||||||||||||||
| MainStay MacKay S&P 500 Index Fund Class I (h) | 6,372 | 3,178 | (6,942 | ) | 922 | (1,400 | ) | 2,130 | 108 | 769 | 41 | |||||||||||||||||||||||||
| MainStay MacKay U.S. Equity Opportunities Fund Class I (l) | 42,521 | 6,780 | (4,913 | ) | 142 | (3,034 | ) | 41,496 | 1,251 | 4,703 | 4,060 | |||||||||||||||||||||||||
| MainStay U.S. Government Liquidity Fund | — | 1,772 | (1,696 | ) | — | — | 76 | 0 | (a) | — | 76 | |||||||||||||||||||||||||
| $ | 391,668 | $ | 228,682 | $ | (212,324 | ) | $ | 14,335 | $ | (18,401 | ) | $ | 403,960 | $ | 4,956 | $ | 20,422 | |||||||||||||||||||
| MainStay MacKay Emerging Markets Equity Fund | ||||||||||||||||||||||||||||||||||||
| Affiliated
Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net
Realized Gain/(Loss) on sales | Change
in Unrealized Appreciation/ Depreciation | Value,
End of Period | Dividend Income | Other Distributions | Shares
End of Period | |||||||||||||||||||||||||||
| MainStay U.S. Government Liquidity Fund | $ | — | $ | 4,132 | $ | (3,694 | ) | $ | — | $ | — | $ | 438 | $ | 1 | $ | — | 438 | ||||||||||||||||||
| MainStay MacKay Growth Fund | ||||||||||||||||||||||||||||||||||||
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on sales | Change in Unrealized Appreciation/ Depreciation | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period | |||||||||||||||||||||||||||
| MainStay U.S. Government Liquidity Fund | $ | — | $ | 754 | $ | (390 | ) | $ | — | $ | — | $ | 364 | $ | 0 | (a) | $ | — | 364 | |||||||||||||||||
| MainStay MacKay International Opportunities Fund | ||||||||||||||||||||||||||||||||||||
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on sales | Change in Unrealized Appreciation/ Depreciation | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period | |||||||||||||||||||||||||||
| MainStay U.S. Government Liquidity Fund | $ | — | $ | 54,031 | $ | (53,529 | ) | $ | — | $ | — | $ | 502 | $ | 25 | $ | — | 502 | ||||||||||||||||||
| MainStay MacKay S&P 500 Index Fund | ||||||||||||||||||||||||||||||||||||
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on sales | Change in Unrealized Appreciation/ Depreciation | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period | |||||||||||||||||||||||||||
| MainStay U.S. Government Liquidity Fund | $ | — | $ | 916 | $ | (849 | ) | $ | — | $ | — | $ | 67 | $ | 0 | (a) | $ | — | 67 | |||||||||||||||||
| MainStay MacKay Total Return Bond Fund | ||||||||||||||||||||||||||||||||||||
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on sales | Change in Unrealized Appreciation/ Depreciation | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period | |||||||||||||||||||||||||||
| MainStay U.S. Government Liquidity Fund | $ | — | $ | 103,072 | $ | (38,317 | ) | $ | — | $ | — | $ | 64,755 | $ | 93 | $ | — | 64,755 | ||||||||||||||||||
| MainStay MacKay U.S. Equity Opportunities Fund | ||||||||||||||||||||||||||||||||||||
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on sales | Change in Unrealized Appreciation/ Depreciation | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period | |||||||||||||||||||||||||||
| MainStay U.S. Government Liquidity Fund | $ | — | $ | 47,400 | $ | (24,870 | ) | $ | — | $ | — | $ | 22,530 | $ | 42 | $ | — | 22,530 | ||||||||||||||||||
| MainStay Moderate Allocation Fund | ||||||||||||||||||||||||||||||||||||
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on sales | Change in Unrealized Appreciation/ Depreciation | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period | |||||||||||||||||||||||||||
| IQ 50 Percent Hedged FTSE Europe ETF | $ | 10,615 | $ | 247 | $ | (10,825 | ) | $ | 621 | $ | (658 | ) | $ | — | $ | 84 | $ | — | — | |||||||||||||||||
| IQ 50 Percent Hedged FTSE International ETF | 19,688 | 25,490 | (8,391 | ) | (335 | ) | (102 | ) | 36,350 | 934 | — | 1,705 | ||||||||||||||||||||||||
| IQ Chaikin U.S. Large Cap ETF | — | 41,148 | (6,225 | ) | (234 | ) | 922 | 35,611 | 175 | — | 1,369 | |||||||||||||||||||||||||
| IQ Chaikin U.S. Small Cap ETF | 11,436 | 13,245 | (880 | ) | (23 | ) | 977 | 24,755 | 95 | — | 855 | |||||||||||||||||||||||||
| IQ Enhanced Core Bond U.S. ETF | 5,764 | 3,412 | (2,107 | ) | (155 | ) | (145 | ) | 6,769 | 104 | — | 364 | ||||||||||||||||||||||||
| IQ Enhanced Core Plus Bond U.S. ETF | 29,584 | 7,621 | (14,792 | ) | (605 | ) | (664 | ) | 21,144 | 620 | — | 1,103 | ||||||||||||||||||||||||
| IQ Global Resources ETF | 7,700 | 4,632 | — | — | (129 | ) | 12,203 | — | — | 448 | ||||||||||||||||||||||||||
| IQ S&P High Yield Low Volatility Bond ETF | 4,579 | 177 | (1,984 | ) | (88 | ) | (129 | ) | 2,555 | 124 | — | 105 | ||||||||||||||||||||||||
| MainStay Absolute Return Multi-Strategy Fund Class I | 28,136 | 1,135 | (14,212 | ) | (644 | ) | (1,237 | ) | 13,178 | 516 | 230 | 1,396 | ||||||||||||||||||||||||
| MainStay Candriam Emerging Markets Equity Fund Class I | — | 24,272 | (24,249 | ) | (23 | ) | — | — | 1 | — | — | |||||||||||||||||||||||||
| MainStay Candriam Emerging Markets Equity Fund Class R6 | — | 25,346 | (3,805 | ) | (129 | ) | (1,885 | ) | 19,527 | — | — | 2,093 | ||||||||||||||||||||||||
| MainStay Cushing MLP Premier Fund Class I | 4,498 | 675 | (137 | ) | (28 | ) | 284 | 5,292 | 391 | — | 421 | |||||||||||||||||||||||||
| MainStay Cushing Renaissance Advantage Fund Class I | 21,234 | 1,178 | (13,614 | ) | 1,059 | 723 | 10,580 | 235 | — | 495 | ||||||||||||||||||||||||||
| MainStay Epoch Capital Growth Fund Class I | 6,293 | 266 | (124 | ) | 5 | 370 | 6,810 | 43 | 183 | 512 | ||||||||||||||||||||||||||
| MainStay Epoch Global Choice Fund Class I | 18,210 | 702 | (2,359 | ) | 432 | (370 | ) | 16,615 | 113 | 553 | 756 | |||||||||||||||||||||||||
| MainStay Epoch International Choice Fund Class I | 23,754 | 4,318 | (695 | ) | (7 | ) | (119 | ) | 27,251 | 317 | — | 756 | ||||||||||||||||||||||||
| MainStay Epoch U.S. All Cap Fund Class I | 37,285 | 4,368 | (32,750 | ) | 174 | (9,077 | ) | — | 57 | 4,312 | — | |||||||||||||||||||||||||
| MainStay Epoch U.S. All Cap Fund Class R6 | — | 28,485 | (2,770 | ) | 155 | 6,757 | 32,627 | — | — | 1,111 | ||||||||||||||||||||||||||
| MainStay Epoch U.S. Equity Yield Fund Class I | 30,920 | 6,308 | (32,568 | ) | 35 | (4,695 | ) | — | 176 | 1,035 | — | |||||||||||||||||||||||||
| MainStay Epoch U.S. Equity Yield Fund Class R6 | — | 42,027 | (3,899 | ) | 18 | 4,978 | 43,124 | 498 | — | 2,633 | ||||||||||||||||||||||||||
| MainStay Epoch U.S. Small Cap Fund Class I | 35,527 | 10,234 | (2,365 | ) | 57 | 107 | 43,560 | — | 2,846 | 1,339 | ||||||||||||||||||||||||||
| MainStay Floating Rate Fund Class I | 32,747 | 870 | (13,927 | ) | 53 | (153 | ) | 19,590 | 855 | — | 2,104 | |||||||||||||||||||||||||
| MainStay Indexed Bond Fund Class I | 6,930 | 29,055 | (4,313 | ) | (266 | ) | (123 | ) | 31,283 | 242 | 33 | 3,046 | ||||||||||||||||||||||||
| MainStay Large Cap Growth Fund Class I | 25,029 | 2,954 | (21,383 | ) | 5,856 | (12,456 | ) | — | 12 | 2,942 | — | |||||||||||||||||||||||||
| MainStay Large Cap Growth Fund Class R6 | — | 4,281 | (3,048 | ) | 1,608 | 4,484 | 7,325 | — | — | 643 | ||||||||||||||||||||||||||
| MainStay MAP Equity Fund Class I | 42,989 | 5,211 | (9,174 | ) | 1,348 | (1,787 | ) | 38,587 | 288 | 3,974 | 869 | |||||||||||||||||||||||||
| MainStay MacKay Convertible Fund Class I (b) | 13,031 | 902 | (5,449 | ) | 285 | (214 | ) | 8,555 | 156 | 742 | 480 | |||||||||||||||||||||||||
| MainStay MacKay Emerging Markets Equity Fund Class I (c) | 45,505 | 3,518 | (45,346 | ) | 3,171 | (6,848 | ) | — | 371 | — | — | |||||||||||||||||||||||||
| MainStay MacKay Emerging Markets Equity Fund Class R6 | — | 19,981 | (3,907 | ) | 473 | 3,159 | 19,706 | — | — | 1,921 | ||||||||||||||||||||||||||
| MainStay MacKay Growth Fund Class I (d) | 15,271 | 933 | (1,877 | ) | 155 | 1,451 | 15,933 | 41 | 555 | 412 | ||||||||||||||||||||||||||
| MainStay MacKay High Yield Corporate Bond Fund Class I (e) | 8,519 | 165 | (7,688 | ) | 97 | (1,093 | ) | — | 162 | — | — | |||||||||||||||||||||||||
| MainStay MacKay High Yield Corporate Bond Fund Class R6 (e) | — | 6,550 | (4,140 | ) | 271 | 576 | 3,257 | 107 | — | 581 | ||||||||||||||||||||||||||
| MainStay MacKay High Yield Municipal Bond Fund Class I (f) | — | 11,191 | (10 | ) | 0 | (a) | 91 | 11,272 | 65 | — | 894 | |||||||||||||||||||||||||
| MainStay MacKay International Equity Fund Class I (n) | 3,975 | 900 | (3,149 | ) | 1,279 | (1,003 | ) | 2,002 | 31 | — | 112 | |||||||||||||||||||||||||
| MainStay MacKay International Opportunities Fund Class I (g) | 27,969 | 7,352 | (473 | ) | (5 | ) | (2,310 | ) | 32,533 | 493 | — | 3,635 | ||||||||||||||||||||||||
| MainStay MacKay S&P 500 Index Fund Class I (h) | 9,936 | 5,563 | (12,810 | ) | (590 | ) | (234 | ) | 1,865 | 169 | 1,198 | 36 | ||||||||||||||||||||||||
| MainStay MacKay Short Duration High Yield Fund Class I (i) | 14,803 | 1,044 | (453 | ) | (6 | ) | (178 | ) | 15,210 | 487 | — | 1,544 | ||||||||||||||||||||||||
| MainStay MacKay Short Term Municipal Fund Class I (j) | — | 2,007 | — | — | 4 | 2,011 | 4 | — | 210 | |||||||||||||||||||||||||||
| MainStay MacKay Total Return Bond Fund Class I (k) | 103,661 | 8,270 | (111,132 | ) | (200 | ) | (599 | ) | — | 912 | — | — | ||||||||||||||||||||||||
| MainStay MacKay Total Return Bond Fund Class R6 (k) | — | 108,610 | (18,745 | ) | (716 | ) | (2,288 | ) | 86,861 | 1,100 | — | 8,466 | ||||||||||||||||||||||||
| MainStay MacKay U.S. Equity Opportunities Fund Class I (l) | 51,372 | 9,277 | (9,188 | ) | 360 | (3,805 | ) | 48,016 | 1,500 | 5,640 | 4,698 | |||||||||||||||||||||||||
| MainStay MacKay Unconstrained Bond Fund Class I (m) | 19,700 | 775 | (20,231 | ) | (4 | ) | (240 | ) | — | 199 | — | — | ||||||||||||||||||||||||
| MainStay MacKay Unconstrained Bond Fund Class R6 | — | 20,754 | (272 | ) | (9 | ) | (175 | ) | 20,298 | 327 | — | 2,328 | ||||||||||||||||||||||||
| MainStay U.S. Government Liquidity Fund | — | 16,584 | (3,850 | ) | — | — | 12,734 | 16 | — | 12,734 | ||||||||||||||||||||||||||
| $ | 716,660 | $ | 512,033 | $ | (479,316 | ) | $ | 13,445 | $ | (27,833 | ) | $ | 734,989 | $ | 12,020 | $ | 24,243 | |||||||||||||||||||
| MainStay Moderate Growth Allocation Fund | ||||||||||||||||||||||||||||||||||||
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on sales | Change in Unrealized Appreciation/ Depreciation | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period | |||||||||||||||||||||||||||
| IQ 50 Percent Hedged FTSE Europe ETF | $ | 10,740 | $ | 361 | $ | (11,066 | ) | $ | 603 | $ | (638 | ) | $ | — | $ | 86 | $ | — | — | |||||||||||||||||
| IQ 50 Percent Hedged FTSE International ETF | 20,003 | 27,525 | (9,585 | ) | (401 | ) | (116 | ) | 37,426 | 973 | — | 1,755 | ||||||||||||||||||||||||
| IQ Chaikin U.S. Large Cap ETF | — | 47,578 | (6,490 | ) | (245 | ) | 997 | 41,840 | 187 | — | 1,608 | |||||||||||||||||||||||||
| IQ Chaikin U.S. Small Cap ETF | 22,117 | 17,324 | (859 | ) | (28 | ) | 1,519 | 40,073 | 154 | — | 1,384 | |||||||||||||||||||||||||
| IQ Enhanced Core Plus Bond U.S. ETF | 6,672 | 9,234 | (9,577 | ) | (344 | ) | 38 | 6,023 | 110 | — | 314 | |||||||||||||||||||||||||
| IQ Global Resources ETF | 10,292 | 7,280 | — | — | (184 | ) | 17,388 | — | — | 638 | ||||||||||||||||||||||||||
| IQ S&P High Yield Low Volatility Bond ETF | 4,998 | 194 | (2,568 | ) | (113 | ) | (122 | ) | 2,389 | 130 | — | 99 | ||||||||||||||||||||||||
| MainStay Absolute Return Multi-Strategy Fund Class I | 13,937 | 919 | (9,262 | ) | (468 | ) | (476 | ) | 4,650 | 254 | 113 | 493 | ||||||||||||||||||||||||
| MainStay Candriam Emerging Markets Equity Fund Class I | — | 29,071 | (29,043 | ) | (28 | ) | — | — | 1 | — | — | |||||||||||||||||||||||||
| MainStay Candriam Emerging Markets Equity Fund Class R6 | — | 30,144 | (3,516 | ) | (121 | ) | (2,380 | ) | 24,127 | — | — | 2,586 | ||||||||||||||||||||||||
| MainStay Cushing MLP Premier Fund Class I | 4,541 | 550 | (691 | ) | (136 | ) | 735 | 4,999 | 384 | — | 398 | |||||||||||||||||||||||||
| MainStay Cushing Renaissance Advantage Fund Class I | 32,896 | 1,402 | (24,943 | ) | 2,459 | 466 | 12,280 | 309 | — | 575 | ||||||||||||||||||||||||||
| MainStay Epoch Capital Growth Fund Class I | 6,085 | 351 | (20 | ) | (0 | )(a) | 366 | 6,782 | 41 | 177 | 510 | |||||||||||||||||||||||||
| MainStay Epoch Global Choice Fund Class I | 17,660 | 847 | (313 | ) | 22 | 30 | 18,246 | 111 | 541 | 830 | ||||||||||||||||||||||||||
| MainStay Epoch International Choice Fund Class I | 35,892 | 4,845 | (572 | ) | (21 | ) | (155 | ) | 39,989 | 483 | — | 1,109 | ||||||||||||||||||||||||
| MainStay Epoch U.S. All Cap Fund Class I | 40,948 | 4,911 | (36,335 | ) | 34 | (9,558 | ) | — | 64 | 4,847 | — | |||||||||||||||||||||||||
| MainStay Epoch U.S. All Cap Fund Class R6 | — | 35,671 | (5,470 | ) | 148 | 7,207 | 37,556 | — | — | 1,279 | ||||||||||||||||||||||||||
| MainStay Epoch U.S. Equity Yield Fund Class I | 33,873 | 10,896 | (41,720 | ) | 0 | (a) | (3,049 | ) | — | 196 | 1,153 | — | ||||||||||||||||||||||||
| MainStay Epoch U.S. Equity Yield Fund Class R6 | — | 60,186 | (1,120 | ) | (44 | ) | 3,665 | 62,687 | 668 | — | 3,827 | |||||||||||||||||||||||||
| MainStay Epoch U.S. Small Cap Fund Class I | 76,309 | 12,312 | (3,795 | ) | 168 | (163 | ) | 84,831 | — | 6,117 | 2,607 | |||||||||||||||||||||||||
| MainStay Floating Rate Fund Class I | 33,145 | 1,906 | (18,293 | ) | 128 | (219 | ) | 16,667 | 803 | — | 1,790 | |||||||||||||||||||||||||
| MainStay Indexed Bond Fund Class I | — | 6,890 | (6,917 | ) | 27 | — | — | 13 | — | — | ||||||||||||||||||||||||||
| MainStay Large Cap Growth Fund Class I | 38,626 | 4,636 | (34,590 | ) | 8,175 | (16,847 | ) | — | 17 | 4,538 | — | |||||||||||||||||||||||||
| MainStay Large Cap Growth Fund Class R6 | — | 7,068 | (7,469 | ) | 3,322 | 4,310 | 7,231 | — | — | 635 | ||||||||||||||||||||||||||
| MainStay MAP Equity Fund Class I | 61,499 | 6,981 | (13,383 | ) | 1,877 | (2,622 | ) | 54,352 | 431 | 5,947 | 1,224 | |||||||||||||||||||||||||
| MainStay MacKay Convertible Fund Class I (b) | 13,227 | 977 | (4,971 | ) | 251 | (177 | ) | 9,307 | 161 | 754 | 522 | |||||||||||||||||||||||||
| MainStay MacKay Emerging Markets Equity Fund Class I (c) | 54,274 | 3,641 | (53,632 | ) | 3,700 | (7,983 | ) | — | 447 | — | — | |||||||||||||||||||||||||
| MainStay MacKay Emerging Markets Equity Fund Class R6 | — | 24,155 | (4,006 | ) | 486 | 3,643 | 24,278 | — | — | 2,366 | ||||||||||||||||||||||||||
| MainStay MacKay Growth Fund Class I (d) | 19,210 | 755 | (2,075 | ) | 178 | 1,863 | 19,931 | 52 | 703 | 516 | ||||||||||||||||||||||||||
| MainStay MacKay High Yield Corporate Bond Fund Class I (e) | 8,583 | 328 | (8,251 | ) | 91 | (751 | ) | — | 164 | — | — | |||||||||||||||||||||||||
| MainStay MacKay High Yield Corporate Bond Fund Class R6 (e) | — | 6,892 | (4,950 | ) | 323 | 188 | 2,453 | 90 | — | 437 | ||||||||||||||||||||||||||
| MainStay MacKay High Yield Municipal Bond Fund Class I (f) | — | 11,894 | (66 | ) | 0 | (a) | 95 | 11,923 | 69 | — | 946 | |||||||||||||||||||||||||
| MainStay MacKay International Equity Fund Class I (n) | 9,385 | 131 | (1,745 | ) | 584 | 191 | 8,546 | 74 | — | 477 | ||||||||||||||||||||||||||
| MainStay MacKay International Opportunities Fund Class I (g) | 41,411 | 9,709 | (859 | ) | (71 | ) | (3,309 | ) | 46,881 | 741 | — | 5,238 | ||||||||||||||||||||||||
| MainStay MacKay S&P 500 Index Fund Class I (h) | 5,948 | 5,213 | (7,201 | ) | 194 | (629 | ) | 3,525 | 101 | 717 | 68 | |||||||||||||||||||||||||
| MainStay MacKay Short Duration High Yield Fund Class I (i) | 15,258 | 1,969 | (920 | ) | (12 | ) | (182 | ) | 16,113 | 512 | — | 1,636 | ||||||||||||||||||||||||
| MainStay MacKay Short Term Municipal Fund Class I (j) | — | 4,306 | — | — | 2 | 4,308 | 4 | — | 451 | |||||||||||||||||||||||||||
| MainStay MacKay Total Return Bond Fund Class I (k) | 7,161 | 2,720 | (9,677 | ) | (84 | ) | (120 | ) | — | 74 | — | — | ||||||||||||||||||||||||
| MainStay MacKay Total Return Bond Fund Class R6 (k) | — | 13,315 | (6,802 | ) | (104 | ) | (7 | ) | 6,402 | 73 | — | 624 | ||||||||||||||||||||||||
| MainStay MacKay U.S. Equity Opportunities Fund Class I (l) | 68,566 | 14,123 | (13,867 | ) | 261 | (5,012 | ) | 64,071 | 2,019 | 7,592 | 6,269 | |||||||||||||||||||||||||
| MainStay MacKay Unconstrained Bond Fund Class I (m) | 20,163 | 779 | (20,953 | ) | — | 11 | — | 204 | — | — | ||||||||||||||||||||||||||
| MainStay MacKay Unconstrained Bond Fund Class R6 | — | 22,127 | (457 | ) | (24 | ) | (429 | ) | 21,217 | 340 | — | 2,433 | ||||||||||||||||||||||||
| MainStay U.S. Government Liquidity Fund | — | 17,490 | (4,329 | ) | — | — | 13,161 | 17 | — | 13,161 | ||||||||||||||||||||||||||
| $ | 733,419 | $ | 469,606 | $ | (422,358 | ) | $ | 20,787 | $ | (29,802 | ) | $ | 771,652 | $ | 10,557 | $ | 33,199 | |||||||||||||||||||
| MainStay Retirement 2010 Fund | ||||||||||||||||||||||||||||||||||||
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on sales | Change in Unrealized Appreciation/ Depreciation | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period | |||||||||||||||||||||||||||
| IQ 50 Percent Hedged FTSE Europe ETF | $ | 569 | $ | 26 | $ | (596 | ) | $ | 35 | $ | (34 | ) | $ | — | $ | 4 | $ | — | — | |||||||||||||||||
| IQ 50 Percent Hedged FTSE International ETF | 1,017 | 1,331 | (766 | ) | (16 | ) | 1 | 1,567 | 42 | — | 73 | |||||||||||||||||||||||||
| IQ Chaikin U.S. Large Cap ETF | — | 2,983 | (585 | ) | (21 | ) | 61 | 2,438 | 15 | — | 94 | |||||||||||||||||||||||||
| IQ Chaikin U.S. Small Cap ETF | 1,155 | 1,032 | (317 | ) | (3 | ) | 89 | 1,956 | 8 | — | 68 | |||||||||||||||||||||||||
| IQ Enhanced Core Bond U.S. ETF | 1,796 | 578 | (688 | ) | (40 | ) | (54 | ) | 1,592 | 33 | — | 86 | ||||||||||||||||||||||||
| IQ Enhanced Core Plus Bond U.S. ETF | 3 | — | (0 | )(a) | (0 | )(a) | (0 | )(a) | 3 | 0 | (a) | — | 0 | (o) | ||||||||||||||||||||||
| IQ Global Resources ETF | 195 | 134 | (14 | ) | 1 | (4 | ) | 312 | — | — | 11 | |||||||||||||||||||||||||
| IQ S&P High Yield Low Volatility Bond ETF | 543 | 19 | (152 | ) | (7 | ) | (19 | ) | 384 | 15 | — | 16 | ||||||||||||||||||||||||
| MainStay Epoch International Choice Fund Class I | 49 | 2 | (48 | ) | 18 | (16 | ) | 5 | 1 | — | 0 | (o) | ||||||||||||||||||||||||
| MainStay Epoch International Small Cap Fund Class I | 579 | 173 | (655 | ) | 35 | (132 | ) | — | 14 | 94 | — | |||||||||||||||||||||||||
| MainStay Epoch U.S. All Cap Fund Class I | 1,292 | 140 | (1,059 | ) | 70 | (443 | ) | — | 2 | 137 | — | |||||||||||||||||||||||||
| MainStay Epoch U.S. All Cap Fund Class R6 | — | 875 | (247 | ) | 53 | 255 | 936 | — | — | 32 | ||||||||||||||||||||||||||
| MainStay Epoch U.S. Equity Yield Fund Class I | 751 | 33 | (677 | ) | 19 | (126 | ) | — | 4 | 25 | — | |||||||||||||||||||||||||
| MainStay Epoch U.S. Equity Yield Fund Class R6 | — | 591 | (58 | ) | 1 | 107 | 641 | 7 | — | 39 | ||||||||||||||||||||||||||
| MainStay Floating Rate Fund Class I | 634 | 12 | (577 | ) | 8 | (9 | ) | 68 | 8 | — | 7 | |||||||||||||||||||||||||
| MainStay Indexed Bond Fund Class I | 6,420 | 2,392 | (1,035 | ) | (55 | ) | (201 | ) | 7,521 | 126 | 21 | 732 | ||||||||||||||||||||||||
| MainStay Large Cap Growth Fund Class I | 1,053 | 254 | (881 | ) | 2 | (428 | ) | — | 1 | 143 | — | |||||||||||||||||||||||||
| MainStay Large Cap Growth Fund Class R6 | — | 841 | (255 | ) | 27 | 453 | 1,066 | — | — | 94 | ||||||||||||||||||||||||||
| MainStay MAP Equity Fund Class I | 957 | 94 | (712 | ) | 223 | (247 | ) | 315 | 6 | 81 | 7 | |||||||||||||||||||||||||
| MainStay MacKay Common Stock Fund Class I | 1,182 | 23 | (784 | ) | 386 | (304 | ) | 503 | 10 | — | 18 | |||||||||||||||||||||||||
| MainStay MacKay Convertible Fund Class I (b) | 676 | 58 | (328 | ) | 18 | (16 | ) | 408 | 8 | 38 | 23 | |||||||||||||||||||||||||
| MainStay MacKay Growth Fund Class I (d) | 1,096 | 105 | (321 | ) | 46 | 63 | 989 | 3 | 39 | 26 | ||||||||||||||||||||||||||
| MainStay MacKay High Yield Corporate Bond Fund Class I (e) | 864 | 18 | (802 | ) | 3 | (83 | ) | — | 17 | — | — | |||||||||||||||||||||||||
| MainStay MacKay High Yield Corporate Bond Fund Class R6 (e) | — | 771 | (291 | ) | 18 | 46 | 544 | 16 | — | 97 | ||||||||||||||||||||||||||
| MainStay MacKay High Yield Municipal Bond Fund Class I (f) | — | 583 | (12 | ) | 0 | (a) | 4 | 575 | 3 | — | 46 | |||||||||||||||||||||||||
| MainStay MacKay S&P 500 Index Fund Class I (h) | 861 | 120 | (665 | ) | 224 | (268 | ) | 272 | 14 | 100 | 5 | |||||||||||||||||||||||||
| MainStay MacKay Short Duration High Yield Fund Class I (i) | 857 | 48 | (90 | ) | (1 | ) | (9 | ) | 805 | 27 | — | 82 | ||||||||||||||||||||||||
| MainStay MacKay Short Term Municipal Fund Class I (j) | — | 126 | — | — | 0 | (a) | 126 | 0 | (a) | — | 13 | |||||||||||||||||||||||||
| MainStay MacKay Total Return Bond Fund Class I (k) | 9,316 | 560 | (9,775 | ) | (12 | ) | (89 | ) | — | 80 | — | — | ||||||||||||||||||||||||
| MainStay MacKay Total Return Bond Fund Class R6 (k) | — | 9,378 | (2,052 | ) | (68 | ) | (161 | ) | 7,097 | 95 | — | 692 | ||||||||||||||||||||||||
| MainStay U.S. Government Liquidity Fund | — | 1,368 | (817 | ) | — | — | 551 | 1 | — | 551 | ||||||||||||||||||||||||||
| $ | 31,865 | $ | 24,668 | $ | (25,259 | ) | $ | 964 | $ | (1,564 | ) | $ | 30,674 | $ | 560 | $ | 678 | |||||||||||||||||||
| MainStay Retirement 2020 Fund | ||||||||||||||||||||||||||||||||||||
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on sales | Change in Unrealized Appreciation/ Depreciation | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period | |||||||||||||||||||||||||||
| IQ 50 Percent
Hedged FTSE Europe ETF | $ | 1,839 | $ | 52 | $ | (1,886 | ) | $ | 124 | $ | (129 | ) | $ | — | $ | 15 | $ | — | — | |||||||||||||||||
| IQ 50 Percent Hedged FTSE International ETF | 3,252 | 5,035 | (2,394 | ) | (78 | ) | (4 | ) | 5,811 | 155 | — | 273 | ||||||||||||||||||||||||
| IQ Chaikin U.S. Large Cap ETF | — | 10,638 | (1,936 | ) | (69 | ) | 179 | 8,812 | 54 | — | 339 | |||||||||||||||||||||||||
| IQ Chaikin U.S. Small Cap ETF | 5,303 | 2,636 | (828 | ) | (7 | ) | 312 | 7,416 | 31 | — | 256 | |||||||||||||||||||||||||
| IQ Enhanced Core Bond U.S. ETF | 5,176 | 1,950 | (1,468 | ) | (82 | ) | (200 | ) | 5,376 | 104 | — | 289 | ||||||||||||||||||||||||
| IQ Enhanced Core Plus Bond U.S. ETF | 866 | 6 | (764 | ) | (24 | ) | (12 | ) | 72 | 11 | — | 4 | ||||||||||||||||||||||||
| IQ Global Resources ETF | 1,024 | 731 | (13 | ) | (0 | )(a) | (17 | ) | 1,725 | — | — | 63 | ||||||||||||||||||||||||
| IQ S&P High Yield Low Volatility Bond ETF | 804 | 35 | (520 | ) | (23 | ) | (15 | ) | 281 | 21 | — | 12 | ||||||||||||||||||||||||
| MainStay Epoch International Choice Fund Class I | 4,615 | 1,005 | (384 | ) | 1 | (13 | ) | 5,224 | 62 | — | 145 | |||||||||||||||||||||||||
| MainStay Epoch International Small Cap Fund Class I | 2,991 | 792 | (3,268 | ) | 487 | (1,002 | ) | — | 68 | 493 | — | |||||||||||||||||||||||||
| MainStay Epoch U.S. All Cap Fund Class I | 7,373 | 882 | (6,068 | ) | 204 | (2,391 | ) | — | 11 | 853 | — | |||||||||||||||||||||||||
| MainStay Epoch U.S. All Cap Fund Class R6 | — | 4,953 | (1,079 | ) | 186 | 1,592 | 5,652 | — | — | 192 | ||||||||||||||||||||||||||
| MainStay Epoch U.S. Equity Yield Fund Class I | 4,526 | 209 | (4,130 | ) | 48 | (653 | ) | — | 26 | 153 | — | |||||||||||||||||||||||||
| MainStay Epoch U.S. Equity Yield Fund Class R6 | — | 3,987 | (154 | ) | 1 | 610 | 4,444 | 50 | — | 271 | ||||||||||||||||||||||||||
| MainStay Floating Rate Fund Class I | 1,446 | 15 | (1,370 | ) | 10 | (12 | ) | 89 | 7 | — | 10 | |||||||||||||||||||||||||
| MainStay Indexed Bond Fund Class I | 5,174 | 5,407 | (1,041 | ) | (54 | ) | (161 | ) | 9,325 | 114 | 17 | 908 | ||||||||||||||||||||||||
| MainStay Large Cap Growth Fund Class I | 3,662 | 2,797 | (4,805 | ) | 23 | (1,677 | ) | — | 2 | 509 | — | |||||||||||||||||||||||||
| MainStay Large Cap Growth Fund Class R6 | — | 5,158 | (1,034 | ) | 38 | 2,092 | 6,254 | — | — | 549 | ||||||||||||||||||||||||||
| MainStay MAP Equity Fund Class I | 6,397 | 801 | (3,543 | ) | 922 | (1,085 | ) | 3,492 | 44 | 612 | 79 | |||||||||||||||||||||||||
| MainStay MacKay Common Stock Fund Class I | 7,634 | 246 | (4,391 | ) | 1,891 | (1,261 | ) | 4,119 | 77 | — | 151 | |||||||||||||||||||||||||
| MainStay MacKay Convertible Fund Class I (b) | 2,180 | 187 | (1,037 | ) | 61 | (48 | ) | 1,343 | 26 | 123 | 75 | |||||||||||||||||||||||||
| MainStay MacKay Growth Fund Class I (d) | 3,050 | 136 | (550 | ) | 72 | 243 | 2,951 | 8 | 111 | 76 | ||||||||||||||||||||||||||
| MainStay MacKay High Yield Corporate Bond Fund Class I (e) | 1,285 | 46 | (1,221 | ) | (0 | )(a) | (110 | ) | — | 26 | — | — | ||||||||||||||||||||||||
| MainStay MacKay High Yield Corporate Bond Fund Class R6 (e) | — | 1,248 | (988 | ) | 48 | 33 | 341 | 19 | — | 61 | ||||||||||||||||||||||||||
| MainStay MacKay High Yield Municipal Bond Fund Class I (f) | — | 1,908 | (33 | ) | 0 | (a) | 15 | 1,890 | 11 | — | 150 | |||||||||||||||||||||||||
| MainStay MacKay International Equity Fund Class I (n) | 671 | 186 | (584 | ) | 228 | (189 | ) | 312 | 5 | — | 17 | |||||||||||||||||||||||||
| MainStay MacKay S&P 500 Index Fund Class I (h) | 4,811 | 762 | (1,711 | ) | 372 | (583 | ) | 3,651 | 81 | 574 | 71 | |||||||||||||||||||||||||
| MainStay MacKay Short Duration High Yield Fund Class I (i) | 2,766 | 204 | (105 | ) | (1 | ) | (33 | ) | 2,831 | 91 | — | 287 | ||||||||||||||||||||||||
| MainStay MacKay Short Term Municipal Fund Class I (j) | — | 761 | (3 | ) | 0 | (a) | 2 | 760 | 1 | — | 79 | |||||||||||||||||||||||||
| MainStay MacKay Total Return Bond Fund Class I (k) | 26,625 | 3,359 | (29,716 | ) | (39 | ) | (229 | ) | — | 238 | — | — | ||||||||||||||||||||||||
| MainStay MacKay Total Return Bond Fund Class R6 (k) | — | 29,387 | (7,232 | ) | (255 | ) | (463 | ) | 21,437 | 292 | — | 2,089 | ||||||||||||||||||||||||
| MainStay U.S. Government Liquidity Fund | — | 3,734 | (1,989 | ) | — | — | 1,745 | 3 | — | 1,745 | ||||||||||||||||||||||||||
| $ | 103,470 | $ | 89,253 | $ | (86,245 | ) | $ | 4,084 | $ | (5,209 | ) | $ | 105,353 | $ | 1,653 | $ | 3,445 | |||||||||||||||||||
| MainStay Retirement 2030 Fund | ||||||||||||||||||||||||||||||||||||
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on sales | Change in Unrealized Appreciation/ Depreciation | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period | |||||||||||||||||||||||||||
| IQ 50 Percent Hedged FTSE Europe ETF | $ | 3,543 | $ | 241 | $ | (3,775 | ) | $ | 232 | $ | (241 | ) | $ | — | $ | 29 | $ | — | — | |||||||||||||||||
| IQ 50 Percent Hedged FTSE International ETF | 6,580 | 10,231 | (3,210 | ) | (126 | ) | (25 | ) | 13,450 | 341 | — | 631 | ||||||||||||||||||||||||
| IQ Chaikin U.S. Large Cap ETF | — | 22,595 | (2,129 | ) | (84 | ) | 288 | 20,670 | 118 | — | 794 | |||||||||||||||||||||||||
| IQ Chaikin U.S. Small Cap ETF | 10,557 | 8,338 | (569 | ) | 2 | 773 | 19,101 | 71 | — | 660 | ||||||||||||||||||||||||||
| IQ Enhanced Core Plus Bond U.S. ETF | 11,699 | 3,453 | (3,667 | ) | (162 | ) | (355 | ) | 10,968 | 248 | — | 572 | ||||||||||||||||||||||||
| IQ Global Resources ETF | 2,727 | 2,194 | (49 | ) | 4 | (53 | ) | 4,823 | — | — | 177 | |||||||||||||||||||||||||
| IQ S&P High Yield Low Volatility Bond ETF | 1,704 | 111 | (1,127 | ) | (53 | ) | (29 | ) | 606 | 46 | — | 25 | ||||||||||||||||||||||||
| MainStay Epoch International Choice Fund Class I | 14,189 | 2,668 | (536 | ) | 4 | (41 | ) | 16,284 | 191 | — | 452 | |||||||||||||||||||||||||
| MainStay Epoch International Small Cap Fund Class I | 7,522 | 1,995 | (8,232 | ) | 894 | (2,179 | ) | — | 171 | 1,234 | — | |||||||||||||||||||||||||
| MainStay Epoch U.S. All Cap Fund Class I | 21,174 | 2,765 | (18,682 | ) | 99 | (5,356 | ) | — | 32 | 2,464 | — | |||||||||||||||||||||||||
| MainStay Epoch U.S. All Cap Fund Class R6 | — | 19,563 | (2,815 | ) | 167 | 3,958 | 20,873 | — | — | 711 | ||||||||||||||||||||||||||
| MainStay Epoch U.S. Equity Yield Fund Class I | 13,199 | 724 | (12,629 | ) | (11 | ) | (1,283 | ) | — | 76 | 450 | — | ||||||||||||||||||||||||
| MainStay Epoch U.S. Equity Yield Fund Class R6 | — | 12,924 | (158 | ) | (19 | ) | 1,260 | 14,007 | 161 | — | 855 | |||||||||||||||||||||||||
| MainStay Floating Rate Fund Class I | 4,133 | 130 | (3,720 | ) | 29 | (38 | ) | 534 | 56 | — | 57 | |||||||||||||||||||||||||
| MainStay Indexed Bond Fund Class I | — | 3,117 | (1,572 | ) | 8 | (9 | ) | 1,544 | 6 | — | 150 | |||||||||||||||||||||||||
| MainStay Large Cap Growth Fund Class I | 9,207 | 6,229 | (11,953 | ) | (7 | ) | (3,476 | ) | — | 5 | 1,310 | — | ||||||||||||||||||||||||
| MainStay Large Cap Growth Fund Class R6 | — | 14,595 | (1,357 | ) | 46 | 4,672 | 17,956 | — | — | 1,576 | ||||||||||||||||||||||||||
| MainStay MAP Equity Fund Class I | 18,833 | 2,337 | (9,310 | ) | 1,511 | (1,915 | ) | 11,456 | 129 | 1,776 | 258 | |||||||||||||||||||||||||
| MainStay MacKay Common Stock Fund Class I | 21,847 | 616 | (13,184 | ) | 4,156 | (2,262 | ) | 11,173 | 233 | — | 411 | |||||||||||||||||||||||||
| MainStay MacKay Convertible Fund Class I (b) | 4,354 | 370 | (1,685 | ) | 87 | (61 | ) | 3,065 | 54 | 248 | 172 | |||||||||||||||||||||||||
| MainStay MacKay Growth Fund Class I (d) | 6,845 | 281 | (414 | ) | 35 | 707 | 7,454 | 19 | 256 | 193 | ||||||||||||||||||||||||||
| MainStay MacKay High Yield Corporate Bond Fund Class I (e) | 2,652 | 124 | (2,516 | ) | (0 | )(a) | (260 | ) | — | 55 | — | — | ||||||||||||||||||||||||
| MainStay MacKay High Yield Corporate Bond Fund Class R6 (e) | — | 2,597 | (2,172 | ) | 138 | 60 | 623 | 38 | — | 111 | ||||||||||||||||||||||||||
| MainStay MacKay High Yield Municipal Bond Fund Class I (f) | — | 4,411 | (30 | ) | 0 | (a) | 33 | 4,414 | 24 | — | 350 | |||||||||||||||||||||||||
| MainStay MacKay International Equity Fund Class I (n) | 3,430 | 127 | (821 | ) | 195 | 85 | 3,016 | 27 | — | 168 | ||||||||||||||||||||||||||
| MainStay MacKay S&P 500 Index Fund Class I (h) | 12,468 | 1,956 | (2,275 | ) | 169 | (620 | ) | 11,698 | 212 | 1,500 | 226 | |||||||||||||||||||||||||
| MainStay MacKay Short Duration High Yield Fund Class I (i) | 5,558 | 913 | (151 | ) | (2 | ) | (71 | ) | 6,247 | 195 | — | 634 | ||||||||||||||||||||||||
| MainStay MacKay Short Term Municipal Fund Class I (j) | — | 792 | — | — | 2 | 794 | 2 | — | 83 | |||||||||||||||||||||||||||
| MainStay MacKay Total Return Bond Fund Class I (k) | 27,429 | 8,576 | (35,601 | ) | (46 | ) | (358 | ) | — | 271 | — | — | ||||||||||||||||||||||||
| MainStay MacKay Total Return Bond Fund Class R6 (k) | — | 38,944 | (7,273 | ) | (237 | ) | (535 | ) | 30,899 | 376 | — | 3,012 | ||||||||||||||||||||||||
| MainStay U.S. Government Liquidity Fund | — | 7,132 | (2,028 | ) | — | — | 5,104 | 7 | — | 5,104 | ||||||||||||||||||||||||||
| $ | 209,650 | $ | 181,049 | $ | (153,640 | ) | $ | 7,029 | $ | (7,329 | ) | $ | 236,759 | $ | 3,193 | $ | 9,238 | |||||||||||||||||||
| MainStay Retirement 2040 Fund | ||||||||||||||||||||||||||||||||||||
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on sales | Change in Unrealized Appreciation/ Depreciation | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period | |||||||||||||||||||||||||||
| IQ 50 Percent Hedged FTSE Europe ETF | $ | 3,016 | $ | 260 | $ | (3,266 | ) | $ | 166 | $ | (176 | ) | $ | — | $ | 25 | $ | — | — | |||||||||||||||||
| IQ 50 Percent Hedged FTSE International ETF | 5,485 | 8,797 | (2,764 | ) | (115 | ) | (18 | ) | 11,385 | 289 | — | 534 | ||||||||||||||||||||||||
| IQ Chaikin U.S. Large Cap ETF | — | 21,180 | (1,899 | ) | (74 | ) | 339 | 19,546 | 115 | — | 751 | |||||||||||||||||||||||||
| IQ Chaikin U.S. Small Cap ETF | 10,399 | 12,967 | (693 | ) | (17 | ) | 730 | 23,386 | 75 | — | 808 | |||||||||||||||||||||||||
| IQ Enhanced Core Plus Bond U.S. ETF | 4,595 | 2,784 | (3,076 | ) | (130 | ) | (111 | ) | 4,062 | 102 | — | 212 | ||||||||||||||||||||||||
| IQ Global Resources ETF | 2,757 | 2,386 | (5 | ) | (0 | )(a) | (51 | ) | 5,087 | — | — | 187 | ||||||||||||||||||||||||
| IQ S&P High Yield Low Volatility Bond ETF | 391 | 30 | (55 | ) | (2 | ) | (17 | ) | 347 | 12 | — | 14 | ||||||||||||||||||||||||
| MainStay Epoch International Choice Fund Class I | 15,613 | 3,580 | (392 | ) | (9 | ) | (48 | ) | 18,744 | 212 | — | 520 | ||||||||||||||||||||||||
| MainStay Epoch International Small Cap Fund Class I | 7,445 | 2,006 | (8,140 | ) | 706 | (2,017 | ) | — | 171 | 1,250 | — | |||||||||||||||||||||||||
| MainStay Epoch U.S. All Cap Fund Class I | 18,589 | 2,951 | (17,334 | ) | 9 | (4,215 | ) | — | 29 | 2,206 | — | |||||||||||||||||||||||||
| MainStay Epoch U.S. All Cap Fund Class R6 | — | 19,612 | (2,743 | ) | 27 | 3,235 | 20,131 | — | — | 685 | ||||||||||||||||||||||||||
| MainStay Epoch U.S. Equity Yield Fund Class I | 12,738 | 947 | (12,862 | ) | (6 | ) | (817 | ) | — | 73 | 435 | — | ||||||||||||||||||||||||
| MainStay Epoch U.S. Equity Yield Fund Class R6 | — | 14,521 | (38 | ) | (5 | ) | 840 | 15,318 | 169 | — | 935 | |||||||||||||||||||||||||
| MainStay Floating Rate Fund Class I | 3,510 | 224 | (2,767 | ) | 9 | (17 | ) | 959 | 50 | — | 103 | |||||||||||||||||||||||||
| MainStay Indexed Bond Fund Class I | — | 1,350 | (1,357 | ) | 7 | — | — | 3 | — | — | ||||||||||||||||||||||||||
| MainStay Large Cap Growth Fund Class I | 13,531 | 4,931 | (14,699 | ) | 4 | (3,767 | ) | — | 8 | 1,900 | — | |||||||||||||||||||||||||
| MainStay Large Cap Growth Fund Class R6 | — | 16,312 | (1,901 | ) | 128 | 4,703 | 19,242 | — | — | 1,689 | ||||||||||||||||||||||||||
| MainStay MAP Equity Fund Class I | 16,682 | 2,569 | (8,544 | ) | 956 | (1,265 | ) | 10,398 | 117 | 1,617 | 234 | |||||||||||||||||||||||||
| MainStay MacKay Common Stock Fund Class I | 18,964 | 1,170 | (10,870 | ) | 3,123 | (1,351 | ) | 11,036 | 216 | — | 406 | |||||||||||||||||||||||||
| MainStay MacKay Convertible Fund Class I (b) | 3,627 | 493 | (1,457 | ) | 64 | (41 | ) | 2,686 | 46 | 211 | 151 | |||||||||||||||||||||||||
| MainStay MacKay Growth Fund Class I (d) | 5,582 | 341 | (246 | ) | 17 | 600 | 6,294 | 15 | 207 | 163 | ||||||||||||||||||||||||||
| MainStay MacKay High Yield Corporate Bond Fund Class I (e) | 712 | 67 | (706 | ) | (0 | )(a) | (73 | ) | — | 15 | — | — | ||||||||||||||||||||||||
| MainStay MacKay High Yield Corporate Bond Fund Class R6 (e) | — | 731 | (118 | ) | (2 | ) | 60 | 671 | 18 | — | 120 | |||||||||||||||||||||||||
| MainStay MacKay High Yield Municipal Bond Fund Class I (f) | — | 3,929 | (20 | ) | 0 | (a) | 29 | 3,938 | 21 | — | 312 | |||||||||||||||||||||||||
| MainStay MacKay International Equity Fund Class I (n) | 4,567 | 238 | (832 | ) | 163 | 222 | 4,358 | 36 | — | 243 | ||||||||||||||||||||||||||
| MainStay MacKay S&P 500 Index Fund Class I (h) | 11,179 | 2,051 | (1,726 | ) | 60 | (433 | ) | 11,131 | 190 | 1,350 | 215 | |||||||||||||||||||||||||
| MainStay MacKay Short Duration High Yield Fund Class I (i) | 4,668 | 941 | (2,748 | ) | (8 | ) | (52 | ) | 2,801 | 143 | — | 284 | ||||||||||||||||||||||||
| MainStay MacKay Short Term Municipal Fund Class I (j) | — | 35 | — | — | 0 | (a) | 35 | 0 | (a) | — | 4 | |||||||||||||||||||||||||
| MainStay MacKay Total Return Bond Fund Class I (k) | 4,918 | 1,672 | (6,465 | ) | (23 | ) | (102 | ) | — | 49 | — | — | ||||||||||||||||||||||||
| MainStay MacKay Total Return Bond Fund Class R6 (k) | — | 7,479 | (1,565 | ) | (40 | ) | (48 | ) | 5,826 | 66 | — | 568 | ||||||||||||||||||||||||
| MainStay U.S. Government Liquidity Fund | — | 7,392 | (2,663 | ) | — | — | 4,729 | 7 | — | 4,729 | ||||||||||||||||||||||||||
| $ | 168,968 | $ | 143,946 | $ | (111,951 | ) | $ | 5,008 | $ | (3,861 | ) | $ | 202,110 | $ | 2,272 | $ | 9,176 | |||||||||||||||||||
| MainStay Retirement 2050 Fund | ||||||||||||||||||||||||||||||||||||
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on sales | Change in Unrealized Appreciation/ Depreciation | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period | |||||||||||||||||||||||||||
| IQ 50 Percent Hedged FTSE Europe ETF | $ | 1,659 | $ | 202 | $ | (1,856 | ) | $ | 102 | $ | (107 | ) | $ | — | $ | 14 | $ | — | — | |||||||||||||||||
| IQ 50 Percent Hedged FTSE International ETF | 2,966 | 4,884 | (1,838 | ) | (71 | ) | (5 | ) | 5,936 | 151 | — | 278 | ||||||||||||||||||||||||
| IQ Chaikin U.S. Large Cap ETF | — | 13,188 | (1,103 | ) | (44 | ) | 235 | 12,276 | 68 | — | 472 | |||||||||||||||||||||||||
| IQ Chaikin U.S. Small Cap ETF | 5,831 | 8,613 | (1,141 | ) | (25 | ) | 410 | 13,688 | 41 | — | 473 | |||||||||||||||||||||||||
| IQ Enhanced Core Plus Bond U.S. ETF | 620 | 900 | (1,245 | ) | (34 | ) | (2 | ) | 239 | 10 | — | 12 | ||||||||||||||||||||||||
| IQ Global Resources ETF | 1,520 | 1,682 | (53 | ) | (2 | ) | (52 | ) | 3,095 | — | — | 114 | ||||||||||||||||||||||||
| MainStay Epoch International Choice Fund Class I | 9,351 | 2,459 | (398 | ) | (15 | ) | (33 | ) | 11,364 | 128 | — | 315 | ||||||||||||||||||||||||
| MainStay Epoch International Small Cap Fund Class I | 4,297 | 1,253 | (4,778 | ) | 402 | (1,174 | ) | — | 99 | 736 | — | |||||||||||||||||||||||||
| MainStay Epoch U.S. All Cap Fund Class I | 10,066 | 1,786 | (9,317 | ) | (2 | ) | (2,533 | ) | — | 16 | 1,197 | — | ||||||||||||||||||||||||
| MainStay Epoch U.S. All Cap Fund Class R6 | — | 9,757 | (902 | ) | (4 | ) | 2,037 | 10,888 | — | — | 371 | |||||||||||||||||||||||||
| MainStay Epoch U.S. Equity Yield Fund Class I | 6,212 | 1,391 | (7,192 | ) | (8 | ) | (403 | ) | — | 36 | 214 | — | ||||||||||||||||||||||||
| MainStay Epoch U.S. Equity Yield Fund Class R6 | — | 7,775 | (44 | ) | (5 | ) | 425 | 8,151 | 91 | — | 498 | |||||||||||||||||||||||||
| MainStay Floating Rate Fund Class I | 1,264 | 11 | (1,239 | ) | 7 | (8 | ) | 35 | 3 | — | 4 | |||||||||||||||||||||||||
| MainStay Indexed Bond Fund Class I | — | 737 | (741 | ) | 4 | — | — | 1 | — | — | ||||||||||||||||||||||||||
| MainStay Large Cap Growth Fund Class I | 12,650 | 2,224 | (11,879 | ) | 21 | (3,016 | ) | — | 7 | 1,781 | — | |||||||||||||||||||||||||
| MainStay Large Cap Growth Fund Class R6 | — | 12,107 | (3,084 | ) | 351 | 3,267 | 12,641 | — | — | 1,110 | ||||||||||||||||||||||||||
| MainStay MAP Equity Fund Class I | 8,537 | 1,644 | (3,594 | ) | 299 | (456 | ) | 6,430 | 61 | 835 | 145 | |||||||||||||||||||||||||
| MainStay MacKay Common Stock Fund Class I | 9,787 | 991 | (4,091 | ) | 1,496 | (566 | ) | 7,617 | 110 | — | 280 | |||||||||||||||||||||||||
| MainStay MacKay Convertible Fund Class I (b) | 1,960 | 1,011 | (1,531 | ) | 89 | (77 | ) | 1,452 | 25 | 113 | 81 | |||||||||||||||||||||||||
| MainStay MacKay Growth Fund Class I (d) | 3,153 | 676 | (214 | ) | 9 | 330 | 3,954 | 9 | 118 | 102 | ||||||||||||||||||||||||||
| MainStay MacKay High Yield Corporate Bond Fund Class I (e) | 9 | 1 | (10 | ) | 1 | (1 | ) | — | 0 | (a) | — | — | ||||||||||||||||||||||||
| MainStay MacKay High Yield Corporate Bond Fund Class R6 (e) | — | 3 | (3 | ) | 0 | (a) | 0 | (a) | 0 | (a) | 0 | (a) | — | 0 | (o) | |||||||||||||||||||||
| MainStay MacKay High Yield Municipal Bond Fund Class I (f) | — | 2,047 | (2 | ) | 0 | (a) | 15 | 2,060 | 11 | — | 163 | |||||||||||||||||||||||||
| MainStay MacKay International Equity Fund Class I (n) | 2,846 | 188 | (485 | ) | 51 | 196 | 2,796 | 23 | — | 156 | ||||||||||||||||||||||||||
| MainStay MacKay S&P 500 Index Fund Class I (h) | 5,244 | 1,181 | (931 | ) | 25 | (179 | ) | 5,340 | 90 | 638 | 103 | |||||||||||||||||||||||||
| MainStay MacKay Short Duration High Yield Fund Class I (i) | 1,902 | 263 | (1,804 | ) | 36 | (53 | ) | 344 | 40 | — | 35 | |||||||||||||||||||||||||
| MainStay MacKay Short Term Municipal Fund Class I (j) | — | 1 | — | — | 0 | (a) | 1 | 0 | (a) | — | 0 | (o) | ||||||||||||||||||||||||
| MainStay MacKay Total Return Bond Fund Class I (k) | 724 | 553 | (1,248 | ) | (13 | ) | (16 | ) | — | 7 | — | — | ||||||||||||||||||||||||
| MainStay MacKay Total Return Bond Fund Class R6 (k) | — | 289 | (19 | ) | (0 | )(a) | (2 | ) | 268 | 3 | — | 26 | ||||||||||||||||||||||||
| MainStay U.S. Government Liquidity Fund | — | 3,134 | (612 | ) | — | — | 2,522 | 4 | — | 2,522 | ||||||||||||||||||||||||||
| $ | 90,598 | $ | 80,951 | $ | (61,354 | ) | $ | 2,670 | $ | (1,768 | ) | $ | 111,097 | $ | 1,048 | $ | 5,632 | |||||||||||||||||||
| MainStay Retirement 2060 Fund | ||||||||||||||||||||||||||||||||||||
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on sales | Change in Unrealized Appreciation/ Depreciation | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period | |||||||||||||||||||||||||||
| IQ 50 Percent Hedged FTSE Europe ETF | $ | 123 | $ | 21 | $ | (144 | ) | $ | 7 | $ | (7 | ) | $ | — | $ | 1 | $ | — | — | |||||||||||||||||
| IQ 50 Percent Hedged FTSE International ETF | 221 | 393 | (115 | ) | (5 | ) | (3 | ) | 491 | 12 | — | 23 | ||||||||||||||||||||||||
| IQ Chaikin U.S. Large Cap ETF | — | 1,226 | (111 | ) | (5 | ) | 20 | 1,130 | 5 | — | 43 | |||||||||||||||||||||||||
| IQ Chaikin U.S. Small Cap ETF | 349 | 605 | (19 | ) | (1 | ) | 32 | 966 | 3 | — | 33 | |||||||||||||||||||||||||
| IQ Enhanced Core Plus Bond U.S. ETF | 5 | — | (4 | ) | (0 | )(a) | (0 | )(a) | 1 | 0 | (a) | — | 0 | (o) | ||||||||||||||||||||||
| IQ Global Resources ETF | 120 | 145 | (0 | )(a) | (0 | )(a) | (5 | ) | 260 | — | — | 10 | ||||||||||||||||||||||||
| MainStay Epoch International Choice Fund Class I | 807 | 281 | (25 | ) | (1 | ) | (5 | ) | 1,057 | 11 | — | 29 | ||||||||||||||||||||||||
| MainStay Epoch International Small Cap Fund Class I | 358 | 100 | (395 | ) | 16 | (79 | ) | — | 8 | 60 | — | |||||||||||||||||||||||||
| MainStay Epoch U.S. All Cap Fund Class I | 930 | 152 | (862 | ) | 1 | (221 | ) | — | 1 | 108 | — | |||||||||||||||||||||||||
| MainStay Epoch U.S. All Cap Fund Class R6 | — | 914 | (63 | ) | (0 | )(a) | 178 | 1,029 | — | — | 35 | |||||||||||||||||||||||||
| MainStay Epoch U.S. Equity Yield Fund Class I | 553 | 80 | (611 | ) | (0 | )(a) | (22 | ) | — | 3 | 19 | — | ||||||||||||||||||||||||
| MainStay Epoch U.S. Equity Yield Fund Class R6 | — | 692 | (19 | ) | (1 | ) | 23 | 695 | 8 | — | 42 | |||||||||||||||||||||||||
| MainStay Floating Rate Fund Class I | 48 | 0 | (a) | (48 | ) | 0 | (a) | (0 | )(a) | — | 0 | (a) | — | — | ||||||||||||||||||||||
| MainStay Indexed Bond Fund Class I | — | 0 | (a) | (0 | )(a) | — | — | — | 0 | (a) | — | — | ||||||||||||||||||||||||
| MainStay Large Cap Growth Fund Class I | 1,147 | 195 | (1,103 | ) | 1 | (240 | ) | — | 1 | 160 | — | |||||||||||||||||||||||||
| MainStay Large Cap Growth Fund Class R6 | — | 1,127 | (256 | ) | 35 | 268 | 1,174 | — | — | 103 | ||||||||||||||||||||||||||
| MainStay MAP Equity Fund Class I | 632 | 148 | (278 | ) | 20 | (30 | ) | 492 | 4 | 62 | 11 | |||||||||||||||||||||||||
| MainStay MacKay Common Stock Fund Class I | 737 | 105 | (194 | ) | 18 | 57 | 723 | 8 | — | 27 | ||||||||||||||||||||||||||
| MainStay MacKay Convertible Fund Class I (b) | 146 | 13 | (153 | ) | 2 | (8 | ) | 0 | (a) | 1 | 8 | 0 | (o) | |||||||||||||||||||||||
| MainStay MacKay Growth Fund Class I (d) | 211 | 51 | (14 | ) | 1 | 23 | 272 | 1 | 8 | 7 | ||||||||||||||||||||||||||
| MainStay MacKay High Yield Corporate Bond Fund Class I (e) | 0 | (a) | 0 | (a) | (0 | )(a) | 0 | (a) | (0 | )(a) | — | 0 | (a) | — | — | |||||||||||||||||||||
| MainStay MacKay International Equity Fund Class I (n) | 264 | 49 | (53 | ) | 6 | 17 | 283 | 2 | — | 16 | ||||||||||||||||||||||||||
| MainStay MacKay S&P 500 Index Fund Class I (h) | 283 | 75 | (11 | ) | (1 | ) | (7 | ) | 339 | 5 | 35 | 7 | ||||||||||||||||||||||||
| MainStay MacKay Short Duration High Yield Fund Class I (i) | 29 | 1 | (30 | ) | (0 | )(a) | 0 | (a) | 0 | (a) | 1 | — | 0 | (o) | ||||||||||||||||||||||
| MainStay MacKay Total Return Bond Fund Class I (k) | 1 | 0 | (a) | (1 | ) | 0 | (a) | (0 | )(a) | — | 0 | (a) | — | — | ||||||||||||||||||||||
| MainStay MacKay Total Return Bond Fund Class R6 (k) | — | 1 | (0 | )(a) | (0 | )(a) | (0 | )(a) | 1 | 0 | (a) | — | 0 | (o) | ||||||||||||||||||||||
| MainStay U.S. Government Liquidity Fund | — | 329 | (118 | ) | — | — | 211 | 1 | — | 211 | ||||||||||||||||||||||||||
| $ | 6,964 | $ | 6,703 | $ | (4,627 | ) | $ | 93 | $ | (9 | ) | $ | 9,124 | $ | 76 | $ | 460 | |||||||||||||||||||
(a) Less than $500.
(b) Prior to February 28, 2018, known as MainStay Convertible Fund Class I.
(c) Prior to February 28, 2018, known as MainStay Emerging Markets Equity Fund Class I.
(d) Prior to February 28, 2018, known as MainStay Cornerstone Growth Fund Class I.
(e) Prior to February 28, 2018, known as MainStay High Yield Corporate Bond Fund Class I and Class R6, respectively.
(f) Prior to February 28, 2018, known as MainStay High Yield Municipal Bond Fund Class I.
(g) Prior to February 28, 2018, known as MainStay International Opportunities Fund Class I.
(h) Prior to February 28, 2018, known as MainStay S&P 500 Index Fund Class I.
(i) Prior to February 28, 2018, known as MainStay Short Duration High Yield Fund Class I.
(j) Prior to May 22, 2018, known as MainStay Mackay Tax Advantaged Short Term Bond Fund Class I and prior to February 28, 2018, known as MainStay Tax Advantaged Short Term Bond Fund Class I.
(k) Prior to February 28, 2018, known as MainStay Total Return Bond Fund Class I and Class R6, respectively.
(l) Prior to February 28, 2018, known as MainStay U.S. Equity Opportunities Fund Class I.
(m) Prior to February 28, 2018, known as MainStay Unconstrained Bond Fund Class I.
(n) Prior to February 28, 2018, known as MainStay International Equity Fund Class I.
(o) Less than 500 shares.
Item 2. Controls And Procedures.
| (a) | Based on an evaluation of the Disclosure Controls and Procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, the "Disclosure Controls") as of a date within 90 days prior to the filing date (the "Filing Date") of this Form N-Q (the "Report"), the Registrant's principal executive and principal financial officers have concluded that the Disclosure Controls are reasonably designed to ensure that information required to be disclosed by the Registrant in the Report is recorded, processed, summarized and reported by the Filing Date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the Registrant's management, including the Registrant's principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. |
| (b) | There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
Item 3. Exhibits.
| (a) | Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
MAINSTAY FUNDS TRUST
| By: | /s/ Kirk C. Lehneis |
| Kirk C. Lehneis | |
| President and Principal Executive Officer | |
| Date: | September 25, 2018 |
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. | |
| By: | /s/ Kirk C. Lehneis |
| Kirk C. Lehneis | |
| President and Principal Executive Officer | |
| Date: | September 25, 2018 |
| By: | /s/ Jack R. Benintende |
| Jack R. Benintende | |
| Treasurer and Principal Financial and | |
| Accounting Officer | |
| Date: | September 25, 2018 |
[EX-99.CERT]
CERTIFICATION
I, Kirk C. Lehneis, President and Principal Executive Officer of MainStay Funds Trust, certify that:
| 1. | I have reviewed this report on Form N-Q of MainStay Funds Trust; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; |
| 4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
| a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
| d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
| 5. | The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
| a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and |
| b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
| By: | /s/ Kirk C. Lehneis | |
| Kirk C. Lehneis | ||
| President and Principal Executive Officer | ||
| Date: | September 25, 2018 |
CERTIFICATION
I, Jack R. Benintende, Treasurer and Principal Financial and Accounting Officer of MainStay Funds Trust, certify that:
| 1. | I have reviewed this report on Form N-Q of MainStay Funds Trust; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; |
| 4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
| a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
| d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
| 5. | The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
| a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and |
| b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
| By: | /s/ Jack R. Benintende | |
| Jack R. Benintende | ||
| Treasurer and Principal Financial and Accounting Officer | ||
| Date: | September 25, 2018 | |