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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., 169 Lackawanna Avenue, Parsippany, NJ 07054

(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: January 31, 2014

Item 1. Schedule of Investments.

The schedule of investments for the period ended January 31, 2014 is filed herewith.

MainStay Balanced Fund

Portfolio of Investments January 31, 2014 (Unaudited)

		Principal Amount		Value
	Long-Term Bonds  39.4%†
	Asset-Backed Securities 2.7%
	Auto Floor Plan 0.3%
	CNH Wholesale Master Note Trust Series 2013-2A, Class A 0.76%, due 8/15/19  (a)(b)	$	950,000	$	951,211
	Ford Credit Floorplan Master Owner Trust A
	Series 2013-5, Class A2 0.63%, due 9/15/18 (a)		700,000		701,764
	Series 2013-4, Class A2 0.71%, due 6/15/20 (a)		400,000		400,720
	Navistar Financial Dealer Note Master Trust Series 2013-2, Class A 0.838%, due 9/25/18  (a)(b)		425,000		426,626
					2,480,321
	Automobile 0.2%
	Chesapeake Funding LLC Series 2013-1A, Class A 0.615%, due 1/7/25  (a)(b)		500,000		498,644
	Huntington Auto Trust Series 2012-2, Class A3 0.51%, due 4/17/17		700,000		699,945
					1,198,589
	Credit Cards 0.2%
	American Express Issuance Trust II Series 2013-2, Class A 0.59%, due 8/15/19  (a)		275,000		276,148
	Citibank Credit Card Issuance Trust Series 2013-A7, Class A7 0.591%, due 9/10/20  (a)		375,000		376,254
	Discover Card Execution Note Trust Series 2014-A1, Class A1 0.588%, due 7/15/21  (a)		600,000		600,595
					1,252,997
	Other ABS 2.0%
	Apidos CDO Series 2013-14A, Class A 1.389%, due 4/15/25  (a)(b)(c)		1,250,000		1,225,000
	Ares CLO, Ltd. Series 2013-2A Class A1 1.485%, due 7/28/25  (a)(b)(c)		1,175,000		1,156,200
	Babson CLO, Ltd. Series 2013-IA, Class A 1.337%, due 4/20/25  (a)(b)		1,300,000		1,284,673
	Ballyrock CDO, Ltd. Series 2013-1A, Class A 1.417%, due 5/20/25  (a)(b)		1,000,000		988,430
	Carlyle Global Market Strategies
	Series 2013-3A, Class A1A 1.359%, due 7/15/25 (a)(b)(c)		800,000		787,096
	Series 2013-2A, Class A1 1.387%, due 4/18/25 (a)(b)		500,000		490,460
	Cent CLO, L.P. Series 2013-18A, Class A 1.357%, due 7/23/25  (a)(b)		1,000,000		986,720
	CNH Equipment Trust Series 2012-C, Class A3 0.57%, due 12/15/17		500,000		500,322
	Dryden Senior Loan Fund Series 2014-31A, Class A 1.586%, due 4/18/26  (a)(b)		820,000		814,096
	Jamestown CLO, Ltd. Series 2013-3A, Class A1A 1.693%, due 1/15/26  (a)(b)(c)		1,100,000		1,091,420
	Nomad CLO, Ltd. Series 2013-1A, Class A1 1.439%, due 1/15/25  (a)(b)		800,000		787,440
	Octagon Investment Partners XVII, Ltd. Series 2013-1A, Class A1 1.569%, due 10/25/25  (a)(b)(c)		1,150,000		1,141,375
	OHA Loan Funding, Ltd. Series 2013-1A, Class A 1.487%, due 7/23/25  (a)(b)		1,200,000		1,186,764
	RacePoint CLO, Ltd. Series 2013-8A, Class A 1.487%, due 2/20/25  (a)(b)		780,000		774,727
	Sheridan Square CLO, Ltd. Series 2013-1A, Class A2 1.409%, due 4/15/25  (a)(b)		800,000		792,936
					14,007,659
	Total Asset-Backed Securities (Cost $19,077,258)				18,939,566
	Convertible Bond 0.0%‡
	Internet 0.0%‡
	At Home Corp. 4.75%, due 12/15/49 (c)(d)(e)(f)		177,810		18
	Total Convertible Bond (Cost $13,325)				18
	Corporate Bonds 16.2%
	Aerospace & Defense 0.3%
	BAE Systems PLC 3.50%, due 10/11/16  (b)		350,000		366,831
	General Dynamics Corp. 2.25%, due 7/15/16		200,000		207,304
	Northrop Grumman Corp. 3.25%, due 8/1/23		450,000		430,929
	United Technologies Corp. 1.80%, due 6/1/17		950,000		970,057
					1,975,121
	Auto Manufacturers 0.2%
	Daimler Finance North America LLC
	2.375%, due 8/1/18 (b)		375,000		379,610
	3.875%, due 9/15/21 (b)		500,000		523,116
	Volkswagen International Finance N.V. 1.15%, due 11/20/15  (b)		250,000		252,135
					1,154,861
	Banks 5.3%
	Abbey National Treasury Services PLC 3.05%, due 8/23/18		725,000		749,098
	American Express Bank FSB 6.00%, due 9/13/17		625,000		720,006
¤	Bank of America Corp.
	2.00%, due 1/11/18		900,000		900,787
	2.60%, due 1/15/19		800,000		804,559
	4.10%, due 7/24/23		1,240,000		1,251,068
	5.65%, due 5/1/18		925,000		1,053,986
	BB&T Corp.
	0.897%, due 2/1/19 (a)		1,150,000		1,147,760
	1.103%, due 6/15/18 (a)		725,000		734,967
	1.45%, due 1/12/18		300,000		296,064
	Citigroup, Inc.
	4.587%, due 12/15/15		490,000		522,703
	5.375%, due 8/9/20		700,000		793,389
	6.00%, due 8/15/17		400,000		457,021
	6.01%, due 1/15/15		68,000		71,368
	Commonwealth Bank of Australia 0.745%, due 9/20/16  (a)(b)		750,000		751,768
	Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. 3.375%, due 1/19/17		250,000		266,718
	Credit Agricole S.A. 1.625%, due 4/15/16  (b)		675,000		681,277
	Export-Import Bank of Korea 1.75%, due 2/27/18		200,000		197,544
¤	Goldman Sachs Group, Inc. (The)
	1.341%, due 11/15/18 (a)		700,000		701,620
	2.375%, due 1/22/18		1,565,000		1,576,720
	5.375%, due 3/15/20		450,000		503,215
	6.00%, due 6/15/20		175,000		201,723
	HSBC Bank PLC 4.125%, due 8/12/20  (b)		1,150,000		1,234,074
	HSBC USA, Inc. 1.128%, due 9/24/18  (a)		400,000		404,912
	Huntington Bancshares, Inc. 2.60%, due 8/2/18		1,065,000		1,079,823
	ING Bank N.V. 5.80%, due 9/25/23  (b)		1,415,000		1,481,269
	Intesa Sanpaolo S.p.A.
	2.375%, due 1/13/17		975,000		974,298
	5.25%, due 1/12/24		1,000,000		1,012,657
	JPMorgan Chase & Co.
	3.375%, due 5/1/23		1,000,000		939,094
	4.50%, due 1/24/22		750,000		800,911
	Korea Development Bank (The)
	1.50%, due 1/22/18		200,000		194,441
	3.875%, due 5/4/17		400,000		424,889
	Lloyds Bank PLC 2.30%, due 11/27/18		300,000		301,404
¤	Morgan Stanley
	4.10%, due 5/22/23		850,000		827,771
	4.875%, due 11/1/22		575,000		597,318
	5.50%, due 1/26/20		1,130,000		1,275,781
	5.625%, due 9/23/19		600,000		685,507
	Royal Bank of Scotland Group PLC 2.55%, due 9/18/15		1,325,000		1,355,210
	Santander UK PLC 5.00%, due 11/7/23  (b)		1,730,000		1,747,404
	Skandinaviska Enskilda Banken AB 1.75%, due 3/19/18  (b)		1,200,000		1,189,932
	Societe Generale S.A.
	1.327%, due 10/1/18 (a)		675,000		678,539
	2.75%, due 10/12/17		350,000		360,787
	5.00%, due 1/17/24 (b)		1,150,000		1,135,874
	Sumitomo Mitsui Trust Bank, Ltd. 1.024%, due 9/16/16  (a)(b)		475,000		478,447
	SunTrust Banks, Inc. 2.35%, due 11/1/18		275,000		276,759
	Swedbank AB 1.75%, due 3/12/18  (b)		950,000		940,500
	Union Bank N.A. 0.996%, due 9/26/16  (a)		250,000		252,163
	Wells Fargo & Co.
	2.15%, due 1/15/19		1,125,000		1,126,746
	4.125%, due 8/15/23		575,000		573,614
					36,733,485
	Beverages 0.3%
	Anheuser-Busch InBev Finance, Inc. 2.15%, due 2/1/19		800,000		805,416
	Anheuser-Busch InBev Worldwide, Inc. 4.375%, due 2/15/21		300,000		329,033
	Diageo Capital PLC 1.50%, due 5/11/17		250,000		251,271
	SABMiller Holdings, Inc. 2.45%, due 1/15/17  (b)		575,000		594,542
					1,980,262
	Building Materials 0.0%‡
	CRH America, Inc. 4.125%, due 1/15/16		250,000		263,715
	Chemicals 0.3%
	Dow Chemical Co. (The) 5.70%, due 5/15/18		144,000		165,183
	LYB International Finance B.V. 4.00%, due 7/15/23		975,000		983,716
	NewMarket Corp. 4.10%, due 12/15/22		1,065,000		1,042,041
					2,190,940
	Computers 0.2%
	Hewlett-packard Co. 2.75%, due 1/14/19		1,350,000		1,359,531
	Cosmetics & Personal Care 0.0%‡
	Procter & Gamble Co. (The) 1.45%, due 8/15/16		150,000		152,386
	Diversified Financial Services 0.3%
	General Electric Capital Corp.
	2.30%, due 4/27/17		775,000		799,407
	5.50%, due 1/8/20		525,000		606,326
	6.00%, due 8/7/19		750,000		886,067
					2,291,800
	Electric 1.7%
	Commonwealth Edison Co. 1.95%, due 9/1/16		350,000		358,785
	Dayton Power & Light Co. (The) 1.875%, due 9/15/16  (b)		275,000		280,044
	Electricite De France 2.15%, due 1/22/19  (b)		700,000		696,325
	Entergy Louisiana LLC
	1.875%, due 12/15/14		150,000		151,859
	3.30%, due 12/1/22		150,000		145,891
	Entergy Mississippi, Inc. 3.10%, due 7/1/23		150,000		144,689
	FirstEnergy Corp. 4.25%, due 3/15/23		875,000		849,476
	GDF Suez 1.625%, due 10/10/17  (b)		450,000		451,791
	Great Plains Energy, Inc.
	4.85%, due 6/1/21		210,000		225,834
	5.292%, due 6/15/22 (g)		190,000		209,337
	Hydro-Quebec 2.00%, due 6/30/16		550,000		566,743
	Kansas City Power & Light Co. 7.15%, due 4/1/19		1,000,000		1,239,607
	NextEra Energy Capital Holdings, Inc.
	1.20%, due 6/1/15		250,000		251,445
	1.339%, due 9/1/15		1,000,000		1,008,095
	Niagara Mohawk Power Corp. 2.721%, due 11/28/22  (b)		325,000		307,931
	NiSource Finance Corp. 4.45%, due 12/1/21		400,000		414,148
	Pepco Holdings, Inc. 2.70%, due 10/1/15		500,000		512,672
	PPL Capital Funding, Inc.
	3.50%, due 12/1/22		400,000		389,136
	4.20%, due 6/15/22		300,000		307,958
	Progress Energy, Inc. 6.05%, due 3/15/14		737,000		741,575
	Puget Energy, Inc. 5.625%, due 7/15/22		1,500,000		1,678,279
	Westar Energy, Inc. 6.00%, due 7/1/14		400,000		409,078
					11,340,698
	Electronics 0.2%
	Thermo Fisher Scientific, Inc. 2.40%, due 2/1/19		1,355,000		1,356,427
	Finance - Auto Loans 0.5%
	American Honda Finance Corp. 0.74%, due 10/7/16  (a)		225,000		226,554
	Ford Motor Credit Co. LLC
	3.00%, due 6/12/17		1,100,000		1,143,465
	4.375%, due 8/6/23		1,855,000		1,883,743
					3,253,762
	Finance - Commercial 0.1%
	Caterpillar Financial Services Corp. 2.05%, due 8/1/16		725,000		747,112
	Finance - Consumer Loans 0.2%
	John Deere Capital Corp.
	1.25%, due 12/2/14		150,000		151,116
	1.70%, due 1/15/20		675,000		650,181
	2.80%, due 9/18/17		150,000		157,764
	5.75%, due 9/10/18		150,000		175,473
					1,134,534
	Finance - Credit Card 0.2%
	Capital One Bank USA N.A. 2.15%, due 11/21/18		1,540,000		1,540,907
	Finance - Investment Banker/Broker 0.1%
	BNP Paribas Home Loan Covered Bonds S.A. 2.20%, due 11/2/15 (b)		400,000		410,412
	Finance - Other Services 0.1%
	National Rural Utilities Cooperative Finance Corp. 2.35%, due 6/15/20		450,000		441,448
	Food 0.7%
	Ingredion, Inc.
	1.80%, due 9/25/17		250,000		244,452
	4.625%, due 11/1/20		650,000		698,105
	Mondelez International, Inc.
	2.25%, due 2/1/19		1,400,000		1,399,547
	4.125%, due 2/9/16		1,425,000		1,515,218
	Safeway, Inc. 3.40%, due 12/1/16		750,000		785,831
					4,643,153
	Gas 0.0%‡
	Sempra Energy 2.30%, due 4/1/17		200,000		205,659
	Hand & Machine Tools 0.0%‡
	Stanley Black & Decker, Inc. 3.40%, due 12/1/21		175,000		176,564
	Health Care - Products 0.1%
	Zimmer Holdings, Inc. 1.40%, due 11/30/14		325,000		327,229
	Insurance 0.9%
	American International Group, Inc. 4.125%, due 2/15/24		625,000		632,649
	Assurant, Inc. 2.50%, due 3/15/18		850,000		844,179
	Five Corners Funding Trust 4.419%, due 11/15/23  (b)		750,000		753,117
	ING U.S., Inc. 2.90%, due 2/15/18		1,100,000		1,134,387
	Markel Corp. 3.625%, due 3/30/23		625,000		603,169
	MetLife, Inc. 1.756%, due 12/15/17		350,000		350,988
	Metropolitan Life Global Funding I 5.125%, due 6/10/14  (b)		750,000		762,402
	Nationwide Financial Services, Inc. 5.375%, due 3/25/21  (b)		250,000		272,192
	Principal Financial Group, Inc. 8.875%, due 5/15/19		450,000		579,735
	QBE Insurance Group, Ltd. 2.40%, due 5/1/18  (b)		325,000		314,938
					6,247,756
	Iron & Steel 0.2%
	ArcelorMittal 4.25%, due 2/25/15		250,000		255,000
	Carpenter Technology Corp. 4.45%, due 3/1/23		350,000		345,728
	Reliance Steel & Aluminum Co. 4.50%, due 4/15/23		550,000		551,770
					1,152,498
	Media 0.1%
	COX Communications, Inc. 5.45%, due 12/15/14		192,000		199,968
	DIRECTV Holdings LLC / DIRECTV Financing Co., Inc. 3.50%, due 3/1/16		300,000		314,965
	Viacom, Inc. 1.25%, due 2/27/15		400,000		402,492
					917,425
	Mining 0.5%
	Barrick Gold Corp. 4.10%, due 5/1/23		1,665,000		1,536,973
	BHP Billiton Finance USA, Ltd. 1.875%, due 11/21/16		450,000		461,580
	Rio Tinto Finance USA PLC 1.084%, due 6/17/16  (a)		625,000		630,595
	Rio Tinto Finance USA, Ltd.
	2.25%, due 9/20/16		475,000		488,101
	3.50%, due 11/2/20		515,000		527,850
					3,645,099
	Oil & Gas 0.7%
	Anadarko Petroleum Corp. 5.95%, due 9/15/16		800,000		892,346
	Apache Corp. 3.625%, due 2/1/21		375,000		393,401
	BP Capital Markets PLC 1.846%, due 5/5/17		225,000		229,254
	Petrobras International Finance Co.
	2.875%, due 2/6/15		625,000		633,750
	5.375%, due 1/27/21		1,000,000		987,375
	Petroleos Mexicanos
	3.125%, due 1/23/19 (b)		300,000		301,211
	3.50%, due 1/30/23		300,000		271,275
	Plains Exploration & Production Co. 6.75%, due 2/1/22		200,000		219,250
	Rowan Companies, Inc. 4.75%, due 1/15/24		450,000		455,740
	Statoil ASA 3.125%, due 8/17/17		125,000		132,896
	Total Capital International S.A. 1.55%, due 6/28/17		200,000		202,388
					4,718,886
	Oil & Gas Services 0.0%‡
	Cameron International Corp. 1.60%, due 4/30/15		125,000		125,596
	Packaging & Containers 0.3%
	Bemis Co., Inc. 5.65%, due 8/1/14		775,000		795,008
	Packaging Corp of America 4.50%, due 11/1/23		1,480,000		1,525,432
					2,320,440
	Pharmaceuticals 0.2%
	Novartis Securities Investment, Ltd. 5.125%, due 2/10/19		500,000		571,964
	Sanofi 4.00%, due 3/29/21		475,000		510,230
	Teva Pharmaceutical Finance Co. B.V. 2.40%, due 11/10/16		300,000		310,589
					1,392,783
	Pipelines 0.5%
	Energy Transfer Partners, L.P. 4.15%, due 10/1/20		950,000		976,289
	Enterprise Products Operating LLC 1.25%, due 8/13/15		250,000		251,814
	Plains All American Pipeline, L.P. / PAA Finance Corp. 8.75%, due 5/1/19		800,000		1,033,253
	Spectra Energy Partners, L.P. 2.95%, due 9/25/18		425,000		437,129
	Texas Eastern Transmission, L.P. 2.80%, due 10/15/22  (b)		525,000		483,266
					3,181,751
	Real Estate 0.0%‡
	WEA Finance LLC / WT Finance Australia Property, Ltd. 5.75%, due 9/2/15 (b)		250,000		268,730
	Real Estate Investment Trusts 1.2%
	Brandywine Operating Partnership, L.P. 5.70%, due 5/1/17		1,525,000		1,680,345
	CBL & Associates, L.P. 5.25%, due 12/1/23		1,390,000		1,431,546
	DDR Corp. 4.75%, due 4/15/18		800,000		869,342
	Hospitality Properties Trust 6.30%, due 6/15/16		600,000		646,202
	Host Hotels & Resorts, L.P. 6.00%, due 10/1/21		325,000		361,993
	Liberty Property, L.P. 4.40%, due 2/15/24		275,000		275,752
	National Retail Properties, Inc. 6.25%, due 6/15/14		225,000		229,277
	ProLogis, L.P.
	4.25%, due 8/15/23		1,180,000		1,187,616
	6.625%, due 5/15/18		1,372,000		1,610,743
					8,292,816
	Retail 0.1%
	Home Depot, Inc. (The) 4.40%, due 4/1/21		500,000		551,337
	Semiconductors 0.1%
	Samsung Electronics America, Inc. 1.75%, due 4/10/17 (b)		525,000		525,377
	Software 0.1%
	Fiserv, Inc. 4.75%, due 6/15/21		500,000		529,711
	Telecommunications 0.4%
	Orange S.A.
	2.75%, due 9/14/16		325,000		337,388
	2.75%, due 2/6/19		475,000		476,092
	Verizon Communications, Inc.
	2.00%, due 11/1/16		300,000		306,530
	5.15%, due 9/15/23		1,415,000		1,538,341
	Vodafone Group PLC 1.25%, due 9/26/17		350,000		345,311
					3,003,662
	Textiles 0.0%‡
	Mohawk Industries, Inc. 3.85%, due 2/1/23		300,000		293,625
	Transportation 0.1%
	Burlington Northern Santa Fe LLC 4.70%, due 10/1/19		400,000		446,876
	Total Corporate Bonds (Cost $109,017,366)				111,294,374
	Foreign Government Bonds 0.6%
	Regional (State & Province) 0.2%
	Province of Ontario 1.10%, due 10/25/17		950,000		942,210
	Province of Quebec 3.50%, due 7/29/20		400,000		423,440
					1,365,650
	Sovereign 0.4%
	Brazilian Government International Bond 2.625%, due 1/5/23		500,000		426,000
	Italy Government International Bond 4.75%, due 1/25/16		500,000		534,000
	Poland Government International Bond 5.00%, due 3/23/22		150,000		160,500
	Romanian Government International Bond 4.375%, due 8/22/23  (b)		750,000		711,562
	Russian Federation 3.50%, due 1/16/19  (b)		600,000		604,500
	Turkey Government International Bond 6.75%, due 4/3/18		275,000		297,688
					2,734,250
	Total Foreign Government Bonds (Cost $4,194,765)				4,099,900
	Mortgage-Backed Securities 0.6%
	Commercial Mortgage Loans (Collateralized Mortgage Obligations) 0.6%
	Boca Hotel Portfolio Trust Series 2013-BOCA, Class A 1.31%, due 8/15/26  (a)(b)		738,606		740,007
	Commercial Mortgage Pass Through Certificates Series 2013-THL, Class A2 1.213%, due 6/8/30  (a)(b)		800,000		799,335
	JP Morgan Chase Commercial Mortgage Securities Corp.
	Series 2012-C6, Class A2 2.206%, due 5/15/45		500,000		511,459
	Series 2006-CB15, Class A4 5.814%, due 6/12/43 (a)		423,595		456,645
	LB-UBS Commercial Mortgage Trust Series 2006-C7, Class A3 5.347%, due 11/15/38		600,000		658,979
	Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C13, Class A2 2.936%, due 11/15/46		500,000		514,665
	Morgan Stanley Capital I, Inc. Series 2007-T25, Class A3 5.514%, due 11/12/49  (a)		600,000		665,338
	Wachovia Bank Commercial Mortgage Trust Series 2006-C29, Class A4 5.308%, due 11/15/48		100,000		109,508
	Total Mortgage-Backed Securities (Cost $4,486,690)				4,455,936
	U.S. Government & Federal Agencies 19.2%
	Federal Home Loan Bank 0.2%
	1.30%, due 6/5/18		375,000		369,403
	1.375%, due 5/28/14		1,000,000		1,004,135
					1,373,538
¤	Federal Home Loan Mortgage Corporation 0.9%
	0.875%, due 3/7/18		600,000		588,768
	1.00%, due 9/27/17		225,000		223,797
	1.00%, due 9/29/17		750,000		744,823
	1.125%, due 5/25/18		600,000		590,560
	1.20%, due 6/12/18		650,000		644,856
	1.25%, due 10/2/19		750,000		720,916
	1.75%, due 9/10/15		1,000,000		1,023,665
	1.75%, due 5/30/19		1,750,000		1,740,286
					6,277,671
¤	Federal National Mortgage Association 1.1%
	0.375%, due 3/16/15		1,250,000		1,252,675
	0.70%, due 9/6/16		450,000		449,611
	0.875%, due 12/20/17		500,000		493,289
	0.875%, due 2/8/18		2,150,000		2,113,685
	0.875%, due 5/21/18		450,000		439,721
	1.00%, due 12/28/17		300,000		295,784
	1.00%, due 2/15/18		650,000		637,848
	1.25%, due 1/30/17		1,625,000		1,647,576
	2.75%, due 3/13/14		400,000		401,186
					7,731,375
¤	United States Treasury Notes 17.0%
	0.25%, due 2/28/15		600,000		600,539
	0.25%, due 12/15/15		5,670,000		5,664,460
	0.25%, due 12/31/15		14,185,000		14,168,928
	0.25%, due 4/15/16		7,590,000		7,563,906
	0.375%, due 1/15/16		1,200,000		1,201,031
	0.375%, due 2/15/16		5,450,000		5,451,700
	0.50%, due 6/15/16		1,425,000		1,426,224
	0.625%, due 7/15/16		2,400,000		2,407,500
	0.625%, due 8/15/16		575,000		576,303
	0.625%, due 10/15/16		6,600,000		6,606,191
	0.625%, due 11/15/16		5,100,000		5,101,193
	0.625%, due 12/15/16		825,000		824,484
	0.75%, due 1/15/17		4,100,000		4,108,327
	0.75%, due 12/31/17		5,475,000		5,396,297
	0.875%, due 9/15/16		5,100,000		5,141,835
	1.00%, due 5/31/18		1,590,000		1,571,119
	1.25%, due 10/31/18		575,000		570,148
	1.25%, due 11/30/18		2,995,000		2,965,284
	1.375%, due 6/30/18		2,925,000		2,932,541
	1.375%, due 7/31/18		3,650,000		3,655,417
	1.375%, due 9/30/18		7,675,000		7,663,610
	1.50%, due 8/31/18		7,725,000		7,767,248
	1.50%, due 12/31/18		3,510,000		3,512,194
	1.625%, due 11/15/22		5,600		5,192
	1.75%, due 10/31/20		6,300,000		6,167,108
	2.00%, due 7/31/20		2,800,000		2,800,655
	2.00%, due 9/30/20		1,800,000		1,793,390
	2.125%, due 1/31/21		3,000,000		3,012,657
	2.25%, due 7/31/18		1,255,000		1,305,592
	2.375%, due 12/31/20		1,700,000		1,728,023
	2.50%, due 8/15/23		2,300,000		2,272,687
	2.75%, due 11/15/23		665,000		669,780
					116,631,563
	Total U.S. Government & Federal Agencies (Cost $131,808,711)				132,014,147
	Yankee Bond 0.1% (h)
	Transportation 0.1%
	Canadian National Railway Co. 1.45%, due 12/15/16		400,000		405,862
	Total Yankee Bond (Cost $398,245)				405,862
	Total Long-Term Bonds (Cost $268,996,360)				271,209,803

		Shares		Value
	Common Stocks 58.7%
	Aerospace & Defense 1.5%
	Alliant Techsystems, Inc.		4,991		717,207
	Exelis, Inc.		82,554		1,617,233
	General Dynamics Corp.		10,762		1,090,298
	L-3 Communications Holdings, Inc.		14,099		1,565,976
	Northrop Grumman Corp.		9,502		1,097,956
	Raytheon Co.		12,023		1,143,026
	Spirit AeroSystems Holdings, Inc. Class A (i)		57,970		1,965,763
	United Technologies Corp.		8,339		950,813
					10,148,272
	Agriculture 0.7%
	Archer-Daniels-Midland Co.		27,170		1,072,671
	Bunge, Ltd.		34,972		2,649,479
	Reynolds American, Inc.		16,946		821,881
					4,544,031
	Airlines 1.0%
	Alaska Air Group, Inc.		21,454		1,696,368
	Delta Air Lines, Inc.		76,589		2,344,389
	Southwest Airlines Co.		148,055		3,101,752
					7,142,509
	Apparel 0.2%
	Deckers Outdoor Corp. (i)		21,126		1,646,772
	Auto Manufacturers 0.6%
	Ford Motor Co.		53,982		807,571
	General Motors Co. (i)		25,988		937,647
	Oshkosh Corp.		40,157		2,174,100
	PACCAR, Inc.		5,669		317,464
					4,236,782
	Auto Parts & Equipment 0.5%
	Johnson Controls, Inc.		23,010		1,061,221
	Lear Corp.		27,041		1,955,875
	TRW Automotive Holdings Corp. (i)		1,038		76,968
					3,094,064
	Banks 3.4%
¤	Bank of America Corp.		49,387		827,232
	Bank of New York Mellon Corp.		33,584		1,073,345
	BB&T Corp.		25,272		945,425
	Capital One Financial Corp.		15,251		1,076,873
	CIT Group, Inc.		52,461		2,442,060
	Citigroup, Inc.		19,648		931,905
	Comerica, Inc.		38,572		1,766,598
	Fifth Third Bancorp		161,838		3,401,835
	First Republic Bank		9,883		479,622
¤	Goldman Sachs Group, Inc. (The)		5,763		945,824
	JPMorgan Chase & Co.		19,189		1,062,303
	KeyCorp		169,769		2,166,252
	M&T Bank Corp.		43		4,795
¤	Morgan Stanley		27,514		811,938
	PNC Financial Services Group, Inc.		13,342		1,065,759
	Regions Financial Corp.		655		6,661
	State Street Corp.		15,763		1,055,333
	SunTrust Banks, Inc.		49,714		1,840,412
	U.S. Bancorp		20,718		823,126
	Wells Fargo & Co.		18,069		819,248
					23,546,546
	Chemicals 1.0%
	Air Products & Chemicals, Inc.		7,771		817,043
	Cabot Corp.		1,027		49,984
	CF Industries Holdings, Inc.		12,999		3,000,949
	Dow Chemical Co. (The)		23,822		1,084,139
	Mosaic Co. (The)		18,437		823,397
	PPG Industries, Inc.		5,816		1,060,606
					6,836,118
	Coal 0.1%
	Peabody Energy Corp.		28,842		491,756
	Commercial Services 1.5%
	Apollo Education Group, Inc. (i)		15,962		515,413
	Booz Allen Hamilton Holding Corp.		21,829		399,034
	CoreLogic, Inc. (i)		55,529		1,768,599
	DeVry, Inc.		43,586		1,575,198
	Leidos Holdings, Inc.		7,729		350,433
	ManpowerGroup, Inc.		26,860		2,092,394
	R.R. Donnelley & Sons Co.		90,648		1,674,269
	Towers Watson & Co. Class A		19,458		2,275,029
					10,650,369
	Computers 2.5%
	Apple, Inc.		2,127		1,064,776
	Brocade Communications Systems, Inc. (i)		222,460		2,077,777
	Computer Sciences Corp.		44,608		2,694,769
	DST Systems, Inc.		16,711		1,520,701
	EMC Corp.		43,230		1,047,895
	Hewlett-Packard Co.		36,720		1,064,880
	Lexmark International, Inc. Class A		51,455		2,016,522
	SanDisk Corp.		33,142		2,305,026
¤	Western Digital Corp.		41,235		3,553,220
					17,345,566
	Cosmetics & Personal Care 0.1%
	Procter & Gamble Co. (The)		10,609		812,862
	Diversified Financial Services 0.3%
	Artisan Partners Asset Management, Inc. Class A		24,570		1,558,229
	IntercontinentalExchange Group, Inc.		3,679		768,139
					2,326,368
	Electric 3.7%
	AES Corp. (The)		175,403		2,466,166
	Alliant Energy Corp.		3,184		165,441
	Ameren Corp.		49,132		1,859,155
	American Electric Power Co., Inc.		17,309		844,852
	CMS Energy Corp.		71,242		1,979,815
	Consolidated Edison, Inc.		13,470		732,903
	Dominion Resources, Inc.		12,427		843,918
	DTE Energy Co.		39,994		2,728,391
	Duke Energy Corp.		11,940		843,203
	Edison International		66,487		3,202,014
	Exelon Corp.		29,222		847,438
	NextEra Energy, Inc.		9,280		853,110
	PG&E Corp.		20,126		848,311
	Pinnacle West Capital Corp.		17,986		946,603
	PPL Corp.		23,015		703,568
	Public Service Enterprise Group, Inc.		75,078		2,503,100
	Southern Co.		20,146		830,821
	Wisconsin Energy Corp.		6,888		293,911
	Xcel Energy, Inc.		68,077		1,968,106
					25,460,826
	Electrical Components & Equipment 0.5%
	Emerson Electric Co.		16,226		1,069,942
	Energizer Holdings, Inc.		21,280		2,010,960
					3,080,902
	Electronics 0.3%
	Agilent Technologies, Inc.		5,443		316,510
	Jabil Circuit, Inc.		18,006		323,568
	Thermo Fisher Scientific, Inc.		8,453		973,278
	Vishay Intertechnology, Inc. (i)		28,506		387,112
					2,000,468
	Engineering & Construction 0.1%
	AECOM Technology Corp. (i)		23,051		660,872
	Entertainment 0.3%
	Gaming and Leisure Properties, Inc.		7,702		267,259
	Regal Entertainment Group Class A		87,890		1,713,855
					1,981,114
	Environmental Controls 0.2%
	Waste Management, Inc.		25,946		1,084,024
	Finance - Credit Card 0.2%
	Discover Financial Services		19,740		1,059,051
	Finance - Investment Banker/Broker 0.9%
	Charles Schwab Corp. (The)		33,405		829,112
	Interactive Brokers Group, Inc. Class A		72,078		1,528,054
	LPL Financial Holdings, Inc.		28,591		1,530,476
	Raymond James Financial, Inc.		41,222		2,098,612
					5,986,254
	Finance - Other Services 0.4%
	CME Group, Inc.		11,386		851,217
	NASDAQ OMX Group, Inc. (The)		51,632		1,969,761
					2,820,978
	Food 1.1%
	Kellogg Co.		14,112		818,214
	Mondelez International, Inc. Class A		24,970		817,768
	Safeway, Inc.		72,001		2,249,311
	Sysco Corp.		23,503		824,485
	Tyson Foods, Inc. Class A		69,766		2,609,248
					7,319,026
	Forest Products & Paper 0.3%
	Domtar Corp.		20,408		2,192,023
	Gas 0.8%
	AGL Resources, Inc.		28,561		1,364,645
	CenterPoint Energy, Inc.		51,576		1,206,878
	Sempra Energy		8,436		782,102
	UGI Corp.		50,618		2,196,315
					5,549,940
	Health Care - Products 1.2%
	Alere, Inc. (i)		11,246		426,223
¤	Boston Scientific Corp. (i)		270,609		3,661,340
	Covidien PLC		13,906		948,946
	Hill-Rom Holdings, Inc.		43,612		1,581,807
	Medtronic, Inc.		16,761		948,002
	Stryker Corp.		12,284		953,239
	Zimmer Holdings, Inc.		198		18,606
					8,538,163
	Health Care - Services 2.0%
	Aetna, Inc.		13,880		948,420
	Cigna Corp.		10,546		910,225
	Community Health Systems, Inc. (i)		3,817		158,062
	HCA Holdings, Inc. (i)		58,885		2,960,149
	Health Net, Inc. (i)		60,385		1,986,063
	Humana, Inc.		27,868		2,711,556
	LifePoint Hospitals, Inc. (i)		34,776		1,843,476
	UnitedHealth Group, Inc.		14,953		1,080,803
	Universal Health Services, Inc. Class B		932		76,443
	WellPoint, Inc.		12,481		1,073,366
					13,748,563
	Home Furnishing 0.4%
	Harman International Industries, Inc.		9,379		970,070
	Whirlpool Corp.		12,022		1,602,533
					2,572,603
	Household Products & Wares 0.1%
	Kimberly-Clark Corp.		8,827		965,409
	Insurance 5.6%
	ACE, Ltd.		10,046		942,415
	Aflac, Inc.		17,154		1,076,928
	Alleghany Corp. (i)		1,938		721,576
	Allstate Corp. (The)		18,258		934,810
	American Financial Group, Inc.		6,888		378,289
	American International Group, Inc.		22,223		1,065,815
	American National Insurance Co.		6,057		629,928
	Aspen Insurance Holdings, Ltd.		35,153		1,367,452
	Assurant, Inc.		19,847		1,297,001
	Axis Capital Holdings, Ltd.		43,102		1,940,452
	Berkshire Hathaway, Inc. Class B (i)		8,488		947,261
	Chubb Corp. (The)		10,943		925,121
	CNA Financial Corp.		3,124		122,711
	Endurance Specialty Holdings, Ltd.		13,330		698,359
	Everest Re Group, Ltd.		15,825		2,290,827
	Fidelity National Financial, Inc. Class A		51,541		1,625,603
	Genworth Financial, Inc. Class A (i)		151,740		2,238,165
	Hartford Financial Services Group, Inc. (The)		4,211		140,016
	Kemper Corp.		6,106		224,396
	Lincoln National Corp.		57,831		2,777,623
	Loews Corp.		18,482		824,112
	Marsh & McLennan Cos., Inc.		18,021		823,740
	MetLife, Inc.		16,863		827,130
	Old Republic International Corp.		8,449		131,973
	PartnerRe, Ltd.		21,433		2,104,078
	Protective Life Corp.		39,179		1,920,163
	Prudential Financial, Inc.		9,827		829,301
	Reinsurance Group of America, Inc.		23,881		1,783,194
	StanCorp Financial Group, Inc.		28,457		1,828,362
	Travelers Companies, Inc. (The)		12,961		1,053,470
	Unum Group		73,846		2,377,841
	Validus Holdings, Ltd.		36,038		1,294,485
	W.R. Berkley Corp.		4,048		156,900
					38,299,497
	Internet 0.3%
	AOL, Inc. (i)		1,591		73,313
	CDW Corp.		6,915		163,678
	Symantec Corp.		8,218		175,948
	Twitter, Inc. (i)		15,890		1,024,905
	Yahoo!, Inc. (i)		23,610		850,432
					2,288,276
	Investment Company 0.1%
	American Capital Ltd. (i)		55,179		861,344
	Investment Management/Advisory Services 0.2%
	Ameriprise Financial, Inc.		6,050		639,122
	BlackRock, Inc.		3,156		948,283
	Invesco, Ltd.		2,675		88,944
					1,676,349
	Iron & Steel 0.9%
	Cliffs Natural Resources, Inc.		83,413		1,611,539
	Nucor Corp.		3,566		172,416
	Reliance Steel & Aluminum Co.		14,531		1,016,443
	Steel Dynamics, Inc.		106,167		1,751,756
	United States Steel Corp.		72,225		1,885,795
					6,437,949
	Leisure Time 0.2%
	Carnival Corp.		23,891		936,288
	Royal Caribbean Cruises, Ltd.		14,560		722,176
					1,658,464
	Lodging 0.4%
	MGM Resorts International (i)		106,331		2,590,223
	Machinery - Construction & Mining 0.2%
	Caterpillar, Inc.		11,758		1,104,194
	Machinery - Diversified 0.4%
	AGCO Corp.		26,848		1,431,804
	Cummins, Inc.		8,286		1,052,156
					2,483,960
	Media 2.4%
	CBS Corp. Class B		14,272		838,052
	Comcast Corp. Class A		20,083		1,093,519
	Gannett Co., Inc.		41,039		1,129,804
	Graham Holdings Co. Class B		2,915		1,824,965
	John Wiley & Sons, Inc. Class A		27,953		1,513,375
	Liberty Global PLC Class A (i)		11,686		934,062
	Liberty Media Corp. Class A (i)		10,392		1,367,483
	McGraw Hill Financial, Inc.		27,478		2,089,427
	News Corp. Class A (i)		65,698		1,048,540
	Sirius XM Holdings, Inc. (i)		263,151		942,081
	Thomson Reuters Corp.		26,285		947,837
	Time Warner, Inc.		15,158		952,377
	Twenty-First Century Fox, Inc. Class A		26,807		852,999
	Walt Disney Co. (The)		13,244		961,647
					16,496,168
	Mining 0.5%
	Alcoa, Inc.		229,706		2,643,916
	Freeport-McMoRan Copper & Gold, Inc.		29,211		946,729
					3,590,645
	Miscellaneous - Manufacturing 1.1%
	3M Co.		7,252		929,634
	Danaher Corp.		12,573		935,305
	Eaton Corp. PLC		11,210		819,339
	General Electric Co.		32,573		818,560
	Illinois Tool Works, Inc.		12,061		951,251
	Ingersoll-Rand PLC		9,145		537,635
	Parker Hannifin Corp.		5,125		581,021
	Pentair, Ltd.		780		57,977
	Trinity Industries, Inc.		37,144		2,162,895
					7,793,617
	Office & Business Equipment 0.7%
	Pitney Bowes, Inc.		81,198		2,044,566
	Xerox Corp.		253,527		2,750,768
					4,795,334
	Oil & Gas 3.8%
	Anadarko Petroleum Corp.		11,620		937,618
	Apache Corp.		11,659		935,751
	Chesapeake Energy Corp.		118,440		3,187,220
	Chevron Corp.		8,143		909,003
	Cimarex Energy Co.		5,133		502,931
	ConocoPhillips		14,352		932,162
	Denbury Resources, Inc. (i)		11,349		182,378
	Devon Energy Corp.		16,008		947,994
	EOG Resources, Inc.		5,737		947,982
	Exxon Mobil Corp.		9,932		915,333
	Helmerich & Payne, Inc.		48		4,226
	Hess Corp.		12,259		925,432
	HollyFrontier Corp.		18,333		848,818
	Marathon Oil Corp.		32,252		1,057,543
	Marathon Petroleum Corp.		12,316		1,072,108
	Murphy Oil Corp.		20,212		1,144,201
	Nabors Industries, Ltd.		66,096		1,128,920
	Newfield Exploration Co. (i)		28,837		714,293
	Noble Energy, Inc.		9,495		591,823
	Occidental Petroleum Corp.		10,756		941,903
	Patterson-UTI Energy, Inc.		79,348		2,038,450
	PBF Energy, Inc. Class A		49,936		1,294,841
	Phillips 66		14,365		1,049,938
	Tesoro Corp.		34,219		1,762,963
	Valero Energy Corp.		20,731		1,059,354
	WPX Energy, Inc. (i)		1,830		34,862
					26,068,047
	Oil & Gas Services 1.0%
	Baker Hughes, Inc.		19,093		1,081,428
	MRC Global, Inc. (i)		55,395		1,546,628
	National Oilwell Varco, Inc.		12,935		970,254
	Oil States International, Inc. (i)		20,573		1,932,833
	RPC, Inc.		87,002		1,481,644
	Superior Energy Services, Inc.		3,259		77,043
					7,089,830
	Packaging & Containers 0.0%‡
	Greif, Inc. Class A		2,207		111,740
	Rock-Tenn Co. Class A		39		3,958
					115,698
	Pharmaceuticals 2.4%
	Abbott Laboratories		22,978		842,373
	Bristol-Myers Squibb Co.		16,403		819,658
¤	Cardinal Health, Inc.		59,806		4,068,004
	Eli Lilly & Co.		19,766		1,067,562
	Express Scripts Holding Co. (i)		14,457		1,079,793
	Forest Laboratories, Inc. (i)		2,844		188,557
	Johnson & Johnson		10,626		940,082
	Mallinckrodt PLC (i)		17,120		990,050
	Merck & Co., Inc.		20,410		1,081,118
	Omnicare, Inc.		36,810		2,299,153
	Pfizer, Inc.		35,390		1,075,856
	Quintiles Transnational Holdings, Inc. (i)		9,988		475,728
	VCA Antech, Inc. (i)		51,239		1,636,574
					16,564,508
	Pipelines 0.4%
	Kinder Morgan, Inc.		24,157		821,580
	Spectra Energy Corp.		23,389		840,834
	Williams Cos., Inc. (The)		20,739		839,722
					2,502,136
	Real Estate Investment Trusts 4.3%
	Apartment Investment & Management Co. Class A		35,411		990,446
	AvalonBay Communities, Inc.		723		89,290
	Camden Property Trust		5,275		326,100
	CBL & Associates Properties, Inc.		98,225		1,668,843
	DDR Corp.		29,189		457,392
	Duke Realty Corp.		72,431		1,137,891
	Equity Lifestyle Properties, Inc.		42,095		1,654,754
	Equity Residential		15,269		845,597
	Federal Realty Investment Trust		242		26,378
	HCP, Inc.		36,556		1,431,167
	Health Care REIT, Inc.		33,981		1,968,180
	Home Properties, Inc.		28,783		1,604,652
	Hospitality Properties Trust		19,577		503,129
	Host Hotels & Resorts, Inc.		161,492		2,969,838
	Kilroy Realty Corp.		8,432		445,210
	Kimco Realty Corp.		119,730		2,503,554
	Mack-Cali Realty Corp.		35,963		727,531
	Mid-America Apartment Communities, Inc.		440		28,398
	Piedmont Office Realty Trust, Inc. Class A		5,512		91,885
	ProLogis, Inc.		22,976		890,550
	Public Storage		5,330		839,955
	Regency Centers Corp.		5,092		245,129
	Retail Properties of America, Inc. Class A		24,427		322,192
	Senior Housing Properties Trust		49,656		1,118,253
	Simon Property Group, Inc.		5,468		846,665
	UDR, Inc.		5,560		135,330
	Ventas, Inc.		36,827		2,297,637
	Vornado Realty Trust		33,439		3,070,703
	Weingarten Realty Investors		15,548		450,737
					29,687,386
	Retail 2.1%
	Ascena Retail Group, Inc. (i)		88,013		1,651,124
	Best Buy Co., Inc.		56,731		1,335,448
	CST Brands, Inc.		52,870		1,688,139
	CVS Caremark Corp.		14,026		949,841
	Dillard's, Inc. Class A		4,641		405,159
	GameStop Corp. Class A		48,185		1,689,848
	Guess?, Inc.		41,595		1,166,740
	Macy's, Inc.		7,195		382,774
	Staples, Inc.		11,925		156,933
	Target Corp.		16,605		940,507
	Wal-Mart Stores, Inc.		11,117		830,217
	Walgreen Co.		16,719		958,835
	Wendy's Co. (The)		184,475		1,673,188
	World Fuel Services Corp.		13,738		586,887
					14,415,640
	Savings & Loans 0.3%
	First Niagara Financial Group, Inc.		104,417		902,163
	People's United Financial, Inc.		25,283		359,271
	Washington Federal, Inc.		47,341		1,035,821
					2,297,255
	Semiconductors 2.0%
	Broadcom Corp. Class A		37,143		1,105,376
	Fairchild Semiconductor International, Inc. (i)		65,891		840,769
	First Solar, Inc. (i)		36,249		1,833,474
	Intel Corp.		43,178		1,059,588
	Marvell Technology Group, Ltd.		152,632		2,278,796
	Micron Technology, Inc. (i)		128,354		2,957,276
	NVIDIA Corp.		141,048		2,214,454
	Skyworks Solutions, Inc. (i)		58,460		1,768,415
					14,058,148
	Software 0.4%
	Activision Blizzard, Inc.		100,948		1,729,239
	Adobe Systems, Inc. (i)		14,091		834,047
					2,563,286
	Telecommunications 2.2%
	AT&T, Inc.		28,360		944,955
	CenturyLink, Inc.		33,043		953,621
	Cisco Systems, Inc.		49,220		1,078,410
	Corning, Inc.		62,099		1,068,724
	EchoStar Corp. Class A (i)		22,313		1,049,380
	Frontier Communications Corp.		439,882		2,067,446
	Harris Corp.		32,734		2,269,776
	Polycom, Inc. (i)		151,124		1,802,909
	Sprint Corp. (i)		109,215		903,208
	Telephone & Data Systems, Inc.		64,027		1,730,010
	United States Cellular Corp.		22,114		979,429
	Windstream Holdings, Inc.		26,511		198,302
					15,046,170
	Transportation 0.7%
	Con-way, Inc.		41,898		1,611,816
	CSX Corp.		36,154		972,904
	FedEx Corp.		8,082		1,077,493
	Norfolk Southern Corp.		10,519		973,954
					4,636,167
	Trucking & Leasing 0.2%
	AMERCO		7,091		1,579,378
	Total Common Stocks (Cost $323,898,043)				404,541,900
	Exchange-Traded Funds 1.5% (j)
¤	iShares Intermediate Credit Bond Fund		67,600		7,363,668
	S&P 500 Index - SPDR Trust Series 1		4,839		862,213
	S&P Midcap 400 Index - Midcap SPDR Trust Series 1		8,607		2,055,179
	Total Exchange-Traded Funds (Cost $9,980,006)				10,281,060

	Principal Amount			Value
Short-Term Investments  0.5%
Repurchase Agreements 0.5%
State Street Bank and Trust Co. 0.00%, dated 1/31/14 due 2/3/14 Proceeds at Maturity $1,602,200 (Collateralized by a Federal National Mortgage Association securities with rates between 2.12% and 2.17% and maturity date of 11/7/22, with a Principal Amount of $1,755,000 and a Market Value of $1,635,593)	$	1,602,200			1,602,200
TD Securities LLC 0.02%, dated 1/31/14 due 2/3/14 Proceeds at Maturity $1,745,003 (Collateralized by a United States Treasury Note with a rate of 1.50% and maturity date of 1/31/19, with a Principal Amount of $1,785,100 and a Market Value of $1,779,921)		1,745,000			1,745,000
Total Short-Term Investments (Cost $3,347,200)					3,347,200
Total Investments (Cost $606,221,609) (m)		100.1	%		689,379,963
Other Assets, Less Liabilities		(0.1	)		(640,910	)
Net Assets		100.0	%	$	688,739,053

	Contracts Short			Unrealized Appreciation (Depreciation)(k)
Futures Contracts (0.0%) ‡
United States Treasury Notes March 2014 (10 Year) (l)		(62	)	$	(66,015	)
Total Futures Contracts Short (Notional Amount $7,796,500)				$	(66,015	)

¤ Among the Fund's 10 largest holdings or issuers held, as of January 31, 2014, excluding short-term investments. May be subject to change daily.

† Percentages indicated are based on Fund net assets.

‡ Less than one-tenth of a percent.

(a) Floating rate - Rate shown was the rate in effect as of January 31, 2014.

(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 - Security was fair valued in accordance with the Fund’s valuation policy. As of January 31, 2014, the total market value of fair valued securities was $5,401,109, which represented 0.8% of the Fund’s net assets.

(d) Issue in default.

(e) Illiquid security - The total market value of this security as of January 31, 2014, was $18, which represented less than one-tenth of a percent of the Fund's net assets.

(f) Restricted security.

(g) Step coupon - Rate shown was the rate in effect as of January 31, 2014.

(h) Yankee Bond - Dollar-denominated bond issued in the United States by a foreign bank or corporation.

(i) Non-income producing security.

(j) Exchange-Traded Fund - An investment vehicle that represents a basket of securities that is traded on an exchange.

(k) Represents the difference between the value of the contracts at the time they were opened and the value as of January 31, 2014.

(l) At January 31, 2014, cash in the amount of $91,450 was on deposit with the broker for futures transactions.

(m) As of January 31, 2014, cost was $611,008,199 for federal income tax purposes and net unrealized appreciation was as follows:

Gross unrealized appreciation	$	88,318,012
Gross unrealized depreciation		(9,946,248	)
Net unrealized appreciation	$	78,371,764

The following abbreviation is used in the above portfolio: 

SPDR —Standard & Poor's Depositary Receipt

The following is a summary of the fair valuations according to the inputs used as of January 31, 2014, 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 (b)	$	—	$	13,538,475	$	5,401,091	$	18,939,566
Convertible Bond (c)		—		—		18		18
Corporate Bonds		—		111,294,374		—		111,294,374
Foreign Government Bonds		—		4,099,900		—		4,099,900
Mortgage-Backed Securities		—		4,455,936		—		4,455,936
U.S. Government & Federal Agencies		—		132,014,147		—		132,014,147
Yankee Bond		—		405,862		—		405,862
Total Long-Term Bonds		—		265,808,694		5,401,109		271,209,803
Common Stocks		404,541,900		—		—		404,541,900
Exchange-Traded Funds		10,281,060		—		—		10,281,060
Short-Term Investments
Repurchase Agreements		—		3,347,200		—		3,347,200
Total Short-Term Investments		—		3,347,200		—		3,347,200
Total Investments in Securities	$	414,822,960	$	269,155,894	$	5,401,109	$	689,379,963

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 Short (d)	$	(66,015	)	$	—	$	—	$	(66,015	)
Total Other Financial Instruments	$	(66,015	)	$	—	$	—	$	(66,015	)

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

(b) The Level 3 securities valued at $5,401,091 are held in Other ABS within the Asset-Backed Securities section of the Portfolio of Investments.

(c) The Level 3 security valued at $18 is held in Internet within the Convertible Bonds 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 January 31, 2014, the Fund did not have any transfers between Level 1 and Level 2 fair value measurements.

During the period ended January 31, 2014, securities with a total value of $7,326,387 transferred from Level 3 to Level 2. The transfer occurred as a result of the value of these securities being obtained from an independent pricing source using observable inputs as of January 31, 2014. As of October 31, 2013, the valuation of these securities was obtained using fair valued prices due to market quotations not being readily available.

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, 2013		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases		Sales			Transfers into Level 3		Transfers out of  Level 3			Balance as of January 31, 2014		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at January 31, 2014
Asset-Backed Securities
Other ABS	$	12,473,444	$	268	$	(13,522	)	$	(20,625	)	$	1,094,390	$	(806,478	)	$	-	$	(7,326,387	)	$	5,401,091	$	(20,625	)
Convertible Bond
Internet		18		-		-			-			-		-			-		-			18		-
Total	$	12,473,462	$	268	$	(13,522	)	$	(20,625	)	$	1,094,390	$	(806,478	)	$	-	$	(7,326,387	)	$	5,401,109	$	(20,625	)

As of January 31, 2014, the Portfolio held the following restricted security:

		Principal
	Date(s) of	Amount/				1/31/14		Percent of
Security	Acquisition	Shares		Cost		Value		Net Assets
At Home Corp.
Convertible Bond
4.75%, due 12/15/49	2/27/01	$	177,810	$	13,325	$	18		0.0	%‡

‡ Less than one-tenth of a percent.

MainStay California Tax Free Opportunities Fund

Portfolio of Investments January 31, 2014 (Unaudited)

			Principal Amount		Value
	Municipal Bonds 101.3% †
	Airport 5.0%
	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	$	1,076,830
¤	Los Angeles, Department of Airports, International Airport, Revenue Bonds Series B 5.00%, due 5/15/31		1,500,000		1,601,925
					2,678,755
	Appropriation 4.1%
¤	Anaheim Public Financing Authority, Public Improvement Project, Revenue Bonds Series A-1, Insured: NATL-RE 4.75%, due 9/1/33		1,500,000		1,508,040
	Stockton Public Financing Authority, Parking & Capital Projects, Revenue Bonds Insured: NATL-RE 5.25%, due 9/1/22		305,000		292,474
	Stockton Redevelopment Agency, Stockton Events Center-Arena Project, Revenue Bonds
	Insured: NATL-RE 5.00%, due 9/1/28		285,000		251,116
	Insured: NATL-RE 5.00%, due 9/1/36		195,000		165,621
					2,217,251
	Dedicated Tax 2.7%
	City of San Jose California Special Hotel Tax Convention Center Expansion, Revenue Bonds 6.50%, due 5/1/36		760,000		878,233
	Guam Government, Hotel Occupancy Tax, Revenue Bonds Series A 6.50%, due 11/1/40		490,000		542,509
					1,420,742
	Development 4.5%
	California Statewide Communities Development Authority, Provident Group, Pomona Properties, Revenue Bonds Series A 5.75%, due 1/15/45		500,000		437,720
	San Francisco City & County Redevelopment Agency, Community Facilities District, Special Tax Series A 5.00%, due 8/1/23		300,000		327,306
¤	San Francisco City & County Redevelopment Agency, Successor Agency Community, 6-Mission Bay Public Improvements, Special Tax
	Series C 5.00%, due 8/1/27		1,000,000		1,045,050
	Series C 5.00%, due 8/1/28		580,000		601,124
					2,411,200
	Education 1.0%
	California School Finance Authority, Classical Academies Project, Revenue Bonds Series A-1 7.375%, due 10/1/43		500,000		519,440
	Facilities 4.3%
¤	San Bernardino County Financing Authority, Court House Facilities Project, Revenue Bonds Series C, Insured: NATL-RE 5.50%, due 6/1/37		1,500,000		1,456,710
	Territory of Guam, Unlimited General Obligation Series A 6.75%, due 11/15/29		825,000		864,014
					2,320,724
	General 8.2%
	California Infrastructure & Economic Development Bank, Los Angeles Museum, Revenue Bonds Series B 0.04%, due 9/1/37 (b)		300,000		300,000
	Cathedral City Public Financing Authority, Tax Allocation Series A, Insured: NATL-RE (zero coupon), due 8/1/30		1,085,000		425,114
	Riverside County Transportation Commission, Limited Tax, Revenue Bonds Series A 5.25%, due 6/1/39		1,000,000		1,099,370
	San Jose Financing Authority, Civic Center Project, Revenue Bonds Series A 5.00%, due 6/1/33		1,000,000		1,065,560
	South Orange County Public Financing Authority, Special Tax
	Series A 5.00%, due 8/15/32		775,000		813,665
	Series A 5.00%, due 8/15/34		450,000		466,753
	Virgin Islands Public Finance Authority, Matching Fund Loan, Revenue Bonds Series A 6.75%, due 10/1/37		200,000		219,256
					4,389,718
	General Obligation 22.5%
¤	Anaheim, California, School District, Unlimited General Obligation Insured: AGM 6.25%, due 8/1/40		1,500,000		1,713,705
	California School Facilities Financing Authority, Azusa Unified School District, Revenue Bonds Series A, Insured: AGM 5.00%, due 8/1/32		1,095,000		1,144,461
¤	Centinela Valley Union High School District, Election 2010, Unlimited General Obligation
	Series A (zero coupon), due 8/1/34		2,750,000		709,198
	Series A 5.75%, due 8/1/41		1,000,000		1,142,620
	Commonwealth of Puerto Rico, Public Improvement, Unlimited General Obligation Insured: AGM 5.50%, due 7/1/19		500,000		498,355
	El Monte Union High School District, Election of 2008, General Obligation Series A, Insured: GTY 5.50%, due 6/1/34		1,000,000		1,083,070
¤	Kern Community College District, Safety Repair & Improvement, General Obligation
	Series C 5.25%, due 11/1/31		1,500,000		1,615,575
	Series C 5.75%, due 11/1/34		650,000		762,164
	Pomona Unified School District, Election 2008, Unlimited General Obligation Series E, Insured: AGM 5.00%, due 8/1/30		1,000,000		1,067,370
	San Ysidro School District, Unlimited General Obligation Series F, Insured: AGM (zero coupon), due 8/1/47		2,500,000		245,325
	State of California, General Obligation 5.00%, due 9/1/32		1,000,000		1,039,360
	Val Verde Unified School District, Election 2012, Unlimited General Obligation Series A, Insured: BAM 5.00%, due 8/1/38		1,000,000		1,043,420
					12,064,623
	Higher Education 1.7%
	California Statewide Communities Development Authority, Lancer Plaza Project, Revenue Bonds 5.875%, due 11/1/43		1,000,000		896,430
	Hospital 0.3%
	California Statewide Communities Development Authority, John Muir Health, Revenue Bonds 5.00%, due 7/1/29		150,000		158,808
	Medical 7.9%
	Abag Finance Authority for Nonprofit Corp., Sharp Health Care, Revenue Bonds Series A 5.00%, due 8/1/33		750,000		782,265
	California Statewide Communities Development Authority, Henry Mayo Newhall Memorial, Revenue Bonds Series A, Insured: AGM 5.25%, due 10/1/43		1,250,000		1,263,137
	City of Whittier, California, Health Facility Presbyterian Inter Community Hospital, Revenue Bonds 6.25%, due 6/1/36		1,000,000		1,102,950
	University of California, Regents Medical Center, Revenue Bonds Series J 5.25%, due 5/15/38		1,000,000		1,068,500
					4,216,852
	Nursing Homes 1.9%
	Abag Finance Authority for Nonprofit Corp., Episcopal Senior Communities, Revenue Bonds Series A 5.00%, due 7/1/42		500,000		469,020
	California Statewide Communities Development Authority, Redwoods Project, Revenue Bonds 5.375%, due 11/15/44		535,000		555,795
					1,024,815
	Pollution 3.9%
	California Pollution Control Financing Authority, Revenue Bonds 0.04%, due 3/1/42 (b)		1,000,000		1,000,000
	Salinas Valley Solid Waste Authority, Revenue Bonds Series A, Insured: AGM 5.50%, due 8/1/27 (a)		1,000,000		1,104,250
					2,104,250
	Power 0.4%
	Puerto Rico Electric Power Authority, Revenue Bonds Series NN, Insured: NATL-RE 5.25%, due 7/1/19		250,000		236,125
	School District 12.4%
	Alum Rock Union Elementary School District, Election of 2008, Unlimited General Obligation Series A, Insured: GTY 5.00%, due 8/1/33		400,000		427,288
	Alvord Unified School District, Election 2012, Unlimited General Obligation Series A, Insured: AGM 5.25%, due 8/1/37		825,000		874,038
	Arcadia Unified School District, Election 2006, General Obligation Series A, Insured: AGM 5.00%, due 8/1/32		1,000,000		1,057,890
	Centinela Valley Union High School District, Election 2008, Unlimited General Obligation Series B 6.00%, due 8/1/36		500,000		582,475
	Oakland Unified School District, Alameda County, Election of 2012, General Obligation 6.625%, due 8/1/38		500,000		556,740
	Palm Springs Unified School District, Election 2008, Unlimited General Obligation Series C 5.00%, due 8/1/31		360,000		393,430
	Santa Barbara Unified School District, Election of 2010, Unlimited General Obligation Series B 5.00%, due 8/1/38		1,000,000		1,072,260
¤	Taft Elementary School District, Election 2012, Unlimited General Obligation Series B, Insured: AGM 6.00%, due 8/1/44		1,200,000		1,327,644
	Westminster School District, CABS, Election 2008, Unlimited General Obligation Series B, Insured: BAM (zero coupon), due 8/1/48		3,200,000		321,472
					6,613,237
	State General Obligation 0.5%
	California State Public Works Board, Capital Project, Revenue Bonds Series I-1 6.625%, due 11/1/34		260,000		261,368
	Tobacco Settlement 0.9%
	California County Tobacco Securitization Agency, Asset Backed, Revenue Bonds 5.70%, due 6/1/46		250,000		191,870
	California County Tobacco Securitization Agency, Asset Backed, Sonoma County Corp., Revenue Bonds 5.125%, due 6/1/38		380,000		283,928
					475,798
	Transportation 12.5%
	Alameda Corridor Transportation Authority, Revenue Bonds Series A, Insured: AGM 5.00%, due 10/1/27		1,000,000		1,106,080
¤	Bay Area Toll Authority, Revenue Bonds
	Series F-1 5.00%, due 4/1/34		1,500,000		1,619,190
	5.125%, due 4/1/39		850,000		921,119
	California Communities, Installment Sale, Certificates of Participation Series B 5.25%, due 6/1/42		250,000		255,995
¤	Foothill-Eastern Transportation Corridor Agency, Revenue Bonds
	Series A, Insured: NATL-RE 5.00%, due 1/1/35		500,000		474,190
	Series A, Insured: AGM 5.00%, due 1/15/42		250,000		247,763
	Series A 6.00%, due 1/15/49		500,000		505,580
	Series C 6.50%, due 1/15/43		500,000		512,120
	Riverside County Transportation Commission, Revenue Bonds Series A 5.75%, due 6/1/44		250,000		257,160
	San Joaquin Hills Transportation Corridor Agency, Revenue Bonds
	Series A, Insured: NATL-RE (zero coupon), due 1/15/24		130,000		74,113
	Series A, Insured: NATL-RE (zero coupon), due 1/15/26		230,000		114,834
	Series A, Insured: NATL-RE (zero coupon), due 1/15/27		200,000		92,458
	Series A, Insured: NATL-RE (zero coupon), due 1/15/30		135,000		51,000
	Series A, Insured: NATL-RE (zero coupon), due 1/15/35		150,000		39,459
	Series A, Insured: NATL-RE (zero coupon), due 1/15/36		180,000		43,958
	Series A, Insured: NATL-RE 5.25%, due 1/15/30		365,000		355,189
					6,670,208
	Utilities 3.5%
	Guam Government Waterworks Authority, Revenue Bonds 5.25%, due 7/1/33		1,100,000		1,109,713
	Turlock Irrigation District, Revenue Bonds Series A 5.00%, due 1/1/40		760,000		783,697
					1,893,410
	Water 3.1%
	Stockton Public Financing Authority, Delta Water Supply Project, Revenue Bonds Series A 6.25%, due 10/1/38		1,000,000		1,084,520
	Stockton Public Financing Authority, Water Systems Capital Improvement Projects, Revenue Bonds Series A, Insured: NATL-RE 4.75%, due 10/1/35		25,000		23,686
	Vallejo California Water, Revenue Bonds 5.25%, due 5/1/30		500,000		536,100
					1,644,306
	Total Municipal Bonds (Cost $54,204,354)				54,218,060

	Shares
Unaffiliated Investment Company 1.0%
California 1.0%
BlackRock MuniYield California Insured Fund, Inc.		36,232			513,408
Total Unaffiliated Investment Company (Cost $546,030)					513,408
Total Investments (Cost $54,750,384) (e)		102.3	%		54,731,468
Other Assets, Less Liabilities		(2.3	)		(1,235,698	)
Net Assets		100.0	%	$	53,495,770
		Contracts Short			Unrealized Appreciation (Depreciation) (c)
Futures Contracts (0.0%) ‡
United States Treasury Notes March 2014 (10 Year) (d)		(57	)	$	(17,495	)
Total Futures Contracts (Notional Amount $7,167,750)				$	(17,495	)

¤ Among the Fund's 10 largest holdings or issuers held, as of January 31, 2014. May be subject to change daily.

† Percentages indicated are based on Fund net assets.

‡ Less than one-tenth of a percent.

(a) Interest on these securities is subject to alternative minimum tax.

(b) Variable rate securities that may be tendered back to the issuer at any time prior to maturity at par. Rate shown was the rate in effect as of January 31, 2014.

(c) Represents the difference between the value of the contracts at the time they were opened and the value as of January 31, 2014.

(d) As of January 31, 2014, cash in the amount of $92,483 was on deposit with the broker for futures transactions.

(e) As of January 31, 2014, cost was $54,750,384 for federal income tax purposes and net unrealized depreciation was as follows:

Gross unrealized appreciation	$	1,080,133
Gross unrealized depreciation		(1,099,049	)
Net unrealized depreciation	$	(18,916	)

	The following abbreviations are used in the above portfolio:
AGM	—Assured Guaranty Municipal Corp.
BAM	—Build America Mutual Assurance Co.
GTY	—Assured Guaranty Corp.
NATL-RE	—National Public Finance Guarantee Corp.

The following is a summary of the fair valuations according to the inputs used as of January 31, 2014, 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	$	—	$	54,218,060	$	—	$	54,218,060
Unaffiliated Investment Company		513,408		—		—		513,408
Total Investments in Securities	$	513,408	$	54,218,060	$	—	$	54,731,468

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 Short (b)	$	(17,495	)	$	—	$	—	$	(17,495	)
Total Other Financial Instruments	$	(17,495	)	$	—	$	—	$	(17,495	)

(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 January 31, 2014, the Fund did not have any transfers between Level 1 and Level 2 fair value measurements.

As of January 31, 2014, the Fund did not hold any investments with significant unobservable inputs (Level 3).

MainStay Conservative Allocation Fund

Portfolio of Investments January 31, 2014 (Unaudited)

	Shares			Value
Affiliated Investment Companies 99.2% †
Equity Funds 39.6%
MainStay Cornerstone Growth Fund Class I		323,999		$	10,121,734
MainStay Emerging Markets Opportunities Fund Class I (a)		429,689			3,892,984
MainStay Epoch Global Choice Fund Class I (a)		564,916			11,145,789
MainStay Epoch U.S. All Cap Fund Class I		375,829			10,068,471
MainStay ICAP Equity Fund Class I		206,657			10,281,195
MainStay ICAP International Fund Class I		126,105			4,355,661
MainStay International Equity Fund Class I		103,145			1,343,979
MainStay International Opportunities Fund Class I		384,902			3,352,497
MainStay Large Cap Growth Fund Class I (b)		2,119,761			21,494,373
MainStay MAP Fund Class I		514,761			22,088,399
MainStay Marketfield Fund Class I		406,280			7,447,115
MainStay S&P 500 Index Fund Class I		53,032			2,190,222
MainStay U.S. Equity Opportunities Fund Class I		2,362,307			19,158,308
MainStay U.S. Small Cap Fund Class I (a)(b)		1,042,839			25,705,987
Total Equity Funds (Cost $126,497,266)					152,646,714
Fixed Income Funds 59.6%
MainStay Floating Rate Fund Class I		3,557,315			34,185,799
MainStay High Yield Corporate Bond Fund Class I		2,081,910			12,637,191
MainStay High Yield Municipal Bond Fund Class I		355,318			3,919,154
MainStay High Yield Opportunities Fund Class I		55,538			683,123
MainStay Indexed Bond Fund Class I (a)		4,465,637			48,988,037
MainStay Intermediate Term Bond Fund Class I (a)		8,218,861			88,106,194
MainStay Money Market Fund Class A (a)		15,820,384			15,820,384
MainStay Short Duration High Yield Fund Class I (a)		1,249,312			12,618,055
MainStay Unconstrained Bond Fund Class I		1,395,712			12,980,124
Total Fixed Income Funds (Cost $227,273,309)					229,938,061
Total Investments (Cost $353,770,575) (c)		99.2	%		382,584,775
Other Assets, Less Liabilities		0.8			2,952,561
Net Assets		100.0	%	$	385,537,336

† 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) As of January 31, 2014, cost was $355,883,002 for federal income tax purposes and net unrealized appreciation was as follows:

Gross unrealized appreciation	$	30,219,961
Gross unrealized depreciation		(3,518,188	)
Net unrealized appreciation	$	26,701,773

The following is a summary of the fair valuations according to the inputs used as of January 31, 2014, 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	$	152,646,714	$	—	$	—	$	152,646,714
Fixed Income Funds		229,938,061		—		—		229,938,061
Total Investments	$	382,584,775	$	—	$	—	$	382,584,775

(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 January 31, 2014, the Fund did not have any transfers between Level 1 and Level 2 fair value measurements.

As of January 31, 2014, the Fund did not hold any investments with significant unobservable inputs (Level 3).

MainStay Cornerstone Growth Fund

Portfolio of Investments January 31, 2014 (Unaudited)

		Shares		Value
	Common Stocks 98.6% †
	Aerospace & Defense 3.3%
	Precision Castparts Corp.		74,645	$	19,015,814
	Textron, Inc.		301,097		10,688,943
	Triumph Group, Inc.		130,754		8,946,189
					38,650,946
	Auto Components 0.9%
	Johnson Controls, Inc.		229,902		10,603,080
	Beverages 2.5%
	Diageo PLC, Sponsored ADR		245,667		29,492,323
	Biotechnology 2.4%
	Gilead Sciences, Inc. (a)		350,336		28,254,598
	Capital Markets 2.4%
	Morgan Stanley		428,794		12,653,711
	T. Rowe Price Group, Inc.		195,393		15,326,627
					27,980,338
	Chemicals 2.2%
	Sherwin-Williams Co. (The)		143,115		26,227,255
	Commercial Banks 1.2%
	First Republic Bank		294,589		14,296,404
	Computers & Peripherals 1.8%
	Stratasys, Ltd. (a)		180,685		21,783,384
	Construction & Engineering 1.9%
	Fluor Corp.		294,586		22,376,753
	Diversified Financial Services 2.0%
	CME Group, Inc.		323,396		24,177,085
	Energy Equipment & Services 2.6%
	Schlumberger, Ltd.		349,948		30,644,946
	Food & Staples Retailing 1.0%
	Whole Foods Market, Inc.		227,888		11,909,427
	Health Care Equipment & Supplies 2.6%
¤	Edwards Lifesciences Corp. (a)		474,712		30,913,245
	Health Care Providers & Services 5.8%
¤	Catamaran Corp. (a)		1,045,006		50,808,192
	Express Scripts Holding Co. (a)		230,213		17,194,609
					68,002,801
	Hotels, Restaurants & Leisure 2.3%
	Starbucks Corp.		385,473		27,414,840
	Household Durables 2.6%
	PulteGroup, Inc.		1,519,081		30,867,726
	Internet & Catalog Retail 3.7%
¤	Amazon.com, Inc. (a)		102,827		36,883,016
	Shutterfly, Inc. (a)		132,074		6,255,025
					43,138,041
	Internet Software & Services 16.1%
	Facebook, Inc. Class A (a)		444,583		27,817,558
¤	Google, Inc. Class A (a)		69,675		82,284,085
	LinkedIn Corp. Class A (a)		94,543		20,346,599
¤	Rackspace Hosting, Inc. (a)		1,106,229		40,277,798
	Zillow, Inc. Class A (a)		239,543		19,666,480
					190,392,520
	IT Services 2.8%
¤	Visa, Inc. Class A		152,445		32,841,226
	Machinery 1.2%
	Joy Global, Inc.		258,641		13,653,658
	Media 5.0%
¤	Comcast Corp. Class A		612,812		33,367,613
	Walt Disney Co. (The)		348,688		25,318,236
					58,685,849
	Metals & Mining 1.1%
	Freeport-McMoRan Copper & Gold, Inc.		400,322		12,974,436
	Oil, Gas & Consumable Fuels 2.6%
	Anadarko Petroleum Corp.		174,605		14,088,877
	Cobalt International Energy, Inc. (a)		1,024,521		16,771,409
					30,860,286
	Real Estate Investment Trusts 0.3%
	Camden Property Trust		47,686		2,947,949
	Semiconductors & Semiconductor Equipment 3.6%
	Altera Corp.		371,408		12,416,169
	Micron Technology, Inc. (a)		1,291,026		29,745,239
					42,161,408
	Software 6.9%
	Citrix Systems, Inc. (a)		331,802		17,940,534
¤	Salesforce.com, Inc. (a)		1,044,824		63,243,197
					81,183,731
	Specialty Retail 5.1%
	Dick's Sporting Goods, Inc.		154,983		8,136,608
¤	Home Depot, Inc. (The)		514,911		39,570,910
	TJX Cos., Inc.		219,413		12,585,530
					60,293,048
	Textiles, Apparel & Luxury Goods 5.4%
	NIKE, Inc. Class B		327,202		23,836,666
	PVH Corp.		159,002		19,218,572
	Ralph Lauren Corp.		134,115		21,041,302
					64,096,540
	Tobacco 1.9%
	Philip Morris International, Inc.		292,183		22,831,180
	Trading Companies & Distributors 5.4%
¤	Fastenal Co.		821,350		36,081,905
	United Rentals, Inc. (a)		345,157		27,937,008
					64,018,913
	Total Common Stocks (Cost $1,031,514,947)				1,163,673,936

	Principal Amount
Short-Term Investment 1.4%
Repurchase Agreement 1.4%
State Street Bank and Trust Co. 0.00%, dated 1/31/14 due 2/3/14 Proceeds at Maturity $15,983,923 (Collateralized by a Federal National Mortgage Association security with a rate of 2.17% and a maturity date of 11/7/22, with a Principal Amount of $17,465,000 and a Market Value of $16,304,154)	$	15,983,923			15,983,923
Total Short-Term Investment (Cost $15,983,923)					15,983,923
Total Investments (Cost $1,047,498,870) (b)		100.0	%		1,179,657,859
Other Assets, Less Liabilities		0.0	‡		504,034
Net Assets		100.0	%	$	1,180,161,893

¤	Among the Fund's 10 largest holdings, as of January 31, 2014, excluding short-term investment.  May be subject to change daily.
†	Percentages indicated are based on Fund net assets.
‡	Less than one-tenth of a percent.
(a)	Non-income producing security.
(b)	As of January 31, 2014, cost was $1,048,140,011 for federal income tax purposes and net unrealized appreciation was as follows:

Gross unrealized appreciation	$	177,050,356
Gross unrealized depreciation		(45,532,508	)
Net unrealized appreciation	$	131,517,848

	The following abbreviation is used in the above portfolio:
ADR	—American Depositary Receipt

The following is a summary of the fair valuations according to the inputs used as of January 31, 2014, 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	$	1,163,673,936	$	—	$	—	$	1,163,673,936
Short-Term Investment
Repurchase Agreement		—		15,983,923		—		15,983,923
Total Investments in Securities	$	1,163,673,936	$	15,983,923	$	—	$	1,179,657,859

(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 January 31, 2014, the Fund did not have any transfers between Level 1 and Level 2 fair value measurements.
As of January 31, 2014, the Fund did not hold any investments with significant unobservable inputs (Level 3).

MainStay Emerging Markets Opportunities Fund

Portfolio of Investments January 31, 2014 (Unaudited)

		Shares		Value
	Common Stocks 90.5% †
	Brazil 6.9%
	AES Tiete S.A.  (Independent Power Producers & Energy Traders)		12,800	$	92,131
	AMBEV S.A.  (Beverages)		125,000		833,420
	Arteris S.A.  (Transportation Infrastructure)		7,600		52,278
	Banco do Brasil S.A.  (Commercial Banks)		45,800		396,462
	Cielo S.A.  (IT Services)		9,900		263,535
	Even Construtora e Incorporadora S.A.  (Household Durables)		33,600		99,690
	JBS S.A.  (Food Products)		110,600		387,266
	Kroton Educacional S.A.  (Diversified Consumer Services)		25,600		391,227
	M Dias Branco S.A.  (Food Products)		3,700		126,504
	MRV Engenharia e Participacoes S.A.  (Household Durables)		58,400		199,648
	Petroleo Brasileiro S.A.  (Oil, Gas & Consumable Fuels)		48,700		277,882
	Porto Seguro S.A.  (Insurance)		12,700		148,143
	Sao Martinho S.A.  (Food Products)		3,300		33,831
	SLC Agricola S.A.  (Food Products)		6,700		49,974
	Sul America S.A.  (Insurance)		47,700		262,886
	Tecnisa S.A.  (Household Durables) (a)		25,800		82,962
¤	Vale S.A.  (Metals & Mining)		31,400		430,030
					4,127,869
	Chile 0.3%
	Banco de Chile  (Commercial Banks)		1,215,255		150,096
	China 20.1%
	Agricultural Bank of China, Ltd. Class H  (Commercial Banks)		412,000		179,896
	Anhui Conch Cement Co., Ltd. Class H  (Construction Materials)		80,000		310,157
	ANTA Sports Products, Ltd.  (Textiles, Apparel & Luxury Goods)		250,000		365,156
	Bank of China, Ltd. Class H  (Commercial Banks)		1,288,000		545,805
	Bank of Communications Co., Ltd. Class H  (Commercial Banks)		185,000		120,096
	BYD Electronic International Co., Ltd.  (Communications Equipment) (a)		218,000		107,543
	Changshouhua Food Co., Ltd.  (Food Products)		67,000		80,343
	China CITIC Bank Corp., Ltd. Class H  (Commercial Banks)		188,000		90,564
¤	China Construction Bank Corp. Class H  (Commercial Banks)		1,211,000		840,734
	China Hongqiao Group, Ltd.  (Metals & Mining)		147,000		91,641
	China Life Insurance Co., Ltd. Class H  (Insurance)		171,000		466,936
	China Merchants Bank Co., Ltd. Class H  (Commercial Banks)		90,000		159,046
	China Minsheng Banking Corp., Ltd. Class H  (Commercial Banks)		111,500		109,722
	China Mobile, Ltd.  (Wireless Telecommunication Services)		86,000		820,809
	China Oilfield Services, Ltd. Class H  (Energy Equipment & Services)		148,000		393,647
	China Petroleum & Chemical Corp. Class H  (Oil, Gas & Consumable Fuels)		636,000		505,438
	China Railway Construction Corp., Ltd. Class H  (Construction & Engineering)		365,500		306,945
	China Railway Group, Ltd. Class H  (Construction & Engineering)		703,000		310,581
	China Shenhua Energy Co., Ltd. Class H  (Oil, Gas & Consumable Fuels)		25,000		64,562
	China Telecom Corp., Ltd. Class H  (Diversified Telecommunication Services)		440,000		203,457
	China Unicom Hong Kong, Ltd.  (Diversified Telecommunication Services)		328,000		430,923
	Chongqing Rural Commercial Bank Co., Ltd. Class H  (Commercial Banks)		99,000		41,825
	CNOOC, Ltd.  (Oil, Gas & Consumable Fuels)		475,000		746,413
	Far East Horizon, Ltd.  (Diversified Financial Services)		179,000		128,882
	Fosun International, Ltd.  (Metals & Mining)		133,500		143,752
	Guangzhou Automobile Group Co., Ltd. Class H  (Automobiles)		332,000		331,838
	HC International, Inc.  (Media) (a)		66,000		149,447
	Huaneng Power International, Inc. Class H  (Independent Power Producers & Energy Traders)		434,000		404,160
	Industrial & Commercial Bank of China, Ltd. Class H  (Commercial Banks)		1,243,000		771,692
	New China Life Insurance Co., Ltd. Class H  (Insurance) (a)		94,000		279,077
	Peak Sport Products Co., Ltd.  (Textiles, Apparel & Luxury Goods)		119,000		31,422
	Ping An Insurance Group Co. of China, Ltd. Class H  (Insurance)		22,500		182,143
	Sany Heavy Equipment International Holdings Co., Ltd.  (Machinery)		19,000		4,943
	Shenzhen Expressway Co., Ltd. Class H  (Transportation Infrastructure)		112,000		49,769
	Sihuan Pharmaceutical Holdings Group, Ltd.  (Pharmaceuticals)		389,000		415,365
	SinoMedia Holding, Ltd.  (Media)		60,000		41,578
	Springland International Holdings, Ltd.  (Multiline Retail)		63,000		29,213
	TCL Communication Technology Holdings, Ltd.  (Communications Equipment) (a)		121,000		130,604
¤	Tencent Holdings, Ltd.  (Internet Software & Services)		16,700		1,167,998
	Texhong Textile Group, Ltd.  (Textiles, Apparel & Luxury Goods)		37,000		41,319
	Tsingtao Brewery Co., Ltd. Class H  (Beverages)		16,000		117,262
	Weiqiao Textile Co. Class H  (Textiles, Apparel & Luxury Goods)		149,000		80,605
	Xingda International Holdings, Ltd.  (Auto Components)		232,000		126,402
	Yanzhou Coal Mining Co., Ltd. Class H  (Oil, Gas & Consumable Fuels)		32,000		24,071
					11,943,781
	Colombia 0.2%
	Ecopetrol S.A.  (Oil, Gas & Consumable Fuels)		83,514		145,824
	Egypt 0.1%
	Commercial International Bank Egypt S.A.E.  (Commercial Banks)		17,638		85,610
	Greece 1.0%
	JUMBO S.A.  (Specialty Retail) (a)		2,312		39,289
	OPAP S.A.  (Hotels, Restaurants & Leisure)		29,290		377,257
	Public Power Corp. S.A.  (Electric Utilities)		11,117		148,436
					564,982
	Hong Kong 1.1%
	China Resources Cement Holdings, Ltd.  (Construction Materials)		584,000		399,423
	Dawnrays Pharmaceutical Holdings, Ltd.  (Pharmaceuticals)		156,000		113,527
	Ju Teng International Holdings, Ltd.  (Electronic Equipment, Instruments & Components)		28,000		18,609
	NetDragon Websoft, Inc.  (Software)		56,000		113,532
	Shimao Property Holdings, Ltd.  (Real Estate Management & Development)		12,500		27,274
					672,365
	Hungary 0.7%
	OTP Bank PLC  (Commercial Banks)		21,426		392,530
	India 4.5%
	Dr. Reddy's Laboratories, Ltd., ADR (Pharmaceuticals)		10,700		446,404
	Infosys, Ltd., Sponsored ADR (IT Services)		13,900		814,262
	Reliance Industries, Ltd., Sponsored GDR (Oil, Gas & Consumable Fuels) (b)		15,449		406,309
	State Bank of India, GDR (Commercial Banks)		2,201		105,780
	Tata Motors, Ltd., Sponsored ADR (Automobiles)		14,700		409,395
	Tata Steel, Ltd., GDR  (Metals & Mining)		502		2,836
	Wipro, Ltd., ADR (IT Services)		36,500		472,310
					2,657,296
	Indonesia 2.3%
	Astra Agro Lestari Tbk PT  (Food Products)		39,700		69,825
	Bank Negara Indonesia Persero Tbk PT  (Commercial Banks)		971,500		346,907
	Bank Rakyat Indonesia Persero Tbk PT  (Commercial Banks)		731,500		498,750
	Indofood Sukses Makmur Tbk PT  (Food Products)		732,500		418,443
	Malindo Feedmill Tbk PT  (Food Products)		58,800		15,723
					1,349,648
	Malaysia 1.9%
	Cahya Mata Sarawak BHD  (Industrial Conglomerates)		12,600		27,937
	IOI Corp. BHD  (Food Products)		47,300		59,364
	IOI Properties Group Sdn BHD  (Real Estate Management & Development) (a)		118,399		95,526
	Kuala Lumpur Kepong BHD  (Food Products)		25,800		180,558
	Malayan Banking BHD  (Commercial Banks)		114,900		330,640
	Malaysia Building Society BHD  (Thrifts & Mortgage Finance)		113,200		72,727
	Mudajaya Group BHD  (Construction & Engineering)		34,500		27,010
	PPB Group BHD  (Food Products)		26,000		119,647
	Puncak Niaga Holdings BHD  (Water Utilities)		118,200		104,196
	TA Enterprise BHD  (Hotels, Restaurants & Leisure)		66,700		14,849
	TDM BHD  (Food Products)		290,600		75,548
	Tenaga Nasional BHD  (Electric Utilities)		12,700		44,781
					1,152,783
	Mexico 3.3%
¤	America Movil S.A.B. de C.V. Series L  (Wireless Telecommunication Services)		809,004		862,599
	Fomento Economico Mexicano S.A.B. de C.V.  (Beverages)		59,600		539,092
	Grupo Bimbo S.A.B. de C.V. Class A  (Food Products)		26,885		71,725
	Grupo Mexico S.A.B. de C.V. Class B  (Metals & Mining)		20,783		66,946
	Kimberly-Clark de Mexico S.A.B. de C.V. Class A  (Household Products)		25,300		64,981
	OHL Mexico S.A.B. de C.V.  (Transportation Infrastructure) (a)		156,721		384,244
					1,989,587
	Poland 1.6%
	Asseco Poland S.A.  (Software)		3,770		55,067
	Bank Handlowy w Warszawie S.A.  (Commercial Banks)		323		10,575
	Bank Millennium S.A.  (Commercial Banks) (a)		17,481		45,034
	Bank Zachodni WBK S.A.  (Commercial Banks)		747		93,612
	mBank S.A. (Commercial Banks)		1,332		215,520
	Powszechny Zaklad Ubezpieczen S.A.  (Insurance)		3,419		447,442
	Synthos S.A.  (Chemicals)		55,033		88,521
					955,771
	Republic of Korea 14.6%
	Daelim Industrial Co., Ltd.  (Construction & Engineering)		5,215		403,421
	Daewoo Shipbuilding & Marine Engineering Co., Ltd.  (Machinery)		10,350		333,606
	Doosan Corp.  (Industrial Conglomerates)		103		13,135
	Doosan Heavy Industries & Construction Co., Ltd.  (Construction & Engineering)		8,460		289,680
	E-Mart Co., Ltd.  (Food & Staples Retailing)		1,694		411,492
	Hanil E-Wha Co., Ltd.  (Auto Components)		7,930		123,356
	Hansol Paper Co.  (Paper & Forest Products)		11,360		128,952
	Hanwha Corp.  (Chemicals)		11,000		371,000
	Hanwha Life Insurance Co., Ltd.  (Insurance)		13,170		90,068
	Hwa Shin Co., Ltd.  (Auto Components)		50		516
	Hyosung Corp.  (Chemicals)		5,614		355,087
	Hyundai Corp.  (Trading Companies & Distributors)		3,930		121,350
	Hyundai Hysco Co., Ltd.  (Metals & Mining)		2,826		106,270
¤	Hyundai Motor Co.  (Automobiles)		1,492		326,878
	Hyundai Steel Co.  (Metals & Mining)		3,871		276,328
	Kia Motors Corp.  (Automobiles)		4,597		231,922
	Korea District Heating Corp.  (Gas Utilities)		696		47,144
	Korea Electric Terminal Co., Ltd.  (Electrical Equipment)		1,840		71,169
	Korea Petrochemical Ind Co., Ltd.  (Chemicals) (a)		105		7,456
	LG Hausys, Ltd.  (Building Products)		939		136,856
	LIG Insurance Co., Ltd.  (Insurance)		4,900		143,976
	LS Corp.  (Electrical Equipment)		3,221		253,082
	Meritz Fire & Marine Insurance Co., Ltd.  (Insurance)		7,670		107,847
	Meritz Securities Co., Ltd.  (Capital Markets)		38,630		64,423
	Mirae Asset Securities Co., Ltd.  (Capital Markets)		4,730		159,530
	NAVER Corp.  (Internet Software & Services)		458		288,831
	Pyeong Hwa Automotive Co., Ltd.  (Auto Components)		3,025		59,350
¤	Samsung Electronics Co., Ltd.  (Semiconductors & Semiconductor Equipment)		2,062		2,465,885
	SeAH Steel Corp.  (Metals & Mining)		213		16,318
	SK Holdings Co., Ltd.  (Industrial Conglomerates)		2,473		415,883
	SK Hynix, Inc.  (Semiconductors & Semiconductor Equipment) (a)		8,710		308,005
	SK Telecom Co., Ltd.  (Wireless Telecommunication Services)		1,724		348,714
	SL Corp.  (Auto Components)		5,100		82,431
	Sungwoo Hitech Co., Ltd.  (Auto Components)		7,604		110,471
	Tongyang Life Insurance  (Insurance)		3,210		32,539
					8,702,971
	Russia 6.1%
¤	Gazprom OAO, Sponsored ADR (Oil, Gas & Consumable Fuels)		137,296		1,134,065
	Lukoil OAO, Sponsored ADR (Oil, Gas & Consumable Fuels)		14,068		799,766
¤	Sberbank of Russia, Sponsored ADR (Commercial Banks)		78,074		844,761
	Sistema JSFC, Sponsored GDR (Wireless Telecommunication Services)		13,457		363,204
	Surgutneftegas OAO, Sponsored ADR (Oil, Gas & Consumable Fuels)		63,732		490,099
					3,631,895
	South Africa 7.5%
	African Bank Investments, Ltd.  (Diversified Financial Services)		21,798		20,991
	Aspen Pharmacare Holdings, Ltd.  (Pharmaceuticals)		13,939		314,608
	FirstRand, Ltd.  (Diversified Financial Services)		164,496		460,704
	Group Five, Ltd.  (Construction & Engineering)		3,936		14,098
	Investec, Ltd.  (Capital Markets)		10,500		67,291
	Liberty Holdings, Ltd.  (Insurance)		18,548		190,246
	MMI Holdings, Ltd.  (Insurance)		156,303		331,413
	Mondi, Ltd.  (Paper & Forest Products)		7,591		114,963
	MTN Group, Ltd.  (Wireless Telecommunication Services)		43,550		774,035
	Naspers, Ltd.  (Media)		6,413		655,452
	Nedbank Group, Ltd.  (Commercial Banks)		5,007		86,838
	Raubex Group, Ltd.  (Construction & Engineering)		5,111		10,533
	Sasol, Ltd.  (Oil, Gas & Consumable Fuels)		9,930		476,576
	Steinhoff International Holdings, Ltd.  (Household Durables)		106,102		437,337
	Telkom SA SOC, Ltd.  (Diversified Telecommunication Services) (a)		45,217		123,099
	Vodacom Group, Ltd.  (Wireless Telecommunication Services)		35,203		371,878
					4,450,062
	Taiwan 12.7%
	AcBel Polytech, Inc.  (Electrical Equipment)		136,000		141,398
	Asia Cement China Holdings Corp.  (Construction Materials)		25,000		16,036
	Asustek Computer, Inc.  (Computers & Peripherals)		50,000		465,385
	Catcher Technology Co., Ltd.  (Computers & Peripherals)		67,000		446,703
	Chailease Holding Co., Ltd.  (Diversified Financial Services)		156,000		384,626
	Chimei Materials Technology Corp.  (Electronic Equipment, Instruments & Components)		48,000		63,451
	Chin-Poon Industrial Co., Ltd.  (Electronic Equipment, Instruments & Components)		74,000		123,099
	Compal Electronics, Inc.  (Computers & Peripherals)		531,000		398,721
	CTBC Financial Holding Co., Ltd.  (Commercial Banks)		759,000		501,031
	E.Sun Financial Holding Co., Ltd.  (Commercial Banks)		111,000		69,060
	Fubon Financial Holding Co., Ltd.  (Diversified Financial Services)		372,000		525,509
	Hon Hai Precision Industry Co., Ltd.  (Electronic Equipment, Instruments & Components)		214,000		599,673
	Inventec Corp.  (Computers & Peripherals)		445,000		410,521
	Merry Electronics Co., Ltd.  (Household Durables)		33,000		191,154
	Micro-Star International Co., Ltd.  (Computers & Peripherals)		113,000		98,837
	Namchow Chemical Industrial Co., Ltd.  (Food Products)		79,000		112,382
	Nien Hsing Textile Co., Ltd.  (Textiles, Apparel & Luxury Goods)		103,000		102,159
	Pegatron Corp.  (Computers & Peripherals)		120,000		157,835
	Rechi Precision Co., Ltd.  (Machinery)		106,000		111,257
	Shin Kong Financial Holding Co., Ltd.  (Insurance)		1,095,000		366,837
	Taishin Financial Holding Co., Ltd.  (Commercial Banks)		798,000		377,962
	Taiwan Cement Corp.  (Construction Materials)		252,000		368,466
¤	Taiwan Semiconductor Manufacturing Co., Ltd.  (Semiconductors & Semiconductor Equipment)		298,000		1,032,758
	Vanguard International Semiconductor Corp.  (Semiconductors & Semiconductor Equipment)		311,000		343,873
	Zinwell Corp.  (Communications Equipment)		94,000		117,898
					7,526,631
	Thailand 3.6%
	Bangkok Bank PCL, NVDR  (Commercial Banks)		80,700		419,269
	Delta Electronics Thailand PCL  (Electronic Equipment, Instruments & Components)		36,300		58,282
	Krung Thai Bank PCL  (Commercial Banks)		395,000		199,833
	PTT Exploration & Production PCL  (Oil, Gas & Consumable Fuels)		99,300		460,252
	PTT Global Chemical PCL  (Chemicals)		180,900		390,461
	PTT PCL  (Oil, Gas & Consumable Fuels)		46,600		389,627
	Thai Oil PCL  (Oil, Gas & Consumable Fuels)		83,600		133,593
	Thanachart Capital PCL  (Commercial Banks)		91,500		85,929
					2,137,246
	Turkey 1.9%
	Aksa Akrilik Kimya Sanayii  AS (Textiles, Apparel & Luxury Goods)		25,834		85,481
	Dogus Otomotiv Servis ve Ticaret AS  (Distributors)		38,886		111,467
	Eregli Demir ve Celik Fabrikalari TAS  (Metals & Mining)		35,957		43,105
	Otokar Otomotiv Ve Savunma Sanayi A.S.  (Machinery)		3,976		84,775
	TAV Havalimanlari Holding AS  (Transportation Infrastructure)		52,785		395,782
	Turkiye Halk Bankasi AS  (Commercial Banks)		10,219		50,403
	Turkiye Sinai Kalkinma Bankasi AS  (Commercial Banks)		128,741		96,815
	Turkiye Vakiflar Bankasi Tao Class D  (Commercial Banks)		173,878		265,363
					1,133,191
	United States 0.1%
	China Yuchai International, Ltd.  (Machinery)		4,100		87,125
	Total Common Stocks (Cost $57,978,098)				53,857,263
	Exchange-Traded Fund 1.4% (c)
	United States 1.4%
¤	iShares MSCI Emerging Markets ETF  (Capital Markets)		22,760		869,205
	Total Exchange-Traded Fund (Cost $895,095)				869,205
	Preferred Stocks 6.0%
	Brazil 3.9%
	AES Tiete S.A. 14.24%  (Independent Power Producers & Energy Traders)		4,500		35,206
	Banco ABC Brasil S.A. 4.88%  (Commercial Banks)		23,300		115,184
	Banco Bradesco S.A. 3.29%  (Commercial Banks)		26,200		284,012
	Banco do Estado do Rio Grande do Sul S.A. Class B 6.36%  (Commercial Banks)		51,300		223,205
	Bradespar S.A. 6.08%  (Metals & Mining)		7,500		69,305
	Braskem S.A. Class A 0.00%  (Chemicals) (a)		2,800		21,558
	Cia Paranaense de Energia Class B 6.64%  (Electric Utilities)		14,400		166,063
	Itau Unibanco Holding S.A. 3.16%  (Commercial Banks)		23,500		294,864
	Petroleo Brasileiro S.A. 5.40%  (Oil, Gas & Consumable Fuels)		68,700		418,477
¤	Vale S.A. 5.79%  (Metals & Mining)		57,100		709,831
					2,337,705
	Republic of Korea 2.1%
¤	Hyundai Motor Co. 1.56%  (Automobiles)		3,546		402,522
	1.63%  (Automobiles)		3,290		401,126
¤	Samsung Electronics Co., Ltd. 1.49%  (Semiconductors & Semiconductor Equipment)		463		413,103
					1,216,751
	Total Preferred Stocks (Cost $4,298,328)				3,554,456

	Principal Amount			Value
Short-Term Investment 1.9%
Repurchase Agreement 1.9%
United States 1.9%
State Street Bank and Trust Co. 0.00%, dated 1/31/14 due 2/3/14 Proceeds at Maturity $1,107,282 (Collateralized by a Federal National Mortgage Association security with a rate of 2.14% and a maturity date of 11/7/22, with a Principal Amount of $1,215,000 and a Market Value of $1,131,254)	$	1,107,282			1,107,282
Total Short-Term Investment (Cost $1,107,282)					1,107,282
Total Investments (Cost $64,278,803) (d)		99.8	%		59,388,206
Other Assets, Less Liabilities		0.2			103,695
Net Assets		100.0	%	$	59,491,901

¤ Among the Fund's 10 largest holdings, as of January 31, 2014, excluding short-term investment. May be subject to change daily.

† Percentages indicated are based on Fund net assets.

(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) Exchange-Traded Fund - An investment vehicle that represents a basket of securities that is traded on an exchange.

(d) As of January 31, 2014, cost was $64,278,803 for federal income tax purposes and net unrealized depreciation was as follows:

Gross unrealized appreciation	$	1,018,068
Gross unrealized depreciation		(5,908,665	)
Net unrealized depreciation	$	(4,890,597	)

	The following abbreviations are used in the above portfolio:
ADR	-American Depositary Receipt
GDR	-Global Depositary Receipt
NVDR	-Non-Voting Depositary Receipt

Swap Contracts

OTC total return swap agreements as of January 31, 2014 were as follows:

Notional Amount		Maturity Date	Counterparty	Interest Rate / Index Received	Interest Rate / Index Paid	Unrealized Appreciation/ Depreciation
$	28,890	February 2015	Merrill Lynch	1-Month USD-LIBOR	Fixed 0.608%	$	466
$	30,906	February 2015	Merrill Lynch	1-Month USD-LIBOR	Fixed 0.608%		(519	)
$	30,975	February 2015	Merrill Lynch	1-Month USD-LIBOR	Fixed 0.608%		(237	)
$	29,323	February 2015	Merrill Lynch	1-Month USD-LIBOR	Fixed 0.608%		(2,218	)
						$	(2,508	)

The following is a summary of the fair valuations according to the inputs used as of January 31, 2014, 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)
Common Stocks	$	53,857,263	$	—	$	—	$	53,857,263
Exchange-Traded Fund		869,205		—		—		869,205
Preferred Stocks		3,554,456		—		—		3,554,456
Short-Term Investment
Repurchase Agreement		—		1,107,282		—		1,107,282
Total Investments in Securities		58,280,924		1,107,282		—		59,388,206
Other Financial Instruments
Swap Contracts (b)		—		466		—		466
Total Investments in Securities and Other Financial Instruments	$	58,280,924	$	1,107,748	$	—	$	59,388,672

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
Swap Contracts (b)	$	—	$	(2,974	)	$	—	$	(2,974	)
Total Other Financial Instruments	$	—	$	(2,974	)	$	—	$	(2,974	)

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

(b) The value listed for these securities reflects the 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 January 31, 2014, the Fund did not have any transfers between Level 1 and Level 2 fair value measurements.

As of January 31, 2014, the Fund did not hold any investments with significant unobservable inputs (Level 3).

MainStay Epoch Global Choice Fund

Portfolio of Investments January 31, 2014 (Unaudited)

		Shares		Value
	Common Stocks 89.7% †
	Australia 3.9%
	Amcor, Ltd.  (Containers & Packaging)		423,650	$	3,970,812
	Orica, Ltd.  (Chemicals)		184,450		3,793,404
					7,764,216
	Belgium 3.4%
¤	Anheuser-Busch InBev N.V.  (Beverages)		71,310		6,833,288
	France 9.2%
¤	Airbus Group N.V.  (Aerospace & Defense)		95,030		6,742,861
	Essilor International S.A.  (Health Care Equipment & Supplies)		39,900		4,010,691
¤	Safran S.A.  (Aerospace & Defense)		107,218		7,629,353
					18,382,905
	Germany 4.8%
	GEA Group A.G.  (Machinery)		102,050		4,787,626
	Linde A.G.  (Chemicals)		24,600		4,661,510
					9,449,136
	Israel 4.0%
¤	Check Point Software Technologies, Ltd.  (Software) (a)		120,977		7,915,525
	Japan 2.3%
	Bridgestone Corp.  (Auto Components)		127,500		4,659,734
	Luxembourg 2.5%
	SES S.A.  (Media)		155,119		4,982,310
	Switzerland 2.2%
	UBS A.G. Registered  (Capital Markets) (a)		215,750		4,280,971
	United Kingdom 14.9%
	Delphi Automotive PLC  (Auto Components)		105,460		6,421,459
	Experian PLC  (Professional Services)		353,070		6,036,278
¤	Lloyds Banking Group PLC  (Commercial Banks) (a)		5,554,140		7,605,659
	Rolls-Royce Holdings PLC  (Aerospace & Defense) (a)		203,250		3,966,033
	WPP PLC  (Media)		271,846		5,706,751
					29,736,180
	United States 42.5%
¤	Aetna, Inc.  (Health Care Providers & Services)		101,520		6,936,862
	American International Group, Inc.  (Insurance)		119,260		5,719,710
	Apple, Inc.  (Computers & Peripherals)		11,394		5,703,836
	Blackstone Group L.P. (The)  (Capital Markets)		102,270		3,349,342
	Boeing Co. (The)  (Aerospace & Defense)		51,210		6,414,565
	CIT Group, Inc.  (Commercial Banks)		80,056		3,726,607
	CME Group, Inc.  (Diversified Financial Services)		58,143		4,346,771
¤	CVS Caremark Corp.  (Food & Staples Retailing)		118,300		8,011,276
¤	General Motors Co.  (Automobiles) (a)		188,700		6,808,296
	International Paper Co.  (Paper & Forest Products)		109,990		5,250,923
	Las Vegas Sands Corp.  (Hotels, Restaurants & Leisure)		65,069		4,979,080
	Microsoft Corp.  (Software)		129,850		4,914,822
¤	National Oilwell Varco, Inc.  (Energy Equipment & Services)		94,750		7,107,197
¤	Northern Trust Corp.  (Capital Markets)		115,900		6,979,498
	Time Warner, Inc.  (Media)		70,740		4,444,594
					84,693,379
	Total Common Stocks (Cost $155,098,317)				178,697,644

	Principal Amount
Short-Term Investment 10.2%
Repurchase Agreement 10.2%
United States 10.2%
State Street Bank and Trust Co. 0.00%, dated 1/31/14 due 2/3/14 Proceeds at Maturity $20,374,177 (Collateralized by a Federal National Mortgage Association security with a rate of 2.17% and a maturity date of 11/7/22, with a Principal Amount of $22,265,000 and a Market Value of $20,785,112)  (Capital Markets)	$	20,374,177			20,374,177
Total Short-Term Investment (Cost $20,374,177)					20,374,177
Total Investments (Cost $175,472,494) (b)		99.9	%		199,071,821
Other Assets, Less Liabilities		0.1			221,156
Net Assets		100.0	%	$	199,292,977

¤ Among the Fund's 10 largest holdings, as of January 31, 2014, excluding short-term investment. May be subject to change daily.

† Percentages indicated are based on Fund net assets.

(a) Non-income producing security.

(b) As of January 31, 2014, cost was $175,475,975 for federal income tax purposes and net unrealized appreciation was as follows:

Gross unrealized appreciation	$	24,041,101
Gross unrealized depreciation		(445,255	)
Net unrealized appreciation	$	23,595,846

The following is a summary of the fair valuations according to the inputs used as of January 31, 2014, 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	$	178,697,644	$	—	$	—	$	178,697,644
Short-Term Investment
Repurchase Agreement		—		20,374,177		—		20,374,177
Total Investments in Securities	$	178,697,644	$	20,374,177	$	—	$	199,071,821

(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 January 31, 2014, the Fund did not have any transfers between Level 1 and Level 2 fair value measurements.

As of January 31, 2014, the Fund did not hold any investments with significant unobservable inputs (Level 3).

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, 2013		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Purchases		Sales			Transfers into Level 3		Transfers out of Level 3		Balance as of January 31, 2014		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at  January 31, 2014
Preferred Stock
Aerospace & Defense	$	32,791	$	-	$		$	407	$		$	(33,198	)	$	-	$	-	$	-	$	-
Total	$	32,791	$	-	$	-	$	407	$	-	$	(33,198	)	$	-	$	-	$	-	$	-

MainStay Epoch Global Equity Yield Fund

Portfolio of Investments January 31, 2014 (Unaudited)

		Shares		Value
	Common Stocks 97.4% †
	Australia 3.2%
	BHP Billiton, Ltd.  (Metals & Mining)		793,950	$	25,409,769
	Commonwealth Bank of Australia  (Commercial Banks)		287,440		18,672,792
	Telstra Corp., Ltd.  (Diversified Telecommunication Services)		10,852,970		48,819,611
	Westpac Banking Corp.  (Commercial Banks)		857,222		23,158,612
					116,060,784
	Belgium 0.5%
	Anheuser-Busch InBev N.V.  (Beverages)		205,340		19,676,726
	Canada 4.1%
¤	BCE, Inc.  (Diversified Telecommunication Services)		1,507,360		63,285,435
	Potash Corporation of Saskatchewan, Inc.  (Chemicals)		853,815		26,741,486
	Rogers Communications, Inc. Class B  (Wireless Telecommunication Services)		605,660		25,477,146
	Shaw Communications, Inc.  (Media)		1,368,840		30,197,440
					145,701,507
	France 7.9%
	Electricite de France S.A.  (Electric Utilities)		1,539,930		52,379,490
	Sanofi  (Pharmaceuticals)		278,916		27,385,458
	SCOR SE  (Insurance)		1,083,900		35,172,241
¤	Total S.A.  (Oil, Gas & Consumable Fuels)		1,096,730		62,627,601
¤	Vinci S.A.  (Construction & Engineering)		1,014,620		66,457,196
	Vivendi S.A.  (Diversified Telecommunication Services)		1,469,803		39,527,513
					283,549,499
	Germany 6.6%
	BASF S.E.  (Chemicals)		487,660		52,307,422
	Daimler A.G., Registered Shares (Automobiles)		597,140		50,037,168
	Deutsche Post A.G. Registered  (Air Freight & Logistics)		619,360		21,442,935
¤	Deutsche Telekom A.G.  (Diversified Telecommunication Services)		3,887,450		62,916,023
	Muenchener Rueckversicherungs-Gesellschaft A.G. Registered  (Insurance)		236,110		48,769,307
					235,472,855
	Italy 1.6%
	Terna S.p.A.  (Electric Utilities)		12,156,840		59,058,119
	Netherlands 1.5%
	Royal Dutch Shell PLC, ADR (Oil, Gas & Consumable Fuels)		788,740		54,501,934
	Norway 3.0%
	Orkla ASA  (Food Products)		3,930,180		30,521,354
	Statoil ASA  (Oil, Gas & Consumable Fuels)		1,194,330		28,272,219
	Yara International ASA  (Chemicals)		1,154,900		47,649,778
					106,443,351
	Philippines 0.6%
	Philippine Long Distance Telephone Co., Sponsored ADR (Wireless Telecommunication Services)		345,601		20,590,908
	Sweden 0.6%
	Svenska Handelsbanken AB Class A  (Commercial Banks)		427,800		20,347,175
	Switzerland 4.2%
	Nestle S.A. Registered  (Food Products)		301,170		21,857,371
	Novartis A.G.  (Pharmaceuticals)		467,106		36,991,354
	Roche Holding A.G., Genusscheine (Pharmaceuticals)		95,830		26,350,211
¤	Swisscom A.G.  (Diversified Telecommunication Services)		119,805		65,898,366
					151,097,302
	United Kingdom 18.3%
¤	AstraZeneca PLC, Sponsored ADR (Pharmaceuticals)		1,151,480		73,118,980
	BAE Systems PLC  (Aerospace & Defense)		8,041,790		56,726,539
	British American Tobacco PLC  (Tobacco)		485,960		23,295,020
	Centrica PLC  (Multi-Utilities)		6,808,100		34,828,964
	Compass Group PLC  (Hotels, Restaurants & Leisure)		1,350,000		20,206,391
	Diageo PLC, Sponsored ADR (Beverages)		138,560		16,634,128
	GlaxoSmithKline PLC  (Pharmaceuticals)		2,065,240		53,098,508
¤	Imperial Tobacco Group PLC  (Tobacco)		1,752,050		64,026,683
¤	National Grid PLC  (Multi-Utilities)		4,980,773		64,602,421
	Pearson PLC  (Media)		1,740,100		31,809,295
	Severn Trent PLC  (Water Utilities)		879,470		24,968,268
	SSE PLC  (Electric Utilities)		2,385,170		51,247,180
	United Utilities Group PLC  (Water Utilities)		4,344,277		51,133,506
¤	Vodafone Group PLC  (Wireless Telecommunication Services)		19,432,060		72,369,897
	WM Morrison Supermarkets PLC  (Food & Staples Retailing)		4,330,610		17,078,683
					655,144,463
	United States 45.3%
	AbbVie, Inc.  (Pharmaceuticals)		547,510		26,953,917
¤	Altria Group, Inc.  (Tobacco)		1,692,170		59,598,227
	Ameren Corp.  (Multi-Utilities)		1,178,850		44,607,684
	Apple, Inc.  (Computers & Peripherals)		56,440		28,253,864
	Arthur J. Gallagher & Co.  (Insurance)		461,990		21,357,798
	AT&T, Inc.  (Diversified Telecommunication Services)		1,216,545		40,535,279
	Automatic Data Processing, Inc.  (IT Services)		290,860		22,279,876
	CenturyLink, Inc.  (Diversified Telecommunication Services)		1,498,880		43,257,677
	CME Group, Inc.  (Diversified Financial Services)		533,810		39,907,636
	Coca-Cola Co. (The)  (Beverages)		422,590		15,982,354
	Comcast Corp. Class A  (Media)		482,550		25,261,492
	ConocoPhillips  (Oil, Gas & Consumable Fuels)		494,450		32,114,527
	Corrections Corporation of America  (Real Estate Investment Trusts)		1,081,340		36,300,584
	Deere & Co.  (Machinery)		215,560		18,529,538
	Diamond Offshore Drilling, Inc.  (Energy Equipment & Services)		621,110		30,148,679
	Dominion Resources, Inc.  (Multi-Utilities)		302,880		20,568,581
	Dow Chemical Co. (The)  (Chemicals)		740,910		33,718,814
	Duke Energy Corp.  (Electric Utilities)		838,367		59,205,478
	E.I. du Pont de Nemours & Co.  (Chemicals)		342,190		20,877,012
	Emerson Electric Co.  (Electrical Equipment)		410,670		27,079,580
	Enterprise Products Partners, L.P.  (Oil, Gas & Consumable Fuels)		434,630		28,850,739
	Health Care REIT, Inc.  (Real Estate Investment Trusts)		971,820		56,287,814
	Honeywell International, Inc.  (Aerospace & Defense)		249,840		22,792,903
	Integrys Energy Group, Inc.  (Multi-Utilities)		391,820		21,291,499
	Johnson & Johnson  (Pharmaceuticals)		232,730		20,589,623
	Kimberly-Clark Corp.  (Household Products)		330,195		36,113,427
	Kinder Morgan Energy Partners, L.P.  (Oil, Gas & Consumable Fuels)		610,880		48,552,742
	KLA-Tencor Corp.  (Semiconductors & Semiconductor Equipment)		460,290		28,294,026
	Lockheed Martin Corp.  (Aerospace & Defense)		381,605		57,588,011
	Lorillard, Inc.  (Tobacco)		1,178,850		58,022,997
	MarkWest Energy Partners, L.P.  (Oil, Gas & Consumable Fuels)		362,740		25,460,721
	Mattel, Inc.  (Leisure Equipment & Products)		877,770		33,214,817
	McDonald's Corp.  (Hotels, Restaurants & Leisure)		242,930		22,876,718
	Merck & Co., Inc.  (Pharmaceuticals)		515,030		27,281,139
	Microchip Technology, Inc.  (Semiconductors & Semiconductor Equipment)		609,080		27,323,329
	Microsoft Corp.  (Software)		595,440		22,537,404
	PepsiCo., Inc.  (Beverages)		227,590		18,289,132
	Philip Morris International, Inc.  (Tobacco)		463,700		36,233,518
	PPL Corp.  (Electric Utilities)		1,765,760		53,979,283
	R.R. Donnelley & Sons Co.  (Commercial Services & Supplies)		1,656,280		30,591,492
	Regal Entertainment Group Class A  (Media)		1,420,170		27,693,315
	Reynolds American, Inc.  (Tobacco)		1,069,370		51,864,445
	Southern Co.  (Electric Utilities)		1,153,265		47,560,649
	Targa Resources Partners, L.P.  (Oil, Gas & Consumable Fuels)		424,290		22,279,468
	TECO Energy, Inc.  (Multi-Utilities)		2,537,410		41,562,776
	Time Warner, Inc.  (Media)		321,630		20,208,013
	Verizon Communications, Inc.  (Diversified Telecommunication Services)		860,620		41,326,972
	Waste Management, Inc.  (Commercial Services & Supplies)		482,520		20,159,686
	Wells Fargo & Co.  (Commercial Banks)		622,810		28,238,205
					1,623,603,460
	Total Common Stocks (Cost $3,166,378,545)				3,491,248,083

	Principal Amount			Value
Short-Term Investment 2.5%
Repurchase Agreement 2.5%
State Street Bank and Trust Co. 0.00%, dated 1/31/14 due 2/3/14 Proceeds at Maturity $87,553,735 (Collateralized by a Federal National Mortgage Association security with a rate of 2.17% and a maturity date of 11/7/22, with a Principal Amount of $95,665,000 and a Market Value of $89,306,434)  (Capital Markets)	$	87,553,735			87,553,735
Total Short-Term Investment (Cost $87,553,735)					87,553,735
Total Investments (Cost $3,253,932,280) (a)		99.9	%		3,578,801,818
Other Assets, Less Liabilities		0.1			4,937,891
Net Assets		100.0	%	$	3,583,739,709

¤	Among the Fund's 10 largest holdings, as of January 31, 2014, excluding short-term investment.  May be subject to change daily.
†	Percentages indicated are based on Fund net assets.
(a)	As of January 31, 2014, cost was $3,253,932,280 for federal income tax purposes and net unrealized appreciation was as follows:

Gross unrealized appreciation	$	372,901,902
Gross unrealized depreciation		(48,032,364	)
Net unrealized appreciation	$	324,869,538

	The following abbreviation is used in the above portfolio:
ADR	—American Depositary Receipt

The following is a summary of the fair valuations according to the inputs used as of January 31, 2014, 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	$	3,491,248,083	$	—	$	—	$	3,491,248,083
Short-Term Investment
Repurchase Agreement		—		87,553,735		—		87,553,735
Total Investments in Securities	$	3,491,248,083	$	87,553,735	$	—	$	3,578,801,818

(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.

As of January 31, 2014, the Fund did not have any transfers between Level 1 and Level 2 fair value measurements.

As of January 31, 2014, the Fund did not hold any investments with significant unobservable inputs (Level 3).

MainStay Epoch International Small Cap Fund

Portfolio of Investments January 31, 2014 (Unaudited)

		Shares		Value
	Common Stocks 92.7% †
	Australia 1.7%
	Flight Centre, Ltd.  (Hotels, Restaurants & Leisure)		7,720	$	320,715
	Goodman Fielder, Ltd.  (Food Products)		1,289,650		767,474
	Pact Group Holdings, Ltd.  (Containers & Packaging) (a)		219,852		667,640
	Seek, Ltd.  (Professional Services)		52,350		568,553
					2,324,382
	Canada 4.9%
	Algonquin Power & Utilities Corp. (Independent Power Producers & Energy Traders) (b)(c)		97,100		635,564
	Algonquin Power & Utilities Corp.  (Independent Power Producers & Energy Traders)		55,033		360,216
	Black Diamond Group, Ltd.  (Commercial Services & Supplies)		23,700		637,958
	Calfrac Well Services, Ltd.  (Energy Equipment & Services)		21,650		579,666
	Capstone Mining Corp.  (Metals & Mining) (a)		344,060		892,780
	CCL Industries, Inc. Class B  (Containers & Packaging)		21,290		1,535,938
	MacDonald Dettwiler & Associates, Ltd.  (Aerospace & Defense)		13,700		973,238
	Whitecap Resources, Inc.  (Oil, Gas & Consumable Fuels)		97,000		1,028,570
					6,643,930
	Finland 0.5%
	Cargotec Oyj Class B  (Machinery)		17,500		622,391
	France 6.9%
	Alcatel-Lucent  (Communications Equipment) (a)		444,316		1,795,949
	Alten, Ltd.  (IT Services)		21,160		954,469
¤	Altran Technologies S.A.  (IT Services) (a)		269,240		2,461,253
	Eurofins Scientific  (Life Sciences Tools & Services)		3,770		959,972
	Havas S.A.  (Media)		132,284		1,037,819
	IPSOS  (Media)		26,880		1,153,391
	Mersen  (Electrical Equipment)		18,200		569,475
	Saft Groupe S.A.  (Electrical Equipment)		9,996		349,982
					9,282,310
	Germany 7.7%
	Aareal Bank A.G.  (Thrifts & Mortgage Finance) (a)		10,270		378,690
	Deutz A.G.  (Machinery) (a)		72,800		724,117
¤	Duerr A.G.  (Machinery)		22,850		1,927,036
	GFK SE  (Media)		11,350		623,790
	Hamburger Hafen und Logistik A.G.  (Transportation Infrastructure)		23,925		598,565
	KION Group A.G.  (Machinery) (a)		20,330		930,877
	Krones A.G.  (Machinery)		9,050		723,922
	Morphosys A.G.  (Life Sciences Tools & Services) (a)		16,150		1,414,926
¤	ProSiebenSat.1 Media A.G.  (Media)		42,390		1,903,235
	Software A.G.  (Software)		30,630		1,138,522
					10,363,680
	Greece 0.4%
	Hellenic Exchanges - Athens Stock Exchange S.A. Holding  (Diversified Financial Services)		55,981		550,406
	Hong Kong 1.2%
	Emperor Watch & Jewellery, Ltd.  (Specialty Retail)		3,960,000		260,130
	Hutchison Telecommunications Hong Kong Holdings, Ltd.  (Diversified Telecommunication Services)		632,760		232,279
	Kingboard Chemical Holdings, Ltd.  (Electronic Equipment, Instruments & Components)		196,184		441,198
	Peace Mark Holdings, Ltd.  (Textiles, Apparel & Luxury Goods) (a)(c)(d)		1,118,750		1,441
	Vitasoy International Holdings, Ltd.  (Food Products)		473,930		658,050
					1,593,098
	Ireland 2.0%
	Kingspan Group PLC  (Building Products)		27,800		531,100
¤	Smurfit Kappa Group PLC  (Containers & Packaging)		94,430		2,216,024
					2,747,124
	Italy 8.7%
	Astaldi S.p.A.  (Construction & Engineering)		154,248		1,469,762
¤	Azimut Holding S.p.A.  (Capital Markets)		82,600		2,392,927
	Banca Generali S.p.A.  (Capital Markets)		30,533		935,606
	Banca Popolare dell'Emilia Romagna Scrl  (Commercial Banks) (a)		141,450		1,338,276
	Credito Emiliano S.p.A.  (Commercial Banks)		62,750		514,133
	Danieli & Co. S.p.A.  (Machinery)		52,044		1,177,115
	Gtech S.p.A.  (Hotels, Restaurants & Leisure)		37,100		1,130,831
	Mediolanum S.p.A.  (Insurance)		193,975		1,673,021
	UnipolSai S.p.A.  (Insurance) (a)		362,350		1,091,759
					11,723,430
	Japan 21.0%
	Aida Engineering, Ltd.  (Machinery)		40,300		454,790
	Air Water, Inc.  (Chemicals)		65,160		975,136
	ASKUL Corp.  (Internet & Catalog Retail)		44,400		1,701,341
	Century Tokyo Leasing Corp.  (Diversified Financial Services)		38,300		1,132,094
	CyberAgent, Inc.  (Media)		33,700		1,649,212
	Daicel Corp.  (Chemicals)		117,000		949,330
	Daifuku Co., Ltd.  (Machinery)		70,500		850,113
	DTS Corp.  (Software)		44,800		850,222
	GMO Internet, Inc.  (Internet Software & Services)		108,900		1,349,392
	Hakuhodo DY Holdings, Inc.  (Media)		91,000		744,602
	Horiba, Ltd.  (Electronic Equipment, Instruments & Components)		29,950		1,096,339
	Japan Logistics Fund, Inc.  (Real Estate Investment Trusts)		445		990,002
	JGC Corp.  (Construction & Engineering)		40,750		1,561,080
	Kansai Paint Co., Ltd.  (Chemicals)		63,440		873,022
	KYB Co., Ltd.  (Auto Components)		151,000		755,222
	MISUMI Group, Inc.  (Trading Companies & Distributors)		19,600		569,564
	Monex Group, Inc.  (Capital Markets)		140,200		605,150
	Nabtesco Corp.  (Machinery)		28,900		646,339
	Nichias Corp.  (Building Products)		90,000		633,356
	Nifco, Inc.  (Auto Components)		24,150		636,783
	Nihon Kohden Corp.  (Health Care Equipment & Supplies)		13,000		512,773
	Nippo Corp.  (Construction & Engineering)		35,000		551,532
	Nippon Shokubai Co., Ltd.  (Chemicals)		31,000		328,599
	Nissin Electric Co., Ltd.  (Electrical Equipment)		65,000		345,454
	Rohto Pharmaceutical Co., Ltd.  (Pharmaceuticals)		46,000		741,529
	Santen Pharmaceutical Co., Ltd.  (Pharmaceuticals)		6,700		283,948
	St Marc Holdings Co., Ltd.  (Hotels, Restaurants & Leisure)		11,978		574,456
	Sundrug Co., Ltd.  (Food & Staples Retailing)		14,300		605,339
	Suruga Bank, Ltd.  (Commercial Banks)		95,000		1,625,330
	Sysmex Corp.  (Health Care Equipment & Supplies)		15,700		874,357
	Takata Corp.  (Auto Components)		14,600		440,129
	Tokai Rika Co., Ltd.  (Auto Components)		16,900		315,769
	Tokyo Ohka Kogyo Co., Ltd.  (Chemicals)		42,800		862,954
	TS Tech Co., Ltd.  (Auto Components)		29,600		1,108,153
					28,193,411
	Marshall Islands 1.0%
	Scorpio Tankers, Inc.  (Oil, Gas & Consumable Fuels)		137,750		1,377,500
	Mexico 0.4%
	Genomma Lab Internacional S.A.B. de C.V. Class B  (Pharmaceuticals) (a)		84,070		207,441
	Grupo Aeroportuario Del Sureste S.A.B. de C.V. Class B  (Transportation Infrastructure)		33,100		372,554
					579,995
	Netherlands 1.9%
	Delta Lloyd N.V.  (Insurance)		29,506		759,482
	Fugro N.V.  (Energy Equipment & Services)		10,654		557,734
	USG People N.V.  (Professional Services)		76,100		1,195,710
					2,512,926
	Norway 1.2%
	Petroleum Geo-Services ASA  (Energy Equipment & Services)		45,010		464,982
	SpareBank 1 SMN  (Commercial Banks)		53,200		497,893
	SpareBank 1 SR Bank ASA  (Commercial Banks)		64,166		620,966
					1,583,841
	Portugal 0.7%
	Banco Espirito Santo S.A.  (Commercial Banks) (a)		597,160		910,090
	Republic of Korea 0.4%
	Daum Communications Corp.  (Internet Software & Services)		6,300		470,874
	Spain 3.5%
	Abengoa S.A., Class B (Construction & Engineering)		441,060		1,457,401
	Bolsas Y Mercados Espanoles S.A.  (Diversified Financial Services)		27,250		1,066,361
	Jazztel PLC  (Diversified Telecommunication Services) (a)		147,993		1,820,534
	Mediaset Espana Comunicacion S.A.  (Media) (a)		31,020		382,680
					4,726,976
	Sweden 1.1%
	Modern Times Group AB Class B  (Media)		31,660		1,429,470
	Switzerland 5.5%
	EFG International A.G.  (Capital Markets) (a)		56,532		826,172
	GAM Holding A.G.  (Capital Markets) (a)		68,850		1,158,068
	Gategroup Holding A.G.  (Commercial Services & Supplies) (a)		19,370		576,838
	Helvetia Holding A.G.  (Insurance)		1,650		796,200
	Kuoni Reisen Holding A.G. Registered  (Hotels, Restaurants & Leisure) (a)		2,909		1,315,491
	Sulzer A.G.  (Machinery)		2,500		377,489
¤	Temenos Group A.G. Registered  (Software) (a)		82,514		2,320,749
					7,371,007
	United Arab Emirates 0.2%
	Polarcus, Ltd.  (Energy Equipment & Services) (a)		426,581		266,382
	United Kingdom 21.8%
	Afren PLC  (Oil, Gas & Consumable Fuels) (a)		445,500		1,088,282
	Alent PLC  (Chemicals)		110,870		571,747
¤	Ashtead Group PLC  (Trading Companies & Distributors)		173,218		2,248,124
	Babcock International Group PLC  (Commercial Services & Supplies)		39,310		898,241
¤	Barratt Developments PLC  (Household Durables)		350,140		2,179,201
	Bovis Homes Group PLC  (Household Durables)		53,555		724,561
	Catlin Group, Ltd.  (Insurance)		42,250		366,374
	Domino's Pizza Group PLC  (Hotels, Restaurants & Leisure)		62,600		543,869
	Enquest PLC  (Oil, Gas & Consumable Fuels) (a)		252,570		537,683
	Hays PLC  (Professional Services)		786,900		1,717,879
	Inchcape PLC  (Distributors)		98,415		946,438
	Informa PLC  (Media)		84,747		720,261
	Intermediate Capital Group PLC  (Capital Markets)		260,140		1,768,735
	International Personal Finance PLC  (Consumer Finance)		67,147		513,280
	Lancashire Holdings, Ltd.  (Insurance)		39,190		485,760
	Lavendon Group PLC  (Trading Companies & Distributors)		182,700		590,920
	Micro Focus International PLC  (Software)		64,359		793,498
	Millennium & Copthorne Hotels PLC  (Hotels, Restaurants & Leisure)		40,080		372,923
	Moneysupermarket.com Group PLC  (Internet Software & Services)		167,770		491,746
	Paragon Group of Cos. PLC  (Thrifts & Mortgage Finance)		178,137		1,028,158
¤	Playtech PLC  (Software)		182,030		2,063,252
	Premier Oil PLC  (Oil, Gas & Consumable Fuels)		252,830		1,128,843
	Restaurant Group PLC  (Hotels, Restaurants & Leisure)		153,600		1,545,317
	Spectris PLC  (Electronic Equipment, Instruments & Components)		13,300		485,815
	SThree PLC  (Professional Services)		77,944		491,386
	Subsea 7 S.A.  (Energy Equipment & Services)		25,431		436,716
	Taylor Wimpey PLC  (Household Durables)		835,496		1,541,034
¤	Thomas Cook Group PLC  (Hotels, Restaurants & Leisure) (a)		735,450		2,175,001
	Vesuvius PLC  (Machinery)		118,770		873,920
					29,328,964
	Total Common Stocks (Cost $96,404,881)				124,602,187

	Principal Amount
Short-Term Investment 0.3%
Repurchase Agreement 0.3%
United States 0.3%
State Street Bank and Trust Co. 0.00%, dated 1/31/14 due 2/3/14 Proceeds at Maturity $371,543 (Collateralized by a Federal National Mortgage Association security with a rate of 2.17% and a maturity date of 11/7/22, with a Principal Amount of $410,000 and a Market Value of $382,749)  (Capital Markets)	$	371,543			371,543
Total Short-Term Investment (Cost $371,543)					371,543
Total Investments (Cost $96,776,424) (e)		93.0	%		124,973,730
Other Assets, Less Liabilities		7.0			9,364,445
Net Assets		100.0	%	$	134,338,175

¤	Among the Fund's 10 largest holdings, as of January 31, 2014, excluding short-term investment.  May be subject to change daily.
†	Percentages indicated are based on Fund net assets.
(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 - Security was fair valued in accordance with the Fund’s valuation policy. As of January 31, 2014, the total market value of fair valued securities was $637,005, which represented 0.5% of the Fund’s net assets.
(d)	Illiquid security - The total market value of this security as of January 31, 2014, was $1,441, which represented less than one-tenth of a percent of the Fund's net assets.
(e)	As of January 31, 2014, cost was $99,319,030 for federal income tax purposes and net unrealized appreciation was as follows:

Gross unrealized appreciation	$	31,066,017
Gross unrealized depreciation		(5,411,317	)
Net unrealized appreciation	$	25,654,700

The following is a summary of the fair valuations according to the inputs used as of January 31, 2014, 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 (b)	$	123,965,182	$	635,564	$	1,441	$	124,602,187
Short-Term Investment
Repurchase Agreement		—		371,543		—		371,543
Total Investments in Securities	$	123,965,182	$	1,007,107	$	1,441	$	124,973,730

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

(b) The Level 3 security valued at $1,441 was listed under Hong Kong in the Textiles, Apparel & Luxury Goods industry, within the Common Stocks section of the Portfolio of Investments.

The Fund recognizes transfers between the levels as of the beginning of the period.

For the period ended January 31, 2014, the Fund did not have any transfers between Level 1 and Level 2 fair value measurements.

Investments in Securities	Balance as of  October 31, 2013		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases		Sales		Transfers into Level 3		Transfers out of Level 3		Balance as of January 31, 2014		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at January 31, 2014
Common Stocks
Hong Kong	$	1,443	$	-	$	-	$	(2	)	$	-	$	-	$	-	$	-	$	1,441	$	(2	)
Total	$	1,443	$	-	$	-	$	(2	)	$	-	$	-	$	-	$	-	$	1,441	$	(2	)

MainStay Epoch U.S. All Cap Fund

Portfolio of Investments January 31, 2014 (Unaudited)

		Shares		Value
	Common Stocks 95.3% †
	Aerospace & Defense 5.2%
¤	Boeing Co. (The)		156,970	$	19,662,062
	Rockwell Collins, Inc.		106,710		8,063,008
	United Technologies Corp.		57,450		6,550,449
					34,275,519
	Auto Components 3.9%
	Dana Holding Corp.		325,930		6,166,596
	Delphi Automotive PLC		133,640		8,137,339
	Visteon Corp. (a)		139,070		11,266,061
					25,569,996
	Beverages 1.6%
	PepsiCo., Inc.		129,050		10,370,458
	Building Products 2.0%
	Allegion PLC (a)		54,200		2,674,770
	Masco Corp.		496,170		10,498,957
					13,173,727
	Capital Markets 3.3%
	Ameriprise Financial, Inc.		93,910		9,920,652
	BlackRock, Inc.		38,520		11,574,105
					21,494,757
	Chemicals 4.9%
	E.I. du Pont de Nemours & Co.		166,720		10,171,587
	Ecolab, Inc.		88,962		8,944,240
¤	Praxair, Inc.		107,200		13,369,984
					32,485,811
	Commercial Banks 2.6%
	CIT Group, Inc.		220,060		10,243,793
	Huntington Bancshares, Inc.		729,700		6,618,379
					16,862,172
	Computers & Peripherals 4.5%
¤	Apple, Inc.		39,569		19,808,241
	Seagate Technology PLC		181,847		9,612,433
					29,420,674
	Consumer Finance 1.5%
	Capital One Financial Corp.		135,684		9,580,647
	Containers & Packaging 1.4%
	Rock-Tenn Co. Class A		89,130		9,044,912
	Distributors 1.7%
	Genuine Parts Co.		139,450		11,469,763
	Diversified Financial Services 4.2%
	Citigroup, Inc.		219,700		10,420,371
	CME Group, Inc.		144,195		10,780,018
	Interactive Brokers Group, Inc. Class A		309,543		6,562,312
					27,762,701
	Diversified Telecommunication Services 1.4%
	CenturyLink, Inc.		320,130		9,238,952
	Energy Equipment & Services 2.0%
	National Oilwell Varco, Inc.		176,075		13,207,386
	Food & Staples Retailing 2.0%
¤	CVS Caremark Corp.		199,250		13,493,210
	Food Products 2.5%
	Ingredion, Inc.		165,317		10,299,249
	J.M. Smucker Co. (The)		61,716		5,948,805
					16,248,054
	Health Care Equipment & Supplies 1.6%
	Abbott Laboratories		288,230		10,566,512
	Health Care Providers & Services 5.7%
¤	Aetna, Inc.		194,480		13,288,818
	DaVita HealthCare Partners, Inc. (a)		172,830		11,221,852
	UnitedHealth Group, Inc.		180,870		13,073,284
					37,583,954
	Hotels, Restaurants & Leisure 3.1%
	International Game Technology		698,538		10,079,904
	McDonald's Corp.		107,225		10,097,378
					20,177,282
	Insurance 3.1%
	American International Group, Inc.		215,800		10,349,768
	Marsh & McLennan Cos., Inc.		214,590		9,808,909
					20,158,677
	IT Services 3.2%
	Fidelity National Information Services, Inc.		148,810		7,544,667
¤	Visa, Inc. Class A		63,728		13,728,923
					21,273,590
	Life Sciences Tools & Services 2.1%
¤	Agilent Technologies, Inc.		235,395		13,688,219
	Machinery 4.1%
	AGCO Corp.		122,740		6,545,724
	Ingersoll-Rand PLC		162,800		9,571,012
	Wabtec Corp.		149,304		11,020,128
					27,136,864
	Media 3.8%
	Comcast Corp. Class A		209,560		10,970,466
¤	Time Warner, Inc.		227,570		14,298,223
					25,268,689
	Multi-Utilities 2.2%
	Vectren Corp.		165,680		6,050,633
	Wisconsin Energy Corp.		201,970		8,618,060
					14,668,693
	Multiline Retail 1.5%
	Kohl's Corp.		196,550		9,951,327
	Oil, Gas & Consumable Fuels 4.8%
	Devon Energy Corp.		137,900		8,166,438
	Exxon Mobil Corp.		141,650		13,054,464
	Occidental Petroleum Corp.		115,227		10,090,428
					31,311,330
	Pharmaceuticals 2.7%
	AbbVie, Inc.		213,750		10,522,913
	Endo Health Solutions, Inc. (a)		105,180		6,929,258
					17,452,171
	Semiconductors & Semiconductor Equipment 2.0%
	Texas Instruments, Inc.		303,908		12,885,699
	Software 7.8%
	Check Point Software Technologies, Ltd. (a)		107,730		7,048,774
	Electronic Arts, Inc. (a)		210,330		5,552,712
¤	Microsoft Corp.		603,420		22,839,447
¤	Oracle Corp.		425,800		15,712,020
					51,152,953
	Specialty Retail 2.9%
	Staples, Inc.		455,600		5,995,696
	TJX Cos., Inc.		222,800		12,779,808
					18,775,504
	Total Common Stocks (Cost $481,458,307)				625,750,203

	Principal Amount			Value
Short-Term Investment 4.9%
Repurchase Agreement 4.9%
State Street Bank and Trust Co. 0.00%, dated 1/31/14 due 2/3/14 Proceeds at Maturity $32,460,895 (Collateralized by a Federal Home Loan Mortgage Corp. security with a rate of 1.96% and a maturity date of 11/7/22, with a Principal Amount of $36,215,000 and a Market Value of $33,114,018)	$	32,460,895			32,460,895
Total Short-Term Investment (Cost $32,460,895)					32,460,895
Total Investments (Cost $513,919,202) (b)		100.2	%		658,211,098
Other Assets, Less Liabilities		(0.2	)		(1,521,812	)
Net Assets		100.0	%	$	656,689,286

¤	Among the Fund's 10 largest holdings, as of January 31, 2014, excluding short-term investment.  May be subject to change daily.
†	Percentages indicated are based on Fund net assets.
(a)	Non-income producing security.
(b)	As of January 31, 2014, cost was $514,940,909 for federal income tax purposes and net unrealized appreciation was as follows:

Gross unrealized appreciation	$	151,198,379
Gross unrealized depreciation		(7,928,190	)
Net unrealized appreciation	$	143,270,189

The following is a summary of the fair valuations according to the inputs used as of January 31, 2014, 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	$	625,750,203	$	—	$	—	$	625,750,203
Short-Term Investment
Repurchase Agreement		—		32,460,895		—		32,460,895
Total Investments in Securities	$	625,750,203	$	32,460,895	$	—	$	658,211,098

(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 January 31, 2014, the Fund did not have any transfers between Level 1 and Level 2 fair value measurements.

As of January 31, 2014, the Fund did not hold any investments with significant unobservable inputs (Level 3).

MainStay Epoch U.S. Equity Yield Fund

Portfolio of Investments January 31, 2014 (Unaudited)

		Shares		Value
	Common Stocks 95.3% †
	Aerospace & Defense 7.4%
	Boeing Co. (The)		965	$	120,876
	General Dynamics Corp.		1,860		188,437
¤	Honeywell International, Inc.		2,725		248,602
¤	Lockheed Martin Corp.		1,820		274,656
¤	Raytheon Co.		2,920		277,604
	United Technologies Corp.		1,570		179,011
					1,289,186
	Air Freight & Logistics 0.5%
	United Parcel Service, Inc. Class B		870		82,850
	Beverages 3.1%
	Coca-Cola Co. (The)		3,795		143,527
	Coca-Cola Enterprises, Inc.		3,685		159,524
	Molson Coors Brewing Co. Class B		2,955		155,551
	PepsiCo., Inc.		1,020		81,967
					540,569
	Capital Markets 1.7%
	BlackRock, Inc.		525		157,747
	Waddell & Reed Financial, Inc. Class A		2,155		139,687
					297,434
	Chemicals 3.3%
	Dow Chemical Co. (The)		4,415		200,927
	E.I. du Pont de Nemours & Co.		2,255		137,577
	Potash Corporation of Saskatchewan, Inc.		4,080		127,786
	RPM International, Inc.		2,560		101,555
					567,845
	Commercial Banks 2.1%
	Commonwealth Bank of Australia, ADR		1,390		90,336
	M&T Bank Corp.		1,210		134,927
	Wells Fargo & Co.		2,995		135,793
					361,056
	Commercial Services & Supplies 4.1%
	Deluxe Corp.		3,965		192,501
	R.R. Donnelley & Sons Co.		7,760		143,327
	Republic Services, Inc.		4,370		139,971
	Waste Management, Inc.		5,670		236,893
					712,692
	Computers & Peripherals 2.4%
	Apple, Inc.		270		135,162
¤	Seagate Technology PLC		5,145		271,965
					407,127
	Containers & Packaging 0.4%
	Bemis Co., Inc.		2,005		77,213
	Distributors 1.0%
	Genuine Parts Co.		2,050		168,612
	Diversified Financial Services 1.4%
	CME Group, Inc.		3,203		239,456
	Diversified Telecommunication Services 3.1%
	AT&T, Inc.		4,880		162,602
	CenturyLink, Inc.		6,500		187,590
	Verizon Communications, Inc.		3,770		181,035
					531,227
	Electric Utilities 5.0%
	Duke Energy Corp.		3,120		220,335
	Entergy Corp.		1,145		72,169
	Northeast Utilities		3,693		161,753
	PPL Corp.		5,975		182,656
	Southern Co. (The)		2,945		121,452
	Westar Energy, Inc.		3,505		116,261
					874,626
	Electrical Equipment 2.8%
	Eaton Corp. PLC		3,210		234,619
¤	Emerson Electric Co.		3,835		252,880
					487,499
	Energy Equipment & Services 0.8%
	Diamond Offshore Drilling, Inc.		3,009		146,057
	Food & Staples Retailing 1.9%
	CVS Caremark Corp.		2,470		167,268
	Wal-Mart Stores, Inc.		2,125		158,695
					325,963
	Food Products 2.9%
	Campbell Soup Co.		4,105		169,167
	Hershey Co. (The)		1,325		131,705
	Kraft Foods Group, Inc.		3,835		200,762
					501,634
	Gas Utilities 0.5%
	WGL Holdings, Inc.		2,370		89,539
	Health Care Equipment & Supplies 1.1%
	Medtronic, Inc.		3,315		187,496
	Health Care Providers & Services 0.8%
	UnitedHealth Group, Inc.		1,810		130,827
	Hotels, Restaurants & Leisure 0.8%
	McDonald's Corp.		1,500		141,255
	Household Products 3.1%
	Colgate-Palmolive Co.		1,425		87,253
¤	Kimberly-Clark Corp.		2,750		300,767
	Procter & Gamble Co. (The)		1,900		145,578
					533,598
	Industrial Conglomerates 1.4%
	3M Co.		1,885		241,638
	Insurance 2.3%
¤	Arthur J. Gallagher & Co.		5,630		260,275
	Marsh & McLennan Cos., Inc.		3,135		143,301
					403,576
	IT Services 2.5%
	Automatic Data Processing, Inc.		2,905		222,523
	Paychex, Inc.		5,045		210,982
					433,505
	Leisure Equipment & Products 1.3%
	Mattel, Inc.		6,030		228,175
	Machinery 0.4%
	Deere & Co.		853		73,324
	Media 3.4%
	Comcast Corp. Class A		4,730		247,616
	Regal Entertainment Group Class A		6,640		129,480
	Time Warner, Inc.		3,469		217,957
					595,053
	Metals & Mining 0.5%
	BHP Billiton, Ltd., ADR		1,450		92,728
	Multi-Utilities 8.4%
	Ameren Corp.		3,480		131,683
	CMS Energy Corp.		6,040		167,851
	Dominion Resources, Inc.		2,600		176,566
	Integrys Energy Group, Inc.		2,420		131,503
	NiSource, Inc.		7,135		245,230
	SCANA Corp.		2,195		103,758
	TECO Energy, Inc.		7,590		124,324
	Vectren Corp.		3,405		124,351
	Wisconsin Energy Corp.		5,695		243,006
					1,448,272
	Oil, Gas & Consumable Fuels 7.7%
	ConocoPhillips		2,660		172,767
	Enterprise Products Partners, L.P.		1,910		126,786
	Exxon Mobil Corp.		775		71,424
	Kinder Morgan Energy Partners, L.P.		1,325		105,311
	MarkWest Energy Partners, L.P.		1,670		117,217
	ONEOK Partners, L.P.		1,910		98,995
	ONEOK, Inc.		3,235		221,565
	Royal Dutch Shell PLC, ADR		2,360		163,076
	Spectra Energy Corp.		4,245		152,608
	Targa Resources Partners, L.P.		2,025		106,333
					1,336,082
	Pharmaceuticals 4.0%
¤	AbbVie, Inc.		5,875		289,226
¤	Johnson & Johnson		3,035		268,507
	Merck & Co., Inc.		2,560		135,603
					693,336
	Real Estate Investment Trusts 1.9%
	Corrections Corporation of America		3,880		130,251
	Health Care REIT, Inc.		3,340		193,453
					323,704
	Semiconductors & Semiconductor Equipment 3.3%
	Intel Corp.		3,580		87,853
	KLA-Tencor Corp.		2,830		173,960
	Linear Technology Corp.		1,950		86,853
	Microchip Technology, Inc.		5,100		228,786
					577,452
	Software 1.9%
	Microsoft Corp.		4,330		163,890
	Oracle Corp.		4,660		171,954
					335,844
	Specialty Retail 1.0%
	Home Depot, Inc. (The)		2,150		165,227
	Tobacco 5.1%
¤	Altria Group, Inc.		7,800		274,716
	Lorillard, Inc.		3,965		195,158
	Philip Morris International, Inc.		2,395		187,145
	Reynolds American, Inc.		4,831		234,256
					891,275
	Total Common Stocks (Cost $14,093,257)				16,532,952

	Principal Amount			Value
Short-Term Investment 4.5%
Repurchase Agreement 4.5%
State Street Bank and Trust Co. 0.00%, dated 1/31/14 due 2/3/14 Proceeds at Maturity $780,116 (Collateralized by a Federal National Mortgage Association security with a rate of 2.14% and a maturity date of 11/7/22, with a Principal Amount of $855,000 and a Market Value of $796,067)	$	780,116			780,116
Total Short-Term Investment (Cost $780,116)					780,116
Total Investments (Cost $14,873,373) (a)		99.8	%		17,313,068
Other Assets, Less Liabilities		0.2			35,480
Net Assets		100.0	%	$	17,348,548

¤ Among the Fund's 10 largest holdings, as of January 31, 2014, excluding short-term investment. May be subject to change daily.

† Percentages indicated are based on Fund net assets.

(a) As of January 31, 2014, cost was $14,958,675 for federal income tax purposes and net unrealized appreciation was as follows:

Gross unrealized appreciation	$	2,664,818
Gross unrealized depreciation		(310,425	)
Net unrealized appreciation	$	2,354,393

	The following abbreviation is used in the above portfolio:
ADR	—American Depositary Receipt

The following is a summary of the fair valuations according to the inputs used as of January 31, 2014, 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	$	16,532,952	$	—	$	—	$	16,532,952
Short-Term Investment
Repurchase Agreement		—		780,116		—		780,116
Total Investments in Securities	$	16,532,952	$	780,116	$	—	$	17,313,068

(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 January 31, 2014, the Fund did not have any transfers between Level 1 and Level 2 fair value measurements.

As of January 31, 2014, the Fund did not hold any investments with significant unobservable inputs (Level 3).

MainStay Floating Rate Fund

Portfolio of Investments January 31, 2014 (Unaudited)

			Principal Amount		Value
	Long-Term Bonds  96.8%†
	Corporate Bonds 2.2%
	Aerospace & Defense 0.2%
	Oshkosh Corp. 8.25%, due 3/1/17	$	3,400,000	$	3,553,000
	Broadcasting & Entertainment 0.3%
	Sinclair Television Group, Inc. 8.375%, due 10/15/18		5,000,000		5,400,000
	Buildings & Real Estate 0.2%
	Building Materials Corporation of America 6.875%, due 8/15/18  (a)		2,400,000		2,532,000
	CBRE Services, Inc. 6.625%, due 10/15/20		800,000		857,000
					3,389,000
	Chemicals, Plastics & Rubber 0.2%
	Ineos Finance PLC 8.375%, due 2/15/19  (a)		2,000,000		2,205,000
	Kraton Polymers LLC / Kraton Polymers Capital Corp. 6.75%, due 3/1/19		500,000		530,000
					2,735,000
	Containers, Packaging & Glass 0.4%
	Berry Plastics Corp. 9.50%, due 5/15/18		3,000,000		3,195,000
	Greif, Inc. 7.75%, due 8/1/19		1,350,000		1,525,500
¤	Reynolds Group Issuer, Inc. 9.875%, due 8/15/19		1,100,000		1,215,500
	Sealed Air Corp. 6.50%, due 12/1/20  (a)		1,764,000		1,900,710
					7,836,710
	Finance 0.2%
	Nationstar Mortgage LLC / Nationstar Capital Corp. 6.50%, due 7/1/21		3,000,000		2,820,000
	Healthcare, Education & Childcare 0.1%
	Grifols, Inc. 8.25%, due 2/1/18		1,385,000		1,478,488
	Mining, Steel, Iron & Non-Precious Metals 0.4%
	FMG Resources August 2006 Pty, Ltd.
	6.00%, due 4/1/17 (a)		2,000,000		2,115,000
	6.375%, due 2/1/16 (a)		4,000,000		4,146,000
					6,261,000
	Software 0.2%
¤	First Data Corp. 6.75%, due 11/1/20 (a)		4,235,000		4,457,337
	Telecommunications 0.0%‡
	MetroPCS Wireless, Inc. 6.25%, due 4/1/21 (a)		600,000		623,250
	Total Corporate Bonds (Cost $36,763,800)				38,553,785
	Floating Rate Loans 89.0% (b)
	Aerospace & Defense 3.6%
	Aeroflex, Inc. New Term Loan B 4.50%, due 11/11/19		7,047,548		7,101,870
	American Airlines, Inc. Exit Term Loan 3.75%, due 6/27/19		9,311,429		9,381,265
	Booz Allen Hamilton, Inc. New Term Loan 3.75%, due 7/31/19		12,392,250		12,457,310
	Delta Air Lines, Inc. New Term Loan B1 4.00%, due 10/18/18		5,479,881		5,500,392
	DigitalGlobe, Inc. New Term Loan B 3.75%, due 1/31/20		1,191,000		1,193,233
	SI Organization, Inc. (The) Term Loan B 5.50%, due 11/22/16		7,421,791		7,267,172
	Spirit Aerosystems, Inc. Term Loan B 3.75%, due 4/18/19		4,401,600		4,432,411
	TransDigm, Inc. Term Loan C 3.75%, due 2/28/20		8,241,019		8,292,526
	U.S. Airways Group, Inc. New Term Loan B1 3.50%, due 5/23/19		8,455,556		8,491,492
					64,117,671
	Automobile 3.9%
	Affinia Group Intermediate Holdings, Inc. Term Loan B2 4.75%, due 4/27/20		6,122,054		6,122,054
	Allison Transmission, Inc.
	Term Loan B2 3.16%, due 8/7/17		1,808,635		1,810,896
	New Term Loan B3 3.75%, due 8/23/19		5,428,958		5,440,837
	ASP HHI Acquisition Co., Inc. Additional Term Loan 5.00%, due 10/5/18		4,022,989		4,050,648
	Capital Automotive, L.P.
	New Term Loan B 4.00%, due 4/10/19		8,130,738		8,196,735
	New 2nd Lien Term Loan 6.00%, due 4/30/20		1,666,667		1,722,917
	Chrysler Group LLC New Term Loan B 3.50%, due 5/24/17		6,815,213		6,843,203
	Federal-Mogul Corp.
	Term Loan B 2.108%, due 12/29/14		1,897,454		1,883,223
	Term Loan C 2.108%, due 12/28/15		3,514,598		3,488,238
	Goodyear Tire & Rubber Co. (The) New 2nd Lien Term Loan 4.75%, due 4/30/19		9,000,000		9,092,817
	KAR Auction Services, Inc. Term Loan B 3.75%, due 5/19/17		4,992,833		5,028,721
	Metaldyne LLC REFI Term Loan B 5.00%, due 12/18/18		6,187,500		6,232,359
	Tomkins LLC Term Loan B2 3.75%, due 9/29/16		5,358,611		5,381,578
	Tower Automotive Holdings USA LLC Term Loan B 4.75%, due 4/23/20		5,293,400		5,326,394
					70,620,620
	Beverage, Food & Tobacco 2.4%
	AdvancePierre Foods, Inc. Term Loan 5.75%, due 7/10/17		4,962,406		4,964,475
	American Seafoods Group LLC New Term Loan B 4.253%, due 3/18/18 (c)		2,384,300		2,372,378
	Del Monte Foods Co. Term Loan 4.00%, due 3/8/18		12,792,681		12,843,852
	HJ Heinz Co. Term Loan B2 3.50%, due 6/5/20		9,925,125		10,018,689
	Michael Foods Group, Inc. Term Loan 4.25%, due 2/23/18		8,031,010		8,073,678
	Pinnacle Foods Finance LLC Term Loan G 3.25%, due 4/29/20		4,764,000		4,764,743
					43,037,815
	Broadcasting & Entertainment 4.3%
	Cequel Communications LLC Term Loan B 3.50%, due 2/14/19		6,297,924		6,314,614
	Charter Communications Operating LLC Term Loan E 3.00%, due 7/1/20		3,582,000		3,564,538
	Clear Channel Communications, Inc.
	Term Loan B 3.81%, due 1/29/16		7,550,000		7,354,508
	Term Loan D 6.91%, due 1/30/19		6,500,000		6,302,679
	Cumulus Media Holdings, Inc. 2013 Term Loan 4.25%, due 12/23/20		8,612,420		8,691,999
	Hubbard Radio LLC Term Loan B 4.50%, due 4/29/19		4,565,783		4,580,051
	Mission Broadcasting, Inc. Term Loan B2 3.75%, due 10/1/20		1,312,080		1,315,338
	Nexstar Broadcasting, Inc. Term Loan B2 3.75%, due 10/1/20		1,487,920		1,491,614
	TWCC Holding Corp. REFI Term Loan B 3.50%, due 2/13/17		6,548,175		6,546,132
¤	Univision Communications, Inc.
	Term Loan C3 4.00%, due 3/2/20		3,573,000		3,585,655
	Term Loan C4 4.00%, due 3/1/20		12,133,335		12,191,478
	WideOpenWest Finance LLC
	New Term Loan B1 3.75%, due 7/17/17		2,493,750		2,499,580
	Term Loan B 4.75%, due 4/1/19		11,840,537		11,922,699
					76,360,885
	Buildings & Real Estate 2.9%
	Armstrong World Industries, Inc. New Term Loan B 3.50%, due 3/16/20		5,657,151		5,661,863
	CB Richard Ellis Services, Inc. New Term Loan B 2.92%, due 3/29/21		4,412,669		4,423,700
	Continental Building Products LLC
	1st Lien Term Loan 4.75%, due 8/28/20		5,777,188		5,769,966
	2nd Lien Term Loan 8.75%, due 2/15/21		1,333,333		1,335,556
	CPG International, Inc. New Term Loan 4.75%, due 9/30/20		4,156,250		4,162,746
	Realogy Corp. Extended Term Loan 4.50%, due 3/5/20		12,356,625		12,433,854
	USIC Holdings, Inc. 1st Lien Term Loan 4.75%, due 7/10/20 (c)		5,970,000		5,987,415
	Wilsonart International Holdings LLC Term Loan B 4.00%, due 10/31/19		11,514,206		11,517,810
					51,292,910
	Cargo Transport 0.2%
	Swift Transportation Co., Inc. New Term Loan B2 4.00%, due 12/21/17		4,486,492		4,516,404
	Chemicals, Plastics & Rubber 3.7%
	Allnex USA, Inc.
	USD Term Loan B1 4.50%, due 10/3/19		2,520,825		2,536,580
	USD Term Loan B2 4.50%, due 10/3/19		1,307,935		1,316,110
	2nd Lien Term Loan 8.25%, due 4/3/20		600,000		617,250
	Arysta LifeScience Corp.
	1st Lien Term Loan 4.50%, due 5/29/20		5,978,977		6,035,030
	2nd Lien Term Loan 8.25%, due 11/30/20		1,200,000		1,228,500
¤	Axalta Coating Systems U.S. Holdings, Inc. Term Loan 4.75%, due 2/1/20		15,749,763		15,856,073
	Ineos US Finance LLC 6 Year Term Loan 4.00%, due 5/4/18		11,778,015		11,834,796
	MacDermid, Inc. 1st Lien Term Loan 4.00%, due 6/8/20		5,970,000		6,007,313
	OXEA Finance LLC USD Term Loan B2 4.25%, due 1/15/20		4,987,500		5,031,141
	Polymer Group, Inc. 1st Lien Term Loan B 5.25%, due 12/19/19		5,600,000		5,642,000
	Univar, Inc. Term Loan B 5.00%, due 6/30/17		11,278,867		11,206,355
					67,311,148
	Containers, Packaging & Glass 2.3%
	Ardagh Holdings USA, Inc. USD Term Loan B 4.25%, due 12/17/19		4,500,000		4,528,125
	Berlin Packaging LLC
	1st Lien Term Loan 4.75%, due 4/2/19		2,736,250		2,748,790
	New 2nd Lien Term Loan 8.75%, due 4/2/20		5,000,000		5,112,500
	Berry Plastics Corp. Term Loan E 3.75%, due 1/6/21		8,008,108		7,998,097
	BWAY Holding Co., Inc. Term Loan B 4.50%, due 8/7/17		4,619,934		4,650,255
	Caraustar Industries, Inc. Term Loan 7.50%, due 5/1/19		1,904,572		1,948,219
¤	Reynolds Group Holdings, Inc. New Dollar Term Loan 4.00%, due 12/3/18		15,004,806		15,171,269
					42,157,255
	Diversified/Conglomerate Manufacturing 2.9%
	Gardner Denver, Inc. USD Term Loan 4.25%, due 7/30/20		14,763,000		14,736,161
	Maxim Crane Works, L.P. 2nd Lien Term Loan 10.25%, due 11/26/18		2,062,500		2,065,078
	Quikrete Holdings, Inc.
	1st Lien Term Loan 4.00%, due 9/28/20		12,967,500		13,061,942
	2nd Lien Term Loan 7.00%, due 3/26/21		1,300,000		1,331,850
	Sensus USA, Inc. 1st Lien Term Loan 4.75%, due 5/9/17		2,042,264		2,047,370
	Terex Corp. New USD Term Loan 3.50%, due 4/28/17		892,928		901,857
	TNT Crane & Rigging, Inc. 1st Lien Term Loan 5.50%, due 11/27/20		6,466,667		6,434,334
	Veyance Technologies, Inc. 1st Lien Term Loan 5.25%, due 9/8/17		11,708,544		11,759,675
					52,338,267
	Diversified/Conglomerate Service 8.0%
	Acosta, Inc. New Term Loan B 4.25%, due 3/2/18		6,655,397		6,705,313
	Advantage Sales & Marketing, Inc.
	New 1st Lien Term Loan 4.25%, due 12/18/17		8,906,746		8,964,266
	New 2nd Lien Term Loan 8.25%, due 6/18/18		1,542,857		1,564,071
	Applied Systems, Inc.
	New 1st Lien Term Loan 4.25%, due 1/25/21		3,000,000		3,026,250
	New 2nd Lien Term Loan 7.50%, due 1/24/22		1,400,000		1,430,625
	Brickman Group, Ltd.
	1st Lien Term Loan 4.00%, due 12/18/20		8,133,333		8,171,096
	2nd Lien Term Loan 7.50%, due 12/17/21		1,400,000		1,429,400
	Brock Holdings III, Inc.
	New Term Loan B 6.002%, due 3/16/17		5,052,181		5,069,020
	New 2nd Lien Term Loan 10.00%, due 3/16/18		1,350,000		1,372,781
	CCC Information Services, Inc. Term Loan 4.00%, due 12/20/19		5,474,924		5,486,329
	Ceridian Corp. New Term Loan B 4.408%, due 5/9/17		4,000,000		4,016,428
	CompuCom Systems, Inc. REFI Term Loan B 4.25%, due 5/11/20		10,248,500		10,235,689
	Crossmark Holdings, Inc.
	1st Lien Term Loan 4.50%, due 12/20/19 (c)		2,970,000		2,953,294
	2nd Lien Term Loan 8.75%, due 12/21/20 (c)		1,800,000		1,800,000
	Emdeon Business Services LLC Term Loan B2 3.75%, due 11/2/18		3,435,328		3,443,916
¤	First Data Corp.
	New 2017 Term Loan 4.158%, due 3/24/17		4,670,416		4,669,580
	Extended 2018 Term Loan B 4.158%, due 3/23/18		5,250,000		5,261,156
	2018 Term Loan 4.158%, due 9/24/18		5,100,000		5,101,061
	Genesys Telecom Holdings U.S., Inc.
	New Term Loan B 4.00%, due 2/7/20		3,639,140		3,616,396
	Delayed Draw Term Loan 4.50%, due 11/13/20		1,333,333		1,335,000
	Incremental Term Loan B 4.50%, due 11/13/20		666,667		666,667
	Information Resources, Inc. Term Loan B 4.75%, due 9/30/20		1,995,000		2,012,456
	Kronos, Inc. REFI Term Loan 4.50%, due 10/30/19		1,979,541		1,993,562
	Mitchell International, Inc.
	New 1st Lien Term Loan 4.50%, due 10/12/20		5,216,667		5,254,164
	New 2nd Lien Term Loan 8.50%, due 10/11/21		1,625,000		1,646,938
	MX Holding Inc. USD Term Loan B 4.50%, due 8/14/20		4,527,250		4,561,204
	Sabre, Inc.
	Term Loan C 4.00%, due 2/19/18		2,649,351		2,654,554
	Term Loan B 5.25%, due 2/19/19		7,929,441		7,974,044
	ServiceMaster Co.
	New Term Loan 4.25%, due 1/31/17		6,051,406		6,023,043
	Extended Term Loan 4.42%, due 1/31/17		7,155,407		7,109,198
	Sophia, L.P. New Term Loan B 4.50%, due 7/19/18		3,029,763		3,057,789
	SunGard Data Systems, Inc.
	Term Loan C 3.918%, due 2/28/17		2,522,010		2,531,626
	Term Loan E 4.00%, due 3/9/20		7,741,500		7,766,582
	Verint Systems, Inc. New Term Loan B 4.00%, due 9/6/19		5,066,048		5,078,714
					143,982,212
	Ecological 0.8%
	ADS Waste Holdings, Inc. New Term Loan B 4.25%, due 10/9/19		12,641,203		12,690,579
	Multi Packaging Solutions, Inc. New Term Loan B 4.25%, due 8/21/20		1,000,000		1,003,333
	Synagro Technologies, Inc. 2nd Lien Term Loan 5.055%, due 10/2/14 (d)(e)		469,146		37,444
					13,731,356
	Electronics 4.2%
	Blue Coat Systems, Inc.
	1st Lien Term Loan 4.50%, due 5/31/19		5,371,245		5,395,861
	2nd Lien Term Loan 9.50%, due 6/26/20		4,000,000		4,130,000
	BMC Software Finance, Inc. USD Term Loan 5.00%, due 9/10/20		10,800,000		10,806,005
	CDW LLC New Term Loan 3.25%, due 4/29/20		6,977,419		6,981,780
	Dell, Inc. USD Term Loan B 4.50%, due 4/29/20		12,468,750		12,405,110
	Eagle Parent, Inc. New Term Loan 4.00%, due 5/16/18		9,659,936		9,712,263
	EIG Investors Corp. 2013 Term Loan 5.00%, due 11/9/19		6,037,916		6,085,718
	Evertec Group LLC New Term Loan B 3.50%, due 4/17/20		7,966,234		7,757,121
	Infor US, Inc.
	USD Term Loan B3 3.75%, due 6/3/20		1,994,967		1,996,838
	USD Term Loan B5 3.75%, due 6/3/20		6,972,340		6,988,683
	Sensata Technologies Finance Co. LLC Term Loan 3.25%, due 5/12/19		2,793,136		2,805,088
					75,064,467
	Finance 3.4%
	Avis Budget Car Rental LLC New Term Loan B 3.00%, due 3/15/19		7,531,409		7,538,474
	Brand Energy & Infrastructure Services, Inc. New Term Loan B 4.75%, due 11/26/20		10,223,244		10,277,202
	Duff & Phelps Investment Management Co. Term Loan B 4.50%, due 4/23/20		8,967,484		8,982,433
	Harbourvest Partners LLC Term Loan B 4.75%, due 11/21/17		3,765,951		3,775,366
	Hertz Corp. (The)
	Term Loan B2 3.00%, due 3/11/18		6,580,725		6,579,698
	New Synthetic LC 3.75%, due 3/9/18		5,250,000		5,197,500
	Istar Financial, Inc. Term Loan 4.50%, due 10/16/17		8,993,008		9,024,483
	Ocwen Financial Corp. Term Loan 5.00%, due 2/15/18		3,573,000		3,604,264
	Safe Guard Products International LLC Term Loan 7.25%, due 12/21/18		5,256,773		5,250,202
					60,229,622
	Grocery 0.4%
	Roundy's Supermarkets, Inc. Term Loan B 5.75%, due 2/13/19		6,776,213		6,819,778
	Healthcare, Education & Childcare 7.5%
	Biomet, Inc. Term Loan B2 3.664%, due 7/25/17		7,886,408		7,932,701
	Community Health Systems, Inc.
	2017 Term Loan E 3.487%, due 1/25/17		2,120,621		2,132,360
	Term Loan D 4.25%, due 1/27/21		5,652,156		5,709,690
	DaVita, Inc. New Term Loan B 4.50%, due 10/20/16		10,150,879		10,201,634
	Envision Healthcare Corp. Term Loan 4.00%, due 5/25/18		6,237,260		6,265,484
	Generic Drug Holdings, Inc. Term Loan B1 5.00%, due 8/14/20		1,492,500		1,505,559
	Gentiva Health Services, Inc. New Term Loan B 6.50%, due 10/18/19		2,500,000		2,512,500
	Grifols, Inc. New Term Loan B 4.25%, due 6/1/17		8,668,979		8,724,200
	HCA, Inc.
	Term Loan B5 2.91%, due 3/31/17		653,044		654,042
	Extended Term Loan B4 2.997%, due 5/1/18		5,802,116		5,810,274
	Hologic, Inc. New Term Loan B 3.75%, due 8/1/19		6,841,894		6,886,558
	IASIS Healthcare LLC Term Loan B2 4.50%, due 5/3/18		4,668,840		4,703,856
	IMS Health, Inc. USD Term Loan B1 3.75%, due 9/1/17		1,579,640		1,588,197
	Kinetic Concepts, Inc. USD Term Loan E1 4.00%, due 5/4/18		7,735,481		7,777,949
	Onex Carestream Finance, L.P.
	1st Lien Term Loan 5.00%, due 6/7/19		8,775,000		8,899,236
	2nd Lien Term Loan 9.50%, due 12/7/19		4,666,666		4,756,112
	Opal Acquisition, Inc. 1st Lien Term Loan 5.00%, due 11/27/20		7,100,000		7,135,500
	Par Pharmaceutical Co., Inc. REFI Term Loan B 4.25%, due 9/30/19		2,221,931		2,232,579
	Pharmaceutical Product Development, Inc. New Term Loan B 4.00%, due 12/5/18		6,378,019		6,409,865
	PharMEDium Healthcare Corp. 1st Lien Term Loan 4.25%, due 1/28/21		2,100,000		2,107,875
	Quintiles Transnational Corp. Term Loan B3 3.75%, due 6/8/18		10,338,251		10,354,276
	RPI Finance Trust Term Loan B2 3.25%, due 5/9/18		9,120,484		9,168,941
	Salix Pharmaceuticals, Ltd. Term Loan 4.25%, due 1/2/20		5,466,667		5,529,533
	Select Medical Corp. Series C Term Loan B 4.003%, due 6/1/18		2,753,579		2,765,054
	Surgical Care Affiliates, Inc. Class C Incremental Term Loan 4.25%, due 6/29/18		2,780,403		2,787,354
					134,551,329
	Home and Office Furnishings, Housewares & Durable Consumer Products 1.0%
	Jarden Corp. Add-On Term Loan B1 2.91%, due 9/30/20		4,987,500		5,011,400
	Serta Simmons Holdings LLC Term Loan 4.25%, due 10/1/19		8,770,022		8,834,429
	Tempur-Pedic International, Inc. REFI Term Loan B 3.50%, due 3/18/20		5,084,509		5,092,985
					18,938,814
	Hotels, Motels, Inns & Gaming 5.1%
	Bally Technologies, Inc. Term Loan B 4.25%, due 11/25/20		9,668,077		9,749,656
	Caesars Entertainment Operating Co., Inc.
	Extended Term Loan B5 4.489%, due 1/26/18		3,832,264		3,644,755
	Extended Term Loan B6 5.489%, due 1/26/18		3,437,099		3,301,763
	Caesars Entertainment Resort Properties LLC Term Loan B 7.00%, due 10/12/20		7,500,000		7,579,170
¤	Hilton Worldwide Finance LLC USD Term Loan B2 3.75%, due 10/26/20		17,242,105		17,353,714
	Las Vegas Sands LLC New Term Loan B 3.25%, due 12/20/20		7,996,962		8,009,757
	MGM Resorts International Term Loan B 3.50%, due 12/20/19		7,495,686		7,495,686
	Pinnacle Entertainment, Inc. Term Loan B2 3.75%, due 8/13/20		6,822,857		6,862,089
	Scientific Games International, Inc. New Term Loan B 4.25%, due 10/18/20		14,000,000		14,049,994
	Station Casinos LLC New Term Loan B 5.00%, due 3/2/20		10,738,850		10,838,184
	Twin River Management Group, Inc. Term Loan B 5.25%, due 11/9/18		2,426,111		2,438,242
					91,323,010
	Insurance 2.3%
¤	Asurion LLC New Term Loan B1 4.50%, due 5/24/19		16,715,875		16,703,940
	Hub International, Ltd. Term Loan B 4.75%, due 10/2/20		7,020,336		7,101,000
	Multiplan, Inc. New Term Loan B 4.00%, due 8/25/17		8,884,068		8,936,422
	Sedgwick CMS Holdings, Inc.
	1st Lien Term Loan 4.25%, due 6/12/18		6,965,000		6,993,905
	2nd Lien Term Loan 8.00%, due 12/12/18		1,000,000		1,015,000
					40,750,267
	Leisure, Amusement, Motion Pictures & Entertainment 2.8%
	Activision Blizzard, Inc. Term Loan B 3.25%, due 10/12/20		4,945,938		4,983,690
	AMC Entertainment, Inc. New Term Loan 3.50%, due 4/30/20		1,985,000		1,989,641
	Boyd Gaming Corp. Term Loan B 4.00%, due 8/14/20		3,085,600		3,093,842
	CityCenter Holdings LLC Term Loan B 5.00%, due 10/16/20		7,800,000		7,886,127
	SeaWorld Parks & Entertainment, Inc. Term Loan B2 3.00%, due 5/14/20		8,971,596		8,923,535
	Travelport LLC REFI Term Loan 6.25%, due 6/26/19		11,144,000		11,384,298
	US Finco LLC
	1st Lien Term Loan 4.00%, due 5/29/20		3,661,600		3,675,331
	2nd Lien Term Loan 8.25%, due 11/30/20		2,400,000		2,436,000
	WMG Acquisition Corp. New Term Loan 3.75%, due 7/1/20		6,317,494		6,333,288
					50,705,752
	Machinery (Non-Agriculture, Non-Construct & Non-Electronic) 3.2%
	Alliance Laundry Systems LLC
	REFI Term Loan 4.25%, due 12/10/18		5,812,728		5,849,058
	2nd Lien Term Loan 9.50%, due 12/10/19		1,534,091		1,550,391
	Apex Tool Group LLC Term Loan B 4.50%, due 1/31/20		8,848,200		8,887,972
	CPM Acquisition Corp.
	1st Lien Term Loan 6.25%, due 8/29/17		2,962,500		2,975,461
	2nd Lien Term Loan 10.25%, due 3/1/18		1,093,700		1,104,637
	Generac Power Systems, Inc. Term Loan B 3.50%, due 5/31/20		8,848,105		8,862,855
¤	Rexnord LLC 1st Lien Term Loan B 4.00%, due 8/21/20		15,227,164		15,294,834
	Silver II US Holdings LLC Term Loan 4.00%, due 12/13/19		13,075,986		13,125,020
					57,650,228
	Mining, Steel, Iron & Non-Precious Metals 1.9%
	Ameriforge Group, Inc. 1st Lien Term Loan 5.00%, due 12/19/19		3,500,000		3,516,041
	Arch Coal, Inc. Term Loan B 6.25%, due 5/16/18		5,924,940		5,863,575
	Fairmount Minerals Ltd. Term Loan B2 5.00%, due 9/5/19		3,990,000		4,043,438
	JMC Steel Group, Inc. Term Loan 4.75%, due 4/3/17		3,282,289		3,287,761
	McJunkin Red Man Corp. New Term Loan 5.00%, due 11/8/19 (c)		4,089,750		4,136,610
	Novelis, Inc. New Term Loan 3.75%, due 3/10/17		8,241,484		8,287,109
	SunCoke Energy, Inc. Term Loan B 4.00%, due 7/26/18		242,672		242,672
	Walter Energy, Inc. Term Loan B 6.75%, due 4/2/18		5,030,633		4,841,984
					34,219,190
	Oil & Gas 3.9%
	Chesapeake Energy Corp. New Unsecured Term Loan 5.75%, due 12/1/17		9,166,700		9,367,854
	Energy Transfer Equity, L.P. New Term Loan 3.25%, due 12/2/19		3,600,000		3,600,450
	EP Energy LLC Term Loan B2 4.50%, due 4/30/19		626,303		628,750
	Fieldwood Energy LLC 2nd Lien Term Loan 8.375%, due 9/30/20 (c)		5,500,000		5,640,448
	Frac Tech International LLC Term Loan B 8.50%, due 5/6/16		5,147,089		5,202,235
	HGIM Corp. Term Loan B 5.50%, due 6/18/20		6,982,500		7,082,873
	Peabody Energy Corp. Term Loan B 4.25%, due 9/24/20 (c)		3,500,000		3,521,308
	Philadelphia Energy Solutions LLC Term Loan B 6.25%, due 4/4/18 (c)		2,481,250		2,231,574
	Quicksilver Resources, Inc. New 2nd Lien Term Loan 7.00%, due 6/21/19 (c)		7,000,000		6,956,250
	Ruby Western Pipeline Holdings LLC Term Loan B 3.50%, due 3/27/20		880,779		879,898
	Samson Investment Co. New 2nd Lien Term Loan 5.00%, due 9/25/18		8,700,000		8,778,300
	Sheridan Investment Partners II, L.P.
	Term Loan A 4.25%, due 12/16/20		654,080		658,168
	Term Loan B 4.25%, due 12/16/20		4,701,984		4,731,371
	Term Loan M 4.25%, due 12/16/20		243,936		245,461
	Western Refining, Inc. Term Loan B 4.25%, due 11/12/20		3,500,000		3,529,166
	Wildhorse Resources LLC 2nd Lien Term Loan 7.50%, due 12/13/18 (c)		6,375,000		6,375,000
					69,429,106
	Personal & Nondurable Consumer Products (Manufacturing Only) 1.5%
	ABC Supply Co., Inc. Term Loan 3.50%, due 4/16/20		5,985,000		6,006,612
	Prestige Brands, Inc. New Term Loan 3.792%, due 1/31/19		236,839		238,122
	Spectrum Brands, Inc. Term Loan C 3.50%, due 9/4/19		4,535,753		4,549,927
	SRAM LLC New Term Loan B 4.018%, due 4/10/20		7,730,835		7,756,602
	Sun Products Corp. (The) New Term Loan 5.50%, due 3/23/20		4,238,130		4,020,926
	Visant Corp. Term Loan B 5.25%, due 12/22/16		4,885,091		4,831,008
					27,403,197
	Personal Transportation 0.7%
	Orbitz Worldwide, Inc.
	New Term Loan B 4.50%, due 9/25/17		696,667		699,453
	New Term Loan C 5.75%, due 3/25/19		6,434,333		6,452,433
	United Airlines, Inc. New Term Loan B 4.00%, due 4/1/19		4,962,500		4,999,719
					12,151,605
	Personal, Food & Miscellaneous Services 0.7%
	Aramark Corp.
	Extended Synthetic LOC 2 3.669%, due 7/26/16		414,866		415,723
	Extended Synthetic LOC 3 3.679%, due 7/26/16		70,436		70,634
	Extended Term Loan B 3.747%, due 7/26/16		3,453,940		3,461,080
	Extended Term Loan C 3.747%, due 7/26/16		48,249		48,384
	USD Term Loan D 4.00%, due 9/9/19		1,800,000		1,808,982
	Weight Watchers International, Inc. Term Loan B2 3.75%, due 4/2/20		7,089,286		6,320,098
					12,124,901
	Printing & Publishing 0.6%
	Dex Media East LLC New Term Loan 6.00%, due 12/30/16		814,982		564,375
	Getty Images, Inc. Term Loan B 4.75%, due 10/18/19		5,133,171		4,831,598
	Hibu LLC New Term Loan B1 3.90%, due 7/31/14 (d)		2,651,780		578,971
	R.H. Donnelley, Inc. New Term Loan 9.75%, due 12/31/16		1,703,132		1,061,618
	SNL Financial LC Term Loan 4.50%, due 10/23/18		2,958,080		2,974,719
					10,011,281
	Printing, Publishing, & Broadcasting 1.0%
	Penton Media, Inc. New 2nd Lien Term Loan 9.00%, due 10/1/20		1,400,000		1,394,750
¤	Tribune Co. 2013 Term Loan 4.00%, due 12/27/20		17,000,000		16,971,661
					18,366,411
	Retail Store 4.5%
	Academy, Ltd. Term Loan 4.50%, due 8/3/18		1,994,950		2,009,555
	BJ's Wholesale Club, Inc. New 1st Lien Term Loan 4.50%, due 9/26/19		5,500,000		5,547,410
	Collective Brands Finance, Inc. Term Loan 7.25%, due 10/9/19 (c)		1,256,849		1,264,704
	Harbor Freight Tools USA, Inc. New 1st Lien Term Loan 4.75%, due 7/26/19		4,279,296		4,333,643
	J Crew Group, Inc. Term Loan B1 4.00%, due 3/7/18		3,491,026		3,516,482
	Leslie's Poolmart, Inc. New Term Loan 4.25%, due 10/16/19		5,544,307		5,574,340
	Michaels Stores, Inc. New Term Loan 3.75%, due 1/28/20		11,086,523		11,131,567
	NBTY, Inc. Term Loan B2 3.50%, due 10/1/17		3,790,286		3,811,269
¤	Neiman Marcus Group, Inc. (The) New Term Loan B 5.00%, due 10/26/20		18,287,500		18,498,209
	Party City Holdings, Inc. REFI Term Loan B 4.25%, due 7/29/19		6,665,794		6,695,997
	Petco Animal Supplies, Inc. New Term Loan 4.00%, due 11/24/17		6,479,081		6,519,575
	Pilot Travel Centers LLC
	REFI Term Loan B 3.75%, due 3/30/18		4,025,490		4,028,006
	Term Loan B2 4.25%, due 8/7/19		3,950,000		3,969,683
	Toys 'R' US Property Co. I LLC New Term Loan B 6.00%, due 8/21/19		5,087,250		4,820,169
					81,720,609
	Telecommunications 5.1%
	Alcatel-Lucent USA, Inc. USD Term Loan C 5.75%, due 1/30/19		7,259,967		7,323,492
	Arris Group, Inc. Term Loan B 3.50%, due 4/17/20		904,487		901,661
	Avaya, Inc.
	Extended Term Loan B3 TBD, due 10/26/17		3,000,000		2,926,251
	Term Loan B5 8.00%, due 3/30/18		7,937,898		8,002,346
	Cricket Communications, Inc. Term Loan C 4.75%, due 3/9/20		7,338,125		7,345,984
	Crown Castle International Corp. New Term Loan 3.25%, due 1/31/19		5,958,995		5,975,382
	Crown Castle Operating Co. Term Loan B2 3.25%, due 1/31/21		4,100,000		4,110,763
	Level 3 Financing, Inc.
	New 2019 Term Loan 4.00%, due 8/1/19		9,800,000		9,855,125
	2020 Term Loan B 4.00%, due 1/15/20		4,000,000		4,024,000
	Light Tower Fiber LLC
	1st Lien Term Loan 4.00%, due 4/13/20		5,970,000		5,981,194
	2nd Lien Term Loan 8.00%, due 4/12/21		316,250		322,180
	Mitel U.S. Holdings, Inc. New Term Loan 5.25%, due 1/31/20		2,100,000		2,115,750
	Syniverse Holdings, Inc.
	Term Loan 4.00%, due 4/23/19		7,973,959		8,003,861
	Term Loan B 4.00%, due 4/23/19		2,908,564		2,921,894
	Telesat LLC USD Term Loan B2 3.50%, due 3/28/19		10,441,596		10,477,025
	Zayo Group LLC Term Loan B 4.00%, due 7/2/19		10,819,071		10,875,103
					91,162,011
	Utilities 4.3%
	AES Corp. REFI Term Loan B 3.75%, due 6/1/18		6,489,841		6,530,403
	Alinta Energy U.S. Finance LLC Term Loan 6.375%, due 8/13/19		4,213,125		4,244,723
	Calpine Construction Finance Co., L.P. Original Term Loan B1 3.00%, due 5/3/20		2,985,000		2,971,009
	Calpine Corp.
	Term Loan B1 4.00%, due 4/2/18		3,921,870		3,949,884
	Term Loan B2 4.00%, due 4/2/18		7,824,535		7,877,632
	Covanta Energy Corp. Term Loan 3.50%, due 3/28/19		2,652,750		2,661,592
	Dynegy Holdings, Inc. Term Loan B2 4.00%, due 4/23/20		12,177,097		12,227,839
	Equipower Resources Holdings LLC
	1st Lien Term Loan 4.25%, due 12/21/18		3,171,689		3,187,547
	Term Loan C 4.25%, due 12/31/19		5,492,425		5,519,887
	Essential Power LLC Term Loan B 4.25%, due 8/8/19		1,632,560		1,612,153
	GIM Channelview Cogeneration LLC Term Loan B 4.25%, due 5/8/20		895,500		901,097
	La Frontera Generation LLC Term Loan 4.50%, due 9/30/20		7,286,217		7,347,698
	LSP Madison Funding LLC Term Loan 5.50%, due 6/28/19		5,065,948		5,112,387
	Topaz Power Holdings LLC Term Loan 5.25%, due 2/26/20		8,543,887		8,559,907
	TPF II LC LLC Term Loan B 6.50%, due 8/21/19		3,980,000		3,960,100
					76,663,858
	Total Floating Rate Loans (Cost $1,592,305,141)				1,598,751,979
	Foreign Floating Rate Loans 5.5% (b)
	Broadcasting & Entertainment 1.0%
	UPC Financing Partnership
	USD Term Loan AH 3.25%, due 6/30/21		7,004,077		7,019,402
	USD Term Loan AF 4.00%, due 1/29/21		2,700,000		2,715,749
	Virgin Media Investment Holdings, Ltd. USD Term Loan B 3.50%, due 6/8/20		9,000,000		9,019,125
					18,754,276
	Diversified/Conglomerate Service 0.7%
	ION Trading Technologies S.A.R.L.
	1st Lien Term Loan 4.50%, due 5/22/20		8,729,704		8,797,909
	2nd Lien Term Loan 8.25%, due 5/21/21		2,875,000		2,910,937
					11,708,846
	Healthcare, Education & Childcare 0.7%
	Valeant Pharmaceuticals International, Inc.
	Series D2 Term Loan B 3.75%, due 2/13/19		6,002,525		6,038,925
	Term Loan E 4.50%, due 8/5/20		5,671,429		5,724,598
					11,763,523
	Leisure, Amusement, Motion Pictures & Entertainment 0.5%
	Bombardier Recreational Products, Inc. New Term Loan B 4.00%, due 1/30/19		8,525,714		8,571,898
	Mining, Steel, Iron & Non-Precious Metals 0.4%
	FMG Resources August 2006 Pty, Ltd. New Term Loan B 4.25%, due 6/28/19		7,672,279		7,756,199
	Oil & Gas 0.6%
	Drillships Financing Holding, Inc. Term Loan B2 5.50%, due 7/15/16 (c)		7,000,000		7,058,331
	Pacific Drilling S.A. Term Loan B 4.50%, due 6/4/18		3,095,556		3,128,059
					10,186,390
	Printing & Publishing 0.6%
	Springer Science+Business Media Deutschland GmbH USD Term Loan B2 5.00%, due 8/14/20		10,972,500		11,017,081
	Retail Store 0.2%
	Hudson's Bay Co. 1st Lien Term Loan 4.75%, due 11/4/20		4,333,333		4,392,293
	Telecommunications 0.8%
	Intelsat Jackson Holdings S.A. Term Loan B2 3.75%, due 6/30/19		13,402,081		13,489,194
	Total Foreign Floating Rate Loans (Cost $96,673,874)				97,639,700
	Total Long-Term Bonds (Cost $1,725,742,815)				1,734,945,464

		Shares		Value
	Common Stock 0.0%‡
	Beverage, Food & Tobacco 0.0%‡
	Nellson Nutraceutical, Inc. (e)		379		96,732
	Total Common Stock (Cost $531,732)				96,732
	Affiliated Investment Company 0.8%
¤	MainStay High Yield Corporate Bond Fund Class I		2,467,105		14,975,329
	Total Affiliated Investment Company (Cost $15,000,000)				14,975,329

	Principal Amount			Value
Short-Term Investments  3.6%
Financial Company Commercial Paper 0.9%
John Deere Ltd. 0.081%, due 3/4/14 (a)(f)	$	15,923,000			15,921,974
Total Financial Company Commercial Paper (Cost $15,921,903)					15,921,974
Other Commercial Paper 1.4%
Electricite de France S.A.
0.101%, due 3/17/14 (a)(f)		3,871,000			3,870,548
0.112%, due 3/17/14 (a)(f)		3,849,000			3,848,506
Illinois Tool Works, Inc.
0.091%, due 2/26/14 (a)(f)		3,123,000			3,122,821
0.091%, due 2/27/14 (a)(f)		1,760,000			1,759,894
0.112%, due 2/3/14 (a)(f)		7,230,000			7,230,000
Nestle Finance France S.A. 0.061%, due 2/10/14  (f)		3,798,000			3,797,956
Praxair, Inc. 0.061%, due 2/19/14  (f)		1,186,000			1,185,968
Total Other Commercial Paper (Cost $24,815,563)					24,815,693
Repurchase Agreement 0.0%‡
State Street Bank and Trust Co. 0.00%, dated 1/31/14 due 2/3/14 Proceeds at Maturity $135,599 (Collateralized by a Federal National Mortgage Association security with a rate of 2.20% and a maturity date of 10/17/22, with a Principal Amount of $150,000 and a Market Value of $140,975)		135,599			135,599
Total Repurchase Agreement (Cost $135,599)					135,599
U.S. Government 1.3%
United States Treasury Bill 0.01%, due 2/13/14  (f)		23,700,000			23,699,934
Total U.S. Government (Cost $23,699,921)					23,699,934
Total Short-Term Investments (Cost $64,572,986)					64,573,200
Total Investments (Cost $1,805,847,533) (g)		101.2	%		1,814,590,725
Other Assets, Less Liabilities		(1.2	)		(21,197,909	)
Net Assets		100.0	%	$	1,793,392,816

¤ Among the Fund's 10 largest holdings or issuers held, as of January 31, 2014, excluding short-term investments. May be subject to change daily.

† Percentages indicated are based on Fund net assets.

‡ 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 Loan - generally pays interest at rates which are periodically re-determined at a margin above the London InterBank Offered Rate or other short-term rates. The rate shown was the weighted average interest rate of all contracts within the floating rate loan facility as of January 31, 2014.

(c) Illiquid security - The total market value of these securities as of January 31, 2014, was $50,297,312, which represented 2.8% of the Fund's net assets.

(d) Issue in default.

(e) Fair valued security - Security was fair valued in accordance with the Fund's valuation policy. As of January 31, 2014, the total market value of fair valued securities was $134,176, which represented less than one-tenth of a percent of the Fund's net assets.

(f) Interest rate shown presents yield to maturity.

(g) As of January 31, 2014, cost was $1,807,799,069 for federal income tax purposes and net unrealized appreciation was as follows:

Gross unrealized appreciation	$	15,812,357
Gross unrealized depreciation		(9,020,701	)
Net unrealized appreciation	$	6,791,656

The following abbreviation is used in the above portfolio:

TBD — To be determined

The following is a summary of the fair valuations according to the inputs used as of January 31, 2014, 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	$	—	$	38,553,785	$	—	$	38,553,785
Floating Rate Loans (b)(c)		—		1,555,337,734		43,414,245		1,598,751,979
Foreign Floating Rate Loans		—		97,639,700		—		97,639,700
Total Long-Term Bonds		—		1,691,531,219		43,414,245		1,734,945,464
Common Stock (d)		—		—		96,732		96,732
Affiliated Investment Company
Fixed Income Fund		14,975,329		—		—		14,975,329
Short-Term Investments
Financial Company Commercial Paper		—		15,921,974		—		15,921,974
Other Commercial Paper		—		24,815,693		—		24,815,693
Repurchase Agreement		—		135,599		—		135,599
U.S. Government		—		23,699,934		—		23,699,934
Total Short-Term Investments		—		64,573,200		—		64,573,200
Total Investments in Securities	$	14,975,329	$	1,756,104,419	$	43,510,977	$	1,814,590,725

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

(b) Includes $43,376,801 of Level 3 securities which represent floating rate loans whose value was obtained from the pricing service which utilized a single broker quote to determine such value as referenced in the Portfolio of Investments.

(c) The Level 3 security valued at $37,444 is held in Ecological within the Floating Rate Loan section of the Portfolio of Investments.

(d) The Level 3 security valued at $96,732 is held in Beverage, Food & Tobacco within the Common Stock section of the Portfolio of Investments.

The Fund recognizes transfers between the levels as of the beginning of the period.

For the period ended January 31, 2014, the Fund did not have any transfers between Level 1 and Level 2 fair value measurements.

For the period ended January 31, 2013, securities with a market value of $6,885,656 transferred from Level 2 to Level 3. The transfer occurred as a result of the value for certain floating rate loans obtained from the independent pricing service which were used derived based on single broker quote.

As of January 31, 2014, securities with a market value of $50,925,548 transferred from Level 3 to Level 2. The transfer occurred as a result of the value for certain floating rate loans obtained from an independent pricing service utilizing the average of multiple bid quotations as of January 31, 2014. The fair value obtained for these loans from an independent pricing service as of October 31, 2013 utilized a single broker quote with 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, 2013		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 January 31, 2014		Change in Unrealized Appreciation (Depreciation) from Investments Still Held as of January 31, 2014
Long-Term Bonds
Floating Rate Loans
Aerospace & Defense	$	10,475,615	$	-		$	-	$	-		$	-	$	-			$	-	$	(10,475,615	)	$	-	$	-
Automobile		16,043,967		3,918			8,568		(82,164	)		-		(6,259,754	)			-		(7,903,639	)		1,810,896		(57,947	)
Broadcasting & Entertainment		9,535,424		-			-		-			-		-				-		(9,535,424	)		-		-
Chemicals, Plastics & Rubber		5,622,750		510			-		58,631			-		(12,500	)			1,207,500		-			6,876,891		58,645
Containers, Packaging & Glass		5,075,000		(316	)		-		37,816			-		-				-		-			5,112,500		37,816
Diversified/Conglomerate Service		7,915,161		-			-		-			-		-				-		(7,915,161	)		-		-
Ecological		187,658		-			-		(150,214	)		-		-				-		-			37,444		(150,215	)
Electronics		-		1,446			-		88,554			-		-				4,040,000		-			4,130,000		88,554
Finance		12,504,288		11,013			16,891		(48,631	)		-		(405,464	)			-		(1,630,395	)		10,447,702		(21,257	)
Healthcare, Education & Childcare		5,240,765		411			-		30,838			-		-				-		(2,759,514	)		2,512,500		24,557
Insurance		1,015,000		228			-		(228	)		-		-				-		-			1,015,000		(228	)
Leisure, Amusement, Motion Pictures & Entertainment		6,100,800		(318	)		-		6,318			-		-				-		(3,670,800	)		2,436,000		6,318
Machinery		1,096,434		1,006			-		7,197			-		-				-		-			1,104,637		7,197
Mining, Steel, Iron & Non-Precious Metals		242,065		44			-		563			-		-				-		-			242,672		563
Oil & Gas		7,035,000		-			-		-			-		-				-		(7,035,000	)		-		-
Telecommunications		-		-			-		(5,250	)		2,121,000		-				-		-			2,115,750		(5,250	)
Utilities		3,970,050		5,101			287		(27,109	)		-		(14,232	)			1,638,156		-			5,572,253		(26,868	)
Common Stocks														-
Beverage, Food & Tobacco		96,732		-			-		-			-		-				-		-			96,732		-
Leisure, Amusement, Motion Pictures & Entertainment		-		-			-		-			-		-				-		-			-		-
Total	$	92,156,709	$	23,043		$	25,746	$	(83,679	)	$	2,121,000	$	(6,691,950	)		$	6,885,656	$	(50,925,548	)	$	43,510,977	$	(38,115	)

(a) Sales include principal reductions.

MainStay Growth Allocation Fund

Portfolio of Investments January 31, 2014 (Unaudited)

	Shares			Value
Affiliated Investment Companies 100.0% †
Equity Funds 100.0%
MainStay Cornerstone Growth Fund Class I		578,744		$	18,079,976
MainStay Emerging Markets Opportunities Fund Class I (a)		448,950			4,067,489
MainStay Epoch Global Choice Fund Class I		444,655			8,773,040
MainStay Epoch U.S. All Cap Fund Class I		726,426			19,460,960
MainStay ICAP Equity Fund Class I		429,495			21,367,361
MainStay ICAP International Fund Class I		690,934			23,864,864
MainStay International Equity Fund Class I		588,191			7,664,125
MainStay International Opportunities Fund Class I (a)		2,118,865			18,455,318
MainStay Large Cap Growth Fund Class I (b)		3,663,966			37,152,611
MainStay MAP Fund Class I		925,482			39,712,442
MainStay Marketfield Fund Class I		323,153			5,923,400
MainStay S&P 500 Index Fund Class I		121,372			5,012,647
MainStay U.S. Equity Opportunities Fund Class I (a)		4,434,660			35,965,093
MainStay U.S. Small Cap Fund Class I (a)(b)		1,939,997			47,820,929
Total Investments (Cost $231,206,992) (c)		100.0	%		293,320,255
Other Assets, Less Liabilities		(0.0	)‡		(79,980	)
Net Assets		100.0	%	$	293,240,275

† 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) As of January 31, 2014, cost was $236,228,616 for federal income tax purposes and net unrealized appreciation was as follows:

Gross unrealized appreciation	$	62,509,232
Gross unrealized depreciation		(5,417,593	)
Net unrealized appreciation	$	57,091,639

The following is a summary of the fair valuations according to the inputs used as of January 31, 2014, 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	$	293,320,255	$	—	$	—	$	293,320,255
Total Investments	$	293,320,255	$	—	$	—	$	293,320,255

(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 January 31, 2014, the Fund did not have any transfers between Level 1 and Level 2 fair value measurements.

As of January 31, 2014, the Fund did not hold any investments with significant unobservable inputs (Level 3).

MainStay High Yield Municipal Bond Fund

Portfolio of Investments January 31, 2014 (Unaudited)

		Principal Amount		Value
	Municipal Bonds 97.6% †
	Alabama 2.4%
	Alabama Water Pollution Control Authority, Revenue Bonds
	Series B, Insured: AMBAC 4.125%, due 2/15/14	$	1,060,000	$	1,059,650
	Series B, Insured: AMBAC 4.25%, due 2/15/15		1,150,000		1,151,817
	Birmingham Jefferson Civic Center, Special Tax
	Series A, Insured: AMBAC 4.125%, due 7/1/17		200,000		200,008
	Series A, Insured: AMBAC 4.25%, due 7/1/16		245,000		245,051
	Series A, Insured: AMBAC 4.50%, due 7/1/22		250,000		243,583
	Series A, Insured: AMBAC 4.50%, due 7/1/23		100,000		95,734
	Colbert County-Northwest Alabama Health Care Authority, Revenue Bonds 5.75%, due 6/1/27		4,000,000		3,691,160
	Jefferson County, Limited General Obligation
	Series A, Insured: NATL-RE 5.00%, due 4/1/21		1,250,000		1,250,000
	Series A, Insured: NATL-RE 5.25%, due 4/1/17		570,000		570,599
	Jefferson County, Limited Obligation School, Revenue Bonds
	Series A, Insured: AMBAC 4.75%, due 1/1/25		3,740,000		3,531,271
	Series A 4.75%, due 1/1/25		650,000		613,723
	Series A 5.25%, due 1/1/15		710,000		713,330
	Series A 5.25%, due 1/1/16		240,000		241,126
	Series A 5.25%, due 1/1/17		330,000		331,548
	Series A 5.50%, due 1/1/21		2,250,000		2,249,887
	Jefferson County, Public Building Authority, Revenue Bonds
	Insured: AMBAC 5.00%, due 4/1/14		1,250,000		1,247,975
	Insured: AMBAC 5.00%, due 4/1/15		1,510,000		1,491,684
	Insured: AMBAC 5.00%, due 4/1/16		590,000		574,235
	Insured: AMBAC 5.00%, due 4/1/26		4,500,000		3,730,050
	Insured: AMBAC 5.125%, due 4/1/18		1,115,000		1,054,667
	Insured: AMBAC 5.125%, due 4/1/21		250,000		224,235
					24,511,333
	Alaska 0.7%
	Northern Tobacco Securitization Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds Series A 5.00%, due 6/1/46		9,545,000		6,622,321
	Arizona 2.1%
	Apache County Industrial Development Authority, Tucson Electric Power Co. Project, Revenue Bonds Series A 4.50%, due 3/1/30		1,500,000		1,478,340
	Arizona Health Facilities Authority, Phoenix Children's Hospital, Revenue Bonds 5.00%, due 2/1/42		2,690,000		2,607,256
	Florence Town, Inc. Industrial Development Authority, Legacy Traditional School Project, Revenue Bonds 6.00%, due 7/1/43		3,250,000		2,974,595
	Phoenix Industrial Development Authority, Espiritu Community Development Corp., Revenue Bonds Series A 6.25%, due 7/1/36		875,000		832,501
	Phoenix Industrial Development Authority, Great Hearts Academies Project, Revenue Bonds 6.40%, due 7/1/47		1,000,000		982,080
	Pima County Industrial Development Authority, Edkey Charter Schools Project, Revenue Bonds
	6.00%, due 7/1/33		1,500,000		1,403,190
	6.00%, due 7/1/43		2,250,000		2,018,678
	Pima County Industrial Development Authority, Paradise Education Center Project, Revenue Bonds
	Series A 5.00%, due 6/1/16		65,000		65,053
	Series A 5.875%, due 6/1/33		645,000		640,891
	6.10%, due 6/1/45		1,100,000		1,084,765
	Pima County Industrial Development Authority, Tucson Electric Power Co. Project, Revenue Bonds 4.00%, due 9/1/29		5,190,000		4,818,759
	Yavapai County Industrial Development Authority, Agribusiness and Equine Center, Revenue Bonds
	5.125%, due 3/1/42		2,340,000		2,007,182
	7.875%, due 3/1/42		500,000		551,375
					21,464,665
	California 16.7%
	Alameda Corridor Transportation Authority, Revenue Bonds Series 1999-A, Insured: NATL-RE (zero coupon), due 10/1/35		3,440,000		1,079,782
	Anaheim Public Financing Authority, Public Improvement Project, Revenue Bonds Series A-1, Insured: NATL-RE 4.75%, due 9/1/33		12,000,000		12,064,320
	Bassett Unified School District, Unlimited General Obligation
	Series C, Insured: NATL-RE (zero coupon), due 8/1/41		2,050,000		391,693
	Series C, Insured: NATL-RE (zero coupon), due 8/1/42		2,000,000		358,840
	California County Tobacco Securitization Agency, Asset Backed, Revenue Bonds 5.65%, due 6/1/41		8,600,000		6,679,706
	California County Tobacco Securitization Agency, Asset Backed, Sonoma County Corp., Revenue Bonds 5.125%, due 6/1/38		4,935,000		3,687,333
	California Municipal Finance Authority, Community Hospitals Center, Revenue Bonds 5.50%, due 2/1/39		1,640,000		1,653,530
	California Municipal Finance Authority, Santa Rosa Academy Project, Revenue Bonds
	Series A 5.75%, due 7/1/30		1,000,000		987,410
	Series A 6.00%, due 7/1/42		1,500,000		1,460,055
	California Municipal Finance Authority, Southwestern Law School, Revenue Bonds 6.50%, due 11/1/41		1,000,000		1,127,110
	California Municipal Finance Authority, University of La Verne, Revenue Bonds Series A 6.25%, due 6/1/40		500,000		540,995
	California Pollution Control Financing Authority, Revenue Bonds 5.00%, due 7/1/37 (a)(b)		5,000,000		4,568,450
	California School Finance Authority, Classical Academies Project, Revenue Bonds Series A-1 7.375%, due 10/1/43		1,000,000		1,038,880
	California School Finance Authority, Coastal Academy Project, Revenue Bonds Series A 5.00%, due 10/1/42		1,240,000		1,071,186
	California State Municipal Finance Authority, Partnerships Uplift Community Project, Revenue Bonds
	Series A 4.75%, due 8/1/22		245,000		235,550
	Series A 5.25%, due 8/1/42		1,700,000		1,423,971
	Series A 5.30%, due 8/1/47		675,000		560,270
	California State Public Works Board, Capital Project, Revenue Bonds Series I-1 6.625%, due 11/1/34		980,000		985,155
	California Statewide Communities Development Authority, Aspire Public Schools, Revenue Bonds
	5.20%, due 7/1/20		20,000		20,124
	6.00%, due 7/1/40		1,995,000		1,903,549
	6.375%, due 7/1/45		2,980,000		2,965,756
	California Statewide Communities Development Authority, California Baptist University, Revenue Bonds 7.50%, due 11/1/41		1,000,000		1,120,470
	California Statewide Communities Development Authority, Lancer Plaza Project, Revenue Bonds
	5.125%, due 11/1/23		500,000		477,625
	5.625%, due 11/1/33		680,000		622,730
	5.875%, due 11/1/43		435,000		389,947
	California Statewide Communities Development Authority, Sonoma Country Day School, Revenue Bonds 4.375%, due 7/1/29		8,100,000		5,458,833
	Cathedral City Public Financing Authority, Tax Allocation
	Series A, Insured: NATL-RE (zero coupon), due 8/1/23		925,000		583,462
	Series A, Insured: NATL-RE (zero coupon), due 8/1/26		1,085,000		555,596
	Ceres Unified School District, Unlimited General Obligation Series A (zero coupon), due 8/1/45		7,400,000		879,342
	Contra Costa County Public Financing Authority, Contra Costa Centre Project, Tax Allocation Series A, Insured: RADIAN 4.375%, due 8/1/21		250,000		216,535
	Davis Redevelopment Agency, Davis Redevelopment Project, Tax Allocation Series A 7.00%, due 12/1/36		1,375,000		1,610,111
	Fontana Unified School District, Unlimited General Obligation
	Series C (zero coupon), due 8/1/38		10,000,000		2,487,600
	Series C (zero coupon), due 8/1/39		17,900,000		4,196,655
	Series C (zero coupon), due 8/1/43		16,000,000		2,945,280
	Series C (zero coupon), due 8/1/44		8,000,000		1,386,400
¤	Foothill-Eastern Transportation Corridor Agency, Revenue Bonds
	(zero coupon), due 1/15/26		15,000,000		7,381,200
	Insured: NATL-RE (zero coupon), due 1/15/30		430,000		166,109
	(zero coupon), due 1/15/31		15,000,000		5,451,000
	Insured: NATL-RE (zero coupon), due 1/15/31		1,145,000		416,093
	Series A 6.00%, due 1/15/49		1,500,000		1,516,740
	Series C 6.50%, due 1/15/43		5,000,000		5,121,200
	Fresno, California Unified School District Education, Unlimited General Obligation Series G (zero coupon), due 8/1/41		10,000,000		1,651,000
	Golden State Tobacco Securitization Corp., Asset Backed, Revenue Bonds
	Series A-1 5.125%, due 6/1/47		5,000,000		3,622,350
	Series A-2 5.30%, due 6/1/37		5,000,000		3,791,500
	Series A-1 5.75%, due 6/1/47		6,000,000		4,749,720
	Hayward Unified School District, Unlimited General Obligation Series A, Insured: AGM (zero coupon), due 8/1/37		6,135,000		1,331,479
	Lancaster Financing Authority, Lancaster Residential Project 5 & 6, Tax Allocation Insured: AMBAC 5.00%, due 2/1/16		325,000		318,815
	Lemoore Redevelopment Agency, Lemoore Redevelopment Project, Tax Allocation 7.375%, due 8/1/40		1,000,000		1,070,560
	Mendocino-Lake Community College District, Unlimited General Obligation
	Series B, Insured: AGM (zero coupon), due 8/1/39		8,400,000		1,545,684
	Series B, Insured: AGM (zero coupon), due 8/1/51		40,000,000		2,745,600
	Oakley Redevelopment Agency, Revenue Bonds Series A, Insured: AMBAC 5.00%, due 9/1/33		100,000		87,108
	Riverside County Transportation Commission, Senior Lien, Revenue Bonds Series A 5.75%, due 6/1/48		1,480,000		1,517,784
	Rohnerville California School District, Unlimited General Obligation
	Series B, Insured: AGM (zero coupon), due 8/1/42		1,000,000		203,500
	Series B, Insured: AGM (zero coupon), due 8/1/47		1,000,000		140,330
	San Bernardino County Redevelopment Agency, Sevaine Redevelopment Project, Tax Allocation Series A, Insured: RADIAN 5.00%, due 9/1/25		50,000		50,002
	San Buenaventura, Community Memorial Health System, Revenue Bonds 7.50%, due 12/1/41		6,150,000		6,898,701
	San Francisco City and County Redevelopment Agency, Mission Bay South Redevelopment, Tax Allocation Series D 7.00%, due 8/1/41		435,000		469,478
	San Francisco City and County Redevelopment Agency, Successor Agency Community, 6-Mission Bay Public Improvements, Special Tax
	Series C (zero coupon), due 8/1/37		5,015,000		1,141,113
	Series C (zero coupon), due 8/1/38		2,000,000		424,260
¤	San Joaquin Hills Transportation Corridor Agency, Revenue Bonds
	Series A, Insured: NATL-RE (zero coupon), due 1/15/24		265,000		151,077
	Series A, Insured: NATL-RE (zero coupon), due 1/15/25		1,710,000		911,601
	Series A, Insured: NATL-RE (zero coupon), due 1/15/26		700,000		349,496
	Series A, Insured: NATL-RE (zero coupon), due 1/15/30		500,000		188,890
	Series A, Insured: NATL-RE (zero coupon), due 1/15/32		1,510,000		493,619
	Series A, Insured: NATL-RE (zero coupon), due 1/15/34		6,610,000		1,871,225
	Series A, Insured: NATL-RE (zero coupon), due 1/15/36		12,300,000		3,003,783
	Series A, Insured: NATL-RE 5.25%, due 1/15/30		6,590,000		6,412,861
	Series A, Insured: NATL-RE 5.375%, due 1/15/29		2,225,000		2,213,630
	San Jose Redevelopment Agency, Merged Area Redevelopment Project, Tax Allocation Insured: XLCA 4.50%, due 8/1/33		690,000		625,747
	San Ysidro School District, Unlimited General Obligation Series F, Insured: AGM (zero coupon), due 8/1/49		27,410,000		2,293,943
	Stockton Public Financing Authority, Parking & Capital Projects, Revenue Bonds
	Insured: NATL-RE 4.25%, due 9/1/15		25,000		24,671
	Insured: NATL-RE 4.80%, due 9/1/20		125,000		119,121
	Insured: NATL-RE 5.125%, due 9/1/30		2,900,000		2,564,586
	Insured: NATL-RE 5.25%, due 9/1/23		345,000		327,170
	Insured: NATL-RE 5.25%, due 9/1/24		100,000		93,697
	Insured: NATL-RE 5.25%, due 9/1/34		350,000		309,572
	Insured: NATL-RE 5.375%, due 9/1/21		175,000		170,846
	Stockton Public Financing Authority, Redevelopment Projects, Revenue Bonds
	Series A, Insured: RADIAN 5.00%, due 9/1/23		100,000		85,705
	Series A, Insured: RADIAN 5.00%, due 9/1/24		330,000		277,276
	Series A, Insured: RADIAN 5.25%, due 9/1/31		120,000		94,052
	Stockton Public Financing Authority, Revenue Bonds Series A, Insured: NATL-RE 4.00%, due 8/1/19		50,000		46,336
	Stockton Redevelopment Agency, Stockton Events Center-Arena Project, Revenue Bonds
	Insured: NATL-RE 4.00%, due 9/1/21		75,000		69,040
	Insured: NATL-RE 4.125%, due 9/1/22		100,000		90,593
	Insured: NATL-RE 4.25%, due 9/1/24		215,000		188,364
	Insured: NATL-RE 4.25%, due 9/1/25		20,000		17,175
	Insured: NATL-RE 5.00%, due 9/1/28		2,265,000		1,995,714
	Insured: NATL-RE 5.00%, due 9/1/36		150,000		127,401
	Stockton Unified School District, Unlimited General Obligation Series D, Insured: AGM (zero coupon), due 8/1/42		9,080,000		1,636,398
	Stockton-East Water District, Certificates of Participation
	Series B, Insured: NATL-RE (zero coupon), due 4/1/26		100,000		48,027
	Series B, Insured: NATL-RE (zero coupon), due 4/1/27		140,000		62,740
	Sutter Union High School District, Unlimited General Obligation Series B (zero coupon), due 6/1/50		16,260,000		1,330,881
¤	Tobacco Securitization Authority Northern California, Asset-Backed, Revenue Bonds
	Series A-1 5.125%, due 6/1/46		13,020,000		9,434,552
	Series A 5.375%, due 6/1/38		2,100,000		1,594,467
	Series A-1 5.50%, due 6/1/45		3,755,000		2,799,653
	Turlock Public Financing Authority, Tax Allocation 7.50%, due 9/1/39		500,000		535,145
	West Contra Costa California Healthcare District, Certificates of Participation 6.25%, due 7/1/42		5,000,000		5,454,200
					167,558,831
	Colorado 3.1%
	Bromley Park Metropolitan District No. 2, Limited General Obligation Insured: RADIAN 5.00%, due 12/1/16		25,000		27,045
	Central Platte Valley Metropolitan District, Unlimited General Obligation Series A 5.375%, due 12/1/33		1,500,000		1,569,270
	City & County of Denver CO, United Airlines Project, Revenue Bonds 5.25%, due 10/1/32 (a)		8,000,000		7,458,480
	Colorado Educational & Cultural Facilities Authority, Charter School Mountain Phoenix Community, Revenue Bonds 7.00%, due 10/1/42		1,000,000		910,840
	Denver Convention Center Hotel Authority, Revenue Bonds Series, Insured: XLCA 5.00%, due 12/1/35		5,800,000		5,816,530
	Denver, United Airlines Project, Revenue Bonds 5.75%, due 10/1/32 (a)		3,000,000		2,964,240
	E-470 Public Highway Authority, Revenue Bonds
	Series B, Insured: NATL-RE (zero coupon), due 9/1/22		5,000,000		3,529,200
	Series B, Insured: NATL-RE (zero coupon), due 9/1/25		245,000		141,644
	Series B, Insured: NATL-RE (zero coupon), due 9/1/26		4,540,000		2,452,780
	Series B, Insured: NATL-RE (zero coupon), due 9/1/27		735,000		356,894
	Series B, Insured: NATL-RE (zero coupon), due 9/1/28		1,405,000		639,401
	Series B, Insured: NATL-RE (zero coupon), due 9/1/29		4,510,000		1,965,909
	Series B, Insured: NATL-RE (zero coupon), due 9/1/30		500,000		200,080
	Series B, Insured: NATL-RE (zero coupon), due 9/1/35		1,660,000		464,385
	Series B, Insured: NATL-RE (zero coupon), due 9/1/37		100,000		24,521
	(zero coupon), due 9/1/40		3,450,000		789,326
	(zero coupon), due 9/1/41		3,925,000		840,460
	Tallyns Reach Metropolitan District No 3, Limited Improvement Tax Convention, General Obligation 5.125%, due 11/1/38		1,035,000		946,249
					31,097,254
	Connecticut 0.3%
	Connecticut, Special Obligation Parking Revenue, Bradley International Airport, Revenue Bonds
	Series A, Insured: ACA 6.50%, due 7/1/18 (a)		860,000		862,580
	Series A, Insured: ACA 6.60%, due 7/1/24 (a)		2,075,000		2,081,183
					2,943,763
	Delaware 0.5%
	Delaware State Economic Development Authority, Newark Charter School, Revenue Bonds 5.00%, due 9/1/42		1,115,000		1,100,751
	Delaware State Health Facilities Authority, Nanticoke Memorial Hospital Project, Revenue Bonds 5.00%, due 7/1/32		3,725,000		3,406,028
					4,506,779
	District of Columbia 1.0%
	District of Columbia, Center Strategic & International Studies, Revenue Bonds 6.625%, due 3/1/41		1,000,000		1,026,300
	District of Columbia, Friendship Public Charter School, Inc., Revenue Bonds
	Insured: ACA 5.00%, due 6/1/23		3,320,000		3,323,619
	Insured: ACA 5.25%, due 6/1/33		4,120,000		3,960,103
	District of Columbia, James F. Oyster Elementary School Pilot, Revenue Bonds Insured: ACA 6.25%, due 11/1/31		635,000		592,118
	Metropolitan Washington Airports Authority, Revenue Bonds (zero coupon), due 10/1/39		5,005,000		998,247
					9,900,387
	Florida 3.3%
	Bay County Educational Facilities Revenue, Bay Haven Charter Academy, Inc., Revenue Bonds 5.00%, due 9/1/45		450,000		389,408
	Bay County Educational Facilities Revenue, Bay Haven Charter, Revenue Bonds Series A 6.00%, due 9/1/40		1,000,000		1,006,410
	Capital Projects Finance Authority, Revenue Bonds Series F-1, Insured: NATL-RE 5.00%, due 10/1/31		3,655,000		3,430,217
	City of Atlantic Beach Florida, Feet Landing Project, Revenue Bonds Series B 5.625%, due 11/15/43		1,500,000		1,512,780
	City of Orlando, Tourist Development Tax Revenue, 3rd Lien, 6th Cent Contract, Revenue Bonds Insured: GTY 5.50%, due 11/1/38		11,205,000		11,410,724
	Collier County Educational Facilities Authority, Marian University Project, Revenue Bonds
	5.25%, due 6/1/28		2,250,000		2,225,295
	6.125%, due 6/1/43		5,000,000		5,072,950
	Miami Beach Health Facilities Authority, Sinai Medical Center Florida, Revenue Bonds 5.00%, due 11/15/29		1,825,000		1,846,882
	Mid-Bay Bridge Authority, Revenue Bonds Series A 7.25%, due 10/1/40		2,500,000		2,777,025
	North Sumter County Florida Utility Dependent District, Revenue Bonds 6.25%, due 10/1/43		1,500,000		1,568,325
	Orange County Health Facilities Authority, Mayflower Retirement Center, Inc., Revenue Bonds 5.125%, due 6/1/42		300,000		300,432
	Sarasota Manatee Airport Authority, Revenue Bonds 0.13%, due 8/1/14 (c)		640,000		640,000
	Seminole County Industrial Development Authority, Choices in Learning, Revenue Bonds Series A 7.375%, due 11/15/41		750,000		808,777
					32,989,225
	Georgia 0.3%
	Marietta Development Authority, University Facilities-Life University, Inc. Project, Revenue Bonds 7.00%, due 6/15/39		3,000,000		3,013,500
	Guam 2.8%
	Antonio B. Won Pat International Airport Authority, Revenue Bonds Series C 6.375%, due 10/1/43 (a)		3,000,000		3,140,670
	Guam Government, Business Privilege Tax, Revenue Bonds Series B-1 5.00%, due 1/1/37		1,500,000		1,533,885
	Guam Government, Hotel Occupancy Tax, Revenue Bonds Series A 6.50%, due 11/1/40		1,290,000		1,428,236
	Guam Government, Unlimited General Obligation
	Series A 5.25%, due 11/15/37		7,610,000		7,068,244
	Series A 7.00%, due 11/15/39		2,940,000		3,106,169
	Guam Government, Waterworks Authority, Revenue Bonds
	5.50%, due 7/1/43		5,000,000		5,051,000
	5.875%, due 7/1/35		3,135,000		3,163,811
	6.00%, due 7/1/25		3,735,000		3,784,937
					28,276,952
	Illinois 1.7%
	Illinois Finance Authority, Chicago Charter School Project, Revenue Bonds Series A 7.125%, due 10/1/41		1,500,000		1,669,740
	Illinois Finance Authority, Noble Network Charter School, Revenue Bonds
	Series A, Insured: ACA 5.00%, due 9/1/27		1,000,000		941,590
	Series C, Insured: ACA 5.00%, due 9/1/31		2,000,000		1,806,580
	Series C, Insured: ACA 5.00%, due 9/1/32		2,780,000		2,491,047
	Illinois Finance Authority, Roosevelt University Project, Revenue Bonds 6.50%, due 4/1/44		8,750,000		8,967,175
	Illinois Finance Authority, Wesleyan University, Revenue Bonds Series B, Insured: CIFG 4.50%, due 9/1/35		550,000		507,771
	Massac County Hospital District, Limited General Obligation Insured: AGC 4.50%, due 11/1/31		110,000		110,572
	Village of Matteson, Utility Revenue Source, Unlimited General Obligation Insured: AGM 4.00%, due 12/1/26		200,000		181,388
					16,675,863
	Indiana 3.0%
	Anderson Economic Development Revenue, Anderson University Project, Revenue Bonds
	5.00%, due 10/1/24		805,000		736,833
	5.00%, due 10/1/28		4,000,000		3,458,240
	5.00%, due 10/1/32		2,555,000		2,122,081
	Carmel Redevelopment District, Certificate of Participation Series C 6.50%, due 7/15/35 (d)		1,000,000		1,026,910
	City Of Valparaiso IN, Revenue Bonds 7.00%, due 1/1/44 (a)		5,500,000		5,767,960
	Hammond Local Public Improvement Bond Bank, Revenue Bonds Series A 6.75%, due 8/15/35		1,500,000		1,522,740
	Indiana Finance Authority, Educational Facilities-Marian University Project, Revenue Bonds 6.375%, due 9/15/41		670,000		682,060
	Indiana Finance Authority, King's Daughters Hospital & Healthcare, Revenue Bonds
	5.50%, due 8/15/40		4,725,000		4,515,588
	5.50%, due 8/15/45		1,500,000		1,420,650
	Indiana Finance Authority, Marquette Manor LLC, Revenue Bonds 5.00%, due 3/1/39		5,505,000		5,189,673
	Indiana Finance Authority, Private Activity Ohio River Bridge, Revenue Bonds Series A 5.25%, due 1/1/51 (a)		4,055,000		3,932,701
					30,375,436
	Iowa 2.2%
	Iowa Finance Authority, Midwestern Disaster Relief Revenue, Alcoa Inc. Project, Revenue Bonds 4.75%, due 8/1/42		6,000,000		5,201,520
	Iowa Higher Education Loan Authority, Wartburg College, Revenue Bonds
	Series A 4.65%, due 10/1/15		1,000,000		1,000,760
	Series A 5.00%, due 10/1/21		605,000		605,000
	Series A 5.05%, due 10/1/24		250,000		245,337
	Series A 5.10%, due 10/1/25		250,000		244,185
	Series A 5.25%, due 10/1/30		170,000		158,534
	Iowa Tobacco Settlement Authority, Asset-Backed, Revenue Bonds
	Series C 5.375%, due 6/1/38		6,145,000		4,786,832
	Series C 5.625%, due 6/1/46		6,730,000		5,235,469
	Xenia Rural Water District, Revenue Bonds
	Insured: AGC 4.00%, due 12/1/14		280,000		285,606
	Insured: AGC 4.50%, due 12/1/31		1,620,000		1,544,362
	Insured: AGC 4.50%, due 12/1/41		960,000		864,922
	Insured: AGC 5.00%, due 12/1/41		1,945,000		1,906,197
					22,078,724
	Kentucky 0.1%
	Glasgow Healthcare Revenue, T. J. Samson Community Hospital, Revenue Bonds 6.45%, due 2/1/41		1,000,000		1,060,890
	Louisiana 1.6%
	Jefferson Parish Hospital Service District No. 2, East Jefferson General Hospital, Revenue Bonds 6.375%, due 7/1/41		4,835,000		5,080,521
	Louisiana Public Facilities Authority, Belle Chasse Education Foundation, Revenue Bonds 6.50%, due 5/1/31		3,750,000		4,047,600
	Louisiana Public Facilities Authority, Black & Gold Facilities Project, Revenue Bonds
	Series A, Insured: CIFG 4.50%, due 7/1/38		1,275,000		953,598
	Series A, Insured: CIFG 5.00%, due 7/1/22		100,000		96,402
	Louisiana Public Facilities Authority, Susla Facilities, Inc. Project, Revenue Bonds Series A 5.75%, due 7/1/39		6,145,000		5,560,979
					15,739,100
	Maryland 0.5%
	Baltimore Convention Center, Revenue Bonds
	Series A, Insured: XLCA 4.60%, due 9/1/30		720,000		635,378
	Series A, Insured: XLCA 5.25%, due 9/1/23		210,000		211,426
	Series A, Insured: XLCA 5.25%, due 9/1/26		180,000		177,467
	Series A, Insured: XLCA 5.25%, due 9/1/27		275,000		268,340
	Series A, Insured: XLCA 5.25%, due 9/1/28		100,000		96,490
	Series A, Insured: XLCA 5.25%, due 9/1/39		2,400,000		2,179,056
	Maryland Health & Higher Educational Facilities Authority, Charlestown Community, Revenue Bonds 6.25%, due 1/1/45		1,000,000		1,067,470
					4,635,627
	Massachusetts 0.4%
	Massachusetts Development Finance Agency, Eastern Nazarene College, Revenue Bonds 5.625%, due 4/1/19		140,000		140,031
	Massachusetts Development Finance Agency, N Hill Community, Revenue Bonds Series A 6.50%, due 11/15/43		2,000,000		1,938,400
	Massachusetts Development Finance Agency, Seven Hills Foundation & Affiliates, Revenue Bonds Insured: RADIAN 5.00%, due 9/1/35		100,000		89,707
	Massachusetts State Health & Educational Facilities Authority, Fisher College, Revenue Bonds Series A 5.125%, due 4/1/37		500,000		459,630
	Massachusetts State Health & Educational Facilities Authority, Lowell General Hospital, Revenue Bonds Series C 5.125%, due 7/1/35		1,565,000		1,575,564
					4,203,332
	Michigan 7.4%
	Advanced Technology Academy, Public School Academy, Revenue Bonds 6.00%, due 11/1/37		550,000		531,058
	Allen Academy, Michigan Public School Academy, Revenue Bonds
	5.50%, due 6/1/22		1,065,000		1,039,227
	6.00%, due 6/1/33		1,000,000		922,600
	Central Plains Energy, Project No. 3, Revenue Bonds Series C, Insured: AMBAC 4.50%, due 5/1/31		305,000		248,416
	Chandler Park Academy, Revenue Bonds
	5.125%, due 11/1/30		1,050,000		953,662
	5.125%, due 11/1/35		605,000		529,145
	Detroit, Michigan Sewage Disposal System, Revenue Bonds
	Senior Lean - Series A, Insured: NATL-RE 5.00%, due 7/1/34		150,000		137,843
	Second Lien - Series A, Insured: NATL-RE 5.00%, due 7/1/35		245,000		224,638
¤	Detroit, Michigan Water Supply System, Revenue Bonds
	Senior Lien - Series C 4.50%, due 7/1/27		165,000		147,383
	Senior Lien - Series A, Insured: NATL-RE 4.50%, due 7/1/35		2,180,000		1,850,297
	Senior Lien - Series A, Insured: NATL-RE 5.00%, due 7/1/26		4,000,000		3,847,680
	Senior Lien - Series D, Insured: NATL-RE 5.00%, due 7/1/33		175,000		161,200
	Series B, Insured: NATL-RE 5.00%, due 7/1/34		3,840,000		3,528,768
	Senior Lien - Series C 5.00%, due 7/1/41		355,000		317,792
	Senior Lien - Series A 5.25%, due 7/1/41		9,780,000		9,039,165
	Detroit, Unlimited General Obligation
	Series A-1, Insured: AMBAC 4.60%, due 4/1/24		130,000		96,981
	Series B-1, Insured: AMBAC 5.00%, due 4/1/14		695,000		689,002
	Series A, Insured: XLCA 5.25%, due 4/1/17		1,500,000		1,355,415
	Series A, Insured: XLCA 5.25%, due 4/1/18		2,935,000		2,609,420
	Series A, Insured: XLCA 5.25%, due 4/1/19		750,000		631,658
	Series A-1, Insured: AMBAC 5.25%, due 4/1/22		375,000		313,148
	Series A-1, Insured: AMBAC 5.25%, due 4/1/24		295,000		240,773
	Flint, Michigan Hospital Building Authority Rental, Hurley Medical Center, Revenue Bonds Series A 5.25%, due 7/1/39		2,955,000		2,401,322
	Michigan Finance Authority, Educational Facility, St. Catherine Siena, Revenue Bonds Series A 8.00%, due 10/1/30		1,250,000		1,236,212
	Michigan Finance Authority, Public School Academy, Revenue Bonds
	5.75%, due 2/1/33		3,500,000		3,284,785
	7.00%, due 10/1/31		2,120,000		2,199,776
	7.00%, due 10/1/36		1,740,000		1,785,344
	7.50%, due 11/1/40		855,000		913,337
	8.00%, due 7/15/41		2,000,000		2,026,400
	Michigan Finance Authority, Revenue Bonds Series A 5.00%, due 6/1/39		5,045,000		4,637,465
	Michigan Higher Education Facilities Authority, Creative Studies, Revenue Bonds
	5.875%, due 12/1/28		2,360,000		2,379,517
	6.125%, due 12/1/33		4,100,000		4,140,877
	6.125%, due 12/1/37		980,000		986,723
	Michigan Municipal Bond Authority, Local Government Loan Program, Revenue Bonds Series B, Insured: AMBAC 5.00%, due 12/1/34		340,000		297,099
	Michigan Public Educational Facilities Authority, Dr. Joseph F. Pollack, Revenue Bonds 8.00%, due 4/1/40		500,000		525,895
	Michigan Public Educational Facilities Authority, Landmark Academy, Revenue Bonds 7.00%, due 12/1/39		5,105,000		5,137,978
	Michigan Public Educational Facilities Authority, Richfield Public School Academy, Revenue Bonds 5.00%, due 9/1/36		1,500,000		1,268,250
	Michigan State Strategic Fund, Evangelical Homes, Revenue Bonds 5.50%, due 6/1/47		3,500,000		3,215,800
	Michigan Tobacco Settlement Finance Authority, Revenue Bonds
	Series A 6.00%, due 6/1/34		6,335,000		5,147,694
	Series A 6.00%, due 6/1/48		4,545,000		3,523,466
					74,523,211
	Minnesota 0.3%
	St. Paul Housing & Redevelopment Authority, Charter School Lease, Nova Classical Academy, Revenue Bonds Series A 6.625%, due 9/1/42		1,000,000		1,045,770
	St. Paul Port Authority, Energy Park Utility Co. Project, Revenue Bonds
	5.45%, due 8/1/28 (a)		250,000		240,550
	5.70%, due 8/1/36 (a)		1,250,000		1,200,600
					2,486,920
	Mississippi 0.1%
	Mississippi Development Bank, Magnolia Regional Health Center Project, Revenue Bonds Series A 6.75%, due 10/1/36		1,250,000		1,396,213
	Missouri 2.2%
	Arnold Retail Corridor Transportation Development District, Revenue Bonds 6.65%, due 5/1/38		500,000		509,955
	Branson Industrial Development Authority, Branson Landing-Retail Project, Tax Allocation
	5.25%, due 6/1/21		505,000		490,906
	5.50%, due 6/1/29		3,510,000		3,076,269
	Kansas City Industrial Development Authority, Kansas City Parking LLC, Revenue Bonds 6.25%, due 9/1/32		1,000,000		1,038,390
	Lees Summit Industrial Development Authority, Fair Community Improvement District, Special Assessment
	5.00%, due 5/1/35		1,720,000		1,598,602
	6.00%, due 5/1/42		2,800,000		2,582,412
	Lees Summit Tax Increment, Summit Fair Project, Tax Allocation 7.25%, due 4/1/30		1,500,000		1,512,045
	Missouri Health & Educational Facilities Authority, Saint Louis University, Revenue Bonds Series B 0.09%, due 10/1/24 (c)		11,500,000		11,500,000
					22,308,579
	Nebraska 0.3%
	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		2,902,971
	Nevada 0.3%
	Clark County Economic Development Revenue, University Southern Nevada Project, Revenue Bonds
	Insured: RADIAN 4.625%, due 4/1/37		1,645,000		1,407,709
	Insured: RADIAN 5.00%, due 4/1/27		775,000		761,383
	Director of the State of Nevada Department of Business & Industry, Tahoe Regional Planning Agency, Revenue Bonds Series A, Insured: AMBAC 4.50%, due 6/1/37		1,065,000		770,560
	Reno, Revenue Bonds Series B, Insured: NATL-RE (zero coupon), due 6/1/38		1,155,000		231,531
					3,171,183
	New Hampshire 0.5%
	Manchester Housing & Redevelopment Authority, Inc., Revenue Bonds
	Series B, Insured: RADIAN ACA (zero coupon), due 1/1/17		1,355,000		1,094,677
	Series B, Insured: ACA (zero coupon), due 1/1/26		1,480,000		519,569
	Series A, Insured: ACA 6.75%, due 1/1/15		350,000		349,360
	New Hampshire Health & Education Facilities Authority, Southern New Hampshire University, Revenue Bonds 5.00%, due 1/1/42		2,825,000		2,724,006
					4,687,612
	New Jersey 3.3%
	Camden County Improvement Authority, Heath Care Redevelopment, Revenue Bonds Series A 5.75%, due 2/15/34		1,000,000		1,012,450
	Middlesex County Improvement Authority, George Street Student Housing Project, Revenue Bonds Series A 5.00%, due 8/15/35		160,000		164,150
	New Jersey Economic Development Authority, Applewood Estates Project, Revenue Bonds
	Series A, Insured: RADIAN 5.00%, due 10/1/25		290,000		310,848
	Series A, Insured: RADIAN 5.00%, due 10/1/35		3,880,000		4,158,933
	New Jersey Economic Development Authority, Continental Airlines, Inc. Project, Revenue Bonds
	5.25%, due 9/15/29 (a)		4,920,000		4,760,297
	5.50%, due 4/1/28 (a)		180,000		172,138
	New Jersey Economic Development Authority, Continental Airlines, Revenue Bonds 5.75%, due 9/15/27 (a)		3,335,000		3,270,034
	New Jersey Economic Development Authority, Paterson Charter School, Revenue Bonds
	Series C 5.00%, due 7/1/32		775,000		702,103
	Series C 5.30%, due 7/1/44		4,290,000		3,828,396
	New Jersey Economic Development Authority, Paterson Charter Science & Technology, Revenue Bonds
	Series A 5.00%, due 7/1/22		630,000		635,576
	Series A 6.00%, due 7/1/32		650,000		658,957
	Series A 6.10%, due 7/1/44		1,900,000		1,908,569
	New Jersey Economic Development Authority, Revenue Bonds
	5.125%, due 1/1/34 (a)		3,000,000		3,014,940
	Insured: AGM 5.125%, due 7/1/42 (a)		250,000		251,245
	5.375%, due 1/1/43 (a)		2,000,000		2,020,580
	6.00%, due 10/1/43		2,205,000		2,224,095
	New Jersey Economic Development Authority, St. Barnabas Healthcare, Revenue Bonds Series A, Insured: NATL-RE (zero coupon), due 7/1/18		225,000		190,692
	New Jersey Economic Development Authority, UMM Energy Partners, Revenue Bonds Series A 5.125%, due 6/15/43 (a)		2,000,000		1,866,440
	New Jersey Health Care Facilities Financing Authority, St. Barnabas Healthcare, Revenue Bonds
	Insured: NATL-RE (zero coupon), due 7/1/17		120,000		106,171
	Series B (zero coupon), due 7/1/31		205,000		80,223
	Tobacco Settlement Financing Corp., Revenue Bonds Series 1A 4.625%, due 6/1/26		2,460,000		2,134,936
					33,471,773
	New York 6.5%
	City of New York, Unlimited General Obligation Series H-5 0.30%, due 3/1/34 (c)		11,700,000		11,700,000
	Nassau County Tobacco Settlement Corp., Asset-Backed, Revenue Bonds
	Series A-3 5.00%, due 6/1/35		1,590,000		1,176,775
	Series A-3 5.125%, due 6/1/46		5,015,000		3,483,118
	New York City Industrial Development Agency, British Airways PLC Project, Revenue Bonds 5.25%, due 12/1/32 (a)		920,000		856,428
¤	New York City Industrial Development Agency, Pilot-Queens Baseball Stadium, Revenue Bonds
	Insured: AMBAC 4.75%, due 1/1/42		2,430,000		2,065,792
	Insured: AMBAC 5.00%, due 1/1/36		1,500,000		1,379,130
	Insured: AMBAC 5.00%, due 1/1/39		5,220,000		4,714,286
	Insured: AMBAC 5.00%, due 1/1/46		8,525,000		7,488,019
	New York City Industrial Development Agency, Vaughn College of Aeronautics & Technology, Revenue Bonds
	Series B 5.00%, due 12/1/28		1,000,000		945,790
	Series B 5.25%, due 12/1/36		2,500,000		2,324,000
	New York City Transitional Finance Authority, Future Tax Secured, Revenue Bonds
	Series A-3 0.30%, due 8/1/22 (c)		1,200,000		1,200,000
	Series 2A 0.30%, due 11/1/22 (c)		8,000,000		8,000,000
	New York Liberty Development Corp., Bank of America, Revenue Bonds Class 3 6.375%, due 7/15/49		1,000,000		1,072,170
	Newburgh, Limited General Obligation
	Series A 5.00%, due 6/15/21		750,000		780,412
	Series A 5.00%, due 6/15/26		960,000		936,173
	Series A 5.50%, due 6/15/31		750,000		733,140
	Onondaga Civic Development Corp., St. Joseph's Hospital Health Center, Revenue Bonds 5.00%, due 7/1/42		9,500,000		7,985,130
	Orange County Funding Corp., Revenue Bonds Series A 5.00%, due 7/1/42		1,430,000		1,413,898
	Southampton Housing Authority, Revenue Bonds 3.50%, due 5/15/47		300,000		236,652
	Suffolk County Economic Development Corp., Peconic Landing Southold, Revenue Bonds 6.00%, due 12/1/40		1,000,000		1,057,200
	TSASC, Inc., Revenue Bonds
	Series 1 5.00%, due 6/1/34		720,000		559,159
	Series 1 5.125%, due 6/1/42		6,185,000		4,693,735
					64,801,007
	Ohio 4.4%
	Akron Bath Copley Joint Township Hospital District, Akron General Health System, Revenue Bonds 5.00%, due 1/1/31		5,950,000		6,086,374
	Buckeye Tobacco Settlement Financing Authority, Asset-Backed, Revenue Bonds Series A-2 5.125%, due 6/1/24		100,000		84,321
¤	Buckeye Tobacco Settlement Financing Authority, Asset-Backed, Senior Turbo, Revenue Bonds
	Series A-2 5.75%, due 6/1/34		9,525,000		7,416,927
	Series A-2 5.875%, due 6/1/30		11,215,000		9,043,552
	Cleveland-Cuyahoga County Port Authority, Revenue Bonds
	7.00%, due 12/1/18 (e)		710,000		355,859
	7.35%, due 12/1/31 (e)		6,000,000		3,006,180
	Cleveland-Cuyahoga County Port Authority, Student Housing Euclid Avenue-Fenn Project, Revenue Bonds
	Insured: AMBAC 4.25%, due 8/1/15		210,000		211,915
	Insured: AMBAC 4.50%, due 8/1/36		995,000		808,865
	Insured: AMBAC 5.00%, due 8/1/21		125,000		126,150
	Insured: AMBAC 5.00%, due 8/1/28		110,000		102,266
	Hamilton County Ohio Health Care Facility, Christ Hospital Project, Revenue Bonds 5.50%, due 6/1/42		2,500,000		2,580,725
	Hamilton County Ohio Health Care, Life Enriching Communities Project, Revenue Bonds 5.00%, due 1/1/42		2,330,000		2,264,993
	Muskingum County, Ohio Hospital Facilities, Genesis Healthcare System Project, Revenue Bonds
	5.00%, due 2/15/33		3,340,000		2,816,488
	5.00%, due 2/15/44		5,550,000		4,371,735
	Southeastern Ohio Port Authority, Hospital Facilities Revenue, Memorial Health Systems, Revenue Bonds
	5.75%, due 12/1/32		1,000,000		942,900
	6.00%, due 12/1/42		2,000,000		1,877,660
	Summit County Development Finance Authority, Brimfield Project, Revenue Bonds Series G 4.875%, due 5/15/25		500,000		456,800
	Summit County Development Finance Authority, Cleveland-Glats East Development, Tax Allocation Series B 6.875%, due 5/15/40		1,250,000		1,310,463
					43,864,173
	Oklahoma 1.7%
	Norman Regional Hospital Authority, Revenue Bonds 5.125%, due 9/1/37		6,895,000		6,652,365
	Tulsa Airports Improvement Trust, Revenue Bonds
	Series A 5.50%, due 6/1/35 (a)		10,000,000		9,552,300
	Series B 5.50%, due 12/1/35 (a)		1,250,000		1,193,375
					17,398,040
	Pennsylvania 4.9%
	Aleppo Township, Sewer Revenue, Revenue Bonds
	5.75%, due 12/1/36		1,220,000		1,231,456
	5.75%, due 12/1/41		1,055,000		1,064,084
	Allegheny County Higher Education Building, Carlow University Project, Revenue Bonds 7.00%, due 11/1/40		1,000,000		1,064,950
	Allegheny County Industrial Development Authority, Propel Charitable School Sunrise, Revenue Bonds 6.00%, due 7/15/38		2,900,000		2,529,148
	Allegheny County Industrial Development Authority, Propel Charter Montour, Revenue Bonds Series A 6.75%, due 8/15/35		300,000		312,963
	Cumberland County Municipal Authority, Asbury Pennsylvania Obligation Group, Revenue Bonds
	5.25%, due 1/1/32		300,000		283,506
	5.25%, due 1/1/41		2,600,000		2,326,740
	Delaware County Authority, White Horse Village Project, Revenue Bonds 0.08%, due 7/1/36 (c)		11,800,000		11,800,000
	Erie County, Hospital Authority Health Facilities, St. Mary's Home Erie Project, Revenue Bonds Series A, Insured: RADIAN 4.50%, due 7/1/23		340,000		320,749
	Harrisburg Authority, Harrisburg University of Science, Revenue Bonds Series B 6.00%, due 9/1/36 (d)(e)		2,600,000		1,292,122
	Harrisburg Authority, Revenue Bonds 5.25%, due 7/15/31		2,000,000		1,806,940
	Harrisburg Parking Authority Revenue, Revenue Bonds
	Series T, Insured: XLCA 4.00%, due 5/15/19		100,000		112,411
	Series R, Insured: XLCA 4.25%, due 5/15/16		60,000		64,879
	Harrisburg, Unlimited General Obligation
	Series D, Insured: AMBAC (zero coupon), due 3/15/14		520,000		515,918
	Series F, Insured: AMBAC (zero coupon), due 3/15/14		335,000		332,370
	Series D, Insured: AMBAC (zero coupon), due 9/15/14		70,000		67,279
	Series F, Insured: AMBAC (zero coupon), due 9/15/14		515,000		494,982
	Series D, Insured: AMBAC (zero coupon), due 3/15/15		425,000		395,237
	Series F, Insured: AMBAC (zero coupon), due 3/15/15		460,000		427,786
	Series F, Insured: AMBAC (zero coupon), due 9/15/15		455,000		409,668
	Series D, Insured: AMBAC (zero coupon), due 3/15/16		430,000		374,070
	Series F, Insured: AMBAC (zero coupon), due 3/15/16		310,000		269,678
	Series D, Insured: AMBAC (zero coupon), due 9/15/16		235,000		197,830
	Series F, Insured: AMBAC (zero coupon), due 9/15/16		415,000		349,359
	Series F, Insured: AMBAC (zero coupon), due 3/15/17		35,000		28,512
	Series D, Insured: AMBAC (zero coupon), due 9/15/17		200,000		157,694
	Series F, Insured: AMBAC (zero coupon), due 3/15/18		400,000		300,384
	Series D, Insured: AMBAC (zero coupon), due 9/15/18		445,000		322,839
	Series F, Insured: AMBAC (zero coupon), due 9/15/18		270,000		195,880
	Series F, Insured: AMBAC (zero coupon), due 9/15/19		125,000		83,689
	Series F, Insured: AMBAC (zero coupon), due 3/15/20		15,000		9,549
	Series F, Insured: AMBAC (zero coupon), due 9/15/20		280,000		171,786
	Series F, Insured: AMBAC (zero coupon), due 9/15/22		210,000		107,535
	Northeastern Pennsylvania Hospital & Education Authority, Wilkes University Project, Revenue Bonds Series A 5.25%, due 3/1/42		1,450,000		1,423,479
	Pennsylvania Economic Development Financing Authority, US Airways Group, Revenue Bonds Series B 8.00%, due 5/1/29		245,000		274,248
	Pennsylvania Higher Educational Facilities Authority, AICUP Financing Program, Valley College, Revenue Bonds 5.00%, due 11/1/42		535,000		494,367
	Pennsylvania Higher Educational Facilities Authority, Fortier II LLC, Revenue Bonds Series A, Insured: RADIAN 5.125%, due 4/1/33		250,000		234,317
	Pennsylvania Higher Educational Facilities Authority, Shippensburg University, Revenue Bonds 6.25%, due 10/1/43		1,000,000		1,060,870
	Pennsylvania Higher Educational Facilities Authority, University of the Arts, Revenue Bonds
	Series A, Insured: RADIAN 5.00%, due 9/15/33		150,000		139,272
	Insured: RADIAN 5.75%, due 3/15/30		1,040,000		1,040,000
	Pennsylvania Higher Educational Facilities Authority, Widener University, Revenue Bonds Series A 5.50%, due 7/15/38		2,500,000		2,568,550
	Pennsylvania State Higher Educational Facilities Authority, Shippensburg University Student Services, Revenue Bonds 5.00%, due 10/1/44		1,000,000		919,320
	Philadelphia Authority for Industrial Development, Discovery Charter School Project, Revenue Bonds 5.875%, due 4/1/32		480,000		467,678
	Philadelphia Authority for Industrial Development, First Philadelphia Charter, Revenue Bonds Series A 5.85%, due 8/15/37		1,650,000		1,501,285
	Philadelphia Authority for Industrial Development, New Foundation Charter School Project, Revenue Bonds 6.625%, due 12/15/41		1,000,000		1,017,830
	Philadelphia Authority for Industrial Development, Please Touch Museum Project, Revenue Bonds
	4.25%, due 9/1/19		255,000		101,916
	5.25%, due 9/1/26		1,500,000		599,505
	5.25%, due 9/1/31		2,425,000		969,200
	5.25%, due 9/1/36		1,125,000		449,629
	Scranton, Unlimited General Obligation Series A 7.25%, due 9/1/23		2,000,000		1,816,840
	West Shore Area Authority, Holy Spirit Hospital Sisters, Revenue Bonds 6.50%, due 1/1/41		1,200,000		1,301,916
	York General Authority, York City Recreation Corp., Revenue Bonds
	Insured: AMBAC 5.50%, due 5/1/15		655,000		660,803
	Insured: AMBAC 5.50%, due 5/1/18		1,475,000		1,484,455
	York, Unlimited General Obligation 7.25%, due 11/15/41		1,355,000		1,484,118
					49,431,591
	Puerto Rico 2.6%
	Puerto Rico Electric Power Authority, Revenue Bonds
	Insured: NATL-RE 5.00%, due 7/1/23		4,395,000		3,913,044
	Insured: AGC 5.00%, due 7/1/26		2,000,000		1,813,520
	Series NN, Insured: NATL-RE 5.25%, due 7/1/19		775,000		731,988
	Puerto Rico Highways & Transportation Authority, Revenue Bonds
	Series AA, Insured: AGM 4.95%, due 7/1/26		1,500,000		1,359,750
	Series BB, Insured: AMBAC 5.25%, due 7/1/17		1,110,000		1,055,665
	Insured: AGM 5.50%, due 7/1/25		2,000,000		1,929,280
	Insured: NATL-RE 5.50%, due 7/1/28		1,700,000		1,520,395
	Series CC, Insured: AGM 5.50%, due 7/1/31		3,070,000		2,830,601
	Puerto Rico Infrastructure Financing Authority, Revenue Bonds
	Series C, Insured: AMBAC 5.50%, due 7/1/16		910,000		882,418
	Series C, Insured: AMBAC 5.50%, due 7/1/17		5,060,000		4,850,263
	Puerto Rico Municipal Finance Agency, General Obligation Series A, Insured: AGM 5.00%, due 8/1/27		2,000,000		1,726,600
	Puerto Rico Public Buildings Authority, Revenue Bonds Insured: NATL-RE 5.25%, due 7/1/19		2,000,000		1,904,760
	Puerto Rico, Unlimited General Obligation Series A, Insured: NATL-RE 5.50%, due 7/1/20		1,135,000		1,100,973
					25,619,257
	Rhode Island 0.7%
	Providence Redevelopment Agency, Port Providence Lease, Certificates of Participation
	Series A, Insured: RADIAN (zero coupon), due 9/1/24		1,735,000		789,564
	Series A, Insured: RADIAN (zero coupon), due 9/1/26		685,000		264,883
	Series A, Insured: RADIAN (zero coupon), due 9/1/29		1,835,000		554,739
	Series A, Insured: RADIAN (zero coupon), due 9/1/30		1,835,000		510,405
	Series A, Insured: RADIAN (zero coupon), due 9/1/32		1,500,000		355,770
	Series A, Insured: RADIAN (zero coupon), due 9/1/34		1,000,000		199,170
	Series A, Insured: RADIAN (zero coupon), due 9/1/35		280,000		50,504
	Series A, Insured: RADIAN (zero coupon), due 9/1/36		445,000		73,340
	Rhode Island Health and Educational Building Corp., Public Schools Financing Program, Revenue Bonds Series B, Insured: AMBAC 5.00%, due 5/15/21		1,000,000		979,020
	Tobacco Settlement Financing Corp., Asset-Backed, Revenue Bonds Series A 6.125%, due 6/1/32		205,000		204,984
	Woonsocket, Unlimited General Obligation
	Insured: NATL-RE 5.75%, due 10/1/14		520,000		520,026
	Insured: NATL-RE 5.75%, due 10/1/15		500,000		499,970
	Insured: NATL-RE 5.75%, due 10/1/16		530,000		529,825
	Insured: NATL-RE 6.00%, due 10/1/17		1,200,000		1,199,988
	Insured: NATL-RE 6.00%, due 10/1/18		695,000		695,097
					7,427,285
	South Dakota 0.3%
	South Dakota Health & Educational Facilities Authority, Revenue Bonds Series E 5.00%, due 11/1/42		3,150,000		3,189,847
	Tennessee 2.3%
	Chattanooga Health Educational & Housing Facility Board, CDFI Phase Project, Revenue Bonds
	Series A 5.125%, due 10/1/35		2,000,000		1,935,060
	Series B 6.00%, due 10/1/35		500,000		502,150
	Franklin Public Building Authority, Revenue Bonds 0.37%, due 6/1/37 (c)		400,000		400,000
¤	Shelby County Health Educational & Housing Facilities Board, Revenue Bonds Insured: AGM 0.10%, due 6/1/42 (c)		20,000,000		20,000,000
					22,837,210
	Texas 9.9%
	Austin Convention Enterprises, Inc., Revenue Bonds
	Series A, Insured: XLCA 4.30%, due 1/1/33		1,925,000		1,606,566
	Series A, Insured: XLCA 5.00%, due 1/1/34		3,095,000		2,823,383
¤	Central Texas Regional Mobility Authority, Revenue Bonds
	(zero coupon), due 1/1/23		1,000,000		650,570
	(zero coupon), due 1/1/33		205,000		67,619
	(zero coupon), due 1/1/34		3,275,000		1,010,894
	(zero coupon), due 1/1/35		3,700,000		1,073,999
	(zero coupon), due 1/1/36		2,000,000		533,420
	(zero coupon), due 1/1/39		3,500,000		764,155
	5.00%, due 1/1/33		2,000,000		1,887,280
	6.75%, due 1/1/41		7,500,000		7,970,850
	Clifton Higher Education Finance Corp., Idea Public Schools, Revenue Bonds
	5.75%, due 8/15/41		1,750,000		1,783,932
	6.00%, due 8/15/43		3,500,000		3,695,300
	Harris County Cultural Education Facilities Finance Corp., Revenue Bonds 7.00%, due 1/1/43		1,500,000		1,532,745
¤	Harris County-Houston Sports Authority, Revenue Bonds
	Series B, Insured: NATL-RE (zero coupon), due 11/15/15		1,350,000		1,227,271
	Series B, Insured: NATL-RE (zero coupon), due 11/15/16		180,000		155,000
	Series B, Insured: NATL-RE (zero coupon), due 11/15/18		850,000		656,175
	Series G, Insured: NATL-RE (zero coupon), due 11/15/18		325,000		256,851
	Series B, Insured: NATL-RE (zero coupon), due 11/15/20		285,000		196,080
	Series B, Insured: NATL-RE (zero coupon), due 11/15/22		2,565,000		1,553,851
	Series H, Insured: NATL-RE (zero coupon), due 11/15/24		835,000		446,600
	Series H, Insured: NATL-RE (zero coupon), due 11/15/26		600,000		279,966
	Series H, Insured: NATL-RE (zero coupon), due 11/15/29		630,000		235,513
	Series H, Insured: NATL-RE (zero coupon), due 11/15/30		1,000,000		344,460
	Series A-3, Insured: NATL-RE (zero coupon), due 11/15/32		570,000		170,276
	Series H, Insured: NATL-RE (zero coupon), due 11/15/32		250,000		74,683
	Series A-3, Insured: NATL-RE (zero coupon), due 11/15/33		790,000		219,186
	Series H, Insured: NATL-RE (zero coupon), due 11/15/33		185,000		51,328
	Series A, Insured: NATL-RE (zero coupon), due 11/15/34		1,535,000		424,121
	Series A-3, Insured: NATL-RE (zero coupon), due 11/15/34		1,735,000		442,199
	Series A, Insured: NATL-RE (zero coupon), due 11/15/38		31,815,000		6,755,279
	Series H, Insured: NATL-RE (zero coupon), due 11/15/38		1,365,000		254,914
	Series H, Insured: NATL-RE (zero coupon), due 11/15/39		1,315,000		226,653
	Series A, Insured: NATL-RE (zero coupon), due 11/15/40		1,060,000		196,058
	Series H, Insured: NATL-RE (zero coupon), due 11/15/40		1,005,000		160,971
	Series H, Insured: NATL-RE (zero coupon), due 11/15/41		700,000		104,713
	Series G, Insured: NATL-RE 5.25%, due 11/15/21		110,000		110,263
	Series B, Insured: NATL-RE 5.25%, due 11/15/40		4,020,000		4,019,960
	Series G, Insured: NATL-RE 5.375%, due 11/15/41		195,000		195,000
	Houston Airport System Revenue, Special Facilities Continental Airlines, Revenue Bonds
	Series B 6.125%, due 7/15/27 (a)		175,000		175,011
	Series A 6.625%, due 7/15/38 (a)		1,000,000		1,037,090
	Series E 7.00%, due 7/1/29 (a)		500,000		500,020
	Houston Higher Education Finance Corp., Revenue Bonds Series A 6.875%, due 5/15/41		1,700,000		1,920,014
	Lufkin Health Facilities Development Corp., Memorial Health System, Revenue Bonds 5.50%, due 2/15/37		2,150,000		2,152,322
	New Hope Cultural Education Facilities Corp., Stephenville Tarleton, Revenue Bonds Series A 6.00%, due 4/1/45		3,550,000		3,534,770
	North Texas Education Finance Corp., Revenue Bonds Series A 5.25%, due 12/1/47		7,205,000		6,854,981
	San Juan, Texas Higher Education Finance Authority, Idea Public Schools, Revenue Bonds Series A 6.70%, due 8/15/40		1,000,000		1,094,410
	Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds 5.00%, due 12/15/32		7,000,000		7,029,470
	Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure, Revenue Bonds
	7.00%, due 6/30/40		3,080,000		3,411,747
	7.50%, due 6/30/33		750,000		854,888
¤	Texas Private Activity Bond Surface Transportation Corp., NTE Mobility, Revenue Bonds
	6.75%, due 6/30/43 (a)		11,500,000		12,363,880
	6.875%, due 12/31/39		5,050,000		5,525,508
	Texas State Public Finance Authority Charter School Finance Corp., Cosmos Foundation, Revenue Bonds Series A 5.375%, due 2/15/37		500,000		497,700
	Texas State Public Finance Authority Charter School Finance Corp., ED - Burnham Wood Project, Revenue Bonds Series A 6.25%, due 9/1/36		1,300,000		1,252,771
	Texas State Turnpike Authority, Central Texas System, Revenue Bonds Insured: AMBAC (zero coupon), due 8/15/37		155,000		37,719
	Travis County Cultural Education Facilities Finance Corp., Wayside Schools, Revenue Bonds Series A 5.25%, due 8/15/42		1,250,000		1,116,387
	Travis County Health Facilities Development Corp., Westminster Manor, Revenue Bonds 7.125%, due 11/1/40		1,000,000		1,071,290
	Tyler Health Facilities Development Corp., Revenue Bonds Series A 5.375%, due 11/1/37		5,200,000		5,007,236
					99,595,298
	Utah 0.1%
	Utah State Charter School Finance Authority, Da Vinci Academy, Revenue Bonds Series A 7.75%, due 3/15/39		700,000		752,269
	Utah State Charter School Finance Authority, North Star Academy, Revenue Bonds Series A 7.00%, due 7/15/45		600,000		631,374
					1,383,643
	Vermont 0.1%
	Vermont Educational & Health Buildings Financing Agency, Developmental & Mental Health Services, Revenue Bonds
	Series A, Insured: RADIAN 4.75%, due 8/15/36		500,000		407,885
	Series A, Insured: RADIAN 5.75%, due 2/15/37		140,000		140,896
					548,781
	Virginia 4.2%
	Madison County Industrial Development Authority, Woodberry Forest School, Revenue Bonds 0.13%, due 10/1/37 (c)		3,900,000		3,900,000
	Roanoke Economic Development Authority, Carilion Health SYS-A-1, Revenue Bonds Insured: AGM 0.07%, due 7/1/36 (c)		5,400,000		5,400,000
	Roanoke Economic Development Authority, Carilion Health SYS-A-2, Revenue Bonds Insured: AGM 0.07%, due 7/1/36 (c)		9,700,000		9,700,000
	Route 460 Funding Corp., Revenue Bonds Senior Lien, Series - A 5.125%, due 7/1/49		6,675,000		6,572,806
	Stafford County & Staunton Industrial Development Authority, Chesterfield County Economic Development, Revenue Bonds Series B, Insured: XLCA 5.00%, due 8/1/37		2,450,000		2,462,103
	Tobacco Settlement Financing Corp., Revenue Bonds Series B1 5.00%, due 6/1/47		5,000,000		3,318,150
	Virginia Small Business Financing Authority, Senior Lien, Elizabeth River Crossing, Revenue Bonds 6.00%, due 1/1/37 (a)		1,300,000		1,362,881
	Virginia Small Business Financing Authority, Senior Lien-Express Lanes LLC, Revenue Bonds 5.00%, due 1/1/40 (a)		10,000,000		9,235,500
	Virginia Small Business Financing Authority, University Real Estate, Revenue Bonds 0.05%, due 7/1/30 (c)		65,000		65,000
					42,016,440
	Washington 0.9%
	Greater Wenatchee Regional Events, Center Public Facilities District, Revenue Bonds Series A 5.50%, due 9/1/42		2,500,000		2,419,475
	King County Public Hospital District No. 4, Limited General Obligation 7.00%, due 12/1/40		1,000,000		1,022,810
	Port of Seattle Industrial Development Corp., King County Public Hospital District, Special Facilities Delta Airlines, Revenue Bonds 5.00%, due 4/1/30 (a)		1,825,000		1,648,157
	Washington Health Care Facilities Authority, Kadlec Regional Medical Center, Revenue Bonds 5.00%, due 12/1/42		1,000,000		898,810
	Washington State Housing Finance Commission, Riverview Retirement Community, Revenue Bonds 5.00%, due 1/1/48		3,000,000		2,659,680
					8,648,932
	West Virginia 0.3%
	Brooke County, Bethany College, Revenue Bonds Series A 6.75%, due 10/1/37		1,885,000		2,036,535
	Ohio County Building Commission, Brooke County, Wheeling Jesuit University Project, Revenue Bonds Series B 5.25%, due 6/1/15		360,000		367,459
	Ohio County, Wheeling Jesuit, Revenue Bonds Series A 5.50%, due 6/1/36		990,000		907,830
					3,311,824
	Wisconsin 1.4%
	Menasha, Unlimited General Obligation 4.40%, due 9/1/17		100,000		94,658
	Public Finance Authority Revenue, Continuing Care Retirement Community Revenue, Glenridge Palmer Ranch, Revenue Bonds Series A 8.25%, due 6/1/46		1,000,000		1,111,250
	Public Finance Authority, Charter School Revenue, Explore Knowledge Foundation Project, Revenue Bonds
	Series A 5.75%, due 7/15/32		1,820,000		1,817,889
	Series A 6.00%, due 7/15/42		865,000		859,135
	Public Finance Authority, Roseman University Health Sciences, Revenue Bonds
	5.50%, due 4/1/32		1,250,000		1,199,988
	5.75%, due 4/1/42		1,500,000		1,429,635
	Public Finance Authority, Wisconsin Airport Facilities, AFCO Investors II Portfolio, Revenue Bonds 5.75%, due 10/1/31 (a)		1,670,000		1,547,639
	Warrens, Unlimited General Obligation 4.70%, due 12/1/19		120,000		98,737
	Wisconsin Health & Educational Facilities Authority, Sauk-Prairie Memorial Hospital, Inc., Revenue Bonds
	5.25%, due 2/1/43		2,450,000		2,180,500
	5.375%, due 2/1/48		4,400,000		3,939,100
					14,278,531
	Wyoming 0.2%
	West Park Hospital District, West Park Hospital Project, Revenue Bonds Series B 6.50%, due 6/1/27		500,000		555,300
	Wyoming Community Development Authority, Student Housing, Revenue Bonds 6.50%, due 7/1/43		930,000		967,470
					1,522,770
	Total Municipal Bonds (Cost $979,040,674)				978,477,073

	Shares
Unaffiliated Investment Companies 0.5%
California 0.1%
BlackRock MuniYield California Insured Fund, Inc.		13,566			192,230
Nuveen California Municipal Market Opportunity Fund		31,970			454,614
					646,844
Michigan 0.1%
Nuveen Michigan Quality Income		24,503			321,234
Multi-State 0.2%
Blackrock Muniyield Fund, Inc.		54,000			733,860
Nuveen Dividend Advantage Municipal Fund 2		38,744			522,269
SPDR Nuveen S&P High Yield Municipal Bond ETF		18,000			958,860
					2,214,989
New York 0.0%‡
Nuveen New York Dividend Advantage Municipal Fund		3,713			49,457
Pennsylvania 0.1%
Nuveen Pennsylvania Investment Quality Municipal Fund		52,989			691,507
Nuveen Pennsylvania Premium Income Municipal Fund 2		45,500			575,120
					1,266,627
Total Unaffiliated Investment Companies (Cost $4,793,157)					4,499,151
Total Investments (Cost $983,833,831) (f)		98.1	%		982,976,224
Other Assets, Less Liabilities		1.9			19,419,180
Net Assets		100.0	%	$	1,002,395,404

¤ Among the Fund's 10 largest holdings or issuers held, as of January 31, 2014. May be subject to change daily.

† Percentages indicated are based on Fund net assets.

‡ Less than one-tenth of a percent.

(a) Interest on these securities is 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 securities that may be tendered back to the issuer at any time prior to maturity at par. Rate shown was the rate in effect as of January 31, 2014.

(d) Illiquid security - The total market value of these securities as of January 31, 2014, was $2,319,032, which represented 0.2% of the Fund's net assets.

(e) Issue in default.

(f) As of January 31, 2014, cost was $984,336,783 for federal income tax purposes and net unrealized depreciation was as follows:

Gross unrealized appreciation	$	30,057,636
Gross unrealized depreciation		(31,418,195	)
Net unrealized depreciation	$	(1,360,559	)

The following abbreviations are used in the above portfolio:

ACA —ACA Financial Guaranty Corp.

AGC —Assured Guaranty Corp.

AGM —Assured Guaranty Municipal Corp.

AMBAC —Ambac Assurance Corp.

CIFG —CIFG Group

ETF —Exchange-Traded Fund

GTY —Assured Guaranty Corp.

NATL-RE —National Public Finance Guarantee Corp.

RADIAN —Radian Asset Assurance, Inc.

SPDR —Standard & Poor's Depositary Receipt

XLCA —XL Capital Assurance, Inc.

The following is a summary of the fair valuations according to the inputs used as of January 31, 2014, 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)
Municipal Bonds	$	—	$	978,477,073	$	—	$	978,477,073
Unaffiliated Investment Companies		4,499,151		—		—		4,499,151
Total Investments in Securities	$	4,499,151	$	978,477,073	$	—	$	982,976,224

(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 January 31, 2014, the Fund did not have any transfers between Level 1 and Level 2 fair value measurements.

As of January 31, 2014, the Fund did not hold any investments with significant unobservable inputs (Level 3).

MainStay High Yield Opportunities Fund

Portfolio of Investments January 31, 2014 (Unaudited)

		Principal Amount		Value
	Long-Term Bonds  100.5%†
	Asset-Backed Securities 2.2%
	Airlines 0.6%
	America West Airlines Pass-Through Trust Series 2000-1, Class G 8.057%, due 1/2/22	$	1,371,167	$	1,501,427
	Continental Airlines, Inc. Series 2004-ERJ1, Class A 9.558%, due 3/1/21		4,116,611		4,631,188
	Northwest Airlines, Inc. Series 2007-1, Class A 7.027%, due 5/1/21		850,771		944,356
					7,076,971
	Home Equity 1.4%
	Carrington Mortgage Loan Trust Series 2006-NC4, Class A5 0.218%, due 10/25/36  (a)(b)		2,315,709		1,958,238
	Citigroup Mortgage Loan Trust Series 2007-AHL2, Class A3A 0.228%, due 5/25/37  (a)(b)		567,004		421,862
	Equifirst Loan Securitization Trust Series 2007-1, Class A2A 0.218%, due 4/25/37  (a)(b)		82,231		80,758
	First NLC Trust Series 2007-1, Class A1 0.228%, due 8/25/37  (a)(b)(c)		1,084,427		521,301
	GSAA Home Equity Trust
	Series 2006-14, Class A1 0.208%, due 9/25/36 (a)(b)		467,843		242,131
	Series 2006-18, Class AV1 0.228%, due 11/25/36 (a)(b)		115,354		51,504
	Series 2007-5, Class 2A1A 0.278%, due 4/25/47 (a)(b)		429,551		321,649
	Home Equity Loan Trust Series 2007-FRE1, Class 2AV1 0.288%, due 4/25/37  (a)(b)		515,586		473,183
	HSI Asset Securitization Corp. Trust Series 2007-NC1, Class A1 0.258%, due 4/25/37  (a)(b)		1,357,368		1,223,418
	JP Morgan Mortgage Acquisition Corp.
	Series 2007-HE1, Class AF1 0.258%, due 3/25/47 (a)(b)		692,736		509,616
	Series 2007-CH2, Class AF2 5.233%, due 1/25/37 (b)(d)		1,419,992		1,131,541
	Merrill Lynch Mortgage Investors Trust Series 2007-MLN1, Class A2A 0.268%, due 3/25/37  (a)(b)		1,816,131		1,139,228
	Morgan Stanley ABS Capital I, Inc.
	Series 2006-HE6, Class A2B 0.258%, due 9/25/36 (a)(b)		940,108		505,952
	Series 2006-HE8, Class A2B 0.258%, due 10/25/36 (a)(b)		230,263		131,315
	Series 2007-NC2, Class A2FP 0.308%, due 2/25/37 (a)(b)		1,808,042		990,657
	Option One Mortgage Loan Trust Series 2006-2, Class 2A2 0.258%, due 7/25/36  (a)(b)		604,483		373,943
	Renaissance Home Equity Loan Trust Series 2007-2, Class AF1 5.893%, due 6/25/37  (b)(d)		3,294,886		1,823,291
	Securitized Asset Backed Receivables LLC Trust
	Series 2006-FR4, Class A2A 0.238%, due 8/25/36 (a)(b)		3,157,528		1,281,347
	Series 2007-BR4, Class A2A 0.248%, due 5/25/37 (a)(b)		1,140,235		689,843
	Soundview Home Equity Loan Trust
	Series 2007-OPT1, Class 2A1 0.238%, due 6/25/37 (a)(b)		1,316,450		716,909
	Series 2006-EQ2, Class A2 0.268%, due 1/25/37 (a)(b)		1,994,986		1,214,739
	Specialty Underwriting & Residential Finance Trust Series 2006-BC4, Class A2B 0.268%, due 9/25/37  (a)(b)		2,532,196		1,294,413
					17,096,838
	Student Loans 0.2%
	Keycorp Student Loan Trust Series 2000-A, Class A2 0.558%, due 5/25/29 (a)		2,652,551		2,456,862
	Total Asset-Backed Securities (Cost $30,097,702)				26,630,671
	Corporate Bonds 82.9%
	Aerospace & Defense 1.3%
	Alliant Techsystems, Inc. 5.25%, due 10/1/21  (c)		7,200,000		7,254,000
	Ducommun, Inc. 9.75%, due 7/15/18		2,630,000		2,945,600
	TransDigm, Inc. 7.75%, due 12/15/18  (e)		5,715,000		6,115,050
					16,314,650
	Airlines 1.2%
	Continental Airlines, Inc.
	7.875%, due 1/2/20		1,922,323		2,080,914
	9.798%, due 10/1/22		1,074,770		1,214,490
	U.S. Airways Group, Inc.
	6.125%, due 6/1/18		2,000,000		2,065,000
	Series A 6.25%, due 10/22/24		838,604		932,947
	U.S. Airways, Inc. Series 2012-1B, Pass Through Trust 8.00%, due 4/1/21		5,222,836		5,888,747
	UAL 2009-2B Pass-Through Trust 12.00%, due 7/15/17  (c)		1,795,125		2,032,979
					14,215,077
	Auto Manufacturers 1.9%
	Chrysler Group LLC / CG Co-Issuer, Inc.
	8.00%, due 6/15/19		535,000		582,481
	8.25%, due 6/15/21		7,138,000		8,003,483
¤	Ford Motor Co.
	7.50%, due 8/1/26		255,000		310,601
	8.90%, due 1/15/32		410,000		543,688
	9.98%, due 2/15/47 (e)		2,000,000		2,841,588
	Navistar International Corp. 8.25%, due 11/1/21  (e)		10,550,000		10,866,500
					23,148,341
	Auto Parts & Equipment 1.5%
	Dana Holding Corp. 5.375%, due 9/15/21		4,645,000		4,668,225
	Goodyear Tire & Rubber Co. (The) 7.00%, due 5/15/22		6,160,000		6,699,000
	Schaeffler Finance B.V. 4.75%, due 5/15/21  (c)		6,880,000		6,845,600
					18,212,825
	Banks 5.8%
	Ally Financial, Inc. 8.00%, due 11/1/31		4,450,000		5,351,125
	Banco de Bogota S.A. 5.375%, due 2/19/23  (c)		5,800,000		5,626,000
	Banco do Brasil S.A. 5.875%, due 1/19/23  (c)		5,700,000		5,343,750
	Bank of America Corp. 8.00%, due 7/29/49  (a)		504,000		557,590
	Deutsche Postbank Funding Trust IV 5.983%, due 6/29/49  (a)	€	9,400,000		13,356,036
	Dresdner Funding Trust I 8.151%, due 6/30/31  (c)	$	5,500,000		5,878,125
	ICICI Bank, Ltd. Series Reg S 6.375%, due 4/30/22  (a)		7,885,000		7,707,588
	Industrial Senior Trust 5.50%, due 11/1/22  (c)		7,500,000		6,825,000
	LBG Capital No.1 PLC 11.04%, due 3/19/20	£	240,000		456,675
	Lloyds TSB Bank PLC 13.00%, due 12/19/21  (a)	A$	1,811,000		1,911,091
	Mellon Capital III 6.369%, due 9/5/66  (a)	£	5,100,000		8,518,025
	National Capital Trust I Series Reg S 5.62%, due 9/29/49  (a)		5,000,000		8,589,371
	Wachovia Capital Trust III 5.57%, due 3/29/49  (a)	$	1,000,000		935,000
					71,055,376
	Building Materials 2.8%
	Associated Materials LLC / AMH New Finance, Inc. 9.125%, due 11/1/17		5,800,000		6,111,750
	Cemex Espana Luxembourg 9.25%, due 5/12/20  (c)		5,350,000		5,786,025
	Desarrolladora Homex S.A.B. de C.V. 7.50%, due 9/28/15		1,000,000		120,000
	Hanson Ltd. 6.125%, due 8/15/16  (e)		3,655,000		4,002,225
	Texas Industries, Inc. 9.25%, due 8/15/20		8,798,000		10,205,680
	USG Corp.
	5.875%, due 11/1/21 (c)		3,125,000		3,289,062
	8.375%, due 10/15/18 (c)		3,825,000		4,131,000
					33,645,742
	Chemicals 1.5%
	Hexion U.S. Finance Corp. 6.625%, due 4/15/20		1,275,000		1,322,812
	Hexion U.S. Finance Corp. / Hexion Nova Scotia Finance ULC 8.875%, due 2/1/18  (e)		6,710,000		6,978,400
	Huntsman International LLC 8.625%, due 3/15/21		2,980,000		3,359,950
	Momentive Performance Materials, Inc.
	8.875%, due 10/15/20		1,000,000		1,067,500
	10.00%, due 10/15/20		2,660,000		2,832,900
	U.S. Coatings Acquisition, Inc. / Flash Dutch 2 B.V. 7.375%, due 5/1/21  (c)		2,000,000		2,155,000
					17,716,562
	Coal 0.9%
	Alpha Natural Resources, Inc.
	6.00%, due 6/1/19		2,100,000		1,737,750
	6.25%, due 6/1/21		835,000		682,612
	Arch Coal, Inc.
	7.00%, due 6/15/19		3,475,000		2,697,469
	7.25%, due 10/1/20		571,000		438,243
	7.25%, due 6/15/21		1,245,000		943,087
	Peabody Energy Corp. 6.00%, due 11/15/18		3,725,000		3,967,125
					10,466,286
	Commercial Services 2.9%
	Ashtead Capital, Inc. 6.50%, due 7/15/22  (c)		2,740,000		2,931,800
	Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 5.50%, due 4/1/23		5,810,000		5,606,650
	Hertz Corp. (The)
	6.25%, due 10/15/22		750,000		772,500
	7.375%, due 1/15/21		3,345,000		3,637,688
	Iron Mountain, Inc. 6.00%, due 8/15/23  (e)		8,600,000		8,847,250
	United Rentals North America, Inc.
	7.375%, due 5/15/20		975,000		1,081,031
	7.625%, due 4/15/22		955,000		1,074,375
	8.375%, due 9/15/20		9,725,000		10,794,750
					34,746,044
	Computers 1.6%
	NCR Corp. 6.375%, due 12/15/23  (c)(f)		9,900,000		10,296,000
	SunGard Data Systems, Inc.
	6.625%, due 11/1/19		6,135,000		6,426,413
	7.625%, due 11/15/20		2,507,000		2,754,566
					19,476,979
	Cosmetics & Personal Care 0.4%
	Albea Beauty Holdings S.A. 8.375%, due 11/1/19 (c)		5,020,000		5,271,000
	Diversified Financial Services 1.2%
	Ford Holdings LLC
	9.30%, due 3/1/30 (e)		2,475,000		3,461,899
	9.375%, due 3/1/20		210,000		272,458
	GE Capital Trust II 5.50%, due 9/15/67  (a)	€	3,345,000		4,793,592
	GE Capital Trust IV Series Reg S 4.625%, due 9/15/66  (a)		2,828,000		3,916,459
	General Electric Capital Corp.
	Series Reg S 5.50%, due 9/15/67 (a)		1,000,000		1,431,911
	Series Reg S 6.50%, due 9/15/67 (a)	£	405,000		720,043
					14,596,362
	Electric 0.5%
	Calpine Corp. 7.875%, due 7/31/20  (c)	$	4,400,000		4,818,000
	NRG Energy, Inc. 8.25%, due 9/1/20  (e)		1,000,000		1,092,500
					5,910,500
	Entertainment 2.5%
	GLP Capital LP / GLP Financing II, Inc. 4.375%, due 11/1/18  (c)		6,150,000		6,303,750
	Isle of Capri Casinos, Inc.
	7.75%, due 3/15/19		5,500,000		5,995,000
	8.875%, due 6/15/20		3,750,000		4,059,375
	Mohegan Tribal Gaming Authority
	9.75%, due 9/1/21 (c)		3,960,000		4,326,300
	11.00%, due 9/15/18 (c)		1,000,000		1,006,250
	Pinnacle Entertainment, Inc.
	7.75%, due 4/1/22		6,255,000		6,786,675
	8.75%, due 5/15/20		2,000,000		2,190,000
					30,667,350
	Finance - Auto Loans 0.3%
	Banque PSA Finance S.A. 5.75%, due 4/4/21 (c)		3,000,000		3,071,430
	Finance - Commercial 0.1%
	Textron Financial Corp. 6.00%, due 2/15/67 (a)(c)		1,010,000		906,475
	Finance - Consumer Loans 2.1%
	HSBC Finance Capital Trust IX 5.911%, due 11/30/35  (a)		5,980,000		6,174,350
	SLM Corp.
	4.75%, due 3/17/14	€	1,750,000		2,365,341
	7.25%, due 1/25/22 (e)	$	650,000		689,000
	8.00%, due 3/25/20 (e)		6,000,000		6,697,500
	Springleaf Finance Corp.
	6.00%, due 6/1/20		2,500,000		2,500,000
	6.50%, due 9/15/17 (e)		3,000,000		3,217,500
	7.75%, due 10/1/21		3,270,000		3,539,775
					25,183,466
	Finance - Other Services 1.5%
	Ausdrill Finance Pty, Ltd. 6.875%, due 11/1/19  (c)		5,695,000		5,153,975
	Icahn Enterprises, L.P. / Icahn Enterprises Finance Corp.
	5.875%, due 2/1/22 (c)		1,695,000		1,680,169
	6.00%, due 8/1/20 (c)		11,100,000		11,502,375
					18,336,519
	Food 2.0%
	ARAMARK Corp. 5.75%, due 3/15/20  (c)		2,625,000		2,723,438
	JBS Finance II, Ltd. 8.25%, due 1/29/18  (c)		8,000,000		8,440,000
	Minerva Luxembourg S.A. 7.75%, due 1/31/23  (c)		7,875,000		7,658,437
	Smithfield Foods, Inc. 6.625%, due 8/15/22		5,085,000		5,351,962
					24,173,837
	Forest Products & Paper 0.3%
	Newpage Corp. (Escrow Shares) 10.00%, due 5/1/12  (g)(h)		1,000,000		100
	Norske Skogindustrier A.S.A. 7.125%, due 10/15/33  (c)		1,730,000		865,000
	Stora Enso OYJ 7.25%, due 4/15/36  (c)		3,000,000		2,827,500
					3,692,600
	Hand & Machine Tools 1.0%
	Mcron Finance Sub LLC / Mcron Finance Corp. 8.375%, due 5/15/19  (c)		5,400,000		6,007,500
	Milacron LLC / Mcron Finance Corp. 7.75%, due 2/15/21  (c)		6,000,000		6,367,500
					12,375,000
	Health Care - Products 1.1%
	Alere, Inc.
	6.50%, due 6/15/20		4,190,000		4,305,225
	7.25%, due 7/1/18		1,461,000		1,599,795
	8.625%, due 10/1/18		2,000,000		2,150,000
	Kinetic Concepts, Inc. / KCI U.S.A., Inc. 10.50%, due 11/1/18		4,525,000		5,203,750
					13,258,770
	Health Care - Services 2.4%
	CHS / Community Health Systems, Inc. 6.875%, due 2/1/22  (c)		9,750,000		9,993,750
	DaVita HealthCare Partners, Inc. 5.75%, due 8/15/22		4,500,000		4,606,875
	Fresenius Medical Care U.S. Finance, Inc. 6.875%, due 7/15/17  (i)		2,100,000		2,380,875
	HCA Holdings, Inc. 7.75%, due 5/15/21		4,250,000		4,664,375
	Tenet Healthcare Corp. 8.125%, due 4/1/22		6,695,000		7,305,919
					28,951,794
	Home Builders 2.8%
	Beazer Homes USA, Inc.
	7.25%, due 2/1/23 (e)		4,540,000		4,608,100
	8.125%, due 6/15/16 (e)		4,000,000		4,430,000
	9.125%, due 6/15/18		575,000		612,375
	K Hovnanian Enterprises, Inc. 7.25%, due 10/15/20  (c)		6,080,000		6,581,600
	KB Home 9.10%, due 9/15/17		5,000,000		5,868,750
	PulteGroup, Inc. 7.875%, due 6/15/32		5,295,000		5,467,087
	Shea Homes, L.P. / Shea Homes Funding Corp. 8.625%, due 5/15/19		5,500,000		6,050,000
					33,617,912
	Household Products & Wares 1.5%
¤	Reynolds Group Issuer, Inc.
	8.25%, due 2/15/21 (e)		2,600,000		2,762,500
	8.50%, due 5/15/18 (e)		5,175,000		5,433,750
	9.00%, due 4/15/19		1,315,000		1,402,119
	9.875%, due 8/15/19 (e)		8,066,000		8,912,930
					18,511,299
	Insurance 4.5%
¤	American International Group, Inc.
	Series A3 4.875%, due 3/15/67 (a)	€	6,100,000		8,198,272
	Series A2 5.75%, due 3/15/67 (a)	£	6,700,000		10,959,051
	Series Reg S 8.00%, due 5/22/68 (a)	€	3,750,000		5,909,833
	8.175%, due 5/15/68 (a)(e)	$	4,000,000		4,970,000
	Series Reg S 8.625%, due 5/22/68 (a)	£	1,000,000		1,923,361
	Liberty Mutual Group, Inc.
	7.80%, due 3/7/87 (c)	$	3,000,000		3,225,000
	10.75%, due 6/15/88 (a)(c)		2,000,000		3,000,000
	Lincoln National Corp.
	6.05%, due 4/20/67 (a)(e)		3,000,000		2,955,000
	7.00%, due 5/17/66 (a)(e)		3,840,000		3,916,800
	Oil Insurance, Ltd. 3.229%, due 12/29/49  (a)(c)		3,250,000		2,936,365
	Pacific Life Insurance Co.
	7.90%, due 12/30/23 (c)		2,000,000		2,600,850
	9.25%, due 6/15/39 (c)		1,000,000		1,450,938
	Swiss Re Capital I, L.P. 6.854%, due 5/29/49  (a)(c)		2,500,000		2,675,000
					54,720,470
	Iron & Steel 3.1%
	AK Steel Corp.
	7.625%, due 5/15/20		3,985,000		3,935,188
	8.375%, due 4/1/22		2,700,000		2,676,375
	APERAM 7.375%, due 4/1/16  (c)		5,215,000		5,410,562
	ArcelorMittal
	7.25%, due 3/1/41 (e)		5,825,000		5,592,000
	7.50%, due 10/15/39 (e)		7,975,000		7,835,437
	Severstal Oao Via Steel Capital S.A. 5.90%, due 10/17/22  (c)		6,000,000		5,730,000
	United States Steel Corp.
	7.00%, due 2/1/18		2,145,000		2,343,413
	7.375%, due 4/1/20		2,855,000		3,083,400
	7.50%, due 3/15/22		1,400,000		1,494,500
					38,100,875
	Leisure Time 0.3%
	Royal Caribbean Cruises, Ltd. 7.50%, due 10/15/27 (e)		3,000,000		3,180,000
	Lodging 3.4%
¤	Caesars Entertainment Operating Co., Inc. 9.00%, due 2/15/20		22,495,000		21,810,813
	Caesars Entertainment Resort Properties LLC / Caesars Entertainment Resort Properties 8.00%, due 10/1/20  (c)		3,475,000		3,605,313
¤	MGM Resorts International
	6.75%, due 10/1/20		10,859,000		11,700,572
	8.625%, due 2/1/19		3,975,000		4,680,562
					41,797,260
	Machinery - Construction & Mining 0.6%
	Terex Corp.
	6.00%, due 5/15/21 (e)		6,620,000		6,868,250
	6.50%, due 4/1/20		750,000		804,375
					7,672,625
	Media 2.7%
	CCO Holdings LLC / CCO Holdings Capital Corp.
	5.75%, due 1/15/24		6,680,000		6,496,300
	7.375%, due 6/1/20		3,000,000		3,262,500
¤	Clear Channel Communications, Inc.
	5.50%, due 12/15/16		880,000		792,000
	6.875%, due 6/15/18		460,000		402,500
	9.00%, due 3/1/21		9,755,000		9,852,550
	Clear Channel Worldwide Holdings, Inc.
	7.625%, due 3/15/20		559,000		586,950
	Series B 7.625%, due 3/15/20		5,897,000		6,221,335
	DISH DBS Corp. 6.75%, due 6/1/21  (e)		5,120,000		5,465,600
					33,079,735
	Metal Fabricate & Hardware 0.7%
	Mueller Water Products, Inc.
	7.375%, due 6/1/17 (e)		1,875,000		1,926,563
	8.75%, due 9/1/20		1,476,000		1,653,120
	WPE International Cooperatief UA 10.375%, due 9/30/20  (c)		8,800,000		5,489,000
					9,068,683
	Mining 1.7%
	Aleris International, Inc.
	6.00%, due 6/1/20 (c)(g)(h)(j)		11,797		9,980
	7.625%, due 2/15/18		3,755,000		3,952,138
	7.875%, due 11/1/20		4,375,000		4,615,625
	Novelis, Inc. 8.75%, due 12/15/20		2,200,000		2,442,000
	Vedanta Resources PLC
	6.75%, due 6/7/16 (c)		1,000,000		1,038,000
	8.25%, due 6/7/21 (c)		8,435,000		8,435,000
					20,492,743
	Miscellaneous - Manufacturing 0.3%
	Bombardier, Inc. 7.75%, due 3/15/20 (c)		2,995,000		3,313,219
	Office Furnishings 0.1%
	Interface, Inc. 7.625%, due 12/1/18		1,530,000		1,640,925
	Oil & Gas 7.2%
	Berry Petroleum Co. 6.375%, due 9/15/22  (e)		7,995,000		8,134,912
¤	Chesapeake Energy Corp. 6.625%, due 8/15/20  (e)		15,100,000		16,836,500
	Concho Resources, Inc. 6.50%, due 1/15/22		2,500,000		2,693,750
	EP Energy LLC / EP Energy Finance, Inc. 9.375%, due 5/1/20		8,020,000		9,223,000
	Hilcorp Energy I, L.P. / Hilcorp Finance Co. 7.625%, due 4/15/21  (c)		4,770,000		5,163,525
	Linn Energy LLC / Linn Energy Finance Corp.
	7.00%, due 11/1/19 (c)		5,455,000		5,536,825
	7.75%, due 2/1/21		2,650,000		2,809,000
	8.625%, due 4/15/20		4,220,000		4,557,600
	Precision Drilling Corp.
	6.50%, due 12/15/21 (e)		2,865,000		3,044,063
	6.625%, due 11/15/20		1,600,000		1,700,000
	Samson Investment Co. 10.50%, due 2/15/20  (c)		9,245,000		10,169,500
	Swift Energy Co.
	7.875%, due 3/1/22		5,000,000		5,100,000
	8.875%, due 1/15/20		2,849,000		3,034,185
	Whiting Petroleum Corp. 5.75%, due 3/15/21		9,450,000		9,922,500
					87,925,360
	Oil & Gas Services 2.1%
	Basic Energy Services, Inc.
	7.75%, due 2/15/19		6,710,000		7,045,500
	7.75%, due 10/15/22		2,025,000		2,121,188
	CGG 6.50%, due 6/1/21  (e)		5,550,000		5,647,125
	Hornbeck Offshore Services, Inc. 5.00%, due 3/1/21  (e)		10,695,000		10,400,887
					25,214,700
	Packaging & Containers 0.0%‡
	CB Smurfit Stone (Escrow Shares) 8.00%, due 3/15/17		2,000,000		2,000
	Pharmaceuticals 1.1%
	Valeant Pharmaceuticals International, Inc.
	5.625%, due 12/1/21 (c)		5,400,000		5,589,000
	7.50%, due 7/15/21 (c)		6,530,000		7,272,788
					12,861,788
	Pipelines 2.7%
	Atlas Pipeline Partners, L.P. / Atlas Pipeline Finance Corp.
	4.75%, due 11/15/21		4,000,000		3,690,000
	5.875%, due 8/1/23		4,165,000		3,987,987
	Georgian Oil and Gas Corp. 6.875%, due 5/16/17  (c)		5,350,000		5,537,250
	Kinder Morgan, Inc. 5.00%, due 2/15/21  (c)		8,160,000		8,093,072
	MarkWest Energy Partners, L.P. / MarkWest Energy Finance Corp.
	6.25%, due 6/15/22		1,333,000		1,429,643
	6.50%, due 8/15/21		293,000		314,975
	Targa Resources Partners, L.P. / Targa Resources Partners Finance Corp.
	4.25%, due 11/15/23 (c)		3,000,000		2,711,250
	6.875%, due 2/1/21		5,500,000		5,871,250
	Tesoro Logistics, L.P. / Tesoro Logistics Finance Corp. 5.875%, due 10/1/20		1,400,000		1,435,000
					33,070,427
	Real Estate Investment Trusts 0.1%
	American Tower Corp. 7.00%, due 10/15/17 (i)		1,100,000		1,292,298
	Semiconductors 0.7%
	Freescale Semiconductor, Inc.
	5.00%, due 5/15/21 (c)		3,150,000		3,126,375
	6.00%, due 1/15/22 (c)		4,908,000		5,104,320
					8,230,695
	Software 0.7%
	First Data Corp. 10.625%, due 6/15/21 (c)		7,600,000		8,284,000
	Telecommunications 7.0%
	CenturyLink, Inc. 6.75%, due 12/1/23		5,685,000		5,756,063
	Frontier Communications Corp. 8.50%, due 4/15/20  (e)		3,500,000		3,920,000
	Hughes Satellite Systems Corp. 7.625%, due 6/15/21		5,601,000		6,357,135
	Intelsat Luxembourg S.A.
	7.75%, due 6/1/21 (c)		10,584,000		11,351,340
	8.125%, due 6/1/23 (c)		2,060,000		2,229,950
	MetroPCS Wireless, Inc. 6.625%, due 11/15/20  (e)		1,550,000		1,639,125
	Sprint Capital Corp.
	6.875%, due 11/15/28		1,450,000		1,384,750
	6.90%, due 5/1/19		4,680,000		5,054,400
	8.75%, due 3/15/32		6,685,000		7,236,512
¤	Sprint Communications, Inc.
	6.00%, due 11/15/22 (e)		6,325,000		6,214,312
	8.375%, due 8/15/17		7,530,000		8,697,150
	Sprint Corp. 7.875%, due 9/15/23  (c)		3,500,000		3,736,250
¤	T-Mobile USA, Inc.
	6.125%, due 1/15/22		5,225,000		5,342,563
	6.542%, due 4/28/20		8,000,000		8,470,000
	ViaSat, Inc. 6.875%, due 6/15/20		4,030,000		4,231,500
	Windstream Corp. 7.50%, due 4/1/23		3,000,000		3,000,000
					84,621,050
	Transportation 2.8%
	CEVA Group PLC 8.375%, due 12/1/17  (c)		7,060,000		7,368,875
	CHC Helicopter S.A. 9.25%, due 10/15/20		10,555,000		11,241,075
	Hapag-Lloyd A.G. 9.75%, due 10/15/17  (c)		4,770,000		5,068,125
	PHI, Inc. 8.625%, due 10/15/18  (e)		3,425,000		3,686,156
	Ukraine Railways via Shortline PLC 9.50%, due 5/21/18  (c)		8,370,000		7,240,050
					34,604,281
	Total Corporate Bonds (Cost $948,676,455)				1,006,695,330
	Foreign Bonds 10.5%
	Banks 5.6%
	ABN Amro Bank N.V. 4.31%, due 3/29/49  (a)	€	8,500,000		11,463,946
	Bank of Scotland PLC 7.286%, due 11/29/49  (a)	£	1,800,000		3,130,640
	Barclays Bank PLC 4.75%, due 3/29/49  (a)	€	9,000,000		10,719,329
	Belfius Funding N.V. 1.224%, due 2/9/17  (a)	£	3,550,000		5,412,742
	HBOS Capital Fund L.P. Series A 6.461%, due 11/29/49  (a)		3,500,000		5,983,791
	HBOS PLC 5.125%, due 10/29/49  (a)	€	1,000,000		1,281,804
¤	Royal Bank of Scotland N.V. 4.70%, due 6/10/19  (a)(j)		12,650,000		17,331,296
	Santander UK PLC 4.814%, due 9/28/49  (a)	£	5,000,000		7,644,129
	UT2 Funding PLC 5.321%, due 6/30/16	€	3,300,000		4,472,962
					67,440,639
	Chemicals 0.2%
	INEOS Group Holdings S.A. Series Reg S 7.875%, due 2/15/16		2,020,971		2,727,263
	Diversified Financial Services 0.5%
	Ageas Hybrid Financing S.A. 5.125%, due 6/29/49 (a)		4,750,000		6,486,402
	Holding Company - Diversified 0.1%
	Stena AB Series Reg S 7.875%, due 3/15/20		1,000,000		1,534,146
	Insurance 2.0%
	Assicurazioni Generali S.p.A. 6.416%, due 12/29/49  (a)	£	6,400,000		10,205,323
	Aviva PLC 6.875%, due 5/22/38  (a)	€	2,000,000		3,081,778
	CNP Assurances 4.75%, due 12/29/49  (a)		2,000,000		2,704,143
	ING Groep N.V. 5.14%, due 3/29/49  (a)	£	5,000,000		8,157,847
					24,149,091
	Packaging & Containers 1.4%
	Ardagh Packaging Finance PLC Series Reg S 9.25%, due 10/15/20	€	5,700,000		8,373,320
	Rexam PLC 6.75%, due 6/29/67  (a)		6,300,000		9,027,858
					17,401,178
	Telecommunications 0.4%
	EN Germany Holdings B.V. 10.75%, due 11/15/15		3,414,000		4,696,549
	Transportation 0.3%
	Rede Ferroviaria Nacional - Refer Epe 4.25%, due 12/13/21		3,100,000		3,695,558
	Total Foreign Bonds (Cost $110,991,647)				128,130,826
	Foreign Government Bond 0.3%
	Sovereign 0.3%
	Portugal Obrigacoes do Tesouro OT Series Reg S 4.95%, due 10/25/23		2,500,000		3,392,323
	Total Foreign Government Bond (Cost $2,890,434)				3,392,323
	Loan Assignments 2.5% (k)
	Airlines 0.2%
	U.S. Airways Group, Inc. New Term Loan B1 3.50%, due 5/23/19	$	3,000,000		3,012,750
	Auto Parts & Equipment 0.4%
	Allison Transmission, Inc.
	Term Loan B2 3.16%, due 8/7/17		1,189,042		1,190,529
	New Term Loan B3 3.75%, due 8/23/19		3,569,134		3,576,943
					4,767,472
	Building Materials 0.1%
	Nortek, Inc. Term Loan 5.25%, due 4/26/17		744,050		747,150
	Computers 0.1%
	SunGard Data Systems, Inc. Term Loan E 4.00%, due 3/9/20		675,502		677,691
	Entertainment 0.4%
	Scientific Games International, Inc. New Term Loan B 4.25%, due 10/18/20		5,000,000		5,017,855
	Food 0.1%
	ARAMARK Corp.
	Extended Synthetic LOC 2 3.669%, due 7/26/16		57,145		57,263
	Extended Synthetic LOC 3 3.679%, due 7/26/16		31,723		31,812
	Extended Term Loan B 3.747%, due 7/26/16		476,891		477,877
	Extended Term Loan C 3.747%, due 7/26/16		393,802		394,905
					961,857
	Leisure Time 0.2%
	ClubCorp Club Operations, Inc. New Term Loan 4.00%, due 7/24/20		1,878,103		1,887,494
	Media 0.3%
	Charter Communications Operating, LLC Term Loan F 3.00%, due 1/31/21		383,539		381,621
¤	Clear Channel Communications, Inc. Term Loan D 6.91%, due 1/30/19		3,127,798		3,032,847
					3,414,468
	Mining 0.1%
	FMG Resources August 2006 Pty, Ltd. New Term Loan B 4.25%, due 6/28/19		1,481,288		1,497,490
	Oil & Gas 0.6%
	MEG Energy Corp. Refi Term Loan 3.75%, due 3/31/20		7,820,233		7,880,511
	Real Estate 0.0%‡
	Realogy Corp. Extended Letter of Credit 8.897%, due 10/10/16		357,894		357,000
	Total Loan Assignments (Cost $29,853,267)				30,221,738
	Mortgage-Backed Securities 0.7%
	Commercial Mortgage Loans (Collateralized Mortgage Obligations) 0.7%
	Banc of America Commercial Mortgage Trust Series 2007-2, Class A4 5.635%, due 4/10/49  (l)		600,000		666,667
	Banc of America Commercial Mortgage, Inc. Series 2005-J, Class 1A1 2.606%, due 11/25/35  (l)		618,561		543,504
	Bear Stearns Commercial Mortgage Securities Series 2006-PW14, Class A4 5.201%, due 12/11/38		590,000		644,076
	CD 2006-CD3 Mortgage Trust Series 2006-CD3, Class A5 5.617%, due 10/15/48		590,000		642,272
	Deutsche ALT-A Securities, Inc. Alternate Loan Trust Series 2005-5, Class 1A3 5.50%, due 11/25/35  (a)		362,219		336,982
	GreenPoint Mortgage Funding Trust Series 2007-AR2, Class 1A1 0.288%, due 4/25/47  (a)		1,964		1,964
	GS Mortgage Securities Corp. II Series 2007-GG10, Class A4 5.806%, due 8/10/45  (l)		635,000		699,953
	IndyMac Index Mortgage Loan Trust
	Series 2005-AR9, Class 4A2 2.531%, due 7/25/35 (l)		2,167,724		1,902,009
	Series 2004-AR4, Class 3A 2.533%, due 8/25/34 (l)		579,912		572,483
	Morgan Stanley Mortgage Loan Trust Series 2007-6XS, Class 2A1S 0.268%, due 2/25/47  (a)		1,195,318		1,099,689
	Structured Asset Securities Corp. Series 2005-11H, Class A2 5.00%, due 6/25/35  (g)		230,475		224,735
	WaMu Mortgage Pass-Through Certificates Series 2006-AR14, Class 1A1 2.064%, due 11/25/36  (l)		504,698		439,944
	Wells Fargo Mortgage Backed Securities Trust Series 2006-AR10, Class 5A2 2.612%, due 7/25/36  (l)		601,410		581,616
	Total Mortgage-Backed Securities (Cost $7,116,609)				8,355,894
	Yankee Bonds 1.4% (m)
	Banks 1.0%
	Credit Agricole S.A. 7.875%, due 1/29/49  (a)(c)		6,000,000		6,090,000
	Sberbank of Russia Via Sb Capital S.A. Series Reg S 5.125%, due 10/29/22		6,800,000		6,375,000
					12,465,000
	Miscellaneous - Manufacturing 0.4%
	Bombardier, Inc. 6.125%, due 1/15/23 (c)		5,000,000		4,925,000
	Total Yankee Bonds (Cost $18,139,561)				17,390,000
	Total Long-Term Bonds (Cost $1,147,765,675)				1,220,816,782

		Shares		Value
	Common Stocks 2.3%
	Auto Manufacturers 1.8%
¤	Ford Motor Co.		1,059,000		15,842,640
	General Motors Co. (f)		142,163		5,129,241
	Motors Liquidation Co. GUC Trust (f)		19,523		602,285
					21,574,166
	Banks 0.3%
	Citigroup, Inc.		71,966		3,413,347
	Building Materials 0.1%
	U.S. Concrete, Inc. (f)(g)		33,000		747,780
	Electric 0.0%‡
	Dynegy, Inc. (f)(i)		13,120		267,123
	Mining 0.0%‡
	Aleris International, Inc. (g)(h)(j)		13,652		146,486
	Packaging & Containers 0.1%
	Rock-Tenn Co. Class A		20,604		2,090,894
	Total Common Stocks (Cost $26,627,765)				28,239,796
	Preferred Stock 0.1%
	Diversified Financial Services 0.1%
	Citigroup Capital XIII 7.875% (a)		40,000		1,085,200
	Total Preferred Stock (Cost $1,000,000)				1,085,200

	Number of Warrants		Value
Warrants 0.2%
Auto Manufacturers 0.2%
General Motors Co.
Strike Price $10.00 Expires 7/10/16 (f)		74,451		1,984,119
Strike Price $18.33 Expires 7/10/19 (f)		38,552		727,862
Total Warrants (Cost $2,201,543)				2,711,981

	Principal Amount			Value
Short-Term Investment 0.8%
Repurchase Agreement 0.8%
State Street Bank and Trust Co. 0.00%, dated 1/31/14 due 2/3/14 Proceeds at Maturity $9,770,952 (Collateralized by a Federal National Mortgage Association Corp. security with a rate of 2.17% and a maturity date of 11/7/22, with a Principal Amount of $10,680,000 and a Market Value of $9,970,132)	$	9,770,952			9,770,952
Total Short-Term Investment (Cost $9,770,952)					9,770,952
Total Investments, Before Investments Sold Short (Cost $1,187,365,935) (p)		103.9	%		1,262,624,711
Long-Term Bonds Sold Short (8.2%)
Corporate Bonds Sold Short (1.7%)
Apparel (0.8%)
Levi Strauss & Co. 7.625%, due 5/15/20	$	(9,150,000	)		(9,973,500	)
Banks (0.2%)
SunTrust Bank 7.25%, due 3/15/18		(2,000,000	)		(2,366,602	)
Entertainment (0.1%)
Mohegan Tribal Gaming Authority 7.125%, due 8/15/14		(1,000,000	)		(995,000	)
Food (0.1%)
Dean Foods Co. 7.00%, due 6/1/16		(1,000,000	)		(1,105,000	)
Forest Products & Paper (0.0%)‡
Newpage Corp. (Escrow Shares) 10.00%, due 5/1/12 (g)(h)		(1,000,000	)		(100	)
Home Builders (0.0%)‡
Desarrolladora Homex S.A.B. de C.V. 7.50%, due 9/28/15		(1,000,000	)		(120,000	)
Leisure Time (0.1%)
Royal Caribbean Cruises, Ltd. 7.50%, due 10/15/27		(2,000,000	)		(2,120,000	)
Media (0.1%)
Time Warner Cable, Inc. 8.75%, due 2/14/19		(1,000,000	)		(1,202,342	)
Packaging & Containers (0.0%)‡
CB Smurfit Stone (Escrow Shares) 8.00%, due 3/15/17		(2,000,000	)		(2,000	)
Retail (0.3%)
Nordstrom, Inc. 6.25%, due 1/15/18		(3,000,000	)		(3,507,756	)
Total Corporate Bonds Sold Short (Proceeds $19,979,299)					(21,392,300	)
U.S. Government Sold Short (6.5%)
United States Treasury Notes
0.875%, due 2/28/17		(22,000,000	)		(22,075,636	)
1.50%, due 12/31/18		(47,000,000	)		(47,029,375	)
3.50%, due 2/15/18		(9,000,000	)		(9,828,981	)
Total U.S. Government Sold Short (Proceeds $77,735,669)					(78,933,992	)
Total Long-Term Bonds Sold Short (Proceeds $97,714,968)					(100,326,292	)

	Shares			Value
Common Stock Sold Short (0.2%)
Packaging & Containers (0.2%)
Rock-Tenn Co. Class A		(20,604	)		(2,090,894	)
Total Common Stock Sold Short (Proceeds $1,493,252)					(2,090,894	)
Total Investments Sold Short (Proceeds $99,208,220)		(8.4	)%		(102,417,186	)
Total Investments, Net of Investments Sold Short (Cost $1,088,157,715)		95.5			1,160,207,525
New York Life Agreement (i)		0.0			0
Other Assets, Less Liabilities		4.5			54,745,857
Net Assets		100.0	%	$	1,214,953,382

	Contracts Short			Unrealized Appreciation (Depreciation) (n)
Futures Contracts (0.0%) ‡
United States Treasury Notes March 2014 (2 Year) (o)		(1,752	)	$	(3,770	)
Total Futures Contracts (Notional Amount $385,795,877)				$	(3,770	)

¤ Among the Fund's 10 largest holdings or issuers held, as of January 31, 2014, excluding short-term investment. May be subject to change daily.

† Percentages indicated are based on Fund net assets.

‡ Less than one-tenth of a percent.

(a) Floating rate - Rate shown was the rate in effect as of January 31, 2014.

(b) Subprime mortgage investment or other asset-backed securities. The total market value of these securities as of January 31, 2014, was $17,096,838, which represents 1.4% of the Fund's net assets.

(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) Step coupon - Rate shown was the rate in effect as of January 31, 2014.

(e) Security, or a portion thereof, was maintained in a segregated account at the Fund's custodian as collateral for securities Sold Short.

(f) Non-income producing security.

(g) Illiquid security - The total market value of these securities as of January 31, 2014, was $1,128,981, which represented 0.1% of the Fund's net assets.

(h) Restricted security.

(i) Security or a portion of the security was pledged as collateral for the benefit of Lehman Brothers International (Europe). As a result of the Lehman Brothers International (Europe) bankruptcy, these securities are operationally illiquid. The total market value of these securities at January 31, 2014 is $3,940,296 which represents 0.3% of the Fund's net assets. Additionally, the Fund had other securities that were originally pledged as collateral for Lehman Brothers International (Europe) which have since been called by the issuer or have matured. As a result, cash in the amount of $45,196,775, representing 3.7% of the Fund's net assets is pledged as collateral for the benefit of Lehman Brothers International (Europe), and has been deemed restricted by the Fund. The Fund has entered into an agreement with New York Life Insurance Company, pursuant to which, at the conclusion of the bankruptcy appeal process relating to Lehman Brothers Inc., should the Fund be entitled to obtain less than 100% of the then current market value of the collateral, New York Life Insurance Company will contribute to the Fund the difference between the value of the assets ultimately returned to the Fund and the then current market value of the collateral. As of January 31, 2014, the fair value of the agreement is $0.

(j) Fair valued security–Security was fair valued in accordance with the Fund’s valuation policy. As of January 31, 2014, the total market value of fair valued security was $17,487,762, which represented 1.4% of the Fund’s net assets.

(k) Floating Rate Loan - generally pays interest at rates which are periodically re-determined at a margin above the London InterBank Offered Rate or other short-term rates. The rate shown was the weighted average interest rate of all contracts within the floating rate loan facility as of January 31, 2014.

(l) 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 January 31, 2014.

(m) Yankee Bond - Dollar-denominated bond issued in the United States by a foreign bank or corporation.

(n) Represents the difference between the value of the contracts at the time they were opened and the value as of January 31, 2014.

(o) As of January 31, 2014, cash in the amount of $438,000 was on deposit with broker for futures transactions.

(p) As of January 31, 2014, cost was $1,188,029,953 for federal income tax purposes and net unrealized appreciation was as follows:

Gross unrealized appreciation	$	91,151,958
Gross unrealized depreciation		(16,557,200	)
Net unrealized appreciation	$	74,594,758

The following abbreviations are used in the above portfolio:

£ —British Pound Sterling

€ —Euro

A$ —Australian Dollar

As of January 31, 2014, the Fund held the following foreign currency forward contracts:

Foreign Currency Buy Contracts	Expiration Date	Counterparty	Contract Amount Purchased		Contract Amount Sold		Unrealized Appreciation (Depreciation)
EUR vs. USD	2/20/14	JPMorgan Chase Bank	EUR	750,000	USD	1,019,228	USD	(7,699	)
GBP vs. USD	2/20/14	JPMorgan Chase Bank	GBP	1,950,000	USD	3,207,848		(2,624	)

Foreign Currency Sale Contracts	Expiration Date	Counterparty	Contract Amount Sold		Contract Amount Purchased		Unrealized Appreciation (Depreciation)
EUR vs. USD	2/20/14	JPMorgan Chase Bank	EUR	99,906,000	USD	137,084,519	USD	2,340,775
GBP vs. USD	2/20/14	JPMorgan Chase Bank	GBP	45,904,000	USD	74,736,302		(716,303	)
Net unrealized appreciation (depreciation) on foreign currency forward contracts							USD	1,614,149

The following is a summary of the fair valuations according to the inputs used as of January 31, 2014, 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	$	—	$	26,630,671	$	—	$	26,630,671
Corporate Bonds (b)		—		1,006,685,350		9,980		1,006,695,330
Foreign Bonds (c)		—		110,799,530		17,331,296		128,130,826
Foreign Government Bond		—		3,392,323		—		3,392,323
Loan Assignments (d)		—		26,786,715		3,435,023		30,221,738
Mortgage-Backed Securities		—		8,355,894		—		8,355,894
Yankee Bonds		—		17,390,000		—		17,390,000
Total Long-Term Bonds		—		1,200,040,483		20,776,299		1,220,816,782
Common Stocks (e)		28,093,310		—		146,486		28,239,796
Preferred Stock		1,085,200		—		—		1,085,200
Warrants		2,711,981		—		—		2,711,981
Short-Term Investment
Repurchase Agreement		—		9,770,952		—		9,770,952
Total Investments in Securities		31,890,491		1,209,811,435		20,922,785		1,262,624,711
Other Financial Instruments
Foreign Currency Forward Contract (f)		—		2,340,775		—		2,340,775
Total Investments in Securities and Other Financial Instruments	$	31,890,491	$	1,212,152,210	$	20,922,785	$	1,264,965,486

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
Investments in Securities Sold Short (a)
Long-Term Bonds Sold Short
Corporate Bonds Sold Short	$	—		$	(21,392,300	)	$	—	$	(21,392,300	)
U.S. Government Sold Short		—			(78,933,992	)		—		(78,933,992	)
Total Long-Term Bonds Sold Short		—			(100,326,292	)		—		(100,326,292	)
Common Stock Sold Short		(2,090,894	)		—			—		(2,090,894	)
Total Investments in Securities Sold Short		(2,090,894	)		(100,326,292	)		—		(102,417,186	)
Other Financial Instruments
Foreign Currency Forward Contracts (f)		—			(726,626	)		—		(726,626	)
Futures Contracts Short (f)		(3,770	)		—			—		(3,770	)
Total Other Financial Instruments		(3,770	)		(726,626	)		—		(730,396	)
Total Investments in Securities Sold Short and Other Financial Instruments	$	(2,094,664	)	$	(101,052,918	)	$	—	$	(103,147,582	)

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

(b) The Level 3 security valued at $9,980 was held in Mining within the Corporate Bonds section of the Portfolio of Investments.

(c) The Level 3 security valued at $17,331,296 was held in Banks within the Foreign Bonds section of the Portfolio of Investments.

(d) The Level 3 securities valued at $1,190,529, $1,887,494 and $357,000 represent Loan Assignments whose value was obtained from an independent pricing service which used a single broker quote to measure such value as referenced in the Portfolio of Investments.

(e) The Level 3 security valued at $146,486 was held in Mining within the Common Stocks section of the Portfolio of Investments.

(f) 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 January 31, 2014, the Fund did not have any transfers between Level 1 and Level 2 fair value measurements.

As of January 31, 2014, securities with a total value of $1,886,320 transferred from Level 2 to Level 3. The transfer occurred as a result of the value for certain Loan Assignments obtained from an independent pricing service utilizing a single broker quote with significant unobservable inputs. The fair value obtained for these securities from an independent pricing service as of October 31, 2013 utilized the average of multiple bid quotations.

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, 2013		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 January 31, 2014		Change in  Unrealized Appreciation (Depreciation)  from Investments  Still Held at  January 31, 2014
Long-Term Bonds
Corporate Bonds
Mining	$	11,797	$	-	$	-	$	(1,817	)	$	-	$	-		$	-	$	-	$	9,980	$	(1,817	)
Foreign Bonds
Banks		17,282,532		88,884		-		(40,120	)		-		-			-		-		17,331,296		(40,120	)
Loan Assignments
Auto Parts & Equipment		5,351,657		3,759		8,220		(73,380	)		-		(4,099,727	)		-		-		1,190,529		(54,912	)
Leisure Time		-		374		-		800			-		-			1,886,320		-		1,887,494		800
Real Estate		358,798		1,290		36		(2,220	)		-		(904	)		-		-		357,000		(2,185	)
Common Stock
Mining		177,203		-		-		(30,717	)		-		-			-		-		146,486		(30,717	)
Total	$	23,181,987	$	94,307	$	8,256	$	(147,454	)	$	-	$	(4,100,631	)	$	1,886,320	$	-	$	20,922,785	$	(128,951	)

As of January 31, 2014, the Fund held the following restricted securities:

Security	Date of Acquisition	Shares/ Principal Amount			Cost			1/31/14 Value			Percent of Net Assets
Aleris International, Inc.
Common Stocks	7/6/10		13,652		$	922,364		$	146,486			0.0	%‡
Corporate Bond 6.00%, due 6/1/20	7/6/10	$	11,797			8,872			9,980			0.0	‡
Newpage Corp.
Corporate Bond 10.00%, due 5/1/12	3/25/13		1,000,000			—	(a)		100			0.0	‡
Corporate Bond Sold Short 10.00%, due 5/1/12	3/25/13		(1,000,000	)		—	(a)		(100	)		0.0	‡
Total					$	931,236		$	156,466			0.0	%‡

‡ Less than one-tenth of a percent.

(a) Less than one dollar.

MainStay ICAP Equity Fund

Portfolio of Investments January 31, 2014 (Unaudited)

		Shares		Value
	Common Stocks 96.1% †
	Aerospace & Defense 4.9%
	Boeing Co. (The)		201,850	$	25,283,731
	Honeywell International, Inc.		309,225		28,210,597
					53,494,328
	Auto Components 2.4%
	Johnson Controls, Inc.		571,421		26,353,937
	Automobiles 2.7%
	Ford Motor Co.		1,942,650		29,062,044
	Beverages 1.7%
	Coca-Cola Co. (The)		504,612		19,084,426
	Chemicals 3.6%
	Monsanto Co.		270,919		28,866,419
	Mosaic Co. (The)		238,100		10,633,546
					39,499,965
	Commercial Banks 3.0%
¤	PNC Financial Services Group, Inc.		415,700		33,206,116
	Communications Equipment 2.1%
	Cisco Systems, Inc.		1,029,650		22,559,631
	Computers & Peripherals 1.4%
	NetApp, Inc.		358,150		15,164,071
	Consumer Finance 3.0%
¤	Capital One Financial Corp.		462,050		32,625,350
	Containers & Packaging 0.5%
	Owens-Illinois, Inc. (a)		159,241		5,102,082
	Diversified Financial Services 8.4%
¤	Bank of America Corp.		2,229,800		37,349,150
¤	Citigroup, Inc.		693,700		32,902,191
	JPMorgan Chase & Co.		385,800		21,357,888
					91,609,229
	Diversified Telecommunication Services 1.8%
	BCE, Inc.		482,749		20,260,976
	Electric Utilities 2.0%
	Exelon Corp.		753,700		21,857,300
	Energy Equipment & Services 3.8%
	Cameron International Corp. (a)		217,650		13,052,470
	Halliburton Co.		590,200		28,925,702
					41,978,172
	Food & Staples Retailing 2.1%
	CVS Caremark Corp.		335,000		22,686,200
	Health Care Equipment & Supplies 4.6%
	Baxter International, Inc.		452,100		30,878,430
	Covidien PLC		285,206		19,462,457
					50,340,887
	Health Care Providers & Services 3.4%
	McKesson Corp.		52,375		9,134,724
	UnitedHealth Group, Inc.		387,200		27,986,816
					37,121,540
	Hotels, Restaurants & Leisure 1.5%
	McDonald's Corp.		170,450		16,051,277
	Industrial Conglomerates 4.6%
¤	General Electric Co.		2,002,600		50,325,338
	Insurance 2.8%
¤	ACE, Ltd.		330,241		30,979,908
	Media 5.6%
¤	Time Warner, Inc.		498,692		31,332,818
	Viacom, Inc. Class B		370,334		30,404,422
					61,737,240
	Multiline Retail 1.9%
	Dollar General Corp. (a)		365,550		20,587,776
	Oil, Gas & Consumable Fuels 9.4%
	Encana Corp.		680,500		12,228,585
¤	Exxon Mobil Corp.		530,350		48,877,056
	Marathon Oil Corp.		738,550		24,217,054
	Southwestern Energy Co. (a)		439,750		17,893,428
					103,216,123
	Pharmaceuticals 8.8%
	Allergan, Inc.		110,800		12,697,680
	Johnson & Johnson		206,950		18,308,866
	Novartis A.G., ADR		205,900		16,280,513
¤	Pfizer, Inc.		1,619,620		49,236,448
					96,523,507
	Semiconductors & Semiconductor Equipment 2.8%
	Texas Instruments, Inc.		728,038		30,868,811
	Software 3.7%
	Oracle Corp.		738,650		27,256,185
	Symantec Corp.		596,500		12,771,065
					40,027,250
	Wireless Telecommunication Services 3.6%
¤	Vodafone Group PLC, Sponsored ADR		1,055,876		39,130,765
	Total Common Stocks (Cost $781,296,876)				1,051,454,249

	Principal Amount			Value
Short-Term Investment 4.4%
Repurchase Agreement 4.4%
State Street Bank and Trust Co. 0.00%, dated 1/31/14 due 2/3/14 Proceeds at Maturity $47,988,212 (Collateralized by a Federal National Mortgage Association security with a rate of 2.12% and a maturity date of 11/7/22, with a Principal Amount of $52,670,000 and a Market Value of $48,952,393)	$	47,988,212			47,988,212
Total Short-Term Investment (Cost $47,988,212)					47,988,212
Total Investments (Cost $829,285,088) (b)		100.5	%		1,099,442,461
Other Assets, Less Liabilities		(0.5	)		(5,998,019	)
Net Assets		100.0	%	$	1,093,444,442

¤ Among the Fund's 10 largest holdings, as of January 31, 2014, excluding short-term investment. May be subject to change daily.

† Percentages indicated are based on Fund net assets.

(a) Non-income producing security.

(b) As of January 31, 2014, cost was $834,636,421 for federal income tax purposes and net unrealized appreciation was as follows:

Gross unrealized appreciation	$	279,955,187
Gross unrealized depreciation		(15,149,147	)
Net unrealized appreciation	$	264,806,040

	The following abbreviation is used in the above portfolio:
ADR	— American Depositary Receipt

The following is a summary of the fair valuations according to the inputs used as of January 31, 2014, 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	$	1,051,454,249	$	—	$	—	$	1,051,454,249
Short-Term Investment
Repurchase Agreement		—		47,988,212		—		47,988,212
Total Investments in Securities	$	1,051,454,249	$	47,988,212	$	—	$	1,099,442,461

(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 January 31, 2014, the Fund did not have any transfers between Level 1 and Level 2 fair value measurements.

As of January 31, 2014, the Fund did not hold any investments with significant unobservable inputs (Level 3).

MainStay ICAP Global Fund

Portfolio of Investments January 31, 2014 (Unaudited)

		Shares		Value
	Common Stocks 99.4% †
	Canada 3.1%
	BCE, Inc.  (Diversified Telecommunication Services)		26,650	$	1,118,500
	Encana Corp.  (Oil, Gas & Consumable Fuels)		48,000		862,560
					1,981,060
	China 0.5%
	China Huishan Dairy Holdings Co., Ltd.  (Food Products) (a)		953,000		316,693
	France 3.7%
	Total S.A.  (Oil, Gas & Consumable Fuels)		22,750		1,299,114
	Vallourec S.A.  (Machinery)		20,950		1,046,716
					2,345,830
	Germany 8.2%
	Bayer A.G.  (Pharmaceuticals)		10,650		1,406,058
	Bayerische Motoren Werke A.G.  (Automobiles)		6,350		692,162
	Fresenius SE & Co. KGaA  (Health Care Providers & Services)		8,000		1,247,817
	SAP A.G.  (Software)		17,050		1,302,915
	ThyssenKrupp A.G.  (Metals & Mining) (a)		22,350		575,589
					5,224,541
	Italy 3.8%
	ENI S.p.A.  (Oil, Gas & Consumable Fuels)		63,800		1,449,892
	UniCredit S.p.A.  (Commercial Banks)		131,550		990,012
					2,439,904
	Japan 9.8%
	Bridgestone Corp.  (Auto Components)		26,750		977,630
	Mitsubishi Corp.  (Trading Companies & Distributors)		60,400		1,125,000
	Mitsubishi Estate Co., Ltd.  (Real Estate Management & Development)		56,500		1,407,385
¤	Nippon Telegraph & Telephone Corp.  (Diversified Telecommunication Services)		34,900		1,899,568
	Tokio Marine Holdings, Inc.  (Insurance)		28,600		849,294
					6,258,877
	Netherlands 2.7%
	Akzo Nobel N.V. (Chemicals)		7,156		515,476
	Wolters Kluwer N.V.  (Media)		44,600		1,231,913
					1,747,389
	Singapore 1.8%
	DBS Group Holdings, Ltd.  (Commercial Banks)		88,250		1,138,420
	Switzerland 6.8%
	ABB, Ltd.  (Electrical Equipment) (a)		51,100		1,274,893
¤	Julius Baer Group, Ltd.  (Capital Markets) (a)		30,450		1,479,427
¤	Novartis A.G.  (Pharmaceuticals)		20,450		1,619,490
					4,373,810
	Thailand 0.4%
	Shin Corp. PCL  (Wireless Telecommunication Services)		112,900		241,122
	United Kingdom 6.9%
	GlaxoSmithKline PLC  (Pharmaceuticals)		51,800		1,331,808
	Lloyds Banking Group PLC  (Commercial Banks) (a)		821,900		1,125,483
¤	Vodafone Group PLC, Sponsored ADR  (Wireless Telecommunication Services)		52,650		1,951,209
					4,408,500
	United States 51.7%
	ACE, Ltd.  (Insurance)		9,750		914,648
¤	Bank of America Corp.  (Diversified Financial Services)		87,200		1,460,600
	Baxter International, Inc.  (Health Care Equipment & Supplies)		15,800		1,079,140
	Boeing Co. (The)  (Aerospace & Defense)		8,550		1,070,973
	Capital One Financial Corp.  (Consumer Finance)		15,900		1,122,699
	Cisco Systems, Inc.  (Communications Equipment)		43,800		959,658
¤	Citigroup, Inc.  (Diversified Financial Services)		32,800		1,555,704
	Covidien PLC  (Health Care Equipment & Supplies)		17,700		1,207,848
	CVS Caremark Corp.  (Food & Staples Retailing)		15,600		1,056,432
	Exelon Corp.  (Electric Utilities)		35,300		1,023,700
¤	Exxon Mobil Corp.  (Oil, Gas & Consumable Fuels)		16,150		1,488,384
	Ford Motor Co.  (Automobiles)		52,150		780,164
¤	General Electric Co.  (Industrial Conglomerates)		68,450		1,720,148
	Halliburton Co.  (Energy Equipment & Services)		18,200		891,982
	Honeywell International, Inc.  (Aerospace & Defense)		12,450		1,135,813
	Johnson Controls, Inc.  (Auto Components)		16,500		760,980
	Marathon Oil Corp.  (Oil, Gas & Consumable Fuels)		22,400		734,496
¤	Monsanto Co.  (Chemicals)		13,700		1,459,735
	Mosaic Co. (The)  (Chemicals)		14,150		631,939
	NetApp, Inc.  (Computers & Peripherals)		14,800		626,632
	Oracle Corp.  (Software)		34,600		1,276,740
¤	Pfizer, Inc.  (Pharmaceuticals)		80,400		2,444,160
	PNC Financial Services Group, Inc.  (Commercial Banks)		17,550		1,401,894
	Southwestern Energy Co.  (Oil, Gas & Consumable Fuels) (a)		21,550		876,870
	Symantec Corp.  (Software)		33,250		711,883
	Texas Instruments, Inc.  (Semiconductors & Semiconductor Equipment)		26,100		1,106,640
	Time Warner, Inc.  (Media)		20,235		1,271,365
	UnitedHealth Group, Inc.  (Health Care Providers & Services)		12,700		917,956
	Viacom, Inc. Class B  (Media)		16,150		1,325,915
					33,015,098
	Total Common Stocks (Cost $51,441,347)				63,491,244

	Principal Amount			Value
Short-Term Investment 0.6%
Repurchase Agreement 0.6%
United States 0.6%
State Street Bank and Trust Co. 0.00%, dated 1/31/14 due 2/3/14 Proceeds at Maturity $385,870 (Collateralized by a Federal National Mortgage Association security with a rate of 2.17% and a maturity date of 11/7/22, with a Principal Amount of $425,000 and a Market Value of $396,752  (Capital Markets)	$	385,870			385,870
Total Short-Term Investment (Cost $385,870)					385,870
Total Investments (Cost $51,827,217) (b)		100.0	%		63,877,114
Other Assets, Less Liabilities		(0.0	)‡		(23,286	)
Net Assets		100.0	%	$	63,853,828

¤ Among the Fund's 10 largest holdings, as of January 31, 2014, excluding short-term investment. May be subject to change daily.

† Percentages indicated are based on Fund net assets.

‡ Less than one-tenth of a percent.

(a) Non-income producing security.

(b) As of January 31, 2014, cost was $51,959,490 for federal income tax purposes and net unrealized appreciation was as follows:

Gross unrealized appreciation	$	13,159,983
Gross unrealized depreciation		(1,242,359	)
Net unrealized appreciation	$	11,917,624

	The following abbreviation is used in the above portfolio:
ADR	— American Depositary Receipt

The following is a summary of the fair valuations according to the inputs used as of January 31, 2014, 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	$	63,491,244	$	—	$	—	$	63,491,244
Short-Term Investment
Repurchase Agreement		—		385,870		—		385,870
Total Investments in Securities	$	63,491,244	$	385,870	$	—	$	63,877,114

(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.

As of October 31, 2013 and January 31, 2014, foreign equity securities were not fair valued, as a result there were no transfers between Level 1 and Level 2 fair value measurements.

As of January 31, 2014, the Fund did not hold any investments with significant unobservable inputs (Level 3).

MainStay ICAP International Fund

Portfolio of Investments January 31, 2014 (Unaudited)

		Shares		Value
	Common Stocks 96.9% †
	Canada 4.7%
¤	BCE, Inc.  (Diversified Telecommunication Services)		1,559,450	$	65,450,117
	Encana Corp.  (Oil, Gas & Consumable Fuels)		1,388,900		24,958,533
					90,408,650
	China 0.4%
	China Huishan Dairy Holdings Co., Ltd.  (Food Products) (a)		23,012,000		7,647,152
	France 9.6%
	Pernod-Ricard S.A.  (Beverages)		418,500		44,951,265
	Sanofi  (Pharmaceuticals)		375,900		36,907,863
	Total S.A.  (Oil, Gas & Consumable Fuels)		1,123,300		64,144,853
	Vallourec S.A.  (Machinery)		798,739		39,907,056
					185,911,037
	Germany 18.5%
¤	Bayer A.G.  (Pharmaceuticals)		688,550		90,905,260
	Bayerische Motoren Werke A.G.  (Automobiles)		424,750		46,298,555
	Deutsche Wohnen A.G.  (Real Estate Management & Development)		968,400		18,147,990
¤	Fresenius SE & Co. KGaA  (Health Care Providers & Services)		425,450		66,360,457
	Muenchener Rueckversicherungs-Gesellschaft A.G. Registered  (Insurance)		108,400		22,390,381
	SAP A.G.  (Software)		596,750		45,602,033
	Siemens A.G.  (Industrial Conglomerates)		329,950		41,812,520
	ThyssenKrupp A.G.  (Metals & Mining) (a)		997,980		25,701,395
					357,218,591
	Italy 5.9%
¤	ENI S.p.A.  (Oil, Gas & Consumable Fuels)		3,330,950		75,697,793
	UniCredit S.p.A.  (Commercial Banks)		5,134,950		38,644,316
					114,342,109
	Japan 15.9%
	Bridgestone Corp.  (Auto Components)		1,345,350		49,168,415
¤	Mitsubishi Corp.  (Trading Companies & Distributors)		3,569,950		66,493,245
	Mitsubishi Estate Co., Ltd.  (Real Estate Management & Development)		2,328,450		58,000,443
¤	Nippon Telegraph & Telephone Corp.  (Diversified Telecommunication Services)		1,424,150		77,514,908
	Tokio Marine Holdings, Inc.  (Insurance)		1,846,750		54,840,359
					306,017,370
	Netherlands 5.5%
	Akzo Nobel N.V.  (Chemicals)		532,342		38,346,746
	ING Groep N.V.  (Diversified Financial Services) (a)		2,196,600		29,151,525
	Wolters Kluwer N.V.  (Media)		1,413,100		39,031,752
					106,530,023
	Norway 2.8%
	DNB ASA  (Commercial Banks)		3,160,350		53,415,501
	Singapore 2.8%
	DBS Group Holdings, Ltd.  (Commercial Banks)		4,234,850		54,629,316
	Switzerland 14.3%
¤	ABB, Ltd.  (Electrical Equipment) (a)		2,674,200		66,718,584
	Holcim, Ltd.  (Construction Materials) (a)		502,500		36,579,716
	Julius Baer Group, Ltd.  (Capital Markets) (a)		1,217,550		59,155,217
¤	Novartis A.G.  (Pharmaceuticals)		1,422,700		112,667,358
					275,120,875
	Thailand 0.3%
	Shin Corp. PCL  (Wireless Telecommunication Services)		3,023,500		6,457,339
	United Kingdom 16.2%
	BP PLC  (Oil, Gas & Consumable Fuels)		3,562,088		27,990,302
	GlaxoSmithKline PLC  (Pharmaceuticals)		2,222,450		57,140,468
¤	Lloyds Banking Group PLC  (Commercial Banks) (a)		53,811,350		73,687,519
	Smith & Nephew PLC  (Health Care Equipment & Supplies)		4,022,700		57,929,102
¤	Vodafone Group PLC, Sponsored ADR  (Wireless Telecommunication Services)		2,270,600		84,148,436
	WPP PLC  (Media)		511,500		10,737,707
					311,633,534
	Total Common Stocks (Cost $1,584,584,141)				1,869,331,497

	Principal Amount			Value
Short-Term Investment 4.1%
Repurchase Agreement 4.1%
United States 4.1%
State Street Bank and Trust Co. 0.00%, dated 1/31/14 due 2/3/14 Proceeds at Maturity $79,317,719 (Collateralized by a Federal National Mortgage Association security with a rate of 2.12% and a maturity date of 11/7/22, with a Principal Amount of $87,050,000 and a Market Value of $80,905,750)  (Capital Markets)	$	79,317,719			79,317,719
Total Short-Term Investment (Cost $79,317,719)					79,317,719
Total Investments (Cost $1,663,901,860) (b)		101.0	%		1,948,649,216
Other Assets, Less Liabilities		(1.0	)		(18,990,024	)
Net Assets		100.0	%	$	1,929,659,192

¤ Among the Fund's 10 largest holdings, as of January 31, 2014, excluding short-term investment. May be subject to change daily.

† Percentages indicated are based on Fund net assets.

(a) Non-income producing security.

(b) As of January 31, 2014, cost was $1,671,903,350 for federal income tax purposes and net unrealized appreciation was as follows:

Gross unrealized appreciation	$	302,141,191
Gross unrealized depreciation		(25,395,325	)
Net unrealized appreciation	$	276,745,866

	The following abbreviation is used in the above portfolio:
ADR	— American Depositary Receipt

The following is a summary of the fair valuations according to the inputs used as of January 31, 2014, 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	$	1,869,331,497	$	—	$	—	$	1,869,331,497
Short-Term Investment
Repurchase Agreement		—		79,317,719		—		79,317,719
Total Investments in Securities	$	1,869,331,497	$	79,317,719	$	—	$	1,948,649,216

(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.

As of October 31, 2013 and January 31, 2014, foreign equity securities were not fair valued, as a result there were no transfers between Level 1 and Level 2 fair value measurements.

As of January 31, 2014, the Fund did not hold any investments with significant unobservable inputs (Level 3).

MainStay ICAP Select Equity Fund

Portfolio of Investments January 31, 2014 (Unaudited)

		Shares		Value
	Common Stocks 98.3% †
	Aerospace & Defense 6.5%
	Boeing Co. (The)		1,326,600	$	166,169,916
	Honeywell International, Inc.		1,781,574		162,532,996
					328,702,912
	Auto Components 3.3%
	Johnson Controls, Inc.		3,638,225		167,794,937
	Automobiles 2.8%
	Ford Motor Co.		9,529,150		142,556,084
	Chemicals 4.3%
	Monsanto Co.		1,427,603		152,111,100
	Mosaic Co. (The)		1,459,800		65,194,668
					217,305,768
	Commercial Banks 4.0%
¤	PNC Financial Services Group, Inc.		2,557,650		204,305,082
	Communications Equipment 2.5%
	Cisco Systems, Inc.		5,846,187		128,089,957
	Computers & Peripherals 1.7%
	NetApp, Inc.		2,054,750		86,998,115
	Consumer Finance 3.7%
¤	Capital One Financial Corp.		2,700,422		190,676,797
	Diversified Financial Services 7.8%
¤	Bank of America Corp.		12,853,150		215,290,263
	Citigroup, Inc.		3,833,207		181,809,008
					397,099,271
	Electric Utilities 2.4%
	Exelon Corp.		4,196,400		121,695,600
	Energy Equipment & Services 3.0%
	Halliburton Co.		3,080,450		150,972,855
	Food & Staples Retailing 3.4%
	CVS Caremark Corp.		2,551,600		172,794,352
	Health Care Equipment & Supplies 6.3%
¤	Baxter International, Inc.		2,876,700		196,478,610
	Covidien PLC		1,821,427		124,294,178
					320,772,788
	Industrial Conglomerates 6.2%
¤	General Electric Co.		12,577,865		316,081,747
	Insurance 2.9%
	ACE, Ltd.		1,554,900		145,865,169
	Media 7.6%
¤	Time Warner, Inc.		3,229,609		202,916,334
¤	Viacom, Inc. Class B		2,238,344		183,768,042
					386,684,376
	Oil, Gas & Consumable Fuels 11.1%
	Encana Corp.		3,592,900		64,564,413
¤	Exxon Mobil Corp.		2,912,764		268,440,330
	Marathon Oil Corp.		4,233,200		138,806,628
	Southwestern Energy Co. (a)		2,339,066		95,176,596
					566,987,967
	Pharmaceuticals 6.5%
¤	Pfizer, Inc.		10,899,603		331,347,931
	Semiconductors & Semiconductor Equipment 3.5%
	Texas Instruments, Inc.		4,144,050		175,707,720
	Software 4.6%
	Oracle Corp.		4,293,550		158,431,995
	Symantec Corp.		3,648,750		78,119,738
					236,551,733
	Wireless Telecommunication Services 4.2%
¤	Vodafone Group PLC, Sponsored ADR		5,755,151		213,285,896
	Total Common Stocks (Cost $3,825,361,067)				5,002,277,057

	Principal Amount			Value
Short-Term Investment 1.7%
Repurchase Agreement 1.7%
State Street Bank and Trust Co. 0.00%, dated 1/31/14 due 2/3/14 Proceeds at Maturity $85,696,083 (Collateralized by Government Agency securities with rates between 2.07% and 2.11% and a maturity date 11/7/22, with a Principal Amount of $95,055,000 and a Market Value of $87,412,016)	$	85,696,083			85,696,083
Total Short-Term Investment (Cost $85,696,083)					85,696,083
Total Investments (Cost $3,911,057,150) (b)		100.0	%		5,087,973,140
Other Assets, Less Liabilities		0.0	‡		2,077,887
Net Assets		100.0	%	$	5,090,051,027

¤ Among the Fund's 10 largest holdings, as of January 31, 2014, excluding short-term investment. May be subject to change daily.

† Percentages indicated are based on Fund net assets.

‡ Less than one-tenth of a percent.

(a) Non-income producing security.

(b) As of January 31, 2014, cost was $3,929,600,183 for federal income tax purposes and net unrealized appreciation was as follows:

Gross unrealized appreciation	$	1,245,875,953
Gross unrealized depreciation		(87,502,996	)
Net unrealized appreciation	$	1,158,372,957

	The following abbreviation is used in the above portfolio:
ADR	— American Depositary Receipt

The following is a summary of the fair valuations according to the inputs used as of January 31, 2014, 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	$	5,002,277,057	$	—	$	—	$	5,002,277,057
Short-Term Investment
Repurchase Agreement		—		85,696,083		—		85,696,083
Total Investments in Securities	$	5,002,277,057	$	85,696,083	$	—	$	5,087,973,140

(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 January 31, 2014, the Fund did not have any transfers between Level 1 and Level 2 fair value measurements.

As of January 31, 2014, the Fund did not hold any investments with significant unobservable inputs (Level 3).

MainStay Indexed Bond Fund

Portfolio of Investments January 31, 2014 (Unaudited)

		Principal Amount		Value
	Long-Term Bonds  98.3%†
	Asset-Backed Securities 0.6%
	Airlines 0.0%‡
	Continental Airlines, Inc. Series 1992-2, Class A1 7.256%, due 9/15/21	$	47,163	$	52,469
	Auto Floor Plan 0.2%
	Ford Credit Floorplan Master Owner Trust A Series 2013-4, Class A2 0.71%, due 6/15/20 (a)		600,000		601,079
	Automobile 0.2%
	Chesapeake Funding LLC Series 2013-1A, Class A 0.615%, due 1/7/25 (a)(b)		900,000		897,559
	Home Equity 0.1%
	Equity One ABS, Inc. Series 2003-4, Class AF6 5.333%, due 10/25/34  (c)(d)		102,762		104,198
	RAMP Trust Series 2003-RZ5, Class A7 5.47%, due 9/25/33  (d)		49,762		51,405
	Saxon Asset Securities Trust Series 2003-1, Class AF5 5.455%, due 6/25/33  (c)(d)		96,707		100,722
					256,325
	Other ABS 0.1%
	JPMorgan Mortgage Acquisition Trust Series 2007-HE1, Class AF3 4.556%, due 3/25/47 (c)(d)		500,000		380,283
	Total Asset-Backed Securities (Cost $2,293,234)				2,187,715
	Corporate Bonds 23.0%
	Aerospace & Defense 0.4%
	Boeing Co. (The) 6.125%, due 2/15/33		250,000		309,096
	General Dynamics Corp. 3.60%, due 11/15/42		250,000		216,639
	L-3 Communications Corp. 5.20%, due 10/15/19		100,000		109,967
	Lockheed Martin Corp. 4.85%, due 9/15/41		100,000		104,137
	Northrop Grumman Corp. 5.05%, due 8/1/19		100,000		112,095
	United Technologies Corp.
	3.10%, due 6/1/22		300,000		299,647
	4.50%, due 4/15/20		200,000		222,371
	4.50%, due 6/1/42		100,000		100,729
					1,474,681
	Agriculture 0.1%
	Archer-Daniels-Midland Co. 4.535%, due 3/26/42		216,000		212,309
	Bunge, Ltd. Finance Corp. 5.35%, due 4/15/14		100,000		100,870
					313,179
	Apparel 0.0%‡
	VF Corp. 6.45%, due 11/1/37		50,000		61,657
	Auto Manufacturers 0.1%
	Daimler Finance N.A. LLC 8.50%, due 1/18/31		150,000		221,912
	Auto Parts & Equipment 0.0%‡
	Johnson Controls, Inc.
	5.50%, due 1/15/16		50,000		54,197
	6.00%, due 1/15/36		50,000		56,442
					110,639
	Banks 4.9%
¤	Bank of America Corp.
	2.00%, due 1/11/18		1,250,000		1,251,092
	5.25%, due 12/1/15		200,000		214,291
	5.42%, due 3/15/17		900,000		990,934
	5.70%, due 1/24/22		325,000		370,328
	Bank of Nova Scotia 1.95%, due 1/30/17 (b)		250,000		257,210
	BNP Paribas S.A. 3.25%, due 3/3/23		250,000		238,118
	Capital One Financial Corp.
	1.00%, due 11/6/15		250,000		250,174
	5.25%, due 2/21/17		100,000		110,237
	Citigroup, Inc.
	4.45%, due 1/10/17		100,000		108,305
	4.50%, due 1/14/22		200,000		212,110
	4.875%, due 5/7/15		350,000		366,426
	5.875%, due 2/22/33		450,000		472,252
	6.125%, due 11/21/17		500,000		576,168
	Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A.
	4.50%, due 1/11/21		300,000		325,797
	5.75%, due 12/1/43		250,000		262,717
	Deutsche Bank A.G. 6.00%, due 9/1/17		325,000		373,839
	Fifth Third Bank 4.75%, due 2/1/15		250,000		260,200
	Goldman Sachs Group, Inc. (The)
	3.625%, due 1/22/23		150,000		146,395
	5.95%, due 1/18/18		500,000		569,250
	6.00%, due 6/15/20		900,000		1,037,433
	6.25%, due 9/1/17		200,000		229,084
	JPMorgan Chase & Co.
	4.40%, due 7/22/20		750,000		810,510
	4.85%, due 2/1/44		250,000		249,444
	JPMorgan Chase Bank N.A. 6.00%, due 10/1/17		785,000		900,208
	Korea Development Bank 4.375%, due 8/10/15		300,000		315,223
	Kreditanstalt fuer Wiederaufbau
	4.50%, due 7/16/18		850,000		960,372
	Series G 4.875%, due 1/17/17		850,000		950,878
	Landwirtschaftliche Rentenbank 5.125%, due 2/1/17		475,000		534,836
	Morgan Stanley
	5.50%, due 7/24/20		1,000,000		1,126,176
	6.25%, due 8/28/17		300,000		344,989
	Northern Trust Corp. 3.45%, due 11/4/20		100,000		105,692
	PNC Bank N.A. 5.25%, due 1/15/17		175,000		193,670
	PNC Funding Corp. 5.125%, due 2/8/20		100,000		113,982
	Royal Bank of Scotland PLC (The)
	4.375%, due 3/16/16		200,000		213,823
	5.05%, due 1/8/15		100,000		102,500
	State Street Bank & Trust Co. 5.25%, due 10/15/18		100,000		114,362
	SunTrust Banks, Inc. 5.40%, due 4/1/20		15,000		16,594
	UBS A.G.
	5.875%, due 7/15/16		125,000		139,261
	5.875%, due 12/20/17		200,000		229,719
	7.75%, due 9/1/26		100,000		128,527
	Wachovia Bank N.A. 5.60%, due 3/15/16		200,000		219,480
	Wachovia Corp. 5.50%, due 8/1/35		125,000		131,413
	Wells Fargo & Co.
	4.48%, due 1/16/24 (b)		103,000		105,181
	4.60%, due 4/1/21		250,000		275,142
	Wells Fargo Bank N.A. 5.95%, due 8/26/36		150,000		178,140
	Westpac Banking Corp. 3.00%, due 12/9/15		300,000		313,470
					17,395,952
	Beverages 0.4%
	Anheuser-Busch Cos. LLC 6.45%, due 9/1/37		300,000		384,239
	Anheuser-Busch InBev Worldwide, Inc. 3.75%, due 7/15/42		200,000		176,822
	Beam, Inc. 5.375%, due 1/15/16		18,000		19,382
	Brown-Forman Corp. 3.75%, due 1/15/43		50,000		44,155
	Coca-Cola Co. (The) 3.15%, due 11/15/20		275,000		284,568
	Pepsi Bottling Group, Inc. (The) 7.00%, due 3/1/29		60,000		78,257
	PepsiCo., Inc. 5.00%, due 6/1/18		500,000		568,318
					1,555,741
	Biotechnology 0.1%
	Amgen, Inc.
	3.45%, due 10/1/20		150,000		155,910
	5.85%, due 6/1/17		150,000		171,747
	6.40%, due 2/1/39		100,000		119,944
					447,601
	Building Materials 0.1%
	CRH America, Inc.
	4.125%, due 1/15/16		100,000		105,486
	6.00%, due 9/30/16		100,000		111,687
	Lafarge S.A.
	6.50%, due 7/15/16		50,000		55,000
	7.125%, due 7/15/36		50,000		52,000
					324,173
	Chemicals 0.3%
	Dow Chemical Co. (The) 4.125%, due 11/15/21		350,000		362,820
	E.I. du Pont de Nemours & Co. 3.625%, due 1/15/21		100,000		104,109
	Eastman Chemical Co. 4.50%, due 1/15/21		50,000		52,882
	LYB International Finance B.V. 4.00%, due 7/15/23		200,000		201,788
	Potash Corporation of Saskatchewan, Inc. 4.875%, due 3/30/20		150,000		166,787
	Rohm & Haas Co. 7.85%, due 7/15/29		100,000		133,181
					1,021,567
	Commercial Services 0.0%‡
	R.R. Donnelley & Sons Co. 5.50%, due 5/15/15		3,000		3,142
	Western Union Co. (The) 5.93%, due 10/1/16		130,000		144,720
					147,862
	Computers 0.2%
	Hewlett-Packard Co.
	2.20%, due 12/1/15		150,000		153,352
	4.375%, due 9/15/21		150,000		153,895
	International Business Machines Corp.
	5.70%, due 9/14/17		250,000		287,691
	5.875%, due 11/29/32		100,000		120,257
	6.50%, due 1/15/28		100,000		126,325
					841,520
	Cosmetics & Personal Care 0.1%
	Colgate-Palmolive Co. 3.15%, due 8/5/15		100,000		104,094
	Procter & Gamble Co. (The) 5.55%, due 3/5/37		100,000		118,602
					222,696
	Diversified Financial Services 0.4%
	General Electric Capital Corp.
	5.875%, due 1/14/38		625,000		720,568
	Series A 6.75%, due 3/15/32		650,000		818,217
					1,538,785
	Electric 2.1%
	Alliant Energy Corp. 4.00%, due 10/15/14		100,000		102,341
	Appalachian Power Co. Series H 5.95%, due 5/15/33		100,000		108,108
	CenterPoint Energy Houston Electric LLC Series K2 6.95%, due 3/15/33		100,000		133,282
	Commonwealth Edison Co. 6.15%, due 9/15/17		150,000		173,965
	Consolidated Edison Company of New York, Inc. 6.30%, due 8/15/37		275,000		347,599
	Constellation Energy Group, Inc. 7.60%, due 4/1/32		100,000		123,595
	Duke Energy Carolinas LLC 5.30%, due 2/15/40		200,000		226,917
	Duke Energy Florida, Inc. 6.35%, due 9/15/37		200,000		255,378
	Entergy Gulf States Louisiana LLC 3.95%, due 10/1/20		250,000		268,021
	FirstEnergy Corp.
	4.25%, due 3/15/23		75,000		72,812
	Series C 7.375%, due 11/15/31		200,000		228,023
	Florida Power & Light Co.
	3.80%, due 12/15/42		300,000		274,206
	5.55%, due 11/1/17		100,000		114,984
	Georgia Power Co. 4.75%, due 9/1/40		250,000		252,102
	Jersey Central Power & Light Co. 7.35%, due 2/1/19		35,000		42,300
	Kentucky Utilities Co. 1.625%, due 11/1/15		100,000		101,911
	Nevada Power Co. 6.50%, due 8/1/18		150,000		179,293
	NextEra Energy Capital Holdings, Inc. 2.60%, due 9/1/15		300,000		308,611
	Nisource Finance Corp. 4.80%, due 2/15/44		175,000		167,384
	Ohio Power Co. Series G 6.60%, due 2/15/33		150,000		183,989
	Oncor Electric Delivery Co. LLC 7.00%, due 9/1/22		100,000		122,027
	Pacific Gas & Electric Co.
	3.25%, due 9/15/21		175,000		175,868
	5.625%, due 11/30/17		500,000		571,661
	PacifiCorp 6.25%, due 10/15/37		350,000		437,235
	Peco Energy Co. 5.95%, due 10/1/36		150,000		181,313
	Pepco Holdings, Inc. 2.70%, due 10/1/15		200,000		205,069
	PPL Electric Utilities Corp. 3.00%, due 9/15/21		200,000		201,275
	Progress Energy, Inc. 5.625%, due 1/15/16		125,000		136,156
	PSEG Power LLC
	5.125%, due 4/15/20		80,000		88,651
	8.625%, due 4/15/31		50,000		70,562
	Public Service Electric & Gas Co. Series D 5.25%, due 7/1/35		100,000		112,090
	Puget Sound Energy, Inc. 6.274%, due 3/15/37		100,000		124,091
	San Diego Gas & Electric Co. 5.35%, due 5/15/35		175,000		199,799
	Scottish Power, Ltd. 5.375%, due 3/15/15		100,000		104,753
	South Carolina Electric & Gas Co. 6.05%, due 1/15/38		100,000		122,338
	Southern California Edison Co. 4.50%, due 9/1/40		175,000		176,785
	Union Electric Co. 5.40%, due 2/1/16		100,000		108,080
	Virginia Electric and Power Co.
	6.00%, due 1/15/36		100,000		120,397
	6.00%, due 5/15/37		175,000		211,925
	Wisconsin Electric Power Co. 3.65%, due 12/15/42		250,000		220,476
	Xcel Energy, Inc. 6.50%, due 7/1/36		150,000		188,994
					7,544,366
	Electrical Components & Equipment 0.1%
	Emerson Electric Co. 4.25%, due 11/15/20		150,000		164,437
	Electronics 0.2%
	Honeywell International, Inc. 5.70%, due 3/15/37		100,000		118,022
	Koninklijke Philips Electronics N.V. 6.875%, due 3/11/38		100,000		126,524
	Thermo Fisher Scientific, Inc. 3.20%, due 3/1/16		250,000		261,621
					506,167
	Environmental Controls 0.2%
	Republic Services, Inc. 5.00%, due 3/1/20		175,000		194,431
	Waste Management, Inc.
	2.60%, due 9/1/16		100,000		103,794
	7.125%, due 12/15/17		100,000		116,596
	7.75%, due 5/15/32		75,000		101,670
					516,491
	Finance - Auto Loans 0.4%
	Ford Motor Credit Co. LLC
	4.25%, due 2/3/17		950,000		1,020,136
	4.375%, due 8/6/23		200,000		203,099
	Toyota Motor Credit Corp.
	2.80%, due 1/11/16		100,000		104,243
	3.40%, due 9/15/21		200,000		207,256
					1,534,734
	Finance - Consumer Loans 0.5%
	HSBC Finance Corp. 6.676%, due 1/15/21		1,000,000		1,163,745
	SLM Corp. 5.625%, due 8/1/33		250,000		209,375
	Springleaf Finance Corp. Series I 5.40%, due 12/1/15		350,000		367,500
					1,740,620
	Finance - Credit Card 0.2%
	American Express Co. 6.15%, due 8/28/17		625,000		723,136
	Finance - Investment Banker/Broker 0.2%
	Bear Stearns Cos. LLC (The) 7.25%, due 2/1/18		400,000		478,654
	Merrill Lynch & Co., Inc. 5.70%, due 5/2/17		100,000		111,520
					590,174
	Finance - Other Services 0.0%‡
	National Rural Utilities Cooperative Finance Corp. 8.00%, due 3/1/32		75,000		104,071
	Food 0.7%
	ConAgra Foods, Inc. 7.00%, due 10/1/28		100,000		121,698
	General Mills, Inc. 5.70%, due 2/15/17		300,000		339,541
	Hershey Co. (The) 5.45%, due 9/1/16		100,000		111,426
	Ingredion, Inc. 4.625%, due 11/1/20		50,000		53,700
	Kellogg Co. Series B 7.45%, due 4/1/31		75,000		98,005
	Kraft Foods Group, Inc.
	3.50%, due 6/6/22		200,000		200,198
	6.125%, due 8/23/18		332,000		389,117
	Kroger Co. (The) 6.40%, due 8/15/17		225,000		258,971
	Mondelez International, Inc. 4.00%, due 2/1/24		300,000		303,729
	Safeway, Inc.
	5.00%, due 8/15/19		100,000		107,548
	6.35%, due 8/15/17		100,000		113,356
	Sysco Corp. 5.375%, due 9/21/35		100,000		109,902
	Unilever Capital Corp. 5.90%, due 11/15/32		100,000		127,312
					2,334,503
	Forest Products & Paper 0.1%
	Celulosa Arauco y Constitucion S.A. 5.625%, due 4/20/15		50,000		52,422
	International Paper Co.
	4.75%, due 2/15/22		100,000		107,493
	5.25%, due 4/1/16		150,000		161,919
					321,834
	Health Care - Products 0.2%
	Baxter International, Inc.
	4.625%, due 3/15/15		150,000		157,002
	5.90%, due 9/1/16		100,000		112,440
	Becton Dickinson and Co. 3.125%, due 11/8/21		100,000		100,403
	Covidien International Finance S.A. 6.00%, due 10/15/17		150,000		172,705
	Medtronic, Inc. 2.75%, due 4/1/23		250,000		237,191
					779,741
	Health Care - Services 0.4%
	Aetna, Inc. 4.125%, due 6/1/21		175,000		188,258
	CIGNA Corp. 5.125%, due 6/15/20		150,000		168,637
	Laboratory Corporation of America Holdings 4.625%, due 11/15/20		100,000		107,753
	Quest Diagnostics, Inc. 4.75%, due 1/30/20		100,000		107,051
	UnitedHealth Group, Inc.
	2.875%, due 3/15/22		200,000		193,494
	6.00%, due 6/15/17		330,000		378,839
	WellPoint, Inc. 5.95%, due 12/15/34		250,000		285,315
					1,429,347
	Home Builders 0.0%‡
	MDC Holdings, Inc. 5.375%, due 7/1/15		50,000		52,375
	Household Products & Wares 0.0%‡
	Kimberly-Clark Corp. 6.375%, due 1/1/28		100,000		120,774
	Insurance 0.7%
	ACE INA Holdings, Inc.
	2.60%, due 11/23/15		100,000		103,502
	5.70%, due 2/15/17		60,000		67,660
	AEGON Funding Co. LLC 5.75%, due 12/15/20		100,000		116,351
	American International Group, Inc.
	5.85%, due 1/16/18		300,000		345,143
	6.25%, due 5/1/36		200,000		240,778
	AXA S.A. 8.60%, due 12/15/30		105,000		131,571
	Berkshire Hathaway, Inc. 3.00%, due 2/11/23		250,000		241,425
	Chubb Corp. (The) 5.75%, due 5/15/18		100,000		115,802
	Genworth Holdings, Inc. 5.75%, due 6/15/14		31,000		31,550
	Hartford Financial Services Group, Inc. 5.50%, due 3/30/20		150,000		171,403
	Lincoln National Corp. 4.85%, due 6/24/21		25,000		27,339
	Loews Corp. 4.125%, due 5/15/43		125,000		111,725
	MetLife, Inc.
	4.75%, due 2/8/21		200,000		220,966
	5.70%, due 6/15/35		100,000		113,032
	Nationwide Financial Services, Inc. 5.10%, due 10/1/15		25,000		26,398
	Principal Financial Group, Inc. 6.05%, due 10/15/36		100,000		118,331
	Progressive Corp. (The) 6.25%, due 12/1/32		50,000		60,495
	Prudential Financial, Inc. 5.70%, due 12/14/36		200,000		219,680
	Travelers Cos., Inc. (The) 6.75%, due 6/20/36		75,000		97,955
					2,561,106
	Internet 0.0%‡
	Symantec Corp. 2.75%, due 9/15/15		50,000		51,468
	Iron & Steel 0.3%
	ArcelorMittal 6.125%, due 6/1/18		300,000		326,250
	Nucor Corp. 4.125%, due 9/15/22		50,000		51,161
	Vale Overseas, Ltd.
	4.375%, due 1/11/22		100,000		96,480
	6.25%, due 1/23/17		600,000		665,400
					1,139,291
	Machinery - Construction & Mining 0.1%
	Caterpillar, Inc. 3.803%, due 8/15/42		342,000		300,210
	Machinery - Diversified 0.1%
	Deere & Co.
	4.375%, due 10/16/19		100,000		111,546
	7.125%, due 3/3/31		125,000		166,603
					278,149
	Media 1.0%
	21st Century Fox America, Inc. 6.40%, due 12/15/35		175,000		204,655
	CBS Corp. 4.85%, due 7/1/42		100,000		94,489
	Comcast Corp.
	5.65%, due 6/15/35		325,000		357,763
	6.45%, due 3/15/37		250,000		298,013
	COX Communications, Inc. 5.45%, due 12/15/14		32,000		33,328
	DIRECTV Holdings LLC / DIRECTV Financing Co., Inc. 5.20%, due 3/15/20		250,000		275,697
	Discovery Communications LLC 6.35%, due 6/1/40		105,000		120,148
	Historic TW, Inc. 6.625%, due 5/15/29		250,000		299,407
	NBC Universal Media LLC 5.15%, due 4/30/20		300,000		339,949
	News America, Inc.
	4.50%, due 2/15/21		100,000		109,269
	7.25%, due 5/18/18		100,000		121,795
	Thomson Reuters Corp. 5.85%, due 4/15/40		105,000		110,448
	Time Warner Cable, Inc.
	5.00%, due 2/1/20		250,000		257,335
	6.55%, due 5/1/37		275,000		264,078
	Time Warner, Inc. 7.625%, due 4/15/31		375,000		489,463
	Viacom, Inc. 4.375%, due 3/15/43		354,000		311,669
					3,687,506
	Metal Fabricate & Hardware 0.0%‡
	Precision Castparts Corp. 3.90%, due 1/15/43		125,000		114,937
	Mining 0.5%
	Alcoa, Inc.
	5.72%, due 2/23/19		287,000		311,594
	5.95%, due 2/1/37		100,000		95,265
	Barrick Australia Finance Property, Ltd. 5.95%, due 10/15/39		150,000		137,579
	Freeport-McMoRan Copper & Gold, Inc.
	3.875%, due 3/15/23		150,000		143,638
	5.45%, due 3/15/43		150,000		143,380
	Goldcorp, Inc. 2.125%, due 3/15/18		100,000		98,980
	Newmont Mining Corp. 5.125%, due 10/1/19		150,000		154,727
	Rio Tinto Alcan, Inc. 5.75%, due 6/1/35		50,000		55,130
	Rio Tinto Finance USA PLC 3.50%, due 3/22/22		400,000		395,917
	Teck Resources, Ltd. 3.75%, due 2/1/23		250,000		237,403
					1,773,613
	Miscellaneous - Manufacturing 0.2%
	Cooper U.S., Inc. 2.375%, due 1/15/16		125,000		128,767
	Danaher Corp.
	3.90%, due 6/23/21		50,000		53,083
	5.625%, due 1/15/18		100,000		114,967
	Dover Corp. 5.45%, due 3/15/18		100,000		114,456
	Ingersoll-Rand PLC 4.75%, due 5/15/15		150,000		155,931
					567,204
	Multi-National 0.5%
	European Investment Bank
	2.25%, due 3/15/16		1,100,000		1,139,699
	2.875%, due 9/15/20		300,000		309,177
	International Bank for Reconstruction & Development (zero coupon), due 3/11/31		504,000		237,862
					1,686,738
	Office & Business Equipment 0.1%
	Pitney Bowes, Inc. 5.75%, due 9/15/17		100,000		111,042
	Xerox Corp.
	6.35%, due 5/15/18		100,000		116,465
	6.40%, due 3/15/16		160,000		176,936
					404,443
	Oil & Gas 1.7%
	Anadarko Petroleum Corp.
	5.95%, due 9/15/16		475,000		529,831
	6.45%, due 9/15/36		150,000		175,326
	Apache Corp.
	3.625%, due 2/1/21		250,000		262,267
	4.75%, due 4/15/43		100,000		99,616
	BP Capital Markets PLC 4.50%, due 10/1/20		250,000		274,256
	Burlington Resources, Inc. 7.375%, due 3/1/29		104,000		136,927
	Cenovus Energy, Inc. 6.75%, due 11/15/39		100,000		122,614
	Chevron Corp. 4.95%, due 3/3/19		125,000		143,131
	ConocoPhillips 5.90%, due 10/15/32		350,000		415,210
	Devon Energy Corp.
	4.00%, due 7/15/21		200,000		206,885
	7.95%, due 4/15/32		50,000		67,162
	Encana Corp. 6.50%, due 2/1/38		125,000		143,849
	EOG Resources, Inc. 4.10%, due 2/1/21		200,000		214,224
	Hess Corp. 7.30%, due 8/15/31		100,000		126,586
	Marathon Oil Corp. 6.80%, due 3/15/32		100,000		121,895
	Marathon Petroleum Corp.
	3.50%, due 3/1/16		50,000		52,578
	5.125%, due 3/1/21		100,000		110,656
	Occidental Petroleum Corp. 3.125%, due 2/15/22		175,000		173,883
	Pemex Project Funding Master Trust 6.625%, due 6/15/35		500,000		521,645
	Petrobras International Finance Co. 5.875%, due 3/1/18		475,000		503,628
	Phillips 66 5.875%, due 5/1/42		200,000		224,532
	Shell International Finance B.V. 5.50%, due 3/25/40		275,000		318,206
	Total Capital International S.A. 1.55%, due 6/28/17		250,000		252,985
	Total Capital S.A. 2.30%, due 3/15/16		200,000		206,695
	Transocean, Inc.
	6.00%, due 3/15/18		175,000		197,347
	7.375%, due 4/15/18		100,000		116,103
	Valero Energy Corp.
	6.625%, due 6/15/37		100,000		117,415
	7.50%, due 4/15/32		100,000		124,877
					5,960,329
	Oil & Gas Services 0.2%
	Baker Hughes, Inc. 5.125%, due 9/15/40		200,000		218,806
	Halliburton Co. 6.15%, due 9/15/19		250,000		299,128
	Weatherford International LLC 6.35%, due 6/15/17		225,000		253,291
					771,225
	Pharmaceuticals 0.9%
	AbbVie, Inc. 4.40%, due 11/6/42		200,000		192,591
	Allergan, Inc. 5.75%, due 4/1/16		50,000		55,184
	AstraZeneca PLC 6.45%, due 9/15/37		100,000		124,299
	Bristol-Myers Squibb Co.
	5.875%, due 11/15/36		75,000		90,269
	7.15%, due 6/15/23		50,000		63,925
	Cardinal Health, Inc. 4.00%, due 6/15/15		200,000		209,036
	Eli Lilly & Co. 7.125%, due 6/1/25		175,000		230,100
	Express Scripts Holding Co. 6.125%, due 11/15/41		150,000		175,324
	GlaxoSmithKline Capital, Inc. 6.375%, due 5/15/38		125,000		158,435
	Johnson & Johnson 6.95%, due 9/1/29		100,000		135,941
	McKesson Corp. 5.70%, due 3/1/17		50,000		55,706
	Medco Health Solutions, Inc. 2.75%, due 9/15/15		200,000		206,525
	Merck & Co., Inc. 4.15%, due 5/18/43		200,000		191,038
	Merck Sharp & Dohme Corp.
	4.75%, due 3/1/15		100,000		104,617
	5.00%, due 6/30/19		250,000		286,338
	Novartis Securities Investment, Ltd. 5.125%, due 2/10/19		225,000		257,384
	Teva Pharmaceutical Finance II B.V. 3.65%, due 11/10/21		100,000		99,422
	Teva Pharmaceutical Finance LLC 3.00%, due 6/15/15		180,000		185,574
	Wyeth LLC
	6.00%, due 2/15/36		200,000		241,837
	6.45%, due 2/1/24		100,000		123,018
					3,186,563
	Pipelines 0.6%
	Energy Transfer Partners, L.P.
	5.20%, due 2/1/22		200,000		214,119
	5.95%, due 2/1/15		130,000		136,502
	6.70%, due 7/1/18		100,000		117,020
	Enterprise Products Operating LLC
	4.85%, due 3/15/44		100,000		98,529
	Series B 6.875%, due 3/1/33		200,000		246,761
	Kinder Morgan Energy Partners, L.P. 5.80%, due 3/15/35		300,000		313,668
	ONEOK Partners, L.P. 6.15%, due 10/1/16		200,000		224,621
	Plains All American Pipeline, L.P. / PAA Finance Corp. 6.65%, due 1/15/37		65,000		78,791
	Spectra Energy Capital LLC
	6.20%, due 4/15/18		50,000		57,200
	6.75%, due 2/15/32		125,000		133,750
	Tennessee Gas Pipeline Co. LLC 7.50%, due 4/1/17		300,000		349,399
	Williams Cos., Inc. (The) 8.75%, due 3/15/32		114,000		135,285
					2,105,645
	Real Estate Investment Trusts 0.3%
	Boston Properties, L.P. 4.125%, due 5/15/21		50,000		52,102
	Camden Property Trust 5.00%, due 6/15/15		100,000		105,421
	ERP Operating, L.P.
	5.125%, due 3/15/16		50,000		54,287
	5.375%, due 8/1/16		50,000		55,130
	Kimco Realty Corp. 5.783%, due 3/15/16		50,000		54,763
	ProLogis, L.P. 6.625%, due 5/15/18		45,000		52,830
	Simon Property Group, L.P. 3.375%, due 3/15/22		400,000		399,406
	Weyerhaeuser Co. 7.375%, due 3/15/32		100,000		126,625
					900,564
	Retail 0.7%
	Costco Wholesale Corp. 5.50%, due 3/15/17		100,000		113,386
	CVS Caremark Corp.
	4.75%, due 5/18/20		250,000		279,184
	6.25%, due 6/1/27		175,000		211,991
	Home Depot, Inc. (The) 5.875%, due 12/16/36		250,000		298,995
	Lowe's Cos., Inc.
	6.65%, due 9/15/37		100,000		125,891
	6.875%, due 2/15/28		150,000		190,628
	McDonald's Corp. 5.80%, due 10/15/17		300,000		347,591
	Target Corp. 6.50%, due 10/15/37		150,000		184,280
	Wal-Mart Stores, Inc.
	5.00%, due 10/25/40		400,000		432,578
	6.50%, due 8/15/37		175,000		224,751
	Yum! Brands, Inc. 6.25%, due 3/15/18		29,000		33,633
					2,442,908
	Software 0.3%
	Fiserv, Inc. 3.50%, due 10/1/22		100,000		97,184
	Microsoft Corp. 3.00%, due 10/1/20		300,000		309,947
	Oracle Corp.
	5.00%, due 7/8/19		400,000		456,826
	5.25%, due 1/15/16		200,000		217,748
					1,081,705
	Telecommunications 1.8%
	America Movil S.A.B. de C.V. 3.125%, due 7/16/22		200,000		185,302
	AT&T, Inc.
	4.35%, due 6/15/45		666,000		570,264
	5.55%, due 8/15/41		100,000		102,511
	6.30%, due 1/15/38		300,000		335,851
	BellSouth Corp.
	6.00%, due 11/15/34		6,000		6,350
	6.875%, due 10/15/31		14,000		16,117
	British Telecommunications PLC 9.625%, due 12/15/30		100,000		151,446
	Cisco Systems, Inc.
	4.45%, due 1/15/20		250,000		277,549
	5.50%, due 2/22/16		450,000		494,218
	Deutsche Telekom International Finance B.V.
	5.75%, due 3/23/16		325,000		357,066
	6.00%, due 7/8/19		250,000		293,619
	Embarq Corp. 7.995%, due 6/1/36		200,000		207,646
	Motorola Solutions, Inc. 7.50%, due 5/15/25		100,000		121,769
	New Cingular Wireless Services, Inc. 8.75%, due 3/1/31		100,000		145,608
	Orange S.A. 8.75%, due 3/1/31		250,000		357,513
	Rogers Communications, Inc. 6.80%, due 8/15/18		225,000		269,514
	Telecom Italia Capital S.A.
	6.00%, due 9/30/34		100,000		90,250
	6.375%, due 11/15/33		175,000		164,062
	Telefonica Emisones S.A.U. 7.045%, due 6/20/36		100,000		113,923
	Telefonica Europe B.V. 8.25%, due 9/15/30		200,000		248,242
	Verizon Communications, Inc.
	2.45%, due 11/1/22		100,000		90,766
	5.15%, due 9/15/23		350,000		380,508
	5.85%, due 9/15/35		300,000		332,422
	6.40%, due 2/15/38		175,000		202,450
	6.55%, due 9/15/43		475,000		570,161
	7.75%, due 12/1/30		100,000		130,429
	Vodafone Group PLC
	6.15%, due 2/27/37		125,000		140,586
	7.875%, due 2/15/30		100,000		130,472
					6,486,614
	Transportation 0.5%
	Burlington Northern Santa Fe LLC
	5.75%, due 5/1/40		300,000		343,026
	6.15%, due 5/1/37		175,000		208,295
	6.20%, due 8/15/36		50,000		58,852
	Canadian Pacific Railway Co. 7.25%, due 5/15/19		125,000		153,163
	CSX Corp. 5.60%, due 5/1/17		100,000		112,472
	CSX Transportation, Inc. 7.875%, due 5/15/43		100,000		138,752
	FedEx Corp. 8.00%, due 1/15/19		50,000		63,016
	Norfolk Southern Corp.
	2.903%, due 2/15/23		106,000		101,488
	4.837%, due 10/1/41		128,000		129,025
	Union Pacific Corp. 4.163%, due 7/15/22		150,000		159,278
	United Parcel Service, Inc. 6.20%, due 1/15/38		300,000		378,181
					1,845,548
	Water 0.1%
	American Water Capital Corp. 4.30%, due 12/1/42		200,000		188,813
	Total Corporate Bonds (Cost $76,052,485)				81,675,314
	Foreign Government Bonds 2.1%
	Foreign Governments 2.1%
¤	Federal Republic of Brazil
	4.875%, due 1/22/21		750,000		785,250
	6.00%, due 1/17/17		1,350,000		1,491,750
	Philippine Government International Bond 4.20%, due 1/21/24		625,000		631,250
	Poland Government International Bond
	3.00%, due 3/17/23		150,000		137,250
	5.125%, due 4/21/21		200,000		217,600
	Province of Manitoba 1.30%, due 4/3/17		100,000		100,962
	Province of Ontario
	4.00%, due 10/7/19		225,000		246,906
	4.95%, due 11/28/16		350,000		389,956
	Province of Quebec Series NJ 7.50%, due 7/15/23		302,000		394,143
	Republic of Italy 6.875%, due 9/27/23		375,000		455,475
	Republic of Peru 7.35%, due 7/21/25		275,000		342,375
	Svensk Exportkredit AB 5.125%, due 3/1/17		200,000		224,518
	Turkey Government International Bond 4.875%, due 4/16/43		425,000		323,531
	United Mexican States
	5.125%, due 1/15/20		1,000,000		1,101,250
	5.625%, due 1/15/17		400,000		444,000
	Total Foreign Government Bonds (Cost $7,081,186)				7,286,216
	Mortgage-Backed Securities 1.9%
	Commercial Mortgage Loans (Collateralized Mortgage Obligations) 1.9%
	Banc of America Commercial Mortgage, Inc. Series 2005-4, Class A3 4.891%, due 7/10/45		929,036		928,447
	CD Commercial Mortgage Trust Series 2007-CD4, Class A4 5.322%, due 12/11/49		1,000,000		1,098,848
	GS Mortgage Securities Trust Series 2006-GG6, Class AM 5.622%, due 4/10/38  (a)		1,200,000		1,299,076
	JP Morgan Chase Commercial Mortgage Securities Corp. Series 2007-CB18, Class A4 5.44%, due 6/12/47		1,245,000		1,371,401
	Morgan Stanley Capital I, Inc.
	Series 2006-HQ8, Class AM 5.466%, due 3/12/44 (e)		1,200,000		1,298,128
	Series 2006-IQ11, Class A4 5.658%, due 10/15/42 (e)		781,806		837,058
	Total Mortgage-Backed Securities (Cost $5,716,330)				6,832,958
	Municipal Bonds 1.0%
	Arizona 0.3%
	Salt River Project Agricultural Improvement and Power District Electric System Revenue 4.839%, due 1/1/41		1,000,000		1,082,920
	Connecticut 0.1%
	State of Connecticut, Transportation & Infrastructure Revenue 5.459%, due 11/1/30		500,000		542,470
	Kansas 0.3%
	Kansas State Department of Transportation, Highway Revenue 4.596%, due 9/1/35		1,000,000		1,047,910
	Texas 0.3%
	Texas Transportation Commission 5.178%, due 4/1/30		900,000		1,010,502
	Total Municipal Bonds (Cost $3,618,521)				3,683,802
	U.S. Government & Federal Agencies 69.0%
¤	Federal Home Loan Mortgage Corporation 2.7%
	0.875%, due 3/7/18		1,000,000		981,280
	1.125%, due 5/25/18		500,000		492,134
	2.375%, due 1/13/22		1,500,000		1,464,885
	3.75%, due 3/27/19		1,100,000		1,208,760
	4.50%, due 1/15/15		1,500,000		1,561,851
	4.75%, due 1/19/16		1,500,000		1,629,993
	5.125%, due 10/18/16		1,930,000		2,151,147
					9,490,050
¤	Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 8.0%
	2.414%, due 12/1/41 (a)		874,901		897,201
	2.50%, due 6/1/28		1,365,748		1,372,674
	3.00%, due 10/1/26 TBA (f)		1,600,000		1,648,563
	3.00%, due 7/1/43		300,000		291,401
	3.00%, due 8/1/43		3,252,506		3,159,277
	3.00%, due 9/1/43		499,125		484,818
	3.50%, due 4/1/26		481,065		506,399
	3.50%, due 5/1/26		196,825		207,173
	3.50%, due 4/1/32		738,479		766,812
	3.50%, due 4/1/41		243,361		246,558
	3.50%, due 3/1/42		403,644		408,947
	3.50%, due 4/1/42		587,567		595,286
	3.50%, due 5/1/42 TBA (f)		2,600,000		2,623,562
	4.00%, due 8/1/18		200,000		212,906
	4.00%, due 6/1/24		221,564		235,924
	4.00%, due 4/1/26		217,458		231,577
	4.00%, due 2/1/31		318,043		337,643
	4.00%, due 7/1/39		705,818		737,861
	4.00%, due 12/1/40		1,516,784		1,585,968
	4.00%, due 2/1/41		311,752		325,932
	4.00%, due 4/1/41 TBA (f)		400,000		416,563
	4.00%, due 5/1/42		319,405		333,940
	4.50%, due 5/1/25		244,352		263,898
	4.50%, due 7/1/30		222,332		241,731
	4.50%, due 6/1/34		123,619		132,376
	4.50%, due 6/1/35		122,556		131,464
	4.50%, due 8/1/35		173,175		185,865
	4.50%, due 7/1/39		15,628		16,721
	4.50%, due 8/1/39		290,188		310,676
	4.50%, due 1/1/40		720,355		771,363
	4.50%, due 8/1/40		1,607,122		1,719,392
	4.50%, due 2/1/41		12,616		13,514
	5.00%, due 1/1/25		361,989		393,417
	5.00%, due 8/1/30		231,364		258,558
	5.00%, due 8/1/35		1,229,691		1,340,498
	5.00%, due 6/1/37		279,396		303,353
	5.00%, due 2/1/41		454,665		495,947
	5.50%, due 2/1/18		68,874		73,485
	5.50%, due 3/1/23		36,053		39,382
	5.50%, due 6/1/23		102,591		112,060
	5.50%, due 11/1/27		127,555		140,142
	5.50%, due 9/1/35		158,642		174,066
	5.50%, due 4/1/37		658,346		720,014
	5.50%, due 4/1/38		155,259		170,006
	5.50%, due 8/1/38		152,879		167,124
	5.63%, due 4/1/39 (a)		131,393		139,654
	6.00%, due 8/1/17		58,906		61,398
	6.00%, due 6/1/21		31,676		34,485
	6.00%, due 9/1/21		44,218		47,832
	6.00%, due 11/1/22		46,514		50,098
	6.00%, due 2/1/37		268,841		297,452
	6.00%, due 12/1/39		227,446		250,507
	6.00%, due 5/1/40		556,176		614,643
	6.048%, due 10/1/36 (a)		107,123		113,765
	6.50%, due 6/1/14		326		327
	6.50%, due 4/1/17		2,193		2,301
	6.50%, due 5/1/17		12,204		12,813
	6.50%, due 11/1/25		12,468		13,920
	6.50%, due 5/1/26		958		1,069
	6.50%, due 3/1/27		6,305		7,043
	6.50%, due 5/1/31		7,858		8,775
	6.50%, due 8/1/31		3,722		4,187
	6.50%, due 1/1/32		35,879		40,945
	6.50%, due 3/1/32		29,815		33,309
	6.50%, due 4/1/32		15,884		17,959
	6.50%, due 7/1/32		27,165		30,360
	6.50%, due 1/1/34		37,715		42,157
	6.50%, due 1/1/37		111,010		123,817
	6.50%, due 9/1/37		62,868		70,070
	7.00%, due 4/1/26		3,787		4,359
	7.00%, due 7/1/26		426		480
	7.00%, due 12/1/27		5,210		5,894
	7.00%, due 1/1/30		2,540		2,801
	7.00%, due 3/1/31		23,720		26,718
	7.00%, due 10/1/31		8,057		9,411
	7.00%, due 3/1/32		31,566		36,191
	7.00%, due 9/1/33		194,863		222,806
	7.00%, due 11/1/36		37,884		40,814
	7.00%, due 12/1/37		120,441		142,134
	7.50%, due 1/1/16		824		852
	7.50%, due 1/1/26		997		1,163
	7.50%, due 2/1/32		16,863		18,551
	8.00%, due 7/1/26		314		356
					28,333,453
¤	Federal National Mortgage Association 1.5%
	0.875%, due 10/26/17		1,000,000		989,190
	0.875%, due 5/21/18		1,000,000		977,158
	1.00%, due 12/28/17		650,000		640,865
	1.00%, due 2/15/18		1,000,000		981,305
	5.375%, due 6/12/17		1,100,000		1,259,493
	6.21%, due 8/6/38		475,000		624,597
					5,472,608
¤	Federal National Mortgage Association (Mortgage Pass-Through Securities) 14.0%
	2.238%, due 12/1/41 (a)		715,468		742,745
	2.50%, due 2/1/28		876,008		879,644
	2.50%, due 5/1/28		2,141,053		2,149,924
	2.50%, due 9/1/28		1,267,375		1,272,631
	2.50%, due 5/1/43		298,519		277,660
	3.00%, due 5/1/27 TBA (f)		2,000,000		2,064,062
	3.00%, due 3/1/43		300,000		291,986
	3.00%, due 7/1/43		2,973,530		2,894,096
	3.00%, due 8/1/43		2,570,273		2,501,612
	3.00%, due 9/1/43		1,381,420		1,344,518
	3.46%, due 8/1/40 (a)		311,987		332,327
	3.50%, due 11/1/25		1,102,938		1,163,608
	3.50%, due 5/1/26 TBA (f)		300,000		316,219
	3.50%, due 5/1/31		458,382		475,052
	3.50%, due 12/1/40		627,217		636,945
	3.50%, due 1/1/41		355,623		361,144
	3.50%, due 2/1/41		350,701		356,111
	3.50%, due 12/1/41		907,740		921,769
	3.50%, due 3/1/42		690,144		700,847
	3.50%, due 5/1/42 TBA (f)		200,000		202,281
	3.50%, due 10/1/43		3,881,445		3,941,402
	3.50%, due 1/1/44		300,000		304,640
	4.00%, due 3/1/22		167,211		180,034
	4.00%, due 3/1/25		683,952		730,213
	4.00%, due 6/1/30		109,475		116,374
	4.00%, due 1/1/31		241,523		256,879
	4.00%, due 6/1/39		773,905		810,686
	4.00%, due 12/1/39		709,435		743,815
	4.00%, due 7/1/40		459,270		481,075
	4.00%, due 9/1/40		2,572,618		2,696,473
	4.00%, due 3/1/41		921,672		966,081
	4.00%, due 7/1/41 TBA (f)		1,600,000		1,670,750
	4.50%, due 5/1/19		8,507		9,110
	4.50%, due 11/1/22		9,196		9,864
	4.50%, due 2/1/23		40,710		43,567
	4.50%, due 3/1/23		31,962		34,259
	4.50%, due 6/1/23		298,802		320,389
	4.50%, due 4/1/24		238,528		256,493
	4.50%, due 3/1/30		271,543		296,066
	4.50%, due 11/1/39 TBA (f)		2,250,000		2,406,445
	4.50%, due 3/1/40		1,698,307		1,830,723
	4.50%, due 4/1/41		336,526		357,584
	4.50%, due 5/1/41		835,008		898,611
	5.00%, due 3/1/21		6,638		7,111
	5.00%, due 6/1/22		82,135		89,159
	5.00%, due 4/1/23		76,545		83,005
	5.00%, due 7/1/23		73,952		80,186
	5.00%, due 8/1/23		90,406		97,984
	5.00%, due 1/1/24		124,814		135,351
	5.00%, due 11/1/29		203,562		223,336
	5.00%, due 7/1/30		153,476		168,363
	5.00%, due 7/1/35		303,414		331,536
	5.00%, due 11/1/35		195,700		213,714
	5.00%, due 2/1/36		466,867		509,810
	5.00%, due 7/1/36		280,787		307,330
	5.00%, due 4/1/37 TBA (f)		300,000		326,941
	5.00%, due 7/1/37		864,021		947,074
	5.00%, due 8/1/38		382,691		417,909
	5.00%, due 7/1/39		396,544		432,916
	5.00%, due 9/1/40		167,306		183,310
	5.50%, due 8/1/17		8,489		9,121
	5.50%, due 7/1/22		165,616		181,215
	5.50%, due 11/1/23		35,198		38,515
	5.50%, due 4/1/30		230,930		256,983
	5.50%, due 12/1/34		340,006		374,590
	5.50%, due 5/1/35		173,647		190,952
	5.50%, due 6/1/35		54,259		59,764
	5.50%, due 8/1/35		50,063		55,117
	5.50%, due 11/1/36		82,598		90,783
	5.50%, due 8/1/37		691,556		762,834
	5.50%, due 3/1/38		778,425		855,562
	5.50%, due 2/1/39		110,455		121,639
	5.50%, due 7/1/40		192,414		213,507
	6.00%, due 6/1/16		6,216		6,419
	6.00%, due 7/1/16		4,410		4,564
	6.00%, due 9/1/16		3,229		3,348
	6.00%, due 9/1/17		4,261		4,387
	6.00%, due 7/1/36		155,507		171,872
	6.00%, due 12/1/36		53,645		59,540
	6.00%, due 4/1/37		144,726		160,541
	6.00%, due 7/1/37		411,773		455,561
	6.00%, due 8/1/37		86,785		95,997
	6.00%, due 12/1/37		159,570		176,364
	6.00%, due 2/1/38		311,111		343,990
	6.50%, due 6/1/15		300		303
	6.50%, due 7/1/32		2,168		2,421
	6.50%, due 8/1/32		70,879		79,068
	6.50%, due 8/1/35		47,656		53,223
	6.50%, due 9/1/35		2,348		2,620
	6.50%, due 7/1/36		155,842		173,713
	6.50%, due 8/1/36		30,176		33,627
	6.50%, due 9/1/36		52,152		58,110
	6.50%, due 10/1/36		64,358		71,716
	6.50%, due 11/1/36		48,797		54,390
	6.50%, due 8/1/37		3,616		4,032
	6.50%, due 10/1/37		2,466		2,848
	6.50%, due 11/1/37		33,869		39,187
	6.50%, due 12/1/37		48,333		53,855
	6.50%, due 2/1/38		164,318		183,219
	7.00%, due 10/1/37		3,074		3,440
	7.00%, due 11/1/37		160,019		189,228
	7.50%, due 7/1/30		4,691		4,952
	7.50%, due 7/1/31		35,105		40,170
	8.00%, due 1/1/25		152		156
	8.00%, due 6/1/25		135		156
	8.00%, due 9/1/25		780		893
	8.00%, due 9/1/26		4,069		4,906
	8.00%, due 10/1/26		646		669
	8.00%, due 11/1/26		650		744
	8.00%, due 4/1/27		1,330		1,546
	8.00%, due 6/1/27		964		967
	8.00%, due 12/1/27		3,977		4,017
	8.00%, due 1/1/28		27,418		31,510
					49,590,600
¤	Government National Mortgage Association (Mortgage Pass-Through Securities) 7.6%
	3.00%, due 7/20/43		396,808		393,878
	3.00%, due 8/15/43		396,563		393,382
	3.00%, due 8/20/43		3,452,357		3,426,866
	3.00%, due 9/15/43		593,317		588,558
	3.50%, due 7/1/42 TBA (f)		950,000		978,500
	3.50%, due 4/15/43		898,676		927,019
	3.50%, due 8/20/43		2,378,162		2,453,335
	3.50%, due 11/20/43		1,991,423		2,054,810
	4.00%, due 9/15/25		341,588		364,968
	4.00%, due 9/1/40 TBA (f)		300,000		317,965
	4.00%, due 9/15/40		396,676		421,007
	4.00%, due 12/15/41		742,562		788,110
	4.00%, due 1/1/42 TBA (f)		400,000		424,078
	4.00%, due 1/20/42		2,439,237		2,589,222
	4.50%, due 11/15/24		252,203		270,894
	4.50%, due 4/15/39		1,040,155		1,129,209
	4.50%, due 5/20/39		748,350		817,065
	4.50%, due 10/20/39		253,226		276,020
	4.50%, due 6/20/40		273,164		296,980
	4.50%, due 9/1/40 TBA (f)		300,000		325,594
	4.50%, due 9/15/40		913,287		998,493
	4.50%, due 10/20/40		266,790		290,803
	4.50%, due 7/20/41		438,081		476,142
	4.50%, due 9/20/41		285,892		310,739
	5.00%, due 4/20/33		81,934		90,363
	5.00%, due 8/15/33		45,322		50,325
	5.00%, due 2/15/36		254,376		279,058
	5.00%, due 6/20/36		6,426		7,071
	5.00%, due 8/15/39		562,545		621,923
	5.00%, due 9/15/39		324,476		356,221
	5.00%, due 9/20/40		1,249,892		1,381,183
	5.50%, due 3/15/33		521,496		580,650
	5.50%, due 7/20/34		80,578		89,701
	5.50%, due 12/20/35		163,326		181,067
	5.50%, due 1/20/39		325,923		359,826
	6.00%, due 3/20/29		23,264		25,926
	6.00%, due 1/15/32		34,207		38,591
	6.00%, due 12/15/32		14,739		16,970
	6.00%, due 3/20/33		119,886		137,131
	6.00%, due 2/15/34		133,810		153,888
	6.00%, due 1/20/35		62,692		71,710
	6.00%, due 6/15/35		47,663		53,006
	6.00%, due 9/15/35		152,076		174,248
	6.50%, due 3/20/31		15,235		17,739
	6.50%, due 1/15/32		20,811		23,387
	6.50%, due 6/15/35		1,381		1,623
	6.50%, due 1/15/36		95,135		106,984
	6.50%, due 9/15/36		44,871		50,444
	6.50%, due 9/15/37		67,867		76,314
	6.50%, due 10/15/37		55,817		62,682
	6.50%, due 11/15/38		301,690		340,502
	7.00%, due 2/15/26		542		544
	7.00%, due 6/15/29		533		547
	7.00%, due 12/15/29		3,004		3,527
	7.00%, due 5/15/31		2,228		2,502
	7.00%, due 8/15/31		5,556		5,836
	7.00%, due 8/20/31		24,044		28,545
	7.00%, due 8/15/32		33,576		39,428
	7.50%, due 10/15/26		1,643		1,726
	7.50%, due 11/15/26		1,182		1,239
	7.50%, due 1/15/30		14,193		15,319
	7.50%, due 10/15/30		6,850		7,809
	7.50%, due 3/15/32		18,893		22,604
	8.00%, due 6/15/26		130		148
	8.00%, due 10/15/26		232		262
	8.00%, due 11/15/26		1,380		1,396
	8.00%, due 5/15/27		113		116
	8.00%, due 7/15/27		620		708
	8.00%, due 9/15/27		340		390
	8.00%, due 11/15/30		18,921		22,081
	8.50%, due 7/15/26		977		1,135
	8.50%, due 11/15/26		5,549		5,697
					26,823,729
¤	United States Treasury Bonds 2.1%
	3.75%, due 8/15/41		940,000		968,641
	3.75%, due 11/15/43		4,300,000		4,400,108
	4.75%, due 2/15/41		1,755,000		2,127,115
					7,495,864
¤	United States Treasury Notes 33.1%
	0.25%, due 2/28/15		4,200,000		4,203,772
	0.25%, due 5/31/15		3,000,000		3,002,460
	0.25%, due 7/31/15		6,600,000		6,603,610
	0.25%, due 8/15/15		5,200,000		5,201,830
	0.25%, due 9/15/15		2,800,000		2,799,891
	0.25%, due 11/30/15		2,400,000		2,398,406
	0.375%, due 11/15/15		3,100,000		3,104,966
	0.375%, due 1/15/16		6,600,000		6,605,669
	0.375%, due 3/15/16		4,600,000		4,599,641
	0.50%, due 6/15/16		3,200,000		3,202,749
	0.625%, due 7/15/16		5,700,000		5,717,813
	0.625%, due 11/15/16		5,095,000		5,096,192
	0.75%, due 1/15/17		1,000,000		1,002,031
	0.75%, due 6/30/17		6,750,000		6,713,084
	0.75%, due 12/31/17		11,475,000		11,310,047
	0.875%, due 9/15/16		1,000,000		1,008,203
	1.00%, due 9/30/19		7,200,000		6,905,246
	1.125%, due 12/31/19		1,000,000		960,000
	1.25%, due 10/31/18		300,000		297,469
	1.25%, due 11/30/18		3,090,000		3,059,341
	1.375%, due 6/30/18		1,000,000		1,002,578
	1.50%, due 12/31/18		3,000,000		3,001,875
	1.75%, due 10/31/20		1,300,000		1,272,578
	1.875%, due 9/30/17		3,000,000		3,091,875
	1.875%, due 6/30/20		4,000,000		3,973,752
	2.00%, due 9/30/20		1,000,000		996,328
	2.125%, due 8/31/20		500,000		502,813
	2.125%, due 1/31/21		1,500,000		1,506,329
	2.375%, due 12/31/20		2,300,000		2,337,913
	2.625%, due 11/15/20		1,236,000		1,280,129
	2.75%, due 11/15/23		8,315,000		8,374,768
	3.375%, due 11/15/19		5,855,000		6,380,123
					117,513,481
	Total U.S. Government & Federal Agencies (Cost $242,252,156)				244,719,785
	Yankee Bonds 0.7% (g)
	Banks 0.0%‡
	Westpac Banking Corp. 4.625%, due 6/1/18		50,000		53,928
	Mining 0.1%
	BHP Billiton Finance USA, Ltd. 5.00%, due 9/30/43		200,000		206,470
	Glencore Canada Corp. 5.50%, due 6/15/17		50,000		54,805
					261,275
	Multi-National 0.2%
	Inter-American Development Bank 6.80%, due 10/15/25		604,000		786,803
	Oil & Gas 0.2%
	Canadian Natural Resources, Ltd.
	5.85%, due 2/1/35		155,000		170,633
	6.50%, due 2/15/37		75,000		88,215
	Encana Corp. 6.50%, due 8/15/34		85,000		95,898
	Statoil ASA 7.75%, due 6/15/23		125,000		165,138
	Suncor Energy, Inc.
	6.10%, due 6/1/18		100,000		116,682
	6.50%, due 6/15/38		100,000		120,598
	Talisman Energy, Inc. 6.25%, due 2/1/38		55,000		57,496
					814,660
	Pipelines 0.1%
	TransCanada PipeLines, Ltd. 5.85%, due 3/15/36		150,000		170,773
	Transportation 0.1%
	Canadian National Railway Co. 6.20%, due 6/1/36		100,000		124,038
	Water 0.0%‡
	United Utilities PLC 5.375%, due 2/1/19		100,000		108,721
	Total Yankee Bonds (Cost $2,008,921)				2,320,198
	Total Long-Term Bonds (Cost $339,022,833)				348,705,988

		Shares
	Exchange-Traded Fund 1.0% (h)
¤	iShares IBOXX Investment Grade Corporate Bond Fund ETF		30,000	3,490,200
	Total Exchange-Traded Fund (Cost $3,433,452)			3,490,200

	Principal Amount			Value
Short-Term Investment 3.2%
Repurchase Agreement 3.2%
TD Securities LLC 0.02%, dated 1/31/14 due 2/3/14 Proceeds at Maturity $11,462,019 (Collateralized by a United States Treasury Notes with rates between 1.25% and 7.50% and maturity dates between 3/15/14 and 11/15/24, with a Principal Amount of $11,195,600 and a Market Value of $11,691,274)	$	11,462,000			11,462,000
Total Short-Term Investment (Cost $11,462,000)					11,462,000
Total Investments (Cost $353,918,285) (i)		102.5	%		363,658,188
Other Assets, Less Liabilities		(2.5	)		(8,712,753	)
Net Assets		100.0	%	$	354,945,435

¤ Among the Fund's 10 largest issuers held, as of January 31, 2014, excluding short-term investment. May be subject to change daily.

† Percentages indicated are based on Fund net assets.

‡ Less than one-tenth of a percent.

(a) Floating rate - Rate shown was the rate in effect as of January 31, 2014.

(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) Subprime mortgage investment or other asset-backed security. The total market value of these securities as of January 31, 2014 was $585,203, which represented 0.2% of the Fund's net assets.

(d) Step coupon - Rate shown was the rate in effect as of January 31, 2014.

(e) Collateral strip rate - A bond whose interest is 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 January 31, 2014.

(f) 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. The market value of these securities as of January 31, 2014, was $13,721,523, which represented 3.9% of the Fund's net assets. All or a portion of these securities were acquired under a mortgage dollar roll agreement.

(g) Yankee Bond - Dollar-denominated bond issued in the United States by a foreign bank or corporation.

(h) Exchange-Traded Fund - An investment vehicle that represents a basket of securities that is traded on an exchange.

(i) As of January 31, 2014, cost was $353,967,480 for federal income tax purposes and net unrealized appreciation was as follows:

Gross unrealized appreciation	$	11,839,939
Gross unrealized depreciation		(2,149,231	)
Net unrealized appreciation	$	9,690,708

The following is a summary of the fair valuations according to the inputs used as of January 31, 2014, 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	$	—	$	2,187,715	$	—	$	2,187,715
Corporate Bonds		—		81,675,314		—		81,675,314
Foreign Government Bonds		—		7,286,216		—		7,286,216
Mortgage-Backed Securities		—		6,832,958		—		6,832,958
Municipal Bonds		—		3,683,802		—		3,683,802
U.S. Government & Federal Agencies		—		244,719,785		—		244,719,785
Yankee Bonds		—		2,320,198		—		2,320,198
Total Long-Term Bonds		—		348,705,988		—		348,705,988
Exchange-Traded Fund		3,490,200		—		—		3,490,200
Short-Term Investment
Repurchase Agreement		—		11,462,000		—		11,462,000
Total Investments in Securities	$	3,490,200	$	360,167,988	$	—	$	363,658,188

(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 January 31, 2014, the Fund did not have any transfers between Level 1 and Level 2 fair value measurements.

As of January 31, 2014, the Fund did not hold any investments with significant unobservable inputs (Level 3).

MainStay Intermediate Term Bond Fund

Portfolio of Investments January 31, 2014 (Unaudited)

		Principal Amount		Value
	Long-Term Bonds  95.3%†
	Asset-Backed Security 0.1%
	Utilities 0.1%
	Atlantic City Electric Transition Funding LLC Series 2002-1, Class A4 5.55%, due 10/20/23	$	675,000	$	774,849
	Total Asset-Backed Security (Cost $674,811)				774,849
	Corporate Bonds 58.3%
	Agriculture 1.4%
	Altria Group, Inc. 9.25%, due 8/6/19		308,000		409,466
	Bunge, Ltd. Finance Corp. 4.10%, due 3/15/16		2,200,000		2,329,752
	Cargill, Inc.
	4.307%, due 5/14/21 (a)		3,000,000		3,200,694
	6.00%, due 11/27/17 (a)		1,050,000		1,214,629
	7.35%, due 3/6/19 (a)		540,000		660,389
	Lorillard Tobacco Co. 8.125%, due 6/23/19		720,000		896,596
	Philip Morris International, Inc. 4.375%, due 11/15/41		3,175,000		3,023,194
					11,734,720
	Auto Manufacturers 0.7%
	Ford Motor Co.
	7.45%, due 7/16/31		2,095,000		2,632,891
	9.215%, due 9/15/21		2,355,000		3,060,935
					5,693,826
	Auto Parts & Equipment 0.3%
	Continental Rubber of America Corp. 4.50%, due 9/15/19 (a)		600,000		631,680
	Schaeffler Finance B.V.
	7.75%, due 2/15/17 (a)		885,000		1,008,900
	8.50%, due 2/15/19 (a)		625,000		698,437
					2,339,017
	Banks 7.2%
¤	AgriBank FCB 9.125%, due 7/15/19		5,795,000		7,502,427
	Ally Financial, Inc.
	4.625%, due 6/26/15		527,000		546,178
	5.50%, due 2/15/17		722,000		778,858
	6.25%, due 12/1/17		53,000		58,830
	7.50%, due 9/15/20		295,000		346,625
	Banco Santander Mexico S.A. 4.125%, due 11/9/22 (a)		4,120,000		3,852,200
	Bank of America Corp.
	3.30%, due 1/11/23		680,000		652,153
	5.70%, due 1/24/22		415,000		472,881
	BBVA Bancomer S.A. 6.75%, due 9/30/22 (a)		3,025,000		3,240,531
	CIT Group, Inc. 6.625%, due 4/1/18 (a)		3,835,000		4,295,200
¤	Citigroup, Inc.
	5.875%, due 1/30/42		2,020,000		2,280,077
	6.125%, due 8/25/36		4,579,000		4,906,554
	8.50%, due 5/22/19		466,500		600,340
	Discover Bank
	7.00%, due 4/15/20		2,100,000		2,482,053
	8.70%, due 11/18/19		474,000		595,918
	Goldman Sachs Group, Inc. (The)
	3.625%, due 1/22/23		2,850,000		2,781,506
	5.95%, due 1/18/18		1,000,000		1,138,500
	JPMorgan Chase & Co.
	5.15%, due 10/1/15		1,000,000		1,066,083
	7.90%, due 4/29/49 (b)		3,750,000		4,148,250
	Mellon Capital III 6.369%, due 9/5/66 (b)	£	2,500,000		4,175,503
¤	Morgan Stanley
	3.75%, due 2/25/23	$	2,830,000		2,788,108
	4.875%, due 11/1/22		820,000		851,827
	5.00%, due 11/24/25		4,535,000		4,601,052
	5.625%, due 9/23/19		285,000		325,616
	6.00%, due 4/28/15		300,000		318,640
	Regions Bank
	6.45%, due 6/26/37		1,985,000		2,153,725
	7.50%, due 5/15/18		1,985,000		2,340,105
					59,299,740
	Beverages 0.8%
	Anheuser-Busch InBev Worldwide, Inc. 7.75%, due 1/15/19		2,000,000		2,510,190
	Constellation Brands, Inc. 7.25%, due 9/1/16		1,723,000		1,953,451
	Embotelladora Andina S.A. 5.00%, due 10/1/23 (a)		2,450,000		2,465,555
					6,929,196
	Building Materials 0.3%
	Building Materials Corp. of America 6.75%, due 5/1/21 (a)		2,105,000		2,260,244
	Chemicals 0.5%
	CF Industries, Inc. 3.45%, due 6/1/23		4,130,000		3,842,709
	Coal 0.2%
	CONSOL Energy, Inc.
	6.375%, due 3/1/21		515,000		535,600
	8.00%, due 4/1/17		805,000		843,237
	Peabody Energy Corp. 7.375%, due 11/1/16		441,000		496,125
					1,874,962
	Commercial Services 1.7%
	Hertz Corp. (The)
	6.75%, due 4/15/19		2,895,000		3,079,556
	7.375%, due 1/15/21		1,655,000		1,799,812
	Iron Mountain, Inc. 5.75%, due 8/15/24		4,975,000		4,651,625
	Quebecor World, Inc. (Litigation Recovery Trust - Escrow Shares) 9.75%, due 8/1/49 (c)(d)(e)(g)		15,000		221
	United Rentals North America, Inc. 7.625%, due 4/15/22		3,750,000		4,218,750
					13,749,964
	Computers 0.9%
	Hewlett-Packard Co. 2.65%, due 6/1/16		3,435,000		3,543,927
	NCR Corp. 5.00%, due 7/15/22		4,150,000		4,046,250
					7,590,177
	Diversified Financial Services 0.8%
	Alterra Finance LLC 6.25%, due 9/30/20		2,900,000		3,334,867
	General Electric Capital Corp. 5.40%, due 2/15/17		2,985,000		3,350,955
					6,685,822
	Electric 2.7%
	Abu Dhabi National Energy Co. 6.25%, due 9/16/19 (a)		185,000		212,750
	AES Corp. (The) 7.75%, due 10/15/15		349,000		382,155
	Duquesne Light Holdings, Inc. 5.90%, due 12/1/21 (a)		3,000,000		3,397,566
	IPALCO Enterprises, Inc.
	5.00%, due 5/1/18		1,000,000		1,055,000
	7.25%, due 4/1/16 (a)		1,605,000		1,761,487
	N.V. Energy, Inc. 6.25%, due 11/15/20		5,000,000		5,910,060
	PPL Energy Supply LLC 4.60%, due 12/15/21		3,580,000		3,552,849
	PPL WEM Holdings PLC 3.90%, due 5/1/16 (a)		950,000		1,002,369
	Public Service Co. of New Mexico 7.95%, due 5/15/18		604,000		722,435
	Puget Energy, Inc. 6.50%, due 12/15/20		3,155,000		3,727,756
					21,724,427
	Engineering & Construction 0.4%
	MasTec, Inc. 4.875%, due 3/15/23		3,605,000		3,397,712
	Finance - Auto Loans 0.5%
	Ford Motor Credit Co. LLC
	8.125%, due 1/15/20		2,580,000		3,255,367
	12.00%, due 5/15/15		1,000,000		1,139,841
					4,395,208
	Finance - Consumer Loans 0.5%
	SLM Corp. 6.00%, due 1/25/17		3,935,000		4,264,753
	Finance - Credit Card 0.5%
	Capital One Bank USA NA 3.375%, due 2/15/23		3,046,000		2,903,846
	Discover Financial Services 3.85%, due 11/21/22		1,526,000		1,476,540
					4,380,386
	Finance - Investment Banker/Broker 0.6%
	Bear Stearns Cos. LLC (The) 7.25%, due 2/1/18		275,000		329,075
	Jefferies Group LLC
	5.125%, due 1/20/23		1,190,000		1,234,028
	6.45%, due 6/8/27		1,960,000		2,079,507
	8.50%, due 7/15/19		800,000		984,804
					4,627,414
	Finance - Leasing Companies 0.3%
	International Lease Finance Corp. 5.75%, due 5/15/16		2,070,000		2,217,487
	Finance - Mortgage Loan/Banker 1.2%
¤	Countrywide Financial Corp. 6.25%, due 5/15/16		8,615,000		9,521,668
	Finance - Other Services 0.5%
	Icahn Enterprises, L.P. / Icahn Enterprises Finance Corp.
	5.875%, due 2/1/22 (a)		555,000		550,144
	6.00%, due 8/1/20 (a)		3,615,000		3,746,043
					4,296,187
	Food 1.0%
	ARAMARK Corp. 5.75%, due 3/15/20 (a)		4,215,000		4,373,062
	Kerry Group Financial Services 3.20%, due 4/9/23 (a)		4,375,000		4,087,108
					8,460,170
	Forest Products & Paper 0.0%‡
	Georgia-Pacific LLC 8.875%, due 5/15/31		50,000		72,427
	Health Care - Services 2.3%
	CHS / Community Health Systems, Inc. 7.125%, due 7/15/20		3,750,000		3,993,750
	DaVita HealthCare Partners, Inc. 5.75%, due 8/15/22		3,950,000		4,043,812
	Fresenius Medical Care U.S. Finance II, Inc. 5.625%, due 7/31/19 (a)		2,690,000		2,858,125
	Fresenius Medical Care U.S. Finance, Inc.
	5.75%, due 2/15/21 (a)		825,000		876,563
	6.50%, due 9/15/18 (a)		65,000		73,206
	6.875%, due 7/15/17		1,250,000		1,417,188
	Health Care Service Corp. 4.70%, due 1/15/21 (a)		1,500,000		1,593,527
	Roche Holdings, Inc. 6.00%, due 3/1/19 (a)		1,617,000		1,918,323
	WellPoint, Inc. 5.25%, due 1/15/16		1,895,000		2,050,473
					18,824,967
	Home Builders 1.6%
	KB Home 7.25%, due 6/15/18		6,450,000		7,175,625
	NVR, Inc. 3.95%, due 9/15/22		6,420,000		6,229,878
					13,405,503
	Household Products & Wares 0.6%
	Tupperware Brands Corp. 4.75%, due 6/1/21		4,785,000		4,910,434
	Insurance 5.7%
	American International Group, Inc.
	4.875%, due 9/15/16		1,000,000		1,098,263
	5.75%, due 3/15/67 (b)	£	2,750,000		4,498,118
	Genworth Financial, Inc. 8.625%, due 12/15/16	$	4,300,000		5,100,122
	Hartford Financial Services Group, Inc.
	6.00%, due 1/15/19		600,000		696,891
	6.10%, due 10/1/41		4,495,000		5,296,112
	ING U.S., Inc. 2.90%, due 2/15/18		4,100,000		4,228,170
	Liberty Mutual Group, Inc.
	4.25%, due 6/15/23 (a)		2,020,000		2,005,159
	6.50%, due 3/15/35 (a)		335,000		378,588
	6.50%, due 5/1/42 (a)		3,675,000		4,213,465
	Markel Corp. 3.625%, due 3/30/23		1,640,000		1,582,715
	Protective Life Corp. 8.45%, due 10/15/39		2,170,000		2,906,294
¤	Prudential Financial, Inc. 7.375%, due 6/15/19		6,550,000		8,151,220
	St. Paul Travelers Cos., Inc. (The) 6.25%, due 6/20/16		1,200,000		1,347,190
	Unum Group 7.125%, due 9/30/16		750,000		857,337
	XL Group PLC 6.50%, due 12/29/49 (b)		4,475,000		4,385,500
					46,745,144
	Iron & Steel 1.6%
	Cliffs Natural Resources, Inc. 4.875%, due 4/1/21		6,430,000		6,061,561
	United States Steel Corp. 7.50%, due 3/15/22		3,600,000		3,843,000
	Vale S.A. 5.625%, due 9/11/42		3,970,000		3,509,837
					13,414,398
	Lodging 1.4%
	Caesars Entertainment Operating Co., Inc. 9.00%, due 2/15/20		7,455,000		7,222,525
	Wyndham Worldwide Corp.
	2.50%, due 3/1/18		1,735,000		1,756,323
	4.25%, due 3/1/22		2,370,000		2,391,124
					11,369,972
	Media 2.1%
	Clear Channel Worldwide Holdings, Inc. Series B 7.625%, due 3/15/20		3,950,000		4,167,250
	DIRECTV Holdings LLC / DIRECTV Financing Co., Inc. 3.50%, due 3/1/16		5,000,000		5,249,410
	DISH DBS Corp.
	4.625%, due 7/15/17		600,000		628,500
	7.125%, due 2/1/16		955,000		1,050,500
	NBC Universal Media LLC 5.15%, due 4/30/20		2,900,000		3,286,170
	Time Warner, Inc. 7.70%, due 5/1/32		1,980,000		2,621,975
	Videotron, Ltd. 6.375%, due 12/15/15		542,000		543,626
					17,547,431
	Mining 1.3%
	Anglo American Capital PLC 9.375%, due 4/8/19 (a)		4,880,000		6,235,176
	Rio Tinto Finance USA, Ltd. 3.75%, due 9/20/21		845,000		870,094
	Vedanta Resources PLC 7.125%, due 5/31/23 (a)		4,270,000		3,816,312
					10,921,582
	Miscellaneous - Manufacturing 0.5%
	Siemens Financieringsmaatschappij N.V. 6.125%, due 8/17/26 (a)		265,000		317,939
	Tyco Electronics Group S.A. 6.55%, due 10/1/17		2,945,000		3,417,222
					3,735,161
	Oil & Gas 5.9%
	Chesapeake Energy Corp.
	6.50%, due 8/15/17		192,000		215,520
	6.625%, due 8/15/20		3,325,000		3,707,375
	9.50%, due 2/15/15		1,060,000		1,142,150
	CNOOC Finance 2011, Ltd. 4.25%, due 1/26/21 (a)		5,490,000		5,600,404
	Concho Resources, Inc.
	5.50%, due 4/1/23		4,150,000		4,191,500
	7.00%, due 1/15/21		345,000		377,775
	ENI S.p.A. 4.15%, due 10/1/20 (a)		2,900,000		2,995,854
	Gazprom OAO Via Gaz Capital S.A. 4.95%, due 7/19/22 (a)		3,800,000		3,614,750
	Marathon Petroleum Corp. 6.50%, due 3/1/41		3,480,000		4,113,861
	PetroHawk Energy Corp.
	6.25%, due 6/1/19		850,000		926,500
	7.25%, due 8/15/18		2,000,000		2,140,600
	Plains Exploration & Production Co.
	6.75%, due 2/1/22		3,565,000		3,908,131
	7.625%, due 4/1/20		500,000		547,500
	Rosneft Finance S.A. 7.25%, due 2/2/20 (a)		2,770,000		3,102,400
	Samson Investment Co. 10.50%, due 2/15/20 (a)		3,245,000		3,569,500
	SM Energy Co. 5.00%, due 1/15/24 (a)		4,000,000		3,760,000
	Whiting Petroleum Corp. 5.00%, due 3/15/19		4,100,000		4,212,750
					48,126,570
	Packaging & Containers 0.0%‡
	Greif, Inc. 6.75%, due 2/1/17		320,000		354,000
	Pharmaceuticals 0.4%
	Mylan, Inc. 7.875%, due 7/15/20 (a)		575,000		648,736
	Zoetis, Inc. 4.70%, due 2/1/43		2,745,000		2,704,759
					3,353,495
	Pipelines 3.7%
	Access Midstream Partners, L.P. / ACMP Finance Corp. 4.875%, due 5/15/23		2,900,000		2,842,000
	Boardwalk Pipelines, L.P. 5.875%, due 11/15/16		2,445,000		2,734,214
	Copano Energy LLC / Copano Energy Finance Corp. 7.125%, due 4/1/21		408,000		469,459
¤	Energy Transfer Partners, L.P.
	5.20%, due 2/1/22		3,500,000		3,747,086
	6.05%, due 6/1/41		1,310,000		1,359,253
	9.70%, due 3/15/19		2,000,000		2,605,420
	Kinder Morgan Energy Partners, L.P. 6.375%, due 3/1/41		4,185,000		4,619,060
	Kinder Morgan Finance Co. LLC 6.00%, due 1/15/18 (a)		3,720,000		4,054,800
	ONEOK, Inc. 6.00%, due 6/15/35		1,425,000		1,387,419
	Panhandle Eastern Pipe Line Co., L.P. 8.125%, due 6/1/19		600,000		737,353
	Spectra Energy Partners, L.P. 4.75%, due 3/15/24		5,137,000		5,420,244
					29,976,308
	Real Estate Investment Trusts 1.4%
	Alexandria Real Estate Equities, Inc. 4.60%, due 4/1/22		3,325,000		3,416,870
	Health Care REIT, Inc. 5.25%, due 1/15/22		3,000,000		3,260,286
	Host Hotels & Resorts, L.P. Series Q 6.75%, due 6/1/16		254,000		256,789
	Ventas Realty, L.P. / Ventas Capital Corp. 4.00%, due 4/30/19		4,290,000		4,561,583
	Weyerhaeuser Co. 7.375%, due 10/1/19		131,000		160,322
					11,655,850
	Retail 1.2%
	CVS Caremark Corp. 5.789%, due 1/10/26 (a)(d)		78,935		88,035
	L Brands, Inc. 8.50%, due 6/15/19		127,000		153,352
	Macy's Retail Holdings, Inc. 6.90%, due 4/1/29		1,988,000		2,398,727
	Nordstrom, Inc. 5.00%, due 1/15/44 (a)		2,643,000		2,723,818
	O'Reilly Automotive, Inc. 4.625%, due 9/15/21		3,955,000		4,171,722
					9,535,654
	Savings & Loans 0.2%
	Amsouth Bank 5.20%, due 4/1/15		1,435,000		1,497,128
	Semiconductors 0.5%
	Freescale Semiconductor, Inc. 5.00%, due 5/15/21 (a)		3,860,000		3,831,050
	Telecommunications 3.5%
	American Tower Corp. 4.50%, due 1/15/18		2,750,000		2,994,568
	Cellco Partnership / Verizon Wireless Capital LLC 8.50%, due 11/15/18		1,500,000		1,919,473
	Corning, Inc. 6.625%, due 5/15/19		500,000		607,247
	Crown Castle International Corp.
	5.25%, due 1/15/23		126,000		124,898
	7.125%, due 11/1/19		243,000		260,010
	Crown Castle Towers LLC 5.495%, due 1/15/37 (a)		3,578,000		3,910,597
	Hughes Satellite Systems Corp. 6.50%, due 6/15/19		1,051,000		1,142,963
	SBA Telecommunications, Inc. 8.25%, due 8/15/19		696,000		744,720
	SBA Tower Trust 2.933%, due 12/15/42 (a)		3,225,000		3,292,699
	Sprint Capital Corp.
	6.875%, due 11/15/28		515,000		491,825
	8.75%, due 3/15/32		500,000		541,250
	Sprint Communications, Inc. 9.125%, due 3/1/17		250,000		293,750
	Telefonica Emisiones SAU
	4.57%, due 4/27/23		5,110,000		5,138,074
	5.462%, due 2/16/21		785,000		850,431
	Verizon Communications, Inc. 5.15%, due 9/15/23		4,680,000		5,087,942
	Virgin Media Finance PLC 8.375%, due 10/15/19		312,000		337,350
	Virgin Media Secured Finance PLC 5.25%, due 1/15/21		1,160,000		1,177,770
					28,915,567
	Textiles 0.7%
	Cintas Corp. No 2 2.85%, due 6/1/16		5,480,000		5,681,341
	Transportation 0.1%
	Florida East Coast Railway Corp. 8.125%, due 2/1/17		725,000		756,538
	Trucking & Leasing 0.6%
	Penske Truck Leasing Co., L.P. / PTL Finance Corp. 3.75%, due 5/11/17 (a)		4,398,000		4,645,792
	Total Corporate Bonds (Cost $462,646,184)				478,562,101
	Foreign Government Bond 0.3%
	Sovereign 0.3%
	Portugal Obrigacoes do Tesouro OT Series Reg S 4.95%, due 10/25/23 (a)	€	1,800,000		2,442,473
	Total Foreign Government Bond (Cost $2,081,112)				2,442,473
	Mortgage-Backed Securities 5.5%
	Commercial Mortgage Loans (Collateralized Mortgage Obligations) 5.5%
	Banc of America Commercial Mortgage Trust Series 2007-2, Class A4 5.635%, due 4/10/49  (f)	$	2,560,000		2,844,447
	Bayview Commercial Asset Trust Series 2006-4A, Class A1 0.388%, due 12/25/36  (a)(b)(g)		139,742		118,964
	Bear Stearns Commercial Mortgage Securities Trust Series 2007-PW16, Class A4 5.706%, due 6/11/40  (f)		2,270,000		2,552,774
	CD 2006-CD3 Mortgage Trust Series 2006-CD3, Class A5 5.617%, due 10/15/48		3,390,000		3,690,340
	CFCRE Commercial Mortgage Trust Series 2011-C1, Class A2 3.759%, due 4/15/44  (a)		1,340,000		1,406,156
	Citigroup Commercial Mortgage Trust Series 2008-C7, Class A4 6.136%, due 12/10/49  (f)		1,300,000		1,474,860
	Commercial Mortgage Loan Trust Series 2008-LS1, Class A4B 6.008%, due 12/10/49  (f)		4,926,000		5,487,766
	Four Times Square Trust Series 2006-4TS, Class A 5.401%, due 12/13/28  (a)		2,470,000		2,790,942
	Greenwich Capital Commercial Funding Corp. Series 2005-GG5, Class A5 5.224%, due 4/10/37  (f)		2,960,000		3,115,862
	GS Mortgage Securities Corp. II
	Series 2006-GG6, Class A4 5.553%, due 4/10/38 (b)		2,919,880		3,138,418
	Series 2007-GG10, Class A4 5.806%, due 8/10/45 (f)		3,095,000		3,411,584
	JP Morgan Chase Commercial Mortgage Securities Corp.
	Series 2007-LDPX, Class A3 5.42%, due 1/15/49		3,565,000		3,917,333
	Series 2007-CB18, Class A4 5.44%, due 6/12/47		2,260,000		2,489,451
	LB-UBS Commercial Mortgage Trust Series 2007-C6, Class A4 5.858%, due 7/15/40  (b)		1,670,892		1,797,184
	Morgan Stanley Capital I, Trust Series 2007-IQ15, Class A4 5.908%, due 6/11/49  (f)		2,585,000		2,894,934
	Timberstar Trust Series 2006-1, Class A 5.668%, due 10/15/36  (a)		160,000		174,596
	Wachovia Bank Commercial Mortgage Trust Series 2007-C33, Class A4 5.922%, due 2/15/51  (f)		3,065,000		3,369,024
					44,674,635
	Residential Mortgage (Collateralized Mortgage Obligation) 0.0%‡
	Mortgage Equity Conversion Asset Trust Series 2007-FF2, Class A 0.60%, due 2/25/42 (a)(b)(d)(g)		361,249		271,699
	Total Mortgage-Backed Securities (Cost $39,921,513)				44,946,334
	U.S. Government & Federal Agencies 30.8%
	Fannie Mae (Collateralized Mortgage Obligation) 0.0%‡
	Series 1991-66, Class J 8.125%, due 6/25/21		337		382
¤	Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 8.1%
	2.375%, due 6/1/35 (b)		154,787		165,377
	3.50%, due 5/1/43		4,131,557		4,185,834
	4.00%, due 8/1/31		3,287,463		3,490,754
	4.00%, due 1/1/41		3,384,552		3,549,995
	4.00%, due 2/1/41		6,271,882		6,567,498
	4.00%, due 1/1/42		19,506,238		20,442,801
	4.00%, due 6/1/42		6,904,789		7,162,007
	4.50%, due 9/1/39		498,098		537,997
	4.50%, due 1/1/40		3,799,278		4,091,099
	4.50%, due 12/1/40		2,539,613		2,743,535
	4.50%, due 5/1/41		2,561,151		2,745,312
	4.50%, due 6/1/41		2,492,878		2,671,658
	4.50%, due 8/1/41		5,554,575		5,959,005
	5.00%, due 8/1/33		365,787		399,434
	5.50%, due 1/1/21		141,130		154,150
	5.50%, due 2/1/33		127,648		140,014
	5.50%, due 7/1/34		368,353		405,425
	5.50%, due 4/1/37		22,949		25,104
	5.50%, due 5/1/37		15,746		17,216
	5.50%, due 7/1/37		79,297		86,686
	5.50%, due 1/1/38		106,031		118,374
	6.00%, due 2/1/27		87,497		96,739
	6.00%, due 3/1/36		145,609		161,258
	6.50%, due 4/1/37		197,218		220,015
					66,137,287
¤	Federal National Mortgage Association (Mortgage Pass-Through Securities) 15.8%
	3.50%, due 2/1/41		9,694,033		9,844,048
	3.50%, due 3/1/41		905,016		919,044
	3.50%, due 11/1/41		3,099,732		3,151,404
	3.50%, due 1/1/42		2,523,644		2,566,688
	3.50%, due 3/1/42		8,577,856		8,710,800
	3.50%, due 10/1/42		4,121,933		4,138,318
	3.50%, due 2/1/43		4,315,967		4,388,297
	3.50%, due 3/1/43		7,200,658		7,229,283
	3.50%, due 5/1/43		3,785,080		3,843,668
	3.50%, due 6/1/43		1,097,776		1,102,116
	4.00%, due 9/1/31		2,591,224		2,755,547
	4.00%, due 11/1/40		1,603,179		1,685,731
	4.00%, due 1/1/41		4,628,137		4,861,665
	4.00%, due 2/1/41		364,440		382,758
	4.00%, due 3/1/41		4,268,048		4,487,894
	4.00%, due 10/1/41		5,648,760		5,940,365
	4.00%, due 2/1/42		3,320,427		3,479,740
	4.00%, due 3/1/42		3,949,045		4,116,873
	4.00%, due 7/1/42		3,095,332		3,246,337
	4.00%, due 9/1/42		5,484,951		5,695,347
	4.50%, due 4/1/18		55,155		59,035
	4.50%, due 7/1/18		288,664		308,966
	4.50%, due 11/1/18		355,627		380,703
	4.50%, due 6/1/23		347,761		372,884
	4.50%, due 6/1/39		5,991,723		6,467,915
	4.50%, due 8/1/39		5,751,395		6,214,654
	4.50%, due 9/1/39		1,089,546		1,177,263
	4.50%, due 7/1/41		5,415,345		5,838,380
	4.50%, due 8/1/41		3,044,141		3,282,030
	5.00%, due 9/1/17		112,050		119,918
	5.00%, due 9/1/20		59,554		63,773
	5.00%, due 10/1/20		126,615		136,930
	5.00%, due 12/1/20		240,950		260,742
	5.00%, due 7/1/33		718,002		785,995
	5.00%, due 10/1/33		298,189		326,654
	5.00%, due 5/1/35		1,742,885		1,904,262
	5.00%, due 6/1/35		3,102,972		3,391,621
	5.00%, due 7/1/35		304,449		332,008
	5.00%, due 1/1/36		367,052		400,868
	5.00%, due 2/1/36		2,736,359		2,988,055
	5.00%, due 5/1/36		1,010,201		1,103,127
	5.00%, due 9/1/36		265,775		290,301
	5.50%, due 2/1/17		78,565		84,392
	5.50%, due 6/1/21		276,287		299,697
	5.50%, due 6/1/33		1,715,295		1,902,943
	5.50%, due 11/1/33		267,663		295,411
	5.50%, due 12/1/33		200,279		220,873
	5.50%, due 4/1/34		725,623		801,717
	5.50%, due 5/1/34		944,000		1,041,472
	5.50%, due 6/1/34		244,413		269,426
	5.50%, due 3/1/35		355,801		391,751
	5.50%, due 4/1/36		711,087		782,781
	5.50%, due 12/1/36		194,416		213,935
	5.50%, due 1/1/37		701,349		786,306
	5.50%, due 4/1/37		464,687		510,756
	5.50%, due 7/1/37		723,454		811,401
	5.50%, due 8/1/37		239,271		263,461
	5.50%, due 9/1/37		6,456		7,096
	6.00%, due 8/1/17		15,151		15,870
	6.00%, due 1/1/33		101,672		113,718
	6.00%, due 3/1/33		111,412		124,498
	6.00%, due 8/1/34		4,250		4,754
	6.00%, due 9/1/35		282,965		318,082
	6.00%, due 6/1/36		112,108		123,906
	6.00%, due 12/1/36		190,917		212,021
	6.00%, due 4/1/37		106,553		114,890
	6.00%, due 9/1/37		42,033		46,515
	6.00%, due 10/1/37		379,703		409,072
	6.00%, due 11/1/37		37,164		41,075
	6.00%, due 1/1/38		4,714		5,216
	6.00%, due 11/1/38		208,849		231,063
	6.50%, due 6/1/31		36,457		40,687
	6.50%, due 8/1/31		20,747		23,814
	6.50%, due 10/1/31		17,108		19,267
	6.50%, due 6/1/32		34,552		38,537
	6.50%, due 6/1/36		11,194		12,613
	6.50%, due 7/1/36		32,723		37,267
	6.50%, due 8/1/36		3,639		4,097
	6.50%, due 11/1/36		143,084		159,482
	6.50%, due 2/1/37		48,711		54,477
	6.50%, due 7/1/37		14,153		15,770
	6.50%, due 8/1/37		56,784		65,297
	6.50%, due 9/1/37		137,654		153,378
	6.50%, due 3/1/38		113,730		126,721
					129,947,512
	Freddie Mac (Collateralized Mortgage Obligations) 0.1%
	Series 2690, Class PG 5.00%, due 4/15/32		329,584		340,338
	Series 2734, Class PG 5.00%, due 7/15/32		63,373		63,581
	Series 3113, Class QD 5.00%, due 6/15/34		422,083		430,053
					833,972
	Government National Mortgage Association (Mortgage Pass-Through Securities) 0.1%
	4.00%, due 11/20/40		797,241		846,531
	6.00%, due 2/15/29		21,299		23,811
	6.00%, due 4/15/29		97,209		111,128
	6.00%, due 8/15/32		200,310		230,659
	6.50%, due 7/15/28		23,935		27,919
	6.50%, due 5/15/29		13,226		15,448
					1,255,496
¤	United States Treasury Bonds 4.0%
	2.875%, due 5/15/43		32,131,000		27,672,824
	5.375%, due 2/15/31		2,525,000		3,220,163
	6.25%, due 5/15/30		1,240,000		1,718,175
					32,611,162
¤	United States Treasury Notes 2.6%
	0.875%, due 9/15/16		1,815,000		1,829,888
	1.25%, due 10/31/18		12,915,000		12,806,023
	1.375%, due 9/30/18		1,700,000		1,697,477
	2.75%, due 11/15/23		4,790,000		4,824,431
					21,157,819
	United States Treasury Strip Principal 0.1%
	(zero coupon), due 8/15/23		820,000		632,956
	Total U.S. Government & Federal Agencies (Cost $252,585,751)				252,576,586
	Yankee Bond 0.3% (h)
	Insurance 0.3%
	Validus Holdings, Ltd. 8.875%, due 1/26/40		1,810,000		2,474,174
	Total Yankee Bond (Cost $2,409,669)				2,474,174
	Total Long-Term Bonds (Cost $760,319,040)				781,776,517

	Number of Warrants
Warrants  0.0%‡
Media 0.0%‡
ION Media Networks, Inc.
Second Lien Expires 12/18/39 (c)(d)(e)(g)		1	378
Unsecured Debt Expires 12/18/16 (c)(d)(e)(g)		1	378
Total Warrants (Cost $4)			756

	Principal Amount
Short-Term Investment  3.7%
Repurchase Agreement 3.7%
State Street Bank and Trust Co. 0.00%, dated 1/31/14 due 2/3/14 Proceeds at Maturity $30,192,870 (Collateralized by a Federal National Mortgage Association security with a rate of 2.17% and a maturity date of 11/7/22, with a Principal Amount of $32,990,000 and a Market Value of $30,797,254)	$	30,192,870			30,192,870
Total Short-Term Investment (Cost $30,192,870)					30,192,870
Total Investments (Cost $790,511,914) (k)		99.0	%		811,970,143
Other Assets, Less Liabilities		1.0			8,385,729
Net Assets		100.0	%	$	820,355,872

	Contracts Long		Unrealized Appreciation (Depreciation)(i)
Futures Contracts 0.0% ‡
United States Treasury Bond Ultra Long March 2014 (j)		79	$	430,010
Total Futures Contracts Long (Notional Amount $11,361,188)				430,010

	Contracts Short
United States Treasury Notes March 2014 (2 Year) (j)		(506	)		(1,089	)
United States Treasury Notes March 2014 (5 Year) (j)		(1,014	)		251,320
United States Treasury Notes March 2014 (10 Year) (j)		(850	)		(307,296	)
Total Futures Contracts Short (Notional Amount $340,624,032)					(57,065	)
Total Futures Contracts (Notional Amount $329,262,844)				$	372,945

¤ Among the Fund's 10 largest issuers held, as of January 31, 2014, excluding short-term investment. May be subject to change daily.

† Percentages indicated are based on Fund net assets.

‡ 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 January 31, 2014.

(c) Non-income producing security.

(d) Fair valued security - Security was fair valued in accordance with the Fund’s valuation policy. As of January 31, 2014, the total market value of fair valued securities was $360,711, which represented less than one-tenth of a percent of the Fund’s net assets.

(e) Restricted security.

(f) Collateral strip rate - A bond whose interest is 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 January 31, 2014.

(g) Illiquid security - The total market value of these securities as of January 31, 2014, was $391,640, which represented less than one-tenth of a percent of the Fund's net assets.

(h) Yankee Bond - Dollar-denominated bond issued in the United States by a foreign bank or corporation.

(i) Represents the difference between the value of the contracts at the time they were opened and the value as of January 31, 2014.

(j) As of January 31, 2014, cash in the amount of $2,066,219 was on deposit with the broker for futures transactions.

(k) As of January 31, 2014, cost was $790,820,208 for federal income tax purposes and net unrealized appreciation was as follows:

Gross unrealized appreciation	$	31,231,887
Gross unrealized depreciation		(10,081,952	)
Net unrealized appreciation	$	21,149,935

The following abbreviation are used in the above portfolio:

£	—British Pound Sterling
€	—Euro

As of January 31, 2014, the Fund held the following foreign currency forward contracts:

Foreign Currency Sale Contracts	Expiration Date	Counterparty	Contract Amount Sold		Contract Amount Purchased		Unrealized Appreciation (Depreciation)
Euro vs. U.S. Dollar	2/20/14	JPMorgan Chase Bank N.A	EUR	1,827,000	USD	2,505,790	USD	41,706
Pound Sterling vs. U.S. Dollar	2/20/14	JPMorgan Chase Bank N.A	GBP	5,328,000	USD	8,674,517		(83,140	)
Net unrealized appreciation (depreciation) on foreign currency forward contracts							USD	(41,434	)

The following is a summary of the fair valuations according to the inputs used as of January 31, 2014, 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 Security	$	—	$	774,849	$	—	$	774,849
Corporate Bonds (b)		—		478,473,845		88,256		478,562,101
Foreign Government Bond		—		2,442,473		—		2,442,473
Mortgage-Backed Securities (c)		—		44,674,635		271,699		44,946,334
U.S. Government & Federal Agencies		—		252,576,586		—		252,576,586
Yankee Bond		—		2,474,174		—		2,474,174
Total Long-Term Bonds		—		781,416,562		359,955		781,776,517
Warrants (d)		—		—		756		756
Short-Term Investment
Repurchase Agreement		—		30,192,870		—		30,192,870
Total Investments in Securities		—		811,609,432		360,711		811,970,143
Other Financial Instruments
Foreign Currency Forward Contract (e)		—		41,706		—		41,706
Futures Contracts Long (e)		430,010		—		—		430,010
Futures Contracts Short (e)		251,320		—		—		251,320
Total Other Financial Instruments		681,330		41,706		—		723,036
Total Investments in Securities and Other Financial Instruments	$	681,330	$	811,651,138	$	360,711	$	812,693,179

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
Foreign Currency Forward Contracts (e)	$	—		$	(83,140	)	$	—	$	(83,140	)
Futures Contracts Short (e)		(308,385	)		—			—		(308,385	)
Total Other Financial Instruments	$	(308,385	)	$	(83,140	)	$	—	$	(391,525	)

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

(b) The Level 3 securities valued at $221 and $88,035 are held in Commercial Services and Retail, respectively, within the Corporate Bonds section of the Portfolio of Investments.

(c) The Level 3 security valued at $271,699 is held in Residential Mortgage (Collateralized Mortgage Obligation) within the Mortgage-Backed Securities section of the Portfolio of Investments.

(d) The Level 3 securities valued at $756 are held in Media within the Warrants section of the Portfolio of Investments.

(e) 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 January 31, 2014, the Fund did not have any transfers between Level 1 and Level 2 fair value measurements.

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, 2013			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 January 31, 2014		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at January 31, 2014
Long-Term Bonds
Corporate Bonds
Commercial Services	$	221		$	-		$	-		$	-	$	-	$	-		$	-	$	-	$	221	$	-
Retail		88,011			(26	)		(27	)		1,256		-		(1,179	)		-		-		88,035		1,344
Mortgage-Backed Securities
Residential Mortgage (Collateralized Mortgage Obligation)		280,588			-			-			14,237		-		(23,126	)		-		-		271,699		7,993
Warrants
Media		0	(a)		-			-			756		-		-			-		-		756		756
Total	$	368,820		$	(26	)	$	(27	)	$	16,249	$	-	$	(24,305	)	$	-	$	-	$	360,711	$	10,093

(a) Less than one dollar.

As of January 31, 2014, the Fund held the following restricted securities:

Security	Date(s) of Acquisition	Number of Warrants/Shares		Cost		1/31/14 Value		Percent of Net Assets
ION Media Networks, Inc.
Warrant, Second Lien, Expires 12/18/39	12/20/10		1	$	—	$	378		0.0	%‡
Warrant, Unsecured Debt, Expires 12/18/16	3/12/10		1		4		378		0.0	%‡
Quebecor World, Inc. (Litigation Recovery Trust - Escrow Shares)
Corporate Bond 9.75%	9/3/09		15,000		—		221		0.0	‡
Total				$	4	$	977		0.0	%‡

‡ Less than one-tenth of a percent.

MainStay International Opportunities Fund

Portfolio of Investments January 31, 2014 (Unaudited)

		Shares		Value
	Common Stocks 128.9% †
	Australia 9.3%
	Arrium, Ltd.  (Metals & Mining)		1,014,122	$	1,380,077
	Australia & New Zealand Banking Group, Ltd.  (Commercial Banks)		49,675		1,309,844
	BC Iron, Ltd.  (Metals & Mining)		203,243		917,800
	Bendigo and Adelaide Bank, Ltd.  (Commercial Banks)		22,874		232,211
	BGP Holdings PLC  (Diversified Financial Services) (a)(b)(c)		106,339		9
	BHP Billiton, Ltd.  (Metals & Mining)		56,844		1,819,249
	Cabcharge Australia, Ltd.  (Commercial Services & Supplies)		3,485		11,681
	Challenger, Ltd.  (Diversified Financial Services)		269,453		1,414,871
	Commonwealth Bank of Australia  (Commercial Banks)		6,603		428,947
	Flight Centre, Ltd.  (Hotels, Restaurants & Leisure)		26,034		1,081,540
	Fortescue Metals Group, Ltd.  (Metals & Mining)		371,607		1,733,380
	Grange Resources, Ltd.  (Metals & Mining)		47,830		11,302
	iiNET, Ltd.  (Diversified Telecommunication Services)		128,996		760,884
	JB Hi-Fi, Ltd.  (Specialty Retail)		25,804		406,483
	Leighton Holdings, Ltd.  (Construction & Engineering)		21,927		315,666
	Macquarie Group, Ltd.  (Capital Markets)		36,716		1,738,021
	Metcash, Ltd.  (Food & Staples Retailing)		69,491		183,661
	Mount Gibson Iron, Ltd.  (Metals & Mining)		1,605,957		1,475,726
	Myer Holdings, Ltd.  (Multiline Retail)		302,820		670,483
	Orica, Ltd.  (Chemicals)		85,381		1,755,948
	Pacific Brands, Ltd.  (Distributors)		534,439		287,644
	RCR Tomlinson, Ltd.  (Construction & Engineering)		70,052		188,209
	Sigma Pharmaceuticals, Ltd.  (Health Care Providers & Services)		647,746		337,291
	Slater & Gordon, Ltd.  (Diversified Consumer Services)		52,586		202,491
	Sonic Healthcare, Ltd.  (Health Care Providers & Services)		28,295		408,827
	Suncorp-Group, Ltd.  (Insurance)		172,889		1,842,881
	Sydney Airport  (Transportation Infrastructure)		37,074		127,834
	Westpac Banking Corp.  (Commercial Banks)		55,997		1,512,809
					22,555,769
	Austria 1.4%
	Cat Oil A.G.  (Energy Equipment & Services)		2,290		52,103
	OMV A.G.  (Oil, Gas & Consumable Fuels) (d)		35,002		1,515,351
	Raiffeisen Bank International A.G.  (Commercial Banks)		6,805		261,570
	Voestalpine A.G.  (Metals & Mining) (d)		37,267		1,670,960
					3,499,984
	Belgium 1.7%
	Ageas  (Insurance)		5,791		248,954
	Anheuser-Busch InBev N.V.  (Beverages) (d)		31,224		2,992,043
	Barco N.V.  (Electronic Equipment, Instruments & Components)		77		5,840
	Delhaize Group S.A.  (Food & Staples Retailing) (d)		14,537		935,404
					4,182,241
	Brazil 0.3%
	Banco do Brasil S.A.  (Commercial Banks)		21,500		186,112
	MRV Engenharia e Participacoes S.A.  (Household Durables)		136,500		466,643
					652,755
	Cambodia 0.3%
	NagaCorp, Ltd.  (Hotels, Restaurants & Leisure)		762,000		727,275
	China 4.8%
	Anta Sports Products, Ltd.  (Textiles, Apparel & Luxury Goods)		327,000		477,624
	Bank of Communications Co., Ltd. Class H  (Commercial Banks)		247,000		160,344
	BBMG Corp. Class H  (Construction Materials)		342,000		269,590
	BYD Electronic International Co., Ltd.  (Communications Equipment) (c)		448,500		221,252
	Changshouhua Food Co., Ltd.  (Food Products)		33,000		39,572
	China BlueChemical, Ltd.  (Chemicals)		708,000		391,216
	China CITIC Bank Corp., Ltd. Class H  (Commercial Banks)		616,000		296,741
	China Hongqiao Group, Ltd.  (Metals & Mining)		756,500		471,607
	China Machinery Engineering Corp.  (Construction & Engineering)		219,000		164,734
	China Merchants Bank Co., Ltd. Class H  (Commercial Banks)		185,000		326,928
	China Oilfield Services, Ltd.  (Energy Equipment & Services)		164,000		436,204
	China Railway Construction Corp., Ltd. Class H  (Construction & Engineering)		564,000		473,644
	China Railway Group, Ltd. Class H  (Construction & Engineering)		1,003,000		443,119
	China Resources Power Holdings Co., Ltd.  (Independent Power Producers & Energy Traders)		84,000		199,294
	China Shanshui Cement Group Ltd.  (Construction Materials)		134,000		44,357
	China Shenhua Energy Co., Ltd. Class H  (Oil, Gas & Consumable Fuels)		21,000		54,232
	China Unicom Hong Kong, Ltd.  (Diversified Telecommunication Services)		288,000		378,371
	Chongqing Rural Commercial Bank Co., Ltd. Class H  (Commercial Banks)		1,118,000		472,325
	CNOOC, Ltd.  (Oil, Gas & Consumable Fuels)		310,000		487,133
	Dongyue Group  (Chemicals)		454,000		160,810
	Fosun International, Ltd.  (Metals & Mining)		377,500		406,489
	Huaneng Power International, Inc. Class H  (Independent Power Producers & Energy Traders)		528,000		491,697
	Jiangsu Expressway Co., Ltd.  (Transportation Infrastructure)		132,000		167,470
	Labixiaoxin Snacks Group, Ltd.  (Food Products)		124,000		79,858
	Man Wah Holdings, Ltd.  (Household Durables)		586,000		1,071,795
	NAM TAI Electronics, Inc.  (Electronic Equipment, Instruments & Components)		45,300		275,877
	Shougang Fushan Resources Group, Ltd.  (Metals & Mining)		354,000		97,120
	SinoMedia Holding, Ltd.  (Media)		377,000		261,246
	TCL Communication Technology Holdings, Ltd.  (Communications Equipment) (c)		467,000		504,065
	Texhong Textile Group, Ltd.  (Textiles, Apparel & Luxury Goods)		212,000		236,745
	Weiqiao Textile Co. Class H  (Textiles, Apparel & Luxury Goods)		618,000		334,321
	Xingda International Holdings, Ltd.  (Auto Components)		429,000		233,735
	Yangzijiang Shipbuilding Holdings, Ltd.  (Machinery)		1,749,000		1,575,367
					11,704,882
	Denmark 3.2%
	A.P. Moeller - Maersk A/S (Marine)		44		490,709
	A.P. Moeller - Maersk A/S Class A (Marine)		48		513,195
	Auriga Industries Class B (Chemicals) (c)		4,419		138,982
	Danske Bank A/S  (Commercial Banks) (c)		82,788		1,867,533
	GN Store Nord A/S  (Health Care Equipment & Supplies)		16,510		391,532
	NKT Holding A/S  (Machinery)		20,450		1,189,504
	Pandora A/S  (Textiles, Apparel & Luxury Goods) (d)		25,162		1,440,388
	Royal Unibrew  (Beverages)		1,929		243,723
	Vestas Wind Systems A/S  (Electrical Equipment) (c)		41,672		1,370,889
					7,646,455
	Egypt 0.2%
	Commercial International Bank Egypt S.A.E.  (Commercial Banks)		105,178		510,506
	Telecom Egypt Co.  (Diversified Telecommunication Services)		21,336		45,359
					555,865
	Faeroe Islands 0.0%‡
	Bakkafrost P/F  (Food Products)		3,968		59,102
	Finland 1.9%
	Elektrobit Oyj  (Software)		21,822		80,642
	Neste Oil Oyj  (Oil, Gas & Consumable Fuels) (d)		69,632		1,244,342
	Pohjola Bank PLC Class A  (Diversified Financial Services)		14,303		281,641
	Stora Enso Oyj  (Paper & Forest Products)		139,392		1,304,706
	UPM-Kymmene Oyj  (Paper & Forest Products) (d)		104,697		1,606,910
					4,518,241
	France 11.2%
	AXA S.A.  (Insurance) (d)		94,926		2,496,520
¤	BNP Paribas S.A.  (Commercial Banks) (d)		39,747		3,079,708
	Bouygues S.A.  (Construction & Engineering) (d)		44,088		1,688,111
	Christian Dior S.A.  (Textiles, Apparel & Luxury Goods)		3,678		673,142
	Cie de St-Gobain  (Building Products)		23,488		1,234,343
	CNP Assurances  (Insurance)		27,674		542,316
	GDF Suez  (Multi-Utilities)		51,353		1,134,821
	Metropole Television S.A.  (Media)		12,173		264,079
	Natixis  (Commercial Banks)		294,115		1,731,477
	Orange S.A.  (Diversified Telecommunication Services) (d)		161,829		2,002,742
	Plastic Omnium S.A.  (Auto Components)		8,406		217,730
	Renault S.A.  (Automobiles) (d)		9,667		844,333
	Sanofi  (Pharmaceuticals) (d)		28,214		2,770,201
	Societe Generale S.A.  (Commercial Banks)		24,781		1,406,403
	Technicolor S.A.  (Media) (c)		22,764		113,075
	Thales S.A.  (Aerospace & Defense) (d)		12,507		815,155
¤	Total S.A.  (Oil, Gas & Consumable Fuels) (d)		67,008		3,826,421
	Valeo S.A.  (Auto Components)		15,877		1,774,949
	Vinci S.A.  (Construction & Engineering)		8,886		582,029
					27,197,555
	Germany 10.5%
	Allianz S.E.  (Insurance) (d)		17,614		2,940,992
¤	BASF S.E.  (Chemicals) (d)		32,368		3,471,859
¤	Bayer A.G.  (Pharmaceuticals) (d)		23,723		3,132,010
	Daimler A.G., (Registered Shares) (Automobiles) (d)		14,167		1,187,119
	Deutsche Lufthansa A.G.  (Airlines) (c)(d)		73,363		1,747,857
	Deutsche Post A.G. Registered  (Air Freight & Logistics) (d)		33,828		1,171,163
	Deutsche Telekom A.G.  (Diversified Telecommunication Services)		34,795		563,136
	Deutz A.G.  (Machinery) (c)		41,504		412,826
	Grammer A.G.  (Auto Components)		2,244		105,987
	Hannover Rueck S.E.  (Insurance)		1,301		103,349
	Henkel A.G. & Co. KGaA  (Household Products)		6,714		653,421
	Infineon Technologies A.G.  (Semiconductors & Semiconductor Equipment)		74,980		774,217
	Manz A.G.  (Semiconductors & Semiconductor Equipment) (c)		2,412		223,128
	Metro A.G.  (Food & Staples Retailing)		19,506		804,753
	Muenchener Rueckversicherungs-Gesellschaft A.G. Registered  (Insurance) (d)		3,148		650,230
	Nordex S.E.  (Electrical Equipment) (c)		76,375		1,020,284
	ProSiebenSat.1 Media A.G.  (Media) (d)		39,760		1,785,153
	Siemens A.G.  (Industrial Conglomerates) (d)		21,960		2,782,855
	Sixt S.E.  (Road & Rail)		3,650		120,017
	United Internet A.G.  (Internet Software & Services)		37,763		1,651,181
					25,301,537
	Greece 0.2%
	Motor Oil Hellas Corinth Refineries S.A.  (Oil, Gas & Consumable Fuels)		10,986		126,536
	OPAP S.A.  (Hotels, Restaurants & Leisure)		23,864		307,370
					433,906
	Hong Kong 3.1%
	AMVIG Holdings, Ltd.  (Containers & Packaging)		68,000		27,152
	Chaoda Modern Agriculture Holdings, Ltd.  (Food Products) (a)(b)(c)		38,000		3,588
	China Resources Cement Holdings, Ltd.  (Construction Materials)		522,000		357,018
	Dah Sing Banking Group, Ltd.  (Commercial Banks)		75,200		109,645
	Dah Sing Financial Holdings, Ltd.  (Commercial Banks)		9,600		45,813
	Emperor Entertainment Hotel, Ltd.  (Hotels, Restaurants & Leisure)		280,000		155,439
	HKT Trust / HKT, Ltd.  (Diversified Telecommunication Services)		702,000		672,722
	Hopewell Holdings, Ltd.  (Industrial Conglomerates) (d)		310,500		1,073,820
	Ju Teng International Holdings, Ltd.  (Electronic Equipment, Instruments & Components)		250,000		166,156
	Kingboard Chemical Holdings, Ltd.  (Electronic Equipment, Instruments & Components)		28,000		62,969
	Luk Fook Holdings International, Ltd.  (Specialty Retail)		31,000		100,421
	NetDragon Websoft, Inc.  (Software)		175,000		354,788
	NewOcean Energy Holdings, Ltd.  (Oil, Gas & Consumable Fuels)		348,000		296,283
	REXLot Holdings, Ltd.  (Hotels, Restaurants & Leisure)		3,000,000		475,283
	Sands China, Ltd.  (Hotels, Restaurants & Leisure)		157,600		1,216,945
	Shun Tak Holdings, Ltd.  (Industrial Conglomerates)		188,000		108,967
	Truly International Holdings  (Electronic Equipment, Instruments & Components)		2,620,000		1,451,094
	Wasion Group Holdings, Ltd.  (Electronic Equipment, Instruments & Components)		336,000		202,540
	Wharf Holdings, Ltd. (The)  (Real Estate Management & Development)		35,000		238,929
	Wheelock & Co, Ltd.  (Real Estate Management & Development)		68,000		275,896
					7,395,468
	India 0.2%
	Oriental Bank of Commerce  (Commercial Banks)		114,566		321,637
	Union Bank of India  (Commercial Banks)		53,492		92,590
					414,227
	Ireland 0.1%
	Shire PLC  (Pharmaceuticals)		3,542		177,184
	Israel 2.0%
	Bezeq-The Israeli Telecommunication Corp., Ltd.  (Diversified Telecommunication Services)		1,120,348		1,717,582
	Delek Group, Ltd.  (Oil, Gas & Consumable Fuels)		1,750		625,676
	Teva Pharmaceutical Industries, Ltd.  (Pharmaceuticals)		54,342		2,423,581
					4,766,839
	Italy 3.8%
	Autostrada Torino-Milano S.p.A.  (Transportation Infrastructure)		7,051		105,938
	Banca IFIS S.p.A.  (Diversified Financial Services)		20,170		328,615
	Credito Emiliano S.p.A.  (Commercial Banks)		51,294		420,270
	Enel S.p.A.  (Electric Utilities)		408,318		1,865,766
	ENI S.p.A.  (Oil, Gas & Consumable Fuels) (d)		84,163		1,912,653
	Fiat Industrial S.p.A.  (Automobiles) (c)		185,582		1,850,927
	Iren S.p.A.  (Multi-Utilities)		508,232		720,410
	Mediolanum S.p.A.  (Insurance)		85,255		735,319
	Reply S.p.A.  (IT Services)		847		64,600
	Salini Impregilo S.p.A.  (Construction & Engineering)		142,846		847,302
	Societa Cattolica di Assicurazioni SCRL  (Insurance)		1,762		44,439
	Sogefi S.p.A.  (Auto Components)		6,876		37,095
	Unipol Gruppo Finanziario S.p.A.  (Insurance)		31,943		183,010
					9,116,344
	Japan 30.3%
	77 Bank, Ltd. (The)  (Commercial Banks)		52,000		240,736
	Aichi Steel Corp.  (Metals & Mining)		35,000		142,508
	Alfresa Holdings Corp.  (Health Care Providers & Services)		8,300		476,050
	Alpine Electronics, Inc.  (Household Durables)		57,600		817,461
	Amada Co., Ltd.  (Machinery)		125,000		1,028,922
	AOYAMA TRADING Co., Ltd.  (Specialty Retail) (d)		25,900		673,294
	Bank of Nagoya, Ltd. (The)  (Commercial Banks)		2,000		6,616
	BML, Inc.  (Health Care Providers & Services)		2,100		71,631
	Calsonic Kansei Corp.  (Auto Components)		289,000		1,459,567
	Chubu Electric Power Co., Inc.  (Electric Utilities)		25,700		307,384
	Coca-Cola West Co., Ltd.  (Beverages)		17,700		349,600
	Cosmo Oil Co., Ltd.  (Oil, Gas & Consumable Fuels) (c)		499,000		937,731
	Daiichi Sankyo Co, Ltd.  (Pharmaceuticals)		8,400		141,658
	Daiwa House Industry Co., Ltd.  (Real Estate Management & Development)		10,000		192,229
	Daiwa Securities Group, Inc.  (Capital Markets) (d)		158,000		1,500,049
	Dena Co., Ltd.  (Internet Software & Services)		78,000		1,509,308
	EDION Corp.  (Specialty Retail) (d)		220,300		1,239,821
	Fields Corp.  (Leisure Equipment & Products)		9,500		182,524
	Fuji Heavy Industries, Ltd.  (Automobiles) (d)		60,800		1,694,212
	Fuji Machine Manufacturing Co., Ltd.  (Machinery)		7,400		66,199
	FUJIFILM Holdings Corp.  (Electronic Equipment, Instruments & Components) (d)		65,500		1,940,575
	Fujikura, Ltd.  (Electrical Equipment)		290,000		1,365,274
	Funai Electric Co., Ltd.  (Household Durables)		1,500		18,528
	G-Tekt Corp.  (Auto Components)		7,100		214,730
	Geo Holdings Corp.  (Specialty Retail)		1,500		14,285
	Hanwa Co., Ltd.  (Trading Companies & Distributors)		43,000		224,322
	Honda Motor Co., Ltd.  (Automobiles)		20,600		784,925
	Inabata & Co., Ltd.  (Trading Companies & Distributors)		34,700		390,914
	INPEX Corp.  (Oil, Gas & Consumable Fuels) (d)		144,300		1,723,069
	Jaccs Co., Ltd.  (Consumer Finance) (d)		233,000		1,053,597
	Japan Airlines Co., Ltd.  (Airlines)		32,400		1,636,332
	Japan Securities Finance Co., Ltd.  (Diversified Financial Services)		126,900		884,338
	JFE Holdings, Inc.  (Metals & Mining) (d)		85,600		1,809,690
	JTEKT Corp.  (Machinery) (d)		101,000		1,525,330
	kabu.com Securities Co., Ltd.  (Capital Markets)		63,000		353,939
	Kadokawa Corp.  (Media)		8,100		264,001
	Kamei Corp.  (Trading Companies & Distributors)		21,200		160,188
	KDDI Corp.  (Wireless Telecommunication Services) (d)		38,100		2,127,440
	Kinden Corp.  (Construction & Engineering)		106,000		1,045,786
	Kureha Corp.  (Chemicals)		65,000		300,284
	KYB Co., Ltd.  (Auto Components)		236,000		1,180,346
	Kyokuto Securities Co., Ltd.  (Capital Markets)		36,100		687,585
	Kyudenko Corp.  (Construction & Engineering)		13,000		103,191
	Maeda Corp.  (Construction & Engineering)		35,000		237,398
	Medipal Holdings Corp.  (Health Care Providers & Services)		46,100		677,716
	Mitsuba Corp.  (Auto Components)		24,900		423,814
	Mitsubishi Estate Co., Ltd.  (Real Estate Management & Development)		36,000		896,741
	Mitsubishi Materials Corp.  (Metals & Mining)		20,000		68,317
	Mitsubishi Steel Manufacturing Co., Ltd.  (Metals & Mining)		195,000		490,506
	Mitsubishi UFJ Financial Group, Inc.  (Commercial Banks) (d)		492,500		3,003,108
	Mitsui Fudosan Co., Ltd.  (Real Estate Management & Development)		22,000		708,212
	Mitsui Mining & Smelting Co., Ltd.  (Metals & Mining)		215,000		580,797
	Monex Group, Inc.  (Capital Markets)		311,300		1,343,675
	Namura Shipbuilding Co., Ltd.  (Machinery)		106,100		1,483,967
	NEC Capital Solutions, Ltd.  (Trading Companies & Distributors)		31,000		743,369
	Nichiha Corp.  (Building Products)		9,500		131,384
	Nippon Paper Industries Co., Ltd.  (Paper & Forest Products)		83,800		1,528,036
	Nippon Road Co., Ltd. (The)  (Construction & Engineering)		35,000		187,726
	Nippon Telegraph & Telephone Corp.  (Diversified Telecommunication Services) (d)		37,500		2,041,083
	Nippon Yusen KK  (Marine)		421,000		1,322,707
	Nishimatsu Construction Co., Ltd.  (Construction & Engineering)		254,000		890,007
	Nisshin Steel Holdings Co., Ltd.  (Metals & Mining)		22,200		239,013
	NKSJ Holdings, Inc.  (Insurance)		53,100		1,408,966
	Nomura Co., Ltd.  (Professional Services)		19,200		164,808
	Nomura Holdings, Inc.  (Capital Markets) (d)		180,800		1,282,960
	NTT DOCOMO, Inc.  (Wireless Telecommunication Services)		6,600		107,427
	Otsuka Holdings Co., Ltd.  (Pharmaceuticals)		42,000		1,293,256
	Pacific Industrial Co., Ltd.  (Auto Components)		7,900		50,801
	Piolax, Inc.  (Auto Components)		4,500		171,552
	Prima Meat Packers, Ltd.  (Food Products)		1,000		1,830
	Rohm Co., Ltd.  (Semiconductors & Semiconductor Equipment)		1,000		50,700
	Round One Corp.  (Hotels, Restaurants & Leisure)		157,100		1,466,902
	Ryobi, Ltd.  (Machinery)		250,000		1,030,146
	Sakata INX Corp.  (Chemicals)		5,500		50,010
	Sankyo Tateyama, Inc.  (Building Products)		8,100		191,064
	Sanyo Special Steel Co., Ltd.  (Metals & Mining)		171,000		769,893
	SBI Holdings, Inc.  (Capital Markets) (d)		39,700		556,429
	Seino Holdings Co., Ltd  (Road & Rail)		102,000		976,373
	Shindengen Electric Manufacturing Co., Ltd.  (Semiconductors & Semiconductor Equipment)		66,000		411,491
	ShinMaywa Industries, Ltd.  (Machinery)		31,000		268,826
	SKY Perfect JSAT Holdings, Inc.  (Media)		31,000		160,507
	Sojitz Corp.  (Trading Companies & Distributors)		817,800		1,424,767
	Sumitomo Densetsu Co., Ltd.  (Construction & Engineering)		5,500		80,694
	Sumitomo Forestry Co., Ltd.  (Household Durables)		11,100		121,571
	Sumitomo Mitsui Financial Group, Inc.  (Commercial Banks) (d)		25,176		1,188,696
	Sumitomo Realty & Development Co., Ltd.  (Real Estate Management & Development)		13,000		584,281
	T&D Holdings, Inc.  (Insurance)		49,400		611,637
	Takeuchi Manufacturing Co., Ltd.  (Machinery)		5,300		159,514
	Takuma Co., Ltd.  (Machinery)		2,000		18,264
	TDK Corp.  (Electronic Equipment, Instruments & Components)		6,000		275,423
	Toda Corp.  (Construction & Engineering)		51,000		171,714
	Tokai Tokyo Financial Holdings, Inc.  (Capital Markets)		89,000		795,312
	Tokuyama Corp.  (Chemicals)		230,000		938,730
	Tokyu Fudosan Holdings Corp.  (Real Estate Management & Development) (c)		9,900		85,948
	Topre Corp.  (Auto Components)		14,500		189,889
	Topy Industries, Ltd.  (Metals & Mining)		12,000		21,141
	Toyo Kohan Co., Ltd.  (Metals & Mining)		25,000		115,738
¤	Toyota Motor Corp.  (Automobiles) (d)		72,500		4,202,261
	TSI Holdings Co., Ltd. (Textiles, Apparel & Luxury Goods)		22,800		137,019
	Universal Entertainment Corp.  (Leisure Equipment & Products)		49,900		920,149
	Wakita & Co., Ltd.  (Trading Companies & Distributors)		10,000		112,949
	Yamada Denki Co., Ltd.  (Specialty Retail)		245,000		848,879
					73,262,262
	Jersey 0.2%
	Kentz Corp., Ltd.  (Construction & Engineering)		40,134		434,124
	Macau 0.1%
	MGM China Holdings, Ltd.  (Hotels, Restaurants & Leisure)		55,200		217,919
	Malaysia 0.1%
	Coastal Contracts BHD  (Machinery)		18,800		21,684
	Puncak Niaga Holdings BHD  (Water Utilities)		259,400		228,666
					250,350
	Netherlands 4.6%
	Aegon N.V.  (Insurance)		217,524		1,903,121
	BinckBank N.V.  (Capital Markets)		13,739		153,241
	ING Groep N.V.  (Diversified Financial Services) (c)		87,761		1,164,694
	Koninklijke Ahold N.V.  (Food & Staples Retailing) (d)		117,439		1,958,491
¤	Royal Dutch Shell PLC Class A  (Oil, Gas & Consumable Fuels) (d)		103,504		3,579,107
	Royal Dutch Shell PLC Class B  (Oil, Gas & Consumable Fuels) (d)		64,403		2,355,652
	Unilever N.V., CVA  (Food Products) (d)		2,104		78,618
					11,192,924
	New Zealand 0.7%
	Air New Zealand, Ltd.  (Airlines)		73,640		101,822
	Kathmandu Holdings, Ltd.  (Specialty Retail)		22,828		58,330
	Telecom Corp. of New Zealand, Ltd.  (Diversified Telecommunication Services)		854,533		1,623,793
					1,783,945
	Norway 3.2%
	DnB ASA  (Commercial Banks) (d)		111,049		1,876,924
	Golden Ocean Group, Ltd.  (Marine)		384,374		796,002
	Marine Harvest ASA  (Food Products)		121,485		1,396,287
	Salmar ASA  (Food Products) (c)		45,331		554,231
	SpareBank 1 SMN  (Commercial Banks)		45,016		421,300
	Statoil ASA  (Oil, Gas & Consumable Fuels) (d)		32,527		769,980
	TGS Nopec Geophysical Co. ASA  (Energy Equipment & Services)		26,164		675,622
	Yara International ASA  (Chemicals) (d)		28,229		1,164,694
					7,655,040
	Republic of Korea 0.8%
	Basic House Co., Ltd. (The)  (Textiles, Apparel & Luxury Goods) (c)		3,270		77,904
	Golfzon Co., Ltd.  (Software)		2,618		40,358
	Hanil E-Wha Co., Ltd.  (Auto Components)		35,770		556,426
	Hansol Paper Co.  (Paper & Forest Products)		41,780		474,263
	SL Corp.  (Auto Components)		12,900		208,502
	Sungwoo Hitech Co., Ltd.  (Auto Components)		35,532		516,207
					1,873,660
	Singapore 0.1%
	GuocoLeisure, Ltd.  (Hotels, Restaurants & Leisure)		169,000		109,203
	UOL Group, Ltd.  (Real Estate Management & Development)		12,000		55,171
					164,374
	Spain 2.4%
	Banco Santander S.A.  (Commercial Banks)		98,464		851,237
	Gamesa Corp. Tecnologica S.A.  (Electrical Equipment) (c)		126,124		1,386,343
	Grifols S.A.  (Biotechnology)		22,849		1,184,738
	Mapfre S.A.  (Insurance)		151,426		625,551
	Repsol, S.A.  (Oil, Gas & Consumable Fuels) (d)		76,840		1,801,160
					5,849,029
	Sweden 4.7%
	Arcam AB  (Machinery) (c)		36,976		1,600,070
	Bilia AB  (Specialty Retail)		6,711		171,581
	Eniro AB  (Media) (c)		32,563		243,300
	Haldex AB  (Machinery)		8,173		79,841
	Intrum Justitia AB  (Commercial Services & Supplies)		43,733		1,234,943
	Nordea Bank AB  (Commercial Banks) (d)		93,321		1,249,237
	Opus Group AB  (Electronic Equipment, Instruments & Components)		89,480		172,776
	SAS AB  (Airlines) (c)		371,884		1,027,429
	Skandinaviska Enskilda Banken AB Class A  (Commercial Banks)		156,430		2,020,023
	Svenska Cellulosa AB Class B  (Household Products)		62,028		1,765,763
	Swedbank AB Class A  (Commercial Banks) (d)		53,488		1,398,555
	Telefonaktiebolaget LM Ericsson Class B  (Communications Equipment)		27,475		335,501
					11,299,019
	Switzerland 7.3%
	Actelion, Ltd. Registered  (Biotechnology) (c)		12,016		1,129,171
	Adecco S.A.  (Professional Services) (c)		6,040		475,326
	Autoneum Holding A.G.  (Auto Components) (c)		1,112		192,559
	Basilea Pharmaceutica Registered (Biotechnology) (c)		10,617		1,464,939
	Credit Suisse Group A.G. Registered  (Capital Markets)		30,553		923,347
	Implenia A.G. Registered  (Construction & Engineering) (c)		5,869		413,319
	Komax Holding A.G.  (Machinery) (c)		1,472		230,870
	Kudelski S.A.  (Electronic Equipment, Instruments & Components)		9,633		147,154
	Logitech International S.A.  (Computers & Peripherals)		27,739		437,509
	Lonza Group A.G.  (Life Sciences Tools & Services) (c)		1,919		192,927
¤	Nestle S.A. Registered  (Food Products) (d)		63,403		4,601,464
	Novartis A.G.  (Pharmaceuticals) (d)		23,227		1,839,407
¤	Roche Holding A.G., (Genusscheine) (Pharmaceuticals) (d)		11,376		3,128,039
	Swiss Life Holding A.G. Registered  (Insurance) (c)(d)		7,269		1,568,209
	U-Blox A.G.  (Semiconductors & Semiconductor Equipment) (c)		781		99,062
	UBS A.G. Registered  (Capital Markets) (c)		38,608		766,071
					17,609,373
	Taiwan 0.8%
	AcBel Polytech, Inc.  (Electrical Equipment)		475,000		493,852
	Elitegroup Computer Systems Co., Ltd.  (Computers & Peripherals)		245,000		144,748
	Inventec Corp.  (Computers & Peripherals)		533,000		491,702
	Merry Electronics Co., Ltd.  (Household Durables)		95,000		550,293
	Namchow Chemical Industrial Co., Ltd.  (Food Products)		34,000		48,367
	Rechi Precision Co., Ltd.  (Machinery)		128,000		134,348
	Vanguard International Semiconductor Corp.  (Semiconductors & Semiconductor Equipment)		144,000		159,221
					2,022,531
	Thailand 0.4%
	Delta Electronics Thailand PCL  (Electronic Equipment, Instruments & Components)		114,100		183,196
	PTT Global Chemical PCL  (Chemicals)		220,400		475,719
	Thai Oil PCL  (Oil, Gas & Consumable Fuels)		67,200		107,386
	Thanachart Capital PCL  (Commercial Banks)		333,200		312,911
					1,079,212
	Turkey 0.3%
	Aksa Akrilik Kimya Sanayii AS (Textiles, Apparel & Luxury Goods)		13,761		45,533
	Otokar Otomotiv Ve Savunma Sanayi AS  (Machinery)		3,963		84,498
	TAV Havalimanlari Holding AS  (Transportation Infrastructure)		71,275		534,421
					664,452
	United Kingdom 18.6%
	Aberdeen Asset Management PLC  (Capital Markets)		203,869		1,309,727
	AstraZeneca PLC  (Pharmaceuticals) (d)		48,517		3,077,425
	Awilco Drilling PLC  (Energy Equipment & Services)		15,402		295,652
	BAE Systems PLC  (Aerospace & Defense)		294,604		2,078,128
	Barratt Developments PLC  (Household Durables)		230,650		1,435,520
	Bellway PLC  (Household Durables)		50,999		1,302,830
	BHP Billiton PLC  (Metals & Mining) (d)		37,866		1,117,660
	BP PLC  (Oil, Gas & Consumable Fuels)		340,999		2,679,514
	British American Tobacco PLC  (Tobacco) (d)		47,840		2,293,262
	British Sky Broadcasting Group PLC  (Media)		60,116		865,704
	Britvic PLC  (Beverages)		41,223		469,621
	BT Group PLC  (Diversified Telecommunication Services)		75,311		474,539
	CSR PLC  (Semiconductors & Semiconductor Equipment)		7,765		84,440
	easyJet PLC  (Airlines)		46,343		1,252,452
	GlaxoSmithKline PLC  (Pharmaceuticals) (d)		101,095		2,599,211
	Halfords Group PLC  (Specialty Retail)		70,266		529,614
	Home Retail Group PLC  (Internet & Catalog Retail)		446,870		1,317,154
¤	HSBC Holdings PLC  (Commercial Banks) (d)		422,309		4,352,842
	ITV PLC  (Media)		584,627		1,888,498
	J Sainsbury PLC  (Food & Staples Retailing)		261,685		1,483,703
	Keller Group PLC  (Construction & Engineering)		60,338		1,174,404
	Micro Focus International PLC  (Software)		26,812		330,572
	Moneysupermarket.com Group PLC  (Internet Software & Services)		31,574		92,546
	Next PLC  (Multiline Retail)		16,393		1,684,277
	Pace PLC  (Communications Equipment)		199,815		1,173,643
	Persimmon PLC  (Household Durables) (d)		85,798		1,851,897
	Phoenix Group Holdings  (Insurance)		68,025		821,364
	Rio Tinto PLC  (Metals & Mining)		16,092		858,023
	Soco International PLC  (Oil, Gas & Consumable Fuels) (c)		12,219		82,818
	Speedy Hire PLC  (Trading Companies & Distributors)		38,753		41,090
	Trinity Mirror PLC  (Media) (c)		33,473		97,947
	TUI Travel PLC  (Hotels, Restaurants & Leisure)		204,359		1,429,112
	Vodafone Group PLC  (Wireless Telecommunication Services)		820,913		3,057,287
	WH Smith PLC  (Specialty Retail)		7,857		134,715
	WM Morrison Supermarkets PLC  (Food & Staples Retailing)		306,525		1,208,847
					44,946,038
	United States 0.1%
	China Yuchai International, Ltd.  (Machinery)		7,900		167,875
	Total Common Stocks (Cost $280,129,495)				311,377,756
	Exchange-Traded Fund 1.6% (e)
	United States 1.6%
¤	iShares MSCI EAFE Index Fund  (Capital Markets)		61,128		3,888,352
	Total Exchange-Traded Fund (Cost $4,002,580)				3,888,352
	Preferred Stocks 0.1%
	Brazil 0.0%‡
	Banco ABC Brasil S.A. 5.09%  (Commercial Banks)		12,700		62,783
	Germany 0.1%
	Henkel A.G. & Co. KGaA 1.17%  (Household Products)		2,350		254,760
	Total Preferred Stocks (Cost $323,628)				317,543

	Number of Rights		Value
Rights 0.0%‡
Austria 0.0%‡
Raiffeisen Bank International A.G.  (a)(b)(c)		6,805		2,572
Total Rights (Cost $0)				2,572

	Number of Warrants		Value
Warrants 0.0%‡
Spain 0.0%‡
Promotora de Informaciones S.A. Strike Price €2.00 Expires 6/5/14 (Media) (c)		85,100		1,148
Total Warrants (Cost $0)				1,148

	Principal Amount			Value
Short-Term Investment 0.4%
Repurchase Agreement 0.4%
United States 0.4%
State Street Bank and Trust Co. 0.00%, dated 1/31/14 due 2/3/14 Proceeds at Maturity $923,359 (Collateralized by a Federal National Mortgage Association security with a rate of 2.12% and a maturity date of 11/7/22, with a Principal Amount of $1,015,000 and a Market Value of $943,358) (Capital Markets)	$	923,359			923,359
Total Short-Term Investment (Cost $923,359)					923,359
Total Investments, Before Investments Sold Short (Cost $285,379,062) (h)		131.0	%		316,510,730

	Shares			Value
Investments Sold Short (31.6%)
Common Stocks Sold Short (31.6%)
Australia (4.5%)
Aquila Resources, Ltd.  (Oil, Gas & Consumable Fuels) (c)		(81,360	)		(173,021	)
ARB Corp., Ltd.  (Auto Components)		(12,009	)		(115,922	)
Aurora Oil & Gas, Ltd.  (Oil, Gas & Consumable Fuels) (c)		(8,124	)		(19,409	)
Bandanna Energy, Ltd.  (Oil, Gas & Consumable Fuels) (c)		(233,827	)		(32,741	)
Bathurst Resources New Zeala  (Metals & Mining) (c)		(616,482	)		(97,112	)
Beadell Resources, Ltd.  (Metals & Mining) (c)		(1,717,344	)		(1,089,627	)
Buru Energy, Ltd.  (Oil, Gas & Consumable Fuels) (c)		(345,669	)		(555,110	)
Coalspur Mines, Ltd.  (Oil, Gas & Consumable Fuels) (c)		(101,105	)		(27,872	)
CuDeco, Ltd.  (Metals & Mining) (c)		(224,896	)		(287,354	)
Energy World Corp., Ltd.  (Independent Power Producers & Energy Traders) (c)		(392,946	)		(125,519	)
Evolution Mining, Ltd.  (Metals & Mining)		(118,470	)		(66,354	)
Gindalbie Metals, Ltd.  (Metals & Mining) (c)		(216,353	)		(18,745	)
Independence Group NL  (Metals & Mining)		(29,596	)		(85,473	)
Karoon Gas Australia, Ltd.  (Oil, Gas & Consumable Fuels) (c)		(120,394	)		(338,215	)
Linc Energy, Ltd.  (Oil, Gas & Consumable Fuels) (c)		(492,902	)		(513,460	)
Lynas Corp., Ltd.  (Metals & Mining) (c)		(2,494,627	)		(622,204	)
Macquarie Atlas Roads Group  (Transportation Infrastructure)		(117,198	)		(289,236	)
Maverick Drilling & Exploration, Ltd.  (Oil, Gas & Consumable Fuels) (c)		(152,004	)		(55,871	)
McMillan Shakespeare, Ltd.  (Professional Services)		(121,363	)		(1,259,661	)
MMG, Ltd.  (Metals & Mining) (c)		(1,584,000	)		(326,438	)
NEXTDC, Ltd.  (Diversified Telecommunication Services) (c)		(9,819	)		(18,905	)
Paladin Energy, Ltd.  (Oil, Gas & Consumable Fuels) (c)		(2,679,312	)		(1,184,124	)
PanAust, Ltd.  (Metals & Mining)		(57,061	)		(81,647	)
Papillon Resources, Ltd.  (Metals & Mining) (c)		(133,927	)		(137,717	)
Regis Resources, Ltd.  (Metals & Mining)		(306,288	)		(723,730	)
Sandfire Resources NL  (Metals & Mining) (c)		(127,827	)		(649,952	)
Senex Energy, Ltd.  (Oil, Gas & Consumable Fuels) (c)		(846,036	)		(488,670	)
Sirius Resources NL  (Metals & Mining) (c)		(293,117	)		(561,782	)
Virgin Australia Holdings, Ltd.  (Airlines) (c)		(1,605,329	)		(484,692	)
Virgin Australia International Holdings Pty, Ltd.  (Airlines) (a)(b)(c)		(444,108	)		(3,887	)
Western Areas, Ltd.  (Metals & Mining)		(72,934	)		(170,421	)
Whitehaven Coal, Ltd.  (Oil, Gas & Consumable Fuels) (c)		(144,154	)		(226,451	)
Wotif.com Holdings, Ltd.  (Internet & Catalog Retail)		(45,444	)		(97,040	)
					(10,928,362	)
Austria (0.3%)
Lenzing A.G.  (Chemicals)		(1,733	)		(104,840	)
RHI A.G.  (Construction Materials)		(2,646	)		(86,736	)
Schoeller-Bleckmann Oilfield Equipment A.G.  (Energy Equipment & Services)		(5,172	)		(540,320	)
					(731,896	)
Belgium (0.4%)
KBC Ancora  (Diversified Financial Services) (c)		(10,178	)		(386,966	)
Mobistar S.A.  (Wireless Telecommunication Services)		(2,003	)		(37,874	)
Tessenderlo Chemie N.V.  (Chemicals)		(6,427	)		(167,554	)
ThromboGenics N.V.  (Biotechnology) (c)		(12,565	)		(317,237	)
					(909,631	)
China (4.1%)
Aluminum Corp. of China, Ltd. Class H  (Metals & Mining) (c)		(444,000	)		(159,556	)
Anton Oilfield Services Group  (Energy Equipment & Services)		(640,000	)		(410,521	)
AviChina Industry & Technology Co., Ltd.  (Aerospace & Defense)		(388,000	)		(227,389	)
Bloomage Biotechnology Corp., Ltd.  (Chemicals)		(30,000	)		(80,953	)
Boshiwa International Holding, Ltd.  (Specialty Retail) (a)(b)(c)		(86,000	)		(18,609	)
Brilliance China Automotive Holdings, Ltd.  (Automobiles)		(294,000	)		(453,659	)
China Communications Services Corp., Ltd.  (Diversified Telecommunication Services)		(864,000	)		(468,513	)
China Datang Corp. Renewable Power Co., Ltd.  (Independent Power Producers & Energy Traders)		(1,100,000	)		(216,775	)
China Eastern Airlines Corp., Ltd.  (Airlines) (c)		(788,000	)		(266,936	)
China Foods, Ltd.  (Food Products) (c)		(1,110,000	)		(394,601	)
China ITS Holdings Co., Ltd.  (IT Services)		(581,000	)		(121,980	)
China Lilang, Ltd.  (Textiles, Apparel & Luxury Goods)		(108,000	)		(64,685	)
China Medical System Holdings, Ltd.  (Pharmaceuticals)		(220,000	)		(253,896	)
China Oil & Gas Group, Ltd.  (Gas Utilities)		(660,000	)		(112,213	)
China Rongsheng Heavy Industries Group Holdings, Ltd.  (Machinery) (c)		(3,047,500	)		(533,837	)
China Shipping Container Lines Co., Ltd.  (Marine) (c)		(1,946,000	)		(458,690	)
China Singyes Solar Technologies Holdings, Ltd. (Construction & Engineering)		(149,000	)		(170,230	)
CPMC Holdings, Ltd.  (Containers & Packaging)		(32,000	)		(24,689	)
Daphne International Holdings, Ltd.  (Textiles, Apparel & Luxury Goods)		(842,000	)		(431,639	)
Goodbaby International Holdings, Ltd.  (Leisure Equipment & Products)		(1,051,000	)		(527,950	)
Greatview Aseptic Packaging Co., Ltd.  (Containers & Packaging)		(119,000	)		(65,908	)
HC International, Inc.  (Media) (c)		(114,000	)		(258,136	)
Hidili Industry International Development, Ltd.  (Oil, Gas & Consumable Fuels) (c)		(243,000	)		(30,673	)
Hollysys Automation Technologies, Ltd.  (Electronic Equipment, Instruments & Components) (c)		(25,600	)		(431,872	)
Honghua Group, Ltd.  (Energy Equipment & Services)		(670,000	)		(188,993	)
Huaneng Renewables Corp., Ltd.  (Independent Power Producers & Energy Traders)		(158,000	)		(66,140	)
Hunan Nonferrous Metal Corp., Ltd. Class H  (Metals & Mining) (c)		(1,094,000	)		(342,412	)
Kunlun Energy Co., Ltd.  (Oil, Gas & Consumable Fuels)		(266,000	)		(442,660	)
Li Ning Co., Ltd.  (Textiles, Apparel & Luxury Goods) (c)		(567,500	)		(455,386	)
Lianhua Supermarket Holdings Co., Ltd. Class H  (Food & Staples Retailing)		(307,000	)		(179,127	)
Midas Holdings, Ltd.  (Metals & Mining)		(351,000	)		(126,462	)
Parkson Retail Group, Ltd.  (Multiline Retail)		(1,523,500	)		(465,068	)
Sinopec Kantons Holdings, Ltd.  (Oil, Gas & Consumable Fuels)		(430,000	)		(495,698	)
Sunny Optical Technology Group Co., Ltd.  (Electronic Equipment, Instruments & Components)		(471,000	)		(385,230	)
Tong Ren Tang Technologies Co., Ltd. Class H  (Pharmaceuticals)		(38,000	)		(130,439	)
Vinda International Holdings, Ltd.  (Household Products)		(89,000	)		(140,542	)
Welling Holding, Ltd.  (Household Durables)		(112,000	)		(34,911	)
Zhaojin Mining Industry Co., Ltd. Class H  (Metals & Mining)		(330,000	)		(196,798	)
					(9,833,776	)
Denmark (0.4%)
Chr. Hansen Holding A/S  (Chemicals)		(22,353	)		(863,429	)
Finland (0.8%)
Outokumpu Oyj  (Metals & Mining) (c)		(2,189,139	)		(1,276,362	)
Outotec Oyj  (Construction & Engineering)		(58,244	)		(594,651	)
					(1,871,013	)
France (0.3%)
AB Science S.A.  (Pharmaceuticals) (c)		(2,440	)		(40,839	)
Bull  (IT Services) (c)		(70,392	)		(349,371	)
Eramet  (Metals & Mining)		(444	)		(42,391	)
Soitec  (Semiconductors & Semiconductor Equipment) (c)		(71,976	)		(142,699	)
Valneva S.E.  (Life Sciences Tools & Services) (c)		(8,620	)		(58,361	)
					(633,661	)
Germany (3.4%)
Aixtron S.E.  (Semiconductors & Semiconductor Equipment) (c)		(64,847	)		(990,037	)
Dialog Semiconductor PLC  (Semiconductors & Semiconductor Equipment) (c)		(40,160	)		(782,125	)
ElringKlinger A.G.  (Auto Components)		(6,849	)		(253,470	)
Evotec A.G.  (Life Sciences Tools & Services) (c)		(178,474	)		(986,902	)
Gerry Weber International A.G.  (Textiles, Apparel & Luxury Goods)		(24,196	)		(1,076,893	)
Heidelberger Druckmaschinen A.G.  (Machinery) (c)		(265,692	)		(1,093,650	)
KWS Saat A.G.  (Food Products)		(98	)		(32,964	)
Pfeiffer Vacuum Technology A.G.  (Machinery)		(83	)		(9,862	)
Puma S.E.  (Textiles, Apparel & Luxury Goods)		(1,067	)		(303,570	)
QSC A.G.  (Diversified Telecommunication Services)		(34,680	)		(188,963	)
Rational A.G.  (Machinery)		(1,181	)		(363,640	)
SGL Carbon S.E.  (Electrical Equipment)		(36,608	)		(1,367,637	)
Tipp24 SE  (Hotels, Restaurants & Leisure) (c)		(3,172	)		(213,904	)
Tom Tailor Holding A.G.  (Specialty Retail) (c)		(10,658	)		(218,635	)
Wacker Chemie A.G.  (Chemicals)		(2,629	)		(313,017	)
					(8,195,269	)
Hong Kong (0.7%)
Ajisen China Holdings, Ltd.  (Hotels, Restaurants & Leisure)		(13,000	)		(15,355	)
China High Speed Transmission Equipment Group Co., Ltd.  (Electrical Equipment) (c)		(220,000	)		(133,182	)
China Precious Metal Resources Holdings Co., Ltd.  (Metals & Mining) (c)		(1,044,000	)		(153,296	)
Chong Hing Bank, Ltd.  (Commercial Banks)		(30,000	)		(118,434	)
Comba Telecom Systems Holdings, Ltd.  (Communications Equipment) (c)		(1,362,500	)		(466,814	)
Emperor Watch & Jewellery, Ltd.  (Specialty Retail)		(590,000	)		(38,757	)
Esprit Holdings, Ltd.  (Specialty Retail) (c)		(56,000	)		(105,742	)
Haier Electronics Group Co., Ltd.  (Household Durables)		(154,000	)		(446,302	)
Hanergy Solar Group, Ltd.  (Semiconductors & Semiconductor Equipment) (c)		(152,000	)		(21,536	)
Hengdeli Holdings, Ltd.  (Specialty Retail)		(167,200	)		(35,534	)
Jardine Matheson Holdings, Ltd.  (Industrial Conglomerates)		(2,800	)		(150,024	)
MIE Holdings Corp.  (Oil, Gas & Consumable Fuels)		(416,000	)		(73,943	)
					(1,758,919	)
Italy (2.7%)
Ansaldo STS S.p.A.  (Transportation Infrastructure)		(44,920	)		(500,723	)
Geox S.p.A.  (Textiles, Apparel & Luxury Goods)		(108,296	)		(437,884	)
Indesit Co. S.p.A.  (Household Durables)		(46,384	)		(633,088	)
Maire Tecnimont S.p.A.  (Construction & Engineering) (c)		(533,090	)		(1,132,391	)
Piaggio & C. S.p.A.  (Automobiles)		(26,048	)		(79,747	)
Prada S.p.A.  (Textiles, Apparel & Luxury Goods)		(129,500	)		(950,759	)
RCS Mediagroup S.p.A.  (Media) (c)		(631,728	)		(1,297,613	)
Telecom Italia Media S.p.A.  (Media) (c)		(365,022	)		(66,018	)
Tod's S.p.A.  (Textiles, Apparel & Luxury Goods)		(4,986	)		(681,204	)
Yoox S.p.A.  (Internet & Catalog Retail) (c)		(16,724	)		(633,588	)
					(6,413,015	)
Japan (8.6%)
3-D Matrix, Ltd.  (Biotechnology) (c)		(11,100	)		(554,077	)
Adways, Inc.  (Media) (c)		(38,200	)		(1,009,120	)
Aplus Financial Co., Ltd.  (Consumer Finance) (c)		(327,900	)		(423,635	)
Askul Corp.  (Internet & Catalog Retail)		(8,600	)		(329,539	)
Atom Corp.  (Hotels, Restaurants & Leisure)		(16,400	)		(86,519	)
Cookpad, Inc.  (Media) (c)		(7,900	)		(262,122	)
Cosel Co., Ltd.  (Electrical Equipment)		(2,900	)		(33,436	)
Cosmos Pharmaceutical Corp.  (Food & Staples Retailing)		(5,700	)		(718,567	)
Daiichi Chuo Kisen Kaisha  (Marine) (c)		(42,000	)		(45,219	)
Endo Lighting Corp.  (Electrical Equipment)		(9,300	)		(168,942	)
Euglena Co., Ltd.  (Personal Products) (c)		(40,100	)		(485,894	)
Fuji Kyuko Co., Ltd.  (Hotels, Restaurants & Leisure)		(54,000	)		(452,422	)
Fujita Kanko, Inc.  (Hotels, Restaurants & Leisure)		(37,000	)		(130,009	)
Gun-Ei Chemical Industry Co., Ltd.  (Chemicals)		(25,000	)		(105,706	)
Ichigo Group Holdings Co., Ltd.  (Capital Markets)		(270,200	)		(809,251	)
Ikyu Corp.  (Internet & Catalog Retail)		(344	)		(491,573	)
Japan Bridge Corp.  (Construction & Engineering) (c)		(244,200	)		(454,125	)
Japan Drilling Co., Ltd.  (Energy Equipment & Services)		(4,700	)		(242,889	)
Japan Tissue Engineering Co., Ltd.  (Biotechnology) (c)		(147	)		(578,389	)
Jin Co., Ltd.  (Specialty Retail)		(25,100	)		(873,353	)
JP-Holdings Inc.  (Diversified Consumer Services)		(123,400	)		(553,168	)
Katakura Industries Co., Ltd.  (Industrial Conglomerates)		(3,200	)		(36,332	)
Kusuri No Aoki Co., Ltd.  (Food & Staples Retailing)		(1,800	)		(95,312	)
Matsuya Co., Ltd.  (Multiline Retail) (c)		(42,100	)		(421,536	)
Medinet Co., Ltd.  (Life Sciences Tools & Services) (c)		(1,564	)		(636,805	)
Monotaro Co., Ltd.  (Trading Companies & Distributors)		(43,700	)		(946,113	)
Nakayama Steel Works, Ltd.  (Metals & Mining) (c)		(386,000	)		(343,800	)
Nippon Yakin Kogyo Co., Ltd.  (Metals & Mining) (c)		(311,500	)		(914,652	)
Nissha Printing Co., Ltd.  (Commercial Services & Supplies) (c)		(28,500	)		(414,236	)
Orient Corp.  (Consumer Finance) (c)		(406,400	)		(926,800	)
OSAKA Titanium Technologies Co.  (Metals & Mining)		(45,000	)		(728,932	)
Pacific Metals Co., Ltd.  (Metals & Mining)		(7,000	)		(24,939	)
R-Tech Ueno, Ltd.  (Pharmaceuticals)		(15,700	)		(228,962	)
Sanix, Inc.  (Commercial Services & Supplies) (c)		(103,100	)		(891,037	)
Seria Co., Ltd.  (Multiline Retail)		(4,500	)		(186,748	)
Shin Nippon Biomedical Laboratories, Ltd.  (Life Sciences Tools & Services) (c)		(80,300	)		(1,343,966	)
Sparx Group Co., Ltd.  (Capital Markets) (c)		(238,400	)		(674,343	)
tella, Inc.  (Life Sciences Tools & Services) (c)		(16,800	)		(371,451	)
Toho Titanium Co., Ltd.  (Metals & Mining)		(49,300	)		(323,777	)
TOKYOTOKEIBA Co., Ltd.  (Hotels, Restaurants & Leisure)		(231,000	)		(813,938	)
United Arrows, Ltd.  (Specialty Retail)		(24,800	)		(805,873	)
Yomiuri Land Co., Ltd.  (Hotels, Restaurants & Leisure)		(67,000	)		(425,595	)
Yumeshin Holdings Co., Ltd.  (Professional Services)		(57,000	)		(508,799	)
					(20,871,901	)
Jersey (0.1%)
Heritage Oil PLC  (Oil, Gas & Consumable Fuels) (c)		(120,330	)		(371,883	)
Mongolia (0.1%)
Mongolian Mining Corp.  (Metals & Mining) (c)		(1,177,000	)		(127,345	)
Netherlands (0.5%)
Royal Imtech N.V.  (Construction & Engineering) (c)		(448,801	)		(1,283,836	)
Norway (0.7%)
Archer, Ltd.  (Energy Equipment & Services) (c)		(495,359	)		(426,119	)
Det Norske Oljeselskap ASA  (Oil, Gas & Consumable Fuels) (c)		(39,341	)		(398,270	)
ElectroMagnetic GeoServices ASA  (Energy Equipment & Services) (c)		(118,162	)		(130,821	)
Schibsted ASA  (Media)		(8,251	)		(482,117	)
Vard Holdings, Ltd.  (Machinery) (c)		(379,000	)		(243,415	)
					(1,680,742	)
Russia (0.1%)
Polyus Gold International, Ltd.  (Metals & Mining)		(83,497	)		(255,305	)
Singapore (0.5%)
Dyna-Mac Holdings, Ltd.  (Energy Equipment & Services)		(232,000	)		(68,142	)
Ezra Holdings, Ltd.  (Energy Equipment & Services) (c)		(202,000	)		(152,677	)
Super Group, Ltd.  (Food Products)		(95,000	)		(276,797	)
Tiger Airways Holdings, Ltd.  (Airlines) (c)		(30,000	)		(9,986	)
United Envirotech, Ltd.  (Commercial Services & Supplies)		(33,000	)		(31,016	)
Yoma Strategic Holdings, Ltd.  (Construction & Engineering)		(1,266,000	)		(723,853	)
					(1,262,471	)
Spain (0.1%)
Abengoa S.A.  (c)		(25,848	)		(103,468	)
Tubacex S.A.  (Metals & Mining)		(39,777	)		(151,821	)
					(255,289	)
Sweden (0.5%)
Active Biotech AB  (Biotechnology) (c)		(9,160	)		(48,237	)
Avanza Bank Holding AB  (Capital Markets)		(1,312	)		(48,063	)
CDON Group AB  (Internet & Catalog Retail) (c)		(140,852	)		(589,087	)
Medivir AB  (Biotechnology) (c)		(14,898	)		(205,799	)
Saab AB  (Aerospace & Defense)		(13,302	)		(345,169	)
					(1,236,355	)
Switzerland (0.6%)
DKSH Holding, Ltd.  (Professional Services)		(5,631	)		(383,515	)
Gategroup Holding A.G.  (Commercial Services & Supplies) (c)		(11,704	)		(348,545	)
Schmolz + Bickenbach A.G.  (Metals & Mining) (c)		(524,843	)		(688,869	)
Temenos Group A.G.  (Software) (c)		(1,474	)		(41,457	)
					(1,462,386	)
United Arab Emirates (0.1%)
Lamprell PLC  (Energy Equipment & Services) (c)		(12,861	)		(30,286	)
Polarcus, Ltd.  (Energy Equipment & Services) (c)		(177,355	)		(110,751	)
					(141,037	)
United Kingdom (2.1%)
Anite PLC  (IT Services)		(172,363	)		(258,554	)
Bumi PLC  (Oil, Gas & Consumable Fuels) (c)		(102,208	)		(401,567	)
Dialight PLC  (Electrical Equipment)		(28,602	)		(359,929	)
Imagination Technologies Group PLC  (Semiconductors & Semiconductor Equipment) (c)		(394,346	)		(1,118,257	)
London Mining PLC  (Metals & Mining) (c)		(64,665	)		(99,659	)
Ophir Energy PLC  (Oil, Gas & Consumable Fuels) (c)		(295,610	)		(1,357,752	)
Oxford Instruments PLC  (Electronic Equipment, Instruments & Components)		(25,411	)		(699,700	)
Petra Diamonds, Ltd.  (Metals & Mining) (c)		(33,132	)		(75,108	)
Renishaw PLC  (Electronic Equipment, Instruments & Components)		(4,176	)		(129,404	)
Salamander Energy PLC  (Oil, Gas & Consumable Fuels) (c)		(34,381	)		(60,051	)
Spirent Communications PLC  (Communications Equipment)		(259,895	)		(406,520	)
Telecom Plus PLC  (Multi-Utilities)		(4,715	)		(147,501	)
Tullett Prebon PLC  (Capital Markets)		(7,768	)		(42,396	)
Xaar PLC  (Computers & Peripherals)		(2,412	)		(44,012	)
					(5,200,410	)
Total Common Stocks Sold Short (Proceeds $86,332,743)					(76,287,931	)
Convertible Preferred Stock Sold Short (0.0%)‡
France (0.0%)‡
Valneva S.E.  (Life Sciences Tools & Services) (c)		(6,226	)		(2,947	)
Total Convertible Preferred Stock Sold Short (Proceeds $7,091)					(2,947	)
Rights Sold Short (0.0%)‡
Austria (0.0%)‡
Intercell A.G.  (Biotechnology) (a)(b)(c)		(19,159	)		(3	)
Total Rights Sold Short (Proceeds $0)					(3	)
Total Investments Sold Short (Proceeds $(86,339,834)		(31.6	)%		(76,290,881	)
Total Investments, Net of Investments Sold Short (Proceeds $199,039,228)		99.4			240,219,849
Other Assets, Less Liabilities		0.6			1,366,821
Net Assets		100.0	%	$	241,586,670

	Contracts Short			Unrealized Appreciation (Depreciation) (f)
Futures Contracts (0.1%)
Japanese Yen Currency March 2014 (g)		(80	)	$	(186,728	)
Total Futures Contracts (Notional Amount $9,775,000)				$	(186,728	)

¤ Among the Fund's 10 largest holdings, as of January 31, 2014, excluding short-term investment. May be subject to change daily.

† Percentages indicated are based on Fund net assets.

‡ Less than one-tenth of a percent.

(a) Illiquid security - The total market value of these securities as of January 31, 2014, was $(16,330), which represented less than one-tenth of a percent of the Fund's net assets.

(b) Fair valued security – Security was fair valued in accordance with the Fund’s valuation policy. As of January 31, 2014, the total market value of fair valued securities was $(16,330), which represented less than one-tenth of a percent of the Fund’s net assets.

(c) Non-income producing security.

(d) 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.

(e) Exchange-Traded Fund - An investment vehicle that represents a basket of securities that is traded on an exchange.

(f) Represents the difference between the value of the contracts at the time they were opened and the value as of January 31, 2014.

(g) At January 31, 2014, cash in the amount of $252,000 was on deposit with the broker for futures transactions.

(h) As of January 31, 2014, cost was $287,992,705 for federal income tax purposes and net unrealized appreciation was as follows:

Gross unrealized appreciation	$	38,006,587
Gross unrealized depreciation		(9,488,562	)
Net unrealized appreciation	$	28,518,025

The following abbreviation is used in the above portfolio:

€ —Euro

The following is a summary of the fair valuations according to the inputs used as of January 31, 2014, 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)
Common Stocks (b)	$	311,374,159	$	—	$	3,597	$	311,377,756
Exchange-Traded Fund		3,888,352		—		—		3,888,352
Preferred Stocks		317,543		—		—		317,543
Rights (c)		—		—		2,572		2,572
Warrants		1,148		—		—		1,148
Short-Term Investment
Repurchase Agreement		—		923,359		—		923,359
Total Investments in Securities	$	315,581,202	$	923,359	$	6,169	$	316,510,730

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
Investments in Securities Sold Short (a)
Common Stocks Sold Short (d)	$	(76,265,435	)	$	—	$	(22,496	)	$	(76,287,931	)
Convertible Preferred Stock Sold Short		(2,947	)		—		—			(2,947	)
Rights Sold Short (e)		—			—		(3	)		(3	)
Total Investments in Securities Sold Short		(76,268,382	)		—		(22,499	)		(76,290,881	)
Other Financial Instruments
Futures Contracts Short (f)		(186,728	)		—		—			(186,728	)
Total Investments in Securities Sold Short and other Financial Instruments	$	(76,455,110	)	$	—	$	(22,499	)	$	(76,477,609	)

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

(b) The Level 3 securities valued at $9 and $3,588 are held in Australia and Hong Kong, respectively, within the Common Stocks section of the Portfolio of Investments.

(c) The Level 3 security valued at $2,572 is held in Austria within the Rights section of the Portfolio of Investments.

(d) The Level 3 securities valued at $(3,887) and $(18,609) are held in Australia and China, respectively, within the Common Stocks Sold Short section of the Portfolio of Investments.

(e) The Level 3 security valued at $(3) is held in Austria within the Rights Sold Short section of the Portfolio of Investments.

(f) 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.

During the period ended January 31, 2014, a foreign equity security with a total value of $543,957 was transferred from Level 3 to Level 1. The transfer occurred as a result of the foreign equity security being valued by an independent pricing service as of January 31, 2014.

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, 2013			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 January 31, 2014			Change in Unrealized Appreciation (Depreciation) from  Investments Still Held  at January 31, 2014
Common Stocks
Australia	$	10		$	-	$	-	$	(1	)	$	-	$	-	$	-	$	-		$	9		$	(1	)
China		543,957			-		-		-			-		-		-		(543,957	)		-			-
Hong Kong		4,132			-		-		(544	)		-		-		-		-			3,588			(544	)
Common Stocks Sold Short
Australia		(4,197	)		-		-		310			-		-		-		-			(3,887	)		310
China		(18,635	)		-		-		26			-		-		-		-			(18,609	)		26
Rights
Austria		-			-		-		2,572			-		-		-		-			2,572			2,572
Rights Sold Short
Austria		(3	)		-		-		-			-		-		-		-			(3	)		-
Total	$	525,264		$	-	$	-	$	2,363		$	-	$	-	$	-	$	(543,957	)	$	(16,330	)	$	2,363

MainStay Moderate Allocation Fund

Portfolio of Investments January 31, 2014 (Unaudited)

	Shares			Value
Affiliated Investment Companies 100.0% †
Equity Funds 59.9%
MainStay Cornerstone Growth Fund Class I		688,757		$	21,516,779
MainStay Emerging Markets Opportunities Fund Class I (a)		809,424			7,333,385
MainStay Epoch Global Choice Fund Class I (a)		879,491			17,352,364
MainStay Epoch U.S. All Cap Fund Class I		1,149,372			30,791,676
MainStay ICAP Equity Fund Class I		593,495			29,526,371
MainStay ICAP International Fund Class I		581,071			20,070,192
MainStay International Equity Fund Class I		480,230			6,257,399
MainStay International Opportunities Fund Class I (a)		1,783,279			15,532,360
MainStay Large Cap Growth Fund Class I (b)		5,285,093			53,590,841
MainStay MAP Fund Class I		1,267,511			54,388,911
MainStay Marketfield Fund Class I		617,363			11,316,262
MainStay S&P 500 Index Fund Class I		197,105			8,140,428
MainStay U.S. Equity Opportunities Fund Class I (a)		4,835,979			39,219,786
MainStay U.S. Small Cap Fund Class I (a)(b)		1,561,175			38,482,971
Total Equity Funds (Cost $277,787,956)					353,519,725
Fixed Income Funds 40.1%
MainStay Floating Rate Fund Class I		3,994,631			38,388,405
MainStay High Yield Corporate Bond Fund Class I		2,051,234			12,450,990
MainStay High Yield Municipal Bond Fund Class I		531,255			5,859,742
MainStay Indexed Bond Fund Class I		56,432			619,060
MainStay Intermediate Term Bond Fund Class I (a)		11,368,918			121,874,796
MainStay Money Market Fund Class A (a)		24,964,795			24,964,795
MainStay Short Duration High Yield Fund Class I (a)		1,230,554			12,428,594
MainStay Unconstrained Bond Fund Class I		2,200,468			20,464,354
Total Fixed Income Funds (Cost $232,869,717)					237,050,736
Total Investments (Cost $510,657,673) (c)		100.0	%		590,570,461
Other Assets, Less Liabilities		(0.0	)‡		(242,834	)
Net Assets		100.0	%	$	590,327,627

† 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) As of January 31, 2014, cost was $515,867,062 for federal income tax purposes and net unrealized appreciation was as follows:

Gross unrealized appreciation	$	80,800,089
Gross unrealized depreciation		(6,096,690	)
Net unrealized appreciation	$	74,703,399

The following is a summary of the fair valuations according to the inputs used as of January 31, 2014, 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	$	353,519,725	$	—	$	—	$	353,519,725
Fixed Income Funds		237,050,736		—		—		237,050,736
Total Investments	$	590,570,461	$	—	$	—	$	590,570,461

(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 January 31, 2014, the Fund did not have any transfers between Level 1 and Level 2 fair value measurements.

As of January 31, 2014, the Fund did not hold any investments with significant unobservable inputs (Level 3).

MainStay Moderate Growth Allocation Fund

Portfolio of Investments January 31, 2014 (Unaudited)

	Shares			Value
Affiliated Investment Companies 100.0% †
Equity Funds 80.1%
MainStay Cornerstone Growth Fund Class I (a)		895,133		$	27,963,969
MainStay Emerging Markets Opportunities Fund Class I (a)		839,940			7,609,858
MainStay Epoch Global Choice Fund Class I (a)		857,105			16,910,691
MainStay Epoch U.S. All Cap Fund Class I		1,109,475			29,722,846
MainStay ICAP Equity Fund Class I		634,241			31,553,504
MainStay ICAP International Fund Class I		951,705			32,871,890
MainStay International Equity Fund Class I (a)		779,891			10,161,981
MainStay International Opportunities Fund Class I (a)		2,921,386			25,445,276
MainStay Large Cap Growth Fund Class I (b)		5,982,228			60,659,792
MainStay MAP Fund Class I		1,511,174			64,844,463
MainStay Marketfield Fund Class I		602,413			11,042,232
MainStay S&P 500 Index Fund Class I		179,877			7,428,933
MainStay U.S. Equity Opportunities Fund Class I (a)		6,792,890			55,090,338
MainStay U.S. Small Cap Fund Class I (a)(b)		3,049,039			75,158,804
Total Equity Funds (Cost $356,721,023)					456,464,577
Fixed Income Funds 19.9%
MainStay Floating Rate Fund Class I		3,248,927			31,222,185
MainStay High Yield Corporate Bond Fund Class I		1,602,721			9,728,518
MainStay High Yield Municipal Bond Fund Class I		437,785			4,828,767
MainStay Intermediate Term Bond Fund Class I		1,882,454			20,179,906
MainStay Money Market Fund Class A (a)		22,717,877			22,717,877
MainStay Short Duration High Yield Fund Class I (a)		1,152,809			11,643,370
MainStay Unconstrained Bond Fund Class I		1,444,145			13,430,553
Total Fixed Income Funds (Cost $111,097,070)					113,751,176
Total Investments (Cost $467,818,093) (c)		100.0	%		570,215,753
Other Assets, Less Liabilities		(0.0	)‡		(104,743	)
Net Assets		100.0	%	$	570,111,010

† 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) As of January 31, 2014, cost was $474,685,978 for federal income tax purposes and net unrealized appreciation was as follows:

Gross unrealized appreciation	$	103,495,919
Gross unrealized depreciation		(7,966,144	)
Net unrealized appreciation	$	95,529,775

The following is a summary of the fair valuations according to the inputs used as of January 31, 2014, 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	$	456,464,577	$	—	$	—	$	456,464,577
Fixed Income Funds		113,751,176		—		—		113,751,176
Total Investments	$	570,215,753	$	—	$	—	$	570,215,753

(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 January 31, 2014, the Fund did not have any transfers between Level 1 and Level 2 fair value measurements.

As of January 31, 2014, the Fund did not hold any investments with significant unobservable inputs (Level 3).

MainStay New York Tax Free Opportunities Fund

Portfolio of Investments January 31, 2014 (Unaudited)

		Principal Amount		Value
	Municipal Bonds 98.8% †
	Airport 3.6%
	Antonio B Won Pat International Airport Authority, Guam Airport, Revenue Bonds
	Series C 6.00%, due 10/1/23 (a)	$	500,000	$	529,515
	Series C, Insured: AGM 6.00%, due 10/1/34 (a)		1,000,000		1,076,830
	Port Authority of New York & New Jersey, JFK International Airport, Revenue Bonds
	5.50%, due 12/1/31		600,000		635,646
	6.00%, due 12/1/42		520,000		564,455
					2,806,446
	Appropriation 0.2%
	Hudson Yards Infrastructure Corp., Revenue Bonds Series A, Insured: NATL-RE 4.50%, due 2/15/47		145,000		143,856
	Charter School 1.0%
	Build NYC Resource Corp., Bronx Charter School For Excellence, Revenue Bonds Series A 5.50%, due 4/1/43		750,000		737,100
	Dedicated Tax 2.1%
	Guam Government, Revenue Bonds Series A 5.375%, due 12/1/24		1,000,000		1,048,780
	New York City Transitional Finance Authority Future Tax Secured, Revenue Bonds Series F-1 5.00%, due 5/1/28		500,000		556,100
					1,604,880
	Development 1.8%
	New York City Industrial Development Agency, British Airways PLC Project, Revenue Bonds 5.25%, due 12/1/32 (a)		1,500,000		1,396,350
	Education 2.0%
	Riverhead Industrial Development Agency, Revenue Bonds 7.00%, due 8/1/43		1,500,000		1,529,145
	Facilities 1.6%
	Territory of Guam, Unlimited General Obligation Series A 6.75%, due 11/15/29		1,175,000		1,230,566
	General 11.3%
¤	Build NYC Resource Corp., YMCA of Greater New York, Revenue Bonds
	5.00%, due 8/1/32		1,000,000		1,041,810
	5.00%, due 8/1/42		1,000,000		1,023,990
	Nassau County Industrial Development Agency, Revenue Bonds 0.04%, due 1/1/34 (b)		200,000		200,000
¤	New York City Industrial Development Agency, Pilot-Queens Baseball Stadium, Revenue Bonds
	Insured: AMBAC 5.00%, due 1/1/36		830,000		763,119
	Insured: AMBAC 5.00%, due 1/1/39		500,000		451,560
	Insured: GTY 6.375%, due 1/1/39		500,000		550,225
	New York City Industrial Development Agency, Yankee Stadium, Revenue Bonds
	Insured: GTY (zero coupon), due 3/1/40		160,000		39,206
	Insured: GTY (zero coupon), due 3/1/44		500,000		92,625
	Insured: GTY (zero coupon), due 3/1/46		3,250,000		536,640
	Insured: GTY (zero coupon), due 3/1/47		400,000		62,448
	Puerto Rico Infrastructure Financing Authority, Revenue Bonds Series C, Insured: AMBAC 5.50%, due 7/1/17		700,000		670,985
	Schenectady Metroplex Development Authority, Revenue Bonds Series A, Insured: AGM 5.50%, due 8/1/33		1,000,000		1,093,190
	Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds Insured: AGM 5.00%, due 10/1/32		1,000,000		1,013,620
	Virgin Islands Public Finance Authority, Revenue Bonds Insured: AGM 5.00%, due 10/1/32		1,200,000		1,216,344
					8,755,762
	General Obligation 7.0%
	City of New York, Unlimited General Obligation Series H-5 0.30%, due 3/1/34 (b)		900,000		900,000
	Genesee Valley Central School District at Angelica Belmont, General Obligation Insured: AGM 4.00%, due 6/15/30		665,000		675,155
	Moravia Central School District, General Obligation
	Insured: AGM 4.00%, due 6/15/35		335,000		327,680
	Insured: AGM 4.00%, due 6/15/36		345,000		333,822
	Insured: AGM 4.00%, due 6/15/37		360,000		340,351
	Nassau County, General Obligation Series A 4.00%, due 4/1/27		1,000,000		1,007,720
	Newburgh, Limited General Obligation Series A 5.50%, due 6/15/31		500,000		488,760
	Oyster Bay Public Improvement, Unlimited General Obligation Series B 4.00%, due 12/1/20		100,000		107,723
	Suffolk County Industrial Development Agency, Westhampton Free Association Library, Revenue Bonds Insured: AMBAC 5.00%, due 6/15/17		315,000		344,213
	Village of Harrison, NY, Public Improvement, General Obligation
	5.00%, due 12/15/24		395,000		467,629
	5.00%, due 12/15/25		365,000		427,298
					5,420,351
	Higher Education 24.4%
	Buffalo & Erie County Industrial Land Development Corp., Buffalo State College Foundation Housing, Revenue Bonds Series: A 5.375%, due 10/1/41		855,000		903,829
¤	Dutchess County Industrial Development Agency, Bard College, Revenue Bonds Series A-1 5.00%, due 8/1/46		2,015,000		1,728,346
	Dutchess County Local Development Corp., Marist College Project, Revenue Bonds Series A 5.00%, due 7/1/39		1,000,000		1,050,930
	Geneva Development Corp., Hobart & William Smith College, Revenue Bonds 5.00%, due 9/1/32		1,000,000		1,068,640
	Hempstead Town Local Development Corp., Adelphi University Project, Revenue Bonds Series B 5.25%, due 2/1/39		475,000		495,653
	Madison County Capital Resource Corp., Colgate University Project, Revenue Bonds Series A 5.00%, due 7/1/29		1,000,000		1,119,730
	Monroe County Industrial Development Corp., John Fisher College, Revenue Bonds Series A 5.00%, due 6/1/24		330,000		357,614
	New York City Industrial Development Agency, Polytechnic University Project, Revenue Bonds Insured: ACA 5.25%, due 11/1/37		440,000		457,627
	New York City Industrial Development Agency, Vaughn College of Aeronautics & Technology, Revenue Bonds Series B 5.25%, due 12/1/36		500,000		464,800
	New York State Dormitory Authority, Catholic Health System Obligation Group, Revenue Bonds
	Series A 5.00%, due 7/1/32		600,000		604,074
	Series B 5.00%, due 7/1/32		390,000		392,648
	New York State Dormitory Authority, Culinary Institute of America, Revenue Bonds 6.00%, due 7/1/38		1,500,000		1,595,355
	New York State Dormitory Authority, Miriam Osborn Memorial Home, Revenue Bonds 5.00%, due 7/1/42		815,000		831,618
	New York State Dormitory Authority, New York University, Revenue Bonds Series A 5.25%, due 7/1/48		755,000		824,241
	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		1,557,390
	New York State Dormitory Authority, Pace University, Revenue Bonds Series A 5.00%, due 5/1/29		1,100,000		1,056,792
¤	New York State Dormitory Authority, The New School, Revenue Bonds 6.00%, due 7/1/50		1,500,000		1,627,170
	Orange County Funding Corp., Revenue Bonds Series A 5.00%, due 7/1/42		1,000,000		988,740
	St. Lawrence County Industrial Development Agency, Clarkson University Project, Revenue Bonds 5.375%, due 9/1/41		500,000		523,085
	Troy Capital Resource Corp., Rensselaer Polytechnic-A, Revenue Bonds 5.125%, due 9/1/40		1,185,000		1,221,640
					18,869,922
	Hospital 7.0%
¤	Build NYC Resource Corp., Royal Charter Properties, Revenue Bonds Insured: AGM 4.75%, due 12/15/32		2,000,000		2,015,740
	Monroe County Industrial Development Corp., Rochester General Hospital, Revenue Bonds Series A 5.00%, due 12/1/32		540,000		557,880
	Onondaga Civic Development Corp., St. Joseph's Hospital Health Center, Revenue Bonds
	4.50%, due 7/1/32		1,000,000		835,090
	5.00%, due 7/1/42		500,000		420,270
	Westchester County Healthcare Corp., Revenue Bonds
	Series A 4.50%, due 11/1/26		125,000		128,926
	Series A 5.00%, due 11/1/30		1,400,000		1,457,358
					5,415,264
	Housing 2.3%
	New York State Housing Finance Agency, Affordable Housing, Revenue Bonds Series B 4.85%, due 11/1/41		1,000,000		1,017,310
	Southampton Housing Authority, Revenue Bonds
	3.00%, due 5/15/32		425,000		360,090
	3.125%, due 5/15/35		315,000		256,435
	3.25%, due 5/15/37		200,000		161,278
					1,795,113
	Industrial Development / Pollution Control 10.1%
	New York City Industrial Development Agency, Liberty Interactive Corp., Revenue Bonds 5.00%, due 9/1/35		700,000		700,308
	New York City Industrial Development Agency, Revenue Bonds Series A 5.00%, due 7/1/28 (a)		1,500,000		1,454,970
	New York City Trust for Cultural Resources, Wildlife Conservation Society, Revenue Bonds Series A 5.00%, due 8/1/33		1,000,000		1,076,340
¤	New York Liberty Development Corp., Bank of America, Revenue Bonds
	Class 2 5.625%, due 7/15/47		1,050,000		1,124,949
	Class 3 6.375%, due 7/15/49		545,000		584,333
	New York Liberty Development Corp., Goldman Sachs Headquarters, Revenue Bonds 5.50%, due 10/1/37		365,000		400,058
	New York Liberty Development Corp., World Trade Center, Revenue Bonds
	Class 2 5.00%, due 9/15/43		1,040,000		1,062,568
	Class 3 5.00%, due 3/15/44		500,000		501,795
	Niagara Area Development Corp., Covanta Energy Project, Revenue Bonds 5.25%, due 11/1/42 (a)		1,000,000		913,010
					7,818,331
	Life Care 3.1%
	Tompkins County Development Corp., Kendall at Ithaca, Inc. Project, Revenue Bonds 4.50%, due 7/1/42		770,000		656,987
¤	Westchester County Local Development Corp., Kendal on Hudson Project, Revenue Bonds 5.00%, due 1/1/34		1,750,000		1,768,743
					2,425,730
	Medical 4.6%
	Albany Industrial Development Agency, Revenue Bonds Series A 5.25%, due 11/15/32		1,400,000		1,454,880
¤	New York State Dormitory Authority, Revenue Bonds 5.00%, due 7/1/41		2,000,000		2,099,180
					3,554,060
	Multi Family Housing 3.1%
	Housing Development Corp., College of Staten Island Residence, Revenue Bonds Insured: AGM 4.10%, due 7/1/42		1,000,000		936,330
	Housing Development Corp., Revenue Bonds
	Series D-1-A 4.00%, due 5/1/32		1,000,000		989,090
	Series D-1-B 4.20%, due 5/1/37		500,000		484,445
					2,409,865
	Power 1.2%
	Puerto Rico Electric Power Authority, Revenue Bonds Series N, Insured: NATL-RE 5.25%, due 7/1/19		500,000		472,250
	Virgin Islands Water And Power Authority, Revenue Bonds Series A 5.00%, due 7/1/31		600,000		478,716
					950,966
	Public Power 0.2%
	Guam Power Authority, Revenue Bonds Series A, Insured: AGM 5.00%, due 10/1/30		175,000		183,839
	Tobacco Settlement 6.9%
	Nassau County Tobacco Settlement Corp., Asset-Backed, Revenue Bonds
	Series A-3 5.00%, due 6/1/35		1,000,000		740,110
	Series A-3 5.125%, due 6/1/46		1,150,000		798,721
	New York Counties Tobacco Trust IV, Settlement Pass Through, Revenue Bonds Series A 5.00%, due 6/1/42		485,000		356,732
¤	Suffolk Tobacco Asset Securitization Corp., Revenue Bonds
	Series B 5.25%, due 6/1/37		950,000		963,044
	5.375%, due 6/1/28		825,000		757,226
¤	TSASC, Inc., Revenue Bonds
	Series 1 5.00%, due 6/1/34		1,205,000		935,815
	Series 1 5.125%, due 6/1/42		1,025,000		777,862
					5,329,510
	Transportation 3.7%
	Metropolitan Transportation Authority, Revenue Bonds Series E 5.00%, due 11/15/42		890,000		915,765
	Port Authority of New York And New Jersey, Revenue Bonds 5.00%, due 12/1/38 (a)		1,500,000		1,565,640
	Triborough Bridge And Tunnel Authority, Revenue Bonds 0.05%, due 1/1/32 (b)		405,000		405,000
					2,886,405
	Utilities 1.6%
	Guam Government Waterworks Authority, Revenue Bonds 5.25%, due 7/1/33		1,210,000		1,220,684
	Total Municipal Bonds (Cost $78,690,452)				76,484,145

	Shares
Unaffiliated Investment Company 0.3%
New York 0.3%
Nuveen New York AMT-Free Municipal Income Fund		17,036			214,483
Total Unaffiliated Investment Company (Cost $255,425)					214,483
Total Investments (Cost $78,945,877) (e)		99.1	%		76,698,628
Other Assets, Less Liabilities		0.9			704,319
Net Assets		100.0	%	$	77,402,947

	Contracts Short			Unrealized Appreciation (Depreciation)(c)
Futures Contracts (0.1%)
United States Treasury Notes March 2014 (10 Year) (d)		(115	)	$	(51,458	)
Total Futures Contracts (Notional Amount $14,461,250)				$	(51,458	)

¤	Among the Fund's 10 largest holdings or issuers held, as of January 31, 2014.  May be subject to change daily.
†	Percentages indicated are based on Fund net assets.
(a)	Interest on these securities is subject to alternative minimum tax.
(b)	Variable rate securities that may be tendered back to the issuer at any time prior to maturity at par.  Rate shown was the rate in effect as of January 31, 2014.
(c)	Represents the difference between the value of the contracts at the time they were opened and the value as of January 31, 2014.
(d)	As of January 31, 2014, cash in the amount of $169,625 was on deposit with the broker for futures transactions.
(e)	As of January 31, 2014, cost was $78,945,877 for federal income tax purposes and net unrealized depreciation was as follows:

Gross unrealized appreciation	$	636,277
Gross unrealized depreciation		(2,883,526	)
Net unrealized depreciation	$	(2,247,249	)

	The following abbreviations are used in the above portfolio:
ACA	—ACA Financial Guaranty Corp.
AGM	—Assured Guaranty Municipal Corp.
AMBAC	—Ambac Assurance Corp.
GTY	—Assured Guaranty Corp.
NATL-RE	—National Public Finance Guarantee Corp.

The following is a summary of the fair valuations according to the inputs used as of January 31, 2014, 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	$	—	$	76,484,145	$	—	$	76,484,145
Unaffiliated Investment Company		214,483		—		—		214,483
Total Investments in Securities	$	214,483	$	76,484,145	$	—	$	76,698,628

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 Short (b)	$	(51,458	)	$	—	$	—	$	(51,458	)
Total Other Financial Instruments	$	(51,458	)	$	—	$	—	$	(51,458	)

(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 January 31, 2014, the Fund did not have any transfers between Level 1 and Level 2 fair value measurements.

As of January 31, 2014, the Fund did not hold any investments with significant unobservable inputs (Level 3).

MainStay Retirement 2010 Fund

Portfolio of Investments January 31, 2014 (Unaudited)

	Shares			Value
Affiliated Investment Companies 91.3% †
Equity Funds 32.3%
MainStay Common Stock Fund Class I		86,732		$	1,452,768
MainStay Cornerstone Growth Fund Class I		24,282			758,556
MainStay Emerging Markets Opportunities Fund Class I		26,018			235,725
MainStay Epoch International Small Cap Fund Class I		30,313			689,630
MainStay Epoch U.S. All Cap Fund Class I		118,187			3,166,232
MainStay ICAP Equity Fund Class I		28,259			1,405,878
MainStay ICAP International Fund Class I		46,965			1,622,157
MainStay International Equity Fund Class I		55,668			725,357
MainStay Large Cap Growth Fund Class I (a)		324,919			3,294,676
MainStay MAP Fund Class I		67,698			2,904,917
MainStay S&P 500 Index Fund Class I		60,864			2,513,665
Total Equity Funds (Cost $14,513,302)					18,769,561
Fixed Income Funds 59.0%
MainStay Floating Rate Fund Class I		208,504			2,003,726
MainStay High Yield Corporate Bond Fund Class I		166,292			1,009,395
MainStay High Yield Municipal Bond Fund Class I		54,467			600,768
MainStay Indexed Bond Fund Class I		1,092,922			11,989,359
MainStay Intermediate Term Bond Fund Class I		1,303,710			13,975,770
MainStay Money Market Fund Class A		2,638,961			2,638,961
MainStay Short Duration High Yield Fund Class I		199,602			2,015,978
Total Fixed Income Funds (Cost $34,157,933)					34,233,957
Total Affiliated Investment Companies (Cost $48,671,235)					53,003,518
Unaffiliated Investment Companies 8.5%
Equity Funds 5.4%
Guggenheim China Small Cap ETF		7,943			200,720
iShares MSCI All Country Asia ex-Japan ETF		7,508			419,922
iShares MSCI Poland Capped ETF		3,632			101,442
iShares Russell 2000 Index ETF		18,857			2,115,001
Market Vectors Vietnam ETF		5,375			113,251
SPDR S&P Emerging Markets SmallCap ETF		4,573			199,246
Total Equity Funds (Cost $2,871,819)					3,149,582
Fixed Income Funds 3.1%
iShares TIPS Bond Fund ETF		13,473			1,511,805
Market Vectors Emerging Markets Local Currency Bond ETF		13,118			295,418
Total Fixed Income Funds (Cost $1,808,658)					1,807,223
Total Unaffiliated Investment Companies (Cost $4,680,477)					4,956,805
Total Investments (Cost $53,351,712) (b)		99.8	%		57,960,323
Other Assets, Less Liabilities		0.2			90,247
Net Assets		100.0	%	$	58,050,570

† Percentages indicated are based on Fund net assets.

(a) Non-income producing Underlying Fund.

(b) As of January 31, 2014, cost was $53,978,994 for federal income tax purposes and net unrealized appreciation was as follows:

Gross unrealized appreciation	$	4,805,105
Gross unrealized depreciation		(823,776	)
Net unrealized appreciation	$	3,981,329

	The following abbreviations are used in the above portfolio:
ETF	—Exchange-Traded Fund
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 January 31, 2014, 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	$	18,769,561	$	—	$	—	$	18,769,561
Fixed Income Funds		34,233,957		—		—		34,233,957
Total Affiliated Investment Companies		53,003,518		—		—		53,003,518
Unaffiliated Investment Companies
Equity Funds		3,149,582		—		—		3,149,582
Fixed Income Funds		1,807,223		—		—		1,807,223
Total Unaffiliated Investment Companies		4,956,805		—		—		4,956,805
Total Investments	$	57,960,323	$	—	$	—	$	57,960,323

(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 January 31, 2014, the Fund did not have any transfers between Level 1 and Level 2 fair value measurements.

As of January 31, 2014, the Fund did not hold any investments with significant unobservable inputs (Level 3).

MainStay Retirement 2020 Fund

Portfolio of Investments January 31, 2014 (Unaudited)

	Shares			Value
Affiliated Investment Companies 90.5% †
Equity Funds 49.2%
MainStay Common Stock Fund Class I (a)		258,109		$	4,323,332
MainStay Cornerstone Growth Fund Class I		76,992			2,405,227
MainStay Emerging Markets Opportunities Fund Class I		84,058			761,566
MainStay Epoch International Small Cap Fund Class I		108,698			2,472,874
MainStay Epoch U.S. All Cap Fund Class I		376,845			10,095,683
MainStay ICAP Equity Fund Class I		97,347			4,843,017
MainStay ICAP International Fund Class I		188,938			6,525,920
MainStay International Equity Fund Class I		222,396			2,897,823
MainStay Large Cap Growth Fund Class I (b)		994,797			10,087,245
MainStay MAP Fund Class I		228,912			9,822,593
MainStay S&P 500 Index Fund Class I		190,605			7,872,002
Total Equity Funds (Cost $49,152,421)					62,107,282
Fixed Income Funds 41.3%
MainStay Floating Rate Fund Class I		418,540			4,022,169
MainStay High Yield Corporate Bond Fund Class I		85,236			517,382
MainStay High Yield Municipal Bond Fund Class I		118,657			1,308,789
MainStay Indexed Bond Fund Class I		833,305			9,141,351
MainStay Intermediate Term Bond Fund Class I		2,509,877			26,905,879
MainStay Money Market Fund Class A		5,795,528			5,795,528
MainStay Short Duration High Yield Fund Class I		436,322			4,406,853
Total Fixed Income Funds (Cost $51,906,645)					52,097,951
Total Affiliated Investment Companies (Cost $101,059,066)					114,205,233
Unaffiliated Investment Companies 9.4%
Equity Funds 7.7%
Guggenheim China Small Cap ETF		25,113			634,606
iShares MSCI All Country Asia ex-Japan ETF		23,601			1,320,004
iShares MSCI Poland Capped ETF		11,462			320,134
iShares Russell 2000 Index ETF		57,653			6,466,360
Market Vectors Vietnam ETF		16,992			358,021
SPDR S&P Emerging Markets SmallCap ETF		14,464			630,196
Total Equity Funds (Cost $8,733,862)					9,729,321
Fixed Income Funds 1.7%
iShares TIPS Bond Fund ETF		16,803			1,885,465
Market Vectors Emerging Markets Local Currency Bond ETF		11,835			266,524
Total Fixed Income Funds (Cost $2,161,484)					2,151,989
Total Unaffiliated Investment Companies (Cost $10,895,346)					11,881,310
Total Investments (Cost $111,954,412) (c)		99.9	%		126,086,543
Other Assets, Less Liabilities		0.1			63,507
Net Assets		100.0	%	$	126,150,050

† 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) As of January 31, 2014, cost was $113,168,185 for federal income tax purposes and net unrealized appreciation was as follows:

Gross unrealized appreciation	$	14,371,421
Gross unrealized depreciation		(1,453,063	)
Net unrealized appreciation	$	12,918,358

	The following abbreviations are used in the above portfolio:
ETF	—Exchange-Traded Fund
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 January 31, 2014, 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	$	62,107,282	$	—	$	—	$	62,107,282
Fixed Income Funds		52,097,951		—		—		52,097,951
Total Affiliated Investment Companies		114,205,233		—		—		114,205,233
Unaffiliated Investment Companies
Equity Funds		9,729,321		—		—		9,729,321
Fixed Income Funds		2,151,989		—		—		2,151,989
Total Unaffiliated Investment Companies		11,881,310		—		—		11,881,310
Total Investments	$	126,086,543	$	—	$	—	$	126,086,543

(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 January 31, 2014, the Fund did not have any transfers between Level 1 and Level 2 fair value measurements.

As of January 31, 2014, the Fund did not hold any investments with significant unobservable inputs (Level 3).

MainStay Retirement 2030 Fund

Portfolio of Investments January 31, 2014 (Unaudited)

	Shares			Value
Affiliated Investment Companies 89.0% †
Equity Funds 63.9%
MainStay Common Stock Fund Class I (a)		454,909		$	7,619,725
MainStay Cornerstone Growth Fund Class I		143,271			4,475,792
MainStay Emerging Markets Opportunities Fund Class I		104,250			944,502
MainStay Epoch International Small Cap Fund Class I		177,711			4,042,933
MainStay Epoch U.S. All Cap Fund Class I		550,294			14,742,365
MainStay ICAP Equity Fund Class I		150,759			7,500,238
MainStay ICAP International Fund Class I		323,724			11,181,419
MainStay International Equity Fund Class I		376,439			4,904,996
MainStay Large Cap Growth Fund Class I (b)		1,487,878			15,087,084
MainStay MAP Fund Class I		336,608			14,443,857
MainStay S&P 500 Index Fund Class I		289,392			11,951,910
Total Equity Funds (Cost $76,387,363)					96,894,821
Fixed Income Funds 25.1%
MainStay Floating Rate Fund Class I		584,464			5,616,701
MainStay High Yield Corporate Bond Fund Class I		37,589			228,167
MainStay High Yield Municipal Bond Fund Class I		143,601			1,583,919
MainStay Intermediate Term Bond Fund Class I		1,743,311			18,688,294
MainStay Money Market Fund Class A		6,975,288			6,975,288
MainStay Short Duration High Yield Fund Class I		490,520			4,954,252
Total Fixed Income Funds (Cost $37,732,352)					38,046,621
Total Affiliated Investment Companies (Cost $114,119,715)					134,941,442
Unaffiliated Investment Companies 10.9%
Equity Funds 10.1%
Guggenheim China Small Cap ETF		37,631			950,935
iShares MSCI All Country Asia ex-Japan ETF		34,957			1,955,145
iShares MSCI Poland Capped ETF		17,093			477,408
iShares Russell 2000 Index ETF		93,425			10,478,548
Market Vectors Vietnam ETF		25,332			533,745
SPDR S&P Emerging Markets SmallCap ETF		21,675			944,380
Total Equity Funds (Cost $12,918,193)					15,340,161
Fixed Income Fund 0.8%
Market Vectors Emerging Markets Local Currency Bond ETF		53,286			1,200,001
Total Fixed Income Fund (Cost $1,303,356)					1,200,001
Total Unaffiliated Investment Companies (Cost $14,221,549)					16,540,162
Total Investments (Cost $128,341,264) (c)		99.9	%		151,481,604
Other Assets, Less Liabilities		0.1			121,602
Net Assets		100.0	%	$	151,603,206

† 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) As of January 31, 2014, cost was $130,685,088 for federal income tax purposes and net unrealized appreciation was as follows:

Gross unrealized appreciation	$	23,488,702
Gross unrealized depreciation		(2,692,186	)
Net unrealized appreciation	$	20,796,516

	The following abbreviations are used in the above portfolio:
ETF	—Exchange-Traded Fund
SPDR	—Standard & Poor's Depositary Receipt

The following is a summary of the fair valuations according to the inputs used as of January 31, 2014, 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	$	96,894,821	$	—	$	—	$	96,894,821
Fixed Income Funds		38,046,621		—		—		38,046,621
Total Affiliated Investment Companies		134,941,442		—		—		134,941,442
Unaffiliated Investment Companies
Equity Funds		15,340,161		—		—		15,340,161
Fixed Income Fund		1,200,001		—		—		1,200,001
Total Unaffiliated Investment Companies		16,540,162		—		—		16,540,162
Total Investments	$	151,481,604	$	—	$	—	$	151,481,604

(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 January 31, 2014, the Fund did not have any transfers between Level 1 and Level 2 fair value measurements.

As of January 31, 2014, the Fund did not hold any investments with significant unobservable inputs (Level 3).

MainStay Retirement 2040 Fund

Portfolio of Investments January 31, 2014 (Unaudited)

	Shares			Value
Affiliated Investment Companies 85.9% †
Equity Funds 71.6%
MainStay Common Stock Fund Class I (a)		433,698		$	7,264,448
MainStay Cornerstone Growth Fund Class I		146,317			4,570,955
MainStay Emerging Markets Opportunities Fund Class I		82,056			743,426
MainStay Epoch International Small Cap Fund Class I		144,493			3,287,207
MainStay Epoch U.S. All Cap Fund Class I		472,435			12,656,522
MainStay ICAP Equity Fund Class I		94,158			4,684,378
MainStay ICAP International Fund Class I		268,450			9,272,272
MainStay International Equity Fund Class I		313,658			4,086,958
MainStay Large Cap Growth Fund Class I (b)		1,045,943			10,605,862
MainStay MAP Fund Class I		210,499			9,032,500
MainStay S&P 500 Index Fund Class I		216,502			8,941,541
Total Equity Funds (Cost $61,645,044)					75,146,069
Fixed Income Funds 14.3%
MainStay Floating Rate Fund Class I		327,952			3,151,622
MainStay High Yield Municipal Bond Fund Class I		98,148			1,082,571
MainStay Intermediate Term Bond Fund Class I		379,629			4,069,628
MainStay Money Market Fund Class A		4,726,363			4,726,363
MainStay Short Duration High Yield Fund Class I		190,538			1,924,435
Total Fixed Income Funds (Cost $14,792,603)					14,954,619
Total Affiliated Investment Companies (Cost $76,437,647)					90,100,688
Unaffiliated Investment Companies 14.0%
Equity Funds 13.6%
Guggenheim China Small Cap ETF		30,346			766,844
iShares MSCI All Country Asia ex-Japan ETF		28,237			1,579,295
iShares MSCI Poland Capped ETF		13,704			382,753
iShares Russell 2000 Index ETF		92,240			10,345,638
Market Vectors Vietnam ETF		20,305			427,826
SPDR S&P Emerging Markets SmallCap ETF		17,479			761,560
Total Equity Funds (Cost $11,417,990)					14,263,916
Fixed Income Fund 0.4%
Market Vectors Emerging Markets Local Currency Bond ETF		17,455			393,087
Total Fixed Income Fund (Cost $408,661)					393,087
Total Unaffiliated Investment Companies (Cost $11,826,651)					14,657,003
Total Investments (Cost $88,264,298) (c)		99.9	%		104,757,691
Other Assets, Less Liabilities		0.1			127,912
Net Assets		100.0	%	$	104,885,603

† 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) As of January 31, 2014, cost was $89,937,663 for federal income tax purposes and net unrealized appreciation was as follows:

Gross unrealized appreciation	$	16,701,589
Gross unrealized depreciation		(1,881,561	)
Net unrealized appreciation	$	14,820,028

The following abbreviation is used in the above portfolio:

ETF —Exchange-Traded Fund

SPDR —Standard & Poor's Depositary Receipt

The following is a summary of the fair valuations according to the inputs used as of January 31, 2014, for valuing the Fund's assets.

Asset 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
Investments (a)
Affiliated Investment Companies
Equity Funds	$	75,146,069	$	—	$	—	$	75,146,069
Fixed Income Funds		14,954,619		—		—		14,954,619
Total Affiliated Investment Companies		90,100,688		—		—		90,100,688
Unaffiliated Investment Companies
Equity Funds		14,263,916		—		—		14,263,916
Fixed Income Fund		393,087		—		—		393,087
Total Unaffiliated Investment Companies		14,657,003		—		—		14,657,003
Total Investments	$	104,757,691	$	—	$	—	$	104,757,691

(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 January 31, 2014, the Fund did not have any transfers between Level 1 and Level 2 fair value measurements.

As of January 31, 2014, the Fund did not hold any investments with significant unobservable inputs (Level 3).

MainStay Retirement 2050 Fund

Portfolio of Investments January 31, 2014 (Unaudited)

	Shares			Value
Affiliated Investment Companies 85.5% †
Equity Funds 75.1%
MainStay Common Stock Fund Class I (a)		399,970		$	6,699,503
MainStay Cornerstone Growth Fund Class I		176,556			5,515,596
MainStay Emerging Markets Opportunities Fund Class I		53,193			481,930
MainStay Epoch International Small Cap Fund Class I		93,502			2,127,171
MainStay Epoch U.S. All Cap Fund Class I		331,006			8,867,648
MainStay ICAP Equity Fund Class I		55,194			2,745,891
MainStay ICAP International Fund Class I		177,550			6,132,566
MainStay International Equity Fund Class I		206,465			2,690,240
MainStay Large Cap Growth Fund Class I (b)		512,814			5,199,933
MainStay MAP Fund Class I		132,472			5,684,375
MainStay S&P 500 Index Fund Class I		29,196			1,205,795
Total Equity Funds (Cost $39,494,838)					47,350,648
Fixed Income Funds 10.4%
MainStay Floating Rate Fund Class I		134,715			1,294,613
MainStay High Yield Municipal Bond Fund Class I		58,524			645,525
MainStay Intermediate Term Bond Fund Class I		81,326			871,818
MainStay Money Market Fund Class A		2,851,336			2,851,336
MainStay Short Duration High Yield Fund Class I		89,814			907,124
Total Fixed Income Funds (Cost $6,516,907)					6,570,416
Total Affiliated Investment Companies (Cost $46,011,745)					53,921,064
Unaffiliated Investment Companies 14.4%
Equity Funds 14.4%
Guggenheim China Small Cap ETF		18,960			479,119
iShares MSCI All Country Asia ex-Japan ETF		17,908			1,001,595
iShares MSCI Poland Capped ETF		8,490			237,126
iShares Russell 2000 Index ETF		58,965			6,613,514
Market Vectors Vietnam ETF		12,571			264,871
SPDR S&P Emerging Markets SmallCap ETF		10,918			475,697
Total Equity Funds (Cost $7,145,423)					9,071,922
Fixed Income Fund 0.0%‡
Market Vectors Emerging Markets Local Currency Bond ETF		1,095			24,660
Total Fixed Income Fund (Cost $24,785)					24,660
Total Unaffiliated Investment Companies (Cost $7,170,208)					9,096,582
Total Investments (Cost $53,181,953) (c)		99.9	%		63,017,646
Other Assets, Less Liabilities		0.1			67,810
Net Assets		100.0	%	$	63,085,456

† 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) As of January 31, 2014, cost was $54,377,775 for federal income tax purposes and net unrealized appreciation was as follows:

Gross unrealized appreciation	$	9,960,460
Gross unrealized depreciation		(1,320,589	)
Net unrealized appreciation	$	8,639,871

The following abbreviations are used in the above portfolio:

ETF —Exchange-Traded Fund

SPDR —Standard & Poor's Depositary Receipt

The following is a summary of the fair valuations according to the inputs used as of January 31, 2014, 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	$	47,350,648	$	—	$	—	$	47,350,648
Fixed Income Funds		6,570,416		—		—		6,570,416
Total Affiliated Investment Companies		53,921,064		—		—		53,921,064
Unaffiliated Investment Companies
Equity Funds		9,071,922		—		—		9,071,922
Fixed Income Fund		24,660		—		—		24,660
Total Unaffiliated Investment Companies		9,096,582		—		—		9,096,582
Total Investments	$	63,017,646	$	—	$	—	$	63,017,646

(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 January 31, 2014, the Fund did not have any transfers between Level 1 and Level 2 fair value measurements.

As of January 31, 2014, the Fund did not hold any investments with significant unobservable inputs (Level 3).

MainStay S&P 500 Index Fund

Portfolio of Investments January 31, 2014 (Unaudited)

		Shares		Value
	Common Stocks 97.0% †
	Aerospace & Defense 2.8%
	Boeing Co. (The)		76,926	$	9,635,750
	General Dynamics Corp.		37,234		3,772,176
	Honeywell International, Inc.		87,319		7,966,112
	L-3 Communications Holdings, Inc.		9,859		1,095,039
	Lockheed Martin Corp.		29,945		4,519,000
	Northrop Grumman Corp.		24,704		2,854,547
	Precision Castparts Corp.		16,169		4,119,053
	Raytheon Co.		35,553		3,380,024
	Rockwell Collins, Inc.		15,034		1,135,969
	Textron, Inc.		31,280		1,110,440
	United Technologies Corp.		93,940		10,711,039
					50,299,149
	Air Freight & Logistics 0.8%
	C.H. Robinson Worldwide, Inc.		16,869		987,511
	Expeditors International of Washington, Inc.		22,878		934,795
	FedEx Corp.		33,116		4,415,025
	United Parcel Service, Inc. Class B		79,541		7,574,690
					13,912,021
	Airlines 0.3%
	Delta Air Lines, Inc.		95,197		2,913,980
	Southwest Airlines Co.		77,527		1,624,191
					4,538,171
	Auto Components 0.4%
	BorgWarner, Inc.		25,327		1,360,060
	Delphi Automotive PLC		31,158		1,897,210
	Goodyear Tire & Rubber Co. (The)		27,474		650,035
	Johnson Controls, Inc.		76,225		3,515,497
					7,422,802
	Automobiles 0.7%
	Ford Motor Co.		438,922		6,566,273
	General Motors Co. (a)		126,745		4,572,960
	Harley-Davidson, Inc.		24,604		1,517,821
					12,657,054
	Beverages 2.1%
	Beam, Inc.		18,149		1,511,812
	Brown-Forman Corp. Class B		18,026		1,388,002
	Coca-Cola Co. (The)		422,597		15,982,619
	Coca-Cola Enterprises, Inc.		26,874		1,163,375
	Constellation Brands, Inc. Class A (a)		18,538		1,421,308
	Dr. Pepper Snapple Group, Inc.		22,322		1,068,777
	Molson Coors Brewing Co. Class B		17,592		926,043
	Monster Beverage Corp. (a)		15,112		1,026,105
	PepsiCo., Inc.		170,655		13,713,836
					38,201,877
	Biotechnology 2.6%
	Alexion Pharmaceuticals, Inc. (a)		21,821		3,463,647
	Amgen, Inc.		83,914		9,981,570
	Biogen Idec, Inc. (a)		26,284		8,217,430
	Celgene Corp. (a)		45,858		6,967,206
	Gilead Sciences, Inc. (a)		170,621		13,760,583
	Regeneron Pharmaceuticals, Inc. (a)		8,735		2,520,834
	Vertex Pharmaceuticals, Inc. (a)		26,017		2,056,384
					46,967,654
	Building Products 0.1%
	Allegion PLC (a)		9,937		490,391
	Masco Corp.		39,726		840,602
					1,330,993
	Capital Markets 2.1%
	Ameriprise Financial, Inc.		21,643		2,286,367
	Bank of New York Mellon Corp.		127,801		4,084,520
	BlackRock, Inc.		14,143		4,249,547
	Charles Schwab Corp. (The)		129,115		3,204,634
	E*TRADE Financial Corp. (a)		31,959		639,819
	Franklin Resources, Inc.		44,922		2,336,393
	Goldman Sachs Group, Inc. (The)		46,903		7,697,720
	Invesco, Ltd.		49,329		1,640,189
	Legg Mason, Inc.		11,817		500,450
	Morgan Stanley		154,175		4,549,704
	Northern Trust Corp.		24,993		1,505,079
	State Street Corp.		48,850		3,270,508
	T. Rowe Price Group, Inc.		29,032		2,277,270
					38,242,200
	Chemicals 2.5%
	Air Products & Chemicals, Inc.		23,513		2,472,157
	Airgas, Inc.		7,389		762,840
	CF Industries Holdings, Inc.		6,376		1,471,963
	Dow Chemical Co. (The)		134,969		6,142,439
	E.I. du Pont de Nemours & Co.		103,054		6,287,325
	Eastman Chemical Co.		17,125		1,335,065
	Ecolab, Inc.		30,179		3,034,197
	FMC Corp.		14,833		1,047,655
	International Flavors & Fragrances, Inc.		9,069		786,101
	LyondellBasell Industries, N.V. Class A		48,606		3,828,209
	Monsanto Co.		58,510		6,234,240
	Mosaic Co. (The)		37,924		1,693,686
	PPG Industries, Inc.		15,802		2,881,653
	Praxair, Inc.		32,760		4,085,827
	Sherwin-Williams Co. (The)		9,581		1,755,814
	Sigma-Aldrich Corp.		13,320		1,238,360
					45,057,531
	Commercial Banks 2.8%
	BB&T Corp.		78,439		2,934,403
	Comerica, Inc.		20,353		932,167
	Fifth Third Bancorp		98,235		2,064,900
	Huntington Bancshares, Inc.		92,416		838,213
	KeyCorp		99,783		1,273,231
	M&T Bank Corp.		14,488		1,615,557
	PNC Financial Services Group, Inc.		59,211		4,729,775
	Regions Financial Corp.		153,296		1,559,020
	SunTrust Banks, Inc.		59,567		2,205,170
	U.S. Bancorp		203,226		8,074,169
¤	Wells Fargo & Co.		533,408		24,184,719
	Zions Bancorp.		20,541		590,554
					51,001,878
	Commercial Services & Supplies 0.5%
	ADT Corp. (The)		22,255		668,540
	Cintas Corp.		11,206		639,526
	Iron Mountain, Inc.		18,940		500,205
	Pitney Bowes, Inc.		22,478		565,996
	Republic Services, Inc.		30,056		962,694
	Stericycle, Inc. (a)		9,537		1,116,401
	Tyco International, Ltd.		51,777		2,096,451
	Waste Management, Inc.		48,551		2,028,461
					8,578,274
	Communications Equipment 1.7%
	Cisco Systems, Inc.		594,955		13,035,464
	F5 Networks, Inc. (a)		8,635		923,945
	Harris Corp.		11,895		824,799
	Juniper Networks, Inc. (a)		56,195		1,495,349
	Motorola Solutions, Inc.		25,627		1,635,003
	QUALCOMM, Inc.		187,992		13,952,766
					31,867,326
	Computers & Peripherals 3.8%
¤	Apple, Inc.		100,116		50,118,070
	EMC Corp.		228,986		5,550,621
	Hewlett-Packard Co.		213,852		6,201,708
	NetApp, Inc.		37,924		1,605,702
	SanDisk Corp.		25,137		1,748,278
	Seagate Technology PLC		36,288		1,918,184
	Western Digital Corp.		23,424		2,018,446
					69,161,009
	Construction & Engineering 0.2%
	Fluor Corp.		18,182		1,381,105
	Jacobs Engineering Group, Inc. (a)		14,655		889,705
	Quanta Services, Inc. (a)		24,025		748,859
					3,019,669
	Construction Materials 0.1%
	Vulcan Materials Co.		14,466		892,986
	Consumer Finance 0.9%
	American Express Co.		102,519		8,716,165
	Capital One Financial Corp.		64,163		4,530,550
	Discover Financial Services		53,302		2,859,652
	SLM Corp.		48,551		1,105,021
					17,211,388
	Containers & Packaging 0.2%
	Avery Dennison Corp.		10,750		529,653
	Ball Corp.		16,091		823,698
	Bemis Co., Inc.		11,450		440,940
	MeadWestvaco Corp.		19,796		714,042
	Owens-Illinois, Inc. (a)		18,360		588,254
	Sealed Air Corp.		21,833		680,971
					3,777,558
	Distributors 0.1%
	Genuine Parts Co.		17,181		1,413,137
	Diversified Consumer Services 0.1%
	Graham Holdings Co. Class B		490		306,769
	H&R Block, Inc.		30,412		924,525
					1,231,294
	Diversified Financial Services 5.0%
	Bank of America Corp.		1,186,894		19,880,475
	Berkshire Hathaway, Inc. Class B (a)		200,299		22,353,368
	Citigroup, Inc.		337,504		16,007,815
	CME Group, Inc.		35,075		2,622,207
	IntercontinentalExchange Group, Inc.		12,797		2,671,886
¤	JPMorgan Chase & Co.		418,313		23,157,808
	Leucadia National Corp.		34,885		953,407
	McGraw Hill Financial, Inc.		30,134		2,291,389
	Moody's Corp.		21,065		1,571,028
	NASDAQ OMX Group, Inc. (The)		12,863		490,723
					92,000,106
	Diversified Telecommunication Services 2.1%
	AT&T, Inc.		586,209		19,532,484
	CenturyLink, Inc.		65,776		1,898,295
	Frontier Communications Corp.		111,222		522,744
	Verizon Communications, Inc.		318,454		15,292,161
	Windstream Holdings, Inc.		66,332		496,163
					37,741,847
	Electric Utilities 1.7%
	American Electric Power Co., Inc.		54,226		2,646,771
	Duke Energy Corp.		78,562		5,548,048
	Edison International		36,255		1,746,041
	Entergy Corp.		19,841		1,250,578
	Exelon Corp.		95,353		2,765,237
	FirstEnergy Corp.		46,536		1,465,419
	NextEra Energy, Inc.		47,927		4,405,929
	Northeast Utilities		35,063		1,535,759
	Pepco Holdings, Inc.		27,797		540,096
	Pinnacle West Capital Corp.		12,240		644,191
	PPL Corp.		70,126		2,143,752
	Southern Co.		98,113		4,046,180
	Xcel Energy, Inc.		55,371		1,600,776
					30,338,777
	Electrical Equipment 0.7%
	AMETEK, Inc.		27,240		1,346,201
	Eaton Corp. PLC		52,801		3,859,225
	Emerson Electric Co.		78,339		5,165,674
	Rockwell Automation, Inc.		15,434		1,772,440
	Roper Industries, Inc.		11,050		1,516,502
					13,660,042
	Electronic Equipment, Instruments & Components 0.4%
	Amphenol Corp. Class A		17,615		1,530,391
	Corning, Inc.		161,040		2,771,498
	FLIR Systems, Inc.		15,768		500,161
	Jabil Circuit, Inc.		20,576		369,751
	TE Connectivity, Ltd.		45,668		2,580,699
					7,752,500
	Energy Equipment & Services 1.8%
	Baker Hughes, Inc.		49,318		2,793,372
	Cameron International Corp. (a)		26,473		1,587,586
	Diamond Offshore Drilling, Inc.		7,733		375,360
	Ensco PLC Class A		25,995		1,309,368
	FMC Technologies, Inc. (a)		26,328		1,301,656
	Halliburton Co.		94,385		4,625,809
	Helmerich & Payne, Inc.		11,917		1,049,173
	Nabors Industries, Ltd.		28,899		493,595
	National Oilwell Varco, Inc.		47,638		3,573,326
	Noble Corp. PLC		28,198		874,984
	Rowan Cos. PLC Class A (a)		13,820		433,533
	Schlumberger, Ltd.		146,552		12,833,559
	Transocean, Ltd.		37,723		1,632,651
					32,883,972
	Food & Staples Retailing 2.2%
	Costco Wholesale Corp.		48,617		5,462,606
	CVS Caremark Corp.		132,454		8,969,785
	Kroger Co. (The)		57,908		2,090,479
	Safeway, Inc.		27,463		857,944
	Sysco Corp.		64,719		2,270,343
	Wal-Mart Stores, Inc.		180,036		13,445,088
	Walgreen Co.		96,912		5,557,903
	Whole Foods Market, Inc.		41,406		2,163,878
					40,818,026
	Food Products 1.5%
	Archer-Daniels-Midland Co.		73,221		2,890,765
	Campbell Soup Co.		19,986		823,623
	ConAgra Foods, Inc.		46,948		1,492,477
	General Mills, Inc.		70,583		3,389,396
	Hershey Co. (The)		16,669		1,656,899
	Hormel Foods Corp.		14,978		680,600
	J.M. Smucker Co. (The)		11,695		1,127,281
	Kellogg Co.		28,621		1,659,446
	Kraft Foods Group, Inc.		66,311		3,471,381
	McCormick & Co., Inc.		14,700		943,446
	Mead Johnson Nutrition Co.		22,478		1,728,333
	Mondelez International, Inc. Class A		195,158		6,391,424
	Tyson Foods, Inc. Class A		30,223		1,130,340
					27,385,411
	Gas Utilities 0.0%‡
	AGL Resources, Inc.		13,220		631,652
	Health Care Equipment & Supplies 2.0%
	Abbott Laboratories		172,057		6,307,610
	Baxter International, Inc.		60,390		4,124,637
	Becton, Dickinson & Co.		21,599		2,335,284
	Boston Scientific Corp. (a)		148,577		2,010,247
	C.R. Bard, Inc.		8,669		1,123,416
	CareFusion Corp. (a)		23,513		958,625
	Covidien PLC		51,187		3,493,001
	DENTSPLY International, Inc.		15,880		732,703
	Edwards Lifesciences Corp. (a)		12,173		792,706
	Intuitive Surgical, Inc. (a)		4,240		1,728,139
	Medtronic, Inc.		111,100		6,283,816
	St. Jude Medical, Inc.		32,471		1,971,964
	Stryker Corp.		32,849		2,549,082
	Varian Medical Systems, Inc. (a)		11,762		956,368
	Zimmer Holdings, Inc.		19,028		1,788,061
					37,155,659
	Health Care Providers & Services 2.0%
	Aetna, Inc.		40,894		2,794,287
	AmerisourceBergen Corp.		25,593		1,720,361
	Cardinal Health, Inc.		38,002		2,584,896
	Cigna Corp.		30,757		2,654,637
	DaVita HealthCare Partners, Inc. (a)		19,640		1,275,225
	Express Scripts Holding Co. (a)		89,668		6,697,303
	Humana, Inc.		17,348		1,687,960
	Laboratory Corporation of America Holdings (a)		9,726		873,687
	McKesson Corp.		25,560		4,457,920
	Patterson Cos., Inc.		9,281		370,869
	Quest Diagnostics, Inc.		16,179		849,397
	Tenet Healthcare Corp. (a)		11,039		507,904
	UnitedHealth Group, Inc.		112,034		8,097,818
	WellPoint, Inc.		32,872		2,826,992
					37,399,256
	Health Care Technology 0.1%
	Cerner Corp. (a)		32,849		1,868,780
	Hotels, Restaurants & Leisure 1.7%
	Carnival Corp.		48,739		1,910,081
	Chipotle Mexican Grill, Inc. (a)		3,438		1,897,638
	Darden Restaurants, Inc.		14,533		718,512
	International Game Technology		27,697		399,668
	Marriott International, Inc. Class A		25,004		1,232,697
	McDonald's Corp.		110,721		10,426,597
	Starbucks Corp.		83,858		5,963,981
	Starwood Hotels & Resorts Worldwide, Inc.		21,309		1,591,995
	Wyndham Worldwide Corp.		14,499		1,028,559
	Wynn Resorts, Ltd.		8,991		1,954,823
	Yum! Brands, Inc.		49,552		3,327,417
					30,451,968
	Household Durables 0.4%
	D.R. Horton, Inc.		31,625		742,555
	Garmin, Ltd.		13,687		616,599
	Harman International Industries, Inc.		7,522		778,000
	Leggett & Platt, Inc.		15,712		471,674
	Lennar Corp. Class A		18,606		747,217
	Mohawk Industries, Inc. (a)		6,787		964,976
	Newell Rubbermaid, Inc.		31,959		987,533
	PulteGroup, Inc.		38,369		779,658
	Whirlpool Corp.		8,735		1,164,376
					7,252,588
	Household Products 1.9%
	Clorox Co. (The)		14,354		1,267,028
	Colgate-Palmolive Co.		97,802		5,988,416
	Kimberly-Clark Corp.		42,463		4,644,178
¤	Procter & Gamble Co. (The)		302,474		23,175,558
					35,075,180
	Independent Power Producers & Energy Traders 0.1%
	AES Corp. (The)		73,065		1,027,294
	NRG Energy, Inc.		35,987		1,002,238
					2,029,532
	Industrial Conglomerates 2.3%
	3M Co.		71,173		9,123,667
	Danaher Corp.		66,722		4,963,449
¤	General Electric Co.		1,125,836		28,292,259
					42,379,375
	Insurance 2.8%
	ACE, Ltd.		37,846		3,550,333
	Aflac, Inc.		51,867		3,256,210
	Allstate Corp. (The)		50,609		2,591,181
	American International Group, Inc.		163,833		7,857,431
	Aon PLC		33,494		2,694,927
	Assurant, Inc.		8,090		528,681
	Chubb Corp. (The)		28,020		2,368,811
	Cincinnati Financial Corp.		16,402		794,677
	Genworth Financial, Inc. Class A (a)		55,004		811,309
	Hartford Financial Services Group, Inc. (The)		49,752		1,654,254
	Lincoln National Corp.		29,188		1,401,900
	Loews Corp.		34,040		1,517,843
	Marsh & McLennan Cos., Inc.		61,069		2,791,464
	MetLife, Inc.		124,753		6,119,135
	Principal Financial Group, Inc.		30,468		1,327,491
	Progressive Corp. (The)		61,425		1,427,517
	Prudential Financial, Inc.		51,521		4,347,857
	Torchmark Corp.		10,059		755,934
	Travelers Companies, Inc. (The)		40,517		3,293,222
	Unum Group		29,065		935,893
	XL Group PLC		31,469		904,419
					50,930,489
	Internet & Catalog Retail 1.4%
	Amazon.com, Inc. (a)		41,262		14,800,267
	Expedia, Inc.		11,462		744,801
	Netflix, Inc. (a)		6,599		2,701,169
	priceline.com, Inc. (a)		5,720		6,548,771
	TripAdvisor, Inc. (a)		12,329		951,675
					25,746,683
	Internet Software & Services 3.3%
	Akamai Technologies, Inc. (a)		19,919		949,738
	eBay, Inc. (a)		129,649		6,897,327
	Facebook, Inc. Class A (a)		183,018		11,451,436
¤	Google, Inc. Class A (a)		31,225		36,875,788
	VeriSign, Inc. (a)		14,332		842,005
	Yahoo!, Inc. (a)		104,979		3,781,344
					60,797,638
	IT Services 3.5%
	Accenture PLC Class A		70,739		5,650,631
	Alliance Data Systems Corp. (a)		5,419		1,298,718
	Automatic Data Processing, Inc.		53,569		4,103,385
	Cognizant Technology Solutions Corp. Class A (a)		33,662		3,262,521
	Computer Sciences Corp.		16,380		989,516
	Fidelity National Information Services, Inc.		32,393		1,642,325
	Fiserv, Inc. (a)		28,698		1,608,523
	International Business Machines Corp.		113,580		20,067,314
	MasterCard, Inc. Class A		115,170		8,716,066
	Paychex, Inc.		36,165		1,512,420
	Teradata Corp. (a)		18,182		747,644
	Total System Services, Inc.		18,583		555,260
	Visa, Inc. Class A		56,663		12,206,910
	Western Union Co. (The)		61,459		946,469
	Xerox Corp.		128,770		1,397,154
					64,704,856
	Leisure Equipment & Products 0.1%
	Hasbro, Inc.		12,853		631,339
	Mattel, Inc.		37,656		1,424,903
					2,056,242
	Life Sciences Tools & Services 0.5%
	Agilent Technologies, Inc.		36,810		2,140,502
	Life Technologies Corp. (a)		19,218		1,461,913
	PerkinElmer, Inc.		12,507		545,305
	Thermo Fisher Scientific, Inc.		40,216		4,630,470
	Waters Corp. (a)		9,470		1,025,317
					9,803,507
	Machinery 1.7%
	Caterpillar, Inc.		70,817		6,650,424
	Cummins, Inc.		19,384		2,461,380
	Deere & Co.		42,597		3,661,638
	Dover Corp.		18,962		1,641,351
	Flowserve Corp.		15,523		1,122,779
	Illinois Tool Works, Inc.		45,434		3,583,380
	Ingersoll-Rand PLC		29,812		1,752,648
	Joy Global, Inc.		11,829		624,453
	PACCAR, Inc.		39,403		2,206,568
	Pall Corp.		12,329		987,553
	Parker Hannifin Corp.		16,603		1,882,282
	Pentair, Ltd.		22,177		1,648,416
	Snap-on, Inc.		6,465		647,470
	Stanley Black & Decker, Inc.		17,270		1,336,698
	Xylem, Inc.		20,531		684,914
					30,891,954
	Media 3.6%
	Cablevision Systems Corp. Class A		23,824		382,137
	CBS Corp. Class B		62,104		3,646,747
	Comcast Corp. Class A		289,989		15,789,901
	DIRECTV (a)		54,382		3,775,742
	Discovery Communications, Inc. Class A (a)		25,116		2,003,754
	Gannett Co., Inc.		25,360		698,161
	Interpublic Group of Cos., Inc. (The)		46,313		755,828
	News Corp. Class A (a)		55,394		884,088
	Omnicom Group, Inc.		28,643		2,078,909
	Scripps Networks Interactive Class A		12,196		884,454
	Time Warner Cable, Inc.		31,369		4,180,547
	Time Warner, Inc.		100,672		6,325,222
	Twenty-First Century Fox, Inc. Class A		218,370		6,948,533
	Viacom, Inc. Class B		45,156		3,707,308
	Walt Disney Co. (The)		181,861		13,204,927
					65,266,258
	Metals & Mining 0.5%
	Alcoa, Inc.		119,022		1,369,943
	Allegheny Technologies, Inc.		12,018		377,846
	Cliffs Natural Resources, Inc.		17,037		329,155
	Freeport-McMoRan Copper & Gold, Inc.		115,528		3,744,263
	Newmont Mining Corp.		55,405		1,196,748
	Nucor Corp.		35,409		1,712,025
	United States Steel Corp.		16,102		420,423
					9,150,403
	Multi-Utilities 1.1%
	Ameren Corp.		26,996		1,021,529
	CenterPoint Energy, Inc.		47,693		1,116,016
	CMS Energy Corp.		29,599		822,556
	Consolidated Edison, Inc.		32,593		1,773,385
	Dominion Resources, Inc.		64,585		4,385,968
	DTE Energy Co.		19,674		1,342,160
	Integrys Energy Group, Inc.		8,880		482,539
	NiSource, Inc.		34,863		1,198,241
	PG&E Corp.		49,997		2,107,374
	Public Service Enterprise Group, Inc.		56,295		1,876,875
	SCANA Corp.		15,634		739,019
	Sempra Energy		25,293		2,344,914
	TECO Energy, Inc.		22,734		372,383
	Wisconsin Energy Corp.		25,204		1,075,455
					20,658,414
	Multiline Retail 0.7%
	Dollar General Corp. (a)		32,782		1,846,282
	Dollar Tree, Inc. (a)		23,157		1,169,892
	Family Dollar Stores, Inc.		10,760		665,183
	Kohl's Corp.		22,400		1,134,112
	Macy's, Inc.		41,006		2,181,519
	Nordstrom, Inc.		15,923		914,777
	Target Corp.		70,339		3,984,001
					11,895,766
	Oil, Gas & Consumable Fuels 8.0%
	Anadarko Petroleum Corp.		56,006		4,519,124
	Apache Corp.		44,422		3,565,310
	Cabot Oil & Gas Corp.		46,870		1,873,863
	Chesapeake Energy Corp.		56,251		1,513,714
¤	Chevron Corp.		214,008		23,889,713
	ConocoPhillips		136,326		8,854,374
	CONSOL Energy, Inc.		25,471		951,342
	Denbury Resources, Inc. (a)		40,806		655,752
	Devon Energy Corp.		42,463		2,514,659
	EOG Resources, Inc.		30,379		5,019,826
	EQT Corp.		16,769		1,556,331
¤	Exxon Mobil Corp.		486,115		44,800,358
	Hess Corp.		31,647		2,389,032
	Kinder Morgan, Inc.		74,923		2,548,131
	Marathon Oil Corp.		77,515		2,541,717
	Marathon Petroleum Corp.		33,494		2,915,653
	Murphy Oil Corp.		19,562		1,107,405
	Newfield Exploration Co. (a)		15,145		375,142
	Noble Energy, Inc.		39,982		2,492,078
	Occidental Petroleum Corp.		89,701		7,855,117
	ONEOK, Inc.		22,956		1,572,256
	Peabody Energy Corp.		30,023		511,892
	Phillips 66		66,710		4,875,834
	Pioneer Natural Resources Co.		15,868		2,686,770
	QEP Resources, Inc.		19,952		616,317
	Range Resources Corp.		18,182		1,567,107
	Southwestern Energy Co. (a)		39,024		1,587,886
	Spectra Energy Corp.		74,556		2,680,288
	Tesoro Corp.		14,778		761,363
	Valero Energy Corp.		60,045		3,068,299
	Williams Cos., Inc. (The)		76,047		3,079,143
	WPX Energy, Inc. (a)		22,345		425,672
					145,371,468
	Paper & Forest Products 0.1%
	International Paper Co.		49,362		2,356,542
	Personal Products 0.1%
	Avon Products, Inc.		48,272		718,770
	Estee Lauder Cos., Inc. (The) Class A		28,487		1,958,196
					2,676,966
	Pharmaceuticals 5.8%
	AbbVie, Inc.		177,032		8,715,285
	Actavis PLC (a)		19,362		3,659,031
	Allergan, Inc.		33,072		3,790,051
	Bristol-Myers Squibb Co.		183,218		9,155,404
	Eli Lilly & Co.		110,332		5,959,031
	Forest Laboratories, Inc. (a)		26,384		1,749,259
	Hospira, Inc. (a)		18,461		812,469
¤	Johnson & Johnson		313,957		27,775,776
	Merck & Co., Inc.		325,141		17,222,719
	Mylan, Inc. (a)		42,608		1,934,829
	Perrigo Co. PLC		14,811		2,305,480
	Pfizer, Inc.		721,199		21,924,450
	Zoetis, Inc.		55,639		1,689,200
					106,692,984
	Professional Services 0.2%
	Dun & Bradstreet Corp.		4,251		467,610
	Equifax, Inc.		13,543		948,823
	Nielsen Holdings N.V.		28,153		1,190,590
	Robert Half International, Inc.		15,423		644,373
					3,251,396
	Real Estate Investment Trusts 1.9%
	American Tower Corp.		43,910		3,551,441
	Apartment Investment & Management Co. Class A		16,236		454,121
	AvalonBay Communities, Inc.		13,531		1,671,079
	Boston Properties, Inc.		17,014		1,839,043
	Equity Residential		37,300		2,065,674
	General Growth Properties, Inc.		59,823		1,204,835
	HCP, Inc.		50,776		1,987,880
	Health Care REIT, Inc.		32,126		1,860,738
	Host Hotels & Resorts, Inc.		84,159		1,547,684
	Kimco Realty Corp.		45,590		953,287
	Macerich Co. (The)		15,634		884,884
	Plum Creek Timber Co., Inc.		19,685		847,833
	ProLogis, Inc.		55,494		2,150,947
	Public Storage		16,079		2,533,890
	Simon Property Group, Inc.		34,529		5,346,470
	Ventas, Inc.		32,727		2,041,838
	Vornado Realty Trust		19,362		1,778,012
	Weyerhaeuser Co.		64,853		1,937,808
					34,657,464
	Real Estate Management & Development 0.0%‡
	CBRE Group, Inc. Class A (a)		30,980		822,209
	Road & Rail 0.9%
	CSX Corp.		112,802		3,035,502
	Kansas City Southern		12,263		1,294,850
	Norfolk Southern Corp.		34,373		3,182,596
	Ryder System, Inc.		5,853		416,675
	Union Pacific Corp.		51,254		8,930,497
					16,860,120
	Semiconductors & Semiconductor Equipment 2.0%
	Altera Corp.		35,731		1,194,487
	Analog Devices, Inc.		34,607		1,670,480
	Applied Materials, Inc.		134,000		2,253,880
	Broadcom Corp. Class A		60,045		1,786,939
	First Solar, Inc. (a)		7,856		397,356
	Intel Corp.		553,159		13,574,522
	KLA-Tencor Corp.		18,538		1,139,531
	Lam Research Corp. (a)		18,071		914,573
	Linear Technology Corp.		26,061		1,160,757
	LSI Corp.		60,634		668,793
	Microchip Technology, Inc.		22,077		990,374
	Micron Technology, Inc. (a)		117,053		2,696,901
	NVIDIA Corp.		64,385		1,010,845
	Texas Instruments, Inc.		121,804		5,164,490
	Xilinx, Inc.		29,855		1,385,869
					36,009,797
	Software 3.4%
	Adobe Systems, Inc. (a)		51,733		3,062,076
	Autodesk, Inc. (a)		25,104		1,286,580
	CA, Inc.		36,154		1,159,820
	Citrix Systems, Inc. (a)		20,742		1,121,520
	Electronic Arts, Inc. (a)		34,396		908,054
	Intuit, Inc.		31,703		2,322,245
¤	Microsoft Corp.		845,340		31,996,119
	Oracle Corp.		390,494		14,409,229
	Red Hat, Inc. (a)		21,087		1,191,416
	Salesforce.com, Inc. (a)		61,736		3,736,880
	Symantec Corp.		77,449		1,658,183
					62,852,122
	Specialty Retail 2.1%
	AutoNation, Inc. (a)		7,189		355,065
	AutoZone, Inc. (a)		3,783		1,872,812
	Bed Bath & Beyond, Inc. (a)		23,891		1,525,440
	Best Buy Co., Inc.		30,412		715,899
	Carmax, Inc. (a)		24,848		1,120,893
	GameStop Corp. Class A		13,008		456,191
	Gap, Inc. (The)		29,477		1,122,484
	Home Depot, Inc. (The)		156,700		12,042,395
	L Brands, Inc.		27,129		1,420,474
	Lowe's Companies, Inc.		116,373		5,386,906
	O'Reilly Automotive, Inc. (a)		11,940		1,563,901
	PetSmart, Inc.		11,540		727,020
	Ross Stores, Inc.		24,114		1,637,582
	Staples, Inc.		73,499		967,247
	Tiffany & Co.		12,251		1,019,161
	TJX Cos., Inc.		79,140		4,539,470
	Tractor Supply Co.		15,525		1,032,568
	Urban Outfitters, Inc. (a)		12,140		434,855
					37,940,363
	Textiles, Apparel & Luxury Goods 0.8%
	Coach, Inc.		31,213		1,494,791
	Fossil Group, Inc. (a)		5,464		611,039
	Michael Kors Holdings, Ltd. (a)		19,963		1,595,643
	NIKE, Inc. Class B		83,147		6,057,259
	PVH Corp.		9,081		1,097,620
	Ralph Lauren Corp.		6,632		1,040,495
	VF Corp.		39,192		2,290,772
					14,187,619
	Thrifts & Mortgage Finance 0.1%
	Hudson City Bancorp, Inc.		52,924		478,433
	People's United Financial, Inc.		35,364		502,522
					980,955
	Tobacco 1.4%
	Altria Group, Inc.		222,554		7,838,352
	Lorillard, Inc.		40,994		2,017,725
	Philip Morris International, Inc.		178,289		13,931,502
	Reynolds American, Inc.		34,885		1,691,923
					25,479,502
	Trading Companies & Distributors 0.2%
	Fastenal Co.		30,379		1,334,549
	W.W. Grainger, Inc.		6,877		1,612,519
					2,947,068
	Wireless Telecommunication Services 0.1%
	Crown Castle International Corp. (a)		37,178		2,638,151
	Total Common Stocks (Cost $799,273,941)				1,771,235,578	(b)

	Principal Amount			Value
Short-Term Investments 2.6%
Repurchase Agreement 0.0%‡
State Street Bank and Trust Co. 0.00%, dated 1/31/14 due 2/3/14 Proceeds at Maturity $125,653 (Collateralized by a Federal National Mortgage Association security with a rate of 2.12% and a maturity date of 11/7/22, with a Principal Amount of $140,000 and a Market Value of $130,118)	$	125,653			125,653
Total Repurchase Agreement (Cost $125,653)					125,653
U.S. Government 2.6%
United States Treasury Bills 2.6%
0.025 - 0.054%, due 4/10/14 (c)		44,800,000			44,798,208
0.035%, due 4/24/14 (c)(d)		3,500,000			3,499,755
Total U.S. Government (Cost $48,296,376)					48,297,963
Total Short-Term Investments (Cost $48,422,029)					48,423,616
Total Investments (Cost $847,695,970) (f)		99.6	%		1,819,659,194
Other Assets, Less Liabilities		0.4			6,466,418
Net Assets		100.0	%	$	1,826,125,612

	Contracts Long		Unrealized Appreciation (Depreciation)(e)
Futures Contracts (0.1%)
Standard & Poor's 500 Index Mini March 2014		632	$	(1,318,725	)
Total Futures Contracts (Notional Amount $56,140,560) (b)			$	(1,318,725	)

¤	Among the Fund's 10 largest holdings, as of January 31, 2014, excluding short-term investments.  May be subject to change daily.
†	Percentages indicated are based on Fund net assets.
‡	Less than one-tenth of a percent.
(a)	Non-income producing security.
(b)	The combined market value of common stocks and notional amount of Standard & Poor's 500 Index futures contracts represents 100.1% of the Fund’s net assets.
(c)	Interest rate shown presents yield to maturity.
(d)	Represents a security, or a portion thereof, which was maintained at a broker as collateral for futures contracts.
(e)	Represents the difference between the value of the contracts at the time they were opened and the value as of January 31, 2014.
(f)	As of January 31, 2014, cost was $890,045,827 for federal income tax purposes and net unrealized appreciation was as follows:

Gross unrealized appreciation	$	983,048,010
Gross unrealized depreciation		(53,434,643	)
Net unrealized appreciation	$	929,613,367

The following is a summary of the fair valuations according to the inputs used as of January 31, 2014, 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)
Common Stocks	$	1,771,235,578	$	—	$	—	$	1,771,235,578
Short-Term Investments
Repurchase Agreement		—		125,653		—		125,653
U.S. Government		—		48,297,963		—		48,297,963
Total Short-Term Investments		—		48,423,616		—		48,423,616
Total Investments in Securities	$	1,771,235,578	$	48,423,616	$	—	$	1,819,659,194

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 Long(b)	$	(1,318,725	)	$	—	$	—	$	(1,318,725	)
Total Other Financial Instruments	$	(1,318,725	)	$	—	$	—	$	(1,318,725	)

(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 January 31, 2014, the Fund did not have any transfers between Level 1 and Level 2 fair value measurements.

As of January 31, 2014, the Fund did not hold any investments with significant unobservable inputs (Level 3).

MainStay Short Duration High Yield Fund

Portfolio of Investments January 31, 2014 (Unaudited)

			Principal Amount			Value
	Long-Term Bonds  94.2%†
	Convertible Bond 0.2%
	Packaging & Containers 0.2%
	Owens-Brockway Glass Container, Inc. 3.00%, due 6/1/15 (a)	$	650,000		$	674,781
	Total Convertible Bond (Cost $648,104)					674,781
	Corporate Bonds 90.7%
	Advertising 0.1%
	Lamar Media Corp. 7.875%, due 4/15/18		250,000			262,188
	Aerospace & Defense 0.6%
	B/E Aerospace, Inc. 6.875%, due 10/1/20		118,000			128,915
	GenCorp, Inc. 7.125%, due 3/15/21		1,085,000			1,163,663
	TransDigm, Inc. 7.75%, due 12/15/18		390,000			417,300
						1,709,878
	Airlines 0.4%
	United Continental Holdings, Inc. 6.375%, due 6/1/18		1,120,000			1,177,400
	Auto Manufacturers 1.3%
	Allied Specialty Vehicles, Inc. 8.50%, due 11/1/19  (a)		1,840,000			1,932,000
	Jaguar Land Rover Automotive PLC 4.125%, due 12/15/18  (a)		740,000			745,550
	Oshkosh Corp.
	8.25%, due 3/1/17		700,000			731,500
	8.50%, due 3/1/20		288,000			316,080
						3,725,130
	Auto Parts & Equipment 5.1%
	Chassix, Inc. 9.25%, due 8/1/18  (a)		1,074,000			1,146,495
	Cooper-Standard Automotive, Inc. 8.50%, due 5/1/18		430,000			453,112
	Cooper-Standard Holding, Inc. 7.375%, due 4/1/18  (a)(b)		335,000			342,119
	Dana Holding Corp. 6.50%, due 2/15/19		505,000			537,825
	International Automotive Components Group S.A. 9.125%, due 6/1/18  (a)		760,000			792,300
	Pittsburgh Glass Works LLC 8.00%, due 11/15/18  (a)		1,215,000			1,312,200
	Schaeffler Finance B.V.
	4.75%, due 5/15/21 (a)		672,000			668,640
	7.75%, due 2/15/17 (a)		650,000			741,000
	8.50%, due 2/15/19 (a)		266,000			297,255
¤	Schaeffler Holding Finance B.V. 6.875%, due 8/15/18  (a)(b)		5,314,000			5,632,840
	Tenneco, Inc.
	6.875%, due 12/15/20		1,014,000			1,107,795
	7.75%, due 8/15/18		230,000			246,100
	Titan International, Inc. 6.875%, due 10/1/20  (a)		715,000			754,325
	TRW Automotive, Inc. 7.25%, due 3/15/17  (a)		200,000			228,500
						14,260,506
	Banks 1.2%
	Ally Financial, Inc.
	2.75%, due 1/30/17		1,400,000			1,405,250
	4.625%, due 6/26/15		440,000			456,012
	8.30%, due 2/12/15		1,430,000			1,521,162
						3,382,424
	Beverages 0.4%
	Constellation Brands, Inc. 8.375%, due 12/15/14		100,000			105,375
	Cott Beverages, Inc.
	8.125%, due 9/1/18		840,000			898,800
	8.375%, due 11/15/17		14,000			14,578
						1,018,753
	Building Materials 6.5%
¤	Building Materials Corporation of America
	6.75%, due 5/1/21 (a)		1,000,000			1,073,750
	6.875%, due 8/15/18 (a)		1,025,000			1,081,375
	7.00%, due 2/15/20 (a)		1,934,000			2,064,545
	Gibraltar Industries, Inc. 6.25%, due 2/1/21		570,000			590,663
	Griffon Corp. 7.125%, due 4/1/18		915,000			967,613
	Headwaters, Inc.
	7.25%, due 1/15/19 (a)		500,000			512,500
	7.625%, due 4/1/19		1,967,000			2,124,360
	Jeld-Wen, Inc. 12.25%, due 10/15/17  (a)		3,020,000			3,389,950
	Summit Materials LLC / Summit Materials Finance Corp. 10.50%, due 1/31/20  (a)		1,185,000			1,316,831
	Texas Industries, Inc. 9.25%, due 8/15/20		1,410,000			1,635,600
	USG Corp.
	6.30%, due 11/15/16		1,575,000			1,689,187
	8.375%, due 10/15/18 (a)		70,000			75,600
	9.75%, due 8/1/14 (a)		900,000			939,375
	Vulcan Materials Co. 6.50%, due 12/1/16		560,000			635,600
						18,096,949
	Chemicals 3.0%
	Kraton Polymers LLC / Kraton Polymers Capital Corp. 6.75%, due 3/1/19		660,000			699,600
	NOVA Chemicals Corp. 8.625%, due 11/1/19		2,374,000			2,596,562
	Olin Corp. 8.875%, due 8/15/19		1,255,000			1,355,400
¤	Phibro Animal Health Corp. 9.25%, due 7/1/18  (a)		3,320,000			3,519,200
	PolyOne Corp. 7.375%, due 9/15/20		200,000			220,000
						8,390,762
	Coal 1.2%
	Arch Coal, Inc.
	7.00%, due 6/15/19		230,000			178,538
	8.00%, due 1/15/19 (a)		855,000			852,862
	CONSOL Energy, Inc. 8.00%, due 4/1/17		1,920,000			2,011,200
	Peabody Energy Corp. 7.375%, due 11/1/16		250,000			281,250
						3,323,850
	Commercial Services 5.2%
	Alliance Data Systems Corp. 5.25%, due 12/1/17  (a)		935,000			974,737
	American Capital, Ltd. 6.50%, due 9/15/18  (a)		3,010,000			3,137,925
	Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 8.25%, due 1/15/19		2,488,000			2,677,710
	Great Lakes Dredge & Dock Corp. 7.375%, due 2/1/19		2,566,000			2,684,677
	Jaguar Holding Co. I 9.375%, due 10/15/17  (a)(b)		550,000			580,250
	PHH Corp.
	7.375%, due 9/1/19		10,000			10,775
	9.25%, due 3/1/16		595,000			675,325
	Safway Group Holding LLC / Safway Finance Corp. 7.00%, due 5/15/18  (a)		465,000			490,575
	Service Corp. International
	6.75%, due 4/1/16		500,000			545,000
	7.625%, due 10/1/18		155,000			178,638
	United Rentals North America, Inc.
	5.75%, due 7/15/18		280,000			299,250
	9.25%, due 12/15/19		2,000,000			2,200,000
						14,454,862
	Computers 0.5%
	iGATE Corp. 9.00%, due 5/1/16		375,000			396,563
	NCR Corp. 5.875%, due 12/15/21  (a)		1,000,000			1,037,500
						1,434,063
	Distribution & Wholesale 0.7%
	American Tire Distributors, Inc. 9.75%, due 6/1/17		1,750,000			1,855,000
	Diversified Financial Services 2.1%
	Community Choice Financial, Inc. 10.75%, due 5/1/19		765,000			638,775
¤	Icahn Enterprises, L.P. / Icahn Enterprises Finance Corp. 3.50%, due 3/15/17  (a)		5,160,000			5,166,450
						5,805,225
	Electric 1.7%
	Calpine Corp.
	7.50%, due 2/15/21 (a)		577,000			630,372
	7.875%, due 7/31/20 (a)		915,000			1,001,925
	GenOn Energy, Inc.
	7.875%, due 6/15/17		2,195,000			2,293,775
	9.50%, due 10/15/18		855,000			919,125
						4,845,197
	Electrical Components & Equipment 0.1%
	Anixter, Inc. 5.625%, due 5/1/19		360,000			376,200
	Electronics 0.7%
	Kemet Corp. 10.50%, due 5/1/18		1,220,000			1,265,750
	Stoneridge, Inc. 9.50%, due 10/15/17  (a)		725,000			784,813
						2,050,563
	Entertainment 4.1%
	Affinity Gaming LLC / Affinity Gaming Finance Corp. 9.00%, due 5/15/18		1,024,000			1,090,560
	GLP Capital LP / GLP Financing II, Inc. 4.375%, due 11/1/18  (a)		1,600,000			1,640,000
	Isle of Capri Casinos, Inc. 7.75%, due 3/15/19		1,033,000			1,125,970
	MU Finance PLC 8.375%, due 2/1/17  (a)		1,532,203			1,597,321
	NAI Entertainment Holdings / NAI Entertainment Finance Corp. 5.00%, due 8/1/18  (a)		2,330,000			2,417,375
	Rivers Pittsburgh Borrower L.P. / Rivers Pittsburgh Finance Corp. 9.50%, due 6/15/19  (a)		1,463,000			1,594,670
	Speedway Motorsports, Inc. 6.75%, due 2/1/19		925,000			980,500
	Vail Resorts, Inc. 6.50%, due 5/1/19		1,015,000			1,073,363
						11,519,759
	Environmental Controls 0.2%
	Darling International, Inc. 8.50%, due 12/15/18		560,000			621,600
	Finance - Auto Loans 0.5%
	Credit Acceptance Corp. 9.125%, due 2/1/17		1,075,000			1,127,353
	General Motors Financial Co., Inc. 4.75%, due 8/15/17  (a)		145,000			153,156
						1,280,509
	Finance - Leasing Companies 0.3%
	Oxford Finance LLC / Oxford Finance Co-Issuer, Inc. 7.25%, due 1/15/18 (a)		765,000			810,900
	Finance - Mortgage Loan/Banker 0.1%
	Prospect Holding Co. LLC / Prospect Holding Finance Co. 10.25%, due 10/1/18 (a)		440,000			418,000
	Finance - Other Services 1.3%
	Cantor Commercial Real Estate Co., L.P. 7.75%, due 2/15/18  (a)		1,415,000			1,503,437
	Nationstar Mortgage LLC / Nationstar Capital Corp.
	6.50%, due 8/1/18		545,000			550,450
	9.625%, due 5/1/19		900,000			1,010,250
	10.875%, due 4/1/15		195,000			197,194
	SquareTwo Financial Corp. 11.625%, due 4/1/17		490,000			494,900
						3,756,231
	Food 1.8%
	C&S Group Enterprises LLC 8.375%, due 5/1/17  (a)		1,400,000			1,470,000
	KeHE Distributors LLC / KeHE Distributors Finance Corp. 7.625%, due 8/15/21  (a)		820,000			869,200
	Smithfield Foods, Inc. 7.75%, due 7/1/17		620,000			716,875
	TreeHouse Foods, Inc. 7.75%, due 3/1/18		1,900,000			1,978,375
						5,034,450
	Forest Products & Paper 0.3%
	Clearwater Paper Corp. 7.125%, due 11/1/18		720,000			770,400
	Health Care - Products 1.1%
	Hanger, Inc. 7.125%, due 11/15/18		1,895,000			2,003,962
	Teleflex, Inc. 6.875%, due 6/1/19		1,116,000			1,166,220
						3,170,182
	Health Care - Services 2.8%
	Centene Corp. 5.75%, due 6/1/17		1,044,000			1,111,860
	Fresenius Medical Care U.S. Finance, Inc. 6.875%, due 7/15/17		525,000			595,219
	HCA, Inc.
	6.50%, due 2/15/16		760,000			826,500
	8.00%, due 10/1/18		225,000			266,625
	8.50%, due 4/15/19		1,215,000			1,281,217
	9.00%, due 12/15/14		440,000			466,400
	INC Research LLC 11.50%, due 7/15/19  (a)		590,000			662,275
	MPH Intermediate Holding Co. 2 8.375%, due 8/1/18  (a)		800,000			824,000
	ResCare, Inc. 10.75%, due 1/15/19		827,000			920,038
	Wellcare Health Plans, Inc. 5.75%, due 11/15/20		855,000			884,925
						7,839,059
	Holding Companies - Diversified 0.5%
	CFG Holdings, Ltd. / CFG Finance LLC 11.50%, due 11/15/19  (a)		795,000			838,725
	Leucadia National Corp. 8.125%, due 9/15/15		470,000			518,175
						1,356,900
	Home Builders 1.1%
	D.R. Horton, Inc. 6.50%, due 4/15/16		80,000			87,800
	Meritage Homes Corp. 4.50%, due 3/1/18		2,265,000			2,276,325
	Standard Pacific Corp. 10.75%, due 9/15/16		570,000			691,125
						3,055,250
	Household Products & Wares 1.2%
	Jarden Corp. 7.50%, due 5/1/17		760,000			874,000
	Prestige Brands, Inc. 8.125%, due 2/1/20		1,590,000			1,776,825
	Scotts Miracle-Gro Co. (The) 6.625%, due 12/15/20		725,000			781,187
						3,432,012
	Insurance 0.4%
	Ironshore Holdings (U.S.), Inc. 8.50%, due 5/15/20 (a)		1,000,000			1,167,366
	Internet 3.4%
¤	Cogent Communications Group, Inc. 8.375%, due 2/15/18  (a)		6,335,000			6,905,150
	IAC / InterActiveCorp. 4.875%, due 11/30/18  (a)		2,575,000			2,652,250
						9,557,400
	Iron & Steel 0.5%
	Bluescope Steel, Ltd. / Bluescope Steel Finance 7.125%, due 5/1/18 (a)		1,230,000			1,303,800
	Leisure Time 1.5%
¤	Carlson Wagonlit B.V. 6.875%, due 6/15/19 (a)		4,125,000			4,305,469
	Lodging 0.7%
	Eldorado Resorts LLC / Eldorado Capital Corp. 8.625%, due 6/15/19  (a)		520,000			547,300
	MTR Gaming Group, Inc. 11.50%, due 8/1/19		1,210,000			1,361,250
						1,908,550
	Machinery - Construction & Mining 0.5%
	BlueLine Rental Finance Corp. 7.00%, due 2/1/19 (a)		1,300,000			1,343,875
	Media 3.7%
¤	CCO Holdings LLC / CCO Holdings Capital Corp. 7.25%, due 10/30/17		3,205,000			3,393,294
	DISH DBS Corp.
	4.25%, due 4/1/18		605,000			617,100
	5.125%, due 5/1/20		465,000			465,000
	7.75%, due 5/31/15		150,000			162,375
	Nielsen Finance LLC / Nielsen Finance Co. 7.75%, due 10/15/18		535,000			575,125
	ProQuest LLC / ProQuest Notes Co. 9.00%, due 10/15/18  (a)		1,972,000			2,050,880
	Videotron, Ltd.
	6.375%, due 12/15/15		635,000			636,905
	9.125%, due 4/15/18		2,306,000			2,409,770
						10,310,449
	Metal Fabricate & Hardware 1.0%
	A. M. Castle & Co. 12.75%, due 12/15/16		385,000			431,200
	Mueller Water Products, Inc. 7.375%, due 6/1/17		760,000			780,900
	Shale-Inland Holdings LLC / Shale-Inland Finance Corp. 8.75%, due 11/15/19  (a)		455,000			462,963
	Wise Metals Group LLC / Wise Alloys Finance Corp. 8.75%, due 12/15/18  (a)		1,030,000			1,091,800
						2,766,863
	Mining 1.6%
	Hecla Mining Co. 6.875%, due 5/1/21		245,000			235,200
	Kaiser Aluminum Corp. 8.25%, due 6/1/20		1,400,000			1,575,000
	New Gold, Inc. 7.00%, due 4/15/20  (a)		1,070,000			1,096,750
	St. Barbara, Ltd. 8.875%, due 4/15/18  (a)		1,785,000			1,481,550
						4,388,500
	Miscellaneous - Manufacturing 3.1%
¤	Amsted Industries, Inc. 8.125%, due 3/15/18  (a)		3,984,000			4,173,240
	CTP Transportation Products LLC / CTP Finance, Inc. 8.25%, due 12/15/19  (a)		1,480,000			1,557,700
	FGI Operating Co. LLC / FGI Finance, Inc. 7.875%, due 5/1/20		965,000			1,030,137
	LSB Industries, Inc. 7.75%, due 8/1/19  (a)		1,420,000			1,505,200
	SPX Corp. 6.875%, due 9/1/17		405,000			457,650
						8,723,927
	Office Furnishings 0.5%
	Interface, Inc. 7.625%, due 12/1/18		1,335,000			1,431,788
	Oil & Gas 4.4%
	Berry Petroleum Co., LLC 10.25%, due 6/1/14		330,000			337,425
	Calumet Specialty Products Partners, L.P. / Calumet Finance Corp.
	9.375%, due 5/1/19		2,115,000			2,342,363
	9.625%, due 8/1/20		500,000			567,500
	Chesapeake Oilfield Operating LLC / Chesapeake Oilfield Finance, Inc. 6.625%, due 11/15/19		1,200,000			1,260,000
	Comstock Resources, Inc. 7.75%, due 4/1/19		1,775,000			1,890,375
	Frontier Oil Corp. 6.875%, due 11/15/18		450,000			481,500
	Newfield Exploration Co. 7.125%, due 5/15/18		695,000			722,453
	Oasis Petroleum, Inc. 7.25%, due 2/1/19		350,000			374,500
	PetroQuest Energy, Inc. 10.00%, due 9/1/17		815,000			853,712
	Range Resources Corp. 8.00%, due 5/15/19		550,000			581,625
	Rex Energy Corp. 8.875%, due 12/1/20		660,000			726,000
	SM Energy Co. 6.625%, due 2/15/19		687,000			726,502
	Whiting Petroleum Corp. 6.50%, due 10/1/18		635,000			672,306
	WPX Energy, Inc. 5.25%, due 1/15/17		690,000			740,025
						12,276,286
	Oil & Gas Services 0.4%
	Expro Finance Luxembourg SCA 8.50%, due 12/15/16  (a)		550,000			574,750
	Pioneer Energy Services Corp. 9.875%, due 3/15/18		420,000			444,675
						1,019,425
	Packaging & Containers 0.8%
	AEP Industries, Inc. 8.25%, due 4/15/19		1,830,000			1,958,100
	Owens-Brockway Glass Container, Inc. 7.375%, due 5/15/16		100,000			111,750
	Owens-Illinois, Inc. 7.80%, due 5/15/18		120,000			140,400
						2,210,250
	Pharmaceuticals 3.1%
	Forest Laboratories, Inc. 4.375%, due 2/1/19  (a)		1,370,000			1,375,137
	Grifols, Inc. 8.25%, due 2/1/18		1,530,000			1,633,275
	Lantheus Medical Imaging, Inc. 9.75%, due 5/15/17		235,000			217,375
	NBTY, Inc. 9.00%, due 10/1/18		2,835,000			3,061,800
	Salix Pharmaceuticals, Ltd. 6.00%, due 1/15/21  (a)		1,070,000			1,115,475
	Valeant Pharmaceuticals International, Inc.
	6.75%, due 10/1/17 (a)		555,000			590,381
	6.75%, due 8/15/18 (a)		295,000			323,394
	6.875%, due 12/1/18 (a)		440,000			469,700
						8,786,537
	Pipelines 0.4%
	Penn Virginia Resource Partners, L.P. / Penn Virginia Resource Finance Corp. 8.25%, due 4/15/18		1,020,000			1,072,275
	Real Estate 0.7%
	Rialto Holdings LLC / Rialto Corp. 7.00%, due 12/1/18 (a)		1,920,000			1,939,200
	Real Estate Investment Trusts 0.1%
	Host Hotels & Resorts, L.P. Series Q 6.75%, due 6/1/16		184,000			186,021
	Retail 3.1%
	AmeriGas Partners, L.P. / AmeriGas Finance Corp. 6.25%, due 8/20/19		1,035,000			1,104,862
	Asbury Automotive Group, Inc. 8.375%, due 11/15/20		1,195,000			1,347,362
	Building Materials Holding Corp. 9.00%, due 9/15/18  (a)		1,390,000			1,494,250
	Cash America International, Inc. 5.75%, due 5/15/18  (a)		215,000			202,638
	DineEquity, Inc. 9.50%, due 10/30/18		3,025,000			3,308,594
	Radio Systems Corp. 8.375%, due 11/1/19  (a)		1,137,000			1,252,121
						8,709,827
	Shipbuilding 0.1%
	Huntington Ingalls Industries, Inc. 6.875%, due 3/15/18		250,000			269,063
	Software 0.8%
	ACI Worldwide, Inc. 6.375%, due 8/15/20 (a)		2,060,000			2,152,700
	Storage & Warehousing 0.9%
	Algeco Scotsman Global Finance PLC
	8.50%, due 10/15/18 (a)		1,845,000			1,997,212
	10.75%, due 10/15/19 (a)		595,000			641,113
						2,638,325
	Telecommunications 8.6%
	Crown Castle International Corp. 7.125%, due 11/1/19		900,000			963,000
¤	Hughes Satellite Systems Corp. 6.50%, due 6/15/19		4,140,000			4,502,250
	Inmarsat Finance PLC 7.375%, due 12/1/17  (a)		975,000			1,009,125
	MetroPCS Wireless, Inc. 7.875%, due 9/1/18		420,000			448,350
	Sable International Finance, Ltd. 7.75%, due 2/15/17  (a)		2,245,000			2,339,290
	Satelites Mexicanos S.A. de C.V. 9.50%, due 5/15/17		1,540,000			1,632,400
	SBA Telecommunications, Inc. 8.25%, due 8/15/19		2,112,000			2,259,840
	Sprint Capital Corp. 6.90%, due 5/1/19		1,475,000			1,593,000
	Sprint Communications, Inc.
	8.375%, due 8/15/17		1,200,000			1,386,000
	9.125%, due 3/1/17		890,000			1,045,750
	T-Mobile USA, Inc.
	5.25%, due 9/1/18 (a)		2,075,000			2,189,125
	6.464%, due 4/28/19		865,000			910,412
	Virgin Media Finance PLC 8.375%, due 10/15/19		595,000			643,344
	Virgin Media Secured Finance PLC
	5.25%, due 1/15/21		1,000,000			1,015,319
	6.50%, due 1/15/18		1,990,000			2,059,650
						23,996,855
	Transportation 2.3%
	Florida East Coast Holdings Corp. 10.50%, due 8/1/17  (b)		306,000			314,415
	Florida East Coast Railway Corp. 8.125%, due 2/1/17		2,760,000			2,880,060
¤	Swift Services Holdings, Inc. 10.00%, due 11/15/18		3,085,000			3,401,212
						6,595,687
	Trucking & Leasing 1.5%
	Flexi-Van Leasing, Inc. 7.875%, due 8/15/18  (a)		950,000			1,035,500
	NESCO LLC / NESCO Holdings Corp. 11.75%, due 4/15/17  (a)		560,000			627,200
	TRAC Intermodal LLC / TRAC Intermodal Corp. 11.00%, due 8/15/19		2,305,000			2,627,700
						4,290,400
	Vitamins & Nutrition Products 0.5%
	Alphabet Holding Co., Inc.
	7.75%, due 11/1/17 (b)		760,000			782,800
	7.75%, due 11/1/17 (a)(b)		625,000			643,750
						1,426,550
	Total Corporate Bonds (Cost $253,000,532)					254,011,590
	Loan Assignments 3.1% (c)
	Aerospace & Defense 0.0%‡
	DAE Aviation Holdings, Inc. 2nd Lien Term Loan (zero coupon), due 8/11/19		55,000			55,825
	Auto Parts & Equipment 0.6%
	Exide Technologies, Inc. DIP Second-Out Term Loan 9.00%, due 12/31/14		1,705,150			1,739,253
	Chemicals 0.1%
	Tata Chemicals North America, Inc. Term Loan B 3.75%, due 8/7/20		368,150			369,070
	Coal 0.1%
	Arch Coal, Inc. Term Loan B 6.25%, due 5/16/18		279,293			276,400
	Distribution & Wholesale 0.2%
	Performance Food Group Co. 2nd Lien Term Loan 6.25%, due 11/14/19		497,500			502,475
	Diversified Financial Services 0.2%
	Ocwen Financial Corp. Term Loan 5.00%, due 2/15/18		655,050			660,782
	Lodging 0.2%
	Cannery Casino Resorts LLC New 2nd Lien Term Loan 10.00%, due 10/2/19		145,000			131,950
	Four Seasons Holdings, Inc.
	1st Lien Term Loan 4.25%, due 6/27/20		119,700			119,999
	2nd Lien Term Loan 6.25%, due 12/28/20		150,000			153,375
						405,324
	Machinery 0.2%
	Filtration Group Corp. 1st Lien Term Loan 4.50%, due 11/21/20		500,000			506,094
	Media 0.2%
	Nielsen Finance LLC USD Term Loan E 2.912%, due 5/2/16		495,000			496,080
	Metal Fabricate & Hardware 0.2%
	Neenah Foundry Co. Term Loan 6.75%, due 4/26/17 (d)(e)		637,918			635,526
	Miscellaneous - Manufacturing 0.5%
	FGI Operating Co. LLC Term Loan 5.50%, due 4/19/19		1,277,251			1,292,418
	Retail 0.3%
	Dunkin' Brands, Inc. Term Loan B3 3.75%, due 2/14/20		494,591			495,983
	Steinway Musical Instruments, Inc. 1st Lien Term Loan 4.75%, due 9/19/19		249,375			252,492
						748,475
	Software 0.3%
	Activision Blizzard, Inc. Term Loan B 3.25%, due 10/12/20		847,875			854,347
	Total Loan Assignments (Cost $8,407,505)					8,542,069
	Yankee Bond 0.2% (f)
	Computers 0.2%
	Seagate Technology HDD Holdings 6.80%, due 10/1/16		410,000			461,250
	Total Yankee Bond (Cost $451,237)					461,250
	Total Long-Term Bonds (Cost $262,507,378)					263,689,690
	Short-Term Investment  2.6%
	Repurchase Agreement 2.6%
	State Street Bank and Trust Co. 0.00%, dated 1/31/14 due 2/3/14 Proceeds at Maturity $7,352,248 (Collateralized by a Federal National Mortgage Association Corp. security with a rate of 2.17% and a maturity date of 11/7/22, with a Principal Amount of $8,035,000 and a Market Value of $7,500,938)		7,352,248			7,352,248
	Total Short-Term Investment (Cost $7,352,248)					7,352,248
	Total Investments (Cost $269,859,626) (g)		96.8	%		271,041,938
	Other Assets, Less Liabilities		3.2			9,037,872
	Net Assets		100.0	%	$	280,079,810

¤ Among the Fund's 10 largest issuers held, as of January 31, 2014, excluding short-term investment. May be subject to change daily.

† Percentages indicated are based on Fund net assets.

‡ 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") - interest or dividend payment is made with additional securities.

(c) Floating Rate Loan - generally pays interest at rates which are periodically re-determined at a margin above the London InterBank Offered Rate or other short-term rates. The rate shown was the weighted average interest rate of all contracts within the floating rate loan facility as of January 31, 2014.

(d) Illiquid security - The total market value of this security as of January 31, 2014, was $635,526, which represents 0.2% of the Fund's net assets.

(e) Restricted security.

(f) Yankee Bond - Dollar-denominated bond issued in the United States by a foreign bank or corporation.

(g) As of January 31, 2014, cost was $269,871,806 for federal income tax purposes and net unrealized appreciation was as follows:

Gross unrealized appreciation	$	2,575,336
Gross unrealized depreciation		(1,405,204	)
Net unrealized appreciation	$	1,170,132

The following is a summary of the fair valuations according to the inputs used as of January 31, 2014, 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
Convertible Bond	$	—	$	674,781	$	—	$	674,781
Corporate Bonds		—		254,011,590		—		254,011,590
Loan Assignments (b)		—		6,341,124		2,200,945		8,542,069
Yankee Bonds		—		461,250		—		461,250
Total Long-Term Bonds		—		261,488,745		2,200,945		263,689,690
Short-Term Investment
Repurchase Agreement		—		7,352,248		—		7,352,248
Total Investments in Securities	$	—	$	268,840,993	$	2,200,945	$	271,041,938

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

(b) The Level 3 securities valued at $2,200,945 represent Loan Assignments whose value was obtained from an independent pricing service which used a single broker quote to measure such value as referenced in the Portfolio of Investments.

The Fund recognizes transfers between the levels as of the beginning of the period.

For the period ended January 31, 2014, the Fund did not have any transfers between Level 1 and Level 2 fair value measurements.

As of January 31, 2014, securities with a total value of $1,978,183 transferred from Level 2 to Level 3. The transfer occurred as a result of the value for certain Loan Assignments obtained from an independent pricing service utilizing a single broker quote with significant unobservable inputs. The fair value obtained for these securities from an independent pricing service as of October 31, 2013 utilized the average of multiple bid quotations.

As of January 31, 2014, a security with a total value of $121,050 transferred from Level 3 to Level 2. The transfer occurred as a result of the value for certain Loan Assignments obtained from an independent pricing service utilizing the average of multiple bid quotations as of January 31, 2014. The fair value obtained for this security from an independent pricing service as of October 31, 2013 utilized a single broker quote with 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, 2013		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 January 31, 2014		Change in Unrealized Appreciation (Depreciation) from Investments Still Held as of January 31, 2014
Loan Assignments
Aerospace & Defense	$	-	$	-	$	-	$	550		$	55,275	$	-			$	-	$	-		$	55,825	$	550
Auto Parts & Equipment		-		2,155		-		10,634			-		-				1,726,464		-			1,739,253		10,634
Lodging		274,800		51		-		(426	)		-		-				-		(121,050	)		153,375		(426	)
Retail		-		52		3		1,343			-		(625	)	(a)		251,719		-			252,492		1,343
Total	$	274,800	$	2,258	$	3	$	12,101		$	55,275	$	(625	)		$	1,978,183	$	(121,050	)	$	2,200,945	$	12,101

(a) Sales include principal reductions.

As of January 31, 2014, the Fund held the following restricted security:

Security	Date of Acquisition	Principal Amount		Cost		1/31/14 Value		Percent of Net Assets
Neenah Foundry Co.
Term Loan 6.75%, due 4/26/17	5/10/13	$	637,918	$	614,508	$	635,526		0.2	%

MainStay Short Term Bond Fund

Portfolio of Investments January 31, 2014 (Unaudited)

		Principal Amount			Value
	Long-Term Bonds  96.8%†
	Asset-Backed Security 0.9%
	Automobile 0.9%
	Hertz Vehicle Financing LLC Series 2009-2A, Class A2 5.29%, due 3/25/16 (a)	$	700,000		$	729,328
	Total Asset-Backed Security (Cost $735,716)					729,328
	Corporate Bonds 48.5%
	Agriculture 1.8%
	Japan Tobacco, Inc. 2.10%, due 7/23/18  (a)		1,070,000			1,074,815
	Reynolds American, Inc. 1.05%, due 10/30/15		420,000			421,446
						1,496,261
	Banks 13.6%
	Bank of America Corp.
	2.00%, due 1/11/18		305,000			305,267
	6.50%, due 8/1/16		645,000			725,529
	Barclays Bank PLC 5.00%, due 9/22/16		640,000			704,014
	BB&T Corp. 1.60%, due 8/15/17		915,000			918,359
	Capital One Financial Corp. 3.50%, due 6/15/23		484,000			467,970
	Citigroup, Inc. 2.65%, due 3/2/15		835,000			851,683
	Discover Bank / Greenwood DE 2.00%, due 2/21/18		340,000			339,517
	Goldman Sachs Group, Inc. (The) 3.625%, due 2/7/16		975,000			1,022,118
	HSBC Bank PLC 1.50%, due 5/15/18  (a)		945,000			930,043
¤	JPMorgan Chase & Co. 3.45%, due 3/1/16		1,235,000			1,296,383
	Morgan Stanley 4.00%, due 7/24/15		895,000			934,474
¤	PNC Funding Corp. 3.625%, due 2/8/15		1,240,000			1,279,188
	Royal Bank of Scotland Group PLC 2.55%, due 9/18/15		565,000			577,882
	Wells Fargo & Co. 5.00%, due 11/15/14		780,000			807,464
						11,159,891
	Beverages 2.8%
	Coca-Cola Co. (The) 0.75%, due 3/13/15		785,000			789,246
	PepsiCo., Inc.
	0.75%, due 3/5/15		560,000			562,361
	0.80%, due 8/25/14		375,000			376,124
	SABMiller Holdings, Inc. 1.85%, due 1/15/15  (a)		585,000			591,656
						2,319,387
	Computers & Peripherals 1.0%
	Apple, Inc. 1.00%, due 5/3/18		875,000			852,948
	Diversified Financial Services 1.5%
	General Electric Capital Corp. 3.75%, due 11/14/14		1,220,000			1,252,868
	Electric 1.1%
	Dominion Gas Holdings LLC 1.05%, due 11/1/16 (a)		890,000			888,898
	Finance - Commercial 1.0%
	Caterpillar Financial Services Corp. 1.25%, due 11/6/17		790,000			785,671
	Finance - Consumer Loans 0.5%
	John Deere Capital Corp. 1.05%, due 10/11/16		440,000			441,749
	Finance - Other Services 1.3%
	Private Export Funding Corp. 1.375%, due 2/15/17		1,020,000			1,034,540
	Food 0.7%
	Kellogg Co. 1.125%, due 5/15/15		305,000			307,231
	Kraft Foods Group, Inc. 1.625%, due 6/4/15		290,000			293,972
						601,203
	Health Care - Products 0.5%
	Baxter International, Inc. 0.95%, due 6/1/16		440,000			441,417
	Health Care - Services 0.7%
	UnitedHealth Group, Inc. 0.85%, due 10/15/15		535,000			537,615
	Holding Company - Diversified 1.6%
¤	Hutchison Whampoa International, Ltd. 4.625%, due 9/11/15 (a)		1,195,000			1,263,191
	Insurance 3.0%
	Berkshire Hathaway Finance Corp. 0.95%, due 8/15/16		305,000			306,680
¤	Hartford Financial Services Group, Inc. 4.75%, due 3/1/14		1,250,000			1,253,740
	MetLife, Inc. 2.375%, due 2/6/14		890,000			890,054
						2,450,474
	Mining 0.9%
	Anglo American Capital PLC 9.375%, due 4/8/14 (a)		750,000			761,320
	Miscellaneous - Manufacturing 0.8%
	3M Co. 1.375%, due 9/29/16		660,000			670,808
	Office Equipment/Supplies 0.5%
	Xerox Corp. 8.25%, due 5/15/14		385,000			392,824
	Oil & Gas 7.7%
	BP Capital Markets PLC 3.20%, due 3/11/16		385,000			405,280
¤	Chevron Corp.
	0.889%, due 6/24/16		1,365,000			1,371,426
	1.104%, due 12/5/17		445,000			440,753
	ConocoPhillips Co. 1.05%, due 12/15/17		455,000			450,384
	Petrobras Global Finance B.V. 2.00%, due 5/20/16		480,000			475,634
	PetroHawk Energy Corp. 7.25%, due 8/15/18		805,000			861,592
	Phillips 66 2.95%, due 5/1/17		285,000			298,103
	Shell International Finance B.V. 3.10%, due 6/28/15		665,000			690,089
¤	Total Capital S.A. 3.125%, due 10/2/15		1,235,000			1,290,153
						6,283,414
	Pharmaceuticals 1.6%
	Pfizer, Inc. 5.35%, due 3/15/15		750,000			790,512
	Sanofi 1.20%, due 9/30/14		510,000			513,091
						1,303,603
	Retail 1.2%
	Costco Wholesale Corp. 0.65%, due 12/7/15		940,000			943,961
	Semiconductors 1.1%
	Intel Corp. 1.35%, due 12/15/17		910,000			907,942
	Software 0.9%
	Oracle Corp. 1.20%, due 10/15/17		730,000			726,841
	Telecommunications 2.7%
	BellSouth Corp. 5.20%, due 9/15/14		540,000			555,461
	Telefonica Emisiones S.A.U 4.949%, due 1/15/15		785,000			813,449
	Verizon Communications, Inc. 0.70%, due 11/2/15		800,000			798,761
						2,167,671
	Total Corporate Bonds (Cost $39,262,070)					39,684,497
	Mortgage-Backed Securities 2.7%
	Commercial Mortgage Loans (Collateralized Mortgage Obligations) 2.7%
	Banc of America Commercial Mortgage, Inc. Series 2007-1, Class AAB 5.422%, due 1/15/49		531,735			531,206
	Bear Stearns Commercial Mortgage Securities Trust
	Series 2004-T16, Class A6 4.75%, due 2/13/46 (b)		186,383			189,968
	Series 2005-PW10, Class A4 5.405%, due 12/11/40 (b)		400,000			423,565
	LB-UBS Commercial Mortgage Trust Series 2004-C1, Class A4 4.568%, due 1/15/31		137,903			142,436
	RBSCF Trust
	Series 2010-MB1, Class A1 2.367%, due 4/15/24 (a)		281,317			283,843
	Series 2010-MB1, Class A2 3.686%, due 4/15/24 (a)		450,000			461,468
	Wachovia Bank Commercial Mortgage Trust Series 2004-C14, Class A4 5.088%, due 8/15/41  (b)		224,568			227,346
	Total Mortgage-Backed Securities (Cost $2,325,853)					2,259,832
	U.S. Government & Federal Agencies 44.7%
¤	Federal Home Loan Bank 2.4%
	1.40%, due 6/12/18		1,010,000			999,094
	1.625%, due 6/19/18		965,000			962,870
						1,961,964
¤	Federal Home Loan Mortgage Corporation 1.8%
	0.57%, due 3/5/15		670,000			670,319
	1.00%, due 8/20/14		825,000			828,880
						1,499,199
¤	Federal National Mortgage Association 1.9%
	0.50%, due 1/15/16		600,000			600,393
	1.05%, due 8/26/16		900,000			900,452
						1,500,845
	Federal National Mortgage Association (Mortgage Pass-Through Security) 0.1%
	4.50%, due 11/1/18		80,038			85,681
¤	United States Treasury Notes 38.5%
	0.25%, due 9/15/14		5,185,000			5,189,454
	0.25%, due 4/15/16		8,430,000			8,401,018
	0.375%, due 3/15/15		8,625,000			8,644,544
	0.375%, due 6/15/15		5,885,000			5,899,483
	0.50%, due 6/15/16		3,390,000			3,392,912
						31,527,411
	Total U.S. Government & Federal Agencies (Cost $36,515,948)					36,575,100
	Total Long-Term Bonds (Cost $78,839,587)					79,248,757
	Short-Term Investment  1.5%
	Repurchase Agreement 1.5%
	State Street Bank and Trust Co. 0.00%, dated 1/31/14 due 2/3/14 Proceeds at Maturity $1,235,134 (Collateralized by a Federal National Mortgage Association security with a rate of 2.12% and a maturity date of 11/7/22, with a Principal Amount of $1,360,000 and a Market Value of $1,264,007)		1,235,134			1,235,134
	Total Short-Term Investment (Cost $1,235,134)					1,235,134
	Total Investments (Cost $80,074,721) (c)		98.3	%		80,483,891
	Other Assets, Less Liabilities		1.7			1,376,825
	Net Assets		100.0	%	$	81,860,716

¤ Among the Fund's 10 largest issuers held, as of January 31, 2014, excluding short-term investment. May be subject to change daily.

† Percentages indicated are based on Fund net assets.

(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 January 31, 2014.

(c) As of January 31, 2014, cost was $80,074,721 for federal income tax purposes and net unrealized appreciation was as follows:

Gross unrealized appreciation	$	597,273
Gross unrealized depreciation		(188,103	)
Net unrealized appreciation	$	409,170

The following is a summary of the fair valuations according to the inputs used as of January 31, 2014, 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 Security	$	—	$	729,328	$	—	$	729,328
Corporate Bonds		—		39,684,497		—		39,684,497
Mortgage-Backed Securities		—		2,259,832		—		2,259,832
U.S. Government & Federal Agencies		—		36,575,100		—		36,575,100
Total Long-Term Bonds		—		79,248,757		—		79,248,757
Short-Term Investment
Repurchase Agreement		—		1,235,134		—		1,235,134
Total Investments in Securities	$	—	$	80,483,891	$	—	$	80,483,891

(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 January 31, 2014, the Fund did not have any transfers between Level 1 and Level 2 fair value measurements.

As of January 31, 2014, the Fund did not hold any investments with significant unobservable inputs (Level 3).

MainStay U.S. Equity Opportunities Fund

Portfolio of Investments January 31, 2014 (Unaudited)

		Shares		Value
	Common Stocks 128.5% †
	Aerospace & Defense 2.9%
	AAR Corp. (a)		23,731	$	632,431
	Boeing Co. (The) (a)		35,587		4,457,628
	Engility Holdings, Inc. (b)		24,654		944,495
	Exelis, Inc.		130,528		2,557,043
	Huntington Ingalls Industries, Inc.		5,843		555,202
	Kratos Defense & Security Solutions, Inc. (b)		45,709		330,476
	Spirit AeroSystems Holdings, Inc. Class A (b)		78,200		2,651,762
					12,129,037
	Air Freight & Logistics 0.4%
	FedEx Corp. (a)		11,931		1,590,641
	Airlines 0.4%
	Alaska Air Group, Inc.		13,672		1,081,045
	Southwest Airlines Co.		9,100		190,645
	United Continental Holdings, Inc. (b)		4,987		228,604
					1,500,294
	Auto Components 0.9%
	Goodyear Tire & Rubber Co. (The)		111,000		2,626,260
	Lear Corp.		9,700		701,601
	TRW Automotive Holdings Corp. (b)		7,900		585,785
					3,913,646
	Automobiles 1.2%
	Ford Motor Co.		115,342		1,725,516
	General Motors Co. (a)(b)		84,528		3,049,770
	Tesla Motors, Inc. (b)		1,921		348,489
					5,123,775
	Beverages 1.2%
	Coca-Cola Co. (The) (a)		21,889		827,842
	PepsiCo., Inc. (a)		54,884		4,410,478
					5,238,320
	Biotechnology 3.9%
	Acorda Therapeutics, Inc. (b)		7,100		208,385
	Alkermes PLC (b)		58,800		2,862,384
	Amgen, Inc. (a)		38,627		4,594,682
	Biogen Idec, Inc. (a)(b)		2,300		719,072
	Celgene Corp. (a)(b)		3,678		558,799
	Cubist Pharmaceuticals, Inc. (b)		37,200		2,718,948
	Dyax Corp. (b)		26,184		220,469
	Emergent BioSolutions, Inc. (b)		63,400		1,517,162
	Gilead Sciences, Inc. (b)		1,600		129,040
	Momenta Pharmaceuticals, Inc. (b)		19,100		341,890
	Myriad Genetics, Inc. (b)		10,300		284,589
	NPS Pharmaceuticals, Inc. (b)		23,400		837,252
	Repligen Corp. (b)		2,700		41,796
	Spectrum Pharmaceuticals, Inc. (b)		78,635		661,320
	United Therapeutics Corp. (b)		7,400		759,388
	XOMA Corp. (b)		6,400		49,728
					16,504,904
	Capital Markets 4.2%
	Ameriprise Financial, Inc.		8,400		887,376
	Artisan Partners Asset Management, Inc. Class A		10,000		634,200
	Bank of New York Mellon Corp.		88,234		2,819,959
	Lazard, Ltd. Class A		59,740		2,554,482
	LPL Financial Holdings, Inc.		51,000		2,730,030
	Raymond James Financial, Inc.		51,300		2,611,683
	State Street Corp. (a)		45,327		3,034,643
	TD Ameritrade Holding Corp.		81,800		2,556,250
					17,828,623
	Chemicals 2.0%
	Dow Chemical Co. (The) (a)		84,700		3,854,697
	LyondellBasell Industries, N.V. Class A (a)		41,993		3,307,369
	Scotts Miracle-Gro Co. (The) Class A		21,300		1,265,007
					8,427,073
	Commercial Banks 4.7%
	Banco Latinoamericano de Comercio Exterior S.A. Class E		33,400		848,360
	BB&T Corp.		2,000		74,820
	Cardinal Financial Corp.		16,100		274,505
	Comerica, Inc.		49,900		2,285,420
	Commerce Bancshares, Inc.		7,900		343,413
	Fifth Third Bancorp		140,810		2,959,826
	First Niagara Financial Group, Inc.		259,900		2,245,536
	First Republic Bank		52,569		2,551,174
	KeyCorp		209,681		2,675,529
	PNC Financial Services Group, Inc.		3,700		295,556
	SunTrust Banks, Inc.		79,463		2,941,720
	Wells Fargo & Co.		54,467		2,469,534
					19,965,393
	Commercial Services & Supplies 1.5%
	Pitney Bowes, Inc.		117,700		2,963,686
	Quad Graphics, Inc.		17,800		408,154
	R.R. Donnelley & Sons Co.		136,500		2,521,155
	Viad Corp.		16,700		439,043
					6,332,038
	Communications Equipment 3.0%
	Brocade Communications Systems, Inc. (b)		285,543		2,666,972
	Cisco Systems, Inc. (a)		187,625		4,110,864
	EchoStar Corp. Class A (b)		48,519		2,281,848
	Harris Corp.		34,900		2,419,966
	QUALCOMM, Inc. (a)		16,576		1,230,271
					12,709,921
	Computers & Peripherals 4.9%
¤	Apple, Inc. (a)		26,210		13,120,726
	Hewlett-Packard Co. (a)		135,101		3,917,929
	Silicon Graphics International Corp. (b)		48,900		636,189
	Western Digital Corp.		34,192		2,946,325
					20,621,169
	Construction & Engineering 0.4%
	AECOM Technology Corp. (b)		63,678		1,825,648
	Containers & Packaging 0.4%
	Rock-Tenn Co. Class A		15,700		1,593,236
	Diversified Consumer Services 0.7%
	Graham Holdings Co. Class B		4,044		2,531,787
	Strayer Education, Inc. (b)		6,700		234,232
					2,766,019
	Diversified Financial Services 5.0%
	Bank of America Corp. (a)		92,783		1,554,115
¤	Berkshire Hathaway, Inc. Class B (a)(b)		63,389		7,074,213
	Citigroup, Inc. (a)		65,368		3,100,404
	Interactive Brokers Group, Inc. Class A		92,017		1,950,760
¤	JPMorgan Chase & Co. (a)		131,619		7,286,428
					20,965,920
	Diversified Telecommunication Services 1.0%
	AT&T, Inc. (a)		46,069		1,535,019
	Inteliquent, Inc.		52,106		604,429
	Verizon Communications, Inc. (a)		11,138		534,847
	Vonage Holdings Corp. (b)		376,200		1,734,282
					4,408,577
	Electric Utilities 0.3%
	Exelon Corp.		49,350		1,431,150
	Electrical Equipment 0.7%
	Emerson Electric Co.		5,400		356,076
	Regal-Beloit Corp.		34,700		2,570,923
	SolarCity Corp. (b)		535		39,638
					2,966,637
	Electronic Equipment, Instruments & Components 1.5%
	Avnet, Inc.		31,258		1,283,766
	Ingram Micro, Inc. Class A (b)		18,600		465,372
	Jabil Circuit, Inc.		150,341		2,701,628
	Sanmina Corp. (b)		48,800		815,936
	ScanSource, Inc. (b)		11,700		439,218
	SYNNEX Corp. (b)		13,900		780,485
					6,486,405
	Energy Equipment & Services 2.5%
	Baker Hughes, Inc.		56,500		3,200,160
	Halliburton Co. (a)		30,935		1,516,124
	Nabors Industries, Ltd.		158,937		2,714,644
	Oil States International, Inc. (b)		7,900		742,205
	Schlumberger, Ltd.		1,000		87,570
	Superior Energy Services, Inc.		98,300		2,323,812
					10,584,515
	Food & Staples Retailing 1.8%
	Andersons, Inc. (The)		5,200		430,248
	CVS Caremark Corp.		3,400		230,248
	Kroger Co. (The) (a)		80,127		2,892,585
	Rite Aid Corp. (b)		151,400		840,270
	Safeway, Inc. (a)		87,193		2,723,909
	Wal-Mart Stores, Inc. (a)		4,502		336,209
					7,453,469
	Food Products 2.9%
	Archer-Daniels-Midland Co. (a)		74,700		2,949,156
	Bunge, Ltd.		35,400		2,681,904
	Chiquita Brands International, Inc. (b)		92,900		982,882
	Ingredion, Inc.		29,945		1,865,574
	Pilgrim's Pride Corp. (b)		51,100		854,903
	Tyson Foods, Inc. Class A		80,493		3,010,438
					12,344,857
	Health Care Equipment & Supplies 2.0%
	Abbott Laboratories (a)		35,283		1,293,475
	Anika Therapeutics, Inc. (b)		22,200		738,594
	Boston Scientific Corp. (b)		227,300		3,075,369
	CareFusion Corp. (b)		5,986		244,049
	Greatbatch, Inc. (b)		11,800		501,618
	ICU Medical, Inc. (b)		5,100		329,001
	Invacare Corp.		46,300		934,334
	Natus Medical, Inc. (b)		18,900		489,321
	NuVasive, Inc. (b)		23,600		883,584
					8,489,345
	Health Care Providers & Services 3.7%
	Amedisys, Inc. (b)		57,200		863,148
	Cardinal Health, Inc.		23,300		1,584,866
	Gentiva Health Services, Inc. (b)		28,069		318,864
	Health Net, Inc. (b)		64,400		2,118,116
	Humana, Inc.		30,100		2,928,730
	Kindred Healthcare, Inc.		21,700		410,998
	McKesson Corp. (a)		20,038		3,494,827
	PharMerica Corp. (b)		34,900		849,466
	UnitedHealth Group, Inc.		1,071		77,412
	WellPoint, Inc.		35,862		3,084,132
					15,730,559
	Hotels, Restaurants & Leisure 1.9%
	Brinker International, Inc.		20,200		976,872
	Hyatt Hotels Corp. Class A (b)		5,600		267,624
	International Game Technology		28,400		409,812
	MGM Resorts International (b)		32,312		787,120
	Royal Caribbean Cruises, Ltd.		57,409		2,847,487
	Wendy's Co. (The)		299,300		2,714,651
					8,003,566
	Household Durables 2.5%
	Harman International Industries, Inc.		31,100		3,216,673
	Jarden Corp. (b)		45,500		2,750,475
	PulteGroup, Inc.		114,003		2,316,541
	Whirlpool Corp.		18,368		2,448,454
					10,732,143
	Household Products 0.9%
	Energizer Holdings, Inc.		15,300		1,445,850
	Procter & Gamble Co. (The) (a)		32,359		2,479,347
					3,925,197
	Independent Power Producers & Energy Traders 0.0%‡
	AES Corp. (The) (a)		452		6,355
	Industrial Conglomerates 0.8%
	General Electric Co. (a)		139,485		3,505,258
	Insurance 1.6%
	American International Group, Inc. (a)		84,726		4,063,459
	Genworth Financial, Inc. Class A (b)		95,200		1,404,200
	MetLife, Inc.		10,200		500,310
	Reinsurance Group of America, Inc.		6,500		485,355
	Stewart Information Services Corp.		10,500		341,355
					6,794,679
	Internet & Catalog Retail 3.0%
	Amazon.com, Inc. (b)		14,923		5,352,731
	Expedia, Inc.		40,492		2,631,170
	Liberty Interactive Corp. Class A (b)		103,300		2,759,143
	Overstock.com, Inc. (b)		13,300		280,098
	priceline.com, Inc. (b)		1,600		1,831,824
					12,854,966
	Internet Software & Services 5.5%
	AOL, Inc. (a)(b)		53,800		2,479,104
	Blucora, Inc. (b)		15,100		386,711
	EarthLink, Inc.		7,016		30,450
	eBay, Inc. (a)(b)		78,157		4,157,952
	Facebook, Inc. Class A (b)		39,000		2,440,230
¤	Google, Inc. Class A (a)(b)		8,394		9,913,062
	IAC / InterActiveCorp		38,289		2,681,762
	LinkedIn Corp. Class A (b)		2,200		473,462
	Monster Worldwide, Inc. (b)		57,900		354,348
	Perficient, Inc. (b)		17,900		367,487
					23,284,568
	IT Services 4.9%
	Booz Allen Hamilton Holding Corp. (a)		138,314		2,528,380
	Computer Sciences Corp.		49,644		2,998,994
	CoreLogic, Inc. (b)		77,151		2,457,259
	DST Systems, Inc.		1,100		100,100
	Genpact, Ltd. (b)		134,500		2,282,465
	Global Cash Access Holdings, Inc. (b)		11,645		98,750
	Global Payments, Inc.		39,900		2,636,991
	International Business Machines Corp. (a)		26,107		4,612,585
	MasterCard, Inc. Class A		5,700		431,376
	Visa, Inc. Class A		4,300		926,349
	Western Union Co. (The)		119,300		1,837,220
					20,910,469
	Life Sciences Tools & Services 1.0%
	Bruker Corp. (b)		80,000		1,628,000
	PAREXEL International Corp. (b)		18,200		888,342
	Quintiles Transnational Holdings, Inc. (b)		35,000		1,667,050
					4,183,392
	Machinery 2.1%
	AGCO Corp.		48,400		2,581,172
	Caterpillar, Inc.		16,400		1,540,124
	Cummins, Inc.		9,700		1,231,706
	Hyster-Yale Materials Handling, Inc.		8,936		766,352
	Oshkosh Corp.		51,201		2,772,022
					8,891,376
	Media 5.6%
	Cablevision Systems Corp. Class A		158,335		2,539,693
	Carmike Cinemas, Inc. (b)		22,700		615,397
	Comcast Corp. Class A (a)		97,960		5,333,922
	Digital Generation, Inc. (b)		25,100		338,850
	DIRECTV (a)(b)		36,466		2,531,834
	DISH Network Corp. Class A (b)		35,000		1,973,300
	Gannett Co., Inc.		49,336		1,358,220
	Interpublic Group of Cos., Inc. (The)		140,400		2,291,328
	Live Nation Entertainment, Inc. (b)		41,300		878,451
	MDC Partners, Inc. Class A		26,650		640,400
	Time Warner Cable, Inc. (a)		26,086		3,476,481
	Twenty-First Century Fox, Inc. Class A		45,000		1,431,900
	Walt Disney Co. (The) (a)		6,575		477,411
					23,887,187
	Metals & Mining 1.2%
	Reliance Steel & Aluminum Co.		36,100		2,525,195
	Steel Dynamics, Inc. (a)		146,099		2,410,634
	United States Steel Corp.		11,000		287,210
					5,223,039
	Multi-Utilities 0.7%
	MDU Resources Group, Inc.		88,100		2,822,724
	Multiline Retail 0.4%
	Target Corp.		32,100		1,818,144
	Oil, Gas & Consumable Fuels 12.5%
	Anadarko Petroleum Corp. (a)		16,800		1,355,592
	Apache Corp.		39,401		3,162,324
	Carrizo Oil & Gas, Inc. (b)		20,100		826,110
	Chesapeake Energy Corp.		101,700		2,736,747
¤	Chevron Corp. (a)		65,759		7,340,677
	Cloud Peak Energy, Inc. (b)		46,600		872,818
	ConocoPhillips (a)		36,898		2,396,525
	Devon Energy Corp.		44,800		2,653,056
	EPL Oil & Gas, Inc. (b)		31,400		843,718
¤	Exxon Mobil Corp. (a)		102,745		9,468,979
	Forest Oil Corp. (b)		21,000		64,050
	Green Plains Renewable Energy, Inc.		42,000		935,760
	Marathon Oil Corp.		91,400		2,997,006
	Marathon Petroleum Corp. (a)		36,166		3,148,251
	Occidental Petroleum Corp.		1,600		140,112
	PBF Energy, Inc. Class A		4,800		124,464
	Penn Virginia Corp. (b)		24,588		294,810
	Phillips 66 (a)		47,492		3,471,190
	Renewable Energy Group, Inc. (b)		62,800		628,628
	Stone Energy Corp. (b)		26,800		829,460
	Tesoro Corp.		50,000		2,576,000
	VAALCO Energy, Inc. (b)		128,700		774,774
	Valero Energy Corp. (a)		62,159		3,176,325
	Western Refining, Inc.		21,200		829,132
	WPX Energy, Inc. (b)		61,600		1,173,480
					52,819,988
	Paper & Forest Products 0.8%
	Domtar Corp. (a)		28,291		3,038,736
	International Paper Co. (a)		6,434		307,159
					3,345,895
	Personal Products 0.5%
	Avon Products, Inc.		5,232		77,904
	Herbalife, Ltd.		6,519		419,628
	Nu Skin Enterprises, Inc. Class A		20,212		1,721,052
					2,218,584
	Pharmaceuticals 7.9%
	AbbVie, Inc.		35,852		1,764,994
	Auxilium Pharmaceuticals, Inc. (b)		7,200		184,176
	Depomed, Inc. (b)		9,800		117,600
	Eli Lilly & Co. (a)		43,361		2,341,928
	Hi-Tech Pharmacal Co., Inc. (b)		8,500		367,710
	Hospira, Inc. (b)		63,500		2,794,635
	Impax Laboratories, Inc. (b)		34,900		807,586
¤	Johnson & Johnson (a)		91,492		8,094,297
	Mallinckrodt PLC (b)		45,700		2,642,831
	Medicines Co. (The) (b)		22,400		778,624
¤	Merck & Co., Inc. (a)		120,296		6,372,079
	Pfizer, Inc. (a)		173,411		5,271,694
	Prestige Brands Holdings, Inc. (b)		26,600		804,916
	Questcor Pharmaceuticals, Inc.		9,568		641,152
	Sagent Pharmaceuticals, Inc. (b)		31,600		598,188
					33,582,410
	Professional Services 1.1%
	Barrett Business Services, Inc.		7,600		595,916
	ManpowerGroup, Inc.		32,160		2,505,264
	Robert Half International, Inc. (a)		32,254		1,347,572
					4,448,752
	Real Estate Investment Trusts 1.8%
	CBL & Associates Properties, Inc.		110,500		1,877,395
	Home Properties, Inc.		700		39,025
	Host Hotels & Resorts, Inc.		148,700		2,734,593
	Weyerhaeuser Co.		97,700		2,919,276
					7,570,289
	Real Estate Management & Development 0.6%
	CBRE Group, Inc. Class A (b)		97,200		2,579,688
	Road & Rail 2.9%
	AMERCO		10,900		2,427,757
	Arkansas Best Corp.		25,300		867,537
	Avis Budget Group, Inc. (b)		66,900		2,522,799
	Con-way, Inc. (a)		64,658		2,487,394
	Hertz Global Holdings, Inc. (b)		102,760		2,673,815
	Ryder System, Inc.		18,401		1,309,967
					12,289,269
	Semiconductors & Semiconductor Equipment 2.8%
	Broadcom Corp. Class A		88,800		2,642,688
	First Solar, Inc. (b)		52,000		2,630,160
	Intel Corp. (a)		215,032		5,276,885
	Micron Technology, Inc. (b)		51,600		1,188,864
					11,738,597
	Software 4.0%
¤	Microsoft Corp. (a)		263,108		9,958,638
	Oracle Corp. (a)		91,262		3,367,568
	Symantec Corp.		125,700		2,691,237
	TiVo, Inc. (b)		67,200		832,608
					16,850,051
	Specialty Retail 3.1%
	Ascena Retail Group, Inc. (b)		126,689		2,376,686
	Best Buy Co., Inc. (a)		71,600		1,685,464
	Big 5 Sporting Goods Corp.		8,100		138,996
	CST Brands, Inc.		20,200		644,986
	GameStop Corp. Class A (a)		57,404		2,013,158
	Gap, Inc. (The)		35,100		1,336,608
	hhgregg, Inc. (b)		7,381		60,967
	Home Depot, Inc. (The) (a)		11,341		871,556
	Lowe's Companies, Inc. (a)		78,116		3,615,989
	Pep Boys-Manny Moe & Jack (The) (b)		1,233		14,722
	Staples, Inc.		10,067		132,482
					12,891,614
	Textiles, Apparel & Luxury Goods 1.5%
	Carter's, Inc.		12,757		857,908
	Fossil Group, Inc. (b)		23,300		2,605,639
	Hanesbrands, Inc.		40,064		2,850,153
					6,313,700
	Thrifts & Mortgage Finance 0.6%
	Ocwen Financial Corp. (b)		2,600		114,764
	People's United Financial, Inc.		85,583		1,216,134
	Washington Federal, Inc.		55,000		1,203,400
					2,534,298
	Tobacco 0.1%
	Philip Morris International, Inc. (a)		6,370		497,752
	Trading Companies & Distributors 0.6%
	MRC Global, Inc. (b)		86,173		2,405,950
	Wireless Telecommunication Services 1.5%
	Sprint Corp. (b)		19,500		161,265
	T-Mobile U.S., Inc. (b)		83,000		2,537,310
	Telephone & Data Systems, Inc.		69,448		1,876,485
	United States Cellular Corp.		37,193		1,647,278
					6,222,338
	Total Common Stocks (Cost $475,281,708)				544,083,409
	Exchange-Traded Fund 1.7% (c)
¤	S&P 500 Index - SPDR Trust Series 1		39,578		7,052,008
	Total Exchange-Traded Fund (Cost $7,174,556)				7,052,008

	Principal Amount			Value
Short-Term Investment 0.3%
Repurchase Agreement 0.3%
State Street Bank and Trust Co. 0.00%, dated 1/31/14 due 2/3/14 Proceeds at Maturity $1,212,734 (Collateralized by a Federal National Mortgage Association security with a rate of 2.12% and a maturity date of 11/7/22, with a Principal Amount of $1,335,000 and a Market Value of $1,240,772)	$	1,212,734			1,212,734
Total Short-Term Investment (Cost $1,212,734)					1,212,734
Total Investments, Before Investments Sold Short (Cost $483,668,998) (f)		130.5	%		552,348,151

	Shares			Value
Investments Sold Short (30.0%)
Common Stocks Sold Short (30.0%)
Aerospace & Defense (0.1%)
KEYW Holding Corp. (The) (b)		(18,159	)		(290,544	)
Taser International, Inc. (b)		(6,009	)		(96,504	)
					(387,048	)
Air Freight & Logistics (0.2%)
XPO Logistics, Inc. (b)		(26,500	)		(660,380	)
Auto Components (0.5%)
Allison Transmission Holdings, Inc.		(16,200	)		(465,426	)
Gentex Corp.		(45,300	)		(1,467,267	)
					(1,932,693	)
Biotechnology (1.2%)
Achillion Pharmaceuticals, Inc. (b)		(136,700	)		(452,477	)
Idenix Pharmaceuticals, Inc. (b)		(21,100	)		(147,911	)
Infinity Pharmaceuticals, Inc. (b)		(13,500	)		(173,475	)
Insmed, Inc. (b)		(1,900	)		(38,798	)
MannKind Corp. (b)		(48,900	)		(265,038	)
Seattle Genetics, Inc. (b)		(34,300	)		(1,538,698	)
Stemline Therapeutics, Inc. (b)		(13,800	)		(347,070	)
Synta Pharmaceuticals Corp. (b)		(85,600	)		(457,104	)
Theravance, Inc. (b)		(40,100	)		(1,476,482	)
ZIOPHARM Oncology, Inc. (b)		(60,500	)		(253,495	)
					(5,150,548	)
Chemicals (0.2%)
Intrepid Potash, Inc. (b)		(49,000	)		(720,300	)
Kronos Worldwide, Inc.		(1,400	)		(21,672	)
					(741,972	)
Commercial Banks (1.1%)
Capital Bank Financial Corp. Class A (b)		(5,761	)		(132,791	)
First Horizon National Corp.		(127,300	)		(1,497,048	)
Home BancShares, Inc.		(11,957	)		(368,754	)
Synovus Financial Corp.		(34,332	)		(115,012	)
TCF Financial Corp.		(89,707	)		(1,444,283	)
Valley National Bancorp		(114,613	)		(1,110,600	)
					(4,668,488	)
Commercial Services & Supplies (0.3%)
Copart, Inc. (b)		(17,100	)		(586,188	)
Iron Mountain, Inc.		(24,000	)		(633,840	)
					(1,220,028	)
Communications Equipment (0.6%)
Palo Alto Networks, Inc. (b)		(24,656	)		(1,465,799	)
Procera Networks, Inc. (b)		(65,800	)		(760,648	)
Ruckus Wireless, Inc. (b)		(35,300	)		(474,079	)
					(2,700,526	)
Computers & Peripherals (0.4%)
Cray, Inc. (b)		(24,700	)		(728,403	)
Fusion-io, Inc. (b)		(82,000	)		(902,000	)
					(1,630,403	)
Construction & Engineering (0.1%)
Great Lakes Dredge & Dock Corp. (b)		(53,200	)		(400,596	)
Construction Materials (0.3%)
Eagle Materials, Inc.		(15,000	)		(1,181,250	)
Diversified Consumer Services (0.3%)
Weight Watchers International, Inc.		(48,400	)		(1,308,252	)
Electrical Equipment (0.1%)
Capstone Turbine Corp. (b)		(318,800	)		(516,456	)
Electronic Equipment, Instruments & Components (1.6%)
Dolby Laboratories, Inc. Class A (b)		(36,700	)		(1,504,333	)
FARO Technologies, Inc. (b)		(5,600	)		(289,632	)
InvenSense, Inc. (b)		(25,055	)		(493,333	)
IPG Photonics Corp. (b)		(20,579	)		(1,376,118	)
National Instruments Corp.		(7,319	)		(212,251	)
RealD, Inc. (b)		(48,500	)		(434,075	)
Trimble Navigation, Ltd. (b)		(45,100	)		(1,458,083	)
Uni-Pixel, Inc. (b)		(36,700	)		(350,485	)
Universal Display Corp. (b)		(15,500	)		(503,440	)
					(6,621,750	)
Energy Equipment & Services (1.1%)
Carbo Ceramics, Inc.		(7,000	)		(805,840	)
GeoSpace Technologies Corp. (b)		(6,200	)		(493,024	)
McDermott International, Inc. (b)		(168,535	)		(1,405,582	)
Nuverra Environmental Solutions, Inc. (b)		(51,208	)		(740,468	)
Tidewater, Inc.		(27,000	)		(1,399,950	)
					(4,844,864	)
Food & Staples Retailing (0.8%)
Fresh Market, Inc. (The) (b)		(40,598	)		(1,419,306	)
Natural Grocers By Vitamin Cottage, Inc. (b)		(12,400	)		(470,828	)
Sprouts Farmers Market, Inc. (b)		(39,700	)		(1,418,878	)
					(3,309,012	)
Food Products (0.0%)‡
Boulder Brands, Inc. (b)		(3,633	)		(52,097	)
Health Care Equipment & Supplies (0.4%)
Accuray, Inc. (b)		(4,898	)		(52,164	)
Antares Pharma, Inc. (b)		(107,600	)		(514,328	)
Cerus Corp. (b)		(6,500	)		(40,105	)
GenMark Diagnostics, Inc. (b)		(17,300	)		(223,516	)
TearLab Corp. (b)		(57,700	)		(386,013	)
Unilife Corp. (b)		(92,100	)		(430,107	)
					(1,646,233	)
Health Care Providers & Services (1.0%)
BioScrip, Inc. (b)		(98,900	)		(841,639	)
Brookdale Senior Living, Inc. (b)		(54,900	)		(1,507,554	)
Capital Senior Living Corp. (b)		(11,700	)		(262,899	)
Emeritus Corp. (b)		(23,500	)		(518,175	)
Envision Healthcare Holdings, Inc. (b)		(29,900	)		(988,494	)
					(4,118,761	)
Health Care Technology (0.2%)
Allscripts Healthcare Solutions, Inc. (b)		(7,668	)		(126,982	)
Vocera Communications, Inc. (b)		(47,300	)		(826,331	)
					(953,313	)
Hotels, Restaurants & Leisure (0.5%)
Caesars Entertainment Corp. (b)		(2,500	)		(55,025	)
Choice Hotels International, Inc.		(21,300	)		(1,033,689	)
Dunkin' Brands Group, Inc.		(18,300	)		(851,499	)
Noodles & Co. (b)		(7,100	)		(258,085	)
					(2,198,298	)
Household Durables (2.5%)
Beazer Homes USA, Inc. (b)		(7,540	)		(169,725	)
D.R. Horton, Inc.		(69,086	)		(1,622,139	)
Garmin, Ltd.		(17,100	)		(770,355	)
Lennar Corp. Class A		(39,400	)		(1,582,304	)
M.D.C. Holdings, Inc.		(24,800	)		(766,072	)
M/I Homes, Inc. (b)		(21,100	)		(518,849	)
Standard Pacific Corp. (b)		(47,000	)		(413,600	)
Taylor Morrison Home Corp. Class A (b)		(70,200	)		(1,484,730	)
Tempur Sealy International, Inc. (b)		(29,700	)		(1,463,913	)
Toll Brothers, Inc. (b)		(41,513	)		(1,525,603	)
William Lyon Homes Class A (b)		(10,869	)		(261,617	)
					(10,578,907	)
Insurance (0.4%)
eHealth, Inc. (b)		(8,800	)		(470,184	)
MBIA, Inc. (b)		(130,272	)		(1,425,176	)
					(1,895,360	)
Internet & Catalog Retail (0.7%)
HomeAway, Inc. (b)		(36,600	)		(1,495,476	)
TripAdvisor, Inc. (b)		(17,911	)		(1,382,550	)
					(2,878,026	)
Internet Software & Services (0.7%)
Angie's List, Inc. (b)		(50,173	)		(900,104	)
Bazaarvoice, Inc. (b)		(95,900	)		(695,275	)
Millennial Media, Inc. (b)		(71,600	)		(568,504	)
Shutterstock, Inc. (b)		(9,200	)		(741,612	)
					(2,905,495	)
Life Sciences Tools & Services (0.3%)
Techne Corp.		(16,000	)		(1,453,920	)
Machinery (0.1%)
Proto Labs, Inc. (b)		(6,900	)		(547,584	)
Media (0.1%)
DreamWorks Animation SKG, Inc. Class A (b)		(6,375	)		(215,092	)
Lions Gate Entertainment Corp.		(1,200	)		(38,796	)
					(253,888	)
Metals & Mining (1.9%)
Allied Nevada Gold Corp. (b)		(175,436	)		(861,391	)
Compass Minerals International, Inc.		(15,100	)		(1,187,162	)
Gold Resource Corp.		(106,300	)		(490,043	)
Hecla Mining Co.		(245,768	)		(744,677	)
Molycorp, Inc. (b)		(147,622	)		(715,967	)
Royal Gold, Inc.		(29,265	)		(1,637,084	)
Tahoe Resources, Inc. (b)		(98,315	)		(1,750,007	)
Walter Energy, Inc.		(58,700	)		(666,832	)
					(8,053,163	)
Multiline Retail (0.6%)
J.C. Penney Co., Inc. (b)		(208,444	)		(1,233,988	)
Sears Holdings Corp. (b)		(37,707	)		(1,371,404	)
					(2,605,392	)
Oil, Gas & Consumable Fuels (3.2%)
Arch Coal, Inc.		(85,800	)		(363,792	)
Clean Energy Fuels Corp. (b)		(42,500	)		(507,025	)
Cobalt International Energy, Inc. (b)		(89,842	)		(1,470,714	)
Emerald Oil, Inc. (b)		(104,500	)		(801,515	)
Golar LNG, Ltd.		(41,910	)		(1,488,224	)
Gulfport Energy Corp. (b)		(27,300	)		(1,663,935	)
Miller Energy Resources, Inc. (b)		(107,000	)		(844,230	)
Nordic American Tankers, Ltd.		(74,800	)		(818,312	)
SandRidge Energy, Inc. (b)		(214,200	)		(1,317,330	)
Solazyme, Inc. (b)		(49,900	)		(647,203	)
Teekay Corp.		(29,776	)		(1,612,966	)
Triangle Petroleum Corp. (b)		(42,800	)		(325,708	)
Ultra Petroleum Corp. (b)		(69,800	)		(1,671,710	)
					(13,532,664	)
Personal Products (0.0%)‡
Star Scientific, Inc. (b)		(299,900	)		(205,551	)
Pharmaceuticals (0.5%)
AcelRx Pharmaceuticals, Inc. (b)		(44,000	)		(502,480	)
Repros Therapeutics, Inc. (b)		(24,700	)		(463,125	)
Salix Pharmaceuticals, Ltd. (b)		(7,500	)		(730,050	)
Supernus Pharmaceuticals, Inc. (b)		(46,000	)		(449,420	)
					(2,145,075	)
Professional Services (0.2%)
Acacia Research Corp.		(54,900	)		(758,718	)
Real Estate Investment Trusts (1.1%)
American Capital Agency Corp.		(73,600	)		(1,541,920	)
Annaly Capital Management, Inc.		(132,200	)		(1,423,794	)
Hatteras Financial Corp.		(85,200	)		(1,528,488	)
Western Asset Mortgage Capital Corp.		(20,720	)		(309,764	)
					(4,803,966	)
Real Estate Management & Development (0.4%)
Howard Hughes Corp. (The) (b)		(1,100	)		(137,247	)
St. Joe Co. (The) (b)		(81,800	)		(1,469,946	)
					(1,607,193	)
Semiconductors & Semiconductor Equipment (0.9%)
Advanced Micro Devices, Inc. (b)		(106,942	)		(366,811	)
Applied Materials, Inc.		(20,300	)		(341,446	)
Cree, Inc. (b)		(23,200	)		(1,401,744	)
Freescale Semiconductor, Ltd. (b)		(6,922	)		(125,496	)
Silicon Laboratories, Inc. (b)		(34,100	)		(1,610,884	)
					(3,846,381	)
Software (2.3%)
Concur Technologies, Inc. (b)		(13,522	)		(1,640,760	)
Imperva, Inc. (b)		(5,400	)		(297,000	)
Jive Software, Inc. (b)		(5,193	)		(48,035	)
NetSuite, Inc. (b)		(2,401	)		(252,537	)
ServiceNow, Inc. (b)		(25,221	)		(1,599,768	)
SolarWinds, Inc. (b)		(36,200	)		(1,444,018	)
VirnetX Holding Corp. (b)		(27,900	)		(501,084	)
Vringo, Inc. (b)		(215,400	)		(924,066	)
Workday, Inc. Class A (b)		(16,710	)		(1,496,213	)
Zynga, Inc. Class A (b)		(366,200	)		(1,611,280	)
					(9,814,761	)
Specialty Retail (1.4%)
Aeropostale, Inc. (b)		(30,700	)		(216,435	)
Bebe Stores, Inc.		(167,600	)		(832,972	)
Cabela's, Inc. (b)		(22,600	)		(1,511,036	)
Conn's, Inc. (b)		(7,300	)		(443,183	)
Five Below, Inc. (b)		(12,800	)		(469,120	)
Francesca's Holdings Corp. (b)		(11,900	)		(226,100	)
Lumber Liquidators Holdings, Inc. (b)		(5,100	)		(453,849	)
Sally Beauty Holdings, Inc. (b)		(5,900	)		(167,442	)
Sears Hometown and Outlet Stores, Inc. (b)		(6,336	)		(132,993	)
Stage Stores, Inc.		(29,800	)		(584,080	)
Tile Shop Holdings, Inc. (b)		(29,000	)		(409,770	)
Wet Seal, Inc. (The) Class A (b)		(176,500	)		(421,835	)
					(5,868,815	)
Textiles, Apparel & Luxury Goods (0.4%)
Under Armour, Inc. Class A (b)		(17,600	)		(1,902,736	)
Thrifts & Mortgage Finance (0.4%)
Flagstar Bancorp, Inc. (b)		(9,900	)		(206,613	)
Nationstar Mortgage Holdings, Inc. (b)		(46,400	)		(1,298,272	)
					(1,504,885	)
Trading Companies & Distributors (0.7%)
CAI International, Inc. (b)		(2,696	)		(55,780	)
Fastenal Co.		(32,100	)		(1,410,153	)
Textainer Group Holdings, Ltd.		(17,700	)		(642,333	)
Titan Machinery, Inc. (b)		(45,400	)		(740,020	)
					(2,848,286	)
Wireless Telecommunication Services (0.2%)
NII Holdings, Inc. (b)		(310,900	)		(935,809	)
Total Common Stocks Sold Short (Proceeds $124,431,169)					(127,189,543	)
Warrants Sold Short (0.0%)‡
Oil, Gas & Consumable Fuels (0.0%)‡
Magnum Hunter Resources Corp. (b)(d)(e)		(31,660	)		(3	)
Total Warrants Sold Short (Proceeds $0)					(3	)
Total Investments Sold Short (Proceeds $124,431,169)		(30.0	)%		(127,189,546	)
Total Investments, Net of Investments Sold Short (Cost $359,237,829)		100.5			425,158,605
Other Assets, Less Liabilities		(0.5	)		(1,966,163	)
Net Assets		100.0	%	$	423,192,442

¤	Among the Fund's 10 largest holdings, as of January 31, 2014, excluding short-term investment.  May be subject to change daily.
†	Percentages indicated are based on Fund net assets.
‡	Less than one-tenth of a percent.
(a)	Represents a security, or a portion thereof, purchased with cash collateral received for securities on loan.
(b)	Non-income producing security.
(c)	Exchange-Traded Fund - An investment vehicle that represents a basket of securities that is traded on an exchange.
(d)	Fair valued security - Security was fair valued in accordance with the Fund’s valuation policy. As of January 31, 2014, the total market value of the fair valued security was $(3), which represented less than one-tenth of a percent of the Fund’s net assets.
(e)	Illiquid security - The total market value of this security as of January 31, 2014, was $(3), which represented less than one-tenth of a percent of the Fund's net assets.
(f)	As of January 31, 2014, cost was $487,006,063 for federal income tax purposes and net unrealized appreciation was as follows:

Gross unrealized appreciation	$	77,368,981
Gross unrealized depreciation		(12,026,893	)
Net unrealized appreciation	$	65,342,088

	The following abbreviation is used in the above portfolio:
SPDR	—Standard & Poor's Depositary Receipt

The following is a summary of the fair valuations according to the inputs used as of January 31, 2014, 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	$	544,083,409	$	—	$	—	$	544,083,409
Exchange-Traded Fund		7,052,008		—		—		7,052,008
Short-Term Investment
Repurchase Agreement		—		1,212,734		—		1,212,734
Total Investments in Securities	$	551,135,417	$	1,212,734	$	—	$	552,348,151

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
Investments in Securities Sold Short (a)
Common Stocks Sold Short	$	(127,189,543	)	$	—	$	—		$	(127,189,543	)
Warrants Sold Short (b)		—			—		(3	)		(3	)
Total Investments in Securities Sold Short	$	(127,189,543	)	$	—	$	(3	)	$	(127,189,546	)

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

(b) The Level 3 security valued at $(3) is held in Oil, Gas & Consumable Fuels 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 January 31, 2014, the Fund did not have any transfers between Level 1 and Level 2 fair value measurements.

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, 2013			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 January 31, 2014			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at  January 31, 2014
Warrants Sold Short
Oil, Gas & Consumable Fuels	$	(3	)	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	(3	)	$	-
Total	$	(3	)	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	(3	)	$	-

MainStay U.S. Small Cap Fund

Portfolio of Investments January 31, 2014 (Unaudited)

		Shares		Value
	Common Stocks 96.1% †
	Aerospace & Defense 3.0%
	Curtiss-Wright Corp.		169,300	$	10,398,406
	Hexcel Corp. (a)		181,780		7,576,590
					17,974,996
	Auto Components 2.0%
	Dana Holding Corp.		311,105		5,886,107
	Visteon Corp. (a)		73,250		5,933,982
					11,820,089
	Biotechnology 0.7%
	Alkermes PLC (a)		82,310		4,006,851
	Building Products 3.3%
¤	Armstrong World Industries, Inc. (a)		231,880		12,911,078
	Simpson Manufacturing Co., Inc.		216,540		7,059,204
					19,970,282
	Capital Markets 2.3%
	Diamond Hill Investment Group, Inc.		53,950		6,179,433
	Waddell & Reed Financial, Inc. Class A		116,850		7,574,217
					13,753,650
	Chemicals 3.5%
	Chemtura Corp. (a)		304,450		7,635,606
	Flotek Industries, Inc. (a)		323,660		6,961,927
	Innophos Holdings, Inc.		140,600		6,561,802
					21,159,335
	Commercial Banks 10.2%
	Bank of Hawaii Corp.		143,700		8,159,286
	BankUnited, Inc.		319,380		9,932,718
	CVB Financial Corp.		418,537		6,244,572
	First Financial Bancorp		301,990		5,006,994
	Investors Bancorp, Inc.		405,752		10,293,928
	Sterling Financial Corp.		196,450		6,188,175
	Texas Capital Bancshares, Inc. (a)		81,450		4,843,832
	ViewPoint Financial Group, Inc.		402,050		9,898,471
					60,567,976
	Commercial Services & Supplies 1.4%
	Herman Miller, Inc.		288,880		8,097,306
	Communications Equipment 1.8%
¤	Harmonic, Inc. (a)		1,675,585		10,991,838
	Construction Materials 0.4%
	United States Lime & Minerals, Inc. (a)		49,400		2,694,770
	Containers & Packaging 1.3%
	Silgan Holdings, Inc.		176,010		8,066,538
	Diversified Consumer Services 1.0%
	Service Corp. International		349,900		6,193,230
	Diversified Financial Services 0.7%
	CBOE Holdings, Inc.		84,780		4,410,256
	Diversified Telecommunication Services 0.8%
	Lumos Networks Corp.		253,775		4,824,263
	Electric Utilities 4.1%
¤	Cleco Corp.		225,423		11,014,168
	Great Plains Energy, Inc.		305,950		7,550,846
	Westar Energy, Inc.		178,750		5,929,137
					24,494,151
	Electronic Equipment, Instruments & Components 2.2%
	National Instruments Corp.		219,034		6,351,986
	OSI Systems, Inc. (a)		117,135		6,785,631
					13,137,617
	Energy Equipment & Services 1.0%
	Dril-Quip, Inc. (a)		59,500		5,983,320
	Food & Staples Retailing 1.4%
	Spartan Stores, Inc.		359,343		8,117,558
	Food Products 1.0%
	TreeHouse Foods, Inc. (a)		89,650		5,902,556
	Health Care Equipment & Supplies 8.5%
	Alere, Inc. (a)		102,850		3,898,015
	Greatbatch, Inc. (a)		88,750		3,772,762
	Haemonetics Corp. (a)		167,750		6,356,047
¤	Integra LifeSciences Holdings Corp. (a)		248,312		11,536,576
	Sirona Dental Systems, Inc. (a)		96,088		6,912,571
	Teleflex, Inc.		94,300		8,830,252
	Wright Medical Group, Inc. (a)		310,517		9,442,822
					50,749,045
	Health Care Providers & Services 4.5%
	Bio-Reference Laboratories, Inc. (a)		381,205		10,250,602
	U.S. Physical Therapy, Inc.		191,265		6,026,760
¤	WellCare Health Plans, Inc. (a)		164,450		10,707,340
					26,984,702
	Hotels, Restaurants & Leisure 4.6%
¤	Brinker International, Inc.		249,840		12,082,262
	Life Time Fitness, Inc. (a)		200,080		8,235,293
	Monarch Casino & Resort, Inc. (a)		380,096		7,324,450
					27,642,005
	Household Durables 1.1%
	M/I Homes, Inc. (a)		258,710		6,361,679
	Internet Software & Services 1.1%
	Monster Worldwide, Inc. (a)		372,164		2,277,644
	Travelzoo, Inc. (a)		180,553		4,022,721
					6,300,365
	IT Services 1.2%
	Forrester Research, Inc.		193,712		7,271,948
	Machinery 7.1%
	Actuant Corp. Class A		77,500		2,652,050
	Harsco Corp.		287,650		7,303,434
	Kennametal, Inc.		89,339		3,871,952
¤	Mueller Industries, Inc.		191,900		11,943,856
	Mueller Water Products, Inc. Class A		787,350		6,834,198
	Woodward, Inc.		230,650		9,883,352
					42,488,842
	Metals & Mining 0.1%
	Haynes International, Inc.		8,237		421,240
	Multi-Utilities 1.8%
	Vectren Corp.		291,930		10,661,284
	Paper & Forest Products 1.7%
	KapStone Paper and Packaging Corp. (a)		356,960		9,984,171
	Professional Services 0.6%
	Resources Connection, Inc.		255,350		3,442,118
	Real Estate Investment Trusts 0.8%
	Tanger Factory Outlet Centers, Inc.		143,400		4,786,692
	Road & Rail 2.1%
	Con-way, Inc.		138,800		5,339,636
	Genesee & Wyoming, Inc. Class A (a)		78,390		7,081,753
					12,421,389
	Semiconductors & Semiconductor Equipment 4.1%
	Cypress Semiconductor Corp. (a)		806,560		8,097,863
	Teradyne, Inc. (a)		334,640		6,294,578
	Veeco Instruments, Inc. (a)		258,335		9,819,313
					24,211,754
	Software 1.9%
¤	Rovi Corp. (a)		521,050		11,051,471
	Specialty Retail 5.5%
	American Eagle Outfitters, Inc.		449,340		6,079,570
	Big 5 Sporting Goods Corp.		432,250		7,417,410
	Brown Shoe Co., Inc.		114,177		2,703,711
	CST Brands, Inc.		214,450		6,847,389
	Express, Inc. (a)		352,950		6,113,094
	JoS. A. Bank Clothiers, Inc. (a)		63,232		3,554,903
					32,716,077
	Textiles, Apparel & Luxury Goods 2.6%
	G-III Apparel Group, Ltd. (a)		50,630		3,542,581
¤	Iconix Brand Group, Inc. (a)		326,400		12,142,080
					15,684,661
	Thrifts & Mortgage Finance 4.7%
	Brookline Bancorp, Inc.		765,350		6,811,615
	Capitol Federal Financial, Inc.		569,550		6,817,514
	Northwest Bancshares, Inc.		620,940		8,730,416
	Trustco Bank Corp.		889,980		5,811,569
					28,171,114
	Total Common Stocks (Cost $446,138,164)				573,517,139
	Exchange-Traded Fund 3.0% (b)
¤	iShares Russell 2000 Value Index Fund		189,170		18,092,219
	Total Exchange-Traded Funds (Cost $15,758,759)				18,092,219

	Principal Amount
Short-Term Investment 1.3%
Repurchase Agreement 1.3%
State Street Bank and Trust Co. 0.00%, dated 1/31/14 due 2/3/14 Proceeds at Maturity $7,471,865 (Collateralized by a Federal National Mortgage Association Corp. security with a rate of 2.17% and a maturity date of 11/7/22, with a Principal Amount of $8,165,000 and a Market Value of $7,622,297)	$	7,471,865			7,471,865
Total Short-Term Investment (Cost $7,471,865)					7,471,865
Total Investments (Cost $469,368,788) (c)		100.4	%		599,081,223
Other Assets, Less Liabilities		(0.4	)		(2,549,723	)
Net Assets		100.0	%	$	596,531,500

¤ Among the Fund's 10 largest holdings, as of January 31, 2014, excluding short-term investment. May be subject to change daily.

† Percentages indicated are based on Fund net assets.

(a) Non-income producing security.

(b) Exchange-Traded Fund - An investment vehicle that represents a basket of securities that is traded on an exchange.

(c) As of January 31, 2014, cost was $470,098,449 for federal income tax purposes and net unrealized appreciation was as follows:

Gross unrealized appreciation	$	134,529,047
Gross unrealized depreciation		(5,546,273	)
Net unrealized appreciation	$	128,982,774

The following is a summary of the fair valuations according to the inputs used as of January 31, 2014, 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	$	573,517,139	$	—	$	—	$	573,517,139
Exchange-Traded Fund		18,092,219		—		—		18,092,219
Short-Term Investment
Repurchase Agreement		—		7,471,865		—		7,471,865
Total Investments in Securities	$	591,609,358	$	7,471,865	$	—	$	599,081,223

(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 January 31, 2014, the Fund did not have any transfers between Level 1 and Level 2 fair value measurements.

As of January 31, 2014, the Fund did not hold any investments with significant unobservable inputs (Level 3).

MainStay Funds Trust

NOTES TO PORTFOLIOS OF INVESTMENTS January 31, 2014 Unaudited

SECURITIES VALUATION.

The MainStay Funds Trust is comprised of thirty-five separate funds (each a "Fund" and collectively, the "Funds"). Each Fund prepares its financial statements in accordance with generally accepted accounting principles ("GAAP") in the United States of America and follows significant accounting policies described below.

Investments are valued as of the close of regular trading on the New York Stock Exchange ("Exchange") (generally 4:00 p.m. Eastern time) on each day the Funds are open for business ("valuation date").

The Board of Trustees (the "Board") of the MainStay Funds Trust adopted procedures for the valuation of the Funds' securities 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 Sub-Committee (the "Sub-Committee") to deal in the first instance with questions that arise or cannot be resolved under these procedures. The Sub-Committee meets (in person, via electronic mail or via teleconference) on an as-needed basis. The Valuation Committee meets at a later time, as necessary, to ensure that actions taken by the Sub-Committee were appropriate. The procedures recognize that, subject to the oversight of the Board and unless otherwise noted, the responsibility for day-to-day valuation of portfolio assets (including securities for which market prices are not readily available) 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 the Funds.

To assess the appropriateness of security valuations, the Manager 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 Sub-Committee deals in the first instance with such valuation and the Valuation Committee reviews and affirms the reasonableness of the valuation based on such methodologies and measurements on a regular basis after considering all relevant information that is reasonably available. Any action taken by the Sub-Committee with respect to the pricing of a portfolio security is submitted by the Valuation Committee to the full Board for its review at its next regularly scheduled meeting immediately after such action.

"Fair value" is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. Fair value measurements are determined within a framework that has established 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" refers 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 developed based on the information available. The inputs or methodology used for valuing securities may not be an indication of the risks associated with investing in those securities. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

· Level 1 – quoted prices in active markets for identical assets or liabilities

· Level 2 – other significant observable inputs (including quoted prices for similar assets or liabilities in active markets, interest rates and yield curves, prepayment speeds, credit risk etc.)

· Level 3 – significant unobservable inputs (including the Funds' own assumptions about the assumptions that market participants would use in measuring the fair value of assets or liabilities)

The aggregate value by input level, as of January 31, 2014, for the Funds' assets or liabilities are included at the end of the Funds' 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

Securities for which market values cannot be measured using the methodologies described above are valued by methods deemed reasonable and 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 investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, fair values may differ significantly from values that would have been used had an active market existed. For the period ended January 31, 2014, there have been no material changes to the fair value methodologies.

Equity and non-equity 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 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 January 31, 2014, the Balanced, Epoch International Small Cap, Floating Rate, High Yield Opportunities, Intermediate Term Bond, International Opportunities, and U.S Equity Opportunities Funds held securities with a value of $5,401,109, $637,005, $134,176, $17,487,762, $360,711, $(16,330), and $(3) respectively, that were valued in such a manner.

Securities held by certain funds principally trade in foreign markets. Certain events may occur between the time that foreign markets close and the time at which the Funds' net asset values ("NAV(s)") 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 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 Sub-Committee 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 an established threshold. In such cases, the securities are fair valued by applying factors provided by a third party vendor in accordance with a Fund’s policies and procedures and are generally categorized as Level 2 in the heirarchy. As of January 31, 2014, no foreign equity securities were fair valued in such a manner.

Investments in Underlying Funds are valued at their NAVs at the close of business each day. Securities held by the Underlying Funds are valued using policies consistent with those used by the Funds, as described in the paragraphs below. These securities are generally categorized as Level 1 in the hierarchy.

Equity securities and Exchange-Traded Funds are valued at the last quoted sales prices as of the close of regular trading on the 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. Options contracts are valued at the last posted settlement price on the market where such options are principally traded. Investments in other 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 Funds' Manager, in consultation with the Funds' Subadvisor(s), if any. Those prices reflect broker/dealer supplied valuations and electronic data processing techniques, if such prices are deemed by the Funds' Manager, in consultation with the Funds' Subadvisor(s), if any, 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, Yankee bonds, convertible bonds, asset-backed securities, and mortgage-backed securities, are generally categorized as Level 2 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity 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 (“Short-Term Investments”) are valued at amortized cost. 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 at amortized cost are not valued using quoted prices in an active market. These 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.

Total return swaps 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, a 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 agent and are generally categorized as Level 2 in the hierarchy. Certain loan assignments, participations and commitments may be valued by a single broker quote obtained from the pricing agent with significant unobservable inputs and are generally categorized as Level 3 in the hierarchy. For these loan assignments, participations and commitments, the Manager may consider additional factors such as liquidity of the Funds' investments. As of January 31, 2014, Floating Rate, High Yield Opportunities and Short Duration High Yield held Level 3 securities with values of $43,376,801, $3,435,023 and $2,200,945, respectively, that were valued by single broker quotes and/or deemed to be illiquid.

The valuation techniques and significant amounts of unobservable inputs used in the fair valuation measurement of the Funds' 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.

High Yield Opportunities

Asset Class	Fair Value at 1/31/14		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Corporate Bond (1 position)	$	9,980	Market Approach	Exchange Value	147.5(147.5)
Foreign Bond (1 position)		17,331,296	Market Approach	Yield Discount	75bp(75bp)
Common Stock (1 position)		146,486	Market Approach	EBITDA Multiple	6(6)
	$	17,487,762

Generally, a security is considered illiquid if it cannot be sold or disposed of in the ordinary course of business at approximately the price at which it is valued within seven days. Its illiquidity might prevent the sale of such security at a time when the Fund's Manager or 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 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 Subadvisor(s) measure the liquidity of a Fund's investments; in doing so, the Manager or 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 generally will be valued in good faith in such a manner as the Board deems appropriate to reflect their fair value.

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/Stephen P. Fisher
Stephen P. Fisher
President and Principal Executive Officer

Date: March 28, 2014

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/Stephen P. Fisher
Stephen P. Fisher
President and Principal Executive Officer

Date: March 28, 2014

By: /s/Jack R. Benintende
Jack R. Benintende
Treasurer and Principal Financial and Accounting Officer

Date: March 28, 2014