MainStay MacKay DefinedTerm Municipal Opportunities Fund
Portfolio of Investments August 31, 2020 (Unaudited)
| Principal Amount | Value | |||||||||
| Municipal Bonds 158.1% † | ||||||||||
| Arizona 0.3% (0.2% of Managed Assets) | ||||||||||
| Phoenix Industrial Development Authority, Espiritu Community Development Corp., Revenue Bonds Series A 6.25%, due 7/1/36 | $ | 1,855,000 | $ | 1,855,983 | ||||||
| California 27.3% (17.0% of Managed Assets) | ||||||||||
| California Municipal Finance Authority, LINXS APM Project, Revenue Bonds 5.00%, due 12/31/36 (a) | 5,000,000 | 5,853,100 | ||||||||
| California Municipal Finance Authority, United Airlines, Inc. Project, Revenue Bonds Series B 4.00%, due 7/15/29 (a) | 2,405,000 | 2,406,683 | ||||||||
| Chino Valley Unified School District, Limited General Obligation Series B 5.00%, due 8/1/55 (b) | 22,075,000 | 28,351,541 | ||||||||
| City of Sacramento, California, Water, Revenue Bonds 5.00%, due 9/1/42 (b) | 19,500,000 | 22,161,126 | ||||||||
| Golden State Tobacco Securitization Corp., Asset-Backed, Revenue Bonds Series A-1 5.00%, due 6/1/34 | 8,000,000 | 9,718,800 | ||||||||
| Series A-2 5.30%, due 6/1/37 (c) | 25,225,000 | 26,147,478 | ||||||||
| Los Angeles Department of Water & Power, Power System, Revenue Bonds Series A 5.00%, due 7/1/47 (b) | 28,900,000 | 35,013,454 | ||||||||
| University of California, Regents Medical Center, Revenue Bonds Series J 5.00%, due 5/15/43 (b) | 23,260,000 | 25,469,915 | ||||||||
| 155,122,097 | ||||||||||
| Colorado 1.5% (0.9% of Managed Assets) | ||||||||||
| Copper Ridge Metropolitan District, Revenue Bonds 5.00%, due 12/1/39 | 4,450,000 | 4,233,107 | ||||||||
| Dominion Water & Sanitation District, Revenue Bonds 6.00%, due 12/1/46 | 2,450,000 | 2,558,559 | ||||||||
| Sterling Ranch Community Authority Board, Revenue Bonds Series A 5.00%, due 12/1/30 | 1,750,000 | 1,806,823 | ||||||||
| 8,598,489 | ||||||||||
| District of Columbia 0.5% (0.3% of Managed Assets) | ||||||||||
| Metropolitan Washington Airports Authority Dulles Toll Road, Revenue Bonds Series C, Insured: AGC 6.50%, due 10/1/41 (c) | 2,400,000 | 3,021,432 | ||||||||
| Florida 7.3% (4.6% of Managed Assets) | ||||||||||
| County of Orange FL Tourist Development Tax Revenue, Revenue Bonds 4.00%, due 10/10/33 (b) | 25,000,000 | 27,659,615 | ||||||||
| JEA Electric System, Revenue Bonds Series C 5.00%, due 10/1/37 (b) | 12,980,000 | 14,082,691 | ||||||||
| 41,742,306 | ||||||||||
| Guam 4.0% (2.5% of Managed Assets) | ||||||||||
| Guam Government, Business Privilege Tax, Revenue Bonds Series B-1 5.00%, due 1/1/42 | 3,860,000 | 3,953,837 | ||||||||
| Guam Government, Hotel Occupancy Tax, Revenue Bonds | ||||||||||
| Series A 6.125%, due 11/1/31 | 860,000 | 868,574 | ||||||||
| Series A 6.50%, due 11/1/40 | 4,900,000 | 4,948,902 | ||||||||
| Guam Government, Revenue Bonds Series A 5.00%, due 12/1/20 | 755,000 | 760,655 | ||||||||
| Guam Government, Waterworks Authority, Revenue Bonds 5.50%, due 7/1/43 | 7,550,000 | 8,618,853 | ||||||||
| Guam International Airport Authority, Revenue Bonds Series C, Insured: AGM 6.00%, due 10/1/34 (a) | 3,425,000 | 3,785,344 | ||||||||
| 22,936,165 | ||||||||||
| Illinois 22.5% (14.1% of Managed Assets) | ||||||||||
| Chicago Board of Education Dedicated Capital Improvement, Revenue Bonds 5.75%, due 4/1/34 | 8,000,000 | 9,316,960 | ||||||||
| Chicago Board of Education Dedicated Capital Improvement, Unlimited General Obligation (d) | ||||||||||
| Series B 7.00%, due 12/1/42 | 3,500,000 | 4,431,140 | ||||||||
| Series A 7.00%, due 12/1/46 | 4,000,000 | 5,034,960 | ||||||||
| Chicago Board of Education, Unlimited General Obligation | ||||||||||
| Series A, Insured: AGM 5.50%, due 12/1/39 (b) | 20,000,000 | 20,768,600 | ||||||||
| Series A 7.00%, due 12/1/44 | 2,880,000 | 3,448,166 | ||||||||
| Chicago O'Hare International Airport, Revenue Bonds Insured: AGM 5.75%, due 1/1/38 | 5,000,000 | 5,482,050 | ||||||||
| Chicago, Illinois Wastewater Transmission, Revenue Bonds Series C 5.00%, due 1/1/32 | 7,120,000 | 8,196,259 | ||||||||
| Chicago, Unlimited General Obligation | ||||||||||
| Series C 5.00%, due 1/1/25 | 1,435,000 | 1,484,780 | ||||||||
| Series A 5.25%, due 1/1/27 | 3,000,000 | 3,311,700 | ||||||||
| Series 2007E 5.50%, due 1/1/42 | 2,000,000 | 2,165,880 | ||||||||
| Series A 5.50%, due 1/1/49 | 5,000,000 | 5,674,400 | ||||||||
| Series A 6.00%, due 1/1/38 | 6,930,000 | 7,999,299 | ||||||||
| Illinois Sports Facilities Authority, Revenue Bonds Insured: AGM 5.25%, due 6/15/32 | 150,000 | 166,886 | ||||||||
| Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Revenue Bonds Series A 5.00%, due 6/15/57 | 4,665,000 | 5,129,308 | ||||||||
| Public Building Commission of Chicago, Chicago Transit Authority, Revenue Bonds Insured: AMBAC 5.25%, due 3/1/31 | 600,000 | 749,928 | ||||||||
| Sales Tax Securitization Corp., Revenue Bonds Series C, Insured: BAM 5.25%, due 1/1/48 (b) | 11,000,000 | 12,949,475 | ||||||||
| State of Illinois, Unlimited General Obligation | ||||||||||
| Series D 5.00%, due 11/1/25 | 7,000,000 | 7,756,700 | ||||||||
| 5.25%, due 7/1/31 (b) | 20,000,000 | 21,185,059 | ||||||||
| 5.50%, due 5/1/30 | 2,500,000 | 3,042,675 | ||||||||
| 128,294,225 | ||||||||||
| Kansas 3.6% (2.3% of Managed Assets) | ||||||||||
| Kansas Development Finance Authority, Adventist Health Sunbelt Obligated Group, Revenue Bonds Series A 5.00%, due 11/15/32 (b) | 19,290,000 | 20,583,365 | ||||||||
| Michigan 13.9% (8.7% of Managed Assets) | ||||||||||
| Great Lakes Water Authority, Sewage Disposal System, Revenue Bonds | ||||||||||
| Senior Lien-Series A 5.00%, due 7/1/32 | 1,500,000 | 1,632,075 | ||||||||
| Series B, Insured: AGM 5.00%, due 7/1/34 (b) | 24,940,000 | 30,596,891 | ||||||||
| Senior Lien-Series A 5.25%, due 7/1/39 | 5,000,000 | 5,463,050 | ||||||||
| Great Lakes Water Authority, Water Supply System, Revenue Bonds | ||||||||||
| Senior Lien-Series C 5.00%, due 7/1/41 | 1,005,000 | 1,045,351 | ||||||||
| Senior Lien-Series A 5.25%, due 7/1/41 | 2,385,000 | 2,485,718 | ||||||||
| Michigan Finance Authority, Trinity Health Corp., Revenue Bonds Series 2016 5.25%, due 12/1/41 (b) | 21,630,000 | 25,466,988 | ||||||||
| Michigan Tobacco Settlement Finance Authority, Revenue Bonds Series A 6.00%, due 6/1/48 | 10,200,000 | 10,250,490 | ||||||||
| Wayne County Michigan, Capital Improvement, Limited General Obligation Series A, Insured: AGM 5.00%, due 2/1/38 | 2,000,000 | 2,006,140 | ||||||||
| 78,946,703 | ||||||||||
| Minnesota 0.3% (0.2% of Managed Assets) | ||||||||||
| Blaine Minnesota Senior Housing & Healthcare, Crest View Senior Community Project, Revenue Bonds Series A 5.75%, due 7/1/35 | 2,000,000 | 1,849,440 | ||||||||
| Nebraska 3.8% (2.4% of Managed Assets) | ||||||||||
| Central Plains Energy, Project No. 3, Revenue Bonds 5.25%, due 9/1/37 (b) | 20,000,000 | 21,540,960 | ||||||||
| Nevada 6.1% (3.8% of Managed Assets) | ||||||||||
| Clark County New School District, Tax Building Series A, Insured: BAM 5.00%, due 6/15/34 (b) | 9,680,000 | 12,022,298 | ||||||||
| Las Vegas Convention & Visitors Authority, Convention Center Expansion, Revenue Bonds Series B 5.00%, due 7/1/43 (b) | 20,000,000 | 22,793,390 | ||||||||
| 34,815,688 | ||||||||||
| New Hampshire 0.7% (0.4% of Managed Assets) | ||||||||||
| Manchester Housing & Redevelopment Authority, Inc., Revenue Bonds Series B, Insured: ACA (zero coupon), due 1/1/24 | 4,740,000 | 4,013,263 | ||||||||
| New Jersey 2.2% (1.4% of Managed Assets) | ||||||||||
| New Jersey Economic Development Authority, Continental Airlines, Inc. Project, Revenue Bonds 5.25%, due 9/15/29 (a) | 5,000,000 | 5,117,300 | ||||||||
| New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Revenue Bonds Series A 4.00%, due 11/1/39 | 3,400,000 | 3,661,052 | ||||||||
| New Jersey Transportation Trust Fund Authority, Revenue Bonds Series BB 4.00%, due 6/15/44 | 1,000,000 | 1,058,730 | ||||||||
| State of New Jersey, Unlimited General Obligation 5.00%, due 6/1/41 | 2,000,000 | 2,343,080 | ||||||||
| Tobacco Settlement Financing Corp., Revenue Bonds Series A 5.00%, due 6/1/46 | 300,000 | 350,214 | ||||||||
| 12,530,376 | ||||||||||
| New York 12.0% (7.5% of Managed Assets) | ||||||||||
| Metropolitan Transportation Authority, Transportation, Revenue Bonds Series A-1 5.00%, due 11/15/45 (b) | 22,695,000 | 23,982,262 | ||||||||
| New York Liberty Development Corp., World Trade Center, Revenue Bonds Class 3 7.25%, due 11/15/44 (b) | 13,390,000 | 14,493,356 | ||||||||
| New York Transportation Development Corp., American Airlines-JFK International Airport, Revenue Bonds 5.00%, due 8/1/31 (a) | 5,000,000 | 4,995,600 | ||||||||
| New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Revenue Bonds Series A, Insured: AGM 4.00%, due 7/1/36 (b) | 20,000,000 | 21,249,400 | ||||||||
| Riverhead Industrial Development Agency, Revenue Bonds 7.00%, due 8/1/43 | 3,395,000 | 3,767,295 | ||||||||
| 68,487,913 | ||||||||||
| Ohio 0.5% (0.3% of Managed Assets) | ||||||||||
| Buckeye Tobacco Settlement Financing Authority, Revenue Bonds Series B-2, Class 2 5.00%, due 6/1/55 | 2,500,000 | 2,750,000 | ||||||||
| Pennsylvania 5.4% (3.4% of Managed Assets) | ||||||||||
| Allentown Neighborhood Improvement Development Zone Authority, City Center Project, Revenue Bonds 5.00%, due 5/1/42 (d) | 1,000,000 | 1,050,570 | ||||||||
| Commonwealth Financing Authority PA, Tobacco Master Settlement Payment, Revenue Bonds Insured: AGM 4.00%, due 6/1/39 | 2,370,000 | 2,690,779 | ||||||||
| Harrisburg, Unlimited General Obligation Series F, Insured: AMBAC (zero coupon), due 9/15/21 | 305,000 | 291,794 | ||||||||
| Pennsylvania Economic Development Financing Authority, Capitol Region Parking System, Revenue Bonds Series B 6.00%, due 7/1/53 (b) | 14,260,000 | 16,100,756 | ||||||||
| Pennsylvania Turnpike Commission, Revenue Bonds Series A, Insured: AGM 4.00%, due 12/1/49 (b) | 7,470,000 | 8,435,967 | ||||||||
| Philadelphia Authority for Industrial Development, Nueva Esperanza, Inc., Revenue Bonds 8.20%, due 12/1/43 | 2,000,000 | 2,182,640 | ||||||||
| 30,752,506 | ||||||||||
| Puerto Rico 24.9% (15.5% of Managed Assets) | ||||||||||
| Children’s Trust Fund Puerto Rico Tobacco Settlement, Revenue Bonds 5.50%, due 5/15/39 | 12,965,000 | 13,044,864 | ||||||||
| Commonwealth of Puerto Rico, Aqueduct & Sewer Authority, Revenue Bonds | ||||||||||
| Series A, Insured: AGC 5.00%, due 7/1/25 | 310,000 | 312,195 | ||||||||
| Series A, Insured: AGC 5.125%, due 7/1/47 | 3,550,000 | 3,550,887 | ||||||||
| Series A 6.00%, due 7/1/38 | 15,000,000 | 15,243,750 | ||||||||
| Series A 6.00%, due 7/1/44 | 2,630,000 | 2,672,738 | ||||||||
| Commonwealth of Puerto Rico, Public Improvement, Unlimited General Obligation (e) | ||||||||||
| Insured: AGM 4.50%, due 7/1/23 | 280,000 | 280,400 | ||||||||
| Series A, Insured: AGM 5.00%, due 7/1/35 | 7,840,000 | 8,179,237 | ||||||||
| Insured: AGM 5.125%, due 7/1/30 | 1,365,000 | 1,374,514 | ||||||||
| Series A, Insured: AGC 5.25%, due 7/1/23 | 145,000 | 146,117 | ||||||||
| Series A-4, Insured: AGM 5.25%, due 7/1/30 | 4,425,000 | 4,457,479 | ||||||||
| Series A, Insured: AGM 5.375%, due 7/1/25 | 1,340,000 | 1,377,721 | ||||||||
| Series A, Insured: AGC 5.50%, due 7/1/32 | 255,000 | 257,333 | ||||||||
| Series C, Insured: AGM 5.50%, due 7/1/32 | 1,520,000 | 1,533,908 | ||||||||
| Series C, Insured: AGM 5.75%, due 7/1/37 | 5,440,000 | 5,494,726 | ||||||||
| Series C-7, Insured: NATL-RE 6.00%, due 7/1/27 | 2,615,000 | 2,682,990 | ||||||||
| Series A, Insured: AGM 6.00%, due 7/1/33 | 875,000 | 884,275 | ||||||||
| Series A, Insured: AGM 6.00%, due 7/1/34 | 755,000 | 777,356 | ||||||||
| Puerto Rico Convention Center District Authority, Revenue Bonds (e) | ||||||||||
| Series A, Insured: AGC 4.50%, due 7/1/36 | 13,080,000 | 13,079,869 | ||||||||
| Series A, Insured: AGC 5.00%, due 7/1/27 | 635,000 | 639,496 | ||||||||
| Series A, Insured: AMBAC 5.00%, due 7/1/31 | 340,000 | 340,126 | ||||||||
| Puerto Rico Electric Power Authority, Revenue Bonds (e) | ||||||||||
| Series DDD, Insured: AGM 3.625%, due 7/1/23 | 755,000 | 755,551 | ||||||||
| Series DDD, Insured: AGM 3.65%, due 7/1/24 | 2,830,000 | 2,831,104 | ||||||||
| Series PP, Insured: NATL-RE 5.00%, due 7/1/24 | 1,130,000 | 1,139,221 | ||||||||
| Series PP, Insured: NATL-RE 5.00%, due 7/1/25 | 165,000 | 166,346 | ||||||||
| Series TT, Insured: AGM 5.00%, due 7/1/27 | 310,000 | 312,195 | ||||||||
| Puerto Rico Highway & Transportation Authority, Revenue Bonds (e) | ||||||||||
| Series AA-1, Insured: AGM 4.95%, due 7/1/26 | 6,195,000 | 6,233,161 | ||||||||
| Series D, Insured: AGM 5.00%, due 7/1/32 | 960,000 | 966,048 | ||||||||
| Series N, Insured: AMBAC 5.25%, due 7/1/31 | 3,485,000 | 3,704,869 | ||||||||
| Series CC, Insured: AGM 5.25%, due 7/1/32 | 2,075,000 | 2,265,029 | ||||||||
| Series CC, Insured: AGM 5.25%, due 7/1/33 | 435,000 | 474,141 | ||||||||
| Series CC, Insured: AGM 5.25%, due 7/1/34 | 2,685,000 | 2,929,093 | ||||||||
| Series N, Insured: AGC 5.25%, due 7/1/34 | 1,665,000 | 1,816,365 | ||||||||
| Series N, Insured: AGC, AGM 5.50%, due 7/1/25 | 575,000 | 631,781 | ||||||||
| Series CC, Insured: AGM 5.50%, due 7/1/29 | 235,000 | 260,345 | ||||||||
| Series N, Insured: AMBAC 5.50%, due 7/1/29 | 1,025,000 | 1,118,316 | ||||||||
| Puerto Rico Municipal Finance Agency, Revenue Bonds | ||||||||||
| Series A, Insured: AGM 5.00%, due 8/1/21 | 810,000 | 814,722 | ||||||||
| Series A, Insured: AGM 5.00%, due 8/1/22 | 835,000 | 840,219 | ||||||||
| Series A, Insured: AGM 5.00%, due 8/1/27 | 2,770,000 | 2,789,612 | ||||||||
| Series A, Insured: AGM 5.00%, due 8/1/30 | 1,685,000 | 1,695,616 | ||||||||
| Series A, Insured: AGM 5.25%, due 8/1/21 | 230,000 | 231,674 | ||||||||
| Series C, Insured: AGC 5.25%, due 8/1/21 | 3,775,000 | 3,891,421 | ||||||||
| Puerto Rico Public Buildings Authority, Government Facilities, Revenue Bonds (e) | ||||||||||
| Series F, Insured: AGC 5.25%, due 7/1/21 | 2,090,000 | 2,148,604 | ||||||||
| Series M-3, Insured: NATL-RE 6.00%, due 7/1/27 | 10,000,000 | 10,260,000 | ||||||||
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds | ||||||||||
| Series A-1 4.55%, due 7/1/40 | 2,500,000 | 2,662,450 | ||||||||
| Series A-1 5.00%, due 7/1/58 | 13,440,000 | 14,349,888 | ||||||||
| 141,617,752 | ||||||||||
| South Carolina 2.2% (1.3% of Managed Assets) | ||||||||||
| Patriots Energy Group Financing Agency, Gas Supply, Revenue Bonds Series A 4.00%, due 10/1/48 (b)(f) | 10,000,000 | 11,067,920 | ||||||||
| South Carolina Public Service Authority, Revenue Bonds Series A 5.00%, due 12/1/31 | 825,000 | 963,451 | ||||||||
| South Carolina Public Service Authority, Santee Cooper Project, Revenue Bonds Series B 5.125%, due 12/1/43 | 250,000 | 276,033 | ||||||||
| 12,307,404 | ||||||||||
| Texas 6.4% (4.0% of Managed Assets) | ||||||||||
| City of San Antonio Electric & Gas Systems, Junior Lien, Revenue Bonds 5.00%, due 2/1/48 (b) | 7,000,000 | 7,668,066 | ||||||||
| Harris County-Houston Sports Authority, Revenue Bonds | ||||||||||
| Series H, Insured: NATL-RE (zero coupon), due 11/15/28 | 50,000 | 38,624 | ||||||||
| Series A, Insured: AGM, NATL-RE (zero coupon), due 11/15/38 | 175,000 | 79,102 | ||||||||
| Series H, Insured: NATL-RE (zero coupon), due 11/15/38 | 260,000 | 111,470 | ||||||||
| Mission Economic Development Corp., Natgasoline LLC Project, Revenue Bonds 4.625%, due 10/1/31 (a)(d) | 5,000,000 | 5,297,100 | ||||||||
| Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds 5.00%, due 12/15/32 (b) | 20,000,000 | 21,139,700 | ||||||||
| Texas Private Activity Bond Surface Transportation Corp., Senior Lien, LBJ Infrastructure, Revenue Bonds 7.00%, due 6/30/40 | 2,000,000 | 2,009,660 | ||||||||
| 36,343,722 | ||||||||||
| U.S. Virgin Islands 5.5% (3.4% of Managed Assets) | ||||||||||
| Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds | ||||||||||
| Series A 5.00%, due 10/1/32 | 3,020,000 | 2,776,588 | ||||||||
| Series A, Insured: AGM 5.00%, due 10/1/32 | 2,690,000 | 2,899,551 | ||||||||
| Virgin Islands Public Finance Authority, Matching Fund Loan Note, Revenue Bonds | ||||||||||
| Senior Lien-Series B 5.00%, due 10/1/24 | 1,430,000 | 1,430,558 | ||||||||
| Series A-1 5.00%, due 10/1/24 | 1,145,000 | 1,144,920 | ||||||||
| Series A 5.00%, due 10/1/25 | 5,735,000 | 5,681,034 | ||||||||
| Series B 5.25%, due 10/1/29 | 1,355,000 | 1,331,924 | ||||||||
| Series A 6.625%, due 10/1/29 | 2,580,000 | 2,581,058 | ||||||||
| Virgin Islands Public Finance Authority, Revenue Bonds | ||||||||||
| Series A 5.00%, due 10/1/29 | 2,980,000 | 2,773,307 | ||||||||
| Series A, Insured: AGM 5.00%, due 10/1/32 | 5,350,000 | 5,766,765 | ||||||||
| Virgin Islands Public Finance Authority, Senior Lien-Matching Fund Loan Note, Revenue Bonds | ||||||||||
| Series A-1 4.50%, due 10/1/24 | 445,000 | 440,252 | ||||||||
| Senior Lien-Series B 5.00%, due 10/1/25 | 4,385,000 | 4,343,737 | ||||||||
| 31,169,694 | ||||||||||
| Virginia 0.9% (0.6% of Managed Assets) | ||||||||||
| Tobacco Settlement Financing Corp., Revenue Bonds Series B1 5.00%, due 6/1/47 | 5,000,000 | 5,024,750 | ||||||||
| Washington 5.1% (3.2% of Managed Assets) | ||||||||||
| Washington Health Care Facilities Authority, Multicare Health System, Revenue Bonds Series A 5.00%, due 8/15/44 (b) | 19,665,000 | 20,734,690 | ||||||||
| Washington State Convention Center Public Facilities District, Revenue Bonds 4.00%, due 7/1/58 | 8,000,000 | 8,316,000 | ||||||||
| Washington State Housing Finance Commission, Single Family Program, Revenue Bonds Series 1N 4.00%, due 6/1/49 | 170,000 | 188,598 | ||||||||
| 29,239,288 | ||||||||||
| Wisconsin 1.2% (0.7% of Managed Assets) | ||||||||||
| Public Finance Authority, Bancroft NeuroHealth Project, Revenue Bonds Series A 5.00%, due 6/1/36 (d) | 500,000 | 537,905 | ||||||||
| Public Finance Authority, Ultimate Medical Academy Project, Revenue Bonds Series A 5.00%, due 10/1/39 (d) | 5,750,000 | 6,058,602 | ||||||||
| 6,596,507 | ||||||||||
| Total Investments (Cost $834,460,338) | 158.1 | % | 900,140,028 | |||||||
| Floating Rate Note Obligations (g) | (53.8 | ) | (306,305,000 | ) | ||||||
| Fixed Rate Municipal Term Preferred Shares, at Liquidation Value | (6.1 | ) | (35,000,000 | ) | ||||||
| Other Assets, Less Liabilities | 1.8 | 10,596,513 | ||||||||
| Net Assets Applicable to Common Shares | 100.0 | % | $ | 569,431,541 | ||||||
| † | Percentages indicated are based on Fund net assets applicable to Common shares. |
| (a) | Interest on these securities was subject to alternative minimum tax. |
| (b) | All or portion of principal amount transferred to a Tender Option Bond ("TOB") Issuer in exchange for TOB Residuals and cash. |
| (c) | Step coupon - Rate shown was the rate in effect as of August 31, 2020. |
| (d) | 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. |
| (e) | Bond insurance is paying principal and interest, since the issuer is in default. |
| (f) | 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. |
| (g) | Face value of Floating Rate Notes issued in TOB transactions. |
| “Managed Assets” is defined as the Fund's total assets, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the purpose of creating effective leverage (i.e. tender option bonds) or Fund liabilities related to liquidation preference of any preferred shares issued), which was $911,618,064 as of August 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. |
| NATL-RE | —National Public Finance Guarantee Corp. |
The following is a summary of the fair valuations according to the inputs used as of August 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) | ||||||||||||||||
| Municipal Bonds | $ | — | $ | 900,140,028 | $ | — | $ | 900,140,028 | ||||||||
(a) For a complete listing of investments and their industries, see the Portfolio of Investments.
MainStay MacKay DefinedTerm Municipal Opportunities Fund
NOTES TO PORTFOLIO OF INVESTMENTS August 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 Fund is open for business ("valuation date").
The Board of Trustees (the "Board") of the MainStay MacKay DefinedTerm Municipal Opportunities Fund (the "Fund"), adopted procedures establishing methodologies for the valuation of the Fund's securities and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Fund (the "Valuation Committee"). The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for the day-to-day valuation of Portfolio assets (including fair value measurements for the 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 (as defined in Note 3(A)). To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Fund’s 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.
The Board authorized the Valuation Committee to appoint a Valuation Subcommittee (the “Subcommittee”) to establish the prices of securities for which market quotations are not readily available or the prices of which are not otherwise readily determinable under the procedures. The Subcommittee meets (in person, via electronic mail or via teleconference) on an as-needed basis. The Valuation Committee meets to ensure that actions taken by the Subcommittee were appropriate. For those securities valued through either a standardized fair valuation methodology or a fair valuation measurement, the Subcommittee deals 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 the 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 that 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 the Fund. Unobservable inputs reflect the 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 the 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. The aggregate value by input level of the Fund’s assets and liabilities as of August 31, 2020, is included at the end of the Portfolio of Investments.
The Fund 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 |
MainStay MacKay DefinedTerm Municipal Opportunities Fund
| • 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 Fund generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information. The Fund 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 Fund's valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Fund's valuation procedures are designed to value a security at the price the 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 the 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 August 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 delisted 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, 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 August 31, 2020, there were no securities held by the Fund that were fair valued in such a manner.
Municipal debt securities are valued at the evaluated mean prices supplied by a pricing agent or broker selected by the Manager, in consultation with the Subadvisor. 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, 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. Municipal debt securities are generally categorized as Level 2 in the hierarchy.
Futures contracts are valued at the last posted settlement price on the market where such futures are primarily traded and are generally categorized as Level 1 in the hierarchy.
Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Temporary cash investments that mature in 60 days or less at the time of purchase are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the value on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.
The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The valuation procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.
MainStay MacKay DefinedTerm Municipal Opportunities Fund