MainStay Balanced Fund

Portfolio of Investments January 31, 2020 (Unaudited)

	Principal Amount		Value
Long-Term Bonds 43.6% †
Asset-Backed Securities 4.5%
Automobile Asset-Backed Securities 0.2%
Avis Budget Rental Car Funding AESOP LLC (a)
Series 2019-3A, Class A 2.36%, due 3/20/26	$	750,000	$	761,219
Series 2019-1A, Class A 3.45%, due 3/20/23		100,000		103,112
Mercedes Benz Auto Lease Trust Series 2019-A, Class A3 3.10%, due 11/15/21		250,000		252,563
				1,116,894
Other Asset-Backed Securities 4.3%
AIMCO CLO Series 2017-AA, Class A 3.226% (3 Month LIBOR + 1.26%), due 7/20/29 (a)(b)		500,000		500,251
Apidos CLO XXV Series 2016-25A, Class A1R 3.136% (3 Month LIBOR + 1.17%), due 10/20/31 (a)(b)		650,000		650,136
Apidos CLO XXXII Series 2019-32A, Class A1 3.228% (3 Month LIBOR + 1.32%), due 1/20/33 (a)(b)		600,000		599,999
ARES CLO, Ltd. Series 2016-41A, Class AR 3.201% (3 Month LIBOR + 1.20%), due 1/15/29 (a)(b)		750,000		750,226
ARES XXIX CLO, Ltd. Series 2014-1A, Class A1R 3.192% (3 Month LIBOR + 1.19%), due 4/17/26 (a)(b)		52,477		52,537
Bain Capital Credit CLO, Ltd. Series 2016-2A, Class AR 3.141% (3 Month LIBOR + 1.14%), due 1/15/29 (a)(b)		600,000		600,269
Benefit Street Partners CLO IV, Ltd. Series 2014-IVA, Class A1 3.216% (3 Month LIBOR + 1.25%), due 1/20/29 (a)(b)		500,000		500,632
Benefit Street Partners CLO XVIII, Ltd. Series 2019-18A, Class A 3.249% (3 Month LIBOR + 1.34%), due 10/15/32 (a)(b)		350,000		350,750
Cedar Funding IV CLO, Ltd. Series 2014-4A, Class AR 3.164% (3 Month LIBOR + 1.23%), due 7/23/30 (a)(b)		1,500,000		1,500,576
DB Master Finance LLC Series 2019-1A, Class A2I 3.787%, due 5/20/49 (a)		895,500		919,571
Domino's Pizza Master Issuer LLC Series 2017-1A, Class A2II 3.082%, due 7/25/47 (a)		2,248,250		2,262,594
Dryden CLO, Ltd. (a)(b)
Series 2018-71A, Class A 2.981% (3 Month LIBOR + 1.15%), due 1/15/29		750,000		750,491
Series 2019-76A, Class A1 3.264% (3 Month LIBOR + 1.33%), due 10/20/32		500,000		501,752
Elara HGV Timeshare Issuer LLC Series 2017-A, Class A 2.69%, due 3/25/30 (a)		145,569		147,811
ELFI Graduate Loan Program LLC Series 2019-A, Class A 2.54%, due 3/25/44 (a)		925,988		929,765
FOCUS Brands Funding LLC Series 2017-1A, Class A2I 3.857%, due 4/30/47 (a)		194,500		194,745
Galaxy XXII CLO, Ltd. Series 2016-22A, Class A1R 3.001% (3 Month LIBOR + 1.00%), due 7/16/28 (a)(b)		250,000		250,056
Highbridge Loan Management, Ltd. (a)(b)
Series 2010A-16, Class A1R 3.106% (3 Month LIBOR + 1.14%), due 1/20/28		250,000		250,043
Series 2011-A17, Class A 3.499% (3 Month LIBOR + 1.26%), due 5/6/30		1,000,000		1,000,022
Hilton Grand Vacations Trust Series 2018-AA, Class A 3.54%, due 2/25/32 (a)		455,357		471,963
Magnetite XVIII, Ltd. (a)(b)
Series 2016-18A, Class AR 3.238% (3 Month LIBOR + 1.08%), due 11/15/28 (a)(b)		600,000		600,015
Series 2019-23A, Class A 3.17% (3 Month LIBOR + 1.30%), due 10/25/32 (a)(b)		350,000		350,701
MVW Owner Trust Series 2019-1A, Class A 2.89%, due 11/20/36 (a)		439,825		451,481
Navient Private Education Refi Loan Trust Series 2019-CA, Class A2 3.13%, due 2/15/68 (a)		500,000		513,800
Neuberger Berman CLO, Ltd. Series 2013-14A, Class AR2 2.793%, due 1/28/30		350,000		350,000
Octagon Investment Partners 30, Ltd. Series 2017-1A, Class A1 3.286% (3 Month LIBOR + 1.32%), due 3/17/30 (a)(b)		500,000		500,602
Palmer Square CLO, Ltd. (a)(b)
Series-2015-2A, Class A2R2 2.944% (3 Month LIBOR + 1.55%), due 7/20/30		250,000		250,000
Series 2014-1A, Class A1R2 3.132% (3 Month LIBOR + 1.13%), due 1/17/31		250,000		250,062
Series 2015-1A, Class A1R2 3.372% (3 Month LIBOR + 1.22%), due 5/21/29		750,000		750,451
Regatta VI Funding, Ltd. Series 2016-1A, Class AR 3.046% (3 Month LIBOR + 1.08%), due 7/20/28 (a)(b)		950,000		950,478
Sierra Timeshare Receivables Funding Co. LLC Series 2019-1A, Class A 3.20%, due 1/20/36 (a)		187,255		190,119
SMB Private Education Loan Trust Series 2019-B, Class A2A 2.84%, due 6/15/37 (a)		1,000,000		1,027,240
SoFi Professional Loan Program LLC (a)
Series 2019-C, Class A2FX 2.37%, due 11/16/48		375,000		377,371
Series 2020-A, Class A2FX 2.54%, due 5/15/46		300,000		304,747
Series 2019-A, Class A1FX 3.18%, due 6/15/48		278,105		281,034
Taco Bell Funding, LLC Series 2018-1A, Class A2I 4.318%, due 11/25/48 (a)		792,000		818,944
THL Credit Wind River CLO, Ltd. (a)(b)
Series 2017-2A, Class A 3.196% (3 Month LIBOR + 1.23%), due 7/20/30		250,000		250,212
Series 2017-4A, Class A 3.286% (3 Month LIBOR + 1.15%), due 11/20/30		507,000		506,790
TIAA CLO III, Ltd. Series 2017-2A, Class A 3.151% (3 Month LIBOR + 1.15%), due 1/16/31 (a)(b)		500,000		498,944
TICP CLO XIII, Ltd. Series 2019 13A, Class A 3.507% (3 Month LIBOR + 1.30%), due 7/15/32 (a)(b)		500,000		500,859
Treman Park CLO, Ltd. Series 2015-1A, Class ARR 3.036% (3 Month LIBOR + 1.07%), due 10/20/28 (a)(b)		390,000		390,188
Voya CLO, Ltd. Series 2019-1A, Class A 3.171% (3 Month LIBOR + 1.17%), due 4/15/29 (a)(b)		400,000		400,229
Westcott Park CLO, Ltd. Series 2016 1A, Class AR 3.176% (3 Month LIBOR + 1.21%), due 7/20/28 (a)(b)		600,000		600,208
				24,298,664
Total Asset-Backed Securities (Cost $25,234,481)				25,415,558
Corporate Bonds 17.5%
Aerospace & Defense 0.3%
BAE Systems Holdings, Inc. 3.85%, due 12/15/25 (a)		640,000		694,513
Boeing Co.
2.70%, due 2/1/27		500,000		509,883
3.10%, due 5/1/26		360,000		376,055
				1,580,451
Auto Manufacturers 1.1%
Daimler Finance North America LLC 2.81% (3 Month LIBOR + 0.90%), due 2/15/22 (a)(b)		850,000		859,240
Ford Motor Credit Co. LLC
3.087%, due 1/9/23		575,000		579,954
4.063%, due 11/1/24		1,275,000		1,315,836
General Motors Financial Co., Inc. 4.35%, due 4/9/25		955,000		1,027,288
Volkswagen Group of America Finance LLC (a)
2.795% (3 Month LIBOR + 0.86%), due 9/24/21 (b)		400,000		403,385
3.20%, due 9/26/26		475,000		499,613
4.00%, due 11/12/21		1,350,000		1,398,057
				6,083,373
Banks 5.4%
Bank of America Corp.
2.456%, due 10/22/25 (c)		575,000		587,411
4.45%, due 3/3/26		3,445,000		3,847,431
Bank of Montreal 2.518% (3 Month LIBOR + 0.63%), due 9/11/22 (b)		1,030,000		1,040,054
BNP Paribas S.A. 3.052%, due 1/13/31 (a)(c)		275,000		282,611
Canadian Imperial Bank of Commerce 2.25%, due 1/28/25		750,000		756,966
Citigroup, Inc. 4.60%, due 3/9/26		1,225,000		1,373,055
Fifth Third Bancorp 4.30%, due 1/16/24		1,100,000		1,192,100
Goldman Sachs Group, Inc.
2.905%, due 7/24/23 (c)		1,530,000		1,562,339
3.85%, due 1/26/27		905,000		981,710
HSBC Holdings PLC
2.537% (3 Month LIBOR + 0.65%), due 9/11/21 (b)		1,750,000		1,755,075
2.633%, due 11/7/25 (c)		1,000,000		1,016,762
Huntington Bancshares, Inc. 2.625%, due 8/6/24		1,700,000		1,745,956
JPMorgan Chase & Co. 2.301% (SOFR + 1.16%), due 10/15/25 (b)		3,125,000		3,174,465
Lloyds Banking Group PLC 2.907%, due 11/7/23 (c)		650,000		663,715
Mizuho Financial Group, Inc. 2.737% (3 Month LIBOR + 0.85%), due 9/13/23 (b)		475,000		478,136
Morgan Stanley
2.72%, due 7/22/25 (c)		1,675,000		1,723,474
3.625%, due 1/20/27		220,000		238,688
4.35%, due 9/8/26		1,320,000		1,469,979
PNC Bank N.A. 2.70%, due 10/22/29		550,000		566,439
Santander UK PLC 2.10%, due 1/13/23		200,000		201,634
Societe Generale S.A. 2.625%, due 1/22/25 (a)		2,550,000		2,578,336
Truist Bank 2.494% (3 Month LIBOR + 0.59%), due 5/17/22 (b)		1,750,000		1,761,153
Toronto Dominion Bank 2.437% (3 Month LIBOR + 0.53%), due 12/1/22 (b)		1,270,000		1,277,675
Wells Fargo & Co. 2.406%, due 10/30/25 (c)		575,000		583,939
				30,859,103
Beverages 0.4%
Anheuser-Busch InBev Worldwide, Inc.
4.00%, due 4/13/28		565,000		633,072
4.75%, due 1/23/29		1,385,000		1,638,885
				2,271,957
Building Materials 0.4%
Masco Corp. 4.45%, due 4/1/25		1,245,000		1,371,932
Owens Corning 3.95%, due 8/15/29		850,000		921,699
				2,293,631
Chemicals 0.4%
Albemarle Corp. 2.941% (3 Month LIBOR + 1.05%), due 11/15/22 (a)(b)		850,000		851,742
Dow Chemical Co. 4.80%, due 11/30/28		10,000		11,626
NewMarket Corp. 4.10%, due 12/15/22		1,220,000		1,288,993
				2,152,361
Diversified Financial Services 0.5%
Blackstone Holdings Finance Co. LLC 2.50%, due 1/10/30 (a)		475,000		485,134
GE Capital International Funding Co. 3.373%, due 11/15/25		1,850,000		1,962,503
TD Ameritrade Holding Corp. 2.95%, due 4/1/22		625,000		640,420
				3,088,057
Electric 1.5%
Commonwealth Edison Co. 3.10%, due 11/1/24		340,000		356,531
DTE Electric Co. 2.65%, due 6/15/22		600,000		610,244
Emera U.S. Finance, L.P. 2.70%, due 6/15/21		1,410,000		1,426,899
Entergy Arkansas LLC 3.70%, due 6/1/24		715,000		767,315
Entergy Corp. 4.00%, due 7/15/22		1,345,000		1,407,711
Exelon Corp. 2.85%, due 6/15/20		930,000		932,535
FirstEnergy Transmission LLC 4.35%, due 1/15/25 (a)		1,385,000		1,526,019
NextEra Energy Capital Holdings, Inc. 3.25%, due 4/1/26		615,000		653,279
WEC Energy Group, Inc. 3.375%, due 6/15/21		740,000		756,193
				8,436,726
Food 0.3%
Conagra Brands, Inc. 4.85%, due 11/1/28		665,000		778,754
Ingredion, Inc. 4.625%, due 11/1/20		440,000		448,430
Kraft Heinz Food Co. 3.00%, due 6/1/26		245,000		249,217
				1,476,401
Health Care---Products 0.4%
Becton Dickinson & Co. 2.894%, due 6/6/22		2,413,000		2,468,615
Insurance 0.2%
MET Tower Global Funding 2.084% (SOFR + 0.55%), due 1/17/23 (a)(b)		1,250,000		1,251,807
Iron & Steel 0.3%
Carpenter Technology Corp. 4.45%, due 3/1/23		350,000		367,742
Reliance Steel & Aluminum Co. 4.50%, due 4/15/23		1,460,000		1,558,423
				1,926,165
Media 0.1%
Fox Corp. 4.709%, due 1/25/29 (a)		485,000		564,617
Miscellaneous---Manufacturing 0.1%
Parker-Hannifin Corp. 3.25%, due 6/14/29		415,000		445,215
Multi-National 0.1%
International Bank for Reconstruction & Development 2.20%, due 9/23/22		550,000		550,195
Oil & Gas 0.9%
Cenovus Energy, Inc. 4.25%, due 4/15/27		375,000		400,215
Helmerich & Payne, Inc. 4.65%, due 3/15/25		680,000		746,175
Occidental Petroleum Corp.
3.36% (3 Month LIBOR + 1.45%), due 8/15/22 (b)		550,000		553,075
4.85%, due 3/15/21		1,514,000		1,559,125
5.55%, due 3/15/26		1,205,000		1,392,706
Petroleos Mexicanos 5.35%, due 2/12/28		175,000		176,584
				4,827,880
Oil & Gas Services 0.3%
Schlumberger Holdings Corp. 3.75%, due 5/1/24 (a)		1,345,000		1,434,528
Packaging & Containers 0.2%
WRKCo., Inc. 3.75%, due 3/15/25		1,270,000		1,360,993
Pharmaceuticals 0.9%
AbbVie, Inc. 2.95%, due 11/21/26 (a)		1,275,000		1,316,908
Bayer U.S. Finance II LLC 4.375%, due 12/15/28 (a)		885,000		995,989
Bristol-Myers Squibb Co. 3.20%, due 6/15/26 (a)		1,080,000		1,148,809
Cigna Corp. 4.125%, due 11/15/25		1,745,000		1,921,150
				5,382,856
Pipelines 0.9%
Energy Transfer Partners, L.P. / Regency Energy Finance Corp. 5.875%, due 3/1/22		1,685,000		1,794,735
Kinder Morgan, Inc. 5.00%, due 2/15/21 (a)		2,260,000		2,322,604
MPLX, L.P. 2.785% (3 Month LIBOR + 0.90%), due 9/9/21 (b)		600,000		602,204
Texas Eastern Transmission, L.P. 2.80%, due 10/15/22 (a)		590,000		599,154
				5,318,697
Real Estate Investment Trusts 1.4%
American Campus Communities Operating Partnership, L.P. 3.30%, due 7/15/26		1,130,000		1,193,556
CyrusOne L.P. / CyrusOne Finance Corp. 3.45%, due 11/15/29		400,000		411,976
Healthpeak Properties, Inc. 3.25%, due 7/15/26		755,000		799,933
Highwoods Realty, L.P. 3.625%, due 1/15/23		1,975,000		2,053,210
Kimco Realty Corp. 3.80%, due 4/1/27		290,000		315,511
Realty Income Corp. 3.25%, due 10/15/22		880,000		912,577
SBA Tower Trust 2.836%, due 1/17/50 (a)		750,000		776,298
VEREIT Operating Partnership, L.P. 3.95%, due 8/15/27		1,195,000		1,290,153
				7,753,214
Retail 0.4%
CVS Health Corp.
3.25%, due 8/15/29		450,000		466,844
4.30%, due 3/25/28		1,755,000		1,944,693
				2,411,537
Software 0.4%
Fiserv, Inc.
3.20%, due 7/1/26		1,105,000		1,166,618
4.20%, due 10/1/28		780,000		880,680
				2,047,298
Telecommunications 0.6%
AT&T, Inc. 4.35%, due 3/1/29		1,030,000		1,161,781
Verizon Communications, Inc.
3.376%, due 2/15/25		233,000		248,904
4.016%, due 12/3/29		1,531,000		1,740,243
				3,150,928
Total Corporate Bonds (Cost $94,847,233)				99,136,605
Foreign Government Bonds 0.2%
Colombia 0.1%
Colombia Government International Bond 3.875%, due 4/25/27		350,000		376,075
Mexico 0.1%
United Mexican States 3.75%, due 1/11/28		350,000		371,000
Philippines 0.0% ‡
Philippine Government International Bond 3.00%, due 2/1/28		325,000		346,917
Poland 0.0% ‡
Republic of Poland Government International Bond 5.00%, due 3/23/22		175,000		186,798
Total Foreign Government Bonds (Cost $1,171,260)				1,280,790
Mortgage-Backed Securities 3.3%
Agency (Collateralized Mortgage Obligations) 0.1%
Federal Home Loan Mortgage Corporation Multifamily Structured Pass-Through Certificates
Series K090, Class A2 3.422%, due 2/25/29		450,000		500,974
Series K091, Class A2 3.505%, due 3/25/29		310,000		347,588
				848,562
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 2.5%
Bank
Series 2020-BN25, Class AS 2.841%, due 1/15/63		750,000		772,465
Series 2017-BNK5, Class A2 2.987%, due 6/15/60		600,000		612,581
Benchmark Mortgage Trust
Series 2018-B1, Class A2 3.571%, due 1/15/51		300,000		312,560
Series 2018-B2, Class A2 3.662%, due 2/15/51		250,000		261,442
BX Commercial Mortgage Trust Series 2019-XL, Class A 2.66% (1 Month LIBOR + 0.92%), due 10/15/36 (a)(b)		750,000		752,370
CD Mortgage Trust Series 2017-CD4, Class A2 3.03%, due 5/10/50		1,200,000		1,226,265
CFCRE Commercial Mortgage Trust Series 2017-C8, Class A2 2.982%, due 6/15/50		1,600,000		1,632,200
Colony Mortgage Capital, Ltd. Series 2019-IKPR, Class B 3.189% (1 Month LIBOR + 1.478%), due 11/15/38 (a)(b)		2,000,000		1,987,557
DBJPM Mortgage Trust Series 2017-C6, Class A2 2.917%, due 6/10/50		1,500,000		1,529,923
GRACE Mortgage Trust Series 2014-GRCE, Class A 3.369%, due 6/10/28 (a)		400,000		404,962
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2013-C13, Class A2 2.936%, due 11/15/46		4,826		4,822
Series 2017-C33, Class A2 3.14%, due 5/15/50		2,000,000		2,049,375
Morgan Stanley Capital I Trust Series 2017-H1, Class A2 3.089%, due 6/15/50		1,700,000		1,740,379
UBS Commercial Mortgage Trust Series 2018-C8, Class A2 3.713%, due 2/15/51		800,000		842,841
				14,129,742
Whole Loan (Collateralized Mortgage Obligations) 0.7%
COLT Mortgage Loan Trust Series 2019-4, Class A1 2.579%, due 11/25/49 (a)(d)		668,147		673,509
JP Morgan Mortgage Trust Series 2019-1, Class A11 2.742% (1 Month LIBOR + 0.95%), due 5/25/49 (a)(b)		318,781		319,157
New Residential Mortgage Loan Trust Series 2020-NQM1, Class A1 2.464%, due 1/26/60 (a)(d)		500,000		501,653
Seasoned Loans Structured Transaction Trust
Series 2019-2, Class A2C 2.75%, due 9/25/29		1,300,000		1,342,592
Series 2019-3, Class A2C 2.75%, due 11/25/29		750,000		768,221
Sequoia Mortgage Trust Series 2020-1, Class A1 3.50%, due 2/25/50 (a)(d)		350,000		358,977
				3,964,109
Total Mortgage-Backed Securities (Cost $18,843,457)				18,942,413
U.S. Government & Federal Agencies 18.1%
Federal Farm Credit Bank 0.4%
2.03%, due 1/21/28		1,200,000		1,227,036
2.44%, due 10/16/28		775,000		776,487
				2,003,523
Federal Home Loan Bank 2.7%
1.625%, due 12/20/21		1,900,000		1,908,255
1.70%, due 5/15/20		850,000		850,357
2.15%, due 12/16/24		1,300,000		1,300,464
2.50%, due 12/10/27		1,700,000		1,791,165
2.875%, due 9/13/24		1,800,000		1,920,126
3.00%, due 3/10/28		500,000		548,964
3.125%, due 9/12/25		800,000		870,609
3.25%, due 6/9/28		1,200,000		1,337,412
3.25%, due 11/16/28		4,225,000		4,755,798
				15,283,150
Federal Home Loan Mortgage Corporation 0.5%
1.97%, due 2/6/25		1,300,000		1,300,017
2.05%, due 8/26/22		750,000		750,257
2.25%, due 8/12/24		1,000,000		1,000,103
				3,050,377
Federal National Mortgage Association 0.6%
1.625%, due 1/7/25		1,350,000		1,363,025
1.75%, due 7/2/24		825,000		838,192
2.00%, due 1/24/25		875,000		875,648
				3,076,865
United States Treasury Notes 13.9%
1.625%, due 11/15/22		19,855,600		20,024,683
1.75%, due 7/31/21		14,925,000		14,999,042
1.75%, due 12/31/24 (e)		4,425,000		4,513,500
1.75%, due 12/31/26		7,950,000		8,115,832
1.75%, due 11/15/29 (e)		5,735,000		5,854,404
2.50%, due 2/15/22		16,025,000		16,393,074
2.75%, due 4/30/23		8,725,000		9,122,397
				79,022,932
Total U.S. Government & Federal Agencies (Cost $100,447,178)				102,436,847
Total Long-Term Bonds (Cost $240,543,609)				247,212,213
		Shares
Common Stocks 52.3%
Aerospace & Defense 1.0%
Curtiss-Wright Corp.		8,115		1,180,164
General Dynamics Corp.		4,629		812,112
Huntington Ingalls Industries, Inc.		3,818		996,498
Raytheon Co.		4,851		1,071,780
Spirit AeroSystems Holdings, Inc., Class A		7,564		494,080
United Technologies Corp.		6,428		965,486
				5,520,120
Air Freight & Logistics 0.1%
FedEx Corp.		5,518		798,123
Airlines 0.4%
Delta Air Lines, Inc.		18,533		1,033,030
Southwest Airlines Co.		17,795		978,369
United Airlines Holdings, Inc. (f)		3,968		296,806
				2,308,205
Automobiles 0.3%
Ford Motor Co.		107,866		951,378
General Motors Co.		24,505		818,222
				1,769,600
Banks 2.1%
Bank of America Corp.		32,738		1,074,789
Bank OZK		38,856		1,056,106
Citigroup, Inc.		12,354		919,261
Comerica, Inc.		18,420		1,126,567
East West Bancorp, Inc.		7,795		357,323
Fifth Third Bancorp		29,648		843,486
First Hawaiian, Inc.		38,430		1,116,776
JPMorgan Chase & Co.		7,220		955,639
PNC Financial Services Group, Inc.		5,596		831,286
Signature Bank		5,174		734,139
Synovus Financial Corp.		5,412		189,528
Truist Financial Corp.		15,165		782,059
U.S. Bancorp		17,964		956,044
Wells Fargo & Co.		20,445		959,688
				11,902,691
Beverages 0.6%
Coca-Cola Co.		14,780		863,152
Constellation Brands, Inc., Class A		4,405		829,461
Keurig Dr. Pepper, Inc.		35,501		1,012,844
PepsiCo., Inc.		5,950		845,019
				3,550,476
Biotechnology 1.1%
Alexion Pharmaceuticals, Inc. (f)		10,290		1,022,723
Alkermes PLC (f)		15,367		267,539
Amgen, Inc.		4,751		1,026,454
Biogen, Inc. (f)		3,929		1,056,312
Bluebird Bio, Inc. (f)		74		5,897
Exelixis, Inc. (f)		3,552		61,094
Gilead Sciences, Inc.		17,469		1,104,041
Regeneron Pharmaceuticals, Inc. (f)		3,132		1,058,428
United Therapeutics Corp. (f)		3,472		339,110
				5,941,598
Building Products 0.4%
Johnson Controls International PLC		20,547		810,579
Masco Corp.		9,777		464,603
Owens Corning		18,498		1,118,944
				2,394,126
Capital Markets 2.5%
Ameriprise Financial, Inc.		9,629		1,592,733
Bank of New York Mellon Corp.		23,755		1,063,749
BlackRock, Inc.		2,061		1,086,868
Cboe Global Markets, Inc.		4,277		527,012
Charles Schwab Corp.		17,653		804,094
CME Group, Inc.		4,104		891,020
Evercore, Inc., Class A		13,713		1,050,690
Goldman Sachs Group, Inc.		3,479		827,132
Intercontinental Exchange, Inc.		11,480		1,145,015
Janus Henderson Group PLC		25,597		646,836
Legg Mason, Inc.		25,046		980,551
Morgan Stanley		17,754		927,824
State Street Corp.		25,225		1,907,767
TD Ameritrade Holding Corp.		19,445		923,249
				14,374,540
Chemicals 1.3%
Air Products & Chemicals, Inc.		4,153		991,363
Cabot Corp.		2,438		97,154
CF Industries Holdings, Inc.		2,134		85,958
Corteva, Inc.		27,084		783,269
Dow, Inc.		17,010		783,651
DuPont de Nemours, Inc.		14,118		722,559
FMC Corp.		4,741		453,192
Huntsman Corp.		24,809		510,073
Linde PLC		4,077		828,161
LyondellBasell Industries N.V., Class A		12,951		1,008,365
PPG Industries, Inc.		7,807		935,591
				7,199,336
Commercial Services & Supplies 0.5%
Clean Harbors, Inc. (f)		13,148		1,081,029
Republic Services, Inc.		9,088		863,814
Waste Management, Inc.		8,138		990,395
				2,935,238
Construction & Engineering 0.3%
AECOM (f)		25,113		1,211,200
Fluor Corp.		29,513		527,988
				1,739,188
Consumer Finance 0.9%
American Express Co.		7,503		974,415
Capital One Financial Corp.		10,534		1,051,293
Discover Financial Services		3,943		296,238
SLM Corp.		98,209		1,072,442
Synchrony Financial		43,922		1,423,512
				4,817,900
Containers & Packaging 0.0% ‡
Ardagh Group S.A.		6,702		127,874
WestRock Co.		2,301		89,739
				217,613
Distributors 0.2%
LKQ Corp. (f)		37,871		1,237,814
Diversified Consumer Services 0.1%
Frontdoor, Inc. (f)		15,063		641,383
Diversified Financial Services 0.7%
Berkshire Hathaway, Inc., Class B (f)		4,297		964,376
Equitable Holdings, Inc.		53,291		1,280,050
Jefferies Financial Group, Inc.		43,865		949,239
Voya Financial, Inc.		15,283		912,853
				4,106,518
Diversified Telecommunication Services 0.3%
AT&T, Inc.		25,521		960,100
Verizon Communications, Inc.		14,125		839,590
				1,799,690
Electric Utilities 2.3%
American Electric Power Co., Inc.		9,763		1,017,500
Duke Energy Corp.		8,895		868,419
Entergy Corp.		14,518		1,909,407
Evergy, Inc.		22,119		1,596,107
Eversource Energy		1,009		93,272
Exelon Corp.		17,826		848,339
FirstEnergy Corp.		35,571		1,806,651
IDACORP, Inc.		4,683		525,386
NextEra Energy, Inc.		3,790		1,016,478
PG&E Corp. (f)		19,088		290,328
Pinnacle West Capital Corp.		10,024		979,245
PPL Corp.		29,594		1,071,007
Southern Co.		12,394		872,538
Xcel Energy, Inc.		4,371		302,429
				13,197,106
Electrical Equipment 0.5%
Acuity Brands, Inc.		1,139		134,254
Eaton Corp. PLC		11,409		1,077,808
Emerson Electric Co.		12,614		903,541
Regal Beloit Corp.		7,582		594,884
				2,710,487
Electronic Equipment, Instruments & Components 0.8%
Arrow Electronics, Inc. (f)		14,785		1,122,773
Avnet, Inc.		27,310		996,542
Jabil, Inc.		26,787		1,041,746
SYNNEX Corp.		8,237		1,134,729
				4,295,790
Energy Equipment & Services 0.6%
Baker Hughes Co.		3,865		83,716
Helmerich & Payne, Inc.		26,704		1,082,847
Patterson-UTI Energy, Inc.		115,862		919,944
Schlumberger, Ltd.		30,662		1,027,484
				3,113,991
Entertainment 0.9%
Activision Blizzard, Inc.		16,395		958,779
Electronic Arts, Inc. (f)		9,842		1,062,149
Lions Gate Entertainment Corp., Class B (f)		103,221		963,052
Take-Two Interactive Software, Inc. (f)		9,722		1,211,750
Walt Disney Co.		6,010		831,243
				5,026,973
Equity Real Estate Investment Trusts 4.2%
Alexandria Real Estate Equities, Inc.		2,502		408,326
American Campus Communities, Inc.		10,527		482,874
American Homes 4 Rent, Class A		520		14,212
Apartment Investment & Management Co., Class A		1,878		98,989
AvalonBay Communities, Inc.		4,170		903,597
Boston Properties, Inc.		3,677		527,098
Brandywine Realty Trust		22,926		358,104
Camden Property Trust		3,261		366,634
Colony Capital, Inc.		72,631		339,187
Columbia Property Trust, Inc.		16,199		341,799
CoreSite Realty Corp.		2,567		301,494
Corporate Office Properties Trust		12,892		383,795
CubeSmart		15,370		486,768
CyrusOne, Inc.		8,252		502,134
Digital Realty Trust, Inc.		5,413		665,745
Duke Realty Corp.		7,848		284,961
Empire State Realty Trust, Inc., Class A		24,168		327,718
Equity Residential		14,405		1,196,767
Essex Property Trust, Inc.		1,512		468,357
Federal Realty Investment Trust		677		84,639
Gaming and Leisure Properties, Inc.		13,038		616,111
Healthpeak Properties, Inc.		10,580		380,774
Highwoods Properties, Inc.		2,684		134,495
Host Hotels & Resorts, Inc.		40,462		661,149
Invitation Homes, Inc.		10,823		340,600
Iron Mountain, Inc.		982		31,041
Kilroy Realty Corp.		559		46,157
Kimco Realty Corp.		1,888		35,966
Life Storage, Inc.		4,012		454,078
Medical Properties Trust, Inc.		6,656		147,430
Mid-America Apartment Communities, Inc.		6,072		833,139
National Retail Properties, Inc.		1,471		82,376
Omega Healthcare Investors, Inc.		1,704		71,483
Outfront Media, Inc.		13,179		391,943
Paramount Group, Inc.		26,252		369,103
Prologis, Inc.		10,301		956,757
Public Storage		5,004		1,119,695
Rayonier, Inc.		9,047		274,848
Realty Income Corp.		8,333		653,391
Regency Centers Corp.		1,774		110,059
Retail Properties of America, Inc., Class A		27,338		332,157
Simon Property Group, Inc.		7,521		1,001,421
SITE Centers Corp.		24,633		313,085
SL Green Realty Corp.		60		5,522
STORE Capital Corp.		700		27,475
Sun Communities, Inc.		2,311		374,775
UDR, Inc.		4,350		208,409
Ventas, Inc.		18,086		1,046,456
VEREIT, Inc.		66,253		646,629
VICI Properties, Inc.		6,677		178,944
Vornado Realty Trust		2,292		150,745
Weingarten Realty Investors		9,990		290,709
Welltower, Inc.		17,689		1,501,973
Weyerhaeuser Co.		35,532		1,028,651
WP Carey, Inc.		3,014		253,538
				23,614,282
Food & Staples Retailing 1.0%
Kroger Co.		63,012		1,692,502
Sprouts Farmers Market, Inc. (f)		58,642		916,575
U.S. Foods Holding Corp. (f)		31,340		1,258,928
Walgreens Boots Alliance, Inc.		16,036		815,431
Walmart, Inc.		8,513		974,653
				5,658,089
Food Products 1.8%
Bunge, Ltd.		22,508		1,180,094
Conagra Brands, Inc.		11,066		364,293
General Mills, Inc.		18,175		949,099
Hershey Co.		5,620		872,055
Ingredion, Inc.		4,867		428,296
Kraft Heinz Co.		27,860		813,512
Lamb Weston Holdings, Inc.		10,305		940,950
Mondelez International, Inc., Class A		15,417		884,627
Pilgrim's Pride Corp. (f)		35,278		918,992
Seaboard Corp.		69		266,037
TreeHouse Foods, Inc. (f)		22,527		1,004,704
Tyson Foods, Inc., Class A		21,482		1,775,058
				10,397,717
Health Care Equipment & Supplies 1.6%
Abbott Laboratories		9,420		820,859
Baxter International, Inc.		10,821		965,450
Becton Dickinson & Co.		3,536		973,036
Danaher Corp.		6,067		975,998
DENTSPLY SIRONA, Inc.		22,431		1,256,136
Hill-Rom Holdings, Inc.		9,809		1,044,560
Hologic, Inc. (f)		10,811		578,605
Medtronic PLC		8,149		940,721
STERIS PLC		6,829		1,029,062
Zimmer Biomet Holdings, Inc.		5,070		749,853
				9,334,280
Health Care Providers & Services 2.0%
Anthem, Inc.		3,669		973,312
Cardinal Health, Inc.		28,373		1,452,981
Centene Corp. (f)		5,639		354,186
Cigna Corp.		5,251		1,010,187
CVS Health Corp.		15,190		1,030,186
DaVita, Inc. (f)		15,678		1,252,202
HCA Healthcare, Inc.		7,600		1,054,880
Henry Schein, Inc. (f)		4,686		323,053
Humana, Inc.		3,075		1,033,938
McKesson Corp.		12,078		1,722,444
MEDNAX, Inc. (f)		38,605		890,617
				11,097,986
Hotels, Restaurants & Leisure 1.9%
Aramark		29,707		1,311,267
Carnival Corp.		17,284		752,373
Extended Stay America, Inc.		76,825		992,579
Las Vegas Sands Corp.		12,307		803,770
McDonald's Corp.		4,004		856,736
MGM Resorts International		46,673		1,449,663
Norwegian Cruise Line Holdings, Ltd. (f)		22,834		1,229,611
Royal Caribbean Cruises, Ltd.		11,663		1,365,504
Yum China Holdings, Inc.		24,359		1,049,142
Yum! Brands, Inc.		10,539		1,114,710
				10,925,355
Household Durables 0.6%
D.R. Horton, Inc.		4,787		283,391
Newell Brands, Inc.		62,076		1,212,344
PulteGroup, Inc.		31,328		1,398,795
Toll Brothers, Inc.		12,355		548,068
				3,442,598
Household Products 0.5%
Colgate-Palmolive Co.		12,096		892,443
Kimberly-Clark Corp.		6,815		976,181
Procter & Gamble Co.		8,936		1,113,604
				2,982,228
Independent Power & Renewable Electricity Producers 0.7%
AES Corp.		71,386		1,417,726
NRG Energy, Inc.		34,202		1,261,712
Vistra Energy Corp.		57,748		1,300,485
				3,979,923
Industrial Conglomerates 0.6%
3M Co.		4,808		762,837
Carlisle Cos., Inc.		1,432		223,721
General Electric Co.		73,277		912,299
Honeywell International, Inc.		4,759		824,354
Roper Technologies, Inc.		2,257		861,407
				3,584,618
Insurance 3.8%
Aflac, Inc.		18,757		967,298
Allstate Corp.		9,454		1,120,677
American International Group, Inc.		21,642		1,087,727
American National Insurance Co.		8,810		970,510
Arch Capital Group, Ltd. (f)		16,591		732,659
Athene Holding, Ltd., Class A (f)		24,826		1,081,421
Brighthouse Financial, Inc. (f)		27,379		1,065,043
Chubb, Ltd.		6,481		985,047
Fidelity National Financial, Inc.		21,573		1,051,684
First American Financial Corp.		19,467		1,206,565
Hartford Financial Services Group, Inc.		26,140		1,549,579
Marsh & McLennan Cos., Inc.		8,669		969,714
Mercury General Corp.		14,086		691,482
MetLife, Inc.		21,553		1,071,400
Old Republic International Corp.		53,146		1,198,442
Progressive Corp.		12,915		1,042,111
Prudential Financial, Inc.		11,692		1,064,673
Reinsurance Group of America, Inc.		8,495		1,223,705
Travelers Cos., Inc.		8,324		1,095,605
Unum Group		41,424		1,105,606
				21,280,948
Interactive Media & Services 0.1%
TripAdvisor, Inc.		16,489		450,479
Internet & Direct Marketing Retail 0.2%
Expedia Group, Inc.		2,548		276,331
Qurate Retail, Inc., Series A (f)		124,053		1,058,172
				1,334,503
IT Services 1.6%
Akamai Technologies, Inc. (f)		7,059		658,958
Amdocs, Ltd.		17,918		1,289,200
CACI International, Inc., Class A (f)		4,470		1,195,457
Cognizant Technology Solutions Corp., Class A		15,761		967,410
DXC Technology Co.		36,638		1,168,019
Fidelity National Information Services, Inc.		5,735		823,890
International Business Machines Corp.		5,982		859,793
Leidos Holdings, Inc.		14,317		1,438,429
Sabre Corp.		43,244		931,476
				9,332,632
Life Sciences Tools & Services 0.5%
Avantor, Inc. (f)		55,246		1,020,394
IQVIA Holdings, Inc. (f)		3,800		589,950
Thermo Fisher Scientific, Inc.		2,939		920,465
				2,530,809
Machinery 1.3%
AGCO Corp.		15,336		1,075,667
Caterpillar, Inc.		5,987		786,393
Crane Co.		8,326		711,540
Cummins, Inc.		6,300		1,007,811
Deere & Co.		4,967		787,667
Ingersoll-Rand PLC		4,227		563,163
Oshkosh Corp.		3,097		266,466
PACCAR, Inc.		2,798		207,640
Parker-Hannifin Corp.		3,754		734,620
Stanley Black & Decker, Inc.		101		16,092
Timken Co.		19,608		1,030,008
				7,187,067
Media 0.6%
Charter Communications, Inc., Class A (f)		2,175		1,125,475
Comcast Corp., Class A		21,596		932,731
Fox Corp., Class B		15,639		568,165
John Wiley & Sons, Inc., Class A		1,931		84,230
Liberty Media Corp-Liberty SiriusXM, Class C (f)		2,641		129,462
News Corp., Class A		28,927		393,986
				3,234,049
Metals & Mining 0.8%
Newmont Corp.		46,390		2,090,334
Reliance Steel & Aluminum Co.		10,614		1,218,487
Southern Copper Corp.		24,046		906,053
Steel Dynamics, Inc.		16,597		495,918
				4,710,792
Mortgage Real Estate Investment Trusts 0.2%
MFA Financial, Inc.		113,613		886,181
Starwood Property Trust, Inc.		13,691		351,311
				1,237,492
Multi-Utilities 1.3%
Ameren Corp.		470		38,564
CenterPoint Energy, Inc.		31,231		826,997
Consolidated Edison, Inc.		16,437		1,545,078
Dominion Energy, Inc.		10,273		880,910
DTE Energy Co.		8,520		1,129,837
MDU Resources Group, Inc.		35,797		1,059,949
Public Service Enterprise Group, Inc.		12,627		747,518
Sempra Energy		4,108		659,909
WEC Energy Group, Inc.		5,810		580,361
				7,469,123
Multiline Retail 0.4%
Dollar General Corp.		6,670		1,023,245
Target Corp.		9,667		1,070,523
				2,093,768
Oil, Gas & Consumable Fuels 2.0%
Cabot Oil & Gas Corp.		14,318		201,741
Chevron Corp.		9,875		1,058,008
ConocoPhillips		15,614		927,940
Devon Energy Corp.		53,361		1,159,001
EOG Resources, Inc.		10,445		761,545
Exxon Mobil Corp.		12,800		795,136
HollyFrontier Corp.		26,511		1,190,874
Kinder Morgan, Inc.		45,307		945,557
Marathon Oil Corp.		13,982		158,975
Marathon Petroleum Corp.		20,188		1,100,246
Occidental Petroleum Corp.		20,102		798,451
PBF Energy, Inc., Class A		1,584		43,243
Phillips 66		10,941		999,679
Valero Energy Corp.		12,479		1,052,105
Williams Cos., Inc.		394		8,152
				11,200,653
Paper & Forest Products 0.2%
Domtar Corp.		26,773		932,236
Personal Products 0.2%
Nu Skin Enterprises, Inc., Class A		27,805		906,165
Pharmaceuticals 1.6%
Allergan PLC		5,860		1,093,710
Bristol-Myers Squibb Co.		16,704		1,051,517
Elanco Animal Health, Inc. (f)		13,469		416,192
Horizon Therapeutics PLC (f)		27,484		947,923
Jazz Pharmaceuticals PLC (f)		1,361		195,099
Johnson & Johnson		7,519		1,119,354
Merck & Co., Inc.		11,132		951,118
Mylan N.V. (f)		62,609		1,341,085
Perrigo Co. PLC		20,950		1,194,988
Pfizer, Inc.		20,996		781,891
				9,092,877
Professional Services 0.2%
ManpowerGroup, Inc.		12,231		1,119,014
Real Estate Management & Development 0.1%
Jones Lang LaSalle, Inc.		3,911		664,166
Road & Rail 0.7%
CSX Corp.		12,863		981,962
Norfolk Southern Corp.		4,725		983,792
Schneider National, Inc., Class B		44,295		986,450
Uber Technologies, Inc. (f)		26,360		956,604
				3,908,808
Semiconductors & Semiconductor Equipment 1.5%
Analog Devices, Inc.		8,157		895,231
Applied Materials, Inc.		17,483		1,013,839
Intel Corp.		15,569		995,326
Lam Research Corp.		3,756		1,120,077
Micron Technology, Inc. (f)		18,868		1,001,702
MKS Instruments, Inc.		7,023		736,151
Qorvo, Inc. (f)		12,396		1,312,240
Skyworks Solutions, Inc.		10,098		1,142,589
				8,217,155
Software 0.4%
Autodesk, Inc. (f)		5,623		1,106,888
Citrix Systems, Inc.		1,933		234,318
Nuance Communications, Inc. (f)		10,361		196,030
SS&C Technologies Holdings, Inc.		15,745		992,092
				2,529,328
Specialty Retail 0.6%
AutoNation, Inc. (f)		23,595		1,001,372
Best Buy Co., Inc.		17,327		1,467,423
Home Depot, Inc.		4,219		962,354
Penske Automotive Group, Inc.		3,611		169,609
				3,600,758
Technology Hardware, Storage & Peripherals 0.6%
Dell Technologies, Inc., Class C (f)		19,420		947,113
HP, Inc.		50,543		1,077,577
Xerox Holdings Corp.		33,367		1,186,864
				3,211,554
Textiles, Apparel & Luxury Goods 0.2%
Skechers U.S.A., Inc., Class A (f)		26,005		972,327
Tobacco 0.3%
Altria Group, Inc.		19,499		926,788
Philip Morris International, Inc.		11,319		936,081
				1,862,869
Trading Companies & Distributors 0.0% ‡
WESCO International, Inc. (f)		5,015		242,776
Wireless Telecommunication Services 0.1%
T-Mobile U.S., Inc. (f)		10,401		823,655
Total Common Stocks (Cost $242,496,406)				296,761,585
Exchange-Traded Funds 3.7%
iShares Core S&P Mid-Cap ETF		906		181,617
iShares Intermediate Government / Credit Bond ETF		126,514		14,466,876
iShares Russell 1000 Value ETF		24,018		3,207,844
iShares Russell Mid-Cap ETF		19,388		1,146,219
SPDR S&P 500 ETF Trust		4,303		1,384,404
SPDR S&P MidCap 400 ETF Trust (e)		1,625		593,872
Total Exchange-Traded Funds (Cost $20,470,762)				20,980,832

	Principal Amount
Short-Term Investments 2.7%
Commercial Paper 0.5%
Nordea Bank A.B. 1.582%, due 2/3/20 (a)		3,000,000	2,999,740
Total Commercial Paper (Cost $2,999,740)			2,999,740
Repurchase Agreements 0.2%
Fixed Income Clearing Corp. 0.12%, dated 1/31/20 due 2/3/20 Proceeds at Maturity $172,548 (Collateralized by United States Treasury Note with a rate of 1.500% and maturity date 8/31/21, with a Principal Amount of $175,000 and a Market Value of $176,208)	$	172,546	172,546
RBC Capital Markets 1.57%, dated 1/31/20 due 2/3/20 Proceeds at Maturity $1,201,157 (Collateralized by United States Treasury Note with a rate 2.750% and a maturity date 8/31/25, with a Principal Amount of $1,130,400 and a Market Value of $1,225,271)		1,201,000	1,201,000
Total Repurchase Agreements (Cost $1,373,546)			1,373,546

	Shares
Unaffiliated Investment Company 2.0%
State Street Navigator Securities Lending Government Money Market Portfolio, 1.62% (g)(h)		11,171,075			11,171,075
Total Unaffiliated Investment Company (Cost $11,171,075)					11,171,075
Total Short-Term Investments (Cost $15,544,361)					15,544,361
Total Investments (Cost $519,055,138)		102.3	%		580,498,991
Other Assets, Less Liabilities		(2.3	)		(13,037,415	)
Net Assets		100.0	%	$	567,461,576

†	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, 2020.
(c)	Fixed to floating rate - Rate shown was the rate in effect as of January 31, 2020.
(d)	Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of January 31, 2020.
(e)	All or a portion of this security was held on loan. As of January 31, 2020, the aggregate market value of securities on loan was $10,985,178. The Fund received cash collateral with a value of $11,171,075.
(f)	Non-income producing security.
(g)	Current yield as of January 31, 2020.
(h)	Represents a security purchased with cash collateral received for securities on loan.

Futures Contracts

As of January 31, 2020, the Portfolio held the following futures contracts¹:

Type	Number of Contracts		Expiration Date	Value at Trade Date			Current Notional Amount			Unrealized Appreciation (Depreciation)2
Long Contracts
2-Year United States Treasury Note		44	March 2020	$	9,497,103		$	9,519,813		$	22,710
5-Year United States Treasury Note		190	March 2020		22,617,939			22,860,859			242,920
10-Year United States Treasury Note		59	March 2020		7,645,870			7,767,719			121,849
Total Long Contracts											387,479
Short Contracts
10-Year United States Treasury Ultra Note		(41)	March 2020		(5,842,549	)		(5,971,906	)		(129,357	)
United States Treasury Long Bond		(1)	March 2020		(159,404	)		(163,531	)		(4,127	)
Total Short Contracts											(133,484	)
Net Unrealized Appreciation										$	253,995

1. As of January 31, 2020, cash in the amount of $172,522 was on deposit with a broker or futures commission merchant for futures transactions.

2. Represents the difference between the value of the contracts at the time they were opened and the value as of January 31, 2020.

The following abbreviations are used in the preceding pages:

ETF	—Exchange-Traded Fund
LIBOR	—London Interbank Offered Rate
SOFR	—Secured Overnight Financing Rate
SPDR	—Standard & Poor's Depositary Receipt

The following is a summary of the fair valuations according to the inputs used as of January 31, 2020, for valuing the Fund's assets and liabilities:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Long-Term Bonds
Asset-Backed Securities	$	—		$	25,415,558	$	—	$	25,415,558
Corporate Bonds		—			99,136,605		—		99,136,605
Foreign Government Bonds		—			1,280,790		—		1,280,790
Mortgage-Backed Securities		—			18,942,413		—		18,942,413
U.S. Government & Federal Agencies		—			102,436,847		—		102,436,847
Total Long-Term Bonds		—			247,212,213		—		247,212,213
Common Stocks		296,761,585			—		—		296,761,585
Exchange-Traded Funds		20,980,832			—		—		20,980,832
Short-Term Investments
Commercial Paper		—			2,999,740		—		2,999,740
Repurchase Agreements		—			1,373,546		—		1,373,546
Unaffiliated Investment Company		11,171,075			—		—		11,171,075
Total Short-Term Investments		11,171,075			4,373,286		—		15,544,361
Total Investments in Securities		328,913,492			251,585,499		—		580,498,991
Other Financial Instruments
Futures Contracts (b)		387,479			—		—		387,479
Total Investments in Securities and Other Financial Instruments	$	329,300,971		$	251,585,499	$	—	$	580,886,470
Liability Valuation Inputs
Other Financial Instruments
Futures Contracts (b)	$	(133,484	)	$	—	$	—	$	(133,484	)

(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.

MainStay Candriam Emerging Markets Equity Fund

Portfolio of Investments  January 31, 2020 (Unaudited)

	Shares			Value
Common Stocks 94.1% †
Brazil 5.0%
Afya, Ltd., Class A (Diversified Consumer Services) (a)(b)		6,900		$	206,034
B3 S.A. - Brasil Bolsa Balcao (Capital Markets)		8,500			95,666
Banco do Brasil S.A. (Banks)		29,600			335,493
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes (Household Durables)		31,600			234,643
Equatorial Energia S.A. (Electric Utilities)		37,400			208,195
IRB Brasil Resseguros S.A. (Insurance)		18,000			188,423
Magazine Luiza S.A. (Multiline Retail)		22,400			291,860
Notre Dame Intermedica Participacoes S.A. (Health Care Providers & Services)		7,700			126,236
Rumo S.A. (Road & Rail) (b)		26,900			145,725
Vale S.A. (Metals & Mining)		19,800			232,416
XP, Inc, Class A (Capital Markets) (b)		4,800			192,672
					2,257,363
Canada 0.5%
Pan American Silver Corp. (Metals & Mining)		9,000			206,820
China 37.1%
AAC Technologies Holdings, Inc. (Electronic Equipment, Instruments & Components)		32,000			229,702
Aier Eye Hospital Group Co., Ltd., Class A (Health Care Providers & Services)		34,286			197,899
Alibaba Group Holding, Ltd., Sponsored ADR (Internet & Direct Marketing Retail) (b)		10,300			2,127,877
Alibaba Health Information Technology, Ltd. (Health Care Technology) (b)		165,300			233,267
Anhui Conch Cement Co., Ltd., Class H (Construction Materials)		64,000			412,845
ANTA Sports Products, Ltd. (Textiles, Apparel & Luxury Goods)		32,600			286,057
Baidu, Inc., Sponsored ADR (Interactive Media & Services) (b)		3,200			395,392
Bank of Shanghai Co., Ltd., Class A (Banks)		258,998			332,997
Brilliance China Automotive Holdings, Ltd. (Automobiles)		51,700			46,397
China Aoyuan Group, Ltd. (Real Estate Management & Development)		199,700			270,497
China Construction Bank Corp., Class H (Banks)		957,300			733,388
China Lesso Group Holdings, Ltd. (Building Products)		132,800			172,357
China Merchants Bank Co., Ltd., Class H (Banks)		111,700			545,081
China Mobile, Ltd. (Wireless Telecommunication Services)		10,500			86,795
China Overseas Land & Investment, Ltd. (Real Estate Management & Development)		88,000			286,097
China Tower Corp., Ltd., Class H (Diversified Telecommunication Services) (c)		867,000			181,960
CNOOC, Ltd. (Oil, Gas & Consumable Fuels)		260,200			397,339
Country Garden Services Holdings Co., Ltd. (Commercial Services & Supplies)		75,000			245,281
ENN Energy Holdings, Ltd. (Gas Utilities)		27,000			316,702
Geely Automobile Holdings, Ltd. (Automobiles)		76,600			123,679
Hangzhou Tigermed Consulting Co., Ltd., Class A (Life Sciences Tools & Services)		19,148			202,422
Hengli Petrochemical Co., Ltd., Class A (Chemicals)		75,200			185,233
Hundsun Technologies, Inc., Class A (Software)		18,185			232,731
Industrial & Commercial Bank of China, Ltd., Class H (Banks)		160,000			107,537
JD.com, Inc., ADR (Internet & Direct Marketing Retail) (b)		13,700			516,353
Kweichow Moutai Co., Ltd., Class A (Beverages)		300			45,576
Longfor Group Holdings, Ltd. (Real Estate Management & Development) (c)		55,100			234,827
Luckin Coffee, Inc., ADR (Hotels, Restaurants & Leisure) (a)(b)		1,500			48,735
Luxshare Precision Industry Co., Ltd., Class A (Electronic Equipment, Instruments & Components)		53,588			349,134
Meituan Dianping, Class B (Internet & Direct Marketing Retail) (b)		20,600			263,382
NetEase, Inc., ADR (Entertainment)		900			288,684
New Oriental Education & Technology Group, Inc., Sponsored ADR (Diversified Consumer Services) (b)		2,100			255,255
Pinduoduo, Inc., ADR (Internet & Direct Marketing Retail) (b)		2,100			73,962
Ping An Bank Co., Ltd., Class A (Banks)		93,223			209,046
Ping An Insurance Group Co. of China, Ltd., Class H (Insurance)		92,100			1,051,846
Postal Savings Bank Of China Co., Ltd., Class H (Banks) (c)		517,800			323,350
Sany Heavy Industry Co., Ltd., Class A (Machinery)		107,400			248,430
Shandong Linglong Tyre Co., Ltd., Class A (Auto Components)		42,900			136,562
Shimao Property Holdings, Ltd. (Real Estate Management & Development)		84,900			277,112
Silergy Corp. (Semiconductors & Semiconductor Equipment)		6,100			223,129
Sunny Optical Technology Group Co., Ltd. (Electronic Equipment, Instruments & Components)		23,000			375,209
Tencent Holdings, Ltd. (Interactive Media & Services)		43,200			2,074,730
Vipshop Holdings, Ltd., ADR (Internet & Direct Marketing Retail) (b)		14,800			188,404
Wuxi Biologics Cayman, Inc. (Life Sciences Tools & Services) (b)(c)		13,000			166,463
Xinyi Solar Holdings, Ltd. (Semiconductors & Semiconductor Equipment)		265,500			188,017
Yantai Jereh Oilfield Services Group Co., Ltd., Class A (Energy Equipment & Services)		27,100			144,612
Yihai International Holding, Ltd. (Food Products) (b)		35,000			198,961
Yonyou Network Technology Co., Ltd., Class A (Software)		45,995			216,103
Zhongsheng Group Holdings, Ltd. (Specialty Retail)		64,300			238,436
					16,685,850
Colombia 1.0%
Bancolombia S.A., Sponsored ADR (Banks)		5,200			272,844
Geopark, Ltd. (Oil, Gas & Consumable Fuels)		9,600			177,600
					450,444
Egypt 0.5%
Commercial International Bank Egypt S.A.E., GDR (Banks)		40,000			210,400
Hong Kong 0.7%
Nine Dragons Paper Holdings, Ltd. (Paper & Forest Products)		80,000			76,430
Xinyi Glass Holdings, Ltd. (Auto Components)		187,900			237,095
					313,525
India 7.9%
Asian Paints, Ltd. (Chemicals)		8,400			211,538
Axis Bank, Ltd. (Banks)		21,800			223,323
Bajaj Finance, Ltd. (Consumer Finance)		8,637			530,161
Biocon, Ltd. (Biotechnology)		30,000			123,498
Hindustan Unilever, Ltd. (Household Products)		7,900			225,727
Housing Development Finance Corp., Ltd. (Thrifts & Mortgage Finance)		12,500			423,291
Info Edge India, Ltd. (Interactive Media & Services)		2,200			87,559
Jubilant Foodworks, Ltd. (Hotels, Restaurants & Leisure)		2,000			53,104
Maruti Suzuki India, Ltd. (Automobiles)		2,300			223,272
Petronet LNG, Ltd. (Oil, Gas & Consumable Fuels)		133,729			499,252
PVR, Ltd. (Entertainment)		2,700			73,905
Reliance Industries, Ltd. (Oil, Gas & Consumable Fuels)		40,226			794,852
Titan Co., Ltd. (Textiles, Apparel & Luxury Goods)		4,700			78,350
					3,547,832
Indonesia 1.4%
PT Bank Rakyat Indonesia Persero Tbk (Banks)		958,900			313,196
PT Indofood Sukses Makmur Tbk (Food Products)		383,500			219,765
PT Telekomunikasi Indonesia Persero Tbk (Diversified Telecommunication Services)		370,500			103,105
					636,066
Malaysia 0.7%
Dialog Group BHD (Energy Equipment & Services)		393,100			313,674
Mexico 1.0%
Grupo Financiero Banorte S.A.B. de C.V., Class O (Banks)		53,700			330,945
Kimberly-Clark de Mexico S.A.B. de C.V., Class A (Household Products) (b)		54,600			112,953
					443,898
Peru 1.2%
Credicorp, Ltd. (Banks)		900			185,922
Southern Copper Corp. (Metals & Mining)		9,500			357,960
					543,882
Philippines 0.3%
GT Capital Holdings, Inc. (Industrial Conglomerates)		9,700			128,812
Poland 1.2%
CD Projekt S.A. (Entertainment)		4,600			334,325
Dino Polska S.A. (Food & Staples Retailing) (b)(c)		5,300			222,284
					556,609
Republic of Korea 12.3%
Celltrion, Inc. (Biotechnology) (b)		740			102,446
Hankook Tire & Technology Co., Ltd. (Auto Components) (b)		2,600			62,609
Hotel Shilla Co., Ltd. (Specialty Retail)		1,600			117,330
Hyundai Marine & Fire Insurance Co., Ltd. (Insurance) (b)		3,600			66,451
Kakao Corp. (Interactive Media & Services)		2,700			360,196
KB Financial Group, Inc. (Banks)		11,700			431,443
Kia Motors Corp. (Automobiles)		2,800			96,086
Koh Young Technology, Inc. (Semiconductors & Semiconductor Equipment) (b)		1,600			123,506
Korea Investment Holdings Co., Ltd. (Capital Markets) (b)		3,800			212,023
LG Household & Health Care, Ltd. (Personal Products)		130			137,215
NAVER Corp. (Interactive Media & Services)		1,900			286,152
NCSoft Corp. (Entertainment)		540			288,157
Orion Corp. (Food Products)		1,300			111,801
POSCO (Metals & Mining)		1,200			222,511
Samsung Electronics Co., Ltd. (Technology Hardware, Storage & Peripherals)		37,100			1,755,624
Samsung Engineering Co., Ltd. (Construction & Engineering) (b)		19,400			280,782
Samsung SDI Co., Ltd. (Electronic Equipment, Instruments & Components)		800			185,258
SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)		8,900			698,200
					5,537,790
Russia 6.3%
MMC Norilsk Nickel PJSC (Metals & Mining)		1,100			357,264
Mobile TeleSystems PJSC, Sponsored ADR (Wireless Telecommunication Services)		24,000			244,560
Polymetal International PLC (Metals & Mining)		23,000			390,577
Polyus PJSC (Metals & Mining)		2,300			280,425
QIWI PLC, Sponsored ADR (IT Services)		8,500			157,675
Tatneft PJSC (Oil, Gas & Consumable Fuels)		33,000			393,652
TCS Group Holding PLC (Banks)		22,000			523,600
X5 Retail Group N.V., GDR (Food & Staples Retailing)		5,000			183,650
Yandex N.V., Class A (Interactive Media & Services) (b)		7,000			313,670
					2,845,073
South Africa 3.5%
AngloGold Ashanti, Ltd. (Metals & Mining)		13,100			265,151
Capitec Bank Holdings, Ltd. (Banks)		2,900			260,108
Impala Platinum Holdings, Ltd. (Metals & Mining) (b)		26,900			253,613
Naspers, Ltd., Class N (Internet & Direct Marketing Retail)		4,800			786,985
					1,565,857
Taiwan 11.3%
Accton Technology Corp. (Communications Equipment)		36,400			196,405
Airtac International Group (Machinery)		17,700			274,796
ASPEED Technology, Inc. (Semiconductors & Semiconductor Equipment)		8,100			252,848
Chailease Holding Co., Ltd. (Diversified Financial Services)		119,806			503,670
E.Sun Financial Holding Co., Ltd. (Banks)		384,362			357,528
Formosa Plastics Corp. (Chemicals)		26,000			80,387
Giant Manufacturing Co., Ltd. (Leisure Products)		4,000			23,834
Hon Hai Precision Industry Co., Ltd. (Electronic Equipment, Instruments & Components)		101,700			280,097
Largan Precision Co., Ltd. (Electronic Equipment, Instruments & Components)		1,560			248,131
MediaTek, Inc. (Semiconductors & Semiconductor Equipment)		16,000			205,502
Powertech Technology, Inc. (Semiconductors & Semiconductor Equipment)		70,200			250,972
Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & Semiconductor Equipment)		197,600			2,093,151
Win Semiconductors Corp. (Semiconductors & Semiconductor Equipment)		12,500			116,687
Wiwynn Corp. (Technology Hardware, Storage & Peripherals)		8,700			202,171
					5,086,179
Thailand 1.1%
Airports of Thailand PCL, NVDR (Transportation Infrastructure)		80,500			182,074
Srisawad Corp. PCL, NVDR (Consumer Finance)		132,700			319,297
					501,371
Turkey 1.1%
Turk Hava Yollari AO (Airlines) (b)		97,000			221,723
Turkiye Garanti Bankasi A/S (Banks) (b)		147,600			293,486
					515,209
Total Common Stocks (Cost $38,915,188)					42,346,654
Preferred Stocks 3.4%
Brazil 2.7%
Itau Unibanco Holding S.A. 5.12% (Banks)		48,000			367,851
Petroleo Brasileiro S.A. 3.24% (Oil, Gas & Consumable Fuels)		124,000			823,752
					1,191,603
Republic of Korea 0.7%
Samsung Electronics Co., Ltd. 2.78% (Technology Hardware, Storage & Peripherals)		8,100			322,817
Total Preferred Stocks (Cost $1,525,184)					1,514,420
Short-Term Investments 1.8%
Affiliated Investment Company 1.3%
MainStay U.S. Government Liquidity Fund, 1.40% (d)		598,680			598,680
Unaffiliated Investment Company 0.5%
State Street Navigator Securities Lending Government Money Market Portfolio, 1.62% (d)(e)		217,429			217,429
Total Short-Term Investments (Cost $816,109)					816,109
Total Investments (Cost $41,256,481)		99.3	%		44,677,183
Other Assets, Less Liabilities		0.7			335,011
Net Assets		100.0	%	$	45,012,194

†	Percentages indicated are based on Fund net assets.
(a)	All or a portion of this security was held on loan. As of January 31, 2020, the aggregate market value of securities on loan was $250,046; the total market value of collateral held by the Fund was $258,120. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $40,691.
(b)	Non-income producing security.
(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)	Current yield as of January 31, 2020.
(e)	Represents a security purchased with cash collateral received for securities on loan.

Foreign Currency Forward Contracts

As of January 31, 2020, the Fund held the following foreign currency forward contracts¹:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	27,196	CNY	188,104	State Street Bank and Trust*	2/3/20	$	53
Total unrealized appreciation							53
CNY	401,605	USD	58,063	State Street Bank and Trust*	2/3/20		(112	)
Total unrealized depreciation							(112	)
Net unrealized depreciation						$	(59	)

* Non-deliverable forward.

1. Foreign Currency Forward Contracts are subject to limitations such that they cannot be “sold or repurchased,” although the Fund would be able to exit the transaction through other means, such as through the execution of an offsetting transaction.

The following abbreviations are used in the preceding pages: 

ADR	—American Depositary Receipt
GDR	—Global Depositary Receipt
NVDR	—Non-Voting Depositary Receipt
PCL	—Provision for Credit Losses

The following is a summary of the fair valuations according to the inputs used as of January 31, 2020, for valuing the Fund's assets and liabilities:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Common Stocks	$	42,346,654	$	—		$	—	$	42,346,654
Preferred Stocks		1,514,420		—			—		1,514,420
Short-Term Investments
Affiliated Investment Company		598,680		—			—		598,680
Unaffiliated Investment Company		217,429		—			—		217,429
Total Short-Term Investments		816,109		—			—		816,109
Total Investments in Securities		44,677,183		—			—		44,677,183
Other Financial Instruments
Foreign Currency Forward Contracts (b)		—		53			—		53
Total Investments in Securities and Other Financial Instruments	$	44,677,183	$	53		$	—	$	44,677,236
Liability Valuation Inputs
Other Financial Instruments
Foreign Currency Forward Contracts (b)	$	—	$	(112	)	$	—	$	(112	)

(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.

MainStay Conservative Allocation Fund

Portfolio of Investments January 31, 2020 (Unaudited)

	Shares			Value
Affiliated Investment Companies 96.4% †
Equity Funds 35.2%
IQ 50 Percent Hedged FTSE International ETF		440,160		$	9,313,786
IQ 500 International ETF		337,643			9,254,491
IQ Chaikin U.S. Large Cap ETF		387,715			10,167,050
IQ Chaikin U.S. Small Cap ETF		273,966			7,165,745
MainStay Candriam Emerging Markets Equity Fund Class R6 (a)		502,470			4,557,401
MainStay Epoch Capital Growth Fund Class I		325,108			4,229,661
MainStay Epoch International Choice Fund Class I		196,183			7,072,404
MainStay Epoch U.S. All Cap Fund Class R6		411,389			11,387,257
MainStay Epoch U.S. Equity Yield Fund Class R6 (a)		890,913			15,421,707
MainStay Large Cap Growth Fund Class R6		1,632,585			16,995,210
MainStay MacKay Common Stock Fund Class I (a)		305,116			7,551,627
MainStay MacKay Emerging Markets Equity Fund Class R6 (a)		507,729			4,498,481
MainStay MacKay Growth Fund Class I (a)		360,456			13,762,207
MainStay MacKay International Equity Fund Class R6		126,497			2,226,349
MainStay MacKay International Opportunities Fund Class I		719,247			5,221,733
MainStay MacKay S&P 500 Index Fund Class I		30,870			1,403,342
MainStay MacKay Small Cap Core Fund Class I (a)		520,610			13,275,558
MainStay MacKay U.S. Equity Opportunities Fund Class I		194,144			1,558,972
MainStay MAP Equity Fund Class I		370,581			15,842,355
Total Equity Funds (Cost $138,333,303)					160,905,336
Fixed Income Funds 61.2%
IQ S&P High Yield Low Volatility Bond ETF		126,111			3,208,617
MainStay Floating Rate Fund Class R6 (a)		2,011,823			18,428,301
MainStay MacKay Convertible Fund Class I		314,388			5,825,605
MainStay MacKay High Yield Municipal Bond Fund Class R6 (a)		626,389			8,280,868
MainStay MacKay Infrastructure Bond Fund Class R6 (a)		1,274,149			11,314,447
MainStay MacKay Short Duration High Yield Fund Class I		4,295,675			42,398,308
MainStay MacKay Total Return Bond Fund Class R6 (a)		16,543,419			182,639,347
MainStay MacKay Unconstrained Bond Fund Class R6 (a)		278,477			2,450,598
MainStay Short Term Bond Class I (a)		428,287			4,574,108
Total Fixed Income Funds (Cost $271,392,322)					279,120,199
Total Affiliated Investment Companies (Cost $409,725,625)					440,025,535
Short-Term Investment 3.5%
Affiliated Investment Company 3.5%
MainStay U.S. Government Liquidity Fund, 1.40% (b)		15,944,721			15,944,721
Total Short-Term Investment (Cost $15,944,721)					15,944,721
Total Investments (Cost $425,670,346)		99.9	%		455,970,256
Other Assets, Less Liabilities		0.1			354,048
Net Assets		100.0	%	$	456,324,304

† Percentages indicated are based on Fund net assets.

(a) As of January 31, 2020, the Fund's ownership exceeds 5% of the outstanding shares of the Underlying Fund's share class.

(b) Current yield as of January 31, 2020.

Swap Contracts

Open OTC total return equity swap contracts as of January 31, 2020 were as follows¹:

Swap Counterparty	Reference Obligation	Floating Rate 2	Termination Date(s)	Payment Frequency Paid/Received	Notional Amount Long/ (Short) (000)*			Unrealized Appreciation3
Citigroup	iShares Core U.S. Aggregate Bond ETF	1 month LIBOR plus 0.60%	12/01/2020	Monthly		18,078		$	—
Citigroup	Russell 1000 Value Total Return Index	1 month LIBOR plus 0.36%	12/07/2020	Monthly		11,490			—
Citigroup	Russell 2000 Total Return Index	1 month LIBOR minus 0.09%	12/07/2020	Monthly		(11,012	)		—
Citigroup	Russell Midcap Total Return Index	1 month LIBOR minus 0.25%	12/07/2020	Monthly		(8,616	)		—
Citigroup	S&P 500 Total Return Index	1 month LIBOR plus 0.36%	10/26/2020	Monthly		7,582			—
								$	—

1 As of January 31, 2020, cash in the amount of $ 293,819 was pledged from brokers for OTC swap contracts.

2 Fund pays or receives the floating rate and receives or pays the total return of the reference entity.

3 Reflects the value at reset date as of January 31, 2020.

* Notional amounts reflected as a positive value indicate a long position held by the Portfolio or Index and a negative value indicates a short position.

The following abbreviations are used in the preceding pages:

ETF	—Exchange-Traded Fund
FTSE	—Financial Times Stock Exchange
LIBOR	—London Interbank Offered Rate

The following is a summary of the fair valuations according to the inputs used as of January 31, 2020, for valuing the Fund's assets and liabilities:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments (a)
Affiliated Investment Companies
Equity Funds	$	160,905,336	$	—	$	—	$	160,905,336
Fixed Income Funds		279,120,199		—		—		279,120,199
Short-Term Investments		15,944,721		—		—		15,944,721
Total Investments in Securities	$	455,970,256	$	—	$	—	$	455,970,256

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

MainStay Epoch Global Equity Yield Fund

Portfolio of Investments  January 31, 2020 (Unaudited)

	Shares			Value
Common Stocks 98.4% †
Australia 1.3%
Commonwealth Bank of Australia (Banks)		195,812		$	11,175,588
Macquarie Group, Ltd. (Capital Markets)		146,428			14,190,197
					25,365,785
Canada 5.3%
BCE, Inc. (Diversified Telecommunication Services)		625,551			29,476,621
Fortis, Inc. (Electric Utilities)		267,608			11,671,705
Pembina Pipeline Corp. (Oil, Gas & Consumable Fuels)		493,176			18,886,323
Rogers Communications, Inc., Class B (Wireless Telecommunication Services)		241,345			12,083,663
Royal Bank of Canada (Banks)		171,753			13,572,562
TELUS Corp. (Diversified Telecommunication Services)		458,673			18,386,431
					104,077,305
France 7.1%
AXA S.A. (Insurance)		1,312,191			35,043,258
Cie Generale des Etablissements Michelin SCA (Auto Components)		142,241			16,563,993
Sanofi (Pharmaceuticals)		219,211			21,138,923
SCOR S.E. (Insurance)		305,418			13,017,151
TOTAL S.A. (Oil, Gas & Consumable Fuels)		546,797			26,770,629
Unibail-Rodamco-Westfield (Equity Real Estate Investment Trusts)		114,532			15,572,855
Vinci S.A. (Construction & Engineering)		108,374			12,043,252
					140,150,061
Germany 5.8%
Allianz S.E., Registered (Insurance)		147,843			35,391,890
BASF S.E. (Chemicals)		264,778			17,933,322
Deutsche Post A.G., Registered (Air Freight & Logistics)		546,182			19,126,332
Muenchener Rueckversicherungs-Gesellschaft A.G., Registered (Insurance)		94,827			28,006,195
Siemens A.G., Registered (Industrial Conglomerates)		112,068			13,875,620
					114,333,359
Italy 3.8%
Assicurazioni Generali S.p.A. (Insurance)		922,040			17,992,436
Snam S.p.A. (Gas Utilities)		5,767,774			30,941,065
Terna Rete Elettrica Nazionale S.p.A. (Electric Utilities)		3,634,276			25,376,607
					74,310,108
Japan 1.9%
Takeda Pharmaceutical Co., Ltd. (Pharmaceuticals)		608,000			23,718,481
Tokio Marine Holdings, Inc. (Insurance)		243,800			13,466,319
					37,184,800
Netherlands 1.2%
Royal Dutch Shell PLC, Class A, Sponsored ADR (Oil, Gas & Consumable Fuels)		449,507			23,441,790
Norway 0.7%
Orkla ASA (Food Products)		1,487,684			14,394,933
Republic of Korea 0.9%
Samsung Electronics Co., Ltd., GDR (Technology Hardware, Storage & Peripherals) (a)		14,091			16,514,652
Switzerland 3.0%
Nestle S.A., Registered (Food Products)		130,972			14,465,118
Novartis A.G., Registered (Pharmaceuticals)		262,931			24,887,271
Roche Holding A.G. (Pharmaceuticals)		57,249			19,275,177
					58,627,566
Taiwan 0.6%
Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR (Semiconductors & Semiconductor Equipment)		208,128			11,226,424
United Kingdom 10.0%
AstraZeneca PLC, Sponsored ADR (Pharmaceuticals)		338,054			16,463,230
BAE Systems PLC (Aerospace & Defense)		3,622,536			30,203,386
British American Tobacco PLC (Tobacco)		506,157			22,440,866
British American Tobacco PLC, Sponsored ADR (Tobacco)		181,650			8,001,682
Coca-Cola European Partners PLC (Beverages)		184,729			9,718,593
GlaxoSmithKline PLC (Pharmaceuticals)		801,108			18,872,276
Imperial Brands PLC (Tobacco)		875,615			22,556,115
Lloyds Banking Group PLC (Banks)		24,743,575			18,555,500
National Grid PLC (Multi-Utilities)		2,203,201			29,262,007
Unilever PLC (Personal Products)		343,596			20,569,326
					196,642,981
United States 56.8%
3M Co. (Industrial Conglomerates)		63,423			10,062,693
AbbVie, Inc. (Biotechnology)		224,161			18,161,524
Altria Group, Inc. (Tobacco)		546,919			25,995,060
Ameren Corp. (Multi-Utilities)		139,162			11,418,242
American Electric Power Co., Inc. (Electric Utilities)		171,798			17,904,788
Amgen, Inc. (Biotechnology)		62,770			13,561,458
AT&T, Inc. (Diversified Telecommunication Services)		664,086			24,982,915
BlackRock, Inc. (Capital Markets)		21,551			11,364,920
Broadcom, Inc. (Semiconductors & Semiconductor Equipment)		35,714			10,898,484
CenterPoint Energy, Inc. (Multi-Utilities)		563,928			14,932,813
Chevron Corp. (Oil, Gas & Consumable Fuels)		116,379			12,468,846
Cinemark Holdings, Inc. (Entertainment)		352,036			11,092,654
Cisco Systems, Inc. (Communications Equipment)		397,131			18,256,112
Coca-Cola Co. (Beverages)		336,822			19,670,405
Comcast Corp., Class A (Media)		255,367			11,029,301
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure)		89,285			10,395,453
Dominion Energy, Inc. (Multi-Utilities)		392,873			33,688,860
Dow, Inc. (Chemicals)		408,251			18,808,124
Duke Energy Corp. (Electric Utilities)		339,285			33,124,394
Eaton Corp. PLC (Electrical Equipment)		211,206			19,952,631
Emerson Electric Co. (Electrical Equipment)		229,679			16,451,907
Entergy Corp. (Electric Utilities)		233,990			30,774,365
Enterprise Products Partners, L.P. (Oil, Gas & Consumable Fuels)		815,514			21,015,796
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)		253,694			15,759,471
FirstEnergy Corp. (Electric Utilities)		610,837			31,024,411
Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods)		714,285			9,828,562
Home Depot, Inc. (Specialty Retail)		54,187			12,360,055
Intel Corp. (Semiconductors & Semiconductor Equipment)		257,413			16,456,413
International Business Machines Corp. (IT Services)		170,285			24,475,063
Iron Mountain, Inc. (Equity Real Estate Investment Trusts)		583,128			18,432,676
Johnson & Johnson (Pharmaceuticals)		125,615			18,700,305
Kimberly-Clark Corp. (Household Products)		108,990			15,611,728
KLA Corp. (Semiconductors & Semiconductor Equipment)		65,270			10,817,850
Las Vegas Sands Corp. (Hotels, Restaurants & Leisure)		436,874			28,532,241
Lazard, Ltd., Class A (Capital Markets)		282,108			11,837,252
Leggett & Platt, Inc. (Household Durables)		244,458			11,633,756
Lockheed Martin Corp. (Aerospace & Defense)		35,714			15,289,878
LyondellBasell Industries N.V., Class A (Chemicals)		182,190			14,185,313
Magellan Midstream Partners, L.P. (Oil, Gas & Consumable Fuels)		244,458			15,004,832
McDonald's Corp. (Hotels, Restaurants & Leisure)		58,497			12,516,603
Merck & Co., Inc. (Pharmaceuticals)		294,950			25,200,528
MetLife, Inc. (Insurance)		403,325			20,049,286
Microsoft Corp. (Software)		95,443			16,247,262
Nutrien, Ltd. (Chemicals)		349,137			14,904,658
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)		310,344			12,326,864
People's United Financial, Inc. (Banks)		632,389			9,751,438
PepsiCo., Inc. (Beverages)		108,374			15,391,275
Pfizer, Inc. (Pharmaceuticals)		741,994			27,631,857
Philip Morris International, Inc. (Tobacco)		315,327			26,077,543
Phillips 66 (Oil, Gas & Consumable Fuels)		143,472			13,109,037
PNC Financial Services Group, Inc. (Banks)		69,138			10,270,450
PPL Corp. (Electric Utilities)		634,236			22,953,001
Procter & Gamble Co. (Household Products)		111,453			13,889,273
Simon Property Group, Inc. (Equity Real Estate Investment Trusts)		82,958			11,045,858
Target Corp. (Multiline Retail)		120,073			13,296,884
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		166,256			20,058,786
Truist Financial Corp. (Banks)		306,868			15,825,183
United Parcel Service, Inc., Class B (Air Freight & Logistics)		96,059			9,944,028
UnitedHealth Group, Inc. (Health Care Providers & Services)		51,108			13,924,375
Vail Resorts, Inc. (Hotels, Restaurants & Leisure)		45,273			10,616,971
Verizon Communications, Inc. (Diversified Telecommunication Services)		543,103			32,282,042
Watsco, Inc. (Trading Companies & Distributors)		70,812			12,315,623
WEC Energy Group, Inc. (Multi-Utilities)		116,379			11,625,098
Wells Fargo & Co. (Banks)		240,763			11,301,415
Welltower, Inc. (Equity Real Estate Investment Trusts)		315,886			26,821,880
					1,115,338,769
Total Common Stocks (Cost $1,767,689,280)					1,931,608,533
Short-Term Investment 1.3%
Affiliated Investment Company 1.3%
United States 1.3%
MainStay U.S. Government Liquidity Fund, 1.40% (b)		25,794,412			25,794,412
Total Short-Term Investment (Cost $25,794,412)					25,794,412
Total Investments (Cost $1,793,483,692)		99.7	%		1,957,402,945
Other Assets, Less Liabilities		0.3			6,421,655
Net Assets		100.0	%	$	1,963,824,600

† 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) Current yield as of January 31, 2020.

The following abbreviations are used in the preceding pages:

ADR —American Depositary Receipt

GDR —Global Depositary Receipt

The following is a summary of the fair valuations according to the inputs used as of January 31, 2020, for valuing the Fund's assets:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Common Stocks	$	1,931,608,533	$	—	$	—	$	1,931,608,533
Short-Term Investment
Affiliated Investment Company		25,794,412		—		—		25,794,412
Total Investments in Securities	$	1,957,402,945	$	—	$	—	$	1,957,402,945

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

MainStay Epoch International Choice Fund

Portfolio of Investments January 31, 2020 (Unaudited)

	Shares			Value
Common Stocks 97.8% †
Australia 1.7%
CSL, Ltd. (Biotechnology)		32,834		$	6,858,572
China 1.1%
58.com, Inc., ADR (Interactive Media & Services) (a)		78,138			4,346,035
Finland 2.3%
Nordea Bank Abp (Banks)		1,148,531			9,081,447
France 16.1%
AXA S.A. (Insurance)		575,589			15,371,629
Kering S.A. (Textiles, Apparel & Luxury Goods)		15,830			9,743,721
Pernod Ricard S.A. (Beverages)		58,430			10,141,476
Safran S.A. (Aerospace & Defense)		89,101			14,422,402
Ubisoft Entertainment S.A. (Entertainment) (a)		178,819			13,612,625
					63,291,853
Germany 4.5%
SAP S.E. (Software)		136,468			17,832,030
Japan 19.2%
Asahi Group Holdings, Ltd. (Beverages)		208,500			9,786,637
Bridgestone Corp. (Auto Components)		289,800			10,433,388
Nippon Telegraph & Telephone Corp. (Diversified Telecommunication Services)		321,180			8,259,592
Sony Corp. (Household Durables)		196,500			13,996,465
Suzuki Motor Corp. (Automobiles)		287,500			13,351,484
Takeda Pharmaceutical Co., Ltd. (Pharmaceuticals)		502,400			19,598,955
					75,426,521
Macau 3.6%
Sands China, Ltd. (Hotels, Restaurants & Leisure)		2,888,300			14,131,718
Netherlands 13.3%
Akzo Nobel N.V. (Chemicals)		89,527			8,469,426
ASML Holding N.V. (Semiconductors & Semiconductor Equipment)		62,170			17,530,438
Heineken N.V. (Beverages)		94,161			10,267,480
Koninklijke DSM N.V. (Chemicals)		71,752			8,777,290
Koninklijke Philips N.V. (Health Care Equipment & Supplies)		163,050			7,486,384
					52,531,018
Norway 2.7%
Storebrand ASA (Insurance)		1,376,585			10,611,047
Republic of Korea 4.4%
Samsung Electronics Co., Ltd., GDR (Technology Hardware, Storage & Peripherals)		14,801			17,346,772
Spain 5.2%
Cellnex Telecom S.A. (Diversified Telecommunication Services)		138,563			6,903,001
Industria de Diseno Textil S.A. (Specialty Retail)		400,723			13,497,086
					20,400,087
Switzerland 12.1%
ABB, Ltd., Registered (Electrical Equipment)		368,476			8,611,290
Nestle S.A., Registered (Food Products)		146,691			16,201,192
Novartis A.G., Registered (Pharmaceuticals)		137,115			12,978,379
Swiss Re A.G. (Insurance)		88,529			10,018,336
					47,809,197
United Kingdom 11.6%
Croda International PLC (Chemicals)		153,609			10,109,579
Linde PLC (Chemicals)		68,493			13,912,983
Lloyds Banking Group PLC (Banks)		18,334,799			13,749,483
Victrex PLC (Chemicals)		265,670			7,774,109
					45,546,154
Total Common Stocks (Cost $307,531,043)					385,212,451
Short-Term Investment 1.6%
Affiliated Investment Company 1.6%
United States 1.6%
MainStay U.S. Government Liquidity Fund, 1.40% (b)		6,533,859			6,533,859
Total Short-Term Investment (Cost $6,533,859)					6,533,859
Total Investments (Cost $314,064,902)		99.4	%		391,746,310
Other Assets, Less Liabilities		0.6			2,229,368
Net Assets		100.0	%	$	393,975,678

†	Percentages indicated are based on Fund net assets.
(a)	Non-income producing security.
(b)	Current yield as of January 31, 2020.

The following abbreviations are used in the preceding pages:

ADR	—American Depositary Receipt
GDR	—Global Depositary Receipt

The following is a summary of the fair valuations according to the inputs used as of January 31, 2020, for valuing the Fund’s assets:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Common Stocks	$	385,212,451	$	—	$	—	$	385,212,451
Short-Term Investment
Affiliated Investment Company		6,533,859		—		—		6,533,859
Total Investments in Securities	$	391,746,310	$	—	$	—	$	391,746,310

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

MainStay Epoch U.S. All Cap Fund

Portfolio of Investments January 31, 2020 (Unaudited)

	Shares			Value
Common Stocks 98.7% †
Aerospace & Defense 7.5%
Boeing Co.		52,158		$	16,600,327
Hexcel Corp.		142,470			10,574,123
Huntington Ingalls Industries, Inc.		40,728			10,630,008
United Technologies Corp.		61,656			9,260,731
					47,065,189
Air Freight & Logistics 1.9%
XPO Logistics, Inc. (a)		134,294			11,941,422
Banks 3.5%
Bank of America Corp.		403,022			13,231,212
Bank OZK		309,732			8,418,516
					21,649,728
Beverages 1.7%
Coca-Cola Co.		178,450			10,421,480
Capital Markets 4.9%
Charles Schwab Corp.		201,551			9,180,648
KKR & Co., Inc., Class A		341,365			10,889,543
Morgan Stanley		203,322			10,625,608
					30,695,799
Chemicals 2.2%
DuPont de Nemours, Inc.		89,667			4,589,157
Linde PLC		46,121			9,368,559
					13,957,716
Communications Equipment 1.3%
Arista Networks, Inc. (a)		37,267			8,323,212
Construction & Engineering 1.0%
Jacobs Engineering Group, Inc.		67,935			6,286,026
Diversified Financial Services 1.8%
Equitable Holdings, Inc.		478,363			11,490,279
Electrical Equipment 1.4%
AMETEK, Inc.		90,553			8,797,224
Entertainment 2.1%
Electronic Arts, Inc. (a)		123,715			13,351,323
Equity Real Estate Investment Trusts 1.4%
Ventas, Inc.		151,968			8,792,868
Food Products 1.1%
Post Holdings, Inc. (a)		67,935			7,103,963
Health Care Equipment & Supplies 3.4%
Boston Scientific Corp. (a)		217,327			9,099,482
Danaher Corp.		76,789			12,353,046
					21,452,528
Health Care Providers & Services 4.7%
Centene Corp. (a)		228,694			14,364,270
UnitedHealth Group, Inc.		56,666			15,438,652
					29,802,922
Hotels, Restaurants & Leisure 2.7%
MGM Resorts International		351,185			10,907,806
Restaurant Brands International, Inc.		50,351			3,071,915
Vail Resorts, Inc.		13,283			3,114,996
					17,094,717
Household Durables 2.0%
LGI Homes, Inc. (a)		158,458			12,635,441
Insurance 4.8%
American International Group, Inc.		204,690			10,287,719
MetLife, Inc.		245,580			12,207,782
Willis Towers Watson PLC		34,933			7,380,994
					29,876,495
Interactive Media & Services 7.4%
Alphabet, Inc., Class C (a)		17,466			25,050,261
Facebook, Inc., Class A (a)		105,605			21,322,706
					46,372,967
Internet & Direct Marketing Retail 1.0%
Expedia Group, Inc.		59,848			6,490,516
IT Services 1.3%
Visa, Inc., Class A		41,050			8,167,718
Life Sciences Tools & Services 3.2%
Agilent Technologies, Inc.		136,433			11,263,908
Charles River Laboratories International, Inc. (a)		56,988			8,809,205
					20,073,113
Machinery 2.9%
Ingersoll-Rand PLC		83,550			11,131,366
Middleby Corp. (a)		61,254			6,870,249
					18,001,615
Media 5.6%
Charter Communications, Inc., Class A (a)		20,203			10,454,244
Discovery, Inc., Class C (a)		206,300			5,728,951
Liberty Media Corp-Liberty SiriusXM, Class A (a)		205,061			9,959,813
Nexstar Media Group, Inc., Class A		73,650			8,922,698
					35,065,706
Multiline Retail 0.7%
Dollar Tree, Inc. (a)		51,434			4,478,358
Oil, Gas & Consumable Fuels 2.5%
Occidental Petroleum Corp.		204,610			8,127,109
Texas Pacific Land Trust		10,282			7,770,210
					15,897,319
Pharmaceuticals 2.1%
Pfizer, Inc.		345,470			12,865,303
Professional Services 0.8%
Insperity, Inc.		59,483			5,197,030
Real Estate Management & Development 1.4%
Jones Lang LaSalle, Inc.		50,629			8,597,817
Road & Rail 1.3%
Norfolk Southern Corp.		39,923			8,312,368
Semiconductors & Semiconductor Equipment 6.1%
Applied Materials, Inc.		152,693			8,854,667
Broadcom, Inc.		50,870			15,523,489
Micron Technology, Inc. (a)		164,364			8,726,085
Universal Display Corp.		30,908			5,445,062
					38,549,303
Software 6.9%
Microsoft Corp.		254,998			43,408,310
Specialty Retail 4.7%
CarMax, Inc. (a)		105,322			10,220,447
Home Depot, Inc.		41,131			9,381,981
TJX Cos., Inc.		165,330			9,761,083
					29,363,511
Thrifts & Mortgage Finance 1.4%
Axos Financial, Inc. (a)		316,654			8,920,143
Total Common Stocks (Cost $478,508,892)					620,499,429
Short-Term Investment 1.4%
Affiliated Investment Company 1.4%
MainStay U.S. Government Liquidity Fund, 1.40% (b)		8,613,713			8,613,713
Total Short-Term Investment (Cost $8,613,713)					8,613,713
Total Investments (Cost $487,122,605)		100.1	%		629,113,142
Other Assets, Less Liabilities		(0.1	)		(714,504	)
Net Assets		100.0	%	$	628,398,638

†	Percentages indicated are based on Fund net assets.
(a)	Non-income producing security.
(b)	Current yield as of January 31, 2020.

The following is a summary of the fair valuations according to the inputs used as of January 31, 2020, for valuing the Fund’s assets:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Common Stocks	$	620,499,429	$	—	$	—	$	620,499,429
Short-Term Investment
Affiliated Investment Company		8,613,713		—		—		8,613,713
Total Investments in Securities	$	629,113,142	$	—	$	—	$	629,113,142

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

MainStay Epoch U.S. Equity Yield Fund

Portfolio of Investments January 31, 2020 (Unaudited)

	Shares			Value
Common Stocks 97.9% †
Aerospace & Defense 3.6%
General Dynamics Corp.		42,415		$	7,441,287
Lockheed Martin Corp.		36,956			15,821,603
Raytheon Co.		38,216			8,443,443
United Technologies Corp.		55,434			8,326,187
					40,032,520
Air Freight & Logistics 0.5%
United Parcel Service, Inc., Class B		58,373			6,042,773
Banks 4.7%
M&T Bank Corp.		55,854			9,412,516
People’s United Financial, Inc.		393,919			6,074,231
PNC Financial Services Group, Inc.		45,505			6,759,768
Truist Financial Corp.		257,433			13,275,820
U.S. Bancorp		185,200			9,856,344
Wells Fargo & Co.		136,065			6,386,891
					51,765,570
Beverages 3.7%
Coca-Cola Co.		213,757			12,483,409
Coca-Cola European Partners PLC		193,179			10,163,147
Molson Coors Brewing Co., Class B		104,569			5,811,945
PepsiCo., Inc.		85,251			12,107,347
					40,565,848
Biotechnology 2.3%
AbbVie, Inc.		156,214			12,656,458
Amgen, Inc.		57,676			12,460,900
					25,117,358
Capital Markets 2.7%
BlackRock, Inc.		21,837			11,515,742
CME Group, Inc.		54,594			11,852,903
Lazard, Ltd., Class A		157,277			6,599,343
					29,967,988
Chemicals 2.2%
Dow, Inc.		155,803			7,177,844
LyondellBasell Industries N.V., Class A		90,710			7,062,681
Nutrien, Ltd.		222,996			9,519,699
					23,760,224
Commercial Services & Supplies 2.1%
Republic Services, Inc.		122,207			11,615,776
Waste Management, Inc.		97,429			11,857,109
					23,472,885
Communications Equipment 1.1%
Cisco Systems, Inc.		272,551			12,529,170
Containers & Packaging 0.8%
Amcor PLC		822,274			8,707,882
Diversified Telecommunication Services 3.2%
AT&T, Inc.		409,877			15,419,573
Verizon Communications, Inc.		326,306			19,395,628
					34,815,201
Electric Utilities 10.7%
Alliant Energy Corp.		128,086			7,603,185
American Electric Power Co., Inc.		133,966			13,961,937
Duke Energy Corp.		174,281			17,015,054
Entergy Corp.		167,142			21,982,516
Evergy, Inc.		139,845			10,091,215
Eversource Energy		119,687			11,063,866
FirstEnergy Corp.		344,784			17,511,579
Pinnacle West Capital Corp.		70,132			6,851,195
PPL Corp.		335,125			12,128,174
					118,208,721
Electrical Equipment 2.5%
Eaton Corp. PLC		152,864			14,441,062
Emerson Electric Co.		179,321			12,844,763
					27,285,825
Entertainment 0.6%
Cinemark Holdings, Inc.		207,851			6,549,385
Equity Real Estate Investment Trusts 2.8%
Iron Mountain, Inc.		319,166			10,088,837
Simon Property Group, Inc.		46,250			6,158,187
Welltower, Inc.		175,961			14,940,849
					31,187,873
Food & Staples Retailing 0.9%
Walmart, Inc.		89,030			10,193,045
Health Care Equipment & Supplies 0.9%
Medtronic PLC		87,350			10,083,684
Health Care Providers & Services 1.8%
CVS Health Corp.		104,989			7,120,354
UnitedHealth Group, Inc.		47,512			12,944,644
					20,064,998
Hotels, Restaurants & Leisure 4.4%
Brinker International, Inc.		147,824			6,310,606
Darden Restaurants, Inc.		62,993			7,334,275
Las Vegas Sands Corp.		243,561			15,906,969
McDonald’s Corp.		55,434			11,861,213
Vail Resorts, Inc.		30,072			7,052,185
					48,465,248
Household Durables 0.6%
Leggett & Platt, Inc.		142,365			6,775,150
Household Products 3.1%
Colgate-Palmolive Co.		82,311			6,072,906
Kimberly-Clark Corp.		89,450			12,812,818
Procter & Gamble Co.		126,826			15,805,056
					34,690,780
Industrial Conglomerates 1.7%
3M Co.		35,276			5,596,890
Honeywell International, Inc.		77,899			13,493,665
					19,090,555
Insurance 5.9%
Allianz S.E., Sponsored ADR (a)		493,533			11,733,747
Arthur J. Gallagher & Co.		163,782			16,799,120
Marsh & McLennan Cos., Inc.		75,172			8,408,740
MetLife, Inc.		368,940			18,340,007
Travelers Cos., Inc.		71,392			9,396,615
					64,678,229
IT Services 1.9%
Automatic Data Processing, Inc.		37,796			6,477,856
International Business Machines Corp.		51,234			7,363,863
Paychex, Inc.		83,571			7,167,885
					21,009,604
Media 0.7%
Comcast Corp., Class A		182,086			7,864,294
Metals & Mining 0.6%
Reliance Steel & Aluminum Co.		58,373			6,701,220
Multi-Utilities 5.8%
Ameren Corp.		163,782			13,438,313
CenterPoint Energy, Inc.		314,394			8,325,153
CMS Energy Corp.		97,009			6,646,087
Dominion Energy, Inc.		177,962			15,260,242
NiSource, Inc.		211,238			6,191,386
WEC Energy Group, Inc.		136,905			13,675,440
					63,536,621
Multiline Retail 1.1%
Target Corp.		105,409			11,672,993
Oil, Gas & Consumable Fuels 6.8%
Chevron Corp.		103,309			11,068,526
Enterprise Products Partners, L.P.		457,179			11,781,503
Exxon Mobil Corp.		222,156			13,800,331
Magellan Midstream Partners, L.P.		140,265			8,609,466
Occidental Petroleum Corp.		136,905			5,437,867
Phillips 66		102,889			9,400,968
Royal Dutch Shell PLC, Class A, Sponsored ADR		279,270			14,563,930
					74,662,591
Pharmaceuticals 5.0%
Johnson & Johnson		120,947			18,005,380
Merck & Co., Inc.		225,936			19,303,972
Pfizer, Inc.		477,910			17,797,368
					55,106,720
Semiconductors & Semiconductor Equipment 5.0%
Analog Devices, Inc.		74,752			8,204,032
Broadcom, Inc.		20,997			6,407,445
Intel Corp.		163,442			10,448,847
KLA Corp.		43,675			7,238,694
Microchip Technology, Inc.		69,292			6,754,584
Texas Instruments, Inc.		132,706			16,010,979
					55,064,581
Software 1.8%
Microsoft Corp.		118,427			20,159,828
Specialty Retail 1.0%
Home Depot, Inc.		47,875			10,920,288
Technology Hardware, Storage & Peripherals 0.9%
Apple, Inc.		30,236			9,358,344
Textiles, Apparel & Luxury Goods 0.5%
Hanesbrands, Inc.		398,118			5,478,104
Tobacco 3.4%
Altria Group, Inc.		294,022			13,974,866
British American Tobacco PLC, Sponsored ADR		259,113			11,413,927
Philip Morris International, Inc.		148,664			12,294,513
					37,683,306
Trading Companies & Distributors 0.6%
Watsco, Inc.		40,315			7,011,585
Total Common Stocks (Cost $929,448,263)					1,080,280,991
Short-Term Investment 1.9%
Affiliated Investment Company 1.9%
MainStay U.S. Government Liquidity Fund, 1.40% (b)		21,562,192			21,562,192
Total Short-Term Investment (Cost $21,562,192)					21,562,192
Total Investments (Cost $951,010,455)		99.8	%		1,101,843,183
Other Assets, Less Liabilities		0.2			1,988,051
Net Assets		100.0	%	$	1,103,831,234

†	Percentages indicated are based on Fund net assets.
(a)	Fair valued security - Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of January 31, 2020, the total market value of the fair valued security was $11,733,747, which represented 1.1% of the Fund’s net assets.
(b)	Current yield as of January 31, 2020.

The following abbreviation is used in the preceding pages:

ADR —American Depositary Receipt

The following is a summary of the fair valuations according to the inputs used as of January 31, 2020, for valuing the Fund’s assets:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Common Stocks	$	1,068,547,244	$	11,733,747	$	—	$	1,080,280,991
Short-Term Investment
Affiliated Investment Company		21,562,192		—		—		21,562,192
Total Investments in Securities	$	1,090,109,436	$	11,733,747	$	—	$	1,101,843,183

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

MainStay Floating Rate Fund

Portfolio of Investments January 31, 2020 (Unaudited)

	Principal Amount			Value
Long-Term Bonds 96.9% †
Corporate Bonds 5.4%
Auto Parts & Equipment 0.1%
Cooper-Standard Automotive, Inc. 5.625%, due 11/15/26 (a)	$	600,000		$	556,200
Delphi Technologies PLC 5.00%, due 10/1/25 (a)		1,200,000			1,329,000
					1,885,200
Building Materials 0.1%
Jeld-Wen, Inc. (a)
4.625%, due 12/15/25		590,000			601,800
4.875%, due 12/15/27		780,000			807,300
					1,409,100
Chemicals 0.3%
Element Solutions, Inc. 5.875%, due 12/1/25 (a)		2,800,000			2,894,136
Starfruit Finco B.V. / Starfruit U.S. Holdco LLC 8.00%, due 10/1/26 (a)		1,000,000			1,037,500
					3,931,636
Chemicals, Plastics & Rubber 0.1%
Alpha 3 B.V. / Alpha U.S. Bidco, Inc. 6.25%, due 2/1/25 (a)		1,600,000			1,634,000
Commercial Services 0.3%
Herc Holdings, Inc. 5.50%, due 7/15/27 (a)		850,000			887,995
Prime Security Services Borrower LLC / Prime Finance, Inc. 6.25%, due 1/15/28 (a)		1,750,000			1,728,562
Refinitiv U.S. Holdings, Inc. 8.25%, due 11/15/26 (a)		1,000,000			1,113,800
					3,730,357
Distribution & Wholesale 0.2%
IAA, Inc. 5.50%, due 6/15/27 (a)		500,000			530,575
KAR Auction Services, Inc. 5.125%, due 6/1/25 (a)		1,400,000			1,436,162
					1,966,737
Diversified Financial Services 0.1%
Nationstar Mortgage LLC / Nationstar Capital Corp. 6.50%, due 7/1/21		662,000			662,331
Electric 0.7%
Clearway Energy Operating LLC 5.75%, due 10/15/25		2,776,000			2,917,576
Vistra Energy Corp. 8.125%, due 1/30/26 (a)		3,750,000			3,993,750
Vistra Operations Co. LLC 5.00%, due 7/31/27 (a)		1,500,000			1,545,000
					8,456,326
Entertainment 0.1%
Scientific Games International, Inc. 7.00%, due 5/15/28 (a)		1,350,000			1,424,642
Environmental Controls 0.2%
Advanced Disposal Services, Inc. 5.625%, due 11/15/24 (a)		1,200,000			1,249,800
GFL Environmental, Inc. 8.50%, due 5/1/27 (a)		770,000			839,300
					2,089,100
Food 0.2%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons, L.P. / Albertsons LLC 4.875%, due 2/15/30 (a)		300,000			307,944
B&G Foods, Inc. 5.25%, due 9/15/27		2,500,000			2,493,750
Post Holdings, Inc. 5.50%, due 12/15/29 (a)		240,000			254,076
					3,055,770
Household Products & Wares 0.1%
Prestige Brands, Inc. 6.375%, due 3/1/24 (a)		700,000			721,875
Housewares 0.1%
Scotts Miracle-Gro Co. 5.25%, due 12/15/26		800,000			852,000
Insurance 0.3%
Acrisure, LLC / Acrisure Finance, Inc. 7.00%, due 11/15/25 (a)		2,280,000			2,234,400
GTCR AP Finance, Inc. 8.00%, due 5/15/27 (a)		900,000			954,000
					3,188,400
Lodging 0.1%
Boyd Gaming Corp. 4.75%, due 12/1/27 (a)		600,000			613,500
Machinery - Diversified 0.1%
RBS Global, Inc. / Rexnord LLC 4.875%, due 12/15/25 (a)		700,000			715,645
Media 0.1%
E.W. Scripps Co. 5.125%, due 5/15/25 (a)		1,200,000			1,230,000
iHeartCommunications, Inc.
6.375%, due 5/1/26		195,382			211,012
8.375%, due 5/1/27		354,129			385,112
					1,826,124
Miscellaneous - Manufacturing 0.2%
Koppers, Inc. 6.00%, due 2/15/25 (a)		2,000,000			2,049,000
Oil & Gas 0.0% ‡
EP Energy LLC / Everest Acquisition Finance, Inc. 8.00%, due 2/15/25 (a)(b)(c)		800,000			16,000
Oil & Gas Services 0.1%
USA Compression Partners, L.P. / USA Compression Finance Corp. 6.875%, due 4/1/26		640,000			665,600
Packaging & Containers 0.0% ‡
Plastipak Holdings, Inc. 6.25%, due 10/15/25 (a)		530,000			466,400
Pharmaceuticals 0.3%
Bausch Health Cos., Inc. (a)
5.00%, due 1/30/28		1,000,000			1,012,500
5.50%, due 11/1/25		700,000			725,081
6.50%, due 3/15/22		1,500,000			1,527,840
					3,265,421
Real Estate 0.2%
Realogy Group LLC / Realogy Co-Issuer Corp. 4.875%, due 6/1/23 (a)(d)		2,100,000			2,084,250
Real Estate Investment Trusts 0.0% ‡
Ryman Hospitality Properties, Inc. 4.75%, due 10/15/27 (a)		300,000			312,000
Retail 0.1%
PetSmart, Inc. 5.875%, due 6/1/25 (a)		668,000			685,435
Software 0.1%
Fair Isaac Corp. 4.00%, due 6/15/28 (a)		1,000,000			1,017,500
Telecommunications 1.0%
CommScope, Inc. 5.50%, due 3/1/24 (a)		3,500,000			3,596,250
Connect Finco S.A.R.L. / Connect U.S. Finco LLC 6.75%, due 10/1/26 (a)		2,000,000			2,117,500
Sprint Corp. 7.25%, due 2/1/28 (a)		6,000,000			5,940,000
Telesat Canada / Telesat LLC 4.875%, due 6/1/27 (a)		900,000			924,615
					12,578,365
Trucking & Leasing 0.2%
DAE Funding LLC (a)
5.00%, due 8/1/24		1,000,000			1,046,250
5.25%, due 11/15/21		1,300,000			1,352,000
					2,398,250
Total Corporate Bonds (Cost $62,601,763)					63,700,964
Floating Rate Loans 80.5% (e)
Aerospace & Defense 0.8%
Dynasty Acquisition Co., Inc. 2019 Term Loan B1 5.945% (3 Month LIBOR + 4.00%), due 4/6/26		864,965			867,560
Maverick Purchaser Sub LLC Term Loan B TBD, due 1/23/27		625,000			628,125
Science Applications International Corp. 2018 Term Loan B 3.395% (1 Month LIBOR + 1.75%), due 10/31/25		2,073,750			2,084,119
TransDigm, Inc.
2018 Term Loan E 4.145% (1 Month LIBOR + 2.50%), due 5/30/25		982,500			980,535
2018 Term Loan F 4.145% (1 Month LIBOR + 2.50%), due 6/9/23		4,941,751			4,934,803
					9,495,142
Automobile 2.4%
American Axle and Manufacturing, Inc. Term Loan B 3.92% (1 Month LIBOR + 2.25%), due 4/6/24		2,019,159			2,015,688
AP Exhaust Acquisition, LLC 2019 Term Loan B 6.901% (3 Month LIBOR + 5.00%), due 8/12/26 (f)(g)		852,703			255,811
Belron Finance U.S. LLC
Term Loan B 4.144% (3 Month LIBOR + 2.25%), due 11/7/24		2,450,000			2,455,103
2019 USD Term Loan B 4.27% (3 Month LIBOR + 2.50%), due 10/30/26		1,250,000			1,253,125
Chassix, Inc.
2017 1st Lien Term Loan 7.44% (3 Month LIBOR + 5.50%), due 11/15/23		1,185,934			1,043,622
2017 1st Lien Term Loan 7.44% (3 Month LIBOR + 5.50%), due 11/15/23		1,246,610			1,097,017
Cushman & Wakefield U.S. Borrower, LLC 2020 Term Loan B 4.40% (1 Month LIBOR + 2.75%), due 8/21/25 (f)		3,950,000			3,966,788
IAA, Inc. Term Loan B 3.938% (1 Month LIBOR + 2.25%), due 6/28/26		2,425,000			2,440,156
KAR Auction Services, Inc. 2019 Term Loan B6 3.938% (1 Month LIBOR + 2.25%), due 9/19/26		1,745,625			1,757,626
L&W, Inc. 2018 Term Loan B 8.02% (1 Month LIBOR + 6.375%), due 5/22/25		3,152,000			3,010,160
Mavis Tire Express Services Corp.
2018 Delayed Draw Term Loan 3.426% (UNFND + 3.00%), due 3/20/25		106,540			104,143
2018 1st Lien Term Loan 4.895% (1 Month LIBOR + 3.25%), due 3/20/25		3,687,743			3,604,769
Truck Hero, Inc. 1st Lien Term Loan 5.395% (1 Month LIBOR + 3.75%), due 4/22/24		1,777,586			1,752,700
Wand NewCo 3, Inc. 2020 Term Loan 4.645% (1 Month LIBOR + 3.00%), due 2/5/26		3,311,500			3,317,709
					28,074,417
Banking 2.1%
Apollo Commercial Real Estate Finance, Inc. Term Loan B 4.426% (1 Month LIBOR + 2.75%), due 5/15/26		1,492,500			1,492,500
Broadstreet Partners, Inc. 2020 Term Loan B 4.911% (3 Month LIBOR + 3.25%), due 1/27/27		3,371,366			3,382,602
Brookfield Property REIT, Inc. 1st Lien Term Loan B 4.145% (1 Month LIBOR + 2.50%), due 8/27/25		6,408,825			6,355,421
Edelman Financial Center LLC 2018 1st Lien Term Loan 4.91% (1 Month LIBOR + 3.25%), due 7/21/25		2,772,000			2,781,818
Greenhill & Co., Inc. Term Loan B 4.92% (1 Month LIBOR + 3.25%), due 4/12/24		1,747,541			1,732,250
Jane Street Group LLC 2018 Term Loan B 4.645% (1 Month LIBOR + 3.00%), due 8/25/22		3,406,703			3,404,574
Russell Investments U.S. Inst’l Holdco, Inc. Term Loan B 4.895% (1 Month LIBOR + 3.25%), due 6/1/23		3,139,956			3,143,096
Trans Union, LLC 2019 Term Loan B5 3.395% (1 Month LIBOR + 1.75%), due 11/16/26		2,841,232			2,849,756
					25,142,017
Beverage, Food & Tobacco 2.5%
8th Avenue Food & Provisions, Inc. 2018 1st Lien Term Loan 5.434% (1 Month LIBOR + 3.75%), due 10/1/25		2,376,000			2,381,346
Advantage Sales & Marketing, Inc.
2014 1st Lien Term Loan 4.895% (1 Month LIBOR + 3.25%), due 7/23/21		1,226,316			1,184,928
Term Loan B2 4.895% (1 Month LIBOR + 3.25%), due 7/25/21		1,462,500			1,413,141
2014 2nd Lien Term Loan 8.145% (1 Month LIBOR + 6.50%), due 7/25/22		458,333			415,283
Albertsons, LLC 2019 Term Loan B8 4.395% (1 Month LIBOR + 2.75%), due 8/17/26		3,598,053			3,603,195
American Seafoods Group LLC
2017 1st Lien Term Loan 4.49% (1 Month LIBOR + 2.75%), due 8/21/23		2,600,694			2,599,068
2017 1st Lien Term Loan 6.50% (PRIME + 1.75%), due 8/21/23		82,562			82,510
Arctic Glacier U.S.A., Inc. 2018 Term Loan B 5.145% (1 Month LIBOR + 3.50%), due 3/20/24		961,552			929,099
ASP MSG Acquisition Co., Inc. 2017 Term Loan B 5.645% (1 Month LIBOR + 4.00%), due 8/16/23		2,250,256			2,165,871
B&G Foods, Inc. 2019 Term Loan B4 4.145% (1 Month LIBOR + 2.50%), due 10/10/26		997,500			998,747
CHG PPC Parent LLC 2018 Term Loan B 4.395% (1 Month LIBOR + 2.75%), due 3/31/25		3,693,750			3,704,525
Hearthside Food Solutions LLC 2018 Term Loan B 5.333% (1 Month LIBOR + 3.687%), due 5/23/25		1,649,531			1,626,850
U.S. Foods, Inc. 2016 Term Loan B 3.395% (1 Month LIBOR + 1.75%), due 6/27/23		4,817,577			4,830,372
United Natural Foods, Inc. Term Loan B 5.895% (1 Month LIBOR + 4.25%), due 10/22/25		4,444,503			3,960,239
					29,895,174
Broadcasting & Entertainment 2.8%
Charter Communications Operating, LLC 2019 Term Loan B1 3.40% (1 Month LIBOR + 1.75%), due 4/30/25		9,800,000			9,849,000
Clear Channel Outdoor Holdings, Inc. Term Loan B 5.145% (1 Month LIBOR + 3.50%), due 8/21/26		1,246,875			1,251,551
Diamond Sports Group LLC Term Loan 4.91% (1 Month LIBOR + 3.25%), due 8/24/26		3,990,000			3,972,045
Entercom Media Corp. 2019 Term Loan 4.16% (1 Month LIBOR + 2.50%), due 11/18/24		906,653			910,336
Global Eagle Entertainment, Inc. 1st Lien Term Loan 9.378% (3 Month LIBOR + 7.50%), due 1/6/23		1,958,250			1,772,216
Gray Television, Inc. 2018 Term Loan C 4.281% (1 Month LIBOR + 2.50%), due 1/2/26		3,011,963			3,023,884
iHeartCommunications, Inc. Exit Term Loan 5.781% (1 Month LIBOR + 4.00%), due 5/1/26		551,752			552,672
Nielsen Finance LLC Term Loan B4 3.699% (1 Month LIBOR + 2.00%), due 10/4/23		1,207,941			1,208,803
Terrier Media Buyer, Inc. Term Loan B 6.148% (3 Month LIBOR + 4.25%), due 12/17/26		1,666,667			1,679,167
Univision Communications, Inc. Term Loan C5 4.395% (1 Month LIBOR + 2.75%), due 3/15/24		5,720,532			5,643,065
WideOpenWest Finance LLC 2017 Term Loan B 4.904% (1 Month LIBOR + 3.25%), due 8/18/23		2,910,503			2,875,941
					32,738,680
Buildings & Real Estate 2.5%
American Bath Group LLC 2018 Term Loan B 5.895% (1 Month LIBOR + 4.25%), due 9/30/23		992,424			996,766
Core & Main L.P.
2017 Term Loan B 4.51% (1 Month LIBOR + 2.75%), due 8/1/24		2,154,360			2,151,667
2017 Term Loan B 4.66% (3 Month LIBOR + 2.75%), due 8/1/24		1,391,527			1,389,788
Hamilton Holdco, LLC 2018 Term Loan B 3.95% (3 Month LIBOR + 2.00%), due 1/2/27		1,477,547			1,477,547
Jeld-Wen, Inc. 2017 1st Lien Term Loan 3.945% (3 Month LIBOR + 2.00%), due 12/14/24		1,684,375			1,685,778
NCI Building Systems, Inc. 2018 Term Loan 5.434% (1 Month LIBOR + 3.75%), due 4/12/25		3,678,321			3,658,395
Realogy Group LLC 2018 Term Loan B 3.895% (1 Month LIBOR + 2.25%), due 2/8/25		4,380,303			4,329,199
SIWF Holdings, Inc.
1st Lien Term Loan 5.895% (1 Month LIBOR + 4.25%), due 6/15/25		1,856,116			1,864,236
2nd Lien Term Loan 10.145% (1 Month LIBOR + 8.50%), due 6/15/26		480,000			456,000
SMG US Midco 2, Inc. 2020 Term Loan 4.159% (1 Month LIBOR + 2.50%), due 1/23/25 (f)(g)		1,848,750			1,855,683
SRS Distribution, Inc. 2018 1st Lien Term Loan 4.895% (1 Month LIBOR + 3.25%), due 5/23/25		3,640,797			3,613,491
VC GB Holdings, Inc. 2017 1st Lien Term Loan 4.645% (1 Month LIBOR + 3.00%), due 2/28/24		1,161,432			1,149,817
Wilsonart LLC 2017 Term Loan B 5.20% (3 Month LIBOR + 3.25%), due 12/19/23		5,429,559			5,420,508
					30,048,875
Cargo Transport 0.3%
Genesee & Wyoming, Inc. Term Loan 3.906% (3 Month LIBOR + 2.00%), due 12/30/26		3,000,000			3,020,625
Chemicals, Plastics & Rubber 2.1%
Allnex USA, Inc. Term Loan B3 5.164% (3 Month LIBOR + 3.25%), due 9/13/23		1,488,353			1,475,330
Cabot Microelectronics Corp. 2019 Term Loan B1 3.688% (1 Month LIBOR + 2.00%), due 11/17/25		1,862,099			1,873,737
Emerald Performance Materials LLC
New 1st Lien Term Loan 5.145% (1 Month LIBOR + 3.50%), due 8/1/21		2,360,310			2,364,736
New 2nd Lien Term Loan 9.395% (1 Month LIBOR + 7.75%), due 8/1/22		1,300,000			1,290,250
Flex Acquisition Co., Inc.
1st Lien Term Loan 4.78% (1 Month LIBOR + 3.00%), due 12/29/23		62,520			61,713
1st Lien Term Loan 4.91% (3 Month LIBOR + 3.00%), due 12/29/23		1,665,649			1,644,134
Flint Group U.S. LLC
1st Lien Term Loan B2 4.78% (3 Month LIBOR + 3.00%), due 9/7/21		5,531			4,857
1st Lien Term Loan B2 4.80% (3 Month LIBOR + 3.00%), due 9/7/21		2,090,621			1,836,088
Ineos U.S. Finance LLC 2017 Term Loan B 3.645% (1 Month LIBOR + 2.00%), due 4/1/24		2,431,392			2,428,353
Minerals Technologies, Inc.
2017 Term Loan B 3.91% (1 Month LIBOR + 2.25%), due 2/14/24		30,848			30,913
2017 Term Loan B 3.92% (1 Month LIBOR + 2.25%), due 2/14/24		1,155,579			1,157,985
2017 Term Loan B 4.02% (1 Month LIBOR + 2.25%), due 2/14/24		49,357			49,460
2017 Term Loan B 4.19% (3 Month LIBOR + 2.25%), due 2/14/24		185,090			185,476
PQ Corp. 2018 Term Loan B 4.277% (3 Month LIBOR + 2.50%), due 2/8/25		1,227,861			1,229,651
TricorBraun Holdings, Inc.
2016 1st Lien Term Loan 5.68% (3 Month LIBOR + 3.75%), due 11/30/23		242,559			241,144
2016 1st Lien Term Loan 5.69% (3 Month LIBOR + 3.75%), due 11/30/23		2,704,312			2,688,538
Tronox Finance LLC
Term Loan B 4.40% (1 Month LIBOR + 2.75%), due 9/23/24		1,714,725			1,713,296
Term Loan B 4.69% (3 Month LIBOR + 2.75%), due 9/23/24		1,209,922			1,208,914
Univar, Inc. 2019 USD Term Loan B5 3.645% (1 Month LIBOR + 2.00%), due 7/1/26		600,000			602,437
Venator Materials Corp. Term Loan B 4.645% (1 Month LIBOR + 3.00%), due 8/8/24		2,932,500			2,917,838
Zep, Inc. 2017 1st Lien Term Loan 5.945% (3 Month LIBOR + 4.00%), due 8/12/24 (f)(g)		48,428			37,854
					25,042,704
Commercial Services 0.1%
Encapsys, LLC 2020 Term Loan B2 4.895% (3 Month LIBOR + 3.25%), due 11/7/24 (f)		964,307			973,064
Containers, Packaging & Glass 3.2%
Anchor Glass Container Corp.
2017 1st Lien Term Loan 4.46% (1 Month LIBOR + 2.75%), due 12/7/23		2,570,665			1,883,012
2017 1st Lien Term Loan 4.69% (3 Month LIBOR + 2.75%), due 12/7/23		131,023			95,975
Berlin Packaging LLC
2018 1st Lien Term Loan 4.79% (1 Month LIBOR + 3.00%), due 11/7/25		642,063			638,250
2018 1st Lien Term Loan 4.81% (3 Month LIBOR + 3.00%), due 11/7/25		120,688			119,972
2018 1st Lien Term Loan 4.95% (3 Month LIBOR + 3.00%), due 11/7/25		12,334			12,261
Berry Global, Inc. 2019 Term Loan Y 3.781% (1 Month LIBOR + 2.00%), due 7/1/26		3,731,250			3,748,350
BWAY Holding Co.
2017 Term Loan B 5.08% (3 Month LIBOR + 3.25%), due 4/3/24		4,842,653			4,801,791
2017 Term Loan B 5.08% (3 Month LIBOR + 3.25%), due 4/3/24		12,449			12,344
Charter NEX US, Inc. Incremental Term Loan 5.145% (1 Month LIBOR + 3.50%), due 5/16/24		870,625			869,808
Clearwater Paper Corp. Term Loan B 5.00% (1 Month LIBOR + 3.25%), due 7/26/26		2,500,000			2,506,250
Consolidated Container Co. LLC 2017 1st Lien Term Loan 4.395% (1 Month LIBOR + 2.75%), due 5/22/24		2,912,745			2,920,026
Fort Dearborn Co.
2016 1st Lien Term Loan 5.76% (1 Month LIBOR + 4.00%), due 10/19/23		79,584			77,594
2016 1st Lien Term Loan 5.91% (3 Month LIBOR + 4.00%), due 10/19/23		3,317,849			3,234,903
2016 2nd Lien Term Loan 10.408% (3 Month LIBOR + 8.50%), due 10/21/24		1,500,000			1,372,500
Klockner-Pentaplast of America, Inc. 2017 Term Loan B2 6.012% (2 Month LIBOR + 4.25%), due 6/30/22		4,887,500			4,380,422
Plastipak Packaging, Inc. 2018 Term Loan B 4.15% (3 Month LIBOR + 2.50%), due 10/14/24		563,907			562,673
Pro Mach Group, Inc. 2018 Term Loan B 4.41% (1 Month LIBOR + 2.75%), due 3/7/25		982,500			965,613
Reynolds Consumer Products, Inc. Term Loan TBD, due 1/29/27		2,500,000			2,509,375
Reynolds Group Holdings, Inc. 2017 Term Loan 4.395% (1 Month LIBOR + 2.75%), due 2/5/23		4,197,249			4,203,805
Tank Holding Corp. 2019 Term Loan B 5.155% (3 Month LIBOR + 3.50%), due 3/26/26		1,246,875			1,248,045
Trident TPI Holdings, Inc. 2017 Term Loan B1 4.645% (1 Month LIBOR + 3.00%), due 10/17/24		2,037,941			2,002,277
					38,165,246
Diversified/Conglomerate Manufacturing 2.6%
Allied Universal Holdco LLC 2019 Term Loan B 5.895% (1 Month LIBOR + 4.25%), due 7/10/26		1,500,000			1,509,375
Filtration Group Corp. 2018 1st Lien Term Loan 4.645% (1 Month LIBOR + 3.00%), due 3/29/25		2,930,423			2,937,749
Gardner Denver, Inc. 2017 Term Loan B 4.395% (1 Month LIBOR + 2.75%), due 7/30/24		2,801,874			2,808,879
GYP Holdings III Corp. 2018 Term Loan B 4.395% (1 Month LIBOR + 2.75%), due 6/1/25		1,740,371			1,736,746
Hyster-Yale Group, Inc. Term Loan B 4.895% (1 Month LIBOR + 3.25%), due 5/30/23		875,000			872,812
Iron Mountain, Inc. 2018 Term Loan B 3.395% (1 Month LIBOR + 1.75%), due 1/2/26		3,303,501			3,292,490
LTI Holdings, Inc. 2018 Add On 1st Lien Term Loan 5.145% (1 Month LIBOR + 3.50%), due 9/6/25		1,370,000			1,248,412
Pre-Paid Legal Services, Inc. 2018 1st Lien Term Loan 4.895% (1 Month LIBOR + 3.25%), due 5/1/25		3,867,922			3,885,649
Quikrete Holdings, Inc. 2016 1st Lien Term Loan 4.145% (1 Month LIBOR + 2.50%), due 11/15/23		4,376,832			4,381,621
Red Ventures LLC 2018 Term Loan B 4.161% (1 Month LIBOR + 2.50%), due 11/8/24		5,729,913			5,732,778
TRC Cos., Inc. Term Loan 5.145% (1 Month LIBOR + 3.50%), due 6/21/24		2,497,068			2,459,612
					30,866,123
Diversified/Conglomerate Service 5.4%
Applied Systems, Inc. 2017 1st Lien Term Loan 5.195% (3 Month LIBOR + 3.25%), due 9/19/24		2,913,570			2,922,415
BidFair MergerRight, Inc. Term Loan B 7.17% (1 Month LIBOR + 5.50%), due 1/15/27		2,327,672			2,326,217
Blackhawk Network Holdings, Inc. 2018 1st Lien Term Loan 4.645% (1 Month LIBOR + 3.00%), due 6/15/25		2,947,557			2,946,820
BrightView Landscapes LLC
2018 1st Lien Term Loan B 4.19% (1 Month LIBOR + 2.50%), due 8/15/25		2,448,087			2,458,289
2018 1st Lien Term Loan B 4.19% (1 Month LIBOR + 2.50%), due 8/15//25		2,017,246			2,025,652
Change Healthcare Holdings, Inc. 2017 Term Loan B 4.145% (1 Month LIBOR + 2.50%), due 3/1/24		2,840,960			2,840,960
Cypress Intermediate Holdings III, Inc. 2017 1st Lien Term Loan 4.40% (1 Month LIBOR + 2.75%), due 4/29/24		3,900,000			3,900,000
Element Materials Technology Group US Holdings, Inc. 2017 Term Loan B 5.445% (3 Month LIBOR + 3.50%), due 6/28/24		1,939,977			1,921,790
Greeneden U.S. Holdings II LLC 2018 Term Loan B 4.895% (1 Month LIBOR + 3.25%), due 12/1/23		1,451,886			1,453,701
IRI Holdings, Inc.
2018 1st Lien Term Loan 6.15% (1 Month LIBOR + 4.50%), due 12/1/25		5,184,375			5,041,805
2018 1st Lien Term Loan 6.44% (3 Month LIBOR + 4.50%), due 12/1/25		13,125			12,764
Kronos, Inc. 2017 Term Loan B 4.909% (3 Month LIBOR + 3.00%), due 11/1/23		4,690,574			4,708,164
Mitchell International, Inc. 2017 1st Lien Term Loan 4.895% (1 Month LIBOR + 3.25%), due 11/29/24		3,438,750			3,399,204
MKS Instruments, Inc. 2019 Term Loan B6 3.395% (1 Month LIBOR + 1.75%), due 2/2/26		1,294,842			1,298,311
Monitronics International, Inc. Takeback Term Loan 8.145% (1 Month LIBOR + 6.50%), due 3/29/24		1,858,431			1,570,374
MX Holdings U.S., Inc. 2018 Term Loan B1C 4.395% (1 Month LIBOR + 2.75%), due 7/31/25		4,192,213			4,210,554
Prime Security Services Borrower, LLC 2019 Term Loan B1 5.013% (1 Month LIBOR + 3.25%), due 9/23/26		7,398,481			7,406,700
Sophia L.P. 2017 Term Loan B 5.195% (3 Month LIBOR + 3.25%), due 9/30/22		3,505,775			3,511,910
TruGreen, Ltd. Partnership 2019 Term Loan 5.395% (1 Month LIBOR + 3.75%), due 3/19/26		2,008,064			2,013,084
Verint Systems, Inc.
2018 Term Loan B 3.78% (1 Month LIBOR + 2.00%), due 6/28/24		1,513,235			1,520,801
2018 Term Loan B 3.91% (3 Month LIBOR + 2.00%), due 6/28/24		1,411,765			1,418,824
Verscend Holding Corp. 2018 Term Loan B 6.145% (1 Month LIBOR + 4.50%), due 8/27/25		2,962,500			2,976,782
WEX, Inc. Term Loan B3 3.895% (1 Month LIBOR + 2.25%), due 5/15/26		1,930,413			1,941,030
					63,826,151
Ecological 0.2%
Advanced Disposal Services, Inc. Term Loan B3 3.826% (1 Week LIBOR + 2.25%), due 11/10/23		2,108,049			2,112,147
Electronics 12.0%
Almonde, Inc.
1st Lien Term Loan 5.277% (2 Month LIBOR + 3.50%), due 6/13/24		3,088,589			3,053,290
2nd Lien Term Loan 9.027% (3 Month LIBOR + 7.25%), due 6/13/25		2,450,000			2,396,406
ASG Technologies Group, Inc. 2018 Term Loan 5.145% (1 Month LIBOR + 3.50%), due 7/31/24		2,900,065			2,856,564
Banff Merger Sub Inc. 2018 Term Loan B 5.895% (1 Month LIBOR + 4.25%), due 10/2/25		3,820,279			3,762,180
Barracuda Networks, Inc. 1st Lien Term Loan 4.911% (1 Month LIBOR + 3.25%), due 2/12/25		1,973,722			1,986,057
Camelot U.S. Acquisition 1 Co. Term Loan B 4.895% (1 Month LIBOR + 3.25%), due 10/31/26		842,105			845,614
Cologix, Inc. 2017 1st Lien Term Loan 4.645% (1 Month LIBOR + 3.00%), due 3/20/24		3,875,065			3,841,158
Colorado Buyer, Inc.
Term Loan B 4.67% (1 Month LIBOR + 3.00%), due 5/1/24		1,462,500			1,259,882
2nd Lien Term Loan 8.94% (1 Month LIBOR + 7.25%), due 5/1/25		1,200,000			706,000
CommScope, Inc. 2019 Term Loan B 4.895% (1 Month LIBOR + 3.25%), due 4/6/26		7,917,656			7,917,656
Compuware Corp. 2018 Term Loan B 5.645% (1 Month LIBOR + 4.00%), due 8/22/25		1,786,974			1,791,441
Cortes NP Acquisition Corp. 2017 Term Loan B 5.645% (1 Month LIBOR + 4.00%), due 11/30/23		1,527,255			1,524,710
DCert Buyer, Inc. 2019 Term Loan B 5.645% (1 Month LIBOR + 4.00%), due 10/16/26		2,000,000			1,999,166
Dell International LLC 2019 Term Loan B 3.65% (1 Month LIBOR + 2.00%), due 9/19/25		4,253,620			4,269,571
Diebold, Inc. 2017 Term Loan B 4.50% (1 Month LIBOR + 2.75%), due 11/6/23		1,756,956			1,698,757
EIG Investors Corp. 2018 1st Lien Term Loan 5.669% (3 Month LIBOR + 3.75%), due 2/9/23		3,897,888			3,878,398
Epicor Software Corp. 1st Lien Term Loan 4.90% (1 Month LIBOR + 3.25%), due 6/1/22		7,337,237			7,363,438
Exact Merger Sub LLC 1st Lien Term Loan 6.195% (3 Month LIBOR + 4.25%), due 9/27/24		3,910,000			3,907,556
Financial & Risk US Holdings, Inc. 2018 Term Loan 4.895% (1 Month LIBOR + 3.25%), due 10/1/25		6,435,000			6,496,132
Flexential Intermediate Corp. 2017 1st Lien Term Loan 5.445% (3 Month LIBOR + 3.50%), due 8/1/24		2,737,000			2,197,012
Flexera Software LLC 2018 1st Lien Term Loan 5.15% (1 Month LIBOR + 3.50%), due 2/26/25		1,831,625			1,836,776
Go Daddy Operating Co. LLC 2017 Repriced Term Loan 3.395% (1 Month LIBOR + 1.75%), due 2/15/24		3,731,363			3,737,777
Hyland Software, Inc.
2018 Term Loan 3 5.145% (1 Month LIBOR + 3.50%), due 7/1/24		5,478,072			5,500,899
2017 2nd Lien Term Loan 8.645% (1 Month LIBOR + 7.00%), due 7/7/25		1,416,667			1,428,177
Infor (U.S.), Inc. Term Loan B6 4.695% (3 Month LIBOR + 2.75%), due 2/1/22		4,147,850			4,160,293
Informatica LLC 2018 Term Loan 4.895% (1 Month LIBOR + 3.25%), due 8/5/22		1,948,218			1,951,871
MA FinanceCo. LLC Term Loan B3 4.145% (1 Month LIBOR + 2.50%), due 6/21/24		399,538			396,667
McAfee LLC
2018 Term Loan B 5.399% (1 Month LIBOR + 3.75%), due 9/30/24		8,458,405			8,490,124
2017 2nd Lien Term Loan 10.159% (3 Month LIBOR + 8.50%), due 9/29/25		2,625,000			2,644,688
MH Sub I LLC 2017 1st Lien Term Loan 5.395% (1 Month LIBOR + 3.75%), due 9/13/24		6,158,461			6,137,935
Project Alpha Intermediate Holding, Inc.
2017 Term Loan B 5.38% (6 Month LIBOR + 3.50%), due 4/26/24		2,925,000			2,926,220
2019 Incremental Term Loan B 6.13% (6 Month LIBOR + 4.25%), due 4/26/24		1,393,000			1,398,224
Project Leopard Holdings, Inc. 2018 Term Loan 6.145% (1 Month LIBOR + 4.50%), due 7/7/23		1,955,100			1,964,876
Rocket Software, Inc. 2018 Term Loan 5.895% (1 Month LIBOR + 4.25%), due 11/28/25		2,084,250			2,035,618
RP Crown Parent LLC 2016 Term Loan B 4.395% (1 Month LIBOR + 2.75%), due 10/12/23		3,739,374			3,755,734
Seattle Spinco, Inc. Term Loan B3 4.145% (1 Month LIBOR + 2.50%), due 6/21/24		2,698,182			2,678,788
Solera LLC Term Loan B 4.395% (1 Month LIBOR + 2.75%), due 3/3/23		1,361,597			1,362,448
SS&C Technologies, Inc. 2018 Term Loan B3 3.395% (1 Month LIBOR + 1.75%), due 4/16/25		4,984,574			4,986,912
Tempo Acquisition LLC Term Loan 4.395% (1 Month LIBOR + 2.75%), due 5/1/24		5,362,500			5,379,258
Ultimate Software Group, Inc. Term Loan B 5.395% (1 Month LIBOR + 3.75%), due 5/4/26		1,995,000			2,001,769
Veritas Bermuda, Ltd.
Repriced Term Loan B 6.15% (1 Month LIBOR + 4.50%), due 1/27/23		2,190,616			2,087,245
Repriced Term Loan B 6.44% (1 Month LIBOR + 4.50%), due 1/27/23		420,833			400,975
Vertafore, Inc. 2018 1st Lien Term Loan 4.895% (1 Month LIBOR + 3.25%), due 7/2/25		1,584,000			1,565,519
Web.com Group, Inc.
2018 Term Loan B 5.408% (1 Month LIBOR + 3.75%), due 10/10/25		3,089,498			3,088,534
2018 2nd Lien Term Loan 9.408% (1 Month LIBOR + 7.75%), due 10/9/26		1,225,704			1,202,722
Western Digital Corp. 2018 Term Loan B4 3.395% (1 Month LIBOR + 1.75%), due 4/29/23		2,306,219			2,301,416
Xerox Business Services LLC Term Loan B 4.145% (1 Month LIBOR + 2.50%), due 12/7/23		2,914,726			2,884,121
					142,056,574
Finance 1.6%
Alliant Holdings Intermediate, LLC 2018 Term Loan B 4.645% (1 Month LIBOR + 3.00%), due 5/9/25		3,129,251			3,119,081
Brand Energy & Infrastructure Services, Inc.
2017 Term Loan 6.06% (3 Month LIBOR + 4.25%), due 6/21/24		2,148,046			2,145,361
2017 Term Loan 6.12% (3 Month LIBOR + 4.25%), due 6/21/24		1,904,368			1,901,987
Deerfield Dakota Holding, LLC 2018 Term Loan B 4.895% (1 Month LIBOR + 3.25%), due 2/13/25		5,344,157			5,350,838
Istar, Inc.
2016 Term Loan B 4.41% (1 Month LIBOR + 2.75%), due 6/28/23		224,351			224,631
2016 Term Loan B 4.48% (1 Month LIBOR + 2.75%), due 6/28/23		406,235			406,743
ON Semiconductor Corp. 2019 Term Loan B 3.645% (1 Month LIBOR + 2.00%), due 9/19/26		2,493,750			2,505,179
Transplace Holdings, Inc. 1st Lien Term Loan 5.395% (1 Month LIBOR + 3.75%), due 10/7/24		1,251,718			1,251,718
USS Ultimate Holdings, Inc.
1st Lien Term Loan 5.67% (6 Month LIBOR + 3.75%), due 8/25/24		1,852,500			1,857,131
1st Lien Term Loan 5.69% (3 Month LIBOR + 3.75%), due 8/25/24		4,750			4,762
2nd Lien Term Loan 9.671% (6 Month LIBOR + 7.75%), due 8/25/25		600,000			583,000
					19,350,431
Healthcare, Education & Childcare 7.1%
Acadia Healthcare Co., Inc 2018 Term Loan B4 4.145% (1 Month LIBOR + 2.50%), due 2/16/23		1,277,962			1,281,385
Agiliti Health, Inc. Term Loan 4.813% (1 Month LIBOR + 3.00%), due 1/4/26		2,084,250			2,079,039
AHP Health Partners, Inc. 2018 Term Loan 6.145% (1 Month LIBOR + 4.50%), due 6/30/25		3,104,242			3,115,883
Akorn, Inc. Term Loan B 11.813% (3 Month LIBOR + 1.00%), due 4/16/21 (h)		343,751			330,216
Alliance Healthcare Services, Inc. 2017 Term Loan B 6.145% (1 Month LIBOR + 4.50%), due 10/24/23		1,001,536			956,467
Alvogen Pharma US, Inc. 2018 Term Loan B 6.40% (1 Month LIBOR + 4.75%), due 4/2/22		943,433			820,787
Amneal Pharmaceuticals LLC 2018 Term Loan B 5.188% (1 Month LIBOR + 3.50%), due 5/4/25		4,172,569			3,840,850
Athenahealth, Inc. 2019 Term Loan B 6.401% (3 Month LIBOR + 4.50%), due 2/11/26		743,753			746,310
Avantor, Inc. 2017 1st Lien Term Loan 3.895% (1 Month LIBOR + 2.25%), due 11/21/24		1,855,046			1,865,866
Carestream Dental Equipment, Inc. 2017 1st Lien Term Loan 4.895% (1 Month LIBOR + 3.25%), due 9/1/24		1,959,912			1,929,288
Carestream Health, Inc. (f)(g)
1st Lien Term Loan 7.645% (1 Month LIBOR + 6.00%), due 2/28/21		2,820,351			2,770,995
2nd Lien Term Loan 11.145% (1 Month LIBOR + 9.50%), due 6/7/21		1,985,349			1,866,228
Compassus Intermediate, Inc. Term Loan B 6.645% (3 Month LIBOR + 5.00%), due 12/31/26		3,062,500			3,054,844
Da Vinci Purchaser Corp. 2019 Term Loan 5.872% (3 Month LIBOR + 4.00%), due 1/8/27		3,833,333			3,857,292
DaVita, Inc. 2019 Term Loan B 3.895% (1 Month LIBOR + 2.25%), due 8/12/26		3,740,625			3,749,307
Emerald TopCo, Inc. Term Loan 5.145% (1 Month LIBOR + 3.50%), due 7/24/26		2,493,750			2,499,206
Envision Healthcare Corp. 2018 1st Lien Term Loan 5.395% (1 Month LIBOR + 3.75%), due 10/10/25		3,336,275			2,803,662
eResearchTechnology, Inc. 2019 Term Loan TBD, due 11/20/26		2,800,000			2,828,000
ExamWorks Group, Inc. 2017 Term Loan 4.895% (1 Month LIBOR + 3.25%), due 7/27/23		4,733,643			4,745,477
Explorer Holdings, Inc. 2016 Term Loan B 5.599% (3 Month LIBOR + 3.75%), due 5/2/23		2,388,131			2,412,013
Gentiva Health Services, Inc. 2020 Term Loan 4.938% (1 Month LIBOR + 3.25%), due 7/2/25		5,147,511			5,160,380
Grifols Worldwide Operations U.S.A., Inc. USD 2019 Term Loan B 3.561% (1 Week LIBOR + 2.00%), due 11/15/27		1,000,000			1,004,464
HCA, Inc. Term Loan B12 3.395% (1 Month LIBOR + 1.75%), due 3/13/25		2,481,155			2,493,561
Jaguar Holding Co. II 2018 Term Loan 4.145% (1 Month LIBOR + 2.50%), due 8/18/22		5,662,971			5,658,928
Ortho-Clinical Diagnostics S.A. 2018 Term Loan B 5.013% (1 Month LIBOR + 3.25%), due 6/30/25		1,919,712			1,894,915
Parexel International Corp. Term Loan B 4.395% (1 Month LIBOR + 2.75%), due 9/27/24		1,411,731			1,387,466
RegionalCare Hospital Partners Holdings, Inc. 2018 Term Loan B 5.395% (1 Month LIBOR + 3.75%), due 11/17/25		3,364,175			3,377,840
RPI Finance Trust Term Loan B6 3.645% (1 Month LIBOR + 2.00%), due 3/27/23		3,566,101			3,566,101
Select Medical Corp. 2017 Term Loan B 4.58% (3 Month LIBOR + 2.50%), due 3/6/25		4,474,002			4,490,780
Sound Inpatient Physicians 2018 1st Lien Term Loan 4.395% (1 Month LIBOR + 2.75%), due 6/27/25		1,970,000			1,972,462
Team Health Holdings, Inc. 1st Lien Term Loan 4.395% (1 Month LIBOR + 2.75%), due 2/6/24		2,803,542			2,225,311
U.S. Anesthesia Partners, Inc. 2017 Term Loan 4.645% (1 Month LIBOR + 3.00%), due 6/23/24		3,919,101			3,896,241
					84,681,564
Home and Office Furnishings, Housewares & Durable Consumer Products 0.6%
Comfort Holding LLC 1st Lien Term Loan 6.395% (1 Month LIBOR + 4.75%), due 2/5/24		2,723,000			2,695,770
Serta Simmons Bedding LLC
1st Lien Term Loan 5.16% (1 Month LIBOR + 3.50%), due 11/8/23		1,324,228			862,404
1st Lien Term Loan 5.17% (1 Month LIBOR + 3.50%), due 11/8/23		4,637,754			3,020,337
					6,578,511
Hotels, Motels, Inns & Gaming 5.8%
Affinity Gaming LLC Initial Term Loan 4.895% (1 Month LIBOR + 3.25%), due 7/1/23		3,083,548			2,987,187
Aimbridge Acquisition Co., Inc. 2019 Term Loan B 5.411% (1 Month LIBOR + 3.75%), due 2/2/26		2,244,375			2,255,597
AP Gaming I LLC 2018 Incremental Term Loan 5.145% (1 Month LIBOR + 3.50%), due 2/15/24		3,023,716			3,030,332
Caesars Entertainment Operating Co. Exit Term Loan 3.645% (1 Month LIBOR + 2.00%), due 10/7/24		2,711,111			2,714,015
Caesars Resort Collection LLC 2017 1st Lien Term Loan B 4.395% (1 Month LIBOR + 2.75%), due 12/23/24		7,151,756			7,147,743
Churchill Downs, Inc. 2017 Term Loan B 3.65% (1 Month LIBOR + 2.00%), due 12/27/24		2,450,000			2,454,594
CityCenter Holdings LLC 2017 Term Loan B 3.895% (1 Month LIBOR + 2.25%), due 4/18/24		4,618,810			4,622,076
Everi Payments, Inc. Term Loan B 4.395% (1 Month LIBOR + 2.75%), due 5/9/24		4,279,412			4,295,246
Golden Entertainment, Inc. 2017 1st Lien Term Loan 4.67% (1 Month LIBOR + 3.00%), due 10/21/24		1,600,000			1,606,000
Hilton Worldwide Finance LLC 2019 Term Loan B2 3.411% (1 Month LIBOR + 1.75%), due 6/22/26		4,720,157			4,752,608
MGM Growth Properties Operating Partnership, L.P. 2016 Term Loan B 3.566% (1 Week LIBOR + 2.00%), due 3/21/25		3,546,899			3,556,319
PCI Gaming Authority Term Loan 4.145% (1 Month LIBOR + 2.50%), due 5/29/26		658,702			659,937
Penn National Gaming, Inc. 2018 1st Lien Term Loan B 3.895% (1 Month LIBOR + 2.25%), due 10/15/25		1,320,000			1,324,050
Scientific Games International, Inc. 2018 Term Loan B5 4.395% (1 Month LIBOR + 2.75%), due 8/14/24		9,763,843			9,745,536
Station Casinos LLC 2016 Term Loan B 4.15% (1 Month LIBOR + 2.50%), due 6/8/23		4,966,328			4,971,409
UFC Holdings, LLC 2019 Term Loan 4.90% (1 Month LIBOR + 3.25%), due 4/29/26		5,888,259			5,904,204
Wyndham Destinations, Inc. 2018 1st Lien Term Loan 3.895% (1 Month LIBOR + 2.25%), due 5/30/25		3,950,000			3,954,937
Wyndham Hotels & Resorts, Inc. Term Loan B 3.395% (1 Month LIBOR + 1.75%), due 5/30/25		3,456,250			3,476,230
					69,458,020
Insurance 3.1%
AmWINS Group, Inc.
2017 Term Loan B 4.40% (1 Month LIBOR + 2.75%), due 1/25/24		3,213,343			3,235,434
2017 Term Loan B 4.48% (1 Month LIBOR + 2.75%), due 1/25/24		641,751			646,163
AssuredPartners, Inc. 2017 1st Lien Add-On Term Loan 5.145% (1 Month LIBOR + 3.50%), due 10/22/24		4,083,089			4,084,110
Asurion LLC
2017 Term Loan B4 4.645% (1 Month LIBOR + 3.00%), due 8/4/22		4,340,883			4,349,565
2018 Term Loan B6 4.645% (1 Month LIBOR + 3.00%), due 11/3/23		3,458,315			3,467,680
2018 Term Loan B7 4.645% (1 Month LIBOR + 3.00%), due 11/3/24		812,469			813,485
2017 2nd Lien Term Loan 8.145% (1 Month LIBOR + 6.50%), due 8/4/25		2,900,000			2,934,075
Hub International, Ltd.
2018 Term Loan B 4.52% (3 Month LIBOR + 2.75%), due 4/25/25		9,172			9,159
2018 Term Loan B 4.55% (3 Month LIBOR + 2.75%), due 4/25/25		3,604,708			3,599,557
MPH Acquisition Holdings LLC 2016 Term Loan B 4.695% (3 Month LIBOR + 2.75%), due 6/7/23		1,014,409			997,291
NFP Corp. Term Loan B 4.645% (1 Month LIBOR + 3.00%), due 1/8/24		2,425,000			2,420,237
Sedgwick Claims Management Services, Inc. 2018 Term Loan B 4.895% (1 Month LIBOR + 3.25%), due 12/31/25		4,942,519			4,942,519
USI, Inc.
2017 Repriced Term Loan 4.945% (3 Month LIBOR + 3.00%), due 5/16/24		4,388,776			4,369,576
2019 Incremental Term Loan B 5.945% (1 Month LIBOR + 4.00%), due 12/2/26		1,000,000			1,010,000
					36,878,851
Leisure, Amusement, Motion Pictures & Entertainment 3.3%
Alterra Mountain Co. Term Loan B1 4.395% (1 Month LIBOR + 2.75%), due 7/31/24		4,914,848			4,936,351
Boyd Gaming Corp. Term Loan B3 3.811% (1 Week LIBOR + 2.25%), due 9/15/23		2,029,817			2,034,152
Creative Artists Agency LLC 2019 Term Loan B 5.395% (1 Month LIBOR + 3.75%), due 11/27/26		5,000,000			5,029,690
DHX Media, Ltd. Term Loan B 5.895% (1 Month LIBOR + 4.25%), due 12/29/23		1,536,055			1,539,895
Fitness International LLC
2018 Term Loan A 3.895% (1 Month LIBOR + 2.25%), due 1/8/25		1,725,000			1,717,453
2018 Term Loan B 4.895% (1 Month LIBOR + 3.25%), due 4/18/25		291,959			291,740
Life Time Fitness, Inc. 2017 Term Loan B 4.659% (3 Month LIBOR + 2.75%), due 6/10/22		3,839,642			3,844,442
Lions Gate Capital Holdings LLC 2018 Term Loan B 3.895% (1 Month LIBOR + 2.25%), due 3/24/25		1,394,750			1,382,546
Marriott Ownership Resorts, Inc. 2019 Term Loan B 3.395% (1 Month LIBOR + 1.75%), due 8/29/25		6,252,750			6,244,934
NASCAR Holdings, Inc. Term Loan B 4.408% (1 Month LIBOR + 2.75%), due 10/19/26		1,179,521			1,189,350
TKC Holdings, Inc. 2017 1st Lien Term Loan 5.40% (1 Month LIBOR + 3.75%), due 2/1/23		2,732,428			2,507,003
Travel Leaders Group LLC 2018 Term Loan B 5.661% (1 Month LIBOR + 4.00%), due 1/25/24		3,435,032			3,417,856
William Morris Endeavor Entertainment LLC 2018 1st Lien Term Loan 4.40% (1 Month LIBOR + 2.75%), due 5/18/25		4,607,161			4,577,408
					38,712,820
Lodging 0.4%
Station Casinos LLC 2020 Term Loan B TBD, due 1/31/27 (f)		4,277,778			4,277,778
Machinery (Non-Agriculture, Non-Construct & Non-Electronic) 1.5%
Advanced Drainage Systems, Inc. Term Loan B 4.063% (1 Month LIBOR + 2.25%), due 7/31/26		694,554			698,026
Altra Industrial Motion Corp. 2018 Term Loan B 3.645% (1 Month LIBOR + 2.00%), due 10/1/25		3,095,149			3,103,661
Blount International, Inc. 2018 Term Loan B 5.395% (1 Month LIBOR + 3.75%), due 4/12/23		1,319,094			1,326,666
Columbus McKinnon Corp. 2018 Term Loan B 4.445% (3 Month LIBOR + 2.50%), due 1/31/24		2,569,746			2,572,958
CPM Holdings, Inc.
2018 1st Lien Term Loan 5.395% (1 Month LIBOR + 3.75%), due 11/17/25		1,480,025			1,459,675
2018 2nd Lien Term Loan 9.895% (1 Month LIBOR + 8.25%), due 11/15/26		1,000,000			973,750
Rexnord LLC 2019 Term Loan B 3.41% (1 Month LIBOR + 1.75%), due 8/21/24		2,543,900			2,554,597
Terex Corp. 2019 Term Loan B1 4.395% (1 Month LIBOR + 2.75%), due 1/31/24		744,375			746,980
Welbilt, Inc. 2018 Term Loan B 4.145% (1 Month LIBOR + 2.50%), due 10/23/25		3,994,060			4,001,549
					17,437,862
Manufacturing 0.3%
EWT Holdings III Corp. 2017 Repriced Term Loan 4.645% (1 Month LIBOR + 3.00%), due 12/20/24		3,759,558			3,773,657
Mining, Steel, Iron & Non-Precious Metals 1.5%
American Rock Salt Co. LLC 2018 1st Lien Term Loan 5.145% (1 Month LIBOR + 3.50%), due 3/21/25		3,050,583			3,060,116
Covia Holdings Corp. Term Loan 5.874% (3 Month LIBOR + 4.00%), due 6/1/25		1,665,496			1,318,518
Gates Global LLC 2017 Repriced Term Loan B 4.395% (1 Month LIBOR + 2.75%), due 4/1/24		3,666,999			3,653,248
GrafTech Finance, Inc. 2018 Term Loan B 5.145% (1 Month LIBOR + 3.50%), due 2/12/25		4,561,352			4,532,843
Keane Group Holdings LLC 2018 1st Lien Term Loan 5.438% (1 Month LIBOR + 3.75%), due 5/25/25		961,385			926,535
MRC Global (US) Inc. 2018 1st Lien Term Loan B 4.645% (1 Month LIBOR + 3.00%), due 9/20/24		3,234,000			3,244,106
U.S. Silica Co. 2018 Term Loan B 5.688% (1 Month LIBOR + 4.00%), due 5/1/25		1,448,785			1,279,070
					18,014,436
Oil & Gas 1.3%
Apergy Corp. 2018 1st Lien Term Loan 4.188% (1 Month LIBOR + 2.50%), due 5/9/25		893,976			893,976
Buckeye Partners, L.P. 2019 Term Loan B 4.531% (1 Month LIBOR + 2.75%), due 11/1/26		2,375,000			2,396,275
Fleet U.S. Bidco, Inc. Term Loan B 5.235% (6 Month LIBOR + 3.25%), due 10/7/26		1,246,875			1,253,109
GIP III Stetson I, L.P. 2018 Term Loan B 5.908% (1 Month LIBOR + 4.25%), due 7/18/25		2,222,082			2,033,205
Lucid Energy Group II LLC 2018 1st Lien Term Loan 4.645% (1 Month LIBOR + 3.00%), due 2/17/25		2,554,500			2,299,050
Medallion Midland Acquisition LLC 1st Lien Term Loan 4.895% (1 Month LIBOR + 3.25%), due 10/30/24		1,372,000			1,351,420
PES Holdings LLC 2018 Term Loan C 6.99% (PIK + 3.00%), due 12/31/22 (c)(f)(g)(h)		1,860,681			725,665
Prairie ECI Acquiror L.P. Term Loan B 6.695% (3 Month LIBOR + 4.75%), due 3/11/26		1,185,525			1,172,682
Seadrill Partners Finco LLC Term Loan B 7.945% (3 Month LIBOR + 6.00%), due 2/21/21 (f)(g)		1,483,132			695,837
Summit Midstream Partners Holdings LLC Term Loan B 7.645% (1 Month LIBOR + 6.00%), due 5/13/22		1,080,188			1,007,276
Traverse Midstream Partners LLC 2017 Term Loan 5.65% (1 Month LIBOR + 4.00%), due 9/27/24		1,975,000			1,741,292
					15,569,787
Personal & Nondurable Consumer Products (Manufacturing Only) 1.2%
American Builders & Contractors Supply Co., Inc. 2019 Term Loan 3.645% (1 Month LIBOR + 2.00%), due 1/15/27		2,743,125			2,743,783
Prestige Brands, Inc. Term Loan B4 3.645% (1 Month LIBOR + 2.00%), due 1/26/24		720,763			724,881
Revlon Consumer Products Corp. 2016 Term Loan B 5.409% (3 Month LIBOR + 3.50%), due 9/7/23		3,063,750			2,377,688
SRAM LLC
2018 Term Loan B 4.40% (1 Month LIBOR + 2.75%), due 3/15/24		4,196,490			4,206,982
2018 Term Loan B 6.50% (PRIME + 1.75%), due 3/15/24		140,195			140,545
Varsity Brands, Inc. 2017 Term Loan B 5.145% (1 Month LIBOR + 3.50%), due 12/15/24		4,410,067			4,320,026
					14,513,905
Personal Transportation 0.0% ‡
Uber Technologies 2018 Incremental Term Loan 5.145% (1 Month LIBOR + 3.50%), due 7/13/23		531,135			529,807
Personal, Food & Miscellaneous Services 1.6%
Aramark Services, Inc.
2018 Term Loan B3 3.395% (1 Month LIBOR + 1.75%), due 3/11/25		5,730,650			5,746,409
2019 Term Loan B4 3.47% (3 Month LIBOR + 1.75%), due 1/15/27		1,750,000			1,754,375
Golden Nugget, Inc.
2017 Incremental Term Loan 4.40% (1 Month LIBOR + 2.75%), due 10/4/23		2,345,311			2,347,755
2017 Incremental Term Loan 4.41% (1 Month LIBOR + 2.75%), due 10/4/23		1,991,616			1,993,691
KFC Holding Co. 2018 Term Loan B 3.408% (1 Month LIBOR + 1.75%), due 4/3/25		4,860,962			4,873,872
Weight Watchers International, Inc.
2017 Term Loan B 6.72% (3 Month LIBOR + 4.75%), due 11/29/24		2,280,009			2,277,159
2017 Term Loan B 6.72% (3 Month LIBOR + 4.75%), due 11/29/24		34,648			34,605
					19,027,866
Printing & Publishing 0.8%
Getty Images, Inc. 2019 1st Lien Term Loan 6.188% (1 Month LIBOR + 4.50%), due 2/19/26		2,016,236			1,991,033
McGraw-Hill Global Education Holdings LLC 2016 Term Loan B 5.645% (1 Month LIBOR + 4.00%), due 5/4/22		1,457,505			1,391,188
Prometric Holdings, Inc. 1st Lien Term Loan 4.65% (1 Month LIBOR + 3.00%), due 1/29/25		3,171,267			3,159,375
Severin Acquisition, LLC 2018 Term Loan B 4.894% (3 Month LIBOR + 3.00%), due 8/1/25		3,465,000			3,436,847
					9,978,443
Radio and TV Broadcasting 0.2%
Nexstar Broadcasting, Inc. 2019 Term Loan B4 4.531% (1 Month LIBOR + 2.75%), due 9/18/26		2,867,813			2,880,359
Retail Store 3.1%
Alphabet Holding Co., Inc. 2017 1st Lien Term Loan 5.145% (1 Month LIBOR + 3.50%), due 9/26/24		2,787,416			2,653,851
Bass Pro Group LLC Term Loan B 6.645% (1 Month LIBOR + 5.00%), due 9/25/24		4,887,500			4,871,210
Belk, Inc. 2019 Term Loan B 8.803% (3 Month LIBOR + 6.75%), due 7/31/25		1,331,367			985,211
BJ’s Wholesale Club, Inc. 2017 1st Lien Term Loan 3.899% (1 Month LIBOR + 2.25%), due 2/3/24		5,452,528			5,471,459
CNT Holdings III Corp. 2017 Term Loan 4.65% (1 Month LIBOR + 3.00%), due 1/22/23		1,492,847			1,493,780
EG America LLC 2018 Term Loan 5.961% (3 Month LIBOR + 4.00%), due 2/7/25		1,463,887			1,457,178
Harbor Freight Tools USA, Inc. 2018 Term Loan B 4.145% (1 Month LIBOR + 2.50%), due 8/18/23		2,530,483			2,513,402
HD Supply, Inc. Term Loan B5 3.395% (1 Month LIBOR + 1.75%), due 10/17/23		1,965,075			1,974,877
IRB Holding Corp. 2020 Term Loan B 4.384% (3 Month LIBOR + 2.75%), due 2/5/25 (f)		3,438,750			3,443,496
Leslie’s Poolmart, Inc. 2016 Term Loan 5.262% (3 Month LIBOR + 3.50%), due 8/16/23		789,688			767,642
Michaels Stores, Inc.
2018 Term Loan B 4.15% (1 Month LIBOR + 2.50%), due 1/30/23		3,296,526			3,179,971
2018 Term Loan B 4.16% (1 Month LIBOR + 2.50%), due 1/30/23		1,193,089			1,150,905
Party City Holdings, Inc. 2018 Term Loan B 4.15% (1 Month LIBOR + 2.50%), due 8/19/22		1,093,143			1,020,723
Petco Animal Supplies, Inc. 2017 Term Loan B 5.027% (3 Month LIBOR + 3.25%), due 1/26/23		1,803,067			1,489,784
PetSmart, Inc. Consenting Term Loan 5.67% (1 Month LIBOR + 4.00%), due 3/11/22		2,379,451			2,373,008
Sally Holdings LLC Term Loan B2 4.50% (3 Month LIBOR + 4.50%), due 7/5/24		2,333,333			2,317,777
					37,164,274
Software 0.3%
Castle U.S. Holding Corp. USD Term Loan B TBD, due 1/23/27		2,310,469			2,311,913
STG-Fairway Holdings LLC Term Loan B TBD, due 1/22/27		500,000			502,500
					2,814,413
Telecommunications 3.7%
Avaya, Inc. 2018 Term Loan B 5.926% (1 Month LIBOR + 4.25%), due 12/15/24		2,242,575			2,194,920
CenturyLink, Inc. 2020 Term Loan B TBD, due 3/15/27		3,750,000			3,742,969
CSC Holdings, LLC 2019 Term Loan B5 4.176% (3 Month LIBOR + 2.50%), due 4/15/27		4,700,625			4,713,843
Frontier Communications Corp. 2017 Term Loan B1 5.40% (1 Month LIBOR + 3.75%), due 6/15/24		1,984,733			1,999,618
Level 3 Financing, Inc. 2019 Term Loan B 3.395% (1 Month LIBOR + 1.75%), due 3/1/27		2,500,000			2,496,875
Microchip Technology, Inc. 2018 Term Loan B 3.65% (1 Month LIBOR + 2.00%), due 5/29/25		2,874,458			2,881,644
Radiate Holdco LLC 1st Lien Term Loan 4.645% (1 Month LIBOR + 3.00%), due 2/1/24		5,446,000			5,446,850
SBA Senior Finance II LLC 2018 Term Loan B 3.40% (1 Month LIBOR + 1.75%), due 4/11/25		6,429,570			6,435,601
Sprint Communications, Inc.
1st Lien Term Loan B 4.188% (1 Month LIBOR + 2.50%), due 2/2/24		4,862,500			4,789,562
2018 Term Loan B 4.688% (1 Month LIBOR + 3.00%), due 2/2/24		5,940,000			5,850,900
West Corp. 2017 Term Loan 5.645% (1 Month LIBOR + 4.00%), due 10/10/24		3,889,106			3,311,298
					43,864,080
Utilities 4.3%
Astoria Energy LLC Term Loan B 5.65% (1 Month LIBOR + 4.00%), due 12/24/21		3,152,906			3,146,338
Brookfield WEC Holdings, Inc. 2020 Term Loan 4.645% (1 Month LIBOR + 3.00%), due 8/1/25		2,475,000			2,480,155
Calpine Corp.
Term Loan B5 4.20% (3 Month LIBOR + 2.25%), due 1/15/24		5,389,889			5,405,046
Term Loan B9 4.20% (3 Month LIBOR + 2.25%), due 4/5/26		2,089,500			2,096,813
Compass Power Generation LLC 2018 Term Loan B 5.145% (1 Month LIBOR + 3.50%), due 12/20/24		1,525,472			1,515,938
Edgewater Generation LLC Term Loan 5.395% (1 Month LIBOR + 3.75%), due 12/13/25		4,954,975			4,853,809
EIF Channelview Cogeneration LLC 2018 Term Loan B 5.90% (1 Month LIBOR + 4.25%), due 5/3/25		2,800,690			2,817,027
ExGen Renewables IV LLC Term Loan B 4.91% (3 Month LIBOR + 3.00%), due 11/28/24		2,343,977			2,336,652
Granite Acquisition, Inc.
Term Loan B 5.445% (3 Month LIBOR + 3.50%), due 12/19/21		3,912,580			3,921,547
2nd Lien Term Loan B 9.195% (3 Month LIBOR + 7.25%), due 12/19/22		1,513,603			1,506,035
Granite Generation LLC
Term Loan B 5.40% (1 Month LIBOR + 3.75%), due 11/9/26		4,250,000			4,250,000
Term Loan B 5.69% (3 Month LIBOR + 3.75%), due 11/9/26		750,000			750,000
Helix Gen Funding LLC Term Loan B 5.395% (1 Month LIBOR + 3.75%), due 6/3/24		3,903,422			3,848,122
Oregon Clean Energy LLC Term Loan 5.395% (1 Month LIBOR + 3.75%), due 3/1/26		2,115,705			2,118,349
PG&E Corp.
DIP Delayed Draw Term Loan 3.90% (1 Month LIBOR + 2.25%), due 12/31/20		937,500			956,250
DIP Term Loan 3.95% (1 Month LIBOR + 2.25%), due 12/31/20		2,812,500			2,868,750
Southeast PowerGen LLC Term Loan B 5.15% (1 Month LIBOR + 3.50%), due 12/2/21		866,175			818,536
Vistra Operations Co. LLC
1st Lien Term Loan B3 3.40% (1 Month LIBOR + 1.75%), due 12/31/25		4,070,856			4,093,755
1st Lien Term Loan B3 3.42% (1 Month LIBOR + 1.75%), due 12/31/25		971,030			976,492
					50,759,614
Total Floating Rate Loans (Cost $970,529,645)					957,723,417
Foreign Floating Rate Loans 11.0% (e)
Aerospace & Defense 0.3%
1199169 B.C. Unlimited Liability Co. 2019 Term Loan B2 5.945% (3 Month LIBOR + 4.00%), due 4/6/26		465,035			466,430
AI Convoy (Luxembourg) S.A.R.L. USD Term Loan B TBD, due 1/29/27 (f)		1,625,000			1,625,000
Kestrel Bidco, Inc. Term Loan B 4.684% (1 Month LIBOR + 3.00%), due 12/11/26		1,250,000			1,257,142
					3,348,572
Auto Manufacturers 0.4%
Panther BF Aggregator 2 L.P. Term Loan B 5.16% (1 Month LIBOR + 3.50%), due 4/30/26		4,239,375			4,262,340
Beverage, Food & Tobacco 0.7%
Froneri International PLC 2020 USD Term Loan TBD, due 1/29/27		3,015,000			3,022,537
JBS USA Lux S.A. 2019 Term Loan B 3.645% (1 Month LIBOR + 2.00%), due 5/1/26		3,439,741			3,454,075
Sunshine Investments B.V. USD Term Loan B3 5.16% (3 Month LIBOR + 3.25%), due 3/28/25		1,250,000			1,248,438
					7,725,050
Broadcasting & Entertainment 0.4%
Altice France S.A. Term Loan B12 5.364% (1 Month LIBOR + 3.687%), due 1/31/26		3,909,976			3,888,795
Numericable Group S.A. Term Loan B11 4.395% (1 Month LIBOR + 2.75%), due 7/31/25		441,534			437,040
					4,325,835
Chemicals, Plastics & Rubber 1.1%
Allnex (Luxembourg) & Cy S.C.A. 2016 Term Loan B2 5.164% (3 Month LIBOR + 3.25%), due 9/13/23		1,975,445			1,958,159
Alpha 3 B.V. 2017 Term Loan B1 4.945% (3 Month LIBOR + 3.00%), due 1/31/24		1,882,907			1,882,122
Diamond (BC) B.V.
Term Loan 4.65% (1 Month LIBOR + 3.00%), due 9/6/24		5,789			5,615
Term Loan 4.78% (3 Month LIBOR + 3.00%), due 9/6/24		2,263,422			2,195,520
Flint Group GmbH
Term Loan C 4.78% (3 Month LIBOR + 3.00%), due 9/7/21		914			803
Term Loan C 4.80% (3 Month LIBOR + 3.00%), due 9/7/21		345,604			303,527
Oxea Holding Drei GmbH 2017 Term Loan B2 5.25% (1 Month LIBOR + 3.50%), due 10/14/24		3,089,229			3,100,814
Starfruit Finco B.V. 2018 Term Loan B 4.699% (1 Month LIBOR + 3.00%), due 10/1/25		3,626,829			3,623,202
					13,069,762
Diversified/Conglomerate Manufacturing 0.3%
AI Ladder (Luxembourg) Subco S.A R.L. 2018 Term Loan 6.445% (3 Month LIBOR + 4.50%), due 7/9/25		2,018,793			2,013,116
Bright Bidco B.V.
2018 Term Loan B 5.15% (1 Month LIBOR + 3.50%), due 6/30/24		951,616			559,867
2018 Term Loan B 5.44% (3 Month LIBOR + 3.50%), due 6/30/24		1,956,101			1,150,839
					3,723,822
Ecological 0.3%
GFL Environmental, Inc. 2018 Term Loan B 4.645% (1 Month LIBOR + 3.00%), due 5/30/25		3,349,927			3,343,228
Electronics 1.1%
Avast Software B.V. 2018 Term Loan B 4.195% (3 Month LIBOR + 2.25%), due 9/29/23		825,931			826,757
ION Trading Technologies S.A R.L. Incremental Term Loan B 6.064% (3 Month LIBOR + 4.00%), due 11/21/24		2,913,267			2,762,747
Oberthur Technologies S.A. 2016 Term Loan B1 5.695% (3 Month LIBOR + 3.75%), due 1/10/24		2,210,745			2,178,274
SS&C Technologies Holdings Europe S.A R.L. 2018 Term Loan B4 3.395% (1 Month LIBOR + 1.75%), due 4/16/25		3,556,837			3,558,505
Trader Corp. 2017 Term Loan B 4.66% (1 Month LIBOR + 3.00%), due 9/28/23		4,034,981			4,014,806
					13,341,089
Healthcare, Education & Childcare 1.6%
Auris Luxembourg III S.A.R.L. 2019 Term Loan B2 5.395% (1 Month LIBOR + 3.75%), due 2/27/26		3,907,972			3,846,097
Bausch Health Companies, Inc. 2018 Term Loan B 4.67% (1 Month LIBOR + 3.00%), due 6/2/25		7,565,162			7,592,585
Endo Luxembourg Finance Co. I S.A R.L. 2017 Term Loan B 5.938% (1 Month LIBOR + 4.25%), due 4/29/24		5,054,735			4,875,292
Mallinckrodt International Finance S.A. Term Loan B 4.695% (3 Month LIBOR + 2.75%), due 9/24/24		2,163,712			1,806,699
Sunshine Luxembourg VII S.A R.L. USD Term Loan B1 6.195% (3 Month LIBOR + 4.25%), due 10/1/26		900,000			902,700
					19,023,373
Hotels, Motels, Inns & Gaming 1.1%
Four Seasons Hotels, Ltd. New 1st Lien Term Loan 3.645% (1 Month LIBOR + 2.00%), due 11/30/23		1,472,277			1,480,953
Gateway Casinos & Entertainment, Ltd. 2018 Term Loan B 4.945% (3 Month LIBOR + 3.00%), due 3/13/25		3,171,725			3,169,346
GVC Holdings PLC 2018 Term Loan 4.145% (1 Month LIBOR + 2.50%), due 3/29/24		2,947,500			2,959,473
Stars Group Holdings B.V. 2018 Incremental Term Loan 5.445% (3 Month LIBOR + 3.50%), due 7/10/25		5,369,537			5,401,142
					13,010,914
Leisure, Amusement, Motion Pictures & Entertainment 0.8%
Bombardier Recreational Products, Inc. 2016 Term Loan B 3.645% (1 Month LIBOR + 2.00%), due 5/23/25		4,339,295			4,342,007
Delta 2 (LUX) S.A.R.L. 2018 Term Loan 4.145% (1 Month LIBOR + 2.50%), due 2/1/24		5,650,036			5,612,367
					9,954,374
Machinery (Non-Agriculture, Non-Construct & Non-Electronic) 0.2%
Titan Acquisition, Ltd. 2018 Term Loan B 4.645% (1 Month LIBOR + 3.00%), due 3/28/25		2,549,252			2,499,541
Oil & Gas 0.2%
NorthRiver Midstream Finance LP 2018 Term Loan B 5.159% (3 Month LIBOR + 3.25%), due 10/1/25		2,765,000			2,751,175
Personal & Nondurable Consumer Products (Manufacturing Only) 0.2%
Array Canada, Inc. Term Loan B 6.945% (3 Month LIBOR + 5.00%), due 2/10/23		1,207,485			854,296
KIK Custom Products, Inc. 2015 Term Loan B 5.645% (1 Month LIBOR + 4.00%), due 5/15/23		1,896,154			1,864,156
					2,718,452
Personal, Food & Miscellaneous Services 0.7%
1011778 B.C. Unlimited Liability Co. Term Loan B4 3.395% (1 Month LIBOR + 1.75%), due 11/19/26		4,116,604			4,110,174
Jacobs Douwe Egberts International B.V. 2018 Term Loan B 3.813% (1 Month LIBOR + 2.00%), due 11/1/25		4,069,569			4,079,743
					8,189,917
Printing & Publishing 0.3%
Springer Nature Deutschland GmbH USD Term Loan B16 5.145% (1 Month LIBOR + 3.50%), due 8/14/24		3,632,519			3,641,600
Retail Store 0.2%
EG Group, Ltd. 2018 Term Loan B 5.961% (3 Month LIBOR + 4.00%), due 2/7/25		2,751,000			2,738,392
Software 0.1%
Sophos Group PLC USD Term Loan TBD, due 1/15/27		1,750,000			1,759,296
Telecommunications 1.0%
Altice France S.A. 2018 Term Loan B13 5.676% (1 Month LIBOR + 4.00%), due 8/14/26		2,057,290			2,053,250
Connect Finco S.A.R.L. Term Loan B 2.737% (UNFND + 0.375%), due 12/11/26		2,760,383			2,773,495
Intelsat Jackson Holdings S.A. 2017 Term Loan B3 5.682% (6 Month LIBOR + 3.75%), due 11/27/23		4,702,081			4,672,693
Telesat Canada Term Loan B5 4.63% (3 Month LIBOR + 2.75%), due 12/7/26		2,500,000			2,510,155
					12,009,593
Total Foreign Floating Rate Loans (Cost $133,608,198)					131,436,325
Total Long-Term Bonds (Cost $1,166,739,606)					1,152,860,706
		Shares
Affiliated Investment Company 0.7%
Fixed Income Fund 0.7%
MainStay MacKay High Yield Corporate Bond Fund Class I		1,449,978			8,177,877
Total Affiliated Investment Company (Cost $8,249,643)					8,177,877
Common Stocks 0.5%
Communications Equipment 0.0% ‡
Energy Future Holdings Corp. (f)(g)(i)(j)		175,418			0
Millennium Corporate Trust (f)(g)(i)		4,973			0
Millennium Lender Trust (f)(g)(i)		5,298			0
					0
Energy Equipment & Services 0.1%
Pacific Drilling S.A. (d)(j)		99,824			183,676
Transocean, Ltd. (j)		122,016			556,393
					740,069
Hotels, Restaurants & Leisure 0.0% ‡
Caesars Entertainment Corp. (j)		35,926			491,109
Media 0.1%
Clear Channel Outdoor Holdings, Inc. (j)		81,241			221,788
iHeartMedia, Inc., Class A (d)(j)		34,549			610,826
					832,614
Metals & Mining 0.3%
AFGlobal Corp. (f)(g)(i)(j)		60,753			3,078,355
Oil & Gas 0.0% ‡
Templar Energy Corp., Class B (f)(g)(i)(j)		60,655			0
Templar Energy LLC, Class A (f)(g)(i)(j)		60,049			0
					0
Oil, Gas & Consumable Fuels 0.0% ‡
Ascent Resources (f)(g)(i)(j)		244,062			591,850
Philadelphia Energy Solutions, Inc., Class A (f)(g)(i)(j)		89,705			0
					591,850
Total Common Stocks (Cost $8,819,016)					5,733,997
Preferred Stocks 0.0%‡
Oil & Gas 0.0% ‡
Templar Energy Corp., (8.00% PIK) (f)(g)(i)		90,568			0
Total Preferred Stocks (Cost $379,311)					0
		Number of Rights
Rights 0.0%‡
Independent Power & Renewable Electricity Producers 0.0% ‡
Vistra Energy Corp. Expires 12/31/46 (f)(g)(i)(j)		107,130			111,415
Total Rights (Cost $87,847)					111,415
		Number of Warrants
Warrants 0.0%‡
Oil, Gas & Consumable Fuels 0.0% ‡
Ascent Resources (f)(g)(i)(j)
1st Lien Warrants Expires 3/30/23		23,368			1,753
2nd Lien Tranche A Expires 3/30/23		30,044			3,755
2nd Lien Tranche B Expires 3/30/23		62,000			1,860
Total Warrants (Cost $12,795)					7,368
		Principal Amount
Short-Term Investments 3.4%
Repurchase Agreement 0.8%
Fixed Income Clearing Corp. 0.12%, dated 1/31/20 due 2/3/20 Proceeds at Maturity $10,012,940 (Collateralized by a United States Treasury Note with a rate of 2.375% and a maturity date of 3/15/21, with a Principal Amount of $10,030,000 and a Market Value of $10,215,475)	$	10,012,840			10,012,840
Total Repurchase Agreement (Cost $10,012,840)					10,012,840
U.S. Government & Federal Agencies 2.4% (k)
United States Treasury Bills
1.472%, due 2/6/20		13,643,000			13,640,253
1.492%, due 2/6/20		2,181,000			2,180,555
1.504%, due 2/4/20		29,000			28,996
1.513%, due 2/25/20		1,023,000			1,021,984
1.518%, due 2/11/20 (d)		7,320,000			7,316,959
1.519%, due 2/18/20		2,168,000			2,166,468
1.524%, due 3/5/20		935,000			933,714
1.545%, due 3/17/20		1,047,000			1,045,009
Total U.S. Government & Federal Agencies (Cost $28,333,938)					28,333,938
		Shares
Unaffiliated Investment Company 0.2%
State Street Navigator Securities Lending Government Money Market Portfolio, 1.62% (l)(m)		2,348,514			2,348,514
Total Unaffiliated Investment Company (Cost $2,348,514)					2,348,514
Total Short-Term Investments (Cost $40,695,292)					40,695,292
Total Investments (Cost $1,224,983,510)		101.5	%		1,207,586,655
Other Assets, Less Liabilities		(1.5	)		(17,641,738	)
Net Assets		100.0	%	$	1,189,944,917

†	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)	Issue in default.
(c)	Issue in non-accrual status.
(d)	All or a portion of this security was held on loan. As of January 31, 2020, the aggregate market value of securities on loan was $2,831,587; the total market value of collateral held by the Fund was $2,906,464. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $557,950.
(e)	Floating rate - Rate shown was the rate in effect as of January 31, 2020.
(f)	Security in which significant unobservable inputs (Level 3) were used in determining fair value.
(g)	Illiquid investment - As of January 31, 2020, the total market value of these illiquid was $11,997,061, which represented 1.0% of the Fund’s net assets.
(h)	PIK (“Payment-in-Kind”) - issuer may pay interest or dividends with additional securities and/or in cash.
(i)	Fair valued security - Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of January 31, 2020, the total market value of fair valued securities was $3,788,988, which represented 0.3% of the Fund’s net assets.
(j)	Non-income producing security.
(k)	Interest rate shown represents yield to maturity.
(l)	Current yield as of January 31, 2020.
(m)	Represents a security purchased with cash collateral received for securities on loan.
The following abbreviations are used in the preceding pages:
LIBOR	—London Interbank Offered Rate
TBD	—To Be Determined

The following is a summary of the fair valuations according to the inputs used as of January 31, 2020, for valuing the Fund’s assets:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Long-Term Bonds
Corporate Bonds	$	—	$	63,700,964	$	—	$	63,700,964
Floating Rate Loans (b)		—		936,854,218		20,869,199		957,723,417
Foreign Floating Rate Loans (c)		—		129,811,325		1,625,000		131,436,325
Total Long-Term Bonds		—		1,130,366,507		22,494,199		1,152,860,706
Affiliated Investment Company
Fixed Income Funds		8,177,877		—		—		8,177,877
Common Stocks (d)		2,063,792		—		3,670,205		5,733,997
Preferred Stocks (e)		—		—		0		0
Rights (f)		—		—		111,415		111,415
Warrants (g)		—		—		7,368		7,368
Short-Term Investments
Repurchase Agreements		—		10,012,840		—		10,012,840
U.S. Government & Federal Agencies		—		28,333,938		—		28,333,938
Unaffiliated Investment Company		2,348,514		—		—		2,348,514
Total Short-Term Investments		2,348,514		38,346,778		—		40,695,292
Total Investments in Securities	$	12,590,183	$	1,168,713,285	$	26,283,187	$	1,207,586,655

(a)	For a complete listing of investments and their industries, see the Portfolio of Investments.
(b)	The Level 3 securities valued at $20,869,199 within the Floating Rate Loans section of the Portfolio of Investments were valued by a pricing service without adjustment.
(c)	The Level 3 securities valued at $1,625,000 within the Foreign Floating Rate Loans section of the Portfolio of Investments were valued by a pricing service without adjustment.
(d)	The Level 3 securities valued at $0, $3,078,355, $0 and $591,850 are held in Communications Equipment, Metals & Mining, Oil & Gas and Oil, Gas & Consumable Fuels, respectively, within the Common Stocks section of the Portfolio of Investments.
(e)	The Level 3 security valued at $0 is held in Oil & Gas within the Preferred Stocks section of the Portfolio of Investments.
(f)	The Level 3 security valued at $111,415 is held in Independent Power & Renewable Electricity Producers within the Rights section of the Portfolio of Investments
(g)	The Level 3 security valued at $7,368 is held in Oil, Gas & Consumable Fuels within the Warrants section of the Portfolio of Investments.

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, 2019		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 October 31, 2019		Change in Unrealized Appreciation (Depreciation) from Investments Still Held as of January 31, 2020
Long-Term Bonds
Floating Rate Loans	$	10,043,998	$	17,011	$	(496,122	)	$	85,010		$	15,336,830	$	(6,672,064	)	$	6,449,404	$	(3,894,869	)	$	20,869,198		81,164
Foreign Floating Rate Loans		1,033,251		-		-			8,125			1,616,875		-			-		(1,033,251	)		1,625,000		8,125
Common Stocks		3,834,633		-		(44,238	)		(109,148	)		-		(11,042	)		-		-			3,670,205		(147,844	)
Preferred Stocks		0		-		-			-			-		-			-		-			0		-
Rights		96,417		-		-			14,998			-		-			-		-			111,415		14,998
Warrants		81,492		-		(197,664	)		172,956			-		(49,416	)		-		-			7,368		-
Total	$	15,089,791	$	17,011	$	(738,024	)	$	171,941		$	16,953,705	$	(6,732,522	)	$	6,449,404	$	(4,928,120	)	$	26,283,186	$	(43,557	)

(a) Sales include principal reductions.

As of January 31, 2020, loan assignments with a market value of $6,449,404 transferred from Level 2 to Level 3 as the fair value obtained by an independent pricing service, utilized significant unobservable inputs. As of October 31, 2019, the fair value obtained for this loan assignment, as determined by an independent pricing service, utilized significant other observable inputs.

As of January 31, 2020, a loan assignment with a market value of $4,928,120 transferred from Level 3 to Level 2 as the the fair value obtained from an independent pricing service, utilized significant other observable inputs. As of October 31, 2019, the fair value obtained for this loan assignment, as determined by an independent pricing service, utilized significant unobservable inputs.

MainStay Growth Allocation Fund

Portfolio of Investments  January 31, 2020 (Unaudited)

	Shares			Value
Affiliated Investment Companies 96.2% †
Equity Funds 96.2%
IQ 50 Percent Hedged FTSE International ETF		360,625		$	7,630,825
IQ 500 International ETF (a)		764,503			20,954,339
IQ Chaikin U.S. Large Cap ETF (a)		862,754			22,623,998
IQ Chaikin U.S. Small Cap ETF (a)		573,220			14,992,913
MainStay Candriam Emerging Markets Equity Fund Class R6 (a)		1,084,992			9,840,873
MainStay Epoch Capital Growth Fund Class I		296,191			3,853,439
MainStay Epoch International Choice Fund Class I (a)		502,731			18,123,456
MainStay Epoch U.S. All Cap Fund Class R6 (a)		998,962			27,651,268
MainStay Epoch U.S. Equity Yield Fund Class R6 (a)		2,377,822			41,160,097
MainStay Large Cap Growth Fund Class R6		4,224,812			43,980,291
MainStay MacKay Common Stock Fund Class I (a)		710,366			17,581,561
MainStay MacKay Emerging Markets Equity Fund Class R6 (a)		1,097,513			9,723,965
MainStay MacKay Growth Fund Class I (a)		960,827			36,684,359
MainStay MacKay International Equity Fund Class R6 (a)		660,286			11,621,030
MainStay MacKay International Opportunities Fund Class I (a)		2,256,688			16,383,552
MainStay MacKay S&P 500 Index Fund Class I		1,066			48,461
MainStay MacKay Small Cap Core Fund Class I (a)		1,084,479			27,654,206
MainStay MacKay U.S. Equity Opportunities Fund Class I		618,193			4,964,087
MainStay MAP Equity Fund Class I (a)		871,277			37,247,087
Total Affiliated Investment Companies (Cost $319,547,828)					372,719,807
Short-Term Investment 3.8%
Affiliated Investment Company 3.8%
MainStay U.S. Government Liquidity Fund, 1.40% (b)		14,634,889			14,634,889
Total Short-Term Investment (Cost $14,634,889)					14,634,889
Total Investments (Cost $334,182,717)		100.0	%		387,354,696
Other Assets, Less Liabilities		0.0	‡		107,683
Net Assets		100.0	%	$	387,462,379

†	Percentages indicated are based on Fund net assets.
‡	Less than one-tenth of a percent.
(a)	As of January 31, 2020, the Fund's ownership exceeds 5% of the outstanding shares of the Underlying Fund's share class.
(b)	Current yield as of January 31, 2020.

Swap Contracts

Open OTC total return equity swap contracts as of January 31, 2020 were as follows¹:

Swap Counterparty	Reference Obligation	Floating Rate 2	Termination Date(s)	Payment Frequency Paid/Received	Notional Amount Long/ (Short) (000)*			Unrealized Appreciation3
Citibank	Russell 1000 Value Total Return Index	1 Month LIBOR plus 0.36%	7/12/2020	Monthly		882		$	—
Citibank	Russell 2000 Total Return Index	1 Month LIBOR minus 0.09%	7/12/2020	Monthly		(8,767	)		—
Citibank	Russell Midcap Total Return Index	1 Month LIBOR minus 0.25%	7/12/2020	Monthly		(6,737	)		—
Citibank	S&P 500 Total Return Index	1 Month LIBOR plus 0.24%	10/26/2020	Monthly		14,514			—
								$	—

1	As of January 31, 2020, cash in the amount of $ 284,389 was pledged from brokers for OTC swap contracts.
2	Fund pays the floating rate and receives the total return of the reference entity.
3	Reflects the value at reset date as of January 31, 2020.
*	Notional amounts reflected as a positive value indicate a long position held by the Portfolio or Index and a negative value indicates a short position.

The following abbreviations are used in the preceding pages:

ETF	—Exchange-Traded Fund
FTSE	—Financial Times Stock Exchange
LIBOR	—London Interbank Offered Rate

The following is a summary of the fair valuations according to the inputs used as of January 31, 2020, for valuing the Fund's assets and liabilities:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments (a)
Affiliated Investment Companies
Equity Funds	$	372,719,807	$	—	$	—	$	372,719,807
Short-Term Investments		14,634,889		—		—		14,634,889
Total Investments in Securities	$	387,354,696	$	—	$	—	$	387,354,696

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

MainStay MacKay California Tax Free Opportunities Fund

Portfolio of Investments January 31, 2020 (Unaudited)

	Principal Amount			Value
Municipal Bonds 101.2% †
Long-Term Municipal Bonds 95.6%
Airport 7.2%
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		$	1,167,700
California Municipal Finance Authority, LAX Integrated Express Solutions Project, Revenue Bonds (a)
Insured: AGM 3.25%, due 12/31/32		1,000,000			1,080,990
5.00%, due 6/30/31		3,100,000			3,845,829
California Municipal Finance Authority, United Airlines, Inc. Project, Revenue Bonds Series B 4.00%, due 7/15/29 (a)		3,000,000			3,535,350
City of Los Angeles, Department of Airports, International Airport, Revenue Bonds Series B 5.00%, due 5/15/31		1,500,000			1,517,640
City of Los Angeles, Department of Airports, Los Angeles International Airport, Revenue Bonds (a)
Series F 3.00%, due 5/15/49		2,250,000			2,315,880
Series B 5.00%, due 5/15/25		710,000			854,023
Series D 5.00%, due 5/15/26		1,000,000			1,236,170
Series A 5.00%, due 5/15/29		3,125,000			4,096,969
Series A 5.00%, due 5/15/31		2,815,000			3,499,495
Series A 5.25%, due 5/15/48		1,375,000			1,705,784
Norman Y Mineta San Jose International Airport SJC, Revenue Bonds (a)
Series A 5.00%, due 3/1/41		2,500,000			2,999,950
Series A 5.00%, due 3/1/47		4,390,000			5,222,871
Series A-1 5.25%, due 3/1/22		3,200,000			3,352,448
Orange County Airport Revenue, Revenue Bonds Series A 5.00%, due 7/1/29		425,000			546,380
Palm Springs Airport Passenger Facilities, Palm Springs International Airport, Revenue Bonds (a)
Insured: BAM 5.00%, due 6/1/27		1,205,000			1,439,650
Insured: BAM 5.00%, due 6/1/30		640,000			758,451
Insured: BAM 5.00%, due 6/1/31		1,130,000			1,335,954
Sacramento County, California Airport System, Revenue Bonds Series C 5.00%, due 7/1/38 (a)		3,000,000			3,699,600
San Francisco City & County International Airports Commission, Revenue Bonds
Series D 5.00%, due 5/1/30		2,595,000			3,443,357
Series D 5.00%, due 5/1/31		2,200,000			2,896,586
Series D 5.00%, due 5/1/38		4,600,000			5,920,200
Series E 5.00%, due 5/1/45 (a)		4,800,000			5,968,176
					62,439,453
Development 1.6%
California Health Facilities Financing Authority, Los Angeles Biomedical Research Institute, Revenue Bonds
5.00%, due 9/1/30		1,300,000			1,628,315
5.00%, due 9/1/31		1,365,000			1,697,569
5.00%, due 9/1/32		1,435,000			1,778,338
5.00%, due 9/1/34		1,590,000			1,957,258
California Municipal Finance Authority, Waste Management Inc., Project, Revenue Bonds Series A 2.00%, due 2/1/39 (b)(c)		2,000,000			2,000,000
California Statewide Communities Development Authority, Revenue Bonds Insured: AGM 5.00%, due 11/15/49		1,000,000			1,145,380
California Statewide Communities Development Authority, Southern California Edison Co., Revenue Bonds 2.625%, due 11/1/33 (b)		1,655,000			1,738,875
City of Irvine, Special Assessment 5.00%, due 9/2/44		1,800,000			2,271,312
					14,217,047
Education 3.4%
California Enterprise Development Authority, Thacher School Project, Revenue Bonds 4.00%, due 9/1/44		3,450,000			4,053,646
California Infrastructure & Economic Development Bank, Equitable School Revolving Fund, Revenue Bonds
Series B 5.00%, due 11/1/39		300,000			377,547
Series B 5.00%, due 11/1/44		350,000			434,830
Series B 5.00%, due 11/1/49		500,000			617,920
California Municipal Finance Authority, Creative Center Los Altos Project, Pinewood & Oakwood Schools, Revenue Bonds (c)
Series B 4.00%, due 11/1/36		400,000			419,748
Series B 4.50%, due 11/1/46		1,600,000			1,700,208
California Municipal Finance Authority, Palmdale Aerospace Academy Projects, Revenue Bonds 5.00%, due 7/1/46 (c)		795,000			889,510
California Municipal Finance Authority, Partnerships Uplift Community Project, Revenue Bonds Series A 5.30%, due 8/1/47		500,000			527,285
California School Facilities Financing Authority, Azusa Unified School District, Revenue Bonds Insured: AGM (zero coupon), due 8/1/49		7,905,000			2,623,037
California School Finance Authority, Aspire Public Schools, Revenue Bonds (c)
5.00%, due 8/1/27		500,000			583,530
5.00%, due 8/1/28		700,000			814,933
5.00%, due 8/1/36		600,000			682,836
5.00%, due 8/1/41		750,000			845,475
5.00%, due 8/1/46		975,000			1,094,077
California School Finance Authority, Charter School Classical Academies Project, Revenue Bonds Series A 5.00%, due 10/1/37 (c)		1,485,000			1,718,709
California School Finance Authority, Grimmway Schools Obligation, Revenue Bonds Series A 5.00%, due 7/1/46 (c)		750,000			836,843
California School Finance Authority, High Tech High Learning Project, Revenue Bonds (c)
Series A 5.00%, due 7/1/37		500,000			591,100
Series A 5.00%, due 7/1/49		500,000			580,955
California School Finance Authority, KIPP LA Projects, Revenue Bonds Series A 5.00%, due 7/1/34		600,000			676,836
California State Municipal Finance Authority, Charter School, King Chavez Academy, Revenue Bonds (c)
Series A 5.00%, due 5/1/36		1,275,000			1,446,271
Series A 5.00%, due 5/1/46		1,325,000			1,478,753
California State Municipal Finance Authority, Charter School, Palmdale Aerospace Academy Projects, Revenue Bonds 5.00%, due 7/1/36 (c)		1,300,000			1,478,113
Del Mar Union School District, Special Tax Insured: BAM 4.00%, due 9/1/44		1,450,000			1,694,064
Irvine Unified School District, Community Facilities District No. 9, Special Tax
Series A 5.00%, due 9/1/33		410,000			518,781
Series A 5.00%, due 9/1/34		225,000			284,024
Series A 5.00%, due 9/1/36		550,000			689,216
Oxnard California School District, COPS, Property Acquisition and Improvement Project, Certificate of Participation Insured: BAM 2.00%, due 8/1/45 (b)		1,000,000			1,099,130
San Marcos School Financing Authority, Revenue Bonds Insured: AGM 5.25%, due 8/15/40		1,000,000			1,242,770
					30,000,147
General 18.0%
Anaheim Public Financing Authority, Revenue Bonds
Series A 5.00%, due 5/1/33		1,000,000			1,161,320
Series A, Insured: BAM 5.00%, due 9/1/35		4,500,000			5,618,385
Burlingame California Financing Authority, Revenue Bonds 5.00%, due 7/1/47		1,515,000			1,914,263
California Infrastructure & Economic Development Bank, Green Bond, Revenue Bonds
4.00%, due 8/1/23		630,000			700,314
4.00%, due 8/1/24		500,000			571,000
4.00%, due 8/1/25		550,000			642,928
5.00%, due 8/1/37		1,050,000			1,371,374
5.00%, due 8/1/38		1,200,000			1,563,024
California Infrastructure & Economic Development Bank, The Salvation Army Western Territory, Revenue Bonds
4.00%, due 9/1/33		1,225,000			1,395,557
4.00%, due 9/1/34		1,000,000			1,133,920
California Municipal Finance Authority, Orange County Civic Center Infrastructure Program, Revenue Bonds 5.00%, due 6/1/37		2,085,000			2,623,389
California Statewide Communities Development Authority, California Baptist University, Revenue Bonds Series A 6.375%, due 11/1/43		500,000			577,875
Cathedral City Redevelopment Agency Successor Agency, Merged Redevelopment Project Area, Tax Allocation
Series A, Insured: AGM 5.00%, due 8/1/26		1,000,000			1,168,210
Series A, Insured: AGM 5.00%, due 8/1/34		1,000,000			1,155,900
City of Irvine, Community Facilities District, Special Tax 5.00%, due 9/1/49		1,385,000			1,542,198
City of Newark CA, Civic Center Financing Project, Certificates of Participation
3.00%, due 6/1/39		3,550,000			3,770,455
3.00%, due 6/1/40		3,660,000			3,863,642
City of Santa Ana CA, Gas Tax, Revenue Bonds 4.00%, due 1/1/38		1,360,000			1,600,693
Coronado Community Development Successor Agency, Tax Allocation Series A 5.00%, due 9/1/33		555,000			673,864
County of Los Angeles CA, Vermont Corridor County Administration Building, Revenue Bonds Series A 5.00%, due 12/1/38		1,910,000			2,422,625
Del Mar California Race Track Authority, Revenue Bonds
5.00%, due 10/1/30		1,000,000			1,145,100
5.00%, due 10/1/38		1,800,000			1,804,248
GDB Debt Recovery Authority of Puerto Rico, Revenue Bonds 7.50%, due 8/20/40		1,300,000			1,030,250
Greenfield Redevelopment Agency, Tax Allocation Insured: BAM 4.00%, due 2/1/26		285,000			336,186
Hesperia California Community Redevelopment Agency Series A, Insured: AGM 3.375%, due 9/1/37		4,950,000			5,443,812
Livermore Valley Water Financing Authority, Revenue Bonds Series A 5.00%, due 7/1/47		3,945,000			4,837,477
Lodi CA, Public Financing Authority, Revenue Bonds
Insured: AGM 5.00%, due 9/1/31		1,330,000			1,712,322
Insured: AGM 5.00%, due 9/1/32		1,650,000			2,118,303
Los Angeles County Metropolitan Transportation Authority, Sales Tax, Revenue Bonds Series A 5.00%, due 7/1/40		1,650,000			2,067,219
Madera Redevelopment Agency, Tax Allocation Series A 5.00%, due 9/1/37		1,180,000			1,491,756
Montclair Financing Authority, Public Facilities Project, Revenue Bonds Insured: AGM 5.00%, due 10/1/32		1,000,000			1,166,250
Mountain View, Shoreline Regional Park Community, Tax Allocation Series A, Insured: AGM 5.00%, due 8/1/36		1,645,000			2,105,649
Orange County Local Transportation Authority, Revenue Bonds 4.00%, due 2/15/38		10,000,000			11,878,200
Pico Rivera Public Financing Authority, Revenue Bonds Insured: NATL-RE 5.25%, due 9/1/34		1,560,000			1,935,008
Puerto Rico Convention Center District Authority, Revenue Bonds Series A, Insured: AGC 4.50%, due 7/1/36		1,100,000			1,103,102
Puerto Rico Infrastructure Financing Authority, Revenue Bonds
Series C, Insured: AMBAC 5.50%, due 7/1/24		70,000			76,531
Series C, Insured: AMBAC 5.50%, due 7/1/26		455,000			507,116
Puerto Rico Sales Tax Financing Corp., Revenue Bonds
Series A-2 4.329%, due 7/1/40		1,500,000			1,632,270
Series A-1 4.50%, due 7/1/34		1,500,000			1,652,430
Series A-1 5.00%, due 7/1/58		10,465,000			11,793,008
Riverside County Public Financing Authority, Project Area No. 1 Desert Communities & Interstate 215 Corridor Project, Tax Allocation Series A, Insured: BAM 4.00%, due 10/1/32		1,050,000			1,170,782
Riverside County Public Financing Authority, Tax Allocation Series A, Insured: BAM 4.00%, due 10/1/40		1,000,000			1,122,150
Riverside County Transportation Commission, Limited Tax, Revenue Bonds Series A 5.25%, due 6/1/39		1,000,000			1,149,630
Sacramento Transient Occupancy Tax Revenue, Convention Center Complex, Revenue Bonds Series C 5.00%, due 6/1/48		4,860,000			5,908,982
San Bernardino County Financing Authority, Court House Facilities Project, Revenue Bonds Series C, Insured: NATL-RE 5.50%, due 6/1/37		1,215,000			1,388,283
San Diego Association of Governments, Mid Coast Corridor Transit Project, Revenue Bonds Series B 1.80%, due 11/15/27		6,000,000			6,090,000
San Diego County Regional Transportation Commission, Revenue Bonds
Series A 5.00%, due 4/1/38		1,000,000			1,334,310
Series A 5.00%, due 4/1/39		1,000,000			1,330,500
Series A 5.00%, due 4/1/40		675,000			895,496
Series A 5.00%, due 4/1/44		2,800,000			3,681,300
Series A 5.00%, due 4/1/48		11,155,000			13,421,138
San Francisco Bay Area Rapid Transit District, Revenue Bonds Series A 4.00%, due 7/1/36		1,850,000			2,176,562
San Francisco City & County Redevelopment Agency, Mission Bay South Redevelopment Project, Tax Allocation Series C 5.00%, due 8/1/36		1,250,000			1,500,925
San Joaquin County Transportation Authority, Sales Tax Revenue, Revenue Bonds Series K 5.00%, due 3/1/37		1,705,000			2,107,823
San Mateo County Joint Powers Financing Authority, Capital Projects, Revenue Bonds Series A 5.00%, due 7/15/43		3,000,000			3,734,580
South Orange County Public Financing Authority, Special Tax Series A 5.00%, due 8/15/32		775,000			833,086
Stockton Public Financing Authority, Water Revenue, Revenue Bonds
Series A, Insured: BAM 4.00%, due 10/1/37		2,500,000			2,858,575
Series A, Insured: BAM 5.00%, due 10/1/32		1,275,000			1,648,129
Series A, Insured: BAM 5.00%, due 10/1/34		1,500,000			1,924,545
Territory of Guam, Business Privilege Tax, Revenue Bonds Series B1 5.00%, due 1/1/27		1,500,000			1,594,815
Territory of Guam, Hotel Occupancy Tax, Revenue Bonds Series A 6.50%, due 11/1/40		1,740,000			1,843,530
Territory of Guam, Revenue Bonds Series A 5.125%, due 1/1/42		2,890,000			3,049,326
Virgin Islands Public Finance Authority, Matching Fund Loan, Revenue Bonds
Series A 5.00%, due 10/1/25		620,000			623,925
Subseries A 6.00%, due 10/1/39		800,000			800,000
Series A 6.625%, due 10/1/29		300,000			300,762
Series A 6.75%, due 10/1/37		2,450,000			2,454,704
Virgin Islands Public Finance Authority, Revenue Bonds Series A, Insured: AGM 5.00%, due 10/1/32		1,205,000			1,316,824
					157,567,855
General Obligation 12.1%
California State, Unlimited General Obligation
5.00%, due 11/1/27		2,380,000			3,088,740
5.00%, due 4/1/28		2,930,000			3,839,413
5.00%, due 4/1/31		7,500,000			10,428,225
5.00%, due 8/1/37		2,900,000			3,723,948
Insured: AGM 5.25%, due 8/1/32		10,000,000			14,249,400
Coast Community College District, Election 2012, Unlimited General Obligation Series D 4.50%, due 8/1/39		500,000			609,745
Commonwealth of Puerto Rico, Public Improvement, Unlimited General Obligation
Series A, Insured: AGM 4.00%, due 7/1/22		115,000			118,741
Insured: AMBAC 4.50%, due 7/1/23		450,000			452,921
Series A, Insured: AGC 5.00%, due 7/1/23		270,000			276,901
Series A-4, Insured: AGM 5.00%, due 7/1/31		410,000			414,649
Series A, Insured: AGM 5.00%, due 7/1/35		2,175,000			2,327,098
Series C, Insured: AGM 5.25%, due 7/1/26		445,000			461,759
Series A-4, Insured: AGM 5.25%, due 7/1/30		175,000			177,055
Series A, Insured: AGM 5.50%, due 7/1/27		620,000			649,004
Hartnell Community College District, Unlimited General Obligation Series A (zero coupon), due 8/1/37		2,500,000			1,331,400
Kern Community College District, Safety Repair & Improvement, Unlimited General Obligation Series C 5.75%, due 11/1/34		650,000			769,951
Los Angeles Community College District, Election 2008, Unlimited General Obligation
Series K 4.00%, due 8/1/38		6,000,000			6,957,240
Series K 4.00%, due 8/1/39		1,500,000			1,735,830
Los Angeles Community College District, Unlimited General Obligation
Series I 4.00%, due 8/1/33		2,865,000			3,371,074
Series I 4.00%, due 8/1/34		4,000,000			4,693,040
Los Rios Community College District, Unlimited General Obligation
Series D 4.00%, due 8/1/35		250,000			294,490
Series D 4.00%, due 8/1/39		1,000,000			1,150,270
Mount San Jacinto Community College District, Election 2014, Unlimited General Obligation Series B 4.00%, due 8/1/38		1,985,000			2,334,499
North Orange County Community College District, Unlimited General Obligation
Series B 4.00%, due 8/1/32		450,000			558,976
Series B 4.00%, due 8/1/33		300,000			371,607
Palo Verde Community College District, Election 2014, Unlimited General Obligation Series A, Insured: AGM 4.00%, due 8/1/45		500,000			548,255
Palomar Community College District, Election 2006, Unlimited General Obligation Series B (zero coupon), due 8/1/39 (d)		2,000,000			2,474,620
Puerto Rico Municipal Finance Agency, Revenue Bonds Series A, Insured: AGM 5.25%, due 8/1/21		300,000			305,589
Puerto Rico Public Buildings Authority, Revenue Bonds Insured: AGC, AGM 5.25%, due 7/1/20		475,000			481,337
Riverside Community College District, Unlimited General Obligation
3.00%, due 8/1/38		2,000,000			2,147,260
3.00%, due 8/1/39		2,000,000			2,141,120
San Bernardino Community College District, Election 2018, Unlimited General Obligation Series A 4.00%, due 8/1/49		5,675,000			6,475,572
San Francisco Bay Area Rapid Transit District, Election 2016, Green Bonds, Unlimited General Obligation
Series B-1 4.00%, due 8/1/37		9,695,000			11,741,905
Series A-1 5.00%, due 8/1/47		2,330,000			2,882,886
Santa Clarita Community College District, Unlimited General Obligation 3.00%, due 8/1/49		3,500,000			3,645,215
Santa Monica Community College District, Election 2016, Unlimited General Obligation Series A 4.00%, due 8/1/47		1,250,000			1,437,687
Southwestern Community College District, Unlimited General Obligation Series A 4.00%, due 8/1/47		2,000,000			2,261,660
Tahoe Forest, California Hospital District, Unlimited General Obligation 5.00%, due 8/1/29		1,815,000			2,262,688
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds Series A 5.00%, due 10/1/32		1,250,000			1,250,000
Virgin Islands Public Finance Authority, Revenue Bonds Series A 5.00%, due 10/1/29		1,500,000			1,505,625
					105,947,395
Higher Education 4.3%
California Educational Facilities Authority, Claremont McKenna College, Revenue Bonds Series A 4.00%, due 1/1/39		1,800,000			2,029,266
California Educational Facilities Authority, Loma Linda University, Revenue Bonds
Series A 5.00%, due 4/1/23		570,000			641,199
Series A 5.00%, due 4/1/24		280,000			325,791
California Educational Facilities Authority, Loyola Marymount University, Revenue Bonds
Series B 5.00%, due 10/1/31		525,000			687,115
Series B 5.00%, due 10/1/35		640,000			821,357
California Educational Facilities Authority, Mount St. Mary's University, Revenue Bonds Series A 5.00%, due 10/1/38		620,000			776,445
California Educational Facilities Authority, Stanford University, Revenue Bonds Series U-6 5.00%, due 5/1/45		3,240,000			5,081,972
California Municipal Finance Authority, California Lutheran University, Revenue Bonds
5.00%, due 10/1/31		235,000			295,910
5.00%, due 10/1/33		225,000			281,435
5.00%, due 10/1/35		225,000			279,668
5.00%, due 10/1/36		285,000			353,300
5.00%, due 10/1/37		310,000			383,219
California Municipal Finance Authority, Pomona College, Revenue Bonds 4.00%, due 1/1/43		10,000,000			11,488,700
California State Municipal Finance Authority, California Baptist University, Revenue Bonds Series A 5.00%, due 11/1/46 (c)		1,000,000			1,146,170
California State Municipal Finance Authority, National University, Revenue Bonds Series A 5.00%, due 4/1/31		1,000,000			1,283,460
California State Municipal Finance Authority, Southern California Institute of Architecture Project, Revenue Bonds 5.00%, due 12/1/38		845,000			1,020,937
California State Municipal Finance Authority, University of La Verne, Revenue Bonds Series A 4.00%, due 6/1/47		1,000,000			1,115,980
California State University, Systemwide, Revenue Bonds
Series A 4.00%, due 11/1/37		2,375,000			2,694,437
Series A 5.00%, due 11/1/42		2,780,000			3,427,267
California Statewide Communities Development Authority, Lancer Plaza Project, Revenue Bonds 5.875%, due 11/1/43		1,000,000			1,130,880
Rio Hondo Community College District, Election 2004, Unlimited General Obligation Series C (zero coupon), due 8/1/42 (d)		2,000,000			2,566,780
					37,831,288
Housing 1.8%
California Community College Financing Authority, Orange Coast College Project, Revenue Bonds 5.00%, due 5/1/29		800,000			988,416
California Municipal Finance Authority, Mobile Home Park Senior Caritas Projects, Revenue Bonds
Series A 4.00%, due 8/15/42		1,540,000			1,640,962
Series A 5.00%, due 8/15/29		805,000			961,250
Series A 5.00%, due 8/15/31		140,000			165,787
California Municipal Finance Authority, UCR North District Phase 1 Student Housing Project, Revenue Bonds
Insured: BAM 5.00%, due 5/15/23		400,000			451,996
Insured: BAM 5.00%, due 5/15/24		300,000			349,650
Insured: BAM 5.00%, due 5/15/25		500,000			599,715
California Municipal Finance Authority, Windsor Mobile Country Club, Revenue Bonds Series A 4.00%, due 11/15/37		1,320,000			1,470,018
California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Revenue Bonds (c)
Series A 3.00%, due 6/1/29		750,000			787,800
Series A 5.00%, due 6/1/34		375,000			455,318
Series A 5.00%, due 6/1/46		1,000,000			1,130,390
Series A 5.00%, due 6/1/51		1,000,000			1,176,720
California Statewide Communities Development Authority, Provident Group, Pomona Properties, Revenue Bonds Series A 5.75%, due 1/15/45 (c)		400,000			432,208
California Statewide Communities Development Authority, Student Housing, Revenue Bonds 5.00%, due 5/15/40		1,025,000			1,200,941
California Statewide Communities Development Authority, University of California, Irvine Campus Apartments, Revenue Bonds Series A 5.00%, due 5/15/47		3,500,000			4,147,675
					15,958,846
Medical 6.0%
California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Revenue Bonds Series B 5.00%, due 8/15/35		5,500,000			6,803,885
California Health Facilities Financing Authority, Children's Hospital of Orange County, Revenue Bonds
Series A 4.00%, due 11/1/36		310,000			370,140
Series A 4.00%, due 11/1/37		500,000			594,535
Series A 4.00%, due 11/1/38		250,000			296,303
California Health Facilities Financing Authority, Children's Hospital, Revenue Bonds Series A 5.00%, due 8/15/47		1,000,000			1,188,480
California Health Facilities Financing Authority, City of Hope Obligated Group, Revenue Bonds
5.00%, due 11/15/37		1,600,000			1,885,680
5.00%, due 11/15/49		2,500,000			3,001,175
California Health Facilities Financing Authority, El Camino Hospital, Revenue Bonds 5.00%, due 2/1/36		1,035,000			1,274,540
California Health Facilities Financing Authority, Stanford Health Care, Revenue Bonds Series A 5.00%, due 11/15/36		3,000,000			3,786,060
California Municipal Finance Authority, Community Medical Centers, Revenue Bonds Series A 5.00%, due 2/1/46		490,000			561,790
California Municipal Finance Authority, Healthright 360, Revenue Bonds Series A 5.00%, due 11/1/39 (c)		1,000,000			1,176,890
California Public Finance Authority, Henry Mayo Newhall Hospital, Revenue Bonds 5.00%, due 10/15/47		1,000,000			1,142,320
California State Educational Facilities Authority, Sutter Health, Revenue Bonds
Series A 5.00%, due 11/15/34		475,000			576,227
Series A 5.00%, due 11/15/37		5,175,000			6,465,748
Series A 5.00%, due 11/15/38		1,600,000			1,993,968
California State Health Facilities Financing Authority, Children's Hospital, Revenue Bonds Series A 5.00%, due 8/15/42		500,000			600,200
California State Health Facilities Financing Authority, El Camino Hospital, Revenue Bonds 4.125%, due 2/1/47		750,000			826,755
California State Health Facilities Financing Authority, Kaiser Permanente, Revenue Bonds
Subseries A2 4.00%, due 11/1/51		1,750,000			1,996,645
Series C 5.00%, due 6/1/41 (b)		5,000,000			6,732,300
California State Municipal Finance Authority, Community Medical Centers, Revenue Bonds
Series A 5.00%, due 2/1/27		1,100,000			1,377,101
Series A 5.00%, due 2/1/37		1,000,000			1,215,430
California Statewide Communities Development Authority, Loma Linda University Medical Center, Revenue Bonds Series A 5.00%, due 12/1/46 (c)		2,000,000			2,258,800
California Statewide Communities Development Authority, Methodist Hospital of Southern California Project, Revenue Bonds
4.25%, due 1/1/43		1,850,000			2,065,692
5.00%, due 1/1/38		1,500,000			1,813,335
5.00%, due 1/1/48		1,000,000			1,185,730
Washington Township Health Care District, Revenue Bonds Series B 4.00%, due 7/1/36		1,380,000			1,520,567
					52,710,296
Mello-Roos 0.2%
City of Rocklin CA, Community Facilities District No.10, Special Tax 5.00%, due 9/1/39		1,150,000			1,318,303
Rio Elementary School District Community Facilities District No.1, Special Tax Insured: BAM 5.00%, due 9/1/35		500,000			599,655
					1,917,958
Multi-Family Housing 1.0%
California Community Housing Agency, Revenue Bonds Series A 5.00%, due 2/1/50 (c)		4,500,000			5,317,110
Federal Home Loan Mortgage Corp., Revenue Bonds Series M-057 2.40%, due 10/15/29		3,000,000			3,163,710
					8,480,820
Nursing Homes 0.4%
ABAG Finance Authority for Nonprofit Corp., Episcopal Senior Communities, Revenue Bonds Series A 5.00%, due 7/1/42		500,000			533,450
California Municipal Finance Authority, Asian Community Center, Revenue Bonds Insured: California Mortgage Insurance 5.00%, due 4/1/48		1,545,000			1,830,639
California Statewide Communities Development Authority, Redwoods Project, Revenue Bonds Insured: California Mortgage Insurance 5.375%, due 11/15/44		535,000			614,758
					2,978,847
Pollution 1.2%
South Bayside Waste Management Authority, Green Bond, Shoreway Environment Center, Revenue Bonds
Series B, Insured: AGM 5.00%, due 9/1/25 (a)		1,515,000			1,833,983
Series B, Insured: AGM 5.00%, due 9/1/27 (a)		1,670,000			2,111,698
Series B, Insured: AGM 5.00%, due 9/1/29 (a)		420,000			548,268
Series B, Insured: AGM 5.00%, due 9/1/30 (a)		715,000			926,533
Series A, Insured: AGM 5.00%, due 9/1/31		320,000			423,683
Series B, Insured: AGM 5.00%, due 9/1/31 (a)		410,000			528,396
Series A, Insured: AGM 5.00%, due 9/1/32		500,000			659,950
Series A, Insured: AGM 5.00%, due 9/1/39		2,530,000			3,260,664
					10,293,175
Power 2.2%
California Riverside Electric, Revenue Bonds Series A 5.00%, due 10/1/31		750,000			1,000,357
Guam Power Authority, Revenue Bonds
Series A 5.00%, due 10/1/34		1,000,000			1,082,630
Series A 5.00%, due 10/1/40		1,000,000			1,168,360
Los Angeles Department of Water & Power, Revenue Bonds Series C 5.00%, due 7/1/37		2,860,000			3,752,921
Puerto Rico Electric Power Authority, Revenue Bonds
Series UU, Insured: AGC 4.25%, due 7/1/27		460,000			460,966
Series SS, Insured: NATL-RE 5.00%, due 7/1/22		640,000			651,290
Series UU, Insured: AGM 5.00%, due 7/1/24		225,000			230,965
Sacramento Municipal Utility District, Revenue Bonds Series G 5.00%, due 8/15/37		8,000,000			10,497,440
					18,844,929
School District 19.8%
Alvord Unified School District, Election 2012, Unlimited General Obligation Series A, Insured: AGM 5.25%, due 8/1/37		825,000			941,531
Banning CA Unified School District, Election 2016, Unlimited General Obligation Series A, Insured: AGM 4.00%, due 8/1/46		500,000			555,675
Beaumont CA Unified School District, Election 2008, Unlimited General Obligation Series D, Insured: BAM 5.25%, due 8/1/44		1,000,000			1,231,420
Brawley Union High School District, Unlimited General Obligation Insured: BAM 5.00%, due 8/1/44		1,280,000			1,515,034
Cabrillo Unified School District, Election 2018, Unlimited General Obligation Series A 5.00%, due 8/1/45		4,245,000			5,054,734
Campbell Union High School District, Election 2016, Unlimited General Obligation Series B 4.00%, due 8/1/38		2,500,000			2,843,950
Central Union High School District, Election 2016, Unlimited General Obligation 5.25%, due 8/1/46		2,000,000			2,444,400
Ceres Unified School District, Unlimited General Obligation Insured: BAM (zero coupon), due 8/1/37		500,000			282,325
Chowchilla Elementary School District, Unlimited General Obligation 5.00%, due 8/1/43		960,000			1,148,323
Compton Unified School District, Unlimited General Obligation Series B, Insured: BAM 3.00%, due 6/1/49		3,125,000			3,219,906
Cuyama Joint Unified School District, Unlimited General Obligation Series B, Insured: MAC 5.25%, due 8/1/48		500,000			607,055
Denair Unified School District, Election 2007, Unlimited General Obligation Insured: AGM (zero coupon), due 8/1/41		4,260,000			2,218,395
El Monte Union High School District, Unlimited General Obligation Series A 4.00%, due 6/1/38		1,195,000			1,369,948
El Rancho Unified School District, Election 2016, Unlimited General Obligation Series A, Insured: BAM 5.25%, due 8/1/46		2,745,000			3,406,133
Folsom Cordova Unified School District, School Facilities Improvement District No. 4, Unlimited General Obligation Series B 5.25%, due 10/1/35		1,210,000			1,477,446
Folsom Cordova Unified School District, School Facilities Improvement District No. 5, Unlimited General Obligation Series A 5.25%, due 10/1/35		4,710,000			5,751,051
Fontana Unified School District, Unlimited General Obligation Series C (zero coupon), due 8/1/33		2,825,000			1,563,186
Fresno Unified School District, Election 2010, Unlimited General Obligation Series F 4.00%, due 8/1/32		1,475,000			1,713,965
Holtville Unified School District, Unlimited General Obligation Series A, Insured: AGM 5.00%, due 8/1/44		1,240,000			1,530,011
Huntington Beach School District, Unlimited General Obligation
Series B 4.00%, due 8/1/44		1,525,000			1,722,823
Series B 4.00%, due 8/1/48		1,500,000			1,686,825
Inglewood Unified School District, Election 2012, Unlimited General Obligation
Series B, Insured: BAM 5.00%, due 8/1/25		250,000			301,748
Series B, Insured: BAM 5.00%, due 8/1/35		800,000			952,864
Inglewood Unified School District, Unlimited General Obligation
Series C, Insured: BAM 5.00%, due 8/1/32		400,000			490,524
Series C, Insured: BAM 5.00%, due 8/1/34		585,000			712,161
Jurupa Unified School District, Unlimited General Obligation
Series C 4.00%, due 8/1/43		1,675,000			1,938,076
Series B 5.00%, due 8/1/33		1,555,000			1,964,867
Series B 5.00%, due 8/1/37		1,000,000			1,243,590
Series C 5.25%, due 8/1/43		2,000,000			2,575,040
Kerman CA Unified School District, Election 2016, Unlimited General Obligation Insured: BAM 5.25%, due 8/1/46		1,755,000			2,165,249
Lemoore Union High School District, Election 2016, Unlimited General Obligation Series A 5.50%, due 8/1/42		560,000			711,043
Lennox School District, Election 2016, Unlimited General Obligation Insured: AGM 4.00%, due 8/1/47		3,000,000			3,322,890
Livermore Valley Joint Unified School District, Unlimited General Obligation 3.00%, due 8/1/40		2,890,000			3,031,263
Lodi Unified School District, Election of 2016, Unlimited General Obligation
Series 2020 3.00%, due 8/1/43		3,000,000			3,138,270
Series 2020 4.00%, due 8/1/38		1,230,000			1,428,325
Series 2020 4.00%, due 8/1/39		1,300,000			1,506,193
Long Beach Unified School District, Election 2016, Unlimited General Obligation
Series A 5.00%, due 8/1/32		3,985,000			4,964,035
Series A 5.00%, due 8/1/33		2,825,000			3,508,113
Los Angeles Unified School District, Election of 2005, Unlimited General Obligation Series M-1 5.25%, due 7/1/42		2,990,000			3,781,304
Marysville Joint Unified School District, Unlimited General Obligation
Insured: AGM (zero coupon), due 8/1/35		1,500,000			931,245
Insured: AGM (zero coupon), due 8/1/36		2,000,000			1,183,340
Insured: AGM (zero coupon), due 8/1/37		2,000,000			1,128,860
Moraga Elementary School District, Unlimited General Obligation Series B 3.00%, due 8/1/44		1,335,000			1,394,060
Moreno Valley Unified School District, Unlimited General Obligation Series B, Insured: AGM 5.00%, due 8/1/47		3,250,000			4,044,333
Napa Valley Unified School District, Unlimited General Obligation Series C, Insured: AGM 4.00%, due 8/1/44		12,500,000			14,102,125
Needles Unified School District, Election 2008, Unlimited General Obligation Series B, Insured: AGM (zero coupon), due 8/1/45 (d)		1,250,000			1,221,450
Newport Mesa Unified School District, Capital Appreciation, Election 2005, Unlimited General Obligation Insured: NATL-RE (zero coupon), due 8/1/30		4,000,000			3,404,800
Oakland Unified School District, Alameda County, Election of 2012, Unlimited General Obligation 6.625%, due 8/1/38		500,000			543,960
Oceanside Unified School District, Unlimited General Obligation Series C (zero coupon), due 8/1/51		25,000			3,841
Oxnard Union High School District, Unlimited General Obligation Series A 4.00%, due 8/1/38		1,000,000			1,130,370
Paramount Unified School District, Election 2016, Unlimited General Obligation Series A, Insured: AGM 5.25%, due 8/1/46		1,500,000			1,863,660
Perris Union High School District, Unlimited General Obligation Series A, Insured: AGM 4.00%, due 9/1/38		3,550,000			4,223,187
Pittsburg Unified School District, Unlimited General Obligation
Series C (zero coupon), due 8/1/47		3,500,000			801,430
Series C (zero coupon), due 8/1/52		5,000,000			824,650
Pleasanton Unified School District, Unlimited General Obligation 3.00%, due 8/1/42		1,000,000			1,041,870
Redwood City School District, Election 2015, Unlimited General Obligation 5.25%, due 8/1/44		2,000,000			2,555,120
Redwood City School District, Unlimited General Obligation Series C 4.00%, due 8/1/44		1,800,000			2,100,924
Riverside Unified School District, Election 2016, Unlimited General Obligation Series B 4.00%, due 8/1/42		1,700,000			1,958,859
Robla School District, Election 2018, Unlimited General Obligation
Series A, Insured: AGM 4.00%, due 8/1/35		435,000			508,715
Series A, Insured: AGM 4.00%, due 8/1/36		500,000			582,530
Series A, Insured: AGM 4.00%, due 8/1/37		500,000			580,790
Series A, Insured: AGM 4.00%, due 8/1/40		2,070,000			2,380,272
Series A, Insured: AGM 5.00%, due 8/1/44		1,720,000			2,090,350
San Bernardino City Unified School District, Election 2012, Unlimited General Obligation Series C, Insured: AGM 5.00%, due 8/1/34		655,000			783,197
San Diego Unified School District, Election 2012, Unlimited General Obligation Series I 4.00%, due 7/1/34		1,000,000			1,188,270
San Juan Unified School District, Election 2012, Unlimited General Obligation Series N 4.00%, due 8/1/29		4,050,000			4,837,603
San Leandro CA Unified School District, Election 2016, Unlimited General Obligation Series A, Insured: BAM 5.25%, due 8/1/42		1,000,000			1,246,590
San Leandro Unified School District, Election 2016, Unlimited General Obligation
Series B, Insured: BAM 5.00%, due 8/1/35		500,000			634,410
Series B, Insured: BAM 5.00%, due 8/1/36		1,955,000			2,470,397
San Ysidro School District, Unlimited General Obligation Insured: AGM (zero coupon), due 8/1/47		3,000,000			814,740
Santa Barbara Unified School District, Election 2010, Unlimited General Obligation
Series A (zero coupon), due 8/1/36 (d)		1,000,000			1,353,920
Series B 5.00%, due 8/1/38		1,000,000			1,136,600
Santa Monica-Malibu Unified School District, School Facilities Improvement District No. 1, Unlimited General Obligation Series A 4.00%, due 8/1/39		1,015,000			1,182,191
Santa Paula Unified School District, 2008 Election, Unlimited General Obligation Series D 3.00%, due 8/1/49		3,500,000			3,594,570
Santee CA, School District, Unlimited General Obligation 5.00%, due 8/1/48		2,205,000			2,687,630
Shasta Union High School District, Election 2016, Unlimited General Obligation
4.00%, due 8/1/44		1,135,000			1,283,560
5.25%, due 8/1/43		1,000,000			1,244,260
Simi Valley Unified School District, Unlimited General Obligation
Series B 4.00%, due 8/1/33		175,000			208,395
Series B 4.00%, due 8/1/38		370,000			431,923
Series B 4.00%, due 8/1/39		350,000			407,652
Series B 4.00%, due 8/1/40		1,455,000			1,686,330
Series B 5.00%, due 8/1/42		1,375,000			1,691,085
Series B 5.00%, due 8/1/44		1,200,000			1,468,704
Taft Elementary School District, Election 2012, Unlimited General Obligation Series B, Insured: AGM 6.00%, due 8/1/44		1,200,000			1,416,720
Temecula Valley Unified School District, Election 2012, Unlimited General Obligation Series C 5.25%, due 8/1/44		1,000,000			1,207,590
Turlock Unified School District, School Facilities Improvement District No. 1, Unlimited General Obligation
4.00%, due 8/1/33		480,000			556,973
4.00%, due 8/1/34		515,000			594,830
4.00%, due 8/1/35		545,000			626,739
Vacaville Unified School District, Unlimited General Obligation
Series C 4.00%, due 8/1/31		490,000			573,986
Series C 4.00%, due 8/1/32		555,000			648,673
Series C 4.00%, due 8/1/33		625,000			729,019
Series C 5.00%, due 8/1/39		500,000			602,945
Series C 5.00%, due 8/1/40		1,225,000			1,473,455
Series C 5.00%, due 8/1/41		1,350,000			1,620,486
Series C 5.00%, due 8/1/42		1,000,000			1,198,160
Westminster School District, Election 2008, Unlimited General Obligation Series B, Insured: BAM (zero coupon), due 8/1/48		5,000,000			864,000
					173,086,035
Tobacco Settlement 1.7%
California County Tobacco Securitization Agency, Asset-Backed, Revenue Bonds
Series B (zero coupon), due 6/1/46		10,000,000			2,043,300
Series A 5.00%, due 6/1/47		1,275,000			1,275,229
5.70%, due 6/1/46		1,000,000			1,013,670
California County Tobacco Securitization Agency, Revenue Bonds
5.125%, due 6/1/38		550,000			555,962
Series A 5.125%, due 6/1/38		1,290,000			1,303,983
5.25%, due 6/1/46		1,165,000			1,165,338
California Statewide Financing Authority, Turbo Pooled Program C, Revenue Bonds (zero coupon), due 6/1/55		20,000,000			1,190,600
Children's Trust Fund, Asset-Backed, Revenue Bonds Series A (zero coupon), due 5/15/50		1,500,000			216,420
Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed, Revenue Bonds 5.625%, due 6/1/47		1,025,000			1,025,031
Tobacco Securitization Authority of Northern California, Revenue Bonds
Series A-1 5.375%, due 6/1/38		820,000			828,979
Series A-1 5.50%, due 6/1/45		1,585,000			1,602,356
Tobacco Securitization Authority of Southern California, Revenue Bonds Series A, Class 1 5.00%, due 6/1/48		2,400,000			2,903,448
					15,124,316
Transportation 5.3%
Alameda Corridor Transportation Authority, Revenue Bonds Series A, Insured: AGM 5.00%, due 10/1/29		1,000,000			1,141,170
City of Long Beach Harbor, Revenue Bonds
Series A 5.00%, due 5/15/22 (a)		4,500,000			4,908,105
Series A 5.00%, due 5/15/36		1,000,000			1,310,110
Series A 5.00%, due 5/15/37		1,000,000			1,305,900
Series A 5.00%, due 5/15/38		2,000,000			2,597,940
Series A 5.00%, due 5/15/44		6,000,000			7,653,060
Foothill-Eastern Transportation Corridor Agency, Revenue Bonds Series C 6.50%, due 1/15/43		500,000			591,460
Peninsula Corridor Joint Powers Board, Revenue Bonds
Series A 5.00%, due 10/1/32		500,000			659,475
Series A 5.00%, due 10/1/33		500,000			656,205
Series A 5.00%, due 10/1/34		500,000			654,090
Series A 5.00%, due 10/1/35		350,000			455,809
Series A 5.00%, due 10/1/44		4,035,000			4,806,452
Port of Oakland, Revenue Bonds (a)
Series D 5.00%, due 11/1/28		2,250,000			2,846,767
Series D 5.00%, due 11/1/29		1,850,000			2,329,649
Puerto Rico Highway & Transportation Authority, Revenue Bonds
Series N, Insured: AMBAC (zero coupon), due 7/1/20		405,000			398,747
Series D, Insured: AGM 5.00%, due 7/1/32		1,205,000			1,233,330
Series G, Insured: AGC 5.00%, due 7/1/42		40,000			40,695
Series N, Insured: NATL-RE 5.25%, due 7/1/32		640,000			700,787
Insured: AMBAC 5.50%, due 7/1/26		460,000			512,688
San Francisco Municipal Transportation Agency, Revenue Bonds 5.00%, due 3/1/44		1,500,000			1,718,730
San Joaquin Hills Transportation Corridor Agency, Junior Lien, Revenue Bonds
Series B 5.25%, due 1/15/44		4,000,000			4,613,480
Series B 5.25%, due 1/15/49		500,000			574,250
San Joaquin Hills Transportation Corridor Agency, Revenue Bonds
Series A 5.00%, due 1/15/44		3,500,000			4,022,480
Senior Lien-Series A 5.00%, due 1/15/50		500,000			571,735
					46,303,114
Utilities 2.1%
California Infrastructure & Economic Development Bank, Independent System Operator Corp. Project, Revenue Bonds 5.00%, due 2/1/39		1,000,000			1,108,110
Guam Government, Waterworks Authority, Revenue Bonds
5.25%, due 7/1/33		1,100,000			1,214,356
5.50%, due 7/1/43		1,415,000			1,559,967
Imperial Irrigation District Electric, Revenue Bonds
Series C 5.00%, due 11/1/37		1,000,000			1,210,570
Series B-2 5.00%, due 11/1/41		5,475,000			6,635,316
Turlock Irrigation District, Revenue Bonds
5.00%, due 1/1/38		600,000			788,340
5.00%, due 1/1/39		500,000			655,025
5.00%, due 1/1/44		3,165,000			4,060,885
5.50%, due 1/1/41		1,000,000			1,042,720
					18,275,289
Water 7.3%
City of Clovis, California, Sewer Revenue Bonds Insured: AGM 5.25%, due 8/1/29		500,000			612,825
City of Oxnard Wastewater, Revenue Bonds
Insured: BAM 4.00%, due 6/1/32		1,920,000			2,236,301
Insured: BAM 4.00%, due 6/1/34		2,080,000			2,407,746
Insured: BAM 5.00%, due 6/1/30		1,340,000			1,729,994
City of Oxnard Water Revenue, Revenue Bonds Insured: BAM 5.00%, due 6/1/35		1,125,000			1,429,526
City of Santa Cruz CA, Water Revenue, Green Bond, Revenue Bonds 5.00%, due 3/1/49		2,000,000			2,564,320
Colton Utility Authority, Revenue Bonds Insured: AGM 4.00%, due 3/1/47		2,500,000			2,776,000
Commonwealth of Puerto Rico, Aqueduct & Sewer Authority, Revenue Bonds Series A 6.00%, due 7/1/44		1,000,000			1,031,250
Contra Costa Water District, Water Revenue, Revenue Bonds Series V 5.00%, due 10/1/44		6,775,000			8,712,379
Culver City Wastewater Facilities, Revenue Bonds Series A 4.00%, due 9/1/44		1,690,000			1,974,461
Eastern Municipal Water District, Water & Wastewater, Revenue Bonds Series A 5.00%, due 7/1/45		2,850,000			3,425,586
Guam Government, Waterworks Authority, Revenue Bonds 5.00%, due 1/1/46		5,290,000			6,042,714
Los Angeles County Sanitation Districts Financing Authority, Green Bonds, Revenue Bonds Series A 4.00%, due 10/1/33		1,000,000			1,146,830
Los Angeles Department of Water & Power, Revenue Bonds Series A 5.00%, due 7/1/35		1,500,000			1,878,120
Metropolitan Water District of Southern California, Revenue Bonds
5.00%, due 1/1/35		4,000,000			5,242,200
Series A 5.00%, due 10/1/39		3,290,000			4,340,859
Moulton-Niguel Water District, Revenue Bonds 5.00%, due 9/1/39		3,685,000			4,776,829
Oxnard Financing Authority, Waste Water, Revenue Bonds Insured: AGM 5.00%, due 6/1/34		1,000,000			1,159,360
Puerto Rico Commonwealth, Aqueduct & Sewer Authority, Revenue Bonds
Series A, Insured: AGC 5.00%, due 7/1/28		100,000			102,631
Series A 5.00%, due 7/1/33		355,000			379,406
Series A 5.50%, due 7/1/28		1,500,000			1,625,625
Rancho Water District Financing Authority, Revenue Bonds Series A 4.00%, due 8/1/37		2,750,000			3,364,515
Santa Margarita-Dana Point Authority, Water District Improvement, Revenue Bonds 4.00%, due 8/1/36		2,025,000			2,359,246
Silicon Valley Clean Water, Revenue Bonds 5.00%, due 8/1/45		500,000			586,555
Stockton Public Financing Authority, Delta Water Supply Project, Revenue Bonds Series A 6.25%, due 10/1/38		1,000,000			1,196,090
Watereuse Finance Authority, Revenue Bonds Series A 5.50%, due 5/1/36		500,000			591,450
West Sacramento CA, Financing Authority, Water Capital Projects, Revenue Bonds Insured: BAM 4.00%, due 10/1/39		300,000			341,739
					64,034,557
Total Long-Term Municipal Bonds (Cost $781,072,586)					836,011,367
Short-Term Municipal Notes 5.6%
General 0.6%
Manteca Redevelopment Agency, Sub Amended Merged Project, Tax Allocation 1.15%, due 10/1/42 (e)		5,080,000			5,080,000
General Obligation 0.6%
California State, Unlimited General Obligation Series B 1.13%, due 5/1/40 (e)		5,000,000			5,000,000
Higher Education 0.1%
University of California, Revenue Bonds Series AL-3 1.14%, due 5/15/48 (e)		1,300,000			1,300,000
Medical 2.2%
California Public Finance Authority, Sharp HealthCare, Revenue Bonds (e)
Series B 1.08%, due 8/1/52		3,750,000			3,750,000
Series C 1.08%, due 8/1/52		10,900,000			10,900,000
Regents of the University of California Medical Center Pooled Revenue, Revenue Bonds Series B-2 1.05%, due 5/15/32 (e)		4,540,000			4,540,000
					19,190,000
Power 0.9%
Los Angeles Department of Water & Power, Revenue Bonds (e)
Subseries A-6 1.16%, due 7/1/35		5,900,000			5,900,000
Subseries A-7 1.16%, due 7/1/35		175,000			175,000
Southern California State Public Power Authority, Magnolia Power Project, Revenue Bonds Series A-1 1.09%, due 7/1/36 (e)		2,000,000			2,000,000
					8,075,000
School District 0.8%
Tender Option Bond Trust Receipts, Revenue Bonds (c)(e)
Series 2019-ZF2843 1.09%, due 5/1/45 (a)		2,710,000			2,710,000
Series 2018-XF0704 1.29%, due 8/1/47		4,000,000			4,000,000
					6,710,000
Water 0.4%
Eastern Municipal Water District, Water & Wastewater, Revenue Bonds Series A 1.16%, due 7/1/46 (e)		100,000			100,000
Metropolitan Water District of Southern California, Revenue Bonds (e)
Series A-2 1.14%, due 7/1/37		2,300,000			2,300,000
Series A 1.16%, due 7/1/47		800,000			800,000
					3,200,000
Total Short-Term Municipal Notes (Cost $48,555,000)					48,555,000
Total Investments (Cost $829,627,586)		101.2	%		884,566,367
Other Assets, Less Liabilities		(1.2	)		(10,284,856	)
Net Assets		100.0	%	$	874,281,511

†	Percentages indicated are based on Fund net assets.
(a)	Interest on these securities was subject to alternative minimum tax.
(b)	Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at period end.
(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, 2020.
(e)	Variable-rate demand notes (VRDNs) - Provide the right to sell the security at face value on either that day or within the rate-reset period. VRDNs will normally trade as if the maturity is the earlier put date, even though stated maturity is longer. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. The maturity date shown is the final maturity.

Futures Contracts

As of January 31, 2020, the Portfolio held the following futures contracts¹:

Type	Number of Contracts	Expiration Date	Value at Trade Date			Current Notional Amount			Unrealized Appreciation (Depreciation)2
Short Contracts
10-Year United States Treasury Note	(440)	March 2020	$	(56,955,329	)	$	(57,928,750	)	$	(973,421	)
United States Treasury Long Bond	(100)	March 2020		(15,891,953	)		(16,353,125	)		(461,172	)
Net Unrealized Depreciation									$	(1,434,593	)

1. As of January 31, 2020, cash in the amount of $786,000 was on deposit with a broker or futures commission merchant for futures transactions.

2. Represents the difference between the value of the contracts at the time they were opened and the value as of January 31, 2020.

The following abbreviations are used in the preceding pages:

AGC	—Assured Guaranty Corp.
AGM	—Assured Guaranty Municipal Corp.
AMBAC	—Ambac Assurance Corp.
BAM	—Build America Mutual Assurance Co.
MAC	—Municipal Assurance 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, 2020, for valuing the Fund's assets and liabilities:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Municipal Bonds
Long-Term Municipal Bonds	$	—		$	836,011,367	$	—	$	836,011,367
Short-Term Municipal Notes		—			48,555,000		—		48,555,000
Total Investments in Securities	$	—		$	884,566,367	$	—	$	884,566,367
Liability Valuation Inputs
Other Financial Instruments
Futures Contracts (b)	$	(1,434,593	)	$	—	$	—	$	(1,434,593	)

(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.

MainStay MacKay Emerging Markets Equity Fund

Portfolio of Investments January 31, 2020 (Unaudited)  

	Shares			Value
Common Stocks 93.1% †
Brazil 8.4%
Banco Bradesco S.A. (Banks)		6,500		$	47,582
Banco BTG Pactual S.A. (Capital Markets)		25,600			448,326
Banco do Brasil S.A. (Banks)		10,500			119,009
Banco Santander Brasil S.A. (Banks)		3,500			34,382
BB Seguridade Participacoes S.A. (Insurance)		47,800			388,195
Cosan S.A. (Oil, Gas & Consumable Fuels)		3,400			63,275
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes (Household Durables)		22,300			165,586
IRB Brasil Resseguros S.A. (Insurance)		46,700			488,853
JBS S.A. (Food Products)		55,200			355,489
JSL S.A. (Road & Rail)		22,500			163,289
Marfrig Global Foods S.A. (Food Products) (a)		61,800			158,302
Minerva S.A. (Food Products) (a)		50,500			140,677
MRV Engenharia e Participacoes S.A. (Household Durables)		8,700			42,397
Notre Dame Intermedica Participacoes S.A. (Health Care Providers & Services)		25,100			411,496
Petrobras Distribuidora S.A. (Specialty Retail)		61,100			410,891
Qualicorp Consultoria e Corretora de Seguros S.A. (Health Care Providers & Services)		17,900			173,290
Ser Educacional S.A. (Diversified Consumer Services) (b)		23,700			169,175
Trisul S.A. (Household Durables)		35,800			136,258
Vale S.A. (Metals & Mining)		21,636			253,968
Wiz Solucoes e Corretagem de Seguros S.A. (Insurance)		43,300			157,929
					4,328,369
Canada 0.1%
Suven Pharmaceuticals, Ltd. (Pharmaceuticals) (a)(c)(d)		17,874			70,424
China 30.2%
Agricultural Bank of China, Ltd., Class H (Banks)		419,000			162,926
Alibaba Group Holding, Ltd., Sponsored ADR (Internet & Direct Marketing Retail) (a)		14,196			2,932,752
Anhui Conch Cement Co., Ltd., Class H (Construction Materials)		25,500			164,493
BAIC Motor Corp., Ltd., Class H (Automobiles) (b)		611,500			304,703
Baidu, Inc., Sponsored ADR (Interactive Media & Services) (a)		523			64,622
Bank of China, Ltd., Class H (Banks)		1,391,000			542,674
BYD Electronic International Co., Ltd. (Communications Equipment)		79,000			155,018
Changyou.com, Ltd., ADR (Entertainment) (e)		7,900			84,293
China Aoyuan Group, Ltd. (Real Estate Management & Development)		242,000			327,793
China CITIC Bank Corp., Ltd., Class H (Banks)		565,000			296,809
China Construction Bank Corp., Class H (Banks)		892,000			683,362
China Everbright Bank Co., Ltd., Class H (Banks)		138,000			55,615
China Everbright, Ltd. (Capital Markets)		50,000			77,383
China Evergrande Group (Real Estate Management & Development) (e)		164,000			366,575
China Galaxy Securities Co., Ltd., Class H (Capital Markets)		112,000			56,241
China Lesso Group Holdings, Ltd. (Building Products)		292,000			378,977
China Life Insurance Co., Ltd., Class H (Insurance)		88,000			213,468
China Medical System Holdings, Ltd. (Pharmaceuticals)		136,000			182,814
China Minsheng Banking Corp., Ltd., Class H (Banks)		372,000			261,520
China Mobile, Ltd. (Wireless Telecommunication Services)		19,500			161,190
China National Building Material Co., Ltd., Class H (Construction Materials)		356,000			344,238
China Overseas Grand Oceans Group, Ltd. (Real Estate Management & Development)		42,000			27,904
China Shineway Pharmaceutical Group, Ltd. (Pharmaceuticals)		6,000			5,222
China Traditional Chinese Medicine Holdings Co., Ltd. (Pharmaceuticals)		172,000			80,169
China Vanke Co., Ltd., Class H (Real Estate Management & Development)		35,600			126,511
China Zhongwang Holdings, Ltd. (Metals & Mining)		208,000			69,631
Chlitina Holding, Ltd. (Personal Products)		21,000			141,812
CITIC, Ltd. (Industrial Conglomerates)		149,000			169,017
CNOOC, Ltd. (Oil, Gas & Consumable Fuels)		360,000			549,739
CSC Financial Co., Ltd., Class H (Capital Markets) (b)		31,500			24,943
Great Wall Motor Co., Ltd., Class H (Automobiles) (e)		470,000			314,681
Haitong Securities Co., Ltd., Class H (Capital Markets)		142,800			139,921
Industrial & Commercial Bank of China, Ltd., Class H (Banks)		548,000			368,316
Jumei International Holding, Ltd., ADR (Internet & Direct Marketing Retail) (a)(e)		1,100			18,150
LexinFintech Holdings, Ltd., ADR (Consumer Finance) (a)(e)		3,600			47,880
Luye Pharma Group, Ltd. (Pharmaceuticals) (b)(e)		256,500			166,451
Metallurgical Corp. of China, Ltd., Class H (Construction & Engineering)		137,000			26,812
Momo, Inc., Sponsored ADR (Interactive Media & Services)		8,500			260,100
PICC Property & Casualty Co., Ltd., Class H (Insurance)		248,000			267,906
Ping An Insurance Group Co. of China, Ltd., Class H (Insurance)		58,000			662,400
Qudian, Inc., Sponsored ADR (Consumer Finance) (a)(e)		3,500			10,080
Sihuan Pharmaceutical Holdings Group, Ltd. (Pharmaceuticals)		1,059,000			121,354
Sinopec Engineering Group Co., Ltd., Class H (Construction & Engineering)		259,500			141,000
Sinotruk Hong Kong, Ltd. (Machinery)		194,000			337,213
Sunac China Holdings, Ltd. (Real Estate Management & Development)		33,000			161,461
Tencent Holdings, Ltd. (Interactive Media & Services)		45,900			2,204,401
Uni-President China Holdings, Ltd. (Food Products)		16,000			16,398
Vipshop Holdings, Ltd., ADR (Internet & Direct Marketing Retail) (a)		20,100			255,873
Weichai Power Co., Ltd., Class H (Machinery)		190,000			337,599
Xinyi Solar Holdings, Ltd. (Semiconductors & Semiconductor Equipment)		48,000			33,992
YiChang HEC ChangJiang Pharmaceutical Co., Ltd., Class H (Pharmaceuticals) (b)		29,800			172,662
Yuexiu Property Co., Ltd. (Real Estate Management & Development)		618,000			124,927
Zoomlion Heavy Industry Science & Technology Co., Ltd., Class H (Machinery)		441,600			328,076
					15,530,067
Colombia 0.5%
Corp. Financiera Colombiana S.A. (Diversified Financial Services) (a)		3,285			31,217
Interconexion Electrica S.A. E.S.P. (Electric Utilities)		38,027			209,037
					240,254
Egypt 0.1%
Telecom Egypt Co. (Diversified Telecommunication Services)		86,575			67,616
Greece 0.4%
FF Group (Textiles, Apparel & Luxury Goods) (a)(c)(d)(f)		10,300			27,416
Hellenic Telecommunications Organization S.A. (Diversified Telecommunication Services)		9,682			144,960
Motor Oil Hellas Corinth Refineries S.A. (Oil, Gas & Consumable Fuels)		1,699			36,178
					208,554
Hong Kong 0.6%
China Resources Cement Holdings, Ltd. (Construction Materials)		80,000			90,542
Kingboard Laminates Holdings, Ltd. (Electronic Equipment, Instruments & Components)		215,000			223,122
					313,664
Hungary 0.5%
OTP Bank Nyrt. (Banks)		4,876			226,327
India 8.0%
Alkem Laboratories, Ltd. (Pharmaceuticals)		1,772			59,325
Asian Paints, Ltd. (Chemicals)		2,553			64,292
Avanti Feeds, Ltd. (Food Products)		12,181			113,347
Axis Bank, Ltd. (Banks)		5,211			53,383
Bajaj Finserv, Ltd. (Insurance)		479			63,536
Bandhan Bank, Ltd. (Banks) (b)		3,715			23,449
BEML, Ltd. (Machinery)		1,818			24,879
Bharti Airtel, Ltd. (Wireless Telecommunication Services) (a)		4,719			32,844
Birla Corp., Ltd. (Construction Materials)		2,602			28,934
Coal India, Ltd. (Oil, Gas & Consumable Fuels)		49,464			127,234
Deepak Nitrite, Ltd. (Chemicals)		13,474			73,141
Dr. Lal PathLabs, Ltd. (Health Care Providers & Services) (b)		5,343			132,898
Granules India, Ltd. (Pharmaceuticals)		59,030			120,943
HCL Technologies, Ltd. (IT Services)		10,406			86,273
HDFC Asset Management Co., Ltd. (Capital Markets) (b)		3,520			156,620
Hindustan Petroleum Corp., Ltd. (Oil, Gas & Consumable Fuels)		44,922			146,398
Hindustan Unilever, Ltd. (Household Products)		884			25,259
Housing Development Finance Corp., Ltd. (Thrifts & Mortgage Finance)		11,259			381,267
ICICI Bank, Ltd. (Banks)		42,426			312,617
Indian Oil Corp., Ltd. (Oil, Gas & Consumable Fuels)		22,348			35,531
Infosys, Ltd. (IT Services)		32,588			355,165
ITC, Ltd. (Tobacco)		62,890			207,290
KEI Industries, Ltd. (Electrical Equipment)		8,505			67,425
Nestle India, Ltd. (Food Products)		885			190,547
NMDC, Ltd. (Metals & Mining)		70,202			114,810
Petronet LNG, Ltd. (Oil, Gas & Consumable Fuels)		23,381			87,289
Power Grid Corp. of India, Ltd. (Electric Utilities)		18,475			48,493
REC, Ltd. (Diversified Financial Services)		73,690			148,191
Reliance Industries, Ltd. (Oil, Gas & Consumable Fuels)		20,249			400,113
SBI Life Insurance Co., Ltd. (Insurance) (b)		3,354			46,700
State Bank of India (Banks) (a)		17,135			76,385
Suven Life Sciences, Ltd. (Pharmaceuticals)		17,874			5,849
Tata Consultancy Services, Ltd. (IT Services)		3,894			113,637
Vedanta, Ltd. (Metals & Mining)		17,809			34,366
Whirlpool of India, Ltd. (Household Durables)		3,767			130,181
					4,088,611
Indonesia 0.5%
PT Adaro Energy Tbk (Oil, Gas & Consumable Fuels)		1,296,800			116,337
PT Indah Kiat Pulp & Paper Corp. Tbk (Paper & Forest Products)		272,100			134,505
					250,842
Malaysia 2.7%
AMMB Holdings BHD (Banks)		310,300			280,164
CIMB Group Holdings BHD (Banks)		68,700			82,648
Genting Malaysia BHD (Hotels, Restaurants & Leisure)		151,000			111,279
Kuala Lumpur Kepong BHD (Food Products)		19,900			110,717
Malayan Banking BHD (Banks)		139,400			286,760
Malaysia Airports Holdings BHD (Transportation Infrastructure)		32,900			54,111
MISC BHD (Marine)		115,000			215,800
Telekom Malaysia BHD (Diversified Telecommunication Services)		267,900			252,341
					1,393,820
Mexico 1.8%
Aleatica, S.A.B. de C.V. (Transportation Infrastructure) (e)		20,600			31,823
Concentradora Fibra Danhos S.A. de C.V. (Equity Real Estate Investment Trusts)		18,000			27,721
Credito Real S.A.B. de C.V. (Consumer Finance)		21,000			26,562
Fibra Uno Administracion S.A. de C.V. (Equity Real Estate Investment Trusts)		274,200			450,579
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B (Transportation Infrastructure)		19,400			240,217
Macquarie Mexico Real Estate Management S.A. de C.V. (Equity Real Estate Investment Trusts) (b)		17,700			24,121
PLA Administradora Industrial, S. de R.L. de C.V. (Equity Real Estate Investment Trusts)		14,300			23,347
Qualitas Controladora S.A.B. de C.V. (Insurance)		23,400			105,498
					929,868
Philippines 1.8%
Bank of The Philippine Islands (Banks)		30,670			49,779
BDO Unibank, Inc. (Banks)		84,440			245,861
Cebu Air, Inc. (Airlines)		20,280			29,924
First Gen Corp. (Independent Power & Renewable Electricity Producers)		120,700			48,204
Globe Telecom, Inc. (Wireless Telecommunication Services)		8,530			317,169
PLDT, Inc. (Wireless Telecommunication Services)		4,390			86,021
Security Bank Corp. (Banks)		23,410			81,518
Universal Robina Corp. (Food Products)		20,310			57,937
					916,413
Poland 0.7%
Asseco Poland S.A. (Software)		7,362			121,606
Enea S.A. (Electric Utilities) (a)		30,949			57,272
PLAY Communications S.A. (Wireless Telecommunication Services) (b)		18,677			171,704
					350,582
Republic of Korea 11.4%
BNK Financial Group, Inc. (Banks)		18,267			103,455
Celltrion, Inc. (Biotechnology) (a)		686			94,970
Chongkundang Holdings Corp. (Pharmaceuticals) (a)		1,296			122,331
Daelim Industrial Co., Ltd. (Construction & Engineering) (a)		4,883			331,856
Dongwon Industries Co., Ltd. (Food Products) (a)		160			27,118
Doosan Bobcat, Inc. (Machinery)		3,710			95,874
Hana Financial Group, Inc. (Banks)		15,506			431,933
HDC Hyundai Development Co.-Engineering & Construction, Class E (Construction & Engineering) (a)		1,423			24,953
Hyundai Heavy Industries Holdings Co., Ltd. (Machinery) (a)		831			190,694
Hyundai Mobis Co., Ltd. (Auto Components)		2,228			429,019
Hyundai Motor Co. (Automobiles)		779			81,701
Industrial Bank of Korea (Banks) (a)		18,500			166,862
KB Financial Group, Inc. (Banks) (a)		4,312			159,007
Kia Motors Corp. (Automobiles)		11,545			396,183
Mcnex Co., Ltd. (Electronic Equipment, Instruments & Components)		2,502			74,209
POSCO (Metals & Mining)		1,180			218,803
Samsung Biologics Co., Ltd. (Life Sciences Tools & Services) (a)(b)		88			35,773
Samsung Electronics Co., Ltd. (Technology Hardware, Storage & Peripherals)		43,232			2,045,798
Shinhan Financial Group Co., Ltd. (Banks) (a)		4,923			161,711
SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)		8,235			646,031
					5,838,281
Romania 0.2%
NEPI Rockcastle PLC (Real Estate)		12,414			102,151
Russia 5.1%
Gazprom PAO, Sponsored ADR (Oil, Gas & Consumable Fuels)		102,907			719,320
LUKOIL PJSC, Sponsored ADR (Oil, Gas & Consumable Fuels)		2,319			236,839
Magnitogorsk Iron & Steel Works PJSC, Registered, Sponsored GDR (Metals & Mining)		3,129			28,724
MMC Norilsk Nickel PJSC, ADR (Metals & Mining)		19,098			616,102
Rosneft Oil Co. PJSC, GDR (Oil, Gas & Consumable Fuels)		14,447			108,266
Sberbank of Russia PJSC, Sponsored ADR (Banks)		30,698			491,168
Surgutneftegas PJSC, Sponsored ADR (Oil, Gas & Consumable Fuels)		60,934			433,241
					2,633,660
South Africa 4.2%
Absa Group, Ltd. (Banks)		6,907			63,251
Anglo American Platinum, Ltd. (Metals & Mining)		1,381			110,371
Assore, Ltd. (Metals & Mining)		61			997
Astral Foods, Ltd. (Food Products)		6,158			81,695
DataTec, Ltd. (Electronic Equipment, Instruments & Components)		36,637			81,776
Exxaro Resources, Ltd. (Oil, Gas & Consumable Fuels)		2,244			18,207
Impala Platinum Holdings, Ltd. (Metals & Mining) (a)		29,915			282,038
Liberty Holdings, Ltd. (Insurance)		21,275			149,691
MTN Group, Ltd. (Wireless Telecommunication Services)		29,852			160,692
Naspers, Ltd., Class N (Internet & Direct Marketing Retail)		3,987			653,689
Old Mutual, Ltd. (Insurance)		142,715			164,505
Sibanye Gold, Ltd. (Metals & Mining) (a)(e)		98,173			255,629
Standard Bank Group, Ltd. (Banks)		9,923			104,119
Wilson Bayly Holmes-Ovcon, Ltd. (Construction & Engineering)		2,637			22,802
					2,149,462
Taiwan 11.8%
Asia Cement Corp. (Construction Materials)		77,000			115,083
Asustek Computer, Inc. (Technology Hardware, Storage & Peripherals)		4,000			29,660
Center Laboratories, Inc. (Pharmaceuticals)		39,845			69,246
CTBC Financial Holding Co., Ltd. (Banks)		534,927			390,451
Hon Hai Precision Industry Co., Ltd. (Electronic Equipment, Instruments & Components)		105,774			291,317
Novatek Microelectronics Corp. (Semiconductors & Semiconductor Equipment)		19,000			137,112
Pou Chen Corp. (Textiles, Apparel & Luxury Goods)		54,000			62,743
Powertech Technology, Inc. (Semiconductors & Semiconductor Equipment)		33,000			117,978
Realtek Semiconductor Corp. (Semiconductors & Semiconductor Equipment)		35,000			286,752
Ruentex Industries, Ltd. (Textiles, Apparel & Luxury Goods) (a)		63,200			142,472
Taishin Financial Holding Co., Ltd. (Banks)		148,000			69,324
Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & Semiconductor Equipment)		261,000			2,764,739
United Microelectronics Corp. (Semiconductors & Semiconductor Equipment)		668,000			329,478
Walsin Technology Corp. (Electronic Equipment, Instruments & Components)		44,000			306,597
Wei Chuan Foods Corp. (Food Products)		139,000			100,998
Yageo Corp. (Electronic Equipment, Instruments & Components)		15,000			191,913
Yuanta Financial Holding Co., Ltd. (Diversified Financial Services)		487,000			317,584
Zhen Ding Technology Holding, Ltd. (Electronic Equipment, Instruments & Components)		81,000			320,418
					6,043,865
Thailand 3.4%
Advanced Info Service PCL, NVDR (Wireless Telecommunication Services)		46,300			303,022
Charoen Pokphand Foods PCL, NVDR (Food Products)		361,900			348,316
Gulf Energy Development PCL, NVDR (Independent Power & Renewable Electricity Producers)		24,400			150,690
JMT Network Services PCL, NVDR (Commercial Services & Supplies)		190,000			133,494
Krung Thai Bank PCL, NVDR (Banks)		371,600			191,940
PTG Energy PCL, NVDR (Specialty Retail)		273,400			121,920
PTT Exploration & Production PCL, NVDR (Oil, Gas & Consumable Fuels)		80,300			320,736
PTT PCL, NVDR (Oil, Gas & Consumable Fuels)		141,500			196,338
					1,766,456
Turkey 0.7%
Coca-Cola Icecek A/S (Beverages)		5,885			45,528
Enerjisa Enerji A/S (Electric Utilities) (b)		128,834			174,585
Pegasus Hava Tasimaciligi A/S (Airlines) (a)		12,295			140,931
Tekfen Holding A.S. (Construction & Engineering)		3,322			10,685
					371,729
Total Common Stocks (Cost $45,136,219)					47,821,015
Exchange-Traded Funds 1.9%
United States 1.9%
Xtrackers Harvest CSI 300 China A-Shares ETF (Capital Markets) (e)		19,700			520,474
iShares MSCI Saudi Arabia ETF (Capital Markets)		15,800			471,946
Total Exchange-Traded Funds (Cost $1,027,538)					992,420
Preferred Stocks 4.4%
Brazil 1.7%
Banco Bradesco S.A. 5.90% (Banks)		35,040			269,104
Itau Unibanco Holding S.A. 5.12% (Banks)		47,256			362,149
Petroleo Brasileiro S.A. 3.24% (Oil, Gas & Consumable Fuels)		21,100			140,171
Telefonica Brasil S.A. 4.74% (Diversified Telecommunication Services)		6,800			94,301
					865,725
Colombia 0.1%
Grupo Aval Acciones y Valores S.A. 4.03% (Banks)		105,987			44,936
Republic of Korea 2.6%
Amorepacific Corp. 1.21% (Personal Products) (a)		306			21,464
Hyundai Motor Co. 4.82% (Automobiles)		4,002			269,632
Hyundai Motor Co. 5.33% (Automobiles)		4,523			277,789
LG Household & Health Care, Ltd. 1.33% (Personal Products)		99			63,295
Samsung Electronics Co., Ltd. 2.78% (Technology Hardware, Storage & Peripherals)		17,352			691,547
					1,323,727
Total Preferred Stocks (Cost $2,218,538)					2,234,388
		Number of Rights
Rights 0.0%‡
United States 0.0% ‡
HDC Hyundai Development Co.-Engineering & Construction, (Construction & Engineering) (a)(c)(d)		711			1,784
Total Rights (Cost $0)					1,784
Short-Term Investment 1.0%
Unaffiliated Investment Company 1.0%
United States 1.0%
State Street Navigator Securities Lending Government Money Market Portfolio,1.62%, (g)(h)		534,130			534,130
Total Short-Term Investment (Cost $534,130)					534,130
Total Investments (Cost $48,916,425)		100.4	%		51,583,737
Other Assets, Less Liabilities		(0.4	)		(190,149	)
Net Assets		100.0	%	$	51,393,588

†	Percentages indicated are based on Fund net assets.
‡	Less than one-tenth of a percent.
(a)	Non-income producing security.
(b)	May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.
(c)	Fair valued security - Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of January 31, 2020, the total market value of fair valued securities was $99,624, which represented 0.2% of the Fund's net assets.
(d)	Illiquid security - As of January 31, 2020, the total market value of these securities deemed illiquid under procedures approved by the Board of Trustees was $99,624, which represented 0.2% of the Fund's net assets.
(e)	All or a portion of this security was held on loan. As of January 31, 2020, the aggregate market value of securities on loan was $1,571,382; the total market value of collateral held by the Fund was $1,658,916. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $1,124,786.
(f)	Security in which significant unobservable inputs (Level 3) were used in determining fair value.
(g)	Current yield as of January 31, 2020.
(h)	Represents a security purchased with cash collateral received for securities on loan.

The following abbreviations are used in the preceding pages:

ADR	—American Depositary Receipt
ETF	—Exchange-Traded Fund
GDR	—Global Depositary Receipt
NVDR	—Non-Voting Depositary Receipt
PCL	—Provision for Credit Losses

The following is a summary of the fair valuations according to the inputs used as of January 31, 2020, for valuing the Fund's assets:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Common Stocks	$	47,723,175	$	70,424	$	27,416	$	47,821,015
Exchange-Traded Funds		992,420		—		—		992,420
Preferred Stocks		2,234,388		—		—		2,234,388
Rights		—		1,784		—		1,784
Short-Term Investment
Unaffiliated Investment Company		534,130		—		—		534,130
Total Short-Term Investments		534,130						534,130
Total Investments in Securities	$	51,484,113	$	72,208	$	27,416	$	51,583,737

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

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, 2019		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, 2020		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at January 31, 2020
Common Stocks	$	27,570	$	-	$	-	$	(154	)	$	-	$	-	$	-	$	-	$	27,416	$	(154	)
Total	$	27,570	$	-	$	-	$	(154	)	$	-	$	-	$	-	$	-	$	27,416	$	(154	)

MainStay MacKay Growth Fund

Portfolio of Investments January 31, 2020 (Unaudited)

	Shares			Value
Common Stocks 98.6% †
Aerospace & Defense 4.0%
Boeing Co.	12,146		$	3,865,707
Huntington Ingalls Industries, Inc.	8,807			2,298,627
Lockheed Martin Corp.	21,305			9,121,096
Northrop Grumman Corp.	18,438			6,906,322
Raytheon Co.	26,516			5,858,445
Spirit AeroSystems Holdings, Inc., Class A	34,849			2,276,337
				30,326,534
Beverages 0.9%
Coca-Cola Co.	51,941			3,033,354
PepsiCo., Inc.	26,993			3,833,546
				6,866,900
Biotechnology 5.0%
AbbVie, Inc.	120,204			9,738,928
Alkermes PLC (a)	116,903			2,035,281
Amgen, Inc.	44,819			9,683,145
Biogen, Inc. (a)	17,682			4,753,806
Gilead Sciences, Inc.	73,357			4,636,163
Incyte Corp. (a)	62,834			4,591,280
United Therapeutics Corp. (a)	22,288			2,176,869
				37,615,472
Capital Markets 1.0%
Evercore, Inc., Class A	11,624			890,631
LPL Financial Holdings, Inc.	47,893			4,412,382
S&P Global, Inc.	7,600			2,232,348
				7,535,361
Chemicals 0.8%
Sherwin-Williams Co.	10,991			6,121,877
Commercial Services & Supplies 0.3%
Clean Harbors, Inc. (a)	24,248			1,993,671
Communications Equipment 0.7%
Cisco Systems, Inc.	117,493			5,401,153
Distributors 0.5%
LKQ Corp. (a)	126,122			4,122,298
Electronic Equipment, Instruments & Components 1.7%
Avnet, Inc.	104,627			3,817,839
CDW Corp.	37,474			4,888,483
Jabil, Inc.	101,914			3,963,436
				12,669,758
Entertainment 1.0%
Lions Gate Entertainment Corp., Class B (a)	8,415			78,512
Netflix, Inc. (a)	8,192			2,826,977
Roku, Inc. (a)	4,152			502,184
Take-Two Interactive Software, Inc. (a)	35,440			4,417,242
				7,824,915
Equity Real Estate Investment Trusts 2.0%
American Tower Corp.	38,473			8,915,733
Colony Capital, Inc.	691,914			3,231,238
Outfront Media, Inc.	86,462			2,571,380
				14,718,351
Food & Staples Retailing 2.4%
Costco Wholesale Corp.	34,337			10,490,640
Sprouts Farmers Market, Inc. (a)	78,733			1,230,597
Sysco Corp.	73,009			5,996,959
				17,718,196
Food Products 1.1%
Bunge, Ltd.	75,556			3,961,401
Pilgrim's Pride Corp. (a)	151,795			3,954,260
				7,915,661
Health Care Equipment & Supplies 1.0%
Align Technology, Inc. (a)	19,235			4,945,319
Hill-Rom Holdings, Inc.	10,907			1,161,486
ResMed, Inc.	6,824			1,084,811
				7,191,616
Health Care Providers & Services 5.4%
AmerisourceBergen Corp.	53,830			4,605,695
Anthem, Inc.	17,849			4,734,983
Cigna Corp.	25,568			4,918,772
HCA Healthcare, Inc.	10,287			1,427,836
Humana, Inc.	14,472			4,866,065
McKesson Corp.	28,271			4,031,727
UnitedHealth Group, Inc.	59,640			16,248,918
				40,833,996
Hotels, Restaurants & Leisure 2.3%
MGM Resorts International	136,105			4,227,421
Norwegian Cruise Line Holdings, Ltd. (a)	77,600			4,178,760
Starbucks Corp.	103,166			8,751,572
				17,157,753
Household Durables 0.6%
NVR, Inc. (a)	1,186			4,526,926
Insurance 1.2%
Aon PLC	30,347			6,683,927
Athene Holding, Ltd., Class A (a)	53,884			2,347,187
				9,031,114
Interactive Media & Services 8.8%
Alphabet, Inc. (a)
Class A	11,431			16,378,108
Class C	14,311			20,525,266
Facebook, Inc., Class A (a)	133,156			26,885,528
TripAdvisor, Inc.	76,616			2,093,149
				65,882,051
Internet & Direct Marketing Retail 6.4%
Amazon.com, Inc. (a)	17,604			35,361,507
Booking Holdings, Inc. (a)	4,160			7,615,088
eBay, Inc.	151,456			5,082,863
				48,059,458
IT Services 9.0%
Accenture PLC, Class A	50,195			10,300,516
Akamai Technologies, Inc. (a)	15			1,400
Booz Allen Hamilton Holding Corp.	59,432			4,638,073
DXC Technology Co.	61,134			1,948,952
Euronet Worldwide, Inc. (a)	27,740			4,372,934
Fidelity National Information Services, Inc.	3,778			542,747
Genpact, Ltd.	19,839			878,273
GoDaddy, Inc., Class A (a)	67,209			4,517,117
Mastercard, Inc., Class A	55,286			17,467,059
PayPal Holdings, Inc. (a)	56,078			6,386,723
Visa, Inc., Class A	81,778			16,271,369
				67,325,163
Life Sciences Tools & Services 2.3%
Avantor, Inc. (a)	235,196			4,344,070
Bruker Corp.	76,957			3,807,063
Charles River Laboratories International, Inc. (a)	28,812			4,453,759
PRA Health Sciences, Inc. (a)	43,180			4,374,566
Thermo Fisher Scientific, Inc.	498			155,968
				17,135,426
Media 0.9%
Charter Communications, Inc., Class A (a)	12,631			6,536,037
Comcast Corp., Class A	6,717			290,107
				6,826,144
Multiline Retail 0.6%
Target Corp.	37,284			4,128,830
Personal Products 0.2%
Nu Skin Enterprises, Inc., Class A	47,067			1,533,914
Pharmaceuticals 1.8%
Bristol-Myers Squibb Co.	96,568			6,078,955
Eli Lilly & Co.	10,794			1,507,274
Merck & Co., Inc.	67,088			5,731,999
				13,318,228
Professional Services 0.4%
Robert Half International, Inc.	35,439			2,061,487
TransUnion	9,697			889,215
				2,950,702
Road & Rail 1.3%
Union Pacific Corp.	56,264			10,094,887
Semiconductors & Semiconductor Equipment 6.6%
Advanced Micro Devices, Inc. (a)	8,072			379,384
Applied Materials, Inc.	64,697			3,751,779
Broadcom, Inc.	31,491			9,609,794
KLA Corp.	31,215			5,173,574
Lam Research Corp.	19,805			5,906,049
NVIDIA Corp.	44,598			10,544,305
Qorvo, Inc. (a)	29,932			3,168,602
QUALCOMM, Inc.	101,088			8,623,817
Skyworks Solutions, Inc.	4,119			466,065
Texas Instruments, Inc.	12,330			1,487,614
				49,110,983
Software 16.0%
Adobe, Inc. (a)	34,955			12,274,099
Atlassian Corp. PLC, Class A (a)	5,617			825,699
Cadence Design Systems, Inc. (a)	69,247			4,993,401
CDK Global, Inc.	52,325			2,808,806
Dropbox, Inc., Class A (a)	252,537			4,298,180
Fair Isaac Corp. (a)	3,118			1,254,621
Fortinet, Inc. (a)	42,159			4,863,462
Microsoft Corp.	335,975			57,193,024
Oracle Corp.	147,377			7,729,924
Palo Alto Networks, Inc. (a)	21,892			5,139,804
salesforce.com, Inc. (a)	39,618			7,222,758
SS&C Technologies Holdings, Inc.	42,944			2,705,901
Synopsys, Inc. (a)	31,303			4,617,505
Teradata Corp. (a)	165,346			4,024,522
				119,951,706
Specialty Retail 2.5%
AutoNation, Inc. (a)	27,082			1,149,360
AutoZone, Inc. (a)	4,883			5,166,019
Best Buy Co., Inc.	48,949			4,145,491
Home Depot, Inc.	12,209			2,784,873
Lowe's Cos., Inc.	2,605			302,805
O'Reilly Automotive, Inc. (a)	13,252			5,381,637
				18,930,185
Technology Hardware, Storage & Peripherals 8.4%
Apple, Inc.	199,141			61,636,131
Dell Technologies, Inc., Class C (a)	20,492			999,395
HP, Inc.	7,032			149,922
				62,785,448
Textiles, Apparel & Luxury Goods 1.5%
NIKE, Inc., Class B	87,934			8,468,044
Skechers U.S.A., Inc., Class A (a)	79,936			2,988,807
				11,456,851
Total Common Stocks (Cost $521,823,863)				739,061,528
Exchange-Traded Fund 1.4%
Banks 1.4%
iShares Russell 1000 Growth ETF	58,390			10,504,361
Total Exchange-Traded Fund (Cost $9,714,716)				10,504,361
Total Investments (Cost $531,538,579)	100.0	%		749,565,889
Other Assets, Less Liabilities	(0.0	)‡		(267,841	)
Net Assets	100.0	%	$	749,298,048

†	Percentages indicated are based on Fund net assets.
‡	Less than one-tenth of a percent.
(a)	Non-income producing security.

The following abbreviation is used in the preceding pages:

ETF —Exchange-Traded Fund

The following is a summary of the fair valuations according to the inputs used as of January 31, 2020, for valuing the Fund's assets:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Common Stocks	$	739,061,528	$	—	$	—	$	739,061,528
Exchange-Traded Fund		10,504,361		—		—		10,504,361
Total Investments in Securities	$	749,565,889	$	—	$	—	$	749,565,889

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

MainStay MacKay High Yield Municipal Bond Fund

Portfolio of Investments January 31, 2020 (Unaudited)  

		Principal Amount			Value
Municipal Bonds 99.6% †
Long-Term Municipal Bonds 85.5%
Alabama 0.7%
Alabama Special Care Facilities Financing Authority-Birmingham AL, Methodist Home for the Aging, Revenue Bonds Series S 5.75%, due 6/1/45	$	1,250,000		$	1,409,025
County of Jefferson AL, Sewer, Revenue Bonds
Senior Lien-Series A, Insured: AGM 5.50%, due 10/1/53		11,960,000			13,756,870
Series D 6.00%, due 10/1/42		2,500,000			2,973,025
Homewood Educational Building Authority, Samford University Project, Revenue Bonds
Series A 4.00%, due 12/1/33		400,000			461,932
Series A 4.00%, due 12/1/35		1,000,000			1,148,300
Series A 4.00%, due 12/1/36		615,000			704,083
Series A 4.00%, due 12/1/37		650,000			740,987
Series A 4.00%, due 12/1/39		1,760,000			1,994,450
Series A 4.00%, due 12/1/41		2,750,000			3,100,515
Montgomery Educational Building Authority, Faulkner University, Revenue Bonds Series A 5.00%, due 10/1/43		5,080,000			5,732,373
Prichard Water Works & Sewer Board, Revenue Bonds 4.00%, due 11/1/49		3,000,000			3,233,190
Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Revenue Bonds (a)
Series A 4.50%, due 5/1/32		5,000,000			5,670,300
Series A 5.25%, due 5/1/44		9,000,000			10,536,210
					51,461,260
Alaska 0.6%
Alaska Industrial Development & Export Authority, Tanana Chiefs Conference Project, Revenue Bonds
Series A 4.00%, due 10/1/44		10,000,000			11,146,900
Series A 4.00%, due 10/1/49		6,140,000			6,782,121
Northern Tobacco Securitization Corp., Asset-Backed, Revenue Bonds Series A 5.00%, due 6/1/46		24,160,000			24,217,501
					42,146,522
Arizona 1.3%
Arizona Health Facilities Authority, Phoenix Children's Hospital, Revenue Bonds Series A 5.00%, due 2/1/42		7,945,000			8,442,993
Arizona Industrial Development Authority, Revenue Bonds Series B 5.00%, due 3/1/37 (a)		3,280,000			3,669,598
Arizona Industrial Development Authority, American Charter Schools, Revenue Bonds (a)
6.00%, due 7/1/37		3,035,000			3,578,295
6.00%, due 7/1/47		4,785,000			5,566,295
Arizona Industrial Development Authority, Basis Schools Projects, Revenue Bonds (a)
Series G 5.00%, due 7/1/47		1,000,000			1,103,290
Series A 5.375%, due 7/1/50		1,500,000			1,671,990
Arizona Industrial Development Authority, NCCU Properties LLC, Central University Project, Revenue Bonds
Series A, Insured: BAM 4.00%, due 6/1/44		2,500,000			2,749,225
Series A, Insured: BAM 5.00%, due 6/1/58		3,000,000			3,569,490
Arizona Industrial Development Authority, University of Indianapolis, Health Pavilion Project, Revenue Bonds
Series A 4.00%, due 10/1/49		1,000,000			1,083,390
Series A 5.00%, due 10/1/45		1,875,000			2,242,875
Florence Town, Inc. Industrial Development Authority, Legacy Traditional School Project, Revenue Bonds 6.00%, due 7/1/43		2,450,000			2,686,376
Industrial Development Authority of the City of Phoenix, Basis Schools Projects, Revenue Bonds (a)
Series A 5.00%, due 7/1/35		1,700,000			1,864,084
Series A 5.00%, due 7/1/46		4,120,000			4,455,739
Industrial Development Authority of the City of Phoenix, Downtown Phoenix Student LLC, Revenue Bonds
Series A 5.00%, due 7/1/37		1,000,000			1,207,060
Series A 5.00%, due 7/1/59		2,200,000			2,567,180
Industrial Development Authority of the City of Phoenix, Great Hearts Academies, Revenue Bonds 6.40%, due 7/1/47		1,000,000			1,076,350
Industrial Development Authority of the City of Phoenix, Villa Montessori, Inc., Revenue Bonds 5.00%, due 7/1/45		1,150,000			1,260,147
Industrial Development Authority of the County of Pima, American Leadership AC, Revenue Bonds 5.625%, due 6/15/45 (a)		3,985,000			4,426,538
Industrial Development Authority of the County of Pima, Charter Schools Project, Revenue Bonds Series Q 5.375%, due 7/1/31		1,935,000			2,017,315
Industrial Development Authority of the County of Yavapai, Agribusiness & Equine Center, Revenue Bonds 7.875%, due 3/1/42		500,000			536,770
Maricopa County Industrial Development Authority, Horizon Community Learning Center, Revenue Bonds 5.00%, due 7/1/35		3,000,000			3,281,400
Maricopa County Pollution Control Corp., El Paso Electric Co. Project, Revenue Bonds
Series A 3.60%, due 2/1/40		15,000,000			16,169,400
Series B 3.60%, due 4/1/40		9,000,000			9,704,790
Phoenix Industrial Development Authority, Espiritu Community Development Corp., Revenue Bonds Series A 6.25%, due 7/1/36		930,000			930,791
Pima County Industrial Development Authority, American Leadership Academy Project, Revenue Bonds 5.00%, due 6/15/47 (a)		4,150,000			4,301,350
Pinal County Industrial Development Authority, Environmental Facilities, Revenue Bonds 7.25%, due 10/1/33 (a)(b)		3,300,000			3,474,900
Tempe Industrial Development Authority, Revenue Bonds Series A 6.125%, due 10/1/47 (a)		2,800,000			3,247,048
					96,884,679
Arkansas 0.6%
Arkansas Development Finance Authority, Baptist Health, Revenue Bonds 4.00%, due 12/1/44		650,000			720,701
Arkansas Development Finance Authority, Big River Steel Project, Revenue Bonds 4.50%, due 9/1/49 (a)(b)		32,500,000			35,096,425
Arkansas Development Finance Authority, Revenue Bonds
Series C 5.00%, due 2/1/33		1,425,000			1,634,190
Series C 5.00%, due 2/1/35		1,170,000			1,338,211
Arkansas Development Finance Authority, Washington Regional Medical Center, Revenue Bonds 4.00%, due 2/1/42		6,725,000			7,492,860
					46,282,387
California 8.2%
Alameda Corridor Transportation Authority, Revenue Bonds Series 1999-A, Insured: NATL-RE (zero coupon), due 10/1/35		3,440,000			2,350,208
Antelope Valley Healthcare District, Revenue Bonds Series A 5.00%, due 3/1/46		1,095,000			1,182,261
Bassett Unified School District, Unlimited General Obligation
Series C, Insured: NATL-RE (zero coupon), due 8/1/41		2,050,000			1,121,985
Series C, Insured: NATL-RE (zero coupon), due 8/1/42		2,000,000			1,054,360
California Community Housing Agency, Revenue Bonds Series A 5.00%, due 2/1/50 (a)		17,500,000			20,677,650
California County Tobacco Securitization Agency, Revenue Bonds
5.125%, due 6/1/38		4,225,000			4,270,799
Series A 5.125%, due 6/1/38		5,500,000			5,559,620
5.25%, due 6/1/46		3,275,000			3,275,950
5.65%, due 6/1/41		8,600,000			8,717,562
California Municipal Finance Authority, Baptist University, Revenue Bonds (a)
Series A 5.375%, due 11/1/40		3,000,000			3,493,410
Series A 5.50%, due 11/1/45		6,000,000			6,984,840
California Municipal Finance Authority, Healthright 360, Revenue Bonds Series A 5.00%, due 11/1/49 (a)		2,000,000			2,302,740
California Municipal Finance Authority, LAX Integrated Express Solutions Project, Revenue Bonds (b)
Insured: AGM 3.25%, due 12/31/32		6,715,000			7,258,848
Series A 5.00%, due 12/31/43		6,255,000			7,518,447
Series A 5.00%, due 12/31/47		30,745,000			36,753,495
Series B 5.00%, due 6/1/48		2,000,000			2,386,280
California Municipal Finance Authority, NorthBay Healthcare, Revenue Bonds Series A 5.00%, due 11/1/47		5,515,000			6,286,273
California Municipal Finance Authority, Palmdale Aerospace Academy Projects, Revenue Bonds 5.00%, due 7/1/46 (a)		2,165,000			2,422,375
California Municipal Finance Authority, Partnerships Uplift Community Project, Revenue Bonds Series A 5.30%, due 8/1/47		1,525,000			1,608,219
California Municipal Finance Authority, Southwestern Law School, Revenue Bonds 6.50%, due 11/1/41		1,000,000			1,094,280
California Municipal Finance Authority, United Airlines, Inc. Project, Revenue Bonds Series B 4.00%, due 7/15/29 (b)		8,000,000			9,427,600
California Municipal Finance Authority, University of La Verne, Revenue Bonds Series A 6.25%, due 6/1/40		500,000			508,985
California Municipal Finance Authority, West Village Student Housing Project, Revenue Bonds 5.00%, due 5/15/51		40,000,000			47,916,000
California Municipal Finance Authority, William Jessup University, Revenue Bonds
5.00%, due 8/1/28		1,000,000			1,192,730
5.00%, due 8/1/48		2,675,000			3,071,167
California School Finance Authority, High Tech High Learning Project, Revenue Bonds Series A 5.00%, due 7/1/49 (a)		3,000,000			3,485,730
California Statewide Communities Development Authority, California Baptist University, Revenue Bonds
Series A 6.375%, due 11/1/43		3,535,000			4,085,576
7.50%, due 11/1/41		1,000,000			1,116,010
California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Revenue Bonds (a)
Series A 5.00%, due 6/1/36		2,250,000			2,581,380
Series A 5.00%, due 6/1/46		2,000,000			2,260,780
California Statewide Communities Development Authority, Lancer Plaza Project, Revenue Bonds
5.625%, due 11/1/33		680,000			772,099
5.875%, due 11/1/43		435,000			491,933
California Statewide Communities Development Authority, Loma Linda University Medical Center, Revenue Bonds
Series A 5.00%, due 12/1/41 (a)		1,700,000			1,932,611
Series A 5.00%, due 12/1/46 (a)		4,545,000			5,133,123
Series A 5.25%, due 12/1/56 (a)		20,000,000			22,790,600
5.50%, due 12/1/54		3,800,000			4,294,114
Series A 5.50%, due 12/1/58 (a)		24,275,000			28,863,460
California Statewide Communities Development Authority, Methodist Hospital of Southern California Project, Revenue Bonds
4.375%, due 1/1/48		2,185,000			2,423,231
5.00%, due 1/1/43		7,500,000			8,957,325
California Statewide Communities Development Authority, Redlands Community Hospital Obligated Group, Revenue Bonds 5.00%, due 10/1/46		1,560,000			1,820,442
California Statewide Communities Development Authority, Stars Citrus, Certificates of Participation Insured: NATL-RE 4.20%, due 4/1/28 (c)		200,000			200,000
California Statewide Communities Development Authority, University of California, Irvine Campus Apartments, Revenue Bonds Series A 5.00%, due 5/15/50		2,000,000			2,364,340
California Statewide Financing Authority, Turbo Pooled Program C, Revenue Bonds (zero coupon), due 6/1/55		128,700,000			7,661,511
Cathedral City Public Financing Authority, Tax Allocation
Series A, Insured: NATL-RE (zero coupon), due 8/1/23		925,000			879,953
Series A, Insured: NATL-RE (zero coupon), due 8/1/26		1,085,000			969,220
City of Oroville CA, Oroville Hospital, Revenue Bonds 5.25%, due 4/1/54		4,200,000			5,019,840
City of San Buenaventura CA, Community Memorial Health System, Revenue Bonds 7.50%, due 12/1/41		6,150,000			6,755,713
Davis Redevelopment Agency, Davis Redevelopment Project, Tax Allocation Series A 7.00%, due 12/1/36		1,375,000			1,530,994
Del Mar Race Track Authority, Revenue Bonds 5.00%, due 10/1/35		1,665,000			1,883,481
Fontana Unified School District, Unlimited General Obligation
Series C (zero coupon), due 8/1/38		10,000,000			3,981,000
Series C (zero coupon), due 8/1/39		17,900,000			6,703,192
Series C (zero coupon), due 8/1/43		16,000,000			4,711,840
Series C (zero coupon), due 8/1/44		8,000,000			2,224,960
Foothill-Eastern Transportation Corridor Agency, Revenue Bonds
Subseries B-2 3.50%, due 1/15/53 (d)		17,445,000			18,595,149
Series A 6.00%, due 1/15/49		1,500,000			1,808,970
Series C 6.50%, due 1/15/43		5,000,000			5,914,600
Fresno Unified School District, Election 2001, Unlimited General Obligation Series G (zero coupon), due 8/1/41		10,000,000			2,487,700
Golden State Tobacco Securitization Corp., Asset-Backed, Revenue Bonds Series A-2 5.30%, due 6/1/37 (d)		20,365,000			21,524,176
Golden State Tobacco Securitization Corp., Revenue Bonds
Series B (zero coupon), due 6/1/47		625,000,000			111,918,750
Series A-1 3.50%, due 6/1/36		8,985,000			9,270,453
Series A-2 5.00%, due 6/1/47		6,000,000			6,289,500
Series A-1 5.00%, due 6/1/47		18,210,000			19,088,632
Series A-1 5.25%, due 6/1/47		6,500,000			6,853,860
Hayward Unified School District, Unlimited General Obligation Series A, Insured: AGM (zero coupon), due 8/1/37		6,135,000			1,819,396
Inland Empire Tobacco Securitization Authority, Revenue Bonds Series E (zero coupon), due 6/1/57 (a)		30,000,000			1,346,700
Mendocino-Lake Community College District, Unlimited General Obligation
Series B, Insured: AGM (zero coupon), due 8/1/39		8,400,000			2,196,180
Series B, Insured: AGM (zero coupon), due 8/1/51		40,000,000			3,906,800
Riverside County Transportation Commission, Revenue Bonds Senior Lien-Series A 5.75%, due 6/1/48		1,480,000			1,658,962
Rohnerville School District, Unlimited General Obligation
Series B, Insured: AGM (zero coupon), due 8/1/42		1,000,000			528,560
Series B, Insured: AGM (zero coupon), due 8/1/47		1,000,000			440,320
San Francisco City & County Redevelopment Agency, District #6 Mission Bay Public, Special Tax
Series C (zero coupon), due 8/1/37		5,015,000			2,030,172
Series C (zero coupon), due 8/1/38		2,000,000			757,320
San Francisco City & County Redevelopment Agency, Mission Bay South Redevelopment, Tax Allocation Series D 7.00%, due 8/1/41		435,000			461,674
San Joaquin Hills Transportation Corridor Agency, Junior Lien, Revenue Bonds
Series B 5.25%, due 1/15/44		16,500,000			19,030,605
Series B 5.25%, due 1/15/49		4,220,000			4,846,670
San Joaquin Hills Transportation Corridor Agency, Revenue Bonds Senior Lien-Series A 5.00%, due 1/15/50		18,150,000			20,753,980
Santa Ana Unified School District, Election 2008, Unlimited General Obligation Series B, Insured: AGC (zero coupon), due 8/1/47		25,000,000			10,088,500
Sierra Kings Health Care District, Unlimited General Obligation 5.00%, due 8/1/37		2,465,000			2,851,364
Stockton Public Financing Authority, Parking & Capital Projects, Revenue Bonds
Insured: NATL-RE 4.80%, due 9/1/20		125,000			125,271
Insured: NATL-RE 5.125%, due 9/1/30		2,900,000			2,901,885
Insured: NATL-RE 5.25%, due 9/1/23		345,000			345,311
Insured: NATL-RE 5.25%, due 9/1/24		100,000			100,087
Insured: NATL-RE 5.25%, due 9/1/34		350,000			350,242
Insured: NATL-RE 5.375%, due 9/1/21		175,000			175,179
Stockton Unified School District, Election 2008, Unlimited General Obligation
Series D, Insured: AGM (zero coupon), due 8/1/42		9,080,000			5,048,662
Series B (zero coupon), due 6/1/50		16,260,000			2,522,089
Tobacco Securitization Authority of Northern California, Revenue Bonds
Series A-1 5.375%, due 6/1/38		2,470,000			2,497,046
Series A-1 5.50%, due 6/1/45		5,100,000			5,155,845
Turlock Public Financing Authority, Tax Allocation 7.50%, due 9/1/39		500,000			535,895
West Contra Costa Healthcare District, Certificates of Participation 6.25%, due 7/1/42		5,000,000			5,378,600
Westminster School District, Unlimited General Obligation Series B, Insured: BAM (zero coupon), due 8/1/53		20,000,000			2,345,800
					628,281,447
Colorado 3.0%
Arista Metropolitan District, Limited General Obligation Series A 5.125%, due 12/1/48		3,500,000			3,780,315
Arkansas River Power Authority, Revenue Bonds Series A 5.00%, due 10/1/43		14,675,000			17,500,818
Belleview Station Metropolitan District No. 2, Limited General Obligation 5.125%, due 12/1/46		2,375,000			2,495,508
Broadway Station Metropolitan District No. 2, Unlimited General Obligation Series A 5.125%, due 12/1/48		3,000,000			3,238,500
Central Platte Valley Metropolitan District, Unlimited General Obligation
5.00%, due 12/1/43		1,250,000			1,352,825
Series A 5.375%, due 12/1/33		1,500,000			1,707,720
City & County of Denver CO, United Airlines Project, Revenue Bonds 5.00%, due 10/1/32 (b)		7,000,000			7,698,320
Colorado Health Facilities Authority, CommonSpirit Health Obligated Group, Revenue Bonds
Series A-2 3.25%, due 8/1/49		12,000,000			12,082,320
Series A-1 4.00%, due 8/1/44		5,000,000			5,602,200
Series A-2 4.00%, due 8/1/49		21,100,000			23,465,943
Series A-2 5.00%, due 8/1/44		10,000,000			12,249,900
Colorado Health Facilities Authority, Covenant Retirement Communities, Revenue Bonds
5.00%, due 12/1/35		3,500,000			4,009,810
Series A 5.00%, due 12/1/48		7,500,000			8,825,475
Colorado Health Facilities Authority, Frasier Meadows Retirement Community Project, Revenue Bonds Series A 5.25%, due 5/15/47		2,000,000			2,271,260
Colorado Health Facilities Authority, Mental Health Center of Denver Project, Revenue Bonds Series A 5.75%, due 2/1/44		4,175,000			4,683,849
Copper Ridge Metropolitan District, Revenue Bonds 5.00%, due 12/1/39		4,250,000			4,557,445
Copperleaf Metropolitan District No. 4, Limited General Obligation Series A 5.00%, due 12/1/49		1,500,000			1,588,260
Denver Health & Hospital Authority, 550 Acoma, Inc., Certificates of Participation 5.00%, due 12/1/48		1,755,000			2,104,578
Denver Health & Hospital Authority, Revenue Bonds Series A 5.25%, due 12/1/45		4,250,000			4,707,300
Dominion Water & Sanitation District, Revenue Bonds
Senior Lien 5.75%, due 12/1/36		9,935,000			10,591,505
6.00%, due 12/1/46		1,000,000			1,069,740
E-470 Public Highway Authority, Revenue Bonds
Series B, Insured: NATL-RE (zero coupon), due 9/1/22		5,000,000			4,846,950
Series B, Insured: NATL-RE (zero coupon), due 9/1/25		245,000			225,586
Series B, Insured: NATL-RE (zero coupon), due 9/1/26		4,540,000			4,084,865
Series B, Insured: NATL-RE (zero coupon), due 9/1/27		735,000			495,765
Series B, Insured: NATL-RE (zero coupon), due 9/1/28		1,405,000			891,936
Series B, Insured: NATL-RE (zero coupon), due 9/1/29		4,510,000			3,718,856
Series B, Insured: NATL-RE (zero coupon), due 9/1/30		500,000			398,915
Series B, Insured: NATL-RE (zero coupon), due 9/1/35		2,245,000			1,257,492
Series B, Insured: NATL-RE (zero coupon), due 9/1/37		1,170,000			588,381
Series B, Insured: NATL-RE (zero coupon), due 9/1/39		515,000			232,692
(zero coupon), due 9/1/40		5,250,000			3,028,935
(zero coupon), due 9/1/41		3,925,000			2,183,203
Eagle County Airport Terminal Corp., Revenue Bonds Series B 5.00%, due 5/1/33 (b)		2,435,000			2,912,455
Fruita Co. Healthcare, Canyons Hospital & Medical Center Project, Revenue Bonds Series A 5.50%, due 1/1/48 (a)		10,000,000			11,163,900
Mirabelle Metropolitan District No. 2, Limited General Obligation Series A 5.00%, due 12/1/49		1,250,000			1,335,500
Painted Prairie Public Improvement Authority, Revenue Bonds 5.00%, due 12/1/49		4,000,000			4,146,480
Park Creek Metropolitan District, Revenue Bonds
Series A, Insured: AGM 4.00%, due 12/1/39		4,055,000			4,729,874
Series A, Insured: AGM 4.00%, due 12/1/46		21,450,000			24,627,817
Park Creek Metropolitan District, Senior Ltd., Property, Tax Allocation Senior Lien-Series A 5.00%, due 12/1/45		4,000,000			4,589,120
Raindance Metropolitan District No. 2, Limited General Obligation Series A 5.00%, due 12/1/49		2,500,000			2,586,525
Southglenn Metropolitan District, Special Revenue, Limited General Obligation 5.00%, due 12/1/46		2,100,000			2,211,552
Sterling Ranch Community Authority Board, Revenue Bonds Series A 5.00%, due 12/1/47		3,500,000			3,672,340
Villages at Castle Rock CO, Metropolitan District No. 6, Cobblestone Ranch Project, Limited General Obligation Series 2 (zero coupon), due 12/1/37		40,000,000			12,578,800
					232,091,530
Connecticut 0.7%
City of Hartford CT, Unlimited General Obligation
Series B 5.00%, due 4/1/26		60,000			67,468
Series B 5.00%, due 4/1/27		500,000			558,980
Series B 5.00%, due 4/1/30		640,000			710,963
Series B 5.00%, due 4/1/33		100,000			110,632
Connecticut Health & Educational Facilities Authority, Griffin Health Obligated Group, Revenue Bonds Series G-1 5.00%, due 7/1/50 (a)		1,750,000			2,056,460
Connecticut Health & Educational Facilities Authority, Mary Wade Home Issue, Revenue Bonds (a)
Series A-1 4.50%, due 10/1/34		2,350,000			2,566,553
Series A-1 5.00%, due 10/1/39		1,000,000			1,106,230
Connecticut State Health & Educational Facilities Authority, University of Hartford Issue, Revenue Bonds
Series N 4.00%, due 7/1/39		6,100,000			6,770,756
Series N 4.00%, due 7/1/49		8,250,000			8,989,447
Series N 5.00%, due 7/1/31		575,000			714,978
Series N 5.00%, due 7/1/32		575,000			710,119
Series N 5.00%, due 7/1/33		475,000			583,186
Series N 5.00%, due 7/1/34		700,000			857,500
Connecticut State Health & Educational Facility Authority, Church Home of Hartford, Inc., Revenue Bonds Series A 5.00%, due 9/1/53 (a)		1,500,000			1,645,860
Connecticut State Health & Educational Facility Authority, University of New Haven, Revenue Bonds Series K-3 5.00%, due 7/1/48		3,695,000			4,316,647
Connecticut State Higher Education Supplement Loan Authority, Revenue Bonds Series B 3.25%, due 11/15/35 (b)		8,175,000			8,586,529
Hartford Stadium Authority, Stadium Authority Lease, Revenue Bonds Series A 5.00%, due 2/1/36		1,475,000			1,496,373
State of Connecticut, Bradley International Airport, Revenue Bonds Series A, Insured: ACA 6.60%, due 7/1/24 (b)		1,785,000			1,791,533
State of Connecticut, Unlimited General Obligation
Series C 5.00%, due 6/15/28		5,000,000			6,449,800
Series E 5.00%, due 9/15/37		2,250,000			2,797,515
					52,887,529
Delaware 0.7%
Delaware State Health Facilities Authority, Beebe Medical Center, Revenue Bonds
4.25%, due 6/1/38		2,235,000			2,482,526
4.375%, due 6/1/48		9,650,000			10,551,406
5.00%, due 6/1/37		1,000,000			1,219,400
5.00%, due 6/1/43		5,000,000			6,001,350
Delaware State Health Facilities Authority, Christiana Health Care System Obligated Group, Revenue Bonds Series A 5.00%, due 10/1/40		9,000,000			11,488,320
Delaware State Health Facilities Authority, Nanticoke Memorial Hospital Project, Revenue Bonds 5.00%, due 7/1/32		3,855,000			4,220,994
Kent County DE, Student Housing & Dining Facility, CHF-Dover LLC, Delaware State University Project, Revenue Bonds
Series A 5.00%, due 7/1/40		1,050,000			1,196,843
Series A 5.00%, due 7/1/48		2,735,000			3,088,718
Series A 5.00%, due 7/1/53		4,340,000			4,885,104
Series A 5.00%, due 7/1/58		6,950,000			7,771,420
					52,906,081
District of Columbia 2.5%
District of Columbia International School, Revenue Bonds
5.00%, due 7/1/49		1,275,000			1,542,610
5.00%, due 7/1/54		2,300,000			2,758,229
District of Columbia, Center Strategic & International Studies, Revenue Bonds 6.625%, due 3/1/41		1,000,000			1,060,650
District of Columbia, Friendship Public Charter School, Revenue Bonds 5.00%, due 6/1/46		1,400,000			1,599,528
District of Columbia, Howard University, Revenue Bonds Series A 6.50%, due 10/1/41		885,000			922,958
District of Columbia, KIPP DC Project, Revenue Bonds 4.00%, due 7/1/49		1,375,000			1,519,705
District of Columbia, Methodist Home, Revenue Bonds Series A-R 5.25%, due 1/1/39		1,015,000			1,043,197
District of Columbia, Provident Group-Howard Properties, Revenue Bonds
5.00%, due 10/1/30		1,500,000			1,579,575
5.00%, due 10/1/45		5,355,000			5,565,237
District of Columbia, Tobacco Settlement Financing Corp., Revenue Bonds Series A (zero coupon), due 6/15/46		85,000,000			16,779,850
District of Columbia, Unrefunded-Howard University, Revenue Bonds Series A 6.25%, due 10/1/32		1,400,000			1,461,320
Metropolitan Washington Airports Authority Dulles Toll Road, Metrorail & Capital Improvement Project, Revenue Bonds
Series B 4.00%, due 10/1/44		10,750,000			12,308,105
Series B 4.00%, due 10/1/49		70,000,000			79,545,900
Series B 4.00%, due 10/1/53		20,000,000			22,630,200
Metropolitan Washington Airports Authority Dulles Toll Road, Metrorail & Capital, Revenue Bonds 5.00%, due 10/1/53		40,000,000			42,766,000
Metropolitan Washington Airports Authority Dulles Toll Road, Revenue Bonds 2nd Senior Lien (zero coupon), due 10/1/39		5,005,000			2,853,400
					195,936,464
Florida 2.1%
Capital Projects Finance Authority, Revenue Bonds Series F-1, Insured: NATL-RE 5.00%, due 10/1/31		4,120,000			4,240,592
Capital Trust Agency, Inc., Odyssey Charter School, Revenue Bonds Series A 5.50%, due 7/1/47 (a)		2,000,000			2,264,560
Celebration Pointe Community Development District, Special Assessment 5.125%, due 5/1/45		2,750,000			2,906,805
City of Atlantic Beach FL, Fleet Landing Project, Revenue Bonds Series B 5.625%, due 11/15/43		1,500,000			1,684,470
City of Atlantic Beach Health Care Facilities, Fleet Landing Project, Revenue Bonds
Series B-2 3.00%, due 11/15/23		3,500,000			3,514,000
Series B-1 3.25%, due 11/15/24		2,155,000			2,182,821
Series A 5.00%, due 11/15/48		3,000,000			3,443,520
City of Fort Myers FL, Utility System Revenue Bonds Series A 4.00%, due 10/1/49		10,500,000			11,903,745
City of Orlando FL, Unrefunded Third Lien, Tourist Development Tax, Revenue Bonds Insured: AGC 5.50%, due 11/1/38		325,000			326,079
City of Tallahassee FL, Memorial Healthcare, Inc., Revenue Bonds Series A 5.00%, due 12/1/55		7,500,000			8,521,275
Collier County Educational Facilities Authority, Marian University Project, Revenue Bonds
5.25%, due 6/1/28		2,250,000			2,410,920
6.125%, due 6/1/43		2,500,000			2,710,600
County of Bay FL, Bay Haven Charter Academy, Inc., Revenue Bonds
Series A 5.00%, due 9/1/45		250,000			266,228
Series A 6.00%, due 9/1/40		1,000,000			1,020,700
County of Osceola FL, Transportation Revenue Bonds
Series A-1 4.00%, due 10/1/54		4,345,000			4,864,836
Series A-1 5.00%, due 10/1/44		4,730,000			5,864,396
Series A-1 5.00%, due 10/1/49		6,900,000			8,492,451
Escambia County Health Facilities Authority Revenue, Baptist Health Care Corp., Revenue Bonds
Series A 4.00%, due 8/15/45		8,500,000			9,513,030
Series A 4.00%, due 8/15/50		6,000,000			6,676,920
Florida Development Finance Corp., Florida Charter Foundation, Inc. Projects, Revenue Bonds Series A 4.75%, due 7/15/36 (a)		4,605,000			4,765,024
Florida State Higher Educational Facilities Financial Authority, Ringling College Project, Revenue Bonds 4.00%, due 3/1/47		6,670,000			7,136,166
Florida State Higher Educational Facilities Financial Authority, Saint Leo University Project, Revenue Bonds
5.00%, due 3/1/44		1,370,000			1,581,172
5.00%, due 3/1/49		1,630,000			1,868,029
Lee County Industrial Development Authority, Preserve Project, Revenue Bonds Series A 5.75%, due 12/1/52 (a)		4,500,000			4,815,180
Martin County Health Facilities Authority, Martin Memorial Medical Center, Revenue Bonds 5.00%, due 11/15/45		3,500,000			4,144,700
Miami Beach Health Facilities Authority, Sinai Medical Center Florida, Revenue Bonds
5.00%, due 11/15/29		1,825,000			2,001,916
5.00%, due 11/15/39		2,230,000			2,523,334
Mid-Bay Bridge Authority, Revenue Bonds
Series A 5.00%, due 10/1/35		1,500,000			1,737,150
Series C 5.00%, due 10/1/40		1,000,000			1,139,370
Series A 7.25%, due 10/1/40		2,500,000			2,754,975
North Sumter County Utility Dependent District, Revenue Bonds
5.00%, due 10/1/49		2,750,000			3,379,337
5.00%, due 10/1/54		7,000,000			8,545,950
6.25%, due 10/1/43		1,500,000			1,552,020
Osceola County Expressway Authority, Poinciana, Revenue Bonds Senior Lien (zero coupon), due 10/1/36 (d)		4,000,000			4,672,080
Osceola County Expressway Authority, Revenue Bonds Senior Lien-Series A 5.375%, due 10/1/47		11,170,000			13,310,060
Pinellas County Educational Facilities Authority, Pinellas Academy Math & Science Project, Revenue Bonds Series A 5.00%, due 12/15/48 (a)		3,280,000			3,690,853
Polk County Industrial Development Authority, Carpenter's Home Estates, Inc. Project, Revenue Bonds
5.00%, due 1/1/49		1,750,000			1,959,965
5.00%, due 1/1/55		800,000			893,624
Seminole County Industrial Development Authority, Legacy Pointe at UCF Project, Revenue Bonds
Series A 5.50%, due 11/15/49		3,000,000			3,047,370
Series A 5.75%, due 11/15/54		1,000,000			1,015,600
					159,341,823
Georgia 1.6%
Cedartown Polk County Hospital Authority, Antic Certs-Polk Medical Center, Revenue Bonds 5.00%, due 7/1/39		8,100,000			9,401,103
Cobb County Development Authority, Kennesaw State University, Revenue Bonds Junior Lien 5.00%, due 7/15/38		2,390,000			2,685,069
Fulton County Residential Care Facilities for the Elderly Authority, Lenbrook Square Foundation, Inc., Revenue Bonds 5.00%, due 7/1/36		4,000,000			4,420,160
Gainesville & Hall County Development Authority, Educational Facilities, Riverside Military Academy, Revenue Bonds 5.125%, due 3/1/52		1,500,000			1,657,920
Main Street Natural Gas, Inc., Revenue Bonds
Series A 4.00%, due 5/15/39		6,800,000			7,636,400
Series A 5.00%, due 5/15/38		3,500,000			4,757,935
Series A 5.00%, due 5/15/49		15,000,000			21,491,100
Marietta Development Authority, University Facilities-Life University, Inc. Project, Revenue Bonds Series A 5.00%, due 11/1/37 (a)		3,750,000			4,275,638
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project, Revenue Bonds
Series B 4.00%, due 1/1/49		35,610,000			38,693,826
Series A 5.00%, due 1/1/63		9,000,000			10,529,280
Municipal Electric Authority of Georgia, Revenue Bonds Series A 4.00%, due 1/1/49		7,200,000			7,915,680
Private Colleges & Universities Authority, Mercer University Project, Revenue Bonds 5.00%, due 10/1/45		6,000,000			6,844,320
					120,308,431
Guam 1.0%
Antonio B. Won Pat International Airport Authority, Revenue Bonds Series C 6.375%, due 10/1/43 (b)		3,000,000			3,476,670
Guam Government Waterworks Authority, Water & Wastewater Systems Revenue, Revenue Bonds 5.00%, due 7/1/40		9,020,000			10,592,637
Guam Government, Waterworks Authority, Revenue Bonds
5.00%, due 1/1/46		4,200,000			4,797,618
5.50%, due 7/1/43		13,565,000			14,954,734
Port Authority of Guam, Revenue Bonds Series A 5.00%, due 7/1/48		5,200,000			6,225,856
Territory of Guam, Revenue Bonds
Series D 5.00%, due 11/15/29		1,415,000			1,650,583
Series D 5.00%, due 11/15/39		25,750,000			29,367,618
Series A 5.125%, due 1/1/42		3,420,000			3,608,545
Series A 6.50%, due 11/1/40		3,990,000			4,227,405
					78,901,666
Hawaii 0.6%
Kauai County Community Facilities District, Kukui'ula Development Project, Special Tax
Series 2008-1 5.00%, due 5/15/44		1,300,000			1,522,989
Series 2008-1 5.00%, due 5/15/49		2,750,000			3,209,525
State of Hawaii Department of Budget & Finance, Hawaii Pacific University, Revenue Bonds
6.625%, due 7/1/33		2,085,000			2,241,167
Series A 6.875%, due 7/1/43		4,640,000			4,973,755
State of Hawaii Department of Budget & Finance, Hawaiian Electric Co., Inc, Revenue Bonds (b)
3.50%, due 10/1/49		26,000,000			26,584,740
Series B 4.00%, due 3/1/37		4,200,000			4,608,576
State of Hawaii Department of Budget & Finance, Revenue Bonds 5.00%, due 1/1/45 (a)		1,500,000			1,550,655
					44,691,407
Idaho 0.0% ‡
Idaho Health Facilities Authority, Madison Memorial Hospital, Revenue Bonds 5.00%, due 9/1/37		1,000,000			1,134,550
Illinois 11.0%
Chicago Board of Education Dedicated Capital Improvement, Unlimited General Obligation (a)
Series B 7.00%, due 12/1/42		10,000,000			13,058,200
Series A 7.00%, due 12/1/46		4,000,000			5,192,600
Chicago Board of Education, Dedicated Capital Improvement, Revenue Bonds
5.00%, due 4/1/35		1,615,000			1,919,105
5.00%, due 4/1/36		1,270,000			1,505,217
5.00%, due 4/1/42		8,500,000			9,922,135
Chicago Board of Education, School Reform Board, Unlimited General Obligation Series A-A, Insured: AGC 5.50%, due 12/1/26		19,400,000			23,226,650
Chicago Board of Education, School Reform, Unlimited General Obligation
Series A, Insured: NATL-RE (zero coupon), due 12/1/27		5,105,000			4,294,683
Series B-1, Insured: NATL-RE (zero coupon), due 12/1/30		11,785,000			8,953,418
Series B-1, Insured: NATL-RE (zero coupon), due 12/1/31		675,000			495,869
Series A, Insured: NATL-RE (zero coupon), due 12/1/31		170,000			124,885
Chicago Board of Education, Special Tax 6.00%, due 4/1/46		35,000,000			42,513,450
Chicago Board of Education, Unlimited General Obligation
Series F 5.00%, due 12/1/31		21,515,000			22,136,353
Series B 5.00%, due 12/1/32		1,250,000			1,533,650
Series B 5.00%, due 12/1/33		3,450,000			3,953,084
Series G 5.00%, due 12/1/34		5,000,000			5,918,900
Series H 5.00%, due 12/1/36		7,000,000			8,243,760
Series A 5.00%, due 12/1/41		1,805,000			1,904,257
Series A 5.00%, due 12/1/42		21,065,000			22,810,025
Series D 5.00%, due 12/1/46		6,500,000			7,592,325
Series H 5.00%, due 12/1/46		7,000,000			8,071,490
Series C 5.25%, due 12/1/39		1,405,000			1,580,386
Series A 5.25%, due 12/1/41		5,295,000			5,609,841
Series A 5.50%, due 12/1/39		6,995,000			7,451,494
Series A 7.00%, due 12/1/44		11,375,000			14,030,494
Chicago O'Hare International Airport Special Facility, AMT-Trips Obligated Group, Revenue Bonds (b)
5.00%, due 7/1/38		1,500,000			1,799,640
5.00%, due 7/1/48		5,000,000			5,911,200
Chicago Transit Authority, Second Lien, Revenue Bonds 5.00%, due 12/1/46		9,000,000			10,628,640
Chicago, Unlimited General Obligation Series A 6.00%, due 1/1/38		34,800,000			43,022,544
City of Chicago IL, City Colleges, Unlimited General Obligation Insured: NATL-RE (zero coupon), due 1/1/34		300,000			199,419
City of Chicago IL, Sales Tax, Revenue Bonds
Series A 5.00%, due 1/1/41		10,000,000			10,777,900
Series A 5.25%, due 1/1/38		11,550,000			12,502,990
City of Chicago IL, Unlimited General Obligation
Series A 4.625%, due 1/1/32		145,000			147,891
Series A, Insured: NATL-RE 5.00%, due 1/1/32		490,000			490,882
Series C 5.00%, due 1/1/34		280,000			280,504
Series A 5.00%, due 1/1/35		13,020,000			14,403,635
Series A 5.00%, due 1/1/36		3,250,000			3,591,478
Series A 5.00%, due 1/1/39		6,000,000			7,137,780
Series A 5.00%, due 1/1/40		5,700,000			6,763,164
Series A 5.00%, due 1/1/44		5,000,000			5,876,100
Series A 5.25%, due 1/1/35		5,000,000			5,162,400
Series B 5.50%, due 1/1/31		2,360,000			2,747,370
Series 2005D 5.50%, due 1/1/37		3,500,000			4,049,080
Series 2005D 5.50%, due 1/1/40		1,245,000			1,432,335
Series A 5.50%, due 1/1/49		18,650,000			22,675,602
Series A 5.75%, due 1/1/34		3,850,000			4,701,389
City of Chicago IL, Waterworks Second Lien, Revenue Bonds 4.00%, due 11/1/37		15,000,000			15,609,150
City of Romeoville IL, Lewis University, Revenue Bonds
Series B 4.125%, due 10/1/41		1,000,000			1,047,000
Series B 4.125%, due 10/1/46		2,100,000			2,189,334
Series B 5.00%, due 10/1/36		1,000,000			1,111,310
Series B 5.00%, due 10/1/39		1,275,000			1,409,525
Illinois Finance Authority, Charter School Project, Revenue Bonds Series A 7.125%, due 10/1/41		1,500,000			1,591,005
Illinois Finance Authority, Chicago International School Project, Revenue Bonds 5.00%, due 12/1/47		2,500,000			2,798,950
Illinois Finance Authority, Christian Homes, Inc., Revenue Bonds 5.00%, due 5/15/40		1,265,000			1,364,429
Illinois Finance Authority, Columbia College Chicago, Revenue Bonds 5.00%, due 12/1/37		10,000,000			11,144,600
Illinois Finance Authority, Franciscan Communities, Inc., Revenue Bonds Series A 5.00%, due 5/15/47		1,155,000			1,271,909
Illinois Finance Authority, Friendship Village Schaumburg, Revenue Bonds
5.00%, due 2/15/37		7,675,000			7,829,805
5.125%, due 2/15/45		6,015,000			6,073,225
Illinois Finance Authority, Noble Network Charter Schools, Revenue Bonds 5.00%, due 9/1/32		1,830,000			2,036,168
Illinois Finance Authority, Roosevelt University Project, Revenue Bonds 5.50%, due 4/1/32		2,000,000			2,002,860
Illinois Finance Authority, Rosalind Franklin University of Medicine & Science, Revenue Bonds
Series C 4.25%, due 8/1/42		2,900,000			3,120,081
Series C 5.00%, due 8/1/49		1,300,000			1,495,325
Illinois Finance Authority, Student Housing & Academic Facility, CHF-Chicago LLC, University of Illinois at Chicago Project, Revenue Bonds Series A 5.00%, due 2/15/50		8,335,000			9,489,814
Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Revenue Bonds
Series B (zero coupon), due 12/15/54		145,000,000			44,097,400
Series A 4.00%, due 6/15/50		22,800,000			25,118,532
Series A 5.00%, due 12/15/45		750,000			904,035
Metropolitan Pier & Exposition Authority, McCormick Place Expansion, Revenue Bonds
Series A, Insured: NATL-RE (zero coupon), due 6/15/34		46,915,000			31,591,154
Series A, Insured: NATL-RE (zero coupon), due 12/15/36		33,845,000			20,958,178
Series A 5.50%, due 6/15/50		8,025,000			8,158,135
Metropolitan Pier & Exposition Authority, McCormick Place Project, Revenue Bonds
Series B (zero coupon), due 12/15/50		31,290,000			11,012,203
4.25%, due 6/15/42		1,660,000			1,706,248
Series A 5.00%, due 6/15/42		7,150,000			7,653,289
Series A 5.00%, due 6/15/57		18,000,000			20,933,640
Metropolitan Pier & Exposition Authority, Revenue Bonds Series B, Insured: AGM (zero coupon), due 12/15/50		10,000,000			3,974,100
Nuveen Quality Municipal Income Fund 1.55%, due 10/8/49 (e)		5,000,000			5,000,000
Sangamon County Water Reclamation District, Alternative Revenue Source, Unlimited General Obligation
Series A, Insured: BAM 4.00%, due 1/1/44		5,000,000			5,642,950
Series A 4.00%, due 1/1/49		14,000,000			15,567,160
State of Illinois, Build America Bonds, Unlimited General Obligation Series C 4.00%, due 11/1/43		15,000,000			16,399,500
State of Illinois, Unlimited General Obligation
Series D 3.25%, due 11/1/26		5,540,000			5,835,836
Insured: BAM 4.00%, due 6/1/41		25,955,000			28,492,620
Series A 4.50%, due 12/1/41		6,775,000			7,565,710
5.00%, due 2/1/20		6,855,000			6,855,000
Series D 5.00%, due 11/1/20		2,500,000			2,568,000
Series D 5.00%, due 11/1/24		7,515,000			8,552,821
Series A 5.00%, due 12/1/27		5,300,000			6,428,688
5.00%, due 2/1/28		2,700,000			3,215,322
Series C 5.00%, due 11/1/29		35,000,000			41,672,400
Series A 5.00%, due 5/1/30		8,110,000			9,762,656
Series A 5.00%, due 12/1/39		2,400,000			2,808,192
Series A 5.00%, due 5/1/40		2,000,000			2,342,720
5.50%, due 7/1/38		3,000,000			3,309,180
Upper Illinois River Valley Development Authority, Morris Hospital, Revenue Bonds 5.00%, due 12/1/48		15,305,000			17,632,278
Upper Illinois River Valley Development Authority, Prairie View Timber Oaks Apartments, Revenue Bonds Series A-1 5.00%, due 12/1/43		5,700,000			5,784,930
Village of Bridgeview IL, Revenue Bonds Series A 5.00%, due 12/1/42		7,500,000			8,232,675
Village of Bridgeview IL, Unlimited General Obligation
Series A 5.125%, due 12/1/44		100,000			103,179
Series A 5.50%, due 12/1/43		1,545,000			1,547,070
Series A 5.625%, due 12/1/41		2,875,000			3,065,210
Series A 5.75%, due 12/1/35		2,705,000			2,934,844
Village of Matteson IL, Utility Revenue Source, Unlimited General Obligation Insured: AGM 4.00%, due 12/1/26		200,000			200,214
Village of Oak Lawn IL, Unlimited General Obligation
Insured: NATL-RE 4.40%, due 12/1/26		400,000			400,576
Insured: NATL-RE 4.45%, due 12/1/28		430,000			430,619
Insured: NATL-RE 4.50%, due 12/1/30		475,000			475,698
Insured: NATL-RE 4.50%, due 12/1/32		520,000			520,754
Insured: NATL-RE 4.50%, due 12/1/34		575,000			575,799
Village of Riverdale, Unlimited General Obligation 8.00%, due 10/1/36		1,790,000			1,902,305
					849,860,524
Indiana 0.6%
Carmel Redevelopment District, Certificates of Participation Series C 6.50%, due 7/15/35		1,000,000			1,051,810
City of Valparaiso IN, Revenue Bonds 7.00%, due 1/1/44 (b)		5,500,000			6,490,165
Gary Chicago International Airport Authority, Revenue Bonds (b)
5.00%, due 2/1/29		1,170,000			1,328,582
5.25%, due 2/1/34		750,000			851,085
Indiana Finance Authority, BHI Senior Living, Inc., Revenue Bonds 5.00%, due 11/15/53		9,400,000			10,653,396
Indiana Finance Authority, Educational Facilities-Marian University Project, Revenue Bonds 6.375%, due 9/15/41		670,000			727,727
Indiana Finance Authority, King's Daughters Hospital & Healthcare, Revenue Bonds
5.50%, due 8/15/40		4,835,000			4,938,614
5.50%, due 8/15/45		210,000			214,288
Indiana Finance Authority, Marquette Manor LLC, Revenue Bonds 5.00%, due 3/1/39		5,505,000			5,761,148
Indiana Finance Authority, University of Indianapolis Education Facilities Project, Revenue Bonds 5.00%, due 10/1/43		2,000,000			2,305,800
Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport Authority Project, Revenue Bonds Series I-1 4.00%, due 1/1/50		7,290,000			8,276,337
					42,598,952
Iowa 0.6%
City of Coralville IA, Annual Appropriation, Revenue Bonds Series B 4.25%, due 5/1/37		7,365,000			7,466,785
City of Coralville IA, Tax Allocation Series C 4.50%, due 5/1/47		2,930,000			3,057,660
Iowa Finance Authority, Iowa Fertilizer Company Project, Revenue Bonds 3.125%, due 12/1/22		6,000,000			6,101,280
Iowa Finance Authority, Lifespace Communities, Inc., Revenue Bonds Series A-1 4.00%, due 5/15/55		3,750,000			3,843,075
Iowa Finance Authority, Northcrest, Inc., Project, Revenue Bonds
Series B 3.25%, due 3/1/23		3,545,000			3,547,623
Series A 5.00%, due 3/1/48		2,500,000			2,724,375
Iowa Tobacco Settlement Authority, Revenue Bonds
Series C 5.375%, due 6/1/38		6,145,000			6,211,612
Series C 5.625%, due 6/1/46		6,730,000			6,802,953
Xenia Rural Water District, Revenue Bonds
5.00%, due 12/1/36		3,000,000			3,502,470
5.00%, due 12/1/41		3,000,000			3,462,420
					46,720,253
Kansas 0.4%
Overland Park Development Corp., Overland Park Convention Center Hotel, Revenue Bonds 5.00%, due 3/1/49		3,000,000			3,595,260
Wyandotte County-Kansas City Unified Government, Revenue Bonds (zero coupon), due 9/1/34 (a)		60,820,000			26,343,575
					29,938,835
Kentucky 1.1%
City of Campbellsville KY, Campbellsville University Project, Revenue Bonds 5.00%, due 3/1/39		4,730,000			5,131,009
City of Columbia KY, Lindsey Wilson College Project, Revenue Bonds 5.00%, due 12/1/33		3,855,000			4,398,979
City of Glasgow KY, Healthcare Revenue, T. J. Samson Community Hospital, Revenue Bonds 6.45%, due 2/1/41		1,000,000			1,054,220
County of Ohio KY, Big Rivers Electric Corp. Project, Revenue Bonds Series A 6.00%, due 7/15/31		13,960,000			14,151,671
Kentucky Economic Development Finance Authority, CommonSpirit Health Obligated Group, Revenue Bonds
Series A-1 5.00%, due 8/1/44		5,000,000			6,124,950
Series A-2 5.00%, due 8/1/44		6,000,000			7,349,940
Series A-2 5.00%, due 8/1/49		6,300,000			7,661,682
Kentucky Economic Development Finance Authority, Owensboro Health, Revenue Bonds
Series A 5.00%, due 6/1/41		4,425,000			5,120,035
Series A 5.00%, due 6/1/45		10,725,000			12,268,220
Kentucky Municipal Power Agency, Prairie State Project, Revenue Bonds Series 2019A 4.00%, due 9/1/45		15,925,000			17,273,529
Louisville / Jefferson County Metropolitan Government, Norton Healthcare, Inc., Revenue Bonds Series A 4.00%, due 10/1/34		5,575,000			6,200,013
					86,734,248
Louisiana 0.2%
Calcasieu Parish, Lake Charles Memorial Hospital Project, Revenue Bonds 5.00%, due 12/1/34		2,000,000			2,447,380
City of New Orleans LA, Water System, Revenue Bonds 5.00%, due 12/1/44		5,500,000			6,211,920
Louisiana Public Facilities Authority, Belle Chasse Education Foundation, Revenue Bonds 6.50%, due 5/1/31		3,700,000			3,950,897
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Revenue Bonds 5.00%, due 5/15/47		5,000,000			5,664,400
					18,274,597
Maine 0.1%
City of Portland Airport Revenue, Green Bond, Revenue Bonds 4.00%, due 1/1/40		1,400,000			1,616,804
Maine Health & Higher Educational Facilities Authority, Eastern Maine Medical Center Obligation Group, Revenue Bonds
5.00%, due 7/1/33		3,825,000			4,167,605
5.00%, due 7/1/43		2,590,000			2,794,636
					8,579,045
Maryland 0.6%
City of Baltimore MD, Convention Center Hotel, Revenue Bonds
5.00%, due 9/1/42		12,810,000			14,988,853
5.00%, due 9/1/46		3,500,000			4,079,145
County of Baltimore, Oak Crest Village, Inc. Facility, Revenue Bonds
4.00%, due 1/1/45		1,750,000			1,971,532
4.00%, due 1/1/50		2,500,000			2,805,950
County of Frederick MD, Oakdale Lake Linganore Project, Tax Allocation 3.75%, due 7/1/39		1,410,000			1,454,006
Frederick County Educational Facilities, Mount St. Mary's University, Revenue Bonds (a)
Series A 5.00%, due 9/1/37		3,000,000			3,440,910
Series A 5.00%, due 9/1/45		1,500,000			1,696,470
Maryland Health & Higher Educational Facilities Authority, Broadmead Issue, Revenue Bonds
Series A 5.00%, due 7/1/38		1,000,000			1,174,540
Series A 5.00%, due 7/1/48		3,000,000			3,464,910
Maryland Health & Higher Educational Facilities Authority, Charlestown Community, Revenue Bonds 6.25%, due 1/1/45		1,000,000			1,047,530
Maryland Health & Higher Educational Facilities Authority, Green Street Academy, Inc., Revenue Bonds (a)
Series A 5.125%, due 7/1/37		1,260,000			1,355,080
Series A 5.375%, due 7/1/52		1,530,000			1,640,359
Maryland Health & Higher Educational Facilities Authority, Meritus Medical Center, Revenue Bonds 5.00%, due 7/1/45		4,000,000			4,586,920
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds 5.25%, due 1/1/37		1,000,000			1,156,140
					44,862,345
Massachusetts 1.8%
Massachusetts Development Finance Agency, CareGroup Obligated Group, Revenue Bonds Series J2 5.00%, due 7/1/53		6,785,000			8,121,442
Massachusetts Development Finance Agency, Dexter Southfield, Revenue Bonds 5.00%, due 5/1/41		3,000,000			3,460,980
Massachusetts Development Finance Agency, Green Bonds-Boston Medical Center, Revenue Bonds 5.00%, due 7/1/44		1,000,000			1,135,430
Massachusetts Development Finance Agency, Lawrence General Hospital, Revenue Bonds Series A 5.50%, due 7/1/44		6,000,000			6,685,560
Massachusetts Development Finance Agency, Linden Ponds, Inc., Revenue Bonds (a)
5.00%, due 11/15/33		3,000,000			3,473,880
5.125%, due 11/15/46		6,000,000			6,844,080
Massachusetts Development Finance Agency, North Hill Community, Revenue Bonds Series A 6.50%, due 11/15/43 (a)		2,000,000			2,413,680
Massachusetts Development Finance Agency, Seven Hills Foundation & Affiliates, Revenue Bonds Series A 5.00%, due 9/1/45		6,000,000			6,458,400
Massachusetts Development Finance Agency, UMass Boston Student Housing Project, Revenue Bonds 5.00%, due 10/1/48		21,405,000			24,625,168
Massachusetts Development Finance Agency, UMass Dartmouth Student Housing Project, Revenue Bonds
5.00%, due 10/1/43		2,000,000			2,385,120
5.00%, due 10/1/48		9,000,000			10,679,940
5.00%, due 10/1/54		15,000,000			17,708,850
Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group, Revenue Bonds Series L 5.00%, due 7/1/44		3,980,000			4,734,727
Massachusetts Development Finance Agency, UMass Memorial Healthcare, Revenue Bonds Series I 5.00%, due 7/1/46		6,500,000			7,621,445
Massachusetts Development Finance Agency, Wellforce Obligated Group, Revenue Bonds Series A 4.00%, due 7/1/44		17,750,000			19,550,205
Massachusetts Development Finance Agency, Western New England University, Revenue Bonds
5.00%, due 9/1/40		1,325,000			1,514,051
5.00%, due 9/1/45		1,175,000			1,332,955
Massachusetts Educational Financing Authority, Revenue Bonds Series B 3.00%, due 7/1/35 (b)		11,100,000			11,765,112
Massachusetts Health & Educational Facilities Authority, Lowell General Hospital, Revenue Bonds Series C 5.125%, due 7/1/35		1,630,000			1,658,134
					142,169,159
Michigan 2.0%
Calhoun County Hospital Finance Authority, Oaklawn Hospital, Revenue Bonds
5.00%, due 2/15/41		3,260,000			3,638,193
5.00%, due 2/15/47		3,000,000			3,329,610
Chandler Park Academy, Revenue Bonds
5.125%, due 11/1/30		1,050,000			1,051,617
5.125%, due 11/1/35		605,000			605,859
City of Detroit MI, Unlimited General Obligation
Insured: AMBAC 4.60%, due 4/1/24		20,150			19,859
5.00%, due 4/1/27		850,000			988,865
5.00%, due 4/1/33		1,200,000			1,385,856
5.00%, due 4/1/35		1,000,000			1,150,090
5.00%, due 4/1/37		1,100,000			1,258,466
5.00%, due 4/1/38		850,000			969,060
Insured: AMBAC 5.25%, due 4/1/22		58,125			58,134
Insured: AMBAC 5.25%, due 4/1/24		45,725			45,731
City of Detroit MI, Water Supply System, Great Lakes Water Authority, Revenue Bonds Senior Lien-Series C 4.50%, due 7/1/27		165,000			171,458
City of Detroit MI, Water Supply System, Revenue Bonds Senior Lien-Series A 5.00%, due 7/1/36		655,000			686,204
City of Detroit MI, Water Supply System, Unrefunded-2015, Revenue Bonds 2nd Lien-Series B, Insured: NATL-RE 5.00%, due 7/1/34		10,000			10,032
Great Lakes Water Authority, Sewage Disposal System, Revenue Bonds Senior Lien-Series A 5.25%, due 7/1/39		5,000,000			5,471,700
Great Lakes Water Authority, Water Supply System, Revenue Bonds
Senior Lien-Series C 5.00%, due 7/1/41		1,620,000			1,692,641
Senior Lien-Series A 5.25%, due 7/1/41		10,840,000			11,410,292
Michigan Finance Authority, College for Creative Studies, Revenue Bonds
5.00%, due 12/1/36		1,000,000			1,094,030
5.00%, due 12/1/40		1,000,000			1,086,050
5.00%, due 12/1/45		4,000,000			4,326,840
Michigan Finance Authority, Great Lakes Water, Revenue Bonds Series C-1 5.00%, due 7/1/44		1,000,000			1,076,290
Michigan Finance Authority, Limited Obligation, Lawrence Technological University Project, Revenue Bonds
5.00%, due 2/1/37		2,000,000			2,198,940
5.25%, due 2/1/32		3,600,000			4,020,732
Michigan Finance Authority, Local Government Loan Program, Public Lighting Authority Project, Revenue Bonds Series B 5.00%, due 7/1/44		4,000,000			4,428,880
Michigan Finance Authority, Local Government Loan Program, Revenue Bonds
Series D4 5.00%, due 7/1/34		1,000,000			1,146,280
5.00%, due 7/1/34		1,000,000			1,171,310
5.00%, due 7/1/35		2,000,000			2,338,700
Michigan Finance Authority, Presbyterian Villages Hospital, Revenue Bonds 5.50%, due 11/15/45		1,000,000			1,085,610
Michigan Finance Authority, Public School Academy-Detroit, Revenue Bonds
7.00%, due 10/1/31		2,120,000			2,068,738
7.00%, due 10/1/36		1,740,000			1,651,451
Michigan Finance Authority, Public School Academy-Voyageur, Revenue Bonds 5.90%, due 7/15/46 (a)		2,075,000			1,703,181
Michigan Finance Authority, Universal Learning Academy Project, Revenue Bonds 5.75%, due 11/1/40		2,630,000			2,900,206
Michigan Finance Authority, Wayne County Criminal Justice Center Project, Revenue Bonds 4.00%, due 11/1/48		7,000,000			7,859,600
Michigan Municipal Bond Authority, Local Government Loan Program, Revenue Bonds Series C, Insured: AMBAC 4.50%, due 5/1/31		305,000			305,265
Michigan Public Educational Facilities Authority, Dr. Joseph F. Pollack, Revenue Bonds 8.00%, due 4/1/40		500,000			502,580
Michigan Public Educational Facilities Authority, Landmark Academy, Revenue Bonds
6.625%, due 6/1/30		350,000			350,112
7.00%, due 12/1/39		2,810,000			2,811,770
Michigan Public Educational Facilities Authority, Richfield Public School Academy, Revenue Bonds 5.00%, due 9/1/36		150,000			150,126
Michigan Strategic Fund, Holland Home Obligated Group, Revenue Bonds 5.00%, due 11/15/42		6,265,000			7,018,116
Michigan Strategic Fund, I-75 Improvement Project, Revenue Bonds (b)
5.00%, due 12/31/43		1,500,000			1,819,305
5.00%, due 6/30/48		18,000,000			21,469,860
Michigan Tobacco Settlement Finance Authority, Revenue Bonds
Series B (zero coupon), due 6/1/52		110,890,000			7,390,819
Series A 6.00%, due 6/1/34		7,370,000			7,441,489
Series A 6.00%, due 6/1/48		23,715,000			23,944,798
Wayne County Michigan, Capital Improvement, Limited General Obligation Series A, Insured: AGM 5.00%, due 2/1/38		4,115,000			4,127,057
					151,431,802
Minnesota 1.9%
City of Blaine MN, Senior Housing and Healthcare, Crest View Senior Community, Revenue Bonds Series A 6.125%, due 7/1/45		2,100,000			2,155,629
City of Ham Lake MN, Charter School Lease, Parnassus Preparatory School Project, Revenue Bonds Series A 5.00%, due 11/1/47		3,500,000			3,790,815
City of Rochester MN, Samaritan Bethany, Inc., Revenue Bonds 5.00%, due 8/1/48		2,000,000			2,128,140
City of Wayzata MN, Folkstone Senior Living Community, Revenue Bonds
4.00%, due 8/1/44		1,000,000			1,060,970
5.00%, due 8/1/49		500,000			556,525
Crookston Health Care Facilities, Riverview Health Project, Revenue Bonds 5.00%, due 5/1/51		6,000,000			6,621,660
Duluth Economic Development Authority Health Care Facilities, Cambia Hills of Bethel Project, Revenue Bonds 5.625%, due 12/1/55		6,000,000			6,459,060
Duluth Economic Development Authority Health Care Facilities, Essentia Health Obligated Group, Revenue Bonds
Series A 5.00%, due 2/15/48		8,550,000			10,304,716
Series A 5.00%, due 2/15/53		26,250,000			31,387,387
Series A 5.25%, due 2/15/58		55,655,000			67,336,428
Forest Lake Charter School Lease Revenue, Lakes International Language Academy Project, Revenue Bonds Series A 5.375%, due 8/1/50		1,250,000			1,416,350
Housing & Redevelopment Authority of The City of St. Paul Minnesota, Healtheast Care System, Revenue Bonds
5.00%, due 11/15/29		1,745,000			2,138,271
5.00%, due 11/15/40		1,775,000			2,175,032
Housing & Redevelopment Authority of The City of St. Paul Minnesota, Hmong College Preparatory Academy Project, Revenue Bonds Series A 5.75%, due 9/1/46		3,000,000			3,415,950
Housing & Redevelopment Authority of The City of St. Paul Minnesota, Nova Classical Academy, Revenue Bonds Series A 6.625%, due 9/1/42		1,000,000			1,088,660
Minneapolis MN, Charter School Lease, Twin Cities International School Project, Revenue Bonds Series A 5.00%, due 12/1/47 (a)		4,085,000			4,212,779
Minnesota Higher Education Facilities Authority, Augsburg College, Revenue Bonds Series A 5.00%, due 5/1/46		1,350,000			1,537,691
					147,786,063
Mississippi 0.0% ‡
Mississippi Development Bank, Magnolia Regional Health Center Project, Revenue Bonds Series A 6.75%, due 10/1/36		1,250,000			1,317,825
Missouri 0.5%
Branson Industrial Development Authority, Branson Landing-Retail Project, Tax Allocation
5.25%, due 6/1/21		105,000			105,027
5.50%, due 6/1/29		3,510,000			3,510,983
Kansas City Industrial Development Authority, Kansas City Parking LLC, Revenue Bonds 6.25%, due 9/1/32		1,000,000			1,010,920
Lee's Summit Industrial Development Authority, Fair Community Improvement District, Special Assessment
5.00%, due 5/1/35		1,170,000			1,172,597
6.00%, due 5/1/42		2,800,000			2,806,916
Lees Summit MO, Special Obligation Tax, Improvement Summit Fair Project, Tax Allocation 4.875%, due 11/1/37 (a)		2,000,000			2,077,800
Maryland Heights Industrial Development Authority, St. Louis Community Ice Center Project, Revenue Bonds Series A 5.00%, due 3/15/49		7,750,000			8,461,450
Missouri Health & Educational Facilities Authority, Maryville University of St. Louis Project, Revenue Bonds
Series A 4.00%, due 6/15/41		3,300,000			3,514,599
Series A 5.00%, due 6/15/45		3,520,000			4,171,658
Saint Louis MO, Land Clearance Authority, Scottrade Center Project, Revenue Bonds Series A 5.00%, due 4/1/48		3,250,000			3,844,750
St. Joseph Industrial Development Authority, Living Community of St. Joseph, Revenue Bonds Series A 4.50%, due 1/1/40		2,000,000			2,021,640
St. Louis County Industrial Development Authority, Nazareth Living Center Project, Revenue Bonds 5.125%, due 8/15/45		1,900,000			2,073,964
					34,772,304
Montana 0.1%
Montana Facilities Finance Authority, Kalispell Regional Medical Center, Revenue Bonds Series B 5.00%, due 7/1/48		5,765,000			6,613,666
Nebraska 0.0% ‡
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			2,805,857
Nevada 0.3%
City of Reno NV, Revenue Bonds Series D (zero coupon), due 7/1/58 (a)		9,000,000			883,890
City of Reno NV, Transportation Rail Access Project, Revenue Bonds
Series C (zero coupon), due 7/1/58 (a)		19,000,000			2,965,330
Series A 4.00%, due 6/1/43		2,500,000			2,811,900
Las Vegas NV, New Convention & Visitors Authority, Revenue Bonds
Series B 4.00%, due 7/1/39		4,710,000			5,289,895
Series B 4.00%, due 7/1/40		4,640,000			5,199,491
Las Vegas Redevelopment Agency, Tax Allocation 5.00%, due 6/15/45		2,750,000			3,144,598
State of Nevada Department of Business & Industry, Somerset Academy of Las Vegas, Revenue Bonds (a)
Series A 5.00%, due 12/15/38		1,000,000			1,053,900
Series A 5.00%, due 12/15/48		3,465,000			3,607,585
State of Nevada Department of Business & Industry, Tahoe Regional Planning Agency, Revenue Bonds Series A, Insured: AMBAC 4.50%, due 6/1/37		1,185,000			1,185,640
					26,142,229
New Hampshire 0.2%
Manchester Housing & Redevelopment Authority, Inc., Revenue Bonds
Series B, Insured: ACA (zero coupon), due 1/1/21		2,375,000			2,303,156
Series B, Insured: ACA (zero coupon), due 1/1/26		1,975,000			1,601,567
National Finance Authority, The Vista Project, Revenue Bonds Series A 5.75%, due 7/1/54 (a)		1,500,000			1,664,355
New Hampshire Health & Education Facilities Authority Act, Kendal at Hanover, Revenue Bonds 5.00%, due 10/1/46		1,800,000			2,015,460
New Hampshire Health & Education Facilities Authority Act, Southern New Hampshire University, Revenue Bonds 5.00%, due 1/1/42		2,825,000			3,003,145
New Hampshire Health & Education Facilities Authority, Catholic Medical Center, Revenue Bonds 5.00%, due 7/1/44		3,000,000			3,528,540
					14,116,223
New Jersey 3.1%
City of Atlantic NJ, Unlimited General Obligation Insured: AGM 4.00%, due 11/1/26		805,000			862,050
New Jersey Economic Development Authority, Continental Airlines, Inc. Project, Revenue Bonds (b)
5.25%, due 9/15/29		4,920,000			5,382,382
5.50%, due 4/1/28		195,000			195,556
Series A 5.625%, due 11/15/30		8,085,000			9,330,818
Series B 5.625%, due 11/15/30		7,000,000			8,078,630
5.75%, due 9/15/27		3,485,000			3,840,226
New Jersey Economic Development Authority, Motor Vehicle Surcharge, Revenue Bonds Series A 4.00%, due 7/1/34		1,000,000			1,104,160
New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Revenue Bonds
Series A 4.00%, due 11/1/39		2,250,000			2,504,745
Series A 4.00%, due 11/1/44		11,500,000			12,640,110
Series A 5.00%, due 11/1/35		10,000,000			12,313,500
Series A 5.00%, due 11/1/36		3,500,000			4,297,160
New Jersey Economic Development Authority, Port Newark Container Terminal LLC Project, Revenue Bonds 5.00%, due 10/1/47 (b)		10,000,000			11,585,300
New Jersey Economic Development Authority, Private Activity The Goethals, Revenue Bonds Insured: AGM 5.125%, due 7/1/42 (b)		1,705,000			1,911,834
New Jersey Economic Development Authority, Provident Group-Kean Properties, Revenue Bonds
Series A 5.00%, due 7/1/37		500,000			568,655
Series A 5.00%, due 1/1/50		3,100,000			3,456,872
New Jersey Economic Development Authority, Revenue Bonds (b)
5.125%, due 1/1/34		3,000,000			3,372,600
5.375%, due 1/1/43		2,000,000			2,267,840
New Jersey Economic Development Authority, Rowan Properties LLC, Revenue Bonds Series A 5.00%, due 1/1/48		12,410,000			13,454,053
New Jersey Economic Development Authority, School Facilities Construction, Revenue Bonds
5.00%, due 6/15/44		1,000,000			1,203,770
5.00%, due 6/15/49		7,090,000			8,470,990
New Jersey Economic Development Authority, Team Academy Charter School Project, Revenue Bonds 6.00%, due 10/1/43		2,055,000			2,328,664
New Jersey Economic Development Authority, UMM Energy Partners, Revenue Bonds Series A 5.125%, due 6/15/43 (b)		2,000,000			2,133,400
New Jersey Educational Facilities Authority, College of St. Elizabeth, Revenue Bonds Series D 5.00%, due 7/1/46		2,190,000			2,367,916
New Jersey Health Care Facilities Financing Authority, St. Peter's University Hospital, Revenue Bonds
5.75%, due 7/1/37		2,520,000			2,528,946
6.25%, due 7/1/35		2,725,000			2,878,390
New Jersey Health Care Facilities Financing Authority, University Hospital, Revenue Bonds Series A, Insured: AGM 5.00%, due 7/1/46		3,750,000			4,270,800
New Jersey State Economic Development Authority, State Government Buildings Project, Revenue Bonds Series C 5.00%, due 6/15/42		9,210,000			10,791,725
New Jersey Turnpike Authority, Revenue Bonds Series E 5.00%, due 1/1/45		8,830,000			10,331,806
South Jersey Port Corp., Revenue Bonds
Series B 5.00%, due 1/1/42 (b)		12,345,000			14,489,203
Series B 5.00%, due 1/1/48 (b)		9,210,000			10,725,874
Series A 5.00%, due 1/1/49		8,455,000			9,873,918
South Jersey Transportation Authority LLC, Revenue Bonds Series A 5.00%, due 11/1/39		1,000,000			1,131,560
Tobacco Settlement Financing Corp., Revenue Bonds
Series A 5.00%, due 6/1/46		13,800,000			16,084,590
Series B 5.00%, due 6/1/46		38,700,000			44,362,971
					241,141,014
New Mexico 0.1%
New Mexico Hospital Equipment Loan Council, Gerald Champion, Revenue Bonds 5.50%, due 7/1/42		7,250,000			7,845,370
Santa Fe Retirement Facilities, El Castillo Retirement Project, Revenue Bonds Series B-1 2.625%, due 5/15/25		1,000,000			1,004,400
					8,849,770
New York 3.2%
Albany Industrial Development Agency, Brighter Choice Charter School, Revenue Bonds Series A 5.00%, due 4/1/32		1,500,000			1,502,670
Build NYC Resource Corp., Metropolitan Lighthouse Charter School Project, Revenue Bonds Series A 5.00%, due 6/1/47 (a)		1,225,000			1,357,276
Build NYC Resource Corp., Pratt Paper, Inc. Project, Revenue Bonds 5.00%, due 1/1/35 (a)(b)		1,500,000			1,678,065
City of New Rochelle NY, Iona College Project, Revenue Bonds Series A 5.00%, due 7/1/40		3,455,000			3,920,147
City of Newburgh NY, Limited General Obligation
Series A 5.00%, due 6/15/21		750,000			787,395
Series A 5.00%, due 6/15/26		960,000			1,043,222
Series A 5.50%, due 6/15/31		750,000			815,580
Dutchess County Industrial Development Agency, Bard College Civic Facility, Revenue Bonds
Series A-2 4.50%, due 8/1/36		500,000			500,080
Series A-1 5.00%, due 8/1/46		14,765,000			14,767,510
Erie County Tobacco Asset Securitization Corp., Revenue Bonds Subseries B (zero coupon), due 6/1/47		40,000,000			6,508,400
Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project, Revenue Bonds Series A 4.00%, due 11/1/42		3,605,000			3,835,900
Monroe County Industrial Development Corp., St. Ann's Community Project, Revenue Bonds 5.00%, due 1/1/40		3,000,000			3,361,410
MTA Hudson Rail Yards Trust Obligations, Revenue Bonds Series A 5.00%, due 11/15/56		7,400,000			8,254,404
Nassau County Tobacco Settlement Corp., Asset-Backed, Revenue Bonds
Series A-3 5.00%, due 6/1/35		2,075,000			2,075,000
Series A-3 5.125%, due 6/1/46		13,155,000			13,231,431
New York City Industrial Development Agency, Queens Baseball Stadium, Revenue Bonds
Insured: AMBAC 5.00%, due 1/1/36		1,500,000			1,517,895
Insured: AMBAC 5.00%, due 1/1/39		5,695,000			5,762,941
New York Convention Center Development Corp., Hotel Unit Fee, Revenue Bonds Series A (zero coupon), due 11/15/47		10,000,000			4,701,000
New York Counties Tobacco Trust V, Pass Through, Revenue Bonds Series S 1 (zero coupon), due 6/1/38		2,500,000			846,325
New York Liberty Development Corp., World Trade Center, Revenue Bonds (a)
Class 1 5.00%, due 11/15/44		2,000,000			2,225,820
Class 2 5.15%, due 11/15/34		4,150,000			4,682,403
Class 2 5.375%, due 11/15/40		6,500,000			7,365,085
Class 3 7.25%, due 11/15/44		10,500,000			12,514,215
New York State Dormitory Authority, Montefiore Obligated Group, Revenue Bonds
Series A 4.00%, due 8/1/37		3,250,000			3,670,160
Series A 4.00%, due 8/1/38		3,250,000			3,655,632
Series A 5.00%, due 8/1/32		3,845,000			4,781,757
Series A 5.00%, due 8/1/35		2,350,000			2,889,513
New York State Dormitory Authority, Orange Regional Medical Center, Revenue Bonds (a)
5.00%, due 12/1/29		1,000,000			1,210,730
5.00%, due 12/1/30		1,200,000			1,445,520
New York State Dormitory Authority, Revenue Bonds
Series A 4.00%, due 7/1/50		6,000,000			6,929,760
Series A 4.00%, due 7/1/53		6,000,000			6,920,340
New York State Dormitory Authority, Touro College & University System, Revenue Bonds 5.00%, due 1/1/47		9,000,000			10,280,610
New York Transportation Development Corp., American Airlines, Inc., Revenue Bonds 5.00%, due 8/1/26 (b)		6,200,000			6,509,876
New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Revenue Bonds Series A 5.25%, due 1/1/50 (b)		35,110,000			40,119,144
Oneida County Local Development Corp., Mohawk Valley Health System Project, Revenue Bonds
Series A, Insured: AGM 3.00%, due 12/1/40		3,755,000			3,864,646
Series A, Insured: AGM 3.00%, due 12/1/44		6,750,000			6,876,765
Onondaga Civic Development Corp., St. Joseph's Hospital Health Center, Revenue Bonds 4.50%, due 7/1/32		7,500,000			8,151,150
Orange County Funding Corp., Mount St. Mary College, Revenue Bonds Series A 5.00%, due 7/1/42		1,430,000			1,514,942
Riverhead Industrial Development Agency, Revenue Bonds 7.00%, due 8/1/43		1,500,000			1,697,175
Rockland Tobacco Asset Securitization Corp., Asset-Backed, Revenue Bonds Series B (zero coupon), due 8/15/50 (a)		13,000,000			1,774,630
Southold Local Development Corp., Peconic Landing, Inc. Project, Revenue Bonds 4.00%, due 12/1/45		815,000			841,325
Suffolk County Economic Development Corp., Peconic Landing Southold, Revenue Bonds 6.00%, due 12/1/40		1,000,000			1,042,150
Suffolk Tobacco Asset Securitization Corp., Revenue Bonds
Series B 6.00%, due 6/1/48		1,125,000			1,126,575
Series C 6.625%, due 6/1/44		13,000,000			13,693,290
Syracuse Industrial Development Agency, Carousel Center Project, Revenue Bonds (b)
Series A 5.00%, due 1/1/35		2,000,000			2,202,520
Series A 5.00%, due 1/1/36		2,650,000			2,903,367
Tompkins County Development Corp., Kendal at Ithaca, Inc. Project, Revenue Bonds 5.00%, due 7/1/44		915,000			1,015,531
Westchester County Local Development Corp., Pace University, Revenue Bonds Series A 5.50%, due 5/1/42		6,205,000			7,100,195
					245,471,477
North Carolina 0.7%
North Carolina Department of Transportation, I-77 Hot Lanes Project, Revenue Bonds 5.00%, due 6/30/54 (b)		10,000,000			11,257,000
North Carolina Medical Care Commission Retirement Facilities Revenue, Sharon Towers, Revenue Bonds 5.00%, due 7/1/49		1,500,000			1,728,060
North Carolina Medical Care Commission Retirement Facilities Revenue, The Pines at Davidson Project, Revenue Bonds Series A 5.00%, due 1/1/49		4,500,000			5,067,855
North Carolina Medical Care Commission Retirement Facilities Revenue, United Methodist Retirement Homes, Revenue Bonds Series A 5.00%, due 10/1/47		4,100,000			4,590,811
North Carolina Turnpike Authority, Revenue Bonds
Insured: AGM 3.00%, due 1/1/42		4,000,000			4,096,800
5.00%, due 1/1/49		10,000,000			12,305,300
Insured: AGM 5.00%, due 1/1/49		5,000,000			6,182,500
Series A 5.00%, due 7/1/54		10,000,000			11,459,500
					56,687,826
North Dakota 0.6%
Cass County Health Facilities, Essentia Health Obligated Group, Revenue Bonds Series B 5.25%, due 2/15/53		9,500,000			11,363,140
Ward County ND, Health Care Facilities, Trinity Health Obligated Group, Revenue Bonds Series C 5.00%, due 6/1/48		28,640,000			32,799,960
					44,163,100
Ohio 4.9%
Akron Bath Copley Joint Township Hospital District, Revenue Bonds 5.25%, due 11/15/46		19,225,000			22,772,589
Buckeye Tobacco Settlement Financing Authority, Asset-Backed, Senior Turbo, Revenue Bonds
Series A-2 5.125%, due 6/1/24		12,685,000			12,747,537
Series A-2 5.375%, due 6/1/24		6,655,000			6,680,422
Series A-2 5.75%, due 6/1/34		14,935,000			15,003,552
Series A-2 5.875%, due 6/1/30		29,925,000			30,074,026
Series A-2 5.875%, due 6/1/47		22,825,000			22,923,147
Series A-2 6.00%, due 6/1/42		4,880,000			4,908,158
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds Series B (zero coupon), due 6/1/47		305,000,000			22,920,750
Cleveland-Cuyahoga County Port Authority, Center for Dialysis Care Project, Revenue Bonds Series A 5.00%, due 12/1/42		5,205,000			5,850,264
Cleveland-Cuyahoga County Port Authority, Euclid Avenue Development Corp. Project, Revenue Bonds 4.00%, due 8/1/44		12,720,000			14,138,662
Cleveland-Cuyahoga County Port Authority, Revenue Bonds
Series A 5.00%, due 12/1/47		1,035,000			1,154,977
7.00%, due 12/1/20 (f)(g)(h)		710,000			127,800
7.35%, due 12/1/31 (f)(g)(h)		6,000,000			1,080,000
County of Cuyahoga OH, MetroHealth System, Revenue Bonds
4.75%, due 2/15/47		1,440,000			1,593,864
5.00%, due 2/15/37		5,350,000			6,271,645
5.00%, due 2/15/52		7,000,000			8,031,730
5.00%, due 2/15/57		8,610,000			9,849,668
5.25%, due 2/15/47		13,490,000			15,820,937
5.50%, due 2/15/52		2,200,000			2,606,692
5.50%, due 2/15/57		18,040,000			21,324,723
County of Hamilton OH, Christ Hospital Project, Revenue Bonds 5.50%, due 6/1/42		2,500,000			2,759,100
County of Hamilton OH, Life Enriching Communities Project, Revenue Bonds
5.00%, due 1/1/42		1,080,000			1,153,375
5.00%, due 1/1/46		2,090,000			2,343,559
County of Lucas Ohio Hospital Revenue, ProMedica Healthcare Obligated Group, Revenue Bonds Series A 5.25%, due 11/15/48		51,950,000			61,472,954
Franklin County Convention Facilities Authority, Greater Columbus Convention Center Hotel Expansion Project, Revenue Bonds 5.00%, due 12/1/51		4,500,000			5,356,485
Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Revenue Bonds Series A 3.25%, due 9/1/29		1,500,000			1,588,080
Ohio Higher Educational Facilities Commission, Cleveland Institute of Art, Revenue Bonds
5.25%, due 12/1/48		1,000,000			1,120,540
5.50%, due 12/1/53		1,215,000			1,379,292
Ohio Higher Educational Facilities Commission, Menorah Park Obligated Group, Revenue Bonds 5.25%, due 1/1/48		5,210,000			5,538,647
Ohio Higher Educational Facility Commission, Tiffin University Project, Revenue Bonds 4.00%, due 11/1/49		5,000,000			5,105,000
Ohio Higher Educational Facility Commission, University of Findlay Project, Revenue Bonds
5.00%, due 3/1/39		3,775,000			4,384,247
5.00%, due 3/1/44		9,610,000			11,001,048
Ohio Hospital Revenue, University Hospitals Health System, Inc., Revenue Bonds Series A 4.00%, due 1/15/50		25,000,000			28,204,250
Ohio State Air Quality Development Authority Exempt Facilities, Pratt Paper LLC Project, Revenue Bonds 4.50%, due 1/15/48 (a)(b)		4,000,000			4,472,360
Summit County Development Finance Authority, Cleveland-Flats East Development, Tax Allocation Series B 6.875%, due 5/15/40		1,135,000			1,181,762
Toledo-Lucas County Port Authority, University of Toledo Project, Revenue Bonds
Series A 5.00%, due 7/1/34		1,400,000			1,535,786
Series A 5.00%, due 7/1/39		1,500,000			1,632,645
Series A 5.00%, due 7/1/46		9,790,000			10,572,711
					376,682,984
Oklahoma 0.4%
Norman Regional Hospital Authority, Revenue Bonds
4.00%, due 9/1/37		2,215,000			2,430,918
5.00%, due 9/1/37		3,500,000			4,122,895
Oklahoma Development Finance Authority, Provident OK Educational Resources, Inc. Cross Village Student Housing Project, Revenue Bonds
Series A 5.00%, due 8/1/47		20,110,000			11,261,600
Series A 5.25%, due 8/1/57		25,250,000			14,140,000
Tulsa County Industrial Authority, Montereau, Inc., Project, Revenue Bonds 5.25%, due 11/15/45		1,250,000			1,424,975
					33,380,388
Oregon 0.4%
Astoria Hospital Facilities Authority, Columbia Memorial Hospital, Revenue Bonds 3.50%, due 8/1/42		845,000			875,471
Medford Hospital Facilities Authority, Asante Health System, Revenue Bonds Insured: AGM 2.626%, due 8/15/34 (c)		18,450,000			18,450,000
Medford Hospital Facilities Authority, Revenue Bonds 5.00%, due 10/1/42		4,605,000			5,033,403
Oregon State Facilities Authority, College Housing Northwest Project, Revenue Bonds 5.00%, due 10/1/48 (a)		1,560,000			1,655,004
Oregon State Facilities Authority, Samaritan Health Services Project, Revenue Bonds Series A 5.00%, due 10/1/46		3,000,000			3,454,830
Yamhill County Hospital Authority, Friendsview Retirement Community, Revenue Bonds Series A 5.00%, due 11/15/46		1,000,000			1,111,450
					30,580,158
Pennsylvania 3.9%
Allegheny County Higher Education Building Authority, Carlow University Project, Revenue Bonds 7.00%, due 11/1/40		1,000,000			1,102,770
Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group, Revenue Bonds Series A 4.00%, due 4/1/44		19,500,000			21,562,710
Allegheny County Industrial Development Authority, Propel Charitable School Sunrise, Revenue Bonds 6.00%, due 7/15/38		3,100,000			3,308,010
Allegheny County Industrial Development Authority, Propel Charter Montour, Revenue Bonds Series A 6.75%, due 8/15/35		275,000			281,144
Allentown Neighborhood Improvement Development Zone Authority, City Center Project, Revenue Bonds (a)
5.00%, due 5/1/42		28,325,000			32,394,710
5.125%, due 5/1/32		4,600,000			5,233,926
5.375%, due 5/1/42		4,225,000			4,826,217
Chambersburg Area Municipal Authority, Education Facilities, Revenue Bonds
5.50%, due 10/1/33		1,230,000			1,339,249
5.75%, due 10/1/38		3,450,000			3,762,225
5.75%, due 10/1/43		2,290,000			2,479,887
6.00%, due 10/1/48		3,350,000			3,655,754
Chester County Industrial Development Authority, Woodlands at Greystone Project, Special Assessment 5.125%, due 3/1/48 (a)		1,050,000			1,131,554
City of Erie Higher Education Building Authority, Mercyhurst University Project, Revenue Bonds
5.00%, due 9/15/27		820,000			896,826
5.00%, due 9/15/28		860,000			936,497
5.00%, due 9/15/29		175,000			189,107
5.00%, due 9/15/37		4,590,000			4,831,893
City of Harrisburg PA, Unlimited General Obligation
Series F, Insured: AMBAC (zero coupon), due 3/15/20		15,000			14,943
Series F, Insured: AMBAC (zero coupon), due 9/15/20		365,000			357,674
Series F, Insured: AMBAC (zero coupon), due 9/15/22		545,000			499,874
City of York PA, Unlimited General Obligation 7.25%, due 11/15/41		270,000			299,635
Commonwealth Financing Authority PA, Tobacco Master Settlement Payment, Revenue Bonds Insured: AGM 4.00%, due 6/1/39		14,000,000			15,819,020
Cumberland County Municipal Authority, Asbury Pennsylvania Obligation Group, Revenue Bonds
5.00%, due 1/1/45		3,000,000			3,285,690
5.25%, due 1/1/32		300,000			312,420
Cumberland County Municipal Authority, Diakon Lutheran Social Ministries Project, Revenue Bonds Series A 5.00%, due 1/1/39		2,000,000			2,370,180
Dauphin County General Authority, Harrisburg University Science Technology Project, Revenue Bonds (a)
5.00%, due 10/15/34		6,150,000			7,145,254
5.125%, due 10/15/41		5,000,000			5,740,050
Delaware County Authority, Cabrini University, Revenue Bonds 5.00%, due 7/1/42		1,405,000			1,599,944
Erie County Hospital Authority, St. Mary's Home Erie Project, Revenue Bonds Series A, Insured: AGC 4.50%, due 7/1/23		200,000			200,580
Franklin County Industrial Development Authority, Menno-Haven, Inc. Project, Revenue Bonds
5.00%, due 12/1/39		375,000			414,848
5.00%, due 12/1/54		1,000,000			1,092,850
General Authority of Southcentral Pennsylvania, York Academy Regional Charter School Project, Revenue Bonds (a)
Series A 6.00%, due 7/15/38		3,000,000			3,382,890
Series A 6.50%, due 7/15/48		4,500,000			5,208,705
Huntingdon County General Authority, Aicup Financing Program, Juniata College, Revenue Bonds Series 002 5.00%, due 5/1/46		4,255,000			4,747,772
Lancaster Industrial Development Authority, Willow Valley Communities Project, Revenue Bonds
4.00%, due 12/1/44		1,550,000			1,709,232
4.00%, due 12/1/49		1,900,000			2,086,257
5.00%, due 12/1/44		1,675,000			1,977,337
5.00%, due 12/1/49		2,365,000			2,780,152
Montgomery County Higher Education & Health Authority, Philadelphia Presbyterian Homes Project, Revenue Bonds 4.00%, due 12/1/48		4,005,000			4,176,214
Montgomery County Higher Education & Health Authority, Thomas Jefferson University Project, Revenue Bonds
4.00%, due 9/1/44		3,000,000			3,390,750
Series A 4.00%, due 9/1/49		1,660,000			1,846,036
4.00%, due 9/1/49		6,750,000			7,572,352
4.00%, due 9/1/51		4,000,000			4,468,080
Montgomery County Industrial Development Authority, ACTS Retirement - Life Communities, Inc., Revenue Bonds 5.00%, due 11/15/36		5,000,000			5,894,700
Montgomery County Industrial Development Authority, Albert Einstein Healthcare, Revenue Bonds
5.25%, due 1/15/45		6,300,000			7,109,928
5.25%, due 1/15/46		1,000,000			1,127,330
New Wilmington Municipal Authority, Westminster College Project, Revenue Bonds 5.25%, due 5/1/46		3,700,000			4,124,797
Northeastern Pennsylvania Hospital & Education Authority, King's College Project, Revenue Bonds
5.00%, due 5/1/44		1,000,000			1,201,750
5.00%, due 5/1/49		1,350,000			1,615,694
Northeastern Pennsylvania Hospital & Education Authority, Wilkes University Project, Revenue Bonds Series A 5.25%, due 3/1/42		7,640,000			8,012,221
Pennsylvania Economic Development Financing Authority, American Airlines Group, Revenue Bonds Series B 8.00%, due 5/1/29		245,000			248,793
Pennsylvania Economic Development Financing Authority, Bridges Finance Co., Revenue Bonds 4.125%, due 12/31/38 (b)		4,000,000			4,305,560
Pennsylvania Economic Development Financing Authority, PPL Energy Supply, Revenue Bonds Series C 5.00%, due 12/1/37 (c)		5,500,000			5,580,135
Pennsylvania Higher Educational Facilities Authority, Holy Family University, Revenue Bonds
Series A 6.25%, due 9/1/33		1,560,000			1,753,783
Series A 6.50%, due 9/1/38		1,000,000			1,124,590
Pennsylvania Higher Educational Facilities Authority, Shippensburg University Student Services, Revenue Bonds 5.00%, due 10/1/44		1,000,000			1,108,010
Pennsylvania Higher Educational Facilities Authority, Shippensburg University, Revenue Bonds 6.25%, due 10/1/43		1,000,000			1,088,200
Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, Revenue Bonds 4.00%, due 8/15/49		10,335,000			11,862,926
Pennsylvania Higher Educational Facilities Authority, Widener University, Revenue Bonds
Series A 5.50%, due 7/15/38		2,500,000			2,755,150
5.50%, due 7/15/43		2,400,000			2,627,640
Pennsylvania Housing Finance Agency, Revenue Bonds Series 127B 3.95%, due 4/1/42		3,945,000			4,294,132
Pennsylvania Turnpike Commission, Revenue Bonds Series C 5.00%, due 12/1/44		16,535,000			19,043,690
Philadelphia Authority for Industrial Development, First Philadelphia Preparatory Charter School Project, Revenue Bonds Series A 7.25%, due 6/15/43		4,500,000			5,210,730
Philadelphia Authority for Industrial Development, Health Activity, Revenue Bonds 6.50%, due 6/1/45		2,200,000			2,343,968
Philadelphia Authority for Industrial Development, International Education & Community Initiatives Project, Revenue Bonds (a)
Series A 5.125%, due 6/1/38		2,000,000			2,174,120
Series A 5.25%, due 6/1/48		3,085,000			3,341,950
Philadelphia Authority for Industrial Development, New Foundation Charter School Project, Revenue Bonds 6.625%, due 12/15/41		1,000,000			1,156,560
Philadelphia Authority for Industrial Development, Nueva Esperanza, Inc., Revenue Bonds 8.20%, due 12/1/43		1,800,000			1,982,628
Philadelphia Authority for Industrial Development, Senior Living, Wesley Enhanced Living Obligation Group, Revenue Bonds Series A 5.00%, due 7/1/49		3,000,000			3,345,210
Philadelphia Authority for Industrial Development, Tacony Academy Charter School, Revenue Bonds 7.375%, due 6/15/43		1,500,000			1,678,305
Philadelphia Authority for Industrial Development, University of the Arts, Revenue Bonds 5.00%, due 3/15/45 (a)		7,000,000			7,566,300
Scranton Redevelopment Authority, Revenue Bonds Series A 5.00%, due 11/15/28		9,000,000			9,429,660
Scranton-Lackawanna Health & Welfare Authority, Marywood University Project, Revenue Bonds
5.00%, due 6/1/36		1,000,000			1,077,930
5.00%, due 6/1/46		2,625,000			2,786,857
Susquehanna Area Regional Airport Authority, Revenue Bonds Series B, Insured: BAM 4.00%, due 1/1/33		2,500,000			2,616,725
West Shore Area Authority, Holy Spirit Hospital Sisters, Revenue Bonds 6.50%, due 1/1/41		1,200,000			1,260,756
					301,281,946
Puerto Rico 9.4%
Children's Trust Fund, Asset-Backed, Revenue Bonds
Series A (zero coupon), due 5/15/50		46,000,000			6,636,880
5.375%, due 5/15/33		3,635,000			3,692,869
5.625%, due 5/15/43		36,980,000			37,665,239
Children’s Trust Fund Puerto Rico Tobacco Settlement, Revenue Bonds 5.50%, due 5/15/39		1,475,000			1,502,332
Commonwealth of Puerto Rico, Aqueduct & Sewer Authority, Revenue Bonds
Series A, Insured: AGC 5.125%, due 7/1/47		6,300,000			6,485,409
Series A 6.00%, due 7/1/38		12,180,000			12,560,625
Series A 6.00%, due 7/1/44		26,755,000			27,591,094
Commonwealth of Puerto Rico, Public Improvement, Unlimited General Obligation
Insured: AMBAC 4.50%, due 7/1/23		830,000			835,387
Series A, Insured: AGC 5.00%, due 7/1/25		250,000			256,818
Series A-4, Insured: AGM 5.00%, due 7/1/31		5,000,000			5,056,700
Series A, Insured: AGM 5.00%, due 7/1/35		550,000			588,462
Series A, Insured: AGM 5.25%, due 7/1/24		1,000,000			1,040,490
Series A-4, Insured: AGM 5.25%, due 7/1/30		7,080,000			7,163,119
Series A, Insured: NATL-RE 5.50%, due 7/1/20		8,095,000			8,205,092
Series A, Insured: NATL-RE 5.50%, due 7/1/21		1,205,000			1,255,887
GDB Debt Recovery Authority of Puerto Rico, Revenue Bonds 7.50%, due 8/20/40		127,658,369			101,169,257
Puerto Rico Commonwealth, Aqueduct & Sewer Authority, Revenue Bonds
Senior Lien-Series A 5.00%, due 7/1/21		2,080,000			2,176,200
Senior Lien-Series A 5.00%, due 7/1/22		4,680,000			4,978,350
Series A 5.00%, due 7/1/33		18,150,000			19,397,812
Series A 5.25%, due 7/1/42		21,030,000			22,580,962
Series B 5.35%, due 7/1/27		5,955,000			5,895,450
Series A 5.50%, due 7/1/28		13,510,000			14,641,462
Series A 6.00%, due 7/1/47		15,295,000			16,690,669
Puerto Rico Convention Center District Authority, Revenue Bonds
Series A, Insured: AGC 4.50%, due 7/1/36		6,240,000			6,257,597
Series A, Insured: AMBAC 5.00%, due 7/1/31		7,765,000			7,936,296
Puerto Rico Electric Power Authority, Build America Bonds, Revenue Bonds (f)(g)
Series EEE 5.95%, due 7/1/30		10,225,000			7,898,812
Series EEE-RSA-1 5.95%, due 7/1/30		16,310,000			13,048,000
Series EEE-RSA-1 6.05%, due 7/1/32		10,025,000			8,045,062
Series EEE 6.05%, due 7/1/32		1,225,000			949,375
Series YY-RSA-1 6.125%, due 7/1/40		24,095,000			19,366,356
Series YY 6.125%, due 7/1/40		22,010,000			17,085,262
Series EEE 6.25%, due 7/1/40		8,685,000			6,752,587
Puerto Rico Electric Power Authority, Revenue Bonds
Series DDD-RSA-1 3.30%, due 7/1/19 (f)(g)		800,000			596,000
Series ZZ-RSA-1 4.25%, due 7/1/20 (f)(g)		435,000			344,194
Series ZZ-RSA-1 4.375%, due 7/1/21 (f)(g)		25,000			19,781
Series CCC-RSA-1 4.375%, due 7/1/22 (f)(g)		115,000			90,994
Series ZZ-RSA-1 4.50%, due 7/1/23 (f)(g)		95,000			75,406
Series CCC-RSA-1 4.60%, due 7/1/24 (f)(g)		200,000			158,750
Series ZZ-RSA-1 4.625%, due 7/1/25 (f)(g)		65,000			51,594
Series CCC-RSA-1 4.625%, due 7/1/25 (f)(g)		235,000			186,531
Series XX-RSA-1 4.75%, due 7/1/26 (f)(g)		320,000			254,000
Series ZZ-RSA-1 4.75%, due 7/1/27 (f)(g)		405,000			321,469
Series A-RSA-1 4.80%, due 7/1/29 (f)(g)		690,000			544,238
Series TT-RSA-1 5.00%, due 7/1/20 (f)(g)		2,195,000			1,764,231
Series DDD-RSA-1 5.00%, due 7/1/20 (f)(g)		3,020,000			2,427,325
Series DDD-RSA-1 5.00%, due 7/1/21 (f)(g)		275,000			221,031
Series PP, Insured: NATL-RE 5.00%, due 7/1/22		200,000			203,528
Series SS, Insured: NATL-RE 5.00%, due 7/1/22		1,140,000			1,160,110
Series RR, Insured: NATL-RE 5.00%, due 7/1/23		4,580,000			4,672,653
Series TT-RSA-1 5.00%, due 7/1/23 (f)(g)		365,000			293,369
Series RR, Insured: NATL-RE 5.00%, due 7/1/24		115,000			117,625
Series TT-RSA-1 5.00%, due 7/1/25 (f)(g)		810,000			651,038
Series CCC-RSA-1 5.00%, due 7/1/25 (f)(g)		575,000			462,156
Series SS, Insured: NATL-RE 5.00%, due 7/1/25		770,000			789,281
Series TT-RSA-1 5.00%, due 7/1/26 (f)(g)		50,000			40,188
Series TT-RSA-1 5.00%, due 7/1/27 (f)(g)		545,000			438,044
Series TT, Insured: AGM 5.00%, due 7/1/27		150,000			153,963
Series WW-RSA-1 5.00%, due 7/1/28 (f)(g)		1,155,000			928,331
Series TT-RSA-1 5.00%, due 7/1/32 (f)(g)		1,250,000			1,004,688
Series TT-RSA-1 5.00%, due 7/1/37 (f)(g)		1,620,000			1,302,075
Series A-RSA-1 5.00%, due 7/1/42 (f)(g)		4,525,000			3,636,969
Series A-RSA-1 5.05%, due 7/1/42 (f)(g)		300,000			241,125
Series ZZ-RSA-1 5.25%, due 7/1/20 (f)(g)		225,000			181,406
Series ZZ-RSA-1 5.25%, due 7/1/23 (f)(g)		620,000			499,875
Series AAA-RSA-1 5.25%, due 7/1/24 (f)(g)		2,500,000			2,015,625
Series ZZ-RSA-1 5.25%, due 7/1/26 (f)(g)		2,030,000			1,636,688
Series AAA-RSA-1 5.25%, due 7/1/26 (f)(g)		110,000			88,688
Series CCC-RSA-1 5.25%, due 7/1/26 (f)(g)		330,000			266,063
Series VV, Insured: NATL-RE 5.25%, due 7/1/29		630,000			693,302
Series VV, Insured: NATL-RE 5.25%, due 7/1/30		3,850,000			4,231,458
Series AAA-RSA-1 5.25%, due 7/1/30 (f)(g)		145,000			116,906
Series VV, Insured: NATL-RE 5.25%, due 7/1/32		345,000			377,768
Series WW-RSA-1 5.25%, due 7/1/33 (f)(g)		1,510,000			1,217,438
Series XX-RSA-1 5.25%, due 7/1/35 (f)(g)		2,265,000			1,826,156
Series XX-RSA-1 5.25%, due 7/1/40 (f)(g)		4,390,000			3,539,438
Series BBB 5.40%, due 7/1/28 (f)(g)		5,620,000			4,285,250
Series WW-RSA-1 5.50%, due 7/1/21 (f)(g)		245,000			198,144
Series WW-RSA-1 5.50%, due 7/1/38 (f)(g)		315,000			254,756
Series 2013A-RSA-1 6.75%, due 7/1/36 (f)(g)		445,000			366,569
Series 2013A-RSA-1 7.00%, due 7/1/40 (f)(g)		140,000			115,675
Series 2013A-RSA-1 7.00%, due 7/1/43 (f)(g)		2,000,000			1,652,500
Puerto Rico Highway & Transportation Authority, Revenue Bonds
Series N, Insured: AMBAC (zero coupon), due 7/1/20		1,490,000			1,466,994
Insured: AMBAC (zero coupon), due 7/1/27		200,000			145,386
Series A, Insured: NATL-RE 4.75%, due 7/1/38		1,070,000			1,071,445
Series A, Insured: AGM 4.75%, due 7/1/38		650,000			660,894
Insured: NATL-RE 5.00%, due 7/1/22		345,000			348,781
Insured: AGC 5.00%, due 7/1/23		2,870,000			2,943,357
Insured: NATL-RE 5.00%, due 7/1/28		460,000			464,761
Series N, Insured: AMBAC 5.25%, due 7/1/30		3,680,000			4,070,963
Series N, Insured: AMBAC 5.25%, due 7/1/31		9,295,000			10,275,158
Series CC, Insured: AGM 5.25%, due 7/1/32		4,500,000			5,161,410
Series N, Insured: NATL-RE 5.25%, due 7/1/33		7,490,000			8,203,647
Series CC, Insured: AGM 5.25%, due 7/1/36		1,850,000			2,133,272
Series L, Insured: AMBAC 5.25%, due 7/1/38		1,035,000			1,135,964
Series N, Insured: AGC, AGM 5.50%, due 7/1/25		2,245,000			2,498,303
Insured: NATL-RE 5.50%, due 7/1/28		7,550,000			8,456,000
Series CC, Insured: NATL-RE 5.50%, due 7/1/29		5,010,000			5,610,799
Series CC, Insured: AGM 5.50%, due 7/1/31		465,000			538,763
Series CC, Insured: AGC 5.50%, due 7/1/31		3,450,000			3,997,273
Puerto Rico Infrastructure Financing Authority, Revenue Bonds
Series A, Insured: AMBAC (zero coupon), due 7/1/43		12,355,000			3,888,119
Series C, Insured: AMBAC 5.50%, due 7/1/23		1,480,000			1,597,482
Series C, Insured: AMBAC 5.50%, due 7/1/25		12,110,000			13,386,273
Series C, Insured: AMBAC 5.50%, due 7/1/26		7,405,000			8,253,169
Series C, Insured: AMBAC 5.50%, due 7/1/28		12,400,000			13,944,916
Series A 8.25%, due 5/1/20 (a)(f)(g)(h)		7,100,000			4,978,875
Puerto Rico Municipal Finance Agency, Revenue Bonds
Series A, Insured: AGM 5.00%, due 8/1/27		2,530,000			2,596,843
Series A, Insured: AGM 5.00%, due 8/1/30		720,000			737,525
Puerto Rico Public Buildings Authority, Government Facilities, Revenue Bonds
Series K, Insured: AGM 5.25%, due 7/1/27		5,970,000			6,095,430
Series M-3, Insured: NATL-RE 6.00%, due 7/1/23		1,295,000			1,416,419
Puerto Rico Public Buildings Authority, Revenue Bonds
Series G, Insured: AGC 4.75%, due 7/1/32		270,000			275,954
Insured: AGC 5.25%, due 7/1/33		680,000			705,643
Series D, Insured: AMBAC 5.45%, due 7/1/31		305,000			312,479
Puerto Rico Sales Tax Financing Corp., COFINA, Revenue Bonds Class 2 (zero coupon), due 8/1/54		874,772			161,964
Puerto Rico Sales Tax Financing Corp., Revenue Bonds
Series A-1 (zero coupon), due 7/1/27		700,000			590,051
Series A-1 (zero coupon), due 7/1/29		682,000			541,917
Series A-1 (zero coupon), due 7/1/31		879,000			650,513
Series A-1 (zero coupon), due 7/1/33		990,000			681,793
Series A-1 (zero coupon), due 7/1/46		10,802,000			3,169,523
Series A-2 4.329%, due 7/1/40		4,728,000			5,144,915
Series A-1 4.50%, due 7/1/34		725,000			798,675
Series A-2 4.536%, due 7/1/53		112,000			122,278
Series A-1 4.75%, due 7/1/53		31,723,000			35,178,269
Series A-2 4.784%, due 7/1/58		3,639,000			4,037,361
Series A-1 5.00%, due 7/1/58		97,427,000			109,790,486
					720,360,346
Rhode Island 0.3%
Providence Redevelopment Agency, Port Providence Lease, Certificates of Participation
Series A, Insured: AGC (zero coupon), due 9/1/24		1,735,000			1,569,238
Series A, Insured: AGC (zero coupon), due 9/1/26		685,000			585,435
Series A, Insured: AGC (zero coupon), due 9/1/29		1,835,000			1,409,445
Series A, Insured: AGC (zero coupon), due 9/1/30		1,835,000			1,355,129
Series A, Insured: AGC (zero coupon), due 9/1/32		1,500,000			1,025,700
Series A, Insured: AGC (zero coupon), due 9/1/34		1,000,000			631,490
Series A, Insured: AGC (zero coupon), due 9/1/35		360,000			219,071
Series A, Insured: AGC (zero coupon), due 9/1/36		470,000			276,261
Rhode Island Health & Educational Building Corp., Lifespan Obligated Group, Revenue Bonds 5.00%, due 5/15/39		750,000			870,818
Rhode Island Health & Educational Building Corp., Public Schools Financing Project, Revenue Bonds Insured: AMBAC 5.00%, due 5/15/21		65,000			65,232
Rhode Island Turnpike & Bridge Authority, Motor Fuel Tax, Revenue Bonds Series A 4.00%, due 10/1/44		1,500,000			1,700,745
Tobacco Settlement Financing Corp., Revenue Bonds Series A (zero coupon), due 6/1/52		94,920,000			13,701,702
					23,410,266
South Carolina 1.1%
South Carolina Jobs-Economic Development Authority, Bishop Gadsden Episcopal Retirement Community, Revenue Bonds
Series A 4.00%, due 4/1/54		1,160,000			1,225,575
Series A 5.00%, due 4/1/54		3,000,000			3,415,380
South Carolina Jobs-Economic Development Authority, The Woodlands at Furman, Revenue Bonds 5.25%, due 11/15/52		7,000,000			7,745,290
South Carolina Jobs-Economic Development Authority, Woodlands at Furman Project, Revenue Bonds Series A 5.00%, due 11/15/54		1,000,000			1,106,810
South Carolina Public Service Authority, Revenue Bonds
Series C 5.00%, due 12/1/46		5,900,000			6,693,845
Series E 5.00%, due 12/1/48		20,190,000			22,422,206
Series A 5.00%, due 12/1/50		4,660,000			5,314,264
Series B 5.00%, due 12/1/56		6,055,000			7,067,517
Series E 5.25%, due 12/1/55		13,900,000			16,168,480
Series A 5.50%, due 12/1/54		5,100,000			5,810,175
South Carolina Public Service Authority, Santee Cooper Project, Revenue Bonds Series D 5.00%, due 12/1/43		5,570,000			5,962,574
					82,932,116
South Dakota 0.0% ‡
South Dakota Health & Educational Facilities Authority, Revenue Bonds Series E 5.00%, due 11/1/42		3,150,000			3,408,521
Tennessee 0.9%
Chattanooga-Hamilton County Hospital Authority, Revenue Bonds 5.00%, due 10/1/44		6,500,000			7,229,430
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Lipscomb University Project, Revenue Bonds
Series A 4.00%, due 10/1/49		3,000,000			3,295,050
Series A 5.00%, due 10/1/45		11,910,000			13,900,042
Series A 5.25%, due 10/1/58		9,000,000			11,003,850
Metropolitan Government of Nashville & Davidson County Health & Educational Facilities Board, Trevecca Nazarine University Project, Revenue Bonds 5.00%, due 10/1/48		1,000,000			1,179,440
Metropolitan Nashville Airport Authority, Revenue Bonds (b)
Series B 5.00%, due 7/1/44		5,000,000			6,290,300
Series B 5.00%, due 7/1/49		5,950,000			7,426,790
Series B 5.00%, due 7/1/54		14,050,000			17,441,951
					67,766,853
Texas 4.3%
Bexar County Health Facilities Development Corp., Army Retirement Residence Foundation, Revenue Bonds 5.00%, due 7/15/41		3,300,000			3,733,224
Central Texas Regional Mobility Authority, Revenue Bonds
(zero coupon), due 1/1/23		1,000,000			959,600
(zero coupon), due 1/1/33		315,000			235,091
(zero coupon), due 1/1/34		3,275,000			2,367,104
(zero coupon), due 1/1/35		3,700,000			2,588,964
(zero coupon), due 1/1/36		2,000,000			1,358,180
(zero coupon), due 1/1/39		3,500,000			2,138,290
4.00%, due 1/1/41		6,250,000			6,858,000
5.00%, due 1/1/33		1,225,000			1,348,774
5.00%, due 1/1/42		2,340,000			2,555,420
5.00%, due 1/1/46		12,215,000			14,249,775
6.75%, due 1/1/41		7,500,000			7,889,625
Central Texas Turnpike System, Revenue Bonds
Series C 5.00%, due 8/15/37		1,150,000			1,320,407
Series C 5.00%, due 8/15/42		10,850,000			12,400,790
City of Houston TX, Airport System Revenue, United Airlines, Inc., Revenue Bonds 5.00%, due 7/1/29 (b)		6,400,000			7,199,872
Clifton Higher Education Finance Corp., Idea Public Schools, Revenue Bonds
5.75%, due 8/15/41		1,750,000			1,879,552
6.00%, due 8/15/43		3,500,000			4,003,580
Clifton Higher Education Finance Corp., Revenue Bonds Series A 5.00%, due 12/1/45		2,500,000			2,747,550
Danbury Higher Education Authority, Golden Rule School, Inc., Revenue Bonds Series A 4.00%, due 8/15/49		4,000,000			4,088,280
Decatur Hospital Authority, Wise Regional Health System, Revenue Bonds Series A 5.25%, due 9/1/44		3,250,000			3,596,320
Grand Parkway Transportation Corp., 1st Tier Toll, Revenue Bonds Series A 5.50%, due 4/1/53		600,000			676,050
Harris County Cultural Education Facilities Finance Corp., Revenue Bonds 7.00%, due 1/1/43		1,500,000			1,755,435
Harris County Cultural Education Facilities Finance Corp., YMCA Greater Houston Area, Revenue Bonds
Series A 5.00%, due 6/1/33		900,000			965,907
Series A 5.00%, due 6/1/38		1,960,000			2,106,706
Harris County-Houston Sports Authority Cap Appreciation, Senior Lien, Revenue Bonds Series A, Insured: AGM (zero coupon), due 11/15/40		1,060,000			461,312
Harris County-Houston Sports Authority, Revenue Bonds
Series H, Insured: NATL-RE (zero coupon), due 11/15/24		970,000			888,550
Series H, Insured: NATL-RE (zero coupon), due 11/15/26		600,000			523,133
Series H, Insured: NATL-RE (zero coupon), due 11/15/29		735,000			576,557
Series H, Insured: NATL-RE (zero coupon), due 11/15/32		250,000			172,740
Series A-3, Insured: NATL-RE (zero coupon), due 11/15/32		1,670,000			923,911
Series A-3, Insured: NATL-RE (zero coupon), due 11/15/33		890,000			463,637
Series H, Insured: NATL-RE (zero coupon), due 11/15/33		185,000			120,058
Series A, Insured: AGM (zero coupon), due 11/15/34		1,535,000			979,284
Series A, Insured: NATL-RE (zero coupon), due 11/15/34		1,805,000			892,548
Series H, Insured: NATL-RE (zero coupon), due 11/15/38		1,395,000			659,528
Series A, Insured: AGM, NATL-RE (zero coupon), due 11/15/38		36,815,000			18,231,156
Series H, Insured: NATL-RE (zero coupon), due 11/15/39		1,525,000			675,362
Series H, Insured: NATL-RE (zero coupon), due 11/15/40		1,855,000			769,324
Series H, Insured: NATL-RE (zero coupon), due 11/15/41		700,000			271,775
Hemphill County Hospital District, Unlimited General Obligation 4.625%, due 2/1/39		2,765,000			2,899,545
Montgomery County Toll Road Authority, Revenue Bonds 5.00%, due 9/15/48		2,500,000			2,814,325
New Hope Cultural Education Facilities Corp., Collegiate Housing Denton Women's University Dining Project, Revenue Bonds Insured: AGM 4.00%, due 7/1/48		1,000,000			1,084,270
New Hope Cultural Education Facilities Corp., Collegiate Housing Tarleton State, Revenue Bonds Series A 5.00%, due 4/1/46		3,000,000			3,224,040
New Hope Cultural Education Facilities Corp., Jubilee Academic Center Project, Revenue Bonds (a)
Series A 5.00%, due 8/15/36		5,000,000			5,130,300
Series A 5.125%, due 8/15/47		2,085,000			2,134,414
New Hope Cultural Education Facilities Corp., Quality Senior Housing Foundation of East Texas, Inc., Revenue Bonds Series A-1 5.00%, due 12/1/49		3,770,000			4,180,214
New Hope Cultural Education Facilities Corp., Stephenville Tarleton State, Revenue Bonds Series A 6.00%, due 4/1/45		3,550,000			3,899,071
New Hope Cultural Education Facilities Finance Corp., Legacy at Midtown Park Project, Revenue Bonds Series A 5.50%, due 7/1/54		1,500,000			1,596,465
New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc., Project, Revenue Bonds 5.00%, due 1/1/55		1,500,000			1,594,095
North East Texas Regional Mobility Authority, Revenue Bonds
Series B 5.00%, due 1/1/41		6,000,000			6,867,600
Series B 5.00%, due 1/1/46		2,650,000			3,009,128
North Texas Education Finance Corp., Uplift Education, Revenue Bonds Series A 5.25%, due 12/1/47		7,705,000			8,459,319
North Texas Tollway Authority, Revenue Bonds 5.00%, due 1/1/50		1,750,000			2,099,177
Port Beaumont Navigation District Dock & Wharf Facilities, Jefferson Gulf Coast Energy Project, Revenue Bonds (a)(b)
Series A 3.625%, due 1/1/35		1,945,000			1,999,849
Series A 4.00%, due 1/1/50		4,305,000			4,426,186
Port Freeport, Senior Lien, Revenue Bonds (b)
Series A 4.00%, due 6/1/38		1,650,000			1,844,056
Series A 4.00%, due 6/1/39		1,620,000			1,805,620
Series A 4.00%, due 6/1/44		3,500,000			3,867,080
Port of Port Arthur Navigation District 4.00%, due 3/1/47		4,450,000			4,849,788
Red River Educational Finance Corp., Houston Baptist University Project, Revenue Bonds 5.50%, due 10/1/46		6,250,000			7,213,937
San Juan Higher Education Finance Authority, Idea Public Schools, Revenue Bonds Series A 6.70%, due 8/15/40		1,000,000			1,030,140
Tarrant County Cultural Education Facilities Finance Corp., Barton Creek Senior Living CTR, Revenue Bonds 5.00%, due 11/15/40		1,500,000			1,615,125
Tarrant County Cultural Education Facilities Finance Corp., Buckner Retirement Services, Revenue Bonds Series B 5.00%, due 11/15/40		1,250,000			1,441,338
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds 5.00%, due 12/15/26		3,500,000			3,870,335
Texas Private Activity Bond Surface Transportation Corp., North Tarrant Express Managed Lanes Project, Revenue Bonds
Series A 4.00%, due 12/31/37		6,120,000			7,145,039
Series A 4.00%, due 12/31/38		3,000,000			3,491,970
Series A 4.00%, due 12/31/39		2,000,000			2,319,360
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility, Revenue Bond 5.00%, due 6/30/58 (b)		69,200,000			82,024,836
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility, Revenue Bonds Senior Lien 6.75%, due 6/30/43 (b)		11,700,000			13,594,815
Texas Private Activity Bond Surface Transportation Corp., Senior Lien, Blueridge Transportation Group LLC, Revenue Bonds 5.00%, due 12/31/55 (b)		7,500,000			8,508,450
Texas Private Activity Bond Surface Transportation Corp., Senior Lien, LBJ Infrastructure, Revenue Bonds
7.00%, due 6/30/40		3,080,000			3,149,731
7.50%, due 6/30/33		750,000			769,478
Texas Public Finance Authority Charter School Finance Corp., ED - Burnham Wood Project, Revenue Bonds Series A 6.25%, due 9/1/36		400,000			400,644
Texas Transportation Commission, First Tier, State Highway 249, Revenue Bonds Series A 5.00%, due 8/1/57		10,000,000			11,873,800
Travis County Health Facilities Development Corp., Westminster Manor, Revenue Bonds 7.125%, due 11/1/40		1,000,000			1,044,890
					332,909,801
U.S. Virgin Islands 1.4%
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds Series A 5.00%, due 10/1/32		15,600,000			15,600,000
Virgin Islands Public Finance Authority, Matching Fund Loan, Revenue Bonds
Series A 4.00%, due 10/1/22		1,280,000			1,265,459
Series C 5.00%, due 10/1/22		8,515,000			8,536,287
Series B 5.00%, due 10/1/25		2,825,000			2,840,368
Series A 5.00%, due 10/1/29		9,215,000			9,255,362
Series B 5.25%, due 10/1/29		6,410,000			6,444,870
Subseries A 6.00%, due 10/1/39		800,000			800,000
Series A 6.625%, due 10/1/29		3,105,000			3,112,887
Series A 6.75%, due 10/1/37		10,910,000			10,930,947
Virgin Islands Public Finance Authority, Revenue Bonds
Series C 5.00%, due 10/1/20		2,000,000			2,006,560
Series C 5.00%, due 10/1/30		25,270,000			25,333,175
Series A 5.00%, due 10/1/34		2,600,000			2,603,250
Series C 5.00%, due 10/1/39		1,910,000			1,907,613
Virgin Islands Public Finance Authority, Senior Lien-Matching Fund Loan Note, Revenue Bonds Senior Lien-Series B 5.00%, due 10/1/25		19,240,000			19,276,171
Virgin Islands Water & Power Authority-Electric System, Revenue Bonds Series A 5.00%, due 7/1/31		1,145,000			1,078,338
					110,991,287
Utah 0.3%
Utah Charter School Finance Authority, Da Vinci Academy, Revenue Bonds 7.75%, due 3/15/39		700,000			751,548
Utah Infrastructure Agency, Telecommunication, Revenue Bonds
4.00%, due 10/15/39		2,175,000			2,352,871
4.00%, due 10/15/42		1,970,000			2,113,574
Series A 5.00%, due 10/15/32		5,000,000			5,873,650
Series A 5.00%, due 10/15/37		5,230,000			6,031,079
Series A 5.375%, due 10/15/40		6,260,000			7,352,120
					24,474,842
Vermont 0.1%
Vermont Educational & Health Buildings Financing Agency, Developmental & Mental Health Services, Revenue Bonds Series A, Insured: AGC 4.75%, due 8/15/36		500,000			514,785
Vermont Student Assistance Corp., Education Loan, Revenue Bonds Subseries B 4.50%, due 6/15/45 (b)		3,500,000			3,814,720
					4,329,505
Virginia 1.9%
Farmville Industrial Development Authority Facilities, Longwood University Student Project, Revenue Bonds
Series A 5.00%, due 1/1/48		7,000,000			8,136,730
Series A 5.00%, due 1/1/55		16,000,000			18,438,880
Henrico County Economic Development Authority, Residential Care Facility, Revenue Bonds Series C 5.00%, due 12/1/47		2,200,000			2,470,490
Lynchburg Economic Development Authority, Randolph College Project, Revenue Bonds 5.00%, due 9/1/48		3,705,000			4,444,814
Newport News Economic Development Authority, LifeSpire, Revenue Bonds 5.00%, due 12/1/38		2,575,000			2,822,303
Norfolk Redevelopment and Housing Authority, Norfolk Retirement Community, Harbors Edge Project, Revenue Bonds
Series B 4.00%, due 1/1/25		1,200,000			1,200,348
Series A 5.25%, due 1/1/54		3,300,000			3,623,103
Roanoke Economic Development Authority, Lynchburg College, Revenue Bonds Series A 4.00%, due 9/1/48		4,890,000			5,370,296
Salem Economic Development Authority, Educational Facilities, Roanoke College, Revenue Bonds
4.00%, due 4/1/45		1,000,000			1,128,200
5.00%, due 4/1/49		1,000,000			1,239,150
Tobacco Settlement Financing Corp., Convertible-Senior, Revenue Bonds Senior Lien-Series B2 5.20%, due 6/1/46		2,000,000			2,015,320
Tobacco Settlement Financing Corp., Revenue Bonds Series B1 5.00%, due 6/1/47		29,205,000			29,476,606
Virginia College Building Authority, Marymount University Project, Revenue Bonds Series B 5.00%, due 7/1/45 (a)		1,945,000			2,100,503
Virginia Small Business Financing Authority, Elizabeth River Crossing, Revenue Bonds Senior Lien 5.50%, due 1/1/42 (b)		18,245,000			19,815,165
Virginia Small Business Financing Authority, Express Lanes LLC, Revenue Bonds Senior Lien 5.00%, due 1/1/40 (b)		10,000,000			10,626,600
Virginia Small Business Financing Authority, Transform I-66 P3 Project, Revenue Bonds 5.00%, due 12/31/56 (b)		29,200,000			33,849,808
					146,758,316
Washington 0.6%
King County Public Hospital District No. 4, Limited General Obligation 7.00%, due 12/1/40		1,000,000			1,061,470
Pend Oreille County Public Utility, District No. 1 Box Canyon, Revenue Bonds
4.00%, due 1/1/41		3,000,000			3,276,360
5.00%, due 1/1/48		5,430,000			6,391,436
Port of Seattle Industrial Development Corp., King County Public Hospital District, Special Facilities Delta Airlines, Revenue Bonds 5.00%, due 4/1/30 (b)		1,825,000			2,001,222
Washington Health Care Facilities Authority, CommonSpirit Health Obligated Group, Revenue Bonds Series A-1 4.00%, due 8/1/44		2,500,000			2,801,100
Washington Health Care Facilities Authority, Kadlec Regional Medical Center, Revenue Bonds 5.00%, due 12/1/42		6,660,000			7,150,575
Washington Higher Educational Facilities Authority, Whitworth University Project, Revenue Bonds Series A 5.00%, due 10/1/40		3,000,000			3,476,430
Washington State Housing Finance Commission, Riverview Retirement Community, Revenue Bonds 5.00%, due 1/1/48		3,000,000			3,156,420
Whidbey Island Public Hospital District, Unlimited General Obligation
5.375%, due 12/1/39		9,920,000			10,867,856
5.50%, due 12/1/33		2,070,000			2,275,427
					42,458,296
West Virginia 0.4%
Glenville State College, Board of Governors, Revenue Bonds 5.25%, due 6/1/47		4,000,000			4,272,640
Monongalia County Commission Special District, University Town Center, Revenue Bonds Series A 5.50%, due 6/1/37 (a)		4,000,000			4,479,840
West Virginia Hospital Finance Authority, Cabell Huntington Hospital Obligated Group, Revenue Bonds
Series A 4.00%, due 1/1/37		5,125,000			5,656,206
Series A 4.00%, due 1/1/38		2,500,000			2,752,200
Series A 4.125%, due 1/1/47		13,650,000			14,856,114
					32,017,000
Wisconsin 2.5%
Public Finance Authority Education Revenue, Coral Academy of Science Las Vegas, Revenue Bonds Series A 5.00%, due 7/1/48		2,000,000			2,307,260
Public Finance Authority Education Revenue, Guilford College, Revenue Bonds Series A 5.00%, due 1/1/48		11,495,000			13,019,007
Public Finance Authority Education Revenue, Wilson Preparatory Academy, Revenue Bonds Series A 5.00%, due 6/15/49 (a)		1,100,000			1,160,269
Public Finance Authority Educational Facilities, Lake Erie College Project, Revenue Bonds Series A 5.875%, due 10/1/54 (a)		2,000,000			2,038,180
Public Finance Authority Educational Facilities, Wingate University, Revenue Bonds Series A 5.25%, due 10/1/38		3,250,000			3,873,610
Public Finance Authority, Affinity Living Group NC-12 Obligated Group, Revenue Bonds 6.75%, due 11/1/24 (a)		10,000,000			10,119,200
Public Finance Authority, Bancroft NeuroHealth Project, Revenue Bonds (a)
Series A 5.00%, due 6/1/36		750,000			815,963
Series A 5.125%, due 6/1/48		1,625,000			1,755,390
Public Finance Authority, Cullowhee LLC, Revenue Bonds 5.25%, due 7/1/47		2,000,000			2,216,460
Public Finance Authority, Fellowship Senior Living Project, Revenue Bonds
Series A 4.00%, due 1/1/46		2,955,000			3,151,714
Series A 4.00%, due 1/1/52		12,085,000			12,794,752
Public Finance Authority, FFAH North Carolina & Missouri Portfolio, Revenue Bonds
Series A 4.75%, due 12/1/35		1,150,000			1,188,429
Series A 5.00%, due 12/1/45		3,200,000			3,315,893
Series A 5.15%, due 12/1/50		2,250,000			2,340,794
Public Finance Authority, Glenridge Palmer Ranch, Revenue Bonds Series A 8.25%, due 6/1/46 (a)		1,000,000			1,090,170
Public Finance Authority, Guilford College, Revenue Bonds 5.50%, due 1/1/47		6,160,000			7,037,061
Public Finance Authority, Irving Convention Center Hotel Project, Revenue Bonds Series A-2 7.00%, due 1/1/50 (a)		13,990,000			17,318,781
Public Finance Authority, National Gypsum Co., Revenue Bonds (b)
4.00%, due 8/1/35		4,000,000			4,200,600
5.25%, due 4/1/30		10,300,000			11,407,971
Public Finance Authority, NC A&T Real Estate Foundation LLC Project, Revenue Bonds
Series A 5.00%, due 6/1/44		1,350,000			1,579,081
Series B 5.00%, due 6/1/49		2,720,000			3,163,714
Series A 5.00%, due 6/1/49		7,125,000			8,287,301
Public Finance Authority, Nevada State College, Revenue Bonds 5.00%, due 5/1/55 (a)		7,100,000			7,717,984
Public Finance Authority, North Carolina Leadership Academy, Revenue Bonds 4.00%, due 6/15/29 (a)		325,000			347,581
Public Finance Authority, Roseman University Health Sciences, Revenue Bonds
5.50%, due 4/1/32		1,250,000			1,328,100
5.875%, due 4/1/45		6,650,000			7,529,928
Public Finance Authority, Senior-Obligation Group, Revenue Bonds Series B 5.00%, due 7/1/42 (b)		10,000,000			10,666,600
Public Finance Authority, Ultimate Medical Academy Project, Revenue Bonds (a)
Series A 5.00%, due 10/1/29		3,000,000			3,563,130
Series A 5.00%, due 10/1/39		17,000,000			19,541,160
Public Finance Authority, WakeMed Obligated Group, Revenue Bonds Series A 4.00%, due 10/1/49		7,000,000			7,764,540
Public Finance Authority, Whitestone-Retirement Facilities 1st Mortgage, Revenue Bonds 5.00%, due 3/1/52 (a)		1,800,000			1,985,796
Public Finance Authority, Wisconsin Airport Facilities, AFCO Investors II Portfolio, Revenue Bonds 5.75%, due 10/1/31 (a)(b)		1,670,000			1,746,369
Public Finance Authority, Wisconsin Educational Facility, Community School of Davidson Project, Revenue Bonds 5.00%, due 10/1/48		2,105,000			2,322,468
Public Finance Authority, Wisconsin Senior Living, Rose Villa Project, Revenue Bonds Series A 5.75%, due 11/15/44 (a)		1,400,000			1,534,890
Wisconsin Health & Educational Facilities Authority, Rogers Memorial Hospital, Inc. Revenue Bonds Series A 5.00%, due 7/1/49		2,700,000			3,178,791
Wisconsin Health & Educational Facilities Authority, Sauk-Prairie Memorial Hospital, Inc., Revenue Bonds 5.375%, due 2/1/48		4,400,000			4,521,484
Wisconsin Health & Educational Facilities Authority, St. Camillus Health System, Inc., Revenue Bonds
Series B-3 2.25%, due 11/1/26		3,000,000			3,037,980
Series B-2 2.55%, due 11/1/27		3,000,000			3,040,440
					194,008,841
Wyoming 0.0% ‡
West Park Hospital District, West Park Hospital Project, Revenue Bonds Series B 6.50%, due 6/1/27		500,000			527,720
Wyoming Community Development Authority, Revenue Bonds 6.50%, due 7/1/43		930,000			972,250
					1,499,970
Total Long-Term Municipal Bonds (Cost $5,981,749,226)					6,583,544,326
Short-Term Municipal Notes 14.1%
Alabama 0.5%
Industrial Development Board of the City of Mobile Alabama, Pollution Control Electric Power Co.-Barry Plant, Revenue Bonds 1st Series 1.32%, due 6/1/34 (i)		20,000,000			20,000,000
Tender Option Bond Trust Receipts, Revenue Bonds (a)(i)
Series 2018-XF2668 1.12%, due 5/1/26		3,650,000			3,650,000
Series 2018-XF2667 1.12%, due 7/1/26		3,590,000			3,590,000
West Jefferson Industrial Development Board, Solid Waste Disposal, Revenue Bonds 1.27%, due 12/1/38 (b)(i)		11,800,000			11,800,000
					39,040,000
Alaska 0.2%
Alaska State Housing Finance Corp., Revenue Bonds Series A 1.20%, due 6/1/32 (b)(i)		11,700,000			11,700,000
Arkansas 0.0% ‡
Little Rock Metrocentre Improvement District No. 1, Little Rock Newspapers, Inc., Revenue Bonds 1.19%, due 12/1/25 (i)		1,400,000			1,400,000
California 0.6%
Northern California Gas Authority No. 1, Gas Project, Revenue Bonds Series B 1.999%, due 7/1/27 (i)		38,575,000			38,189,250
Tender Option Bond Trust Receipts, Revenue Bonds Series 2019-ZF2842 1.04%, due 11/15/49 (a)(i)		3,750,000			3,750,000
Tobacco Securitization Authority of Southern California, Asset-Backed, Revenue Bonds Series B-2, Class A (zero coupon), due 6/1/54 (i)		19,000,000			3,000,100
					44,939,350
Colorado 0.0% ‡
Tender Option Bond Trust Receipts, Revenue Bonds Series 2015-XF1025 0.98%, due 1/1/45 (a)(i)		2,000,000			2,000,000
Connecticut 0.4%
Connecticut State Health & Educational Facility Authority, Yale-New Haven Health Obligated Group, Revenue Bonds Series C 0.98%, due 7/1/25 (i)		30,400,000			30,400,000
Florida 0.7%
County of St. Lucie FL, Power & Light Co. Project, Revenue Bonds 1.20%, due 9/1/28 (i)		6,200,000			6,200,000
Escambia County, Gulf Power Co. Project, Revenue Bonds 2nd Series 1.23%, due 4/1/39 (i)		11,400,000			11,400,000
Lee Memorial Health Systems, Revenue Bonds Series B 1.12%, due 4/1/49 (i)		14,000,000			14,000,000
Orange County Health Facilities Authority, Orlando Health Obligated Group, Revenue Bonds Series E 0.90%, due 10/1/26 (i)		20,045,000			20,045,000
					51,645,000
Georgia 1.5%
Appling County Development Authority, Georgia Power Co., Plant Hatch Project, Revenue Bonds (i)
1.28%, due 9/1/29		10,900,000			10,900,000
1.28%, due 9/1/41		26,400,000			26,400,000
Burke County Development Authority, Georgia Power Co., Vogtle Project, Revenue Bonds (i)
1.25%, due 11/1/52		28,155,000			28,155,000
1st Series 1.28%, due 7/1/49		2,400,000			2,400,000
1.30%, due 11/1/52 (b)		18,450,000			18,450,000
Floyd County Development Authority, Georgia Power Co., Plant Hammond Project, Revenue Bonds 1.28%, due 9/1/26 (i)		6,680,000			6,680,000
Heard County Development Authority, Georgia Power Co. Plant Wansley, Revenue Bonds 1.30%, due 9/1/26 (i)		2,400,000			2,400,000
Monroe County Development Authority, Georgia Power Co., Scherer Project, Revenue Bonds 1.28%, due 11/1/48 (i)		20,815,000			20,815,000
					116,200,000
Illinois 0.8%
Chicago O'Hare International Airport Special Facility, Lufthansa German Project, Revenue Bonds 0.96%, due 5/1/35 (b)(i)		40,000,000			40,000,000
JPMorgan Chase Putters / Drivers Trust, Revenue Notes Series 5030 1.21%, due 3/30/20 (a)(i)		14,000,000			14,000,000
Tender Option Bond Trust Receipts, Revenue Bonds Series 2015-XF1045 1.09%, due 6/15/52 (a)(i)		6,550,000			6,550,000
					60,550,000
Indiana 1.0%
City of Indianapolis IN, Economic Development, Revenue Bonds Series A 1.16%, due 7/1/55 (i)		6,200,000			6,200,000
Indiana Finance Authority, Duke Energy Indiana Project, Revenue Bonds Series A-4 1.20%, due 12/1/39 (i)		27,945,000			27,945,000
Indiana Finance Authority, Educational Facilities-DePauw University Project, Revenue Bonds Series A 0.90%, due 7/1/36 (i)		9,405,000			9,405,000
Indiana Finance Authority, Environmental Revenue, ArcelorMittal Steel Project, Revenue Bonds 1.17%, due 8/1/30 (b)(i)		13,325,000			13,325,000
Indiana Finance Authority, Sisters of St. Francis, Health Services, Revenue Bonds (i)
Series I 1.18%, due 11/1/37		16,170,000			16,170,000
Series J 1.18%, due 11/1/37		7,700,000			7,700,000
					80,745,000
Kentucky 0.3%
Kentucky State Economic Development Finance Authority, Catholic Health, Revenue Bonds Series C 1.10%, due 5/1/34 (i)		20,725,000			20,725,000
Tender Option Bond Trust Receipts, Revenue Bonds Series 2015-XF1024 0.98%, due 1/1/45 (a)(i)		2,000,000			2,000,000
					22,725,000
Maryland 0.0% ‡
Maryland Health & Higher Educational Facilities Authority, Greater Baltimore Medical Center, Revenue Bonds 1.10%, due 7/1/25 (i)		200,000			200,000
Mississippi 0.1%
Mississippi Business Finance Corp., Gulf Power Co. Project, Revenue Bonds 1st Series 1.22%, due 4/1/44 (i)		6,000,000			6,000,000
Missouri 1.3%
Missouri Health & Educational Facilities Authority, BJC Health System, Revenue Bonds Series C 0.91%, due 5/15/38 (i)		25,400,000			25,400,000
Missouri Health & Educational Facilities Authority, SSM Health Care Corp., Revenue Bonds (i)
Series G 1.00%, due 6/1/44		29,885,000			29,885,000
Series F 1.00%, due 6/1/44		22,400,000			22,400,000
RIB Floater Trust, Revenue Bonds Series 2019-016 0.98%, due 6/1/45 (a)(i)		22,250,000			22,250,000
					99,935,000
New Jersey 0.9%
New Jersey Turnpike Authority, Revenue Bonds Series D-1 1.947%, due 1/1/24 (i)		66,500,000			67,249,455
New Mexico 0.1%
New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare Services, Revenue Bonds Series D 1.18%, due 8/1/34 (i)		8,980,000			8,980,000
New York 1.6%
Battery Park City Authority, Revenue Bonds Series D-1 0.93%, due 11/1/38 (i)		11,350,000			11,350,000
City of New York NY, Unlimited General Obligation (i)
Subseries J-6 1.16%, due 8/1/24		7,000,000			7,000,000
Subseries A-5 1.16%, due 8/1/44		15,470,000			15,470,000
JPMorgan Chase Putters / Drivers Trust, Revenue Bonds Series 5029 1.24%, due 12/1/21 (a)(b)(i)		15,000,000			15,000,000
New York City Municipal Water Finance Authority, Water & Sewer System, Revenue Bonds Subseries A-1 1.18%, due 6/15/44 (i)		4,000,000			4,000,000
New York City Water & Sewer System, Revenue Bonds Series CC 0.95%, due 6/15/41 (i)		13,000,000			13,000,000
New York State Housing Finance Agency, 160 Madison Avenue, Revenue Bonds Series A 1.18%, due 11/1/46 (i)		1,000,000			1,000,000
New York State Housing Finance Agency, 29 Flatbush Ave, Revenue Bonds 0.93%, due 11/1/44 (i)		30,200,000			30,200,000
New York State Housing Finance Agency, 505 West 37th Street, Revenue Bonds (i)
Series B 1.18%, due 5/1/42		6,000,000			6,000,000
Series A 1.18%, due 5/1/42		13,700,000			13,700,000
Triborough Bridge & Tunnel Authority, Revenue Bonds Subseries B-3 1.16%, due 1/1/32 (i)		7,910,000			7,910,000
					124,630,000
North Carolina 0.4%
Charlotte-Mecklenburg Hospital Authority, Carolinas Healthcare System, Revenue Bonds Series B 1.15%, due 1/15/38 (i)		26,960,000			26,960,000
Ohio 0.4%
County of Montgomery OH, Premier Health Partners Obligated Group, Revenue Bonds Series C 1.18%, due 11/15/45 (i)		5,000,000			5,000,000
Ohio Higher Educational Facilities Commission, Cleveland Clinic Health System, Revenue Bonds Series B-2 1.16%, due 1/1/39 (i)		4,000,000			4,000,000
Ohio Hospital Facilities, Cleveland Clinic Health System, Revenue Bonds Series 2019 D-1 0.93%, due 1/1/52 (i)		23,300,000			23,300,000
					32,300,000
Oklahoma 0.2%
Muskogee Industrial Trust, Oklahoma Gas & Electric Co., Revenue Bonds Series A 1.13%, due 6/1/27 (i)		17,400,000			17,400,000
Puerto Rico 0.1%
Puerto Rico Electric Power Authority, Revenue Bonds Series UU, Insured: AGM 1.799%, due 7/1/29 (i)		4,065,000			4,024,350
Rhode Island 0.0% ‡
Rhode Island Health & Educational Building Corp., Bryant University, Revenue Bonds 0.95%, due 6/1/35 (i)		2,000,000			2,000,000
South Carolina 0.3%
South Carolina Jobs-Economic Development Authority, Prisma Health Obligated Group, Revenue Bonds Series C 1.11%, due 5/1/48 (i)		20,000,000			20,000,000
Tennessee 0.2%
Chattanooga Health Educational & Housing Facility Board, Catholic Health Initiatives, Revenue Bonds Series C 1.08%, due 5/1/39 (i)		12,400,000			12,400,000
Texas 2.1%
Bowie County Industrial Development Corp., Texarkana Newspapers, Inc., Revenue Bonds 1.19%, due 11/1/25 (i)		3,300,000			3,300,000
Harris County Cultural Education Facilities Finance Corp., Houston Methodist Hospital, Revenue Bonds (i)
Subseries C-1 1.15%, due 12/1/24		11,610,000			11,610,000
Subseries C-2 1.15%, due 12/1/27		4,550,000			4,550,000
Harris County Health Facilities Development Corp., Methodist Hospital System, Revenue Bonds (i)
Series A-2 1.15%, due 12/1/41		1,970,000			1,970,000
Series A-1 1.15%, due 12/1/41		11,925,000			11,925,000
Nuveen AMT-Free Municipal Credit Income Fund Series B 1.29%, due 3/1/29 (e)(i)		50,000			50,000,000
Nuveen AMT-Free Quality Municipal Income Fund Series D 1.29%, due 3/1/29 (e)(i)		50,000			50,000,000
Permanent University Fund - University of Texas System, Revenue Bonds Series A 0.89%, due 7/1/37 (i)		23,590,000			23,590,000
Tarrant County Cultural Education Facilities Finance Corp., Baylor Health Care Systems Project, Revenue Bonds Series C 1.18%, due 11/15/50 (i)		8,400,000			8,400,000
					165,345,000
Virginia 0.1%
Albemarle County Economic Development Authority, Sentara Martha Jefferson Hospital, Revenue Bonds Series B 1.16%, due 10/1/48 (i)		7,750,000			7,750,000
Virginia Small Business Financing Authority, University Real Estate, Revenue Bonds 1.22%, due 7/1/30 (i)		65,000			65,000
					7,815,000
Wisconsin 0.3%
Public Finance Authority, WakeMed Obligated Group, Revenue Bonds Series C 1.20%, due 10/1/49 (i)		15,635,000			15,635,000
University Hospitals & Clinics Authority, Revenue Bonds Series B 1.15%, due 4/1/48 (i)		9,615,000			9,615,000
					25,250,000
Total Short-Term Municipal Notes (Cost $1,080,445,447)					1,081,833,155
Total Municipal Bonds (Cost $7,062,194,673)					7,665,377,481
	Shares
Closed-End Funds 0.1%
Massachusetts 0.1%
DWS Municipal Income Trust		124,496			1,457,848
Eaton Vance Municipal Bond Fund		132,688			1,740,867
MFS Municipal Income Trust		7,269			52,555
Pioneer Municipal High Income Trust		84,969			1,043,419
					4,294,689
Multi-State 0.0% ‡
BlackRock Investment Quality Municipal Trust, Inc.		27,280			435,934
BlackRock Municipal Income Investment Quality Trust		18,120			265,005
BlackRock MuniEnhanced Fund, Inc.		70,702			827,921
BlackRock MuniHoldings Investment Quality Fund		70,458			974,434
BlackRock New York Municipal Fund		16,573			247,849
					2,751,143
Total Closed-End Funds (Cost $6,498,792)					7,045,832
Total Investments (Cost $7,068,693,465)		99.7	%		7,672,423,313
Other Assets, Less Liabilities		0.3			25,589,349
Net Assets		100.0	%	$	7,698,012,662

†	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)	Interest on these securities was subject to alternative minimum tax.
(c)	Floating rate - Rate shown was the rate in effect as of January 31, 2020.
(d)	Step coupon - Rate shown was the rate in effect as of January 31, 2020.
(e)	Fair valued security - Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of January 31, 2020, the total market value of the fair valued securities was $105,000,000, which represented 1.4% of the Fund's net assets.
(f)	Issue in non-accrual status.
(g)	Issue in default.
(h)	Illiquid security - As of January 31, 2020, the total market value of these securities deemed illiquid under procedures approved by the Board of Trustees was $6,186,675, which represented 0.1% of the Fund's net assets.
(i)	Variable-rate demand notes (VRDNs) - Provide the right to sell the security at face value on either that day or within the rate-reset period. VRDNs will normally trade as if the maturity is the earlier put date, even though stated maturity is longer. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. The maturity date shown is the final maturity.

As of January 31, 2020, the Portfolio held the following futures contracts¹:

Type	Number of Contracts			Expiration Date	Value at Trade Date			Current Notional Amount			Unrealized Appreciation (Depreciation)2
Short Contracts
10-Year United States Treasury Note		(1,216	)	March 2020	$	(157,403,819	)	$	(160,094,000	)	$	(2,690,181	)
United States Treasury Long Bond		(250	)	March 2020		(39,729,881	)		(40,882,812	)		(1,152,931	)
Net Unrealized Depreciation												(3,843,112	)

1. As of January 31, 2020, cash in the amount of $2,098,400 was on deposit with a broker or futures commission merchant for futures transactions.

2. Represents the difference between the value of the contracts at the time they were opened and the value as of January 31, 2020.

The following abbreviations are used in the preceding pages:
ACA	—ACA Financial Guaranty Corp.
AGC	—Assured Guaranty Corp.
AGM	—Assured Guaranty Municipal Corp.
AMBAC	—Ambac Assurance Corp.
BAM	—Build America Mutual Assurance Co.
CHF	—Collegiate Housing Foundation.
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, 2020, for valuing the Fund's assets and liabilities:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Municipal Bonds
Long-Term Municipal Bonds	$	—		$	6,583,544,326	$	—	$	6,583,544,326
Short-Term Municipal Notes		—			1,081,833,155		—		1,081,833,155
Total Municipal Bonds		—			7,665,377,481		—		7,665,377,481
Closed-End Funds		7,045,832			—		—		7,045,832
Total Investments in Securities	$	7,045,832		$	7,665,377,481	$	—	$	7,672,423,313
Liability Valuation Inputs
Other Financial Instruments
Futures Contracts (b)	$	(3,843,112	)	$	—	$	—	$	(3,843,112	)

(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.

MainStay MacKay International Opportunities Fund

Portfolio of Investments January 31, 2020 (Unaudited)

	Shares			Value
Common Stocks 92.8% †
Australia 8.3%
Accent Group, Ltd. (Specialty Retail)		645,684		$	732,614
ALS, Ltd. (Professional Services)		38,680			249,862
Aristocrat Leisure, Ltd. (Hotels, Restaurants & Leisure)		37,210			901,683
Austal, Ltd. (Aerospace & Defense)		282,257			742,545
BHP Group PLC (Metals & Mining)		46,263			1,013,977
Castile Resources Pty, Ltd. (Metals & Mining) (a)(b)(c)(d)		81,468			0
CIMIC Group, Ltd. (Construction & Engineering)		18,462			361,979
Codan, Ltd. (Electronic Equipment, Instruments & Components)		214,622			1,097,623
Commonwealth Bank of Australia (Banks)		16,096			918,648
Data#3, Ltd. (IT Services)		37,103			113,256
EML Payments, Ltd. (IT Services) (a)		352,507			1,241,193
FlexiGroup, Ltd. (Consumer Finance)		244,064			343,091
Genworth Mortgage Insurance Australia, Ltd. (Thrifts & Mortgage Finance) (e)		464,818			1,138,806
IGO, Ltd. (Metals & Mining)		271,919			1,110,338
IPH, Ltd. (Professional Services)		6,855			42,033
JB Hi-Fi, Ltd. (Specialty Retail) (e)		44,748			1,187,988
Kogan.com, Ltd. (Internet & Direct Marketing Retail) (e)		108,612			375,157
Lendlease Group (Real Estate Management & Development)		56,438			684,566
Magellan Financial Group, Ltd. (Capital Markets)		35,085			1,579,897
McMillan Shakespeare, Ltd. (Professional Services)		51,964			448,375
Metcash, Ltd. (Food & Staples Retailing)		618,402			1,084,571
Nickel Mines, Ltd. (Metals & Mining) (a)		691,254			289,203
Northern Star Resources, Ltd. (Metals & Mining)		159,897			1,348,642
NRW Holdings, Ltd. (Construction & Engineering)		584,270			1,224,175
Perenti Global, Ltd. (Metals & Mining)		526,211			540,697
Perseus Mining, Ltd. (Metals & Mining) (a)		276,477			213,760
Ramelius Resources, Ltd. (Metals & Mining)		1,006,972			886,398
Regis Resources, Ltd. (Metals & Mining)		380,455			1,146,045
Santos, Ltd. (Oil, Gas & Consumable Fuels)		223,131			1,297,972
Saracen Mineral Holdings, Ltd. (Metals & Mining) (a)		364,897			964,835
Select Harvests, Ltd. (Food Products)		34,576			197,660
Sigma Healthcare, Ltd. (Health Care Providers & Services)		338,261			135,859
Super Retail Group, Ltd. (Specialty Retail) (e)		51,900			325,879
Western Areas, Ltd. (Metals & Mining)		341,550			587,588
Westgold Resources, Ltd. (Metals & Mining) (a)		208,744			306,016
Woolworths Group, Ltd. (Food & Staples Retailing)		35,804			1,002,788
					25,835,719
Austria 1.6%
AT&S Austria Technologie & Systemtechnik A.G. (Electronic Equipment, Instruments & Components)		16,388			361,503
BAWAG Group A.G. (Banks) (a)(f)		25,471			1,105,085
OMV A.G. (Oil, Gas & Consumable Fuels)		40,172			2,004,428
Raiffeisen Bank International A.G. (Banks)		12,075			275,870
S IMMO A.G. (Real Estate)		4,881			131,001
Wienerberger A.G. (Construction Materials)		42,921			1,219,551
					5,097,438
Belgium 0.9%
D'ieteren S.A. / N.V. (Distributors)		8,440			544,774
Galapagos N.V. (Biotechnology) (a)		8,373			1,876,715
Telenet Group Holding N.V. (Media)		7,875			366,643
					2,788,132
Cambodia 0.2%
NagaCorp, Ltd. (Hotels, Restaurants & Leisure)		494,000			704,751
China 0.7%
CITIC Telecom International Holdings, Ltd. (Diversified Telecommunication Services)		490,000			170,345
FIH Mobile, Ltd. (Electronic Equipment, Instruments & Components) (a)(e)		6,638,000			1,042,716
Yangzijiang Shipbuilding Holdings, Ltd. (Machinery)		1,516,300			1,055,610
					2,268,671
Denmark 3.0%
Carlsberg A/S, Class B (Beverages)		14,405			2,108,831
D/S Norden A/S (Marine)		10,139			136,859
Matas A/S (Specialty Retail)		16,947			159,965
Novo Nordisk A/S, Class B (Pharmaceuticals) (g)		8,296			507,888
Pandora A/S (Textiles, Apparel & Luxury Goods)		32,257			1,672,716
Royal Unibrew A/S (Beverages)		773			73,676
Scandinavian Tobacco Group A/S (Tobacco) (f)		72,752			953,953
Vestas Wind Systems A/S (Electrical Equipment)		23,423			2,338,859
Zealand Pharma A/S (Biotechnology) (a)		37,189			1,350,039
					9,302,786
Finland 0.8%
Metso OYJ (Machinery)		31,401			1,118,239
Tokmanni Group Corp. (Multiline Retail)		20,393			295,829
Valmet OYJ (Machinery)		52,645			1,143,780
					2,557,848
France 6.5%
Air Liquide S.A. (Chemicals)		1,062			153,999
Airbus S.E. (Aerospace & Defense)		1,116			164,911
AKKA Technologies S.E. (Professional Services) (e)		1,785			124,520
BNP Paribas S.A. (Banks)		2,796			148,983
Bollore S.A. (Entertainment)		94,003			383,029
COFACE S.A. (Insurance)		46,272			571,169
Credit Agricole S.A. (Banks)		139,126			1,887,060
Dassault Aviation S.A. (Aerospace & Defense)		233			283,733
Derichebourg S.A. (Commercial Services & Supplies)		25,038			91,247
Edenred (Commercial Services & Supplies)		1,224			66,231
Eiffage S.A. (Construction & Engineering)		4,254			494,200
Eramet S.A. (Metals & Mining) (e)		14,395			608,737
Faurecia S.E. (Auto Components)		34,477			1,650,678
Ingenico Group S.A. (Electronic Equipment, Instruments & Components)		17,534			2,045,727
IPSOS (Media)		24,921			809,812
Kaufman & Broad S.A. (Household Durables)		6,335			268,808
Mersen S.A. (Electrical Equipment)		10,833			355,624
Natixis S.A. (Capital Markets)		392,479			1,664,070
Nexity S.A. (Real Estate Management & Development)		5,581			269,867
Quadient (Technology Hardware, Storage & Peripherals)		36,778			885,929
Rallye S.A. (Food & Staples Retailing)		10,665			103,968
Sartorius Stedim Biotech (Life Sciences Tools & Services)		12,486			2,244,695
Sopra Steria Group (IT Services)		4,193			672,425
Teleperformance (Professional Services)		9,788			2,461,999
Television Francaise 1 (Media)		144,673			1,093,463
Virbac S.A. (Pharmaceuticals) (a)		3,187			781,134
					20,286,018
Germany 7.3%
Aareal Bank A.G. (Thrifts & Mortgage Finance)		16,426			539,595
Allianz S.E., Registered (Insurance)		12,576			3,010,548
BASF S.E. (Chemicals)		4,060			274,982
Carl Zeiss Meditec A.G. (Health Care Equipment & Supplies)		16,434			2,013,986
CECONOMY A.G. (Specialty Retail) (a)		123,864			643,585
Corestate Capital Holding S.A. (Real Estate) (a)		29,075			1,275,314
Covestro A.G. (Chemicals) (f)(g)		23,527			995,433
CropEnergies A.G. (Oil, Gas & Consumable Fuels)		16,774			187,892
Deutsche Lufthansa A.G., Registered (Airlines)		107,631			1,650,861
Deutsche Pfandbriefbank A.G. (Thrifts & Mortgage Finance) (f)		56,787			918,243
Deutz A.G. (Machinery)		96,177			504,739
DWS Group GmbH & Co. KGaA (Capital Markets) (f)		28,156			1,120,715
Eckert & Ziegler A.G. (Health Care Equipment & Supplies)		4,493			861,055
Encavis A.G. (Independent Power & Renewable Electricity Producers)		40,717			489,504
Flatex A.G. (Capital Markets) (a)		3,691			111,753
GEA Group A.G. (Machinery) (g)		56,353			1,693,078
Hamburger Hafen und Logistik A.G. (Transportation Infrastructure)		1,846			45,614
JOST Werke A.G. (Machinery) (f)		3,992			150,529
KION Group A.G. (Machinery)		2,675			168,212
LPKF Laser & Electronics A.G. (Electronic Equipment, Instruments & Components) (a)		18,962			399,566
Merck KGaA (Pharmaceuticals)		1,009			129,696
Siemens A.G., Registered (Industrial Conglomerates)		3,434			425,178
Siemens Healthineers A.G. (Health Care Equipment & Supplies) (f)		3,508			165,270
Siltronic A.G. (Semiconductors & Semiconductor Equipment)		10,727			1,162,077
Volkswagen A.G. (Automobiles)		8,940			1,641,908
Vonovia S.E. (Real Estate) (g)		36,030			2,059,490
Wacker Neuson S.E. (Machinery)		13,666			220,221
					22,859,044
Hong Kong 2.6%
CK Asset Holdings, Ltd. (Real Estate Management & Development)		246,000			1,590,040
First Pacific Co., Ltd. (Diversified Financial Services)		2,036,000			642,263
Haitong International Securities Group, Ltd. (Capital Markets) (e)		1,703,000			495,555
Melco International Development, Ltd. (Hotels, Restaurants & Leisure)		285,000			621,623
Shun Tak Holdings, Ltd. (Industrial Conglomerates)		2,354,000			1,018,392
Stella International Holdings, Ltd. (Textiles, Apparel & Luxury Goods)		58,000			81,101
VTech Holdings, Ltd. (Communications Equipment)		36,000			327,479
WH Group, Ltd. (Food Products) (f)		2,056,000			1,974,836
Yue Yuen Industrial Holdings, Ltd. (Textiles, Apparel & Luxury Goods)		502,500			1,400,758
					8,152,047
Ireland 0.5%
AerCap Holdings N.V. (Trading Companies & Distributors) (a)		30,100			1,703,961
Israel 0.5%
CyberArk Software, Ltd. (Software) (a)		6,600			912,318
Gazit-Globe, Ltd. (Real Estate)		16,002			185,951
Mizrahi Tefahot Bank, Ltd. (Banks)		14,224			388,740
					1,487,009
Italy 3.3%
Atlantia S.p.A. (Transportation Infrastructure)		18,943			465,764
Banca Generali S.p.A. (Capital Markets)		15,454			492,239
Banca IFIS S.p.A. (Diversified Financial Services)		76,587			1,218,022
BPER Banca (Banks)		4,506			20,739
EL.En. S.p.A. (Health Care Equipment & Supplies)		31,653			998,379
Enel S.p.A. (Electric Utilities)		74,796			651,592
Falck Renewables S.p.A. (Independent Power & Renewable Electricity Producers)		218,006			1,421,663
Intesa Sanpaolo S.p.A. (Banks)		115,701			288,138
Leonardo S.p.A. (Aerospace & Defense)		124,562			1,544,466
Piaggio & C. S.p.A. (Automobiles)		187,118			511,752
Poste Italiane S.p.A. (Insurance) (f)		82,542			947,472
Telecom Italia S.p.A. (Diversified Telecommunication Services)		1,098,564			578,722
Unipol Gruppo S.p.A. (Insurance)		227,596			1,161,867
					10,300,815
Japan 21.6%
Advantest Corp. (Semiconductors & Semiconductor Equipment)		20,800			1,126,815
Air Water, Inc. (Chemicals)		43,200			606,407
Aisan Industry Co., Ltd. (Auto Components)		19,700			129,449
Alfresa Holdings Corp. (Health Care Providers & Services)		46,900			963,927
Amada Holdings Co., Ltd. (Machinery)		13,500			144,899
Astellas Pharma, Inc. (Pharmaceuticals) (g)		94,100			1,693,895
Chubu Electric Power Co., Inc. (Electric Utilities)		82,800			1,137,062
Chugai Pharmaceutical Co., Ltd. (Pharmaceuticals)		4,800			499,026
Credit Saison Co., Ltd. (Consumer Finance)		59,400			973,600
Dai Nippon Printing Co., Ltd. (Commercial Services & Supplies)		39,400			1,107,222
Daishi Hokuetsu Financial Group, Inc. (Banks)		5,700			144,032
Daiwa House Industry Co., Ltd. (Real Estate Management & Development)		23,000			734,650
Electric Power Development Co., Ltd. (Independent Power & Renewable Electricity Producers)		23,600			539,933
EPS Holdings, Inc. (Life Sciences Tools & Services)		11,700			142,531
Fuji Media Holdings, Inc. (Media)		44,600			617,003
FUJIFILM Holdings Corp. (Technology Hardware, Storage & Peripherals)		2,700			136,651
Fujitsu, Ltd. (IT Services)		13,500			1,447,118
Fukuoka Financial Group, Inc. (Banks)		52,000			923,815
Geo Holdings Corp. (Specialty Retail)		21,400			246,281
Goldcrest Co., Ltd. (Real Estate)		14,800			257,059
Hitachi, Ltd. (Electronic Equipment, Instruments & Components)		44,400			1,733,303
Honda Motor Co., Ltd. (Automobiles)		15,500			404,970
I'll, inc. (Software) (e)		20,600			340,878
INPEX Corp. (Oil, Gas & Consumable Fuels)		115,700			1,100,354
ITOCHU Corp. (Trading Companies & Distributors)		70,300			1,666,101
JACCS Co., Ltd. (Consumer Finance)		6,300			151,519
Japan Post Insurance Co., Ltd. (Insurance)		57,600			985,029
Japan Real Estate Investment Corp. (Equity Real Estate Investment Trusts)		28			204,402
JFE Holdings, Inc. (Metals & Mining)		11,900			144,419
JVCKenwood Corp. (Household Durables)		161,700			376,064
JXTG Holdings, Inc. (Oil, Gas & Consumable Fuels)		273,800			1,184,601
Kansai Electric Power Co., Inc. (Electric Utilities)		66,000			747,986
KDDI Corp. (Wireless Telecommunication Services)		69,500			2,098,053
Keyence Corp. (Electronic Equipment, Instruments & Components)		1,300			448,350
Kyocera Corp. (Electronic Equipment, Instruments & Components)		17,400			1,168,083
LIXIL Group Corp. (Building Products)		58,400			989,547
Marubeni Corp. (Trading Companies & Distributors)		156,700			1,149,996
Mazda Motor Corp. (Automobiles)		17,600			151,709
Mebuki Financial Group, Inc. (Banks) (g)		414,900			938,125
MediPal Holdings Corp. (Health Care Providers & Services)		46,100			993,859
Mitsubishi Chemical Holdings Corp. (Chemicals)		98,700			728,716
Mitsubishi Corp. (Trading Companies & Distributors)		47,300			1,232,319
Mitsubishi Heavy Industries, Ltd. (Machinery)		30,700			1,140,112
Mitsubishi UFJ Financial Group, Inc. (Banks)		283,000			1,484,800
Mitsubishi UFJ Lease & Finance Co., Ltd. (Diversified Financial Services)		157,200			1,006,846
Mitsui & Co., Ltd. (Trading Companies & Distributors)		87,400			1,581,355
Mitsui OSK Lines, Ltd. (Marine)		37,000			918,213
Mitsui-Soko Holdings Co., Ltd. (Air Freight & Logistics)		15,200			253,766
MIXI, Inc. (Interactive Media & Services)		32,700			581,843
Monex Group, Inc. (Capital Markets)		242,400			590,592
MS&AD Insurance Group Holdings, Inc. (Insurance)		17,900			604,128
NEC Corp. (IT Services)		25,900			1,176,023
Nippon Telegraph & Telephone Corp. (Diversified Telecommunication Services) (g)		63,800			1,640,706
Nitto Kogyo Corp. (Electrical Equipment)		8,100			172,159
Nomura Holdings, Inc. (Capital Markets)		250,300			1,308,153
NTT Data Corp. (IT Services)		80,100			1,149,513
Obayashi Corp. (Construction & Engineering)		14,200			158,964
Oji Holdings Corp. (Paper & Forest Products)		150,600			786,670
Open House Co., Ltd. (Real Estate)		22,300			604,449
Otsuka Holdings Co., Ltd. (Pharmaceuticals)		29,200			1,323,978
Recruit Holdings Co., Ltd. (Professional Services)		4,200			166,829
Ryobi, Ltd. (Machinery)		15,100			250,842
SAMTY Co., Ltd. (Real Estate)		31,700			546,204
SBI Holdings, Inc. (Capital Markets)		25,500			606,700
SECOM Co., Ltd. (Commercial Services & Supplies)		4,500			403,382
Shimizu Corp. (Construction & Engineering)		107,700			1,126,151
Showa Denko K.K. (Chemicals) (e)		40,800			1,007,245
SoftBank Corp. (Wireless Telecommunication Services)		103,800			1,433,112
Square Enix Holdings Co., Ltd. (Entertainment)		14,300			710,018
Subaru Corp. (Automobiles) (e)		13,200			336,228
Sumitomo Chemical Co., Ltd. (Chemicals)		172,000			749,241
Sumitomo Mitsui Financial Group, Inc. (Banks)		53,700			1,924,884
Suzuken Co., Ltd. (Health Care Providers & Services)		21,900			855,950
T&D Holdings, Inc. (Insurance)		12,800			140,693
TAISEI Corp. (Construction & Engineering) (g)		27,700			1,127,378
Takeda Pharmaceutical Co., Ltd. (Pharmaceuticals)		9,800			382,304
TDK Corp. (Electronic Equipment, Instruments & Components)		7,700			843,514
Toho Holdings Co., Ltd. (Health Care Providers & Services)		22,200			464,263
Tokai Tokyo Financial Holdings, Inc. (Capital Markets)		103,600			316,475
Tokyo Electron, Ltd. (Semiconductors & Semiconductor Equipment)		3,400			768,769
Tokyu Construction Co., Ltd. (Construction & Engineering)		44,300			315,625
Toppan Printing Co., Ltd. (Commercial Services & Supplies) (g)		52,100			1,055,896
Torii Pharmaceutical Co., Ltd. (Pharmaceuticals)		5,800			199,926
Tosoh Corp. (Chemicals)		35,400			513,905
TPR Co., Ltd. (Auto Components)		2,300			38,696
Unipres Corp. (Auto Components)		12,000			156,707
West Japan Railway Co. (Road & Rail)		3,500			299,562
World Co., Ltd. (Specialty Retail)		21,000			467,463
Z Holdings Corp. (Interactive Media & Services)		279,700			1,130,622
					67,330,612
Netherlands 5.2%
Altice Europe N.V. (Media) (a)		277,407			1,789,339
ASM International N.V. (Semiconductors & Semiconductor Equipment)		7,635			931,859
ASML Holding N.V. (Semiconductors & Semiconductor Equipment)		4,591			1,294,551
ASR Nederland N.V. (Insurance)		32,521			1,213,307
EXOR N.V. (Diversified Financial Services)		494			36,510
Koninklijke Ahold Delhaize N.V. (Food & Staples Retailing)		83,618			2,058,750
Koninklijke BAM Groep N.V. (Construction & Engineering)		296,395			819,162
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment)		19,700			2,499,142
Royal Dutch Shell PLC, Class A (Oil, Gas & Consumable Fuels)		85,860			2,261,213
Signify N.V. (Electrical Equipment) (f)		39,483			1,318,913
Wolters Kluwer N.V. (Professional Services)		26,958			2,030,656
					16,253,402
New Zealand 0.7%
Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Supplies)		88,689			1,335,756
Mercury NZ, Ltd. (Electric Utilities)		173,421			587,400
Meridian Energy, Ltd. (Independent Power & Renewable Electricity Producers)		105,658			365,049
					2,288,205
Norway 1.6%
Austevoll Seafood ASA (Food Products)		44,034			431,103
DNO ASA (Oil, Gas & Consumable Fuels)		685,793			687,735
Elkem ASA (Chemicals) (f)		467,328			1,179,758
Europris ASA (Multiline Retail) (f)		209,428			762,761
Golden Ocean Group, Ltd. (Marine) (e)		233,375			1,069,197
NEL ASA (Electrical Equipment) (a)		827,698			825,633
Yara International ASA (Chemicals)		3,394			123,761
					5,079,948
Singapore 1.3%
AEM Holdings, Ltd. (Semiconductors & Semiconductor Equipment)		492,500			685,732
Best World International, Ltd. (Personal Products) (b)(c)(e)		618,500			616,415
BW LPG, Ltd. (Oil, Gas & Consumable Fuels) (f)		73,852			598,977
Hi-P International, Ltd. (Electronic Equipment, Instruments & Components)		1,047,100			997,530
Singapore Exchange, Ltd. (Capital Markets)		74,600			475,612
Singapore Press Holdings, Ltd. (Media)		270,700			400,714
Yanlord Land Group, Ltd. (Real Estate Management & Development)		290,200			244,563
					4,019,543
South Africa 1.1%
Anglo American PLC (Metals & Mining) (g)		88,459			2,319,381
Investec PLC (Capital Markets)		184,839			1,023,183
					3,342,564
Spain 2.1%
Banco Bilbao Vizcaya Argentaria S.A. (Banks)		417,920			2,163,822
Banco Santander S.A. (Banks)		154,601			609,369
Faes Farma S.A. (Pharmaceuticals)		88,341			482,035
Grifols S.A. (Biotechnology)		12,510			420,389
Pharma Mar S.A. (Biotechnology) (a)		187,971			862,645
Repsol S.A. (Oil, Gas & Consumable Fuels)		129,160			1,785,547
Sacyr S.A. (Construction & Engineering)		42,025			120,714
					6,444,521
Sweden 3.6%
Atlas Copco A.B. (Machinery)
Class A		38,469			1,366,629
Class B		51,613			1,608,399
Avanza Bank Holding A.B. (Capital Markets)		14,809			145,215
Bilia A.B., Class A (Specialty Retail)		58,851			647,386
BioArctic A.B. (Biotechnology) (e)(f)		7,996			75,085
Clas Ohlson A.B., Class B (Specialty Retail)		13,865			147,192
Evolution Gaming Group A.B. (Hotels, Restaurants & Leisure) (f)		39,355			1,218,231
Getinge A.B., Class B (Health Care Equipment & Supplies)		32,943			563,086
Hoist Finance A.B. (Consumer Finance) (a)(e)(f)		98,747			493,792
ICA Gruppen A.B. (Food & Staples Retailing)		3,958			174,241
Intrum A.B. (Commercial Services & Supplies)		3,395			94,195
Inwido A.B. (Building Products)		38,768			292,364
JM A.B. (Household Durables)		42,548			1,302,043
Lindab International A.B. (Building Products)		62,964			714,214
Nobia A.B. (Household Durables)		37,623			277,867
Samhallsbyggnadsbolaget i Norden A.B. (Real Estate)		494,025			1,218,782
Sinch A.B. (Software) (a)(e)(f)		11,346			364,179
Sweco A.B., Class B (Construction & Engineering)		12,478			482,171
Vitrolife A.B. (Biotechnology)		2,547			53,496
					11,238,567
Switzerland 7.2%
Alcon, Inc. (Health Care Equipment & Supplies) (a)		9,497			561,419
ALSO Holding A.G., Registered (Electronic Equipment, Instruments & Components) (a)		1,803			294,635
Belimo Holding A.G., Registered (Building Products)		111			779,028
Ferrexpo PLC (Metals & Mining)		487,894			896,171
Galenica A.G. (Health Care Providers & Services) (a)(f)		20,081			1,371,813
LafargeHolcim, Ltd., Registered (Construction Materials) (a)		20,011			1,020,079
Landis+Gyr Group A.G. (Electronic Equipment, Instruments & Components) (a)(g)		12,077			1,109,650
Novartis A.G., Registered (Pharmaceuticals)		46,210			4,373,926
Roche Holding A.G. (Pharmaceuticals)		21,166			7,126,385
Schweiter Technologies A.G. (Building Products)		285			353,291
Sonova Holding A.G., Registered (Health Care Equipment & Supplies)		7,935			1,991,988
Sulzer A.G., Registered (Machinery)		1,453			160,808
Swiss Life Holding A.G., Registered (Insurance)		562			283,217
UBS Group A.G., Registered (Capital Markets) (a)		50,966			634,958
Zurich Insurance Group A.G. (Insurance)		3,408			1,417,759
					22,375,127
United Kingdom 11.6%
Ashtead Group PLC (Trading Companies & Distributors)		30,519			989,373
AstraZeneca PLC (Pharmaceuticals)		11,941			1,170,623
Aviva PLC (Insurance)		371,482			1,954,319
Barclays PLC (Banks)		886,990			1,967,734
Barratt Developments PLC (Household Durables)		222,755			2,361,420
Berkeley Group Holdings PLC (Household Durables)		30,189			2,088,903
BT Group PLC (Diversified Telecommunication Services)		197,455			419,582
Computacenter PLC (IT Services)		58,079			1,375,878
Crest Nicholson Holdings PLC (Household Durables)		27,447			181,219
Diageo PLC (Beverages)		32,367			1,286,493
Dialog Semiconductor PLC (Semiconductors & Semiconductor Equipment) (a)		25,087			1,109,292
Drax Group PLC (Independent Power & Renewable Electricity Producers)		311,800			1,119,911
easyJet PLC (Airlines)		92,778			1,706,611
EnQuest PLC (Oil, Gas & Consumable Fuels) (a)		2,260,925			713,547
Fiat Chrysler Automobiles N.V. (Automobiles)		97,311			1,266,149
Go-Ahead Group PLC (Road & Rail)		39,237			1,061,119
Greggs PLC (Hotels, Restaurants & Leisure)		40,402			1,202,528
Gulf Keystone Petroleum, Ltd. (Oil, Gas & Consumable Fuels)		173,745			425,823
Imperial Brands PLC (Tobacco)		19,513			502,661
Legal & General Group PLC (Insurance)		536,251			2,163,305
Meggitt PLC (Aerospace & Defense)		204,624			1,825,511
Mitchells & Butlers PLC (Hotels, Restaurants & Leisure) (a)		37,285			196,939
Paragon Banking Group PLC (Thrifts & Mortgage Finance)		39,843			267,272
Petrofac, Ltd. (Energy Equipment & Services)		80,909			373,086
Pets at Home Group PLC (Specialty Retail)		369,186			1,374,778
Prudential PLC (Insurance)		56,068			1,000,991
Taylor Wimpey PLC (Household Durables)		585,540			1,663,165
Unilever N.V. (Personal Products)		30,893			1,805,600
Unilever PLC (Personal Products)		6,999			418,994
Vistry Group PLC (Household Durables)		30,015			546,960
WPP PLC (Media)		146,112			1,823,291
					36,363,077
United States 0.6%
Carnival PLC (Hotels, Restaurants & Leisure)		45,083			1,856,211
Total Common Stocks (Cost $273,592,279)					289,936,016
Exchange-Traded Funds 0.1%
United States 0.1%
iShares MSCI EAFE ETF (Capital Markets)		2,659			179,429
iShares Core MSCI EAFE ETF (Capital Markets)		2,832			179,691
Total Exchange-Traded Funds (Cost $373,965)					359,120
Preferred Stocks 1.8%
Germany 1.8%
Draegerwerk A.G. & Co. KGaA 0.35% (Health Care Equipment & Supplies)		5,551			323,823
Porsche Automobil Holding S.E. 3.54% (Automobiles)		25,605			1,736,206
Sartorius A.G. 0.28% (Health Care Equipment & Supplies)		6,229			1,454,881
Schaeffler A.G. 6.05% (Auto Components)		98,368			987,091
Volkswagen A.G. 2.91% (Automobiles)		6,332			1,140,314
Total Preferred Stocks (Cost $5,484,414)					5,642,315
Short-Term Investments 4.7%
Affiliated Investment Company 3.9%
United States 3.9%
MainStay U.S. Government Liquidity Fund, 1.40% (h)		12,099,280			12,099,280
Unaffiliated Investment Company 0.8%
United States 0.8%
State Street Navigator Securities Lending Government Money Market Portfolio, 1.62% (h)(i)		2,464,559			2,464,559
Total Short-Term Investments (Cost $14,563,839)					14,563,839
Total Investments, Before Investments Sold Short (Cost $294,014,497)		99.4	%		310,501,290
Investments Sold Short (0.0%) ‡
Common Stocks Sold Short (0.0%) ‡
Australia (0.0%) ‡
Virgin Australia International Holdings Pty, Ltd. (Airlines) (a)(b)(c)(d)		(444,108	)		(30	)
China (0.0%) ‡
Boshiwa International Holding, Ltd. (Specialty Retail) (a)(b)(c)(d)		(86,000	)		(2,768	)
Hong Kong (0.0%) ‡
Anxin-China Holdings, Ltd. (Electronic Equipment, Instruments & Components) (a)(b)(c)(d)		(1,608,000	)		(20,704	)
Total Common Stocks Sold Short (Proceeds $310,474)					(23,502	)

	Number of Rights
Rights Sold Short (0.0%) ‡
Austria (0.0%) ‡
Intercell A.G. (Biotechnology) (a)(b)(c)(d)		(19,159	)	(2	)
Total Rights Sold Short (Proceeds $0)				(2	)

	Number of Warrants
Warrants Sold Short 0.0% ‡
Singapore 0.0% ‡
Ezion Holdings, Ltd. Expires 4/13/23 (Energy Equipment & Services) (a)(b)(c)(d)		(2,005,620	)		-
Total Warrants Sold Short (Proceeds $0)					-
Total Investments Sold Short (Proceeds $310,474)					(23,504	)
Total Investments, Net of Investments Sold Short (Cost $293,704,023)		99.4	%		310,477,786
Other Assets, Less Liabilities		0.6			2,004,552
Net Assets		100.0	%	$	312,482,338

†	Percentages indicated are based on Fund net assets.
‡	Less than one-tenth of a percent.
(a)	Non-income producing security.
(b)	Fair valued security - Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of January 31, 2020, the total market value of the fair valued securities was $592,911, which represented 0.2% of the Fund's net assets.
(c)	Illiquid security - As of January 31, 2020, the total market value of these securities deemed illiquid under procedures approved by the Board of Trustees was $592,911, which represented 0.2% of the Fund's net assets.
(d)	Security in which significant unobservable inputs (Level 3) were used in determining fair value.
(e)	All or a portion of this security was held on loan. As of January 31, 2020, the aggregate market value of securities on loan was $7,730,708; the total market value of collateral held by the Fund was $8,158,261. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $5,693,702.
(f)	May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.
(g)	Security, or a portion thereof, was maintained in a segregated account at the Fund's custodian as collateral for securities sold short.
(h)	Current yield as of January 31, 2020.
(i)	Represents a security purchased with cash collateral received for securities on loan.

Swap Contracts

Open OTC total return equity swap contracts as of January 31, 2020 were as follows¹:

Swap Counterparty	Reference Obligation	Floating Rate 2	Termination Date(s)	Payment Frequency Paid/Received	Notional Amount Long/ (Short) (000)			Unrealized Appreciation
Australia
Citigroup	Australia & New Zealand Banking Group	1 month LIBOR BBA plus 0.50%	1/19/2021	Monthly	$	1,439		$	3,810
Citigroup	Bingo Industries, Ltd.	1 month LIBOR BBA minus 1.245%	1/19/2021	Monthly		(922	)		61,201
Citigroup	Carnarvon Petroleum, Ltd.	1 month LIBOR BBA minus 4.232%	1/19/2021	Monthly		(464	)		3,666
Citigroup	Cleanaway Waste Management, Ltd.	1 month LIBOR BBA minus 0.50%	1/19/2021	Monthly		(384	)		3,312
Citigroup	Coca-Cola Amatil, Ltd.	1 month LIBOR BBA plus 0.471%	1/19/2021	Monthly		1,781			61,334
Citigroup	Cooper Energy, Ltd.	1 month LIBOR BBA minus 2.128%	1/19/2021	Monthly		(803	)		93,128
Citigroup	Corporate Travel Management, Ltd.	1 month LIBOR BBA minus 1.25%	1/19/2021	Monthly		(573	)		88,282
Citigroup	CSL, Ltd.	1 month LIBOR BBA plus 0.244%	1/19/2021	Monthly		4,161			292,960
Citigroup	Fortescue Metals Group, Ltd.	1 month LIBOR BBA plus 0.50%	1/19/2021	Monthly		2,039			55,188
Citigroup	G8 Education, Ltd.	1 month LIBOR BBA minus 0.75%	1/19/2021	Monthly		(352	)		21,845
Citigroup	Jumbo Interactive, Ltd.	1 month LIBOR BBA minus 0.50%	1/19/2021	Monthly		(446	)		71,611
Citigroup	Karoon Energy, Ltd.	1 month LIBOR BBA minus 1.27%	1/19/2021	Monthly		(540	)		19,742
Citigroup	Mayne Pharma Group, Ltd.	1 month LIBOR BBA minus 0.50%	1/19/2021	Monthly		(639	)		7,896
Citigroup	Mount Gibson Iron, Ltd.	1 month LIBOR BBA minus 0.687%	1/19/2021	Monthly		(107	)		5,282
Citigroup	nearmap, Ltd.	1 month LIBOR BBA minus 3.669%	1/19/2021	Monthly		(963	)		390,713
Citigroup	Netwealth Group, Ltd.	1 month LIBOR BBA minus 0.75%	1/19/2021	Monthly		(222	)		4,593
Citigroup	Nufarm, Ltd.	1 month LIBOR BBA minus 0.50%	1/19/2021	Monthly		(914	)		53,874
Citigroup	oOh!media, Ltd.	1 month LIBOR BBA minus 0.50%	1/19/2021	Monthly		(471	)		66,759
Citigroup	Pact Group Holdings, Ltd.	1 month LIBOR BBA minus 0.791%	1/19/2021	Monthly		(540	)		8,633
Citigroup	Pinnacle Investment Management Group, Ltd.	1 month LIBOR BBA minus 5.50%	1/19/2021	Monthly		(253	)		1,358
Citigroup	Resolute Mining, Ltd.	1 month LIBOR BBA minus 0.50%	1/19/2021	Monthly		(640	)		3,785
Citigroup	Sims Metal Management, Ltd.	1 month LIBOR BBA minus 0.50%	1/19/2021	Monthly		(954	)		63,639
Citigroup	Wesfarmers, Ltd.	1 month LIBOR BBA plus 0.50%	1/19/2021	Monthly		711			40,351
Austria
Citigroup	Schoeller-Bleckmann Oilfield Equipment A.G.	1 month LIBOR BBA minus 0.40%	1/19/2021	Monthly		(1,006	)		224,496
Belgium
Citigroup	Euronav NV	1 month LIBOR BBA minus 0.50%	1/19/2021	Monthly		(107	)		13,916
Citigroup	Ion Beam Applications S.A.	1 month LIBOR BBA minus 5.50%	1/19/2021	Monthly		(208	)		43,843
Citigroup	Melexis NV	1 month LIBOR BBA minus 2.621%	1/19/2021	Monthly		(180	)		7,491
Denmark
Citigroup	FLSmidth & Co. A/S	1 month LIBOR BBA minus 0.40%	1/19/2021	Monthly		(843	)		121,642
Citigroup	NKT A/S	1 month LIBOR BBA minus 4.50%	1/19/2021	Monthly		(265	)		5,395
France
Citigroup	CGG S.A.	1 month LIBOR BBA minus 0.474%	1/19/2021	Monthly		(912	)		69,388
Citigroup	DBV Technologies S.A.	1 month LIBOR BBA minus 8.709%	1/19/2021	Monthly		(235	)		17,664
Citigroup	Devoteam S.A.	1 month LIBOR BBA minus 0.694%	1/19/2021	Monthly		(283	)		30,174
Citigroup	Elior Group S.A.	1 month LIBOR BBA minus 0.40%	1/19/2021	Monthly		(151	)		5,880
Citigroup	Europcar Groupe S.A.	1 month LIBOR BBA minus 1.148%	1/19/2021	Monthly		(887	)		137,206
Citigroup	Safran S.A.	1 month LIBOR BBA plus 0.40%	1/19/2021	Monthly		2,837			113,746
Citigroup	SMCP S.A.	1 month LIBOR BBA minus 3.00%	1/19/2021	Monthly		(182	)		29,967
Citigroup	Solocal Group	1 month LIBOR BBA minus 1.50%	1/19/2021	Monthly		(471	)		76,382
Citigroup	Technicolor S.A., Registered	1 month LIBOR BBA minus 2.00%	1/19/2021	Monthly		(494	)		35,891
Citigroup	Trigano S.A.	1 month LIBOR BBA minus 0.40%	1/19/2021	Monthly		(945	)		85,384
Citigroup	Vallourec S.A.	1 month LIBOR BBA minus 5.50%	1/19/2021	Monthly		(954	)		128,675
Germany
Citigroup	Isra Vision A.G.	1 month LIBOR BBA minus 0.651%	1/19/2021	Monthly		(692	)		74,102
Citigroup	1 &1 Drillisch A.G.	1 month LIBOR BBA minus 2.00%	1/19/2021	Monthly		(933	)		27,452
Citigroup	Aumann A.G.	1 month LIBOR BBA minus 8.75%	1/19/2021	Monthly		(256	)		23,325
Citigroup	AURELIUS Equity Opportunities SE & Co KGaA	1 month LIBOR BBA minus 3.50%	1/19/2021	Monthly		(115	)		13,370
Citigroup	GRENKE A.G.	1 month LIBOR BBA minus 3.406%	1/19/2021	Monthly		(955	)		26,059
Citigroup	Heidelberger Druckmaschinen A.G.	1 month LIBOR BBA minus 4.681%	1/19/2021	Monthly		(277	)		77,001
Citigroup	Jenoptik A.G.	1 month LIBOR BBA minus 0.40%	1/19/2021	Monthly		(533	)		33,472
Citigroup	Pfeiffer Vacuum Technology A.G.	1 month LIBOR BBA minus 0.808%	1/19/2021	Monthly		(186	)		12,474
Citigroup	Rheinmetall A.G.	1 month LIBOR BBA minus 0.40%	1/19/2021	Monthly		(948	)		67,925
Citigroup	SGL Carbon S.E.	1 month LIBOR BBA minus 4.50%	1/19/2021	Monthly		(451	)		78,757
Citigroup	Wirecard A.G.	1 month LIBOR BBA plus 0.40%	1/19/2021	Monthly		2,159			518,233
Citigroup	zooplus A.G.	1 month LIBOR BBA minus 3.767%	1/19/2021	Monthly		(743	)		24,488
Hong Kong
Citigroup	Esprit Holdings, Ltd.	1 month LIBOR BBA minus 0.827%	1/19/2021	Monthly		(87	)		11,730
Citigroup	Li & Fung, Ltd.	1 month LIBOR BBA minus 0.50%	1/19/2021	Monthly		(508	)		94,576
Citigroup	Sa Sa International Holdings, Ltd.	1 month LIBOR BBA minus 7.00%	1/19/2021	Monthly		(759	)		187,120
Italy
Citigroup	Banco BPM S.p.A.	1 month LIBOR BBA minus 1.096%	1/19/2021	Monthly		(961	)		92,843
Citigroup	Credito Valtellinese S.p.A.	1 month LIBOR BBA minus 5.50%	1/19/2021	Monthly		(333	)		36,787
Citigroup	Datalogic S.p.A.	1 month LIBOR BBA minus 0.816%	1/19/2021	Monthly		(191	)		27,522
Citigroup	De'Longhi S.p.A.	1 month LIBOR BBA minus 0.444%	1/19/2021	Monthly		(996	)		98,635
Citigroup	Fila S.p.A.	1 month LIBOR BBA minus 2.19%	1/19/2021	Monthly		(269	)		37,403
Citigroup	Maire Tecnimont S.p.A.	1 month LIBOR BBA minus 2.759%	1/19/2021	Monthly		(346	)		26,648
Citigroup	Salvatore Ferragamo S.p.A.	1 month LIBOR BBA minus 0.40%	1/19/2021	Monthly		(861	)		88,270
Citigroup	Tamburi Investment Partners S.p.A.	1 month LIBOR BBA minus 0.49%	1/19/2021	Monthly		(53	)		1,101
Japan
Citigroup	Fuji Seal International, Inc.	1 month LIBOR BBA minus 0.50%	1/19/2021	Monthly		(673	)		45,610
Citigroup	Japan Display, Inc.	1 month LIBOR BBA minus 20.00%	1/19/2021	Monthly		(418	)		21,294
Citigroup	Kawasaki Kisen Kaisha, Ltd.	1 month LIBOR BBA minus 0.712%	1/19/2021	Monthly		(711	)		145,385
Citigroup	Open Door, Inc.	1 month LIBOR BBA minus 2.646%	1/19/2021	Monthly		(441	)		62,412
Citigroup	Sanoh Industrial Co., Ltd.	1 month LIBOR BBA minus 4.50%	1/19/2021	Monthly		(616	)		129,564
Citigroup	SoftBank Group Corp.	1 month LIBOR BBA plus 0.50%	1/19/2021	Monthly		520			5,482
Citigroup	Sony Corp.	1 month LIBOR BBA plus 0.50%	1/19/2021	Monthly		2,729			126,082
Citigroup	Uzabase, Inc.	1 month LIBOR BBA minus 5.816%	1/19/2021	Monthly		(587	)		433
Citigroup	WATAMI Co., Ltd.	1 month LIBOR BBA minus 0.75%	1/19/2021	Monthly		(138	)		2,109
Malta
Citigroup	Kambi Group PLC	1 month LIBOR BBA minus 3.174%	1/19/2021	Monthly		(432	)		118,398
Netherlands
Citigroup	AMG Advanced Metallurgical Group N.V.	1 month LIBOR BBA minus 6.098%	1/19/2021	Monthly		(949	)		34,854
Citigroup	OCI N.V.	1 month LIBOR BBA minus 0.50%	1/19/2021	Monthly		(588	)		89,902
Norway
Citigroup	Aker Solutions ASA	1 month LIBOR BBA minus 0.40%	1/19/2021	Monthly		(537	)		105,240
Citigroup	Borr Drilling, Ltd.	1 month LIBOR BBA minus 1.994%	1/19/2021	Monthly		(989	)		383,479
Citigroup	BW Offshore, Ltd.	1 month LIBOR BBA minus 0.75%	1/19/2021	Monthly		(913	)		194,394
Citigroup	FLEX LNG, Ltd.	1 month LIBOR BBA minus 3.112%	1/19/2021	Monthly		(798	)		128,394
Citigroup	Hexagon Composites ASA	1 month LIBOR BBA minus 3.06%	1/19/2021	Monthly		(318	)		20,378
Citigroup	Leroy Seafood Group ASA	1 month LIBOR BBA minus 0.40%	1/19/2021	Monthly		(320	)		121
Citigroup	Northern Drilling, Ltd.	1 month LIBOR BBA minus 1.25%	1/19/2021	Monthly		(39	)		9,866
Singapore
Citigroup	COSCO Shipping International Singapore Co., Ltd.	1 month LIBOR BBA minus 10.583%	1/19/2021	Monthly		(4,559	)		659
Spain
Citigroup	Iberdrola S.A.	1 month LIBOR BBA plus 0.40%	1/19/2021	Monthly		3,003			212,234
Citigroup	Liberbank S.A.	1 month LIBOR BBA minus 0.438%	1/19/2021	Monthly		(428	)		27,914
Citigroup	Masmovil Ibercom S.A.	1 month LIBOR BBA minus 0.50%	1/19/2021	Monthly		(932	)		52,049
Citigroup	Tubacex S.A.	1 month LIBOR BBA minus 2.60%	1/19/2021	Monthly		(204	)		27,124
Sweden
Citigroup	Skandinaviska Enskilda Banken A.B.	1 month LIBOR BBA plus 0.40%	1/19/2021	Monthly		2,587			110,311
Citigroup	Skanska A.B., Class B	1 month LIBOR BBA plus 0.40%	1/19/2021	Monthly		1,869			48,294
Citigroup	Tobii A.B.	1 month LIBOR BBA minus 7.13%	1/19/2021	Monthly		(189	)		8,210
Switzerland
Citigroup	Aryzta A.G.	1 month LIBOR BBA minus 0.435%	1/19/2021	Monthly		(976	)		44,106
Citigroup	Autoneum Holding A.G.	1 month LIBOR BBA minus 1.213%	1/19/2021	Monthly		(427	)		4,624
Citigroup	EFG International A.G.	1 month LIBOR BBA minus 0.40%	1/19/2021	Monthly		(79	)		4,266
Citigroup	Interroll Holding A.G., Registered	1 month LIBOR BBA minus 0.40%	1/19/2021	Monthly		(166	)		26,609
Citigroup	Komax Holding A.G., Registered	1 month LIBOR BBA minus 1.669%	1/19/2021	Monthly		(583	)		104,585
Citigroup	Nestle S.A., Registered	1 month LIBOR BBA plus 0.40%	1/19/2021	Monthly		8,795			410,843
United Kingdom
Citigroup	Ascential PLC	1 month LIBOR BBA minus 0.35%	1/19/2021	Monthly		(428	)		25,581
Citigroup	Aston Martin Lagonda Global Holdings PLC	1 month LIBOR BBA minus 5.33%	1/19/2021	Monthly		(1,123	)		69,267
Citigroup	British American Tobacco PLC	1 month LIBOR BBA plus 0.35%	1/19/2021	Monthly		4,199			274,086
Citigroup	Cairn Energy PLC	1 month LIBOR BBA minus 0.35%	1/19/2021	Monthly		(969	)		99,825
Citigroup	Capita PLC	1 month LIBOR BBA minus 0.35%	1/19/2021	Monthly		(906	)		169,818
Citigroup	CYBG PLC	1 month LIBOR BBA minus 0.35%	1/19/2021	Monthly		(1,115	)		169,958
Citigroup	Elementis PLC	1 month LIBOR BBA minus 0.35%	1/19/2021	Monthly		(602	)		147,906
Citigroup	Energean Oil & Gas PLC	1 month LIBOR BBA minus 0.35%	1/19/2021	Monthly		(208	)		34,248
Citigroup	GlaxoSmithKline PLC	1 month LIBOR BBA plus 0.35%	1/19/2021	Monthly		2,733			8,897
Citigroup	Hunting PLC	1 month LIBOR BBA minus 0.35%	1/19/2021	Monthly		(385	)		69,698
Citigroup	Just Group PLC	1 month LIBOR BBA minus 0.35%	1/19/2021	Monthly		(988	)		12,982
Citigroup	Mitie Group PLC	1 month LIBOR BBA minus 0.473%	1/19/2021	Monthly		(281	)		34,397
Citigroup	On The Beach Group PLC	1 month LIBOR BBA minus 0.638%	1/19/2021	Monthly		(493	)		102,617
Citigroup	Restaurant Group PLC	1 month LIBOR BBA minus 0.35%	1/19/2021	Monthly		(1,018	)		152,660
Citigroup	Saga PLC	1 month LIBOR BBA minus 0.35%	1/19/2021	Monthly		(98	)		15,270
Citigroup	Sanne Group PLC	1 month LIBOR BBA minus 0.35%	1/19/2021	Monthly		(463	)		68,199
Citigroup	SIG PLC	1 month LIBOR BBA minus 0.35%	1/19/2021	Monthly		(276	)		68,736
Citigroup	SolGold PLC	1 month LIBOR BBA minus 6.50%	1/19/2021	Monthly		(41	)		1,375
Citigroup	Stobart Group, Ltd.	1 month LIBOR BBA minus 0.35%	1/19/2021	Monthly		(570	)		59,027
Citigroup	Superdry PLC	1 month LIBOR BBA minus 0.35%	1/19/2021	Monthly		(737	)		156,899
Citigroup	Victrex PLC	1 month LIBOR BBA minus 0.35%	1/19/2021	Monthly		(358	)		28,782
								$	8,724,848

Swap Counterparty	Reference Obligation	Floating Rate 2	Termination Date(s)	Payment Frequency Paid/Received	Notional Amount Long/ (Short) (000)			Unrealized Depreciation
Australia
Citigroup	Adelaide Brighton, Ltd.	1 month LIBOR BBA minus 0.50%	1/19/2021	Monthly	$	(183	)	$	(5,058	)
Citigroup	Afterpay Touch Group, Ltd.	1 month LIBOR BBA minus 0.50%	1/19/2021	Monthly		(628	)		(193,534	)
Citigroup	Aurizon Holdings, Ltd.	1 month LIBOR BBA plus 0.50%	1/19/2021	Monthly		1,598			(28,776	)
Citigroup	Avita Medical, Ltd.	1 month LIBOR BBA minus 3.50%	1/19/2021	Monthly		(344	)		(40,699	)
Citigroup	Bega Cheese, Ltd.	1 month LIBOR BBA minus 2.03%	1/19/2021	Monthly		(875	)		(21,628	)
Citigroup	Costa Group Holdings, Ltd.	1 month LIBOR BBA minus 0.606%	1/19/2021	Monthly		(899	)		(86,291	)
Citigroup	Emeco Holdings, Ltd.	1 month LIBOR BBA minus 1.088%	1/19/2021	Monthly		(683	)		(42,021	)
Citigroup	Galaxy Resources, Ltd.	1 month LIBOR BBA minus 9.225%	1/19/2021	Monthly		(207	)		(26,265	)
Citigroup	Harvey Norman Holdings, Ltd.	1 month LIBOR BBA plus 0.50%	1/19/2021	Monthly		1,256			(26,556	)
Citigroup	HUB24, Ltd.	1 month LIBOR BBA minus 5.317%	1/19/2021	Monthly		(532	)		(4,938	)
Citigroup	IMF Bentham, Ltd.	1 month LIBOR BBA minus 3.50%	1/19/2021	Monthly		(224	)		(33,022	)
Citigroup	Link Administration Holdings, Ltd.	1 month LIBOR BBA minus 0.50%	1/19/2021	Monthly		(830	)		(118,706	)
Citigroup	Opthea, Ltd.	1 month LIBOR BBA minus 6.00%	1/19/2021	Monthly		(6	)		(1,063	)
Citigroup	Origin Energy, Ltd.	1 month LIBOR	1/19/2021	Monthly		2,268			(199,283	)
Citigroup	Orocobre, Ltd.	1 month LIBOR BBA minus 8.294%	1/19/2021	Monthly		(287	)		(31,447	)
Citigroup	Pilbara Minerals, Ltd.	1 month LIBOR BBA minus 20.00%	1/19/2021	Monthly		(60	)		(6,781	)
Citigroup	PolyNovo, Ltd.	1 month LIBOR BBA minus 0.846%	1/19/2021	Monthly		(678	)		(197,178	)
Citigroup	Reliance Worldwide Corp., Ltd.	1 month LIBOR BBA minus 1.25%	1/19/2021	Monthly		(804	)		(29,678	)
Citigroup	Rio Tinto, Ltd.	1 month LIBOR BBA plus 0.50%	1/19/2021	Monthly		1,841			(122,046	)
Citigroup	Silver Lake Resources, Ltd.	1 month LIBOR BBA minus 0.50%	1/19/2021	Monthly		(615	)		(89,009	)
Citigroup	Zip Co., Ltd.	1 month LIBOR BBA minus 4.457%	1/19/2021	Monthly		(882	)		(107,722	)
Austria
Citigroup	FACC A.G.	1 month LIBOR BBA minus 1.015%	1/19/2021	Monthly		(379	)		(17,488	)
Citigroup	S&T A.G.	1 month LIBOR BBA minus 1.046%	1/19/2021	Monthly		(836	)		(135,050	)
Denmark
Citigroup	Ambu A/S	1 month LIBOR BBA minus 2.941%	1/19/2021	Monthly		(961	)		(117,407	)
Citigroup	Sydbank A/S	1 month LIBOR BBA minus 0.40%	1/19/2021	Monthly		(151	)		(9,772	)
France
Citigroup	L'Oreal S.A.	1 month LIBOR BBA plus 0.40%	1/19/2021	Monthly		3,020			(68,027	)
Citigroup	LVMH Moet Hennessy Louis Vuitton S.E.	1 month LIBOR BBA plus 0.40%	1/19/2021	Monthly		4,541			(112,383	)
Citigroup	Peugeot S.A.	1 month LIBOR BBA plus 0.40%	1/19/2021	Monthly		2,795			(378,707	)
Citigroup	Sanofi	1 month LIBOR BBA plus 0.40%	1/19/2021	Monthly		3,173			(114,241	)
Citigroup	Societe Generale S.A.	1 month LIBOR BBA plus 0.40%	1/19/2021	Monthly		2,590			(145,158	)
Citigroup	TOTAL S.A.	1 month LIBOR BBA plus 0.40%	1/19/2021	Monthly		1,666			(168,491	)
Germany
Citigroup	AIXTRON S.E.	1 month LIBOR BBA minus 1.086%	1/19/2021	Monthly		(830	)		(96,283	)
Citigroup	Allianz S.E., Registered	1 month LIBOR BBA plus 0.40%	1/19/2021	Monthly		903			(33,169	)
Citigroup	Basler A.G.	1 month LIBOR BBA minus 17.50%	1/19/2021	Monthly		(46	)		(2,390	)
Citigroup	Deutsche Telekom A.G., Registered	1 month LIBOR BBA plus 0.40%	1/19/2021	Monthly		602			(14,211	)
Citigroup	Evotec A.G.	1 month LIBOR BBA minus 3.367%	1/19/2021	Monthly		(946	)		(43,168	)
Citigroup	Hypoport A.G.	1 month LIBOR BBA minus 0.40%	1/19/2021	Monthly		(45	)		(636	)
Citigroup	LEONI A.G.	1 month LIBOR BBA minus 8.07%	1/19/2021	Monthly		(711	)		(17,379	)
Citigroup	New Work S.E.	1 month LIBOR BBA minus 0.40%	1/19/2021	Monthly		(272	)		(21,637	)
Citigroup	S.A.P S.E.	1 month LIBOR BBA plus 0.40%	1/19/2021	Monthly		3,298			(96,292	)
Hong Kong
Citigroup	AIA Group, Ltd.	1 month LIBOR BBA plus 0.50%	1/19/2021	Monthly		2,749			(167,811	)
Citigroup	Prada S.p.A.	1 month LIBOR BBA minus 0.50%	1/19/2021	Monthly		(955	)		(13,847	)
Italy
Citigroup	Brunello Cucinelli S.p.A.	1 month LIBOR BBA minus 0.40%	1/19/2021	Monthly		(375	)		(1,498	)
Japan
Citigroup	Demae-Can Co., Ltd.	1 month LIBOR BBA minus 5.267%	1/19/2021	Monthly		(458	)		(6,298	)
Citigroup	Anicom Holdings, Inc.	1 month LIBOR BBA minus 1.75%	1/19/2021	Monthly		(236	)		(22,600	)
Citigroup	Chiyoda Corp.	1 month LIBOR BBA minus 15.00%	1/19/2021	Monthly		(252	)		(42,443	)
Citigroup	Toyota Motor Corp.	1 month LIBOR BBA plus 0.50%	1/19/2021	Monthly		4,439			(48,523	)
Citigroup	Vector, Inc.	1 month LIBOR BBA minus 1.53%	1/19/2021	Monthly		(553	)		(94,952	)
Mexico
Citigroup	Fresnillo PLC	1 month LIBOR BBA minus 1.702%	1/19/2021	Monthly		(934	)		(122,608	)
Netherlands
Citigroup	Koninklijke Philips N.V.	1 month LIBOR BBA plus 0.40%	1/19/2021	Monthly		1,513			(74,144	)
Norway
Citigroup	Bonheur ASA	1 month LIBOR BBA minus 0.40%	1/19/2021	Monthly		(92	)		(5,948	)
Citigroup	NEL ASA	1 month LIBOR BBA minus 6.687%	1/19/2021	Monthly		(1,548	)		(198,389	)
Citigroup	Nordic Semiconductor ASA	1 month LIBOR BBA minus 2.00%	1/19/2021	Monthly		(282	)		(1,872	)
Citigroup	Scatec Solar ASA	1 month LIBOR BBA minus 0.40%	1/19/2021	Monthly		(211	)		(84,450	)
Spain
Citigroup	ACS Actividades de Construccion y Servicios S.A.	1 month LIBOR BBA plus 0.40%	1/19/2021	Monthly		1,558			(252,927	)
Citigroup	Ence Energia y Celulosa S.A.	1 month LIBOR BBA minus 0.50%	1/19/2021	Monthly		(113	)		(83	)
Citigroup	Solaria Energia y Medio Ambiente S.A.	1 month LIBOR BBA minus 2.00%	1/19/2021	Monthly		(869	)		(203,663	)
Sweden
Citigroup	Attendo A.B.	1 month LIBOR BBA minus 0.40%	1/19/2021	Monthly		(890	)		(6,020	)
Citigroup	Hansa Medical A.B.	1 month LIBOR BBA minus 5.703%	1/19/2021	Monthly		(417	)		(12,618	)
Citigroup	Oncopeptides A.B.	1 month LIBOR BBA minus 8.84%	1/19/2021	Monthly		(695	)		(9,097	)
Switzerland
Citigroup	Basilea Pharmaceutica A.G., Registered	1 month LIBOR BBA minus 1.243%	1/19/2021	Monthly		(794	)		(144,195	)
Citigroup	COMET Holding A.G., Registered	1 month LIBOR BBA minus 5.487%	1/19/2021	Monthly		(854	)		(16,747	)
Citigroup	GAM Holding A.G.	1 month LIBOR BBA minus 0.439%	1/19/2021	Monthly		(634	)		(48,859	)
Citigroup	Leonteq A.G.	1 month LIBOR BBA minus 0.812%	1/19/2021	Monthly		(452	)		(49,946	)
Citigroup	Zur Rose Group A.G.	1 month LIBOR BBA minus 1.566%	1/19/2021	Monthly		(820	)		(155,084	)
United Kingdom
Citigroup	BP PLC	1 month LIBOR BBA plus 0.35%	1/19/2021	Monthly		1,861			(86,161	)
Citigroup	HSBC Holdings PLC	1 month LIBOR BBA plus 0.35%	1/19/2021	Monthly		2,402			(169,235	)
Citigroup	Just Eat PLC	1 month LIBOR BBA minus 0.35%	1/19/2021	Monthly		(982	)		(75,060	)
Citigroup	Lloyds Banking Group PLC	1 month LIBOR BBA plus 0.35%	1/19/2021	Monthly		2,353			(242,084	)
Citigroup	Metro Bank PLC	1 month LIBOR BBA minus 13.908%	1/19/2021	Monthly		(145	)		(14,982	)
Citigroup	Provident Financial PLC	1 month LIBOR BBA minus 0.35%	1/19/2021	Monthly		(821	)		(14,129	)
Citigroup	Renishaw PLC	1 month LIBOR BBA minus 0.35%	1/19/2021	Monthly		(978	)		(12,620	)
Citigroup	Rio Tinto PLC, Registered	1 month LIBOR BBA plus 0.35%	1/19/2021	Monthly		3,360			(281,009	)
Citigroup	Royal Dutch Shell PLC, Class A	1 month LIBOR BBA plus 0.35%	1/19/2021	Monthly		2,563			(274,056	)
Citigroup	Royal Dutch Shell PLC, Class B	1 month LIBOR BBA plus 0.35%	1/19/2021	Monthly		1,431			(148,543	)
Citigroup	TalkTalk Telecom Group PLC	1 month LIBOR BBA minus 1.50%	1/19/2021	Monthly		(189	)		(7,383	)
								$	(6,113,474	)

1. As of January 31, 2020, cash in the amount $3,102,853 was pledged from brokers for OTC swap contracts.

2. Fund pays the floating rate and receives the total return of the reference entity.

The following abbreviations are used in the preceding pages:

BBA	—British Bankers' Association
EAFE	—Europe, Australasia and Far East
ETF	—Exchange-Traded Fund
LIBOR	—London Interbank Offered Rate
MSCI	—Morgan Stanley Capital International

The following is a summary of the fair valuations according to the inputs used as of January 31, 2020, for valuing the Fund's assets and liabilities:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total
Asset Valuation Inputs
Investments in Securities (a)
Common Stocks (b)	$	289,319,601	$	616,415		$	—		$	289,936,016
Exchange-Traded Funds		359,120		—			—			359,120
Preferred Stocks		5,642,315		—			—			5,642,315
Short-Term Investments
Affiliated Investment Company		12,099,280		—			—			12,099,280
Unaffiliated Investment Company		2,464,559		—			—			2,464,559
Total Short-Term Investments		14,563,839		—			—			14,563,839
Total Investments in Securities	$	309,884,875	$	616,415		$	—		$	310,501,290
Other Financial Instruments
Total Return Equity Swap Contracts (c)		—		8,724,848			—			8,724,848
Total Investments in Securities Sold Short and Other Financial Instruments	$	309,884,875	$	9,341,263		$	—		$	319,226,138
Liability Valuation Inputs
Common Stocks Sold Short (d)	$	—	$	—		$	(23,502	)	$	(23,502	)
Rights Sold Short (e)		—		—			(2	)		(2	)
Warrants Sold Short (f)		—		—			0			0
Total Investments in Securities Sold Short		—		—			(23,504	)		(23,504	)
Other Financial Instruments
Total Return Equity Swap Contracts (c)		—		(6,113,474	)		—			(6,113,474	)
Total Investments in Securities Sold Short and Other Financial Instruments	$	—	$	(6,113,474	)	$	(23,504	)	$	(6,136,978	)

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

(b) The Level 3 security valued at $0 is held in Australia within the Common Stocks section of the Portfolio of Investments.

(c) The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments.

(d) The Level 3 securities valued at $(30), $(2,768) and $(20,704) are held in Australia, China and Hong Kong, respectively, within the Common Stocks Sold Short section of the Portfolio of Investments.

(e) The Level 3 security valued at $(2) is held in Austria within the Rights Sold Short section of the Portfolio of Investments.

(f) The Level 3 security valued at $(0) is held in Singapore within the Warrants Sold Short section of the Portfolio of Investments.

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, 2019			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, 2020			Change in Unrealized Appreciation (Depreciation) from Investments Still Held as of January 31, 2020
Common Stocks Sold Short	$	(23,295	)	$	-	$	-	$	(207	)	$	-	$	-	$	-	$	-	$	(23,502	)	$	(207	)
Rights Sold Short		(2	)		-		-		-			-		-		-		-		(2	)		-
Warrants Sold Short		-			-		-		-			-		-		-		-		-			-
Total	$	(23,297	)	$	-	$	-	$	(207	)	$	-	$	-	$	-	$	-	$	(23,504	)	$	(207	)

MainStay MacKay New York Tax Free Opportunities Fund

Portfolio of Investments January 31, 2020 (Unaudited)

	Principal Amount			Value
Municipal Bonds 96.8% †
Long-Term Municipal Bonds 90.1%
Airport 2.9%
Albany County Airport Authority, Revenue Bonds
4.00%, due 12/15/44	$	835,000		$	950,063
Series A 5.00%, due 12/15/43		1,750,000			2,150,925
Series A 5.00%, due 12/15/48		2,585,000			3,154,656
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			1,167,700
New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Revenue Bonds (a)
Series A, Insured: AGM 4.00%, due 7/1/46		5,000,000			5,416,050
Series A 5.00%, due 7/1/41		1,000,000			1,141,800
Series A 5.25%, due 1/1/50		2,000,000			2,285,340
Niagara Frontier Transportation Authority, Buffalo Niagara International Airport, Revenue Bonds (a)
Series A 5.00%, due 4/1/23		225,000			250,868
Series A 5.00%, due 4/1/24		490,000			562,574
Series A 5.00%, due 4/1/27		610,000			699,548
Series A 5.00%, due 4/1/29		925,000			1,134,030
Series A 5.00%, due 4/1/30		375,000			473,786
Series A 5.00%, due 4/1/31		350,000			440,066
Series A 5.00%, due 4/1/32		400,000			501,556
Series A 5.00%, due 4/1/34		450,000			560,939
Series A 5.00%, due 4/1/35		400,000			496,980
Series A 5.00%, due 4/1/36		600,000			743,322
Series A 5.00%, due 4/1/38		375,000			461,048
Ogdensburg Bridge & Port Authority, Revenue Bonds 5.75%, due 7/1/47 (a)(b)		2,295,000			2,433,480
					25,024,731
Development 5.1%
Buffalo & Erie County Industrial Land Development Corp., Buffalo State College Foundation Housing, Revenue Bonds Series A 5.375%, due 10/1/41		855,000			900,101
Build NYC Resource Corp., Pratt Paper, Inc. Project, Revenue Bonds 5.00%, due 1/1/35 (a)(b)		1,000,000			1,118,710
Build NYC Resource Corp., YMCA of Greater New York, Revenue Bonds
5.00%, due 8/1/32		1,000,000			1,100,800
5.00%, due 8/1/42		1,000,000			1,100,800
Dobbs Ferry Local Development Corp., Mercy College Project, Revenue Bonds 5.00%, due 7/1/39		1,000,000			1,141,840
Dutchess County Local Development Corp., Revenue Bonds Series A 5.00%, due 7/1/34		500,000			587,930
New York City Industrial Development Agency, Revenue Bonds 5.00%, due 7/1/28 (a)		1,500,000			1,616,745
New York City, Trust for Cultural Resource, Alvin Ailey Dance Foundation, Revenue Bonds Series A 4.00%, due 7/1/46		1,515,000			1,658,410
New York Liberty Development Corp., Bank of America Tower at One Bryant Park Project, Revenue Bonds
Class 1 2.45%, due 9/15/69		4,085,000			4,236,022
Class 3 2.80%, due 9/15/69		10,000,000			10,398,400
New York Liberty Development Corp., Goldman Sachs Headquarters, Revenue Bonds 5.50%, due 10/1/37		700,000			1,032,136
New York Liberty Development Corp., World Trade Center, Revenue Bonds
Class 2 5.00%, due 9/15/43		1,040,000			1,117,251
Class 3 5.00%, due 3/15/44		1,500,000			1,610,310
Class 2 5.375%, due 11/15/40 (b)		1,500,000			1,699,635
Class 3 7.25%, due 11/15/44 (b)		2,500,000			2,979,575
New York Transportation Development Corp., American Airlines-JFK International Airport, Revenue Bonds 5.00%, due 8/1/31 (a)		2,300,000			2,407,364
New York Transportation Development Corp., LaGuardia Airport Terminals C&D Redevelopment Project, Revenue Bonds 5.00%, due 1/1/34 (a)		1,100,000			1,344,046
Port Authority of New York & New Jersey, JFK International Airport, Revenue Bonds
5.50%, due 12/1/31		970,000			1,009,091
6.00%, due 12/1/36		1,640,000			1,712,882
6.00%, due 12/1/42		730,000			760,112
Westchester County Local Development Corp., Pace University, Revenue Bonds Series A 5.50%, due 5/1/42		3,265,000			3,736,042
					43,268,202
Education 3.4%
Albany Capital Resource Corp., Albany Leadership Charter School for Girls Project, Revenue Bonds 5.00%, due 6/1/49		2,380,000			2,639,396
Albany Industrial Development Agency, Brighter Choice Charter School, Revenue Bonds
Series A 5.00%, due 4/1/27		1,375,000			1,377,860
Series A 5.00%, due 4/1/37		1,000,000			1,001,530
Buffalo & Erie County Industrial Land Development Corp., Tapestry Charter School Project, Revenue Bonds
5.00%, due 8/1/37		1,325,000			1,490,267
5.00%, due 8/1/47		1,540,000			1,706,043
5.00%, due 8/1/52		1,035,000			1,142,992
Build NYC Resource Corp., Inwood Academy Leadership Charter School Project, Revenue Bonds (b)
Series A 5.125%, due 5/1/38		800,000			906,416
Series A 5.50%, due 5/1/48		1,500,000			1,716,555
Build NYC Resource Corp., Metropolitan Lighthouse Charter School Project, Revenue Bonds (b)
Series A 5.00%, due 6/1/47		3,100,000			3,434,738
Series A 5.00%, due 6/1/52		1,500,000			1,658,055
Build NYC Resource Corp., Revenue Bonds
Series A 5.00%, due 6/1/32 (b)		1,000,000			1,131,740
Series A 5.00%, due 6/1/37 (b)		1,500,000			1,681,650
5.00%, due 7/1/45		1,120,000			1,301,754
New York State Dormitory Authority, Brooklyn Law School, Revenue Bonds Series A 5.00%, due 7/1/33		1,650,000			2,096,176
New York State Dormitory Authority, Revenue Bonds Insured: AMBAC 4.625%, due 7/1/36		200,000			200,062
Rensselaer NY, City School District, Certificates of Participation
Insured: AGM 4.00%, due 6/1/34		650,000			736,327
Insured: AGM 4.00%, due 6/1/35		850,000			959,939
Riverhead Industrial Development Agency, Revenue Bonds
7.00%, due 8/1/43		575,000			650,584
7.00%, due 8/1/48		665,000			750,745
Syracuse Industrial Development Agency, Revenue Bonds Insured: State Aid Withholding Series A 5.50%, due 4/1/43		1,000,000			1,076,750
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Revenue Bonds
Series A 4.00%, due 10/15/29		200,000			219,360
Series A 5.00%, due 10/15/39		420,000			481,450
Series A 5.00%, due 10/15/49		640,000			723,392
					29,083,781
Facilities 0.3%
Build NYC Resource Corp., Royal Charter Properties, Revenue Bonds Insured: AGM 4.75%, due 12/15/32		2,000,000			2,146,640
General 14.4%
Battery Park City Authority, Revenue Bonds Series A 4.00%, due 11/1/44		4,355,000			5,127,403
Build NYC Resource Corp., Bronx Charter School for Excellence, Revenue Bonds Series A 5.50%, due 4/1/43		1,160,000			1,258,530
GDB Debt Recovery Authority of Puerto Rico, Revenue Bonds 7.50%, due 8/20/40		1,200,000			951,000
Guam Government, Business Privilege Tax, Revenue Bonds
Series D 4.00%, due 11/15/39		545,000			578,964
Series B-1 5.00%, due 1/1/32		1,070,000			1,129,620
Hudson Yards Infrastructure Corp., Revenue Bonds
Series A 4.00%, due 2/15/44		4,000,000			4,546,920
Series A 5.00%, due 2/15/42		7,500,000			9,159,150
5.25%, due 2/15/47		1,400,000			1,458,860
5.75%, due 2/15/47		1,570,000			1,646,984
New York City Industrial Development Agency, Pilot-Queens Baseball Stadium, Revenue Bonds Insured: AMBAC 5.00%, due 1/1/46		2,300,000			2,327,393
New York City Industrial Development Agency, Queens Baseball Stadium, Revenue Bonds
Insured: AMBAC 5.00%, due 1/1/31		465,000			470,543
Insured: AMBAC 5.00%, due 1/1/36		1,780,000			1,801,235
Insured: AMBAC 5.00%, due 1/1/39		560,000			566,681
Insured: AGC 6.375%, due 1/1/39		500,000			502,030
New York City Industrial Development Agency, United Jewish Appeal, Revenue Bonds 5.00%, due 7/1/34		1,000,000			1,074,750
New York City Industrial Development Agency, Yankee Stadium, Revenue Bonds
Insured: AGC (zero coupon), due 3/1/40		380,000			219,461
Insured: AGC (zero coupon), due 3/1/44		1,065,000			524,576
Insured: AGC (zero coupon), due 3/1/45		200,000			94,652
Insured: AGC (zero coupon), due 3/1/46		3,800,000			1,730,064
Insured: AGC (zero coupon), due 3/1/47		1,115,000			487,389
New York City Transitional Finance Authority, Building Aid, Revenue Bonds
Insured: State Aid Withholding Series S-1 4.00%, due 7/15/36		1,500,000			1,729,335
Insured: State Aid Withholding Series S-3 4.00%, due 7/15/46		2,905,000			3,292,120
Insured: State Aid Withholding Series S-3 5.00%, due 7/15/43		2,500,000			3,090,125
New York City Transitional Finance Authority, Future Tax Secured, Revenue Bonds Series C-1 4.00%, due 11/1/42		7,000,000			8,115,660
New York City Trust for Cultural Resources, American Museum of National History, Revenue Bonds Series A 5.00%, due 7/1/41		1,000,000			1,155,170
New York City Trust For Cultural Resources, The Museum of Modern Art, Revenue Bonds 4.00%, due 4/1/30		1,200,000			1,417,896
New York Convention Center Development Corp., Hotel Unit Fee, Revenue Bonds Series A (zero coupon), due 11/15/47		6,500,000			3,055,650
New York Convention Center Development Corp., Revenue Bonds 5.00%, due 11/15/40		1,620,000			1,943,871
New York Liberty Development Corp., World Trade Center, Revenue Bonds 5.75%, due 11/15/51		1,500,000			1,622,820
New York State Dormitory Authority, Personal Income Tax, Revenue Bonds
Series D 4.00%, due 2/15/47		3,500,000			4,057,550
Series D 4.00%, due 2/15/49		12,000,000			13,879,200
New York State Urban Development Corp., Bidding Group 3, Revenue Bonds Series A 4.00%, due 3/15/44		11,320,000			13,179,084
Puerto Rico Convention Center District Authority, Revenue Bonds Series A, Insured: AGC 4.50%, due 7/1/36		400,000			401,128
Puerto Rico Infrastructure Financing Authority, Revenue Bonds Series C, Insured: AMBAC 5.50%, due 7/1/24		650,000			710,645
Puerto Rico Municipal Finance Agency, Revenue Bonds Series C, Insured: AGC 5.25%, due 8/1/23		100,000			107,760
Puerto Rico Sales Tax Financing Corp., Revenue Bonds Series A-1 5.00%, due 7/1/58		9,835,000			11,083,062
Schenectady Metroplex Development Authority, Revenue Bonds Series A, Insured: AGM 5.50%, due 8/1/33		1,000,000			1,148,210
Territory of Guam, Hotel Occupancy Tax, Revenue Bonds Series A 6.00%, due 11/1/26		3,000,000			3,178,140
Territory of Guam, Revenue Bonds
Series A 5.125%, due 1/1/42		3,000,000			3,165,390
Series A 6.50%, due 11/1/40		2,500,000			2,648,750
Territory of Guam, Section 30, Revenue Bonds Series A 5.00%, due 12/1/34		1,020,000			1,202,386
Virgin Islands Public Finance Authority, Matching Fund Loan, Revenue Bonds
Series A-1 5.00%, due 10/1/24		1,000,000			1,002,260
Series A 5.00%, due 10/1/25		410,000			412,595
Subseries A 6.00%, due 10/1/39		655,000			655,000
Series A 6.625%, due 10/1/29		775,000			776,969
Series A 6.75%, due 10/1/37		1,630,000			1,633,130
Virgin Islands Public Finance Authority, Revenue Bonds Series A, Insured: AGM 5.00%, due 10/1/32		1,415,000			1,546,312
					121,866,423
General Obligation 10.8%
Buffalo NY, Limited General Obligation
Series A 5.00%, due 4/1/27		500,000			617,695
Series A 5.00%, due 4/1/28		400,000			491,980
City of New York NY, Unlimited General Obligation Subseries A-1 4.00%, due 8/1/40		12,000,000			14,067,480
City of New York, Unlimited General Obligation Series B-1 4.00%, due 10/1/41		500,000			571,415
City of Newburgh NY, Limited General Obligation
Series A, Insured: AGM 3.50%, due 7/15/36		725,000			767,876
Series A 5.50%, due 6/15/31		500,000			543,720
City of Ogdensburg NY, Public Improvement, Limited General Obligation
5.50%, due 4/15/23		40,000			42,919
5.50%, due 4/15/24		45,000			49,020
5.50%, due 4/15/26		50,000			55,134
5.50%, due 4/15/28		55,000			59,919
City of Plattsburgh NY, Limited General Obligation
Series B, Insured: AGM 5.00%, due 9/15/21		450,000			478,517
Series B, Insured: AGM 5.00%, due 9/15/22		455,000			501,446
Series B, Insured: AGM 5.00%, due 9/15/24		510,000			598,556
Series B, Insured: AGM 5.00%, due 9/15/25		470,000			568,752
Series B, Insured: AGM 5.00%, due 9/15/26		395,000			491,104
City of Poughkeepsie NY, Limited General Obligation 5.00%, due 6/1/31		600,000			685,056
City of Yonkers NY, Limited General Obligation
Series A, Insured: BAM 4.00%, due 9/1/31		1,500,000			1,755,090
Series A, Insured: BAM 4.00%, due 5/1/35		1,550,000			1,843,973
Series A, Insured: BAM 4.00%, due 5/1/36		1,700,000			2,006,187
Series A, Insured: BAM 4.00%, due 5/1/37		2,000,000			2,342,640
Commonwealth of Puerto Rico, Public Improvement, Unlimited General Obligation
Insured: NATL-RE 5.00%, due 7/1/28		150,000			154,002
Series A, Insured: AGM 5.00%, due 7/1/35		835,000			893,392
Insured: AGM 5.25%, due 7/1/20		375,000			380,003
Series A, Insured: AGM 5.25%, due 7/1/24		150,000			156,074
Series A, Insured: AGM 5.375%, due 7/1/25		340,000			354,351
County of Clinton, Limited General Obligation Insured: AGM 4.00%, due 6/1/38 (a)		1,500,000			1,637,895
County of Nassau NY, Limited General Obligation
Series A 4.00%, due 4/1/27		1,000,000			1,037,520
Series B, Insured: AGM 5.00%, due 4/1/49		10,000,000			12,578,100
County of Rockland NY, Limited General Obligation
Insured: AGM 4.00%, due 5/1/44		915,000			1,018,624
Insured: AGM 4.00%, due 5/1/45		950,000			1,055,640
Insured: AGM 4.00%, due 5/1/46		985,000			1,092,463
Insured: AGM 4.00%, due 5/1/48		1,065,000			1,178,689
Insured: BAM 5.00%, due 6/1/24		500,000			588,000
Insured: BAM 5.00%, due 6/1/25		560,000			680,658
Insured: BAM 5.00%, due 6/1/26		550,000			687,505
Glens Falls NY, Limited General Obligation
Insured: AGM 4.00%, due 1/15/31		500,000			568,020
Insured: AGM 4.00%, due 1/15/32		315,000			356,016
Insured: AGM 4.00%, due 1/15/33		250,000			280,715
Onondaga County NY, Limited General Obligation
3.00%, due 6/1/39		2,150,000			2,211,533
3.25%, due 4/15/34		1,250,000			1,314,925
Puerto Rico Municipal Finance Agency, Revenue Bonds Series A, Insured: AGM 4.75%, due 8/1/22		1,420,000			1,452,120
Suffolk County NY, Limited General Obligation Series A, Insured: BAM 4.00%, due 4/1/33		2,190,000			2,499,929
Suffolk County NY, Public Improvement, Limited General Obligation
Series B, Insured: AGM 3.00%, due 10/15/32		5,480,000			5,848,530
Series B, Insured: AGM 3.00%, due 10/15/33		2,400,000			2,552,352
Series B, Insured: AGM 3.00%, due 10/15/34		5,740,000			6,087,327
Series A, Insured: AGM 3.25%, due 6/1/36		715,000			758,100
Series A, Insured: AGM 3.25%, due 6/1/37		725,000			766,840
Town of Oyster Bay NY, Limited General Obligation
3.00%, due 3/13/20		3,500,000			3,505,635
Insured: AGM 4.00%, due 8/1/30		365,000			388,236
Town of Oyster Bay NY, Public Improvement Project, Limited General Obligation
4.00%, due 2/15/26		3,440,000			3,911,349
Series A, Insured: BAM 5.00%, due 1/15/28		500,000			570,920
Village of Valley Stream NY, Limited General Obligation
Insured: BAM 4.00%, due 4/1/33		490,000			550,206
Insured: BAM 4.00%, due 4/1/34		510,000			571,781
Insured: BAM 4.00%, due 4/1/35		530,000			592,794
Insured: BAM 4.00%, due 4/1/36		550,000			613,200
Insured: BAM 4.00%, due 4/1/37		570,000			633,082
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds
Series A 5.00%, due 10/1/32		1,000,000			1,000,000
Series A, Insured: AGM 5.00%, due 10/1/32		1,200,000			1,311,360
Virgin Islands Public Finance Authority, Revenue Bonds Series A 5.00%, due 10/1/29		1,000,000			1,003,750
					91,380,115
Higher Education 14.1%
Build NYC Resource Corp., Manhattan College Project, Revenue Bonds
4.00%, due 8/1/42		1,500,000			1,652,115
5.00%, due 8/1/47		240,000			286,486
Build NYC Resource Corp., Metropolitan College of New York, Revenue Bonds 5.50%, due 11/1/44		2,500,000			2,707,475
Build NYC Resource Corp., New York Law School Project, Revenue Bonds
5.00%, due 7/1/30		3,865,000			4,471,728
5.00%, due 7/1/33		1,520,000			1,747,802
5.00%, due 7/1/41		1,050,000			1,185,870
City of Amherst NY, Daemen College Project, Revenue Bonds
4.00%, due 10/1/37		1,000,000			1,066,020
5.00%, due 10/1/43		2,000,000			2,297,820
5.00%, due 10/1/48		2,000,000			2,288,160
County of Cattaraugus NY, St. Bonaventure University, Revenue Bonds 5.00%, due 5/1/44		1,200,000			1,333,428
Dutchess County Industrial Development Agency, Bard College Civic Facility, Revenue Bonds Series A-1 5.00%, due 8/1/46		555,000			555,094
Dutchess County Local Development Corp., Culinary Institute of America Project, Revenue Bonds
Series A-1 5.00%, due 7/1/31		375,000			447,053
5.00%, due 7/1/33		700,000			828,737
Dutchess County Local Development Corp., Marist College Project, Revenue Bonds
Series A 5.00%, due 7/1/39		1,000,000			1,114,080
5.00%, due 7/1/43		2,000,000			2,465,060
5.00%, due 7/1/48		4,000,000			4,894,840
Hempstead Town Local Development Corp., Molloy College Project, Revenue Bonds
5.00%, due 7/1/38		870,000			1,051,900
5.00%, due 7/1/43		1,020,000			1,219,655
5.00%, due 7/1/48		1,100,000			1,308,703
Madison County Capital Resource Corp., Colgate University Project, Revenue Bonds Series A 5.00%, due 7/1/29		1,000,000			1,101,240
Monroe County Industrial Development Corp., St. John Fisher College, Revenue Bonds Series A 5.00%, due 6/1/24		330,000			359,561
Monroe County Industrial Development Corp., University of Rochester Project, Revenue Bonds
Series D 4.00%, due 7/1/43		2,470,000			2,789,741
Series C 4.00%, due 7/1/43		3,000,000			3,388,350
Monroe County NY Industrial Development Corp., Rochester General Hospital, Revenue Bonds 4.00%, due 10/1/47		1,695,000			1,834,939
New York City of Albany Capital Resource Corp., Albany College of Pharmacy & Health Sciences Project, Revenue Bonds Series A 5.00%, due 12/1/33		150,000			173,168
New York State Dormitory Authority, Cornell University, Revenue Bonds Series A 5.00%, due 7/1/40		11,400,000			11,588,328
New York State Dormitory Authority, Culinary Institute of America, Revenue Bonds 6.00%, due 7/1/38		1,500,000			1,529,235
New York State Dormitory Authority, Fordham University, Revenue Bonds
4.00%, due 7/1/46		7,040,000			8,158,656
4.00%, due 7/1/50		6,290,000			7,239,790
Series A 5.00%, due 7/1/41		1,075,000			1,302,502
New York State Dormitory Authority, New York University, Revenue Bonds
Series A 4.00%, due 7/1/43		2,950,000			3,328,986
Series A 4.00%, due 7/1/45		5,800,000			6,734,032
New York State Dormitory Authority, Pace University, Revenue Bonds
Series A 4.00%, due 5/1/33		400,000			424,336
Series A 4.25%, due 5/1/42		450,000			476,816
New York State Dormitory Authority, Rockefeller University, Revenue Bonds Series C 4.00%, due 7/1/49		4,305,000			4,994,274
New York State Dormitory Authority, The New School, Revenue Bonds
Series A 5.00%, due 7/1/35		210,000			249,505
6.00%, due 7/1/50		1,500,000			1,531,650
New York State Dormitory Authority, Touro College & University System, Revenue Bonds 5.00%, due 1/1/42		5,000,000			5,744,950
Oneida County Local Development Corp., Utica College Project, Revenue Bonds 5.00%, due 7/1/49		3,250,000			3,907,962
Onondaga County Trust Cultural Resource Revenue, Syracuse University Project, Revenue Bonds
4.00%, due 12/1/41		5,165,000			6,149,914
4.00%, due 12/1/49		4,000,000			4,694,000
Orange County Funding Corp., Mount St. Mary College, Revenue Bonds Series A 5.00%, due 7/1/42		1,000,000			1,059,400
St. Lawrence County Industrial Development Agency, Civic Development Corp., St. Lawrence University, Revenue Bonds Series A 4.00%, due 7/1/43		3,000,000			3,299,670
St. Lawrence County Industrial Development Agency, Clarkson University Project, Revenue Bonds
5.00%, due 9/1/47		2,975,000			3,474,681
5.375%, due 9/1/41		200,000			211,088
Troy Capital Resource Corp., Rensselaer Polytechnic Institute, Revenue Bonds 5.00%, due 8/1/32		1,000,000			1,184,600
					119,853,400
Housing 2.0%
Albany Capital Resource Corp., Empire Commons Student Housing, Inc. Project, Revenue Bonds
Series A 5.00%, due 5/1/29		600,000			736,746
Series A 5.00%, due 5/1/30		350,000			427,998
Series A 5.00%, due 5/1/31		200,000			243,756
City of Amherst NY, UBF Faculty-Student Housing Corp., Revenue Bonds Series S, Insured: AGM 5.00%, due 10/1/45		2,000,000			2,416,060
New York City Housing Development Corp., College of Staten Island Residences, Revenue Bonds Series A, Insured: AGM 3.25%, due 7/1/27		2,950,000			3,071,422
New York State Dormitory Authority, New York University Dormitory Facilities, Revenue Bonds Series A 4.00%, due 7/1/49		3,050,000			3,479,654
New York State Dormitory Authority, University Facilities, Revenue Bonds 5.00%, due 7/1/43		1,500,000			1,864,560
Onondaga Civic Development Corp., Onondaga Community College, Revenue Bonds
5.00%, due 10/1/20		115,000			117,839
5.00%, due 10/1/22		325,000			355,319
5.00%, due 10/1/24		400,000			462,032
5.00%, due 10/1/25		250,000			296,135
Westchester County Local Development Corp., Purchase Housing Corp. II Project, Revenue Bonds
5.00%, due 6/1/29		185,000			227,657
5.00%, due 6/1/30		330,000			403,682
5.00%, due 6/1/31		320,000			388,803
5.00%, due 6/1/37		1,000,000			1,194,030
Westchester County Local Development Corp., Revenue Bonds 5.00%, due 6/1/42		1,000,000			1,179,400
					16,865,093
Medical 11.2%
Build NYC Resource Corp., The Children’s Aid Society Project, Revenue Bonds
4.00%, due 7/1/44		600,000			695,160
4.00%, due 7/1/49		1,300,000			1,493,791
Dutchess County Local Development Corp., Health Quest Systems, Inc., Revenue Bonds Series B 5.00%, due 7/1/46		6,000,000			7,027,320
Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project, Revenue Bonds
4.00%, due 11/1/31		2,705,000			3,002,523
Series A 4.00%, due 11/1/47		880,000			930,054
Monroe County Industrial Development Corp., Rochester General Hospital, Revenue Bonds
Series A 5.00%, due 12/1/32		540,000			591,565
Series A 5.00%, due 12/1/42		1,000,000			1,086,790
Monroe County NY Industrial Development Corp., Rochester General Hospital, Revenue Bonds 4.00%, due 12/1/37		1,000,000			1,111,290
Nassau County Local Economic Assistance Corp., Catholic Health Services of Long Island, Revenue Bonds 5.00%, due 7/1/34		250,000			280,443
New York State Dormitory Authority, Catholic Health System Obligation Group, Revenue Bonds
Series A 4.00%, due 7/1/45		3,490,000			3,915,780
Series A 5.00%, due 7/1/32		600,000			649,056
Series B 5.00%, due 7/1/32		390,000			421,886
New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center, Revenue Bonds 4.00%, due 7/1/38		8,500,000			10,066,550
New York State Dormitory Authority, Montefiore Obligated Group, Revenue Bonds
Series A 4.00%, due 8/1/36		5,750,000			6,510,207
Series A 4.00%, due 8/1/37		2,750,000			3,105,520
New York State Dormitory Authority, Mount Sinai Hospital Groups, Inc., Revenue Bonds Series A 5.00%, due 7/1/26		2,145,000			2,181,186
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			1,609,800
New York State Dormitory Authority, Northwell Health Obligated Group, Revenue Bonds Series B-3 5.00%, due 5/1/48 (c)		5,000,000			6,016,550
New York State Dormitory Authority, NYU Langone Hospital, Revenue Bonds 4.00%, due 7/1/40		1,000,000			1,120,020
New York State Dormitory Authority, Orange Regional Medical Center, Revenue Bonds (b)
5.00%, due 12/1/32		800,000			959,968
5.00%, due 12/1/34		3,500,000			4,183,900
5.00%, due 12/1/35		100,000			114,784
New York State Dormitory Authority, Revenue Bonds
Series A 4.00%, due 7/1/50		7,800,000			9,008,688
Series A 4.00%, due 7/1/53		7,800,000			8,996,442
Oneida County NY Local Development Corp., Mohawk Valley Health System Project, Revenue Bonds
Series A, Insured: AGM 3.00%, due 12/1/44		5,000,000			5,093,900
Series A, Insured: AGM 4.00%, due 12/1/32		1,000,000			1,177,950
Series A, Insured: AGM 4.00%, due 12/1/33		1,255,000			1,474,713
Series A, Insured: AGM 4.00%, due 12/1/34		1,585,000			1,857,683
Series A, Insured: AGM 4.00%, due 12/1/36		1,650,000			1,922,069
Series A, Insured: AGM 4.00%, due 12/1/37		1,155,000			1,339,696
Series A, Insured: AGM 4.00%, due 12/1/38		1,000,000			1,156,310
Series A, Insured: AGM 4.00%, due 12/1/49		4,000,000			4,552,680
Onondaga Civic Development Corp., St. Joseph’s Hospital Health Center, Revenue Bonds 4.50%, due 7/1/32		965,000			1,048,781
Suffolk County Economic Development Corp., Catholic Health Services of Long Island, Revenue Bonds Series C 5.00%, due 7/1/33		250,000			280,768
					94,983,823
Multi-Family Housing 2.9%
New York City Housing Development Corp., Revenue Bonds Series L-2-A 4.00%, due 5/1/44		5,000,000			5,197,800
New York City NY, Housing Development Corp., 8 Spruce Street Multifamily Mortgage, Revenue Bonds Series D 3.00%, due 2/15/48		7,900,000			8,223,900
New York City NY, Housing Development Corp., Multifamily, Sustainable Neighborhood, Revenue Bonds
Series E-1-A 3.40%, due 11/1/47		3,000,000			3,114,900
Series G-1 3.70%, due 11/1/47		1,000,000			1,056,360
Series I-1 4.05%, due 11/1/41		1,000,000			1,085,550
Series I-1 4.15%, due 11/1/46		3,250,000			3,521,635
New York City NY, Housing Development Corp., Revenue Bonds
Series G-1 3.85%, due 11/1/45		615,000			651,254
Series A 5.00%, due 7/1/23		1,300,000			1,467,505
Rensselaer NY Housing Authority, Van Rensselaer & Renwyck Apartments, Revenue Bonds 5.00%, due 12/1/47		175,000			195,489
					24,514,393
Nursing Homes 1.4%
Brookhaven NY Local Development Corp., Jefferson’s Ferry Project, Revenue Bonds 5.25%, due 11/1/36		1,130,000			1,337,208
Monroe County Industrial Development Corp., St. Ann’s Community Project, Revenue Bonds
5.00%, due 1/1/40		2,500,000			2,801,175
5.00%, due 1/1/50		3,000,000			3,328,620
Southold Local Development Corp., Peconic Landing, Inc. Project, Revenue Bonds 5.00%, due 12/1/45		1,625,000			1,783,698
Suffolk County Economic Development Corp., Peconic Landing Southold, Revenue Bonds
Series A 5.00%, due 12/1/29		175,000			210,394
Series A 5.00%, due 12/1/34		165,000			193,930
Series A 5.00%, due 12/1/40		175,000			203,166
Tompkins County Development Corp., Kendal at Ithaca, Inc. Project, Revenue Bonds 5.00%, due 7/1/44		690,000			765,810
Westchester County Local Development Corp., Miriam Osborn Memorial Home Association, Revenue Bonds
5.00%, due 7/1/27		270,000			322,539
5.00%, due 7/1/28		270,000			322,628
5.00%, due 7/1/29		100,000			118,898
5.00%, due 7/1/34		200,000			236,254
					11,624,320
Pollution 0.8%
Development Authority of the North Country, Solid Waste Management System, Revenue Bonds
Insured: AGM 3.25%, due 9/1/39		550,000			587,070
Insured: AGM 3.25%, due 9/1/40		570,000			606,577
Insured: AGM 3.25%, due 9/1/42		610,000			645,746
Insured: AGM 3.25%, due 9/1/43		630,000			665,154
Insured: AGM 3.25%, due 9/1/44		650,000			685,542
Insured: AGM 3.375%, due 9/1/38		535,000			580,908
Insured: AGM 3.50%, due 9/1/37		515,000			569,472
Dutchess County Resource Recovery Agency, Solid Waste System, Revenue Bonds (a)
5.00%, due 1/1/25		1,000,000			1,171,880
5.00%, due 1/1/26		1,000,000			1,203,350
					6,715,699
Power 0.6%
Guam Power Authority, Revenue Bonds
Series A 5.00%, due 10/1/38		2,700,000			3,168,855
Series A 5.00%, due 10/1/40		1,250,000			1,460,450
Puerto Rico Electric Power Authority, Revenue Bonds
Series TT, Insured: NATL-RE 5.00%, due 7/1/23		265,000			270,361
Series TT, Insured: NATL-RE 5.00%, due 7/1/26		215,000			220,558
					5,120,224
School District 0.9%
City of Yonkers NY, Unlimited General Obligation Series B, Insured: BAM 4.00%, due 5/1/39		2,000,000			2,336,100
Genesee Valley Central School District at Angelica Belmont, Unlimited General Obligation Insured: AGM 4.00%, due 6/15/30		665,000			702,300
Harrison NY, Central School District, Unlimited General Obligation
Insured: State Aid Withholding 3.50%, due 3/15/44		1,015,000			1,078,478
Insured: State Aid Withholding 3.50%, due 3/15/45		1,055,000			1,119,566
Insured: State Aid Withholding 3.55%, due 3/15/47		1,130,000			1,199,472
Lackawanna School District, Unlimited General Obligation Insured: BAM 4.00%, due 6/15/32		745,000			824,946
Poughkeepsie NY City School District, Unlimited General Obligation Insured: MAC 3.00%, due 5/1/33		400,000			427,396
					7,688,258
Single Family Housing 0.1%
New York Mortgage Agency, Homeowner Mortgage, Revenue Bonds Series 213 4.25%, due 10/1/47		980,000			1,081,646
Tobacco Settlement 4.1%
Chautauqua Tobacco Asset Securitization Corp., Revenue Bonds 5.00%, due 6/1/34		750,000			793,830
Children’s Trust Fund, Asset-Backed, Revenue Bonds
Series A (zero coupon), due 5/15/50		2,500,000			360,700
5.625%, due 5/15/43		2,300,000			2,342,619
Erie County Tobacco Asset Securitization Corp., Revenue Bonds Subseries B (zero coupon), due 6/1/47		18,000,000			2,928,780
Nassau County Tobacco Settlement Corp., Asset-Backed, Revenue Bonds
Series A-3 5.00%, due 6/1/35		750,000			750,000
Series A-3 5.125%, due 6/1/46		4,015,000			4,038,327
New York Counties Tobacco Trust IV, Settlement Pass Through, Revenue Bonds
Series A 5.00%, due 6/1/42		1,000,000			1,000,120
Series A 5.00%, due 6/1/45		245,000			245,027
New York Counties Tobacco Trust V, Pass Through, Revenue Bonds Series S 1 (zero coupon), due 6/1/38		1,600,000			541,648
New York Counties Tobacco Trust VI, Tobacco Settlement Pass Through, Revenue Bonds Series B 5.00%, due 6/1/30		135,000			153,962
Niagara Tobacco Asset Securitization Corp., Revenue Bonds 5.25%, due 5/15/40		500,000			536,945
Rockland Tobacco Asset Securitization Corp., Asset-Backed, Revenue Bonds Series B (zero coupon), due 8/15/50 (b)		13,000,000			1,774,630
Suffolk Tobacco Asset Securitization Corp., Revenue Bonds
Series B 5.25%, due 6/1/37		840,000			889,098
Series B 6.00%, due 6/1/48		1,000,000			1,001,400
Series C 6.625%, due 6/1/44		5,300,000			5,582,649
TSASC, Inc., Revenue Bonds
Series B 5.00%, due 6/1/22		500,000			536,280
Series A 5.00%, due 6/1/41		2,000,000			2,280,960
Series B 5.00%, due 6/1/45		8,390,000			8,627,689
Westchester Tobacco Asset Securitization, Revenue Bonds Series B 5.00%, due 6/1/41		250,000			277,175
					34,661,839
Transportation 9.3%
Buffalo & Fort Erie Public Bridge Authority, Revenue Bonds 5.00%, due 1/1/42		1,500,000			1,787,955
Metropolitan Transportation Authority, Green Bond, Revenue Bonds
Series C, Insured: AGM 4.00%, due 11/15/45		2,500,000			2,874,150
Series C, Insured: AGM 4.00%, due 11/15/48		3,500,000			4,007,640
Metropolitan Transportation Authority, Revenue Bonds
Series B, Insured: AGM 4.00%, due 11/15/49		10,500,000			11,935,770
Series D-1, Insured: BAM 5.00%, due 11/15/33		2,500,000			2,995,800
Series E-1 5.00%, due 11/15/42		685,000			765,960
MTA Hudson Rail Yards Trust Obligations, Revenue Bonds Series A 5.00%, due 11/15/56		7,205,000			8,036,889
New York State Thruway Authority, General Revenue Junior Indebtedness Obligation, Revenue Bonds Series B, Insured: AGM 4.00%, due 1/1/40		13,500,000			15,905,565
New York State Thruway Authority, Revenue Bonds Series L 4.00%, due 1/1/36		4,000,000			4,633,920
Port Authority of Guam, Revenue Bonds (a)
Series B 5.00%, due 7/1/36		225,000			272,430
Series B 5.00%, due 7/1/37		200,000			241,412
Port Authority of New York & New Jersey, Revenue Bonds
Series 214 4.00%, due 9/1/37 (a)		2,955,000			3,442,782
Series 214 4.00%, due 9/1/38 (a)		2,500,000			2,902,575
Series 214 4.00%, due 9/1/39 (a)		1,100,000			1,273,580
Series 214 4.00%, due 9/1/43 (a)		6,530,000			7,479,919
Consolidated - Series 190 5.00%, due 5/1/32		295,000			297,974
Series 178 5.00%, due 12/1/38 (a)		1,500,000			1,693,815
Series 207 5.00%, due 9/15/48 (a)		2,500,000			3,017,650
Puerto Rico Highway & Transportation Authority, Revenue Bonds
Insured: AGC 5.00%, due 7/1/23		340,000			348,690
Series N, Insured: NATL-RE 5.25%, due 7/1/32		1,010,000			1,105,930
Triborough Bridge & Tunnel Authority, Revenue Bonds
Series A 4.00%, due 11/15/44		1,105,000			1,281,270
Series B 5.00%, due 11/15/45		2,000,000			2,374,760
					78,676,436
Utilities 1.7%
Guam Government, Waterworks Authority, Revenue Bonds 5.25%, due 7/1/33		1,230,000			1,357,871
Long Island Power Authority, Revenue Bonds
Series A 4.00%, due 9/1/38		2,000,000			2,303,260
5.00%, due 9/1/37		2,000,000			2,503,020
5.00%, due 9/1/38		1,000,000			1,247,660
5.00%, due 9/1/39		1,000,000			1,244,570
5.00%, due 9/1/42		2,000,000			2,437,180
Series A 5.00%, due 9/1/44		2,000,000			2,285,100
Series B 5.00%, due 9/1/45		1,000,000			1,165,060
Series B 5.00%, due 9/1/46		245,000			291,219
					14,834,940
Water 4.1%
Commonwealth of Puerto Rico, Aqueduct & Sewer Authority, Revenue Bonds Series A 6.00%, due 7/1/44		510,000			525,937
Great Neck North, Water Authority, Revenue Bonds
Series A 4.00%, due 1/1/32		250,000			287,990
Series A 4.00%, due 1/1/33		425,000			488,236
Series A 4.00%, due 1/1/34		250,000			286,612
Guam Government, Waterworks Authority, Revenue Bonds 5.00%, due 1/1/46		3,365,000			3,843,806
Monroe County Water Authority, Revenue Bonds 5.00%, due 8/1/37		750,000			822,975
New York City Municipal Water Finance Authority, Water & Sewer System, Revenue Bonds Subseries FF-1 4.00%, due 6/15/49		3,000,000			3,456,450
New York City Water & Sewer System, Revenue Bonds Series DD 5.00%, due 6/15/34		1,000,000			1,128,710
New York City Water & Sewer System, Second General Resolution, Revenue Bonds Series AA 4.00%, due 6/15/40		8,000,000			9,454,080
Niagara Falls Public Water Authority, Water & Sewer System, Revenue Bonds Series A 5.00%, due 7/15/34		770,000			928,982
Onondaga County Water Authority, Revenue Bonds
Series A 4.00%, due 9/15/34		845,000			1,018,335
Series A 4.00%, due 9/15/35		600,000			718,602
Series A 4.00%, due 9/15/36		1,375,000			1,640,499
Series A 4.00%, due 9/15/37		1,945,000			2,309,629
Series A 4.00%, due 9/15/39		700,000			824,726
Puerto Rico Commonwealth, Aqueduct & Sewer Authority, Revenue Bonds
Series A 5.00%, due 7/1/33		1,085,000			1,159,594
Series A 5.25%, due 7/1/29		1,000,000			1,078,750
Saratoga County Water Authority, Revenue Bonds 4.00%, due 9/1/48		4,600,000			5,110,646
					35,084,559
Total Long-Term Municipal Bonds (Cost $719,783,523)					764,474,522
Short-Term Municipal Notes 6.7%
Closed-Ended Fund 0.5%
Nuveen New York AMT-Free Quality Municipal Income Fund 1.24%, due 5/1/47 (b)(d)		4,700,000			4,700,000
Development 0.6%
New York City Industrial Development Agency, 123 Washington LLC Project, Revenue Bonds 1.23%, due 10/1/42 (d)		5,500,000			5,500,000
General 0.6%
New York City Transitional Finance Authority, Future Tax Secured, Revenue Bonds Subseries C-4 1.18%, due 11/1/44 (d)		5,000,000			5,000,000
Higher Education 0.5%
New York State Dormitory Authority, Columbia University, Revenue Bonds Series A 0.80%, due 9/1/39 (d)		4,300,000			4,300,000
Medical 1.1%
New York City Health & Hospital Corp., Health System, Revenue Bonds Series B 0.91%, due 2/15/31 (d)		4,060,000			4,060,000
New York State Dormitory Authority, Blythedale Children’s Hospital, Revenue Bonds 0.96%, due 12/1/36 (d)		5,080,000			5,080,000
					9,140,000
Multi-Family Housing 2.1%
Albany, Housing Authority, Nutgrove Garden Apartments Project, Revenue Bonds 1.44%, due 12/1/25 (a)(d)		655,000			655,000
New York State Housing Finance Agency, 160 Madison Avenue, Revenue Bonds, Series A 1.18%, due 11/1/46 (d)		10,000,000			10,000,000
New York State Housing Finance Agency, 363 West 30th Street, Revenue Bonds Series A 0.94%, due 11/1/32 (a)(d)		1,900,000			1,900,000
New York State Housing Finance Agency, 505 West 37th Street, Revenue Bonds Series A 1.18%, due 5/1/42 (d)		5,000,000			5,000,000
					17,555,000
Power 0.6%
Puerto Rico Electric Power Authority, Revenue Bonds Series UU, Insured: AGM 1.799%, due 7/1/29 (d)		5,000,000			4,950,000
Transportation 0.5%
Metropolitan Transportation Authority, Revenue Bonds Series 2012G-3 1.893%, due 11/1/31 (d)		2,000,000			2,000,000
Triborough Bridge & Tunnel Authority, Revenue Bonds Series F 1.17%, due 11/1/32 (d)		2,020,000			2,020,000
					4,020,000
Water 0.2%
New York City Municipal Water Finance Authority, Water & Sewer System, Revenue Bonds Subseries A-1 1.18%, due 6/15/44 (d)		2,000,000			2,000,000
Total Short-Term Municipal Notes (Cost $56,893,079)					57,165,000
Total Municipal Bonds (Cost $776,676,602)					821,639,522
		Shares
Closed-End Funds 0.2%
Multi-State 0.0% ‡
BlackRock New York Municipal Fund		12,234			182,959
New York 0.2%
Eaton Vance New York Municipal Bond Fund		13,241			164,586
Nuveen New York AMT-Free Quality Municipal Income Fund		100,000			1,388,460
					1,553,046
Total Closed-End Funds (Cost $1,685,818)					1,736,005
Total Investments (Cost $778,362,420)		97.0	%		823,375,527
Other Assets, Less Liabilities		3.0			25,456,658
Net Assets		100.0	%	$	848,832,185

†	Percentages indicated are based on Fund net assets.
‡	Less than one-tenth of a percent.
(a)	Interest on these securities was subject to alternative minimum tax.
(b)	May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.
(c)	Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at period end.
(d)	Variable-rate demand notes (VRDNs) - Provide the right to sell the security at face value on either that day or within the rate-reset period. VRDNs will normally trade as if the maturity is the earlier put date, even though stated maturity is longer. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description. The maturity date shown is the final maturity.

Futures Contracts

As of January 31, 2020, the Portfolio held the following futures contracts¹:

Type	Number of Contracts			Expiration Date		Value at Trade Date			Current Notional Amount			Unrealized Appreciation (Depreciation)2
Short Contracts
10-Year United States Treasury Note		(161	)		March 2020	$	(20,840,472	)	$	(21,196,656	)	$	(356,184	)
United States Treasury Long Bond		(14	)		March 2020		(2,224,873	)		(2,289,437	)		(64,564	)
Net Unrealized Depreciation												$	(420,748	)

1.	As of January 31, 2020, cash in the amount of $224,350 was on deposit with a broker or futures commission merchant for futures transactions.
2.	Represents the difference between the value of the contracts at the time they were opened and the value as of January 31, 2020.

The following abbreviations are used in the preceding pages:

AGC	—Assured Guaranty Corp.
AGM	—Assured Guaranty Municipal Corp.
AMBAC	—Ambac Assurance Corp.
BAM	—Build America Mutual Assurance Co.
MAC	—Municipal Assurance 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, 2020, for valuing the Fund’s assets and liabilities:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Municipal Bonds
Long-Term Municipal Bonds	$	—		$	764,474,522	$	—	$	764,474,522
Short-Term Municipal Notes		—			57,165,000		—		57,165,000
Total Municipal Bonds		—			821,639,522		—		821,639,522
Closed-End Funds		1,736,005			—		—		1,736,005
Total Investments in Securities	$	1,736,005		$	821,639,522	$	—	$	823,375,527
Liability Valuation Inputs
Other Financial Instruments
Futures Contracts (b)	$	(420,748	)	$	—	$	—	$	(420,748	)

(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.

MainStay MacKay S&P 500 Index Fund

Portfolio of Investments January 31, 2020 (Unaudited)

	Shares			Value
Common Stocks 99.0% †
Aerospace & Defense 2.5%
Arconic, Inc.		14,555		$	435,922
Boeing Co.		20,087			6,393,090
General Dynamics Corp.		8,778			1,540,012
Huntington Ingalls Industries, Inc.		1,553			405,333
L3Harris Technologies, Inc.		8,390			1,856,959
Lockheed Martin Corp.		9,336			3,996,928
Northrop Grumman Corp.		5,914			2,215,207
Raytheon Co.		10,428			2,303,962
Textron, Inc.		8,717			400,372
TransDigm Group, Inc.		1,865			1,199,717
United Technologies Corp.		30,605			4,596,871
					25,344,373
Air Freight & Logistics 0.5%
C.H. Robinson Worldwide, Inc.		5,112			369,189
Expeditors International of Washington, Inc.		6,438			470,232
FedEx Corp.		8,974			1,297,999
United Parcel Service, Inc., Class B		26,429			2,735,930
					4,873,350
Airlines 0.3%
Alaska Air Group, Inc.		4,622			298,535
American Airlines Group, Inc.		14,823			397,849
Delta Air Lines, Inc.		21,744			1,212,010
Southwest Airlines Co.		17,864			982,163
United Airlines Holdings, Inc. (a)		8,276			619,045
					3,509,602
Auto Components 0.1%
Aptiv PLC		9,653			818,478
BorgWarner, Inc.		7,760			266,090
					1,084,568
Automobiles 0.3%
Ford Motor Co.		146,698			1,293,876
General Motors Co.		47,207			1,576,242
Harley-Davidson, Inc.		5,957			198,964
					3,069,082
Banks 5.2%
Bank of America Corp.		304,549			9,998,344
Citigroup, Inc.		82,342			6,127,068
Citizens Financial Group, Inc.		16,396			611,243
Comerica, Inc.		5,437			332,527
Fifth Third Bancorp		26,766			761,493
First Republic Bank		6,319			700,651
Huntington Bancshares, Inc.		39,182			531,700
JPMorgan Chase & Co.		117,992			15,617,421
KeyCorp		37,148			695,039
M&T Bank Corp.		4,977			838,724
People’s United Financial, Inc.		16,255			250,652
PNC Financial Services Group, Inc.		16,526			2,454,937
Regions Financial Corp.		36,382			566,468
SVB Financial Group (a)		1,959			470,806
Truist Financial Corp.		50,189			2,588,247
U.S. Bancorp		53,468			2,845,567
Wells Fargo & Co.		144,785			6,796,208
Zions Bancorp., N.A.		6,429			292,455
					52,479,550
Beverages 1.9%
Brown-Forman Corp., Class B		6,839			462,590
Coca-Cola Co.		145,061			8,471,562
Constellation Brands, Inc., Class A		6,259			1,178,570
Molson Coors Brewing Co., Class B		7,029			390,672
Monster Beverage Corp. (a)		14,656			976,089
PepsiCo., Inc.		52,481			7,453,352
					18,932,835
Biotechnology 1.8%
AbbVie, Inc.		55,632			4,507,305
Alexion Pharmaceuticals, Inc. (a)		8,396			834,478
Amgen, Inc.		22,352			4,829,149
Biogen, Inc. (a)		6,787			1,824,685
Gilead Sciences, Inc.		47,604			3,008,573
Incyte Corp. (a)		6,661			486,719
Regeneron Pharmaceuticals, Inc. (a)		3,003			1,014,834
Vertex Pharmaceuticals, Inc. (a)		9,657			2,192,622
					18,698,365
Building Products 0.3%
A.O. Smith Corp.		5,198			221,903
Allegion PLC		3,517			454,818
Fortune Brands Home & Security, Inc.		5,236			359,766
Johnson Controls International PLC		29,094			1,147,758
Masco Corp.		10,715			509,177
					2,693,422
Capital Markets 2.7%
Ameriprise Financial, Inc.		4,778			790,329
Bank of New York Mellon Corp.		31,652			1,417,377
BlackRock, Inc.		4,414			2,327,723
Cboe Global Markets, Inc.		4,182			515,306
Charles Schwab Corp.		43,010			1,959,105
CME Group, Inc.		13,516			2,934,459
E*TRADE Financial Corp.		8,511			362,739
Franklin Resources, Inc.		10,600			268,180
Goldman Sachs Group, Inc.		12,019			2,857,517
Intercontinental Exchange, Inc.		21,111			2,105,611
Invesco, Ltd.		14,038			242,857
MarketAxess Holdings, Inc.		1,473			521,707
Moody’s Corp.		6,114			1,570,014
Morgan Stanley		46,396			2,424,655
MSCI, Inc.		3,171			906,272
Nasdaq, Inc.		4,341			505,553
Northern Trust Corp.		7,991			781,600
Raymond James Financial, Inc.		4,642			424,418
S&P Global, Inc.		9,213			2,706,134
State Street Corp.		13,714			1,037,190
T. Rowe Price Group, Inc.		8,851			1,181,874
					27,840,620
Chemicals 1.7%
Air Products & Chemicals, Inc.		8,242			1,967,448
Albemarle Corp.		3,964			318,230
Celanese Corp.		4,558			471,753
CF Industries Holdings, Inc.		8,278			333,438
Corteva, Inc. (a)		28,031			810,656
Dow, Inc. (a)		28,036			1,291,618
DuPont de Nemours, Inc.		28,034			1,434,780
Eastman Chemical Co.		5,189			369,820
Ecolab, Inc.		9,405			1,844,415
FMC Corp.		4,928			471,068
International Flavors & Fragrances, Inc. (b)		4,011			525,882
Linde PLC		20,207			4,104,648
LyondellBasell Industries N.V., Class A		9,699			755,164
Mosaic Co.		13,288			263,634
PPG Industries, Inc.		8,838			1,059,146
Sherwin-Williams Co.		3,085			1,718,314
					17,740,014
Commercial Services & Supplies 0.4%
Cintas Corp.		3,162			882,103
Copart, Inc. (a)		7,715			782,764
Republic Services, Inc.		7,956			756,218
Rollins, Inc.		5,292			200,831
Waste Management, Inc.		14,627			1,780,106
					4,402,022
Communications Equipment 0.9%
Arista Networks, Inc. (a)		2,044			456,507
Cisco Systems, Inc.		159,286			7,322,377
F5 Networks, Inc. (a)		2,234			272,816
Juniper Networks, Inc.		12,624			289,595
Motorola Solutions, Inc.		6,462			1,143,774
					9,485,069
Construction & Engineering 0.1%
Jacobs Engineering Group, Inc.		5,090			470,977
Quanta Services, Inc.		5,318			208,200
					679,177
Construction Materials 0.1%
Martin Marietta Materials, Inc.		2,338			616,765
Vulcan Materials Co.		4,945			700,360
					1,317,125
Consumer Finance 0.7%
American Express Co.		25,306			3,286,490
Capital One Financial Corp.		17,581			1,754,584
Discover Financial Services		11,822			888,187
Synchrony Financial		22,422			726,697
					6,655,958
Containers & Packaging 0.3%
Amcor PLC (a)		60,759			643,438
Avery Dennison Corp.		3,161			414,849
Ball Corp.		12,338			890,557
International Paper Co.		14,879			605,873
Packaging Corp. of America		3,537			338,668
Sealed Air Corp.		5,831			207,000
WestRock Co.		9,622			375,258
					3,475,643
Distributors 0.1%
Genuine Parts Co.		5,467			511,547
LKQ Corp. (a)		11,580			378,493
					890,040
Diversified Consumer Services 0.0% ‡
H&R Block, Inc.		7,613			176,622
Diversified Financial Services 1.6%
Berkshire Hathaway, Inc., Class B (a)		73,584			16,514,457
Diversified Telecommunication Services 2.0%
AT&T, Inc.		274,807			10,338,239
CenturyLink, Inc.		35,900			490,394
Verizon Communications, Inc.		155,584			9,247,913
					20,076,546
Electric Utilities 2.2%
Alliant Energy Corp.		9,206			546,468
American Electric Power Co., Inc.		18,471			1,925,048
Duke Energy Corp.		27,255			2,660,906
Edison International		13,453			1,029,827
Entergy Corp.		7,470			982,454
Evergy, Inc.		8,595			620,215
Eversource Energy		12,160			1,124,071
Exelon Corp.		36,348			1,729,801
FirstEnergy Corp.		20,289			1,030,478
NextEra Energy, Inc.		18,364			4,925,225
Pinnacle West Capital Corp.		4,202			410,493
PPL Corp.		27,018			977,782
Southern Co.		39,554			2,784,602
Xcel Energy, Inc.		19,702			1,363,181
					22,110,551
Electrical Equipment 0.5%
AMETEK, Inc.		8,527			828,398
Eaton Corp. PLC		15,591			1,472,882
Emerson Electric Co.		23,011			1,648,278
Rockwell Automation, Inc.		4,432			849,437
					4,798,995
Electronic Equipment, Instruments & Components 0.5%
Amphenol Corp., Class A		11,184			1,112,472
CDW Corp.		5,441			709,778
Corning, Inc.		29,008			774,224
FLIR Systems, Inc.		5,069			261,256
IPG Photonics Corp. (a)		1,332			170,056
Keysight Technologies, Inc. (a)		7,044			655,022
TE Connectivity, Ltd.		12,612			1,162,574
Zebra Technologies Corp., Class A (a)		2,028			484,733
					5,330,115
Energy Equipment & Services 0.4%
Baker Hughes Co.		24,348			527,378
Halliburton Co.		32,715			713,514
Helmerich & Payne, Inc.		4,136			167,715
National Oilwell Varco, Inc.		14,447			297,753
Schlumberger, Ltd.		51,853			1,737,594
TechnipFMC PLC		15,769			260,346
					3,704,300
Entertainment 1.8%
Activision Blizzard, Inc.		28,674			1,676,855
Electronic Arts, Inc. (a)		11,107			1,198,667
Live Nation Entertainment, Inc. (a)		5,301			361,316
Netflix, Inc. (a)		16,487			5,689,499
Take-Two Interactive Software, Inc. (a)		4,212			524,984
Walt Disney Co.		67,683			9,361,236
					18,812,557
Equity Real Estate Investment Trusts 2.9%
Alexandria Real Estate Equities, Inc.		4,613			752,842
American Tower Corp.		16,705			3,871,217
Apartment Investment & Management Co., Class A		5,571			293,647
AvalonBay Communities, Inc.		5,216			1,130,255
Boston Properties, Inc.		5,424			777,530
Crown Castle International Corp.		15,564			2,332,110
Digital Realty Trust, Inc.		7,797			958,953
Duke Realty Corp.		13,863			503,365
Equinix, Inc.		3,216			1,896,572
Equity Residential		13,099			1,088,265
Essex Property Trust, Inc.		2,492			771,922
Extra Space Storage, Inc.		4,885			540,672
Federal Realty Investment Trust		2,648			331,053
Healthpeak Properties, Inc.		18,620			670,134
Host Hotels & Resorts, Inc.		27,748			453,402
Iron Mountain, Inc.		10,740			339,491
Kimco Realty Corp.		15,799			300,971
Mid-America Apartment Communities, Inc.		4,267			585,475
Prologis, Inc.		25,398			2,358,966
Public Storage		5,619			1,257,307
Realty Income Corp.		12,292			963,816
Regency Centers Corp.		6,256			388,122
SBA Communications Corp.		4,238			1,057,635
Simon Property Group, Inc.		11,568			1,540,279
SL Green Realty Corp.		3,098			285,140
UDR, Inc.		11,004			527,202
Ventas, Inc.		14,000			810,040
Vornado Realty Trust		5,949			391,266
Welltower, Inc.		15,160			1,287,236
Weyerhaeuser Co.		27,880			807,126
					29,272,011
Food & Staples Retailing 1.5%
Costco Wholesale Corp.		16,664			5,091,185
Kroger Co.		30,202			811,226
Sysco Corp.		19,282			1,583,824
Walgreens Boots Alliance, Inc.		28,509			1,449,683
Walmart, Inc.		53,360			6,109,186
					15,045,104
Food Products 1.1%
Archer-Daniels-Midland Co.		20,971			938,662
Campbell Soup Co.		6,334			306,502
Conagra Brands, Inc.		18,189			598,782
General Mills, Inc.		22,794			1,190,303
Hershey Co.		5,598			868,642
Hormel Foods Corp.		10,433			493,064
J.M. Smucker Co.		4,257			441,068
Kellogg Co.		9,302			634,489
Kraft Heinz Co.		23,290			680,068
Lamb Weston Holdings, Inc.		5,474			499,831
McCormick & Co., Inc.		4,661			761,467
Mondelez International, Inc., Class A		53,922			3,094,044
Tyson Foods, Inc., Class A		11,035			911,822
					11,418,744
Gas Utilities 0.1%
Atmos Energy Corp.		4,502			526,869
Health Care Equipment & Supplies 3.5%
Abbott Laboratories		66,699			5,812,151
ABIOMED, Inc. (a)		1,687			314,271
Align Technology, Inc. (a)		2,698			693,656
Baxter International, Inc.		19,183			1,711,507
Becton Dickinson & Co.		10,200			2,806,836
Boston Scientific Corp. (a)		52,338			2,191,392
Cooper Cos., Inc.		1,851			642,094
Danaher Corp.		23,988			3,858,950
DENTSPLY SIRONA, Inc.		8,424			471,744
Edwards Lifesciences Corp. (a)		7,805			1,716,007
Hologic, Inc. (a)		10,035			537,073
IDEXX Laboratories, Inc. (a)		3,218			872,110
Intuitive Surgical, Inc. (a)		4,322			2,419,369
Medtronic PLC		50,423			5,820,831
ResMed, Inc.		5,423			862,095
STERIS PLC		3,189			480,551
Stryker Corp.		12,144			2,558,741
Teleflex, Inc.		1,726			641,226
Varian Medical Systems, Inc. (a)		3,404			478,500
Zimmer Biomet Holdings, Inc.		7,757			1,147,260
					36,036,364
Health Care Providers & Services 2.7%
AmerisourceBergen Corp.		5,715			488,975
Anthem, Inc.		9,538			2,530,241
Cardinal Health, Inc.		11,031			564,897
Centene Corp. (a)		21,836			1,371,519
Cigna Corp. (a)		14,048			2,702,554
CVS Health Corp.		48,941			3,319,179
DaVita, Inc. (a)		3,403			271,798
HCA Healthcare, Inc.		9,997			1,387,584
Henry Schein, Inc. (a)		5,580			384,685
Humana, Inc.		4,994			1,679,182
Laboratory Corp. of America Holdings (a)		3,687			646,700
McKesson Corp.		6,796			969,178
Quest Diagnostics, Inc.		5,029			556,559
UnitedHealth Group, Inc.		35,577			9,692,954
Universal Health Services, Inc., Class B		3,052			418,460
					26,984,465
Health Care Technology 0.1%
Cerner Corp.		11,964			859,374
Hotels, Restaurants & Leisure 1.8%
Carnival Corp.		14,989			652,471
Chipotle Mexican Grill, Inc. (a)		958			830,356
Darden Restaurants, Inc.		4,603			535,927
Hilton Worldwide Holdings, Inc.		10,642			1,147,208
Las Vegas Sands Corp.		12,705			829,764
Marriott International, Inc., Class A		10,208			1,429,733
McDonald’s Corp.		28,331			6,061,984
MGM Resorts International		19,594			608,590
Norwegian Cruise Line Holdings, Ltd. (a)		8,064			434,246
Royal Caribbean Cruises, Ltd.		6,433			753,176
Starbucks Corp.		44,428			3,768,827
Wynn Resorts, Ltd.		3,625			457,330
Yum! Brands, Inc.		11,455			1,211,595
					18,721,207
Household Durables 0.4%
D.R. Horton, Inc.		12,716			752,787
Garmin, Ltd.		5,428			526,245
Leggett & Platt, Inc.		4,913			233,810
Lennar Corp., Class A		10,688			709,256
Mohawk Industries, Inc. (a)		2,305			303,522
Newell Brands, Inc.		14,316			279,591
NVR, Inc. (a)		130			496,206
PulteGroup, Inc.		9,544			426,140
Whirlpool Corp.		2,372			346,715
					4,074,272
Household Products 1.7%
Church & Dwight Co., Inc.		9,217			684,086
Clorox Co.		4,769			750,211
Colgate-Palmolive Co.		32,138			2,371,142
Kimberly-Clark Corp.		12,871			1,843,642
Procter & Gamble Co.		93,907			11,702,690
					17,351,771
Independent Power & Renewable Electricity Producers 0.1%
AES Corp.		24,846			493,441
NRG Energy, Inc.		9,465			349,164
					842,605
Industrial Conglomerates 1.3%
3M Co.		21,579			3,423,724
General Electric Co.		328,548			4,090,423
Honeywell International, Inc.		26,879			4,655,980
Roper Technologies, Inc.		3,884			1,482,368
					13,652,495
Insurance 2.3%
Aflac, Inc.		27,912			1,439,422
Allstate Corp.		12,218			1,448,322
American International Group, Inc.		32,558			1,636,365
Aon PLC		8,861			1,951,635
Arthur J. Gallagher & Co.		7,034			721,477
Assurant, Inc.		2,301			300,419
Chubb, Ltd.		17,142			2,605,413
Cincinnati Financial Corp.		5,679			596,011
Everest Re Group, Ltd.		1,523			421,216
Globe Life, Inc.		3,785			394,624
Hartford Financial Services Group, Inc.		13,532			802,177
Lincoln National Corp.		7,576			412,740
Loews Corp.		9,648			496,390
Marsh & McLennan Cos., Inc.		19,023			2,127,913
MetLife, Inc.		29,483			1,465,600
Principal Financial Group, Inc.		9,698			513,509
Progressive Corp.		21,862			1,764,045
Prudential Financial, Inc.		15,201			1,384,203
Travelers Cos., Inc.		9,808			1,290,929
Unum Group		7,934			211,758
Willis Towers Watson PLC		4,837			1,022,010
WR Berkley Corp.		5,431			399,341
					23,405,519
Interactive Media & Services 5.1%
Alphabet, Inc. (a)
Class A		11,272			16,150,296
Class C		11,244			16,126,482
Facebook, Inc., Class A (a)		90,529			18,278,711
Twitter, Inc. (a)		29,044			943,349
					51,498,838
Internet & Direct Marketing Retail 3.5%
Amazon.com, Inc. (a)		15,667			31,470,616
Booking Holdings, Inc. (a)		1,575			2,883,116
eBay, Inc.		28,842			967,938
Expedia Group, Inc.		5,182			561,988
					35,883,658
IT Services 5.6%
Accenture PLC, Class A		23,879			4,900,210
Akamai Technologies, Inc. (a)		6,095			568,968
Alliance Data Systems Corp.		1,477			151,821
Automatic Data Processing, Inc.		16,293			2,792,457
Broadridge Financial Solutions, Inc.		4,324			515,205
Cognizant Technology Solutions Corp., Class A		20,753			1,273,819
DXC Technology Co.		10,051			320,426
Fidelity National Information Services, Inc.		23,120			3,321,419
Fiserv, Inc. (a)		21,484			2,548,217
FleetCor Technologies, Inc. (a)		3,226			1,016,932
Gartner, Inc. (a)		3,373			542,311
Global Payments, Inc.		11,252			2,199,203
International Business Machines Corp.		33,191			4,770,543
Jack Henry & Associates, Inc.		2,889			432,021
Leidos Holdings, Inc.		5,019			504,259
Mastercard, Inc., Class A		33,395			10,550,816
Paychex, Inc.		11,975			1,027,096
PayPal Holdings, Inc. (a)		44,151			5,028,357
VeriSign, Inc. (a)		3,926			817,158
Visa, Inc., Class A		64,398			12,813,270
Western Union Co.		16,130			433,897
					56,528,405
Leisure Products 0.0% ‡
Hasbro, Inc.		4,800			488,976
Life Sciences Tools & Services 1.0%
Agilent Technologies, Inc.		11,834			977,015
Illumina, Inc. (a)		5,502			1,595,965
IQVIA Holdings, Inc. (a)		6,845			1,062,686
Mettler-Toledo International, Inc. (a)		927			701,906
PerkinElmer, Inc.		4,151			383,884
Thermo Fisher Scientific, Inc.		15,124			4,736,686
Waters Corp. (a)		2,430			543,810
					10,001,952
Machinery 1.5%
Caterpillar, Inc.		20,844			2,737,859
Cummins, Inc.		5,778			924,307
Deere & Co.		11,868			1,882,027
Dover Corp.		5,439			619,230
Flowserve Corp.		4,907			229,059
Fortive Corp.		11,039			827,152
IDEX Corp.		2,831			463,859
Illinois Tool Works, Inc.		11,061			1,935,454
Ingersoll-Rand PLC		9,029			1,202,934
PACCAR, Inc.		12,971			962,578
Parker-Hannifin Corp.		4,800			939,312
Pentair PLC		6,313			271,017
Snap-On, Inc.		2,074			331,073
Stanley Black & Decker, Inc.		5,673			903,879
Westinghouse Air Brake Technologies Corp.		6,813			503,208
Xylem, Inc.		6,735			549,980
					15,282,928
Media 1.4%
Charter Communications, Inc., Class A (a)		5,914			3,060,259
Comcast Corp., Class A		170,784			7,376,161
Discovery, Inc. (a)
Class A		5,909			172,897
Class C		12,651			351,318
DISH Network Corp., Class A (a)		9,644			354,513
Fox Corp.
Class A		13,264			491,829
Class B (a)		6,078			220,814
Interpublic Group of Cos., Inc.		14,488			328,878
News Corp.
Class A		14,655			199,601
Class B		4,575			63,913
Omnicom Group, Inc.		8,245			620,931
ViacomCBS, Inc., Class B		20,186			688,948
					13,930,062
Metals & Mining 0.2%
Freeport-McMoRan, Inc.		54,302			602,752
Newmont Goldcorp Corp.		30,682			1,382,531
Nucor Corp.		11,411			541,909
					2,527,192
Multi-Utilities 1.1%
Ameren Corp.		9,193			754,286
CenterPoint Energy, Inc.		18,801			497,851
CMS Energy Corp.		10,623			727,782
Consolidated Edison, Inc.		12,481			1,173,214
Dominion Energy, Inc.		31,044			2,662,023
DTE Energy Co.		7,245			960,759
NiSource, Inc.		13,967			409,373
Public Service Enterprise Group, Inc.		18,921			1,120,123
Sempra Energy		10,605			1,703,587
WEC Energy Group, Inc.		11,809			1,179,601
					11,188,599
Multiline Retail 0.5%
Dollar General Corp.		9,673			1,483,935
Dollar Tree, Inc. (a)		8,894			774,400
Kohl’s Corp.		6,068			259,407
Macy’s, Inc.		11,563			184,430
Nordstrom, Inc.		3,935			145,044
Target Corp.		19,181			2,124,104
					4,971,320
Oil, Gas & Consumable Fuels 3.5%
Apache Corp.		14,072			386,136
Cabot Oil & Gas Corp.		15,852			223,355
Chevron Corp.		71,133			7,621,190
Cimarex Energy Co.		3,796			166,606
Concho Resources, Inc.		7,509			569,032
ConocoPhillips		41,279			2,453,211
Devon Energy Corp.		14,596			317,025
Diamondback Energy, Inc.		6,126			455,774
EOG Resources, Inc.		21,724			1,583,897
Exxon Mobil Corp.		159,170			9,887,640
Hess Corp.		9,723			550,030
HollyFrontier Corp.		5,690			255,595
Kinder Morgan, Inc.		72,877			1,520,943
Marathon Oil Corp.		30,632			348,286
Marathon Petroleum Corp.		24,427			1,331,272
Noble Energy, Inc.		17,904			353,962
Occidental Petroleum Corp.		33,518			1,331,335
ONEOK, Inc.		15,451			1,156,816
Phillips 66		16,856			1,540,133
Pioneer Natural Resources Co.		6,305			851,175
Valero Energy Corp.		15,623			1,317,175
Williams Cos., Inc.		45,361			938,519
					35,159,107
Personal Products 0.2%
Coty, Inc., Class A		11,255			115,476
Estee Lauder Cos., Inc., Class A		8,394			1,638,173
					1,753,649
Pharmaceuticals 4.5%
Allergan PLC		12,325			2,300,338
Bristol-Myers Squibb Co.		88,186			5,551,309
Eli Lilly & Co.		31,923			4,457,728
Johnson & Johnson		99,025			14,741,852
Merck & Co., Inc.		95,777			8,183,187
Mylan N.V. (a)		19,296			413,320
Perrigo Co. PLC		5,120			292,045
Pfizer, Inc.		208,188			7,752,921
Zoetis, Inc.		17,922			2,405,311
					46,098,011
Professional Services 0.3%
Equifax, Inc.		4,521			677,698
IHS Markit, Ltd. (a)		15,071			1,188,499
Nielsen Holdings PLC		13,307			271,463
Robert Half International, Inc.		4,434			257,926
Verisk Analytics, Inc.		6,126			995,291
					3,390,877
Real Estate Management & Development 0.1%
CBRE Group, Inc., Class A (a)		12,638			771,550
Road & Rail 1.0%
CSX Corp.		29,508			2,252,641
J.B. Hunt Transport Services, Inc.		3,257			351,528
Kansas City Southern		3,764			634,949
Norfolk Southern Corp.		9,809			2,042,332
Old Dominion Freight Line, Inc.		2,401			471,148
Union Pacific Corp.		26,183			4,697,754
					10,450,352
Semiconductors & Semiconductor Equipment 4.2%
Advanced Micro Devices, Inc. (a)		41,894			1,969,018
Analog Devices, Inc.		13,843			1,519,269
Applied Materials, Inc.		35,051			2,032,607
Broadcom, Inc.		14,957			4,564,278
Intel Corp.		163,643			10,461,697
KLA Corp.		5,936			983,833
Lam Research Corp.		5,430			1,619,280
Maxim Integrated Products, Inc.		10,200			613,224
Microchip Technology, Inc.		8,905			868,059
Micron Technology, Inc. (a)		41,430			2,199,519
NVIDIA Corp.		23,023			5,443,328
Qorvo, Inc. (a)		4,460			472,136
QUALCOMM, Inc.		42,858			3,656,216
Skyworks Solutions, Inc.		6,466			731,628
Texas Instruments, Inc.		35,124			4,237,711
Xilinx, Inc.		9,507			803,151
					42,174,954
Software 7.6%
Adobe, Inc. (a)		18,269			6,414,977
ANSYS, Inc. (a)		3,219			883,068
Autodesk, Inc. (a)		8,221			1,618,304
Cadence Design Systems, Inc. (a)		10,521			758,669
Citrix Systems, Inc.		4,682			567,552
Fortinet, Inc. (a)		5,341			616,138
Intuit, Inc.		9,792			2,745,481
Microsoft Corp.		286,988			48,853,967
NortonLifeLock, Inc.		21,362			607,108
Oracle Corp.		81,710			4,285,689
Paycom Software, Inc. (a)		559			177,851
salesforce.com, Inc. (a)		33,454			6,098,999
ServiceNow, Inc. (a)		7,030			2,377,757
Synopsys, Inc. (a)		5,611			827,679
					76,833,239
Specialty Retail 2.2%
Advance Auto Parts, Inc.		2,686			353,881
AutoZone, Inc. (a)		899			951,106
Best Buy Co., Inc.		8,698			736,634
CarMax, Inc. (a)		6,222			603,783
Gap, Inc.		7,923			137,939
Home Depot, Inc.		41,036			9,360,312
L Brands, Inc.		8,584			198,806
Lowe’s Cos., Inc.		28,960			3,366,310
O’Reilly Automotive, Inc. (a)		2,874			1,167,131
Ross Stores, Inc.		13,760			1,543,734
Tiffany & Co.		4,043			541,843
TJX Cos., Inc.		45,395			2,680,121
Tractor Supply Co.		4,515			419,669
Ulta Beauty, Inc. (a)		2,211			592,349
					22,653,618
Technology Hardware, Storage & Peripherals 5.2%
Apple, Inc.		157,122			48,630,830
Hewlett Packard Enterprise Co.		49,229			685,760
HP, Inc.		55,679			1,187,076
NetApp, Inc.		8,607			459,614
Seagate Technology PLC		8,720			496,953
Western Digital Corp.		10,965			718,208
Xerox Holdings Corp. (a)		7,153			254,432
					52,432,873
Textiles, Apparel & Luxury Goods 0.7%
Capri Holdings, Ltd. (a)		5,650			169,274
Hanesbrands, Inc.		13,532			186,200
NIKE, Inc., Class B		47,051			4,531,011
PVH Corp.		2,804			244,425
Ralph Lauren Corp.		1,875			212,813
Tapestry, Inc.		10,407			268,188
Under Armour, Inc. (a)
Class A		7,037			142,007
Class C		7,272			130,605
VF Corp.		12,190			1,011,404
					6,895,927
Tobacco 0.8%
Altria Group, Inc.		70,037			3,328,858
Philip Morris International, Inc.		58,681			4,852,919
					8,181,777
Trading Companies & Distributors 0.2%
Fastenal Co.		21,424			747,269
United Rentals, Inc. (a)		2,945			399,607
W.W. Grainger, Inc.		1,660			502,432
					1,649,308
Water Utilities 0.1%
American Water Works Co., Inc.		6,757			920,303
Wireless Telecommunication Services 0.1%
T-Mobile U.S., Inc. (a)		11,825			936,422
Total Common Stocks (c) (Cost $248,740,550)					1,005,489,655
Short-Term Investments 1.0%
Affiliated Investment Company 0.0% ‡
MainStay U.S. Government Liquidity Fund, 1.40% (d)		153,452			153,452
Total Affiliated Investment Company (Cost $153,452)					153,452
Unaffiliated Investment Company 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio, 1.62% (d)(e)		538,928			538,928
Total Unaffiliated Investment Company (Cost $538,928)					538,928
		Principal Amount
U.S. Governments 0.9%
United States Treasury Bills (f)
1.525%, due 4/9/20	$	6,400,000			6,381,990
1.527%, due 4/9/20		100,000			99,718
1.529%, due 4/9/20		800,000			797,749
1.53%, due 4/9/20		100,000			99,718
1.536%, due 4/30/20 (g)		500,000			498,163
1.54%, due 4/9/20		100,000			99,719
1.545%, due 4/9/20		100,000			99,719
1.55%, due 4/9/20		700,000			698,030
Total U.S. Governments (Cost $8,774,590)					8,774,806
Total Short-Term Investments (Cost $9,466,970)					9,467,186
Total Investments (Cost $258,207,520)		99.9	%		1,014,956,841
Other Assets, Less Liabilities		0.0	‡		172,487
Net Assets		100.0	%	$	1,015,129,328

†	Percentages indicated are based on Fund net assets.
‡	Less than one-tenth of a percent.
(a)	Non-income producing security.
(b)	All or a portion of this security was held on loan. As of January 31, 2020, the aggregate market value of securities on loan was $520,507. The fund received cash collateral with a value of $538,928
(c)	The combined market value of common stocks and notional value of Standard & Poor’s 500 Index futures contracts represents 99.9% of the Portfolio’s net assets.
(d)	Current yield as of January 31, 2020.
(e)	Represents security purchased with cash collateral received for securities on loan.
(f)	Interest rate shown represents yield to maturity.
(g)	Represents a security which was maintained at the broker as collateral for futures contracts.

Futures Contracts

As of January 31, 2020, the Portfolio held the following futures contracts:

Type	Number of Contracts		Expiration Date	Value at Trade Date		Current Notional Amount		Unrealized Appreciation (Depreciation)1
Long Contracts
S&P 500 Index Mini		51	March 2020	$	8,179,148	$	8,221,200	$	42,052

1. Represents the difference between the value of the contracts at the time they were opened and the value as of January 31, 2020.

The following is a summary of the fair valuations according to the inputs used as of January 31, 2020, for valuing the Fund’s assets:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Common Stocks	$	1,005,489,655	$	—	$	—	$	1,005,489,655
Short-Term Investments
Affiliated Investment Company		153,452		—		—		153,452
Unaffiliated Investment Company		538,928		—		—		538,928
U.S. Government		—		8,774,806		—		8,774,806
Total Short-Term Investments		692,380		8,774,806		—		9,467,186
Total Investments in Securities		1,006,182,035		8,774,806		—		1,014,956,841
Other Financial Instruments
Futures Contracts (b)		42,052		—		—		42,052
Total Investments in Securities and Other Financial Instruments	$	1,006,224,087	$	8,774,806	$	—	$	1,014,998,893

(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.

MainStay MacKay Short Duration High Yield Fund

Portfolio of Investments January 31, 2020 (Unaudited)

	Principal Amount			Value
Long-Term Bonds 95.8% †
Convertible Bonds 1.4%
Media 1.2%
Dish Network Corp. 2.375%, due 3/15/24	$	21,650,000		$	19,958,866
Real Estate Investment Trusts 0.2%
VEREIT, Inc. 3.75%, due 12/15/20		3,365,000			3,404,958
Total Convertible Bonds (Cost $22,655,049)					23,363,824
Corporate Bonds 82.3%
Advertising 0.4%
Lamar Media Corp. 5.375%, due 1/15/24		6,500,000			6,600,426
Aerospace & Defense 1.7%
F-Brasile S.p.A. / F-Brasile U.S. LLC 7.375%, due 8/15/26 (a)		5,500,000			5,843,750
SSL Robotics LLC 9.75%, due 12/31/23 (a)		1,900,000			2,085,250
TransDigm UK Holdings PLC 6.875%, due 5/15/26		2,850,000			3,035,250
TransDigm, Inc.
6.25%, due 3/15/26 (a)		5,360,000			5,780,760
6.50%, due 7/15/24		11,545,000			11,905,781
					28,650,791
Auto Manufacturers 1.1%
Aston Martin Capital Holdings, Ltd. 6.50%, due 4/15/22 (a)		5,680,000			5,571,512
BCD Acquisition, Inc. 9.625%, due 9/15/23 (a)		4,942,000			5,133,502
McLaren Finance PLC 5.75%, due 8/1/22 (a)		7,300,000			7,026,250
					17,731,264
Auto Parts & Equipment 1.6%
American Axle & Manufacturing, Inc. 6.25%, due 4/1/25		2,000,000			2,044,020
Exide International Holdings, L.P. 10.75% (6.25% Cash and 4.50% PIK), due 10/31/21 (a)(b)(c)(d)(e)		3,990,520			3,926,672
Exide Technologies (a)(b)(c)(d)(e)
11.00% (3.00% Cash and 8.00% PIK), due 10/31/24		10,204,428			8,867,648
11.00% (3.00% Cash and 8.00% PIK), due 10/31/24		1,653,273			1,292,859
Meritor, Inc. 6.25%, due 2/15/24		2,000,000			2,050,000
Nexteer Automotive Group, Ltd. 5.875%, due 11/15/21 (a)		6,162,000			6,270,731
Tenneco, Inc. 5.375%, due 12/15/24		2,080,000			1,944,800
					26,396,730
Building Materials 0.4%
Summit Materials LLC / Summit Materials Finance Corp. 6.125%, due 7/15/23		7,305,000			7,378,050
Chemicals 2.8%
Blue Cube Spinco LLC 9.75%, due 10/15/23		9,222,000			9,833,142
Kissner Holdings, L.P. / Kissner Milling Co., Ltd. / BSC Holding, Inc. / Kissner USA 8.375%, due 12/1/22 (a)		5,900,000			6,136,000
Neon Holdings, Inc. 10.125%, due 4/1/26 (a)		1,600,000			1,608,000
NOVA Chemicals Corp. 4.875%, due 6/1/24 (a)		1,090,000			1,106,350
Olin Corp. 5.50%, due 8/15/22		3,400,000			3,629,500
PolyOne Corp. 5.25%, due 3/15/23		3,025,000			3,263,219
PQ Corp. 6.75%, due 11/15/22 (a)		1,904,000			1,951,600
TPC Group, Inc. 10.50%, due 8/1/24 (a)		18,863,000			19,476,047
					47,003,858
Coal 0.2%
Natural Resource Partners LP / NRP Finance Corp. 9.125%, due 6/30/25 (a)		3,350,000			3,031,750
Commercial Services 2.7%
Capitol Investment Merger Sub 2 LLC 10.00%, due 8/1/24 (a)		3,095,000			3,214,931
Cimpress PLC 7.00%, due 6/15/26 (a)		1,700,000			1,796,569
Flexi-Van Leasing, Inc. 10.00%, due 2/15/23 (a)		4,015,000			4,308,095
Gartner, Inc. 5.125%, due 4/1/25 (a)		5,720,000			5,946,398
IHS Markit, Ltd. 5.00%, due 11/1/22 (a)		6,630,000			7,102,825
Jaguar Holding Co. II / Pharmaceutical Product Development LLC 6.375%, due 8/1/23 (a)		5,098,000			5,238,195
Nielsen Co. Luxembourg S.A.R.L. 5.50%, due 10/1/21 (a)		5,845,000			5,853,767
Nielsen Finance LLC / Nielsen Finance Co.
4.50%, due 10/1/20		3,000,000			2,999,739
5.00%, due 4/15/22 (a)		6,330,000			6,337,912
Service Corp. International 5.375%, due 5/15/24		1,200,000			1,229,625
United Rentals North America, Inc. 5.50%, due 7/15/25		1,000,000			1,034,700
					45,062,756
Computers 0.2%
NCR Corp. 5.00%, due 7/15/22		3,000,000			3,029,100
Cosmetics & Personal Care 0.3%
Edgewell Personal Care Co.
4.70%, due 5/19/21		1,775,000			1,810,500
4.70%, due 5/24/22		3,254,000			3,351,666
					5,162,166
Diversified Financial Services 1.8%
Credit Acceptance Corp. 5.125%, due 12/31/24 (a)		10,090,000			10,544,050
Jefferies Finance LLC / JFIN Co-Issuer Corp. 7.25%, due 8/15/24 (a)		600,000			618,000
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. (a)
5.25%, due 3/15/22		1,730,000			1,777,575
5.875%, due 8/1/21		5,455,000			5,530,006
LPL Holdings, Inc. 5.75%, due 9/15/25 (a)		2,825,000			2,945,063
Oxford Finance LLC / Oxford Finance Co-Issuer II, Inc. 6.375%, due 12/15/22 (a)		8,000,000			8,220,000
					29,634,694
Electric 0.7%
AES Corp.
4.875%, due 5/15/23		1,462,000			1,480,275
6.00%, due 5/15/26		3,630,000			3,825,112
Vistra Energy Corp. 5.875%, due 6/1/23		1,496,000			1,522,210
Vistra Operations Co., LLC 3.55%, due 7/15/24 (a)		4,650,000			4,783,175
					11,610,772
Electrical Components & Equipment 0.3%
WESCO Distribution, Inc. 5.375%, due 12/15/21		4,540,000			4,562,700
Energy 0.0% ‡
KeyStone Power Pass-Through Holders 9.00%, due 12/1/23 (d)		810,709			814,762
Energy - Alternate Sources 0.3%
Pattern Energy Group, Inc. 5.875%, due 2/1/24 (a)		4,750,000			4,880,625
Engineering & Construction 0.5%
Great Lakes Dredge & Dock Corp. 8.00%, due 5/15/22		1,180,000			1,239,000
Weekley Homes LLC / Weekley Finance Corp.
6.00%, due 2/1/23		5,260,000			5,266,575
6.625%, due 8/15/25		2,278,000			2,374,815
					8,880,390
Entertainment 0.9%
Boyne USA, Inc. 7.25%, due 5/1/25 (a)		2,965,000			3,217,025
Eldorado Resorts, Inc. 6.00%, due 4/1/25		7,955,000			8,324,351
International Game Technology PLC (a)
6.25%, due 2/15/22		1,500,000			1,571,250
6.50%, due 2/15/25		1,400,000			1,578,500
Jacobs Entertainment, Inc. 7.875%, due 2/1/24 (a)		1,000,000			1,059,795
					15,750,921
Environmental Controls 0.2%
Covanta Holding Corp. 5.875%, due 7/1/25		3,635,000			3,770,177
Food 2.0%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons, L.P. / Albertsons LLC 3.50%, due 2/15/23 (a)		8,000,000			8,141,440
C&S Group Enterprises LLC 5.375%, due 7/15/22 (a)		17,260,000			17,324,725
Ingles Markets, Inc. 5.75%, due 6/15/23		1,830,000			1,861,256
Lamb Weston Holdings, Inc. 4.625%, due 11/1/24 (a)		750,000			787,500
Land O’Lakes, Inc. 6.00%, due 11/15/22 (a)		1,349,000			1,429,940
TreeHouse Foods, Inc. 4.875%, due 3/15/22		3,500,000			3,500,000
					33,044,861
Forest Products & Paper 0.4%
Mercer International, Inc.
6.50%, due 2/1/24		2,740,000			2,829,050
7.375%, due 1/15/25		4,405,000			4,660,138
					7,489,188
Gas 1.1%
AmeriGas Partners, L.P. / AmeriGas Finance Corp. 5.625%, due 5/20/24		10,900,000			11,583,430
Rockpoint Gas Storage Canada, Ltd. 7.00%, due 3/31/23 (a)		6,800,000			6,642,750
					18,226,180
Health Care - Products 0.7%
Avanos Medical, Inc. 6.25%, due 10/15/22		8,174,000			8,265,958
Ortho-clinical Diagnostics, Inc. / Ortho-clinical Diagnostics S.A. 6.625%, due 5/15/22 (a)		4,125,000			4,109,531
					12,375,489
Health Care - Services 5.7%
Acadia Healthcare Co., Inc. 5.625%, due 2/15/23		7,410,000			7,508,775
AHP Health Partners, Inc. 9.75%, due 7/15/26 (a)		1,400,000			1,526,000
Centene Corp.
4.75%, due 1/15/25 (a)		17,250,000			17,803,380
6.125%, due 2/15/24		1,525,000			1,574,563
Encompass Health Corp.
5.125%, due 3/15/23		8,675,000			8,805,125
5.75%, due 11/1/24		4,030,000			4,079,287
HCA, Inc.
5.375%, due 2/1/25		11,100,000			12,405,360
5.875%, due 5/1/23		9,255,000			10,174,021
7.50%, due 2/15/22		17,000,000			18,660,730
7.50%, due 12/15/23		5,160,000			5,966,250
7.58%, due 9/15/25		1,138,000			1,351,375
Molina Healthcare, Inc. 5.375%, due 11/15/22		3,750,000			3,970,688
Regionalcare Hospital Partners Holdings, Inc. 8.25%, due 5/1/23 (a)		750,000			787,725
					94,613,279
Holding Company - Diversified 0.8%
Stena International S.A. 6.125%, due 2/1/25 (a)		12,220,000			12,540,775
Home Builders 2.0%
Adams Homes, Inc. 7.50%, due 2/15/25 (a)		4,635,000			4,762,463
Brookfield Residential Properties, Inc. / Brookfield Residential U.S. Corp. 6.125%, due 7/1/22 (a)		3,900,000			3,953,625
Meritage Homes Corp.
6.00%, due 6/1/25		2,097,000			2,369,610
7.00%, due 4/1/22		2,350,000			2,561,500
New Home Co., Inc. 7.25%, due 4/1/22		3,185,000			3,169,075
Shea Homes, L.P. / Shea Homes Funding Corp. (a)
5.875%, due 4/1/23		9,455,000			9,620,462
6.125%, due 4/1/25		476,000			490,280
Williams Scotsman International, Inc. (a)
6.875%, due 8/15/23		4,565,000			4,794,756
7.875%, due 12/15/22		2,245,000			2,340,413
					34,062,184
Household Products & Wares 0.4%
Prestige Brands, Inc. 6.375%, due 3/1/24 (a)		4,500,000			4,640,625
Spectrum Brands, Inc. 6.125%, due 12/15/24		2,800,000			2,888,200
					7,528,825
Insurance 0.3%
MGIC Investment Corp. 5.75%, due 8/15/23		4,000,000			4,420,000
Internet 2.4%
Cogent Communications Group, Inc. (a)
5.375%, due 3/1/22		8,171,000			8,518,268
5.625%, due 4/15/21		5,630,000			5,631,689
Netflix, Inc.
5.375%, due 2/1/21		2,000,000			2,052,500
5.50%, due 2/15/22		6,300,000			6,655,005
5.75%, due 3/1/24		4,980,000			5,515,350
5.875%, due 2/15/25		2,000,000			2,242,500
NortonLifeLock, Inc. 5.00%, due 4/15/25 (a)		3,090,000			3,155,406
VeriSign, Inc. 4.625%, due 5/1/23		5,627,000			5,687,096
					39,457,814
Investment Companies 2.6%
Compass Group Diversified Holdings LLC 8.00%, due 5/1/26 (a)		4,177,000			4,547,709
FS Energy & Power Fund 7.50%, due 8/15/23 (a)		18,834,000			19,399,397
Icahn Enterprises, L.P. / Icahn Enterprises Finance Corp.
4.75%, due 9/15/24 (a)		15,315,000			15,642,894
6.75%, due 2/1/24		2,950,000			3,060,625
					42,650,625
Iron & Steel 0.9%
Allegheny Technologies, Inc. 7.875%, due 8/15/23		3,405,000			3,729,156
Big River Steel LLC / BRS Finance Corp. 7.25%, due 9/1/25 (a)		10,235,000			10,748,899
					14,478,055
Leisure Time 0.8%
Carlson Travel, Inc. 6.75%, due 12/15/23 (a)(f)		11,665,000			12,014,950
Vista Outdoor, Inc. 5.875%, due 10/1/23		1,425,000			1,399,065
					13,414,015
Lodging 0.6%
Boyd Gaming Corp. 6.375%, due 4/1/26		2,000,000			2,126,500
Choice Hotels International, Inc. 5.75%, due 7/1/22		1,000,000			1,078,830
Hilton Domestic Operating Co., Inc. 4.25%, due 9/1/24		4,390,000			4,455,850
MGM Resorts International 7.75%, due 3/15/22		2,000,000			2,215,080
					9,876,260
Machinery - Diversified 0.9%
Briggs & Stratton Corp. 6.875%, due 12/15/20		3,425,000			3,288,000
Colfax Corp. 6.00%, due 2/15/24 (a)		6,925,000			7,290,778
Tennant Co. 5.625%, due 5/1/25		3,754,000			3,918,238
					14,497,016
Media 6.8%
Block Communications, Inc. 6.875%, due 2/15/25 (a)		15,445,000			16,004,881
Cablevision Systems Corp. 5.875%, due 9/15/22		3,250,000			3,477,500
CCO Holdings LLC / CCO Holdings Capital Corp.
5.125%, due 2/15/23		9,150,000			9,218,808
5.25%, due 9/30/22		6,450,000			6,514,500
5.375%, due 5/1/25 (a)		5,725,000			5,911,062
5.75%, due 9/1/23		960,000			970,800
5.75%, due 1/15/24		4,014,000			4,099,298
5.75%, due 2/15/26 (a)		2,850,000			2,990,619
5.875%, due 4/1/24 (a)		3,018,000			3,114,817
CSC Holdings LLC
5.25%, due 6/1/24		9,250,000			9,990,000
5.375%, due 7/15/23 (a)		5,425,000			5,540,553
DISH DBS Corp.
5.875%, due 7/15/22		3,550,000			3,727,500
5.875%, due 11/15/24		2,292,000			2,319,344
6.75%, due 6/1/21		12,600,000			13,214,250
Meredith Corp. 6.875%, due 2/1/26		1,620,000			1,667,150
Quebecor Media, Inc. 5.75%, due 1/15/23		6,920,000			7,439,000
Sirius XM Radio, Inc. 4.625%, due 7/15/24 (a)		6,000,000			6,221,250
Sterling Entertainment Enterprises LLC 10.25%, due 1/15/25 (b)(c)(d)(g)		3,000,000			3,120,000
Videotron, Ltd.
5.00%, due 7/15/22		5,869,000			6,155,114
5.375%, due 6/15/24 (a)		1,000,000			1,080,000
					112,776,446
Metal Fabricate & Hardware 1.3%
Grinding Media, Inc. / Moly-Cop AltaSteel, Ltd. 7.375%, due 12/15/23 (a)		21,546,000			22,108,781
Mining 2.0%
Compass Minerals International, Inc. 4.875%, due 7/15/24 (a)		12,860,000			12,779,625
Constellium S.E. (a)
5.75%, due 5/15/24		3,950,000			4,048,750
6.625%, due 3/1/25		1,000,000			1,031,250
First Quantum Minerals, Ltd. (a)
7.00%, due 2/15/21		268,000			268,241
7.25%, due 5/15/22		3,000,000			2,992,500
7.25%, due 4/1/23		7,341,000			7,290,531
Hecla Mining Co. 6.875%, due 5/1/21		3,125,000			3,118,750
Joseph T. Ryerson & Son, Inc. 11.00%, due 5/15/22 (a)		2,000,000			2,100,000
					33,629,647
Miscellaneous - Manufacturing 0.3%
FXI Holdings, Inc. 7.875%, due 11/1/24 (a)		2,000,000			1,895,000
Hill-Rom Holdings, Inc. 5.00%, due 2/15/25 (a)		1,000,000			1,033,750
Koppers, Inc. 6.00%, due 2/15/25 (a)		2,550,000			2,612,475
					5,541,225
Oil & Gas 7.8%
Antero Resources Corp. 5.375%, due 11/1/21		3,250,000			3,103,750
Ascent Resources Utica Holdings LLC / ARU Finance Corp. 10.00%, due 4/1/22 (a)		4,796,000			4,700,080
California Resources Corp. 8.00%, due 12/15/22 (a)		4,599,000			1,563,660
Callon Petroleum Co. 6.125%, due 10/1/24		3,390,000			3,241,688
CNX Resources Corp. 5.875%, due 4/15/22		5,513,000			5,444,088
Continental Resources, Inc. 5.00%, due 9/15/22		1,306,000			1,312,725
CVR Energy, Inc. 5.25%, due 2/15/25 (a)		8,300,000			8,200,400
Energy Ventures Gom LLC / EnVen Finance Corp. 11.00%, due 2/15/23 (a)		4,650,000			4,661,625
EQT Corp. 6.125%, due 2/1/25		7,350,000			6,673,589
Gulfport Energy Corp.
6.00%, due 10/15/24		3,987,000			2,197,634
6.375%, due 5/15/25		858,000			429,000
6.625%, due 5/1/23		9,562,000			6,502,160
Newfield Exploration Co. 5.75%, due 1/30/22		5,652,000			6,009,721
Parkland Fuel Corp. 6.00%, due 4/1/26 (a)		4,005,000			4,215,263
Parsley Energy LLC / Parsley Finance Corp. 6.25%, due 6/1/24 (a)		1,450,000			1,500,750
PBF Holding Co. LLC / PBF Finance Corp.
7.00%, due 11/15/23		7,936,000			8,222,490
7.25%, due 6/15/25		4,770,000			5,066,122
PDC Energy, Inc. 6.125%, due 9/15/24		4,150,000			4,160,375
PetroQuest Energy, Inc. 10.00% (10.00% PIK), due 2/15/24 (b)(c)(d)(e)		726,882			109,032
QEP Resources, Inc.
5.375%, due 10/1/22		2,674,000			2,680,685
6.875%, due 3/1/21		7,655,000			7,836,806
Range Resources Corp.
5.00%, due 3/15/23		1,400,000			1,204,028
5.875%, due 7/1/22		2,828,000			2,686,600
9.25%, due 2/1/26 (a)		1,343,000			1,188,810
Rex Energy Corp. (Escrow Claim) 8.00%, due 10/1/20 (d)(g)(h)		7,906,000			59,295
Southwestern Energy Co. 6.20%, due 1/23/25		12,463,000			10,375,447
Talos Production LLC / Talos Production Finance, Inc. 11.00%, due 4/3/22		15,782,468			16,334,854
Transocean Guardian, Ltd. 5.875%, due 1/15/24 (a)		501,006			511,653
Transocean Sentry, Ltd. 5.375%, due 5/15/23 (a)		6,999,000			7,016,497
Ultra Resources, Inc. 6.875%, due 4/15/22 (a)		4,455,000			445,500
Whiting Petroleum Corp. 6.25%, due 4/1/23		2,700,000			1,890,000
					129,544,327
Oil & Gas Services 0.5%
Forum Energy Technologies, Inc. 6.25%, due 10/1/21		6,040,000			5,405,800
Nine Energy Service, Inc. 8.75%, due 11/1/23 (a)		3,775,000			3,199,312
					8,605,112
Packaging & Containers 0.4%
Cascades, Inc. / Cascades U.S.A., Inc. 5.125%, due 1/15/26 (a)		1,200,000			1,239,000
OI European Group B.V. 4.00%, due 3/15/23 (a)		5,030,000			5,105,450
					6,344,450
Pharmaceuticals 0.9%
Bausch Health Cos., Inc. (a)
5.875%, due 5/15/23		467,000			471,087
6.50%, due 3/15/22		3,895,000			3,967,291
7.00%, due 3/15/24		6,146,000			6,371,558
Endo Dac / Endo Finance LLC / Endo Finco, Inc. 5.875%, due 10/15/24 (a)(f)		3,500,000			3,473,750
					14,283,686
Pipelines 3.7%
Antero Midstream Partners, L.P. / Antero Midstream Finance Corp. 5.375%, due 9/15/24		4,650,000			4,117,575
Holly Energy Partners, L.P. / Holly Energy Finance Corp. 6.00%, due 8/1/24 (a)		2,000,000			2,090,400
MPLX, L.P. 6.25%, due 10/15/22 (a)		373,000			380,113
NGPL PipeCo LLC 4.375%, due 8/15/22 (a)		5,565,000			5,782,512
NuStar Logistics, L.P. 6.75%, due 2/1/21		2,950,000			3,036,140
PBF Logistics, L.P. / PBF Logistics Finance Corp. 6.875%, due 5/15/23		4,000,000			4,110,000
Plains All American Pipeline, L.P. 6.125%, due 11/15/22 (i)(j)		18,663,000			17,287,537
Rockies Express Pipeline LLC 3.60%, due 5/15/25 (a)		4,500,000			4,531,905
Ruby Pipeline LLC 6.50%, due 4/1/22 (a)		4,187,902			4,392,421
Tallgrass Energy Partners, L.P. / Tallgrass Energy Finance Corp. (a)
4.75%, due 10/1/23		5,850,000			5,857,430
5.50%, due 9/15/24		5,810,000			5,868,216
Targa Resources Partners, L.P. / Targa Resources Partners Finance Corp.
5.25%, due 5/1/23		2,500,000			2,521,875
6.75%, due 3/15/24		2,000,000			2,064,840
					62,040,964
Private Equity 0.1%
Icahn Enterprises L.P. / Icahn Enterprises Finance Corp. 6.25%, due 2/1/22		1,700,000			1,729,750
Real Estate 1.4%
Howard Hughes Corp. 5.375%, due 3/15/25 (a)		1,750,000			1,802,500
Kennedy-Wilson, Inc. 5.875%, due 4/1/24		6,800,000			6,936,000
Newmark Group, Inc. 6.125%, due 11/15/23		12,225,000			13,407,153
Realogy Group LLC / Realogy Co-Issuer Corp. 5.25%, due 12/1/21 (a)		2,000,000			2,012,500
					24,158,153
Real Estate Investment Trusts 4.0%
CTR Partnership, L.P. / CareTrust Capital Corp. 5.25%, due 6/1/25		2,400,000			2,490,000
Equinix, Inc. 5.875%, due 1/15/26		9,373,000			9,945,690
MGM Growth Properties Operating Partnership, L.P. / MGP Finance Co-Issuer, Inc. 5.625%, due 5/1/24		21,181,000			23,104,023
MPT Operating Partnership, L.P. / MPT Finance Corp. 5.50%, due 5/1/24		7,378,000			7,534,782
RHP Hotel Properties, L.P. / RHP Finance Corp. 5.00%, due 4/15/23		6,350,000			6,461,125
Sabra Health Care L.P. 4.80%, due 6/1/24		1,400,000			1,501,668
Starwood Property Trust, Inc. 5.00%, due 12/15/21		4,255,000			4,361,375
Vici Properties, L.P. / Vici Note Co., Inc. 3.50%, due 2/15/25 (a)		11,640,000			11,817,394
					67,216,057
Retail 2.6%
Asbury Automotive Group, Inc. 6.00%, due 12/15/24		5,509,000			5,674,270
DriveTime Automotive Group, Inc. / Bridgecrest Acceptance Corp. 8.00%, due 6/1/21 (a)		5,150,000			5,214,375
Group 1 Automotive, Inc.
5.00%, due 6/1/22		4,300,000			4,321,500
5.25%, due 12/15/23 (a)		2,000,000			2,055,000
KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC 5.00%, due 6/1/24 (a)		12,450,000			12,807,937
KGA Escrow, LLC 7.50%, due 8/15/23 (a)		8,185,000			8,635,175
Penske Automotive Group, Inc. 5.375%, due 12/1/24		1,500,000			1,539,375
TPro Acquisition Corp. 11.00%, due 10/15/24 (a)		1,958,000			2,006,950
Yum! Brands, Inc. 3.875%, due 11/1/23		1,000,000			1,029,170
					43,283,752
Software 3.3%
CDK Global, Inc. 5.00%, due 10/15/24		1,750,000			1,908,585
MSCI, Inc. (a)
5.25%, due 11/15/24		6,076,000			6,258,280
5.75%, due 8/15/25		14,650,000			15,286,542
Open Text Corp. (a)
5.625%, due 1/15/23		13,895,000			14,103,425
5.875%, due 6/1/26		2,000,000			2,112,500
PTC, Inc.
3.625%, due 2/15/25 (a)		5,500,000			5,548,125
6.00%, due 5/15/24		7,051,000			7,319,573
RP Crown Parent LLC 7.375%, due 10/15/24 (a)		1,687,000			1,741,828
					54,278,858
Telecommunications 7.8%
CenturyLink, Inc.
5.80%, due 3/15/22		9,200,000			9,697,076
6.45%, due 6/15/21		3,500,000			3,673,250
6.75%, due 12/1/23		6,000,000			6,652,500
CommScope, Inc. (a)
5.50%, due 3/1/24		3,380,000			3,472,950
5.50%, due 6/15/24		2,025,000			2,014,875
Frontier Communications Corp. 8.50%, due 4/15/20		1,000,000			472,500
Hughes Satellite Systems Corp. 7.625%, due 6/15/21		3,255,000			3,480,572
Inmarsat Finance PLC 4.875%, due 5/15/22 (a)		10,000,000			10,125,000
Level 3 Financing, Inc.
5.375%, due 8/15/22		2,438,000			2,447,752
5.375%, due 5/1/25		5,050,000			5,214,125
5.625%, due 2/1/23		2,650,000			2,650,803
Sprint Communications, Inc.
7.00%, due 3/1/20 (a)		11,130,000			11,164,503
9.25%, due 4/15/22		5,000,000			5,662,500
Sprint Corp. 7.875%, due 9/15/23		34,145,000			36,275,307
T-Mobile USA, Inc.
4.00%, due 4/15/22		6,045,000			6,211,237
6.00%, due 3/1/23		6,005,000			6,114,771
6.375%, due 3/1/25		1,000,000			1,032,190
6.50%, due 1/15/24		12,529,000			12,857,886
					129,219,797
Textiles 0.3%
Eagle Intermediate Global Holding B.V. / Ruyi U.S. Finance LLC 7.50%, due 5/1/25 (a)		6,020,000			4,876,200
Toys, Games & Hobbies 0.7%
Mattel, Inc.
3.15%, due 3/15/23		3,760,000			3,722,400
6.75%, due 12/31/25 (a)		7,015,000			7,523,587
					11,245,987
Transportation 0.4%
Teekay Corp. 9.25%, due 11/15/22 (a)		1,935,000			2,012,400
XPO Logistics, Inc. 6.50%, due 6/15/22 (a)		4,125,000			4,197,187
					6,209,587
Trucking & Leasing 0.3%
Fortress Transportation & Infrastructure Investors LLC 6.75%, due 3/15/22 (a)		5,550,000			5,716,500
Total Corporate Bonds (Cost $1,366,701,947)					1,371,435,777
Loan Assignments 12.1%
Advertising 0.4%
Lamar Media Corp. 2018 Term Loan B 5.50% (PRIME + 0.75%), due 3/14/25 (k)		7,368,750			7,356,466
Aerospace & Defense 0.3%
AI Convoy (Luxembourg) S.A.R.L USD Term Loan B TBD, due 1/29/27		5,000,000			5,000,000
Auto Parts & Equipment 1.4%
Adient U.S. LLC (k)
Term Loan B 6.144% (3 Month LIBOR + 4.25%), due 5/6/24		2,963,127			2,964,362
Term Loan B 6.195% (3 Month LIBOR + 4.25%), due 5/6/24		8,830,117			8,833,799
Altra Industrial Motion Corp. 2018 Term Loan B 3.645% (1 Month LIBOR + 2.00%), due 10/1/25 (k)		2,439,959			2,446,669
Dealer Tire LLC
2020 Term Loan B TBD, due 12/12/25		4,200,000			4,210,500
2018 Term Loan B 7.145% (1 Month LIBOR + 5.50%), due 12/12/25 (k)		1,836,125			1,831,535
Tenneco, Inc. 2018 Term Loan B 4.645% (1 Month LIBOR + 3.00%), due 10/1/25 (k)		2,992,443			2,928,854
					23,215,719
Banks 0.6%
Jane Street Group LLC 2018 Term Loan B 4.645% (1 Month LIBOR + 3.00%), due 8/25/22 (k)		10,651,562			10,644,904
Commercial Services 0.4%
WEX, Inc. Term Loan B3 3.895% (1 Month LIBOR + 2.25%), due 5/15/26 (k)		6,533,704			6,569,639
Distribution & Wholesale 0.1%
Beacon Roofing Supply, Inc. 2017 Term Loan B 3.895% (1 Month LIBOR + 2.25%), due 1/2/25 (k)		1,965,000			1,964,591
Diversified Financial Services 0.2%
Jefferies Finance LLC 2019 Term Loan 5.063% (1 Month LIBOR + 3.25%), due 6/3/26 (k)		3,980,000			3,984,975
Electronics 0.2%
Infor (U.S.), Inc. Term Loan B6 4.695% (3 Month LIBOR + 2.75%), due 2/1/22 (k)		1,988,029			1,993,993
Resideo Funding, Inc. Term Loan B 4.20% (3 Month LIBOR + 2.25%), due 10/24/25 (k)		990,000			986,288
					2,980,281
Entertainment 0.7%
Churchill Downs, Inc. 2017 Term Loan B 3.65% (1 Month LIBOR + 2.00%), due 12/27/24 (k)		3,920,000			3,927,350
NAI Entertainment Holdings LLC Term Loan B 4.15% (1 Month LIBOR + 2.50%), due 5/8/25 (k)		3,752,500			3,752,500
Twin River Worldwide Holdings, Inc. Term Loan B 4.395% (1 Month LIBOR + 2.75%), due 5/10/26 (k)		3,482,500			3,492,077
					11,171,927
Food 0.8%
B&G Foods, Inc. 2019 Term Loan B4 4.145% (1 Month LIBOR + 2.50%), due 10/10/26 (k)		3,990,000			3,994,987
United Natural Foods, Inc. Term Loan B 5.895% (1 Month LIBOR + 4.25%), due 10/22/25 (k)		9,739,924			8,678,682
					12,673,669
Healthcare, Education & Childcare 0.4%
Catalent Pharma Solutions, Inc. Term Loan B2 3.895% (1 Month LIBOR + 2.25%), due 5/18/26 (k)		1,736,875			1,743,388
Jaguar Holding Co. II 2018 Term Loan 4.145% (1 Month LIBOR + 2.50%), due 8/18/22 (k)		4,948,187			4,944,654
					6,688,042
Hotels, Motels, Inns & Gaming 0.4%
Four Seasons Hotels, Ltd. New 1st Lien Term Loan 3.645% (1 Month LIBOR + 2.00%), due 11/30/23 (k)		6,597,104			6,635,981
MGM Growth Properties Operating Partnership, L.P. 2016 Term Loan B 3.566% (1 Week LIBOR + 2.00%), due 3/21/25 (k)		435,086			436,242
					7,072,223
Household Products & Wares 0.1%
Prestige Brands, Inc. Term Loan B4 3.645% (1 Month LIBOR + 2.00%), due 1/26/24 (k)		2,065,590			2,077,393
Insurance 0.6%
USI, Inc. 2017 Repriced Term Loan 4.945% (3 Month LIBOR + 3.00%), due 5/16/24 (k)		9,472,988			9,431,544
Internet 0.2%
Match Group, Inc. 2017 Term Loan B 4.16% (1 Month LIBOR + 2.50%), due 11/16/22 (k)		612,500			613,266
NASCAR Holdings, Inc. Term Loan B 4.408% (1 Month LIBOR + 2.75%), due 10/19/26 (k)		3,113,936			3,139,884
					3,753,150
Investment Company 0.1%
Global Business Travel Holdings, Ltd. 2018 Term Loan B 4.401% (3 Month LIBOR + 2.50%), due 8/13/25 (k)		1,481,250			1,477,547
Iron & Steel 0.5%
Big River Steel LLC Term Loan B 6.945% (3 Month LIBOR + 5.00%), due 8/23/23 (k)		8,048,471			8,068,592
Media 0.8%
Coral-US Co-Borrower, LLC 2020 Term Loan B5 TBD, due 1/31/28		7,000,000			7,017,500
Liberty Latin America, Ltd. Term Loan B 6.676% (3 Month LIBOR + 5.00%), due 10/22/26 (k)		4,000,000			4,042,500
Meredith Corp. 2018 Term Loan B 4.395% (1 Month LIBOR + 2.75%), due 1/31/25 (k)		2,140,080			2,151,448
					13,211,448
Metal Fabricate & Hardware 0.3%
Advanced Drainage Systems, Inc. Term Loan B 4.063% (1 Month LIBOR + 2.25%), due 7/31/26 (k)		1,389,107			1,396,053
Neenah Foundry Co. (k)
2017 Term Loan 8.262% (2 Month LIBOR + 6.50%), due 12/13/22		1,363,097			1,322,203
2017 Term Loan 8.349% (2 Month LIBOR + 6.50%), due 12/13/22		1,583,476			1,535,972
					4,254,228
Oil & Gas 0.2%
PetroQuest Energy, Inc. Term Loan Note 10.013%, due 3/2/20 (b)(c)(d)		2,935,847			2,935,847
Retail 0.3%
1011778 B.C. Unlimited Liability Co. Term Loan B4 3.395% (1 Month LIBOR + 1.75%), due 11/19/26 (k)		909,939			908,518
KFC Holding Co. 2018 Term Loan B 3.408% (1 Month LIBOR + 1.75%), due 4/3/25 (k)		3,404,363			3,413,405
					4,321,923
Retail Stores 1.4%
Bass Pro Group LLC Term Loan B 6.645% (1 Month LIBOR + 5.00%), due 9/25/24 (k)		23,185,408			23,108,131
Software 1.3%
Ascend Learning LLC 2017 Term Loan B 4.645% (1 Month LIBOR + 3.00%), due 7/12/24 (k)		8,003,109			8,023,117
Camelot U.S. Acquisition 1 Co. Term Loan B 4.895% (1 Month LIBOR + 3.25%), due 10/31/26 (k)		6,800,000			6,828,336
RP Crown Parent LLC 2016 Term Loan B 4.395% (1 Month LIBOR + 2.75%), due 10/12/23 (k)		7,405,903			7,438,304
					22,289,757
Telecommunications 0.4%
CommScope, Inc. 2019 Term Loan B 4.895% (1 Month LIBOR + 3.25%), due 4/6/26 (k)		2,992,500			2,992,500
Connect Finco SARL Term Loan B 6.15% (1 Month LIBOR + 4.50%), due 12/11/26 (k)		3,639,617			3,656,905
					6,649,405
Total Loan Assignments (Cost $199,320,051)					200,901,401
Total Long-Term Bonds (Cost $1,588,677,047)					1,595,701,002
		Shares
Common Stocks 0.5%
Auto Parts & Equipment 0.0% ‡
Exide Technologies (b)(c)(d)(g)(l)		951,326			789,601
Independent Power & Renewable Electricity Producers 0.3%
GenOn Energy, Inc. (g)		20,915			4,130,712
PetroQuest Energy, Inc. (b)(c)(d)		94,872			0
					4,130,712
Oil, Gas & Consumable Fuels 0.2%
Talos Energy, Inc. (l)		130,766			2,869,006
Total Common Stocks (Cost $8,943,931)					7,789,319
Short-Term Investments 6.6%
Unaffiliated Investment Companies 6.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.52% (m)		99,785,454			99,785,454
State Street Navigator Securities Lending Government Money Market Portfolio, 1.62% (m)(n)		10,638,498			10,638,498
Total Short-Term Investments (Cost $110,423,952)					110,423,952
Total Investments (Cost $1,708,044,930)		102.9	%		1,713,914,273
Other Assets, Less Liabilities		(2.9	)		(48,808,229	)
Net Assets		100.0	%	$	1,665,106,044

†	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)	Security in which significant unobservable inputs (Level 3) were used in determining fair value.
(c)	Fair valued security - Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of January 31, 2020, the total market value of the fair valued securities was $21,041,659, which represented 1.2% of the Fund’s net assets.
(d)	Illiquid security - As of January 31, 2020, the total market value of these securities deemed illiquid under procedures approved by the Board of Trustees was $21,915,716, which represented 1.3% of the Fund’s net assets.
(e)	PIK (“Payment-in-Kind”) - issuer may pay interest or dividends with additional securities and/or in cash.
(f)	All or a portion of this security was held on loan. As of January 31, 2020, the aggregate market value of securities on loan was $10,393,970. The Fund received cash collateral with a value of $10,638,498.
(g)	Restricted security.
(h)	Issue in non-accrual status.
(i)	Fixed to floating rate - Rate shown was the rate in effect as of January 31, 2020.
(j)	Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.
(k)	Floating rate - Rate shown was the rate in effect as of January 31, 2020.
(l)	Non-income producing security.
(m)	Current yield as of January 31, 2020.
(n)	Represents a security purchased with cash collateral received for securities on loan.

The following abbreviations are used in the preceding pages:

LIBOR	—London Interbank Offered Rate
TBD	—To Be Determined

The following is a summary of the fair valuations according to the inputs used as of January 31, 2020, for valuing the Fund’s assets:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Long-Term Bonds
Convertible Bonds	$	—	$	23,363,824	$	—	$	23,363,824
Corporate Bonds (b)		—		1,354,119,566		17,316,211		1,371,435,777
Loan Assignments (c)		—		197,965,554		2,935,847		200,901,401
Total Long-Term Bonds		—		1,575,448,944		20,252,058		1,595,701,002
Common Stocks (d)		2,869,006		4,130,712		789,601		7,789,319
Short-Term Investments
Unaffiliated Investment Companies		110,423,952		—		—		110,423,952
Total Investments in Securities	$	113,292,958	$	1,579,579,656	$	21,041,659	$	1,713,914,273

(a)	For a complete listing of investments and their industries, see the Portfolio of Investments.
(b)	The Level 3 securities valued at $14,087,179, $3,120,000 and $109,032 are held in Auto Parts & Equipment, Media and Oil & Gas, respectively, within the Corporate Bonds section of the Portfolio of Investments.
(d)	The Level 3 security valued at $2,935,847 is held in Oil & Gas within the Loan Assignments section of the Portfolio of Investments.
(d)	The Level 3 securities valued at $789,601 and $0 are held in Auto Parts & Equipment and Independent Power & Renewable Electricity Producers, respectively, within the Common Stocks section of the Portfolio of Investments.

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, 2019		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, 2020		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at January 31, 2020
Long-Term Bonds
Convertible Bonds	$	839,191	$	10,121	$	-	$	80,198		$	78,002	(a)	$	(1,007,512	)	$	-	$	-	$	-	$	-
Corporate Bonds		17,009,270		54,666		-		(203,790	)		456,065	(a)		-			-		-		17,316,211		(203,790	)
Loan Assignments		2,935,847		-		-		-			-			-			-		-		2,935,847		-
Common Stock		415,146		-		-		(644,284	)		1,018,739			-			-		-		789,601		(644,284	)
Total	$	21,199,454	$	64,787	$	-	$	(767,876	)	$	1,552,806		$	(1,007,512	)	$	-	$	-	$	21,041,659	$	(848,074	)

(a) Purchases include PIK securities.

MainStay MacKay Small Cap Core Fund

Portfolio of Investments January 31, 2020 (Unaudited)

	Shares			Value
Common Stocks 97.9%†
Aerospace & Defense 1.3%
AAR Corp.		28,700		$	1,222,046
Ducommun, Inc. (a)		16,736			685,005
Moog, Inc., Class A		14,700			1,317,267
Vectrus, Inc. (a)		21,003			1,170,917
					4,395,235
Air Freight & Logistics 0.0% ‡
Radiant Logistics, Inc. (a)		4,600			22,218
Auto Components 0.3%
Adient PLC (a)		32,800			843,288
Cooper-Standard Holdings, Inc. (a)		8,100			214,812
					1,058,100
Automobiles 0.4%
Winnebago Industries, Inc.		24,700			1,352,572
Banks 8.2%
Amalgamated Bank, Class A		2,200			37,928
Bancorp, Inc. (a)		92,555			1,094,926
Bank of N.T. Butterfield & Son, Ltd.		13,900			461,758
BayCom Corp. (a)		5,302			119,083
BCB Bancorp, Inc.		29,217			383,327
Berkshire Hills Bancorp, Inc.		16,800			472,920
Boston Private Financial Holdings, Inc.		43,500			495,900
Bridge Bancorp, Inc.		23,574			715,471
Business First Bancshares, Inc.		500			12,390
Cadence Bancorp		81,800			1,278,534
Capital Bancorp, Inc. (a)		600			8,172
Capstar Financial Holdings, Inc.		7,400			110,778
Cathay General Bancorp		5,300			191,118
Century Bancorp, Inc., Class A		6,565			564,590
Civista Bancshares, Inc.		20,329			447,441
ConnectOne Bancorp, Inc.		12,300			290,403
Customers Bancorp, Inc. (a)		50,478			1,079,220
Dime Community Bancshares, Inc.		7,112			138,044
Eagle Bancorp, Inc.		23,900			1,044,430
Esquire Financial Holdings, Inc. (a)		2,300			52,325
Evans Bancorp, Inc.		600			23,424
Farmers National Banc Corp.		7,863			124,393
Financial Institutions, Inc.		32,431			999,199
First BanCorp		118,900			1,102,203
First Business Financial Services, Inc.		14,599			367,603
First Financial Northwest, Inc.		10,529			154,039
First Foundation, Inc.		68,560			1,131,240
First Internet Bancorp		31,756			841,851
First Midwest Bancorp, Inc.		65,073			1,297,556
First Northwest Bancorp		7,600			120,004
First of Long Island Corp.		17,185			379,101
Flushing Financial Corp.		46,453			923,021
Franklin Financial Network, Inc.		27,295			1,006,367
Great Southern Bancorp, Inc.		4,034			229,575
Hancock Whitney Corp.		12,600			500,724
Hanmi Financial Corp.		40,274			677,409
Hilltop Holdings, Inc.		26,700			604,488
Independent Bank Group, Inc.		1,500			80,280
Investar Holding Corp.		2,900			64,119
Investors Bancorp, Inc.		126,600			1,529,961
Lakeland Bancorp, Inc.		5,400			87,696
LCNB Corp.		2,300			38,111
Level One Bancorp, Inc.		300			7,458
Mainstreet Bancshares, Inc. (a)		400			8,800
Mercantile Bank Corp.		200			6,554
Metropolitan Bank Holding Corp. (a)		18,003			884,847
MidWestOne Financial Group, Inc.		10,303			333,199
Northeast Bank (a)		5,823			116,868
OFG Bancorp		6,000			118,260
Orrstown Financial Services, Inc.		9,301			191,693
PCB Bancorp		16,066			244,364
Peapack-Gladstone Financial Corp.		30,108			880,057
Preferred Bank / Los Angeles CA		9,800			589,078
QCR Holdings, Inc.		6,900			283,590
RBB Bancorp		40,686			800,700
Reliant Bancorp, Inc.		400			8,504
Republic Bancorp, Inc., Class A		11,631			487,339
Richmond Mutual BanCorp., Inc. (a)		1,800			27,378
SB One Bancorp		5,200			124,280
SmartFinancial, Inc.		25,564			552,694
South Plains Financial, Inc.		7,000			152,250
TriState Capital Holdings, Inc. (a)		2,006			46,118
WesBanco, Inc.		20,037			663,625
West Bancorp., Inc.		4,000			91,560
					27,900,338
Beverages 0.8%
Boston Beer Co., Inc., Class A (a)		4,100			1,461,158
Coca-Cola Consolidated, Inc.		4,618			1,250,600
Craft Brew Alliance, Inc. (a)		2,522			41,361
					2,753,119
Biotechnology 7.1%
ACADIA Pharmaceuticals, Inc. (a)		22,072			881,556
Acceleron Pharma, Inc. (a)		15,520			1,408,906
Aimmune Therapeutics, Inc. (a)(b)		12,912			400,918
Allakos, Inc. (a)(b)		5,100			368,220
Amicus Therapeutics, Inc. (a)		77,201			682,457
Apellis Pharmaceuticals, Inc. (a)		6,500			267,215
Arena Pharmaceuticals, Inc. (a)		12,789			584,329
Arrowhead Pharmaceuticals, Inc. (a)		18,426			772,234
Atara Biotherapeutics, Inc. (a)		24,639			325,974
Biohaven Pharmaceutical Holding Co., Ltd. (a)		9,000			436,410
Blueprint Medicines Corp. (a)		11,269			715,018
ChemoCentryx, Inc. (a)		5,100			216,342
Editas Medicine, Inc. (a)		21,234			561,215
Emergent BioSolutions, Inc. (a)		10,337			569,465
Enanta Pharmaceuticals, Inc. (a)		5,983			308,364
Epizyme, Inc. (a)		13,800			288,834
FibroGen, Inc. (a)		19,047			797,117
Global Blood Therapeutics, Inc. (a)		14,054			917,164
Halozyme Therapeutics, Inc. (a)		39,423			748,249
Heron Therapeutics, Inc. (a)		23,251			485,016
Immunomedics, Inc. (a)		40,291			748,204
Insmed, Inc. (a)		33,536			688,829
Intercept Pharmaceuticals, Inc. (a)		6,765			625,154
Invitae Corp. (a)(b)		27,500			512,875
Iovance Biotherapeutics, Inc. (a)		26,920			585,241
Ironwood Pharmaceuticals, Inc. (a)		41,672			503,398
Kodiak Sciences, Inc. (a)		6,000			366,420
Ligand Pharmaceuticals, Inc. (a)		4,983			437,557
Madrigal Pharmaceuticals, Inc. (a)		3,867			321,038
Mirati Therapeutics, Inc. (a)		6,200			538,346
Momenta Pharmaceuticals, Inc. (a)		28,317			821,759
Myriad Genetics, Inc. (a)		17,813			492,529
Natera, Inc. (a)		14,900			521,649
OPKO Health, Inc. (a)(b)		44,869			65,060
Portola Pharmaceuticals, Inc. (a)		25,852			330,647
Prothena Corp. PLC (a)		28,995			352,869
PTC Therapeutics, Inc. (a)		15,683			807,674
Ra Pharmaceuticals, Inc. (a)		9,200			431,204
Radius Health, Inc. (a)		18,306			321,453
REGENXBIO, Inc. (a)		10,512			457,587
Retrophin, Inc. (a)		27,073			418,549
Sangamo Therapeutics, Inc. (a)		42,733			313,233
Spectrum Pharmaceuticals, Inc. (a)		12,397			31,364
Turning Point Therapeutics, Inc. (a)		3,500			204,750
Ultragenyx Pharmaceutical, Inc. (a)		15,536			816,417
Vanda Pharmaceuticals, Inc. (a)		18,622			237,431
Xencor, Inc. (a)		12,343			418,921
					24,105,161
Building Products 2.4%
Advanced Drainage Systems, Inc.		15,400			640,178
American Woodmark Corp. (a)		9,200			1,008,780
Armstrong Flooring, Inc. (a)		20,600			72,924
Builders FirstSource, Inc. (a)		59,100			1,465,385
CSW Industrials, Inc.		2,700			204,876
Insteel Industries, Inc.		7,300			163,301
JELD-WEN Holding, Inc. (a)		24,800			592,224
Masonite International Corp. (a)		17,200			1,291,892
Patrick Industries, Inc.		8,439			437,815
Quanex Building Products Corp.		34,372			609,072
Universal Forest Products, Inc.		31,700			1,518,430
					8,004,877
Capital Markets 2.0%
Artisan Partners Asset Management, Inc., Class A		18,800			627,920
Ashford, Inc. (a)		1			24
B. Riley Financial, Inc.		1,800			48,276
Brightsphere Investment Group, Inc. (a)		74,400			685,224
Federated Investors, Inc., Class B		37,000			1,340,510
GAMCO Investors, Inc., Class A		3,400			56,270
INTL FCStone, Inc. (a)		23,719			1,130,448
Oppenheimer Holdings, Inc., Class A		2,500			68,875
Piper Sandler Cos.		2,300			189,589
Stifel Financial Corp.		22,900			1,481,401
Waddell & Reed Financial, Inc., Class A		70,800			1,131,384
					6,759,921
Chemicals 1.1%
AdvanSix, Inc. (a)		31,220			584,438
FutureFuel Corp.		5,686			62,319
Hawkins, Inc.		4,439			185,461
Innospec, Inc.		6,000			604,380
Koppers Holdings, Inc. (a)		8,000			251,040
Orion Engineered Carbons S.A.		13,600			213,520
PolyOne Corp.		15,100			501,018
Tredegar Corp.		41,803			850,691
Trinseo S.A.		14,673			421,409
					3,674,276
Commercial Services & Supplies 2.0%
ACCO Brands Corp.		19,900			171,936
Deluxe Corp.		1,000			48,200
Herman Miller, Inc.		33,357			1,289,248
HNI Corp.		11,300			406,461
Kimball International, Inc., Class B		39,700			745,566
Knoll, Inc.		48,300			1,195,908
McGrath RentCorp.		17,600			1,360,832
Quad/Graphics, Inc.		67,900			288,575
R.R. Donnelley & Sons Co.		78,751			189,003
Steelcase, Inc., Class A		66,528			1,238,086
Viad Corp.		400			26,000
					6,959,815
Communications Equipment 1.7%
ADTRAN, Inc.		16,800			152,040
Applied Optoelectronics, Inc. (a)(b)		3,800			42,940
CalAmp Corp. (a)		25,383			244,184
Calix, Inc. (a)		7,400			67,784
Casa Systems, Inc. (a)		17,100			68,571
Comtech Telecommunications Corp.		13,500			390,285
DASAN Zhone Solutions, Inc. (a)		2,800			24,808
Digi International, Inc. (a)		35,800			565,461
Extreme Networks, Inc. (a)		77,500			457,250
Harmonic, Inc. (a)		22,300			156,881
Infinera Corp. (a)		37,900			279,323
InterDigital, Inc.		1,000			55,250
NetScout Systems, Inc. (a)		54,614			1,404,126
Plantronics, Inc.		14,300			410,696
Ribbon Communications, Inc. (a)		33,700			95,034
Viavi Solutions, Inc. (a)		98,791			1,392,953
					5,807,586
Construction & Engineering 2.3%
Arcosa, Inc.		24,800			1,085,000
Comfort Systems USA, Inc.		27,200			1,262,080
EMCOR Group, Inc.		21,500			1,766,655
Great Lakes Dredge & Dock Corp. (a)		91,863			961,806
IES Holdings, Inc. (a)		100			2,501
MasTec, Inc. (a)		21,800			1,258,950
MYR Group, Inc. (a)		29,535			848,245
Sterling Construction Co., Inc. (a)		27,226			358,702
Tutor Perini Corp. (a)		23,700			266,862
					7,810,801
Construction Materials 0.3%
Forterra, Inc. (a)		51,900			672,105
Summit Materials, Inc., Class A (a)		5,200			114,244
U.S. Concrete, Inc. (a)		2,200			78,298
					864,647
Consumer Finance 0.3%
CURO Group Holdings Corp. (a)		24,800			258,168
Elevate Credit, Inc. (a)		59,857			347,769
Enova International, Inc. (a)		12,668			317,460
EZCORP, Inc., Class A (a)		17,834			110,928
					1,034,325
Distributors 0.0% ‡
Core-Mark Holding Co., Inc.		5,916			138,671
Diversified Consumer Services 0.5%
American Public Education, Inc. (a)		1,800			42,894
Collectors Universe, Inc.		3,200			78,592
K12, Inc. (a)		32,718			528,069
Laureate Education, Inc., Class A (a)		14,800			308,432
Perdoceo Education Corp. (a)		8,200			145,796
Select Interior Concepts, Inc., Class A (a)		72,700			600,502
					1,704,285
Diversified Financial Services 0.6%
Cannae Holdings, Inc. (a)		28,449			1,156,736
FGL Holdings		67,400			650,410
Marlin Business Services Corp.		3,400			66,980
					1,874,126
Diversified Telecommunication Services 0.3%
ATN International, Inc.		5,400			312,498
Consolidated Communications Holdings, Inc.		5,700			27,531
IDT Corp., Class B (a)		84,300			637,308
Ooma, Inc. (a)		8,500			111,605
					1,088,942
Electric Utilities 0.6%
Genie Energy, Ltd., Class B		300			2,169
Portland General Electric Co.		16,800			1,033,200
Spark Energy, Inc., Class A		86,564			821,492
					1,856,861
Electrical Equipment 2.0%
Allied Motion Technologies, Inc.		4,400			201,696
Atkore International Group, Inc. (a)		33,324			1,322,963
AZZ, Inc.		11,059			456,294
Encore Wire Corp.		20,935			1,136,980
EnerSys		2,700			194,292
Generac Holdings, Inc. (a)		20,300			2,102,877
Powell Industries, Inc.		23,200			957,464
Preformed Line Products Co.		1,767			96,514
Thermon Group Holdings, Inc. (a)		12,200			289,140
					6,758,220
Electronic Equipment, Instruments & Components 3.1%
Anixter International, Inc. (a)		5,100			497,760
Bel Fuse, Inc., Class B		4,800			83,136
Belden, Inc.		11,634			573,207
Benchmark Electronics, Inc.		27,690			852,298
Daktronics, Inc.		6,300			37,170
ePlus, Inc. (a)		12,667			1,009,813
Fitbit, Inc., Class A (a)		46,500			303,180
Insight Enterprises, Inc. (a)		15,092			994,110
Itron, Inc. (a)		4,500			367,875
Kimball Electronics, Inc. (a)		16,200			262,116
Methode Electronics, Inc.		16,600			543,650
OSI Systems, Inc. (a)		8,125			703,138
PC Connection, Inc.		1,992			99,281
Plexus Corp. (a)		14,073			1,000,872
Rogers Corp. (a)		1,700			200,175
Sanmina Corp. (a)		32,273			1,027,572
ScanSource, Inc. (a)		8,900			310,521
TTM Technologies, Inc. (a)		36,542			525,839
Vishay Intertechnology, Inc.		49,902			1,012,512
					10,404,225
Energy Equipment & Services 0.3%
Exterran Corp. (a)		200			1,080
Matrix Service Co. (a)		33,385			671,706
ProPetro Holding Corp. (a)		45,144			439,703
					1,112,489
Entertainment 0.0% ‡
Liberty Media Corp-Liberty Braves (a)
Class A		1,000			29,250
Class C		4,100			119,515
					148,765
Equity Real Estate Investment Trusts 6.3%
Agree Realty Corp.		6,900			523,917
Alexander’s, Inc.		1,700			548,556
American Assets Trust, Inc.		21,300			970,428
American Finance Trust, Inc.		18,200			236,054
Armada Hoffler Properties, Inc.		6,300			115,542
Ashford Hospitality Trust, Inc.		50,300			123,738
Braemar Hotels & Resorts, Inc.		9,597			76,584
BRT Apartments Corp.		200			3,446
Cedar Shopping Centers, Inc.		2,900			7,540
City Office REIT, Inc.		22,600			305,552
Community Healthcare Trust, Inc.		7,000			330,190
CorEnergy Infrastructure Trust, Inc.		1,000			45,600
Corepoint Lodging, Inc.		33,795			309,224
Diversified Healthcare Trust		67,800			523,416
EastGroup Properties, Inc.		12,283			1,671,348
First Industrial Realty Trust, Inc.		15,900			678,930
Four Corners Property Trust, Inc.		7,000			212,030
GEO Group, Inc.		69,738			1,101,860
Global Medical REIT, Inc.		19,600			286,160
Global Net Lease, Inc.		3,000			62,190
Healthcare Realty Trust, Inc.		3,400			122,604
Independence Realty Trust, Inc.		24,100			353,547
Kite Realty Group Trust		36,000			619,200
Lexington Realty Trust		92,051			1,019,005
National Health Investors, Inc.		6,300			531,594
New Senior Investment Group, Inc.		26,700			203,454
NexPoint Residential Trust, Inc.		2,800			136,640
Office Properties Income Trust		13,200			449,196
Physicians Realty Trust		49,300			953,955
Piedmont Office Realty Trust, Inc., Class A		20,900			484,671
PotlatchDeltic Corp.		10,400			447,200
PS Business Parks, Inc.		6,721			1,126,171
QTS Realty Trust, Inc., Class A		9,400			534,672
Retail Value, Inc.		25,635			842,622
Rexford Industrial Realty, Inc.		14,100			679,479
RLJ Lodging Trust		27,700			431,012
Ryman Hospitality Properties, Inc.		17,000			1,445,510
Sabra Health Care REIT, Inc.		69,400			1,492,100
STAG Industrial, Inc.		3,000			96,720
Summit Hotel Properties, Inc.		10,700			118,663
Sunstone Hotel Investors, Inc.		74,098			939,563
Terreno Realty Corp.		1,200			68,712
Uniti Group, Inc.		18,400			116,472
Urstadt Biddle Properties, Inc., Class A		2,500			56,675
					21,401,742
Food & Staples Retailing 1.0%
Andersons, Inc.		1,900			42,978
Ingles Markets, Inc., Class A		16,100			671,209
Natural Grocers by Vitamin Cottage, Inc.		32,040			289,962
Performance Food Group Co. (a)		37,853			1,960,407
PriceSmart, Inc.		3,900			238,914
SpartanNash Co.		18,100			220,458
					3,423,928
Food Products 1.5%
Alico, Inc.		900			32,391
Darling Ingredients, Inc. (a)		64,500			1,749,885
Farmer Brothers Co. (a)		5,300			63,494
Fresh Del Monte Produce, Inc.		36,000			1,129,680
John B. Sanfilippo & Son, Inc.		12,550			1,057,965
Sanderson Farms, Inc.		3,600			495,684
Seneca Foods Corp., Class A (a)		12,667			500,980
					5,030,079
Health Care Equipment & Supplies 4.2%
Accuray, Inc. (a)		2,744			10,674
AngioDynamics, Inc. (a)		30,800			424,116
CONMED Corp.		14,100			1,433,688
Cutera, Inc. (a)		25,900			729,862
Globus Medical, Inc., Class A (a)		25,300			1,322,684
Haemonetics Corp. (a)		16,800			1,804,152
Integer Holdings Corp. (a)		17,774			1,517,900
Invacare Corp.		17,000			130,730
Lantheus Holdings, Inc. (a)		59,205			1,036,680
Meridian Bioscience, Inc.		13,191			129,799
Natus Medical, Inc. (a)		36,900			1,154,601
Nevro Corp. (a)		5,400			717,714
Novocure, Ltd. (a)		14,473			1,178,971
NuVasive, Inc. (a)		22,154			1,708,516
Quidel Corp. (a)		8,400			645,120
SeaSpine Holdings Corp. (a)		4,883			72,073
Varex Imaging Corp. (a)		12,700			351,155
					14,368,435
Health Care Providers & Services 2.5%
Amedisys, Inc. (a)		6,000			1,058,940
AMN Healthcare Services, Inc. (a)		11,200			754,656
Corvel Corp. (a)		3,900			357,123
Cross Country Healthcare, Inc. (a)		33,300			329,670
Diplomat Pharmacy, Inc. (a)		7,800			31,044
Five Star Senior Living, Inc. (a)		1,551			7,026
Hanger, Inc. (a)		42,000			1,026,060
Magellan Health, Inc. (a)		8,200			600,322
National Healthcare Corp.		9,200			772,064
R1 RCM, Inc. (a)		5,900			73,750
RadNet, Inc. (a)		32,306			729,146
Select Medical Holdings Corp. (a)		62,700			1,432,068
Tenet Healthcare Corp. (a)		45,800			1,449,112
					8,620,981
Health Care Technology 1.3%
Computer Programs & Systems, Inc.		16,250			422,500
HealthStream, Inc. (a)		35,226			900,024
HMS Holdings Corp. (a)		40,500			1,106,460
NextGen Healthcare, Inc. (a)		34,435			477,269
Omnicell, Inc. (a)		19,521			1,586,667
Teladoc Health, Inc. (a)		800			81,368
					4,574,288
Hotels, Restaurants & Leisure 1.2%
BBX Capital Corp.		6,800			26,384
Biglari Holdings, Inc., Class B (a)		100			10,848
Bloomin’ Brands, Inc.		38,500			799,645
Century Casinos, Inc. (a)		19,900			165,767
Churchill Downs, Inc.		1,300			187,694
Cracker Barrel Old Country Store, Inc.		400			61,172
Del Taco Restaurants, Inc. (a)		3,200			24,128
Denny’s Corp. (a)		8,200			167,854
Everi Holdings, Inc. (a)		92,678			1,158,475
Golden Entertainment, Inc. (a)		10,400			178,464
J. Alexander’s Holdings, Inc. (a)		33,814			323,938
RCI Hospitality Holdings, Inc.		4,300			76,239
Texas Roadhouse, Inc.		11,515			719,688
Wingstop, Inc.		2,900			269,033
					4,169,329
Household Durables 2.6%
Bassett Furniture Industries, Inc.		4,100			50,143
Beazer Homes USA, Inc. (a)		56,700			779,625
Flexsteel Industries, Inc.		654			10,726
Green Brick Partners, Inc. (a)		10,400			120,536
Installed Building Products, Inc. (a)		18,000			1,334,340
KB Home		21,700			814,835
M/I Homes, Inc. (a)		20,100			892,239
Meritage Homes Corp. (a)		5,500			390,280
Skyline Champion Corp. (a)		11,400			327,750
Taylor Morrison Home Corp. (a)		53,300			1,379,404
TopBuild Corp. (a)		8,800			1,007,688
TRI Pointe Group, Inc. (a)		56,200			913,812
Universal Electronics, Inc. (a)		17,900			886,587
					8,907,965
Household Products 0.4%
Central Garden & Pet Co., Class A (a)		42,600			1,276,296
Independent Power & Renewable Electricity Producers 0.6%
Atlantic Power Corp. (a)		110,915			265,087
Ormat Technologies, Inc.		9,800			776,748
Terraform Power, Inc., Class A		62,500			1,130,625
					2,172,460
Insurance 1.9%
American Equity Investment Life Holding Co.		4,735			125,051
Crawford & Co.
Class A		20,700			180,918
Class B		1,129			9,021
Donegal Group, Inc., Class A		1,700			23,715
Employers Holdings, Inc.		22,004			938,471
Enstar Group, Ltd. (a)		4,500			878,805
Hallmark Financial Services, Inc. (a)		58,568			1,007,370
Horace Mann Educators Corp.		24,800			1,066,648
National General Holdings Corp.		50,712			1,104,000
Prosight Global, Inc. (a)		5,300			76,691
Stewart Information Services Corp.		19,262			804,188
Tiptree, Inc.		17,979			123,156
					6,338,034
Interactive Media & Services 0.5%
DHI Group, Inc. (a)		145,300			406,840
Meet Group, Inc. (a)		87,600			466,908
Travelzoo (a)		44,540			452,081
TrueCar, Inc. (a)		5,700			21,090
Yelp, Inc. (a)		9,600			312,960
					1,659,879
Internet & Direct Marketing Retail 0.4%
1-800-Flowers.com, Inc., Class A (a)		74,850			1,136,971
Lands’ End, Inc. (a)		4,690			54,639
Stamps.com, Inc. (a)		2,400			178,776
					1,370,386
IT Services 1.4%
Brightcove, Inc. (a)		10,900			94,394
Cardtronics PLC, Class A (a)		15,264			686,880
Conduent, Inc. (a)		39,100			167,348
CSG Systems International, Inc.		6,100			303,902
Endurance International Group Holdings, Inc. (a)		27,200			128,384
MAXIMUS, Inc.		9,605			689,159
Perficient, Inc. (a)		16,861			837,991
Perspecta, Inc.		32,883			923,026
Sykes Enterprises, Inc. (a)		325			10,917
TTEC Holdings, Inc.		13,700			544,164
Unisys Corp. (a)		53,000			514,630
					4,900,795
Leisure Products 0.9%
Acushnet Holdings Corp.		17,600			545,072
Malibu Boats, Inc., Class A (a)		28,600			1,252,394
MasterCraft Boat Holdings, Inc. (a)		68,000			1,194,760
					2,992,226
Life Sciences Tools & Services 0.6%
Medpace Holdings, Inc. (a)		16,913			1,446,907
Syneos Health, Inc. (a)		7,824			480,081
					1,926,988
Machinery 2.5%
Blue Bird Corp. (a)		19,574			386,195
Commercial Vehicle Group, Inc. (a)		138,081			689,024
Douglas Dynamics, Inc.		400			20,972
L.B. Foster Co., Class A (a)		37,936			643,395
Lydall, Inc. (a)		41,000			838,040
Meritor, Inc. (a)		42,430			929,641
Miller Industries, Inc.		15,949			548,805
Mueller Industries, Inc.		20,284			591,684
Navistar International Corp. (a)		46,000			1,684,520
Park-Ohio Holdings Corp.		13,973			410,806
REV Group, Inc.		8,400			84,000
Spartan Motors, Inc.		14,500			246,500
SPX Corp. (a)		16,000			785,120
Wabash National Corp.		59,026			684,702
					8,543,404
Marine 0.2%
Costamare, Inc.		79,300			628,849
Media 0.3%
Cumulus Media, Inc., Class A (a)		17,600			246,400
Emerald Expositions Events, Inc.		6,100			63,623
Entravision Communications Corp., Class A		172,928			383,900
Fluent, Inc. (a)		34,700			94,037
Lee Enterprises, Inc. (a)		46,100			97,271
Scholastic Corp.		5,400			177,930
					1,063,161
Metals & Mining 0.6%
Commercial Metals Co.		16,000			328,800
Olympic Steel, Inc.		16,600			244,020
Ryerson Holding Corp. (a)		65,100			667,275
Schnitzer Steel Industries, Inc., Class A		42,579			684,670
Worthington Industries, Inc.		2,300			84,594
					2,009,359
Mortgage Real Estate Investment Trusts 0.5%
Ellington Financial, Inc.		28,500			520,695
PennyMac Mortgage Investment Trust		43,035			1,000,564
TPG RE Finance Trust, Inc.		6,900			141,243
					1,662,502
Multi-Utilities 0.0% ‡
Avista Corp.		1,900			96,615
Multiline Retail 0.0% ‡
Big Lots, Inc.		4,200			113,652
Oil, Gas & Consumable Fuels 2.5%
Amplify Energy Corp.		46,052			248,220
Arch Coal, Inc., Class A		1,400			72,142
Berry Petroleum Corp.		58,800			402,780
CVR Energy, Inc.		15,833			547,980
Delek U.S. Holdings, Inc.		33,632			923,535
Diamond S Shipping, Inc. (a)		42,700			473,116
Dorian LPG, Ltd. (a)		69,300			909,216
Hallador Energy Co.		42,306			70,228
International Seaways, Inc. (a)		13,700			304,962
Laredo Petroleum, Inc. (a)		28,600			49,192
NACCO Industries, Inc., Class A		225			10,607
Nordic American Tankers, Ltd.		122,800			415,064
Overseas Shipholding Group, Inc., Class A (a)		2,151			3,829
Par Pacific Holdings, Inc. (a)		26,762			538,451
PDC Energy, Inc. (a)		11,700			252,603
Peabody Energy Corp.		3,133			21,179
Penn Virginia Corp. (a)		6,400			136,768
Sandridge Energy, Inc. (a)		73,182			186,614
Talos Energy, Inc. (a)		30,200			662,588
Teekay Tankers, Ltd., Class A (a)		36,862			600,482
W&T Offshore, Inc. (a)		34,800			144,072
World Fuel Services Corp.		35,900			1,404,408
					8,378,036
Paper & Forest Products 0.4%
Boise Cascade Co.		34,600			1,252,520
Verso Corp., Class A (a)		10,300			173,555
					1,426,075
Personal Products 0.1%
e.l.f. Beauty, Inc. (a)		7,000			109,760
LifeVantage Corp. (a)		17,700			289,926
Nature’s Sunshine Products, Inc. (a)		3,800			36,328
USANA Health Sciences, Inc. (a)		100			6,170
					442,184
Pharmaceuticals 3.3%
Amneal Pharmaceuticals, Inc. (a)		234,600			1,053,354
Amphastar Pharmaceuticals, Inc. (a)		43,436			821,375
ANI Pharmaceuticals, Inc. (a)		9,014			558,868
Axsome Therapeutics, Inc. (a)		4,100			355,962
BioDelivery Sciences International, Inc. (a)		183,600			963,900
Collegium Pharmaceutical, Inc. (a)		50,500			1,015,808
Corcept Therapeutics, Inc. (a)		87,600			1,109,892
Endo International PLC (a)		33,878			192,088
Innoviva, Inc. (a)		85,300			1,177,566
Intersect ENT, Inc. (a)		3,800			98,192
Lannett Co., Inc. (a)(b)		15,800			128,612
Liquidia Technologies, Inc. (a)		4,200			24,402
Osmotica Pharmaceuticals PLC (a)(b)		7,600			48,944
Pacira BioSciences, Inc. (a)		30,488			1,317,691
Phibro Animal Health Corp., Class A		38,992			924,890
Prestige Consumer Healthcare, Inc. (a)		5,300			214,968
Reata Pharmaceuticals, Inc., Class A (a)		2,900			634,491
Siga Technologies, Inc. (a)		65,707			338,391
Strongbridge Biopharma PLC (a)		32,900			96,562
Supernus Pharmaceuticals, Inc. (a)		10,600			242,422
					11,318,378
Professional Services 0.5%
Barrett Business Services, Inc.		13,007			1,077,370
BG Staffing, Inc.		3,072			61,808
Heidrick & Struggles International, Inc.		3,152			89,580
Kelly Services, Inc., Class A		1,400			24,864
Kforce, Inc.		5,036			186,584
TrueBlue, Inc. (a)		14,387			315,219
					1,755,425
Real Estate 0.0% ‡
Cushman & Wakefield PLC (a)		2,000			38,440
Real Estate Management & Development 1.0%
Altisource Portfolio Solutions S.A. (a)(b)		53,864			1,001,870
Forestar Group, Inc. (a)		5,100			103,377
Realogy Holdings Corp. (b)		117,400			1,243,266
RMR Group, Inc., Class A		26,009			1,198,235
					3,546,748
Road & Rail 0.2%
ArcBest Corp.		24,300			542,133
Universal Logistics Holdings, Inc.		2,000			33,800
					575,933
Semiconductors & Semiconductor Equipment 3.9%
Advanced Energy Industries, Inc. (a)		20,907			1,462,235
Alpha & Omega Semiconductor, Ltd. (a)		7,900			96,301
Amkor Technology, Inc. (a)		98,624			1,109,520
Axcelis Technologies, Inc. (a)		6,900			166,635
Cirrus Logic, Inc. (a)		22,559			1,732,757
Cohu, Inc.		8,100			181,197
FormFactor, Inc. (a)		39,500			999,745
GSI Technology, Inc. (a)		1,200			9,732
Ichor Holdings, Ltd. (a)		29,176			974,187
Inphi Corp. (a)		8,900			676,044
NeoPhotonics Corp. (a)		19,000			144,970
Photronics, Inc. (a)		80,737			1,031,819
Rambus, Inc. (a)		38,900			617,343
Silicon Laboratories, Inc. (a)		7,500			737,325
Smart Global Holdings, Inc. (a)		32,400			977,184
Synaptics, Inc. (a)		20,709			1,381,083
Ultra Clean Holdings, Inc. (a)		4,000			92,040
Veeco Instruments, Inc. (a)		20,300			258,825
Xperi Corp.		31,900			513,271
					13,162,213
Software 5.1%
A10 Networks, Inc. (a)		19,500			132,795
ACI Worldwide, Inc. (a)		34,090			1,174,400
American Software, Inc., Class A		600			8,958
Avaya Holdings Corp. (a)		99,429			1,269,708
Blackbaud, Inc.		11,587			907,610
Blackline, Inc. (a)		14,156			865,923
Bottomline Technologies, Inc. (a)		26,300			1,409,680
Box, Inc., Class A (a)		24,200			363,726
ChannelAdvisor Corp. (a)		8,500			79,560
CommVault Systems, Inc. (a)		29,501			1,328,135
Cornerstone OnDemand, Inc. (a)		27,119			1,594,597
Domo, Inc., Class B (a)		10,700			259,154
Ebix, Inc. (b)		9,939			342,200
Five9, Inc. (a)		4,800			344,304
j2 Global, Inc.		15,264			1,463,207
MicroStrategy, Inc., Class A (a)		8,578			1,304,113
MobileIron, Inc. (a)		33,800			161,226
Progress Software Corp.		31,006			1,399,301
SecureWorks Corp., Class A (a)		8,300			130,559
SPS Commerce, Inc. (a)		24,108			1,370,058
Synchronoss Technologies, Inc. (a)		28,800			157,392
Telenav, Inc. (a)		19,100			85,759
TiVo Corp.		42,600			310,128
Verint Systems, Inc. (a)		15,556			902,248
					17,364,741
Specialty Retail 4.3%
Aaron’s, Inc.		15,200			902,272
America’s Car-Mart, Inc. (a)		7,500			823,350
Asbury Automotive Group, Inc. (a)		13,100			1,263,495
Barnes & Noble Education, Inc. (a)		42,000			144,480
Cato Corp., Class A		9,000			144,360
Citi Trends, Inc.		15,200			354,008
Group 1 Automotive, Inc.		13,200			1,330,164
Hibbett Sports, Inc. (a)		38,200			946,596
Lithia Motors, Inc., Class A		10,700			1,451,348
MarineMax, Inc. (a)		5,400			107,622
Murphy USA, Inc. (a)		14,046			1,435,080
Office Depot, Inc.		303,765			674,358
Rent-A-Center, Inc.		32,271			940,054
RH (a)		2,800			584,500
Sally Beauty Holdings, Inc. (a)		5,800			89,030
Signet Jewelers, Ltd.		3,500			85,085
Sleep Number Corp. (a)		8,100			417,879
Sonic Automotive, Inc., Class A		27,300			863,499
Sportsman’s Warehouse Holdings, Inc. (a)		65,700			425,736
Tilly’s, Inc., Class A		75,400			640,900
Zumiez, Inc. (a)		35,200			1,097,184
					14,721,000
Technology Hardware, Storage & Peripherals 0.3%
AstroNova, Inc.		1,200			14,928
Avid Technology, Inc. (a)		9,700			81,528
Diebold Nixdorf, Inc. (a)		75,000			863,250
Sonim Technologies, Inc. (a)		5,400			17,334
					977,040
Textiles, Apparel & Luxury Goods 1.4%
Crocs, Inc. (a)		30,700			1,163,837
Deckers Outdoor Corp. (a)		10,823			2,066,219
Delta Apparel, Inc. (a)		700			17,556
Rocky Brands, Inc.		33,745			915,839
Steven Madden, Ltd.		19,300			744,208
					4,907,659
Thrifts & Mortgage Finance 2.2%
Bridgewater Bancshares, Inc. (a)		16,834			222,209
ESSA Bancorp, Inc.		500			8,475
Essent Group, Ltd.		28,900			1,433,729
Federal Agricultural Mortgage Corp., Class C		300			22,890
Flagstar Bancorp, Inc.		33,398			1,176,946
FS Bancorp, Inc.		9,953			544,628
Luther Burbank Corp.		36,236			373,593
Merchants Bancorp		25,900			509,712
Meridian Bancorp, Inc.		4,400			79,156
NMI Holdings, Inc., Class A (a)		31,200			995,904
OP Bancorp.		8,300			82,917
Radian Group, Inc.		65,007			1,592,022
Riverview Bancorp, Inc.		14,600			107,456
Sterling Bancorp, Inc.		41,522			304,356
Territorial Bancorp, Inc.		3,945			114,523
Walker & Dunlop, Inc.		800			53,096
WSFS Financial Corp.		400			15,956
					7,637,568
Tobacco 0.7%
Universal Corp.		23,160			1,230,954
Vector Group, Ltd.		99,419			1,306,366
					2,537,320
Trading Companies & Distributors 1.6%
Applied Industrial Technologies, Inc.		11,400			736,098
BMC Stock Holdings, Inc. (a)		45,566			1,329,844
Foundation Building Materials, Inc. (a)		5,563			99,188
General Finance Corp. (a)		3,337			32,269
GMS, Inc. (a)		43,600			1,164,992
H&E Equipment Services, Inc.		25,100			680,461
Herc Holdings, Inc. (a)		11,200			449,344
MRC Global, Inc. (a)		46,100			519,086
Rush Enterprises, Inc., Class B		1,256			55,716
Titan Machinery, Inc. (a)		7,223			88,193
Veritiv Corp. (a)		10,695			150,585
Willis Lease Finance Corp. (a)		100			5,930
					5,311,706
Water Utilities 1.4%
American States Water Co.		18,089			1,601,962
Aquaventure Holdings, Ltd. (a)		3,210			86,670
Artesian Resources Corp., Class A		3,684			138,960
California Water Service Group		17,400			914,544
Consolidated Water Co., Ltd.		33,224			568,463
Global Water Resources, Inc.		4,900			61,887
Middlesex Water Co.		1,200			78,312
Pure Cycle Corp. (a)		700			9,093
SJW Corp.		18,903			1,386,535
					4,846,426
Total Common Stocks (Cost $319,816,388)					333,787,820
Exchange-Traded Fund 2.1%
iShares Russell 2000 ETF (b)		44,868			7,202,660
Total Exchange-Traded Fund (Cost $7,030,250)					7,202,660
		Shares
Short-Term Investment 0.4%
Unaffiliated Investment Company 0.4%
State Street Navigator Securities Lending Government Money Market Portfolio, 1.62% (c)(d)		1,362,207			1,362,207
Total Short-Term Investment (Cost $1,362,207)					1,362,207
Total Investments (Cost $328,208,845)		100.4	%		342,352,687
Other Assets, Less Liabilities		(0.4	)		(1,320,932	)
Net Assets		100.0	%	$	341,031,755

†	Percentages indicated are based on Fund net assets.
‡	Less than one-tenth of a percent.
(a)	Non-income producing security.
(b)	All or a portion of this security was held on loan. As of January 31, 2020, the aggregate market value of securities on loan was $10,034,187; the total market value of collateral held by the Fund was $10,289,984. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $8,927,777.
(c)	Current yield as of January 31, 2020.
(d)	Represents a security purchased with cash collateral received for securities on loan.

The following abbreviations are used in the preceding pages:

ETF	—Exchange-Traded Fund
REIT	—Real Estate Investment Trust

The following is a summary of the fair valuations according to the inputs used as of January 31, 2020, for valuing the Fund’s assets:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Common Stocks	$	333,787,820	$	—	$	—	$	333,787,820
Exchange-Traded Fund		7,202,660		—		—		7,202,660
Short-Term Investment
Unaffiliated Investment Company		1,362,207		—		—		1,362,207
Total Investments in Securities	$	342,352,687	$	—	$	—	$	342,352,687

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

MainStay MacKay Total Return Bond Fund

Portfolio of Investments  January 31, 2020 (Unaudited)  

	Principal Amount			Value
Long-Term Bonds 96.6% †
Asset-Backed Securities 3.1%
Auto Floor Plan Asset-Backed Securities 0.3%
Ford Credit Floorplan Master Owner Trust Series 2018-4, Class A 4.06%, due 11/15/30	$	3,455,000		$	3,908,146
Automobile Asset-Backed Securities 0.9%
Avis Budget Rental Car Funding AESOP LLC Series 2020-1A, Class A 2.33%, due 8/20/26 (a)		1,945,000			1,966,209
Santander Retail Auto Lease Trust Series 2019-B, Class A3 2.30%, due 1/20/23 (a)		3,020,000			3,053,450
Santander Revolving Auto Loan Trust Series 2019-A, Class A 2.51%, due 1/26/32 (a)		2,215,000			2,258,694
Toyota Auto Loan Extended Note Trust Series 2019-1A, Class A 2.56%, due 11/25/31 (a)		1,730,000			1,792,090
World Omni Auto Receivables Trust Series 2019-A, Class A3 3.04%, due 5/15/24		2,605,000			2,660,635
					11,731,078
Credit Cards 0.7%
Capital One Multi-Asset Execution Trust
Series 2019-A2, Class A2 1.72%, due 8/15/24		3,550,000			3,570,588
Series 2019-A3, Class A3 2.06%, due 8/15/28		2,420,000			2,450,303
Citibank Credit Card Issuance Trust Series 2018-A6, Class A6 3.21%, due 12/7/24		3,880,000			4,064,978
					10,085,869
Other Asset-Backed Securities 1.2%
DLL Securitization Trust Series 2019-MT3, Class A3 2.08%, due 2/21/23 (a)		4,360,000			4,375,032
Hilton Grand Vacations Trust Series 2019-AA, Class A 2.34%, due 7/25/33 (a)		3,487,358			3,518,077
MMAF Equipment Finance LLC Series 2019-A, Class A3 2.84%, due 11/13/23 (a)		3,400,000			3,468,176
MVW Owner Trust Series 2019-2A, Class A 2.22%, due 10/20/38 (a)		3,237,967			3,253,216
Sierra Receivables Funding Co. Series 2019-3A, Class A 2.34%, due 8/20/36 (a)		1,936,243			1,947,774
					16,562,275
Total Asset-Backed Securities (Cost $41,243,241)					42,287,368
Corporate Bonds 44.8%
Aerospace & Defense 0.2%
L3Harris Technologies, Inc.
4.854%, due 4/27/35		585,000			720,120
5.054%, due 4/27/45		1,215,000			1,568,687
					2,288,807
Agriculture 0.6%
Altria Group, Inc. 4.80%, due 2/14/29		2,555,000			2,895,799
Cargill, Inc. 4.307%, due 5/14/21 (a)		3,000,000			3,096,335
JBS Investments II GmbH 7.00%, due 1/15/26 (a)		1,800,000			1,959,318
					7,951,452
Airlines 0.4%
American Airlines Pass-Through Trust Series 2019-1, Class AA 3.15%, due 8/15/33		2,245,000			2,437,252
JetBlue Pass Through Trust Series 2019-1, Class AA 2.75%, due 11/15/33		2,605,000			2,702,365
					5,139,617
Auto Manufacturers 0.5%
Ford Motor Credit Co. LLC
3.35%, due 11/1/22		1,280,000			1,298,829
4.063%, due 11/1/24		3,630,000			3,746,260
4.25%, due 9/20/22		1,015,000			1,053,732
					6,098,821
Banks 10.2%
Bank of America Corp.
3.248%, due 10/21/27		5,450,000			5,796,571
3.30%, due 1/11/23		680,000			710,372
3.419%, due 12/20/28 (b)		468,000			502,311
3.593%, due 7/21/28 (b)		2,300,000			2,495,273
3.705%, due 4/24/28 (b)		5,000,000			5,457,041
4.25%, due 10/22/26		6,900,000			7,701,659
4.30%, due 1/28/25 (b)(c)		3,435,000			3,435,000
6.30%, due 3/10/26 (b)(c)		1,500,000			1,746,555
Barclays PLC 4.61%, due 2/15/23 (b)		1,205,000			1,262,745
BNP Paribas S.A. 3.052%, due 1/13/31 (a)(b)		3,600,000			3,699,638
Citibank N.A. 3.165%, due 2/19/22 (b)		4,170,000			4,228,441
Citigroup, Inc.
3.70%, due 1/12/26		4,190,000			4,547,035
3.887%, due 1/10/28 (b)		3,489,000			3,829,036
4.05%, due 7/30/22		580,000			609,426
5.30%, due 5/6/44		2,314,000			3,042,164
Credit Suisse Group A.G. 2.593%, due 9/11/25 (a)(b)		1,375,000			1,397,539
Goldman Sachs Group, Inc.
3.50%, due 11/16/26		4,305,000			4,598,977
6.75%, due 10/1/37		735,000			1,050,107
HSBC Holdings PLC 3.973%, due 5/22/30 (b)		1,830,000			2,012,605
Huntington National Bank 3.55%, due 10/6/23		1,820,000			1,928,594
JPMorgan Chase & Co.
3.375%, due 5/1/23		6,500,000			6,802,773
3.782%, due 2/1/28 (b)		3,900,000			4,274,244
4.005%, due 4/23/29 (b)		4,000,000			4,472,224
4.60%, due 2/1/25 (b)(c)		2,295,000			2,339,064
5.50%, due 10/15/40		745,000			1,034,302
Lloyds Banking Group PLC 4.582%, due 12/10/25		8,183,000			8,996,717
Morgan Stanley
2.625%, due 11/17/21		5,755,000			5,845,174
3.591%, due 7/22/28 (b)		5,265,000			5,699,816
4.875%, due 11/1/22		3,945,000			4,253,739
5.00%, due 11/24/25		4,535,000			5,185,444
5.75%, due 1/25/21		5,000,000			5,191,866
6.25%, due 8/9/26		2,000,000			2,478,834
PNC Financial Services Group, Inc. 2.55%, due 1/22/30		3,105,000			3,172,706
Royal Bank of Scotland Group PLC 5.125%, due 5/28/24		3,550,000			3,911,865
Truist Bank 2.636% (5 Year Treasury Constant Maturity Rate + 1.15%), due 9/17/29 (d)		3,100,000			3,146,385
Truist Financial Corp. 3.75%, due 12/6/23		4,150,000			4,433,395
U.S. Bank N.A. 3.45%, due 11/16/21		4,935,000			5,086,650
Wachovia Corp. 5.50%, due 8/1/35		1,220,000			1,619,294
Wells Fargo Bank N.A. 5.85%, due 2/1/37		555,000			770,454
					138,766,035
Beverages 0.5%
Anheuser-Busch InBev Worldwide, Inc.
4.15%, due 1/23/25		970,000			1,069,857
4.75%, due 1/23/29		1,930,000			2,283,789
Constellation Brands, Inc. 4.50%, due 5/9/47		2,740,000			3,162,504
					6,516,150
Building Materials 0.3%
Standard Industries, Inc. 5.375%, due 11/15/24 (a)		3,830,000			3,935,325
Chemicals 1.1%
Air Liquide Finance S.A. 1.75%, due 9/27/21 (a)		2,470,000			2,471,177
Braskem Netherlands Finance B.V. 4.50%, due 1/10/28 (a)		2,830,000			2,878,973
Huntsman International LLC 4.50%, due 5/1/29		2,949,000			3,212,828
Orbia Advance Corp. S.A.B. de C.V. 4.00%, due 10/4/27 (a)		2,400,000			2,517,600
W.R. Grace & Co. 5.125%, due 10/1/21 (a)		3,095,000			3,214,003
					14,294,581
Commercial Services 1.1%
Ashtead Capital, Inc. 4.00%, due 5/1/28 (a)		1,435,000			1,470,875
California Institute of Technology 3.65%, due 9/1/19		2,914,000			3,154,487
Herc Holdings, Inc. 5.50%, due 7/15/27 (a)		2,800,000			2,925,160
IHS Markit, Ltd. 4.25%, due 5/1/29		3,745,000			4,177,140
PayPal Holdings, Inc. 2.65%, due 10/1/26		3,455,000			3,556,148
					15,283,810
Computers 0.6%
Dell International LLC / EMC Corp. (a)
4.90%, due 10/1/26		6,467,000			7,199,435
5.30%, due 10/1/29		1,275,000			1,467,589
					8,667,024
Distribution & Wholesale 0.1%
Performance Food Group, Inc. 5.50%, due 10/15/27 (a)		1,350,000			1,420,875
Diversified Financial Services 2.3%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.50%, due 5/26/22		3,690,000			3,800,164
Air Lease Corp. 4.25%, due 9/15/24		6,445,000			6,967,008
Allied Universal Holdco LLC / Allied Universal Finance Corp. 6.625%, due 7/15/26 (a)		2,570,000			2,732,231
Ally Financial, Inc.
3.875%, due 5/21/24		1,270,000			1,339,317
7.50%, due 9/15/20		166,000			170,387
8.00%, due 11/1/31		4,495,000			6,315,475
Avolon Holdings Funding, Ltd. 3.25%, due 2/15/27 (a)		2,895,000			2,930,203
Capital One Bank USA N.A. 3.375%, due 2/15/23		3,046,000			3,167,695
Discover Financial Services 3.85%, due 11/21/22		1,526,000			1,600,528
International Lease Finance Corp. 5.875%, due 8/15/22		2,200,000			2,410,340
					31,433,348
Electric 1.4%
Connecticut Light & Power Co. 4.00%, due 4/1/48		1,805,000			2,153,305
Duquesne Light Holdings, Inc. (a)
3.616%, due 8/1/27		1,645,000			1,690,933
5.90%, due 12/1/21		3,000,000			3,191,078
N.V. Energy, Inc. 6.25%, due 11/15/20		5,000,000			5,176,111
PPL Capital Funding, Inc. 5.00%, due 3/15/44		1,000,000			1,214,762
Puget Energy, Inc. 6.50%, due 12/15/20		3,155,000			3,279,569
Southern California Edison Co. 4.00%, due 4/1/47		2,055,000			2,297,579
					19,003,337
Environmental Controls 0.5%
Waste Connections, Inc. 3.50%, due 5/1/29		1,880,000			2,044,816
Waste Management, Inc. 2.40%, due 5/15/23		4,605,000			4,699,278
					6,744,094
Food 1.3%
JBS USA LUX S.A. / JBS Food Co. / JBS USA Finance, Inc. 5.50%, due 1/15/30 (a)		1,930,000			2,084,400
Kerry Group Financial Services Unlimited Co. 3.20%, due 4/9/23 (a)		4,375,000			4,522,040
Mars, Inc. (a)
3.20%, due 4/1/30		1,100,000			1,198,471
3.60%, due 4/1/34		930,000			1,060,074
Mondelez International Holdings Netherlands B.V. 2.00%, due 10/28/21 (a)		4,495,000			4,511,755
Smithfield Foods, Inc. 5.20%, due 4/1/29 (a)		960,000			1,096,741
Tyson Foods, Inc. 5.15%, due 8/15/44		3,000,000			3,754,239
					18,227,720
Gas 0.4%
Atmos Energy Corp. 4.30%, due 10/1/48		1,465,000			1,803,014
NiSource, Inc. 3.49%, due 5/15/27		2,935,000			3,156,724
Southern California Gas Co. 3.20%, due 6/15/25		915,000			975,656
					5,935,394
Health Care - Products 1.2%
Becton Dickinson & Co.
3.363%, due 6/6/24		6,075,000			6,398,876
4.669%, due 6/6/47		2,500,000			3,143,639
Zimmer Biomet Holdings, Inc. 3.55%, due 4/1/25		6,900,000			7,364,584
					16,907,099
Health Care - Services 0.3%
Anthem, Inc. 4.65%, due 1/15/43		1,895,000			2,199,953
NYU Langone Hospitals 3.38%, due 7/1/55		2,400,000			2,460,697
					4,660,650
Holding Company - Diversified 0.3%
CK Hutchison International (17) II, Ltd. 3.25%, due 9/29/27 (a)		3,575,000			3,758,621
Home Builders 0.6%
NVR, Inc. 3.95%, due 9/15/22		6,420,000			6,744,342
TRI Pointe Group, Inc. / TRI Pointe Homes, Inc. 5.875%, due 6/15/24		1,320,000			1,432,200
					8,176,542
Home Furnishing 0.5%
Whirlpool Corp. 4.85%, due 6/15/21		5,890,000			6,116,570
Insurance 1.9%
Equitable Holdings, Inc. 4.35%, due 4/20/28		5,025,000			5,557,892
Liberty Mutual Group, Inc. 3.951%, due 10/15/50 (a)		3,675,000			4,004,080
Markel Corp. 3.625%, due 3/30/23 (e)		2,515,000			2,650,945
Nippon Life Insurance Co. 3.40% (5 Year Treasury Constant Maturity Rate + 2.612%), due 1/23/50 (a)(d)		3,065,000			3,110,975
Peachtree Corners Funding Trust 3.976%, due 2/15/25 (a)		1,780,000			1,926,419
Reliance Standard Life Global Funding II (a)
2.15%, due 1/21/23 (e)		645,000			649,685
2.50%, due 10/30/24		3,950,000			4,017,090
Voya Financial, Inc. 3.65%, due 6/15/26		1,305,000			1,412,133
Willis North America, Inc. 2.95%, due 9/15/29		2,640,000			2,694,697
					26,023,916
Internet 1.6%
Alibaba Group Holding, Ltd. 3.40%, due 12/6/27		5,000,000			5,329,801
Amazon.com, Inc. 5.20%, due 12/3/25		3,000,000			3,537,457
Expedia Group, Inc. 3.25%, due 2/15/30 (a)		4,965,000			4,880,424
Tencent Holdings, Ltd. (a)
3.28%, due 4/11/24		4,365,000			4,561,765
3.80%, due 2/11/25		2,000,000			2,151,537
Weibo Corp. 3.50%, due 7/5/24		1,825,000			1,887,591
					22,348,575
Iron & Steel 0.6%
ArcelorMittal S.A. 4.55%, due 3/11/26		3,215,000			3,465,889
Vale Overseas, Ltd.
6.25%, due 8/10/26		2,290,000			2,703,345
6.875%, due 11/21/36		1,094,000			1,435,875
					7,605,109
Leisure Time 0.2%
NCL Corp., Ltd. 3.625%, due 12/15/24 (a)		2,875,000			2,853,437
Lodging 0.6%
Hilton Domestic Operating Co., Inc. 4.875%, due 1/15/30		965,000			1,020,487
Las Vegas Sands Corp. 3.20%, due 8/8/24		2,205,000			2,276,292
MGM Resorts International 6.00%, due 3/15/23		5,000,000			5,486,000
					8,782,779
Media 2.0%
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 4.464%, due 7/23/22		4,000,000			4,226,664
Comcast Corp.
3.70%, due 4/15/24		1,584,900			1,705,172
3.95%, due 10/15/25		2,086,600			2,306,927
4.25%, due 10/15/30		1,435,000			1,680,137
4.70%, due 10/15/48		2,195,000			2,819,285
Diamond Sports Group LLC / Diamond Sports Finance Co. 6.625%, due 8/15/27 (a)(e)		5,338,000			4,991,030
Grupo Televisa S.A.B. 5.25%, due 5/24/49		1,890,000			2,201,783
Time Warner Entertainment Co., L.P. 8.375%, due 3/15/23		3,660,000			4,333,730
Walt Disney Co. 6.65%, due 11/15/37		1,640,000			2,508,665
					26,773,393
Mining 0.4%
Anglo American Capital PLC 4.875%, due 5/14/25 (a)		2,780,000			3,107,737
Corp. Nacional del Cobre de Chile 3.00%, due 9/30/29 (a)		2,435,000			2,467,726
					5,575,463
Miscellaneous - Manufacturing 0.3%
Textron Financial Corp. 3.645% (3 Month LIBOR + 1.735%), due 2/15/67 (a)(d)		5,685,000			4,633,275
Oil & Gas 1.6%
Concho Resources, Inc. 4.30%, due 8/15/28		3,090,000			3,385,148
Continental Resources, Inc. 5.00%, due 9/15/22		2,886,000			2,900,861
Gazprom PJSC Via Gaz Capital S.A. (a)
4.95%, due 3/23/27		358,000			401,378
4.95%, due 2/6/28		2,531,000			2,851,045
Marathon Petroleum Corp. 6.50%, due 3/1/41		1,580,000			2,113,977
Petroleos Mexicanos 6.75%, due 9/21/47		5,835,000			5,905,020
Valero Energy Corp.
4.00%, due 4/1/29		2,270,000			2,455,866
6.625%, due 6/15/37		1,660,000			2,240,654
					22,253,949
Packaging & Containers 0.3%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 4.25%, due 9/15/22 (a)		3,600,000			3,645,000
Pharmaceuticals 0.9%
AbbVie, Inc. 4.05%, due 11/21/39 (a)		4,385,000			4,771,243
Bristol-Myers Squibb Co. 3.40%, due 7/26/29 (a)		3,635,000			3,982,935
Zoetis, Inc. 3.25%, due 2/1/23		3,885,000			4,040,266
					12,794,444
Pipelines 1.8%
Columbia Pipeline Group, Inc. 3.30%, due 6/1/20		5,680,000			5,699,879
Enterprise Products Operating LLC
3.95%, due 1/31/60		2,200,000			2,230,057
4.20%, due 1/31/50		630,000			678,518
MPLX, L.P.
4.875%, due 6/1/25		5,305,000			5,877,441
6.25%, due 10/15/22 (a)		1,491,000			1,519,434
Spectra Energy Partners, L.P. 4.75%, due 3/15/24		5,137,000			5,639,614
Western Midstream Operating L.P. 5.25%, due 2/1/50		2,485,000			2,356,014
					24,000,957
Real Estate 0.3%
American Tower Corp. 3.375%, due 5/15/24		4,000,000			4,203,109
Real Estate Investment Trusts 1.7%
Alexandria Real Estate Equities, Inc. 3.375%, due 8/15/31		2,090,000			2,255,260
Boston Properties, L.P. 3.20%, due 1/15/25		4,050,000			4,276,377
Crown Castle International Corp. 3.20%, due 9/1/24		5,580,000			5,857,481
CyrusOne L.P. / CyrusOne Finance Corp. 3.45%, due 11/15/29		2,430,000			2,502,754
Equinix, Inc. 2.625%, due 11/18/24		2,855,000			2,885,520
ProLogis, L.P. 4.25%, due 8/15/23		5,400,000			5,828,684
					23,606,076
Retail 1.8%
Alimentation Couche-Tard, Inc. 2.70%, due 7/26/22 (a)		7,345,000			7,473,084
CVS Health Corp.
4.78%, due 3/25/38		750,000			874,808
5.05%, due 3/25/48		750,000			909,107
CVS Pass-Through Trust 5.789%, due 1/10/26 (a)		44,924			48,558
Darden Restaurants, Inc. 3.85%, due 5/1/27		5,980,000			6,446,302
O'Reilly Automotive, Inc. 4.625%, due 9/15/21		5,955,000			6,186,077
Starbucks Corp. 4.45%, due 8/15/49		2,300,000			2,723,959
					24,661,895
Semiconductors 0.6%
Broadcom, Inc. 3.125%, due 10/15/22 (a)		3,750,000			3,845,111
NXP B.V. / NXP Funding LLC 4.625%, due 6/1/23 (a)		3,825,000			4,126,575
					7,971,686
Software 0.4%
Fiserv, Inc.
2.75%, due 7/1/24		1,275,000			1,314,105
3.20%, due 7/1/26		810,000			855,168
Microsoft Corp. 2.40%, due 8/8/26		2,500,000			2,592,085
					4,761,358
Telecommunications 2.9%
AT&T, Inc.
3.80%, due 3/1/24		5,920,000			6,330,106
3.80%, due 2/15/27		5,660,000			6,170,438
4.35%, due 3/1/29		1,040,000			1,173,061
Level 3 Financing, Inc.
3.40%, due 3/1/27 (a)		4,555,000			4,679,351
5.375%, due 1/15/24		2,160,000			2,186,093
Rogers Communications, Inc. 3.625%, due 12/15/25		1,360,000			1,473,720
Sprint Communications, Inc. 6.00%, due 11/15/22		1,800,000			1,858,500
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC 4.738%, due 9/20/29 (a)		6,245,000			6,596,281
T-Mobile USA, Inc. 6.375%, due 3/1/25 (e)		500,000			516,095
VEON Holdings B.V. 4.95%, due 6/16/24 (a)		3,950,000			4,247,672
Verizon Communications, Inc. 5.15%, due 9/15/23		1,955,000			2,181,471
Vodafone Group PLC 4.25%, due 9/17/50		1,350,000			1,466,819
					38,879,607
Toys, Games & Hobbies 0.2%
Hasbro, Inc. 2.60%, due 11/19/22		2,275,000			2,312,335
Utilities 0.3%
Duke Energy Progress LLC 3.45%, due 3/15/29		3,695,000			4,053,000
Total Corporate Bonds (Cost $572,093,660)					609,065,235
Foreign Government Bonds 0.9%
Brazil 0.4%
Brazilian Government International Bond 4.625%, due 1/13/28		4,789,000			5,282,315
Mexico 0.5%
Mexico Government International Bond 3.25%, due 4/16/30		6,917,000			7,038,047
Total Foreign Government Bonds (Cost $12,018,873)					12,320,362
Loan Assignments 1.0% (d)
Buildings & Real Estate 0.2%
Realogy Group LLC 2018 Term Loan B 3.895% (1 Month LIBOR + 2.25%), due 2/8/25		3,286,616			3,248,271
Containers, Packaging & Glass 0.4%
BWAY Holding Co. 2017 Term Loan B 5.084% (3 Month LIBOR + 3.25%), due 4/3/24		4,942,327			4,900,624
Finance 0.4%
Alliant Holdings Intermediate, LLC 2018 Term Loan B 4.645% (1 Month LIBOR + 3.00%), due 5/9/25		4,927,494			4,911,479
Total Loan Assignments (Cost $12,933,079)					13,060,374
Mortgage-Backed Securities 15.8%
Agency (Collateralized Mortgage Obligations) 9.3%
Federal Home Loan Mortgage Corporation
REMIC Series 4691, Class HA 2.50%, due 6/15/40		3,346,518			3,407,227
REMIC, Series 4935, Class JP 2.50%, due 7/25/49		4,373,102			4,452,390
REMIC, Series 4926, Class BL 2.50%, due 10/25/49		4,280,000			4,362,615
Series 4759, Class MA 3.00%, due 9/15/45		2,929,251			3,008,491
REMIC, Series 4913. Class UA 3.00%, due 3/15/49		5,004,294			5,114,291
REMIC, Series 4900, Class BE 3.00%, due 3/25/49		3,690,139			3,823,807
REMIC, Series 4908, Class BD 3.00%, due 4/25/49		3,230,000			3,354,795
REMIC, Series 4911, Class MB 3.00%, due 9/25/49		6,095,000			6,297,557
REMIC, Series 4926, Class BP 3.00%, due 10/25/49		6,820,000			7,151,180
REMIC Series 4818, Class BD 3.50%, due 3/15/45		3,464,187			3,584,973
REMIC Series 4869, Class BA 3.50%, due 11/15/47		5,542,391			5,767,508
REMIC Series 4884, Class BA 3.50%, due 6/15/48		3,030,646			3,141,137
REMIC Series 4888, Class BA 3.50%, due 9/15/48		2,400,853			2,506,119
REMIC Series 4877, Class AT 3.50%, due 11/15/48		3,230,476			3,440,517
4.00%, due 2/1/50		6,712,088			7,191,111
Federal National Mortgage Association
REMIC Series 2013-77, Class CY 3.00%, due 7/25/43		2,941,000			3,093,775
Series 2019-25, Class PA 3.00%, due 5/25/48		2,938,229			3,040,205
Series 2019-13, Class PE 3.00%, due 3/25/49		3,715,896			3,816,214
REMIC, Series 2019-58, Class LP 3.00%, due 10/25/49		6,945,000			7,220,563
REMIC Series 2019-13, Class CA 3.50%, due 4/25/49		5,177,239			5,485,810
REMIC, Series 2019-74, Class BA 3.50%, due 12/25/59		5,194,894			5,513,631
Government National Mortgage Association
Series 2017-155, Class KQ 2.75%, due 2/20/47		5,120,125			5,243,503
Series 2014-91, Class MA 3.00%, due 1/16/40		3,215,012			3,344,997
Series 2018-127, Class PB 3.00%, due 9/20/47		5,166,057			5,294,483
REMIC Series 2019-29, Class PE 3.00%, due 10/20/48		2,908,934			2,968,400
Series 2019-29, Class CB 3.00%, due 10/20/48		2,697,761			2,749,472
Series 2019-59, Class KA 3.00%, due 12/20/48		5,184,031			5,374,938
Series 2019-43, Class PL 3.00%, due 4/20/49		2,852,691			2,934,966
Series 2019-74, Class AT 3.00%, due 6/20/49		3,772,262			3,895,570
					126,580,245
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 5.5%
Bank
Series 2019-BN21, Class A5 2.851%, due 10/17/52		4,515,000			4,758,387
Series 2019-BN19, Class A2 2.926%, due 8/15/61		4,430,000			4,704,421
Bayview Commercial Asset Trust Series 2006-4A, Class A1 1.891% (1 Month LIBOR + 0.23%), due 12/25/36 (a)(d)		44,173			42,728
Benchmark Mortgage Trust
Series 2019-B14, Class A5 3.049%, due 12/15/62		3,725,000			3,994,286
Series 2019-B12, Class A5 3.116%, due 8/15/52		4,417,000			4,739,849
BX Commercial Mortgage Trust (a)
Series 2019-0C11, Class B 3.605%, due 12/9/41		1,475,000			1,596,157
Series 2019-0C11, Class C 3.856%, due 12/9/41		3,625,000			3,920,228
COMM Mortgage Trust Series 2013-CR8, Class A4 3.334%, due 6/10/46		2,178,318			2,278,888
CSAIL Commercial Mortgage Trust Series 2015-C3, Class A4 3.718%, due 8/15/48		1,600,000			1,733,950
Four Times Square Trust Series 2006-4TS, Class A 5.401%, due 12/13/28 (a)		2,286,114			2,335,457
FREMF Mortgage Trust (a)(f)
Series 2013-K33, Class B 3.614%, due 8/25/46		3,345,000			3,505,218
Series 2015-K721, Class B 3.681%, due 11/25/47		3,355,000			3,497,050
Series 2014-K41, Class B 3.963%, due 11/25/47		1,285,000			1,387,280
Series 2013-K35, Class B 4.074%, due 12/25/46		2,735,000			2,901,523
FRESB Multifamily Mortgage Pass-Through Trust Series 2019-SB59, Class A10F 3.47%, due 1/25/29 (f)		1,479,319			1,576,140
GS Mortgage Securities Trust
Series 2019-GC42, Class A4 3.001%, due 9/1/52		1,795,000			1,910,438
Series 2019-GC40, Class A4 3.16%, due 7/10/52		3,114,000			3,353,340
Hawaii Hotel Trust Series 2019-MAUI, Class A 2.826% (1 Month LIBOR + 1.15%), due 5/15/38 (a)(d)		2,490,000			2,492,340
Hudson Yards Mortgage Trust Series 2019-30HY, Class A 3.228%, due 7/10/39 (a)		3,225,000			3,482,251
JP Morgan Chase Commercial Mortgage Securities Trust Series 2018-AON, Class A 4.128%, due 7/5/31 (a)		4,195,000			4,498,427
Morgan Stanley Bank of America Merrill Lynch Trust Series-2015-C23, Class A3 3.451%, due 7/15/50		1,845,000			1,978,116
One Bryant Park Trust Series 2019-OBP, Class A 2.516%, due 9/15/54 (a)		6,075,000			6,201,291
Wells Fargo Commercial Mortgage Trust (a)(f)
Series 2018-1745, Class A 3.874%, due 6/15/36		2,900,000			3,217,131
Series 2018-AUS, Class A 4.194%, due 8/17/36		3,950,000			4,456,635
					74,561,531
Residential Mortgages (Collateralized Mortgage Obligations) 0.2%
JP Morgan Mortgage Trust (a)(g)
Series 2019-1, Class A3 4.00%, due 5/25/49		1,333,335			1,359,168
Series 2019-LTV1, Class A4 4.00%, due 6/25/49		910,333			920,326
					2,279,494
Whole Loan (Collateralized Mortgage Obligations) 0.8%
Chase Home Lending Mortgage Trust Series 2019-ATR2, Class A3 3.50%, due 7/25/49 (a)(g)		2,099,767			2,143,128
Fannie Mae Connecticut Avenue Securities Series 2016-C06, Class 1M2 5.911% (1 Month LIBOR + 4.25%), due 4/25/29 (d)		2,210,000			2,370,087
JP Morgan Mortgage Trust (a)(g)
Series 2019-2, Class A4 4.00%, due 8/25/49		1,036,335			1,044,473
Series 2019-3, Class A3 4.00%, due 9/25/49		1,480,353			1,507,184
Series 2019-5, Class A4 4.00%, due 11/25/49		1,231,054			1,241,428
Seasoned Loans Structured Transaction Trust Series 2019-1, Class A1 3.50%, due 5/25/29		2,556,843			2,695,213
					11,001,513
Total Mortgage-Backed Securities (Cost $208,898,308)					214,422,783
Municipal Bonds 0.2%
New York 0.2%
New York State Thruway Authority, Revenue Bonds Series M 2.90%, due 1/1/35		2,020,000			2,138,211
Total Municipal Bonds (Cost $2,020,000)					2,138,211
U.S. Government & Federal Agencies 30.8%
Fannie Mae (Collateralized Mortgage Obligation) 0.2%
Series 2018-26, Class P 3.50%, due 8/25/46		2,153,263			2,217,151
Series 1991-66, Class J 8.125%, due 6/25/21		33			34
					2,217,185
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 4.1%
3.00%, due 4/1/47		1,825,394			1,885,366
3.00%, due 12/1/47		466,445			480,273
3.50%, due 1/1/43		1,345,692			1,451,618
3.50%, due 1/1/44		2,368,128			2,505,443
3.50%, due 1/1/45		1,889,079			2,031,161
3.50%, due 11/1/45		1,763,465			1,866,180
3.50%, due 3/1/46		3,102,280			3,309,254
4.00%, due 6/1/42		2,831,677			3,028,632
4.00%, due 3/1/45		1,316,393			1,416,404
4.00%, due 2/1/48		2,665,256			2,813,048
4.00%, due 8/1/48		6,596,928			6,901,981
4.00%, due 10/1/48		1,862,592			2,015,544
4.00%, due 2/1/49		2,446,947			2,566,057
4.50%, due 8/1/44		1,341,314			1,502,301
4.50%, due 12/1/44		5,964,459			6,525,604
4.50%, due 4/1/46		635,020			693,528
4.50%, due 8/1/47		1,303,401			1,444,258
4.50%, due 7/1/48		6,261,658			6,630,077
4.50%, due 9/1/48		4,368,280			4,632,455
5.00%, due 11/1/41		1,896,783			2,105,554
6.50%, due 4/1/37		58,085			65,998
					55,870,736
Federal National Mortgage Association (Mortgage Pass-Through Securities) 10.7%
2.50%, due 12/1/37		4,393,652			4,496,505
3.00%, due 12/1/37		2,218,200			2,304,160
3.00%, due 5/1/38		4,525,937			4,684,379
3.00%, due 10/1/44		3,856,643			4,004,420
3.00%, due 1/1/45		3,283,562			3,409,164
3.00%, due 3/1/47		4,746,936			4,901,570
3.00%, due 12/1/47		552,916			570,941
3.00%, due 6/1/57		5,127,519			5,316,974
3.50%, due 3/1/37		734,239			779,352
3.50%, due 2/1/42		3,388,128			3,555,414
3.50%, due 2/1/43		1,374,156			1,481,540
3.50%, due 5/1/43		3,865,155			4,085,755
3.50%, due 7/1/43		3,669,886			3,943,700
3.50%, due 11/1/44		1,942,151			2,053,394
3.50%, due 12/1/44		1,375,559			1,466,548
3.50%, due 11/1/45		3,904,313			4,117,375
3.50%, due 3/1/46		7,702,322			8,144,451
3.50%, due 2/1/48		8,839,247			9,183,358
4.00%, due 7/1/38		2,461,578			2,621,430
4.00%, due 8/1/38		1,595,775			1,710,110
4.00%, due 10/1/38		6,268,066			6,690,621
4.00%, due 3/1/42		1,362,915			1,455,999
4.00%, due 1/1/43		2,437,836			2,606,971
4.00%, due 1/1/46		6,016,409			6,470,670
4.00%, due 3/1/46		631,290			677,711
4.00%, due 6/1/48		5,380,971			5,649,636
4.00%, due 9/1/48		4,995,303			5,329,235
4.00%, due 2/1/49		1,966,354			2,058,911
4.50%, due 2/1/41		2,046,679			2,254,573
4.50%, due 4/1/41		640,234			712,870
4.50%, due 8/1/42		10,213,121			11,177,975
4.50%, due 12/1/43		3,378,726			3,684,572
4.50%, due 8/1/44		1,829,225			1,997,507
4.50%, due 6/1/48		6,503,385			6,912,097
4.50%, due 7/1/48		4,288,836			4,551,932
5.00%, due 9/1/33		2,174,630			2,412,021
5.00%, due 9/1/41		541,642			600,945
5.00%, due 10/1/41		2,735,963			3,034,057
5.50%, due 7/1/41		2,428,753			2,739,901
6.00%, due 4/1/37		9,001			9,832
6.00%, due 10/1/37		27,095			29,342
6.00%, due 7/1/39		495,504			570,384
6.50%, due 10/1/39		490,268			559,140
					145,017,442
United States Treasury Bonds 7.5%
2.25%, due 8/15/49		16,260,000			17,117,461
2.375%, due 11/15/49		54,805,000			59,262,187
4.375%, due 11/15/39		10,370,000			14,730,261
4.375%, due 5/15/40		1,930,000			2,747,687
4.50%, due 5/15/38		5,715,000			8,145,438
					102,003,034
United States Treasury Notes 6.2%
1.375%, due 1/31/22		71,900,000			71,961,790
1.50%, due 1/31/25		6,210,000			6,224,312
1.75%, due 11/15/29		5,815,000			5,936,070
					84,122,172
United States Treasury Inflation - Indexed Notes 2.1%
0.75%, due 7/15/28 (h)		6,394,003			6,895,758
0.875%, due 1/15/29 (h)		19,894,235			21,684,861
					28,580,619
Total U.S. Government & Federal Agencies (Cost $398,049,442)					417,811,188
Total Long-Term Bonds (Cost $1,247,256,603)					1,311,105,521
		Shares
Common Stocks 0.0%‡
Commercial Services & Supplies 0.0% ‡
Quad/Graphics, Inc.		1			4
Media 0.0% ‡
ION Media Networks, Inc. (i)(j)(k)(l)		2			794
Total Common Stocks (Cost $0)					798
Short-Term Investments 4.1%
Affiliated Investment Company 3.7%
MainStay U.S. Government Liquidity Fund, 1.40% (m)		49,805,550			49,805,550
Unaffiliated Investment Company 0.4%
State Street Navigator Securities Lending Government Money Market Portfolio, 1.62% (m)(n)		6,039,590			6,039,590
Total Short-Term Investments (Cost $55,845,140)					55,845,140
Total Investments (Cost $1,303,101,743)		100.7	%		1,366,951,459
Other Assets, Less Liabilities		(0.7	)		(9,037,200	)
Net Assets		100.0	%	$	1,357,914,259

†	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)	Fixed to floating rate - Rate shown was the rate in effect as of January 31, 2020.
(c)	Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.
(d)	Floating rate - Rate shown was the rate in effect as of January 31, 2020.
(e)	All or a portion of this security was held on loan. As of January 31, 2020, the aggregate market value of securities on loan was $5,841,481. The Fund received cash collateral with a value of $6,039,590.
(f)	Collateral strip rate - A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of January 31, 2020.
(g)	Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of January 31, 2020.
(h)	Treasury Inflation Protected Security - Pays a fixed rate of interest on a principal amount that is continuously adjusted for inflation based on the Consumer Price Index-Urban Consumers.
(i)	Security in which significant unobservable inputs (Level 3) were used in determining fair value.
(j)	Illiquid security - As of January 31, 2020, the total market value of the security deemed illiquid under procedures approved by the Board of Trustees was $794, which represented less than one-tenth of a percent of the Fund's net assets.
(k)	Fair valued security - Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of January 31, 2020, the total market value of the fair valued security was $794, which represented less than one-tenth of a percent of the Fund's net assets.
(l)	Restricted security.
(m)	Current yield as of January 31, 2020.
(n)	Represents a security purchased with cash collateral received for securities on loan.

As of January 31, 2020, the Portfolio held the following futures contracts¹:

Type	Number of Contracts		Expiration Date	Value at Trade Date			Current Notional Amount			Unrealized Appreciation (Depreciation)2
Long Contracts
2-Year United States Treasury Note		1,003	March 2020	$	216,364,718		$	217,008,454		$	643,736
Euro Bund		18	March 2020		3,432,651			3,494,304			61,653
United States Treasury Bond		68	March 2020		10,794,839			11,120,125			325,286
United States Treasury Ultra Bond		176	March 2020		32,683,104			34,089,000			1,405,896
Total Long Contracts											2,436,571
Short Contracts
10-Year United States Treasury Note		(230)	March 2020		(29,840,781	)		(30,280,938	)		(440,157	)
10-Year United States Treasury Ultra Note		(399)	March 2020		(56,928,645	)		(58,116,844	)		(1,188,199	)
5-Year United States Treasury Note		(353)	March 2020		(42,146,121	)		(42,473,070	)		(326,949	)
Euro-BTP		(22)	March 2020		(3,471,221	)		(3,611,797	)		(140,576	)
Total Short Contracts											(2,095,881	)
Net Unrealized Appreciation										$	340,690

1. As of January 31, 2020, cash in the amount of $924,873 was on deposit with a broker or futures commission merchant for futures transactions.

2. Represents the difference between the value of the contracts at the time they were opened and the value as of January 31, 2020.

The following abbreviations are used in the preceding pages:

BTP	—Buoni del Tesoro Poliennali (Eurex Exchange index)
LIBOR	—London Interbank Offered Rate
REMIC	—Real Estate Mortgage Investment Conduit

The following is a summary of the fair valuations according to the inputs used as of January 31, 2020, for valuing the Fund's assets and liabilities:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Long-Term Bonds
Asset-Backed Securities	$	—		$	42,287,368	$	—	$	42,287,368
Corporate Bonds		—			609,065,235		—		609,065,235
Foreign Government Bonds		—			12,320,362		—		12,320,362
Loan Assignments		—			13,060,374		—		13,060,374
Mortgage-Backed Securities		—			214,422,783		—		214,422,783
Municipal Bonds		—			2,138,211		—		2,138,211
U.S. Government & Federal Agencies		—			417,811,188		—		417,811,188
Total Long-Term Bonds		—			1,311,105,521		—		1,311,105,521
Common Stocks (b)		4			—		794		798
Short-Term Investments
Affiliated Investment Company		49,805,550			—		—		49,805,550
Unaffiliated Investment Company		6,039,590			—		—		6,039,590
Total Short-Term Investments		55,845,140			—		—		55,845,140
Total Investments in Securities		55,845,144			1,311,105,521		794		1,366,951,459
Other Financial Instruments
Futures Contracts (c)		2,436,571			—		—		2,436,571
Total Investments in Securities and Other Financial Instruments	$	58,281,715		$	1,311,105,521	$	794	$	1,369,388,030
Liability Valuation Inputs
Other Financial Instruments
Futures Contracts (c)	$	(2,095,881	)	$	—	$	—	$	(2,095,881	)

(a)	For a complete listing of investments and their industries, see the Portfolio of Investments.
(b)	The Level 3 security valued at $794 is held in Media within the Common Stocks section of the Portfolio of Investments.
(c)	The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments.

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, 2019		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, 2020		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at January 31, 2020
Common Stock	$	793	$	-	$	-	$	1	$	-	$	-	$	-	$	-	$	794		1
Total	$	793	$	-	$	-	$	1	$	-	$	-	$	-	$	-	$	794	$	1

MainStay MacKay U.S. Equity Opportunities Fund

Portfolio of Investments  January 31, 2020 (Unaudited)  

	Shares			Value
Common Stocks 95.2% †
Aerospace & Defense 3.1%
Arconic, Inc.		4,500		$	134,775
Boeing Co.		2,500			795,675
Curtiss-Wright Corp.		1,900			276,317
Huntington Ingalls Industries, Inc.		2,378			620,658
Lockheed Martin Corp.		4,513			1,932,106
Northrop Grumman Corp.		3,553			1,330,847
Raytheon Co.		5,300			1,170,982
Spirit AeroSystems Holdings, Inc., Class A		13,200			862,224
Textron, Inc.		6,900			316,917
TransDigm Group, Inc.		190			122,223
United Technologies Corp.		8,000			1,201,600
					8,764,324
Airlines 0.3%
Delta Air Lines, Inc.		7,600			423,624
Southwest Airlines Co.		2,900			159,442
United Airlines Holdings, Inc. (a)		2,400			179,520
					762,586
Automobiles 0.3%
Tesla, Inc. (a)		1,383			899,738
Banks 3.0%
Bank of America Corp. (b)		120,683			3,962,023
Bank OZK (b)		15,900			432,162
Citigroup, Inc. (b)		21,768			1,619,757
Signature Bank (b)		11,300			1,603,357
Wells Fargo & Co. (b)		19,567			918,475
					8,535,774
Beverages 0.4%
Coca-Cola Co.		11,089			647,597
Monster Beverage Corp. (a)		1,600			106,560
PepsiCo., Inc.		3,084			437,990
					1,192,147
Biotechnology 2.1%
AbbVie, Inc.		14,800			1,199,096
Alexion Pharmaceuticals, Inc. (a)		2,400			238,536
Alkermes PLC (a)		3,300			57,453
Alnylam Pharmaceuticals, Inc. (a)		700			80,353
Amgen, Inc.		5,958			1,287,226
Biogen, Inc. (a)		1,850			497,373
BioMarin Pharmaceutical, Inc. (a)		1,400			116,900
Bluebird Bio, Inc. (a)		300			23,907
Exact Sciences Corp. (a)		1,000			93,280
Exelixis, Inc. (a)		5,100			87,720
Gilead Sciences, Inc.		12,900			815,280
Incyte Corp. (a)		2,100			153,447
Ionis Pharmaceuticals, Inc. (a)		800			46,656
Neurocrine Biosciences, Inc. (a)		800			80,064
Regeneron Pharmaceuticals, Inc. (a)		897			303,132
Sarepta Therapeutics, Inc. (a)		500			57,980
Seattle Genetics, Inc. (a)		860			93,215
United Therapeutics Corp. (a)		800			78,136
Vertex Pharmaceuticals, Inc. (a)		2,417			548,780
					5,858,534
Building Products 0.4%
Fortune Brands Home & Security, Inc.		1,600			109,936
Masco Corp.		1,100			52,272
Owens Corning		13,800			834,762
Resideo Technologies, Inc. (a)		500			5,090
					1,002,060
Capital Markets 2.3%
Ameriprise Financial, Inc.		9,842			1,627,965
E*TRADE Financial Corp.		2,900			123,598
Evercore, Inc., Class A		20,100			1,540,062
Legg Mason, Inc.		5,400			211,410
LPL Financial Holdings, Inc.		16,200			1,492,506
State Street Corp.		21,600			1,633,608
					6,629,149
Chemicals 1.2%
Cabot Corp.		3,400			135,490
CF Industries Holdings, Inc.		800			32,224
Dow, Inc. (a)		7,533			347,045
DuPont de Nemours, Inc.		7,266			371,874
Ecolab, Inc.		600			117,666
Linde PLC		1,000			203,130
LyondellBasell Industries N.V., Class A		10,893			848,129
Sherwin-Williams Co.		2,304			1,283,305
					3,338,863
Commercial Services & Supplies 0.3%
Clean Harbors, Inc. (a)		11,000			904,420
Republic Services, Inc.		300			28,515
					932,935
Communications Equipment 0.7%
Cisco Systems, Inc.		41,725			1,918,098
Construction & Engineering 0.2%
AECOM (a)		8,600			414,778
Fluor Corp.		900			16,101
					430,879
Consumer Finance 2.8%
American Express Co.		14,300			1,857,141
Capital One Financial Corp.		16,700			1,666,660
Discover Financial Services		2,700			202,851
OneMain Holdings, Inc.		20,600			872,822
SLM Corp.		171,500			1,872,780
Synchrony Financial		45,600			1,477,896
					7,950,150
Containers & Packaging 0.3%
Ardagh Group S.A.		500			9,540
Berry Global Group, Inc. (a)		500			21,260
WestRock Co.		23,000			897,000
					927,800
Distributors 0.5%
LKQ Corp. (a)		44,700			1,461,020
Diversified Consumer Services 0.1%
Frontdoor, Inc. (a)		7,400			315,092
Diversified Financial Services 1.8%
Berkshire Hathaway, Inc., Class B (a)		13,234			2,970,107
Equitable Holdings, Inc.		62,200			1,494,044
Voya Financial, Inc.		10,600			633,138
					5,097,289
Diversified Telecommunication Services 2.1%
AT&T, Inc.		36,069			1,356,916
CenturyLink, Inc.		48,300			659,778
Verizon Communications, Inc.		64,638			3,842,082
					5,858,776
Electric Utilities 0.5%
PPL Corp.		29,500			1,067,605
Southern Co.		6,500			457,600
					1,525,205
Electrical Equipment 0.5%
Acuity Brands, Inc.		6,700			789,729
Eaton Corp. PLC		4,200			396,774
Hubbell, Inc.		600			85,938
Regal Beloit Corp.		2,900			227,534
					1,499,975
Electronic Equipment, Instruments & Components 2.0%
Arrow Electronics, Inc. (a)		14,600			1,108,724
Avnet, Inc.		28,700			1,047,263
CDW Corp.		9,600			1,252,320
Jabil, Inc.		29,141			1,133,294
SYNNEX Corp.		8,900			1,226,064
Zebra Technologies Corp., Class A (a)		206			49,238
					5,816,903
Energy Equipment & Services 0.9%
Helmerich & Payne, Inc.		32,600			1,321,930
Patterson-UTI Energy, Inc.		142,000			1,127,480
Schlumberger, Ltd.		2,700			90,477
					2,539,887
Entertainment 2.2%
Lions Gate Entertainment Corp., Class B (a)		142,500			1,329,525
Netflix, Inc. (a)		3,219			1,110,845
Take-Two Interactive Software, Inc. (a)		12,800			1,595,392
Walt Disney Co.		14,949			2,067,596
					6,103,358
Equity Real Estate Investment Trusts 3.2%
American Campus Communities, Inc.		1,300			59,631
American Homes 4 Rent, Class A		2,500			68,325
American Tower Corp.		4,300			996,482
Americold Realty Trust		1,800			62,046
Apartment Investment & Management Co., Class A		1,333			70,262
Apple Hospitality REIT, Inc.		800			12,016
AvalonBay Communities, Inc.		1,300			281,697
Boston Properties, Inc.		1,500			215,025
Brixmor Property Group, Inc.		1,100			21,956
Camden Property Trust		900			101,187
Colony Capital, Inc.		21,100			98,537
Columbia Property Trust, Inc.		700			14,770
CoreSite Realty Corp.		100			11,745
Corporate Office Properties Trust		1,400			41,678
Crown Castle International Corp.		4,000			599,360
CubeSmart		700			22,169
CyrusOne, Inc.		1,200			73,020
Douglas Emmett, Inc.		1,600			66,400
Duke Realty Corp.		3,600			130,716
Empire State Realty Trust, Inc., Class A		5,100			69,156
EPR Properties		300			21,411
Equinix, Inc.		816			481,220
Equity LifeStyle Properties, Inc.		1,700			123,675
Equity Residential		3,600			299,088
Essex Property Trust, Inc.		593			183,688
Extra Space Storage, Inc.		1,100			121,748
Gaming and Leisure Properties, Inc.		2,000			94,510
Healthpeak Properties, Inc.		1,900			68,381
Highwoods Properties, Inc.		400			20,044
Host Hotels & Resorts, Inc.		6,948			113,530
Hudson Pacific Properties, Inc.		500			18,170
Invitation Homes, Inc.		5,000			157,350
Iron Mountain, Inc.		2,800			88,508
Lamar Advertising Co., Class A		800			74,248
Life Storage, Inc.		200			22,636
Mid-America Apartment Communities, Inc.		1,200			164,652
Omega Healthcare Investors, Inc.		900			37,755
Outfront Media, Inc.		20,800			618,592
Paramount Group, Inc.		700			9,842
Park Hotels & Resorts, Inc.		2,300			50,462
Prologis, Inc.		6,200			575,856
Public Storage		1,500			335,640
Rayonier, Inc.		1,500			45,570
Regency Centers Corp.		700			43,428
Retail Properties of America, Inc., Class A		2,600			31,590
SBA Communications Corp.		1,100			274,516
Service Properties Trust		1,600			34,528
Simon Property Group, Inc.		3,000			399,450
SITE Centers Corp.		800			10,168
Sun Communities, Inc.		900			145,953
UDR, Inc.		2,900			138,939
Ventas, Inc.		3,700			214,082
VEREIT, Inc.		10,300			100,528
Vornado Realty Trust		1,700			111,809
Weingarten Realty Investors		1,200			34,920
Welltower, Inc.		4,100			348,131
Weyerhaeuser Co.		7,500			217,125
WP Carey, Inc.		1,600			134,592
					8,982,513
Food & Staples Retailing 2.3%
Costco Wholesale Corp.		5,900			1,802,568
Kroger Co.		17,000			456,620
Sprouts Farmers Market, Inc. (a)		81,300			1,270,719
Sysco Corp.		7,600			624,264
U.S. Foods Holding Corp. (a)		37,800			1,518,426
Walmart, Inc.		8,500			973,165
					6,645,762
Food Products 1.6%
Bunge, Ltd.		26,900			1,410,367
Pilgrim's Pride Corp. (a)		46,000			1,198,300
Seaboard Corp.		98			377,850
Tyson Foods, Inc., Class A		18,800			1,553,444
					4,539,961
Health Care Equipment & Supplies 1.8%
DENTSPLY SIRONA, Inc.		7,600			425,600
Edwards Lifesciences Corp. (a)		500			109,930
Hill-Rom Holdings, Inc.		13,400			1,426,966
Hologic, Inc. (a)		13,700			733,224
Medtronic PLC		700			80,808
STERIS PLC		5,900			889,071
Varian Medical Systems, Inc. (a)		10,050			1,412,728
West Pharmaceutical Services, Inc.		300			46,785
					5,125,112
Health Care Providers & Services 3.4%
AmerisourceBergen Corp.		17,900			1,531,524
Anthem, Inc.		7,373			1,955,909
Cardinal Health, Inc.		7,400			378,954
Cigna Corp. (a)		10,700			2,058,466
HCA Healthcare, Inc.		1,300			180,440
Humana, Inc.		5,311			1,785,771
McKesson Corp.		12,006			1,712,176
					9,603,240
Hotels, Restaurants & Leisure 3.5%
Aramark		34,700			1,531,658
Extended Stay America, Inc.		101,600			1,312,672
Hilton Grand Vacations, Inc. (a)		31,900			1,017,929
McDonald's Corp.		5,900			1,262,423
MGM Resorts International		48,600			1,509,516
Norwegian Cruise Line Holdings, Ltd. (a)		27,300			1,470,105
Starbucks Corp.		17,900			1,518,457
Yum China Holdings, Inc.		5,000			215,350
					9,838,110
Household Durables 0.9%
NVR, Inc. (a)		261			996,229
PulteGroup, Inc.		20,600			919,790
Toll Brothers, Inc.		16,700			740,812
					2,656,831
Household Products 1.6%
Procter & Gamble Co.		35,259			4,393,976
Spectrum Brands Holdings, Inc.		1,090			66,937
					4,460,913
Independent Power & Renewable Electricity Producers 1.0%
AES Corp.		73,200			1,453,752
Vistra Energy Corp.		67,700			1,524,604
					2,978,356
Industrial Conglomerates 0.2%
3M Co.		500			79,330
Carlisle Cos., Inc.		500			78,115
Honeywell International, Inc.		2,700			467,694
					625,139
Insurance 4.4%
American International Group, Inc.		36,800			1,849,568
American National Insurance Co.		4,700			517,752
Athene Holding, Ltd., Class A (a)		32,300			1,406,988
Brighthouse Financial, Inc. (a)		37,600			1,462,640
First American Financial Corp.		15,400			954,492
Kemper Corp.		9,800			729,316
Lincoln National Corp.		6,800			370,464
Mercury General Corp.		17,300			849,257
MetLife, Inc.		35,800			1,779,618
Prudential Financial, Inc.		13,602			1,238,598
Unum Group		51,000			1,361,190
					12,519,883
Interactive Media & Services 1.9%
Alphabet, Inc., Class A (a)(b)		2,988			4,281,147
TripAdvisor, Inc.		40,300			1,100,996
					5,382,143
Internet & Direct Marketing Retail 1.4%
Booking Holdings, Inc. (a)		1,060			1,940,383
eBay, Inc.		47,100			1,580,676
Qurate Retail, Inc., Series A (a)		44,500			379,585
					3,900,644
IT Services 4.6%
Accenture PLC, Class A		6,216			1,275,585
Akamai Technologies, Inc. (a)		5,400			504,090
Alliance Data Systems Corp.		6,400			657,856
Amdocs, Ltd.		1,300			93,535
Automatic Data Processing, Inc.		3,000			514,170
Booz Allen Hamilton Holding Corp.		14,000			1,092,560
CACI International, Inc., Class A (a)		4,733			1,265,794
DXC Technology Co.		14,900			475,012
Euronet Worldwide, Inc. (a)		3,964			624,885
Fiserv, Inc. (a)		2,100			249,081
Genpact, Ltd.		2,800			123,956
Global Payments, Inc.		1,800			351,810
GoDaddy, Inc., Class A (a)		5,800			389,818
International Business Machines Corp.		13			1,868
Leidos Holdings, Inc.		12,900			1,296,063
Mastercard, Inc., Class A		8,766			2,769,530
PayPal Holdings, Inc. (a)		11,400			1,298,346
					12,983,959
Life Sciences Tools & Services 2.4%
Avantor, Inc. (a)		34,100			629,827
Bio-Rad Laboratories, Inc., Class A (a)		100			36,092
Bruker Corp.		29,200			1,444,524
Charles River Laboratories International, Inc. (a)		9,800			1,514,884
IQVIA Holdings, Inc. (a)		8,700			1,350,675
PRA Health Sciences, Inc. (a)		14,400			1,458,864
Thermo Fisher Scientific, Inc.		809			253,371
					6,688,237
Machinery 0.7%
AGCO Corp.		4,800			336,672
Allison Transmission Holdings, Inc.		1,300			57,460
Crane Co.		700			59,822
Cummins, Inc.		726			116,138
Ingersoll-Rand PLC		2,300			306,429
Oshkosh Corp.		2,100			180,684
Parker-Hannifin Corp.		500			97,845
Timken Co.		13,700			719,661
Woodward, Inc.		200			23,262
					1,897,973
Media 2.4%
Altice U.S.A., Inc., Class A (a)		5,600			153,216
Charter Communications, Inc., Class A (a)		4,402			2,277,859
Comcast Corp., Class A		74,620			3,222,838
Fox Corp., Class B (a)		29,700			1,079,001
					6,732,914
Metals & Mining 0.7%
Newmont Corp.		5,000			225,300
Reliance Steel & Aluminum Co.		7,900			906,920
Steel Dynamics, Inc.		27,300			815,724
					1,947,944
Multi-Utilities 0.4%
CenterPoint Energy, Inc.		36,000			953,280
Dominion Energy, Inc.		1,400			120,050
MDU Resources Group, Inc.		6,900			204,309
					1,277,639
Multiline Retail 0.7%
Dollar General Corp.		300			46,023
Target Corp.		16,600			1,838,284
					1,884,307
Oil, Gas & Consumable Fuels 3.6%
Chevron Corp.		30,759			3,295,519
ConocoPhillips		31,800			1,889,874
Devon Energy Corp.		12,400			269,328
Exxon Mobil Corp.		20,345			1,263,832
HollyFrontier Corp.		31,600			1,419,472
Kinder Morgan, Inc.		21,200			442,444
PBF Energy, Inc., Class A		2,840			77,532
Phillips 66		3,700			338,069
Valero Energy Corp.		12,959			1,092,573
					10,088,643
Paper & Forest Products 0.3%
Domtar Corp.		23,399			814,753
Personal Products 0.1%
Nu Skin Enterprises, Inc., Class A		11,366			370,418
Pharmaceuticals 3.2%
Bristol-Myers Squibb Co.		5,200			327,340
Horizon Therapeutics PLC (a)		13,200			455,268
Johnson & Johnson		21,692			3,229,288
Merck & Co., Inc.		15,100			1,290,144
Mylan N.V. (a)		75,700			1,621,494
Perrigo Co. PLC		28,900			1,648,456
Pfizer, Inc.		17,211			640,938
					9,212,928
Professional Services 0.4%
IHS Markit, Ltd. (a)		800			63,088
ManpowerGroup, Inc.		9,398			859,823
Robert Half International, Inc.		1,600			93,072
TransUnion		1,800			165,060
					1,181,043
Real Estate Management & Development 0.1%
CBRE Group, Inc., Class A (a)		3,300			201,465
Jones Lang LaSalle, Inc.		500			84,910
					286,375
Road & Rail 0.8%
CSX Corp.		4,400			335,896
Schneider National, Inc., Class B		37,600			837,352
Union Pacific Corp.		6,900			1,237,998
					2,411,246
Semiconductors & Semiconductor Equipment 5.9%
Applied Materials, Inc.		27,800			1,612,122
Broadcom, Inc.		7,500			2,288,700
Entegris, Inc.		20,400			1,055,904
Intel Corp.		23,632			1,510,794
KLA Corp.		3,200			530,368
Lam Research Corp.		5,300			1,580,513
MKS Instruments, Inc.		11,100			1,163,502
NVIDIA Corp.		5,700			1,347,651
Qorvo, Inc. (a)		11,400			1,206,804
QUALCOMM, Inc.		24,200			2,064,502
Skyworks Solutions, Inc.		1,700			192,355
Teradyne, Inc.		15,900			1,049,241
Texas Instruments, Inc.		9,100			1,097,915
					16,700,371
Software 8.9%
Adobe, Inc. (a)		5,010			1,759,212
Autodesk, Inc. (a)		2,000			393,700
Cadence Design Systems, Inc. (a)		18,200			1,312,402
CDK Global, Inc.		9,300			499,224
Citrix Systems, Inc.		1,300			157,586
Dropbox, Inc., Class A (a)		65,200			1,109,704
Fair Isaac Corp. (a)		469			188,716
Fortinet, Inc. (a)		11,700			1,349,712
Intuit, Inc.		2,563			718,614
Microsoft Corp.		80,808			13,755,946
NortonLifeLock, Inc.		23,950			680,659
Palo Alto Networks, Inc. (a)		400			93,912
salesforce.com, Inc. (a)		8,200			1,494,942
ServiceNow, Inc. (a)		718			242,849
SS&C Technologies Holdings, Inc.		21,200			1,335,812
Synopsys, Inc. (a)		1,400			206,514
					25,299,504
Specialty Retail 2.8%
AutoNation, Inc. (a)		19,100			810,604
AutoZone, Inc. (a)		1,082			1,144,713
Best Buy Co., Inc.		18,600			1,575,234
Home Depot, Inc.		11,529			2,629,765
Lowe's Cos., Inc.		3,000			348,720
O'Reilly Automotive, Inc. (a)		3,404			1,382,364
					7,891,400
Technology Hardware, Storage & Peripherals 0.5%
Dell Technologies, Inc., Class C (a)		22,944			1,118,979
Xerox Holdings Corp. (a)		8,900			316,573
					1,435,552
Textiles, Apparel & Luxury Goods 0.9%
NIKE, Inc., Class B		12,500			1,203,750
Skechers U.S.A., Inc., Class A (a)		35,400			1,323,606
					2,527,356
Trading Companies & Distributors 0.1%
HD Supply Holdings, Inc. (a)		1,900			77,406
WESCO International, Inc. (a)		4,100			198,481
					275,887
Wireless Telecommunication Services 0.5%
Telephone & Data Systems, Inc.		57,500			1,304,100
Total Common Stocks (Cost $228,811,952)					269,831,698
		Number of Rights
Rights 0.0%‡
Pharmaceuticals 0.0% ‡
Bristol-Myers Squibb Co. (a)		11,100			38,628
Total Rights (Cost $23,643)					38,628
		Shares
Short-Term Investment 1.9%
Affiliated Investment Company 1.9%
MainStay U.S. Government Liquidity Fund, 1.40% (c)		5,496,800			5,496,800
Total Short-Term Investment (Cost $5,496,800)					5,496,800
Total Investments, Before Investments Sold Short (Cost $234,332,395)		97.1	%		275,367,126
Exchange-Traded Fund Sold Short (0.2%)
Exchange-Traded Fund (0.2%)
SPDR S&P 500 ETF Trust		(2,106	)		(677,564	)
Total Investment Sold Short (Proceeds $685,241)					(677,564	)
Total Investments, Net of Investments Sold Short (Cost $233,647,154)		96.9			274,689,562
Other Assets, Less Liabilities		3.1			8,900,938
Net Assets		100.0	%	$	283,590,500

†	Percentages indicated are based on Fund net assets.
‡	Less than one-tenth of a percent.
(a)	Non-income producing security.
(b)	Security, or a portion thereof, was maintained in a segregated account at the Fund's custodian as collateral for securities sold short.
(c)	Current yield as of January 31, 2020.

Swap Contracts

Open OTC total return equity swap contracts as of January 31, 2020 were as follows¹:

Swap Counterparty	Reference Obligation	Floating Rate 2	Termination Date(s)	Payment Frequency Paid/Received	Notional Amount Long/ (Short) (000)			Unrealized Appreciation
Citigroup	1-800-Flowers.Com, Inc., Class A	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly	$	42		$	4,815
Citigroup	22nd Century Group, Inc.	1 month LIBOR BBA minus 7.25%	8/19/2020	Monthly		(99	)		51,324
Citigroup	Accelerate Diagnostics, Inc.	1 month LIBOR BBA minus 20.20%	8/19/2020	Monthly		(249	)		28,467
Citigroup	Alphabet, Inc., Class C	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		4,545			1,091,632
Citigroup	Altair Engineering, Inc., Class A	1 month LIBOR BBA minus 0.45%	8/19/2020	Monthly		(218	)		31
Citigroup	Amazon.com, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		7,092			885,487
Citigroup	AMC Entertainment Holdings, Inc., Class A	1 month LIBOR BBA minus 40.75%	8/19/2020	Monthly		(304	)		87,904
Citigroup	Amyris, Inc.	1 month LIBOR BBA minus 10.75%	8/19/2020	Monthly		(192	)		24,982
Citigroup	Antero Midstream Corp.	1 month LIBOR BBA minus 21.40%	8/19/2020	Monthly		(269	)		89,275
Citigroup	Antero Resources Corp.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(263	)		67,109
Citigroup	Apple, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		9,717			4,859,872
Citigroup	Asbury Automotive Group, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		783			7,304
Citigroup	At Home Group, Inc.	1 month LIBOR BBA minus 0.40%	8/19/2020	Monthly		(676	)		213,948
Citigroup	Atkore International Group, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		399			136,660
Citigroup	Avaya Holdings Corp.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		856			45,554
Citigroup	B&G Foods, Inc.	1 month LIBOR BBA minus 4.50%	8/19/2020	Monthly		(856	)		66,700
Citigroup	Beazer Homes USA, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		213			16,032
Citigroup	Benchmark Electronics, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		715			75,215
Citigroup	BMC Stock Holdings, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		838			22,847
Citigroup	California Resources Corp.	1 month LIBOR BBA minus 11.00%	8/19/2020	Monthly		(433	)		103,280
Citigroup	Cantel Medical Corp.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(153	)		16,734
Citigroup	Cara Therapeutics, Inc.	1 month LIBOR BBA minus 0.45%	8/19/2020	Monthly		(52	)		5,745
Citigroup	Central Garden & Pet Co., Class A	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		287			51,175
Citigroup	Cheniere Energy, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(784	)		49,619
Citigroup	Codexis, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(674	)		28,377
Citigroup	Cognex Corp.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(795	)		148
Citigroup	Coherent, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(857	)		136,021
Citigroup	Compass Minerals International, Inc.	1 month LIBOR BBA minus 0.50%	8/19/2020	Monthly		(867	)		22,382
Citigroup	Conn's, Inc.	1 month LIBOR BBA minus 0.50%	8/19/2020	Monthly		(613	)		270,744
Citigroup	Cree, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(284	)		14,225
Citigroup	Customers BanCorp, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		195			17,030
Citigroup	Diamond Offshore Drilling, Inc.	1 month LIBOR BBA minus 1.10%	8/19/2020	Monthly		(203	)		16,928
Citigroup	Diamondback Energy, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(145	)		26,444
Citigroup	Diebold Nixdorf, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		198			103,053
Citigroup	Digimarc Corp.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(73	)		13,717
Citigroup	DMC Global, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(440	)		30,320
Citigroup	Dorman Products, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(874	)		78,258
Citigroup	Dril-Quip, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(875	)		122,484
Citigroup	Duluth Holdings, Inc., Class B	1 month LIBOR BBA minus 2.50%	8/19/2020	Monthly		(278	)		77,666
Citigroup	Elastic NV	1 month LIBOR BBA minus 0.45%	8/19/2020	Monthly		(451	)		29,825
Citigroup	Equitrans Midstream Corp.	1 month LIBOR BBA minus 0.45%	8/19/2020	Monthly		(177	)		46,160
Citigroup	Erie Indemnity Co., Class A	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(910	)		27,506
Citigroup	Evo Payments, Inc., Class A	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(515	)		21,772
Citigroup	Evolus, Inc.	1 month LIBOR BBA minus 4.00%	8/19/2020	Monthly		(859	)		194,951
Citigroup	Extraction Oil & Gas, Inc.	1 month LIBOR BBA minus 4.00%	8/19/2020	Monthly		(270	)		115,664
Citigroup	Facebook, Inc., Class A	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		4,702			208
Citigroup	FARO Technologies, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(436	)		6,982
Citigroup	First Solar, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(814	)		65,409
Citigroup	Fitbit, Inc., Class A	1 month LIBOR BBA minus 0.45%	8/19/2020	Monthly		(447	)		8,460
Citigroup	Five Below, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(891	)		87,126
Citigroup	ForeScout Technologies, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(418	)		39,135
Citigroup	GameStop Corp. Class A	1 month LIBOR BBA minus 18.70%	8/19/2020	Monthly		(413	)		97,486
Citigroup	General Electric Co.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		117			22,968
Citigroup	Gogo, Inc.	1 month LIBOR BBA minus 2.60%	8/19/2020	Monthly		(402	)		6,101
Citigroup	Golar LNG Ltd.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(256	)		64,277
Citigroup	GoPro, Inc., Class A	1 month LIBOR BBA minus 0.75%	8/19/2020	Monthly		(262	)		23,701
Citigroup	Grand Canyon Education, Inc.	1 month LIBOR BBA minus 0.45%	8/19/2020	Monthly		(877	)		164,768
Citigroup	Great Lakes Dredge & Dock Corp.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		484			10,976
Citigroup	Group 1 Automotive, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		759			117,266
Citigroup	GrubHub, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(532	)		61,206
Citigroup	Hanesbrands, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(153	)		20,652
Citigroup	Harley-Davidson, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(856	)		30,895
Citigroup	HP, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		1,382			113,889
Citigroup	Innoviva, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		376			38,023
Citigroup	Insight Enterprises, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		22			4,087
Citigroup	Installed Building Products, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		671			17,841
Citigroup	Integer Holdings Corp.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		776			116,781
Citigroup	Interactive Brokers Group, Inc., Class A	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(879	)		19,354
Citigroup	International Flavors & Fragrances, Inc.	1 month LIBOR BBA minus 0.90%	8/19/2020	Monthly		(771	)		10,534
Citigroup	Investors Bancorp, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		188			4,517
Citigroup	IPG Photonics Corp.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(869	)		65,232
Citigroup	iRobot Corp.	1 month LIBOR BBA minus 3.34%	8/19/2020	Monthly		(412	)		7,252
Citigroup	JPMorgan Chase & Co.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		4,662			810,608
Citigroup	KB Home	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		315			26,061
Citigroup	Lumber Liquidators Holdings, Inc.	1 month LIBOR BBA minus 2.05%	8/19/2020	Monthly		(412	)		56,223
Citigroup	M/I Homes, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		293			43,855
Citigroup	Magellan Health, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		834			7,862
Citigroup	MBIA, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(899	)		49,947
Citigroup	Medallia, Inc.	1 month LIBOR BBA minus 2.20%	8/19/2020	Monthly		(409	)		11,213
Citigroup	MicroStrategy, Inc., Class A	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		788			17,804
Citigroup	Murphy USA, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		727			38,955
Citigroup	NetScout Systems, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		220			13,918
Citigroup	New Age Beverages Corp.	1 month LIBOR BBA minus 15.40%	8/19/2020	Monthly		(529	)		214,567
Citigroup	Noble Corp. PLC	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(270	)		157,037
Citigroup	Noble Energy, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(421	)		37,158
Citigroup	Northwest Bancshares, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(539	)		13,898
Citigroup	NuVasive, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		426			90,756
Citigroup	Okta, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(917	)		8,055
Citigroup	Ollie's Bargain Outlet Holdings, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(714	)		109,820
Citigroup	Omnicell, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		119			11,232
Citigroup	PagerDuty, Inc.	1 month LIBOR BBA minus 0.45%	8/19/2020	Monthly		(443	)		25,483
Citigroup	Party City Holdco, Inc.	1 month LIBOR BBA minus 1.70%	8/19/2020	Monthly		(760	)		270,925
Citigroup	Paysign, Inc.	1 month LIBOR BBA minus 17.50%	8/19/2020	Monthly		(454	)		42,742
Citigroup	Performance Food Group Co.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		636			83,129
Citigroup	Progress Software Corp.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		822			89,238
Citigroup	Quaker Chemical Corp.	1 month LIBOR BBA minus 0.45%	8/19/2020	Monthly		(356	)		8,252
Citigroup	Range Resources Corp.	1 month LIBOR BBA minus 1.00%	8/19/2020	Monthly		(42	)		11,652
Citigroup	Rent-A-Center, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		507			109,746
Citigroup	Royal Gold, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(415	)		11,289
Citigroup	Sanmina Corp.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		746			8,190
Citigroup	Select Medical Holdings Corp.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		480			33,370
Citigroup	ShotSpotter, Inc.	1 month LIBOR BBA minus 0.45%	8/19/2020	Monthly		(238	)		54,175
Citigroup	Sinclair Broadcast Group, Inc., Class A	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(867	)		59,668
Citigroup	Smart Global Holdings, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		625			37,960
Citigroup	Solaris Oilfield Infrastructure, Class A	1 month LIBOR BBA minus 0.45%	8/19/2020	Monthly		(707	)		30,219
Citigroup	Sonic Automotive, Inc., Class A	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		668			77,870
Citigroup	Sprint Corp.	1 month LIBOR BBA minus 0.45%	8/19/2020	Monthly		(215	)		22,785
Citigroup	SPS Commerce, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		742			47,382
Citigroup	Stratasys Ltd.	1 month LIBOR BBA minus 0.45%	8/19/2020	Monthly		(788	)		63,143
Citigroup	Tailored Brands, Inc.	1 month LIBOR BBA minus 10.40%	8/19/2020	Monthly		(508	)		94,691
Citigroup	Targa Resources Corp.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(708	)		53,177
Citigroup	Tellurian, Inc.	1 month LIBOR BBA minus 9.80%	8/19/2020	Monthly		(328	)		9,999
Citigroup	Tenet Healthcare Corp.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		709			14,898
Citigroup	The Chefs' Warehouse, Inc.	1 month LIBOR BBA minus 0.45%	8/19/2020	Monthly		(350	)		19,024
Citigroup	The Chemours, Co.	1 month LIBOR BBA minus 0.45%	8/19/2020	Monthly		(172	)		38,657
Citigroup	The Children's Place, Inc.	1 month LIBOR BBA minus 0.75%	8/19/2020	Monthly		(78	)		6,823
Citigroup	The Lovesac Co.	1 month LIBOR BBA minus 0.75%	8/19/2020	Monthly		(213	)		90,083
Citigroup	The RealReal Inc	1 month LIBOR BBA minus 3.80%	8/19/2020	Monthly		(410	)		63,320
Citigroup	The RMR Group, Inc., Class A	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		23			571
Citigroup	TopBuild Corp	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		283			15,013
Citigroup	Trinity Industries, Inc.	1 month LIBOR BBA minus 0.45%	8/19/2020	Monthly		(206	)		3,028
Citigroup	Under Armour, Inc. Class A	1 month LIBOR BBA minus 0.45%	8/19/2020	Monthly		(87	)		4,215
Citigroup	United States Steel Corp.	1 month LIBOR BBA minus 0.70%	8/19/2020	Monthly		(332	)		49,932
Citigroup	UnitedHealth Group, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		3,331			546,304
Citigroup	Universal Corp.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		822			14,442
Citigroup	Upland Software, Inc.	1 month LIBOR BBA minus 0.45%	8/19/2020	Monthly		(75	)		4,437
Citigroup	Upwork, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(564	)		163,508
Citigroup	Urban Outfitters, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(85	)		3,513
Citigroup	ViewRay, Inc.	1 month LIBOR BBA minus 0.70%	8/19/2020	Monthly		(261	)		56,964
Citigroup	Virtu Financial, Inc., Class A	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(994	)		84,957
Citigroup	Visa, Inc., Class A	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		3,022			332,869
Citigroup	Vocera Communications, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(473	)		3,800
Citigroup	WaVe Life Sciences Ltd.	1 month LIBOR BBA minus 1.75%	8/19/2020	Monthly		(738	)		541,682
Citigroup	WD-40 Co.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(481	)		16,019
Citigroup	Whiting Petroleum Corp.	1 month LIBOR BBA minus 0.50%	8/19/2020	Monthly		(157	)		67,540
Citigroup	World Fuel Services Corp.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		466			3,025
Citigroup	World Wrestling Entertainment, Inc., Class A	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(848	)		178,997
Citigroup	Yext, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(617	)		2,816
								$	15,911,003

Swap Counterparty	Reference Obligation	Floating Rate 2	Termination Date(s)	Payment Frequency Paid/Received	Notional Amount Long/ (Short) (000)			Unrealized Depreciation
Citigroup	2U, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(368	)		(16,554	)
Citigroup	Acadia Healthcare Co, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(762	)		(82,619	)
Citigroup	Adaptive Biotechnologies Corp.	1 month LIBOR BBA minus 0.45%	8/19/2020	Monthly		(430	)		(12,139	)
Citigroup	Albemarle Corp.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(726	)		(140,850	)
Citigroup	Alteryx, Inc., Class A	1 month LIBOR BBA minus 0.45%	8/19/2020	Monthly		(424	)		(133,638	)
Citigroup	Ambac Financial Group, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(655	)		(26,475	)
Citigroup	Amneal Pharmaceuticals, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		875			(64,141	)
Citigroup	Apache Corp.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(260	)		(17,113	)
Citigroup	Applied Optoelectronics, Inc.	1 month LIBOR BBA minus 2.05%	8/19/2020	Monthly		(343	)		(43,913	)
Citigroup	Atlas Air Worldwide Holdings, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(124	)		(5,426	)
Citigroup	Axonics Modulation Technologies, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(353	)		(93,951	)
Citigroup	Bandwidth, Inc., Class A	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(87	)		(5,098	)
Citigroup	Beyond Meat, Inc.	1 month LIBOR BBA minus 4.60%	8/19/2020	Monthly		(270	)		(117,134	)
Citigroup	Boise Cascade Co.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		528			(28,919	)
Citigroup	Builders FirstSource, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		707			(5,876	)
Citigroup	Cardlytics, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(93	)		(133,473	)
Citigroup	Carvana Co.	1 month LIBOR BBA minus 0.50%	8/19/2020	Monthly		(370	)		(18,554	)
Citigroup	Ceridian HCM Holding, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(511	)		(111,619	)
Citigroup	Coca-Cola Consolidated, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		947			(78,008	)
Citigroup	Cohu, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(299	)		(2,543	)
Citigroup	Colfax Corp.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(65	)		(12,209	)
Citigroup	CommVault Systems, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		510			(1,243	)
Citigroup	CONMED Corp.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		821			(38,700	)
Citigroup	Cornerstone OnDemand, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		706			(493	)
Citigroup	Coupa Software, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(330	)		(72,299	)
Citigroup	CryoPort, Inc.	1 month LIBOR BBA minus 0.65%	8/19/2020	Monthly		(359	)		(81,233	)
Citigroup	Cutera, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		391			(89,557	)
Citigroup	Darling Ingredients, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		336			(21,869	)
Citigroup	Delek US Holdings, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		575			(111,506	)
Citigroup	Dorian LPG Ltd.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		316			(38,102	)
Citigroup	Ebix, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		95			(15,762	)
Citigroup	Element Solutions, Inc.	1 month LIBOR BBA minus 0.45%	8/19/2020	Monthly		(502	)		(10,103	)
Citigroup	Energizer Holdings, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(691	)		(85,754	)
Citigroup	Etsy, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(387	)		(76,556	)
Citigroup	Everbridge, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(765	)		(123,472	)
Citigroup	Everi Holdings, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		521			(22,565	)
Citigroup	Evolent Health, Inc., Class A	1 month LIBOR BBA minus 0.45%	8/19/2020	Monthly		(411	)		(24,477	)
Citigroup	Flagstar BanCorp, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		695			(39,593	)
Citigroup	Floor & Decor Holdings, Inc., Class A	1 month LIBOR BBA minus 0.45%	8/19/2020	Monthly		(357	)		(7,970	)
Citigroup	Fox Factory Holding Corp.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(818	)		(11,122	)
Citigroup	Glacier BanCorp, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(32	)		(1,867	)
Citigroup	Goosehead Insurance, Inc. Class A	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(427	)		(84,617	)
Citigroup	Grocery Outlet Holding Corp.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(873	)		(23,774	)
Citigroup	GTT Communications, Inc.	1 month LIBOR BBA minus 79.20%	8/19/2020	Monthly		(287	)		(168,085	)
Citigroup	Guardant Health, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(417	)		(811	)
Citigroup	HealthEquity, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(727	)		(72,342	)
Citigroup	Herman Miller, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		220			(31,023	)
Citigroup	HMS Holdings Corp.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		375			(52,580	)
Citigroup	Huntsman Corp.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		918			(100,040	)
Citigroup	Impinj, Inc.	1 month LIBOR BBA minus 0.45%	8/19/2020	Monthly		(456	)		(42,349	)
Citigroup	Infinera Corp.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(374	)		(26,444	)
Citigroup	Inseego Corp.	1 month LIBOR BBA minus 28.40%	8/19/2020	Monthly		(285	)		(104,183	)
Citigroup	iRhythm Technologies, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(439	)		(74,646	)
Citigroup	John B Sanfilippo & Son, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		436			(48,513	)
Citigroup	Lantheus Holdings, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		1,054			(245,153	)
Citigroup	LendingTree, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(854	)		(16,929	)
Citigroup	Lithia Motors, Inc., Class A	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		848			(61,705	)
Citigroup	Lyft, Inc. Class A	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(457	)		(7,871	)
Citigroup	Match Group, Inc.	1 month LIBOR BBA minus 6.80%	8/19/2020	Monthly		(116	)		(1,887	)
Citigroup	Mattel, Inc.	1 month LIBOR BBA minus 0.60%	8/19/2020	Monthly		(355	)		(102,666	)
Citigroup	MongoDB, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(393	)		(115,079	)
Citigroup	Motorcar Parts of America, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(141	)		(12,942	)
Citigroup	Natus Medical, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		830			(7,481	)
Citigroup	Navient Corp.	1 month LIBOR BBA minus 0.50%	8/19/2020	Monthly		(135	)		(5,426	)
Citigroup	nLight, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(334	)		(43,988	)
Citigroup	Novagold Resources, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(398	)		(70,862	)
Citigroup	Office Depot, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		418			(15,850	)
Citigroup	Oracle Corp.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		1,488			(77,355	)
Citigroup	Overstock.com, Inc.	1 month LIBOR BBA minus 10.80%	8/19/2020	Monthly		(411	)		(46,073	)
Citigroup	Pan American Silver Temp	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		—			(12,802	)
Citigroup	Par Pacific Holdings, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		147			(12,140	)
Citigroup	PAR Technology Corp.	1 month LIBOR BBA minus 1.60%	8/19/2020	Monthly		(389	)		(91,099	)
Citigroup	Penumbra, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(817	)		(130,399	)
Citigroup	PetIQ, Inc.	1 month LIBOR BBA minus 0.60%	8/19/2020	Monthly		(398	)		(89,751	)
Citigroup	PetMed Express, Inc.	1 month LIBOR BBA minus 1.55%	8/19/2020	Monthly		(337	)		(124,237	)
Citigroup	Planet Fitness, Inc., Class A	1 month LIBOR BBA minus 0.50%	8/19/2020	Monthly		(81	)		(7,554	)
Citigroup	Pluralsight, Inc., Class A	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(435	)		(41,970	)
Citigroup	Premier, Inc., Class A	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(277	)		(21,575	)
Citigroup	ProPetro Holding Corp.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		805			(51,237	)
Citigroup	Pulse Biosciences, Inc.	1 month LIBOR BBA minus 3.05%	8/19/2020	Monthly		(72	)		(7,975	)
Citigroup	Renewable Energy Group, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(94	)		(66,117	)
Citigroup	RR Donnelley & Sons Co.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		38			(18,553	)
Citigroup	Shake Shack, Inc., Class A	1 month LIBOR BBA minus 0.45%	8/19/2020	Monthly		(814	)		(82,415	)
Citigroup	Shockwave Medical, Inc.	1 month LIBOR BBA minus 0.45%	8/19/2020	Monthly		(167	)		(10,496	)
Citigroup	Silk Road Medical, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(109	)		(30,915	)
Citigroup	Smartsheet, Inc. Class A	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(424	)		(41,563	)
Citigroup	Spectrum Brands Holdings, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(56	)		(11,220	)
Citigroup	Steelcase, Inc. Class A	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		51			(2,262	)
Citigroup	Stitch Fix, Inc., Class A	1 month LIBOR BBA minus 5.20%	8/19/2020	Monthly		(85	)		(8,561	)
Citigroup	Tabula Rasa HealthCare, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(419	)		(109,094	)
Citigroup	Talos Energy, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		529			(154,249	)
Citigroup	The GEO Group, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		213			(1,827	)
Citigroup	The Hain Celestial Group, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(529	)		(90,135	)
Citigroup	The New York Times Co., Class A	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(460	)		(21,723	)
Citigroup	The Trade Desk, Inc., Class A	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(367	)		(63,361	)
Citigroup	TiVo Corp.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		78			(6,875	)
Citigroup	Triumph BanCorp, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(841	)		(51,064	)
Citigroup	Trupanion, Inc.	1 month LIBOR BBA minus 3.25%	8/19/2020	Monthly		(286	)		(125,632	)
Citigroup	Twilio, Inc., Class A	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(801	)		(193,498	)
Citigroup	UBIQUITI, Inc.	1 month LIBOR BBA minus 0.45%	8/19/2020	Monthly		(163	)		(65,371	)
Citigroup	Vector Group, Ltd.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		867			(8,467	)
Citigroup	W&T Offshore, Inc.	1 month LIBOR BBA plus 0.35%	8/19/2020	Monthly		688			(178,912	)
Citigroup	Wayfair, Inc., Class A	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(368	)		(53,480	)
Citigroup	Westamerica Bancorporation	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(56	)		(983	)
Citigroup	ZAGG, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(115	)		(10,099	)
Citigroup	Zillow Group, Inc., Class C	1 month LIBOR BBA minus 0.50%	8/19/2020	Monthly		(173	)		(67,479	)
Citigroup	Zscaler, Inc.	1 month LIBOR BBA minus 0.35%	8/19/2020	Monthly		(372	)		(104,212	)
								$	(5,854,471	)

1 As of January 31, 2020, cash in the amount of $10,089,949 was pledged from brokers for OTC swap contracts.

2 Fund pays the floating rate and receives the total return of the reference entity.

The following abbreviations are used in the preceding pages:

BBA	—British Bankers' Association
ETF	—Exchange-Traded Fund
LIBOR	—London Interbank Offered Rate
SPDR	—Standard & Poor's Depositary Receipt

The following is a summary of the fair valuations according to the inputs used as of January 31, 2020, for valuing the Fund's assets:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Common Stocks	$	269,831,698		$	—		$	—	$	269,831,698
Rights		38,628			—			—		38,628
Short-Term Investment
Affiliated Investment Company		5,496,800			—			—		5,496,800
Total Investments in Securities	$	275,367,126		$	—		$	—	$	275,367,126
Other Financial Instruments
Total Return Equity Swap Contracts (b)		—			15,911,003			—		15,911,003
Total Investments in Securities and Other Financial Instruments	$	275,367,126		$	15,911,003		$	—	$	291,278,129
Liability Valuation Inputs
Exchange Traded Fund Sold Short	$	(677,564	)	$	—		$	—	$	(677,564	)
Other Financial Instruments
Total Return Equity Swap Contracts (b)		—			(5,854,471	)		—		(5,854,471	)
Total Investments in Securities Sold Short and Other Financial Instruments	$	(677,564	)	$	(5,854,471	)	$	—	$	(6,532,035	)

(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.

MainStay Epoch Capital Growth Fund

Portfolio of Investments January 31, 2020 (Unaudited)

	Shares			Value
Common Stocks 96.6% †
Australia 3.1%
CSL, Ltd. (Biotechnology)		9,622		$	2,009,904
Regis Resources, Ltd. (Metals & Mining)		206,199			621,133
Saracen Mineral Holdings, Ltd. (Metals & Mining) (a)		511,461			1,352,370
					3,983,407
Canada 4.6%
Alimentation Couche-tard, Inc., Class B (Food & Staples Retailing)		40,567			1,355,810
Canadian National Railway Co. (Road & Rail)		14,596			1,363,977
Constellation Software, Inc. (Software)		1,441			1,514,661
Dollarama, Inc. (Multiline Retail)		25,769			877,984
Kirkland Lake Gold, Ltd. (Metals & Mining)		20,454			838,778
					5,951,210
China 3.0%
Autohome, Inc., ADR (Interactive Media & Services) (a)		10,877			831,873
BOC Hong Kong Holdings, Ltd. (Banks)		272,500			910,485
Foshan Haitian Flavouring & Food Co., Ltd., Class A (Food Products)		40,679			629,321
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A (Beverages)		42,500			657,186
Yum China Holdings, Inc. (Hotels, Restaurants & Leisure)		20,671			890,300
					3,919,165
Denmark 3.3%
Coloplast A/S, Class B (Health Care Equipment & Supplies)		10,242			1,293,569
Genmab A/S (Biotechnology) (a)		4,757			1,099,605
Novo Nordisk A/S, Class B (Pharmaceuticals)		20,981			1,284,475
Novozymes A/S, Class B (Chemicals)		12,226			638,527
					4,316,176
France 2.1%
Edenred (Commercial Services & Supplies)		11,823			639,749
LVMH Moet Hennessy Louis Vuitton S.E. (Textiles, Apparel & Luxury Goods)		2,913			1,277,080
Sartorius Stedim Biotech (Life Sciences Tools & Services)		4,245			763,153
					2,679,982
Hong Kong 2.1%
AIA Group, Ltd. (Insurance)		31,800			318,344
Hong Kong Exchanges & Clearing, Ltd. (Capital Markets)		32,600			1,086,303
WH Group, Ltd. (Food Products) (b)		1,307,500			1,255,884
					2,660,531
Indonesia 0.3%
PT Bank Central Asia Tbk (Banks)		173,000			410,487
Ireland 1.4%
Accenture PLC, Class A (IT Services)		8,832			1,812,415
Italy 2.3%
DiaSorin S.p.A. (Health Care Equipment & Supplies)		8,429			1,037,648
FinecoBank Banca Fineco S.p.A (Banks)		83,070			974,261
Recordati S.p.A. (Pharmaceuticals)		22,499			963,915
					2,975,824
Japan 5.4%
Digital Arts, Inc. (Software) (c)		10,500			496,147
Japan Airlines Co., Ltd. (Airlines)		37,100			1,059,706
Koito Manufacturing Co., Ltd. (Auto Components)		8,800			391,048
NEXON Co., Ltd. (Entertainment) (a)		183,500			2,514,859
Unicharm Corp. (Household Products)		53,900			1,876,340
Zenkoku Hosho Co., Ltd. (Diversified Financial Services)		13,300			578,741
					6,916,841
Jordan 0.7%
Hikma Pharmaceuticals PLC (Pharmaceuticals)		39,715			960,768
Malta 0.5%
Kindred Group PLC (Hotels, Restaurants & Leisure)		130,427			664,267
Mexico 1.0%
Wal-Mart de Mexico S.A.B. de C.V. (Food & Staples Retailing)		446,300			1,305,916
Netherlands 1.5%
ASML Holding N.V. (Semiconductors & Semiconductor Equipment)		6,849			1,931,253
Portugal 0.6%
Jeronimo Martins SGPS S.A. (Food & Staples Retailing)		44,472			766,705
Singapore 0.5%
Singapore Exchange, Ltd. (Capital Markets)		103,000			656,676
South Africa 0.5%
FirstRand, Ltd. (Diversified Financial Services)		161,906			623,524
Spain 2.4%
Amadeus IT Group S.A. (IT Services)		11,032			866,485
Industria de Diseno Textil S.A. (Specialty Retail)		66,816			2,250,485
					3,116,970
Sweden 2.4%
Atlas Copco A.B., Class B (Machinery)		27,132			845,506
Epiroc A.B. (Machinery)		41,311			468,170
Swedish Match A.B. (Tobacco)		32,292			1,829,463
					3,143,139
Switzerland 1.5%
Kuehne & Nagel International A.G. (Marine)		4,075			659,988
Partners Group Holding A.G. (Capital Markets)		836			767,953
Schindler Holding A.G., Registered (Machinery)		1,998			497,841
					1,925,782
Taiwan 0.8%
Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & Semiconductor Equipment)		92,000			974,544
Thailand 0.4%
Airports of Thailand PCL, NVDR (Transportation Infrastructure)		247,269			559,271
United Kingdom 3.2%
Admiral Group PLC (Insurance)		30,448			908,267
Ferguson PLC (Trading Companies & Distributors)		13,884			1,247,066
Hargreaves Lansdown PLC (Capital Markets)		42,829			975,586
Howden Joinery Group PLC (Trading Companies & Distributors)		106,702			969,955
					4,100,874
United States 53.0%
A.O. Smith Corp. (Building Products)		21,166			903,577
Adobe, Inc. (Software) (a)		2,293			805,164
Alaska Air Group, Inc. (Airlines)		29,038			1,875,564
Align Technology, Inc. (Health Care Equipment & Supplies) (a)		1,812			465,865
Alphabet, Inc., Class A (Interactive Media & Services) (a)		1,084			1,553,134
Amazon.com, Inc. (Internet & Direct Marketing Retail) (a)		495			994,316
American Express Co. (Consumer Finance)		9,886			1,283,895
Arista Networks, Inc. (Communications Equipment) (a)		3,316			740,595
Automatic Data Processing, Inc. (IT Services)		8,305			1,423,394
Boeing Co. (Aerospace & Defense)		1,735			552,198
Booking Holdings, Inc. (Internet & Direct Marketing Retail) (a)		604			1,105,652
Bruker Corp. (Life Sciences Tools & Services)		16,254			804,085
Copart, Inc. (Commercial Services & Supplies) (a)		13,419			1,361,492
Costco Wholesale Corp. (Food & Staples Retailing)		7,065			2,158,499
Dollar General Corp. (Multiline Retail)		5,531			848,511
Domino’s Pizza, Inc. (Hotels, Restaurants & Leisure)		2,866			807,496
Donaldson Co., Inc. (Machinery)		11,854			614,630
East West Bancorp, Inc. (Banks)		17,107			784,185
Electronic Arts, Inc. (Entertainment) (a)		9,436			1,018,333
Encompass Health Corp. (Health Care Providers & Services)		7,964			613,467
Estee Lauder Cos., Inc., Class A (Personal Products)		4,819			940,476
Expeditors International of Washington, Inc. (Air Freight & Logistics)		7,205			526,253
Fortinet, Inc. (Software) (a)		14,348			1,655,185
Gentex Corp. (Auto Components)		55,179			1,642,679
Home Depot, Inc. (Specialty Retail)		5,020			1,145,062
IDEXX Laboratories, Inc. (Health Care Equipment & Supplies) (a)		2,804			759,912
Illumina, Inc. (Life Sciences Tools & Services) (a)		2,959			858,317
Insperity, Inc. (Professional Services)		11,730			1,024,850
Intuit, Inc. (Software)		4,462			1,251,056
Intuitive Surgical, Inc. (Health Care Equipment & Supplies) (a)		1,131			633,111
Jack Henry & Associates, Inc. (IT Services)		3,904			583,804
Jazz Pharmaceuticals PLC (Pharmaceuticals) (a)		4,199			601,927
KLA Corp. (Semiconductors & Semiconductor Equipment)		13,031			2,159,758
Lam Research Corp. (Semiconductors & Semiconductor Equipment)		6,399			1,908,246
Liberty Media Corp-Liberty SiriusXM, Class A (Media) (a)		21,879			1,062,663
LyondellBasell Industries N.V., Class A (Chemicals)		13,326			1,037,562
Marsh & McLennan Cos., Inc. (Insurance)		7,608			851,031
Masimo Corp. (Health Care Equipment & Supplies) (a)		12,318			2,101,451
Mastercard, Inc., Class A (IT Services)		4,896			1,546,842
Mettler-Toledo International, Inc. (Life Sciences Tools & Services) (a)		1,472			1,114,569
Microsoft Corp. (Software)		15,805			2,690,485
NIKE, Inc., Class B (Textiles, Apparel & Luxury Goods)		7,577			729,665
NVIDIA Corp. (Semiconductors & Semiconductor Equipment)		6,105			1,443,405
Paychex, Inc. (IT Services)		17,850			1,530,995
Raytheon Co. (Aerospace & Defense)		4,757			1,051,012
Rollins, Inc. (Commercial Services & Supplies)		9,529			361,626
Ryman Hospitality Properties, Inc. (Equity Real Estate Investment Trusts)		15,898			1,351,807
S&P Global, Inc. (Capital Markets)		4,540			1,333,534
Southwest Airlines Co. (Airlines)		39,932			2,195,461
Starbucks Corp. (Hotels, Restaurants & Leisure)		13,760			1,167,261
TJX Cos., Inc. (Specialty Retail)		23,522			1,388,739
Union Pacific Corp. (Road & Rail)		7,189			1,289,850
UnitedHealth Group, Inc. (Health Care Providers & Services)		6,430			1,751,853
Veeva Systems, Inc., Class A (Health Care Technology) (a)		8,708			1,276,680
Visa, Inc., Class A (IT Services)		7,608			1,513,764
Western Alliance Bancorp (Banks)		15,123			835,243
Xilinx, Inc. (Semiconductors & Semiconductor Equipment)		9,576			808,980
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)		6,787			717,861
Zoetis, Inc. (Pharmaceuticals)		6,598			885,518
					68,442,545
Total Common Stocks (Cost $99,186,937)					124,798,272
Short-Term Investments 3.7%
Affiliated Investment Company 3.3%
United States 3.3%
MainStay U.S. Government Liquidity Fund, 1.40% (d)		4,360,576			4,360,576
Unaffiliated Investment Company 0.4%
United States 0.4%
State Street Navigator Securities Lending Government Money Market Portfolio, 1.62% (d)(e)		508,841			508,841
Total Short-Term Investments (Cost $4,869,417)					4,869,417
Total Investments (Cost $104,056,354)		100.3	%		129,667,689
Other Assets, Less Liabilities		(0.3	)		(443,658	)
Net Assets		100.0	%	$	129,224,031

†	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)	All or a portion of this security was held on loan. As of January 31, 2020, the aggregate market value of securities on loan was $486,228. The fund received cash collateral with a value of $ 508,841
(d)	Current yield as of January 31, 2020.
(e)	Represents security purchased with cash collateral received for securities on loan.

The following abbreviations are used in the preceding pages:

ADR	—American Depositary Receipt
NVDR	—Non-Voting Depositary Receipt
PCL	—Provision for Credit Losses

The following is a summary of the fair valuations according to the inputs used as of January 31, 2020, for valuing the Fund’s assets:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Common Stocks	$	124,798,272	$	—	$	—	$	124,798,272
Short-Term Investments
Affiliated Investment Company		4,360,576		—		—		4,360,576
Unaffiliated Investment Company		508,841		—		—		508,841
Total Short-Term Investments		4,869,417		—		—		4,869,417
Total Investments in Securities	$	129,667,689	$	—	$	—	$	129,667,689

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

MainStay Short Term Bond Fund

Portfolio of Investments January 31, 2020 (Unaudited)

	Principal Amount			Value
Long-Term Bonds 100.1% †
Asset-Backed Securities 12.8%
Other Asset-Backed Securities 12.8%
Apidos CLO XXXII Series 2019-32A, Class A1 3.228% (3 Month LIBOR + 1.32%), due 1/20/33 (a)(b)	$	1,500,000		$	1,499,998
ARES CLO, Ltd. Series 2015-38A, Class BR 3.219%, due 4/20/30 (a)		1,500,000			1,494,447
Betony CLO 2, Ltd. Series 2018-1A, Class A1 3.016% (3 Month LIBOR + 1.08%), due 4/30/31 (a)(b)		1,590,000			1,589,998
Dryden CLO, Ltd. Series 2018-57A, Class A 3.168% (3 Month LIBOR + 1.01%), due 5/15/31 (a)(b)		1,490,000			1,487,016
Galaxy XV CLO, Ltd. Series 2013-15A, Class AR 3.20% (3 Month LIBOR + 1.20%), due 10/15/30 (a)(b)		1,000,000			1,000,033
MVW Owner Trust Series 2017-1A, Class A 2.42%, due 12/20/34 (a)		85,996			86,848
Neuberger Berman CLO, Ltd.
Series 2013-14A, Class AR2 2.793%, due 1/28/30		500,000			500,000
Series 2013-14A, Class BR2 3.263%, due 1/28/30		1,000,000			1,000,000
Orange Lake Timeshare Trust Series 2018-A, Class A 3.10%, due 11/8/30 (a)		1,105,026			1,125,077
Palmer Square CLO, Ltd. (a)(b)
Series-2015-2A, Class A1R2 2.894% (3 Month LIBOR + 1.10%), due 7/20/30		500,000			500,000
Series-2015-2A, Class A2R2 2.944% (3 Month LIBOR + 1.55%), due 7/20/30		1,000,000			1,000,000
Regatta VI Funding, Ltd. Series 2016-1A, Class BR 3.416% (3 Month LIBOR + 1.08%), due 7/20/28 (a)(b)		2,000,000			2,000,384
Venture XXVI CLO, Ltd. Series 2017-26A, Class A 3.416% (3 Month LIBOR + 1.45%), due 1/20/29 (a)(b)		1,000,000			1,000,656
Total Asset-Backed Securities (Cost $14,225,628)					14,284,457
Corporate Bonds 70.9%
Advertising 0.3%
Interpublic Group of Cos., Inc. 3.50%, due 10/1/20		375,000			378,956
Auto Manufacturers 8.8%
American Honda Finance Corp. 2.40%, due 6/27/24		1,350,000			1,381,937
BMW U.S. Capital LLC 3.45%, due 4/12/23 (a)		1,400,000			1,468,381
Daimler Finance North America LLC 2.81% (3 Month LIBOR + 0.90%), due 2/15/22 (a)(b)		1,260,000			1,273,698
Ford Motor Credit Co. LLC
3.087%, due 1/9/23		550,000			554,739
4.063%, due 11/1/24		1,200,000			1,238,434
General Motors Financial Co., Inc. 3.70%, due 5/9/23		1,075,000			1,117,071
Harley-Davidson Financial Services, Inc. 2.395% (3 Month LIBOR + 0.50%), due 5/21/20 (a)(b)		1,140,000			1,141,276
Nissan Motor Acceptance Corp. 2.15%, due 7/13/20 (a)		900,000			900,740
Volkswagen Group of America Finance LLC 2.795% (3 Month LIBOR + 0.86%), due 9/24/21 (a)(b)		750,000			756,347
					9,832,623
Auto Parts & Equipment 0.7%
Aptiv Corp. 4.15%, due 3/15/24		750,000			807,025
Banks 22.4%
ABN AMRO Bank N.V. 2.65%, due 1/19/21 (a)		900,000			907,202
Bank of America Corp. 4.20%, due 8/26/24		1,025,000			1,114,964
Bank of Montreal 3.30%, due 2/5/24		1,450,000			1,529,400
BNP Paribas S.A. 4.25%, due 10/15/24		1,225,000			1,328,384
Citigroup, Inc. 3.75%, due 6/16/24		1,800,000			1,933,491
Credit Agricole S.A. 3.375%, due 1/10/22 (a)		925,000			950,085
Goldman Sachs Group, Inc. 3.625%, due 2/20/24		1,900,000			2,020,767
HSBC Holdings PLC 4.25%, due 8/18/25		1,600,000			1,738,527
JPMorgan Chase & Co. 3.875%, due 2/1/24		1,800,000			1,937,704
Mizuho Financial Group, Inc. (b)
2.737% (3 Month LIBOR + 0.85%), due 9/13/23		750,000			754,952
3.027% (3 Month LIBOR + 1.14%), due 9/13/21		1,575,000			1,597,363
Morgan Stanley 4.10%, due 5/22/23		1,200,000			1,278,519
Royal Bank of Canada 2.196% (3 Month LIBOR + 0.36%), due 1/17/23 (b)		1,300,000			1,302,167
Skandinaviska Enskilda Banken A.B. 2.45%, due 5/27/20 (a)		925,000			926,709
Sumitomo Mitsui Financial Group, Inc. 2.696%, due 7/16/24		1,350,000			1,387,121
Truist Financial Corp. 3.75%, due 12/6/23		1,750,000			1,869,504
Wells Fargo & Co. 3.45%, due 2/13/23		1,000,000			1,043,531
Westpac Banking Corp. 2.233% (3 Month LIBOR + 0.39%), due 1/13/23 (b)		1,375,000			1,377,178
					24,997,568
Beverages 0.8%
Keurig Dr. Pepper, Inc. 3.551%, due 5/25/21		850,000			869,725
Building Materials 0.4%
Fortune Brands Home & Security, Inc. 3.00%, due 6/15/20		410,000			411,361
Computers 0.7%
Hewlett Packard Enterprise Co. 2.567% (3 Month LIBOR + 0.68%), due 3/12/21 (b)		750,000			753,553
Diversified Financial Services 1.7%
American Express Co. 3.70%, due 8/3/23		800,000			850,135
Ameriprise Financial, Inc. 4.00%, due 10/15/23		1,025,000			1,106,617
					1,956,752
Electric 0.4%
Sempra Energy 2.40%, due 3/15/20		400,000			400,080
Electronics 1.0%
Agilent Technologies, Inc. 3.875%, due 7/15/23		1,030,000			1,093,692
Environmental Controls 0.6%
Republic Services, Inc. 5.00%, due 3/1/20		650,000			651,465
Food 1.5%
Conagra Brands, Inc. 3.20%, due 1/25/23		550,000			568,687
General Mills, Inc. 2.383% (3 Month LIBOR + 0.54%), due 4/16/21 (b)		1,140,000			1,145,711
					1,714,398
Gas 0.9%
Dominion Energy Gas Holdings LLC 3.55%, due 11/1/23		925,000			973,747
Health Care - Services 1.8%
Laboratory Corp. of America Holdings 3.25%, due 9/1/24		900,000			946,644
UnitedHealth Group, Inc. 3.50%, due 2/15/24		1,025,000			1,092,480
					2,039,124
Household Products & Wares 0.9%
Reckitt Benckiser Treasury Services PLC 2.495% (3 Month LIBOR + 0.56%), due 6/24/22 (a)(b)		1,025,000			1,029,514
Housewares 0.2%
Newell Brands, Inc. 3.85%, due 4/1/23		205,000			213,400
Insurance 1.7%
Aon PLC 3.50%, due 6/14/24		750,000			794,257
Metropolitan Life Global Funding I 3.60%, due 1/11/24 (a)		1,040,000			1,110,512
					1,904,769
Machinery - Construction & Mining 1.1%
Caterpillar Financial Services Corp. 2.85%, due 5/17/24		1,125,000			1,176,787
Machinery - Diversified 1.0%
CNH Industrial N.V. 4.50%, due 8/15/23		660,000			709,894
Rockwell Automation, Inc. 2.05%, due 3/1/20		375,000			375,027
					1,084,921
Media 3.5%
Charter Communications Operating LLC / Charter Communications Operating Capital 4.50%, due 2/1/24		1,025,000			1,113,804
Discovery Communications LLC 3.80%, due 3/13/24		875,000			932,988
Walt Disney Co. 2.297% (3 Month LIBOR + 0.39%), due 9/1/22 (b)		1,880,000			1,893,278
					3,940,070
Miscellaneous - Manufacturing 1.3%
General Electric Co. 3.375%, due 3/11/24		1,350,000			1,419,176
Oil & Gas 2.3%
BP Capital Markets America, Inc. 3.216%, due 11/28/23		1,030,000			1,079,465
Occidental Petroleum Corp.
2.854% (3 Month LIBOR + 0.95%), due 2/8/21 (b)		950,000			956,897
2.90%, due 8/15/24		570,000			582,245
					2,618,607
Oil & Gas Services 1.0%
Schlumberger Holdings Corp. 3.75%, due 5/1/24 (a)		1,050,000			1,119,891
Pharmaceuticals 4.7%
AbbVie, Inc. 2.30%, due 5/14/21		1,425,000			1,434,339
Allergan Funding SCS 3.80%, due 3/15/25		380,000			408,019
Bayer U.S. Finance II LLC 3.875%, due 12/15/23 (a)		1,330,000			1,420,476
Becton Dickinson & Co. 2.894%, due 6/6/22		575,000			588,253
CVS Health Corp. 3.375%, due 8/12/24		1,320,000			1,391,633
					5,242,720
Pipelines 3.6%
Energy Transfer Partners, L.P. / Regency Energy Finance Corp. 5.875%, due 3/1/22		1,050,000			1,118,381
Kinder Morgan Energy Partners, L.P. 4.15%, due 2/1/24		1,050,000			1,124,909
MPLX, L.P. 2.785% (3 Month LIBOR + 0.90%), due 9/9/21 (b)		375,000			376,377
Phillips 66 Partners, L.P. 2.45%, due 12/15/24		550,000			556,902
Plains All American Pipeline L.P. / PAA Finance Corp. 3.85%, due 10/15/23		775,000			810,461
					3,987,030
Real Estate Investment Trusts 3.2%
Alexandria Real Estate Equities, Inc. 3.90%, due 6/15/23		1,030,000			1,093,139
American Campus Communities Operating Partnership, L.P. 3.30%, due 7/15/26		1,100,000			1,161,869
VEREIT Operating Partnership, L.P. 4.60%, due 2/6/24		850,000			927,664
Weyerhaeuser Co. 4.70%, due 3/15/21		350,000			358,710
					3,541,382
Software 1.6%
Fidelity National Information Services, Inc. 3.875%, due 6/5/24		800,000			861,135
Fiserv, Inc. 2.75%, due 7/1/24		950,000			979,137
					1,840,272
Telecommunications 2.3%
AT&T Inc. 3.55%, due 6/1/24		1,600,000			1,697,923
Telefonica Emisiones S.A. 5.134%, due 4/27/20		820,000			826,076
					2,523,999
Transportation 0.5%
Union Pacific Corp. 1.80%, due 2/1/20		615,000			615,000
Total Corporate Bonds (Cost $78,475,131)					79,137,607
Mortgage-Backed Securities 8.5%
Agency Collateral PAC CMO 0.3%
Federal Home Loan Mortgage Corporation REMIC, Series 4754, Class FM 1.98% (1 Month LIBOR + 0.30%), due 2/15/48 (b)		322,243			319,537
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 3.0%
BX Commercial Mortgage Trust Series 2019-XL, Class A 2.66% (1 Month LIBOR + 0.92%), due 10/15/36 (a)(b)		1,801,000			1,806,691
CAMB Commercial Mortgage Trust Series 2019-LIFE, Class A 2.81% (1 Month LIBOR + 1.07%), due 12/15/37 (a)(b)		1,500,000			1,503,291
					3,309,982
Whole Loan (Collateralized Mortgage Obligations) 5.2%
COLT Mortgage Loan Trust Series 2019-3, Class A1 2.764%, due 8/25/49 (a)(c)		1,512,765			1,518,434
JP Morgan Mortgage Trust (a)(b)
Series 2019-1, Class A11 2.742% (1 Month LIBOR + 0.95%), due 5/25/49		1,940,404			1,942,697
Series 2019-2, Class A11 2.742% (1 Month LIBOR + 0.95%), due 8/25/49		1,476,403			1,478,064
New Residential Mortgage Loan Trust Series 2020-NQM1, Class A1 2.464%, due 1/26/60 (a)(c)		300,000			300,992
Sequoia Mortgage Trust Series 2020-1, Class A1 3.50%, due 2/25/50 (a)(c)		550,000			564,107
					5,804,294
Total Mortgage-Backed Securities (Cost $9,424,260)					9,433,813
U.S. Government & Federal Agencies 7.9%
Federal Home Loan Bank 2.0%
1.625%, due 12/20/21		850,000			853,693
2.125%, due 12/30/24		900,000			900,429
2.15%, due 12/16/24		540,000			540,193
					2,294,315
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 2.3%
1.97%, due 2/6/25		650,000			650,008
2.00%, due 5/28/24		500,000			500,600
2.10%, due 1/17/25		425,000			425,239
2.375%, due 1/13/22		1,000,000			1,019,023
					2,594,870
Federal National Mortgage Association 0.4%
1.375%, due 9/6/22		450,000			450,282
United States Treasury Notes 3.2%
1.625%, due 11/15/22		3,500,000			3,529,805
Total U.S. Government & Federal Agencies (Cost $8,807,341)					8,869,272
Total Long-Term Bonds (Cost $110,932,360)					111,725,149
Short-Term Investments 3.7%
Commercial Paper 2.7%
Praxair, Inc. 1.521%, due 2/3/20 (d)		3,000,000			2,999,750
Total Commercial Paper (Cost $2,999,750)					2,999,750
Repurchase Agreement 1.0%
RBC Capital Markets 1.57%, dated 1/31/20 due 2/3/20 Proceeds at Maturity $1,150,150 (Collateralized by United States Treasury Notes with a rate of 2.75% and a maturity dates between 7/31/23 and 8/31/25 with a Principal Amount of $1,118,100 and a Market Value of $1,173,248)		1,150,000			1,150,000
Total Repurchase Agreement (Cost $1,150,000)					1,150,000
Total Short-Term Investments (Cost $4,149,750)					4,149,750
Total Investments (Cost $115,082,110)		103.8	%		115,874,899
Other Assets, Less Liabilities		(3.8	)		(4,287,656	)
Net Assets		100.0	%	$	111,587,243

†	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, 2020.
(c)	Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of January 31, 2020.
(d)	Interest rate shown represents yield to maturity.

Futures Contracts

As of January 31, 2020, the Portfolio held the following futures contracts¹:

Type	Number of Contracts			Expiration Date	Value at Trade Date			Current Notional Amount			Unrealized Appreciation (Depreciation)2
Long Contracts
2-Year United States Treasury Note		158		March 2020	$	34,069,545		$	34,184,781		$	115,236
Total Long Contracts												115,236
Short Contracts
5-Year United States Treasury Note		(191	)	March 2020		(22,737,634	)		(22,981,180	)		(243,546	)
10-Year United States Treasury Note		(14	)	March 2020		(1,813,194	)		(1,843,187	)		(29,993	)
Total Short Contracts												(273,539	)
Net Unrealized Depreciation											$	(158,303	)

1. As of January 31, 2020, cash in the amount of $125,236 was on deposit with a broker or futures commission merchant for futures transactions.

2. Represents the difference between the value of the contracts at the time they were opened and the value as of January 31, 2020.

The following abbreviations are used in the preceding pages:

LIBOR	—London Interbank Offered Rate
REMIC	—Real Estate Mortgage Investment Conduit

The following is a summary of the fair valuations according to the inputs used as of January 31, 2020, for valuing the Fund’s assets and liabilities:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Long-Term Bonds
Asset-Backed Securities	$	—		$	14,284,457	$	—	$	14,284,457
Corporate Bonds		—			79,137,607		—		79,137,607
Mortgage-Backed Securities		—			9,433,813		—		9,433,813
U.S. Government & Federal Agencies		—			8,869,272		—		8,869,272
Total Long-Term Bonds		—			111,725,149		—		111,725,149
Short-Term Investments
Commercial Paper		—			2,999,750		—		2,999,750
Repurchase Agreements		—			1,150,000		—		1,150,000
Total Short-Term Investments		—			4,149,750		—		4,149,750
Total Investments in Securities		—			115,874,899		—		115,874,899
Other Financial Instruments
Futures Contracts (b)		115,236			—		—		115,236
Total Investments in Securities and Other Financial Instruments	$	115,236		$	115,874,899	$	—	$	115,990,135
Liability Valuation Inputs
Other Financial Instruments
Futures Contracts (b)	$	(273,539	)	$	—	$	—	$	(273,539	)

(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.

MainStay Moderate Growth Allocation Fund

Portfolio of Investments January 31, 2020 (Unaudited)

	Shares			Value
Affiliated Investment Companies 96.7% †
Equity Funds 76.0%
IQ 50 Percent Hedged FTSE International ETF (a)		760,461		$	16,091,355
IQ 500 International ETF (a)		1,057,148			28,975,475
IQ Chaikin U.S. Large Cap ETF (a)		1,504,575			39,454,470
IQ Chaikin U.S. Small Cap ETF (a)		1,064,016			27,829,977
MainStay Candriam Emerging Markets Equity Fund Class R6 (a)		1,927,348			17,481,045
MainStay Epoch Capital Growth Fund Class I (a)		606,314			7,888,147
MainStay Epoch International Choice Fund Class I (a)		887,548			31,996,088
MainStay Epoch U.S. All Cap Fund Class R6 (a)		1,713,619			47,432,982
MainStay Epoch U.S. Equity Yield Fund Class R6 (a)		3,855,224			66,733,923
MainStay Large Cap Growth Fund Class R6		6,405,411			66,680,330
MainStay MacKay Common Stock Fund Class I (a)		910,413			22,532,724
MainStay MacKay Emerging Markets Equity Fund Class R6 (a)		1,947,262			17,252,745
MainStay MacKay Growth Fund Class I (a)		1,435,820			54,819,619
MainStay MacKay International Equity Fund Class R6 (a)		820,391			14,438,887
MainStay MacKay International Opportunities Fund Class I (a)		3,671,766			26,657,024
MainStay MacKay S&P 500 Index Fund Class I		59,988			2,727,044
MainStay MacKay Small Cap Core Fund Class I (a)		1,835,139			46,796,057
MainStay MacKay U.S. Equity Opportunities Fund Class I (a)		1,193,887			9,586,912
MainStay MAP Equity Fund Class I (a)		1,313,137			56,136,606
Total Equity Funds (Cost $504,589,070)					601,511,410
Fixed Income Funds 20.7%
IQ S&P High Yield Low Volatility Bond ETF		97,065			2,469,605
MainStay Floating Rate Fund Class R6 (a)		1,335,126			12,229,753
MainStay MacKay Convertible Fund Class I		611,996			11,340,290
MainStay MacKay High Yield Municipal Bond Fund Class R6 (a)		994,829			13,151,642
MainStay MacKay Infrastructure Bond Fund Class R6 (a)		2,268,665			20,145,746
MainStay MacKay Short Duration High Yield Fund Class I		5,523,637			54,518,296
MainStay MacKay Total Return Bond Fund Class R6 (a)		3,556,749			39,266,509
MainStay MacKay Unconstrained Bond Fund Class R6 (a)		312,783			2,752,487
MainStay Short Term Bond Class I (a)		747,382			7,982,035
Total Fixed Income Funds (Cost $158,649,693)					163,856,363
Total Affiliated Investment Company (Cost $663,238,763)					765,367,773
Short-Term Investment 3.2%
Affiliated Investment Companies 3.2%
MainStay U.S. Government Liquidity Fund, 1.40% (b)		25,649,907			25,649,907
Total Short-Term Investment (Cost $25,649,907)					25,649,907
Total Investments (Cost $688,888,670)		99.9	%		791,017,680
Other Assets, Less Liabilities		0.1			644,966
Net Assets		100.0	%	$	791,662,646

†	Percentages indicated are based on Fund net assets.
(a)	As of January 31, 2020, the Fund’s ownership exceeds 5% of the outstanding shares of the Underlying Fund’s share class.
(b)	Current yield as of January 31, 2020.

Swap Contracts

Open OTC total return equity swap contracts as of January 31, 2020 were as follows¹:

Swap Counterparty	Reference Obligation	Floating Rate 2	Termination Date(s)	Payment Frequency Paid/Received	Notional Amount Long/ (Short) (000)*			Unrealized Appreciation3
Citibank	iShares Core U.S. Aggregate Bond ETF	1 Month LIBOR plus 0.60%	1/12/2020	Monthly		31,498		$	—
Citibank	Russell 2000 Total Return Index	1 Month LIBOR minus 0.09%	7/12/2020	Monthly		(19,137	)		—
Citibank	Russell Midcap Total Return Index	1 Month LIBOR minus 0.25%	7/12/2020	Monthly		(12,259	)		—
Citibank	S&P 500 Total Return Index	1 Month LIBOR plus 0.23%	10/26/2020	Monthly		30,239			—
								$	—

1	As of January 31, 2020, cash in the amount of $909,477 was pledged from brokers for OTC swap contracts.
2	Fund pays or receives the floating rate and receives or pays the total return of the reference entity.
3	Reflects the value at reset date as of January 31, 2020.
*	Notional amounts reflected as a positive value indicate a long position held by the Portfolio or Index and a negative value indicates a short position.

The following abbreviations are used in the preceding pages:

ETF	—Exchange-Traded Fund
FTSE	—Financial Times Stock Exchange
LIBOR	—London Interbank Offered Rate

The following is a summary of the fair valuations according to the inputs used as of January 31, 2020, for valuing the Fund’s assets and liabilities:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments (a)
Affiliated Investment Companies
Equity Funds	$	601,511,410	$	—	$	—	$	601,511,410
Fixed Income Funds		163,856,363		—		—		163,856,363
Short-Term Investments		25,649,907		—		—		25,649,907
Total Investments in Securities	$	791,017,680	$	—	$	—	$	791,017,680

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

MainStay Moderate Allocation Fund

Portfolio of Investments January 31, 2020 (Unaudited)

	Shares			Value
Affiliated Investment Companies 96.2% †
Equity Funds 55.2%
IQ 50 Percent Hedged FTSE International ETF		746,007		$	15,785,508
IQ 500 International ETF (a)		820,661			22,493,579
IQ Chaikin U.S. Large Cap ETF (a)		1,153,457			30,247,103
IQ Chaikin U.S. Small Cap ETF (a)		567,287			14,837,732
MainStay Candriam Emerging Markets Equity Fund Class R6 (a)		1,356,455			12,303,047
MainStay Epoch Capital Growth Fund Class I (a)		557,205			7,249,243
MainStay Epoch International Choice Fund Class I (a)		607,803			21,911,307
MainStay Epoch U.S. All Cap Fund Class R6 (a)		1,204,126			33,330,216
MainStay Epoch U.S. Equity Yield Fund Class R6 (a)		2,831,698			49,016,690
MainStay Large Cap Growth Fund Class R6		4,367,435			45,464,994
MainStay MacKay Common Stock Fund Class I (a)		862,035			21,335,366
MainStay MacKay Emerging Markets Equity Fund Class R6 (a)		1,370,451			12,142,192
MainStay MacKay Growth Fund Class I (a)		1,027,845			39,243,117
MainStay MacKay International Equity Fund Class R6		397,654			6,998,710
MainStay MacKay International Opportunities Fund Class I (a)		2,475,785			17,974,198
MainStay MacKay S&P 500 Index Fund Class I		43,370			1,971,610
MainStay MacKay Small Cap Core Fund Class I (a)		937,718			23,911,803
MainStay MacKay U.S. Equity Opportunities Fund Class I (a)		1,061,684			8,525,319
MainStay MAP Equity Fund Class I (a)		988,599			42,262,595
Total Equity Funds (Cost $358,467,549)					427,004,329
Fixed Income Funds 41.0%
IQ S&P High Yield Low Volatility Bond ETF		114,679			2,917,755
MainStay Floating Rate Fund Class R6 (a)		1,284,855			11,769,268
MainStay MacKay Convertible Fund Class I		550,596			10,202,545
MainStay MacKay High Yield Municipal Bond Fund Class R6 (a)		997,691			13,189,476
MainStay MacKay Infrastructure Bond Fund Class R6 (a)		2,229,673			19,799,495
MainStay MacKay Short Duration High Yield Fund Class I		5,389,364			53,193,025
MainStay MacKay Total Return Bond Fund Class R6 (a)		17,442,791			192,568,413
MainStay MacKay Unconstrained Bond Fund Class R6 (a)		623,730			5,488,821
MainStay Short Term Bond Class I (a)		728,256			7,777,772
Total Fixed Income Funds (Cost $307,219,859)					316,906,570
Total Affiliated Investment Companies (Cost $665,687,408)					743,910,899
Short-Term Investment 3.7%
Affiliated Investment Company 3.7%
MainStay U.S. Government Liquidity Fund, 1.40% (b)		28,406,116			28,406,116
Total Short-Term Investment (Cost $28,406,116)					28,406,116
Total Investments (Cost $694,093,524)		99.9	%		772,317,015
Other Assets, Less Liabilities		0.1			1,001,889
Net Assets		100.0	%	$	773,318,904

†	Percentages indicated are based on Fund net assets.
(a)	As of January 31, 2020, the Fund’s ownership exceeds 5% of the outstanding shares of the Underlying Fund’s share class.
(b)	Current yield as of January 31, 2020.

Swap Contracts

Open OTC total return equity swap contracts as of January 31, 2020 were as follows¹:

Swap Counterparty	Reference Obligation	Floating Rate 2	Termination Date(s)	Payment Frequency Paid/Received	Notional Amount Long/ (Short) (000)*			Unrealized Appreciation3
Citigroup	iShares Core U.S. Aggregate Bond ETF	1 month LIBOR plus 0.60%	12/01/2020	Monthly		30,496		$	—
Citigroup	Russell 1000 Value Total Return Index	1 month LIBOR plus 0.36%	12/07/2020	Monthly		3,735			—
Citigroup	Russell 2000 Total Return Index	1 month LIBOR minus 0.09%	12/07/2020	Monthly		(20,336	)		—
Citigroup	Russell Midcap Total Return Index	1 month LIBOR minus 0.25%	12/07/2020	Monthly		(12,761	)		—
Citigroup	S&P 500 Total Return Index	1 month LIBOR plus 0.269%	10/26/2020	Monthly		28,554			—
								$	—

1	As of January 31, 2020, cash in the amount of $908,885 was pledged from brokers for OTC swap contracts.
2	Portfolio pays or receives the floating rate and receives or pays the total return of the reference entity.
3	Reflects the value at reset date as of January 31, 2020.
*	Notional amounts reflected as a positive value indicate a long position held by the Portfolio or Index and a negative value indicates a short position.

The following abbreviations are used in the preceding pages:

ETF	—Exchange-Traded Fund
FTSE	—Financial Times Stock Exchange
LIBOR	—London Interbank Offered Rate

The following is a summary of the fair valuations according to the inputs used as of January 31, 2020, for valuing the Fund’s assets and liabilities:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments (a)
Affiliated Investment Companies
Equity Funds	$	427,004,329	$	—	$	—	$	427,004,329
Fixed Income Funds		316,906,570		—		—		316,906,570
Short-Term Investments		28,406,116		—		—		28,406,116
Total Investments in Securities	$	772,317,015	$	—	$	—	$	772,317,015

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

MainStay Funds Trust

NOTES TO PORTFOLIOS OF INVESTMENTS January 31, 2020 (Unaudited)

SECURITIES VALUATION.

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

The Board of Trustees of the MainStay Funds Trust (the "Board") adopted procedures establishing methodologies for the valuation of each Fund's securities and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Funds (the "Valuation Committee"). The Board authorized the Valuation Committee to appoint a Valuation Subcommittee (the "Subcommittee") to deal in the first instance with establishing the prices of securities for which market quotations are not readily available or the prices of which are not otherwise readily determinable under these procedures. The Subcommittee meets (in person, via electronic mail or via teleconference) on an as-needed basis. Subsequently, the Valuation Committee meets to ensure that actions taken by the Subcommittee were appropriate. The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for the day-to-day valuation of portfolio assets (including fair value measurements for each Fund’s assets and liabilities) rests with New York Life Investment Management LLC ("New York Life Investments" or the "Manager"), aided to whatever extent necessary by the Subadvisor(s) to each Fund.

To assess the appropriateness of security valuations, the Manager, the Subadvisor(s) or the Funds' third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources. For those securities valued through either a standardized fair valuation methodology or a fair valuation measurement, the Subcommittee deals in the first instance with such valuation and the Valuation Committee reviews and affirms, if appropriate, the reasonableness of the valuation based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. Any action taken by the Subcommittee with respect to the valuation of a portfolio security or other asset is submitted for review and ratification (if appropriate) to the Valuation Committee and the Board at the next regularly scheduled meeting.

"Fair value" is defined as the price that a Fund would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. "Inputs" refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of each Fund. Unobservable inputs reflect each Fund’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

· Level 1 – quoted prices in active markets for an identical asset or liability

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

· Level 3 – significant unobservable inputs (including each Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. As of January 31, 2020, the aggregate value by input level of each Fund's assets and liabilities is included at the end of each Fund's respective Portfolio of Investments.

The Funds may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

• Benchmark yields	• Reported trades
• Broker/dealer quotes	• Issuer spreads
• Two-sided markets	• Benchmark securities
• Bids/offers	• Reference data (corporate actions or material event notices)
• Industry and economic events	• Comparable bonds
• Monthly payment information

An asset or liability for which market values cannot be measured using the methodologies described above is valued by methods deemed reasonable in good faith by the Valuation Committee, following the procedures established by the Board, to represent fair value. Under these procedures, the Funds generally use a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information. The Funds may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Discounts may also be applied due to the nature and/or duration of any restrictions on the disposition of the asset or liability. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Funds' valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Funds' valuation procedures are designed to value a security at the price a Fund may reasonably expect to receive upon the security's sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that a Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the period ended January 31, 2020, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been de-listed from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisor(s) reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. As of January 31, 2020, securities that were fair valued in such a manner are shown in the Portfolio of Investments.

Certain securities held by certain Funds may principally trade in foreign markets. Events may occur between the time the foreign markets close and the time at which each of the Fund's net asset values ("NAVs") are calculated. These events may include, but are not limited to, situations relating to a single issuer in a market sector, significant fluctuations in U.S. or foreign markets, natural disasters, armed conflicts, governmental actions or other developments not tied directly to the securities markets. Should the Manager or the Subadvisor(s) conclude that such events may have affected the accuracy of the last price of such securities reported on the local foreign market, the Subcommittee may, pursuant to procedures adopted by the Board, adjust the value of the local price to reflect the estimated impact on the price of such securities as a result of such events. In this instance, securities are generally categorized as Level 3 in the hierarchy. Additionally, certain foreign equity securities are also fair valued whenever the movement of a particular index exceeds certain thresholds. In such cases, the securities are fair valued by applying factors provided by a third-party vendor in accordance with valuation procedures adopted by the Board and are generally categorized as Level 2 in the hierarchy. As of January 31, 2020, securities that were fair valued in such a manner are shown in the Portfolio of Investments.

Investments in mutual funds, including money market funds, are valued at their respective NAVs as of the close of the Exchange on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Equity securities, rights, warrants and shares of Exchange-Traded Funds (“ETFs”) are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. Futures contracts are valued at the last posted settlement price on the market where such futures are primarily traded. Investments in mutual funds, including money market funds, are valued at their respective NAVs as of the close of the Exchange on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Debt securities (other than convertible and municipal bonds) are valued at the evaluated bid prices (evaluated mean prices in the case of convertible and municipal bonds) supplied by a pricing agent or brokers selected by the Manager, in consultation with the Subadvisor(s). Those values reflect broker/dealer supplied prices and electronic data processing techniques, if the evaluated bid or mean prices are deemed by the Manager, in consultation with the Subadvisor(s) to be representative of market values at the regular close of trading of the Exchange on each valuation date. Debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Debt securities, including corporate bonds, U.S. government & federal agency bonds, municipal bonds, foreign bonds, convertible bonds, asset-backed securities, and mortgage-backed securities are generally categorized as Level 2 in the hierarchy.

Foreign currency forward contracts are valued at their fair market values measured on the basis of the mean between the last current bid and ask prices based on dealer or exchange quotations and are generally categorized as Level 2 in the hierarchy.

Swaps are marked to market daily based upon quotations from pricing agents, brokers, or market makers. These securities are generally categorized as Level 2 in the hierarchy.

Total return swap contracts, which are arrangements to exchange a market-linked return for a periodic payment, are based on a notional principal amount. To the extent that the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. Total return swap contracts are marked to market daily based upon quotations from market makers and these securities are generally categorized as Level 2 in the hierarchy.

Loan assignments, participations and commitments are valued at the average of bid quotations obtained from the engaged independent pricing service and are generally categorized as Level 2 in the hierarchy. Certain loan assignments, participations and commitments may be valued by utilizing significant unobservable inputs obtained from the pricing service and are generally categorized as Level 3 in the hierarchy. As of January 31, 2020, securities that were fair valued in such a manner are shown in the Portfolio of Investments.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Other temporary cash investments which mature in 60 days or less at the time of purchase (“Short-Term Investments”) are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the value on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The valuation procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

The valuation techniques and significant amounts of unobservable inputs used in the fair valuation of each Fund's Level 3 securities are outlined in the table below. A significant increase or decrease in any of those inputs in isolation would result in a significantly higher or lower fair value measurement.

MainStay MacKay Short Duration High Yield Fund

Asset Class	Fair Value at 1/31/20*		Valuation Technique	Unobservable Inputs	Inputs/Range
Corporate Bonds	$	14,087,179	Income Approach	Spread Adjustment	0.93% - 5.78%
		109,032	Market Approach	Implied natural gas price	$2.25
Loan Assignment		2,935,847	Market Approach	Implied natural gas price	$2.25
Common Stocks		789,601	Market Approach	EBITDA Multiple	5.75x-8.75x
				Estimated Volatility	25.00%
		0	Market Approach	Implied natural gas price	$2.25
	$	17,921,659

* The table above does not include a Level 3 investment that was valued by a broker without adjustment. As of January 31, 2020, the value of this investment was $3,120,000. The input for this investment was not readily available or cannot be reasonably estimated.

A portfolio investment may be classified as an illiquid investment under a Fund’s written liquidity risk management program and related procedures (“Liquidity Program”). Illiquidity of an investment might prevent the sale of such investment at a time when the Manager or the Subadvisor(s) might wish to sell, and these investments 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 investments, requiring the Fund to rely on judgments that may be somewhat subjective in measuring value, which could vary materially from the amount that a Fund could realize upon disposition. Difficulty in selling illiquid investments may result in a loss or may be costly to the Fund. An illiquid investment is any investment that the Manager or Subadvisor(s) reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The liquidity classification of each investment will be made using information obtained after reasonable inquiry and taking into account, among other things, relevant market, trading and investment-specific considerations in accordance with the Liquidity Program. Illiquid investments are often valued in accordance with methods deemed by the Board in good faith to be reasonable and appropriate to accurately reflect their fair value. The liquidity of each Fund’s investments, as shown in their respective accompanying Portfolio of Investments, was determined as of January 31, 2020, and can change at any time.

Investments in Affiliates (in 000s) During the period ended January 31, 2020, purchases and sales transactions, income earned from investments and shares held of investment companies managed by New York Life Investments or its affiliates were as follows:

MainStay Candriam Emerging Markets Equity Fund
Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	133	$	5,642	$	(5,176	)	$	—	$	—	$	599	$	1	$	—		599

MainStay Conservative Allocation Fund
Affiliated Investment Companies	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales			Change in Unrealized Appreciation/ (Depreciation)			Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
IQ 50 Percent Hedged FTSE International ETF	$	9,330	$	29	$	(175	)	$	9		$	121		$	9,314	$	41	$	—		440
IQ 500 International ETF		1,176		8,326		—			—			(247	)		9,255		37		—		338
IQ Chaikin U.S. Large Cap ETF		9,302		2,111		(1,542	)		10			286			10,167		59		—		388
IQ Chaikin U.S. Small Cap ETF		15,236		—		(8,327	)		158			99			7,166		20		—		274
IQ Enhanced Core Bond U.S. ETF		5,522		—		(5,482	)		220			(260	)		—		19		—		—
IQ Global Resources ETF		4,033		21		(4,171	)		273			(156	)		—		72		—		—
IQ S&P High Yield Low Volatility Bond ETF		5,670		18		(2,493	)		0	(a)		14			3,209		53		—		126
MainStay Candriam Emerging Markets Equity Fund Class R6		5,308		118		(964	)		(67	)		162			4,557		118		—		502
MainStay Epoch Capital Growth Fund Class I		4,071		234		(13	)		0	(a)		(62	)		4,230		29		193		325
MainStay Epoch International Choice Fund Class I		6,984		194		(202	)		8			88			7,072		194		—		196
MainStay Epoch U.S. All Cap Fund Class R6		11,000		1,156		(230	)		18			(557	)		11,387		75		1,063		411
MainStay Epoch U.S. Equity Yield Fund Class R6		13,985		1,463		(88	)		4			58			15,422		92		244		891
MainStay Floating Rate Fund Class R6		24,302		231		(6,394	)		(115	)		404			18,428		231		—		2,012
MainStay Large Cap Growth Fund Class R6		12,824		4,481		(118	)		0	(a)		(192	)		16,995		10		1,315		1,633
MainStay MAP Equity Fund Class I		15,247		1,323		(442	)		26			(312	)		15,842		140		1,094		371
MainStay MacKay Common Stock Fund Class I		7,244		480		(102	)		4			(74	)		7,552		96		350		305
MainStay MacKay Convertible Fund Class I		5,485		135		(8	)		0	(a)		214			5,826		28		95		314
MainStay MacKay Emerging Markets Equity Fund Class R6		5,329		205		(1,021	)		77			(92	)		4,498		205		—		508
MainStay MacKay Growth Fund Class I		12,400		1,229		(254	)		18			369			13,762		81		371		360
MainStay MacKay High Yield Municipal Bond Fund Class I		8,054		—		(7,756	)		—			(298	)		—		2		—		—
MainStay MacKay High Yield Municipal Bond Fund Class R6		—		7,840		(7	)		0	(a)		448			8,281		71		—		626
MainStay MacKay Infrastructure Bond Fund Class I		6,147		—		(6,160	)		—			13			—		1		—		—
MainStay MacKay Infrastructure Bond Fund Class R6		—		12,051		(961	)		(9	)		233			11,314		63		—		1,274
MainStay MacKay International Equity Fund Class R6		132		2,131		—			—			(37	)		2,226		12		50		126
MainStay MacKay International Opportunities Fund Class I		5,065		525		(4	)		(1	)		(363	)		5,222		487		—		719
MainStay MacKay S&P 500 Index Fund Class I		2,077		324		(823	)		(31	)		(144	)		1,403		42		282		31
MainStay MacKay Short Duration High Yield Fund Class I		35,989		6,321		—			—			88			42,398		520		—		4,296
MainStay MacKay Short Term Municipal Fund Class I		4,411		—		(4,406	)		28			(33	)		—		2		—		—
MainStay MacKay Small Cap Core Fund Class I		15,364		71		(2,266	)		141			(34	)		13,276		69		—		521
MainStay MacKay Total Return Bond Fund Class R6		34,229		145,775		(601	)		1			3,235			182,639		1,295		—		16,543
MainStay MacKay U.S. Equity Opportunities Fund Class I		9,784		1,105		(8,695	)		1,106			(1,741	)		1,559		389		713		194
MainStay MacKay Unconstrained Bond Fund Class R6		3,967		21		(1,555	)		23			(5	)		2,451		21		—		278
MainStay Short Term Bond Class I (b)		141,545		142		(135,779	)		6,101			(7,435	)		4,574		31		90		428
MainStay U.S. Government Liquidity Fund		10,116		26,258		(20,429	)		—			—			15,945		60		—		15,945
	$	451,328	$	224,318	$	(221,468	)	$	8,002		$	(6,210	)	$	455,970	$	4,665	$	5,860

MainStay Epoch Capital Growth Fund
Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	1,025	$	5,581	$	(2,245	)	$	—	$	—	$	4,361	$	6	$	—		4,361

MainStay Epoch Global Equity Yield Fund
Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	38,943	$	70,244	$	(83,393	)	$	—	$	—	$	25,794	$	149	$	—		25,794

MainStay Epoch International Choice Fund
Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	6,081	$	22,122	$	(21,669	)	$	—	$	—	$	6,534	$	22	$	—		6,534

MainStay Epoch U.S. All Cap Fund
Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	17,292	$	100,143	$	(108,821	)	$	—	$	—	$	8,614	$	67	$	—		8,614

MainStay Epoch U.S. Equity Yield Fund
Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	21,574	$	43,610	$	(43,622	)	$	—	$	—	$	21,562	$	76	$	—		21,562

MainStay MacKay Small Cap Core Fund
Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	4	$	6,750	$	(6,754	)	$	—	$	—	$	—	$	1	$	—		—

MainStay Floating Rate Fund
Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales		Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)			Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay MacKay High Yield Corporate Bond Fund Class I	$	1,221	$	7,000	$	—	$	—	$	(43	)	$	8,178	$	52	$	—		1,450

MainStay Growth Allocation Fund
Affiliated Investment Companies	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales			Change in Unrealized Appreciation/ (Depreciation)			Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
IQ 50 Percent Hedged FTSE International ETF	$	7,505	$	44	$	(22	)	$	3		$	101		$	7,631	$	34	$	—		361
IQ 500 International ETF		14,317		7,468		(514	)		(1	)		(316	)		20,954		95		—		765
IQ Chaikin U.S. Large Cap ETF		24,618		2,872		(5,734	)		134			734			22,624		141		—		863
IQ Chaikin U.S. Small Cap ETF		20,869		—		(6,100	)		30			194			14,993		44		—		573
IQ Global Resources ETF		5,523		32		(5,716	)		413			(252	)		—		99		—		—
MainStay Candriam Emerging Markets Equity Fund Class R6		9,688		366		(285	)		(38	)		110			9,841		215		—		1,085
MainStay Epoch Capital Growth Fund Class I		3,679		230		—			—			(56	)		3,853		27		174		296
MainStay Epoch International Choice Fund Class I		17,938		523		(576	)		11			227			18,123		511		—		503
MainStay Epoch U.S. All Cap Fund Class R6		30,671		2,981		(4,618	)		154			(1,537	)		27,651		196		2,786		999
MainStay Epoch U.S. Equity Yield Fund Class R6		34,230		7,085		(214	)		18			41			41,160		249		663		2,378
MainStay Large Cap Growth Fund Class R6		35,734		8,761		(149	)		1			(367	)		43,980		26		3,688		4,225
MainStay MAP Equity Fund Class I		32,198		6,140		(385	)		28			(734	)		37,247		298		2,337		871
MainStay MacKay Common Stock Fund Class I		16,093		1,647		(8	)		(1	)		(149	)		17,582		216		786		710
MainStay MacKay Emerging Markets Equity Fund Class R6		9,707		544		(375	)		13			(165	)		9,724		370		—		1,098
MainStay MacKay Growth Fund Class I		33,828		1,860		(139	)		4			1,131			36,684		223		1,027		961
MainStay MacKay International Equity Fund Class R6		8,803		2,722		(20	)		0	(a)		116			11,621		73		300		660
MainStay MacKay International Opportunities Fund Class I		13,720		3,685		—			—			(1,021	)		16,384		1,387		—		2,257
MainStay MacKay S&P 500 Index Fund Class I		1,011		159		(999	)		252			(375	)		48		21		138		1
MainStay MacKay Small Cap Core Fund Class I		25,180		2,775		(260	)		91			(132	)		27,654		130		—		1,084
MainStay MacKay U.S. Equity Opportunities Fund Class I		14,983		1,287		(10,687	)		1,023			(1,642	)		4,964		454		833		618
MainStay U.S. Government Liquidity Fund		14,546		20,617		(20,528	)		—			—			14,635		53		—		14,635
	$	374,841	$	71,798	$	(57,329	)	$	2,135		$	(4,092	)	$	387,353	$	4,862	$	12,732

MainStay MacKay Emerging Markets Equity Fund
Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income			Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	—	$	1,468	$	(1,468	)	$	—	$	—	$	—	$	0	(a)	$	—		—

MainStay MacKay Growth Fund
Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	29	$	9,410	$	(9,439	)	$	—	$	—	$	—	$	1	$	—		—

MainStay MacKay International Opportunities Fund
Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	8,451	$	16,467	$	(12,819	)	$	—	$	—	$	12,099	$	40	$	—		12,099

MainStay MacKay S&P 500 Index Fund
Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	—	$	19,480	$	(19,327	)	$	—	$	—	$	153	$	1	$	—		153

MainStay MacKay Total Return Bond Fund
Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	83,216	$	517,320	$	(550,730	)	$	—	$	—	$	49,806	$	243	$	—		49,806

MainStay MacKay U.S. Equity Opportunities Fund
Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	4,851	$	22,404	$	(21,758	)	$	—	$	—	$	5,497	$	35	$	—		5,497

MainStay Moderate Allocation Fund
Affiliated Investment Companies	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales			Change in Unrealized Appreciation/ (Depreciation)			Value, End of Period		Dividend Income			Other Distributions		Shares End of Period
IQ 50 Percent Hedged FTSE International ETF	$	15,546	$	52	$	(28	)	$	0	(a)	$	216		$	15,786	$	69		$	—		746
IQ 500 International ETF		1,882		21,230		—			—			(618	)		22,494		89			—		821
IQ Chaikin U.S. Large Cap ETF		28,035		5,203		(3,896	)		48			857			30,247		178			—		1,153
IQ Chaikin U.S. Small Cap ETF		23,409		—		(8,840	)		91			178			14,838		37			—		567
IQ Enhanced Core Bond U.S. ETF		12,227		—		(12,137	)		556			(646	)		—		41			—		—
IQ Global Resources ETF		9,998		58		(10,348	)		611			(319	)		—		179			—		—
IQ S&P High Yield Low Volatility Bond ETF		2,907		11		(8	)		0	(a)		8			2,918		30			—		115
MainStay Candriam Emerging Markets Equity Fund Class R6		15,196		327		(3,388	)		(397	)		565			12,303		288			—		1,356
MainStay Epoch Capital Growth Fund Class I		6,950		405		—			—			(106	)		7,249		50			329		557
MainStay Epoch International Choice Fund Class I		23,833		636		(2,922	)		236			128			21,911		636			—		608
MainStay Epoch U.S. All Cap Fund Class R6		34,988		3,638		(3,504	)		64			(1,856	)		33,330		239			3,399		1,204
MainStay Epoch U.S. Equity Yield Fund Class R6		47,672		1,343		(182	)		2			182			49,017		314			832		2,832
MainStay Floating Rate Fund Class R6		21,721		265		(10,428	)		(63	)		274			11,769		171			—		1,285
MainStay Large Cap Growth Fund Class R6		39,680		6,712		(500	)		4			(431	)		45,465		28			3,928		4,367
MainStay MAP Equity Fund Class I		40,469		3,361		(800	)		139			(906	)		42,263		372			2,916		989
MainStay MacKay Common Stock Fund Class I		20,375		1,334		(174	)		(11	)		(189	)		21,335		272			987		862
MainStay MacKay Convertible Fund Class I		9,594		243		(8	)		0	(a)		374			10,203		48			166		551
MainStay MacKay Emerging Markets Equity Fund Class R6		15,195		495		(3,442	)		107			(213	)		12,142		495			—		1,370
MainStay MacKay Growth Fund Class I		37,221		1,518		(717	)		50			1,171			39,243		242			1,115		1,028
MainStay MacKay High Yield Municipal Bond Fund Class I		12,816		—		(12,344	)		—			(472	)		—		4			—		—
MainStay MacKay High Yield Municipal Bond Fund Class R6		—		12,484		(6	)		0	(a)		711			13,189		113			—		998
MainStay MacKay Infrastructure Bond Fund Class I		12,636		—		(12,672	)		—			36			—		0	(a)		—		—
MainStay MacKay Infrastructure Bond Fund Class R6		—		20,751		(1,328	)		(23	)		399			19,799		120			—		2,230
MainStay MacKay International Equity Fund Class R6		3,192		3,819		(3	)		0	(a)		(9	)		6,999		42			173		398
MainStay MacKay International Opportunities Fund Class I		17,506		1,723		—			—			(1,255	)		17,974		1,684			—		2,476
MainStay MacKay S&P 500 Index Fund Class I		2,517		393		(692	)		(41	)		(205	)		1,972		51			342		43
MainStay MacKay Short Duration High Yield Fund Class I		51,223		1,820		(3	)		0	(a)		153			53,193		671			—		5,389
MainStay MacKay Short Term Municipal Fund Class I		7,372		—		(7,364	)		49			(57	)		—		4			—		—
MainStay MacKay Small Cap Core Fund Class I		23,590		440		(159	)		7			34			23,912		123			—		938
MainStay MacKay Total Return Bond Fund Class R6		60,946		129,920		(1,398	)		(6	)		3,106			192,568		1,294			—		17,443
MainStay MacKay U.S. Equity Opportunities Fund Class I		22,306		2,049		(14,780	)		2,310			(3,360	)		8,525		724			1,326		1,062
MainStay MacKay Unconstrained Bond Fund Class R6		8,821		48		(3,420	)		36			4			5,489		48			—		624
MainStay Short Term Bond Class I (b)		110,962		291		(102,373	)		4,236			(5,338	)		7,778		53			153		728
MainStay U.S. Government Liquidity Fund		15,350		50,451		(37,395	)		—			—			28,406		111			—		28,406
	$	756,135	$	271,020	$	(255,259	)	$	8,005		$	(7,584	)	$	772,317	$	8,820		$	15,666

MainStay Moderate Growth Allocation Fund
Affiliated Investment Companies	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales			Change in Unrealized Appreciation/ (Depreciation)			Value, End of Period		Dividend Income			Other Distributions			Shares End of Period
IQ 50 Percent Hedged FTSE International ETF	$	15,867	$	24	$	(21	)	$	3		$	218		$	16,091	$	71		$	—			760
IQ 500 International ETF		8,599		21,061		—			—			(685	)		28,975		113			—			1,057
IQ Chaikin U.S. Large Cap ETF		35,695		7,005		(4,359	)		76			1,037			39,454		225			—			1,505
IQ Chaikin U.S. Small Cap ETF		40,245		—		(12,865	)		(177	)		627			27,830		80			—			1,064
IQ Enhanced Core Bond U.S. ETF		23		—		(23	)		1			(1	)		—		0	(a)		—			—
IQ Enhanced Core Plus Bond U.S. ETF		2,598		—		(2,578	)		100			(120	)		—		10			—			—
IQ Global Resources ETF		13,494		45		(13,933	)		796			(402	)		—		241			—			—
IQ S&P High Yield Low Volatility Bond ETF		2,524		6		(67	)		1			6			2,470		26			—			97
MainStay Candriam Emerging Markets Equity Fund Class R6		18,898		400		(2,013	)		(210	)		406			17,481		401			—			1,927
MainStay Epoch Capital Growth Fund Class I		7,586		424		(7	)		1			(116	)		7,888		55			357			606
MainStay Epoch International Choice Fund Class I		33,737		948		(3,178	)		392			97			31,996		948			—			888
MainStay Epoch U.S. All Cap Fund Class R6		46,102		4,961		(1,373	)		49			(2,306	)		47,433		313			4,453			1,714
MainStay Epoch U.S. Equity Yield Fund Class R6		65,947		1,828		(1,282	)		1			240			66,734		434			1,152			3,855
MainStay Floating Rate Fund Class R6		25,041		378		(13,417	)		(70	)		298			12,230		187			—			1,335
MainStay Large Cap Growth Fund Class R6		55,662		12,225		(558	)		5			(654	)		66,680		40			5,527			6,405
MainStay MAP Equity Fund Class I		52,871		5,458		(1,173	)		352			(1,371	)		56,137		483			3,791			1,313
MainStay MacKay Common Stock Fund Class I		21,316		1,429		—			—			(212	)		22,533		286			1,037			910
MainStay MacKay Convertible Fund Class I		10,900		251		(227	)		0	(a)		416			11,340		55			187			612
MainStay MacKay Emerging Markets Equity Fund Class R6		18,985		688		(2,213	)		15			(222	)		17,253		687			—			1,947
MainStay MacKay Growth Fund Class I		46,227		7,913		(850	)		52			1,478			54,820		301			1,388			1,436
MainStay MacKay High Yield Municipal Bond Fund Class I		12,398		—		—			—			(492	)		—		4			—			—
MainStay MacKay High Yield Municipal Bond Fund Class R6		—		12,430		(8	)		(0	)(a)		730			13,152		111			0	(a)		995
MainStay MacKay Infrastructure Bond Fund Class I		12,541		—		—			—			36			—		0	(a)		—			—
MainStay MacKay Infrastructure Bond Fund Class R6		—		21,194		(1,428	)		(23	)		406			20,146		122			—			2,269
MainStay MacKay International Equity Fund Class R6		9,653		4,755		(63	)		6			88			14,439		86			355			820
MainStay MacKay International Opportunities Fund Class I		26,011		2,515		(7	)		0	(a)		(1,862	)		26,657		2,498			—			3,672
MainStay MacKay S&P 500 Index Fund Class I		4,828		755		(2,349	)		408			(915	)		2,727		98			657			60
MainStay MacKay Short Duration High Yield Fund Class I		51,734		2,829		(198	)		(2	)		155			54,518		688			—			5,524
MainStay MacKay Short Term Municipal Fund Class I		7,403		—		(7,396	)		47			(54	)		—		4			—			—
MainStay MacKay Small Cap Core Fund Class I		48,628		286		(2,297	)		458			(279	)		46,796		252			—			1,835
MainStay MacKay Total Return Bond Fund Class R6		16,673		22,271		(240	)		(1	)		564			39,267		243			—			3,557
MainStay MacKay U.S. Equity Opportunities Fund Class I		28,074		2,400		(19,771	)		3,171			(4,287	)		9,587		847			1,553			1,194
MainStay MacKay Unconstrained Bond Fund Class R6		7,622		31		(4,925	)		51			(27	)		2,752		31			—			313
MainStay Short Term Bond Class I (b)		15,836		4,953		(12,556	)		(64	)		(187	)		7,982		54			158			747
MainStay U.S. Government Liquidity Fund		15,613		60,997		(50,960	)		—			—			25,650		92			—			25,650
	$	779,331	$	200,457	$	(186,818	)	$	5,438		$	(7,390	)	$	791,018	$	10,086		$	20,615

(a) Less than $500.

(b) Prior to December 5, 2019, known as MainStay Indexed Bond Fund Class I.