MainStay Balanced Fund
Portfolio of Investments January 31, 2024†^(Unaudited)
| Principal Amount | Value | |
| Long-Term Bonds 33.8% | ||
| Asset-Backed Securities 0.8% | ||
| Other Asset-Backed Securities 0.8% | ||
| Apidos CLO XXX | ||
| Series XXXA, Class A2 | ||
| 7.16% (3 Month SOFR + 1.862%), due 10/18/31 (a)(b) | $ 600,000 | $ 600,043 |
| Ballyrock CLO 23 Ltd. | ||
| Series 2023-23A, Class A1 | ||
| 7.305% (3 Month SOFR + 1.98%), due 4/25/36 (a)(b) | 750,000 | 755,988 |
| Barings CLO Ltd. | ||
| Series 2024-1A, Class B | ||
| 7.369% (3 Month SOFR + 2.10%), due 1/20/37 (a)(b)(c) | 500,000 | 500,050 |
| Benefit Street Partners CLO XXX Ltd. | ||
| Series 2023-30A, Class A | ||
| 7.425% (3 Month SOFR + 2.10%), due 4/25/36 (a)(b) | 700,000 | 705,499 |
| Carlyle Global Market Strategies CLO Ltd. | ||
| Series 2013-3A, Class A2R | ||
| 6.976% (3 Month SOFR + 1.662%), due 10/15/30 (a)(b) | 1,100,000 | 1,095,465 |
| STORE Master Funding I-VII XIV XIX XX | ||
| Series 2021-1A, Class A1 | ||
| 2.12%, due 6/20/51 (a) | 304,762 | 259,306 |
| Total Asset-Backed Securities (Cost $3,951,109) | 3,916,351 | |
| Corporate Bonds 12.4% | ||
| Aerospace & Defense 0.1% | ||
| Boeing Co. (The) | ||
| 5.15%, due 5/1/30 | 290,000 | 290,641 |
| 5.805%, due 5/1/50 | 120,000 | 120,173 |
| HEICO Corp. | ||
| 5.35%, due 8/1/33 | 210,000 | 213,417 |
| 624,231 | ||
| Auto Manufacturers 0.4% | ||
| Ford Motor Co. | ||
| 3.25%, due 2/12/32 | 205,000 | 169,704 |
| Ford Motor Credit Co. LLC | ||
| 4.542%, due 8/1/26 | 450,000 | 437,302 |
| General Motors Financial Co., Inc. | ||
| 6.05%, due 10/10/25 | 595,000 | 603,663 |
| Hyundai Capital America | ||
| 5.68%, due 6/26/28 (a) | 580,000 | 595,604 |
| 1,806,273 | ||
| Auto Parts & Equipment 0.1% | ||
| Aptiv plc | ||
| 3.25%, due 3/1/32 | 320,000 | 282,203 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Banks 4.5% | ||
| ABN AMRO Bank NV | ||
| 6.339% (1 Year Treasury Constant Maturity Rate + 1.65%), due 9/18/27 (a)(b) | $ 400,000 | $ 409,004 |
| Bank of America Corp. | ||
| 1.734%, due 7/22/27 (d) | 1,040,000 | 958,600 |
| 2.087%, due 6/14/29 (d) | 865,000 | 766,656 |
| 5.202%, due 4/25/29 (d) | 660,000 | 665,399 |
| 5.468% (SOFR + 1.65%), due 1/23/35 (b) | 200,000 | 203,670 |
| Bank of New York Mellon Corp. (The) | ||
| 6.474%, due 10/25/34 (d) | 175,000 | 193,355 |
| Barclays plc | ||
| 7.385% (1 Year Treasury Constant Maturity Rate + 3.30%), due 11/2/28 (b) | 405,000 | 432,869 |
| Citigroup, Inc. (d) | ||
| 2.014%, due 1/25/26 | 875,000 | 844,548 |
| 5.61%, due 9/29/26 | 1,050,000 | 1,058,083 |
| 6.174%, due 5/25/34 | 410,000 | 425,273 |
| Citizens Bank NA | ||
| 6.064%, due 10/24/25 (d) | 380,000 | 378,837 |
| Credit Suisse AG | ||
| 7.95%, due 1/9/25 | 1,000,000 | 1,023,231 |
| Danske Bank A/S | ||
| 6.466% (1 Year Treasury Constant Maturity Rate + 2.10%), due 1/9/26 (a)(b) | 850,000 | 856,702 |
| Deutsche Bank AG | ||
| 7.079%, due 2/10/34 (d) | 270,000 | 275,529 |
| Goldman Sachs Group, Inc. (The) | ||
| 5.70%, due 11/1/24 | 850,000 | 852,438 |
| HSBC Holdings plc (d) | ||
| 6.547%, due 6/20/34 | 330,000 | 343,884 |
| 7.39%, due 11/3/28 | 470,000 | 504,669 |
| JPMorgan Chase & Co. (d) | ||
| 5.012%, due 1/23/30 | 600,000 | 603,004 |
| 5.04%, due 1/23/28 | 625,000 | 627,673 |
| 5.546%, due 12/15/25 | 730,000 | 730,409 |
| Mitsubishi UFJ Financial Group, Inc. | ||
| 5.406% (1 Year Treasury Constant Maturity Rate + 1.97%), due 4/19/34 (b) | 215,000 | 220,611 |
| Morgan Stanley (d) | ||
| 4.679%, due 7/17/26 | 1,314,000 | 1,305,133 |
| 5.173%, due 1/16/30 | 160,000 | 161,376 |
| Morgan Stanley Bank NA | ||
| 4.754%, due 4/21/26 | 425,000 | 425,457 |
| 4.952%, due 1/14/28 (d) | 250,000 | 250,678 |
| National Securities Clearing Corp. | ||
| 5.00%, due 5/30/28 (a) | 375,000 | 382,794 |
| PNC Financial Services Group, Inc. (The) (d) | ||
| 5.812%, due 6/12/26 | 415,000 | 417,313 |
| 6.615%, due 10/20/27 | 545,000 | 566,501 |
| 6.875%, due 10/20/34 | 20,000 | 22,228 |
| Royal Bank of Canada | ||
| 5.66%, due 10/25/24 | 605,000 | 606,473 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Banks | ||
| Truist Bank | ||
| 2.636% (5 Year Treasury Constant Maturity Rate + 1.15%), due 9/17/29 (b) | $ 250,000 | $ 236,667 |
| Truist Financial Corp. (d) | ||
| 5.122%, due 1/26/34 | 160,000 | 155,761 |
| 5.435%, due 1/24/30 | 370,000 | 373,153 |
| U.S. Bancorp (d) | ||
| 4.653%, due 2/1/29 | 370,000 | 364,520 |
| 5.678%, due 1/23/35 | 205,000 | 209,755 |
| 6.787%, due 10/26/27 | 385,000 | 401,646 |
| UBS Group AG (a) | ||
| 6.327% (1 Year Treasury Constant Maturity Rate + 1.60%), due 12/22/27 (b) | 560,000 | 576,720 |
| 6.442%, due 8/11/28 (d) | 550,000 | 571,432 |
| Wells Fargo & Co. (d) | ||
| 5.198%, due 1/23/30 | 610,000 | 614,743 |
| 5.499%, due 1/23/35 | 385,000 | 392,653 |
| 20,409,447 | ||
| Beverages 0.1% | ||
| Constellation Brands, Inc. | ||
| 4.90%, due 5/1/33 | 345,000 | 342,643 |
| Keurig Dr Pepper, Inc. | ||
| 4.05%, due 4/15/32 | 105,000 | 99,668 |
| 442,311 | ||
| Biotechnology 0.2% | ||
| Amgen, Inc. | ||
| 4.05%, due 8/18/29 | 590,000 | 574,405 |
| 5.15%, due 3/2/28 | 300,000 | 305,431 |
| 5.25%, due 3/2/30 | 200,000 | 204,764 |
| 1,084,600 | ||
| Chemicals 0.3% | ||
| Celanese US Holdings LLC | ||
| 6.33%, due 7/15/29 | 420,000 | 437,685 |
| 6.55%, due 11/15/30 | 230,000 | 243,296 |
| RPM International, Inc. | ||
| 2.95%, due 1/15/32 | 575,000 | 493,199 |
| 1,174,180 | ||
| Commercial Services 0.1% | ||
| Global Payments, Inc. | ||
| 2.15%, due 1/15/27 | 400,000 | 370,080 |
| Computers 0.0% ‡ | ||
| Dell International LLC | ||
| 5.75%, due 2/1/33 | 155,000 | 162,774 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Diversified Financial Services 0.8% | ||
| Air Lease Corp. | ||
| 0.70%, due 2/15/24 | $ 1,425,000 | $ 1,422,376 |
| American Express Co. | ||
| 6.489%, due 10/30/31 (d) | 390,000 | 422,514 |
| Ares Management Corp. | ||
| 6.375%, due 11/10/28 | 425,000 | 448,970 |
| Blackstone Holdings Finance Co. LLC | ||
| 5.90%, due 11/3/27 (a) | 605,000 | 626,385 |
| Charles Schwab Corp. (The) | ||
| 6.196%, due 11/17/29 (d) | 470,000 | 491,565 |
| Intercontinental Exchange, Inc. | ||
| 4.35%, due 6/15/29 | 110,000 | 108,451 |
| 3,520,261 | ||
| Electric 1.5% | ||
| AEP Texas, Inc. | ||
| 4.70%, due 5/15/32 | 40,000 | 39,021 |
| American Electric Power Co., Inc. | ||
| 5.625%, due 3/1/33 | 220,000 | 226,968 |
| Appalachian Power Co. | ||
| Series BB | ||
| 4.50%, due 8/1/32 | 45,000 | 43,000 |
| Arizona Public Service Co. | ||
| 5.55%, due 8/1/33 | 415,000 | 428,815 |
| Commonwealth Edison Co. | ||
| 3.10%, due 11/1/24 | 290,000 | 284,936 |
| Duke Energy Carolinas LLC | ||
| 4.95%, due 1/15/33 | 195,000 | 196,494 |
| Duke Energy Corp. | ||
| 2.45%, due 6/1/30 | 240,000 | 209,090 |
| 4.50%, due 8/15/32 | 140,000 | 134,581 |
| Duke Energy Ohio, Inc. | ||
| 5.25%, due 4/1/33 | 70,000 | 71,300 |
| Enel Finance America LLC | ||
| 7.10%, due 10/14/27 (a) | 420,000 | 448,835 |
| Entergy Arkansas LLC | ||
| 5.15%, due 1/15/33 | 220,000 | 224,493 |
| Florida Power & Light Co. | ||
| 5.05%, due 4/1/28 | 640,000 | 655,382 |
| Georgia Power Co. | ||
| 4.65%, due 5/16/28 | 755,000 | 756,361 |
| National Rural Utilities Cooperative Finance Corp. | ||
| 5.05%, due 9/15/28 | 330,000 | 336,842 |
| NextEra Energy Capital Holdings, Inc. | ||
| 6.051%, due 3/1/25 | 280,000 | 282,360 |
| Pacific Gas and Electric Co. | ||
| 5.45%, due 6/15/27 | 400,000 | 402,372 |
| 6.10%, due 1/15/29 | 240,000 | 248,651 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Electric | ||
| Pacific Gas and Electric Co. | ||
| 6.15%, due 1/15/33 | $ 450,000 | $ 467,813 |
| 6.40%, due 6/15/33 | 110,000 | 116,771 |
| PECO Energy Co. | ||
| 4.90%, due 6/15/33 | 310,000 | 312,774 |
| Southern California Edison Co. | ||
| 5.30%, due 3/1/28 | 380,000 | 389,958 |
| 5.95%, due 11/1/32 | 175,000 | 186,538 |
| Southern Co. (The) | ||
| 5.15%, due 10/6/25 | 220,000 | 220,800 |
| 5.70%, due 10/15/32 | 100,000 | 104,280 |
| 6,788,435 | ||
| Entertainment 0.0% ‡ | ||
| Warnermedia Holdings, Inc. | ||
| 4.054%, due 3/15/29 | 224,000 | 212,089 |
| Environmental Control 0.1% | ||
| Waste Connections, Inc. | ||
| 2.60%, due 2/1/30 | 445,000 | 399,444 |
| Food 0.0% ‡ | ||
| Kraft Heinz Foods Co. | ||
| 3.75%, due 4/1/30 | 130,000 | 123,424 |
| Gas 0.2% | ||
| CenterPoint Energy Resources Corp. | ||
| 1.75%, due 10/1/30 | 550,000 | 458,942 |
| Southwest Gas Corp. | ||
| 5.45%, due 3/23/28 | 220,000 | 224,719 |
| 683,661 | ||
| Healthcare-Products 0.1% | ||
| Baxter International, Inc. | ||
| 3.95%, due 4/1/30 | 610,000 | 576,331 |
| Healthcare-Services 0.1% | ||
| HCA, Inc. | ||
| 3.625%, due 3/15/32 | 620,000 | 552,674 |
| Insurance 0.4% | ||
| Corebridge Financial, Inc. | ||
| 3.85%, due 4/5/29 | 325,000 | 306,938 |
| Corebridge Global Funding | ||
| 5.20%, due 1/12/29 (a) | 545,000 | 547,086 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Insurance | ||
| RGA Global Funding | ||
| 6.00%, due 11/21/28 (a) | $ 705,000 | $ 729,977 |
| 1,584,001 | ||
| Internet 0.2% | ||
| Amazon.com, Inc. | ||
| 2.10%, due 5/12/31 | 430,000 | 367,809 |
| Meta Platforms, Inc. | ||
| 3.85%, due 8/15/32 | 440,000 | 416,054 |
| 783,863 | ||
| Investment Companies 0.1% | ||
| Blackstone Private Credit Fund | ||
| 7.05%, due 9/29/25 | 420,000 | 427,491 |
| Media 0.2% | ||
| Charter Communications Operating LLC | ||
| 2.80%, due 4/1/31 | 210,000 | 173,519 |
| Paramount Global | ||
| 4.20%, due 5/19/32 | 605,000 | 538,356 |
| 711,875 | ||
| Miscellaneous—Manufacturing 0.0% ‡ | ||
| 3M Co. | ||
| 3.05%, due 4/15/30 | 209,000 | 188,487 |
| Oil & Gas 0.1% | ||
| Phillips 66 Co. | ||
| 3.15%, due 12/15/29 | 535,000 | 490,404 |
| Packaging & Containers 0.1% | ||
| Berry Global, Inc. | ||
| 5.65%, due 1/15/34 (a) | 305,000 | 308,394 |
| Pharmaceuticals 0.2% | ||
| AbbVie, Inc. | ||
| 2.95%, due 11/21/26 | 240,000 | 230,020 |
| CVS Health Corp. | ||
| 3.75%, due 4/1/30 | 170,000 | 159,224 |
| 5.30%, due 6/1/33 | 65,000 | 65,862 |
| Merck & Co., Inc. | ||
| 2.15%, due 12/10/31 | 415,000 | 351,009 |
| Pfizer Investment Enterprises Pte. Ltd. | ||
| 4.75%, due 5/19/33 | 210,000 | 209,740 |
| 1,015,855 | ||
| Principal Amount | Value | |
| Corporate Bonds | ||
| Pipelines 0.4% | ||
| Columbia Pipelines Operating Co. LLC | ||
| 5.927%, due 8/15/30 (a) | $ 270,000 | $ 280,661 |
| Energy Transfer LP | ||
| 3.75%, due 5/15/30 | 185,000 | 171,058 |
| 5.75%, due 2/15/33 | 205,000 | 209,932 |
| Enterprise Products Operating LLC | ||
| 4.85%, due 1/31/34 | 415,000 | 415,249 |
| MPLX LP | ||
| 4.95%, due 9/1/32 | 178,000 | 173,658 |
| Targa Resources Partners LP | ||
| 5.50%, due 3/1/30 | 755,000 | 751,399 |
| 2,001,957 | ||
| Real Estate Investment Trusts 0.4% | ||
| American Tower Corp. | ||
| 2.10%, due 6/15/30 | 660,000 | 554,335 |
| CubeSmart LP | ||
| 2.25%, due 12/15/28 | 340,000 | 300,249 |
| Simon Property Group LP | ||
| 1.75%, due 2/1/28 | 425,000 | 381,454 |
| Sun Communities Operating LP | ||
| 2.70%, due 7/15/31 | 435,000 | 361,324 |
| 1,597,362 | ||
| Retail 0.3% | ||
| AutoZone, Inc. | ||
| 5.20%, due 8/1/33 | 415,000 | 419,217 |
| Home Depot, Inc. (The) | ||
| 1.875%, due 9/15/31 | 385,000 | 318,762 |
| Lowe's Cos., Inc. | ||
| 4.80%, due 4/1/26 | 310,000 | 310,357 |
| 5.00%, due 4/15/33 | 205,000 | 207,750 |
| 5.15%, due 7/1/33 | 105,000 | 107,272 |
| 1,363,358 | ||
| Semiconductors 0.4% | ||
| Broadcom, Inc. | ||
| 2.45%, due 2/15/31 (a) | 385,000 | 327,863 |
| Intel Corp. | ||
| 5.125%, due 2/10/30 | 290,000 | 298,683 |
| 5.20%, due 2/10/33 | 215,000 | 221,323 |
| Micron Technology, Inc. | ||
| 5.375%, due 4/15/28 | 380,000 | 386,657 |
| 5.875%, due 9/15/33 | 215,000 | 223,642 |
| QUALCOMM, Inc. | ||
| 2.15%, due 5/20/30 | 490,000 | 428,599 |
| 1,886,767 | ||
| Principal Amount | Value | |
| Corporate Bonds | ||
| Software 0.2% | ||
| Microsoft Corp. | ||
| 2.525%, due 6/1/50 | $ 220,000 | $ 146,816 |
| Oracle Corp. | ||
| 4.50%, due 5/6/28 | 220,000 | 219,129 |
| 4.90%, due 2/6/33 | 280,000 | 277,113 |
| 6.15%, due 11/9/29 | 170,000 | 181,421 |
| 824,479 | ||
| Telecommunications 0.6% | ||
| AT&T, Inc. | ||
| 4.35%, due 3/1/29 | 955,000 | 939,054 |
| 5.40%, due 2/15/34 | 305,000 | 312,869 |
| T-Mobile USA, Inc. | ||
| 2.625%, due 4/15/26 | 675,000 | 642,603 |
| 2.625%, due 2/15/29 | 135,000 | 121,485 |
| 5.75%, due 1/15/34 | 405,000 | 426,692 |
| Verizon Communications, Inc. | ||
| 2.10%, due 3/22/28 | 340,000 | 307,437 |
| 3.376%, due 2/15/25 | 8,000 | 7,861 |
| 2,758,001 | ||
| Transportation 0.1% | ||
| Norfolk Southern Corp. | ||
| 3.00%, due 3/15/32 | 250,000 | 219,869 |
| Union Pacific Corp. | ||
| 2.80%, due 2/14/32 | 245,000 | 215,379 |
| United Parcel Service, Inc. | ||
| 4.45%, due 4/1/30 | 220,000 | 220,566 |
| 655,814 | ||
| Trucking & Leasing 0.1% | ||
| Penske Truck Leasing Co. LP (a) | ||
| 5.75%, due 5/24/26 | 230,000 | 232,196 |
| 6.05%, due 8/1/28 | 165,000 | 171,258 |
| 403,454 | ||
| Total Corporate Bonds (Cost $55,519,148) | 56,213,980 | |
| Mortgage-Backed Securities 0.4% | ||
| Agency (Collateralized Mortgage Obligation) 0.1% | ||
| FNMA | ||
| REMIC, Series 2021-3, Class TI | ||
| 2.50%, due 2/25/51 (e) | 2,555,882 | 409,398 |
| Principal Amount | Value | |
| Mortgage-Backed Securities | ||
| Commercial Mortgage Loans (Collateralized Mortgage Obligation) 0.2% | ||
| Citigroup Commercial Mortgage Trust | ||
| Series 2020-GC46, Class A5 | ||
| 2.717%, due 2/15/53 | $ 1,000,000 | $ 873,513 |
| Whole Loan (Collateralized Mortgage Obligation) 0.1% | ||
| BRAVO Residential Funding Trust | ||
| Series 2023-NQM8, Class A1 | ||
| 6.394%, due 10/25/63 (a)(f) | 496,688 | 501,236 |
| Total Mortgage-Backed Securities (Cost $1,936,659) | 1,784,147 | |
| U.S. Government & Federal Agencies 20.2% | ||
| United States Treasury Bonds 0.1% | ||
| U.S. Treasury Bonds | ||
| 4.375%, due 8/15/43 | 450,000 | 453,234 |
| United States Treasury Notes 20.1% | ||
| U.S. Treasury Notes | ||
| 2.50%, due 5/15/24 | 7,300,000 | 7,241,543 |
| 4.00%, due 1/15/27 | 23,025,000 | 23,019,603 |
| 4.00%, due 1/31/29 | 11,050,000 | 11,116,473 |
| 4.00%, due 1/31/31 | 15,065,000 | 15,142,679 |
| 4.25%, due 1/31/26 | 29,350,000 | 29,363,758 |
| 4.50%, due 11/15/33 | 4,955,000 | 5,174,104 |
| 91,058,160 | ||
| Total U.S. Government & Federal Agencies (Cost $90,902,932) | 91,511,394 | |
| Total Long-Term Bonds (Cost $152,309,848) | 153,425,872 | |
| Shares | ||
| Common Stocks 55.8% | ||
| Aerospace & Defense 1.8% | ||
| General Dynamics Corp. | 14,680 | 3,890,053 |
| L3Harris Technologies, Inc. | 19,486 | 4,061,272 |
| 7,951,325 | ||
| Air Freight & Logistics 0.8% | ||
| United Parcel Service, Inc., Class B | 27,053 | 3,838,821 |
| Automobile Components 0.9% | ||
| Gentex Corp. | 120,120 | 3,979,576 |
| Shares | Value | |
| Common Stocks | ||
| Banks 4.7% | ||
| JPMorgan Chase & Co. | 55,847 | $ 9,737,483 |
| M&T Bank Corp. | 35,989 | 4,970,081 |
| New York Community Bancorp, Inc. | 370,990 | 2,400,305 |
| PNC Financial Services Group, Inc. (The) | 27,089 | 4,096,128 |
| 21,203,997 | ||
| Beverages 1.3% | ||
| Keurig Dr Pepper, Inc. | 105,621 | 3,320,724 |
| Pernod Ricard SA, Sponsored ADR | 79,447 | 2,617,779 |
| 5,938,503 | ||
| Biotechnology 0.9% | ||
| Gilead Sciences, Inc. | 51,701 | 4,046,120 |
| Building Products 1.4% | ||
| Fortune Brands Innovations, Inc. | 35,945 | 2,788,973 |
| Johnson Controls International plc | 67,870 | 3,576,070 |
| 6,365,043 | ||
| Capital Markets 4.8% | ||
| Ares Management Corp. | 30,943 | 3,758,956 |
| Intercontinental Exchange, Inc. | 30,415 | 3,872,742 |
| KKR & Co., Inc. | 36,814 | 3,187,356 |
| LPL Financial Holdings, Inc. | 12,272 | 2,935,340 |
| Morgan Stanley | 44,533 | 3,885,059 |
| Raymond James Financial, Inc. | 36,946 | 4,070,710 |
| 21,710,163 | ||
| Chemicals 0.6% | ||
| Axalta Coating Systems Ltd. (g) | 88,704 | 2,875,784 |
| Communications Equipment 2.3% | ||
| Cisco Systems, Inc. | 130,509 | 6,548,942 |
| F5, Inc. (g) | 21,159 | 3,886,908 |
| 10,435,850 | ||
| Containers & Packaging 0.5% | ||
| Sealed Air Corp. | 61,721 | 2,132,460 |
| Distributors 0.8% | ||
| LKQ Corp. | 75,639 | 3,530,072 |
| Diversified Consumer Services 0.8% | ||
| H&R Block, Inc. | 82,231 | 3,851,700 |
| Electric Utilities 0.6% | ||
| Exelon Corp. | 80,833 | 2,813,797 |
| Shares | Value | |
| Common Stocks | ||
| Electrical Equipment 0.9% | ||
| Emerson Electric Co. | 44,241 | $ 4,058,227 |
| Electronic Equipment, Instruments & Components 0.9% | ||
| Corning, Inc. | 128,109 | 4,162,261 |
| Entertainment 0.8% | ||
| Electronic Arts, Inc. | 27,508 | 3,784,551 |
| Financial Services 0.7% | ||
| Global Payments, Inc. | 23,172 | 3,087,206 |
| Food Products 0.6% | ||
| Archer-Daniels-Midland Co. | 48,133 | 2,675,232 |
| Gas Utilities 0.8% | ||
| Atmos Energy Corp. | 30,086 | 3,427,999 |
| Ground Transportation 0.7% | ||
| Knight-Swift Transportation Holdings, Inc. | 54,094 | 3,103,914 |
| Health Care Equipment & Supplies 0.9% | ||
| Boston Scientific Corp. (g) | 63,316 | 4,005,370 |
| Health Care Providers & Services 3.2% | ||
| Centene Corp. (g) | 61,658 | 4,643,464 |
| Elevance Health, Inc. | 10,966 | 5,411,063 |
| UnitedHealth Group, Inc. | 9,050 | 4,631,247 |
| 14,685,774 | ||
| Hotel & Resort REITs 0.7% | ||
| Host Hotels & Resorts, Inc. | 170,534 | 3,277,663 |
| Household Durables 0.7% | ||
| Lennar Corp., Class A | 20,124 | 3,015,581 |
| Insurance 3.1% | ||
| American International Group, Inc. | 68,122 | 4,735,160 |
| Chubb Ltd. | 19,289 | 4,725,805 |
| MetLife, Inc. | 69,152 | 4,793,617 |
| 14,254,582 | ||
| Interactive Media & Services 0.6% | ||
| Alphabet, Inc., Class C (g) | 19,211 | 2,724,120 |
| Shares | Value | |
| Common Stocks | ||
| IT Services 0.7% | ||
| Amdocs Ltd. | 33,915 | $ 3,109,327 |
| Machinery 0.7% | ||
| Middleby Corp. (The) (g) | 21,314 | 3,006,766 |
| Media 0.8% | ||
| Omnicom Group, Inc. | 39,308 | 3,552,657 |
| Multi-Utilities 0.8% | ||
| Sempra | 50,556 | 3,617,787 |
| Oil, Gas & Consumable Fuels 4.4% | ||
| ConocoPhillips | 45,484 | 5,088,295 |
| Coterra Energy, Inc. | 134,744 | 3,352,431 |
| Diamondback Energy, Inc. | 22,347 | 3,435,628 |
| EOG Resources, Inc. | 29,736 | 3,383,659 |
| Phillips 66 | 32,578 | 4,701,331 |
| 19,961,344 | ||
| Personal Care Products 1.4% | ||
| Kenvue, Inc. | 148,472 | 3,082,279 |
| Unilever plc, Sponsored ADR | 66,019 | 3,214,465 |
| 6,296,744 | ||
| Pharmaceuticals 5.8% | ||
| AstraZeneca plc, Sponsored ADR | 46,869 | 3,123,350 |
| Johnson & Johnson | 48,662 | 7,732,392 |
| Merck & Co., Inc. | 62,846 | 7,590,540 |
| Pfizer, Inc. | 204,393 | 5,534,962 |
| Roche Holding AG | 8,509 | 2,431,172 |
| 26,412,416 | ||
| Real Estate Management & Development 0.7% | ||
| CBRE Group, Inc., Class A (g) | 39,213 | 3,384,474 |
| Semiconductors & Semiconductor Equipment 2.1% | ||
| Analog Devices, Inc. | 19,045 | 3,663,496 |
| NXP Semiconductors NV | 15,078 | 3,174,975 |
| QUALCOMM, Inc. | 19,263 | 2,860,748 |
| 9,699,219 | ||
| Specialized REITs 1.6% | ||
| Crown Castle, Inc. | 31,789 | 3,441,159 |
| Gaming and Leisure Properties, Inc. | 78,611 | 3,588,592 |
| 7,029,751 | ||
| Total Common Stocks (Cost $216,491,784) | 253,006,176 | |
| Shares | Value | ||
| Exchange-Traded Funds 8.9% | |||
| iShares Intermediate Government/Credit Bond ETF (h) | 182,846 | $ 19,193,345 | |
| iShares Russell 1000 Value ETF | 60,157 | 9,946,960 | |
| Vanguard Intermediate-Term Treasury ETF (h) | 38,979 | 2,318,471 | |
| Vanguard Russell 1000 Value (h) | 123,521 | 8,961,448 | |
| Total Exchange-Traded Funds (Cost $37,574,759) | 40,420,224 | ||
| Short-Term Investments 0.4% | |||
| Affiliated Investment Company 0.2% | |||
| MainStay U.S. Government Liquidity Fund, 5.25% (i) | 849,178 | 849,178 | |
| Unaffiliated Investment Company 0.2% | |||
| Invesco Government & Agency Portfolio, 5.315% (i)(j) | 771,575 | 771,575 | |
| Total Short-Term Investments (Cost $1,620,753) | 1,620,753 | ||
| Total Investments (Cost $407,997,144) | 98.9% | 448,473,025 | |
| Other Assets, Less Liabilities | 1.1 | 5,194,828 | |
| Net Assets | 100.0% | $ 453,667,853 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| ‡ | 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, 2024. |
| (c) | Delayed delivery security. |
| (d) | Fixed to floating rate—Rate shown was the rate in effect as of January 31, 2024. |
| (e) | Collateralized Mortgage Obligation Interest Only Strip—Pays a fixed or variable rate of interest based on mortgage loans or mortgage pass-through securities. The principal amount of the underlying pool represents the notional amount on which the current interest was calculated. The value of these stripped securities may be particularly sensitive to changes in prevailing interest rates and are typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities. |
| (f) | Step coupon—Rate shown was the rate in effect as of January 31, 2024. |
| (g) | Non-income producing security. |
| (h) | All or a portion of this security was held on loan. As of January 31, 2024, the aggregate market value of securities on loan was $747,306. The Fund received cash collateral with a value of $771,575. |
| (i) | Current yield as of January 31, 2024. |
| (j) | Represents a security purchased with cash collateral received for securities on loan. |
Investments in Affiliates (in
000's)
Investments in issuers considered to
be affiliate(s) of the Fund during the period ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| MainStay U.S. Government Liquidity Fund | $ 2,083 | $ 13,145 | $ (14,379) | $ — | $ — | $ 849 | $ 23 | $ — | 849 |
Futures Contracts
As of January 31, 2024, the Fund
held the following futures contracts1:
| Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
| Long Contracts | |||||
| U.S. Treasury 5 Year Notes | 121 | March 2024 | $ 12,894,892 | $ 13,115,266 | $ 220,374 |
| U.S. Treasury 10 Year Notes | 9 | March 2024 | 987,665 | 1,010,953 | 23,288 |
| Total Long Contracts | 243,662 | ||||
| Short Contracts | |||||
| U.S. Treasury 10 Year Ultra Bonds | (10) | March 2024 | (1,131,382) | (1,168,750) | (37,368) |
| U.S. Treasury Long Bonds | (4) | March 2024 | (464,993) | (489,375) | (24,382) |
| U.S. Treasury Ultra Bonds | (2) | March 2024 | (244,187) | (258,438) | (14,251) |
| Total Short Contracts | (76,001) | ||||
| Net Unrealized Appreciation | $ 167,661 |
| 1. | As of January 31, 2024, cash in the amount of $149,785 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, 2024. |
| Abbreviation(s): |
| ADR—American Depositary Receipt |
| CLO—Collateralized Loan Obligation |
| ETF—Exchange-Traded Fund |
| FNMA—Federal National Mortgage Association |
| REIT—Real Estate Investment Trust |
| REMIC—Real Estate Mortgage Investment Conduit |
| SOFR—Secured Overnight Financing Rate |
The following is a summary of the
fair valuations according to the inputs used as of January 31, 2024, 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 | $ — | $ 3,916,351 | $ — | $ 3,916,351 | |||
| Corporate Bonds | — | 56,213,980 | — | 56,213,980 | |||
| Mortgage-Backed Securities | — | 1,784,147 | — | 1,784,147 | |||
| U.S. Government & Federal Agencies | — | 91,511,394 | — | 91,511,394 | |||
| Total Long-Term Bonds | — | 153,425,872 | — | 153,425,872 | |||
| Common Stocks | |||||||
| Pharmaceuticals | 23,981,244 | 2,431,172 | — | 26,412,416 | |||
| All Other Industries | 226,593,760 | — | — | 226,593,760 | |||
| Total Common Stocks | 250,575,004 | 2,431,172 | — | 253,006,176 | |||
| Exchange-Traded Funds | 40,420,224 | — | — | 40,420,224 | |||
| Short-Term Investments | |||||||
| Affiliated Investment Company | 849,178 | — | — | 849,178 | |||
| Unaffiliated Investment Company | 771,575 | — | — | 771,575 | |||
| Total Short-Term Investments | 1,620,753 | — | — | 1,620,753 | |||
| Total Investments in Securities | 292,615,981 | 155,857,044 | — | 448,473,025 | |||
| Other Financial Instruments | |||||||
| Futures Contracts (b) | 243,662 | — | — | 243,662 | |||
| Total Investments in Securities and Other Financial Instruments | $ 292,859,643 | $ 155,857,044 | $ — | $ 448,716,687 | |||
| Liability Valuation Inputs | |||||||
| Other Financial Instruments | |||||||
| Futures Contracts (b) | $ (76,001) | $ — | $ — | $ (76,001) |
| (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, 2024†^(Unaudited)
| Shares | Value | |
| Common Stocks 96.1% | ||
| Brazil 6.9% | ||
| Banco do Brasil SA (Banks) | 154,000 | $ 1,754,662 |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP (Water Utilities) | 28,900 | 460,006 |
| Localiza Rent a Car SA (Ground Transportation) | 102,000 | 1,114,210 |
| MercadoLibre, Inc. (Broadline Retail) (a) | 1,020 | 1,746,046 |
| NU Holdings Ltd., Class A (Banks) (a) | 154,000 | 1,325,940 |
| PRIO SA (Oil, Gas & Consumable Fuels) | 196,000 | 1,737,906 |
| Raia Drogasil SA (Consumer Staples Distribution & Retail) | 204,000 | 1,041,741 |
| Sendas Distribuidora S/A (Consumer Staples Distribution & Retail) | 140,000 | 386,000 |
| WEG SA (Electrical Equipment) | 98,000 | 639,698 |
| 10,206,209 | ||
| China 23.4% | ||
| Airtac International Group (Machinery) | 17,000 | 507,181 |
| Alibaba Group Holding Ltd. (Broadline Retail) | 404,000 | 3,626,481 |
| Anhui Huaheng Biotechnology Co. Ltd., Class A (Chemicals) | 60,044 | 846,058 |
| Baidu, Inc., Class A (Interactive Media & Services) (a) | 48,000 | 628,826 |
| Bank of Jiangsu Co. Ltd., Class A (Banks) | 1,819,960 | 1,856,665 |
| BYD Co. Ltd., Class H (Automobiles) | 40,000 | 891,550 |
| BYD Electronic International Co. Ltd. (Communications Equipment) | 270,000 | 923,698 |
| China Merchants Bank Co. Ltd., Class H (Banks) | 516,000 | 1,880,448 |
| CMOC Group Ltd., Class H (Metals & Mining) | 2,499,239 | 1,358,706 |
| Kuaishou Technology (Interactive Media & Services) (a)(b) | 134,000 | 669,702 |
| Lenovo Group Ltd. (Technology Hardware, Storage & Peripherals) | 560,000 | 579,445 |
| Li Auto, Inc., Class A (Automobiles) (a) | 43,000 | 592,953 |
| Luzhou Laojiao Co. Ltd., Class A (Beverages) | 22,000 | 450,792 |
| Meituan (Hotels, Restaurants & Leisure) (a)(b) | 138,000 | 1,108,440 |
| NetEase, Inc. (Entertainment) | 70,000 | 1,366,549 |
| Ningbo Deye Technology Co. Ltd., Class A (Machinery) | 10,164 | 95,250 |
| Nongfu Spring Co. Ltd., Class H (Beverages) (b) | 170,000 | 916,313 |
| PDD Holdings, Inc., ADR (Broadline Retail) (a) | 24,000 | 3,044,880 |
| Ping An Insurance Group Co. of China Ltd., Class H (Insurance) | 460,000 | 1,941,040 |
| Shandong Gold Mining Co. Ltd., Class H (Metals & Mining) (b) | 360,000 | 517,073 |
| Shanghai Aiko Solar Energy Co. Ltd., Class A (Semiconductors & Semiconductor Equipment) | 170,000 | 325,330 |
| Shanghai Baosight Software Co. Ltd., Class A (Software) | 100,081 | 571,096 |
| Shenzhen Inovance Technology Co. Ltd., Class A (Machinery) | 61,926 | 481,629 |
| Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A (Health Care Equipment & Supplies) | 88,988 | 857,597 |
| Shenzhen Transsion Holdings Co. Ltd., Class A (Technology Hardware, Storage & Peripherals) | 38,000 | 722,903 |
| Sunresin New Materials Co. Ltd., Class A (Chemicals) | 62,995 | 388,251 |
| Suzhou TFC Optical Communication Co. Ltd., Class A (Communications Equipment) | 89,955 | 1,069,345 |
| Tencent Holdings Ltd. (Interactive Media & Services) | 124,000 | 4,312,729 |
| Vipshop Holdings Ltd., ADR (Broadline Retail) (a) | 50,000 | 794,500 |
| Yantai Jereh Oilfield Services Group Co. Ltd., Class A (Energy Equipment & Services) | 260,000 | 950,516 |
| 34,275,946 | ||
| India 18.7% | ||
| ABB India Ltd. (Electrical Equipment) | 26,000 | 1,458,366 |
| APL Apollo Tubes Ltd. (Metals & Mining) | 62,000 | 1,121,615 |
| Apollo Hospitals Enterprise Ltd. (Health Care Providers & Services) | 18,000 | 1,371,741 |
| Shares | Value | |
| Common Stocks | ||
| India | ||
| Axis Bank Ltd. (Banks) | 204,000 | $ 2,621,104 |
| Bajaj Finance Ltd. (Consumer Finance) | 17,400 | 1,437,136 |
| Bharti Airtel Ltd. (Wireless Telecommunication Services) | 216,000 | 3,042,749 |
| Coforge Ltd. (IT Services) | 15,600 | 1,167,531 |
| Dixon Technologies India Ltd. (Household Durables) | 11,000 | 790,635 |
| ICICI Bank Ltd. (Banks) | 136,000 | 1,682,538 |
| Indraprastha Gas Ltd. (Gas Utilities) | 143,000 | 738,191 |
| Infosys Ltd. (IT Services) | 32,000 | 638,727 |
| KPIT Technologies Ltd. (Software) | 58,000 | 1,076,273 |
| Oil India Ltd. (Oil, Gas & Consumable Fuels) | 146,000 | 749,214 |
| Reliance Industries Ltd. (Oil, Gas & Consumable Fuels) | 95,000 | 3,254,105 |
| Tata Motors Ltd. (Automobiles) | 160,000 | 1,694,843 |
| Torrent Pharmaceuticals Ltd. (Pharmaceuticals) | 51,000 | 1,551,220 |
| Trent Ltd. (Specialty Retail) | 28,000 | 1,038,774 |
| Varun Beverages Ltd. (Beverages) | 130,000 | 2,003,824 |
| 27,438,586 | ||
| Indonesia 2.8% | ||
| Bank Central Asia Tbk. PT (Banks) | 1,560,000 | 942,854 |
| Bank Mandiri Persero Tbk. PT (Banks) | 4,200,000 | 1,762,171 |
| Merdeka Copper Gold Tbk. PT (Metals & Mining) (a) | 3,200,000 | 545,462 |
| Sumber Alfaria Trijaya Tbk. PT (Consumer Staples Distribution & Retail) | 4,800,000 | 803,120 |
| 4,053,607 | ||
| Malaysia 0.8% | ||
| Press Metal Aluminium Holdings Bhd. (Metals & Mining) | 1,120,000 | 1,121,587 |
| Mexico 4.5% | ||
| America Movil SAB de CV (Wireless Telecommunication Services) | 1,900,000 | 1,716,585 |
| Cemex SAB de CV (Construction Materials) (a) | 1,240,000 | 1,030,241 |
| Gruma SAB de CV, Class B (Food Products) | 73,000 | 1,366,563 |
| Grupo Financiero Banorte SAB de CV, Class O (Banks) | 240,000 | 2,441,066 |
| 6,554,455 | ||
| Philippines 0.5% | ||
| International Container Terminal Services, Inc. (Transportation Infrastructure) | 170,000 | 735,054 |
| Poland 0.8% | ||
| Dino Polska SA (Consumer Staples Distribution & Retail) (a)(b) | 11,200 | 1,209,391 |
| Republic of Korea 12.1% | ||
| Daejoo Electronic Materials Co. Ltd. (Electronic Equipment, Instruments & Components) (a) | 7,000 | 356,742 |
| DB Insurance Co. Ltd. (Insurance) (a) | 26,500 | 1,733,915 |
| HPSP Co. Ltd. (Semiconductors & Semiconductor Equipment) (a) | 20,000 | 663,311 |
| KB Financial Group, Inc. (Banks) | 50,000 | 2,119,386 |
| LG Chem Ltd. (Chemicals) | 300 | 96,419 |
| Meritz Financial Group, Inc. (Financial Services) (a) | 27,000 | 1,373,149 |
| Shares | Value | |
| Common Stocks | ||
| Republic of Korea | ||
| Samsung Biologics Co. Ltd. (Life Sciences Tools & Services) (a)(b) | 1,300 | $ 816,455 |
| Samsung Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals) | 124,000 | 6,723,866 |
| Samsung Engineering Co. Ltd. (Construction & Engineering) (a) | 6,000 | 99,078 |
| SK Hynix, Inc. (Semiconductors & Semiconductor Equipment) | 38,000 | 3,764,707 |
| 17,747,028 | ||
| Russia 0.0% ‡ | ||
| Magnit PJSC (Consumer Staples Distribution & Retail) (c)(d) | 6,769 | — |
| Saudi Arabia 0.0% ‡ | ||
| Al Rajhi Bank (Banks) | 500 | 11,170 |
| South Africa 5.2% | ||
| Capitec Bank Holdings Ltd. (Banks) | 14,800 | 1,579,555 |
| FirstRand Ltd. (Financial Services) | 380,000 | 1,377,490 |
| Gold Fields Ltd. (Metals & Mining) | 162,000 | 2,405,537 |
| Naspers Ltd., Class N (Broadline Retail) | 13,400 | 2,240,544 |
| 7,603,126 | ||
| Taiwan 16.7% | ||
| Accton Technology Corp. (Communications Equipment) | 114,000 | 1,898,962 |
| Alchip Technologies Ltd. (Semiconductors & Semiconductor Equipment) | 15,000 | 1,844,878 |
| ASE Technology Holding Co. Ltd. (Semiconductors & Semiconductor Equipment) | 280,000 | 1,203,083 |
| Chailease Holding Co. Ltd. (Financial Services) | 228,000 | 1,258,264 |
| CTBC Financial Holding Co. Ltd. (Banks) | 2,120,000 | 1,919,107 |
| E Ink Holdings, Inc. (Electronic Equipment, Instruments & Components) | 98,000 | 646,488 |
| Quanta Computer, Inc. (Technology Hardware, Storage & Peripherals) | 22,000 | 170,603 |
| Realtek Semiconductor Corp. (Semiconductors & Semiconductor Equipment) | 50,000 | 743,932 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 680,000 | 13,622,452 |
| Wiwynn Corp. (Technology Hardware, Storage & Peripherals) | 18,000 | 1,244,825 |
| 24,552,594 | ||
| Thailand 0.9% | ||
| Airports of Thailand PCL, NVDR (Transportation Infrastructure) | 240,000 | 402,099 |
| Bangkok Dusit Medical Services PCL, NVDR (Health Care Providers & Services) | 340,000 | 262,593 |
| PTT PCL, NVDR (Oil, Gas & Consumable Fuels) | 640,000 | 607,820 |
| 1,272,512 | ||
| Turkey 2.8% | ||
| BIM Birlesik Magazalar A/S (Consumer Staples Distribution & Retail) | 152,400 | 1,914,124 |
| Coca-Cola Icecek A/S (Beverages) | 66,000 | 1,164,476 |
| Turkiye Garanti Bankasi A/S (Banks) (e) | 520,000 | 1,086,136 |
| 4,164,736 | ||
| Total Common Stocks (Cost $128,957,663) | 140,946,001 | |
| Shares | Value | ||
| Preferred Stock 1.4% | |||
| Brazil 1.4% | |||
| Itau Unibanco Holding SA (Banks) | 318,000 | $ 2,103,997 | |
| Total Preferred Stock (Cost $1,514,051) | 2,103,997 | ||
| Total Investments (Cost $130,471,714) | 97.5% | 143,049,998 | |
| Other Assets, Less Liabilities | 2.5 | 3,655,799 | |
| Net Assets | 100.0% | $ 146,705,797 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry and country classifications may be different than those used for compliance monitoring purposes. |
| ‡ | 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) | Illiquid security—As of January 31, 2024, the total market value deemed illiquid under procedures approved by the Board of Trustees was $0, which represented less than one-tenth of a percent 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, 2024, the aggregate market value of securities on loan was $451,162. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $500,665. |
| Abbreviation(s): |
| 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, 2024, 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 | |||||||
| China | $ 3,839,380 | $ 30,436,566 | $ — | $ 34,275,946 | |||
| India | — | 27,438,586 | — | 27,438,586 | |||
| Indonesia | — | 4,053,607 | — | 4,053,607 | |||
| Malaysia | — | 1,121,587 | — | 1,121,587 | |||
| Philippines | — | 735,054 | — | 735,054 | |||
| Poland | — | 1,209,391 | — | 1,209,391 | |||
| Republic of Korea | — | 17,747,028 | — | 17,747,028 | |||
| Saudi Arabia | — | 11,170 | — | 11,170 | |||
| South Africa | — | 7,603,126 | — | 7,603,126 | |||
| Taiwan | — | 24,552,594 | — | 24,552,594 | |||
| Thailand | — | 1,272,512 | — | 1,272,512 | |||
| Turkey | — | 4,164,736 | — | 4,164,736 | |||
| All Other Countries | 16,760,664 | — | — | 16,760,664 | |||
| Total Common Stocks | 20,600,044 | 120,345,957 | — | 140,946,001 | |||
| Preferred Stock | 2,103,997 | — | — | 2,103,997 | |||
| Total Investments in Securities | $ 22,704,041 | $ 120,345,957 | $ — | $ 143,049,998 |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
MainStay Conservative Allocation Fund
Portfolio of Investments January 31, 2024†^(Unaudited)
| Shares | Value | |
| Affiliated Investment Companies 89.5% | ||
| Equity Funds 36.5% | ||
| IQ 500 International ETF | 203,193 | $ 6,607,064 |
| IQ Candriam International Equity ETF | 235,095 | 6,652,577 |
| IQ Candriam U.S. Large Cap Equity ETF | 260,548 | 10,956,043 |
| IQ Candriam U.S. Mid Cap Equity ETF | 242,885 | 7,219,514 |
| IQ CBRE NextGen Real Estate ETF (a) | 448,065 | 8,625,207 |
| IQ FTSE International Equity Currency Neutral ETF | 317,593 | 7,958,881 |
| IQ U.S. Small Cap ETF | 128,978 | 4,497,463 |
| IQ Winslow Large Cap Growth ETF (a) | 41,013 | 1,561,012 |
| MainStay Candriam Emerging Markets Equity Fund Class R6 | 651,863 | 5,744,345 |
| MainStay Epoch Capital Growth Fund Class I | 101,667 | 1,436,647 |
| MainStay Epoch International Choice Fund Class I | 99,444 | 3,936,393 |
| MainStay Epoch U.S. Equity Yield Fund Class R6 (a) | 427,016 | 8,518,633 |
| MainStay Fiera SMID Growth Fund Class R6 | 447,248 | 7,413,054 |
| MainStay PineStone International Equity Fund Class R6 | 234,525 | 3,714,427 |
| MainStay PineStone U.S. Equity Fund Class R6 | 562,230 | 9,818,498 |
| MainStay S&P 500 Index Fund Class I | 42,274 | 2,321,346 |
| MainStay Winslow Large Cap Growth Fund Class R6 | 897,647 | 10,220,963 |
| MainStay WMC Enduring Capital Fund Class R6 | 230,530 | 8,068,805 |
| MainStay WMC Growth Fund Class R6 (a) | 263,099 | 11,451,998 |
| MainStay WMC International Research Equity Fund Class I | 554,260 | 3,943,009 |
| MainStay WMC Small Companies Fund Class I | 228,763 | 5,088,322 |
| MainStay WMC Value Fund Class R6 | 259,811 | 7,716,570 |
| Total Equity Funds (Cost $116,412,491) | 143,470,771 | |
| Fixed Income Funds 53.0% | ||
| IQ MacKay ESG Core Plus Bond ETF (a) | 3,088,520 | 65,167,772 |
| IQ Mackay ESG High Income ETF (a) | 244,382 | 6,494,452 |
| MainStay Floating Rate Fund Class R6 (a) | 2,431,128 | 21,562,650 |
| MainStay MacKay High Yield Corporate Bond Fund Class R6 | 1,267,443 | 6,501,093 |
| MainStay MacKay Short Duration High Yield Fund Class I | 1,759,723 | 16,651,908 |
| MainStay MacKay Total Return Bond Fund Class R6 (a) | 7,252,741 | 65,873,744 |
| MainStay Mackay U.S. Infrastructure Bond Fund Class R6 (a) | 2,417,911 | 18,399,334 |
| MainStay Short Term Bond Fund Class I (a) | 860,835 | 7,863,127 |
| Total Fixed Income Funds (Cost $218,345,405) | 208,514,080 | |
| Total Affiliated Investment Companies (Cost $334,757,896) | 351,984,851 | |
| Shares | Value | ||
| Short-Term Investment 10.3% | |||
| Affiliated Investment Company 10.3% | |||
| MainStay U.S. Government Liquidity Fund, 5.25% (b) | 40,468,457 | $ 40,468,457 | |
| Total Short-Term Investment (Cost $40,468,457) | 10.3% | 40,468,457 | |
| Total Investments (Cost $375,226,353) | 99.8% | 392,453,308 | |
| Other Assets, Less Liabilities | 0.2 | 820,781 | |
| Net Assets | 100.0% | $ 393,274,089 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | As of January 31, 2024, the Fund's ownership exceeds 5% of the outstanding shares of the Underlying Fund's share class. |
| (b) | Current yield as of January 31, 2024. |
Investments in Affiliates (in
000's)
Investments in issuers considered to
be affiliate(s) of the Fund during the period ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| 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 500 International ETF | $ 6,173 | $ 36 | $ (201) | $ 24 | $ 575 | $ 6,607 | $ 99 | $ — | 203 |
| IQ Candriam International Equity ETF | 6,085 | — | (248) | 46 | 770 | 6,653 | 33 | — | 235 |
| IQ Candriam U.S. Large Cap Equity ETF | 10,202 | 145 | (875) | 249 | 1,235 | 10,956 | 32 | — | 261 |
| IQ Candriam U.S. Mid Cap Equity ETF | 6,126 | 90 | (154) | (1) | 1,159 | 7,220 | 25 | — | 243 |
| IQ CBRE NextGen Real Estate ETF | — | 8,711 | (115) | 2 | 27 | 8,625 | 56 | — | 448 |
| IQ FTSE International Equity Currency Neutral ETF | 7,363 | — | (222) | 41 | 777 | 7,959 | 63 | — | 318 |
| IQ MacKay ESG Core Plus Bond ETF | 71,018 | — | (11,012) | (1,900) | 7,062 | 65,168 | 966 | — | 3,089 |
| IQ Mackay ESG High Income ETF | 6,205 | 50 | (141) | 1 | 379 | 6,494 | 120 | 5 | 244 |
| IQ U.S. Large Cap ETF | 7,594 | — | (8,109) | 2,866 | (2,351) | — | 19 | — | — |
| IQ U.S. Small Cap ETF | 3,873 | 123 | (210) | 11 | 700 | 4,497 | 19 | — | 129 |
| IQ Winslow Large Cap Growth ETF | 1,257 | — | — | — | 304 | 1,561 | —(a) | — | 41 |
| MainStay Candriam Emerging Markets Equity Fund Class R6 | 5,424 | 83 | (14) | (5) | 256 | 5,744 | 66 | — | 652 |
| MainStay Epoch Capital Growth Fund Class I | 1,277 | 9 | (68) | —(a) | 219 | 1,437 | 8 | —(a) | 102 |
| MainStay Epoch International Choice Fund Class I | 3,621 | 69 | (205) | 39 | 412 | 3,936 | 69 | — | 99 |
| MainStay Epoch U.S. Equity Yield Fund Class R6 | 7,756 | 1,258 | (1,087) | 201 | 391 | 8,519 | 66 | 259 | 427 |
| MainStay Fiera SMID Growth Fund Class R6 | 6,061 | 436 | (156) | 4 | 1,068 | 7,413 | — | 177 | 447 |
| MainStay Floating Rate Fund Class R6 | 20,710 | 833 | (253) | (7) | 280 | 21,563 | 467 | — | 2,431 |
| MainStay MacKay High Yield Corporate Bond Fund Class R6 | 6,224 | 144 | (166) | (1) | 300 | 6,501 | 106 | — | 1,267 |
| MainStay MacKay Short Duration High Yield Fund Class I | 15,854 | 467 | (158) | (7) | 496 | 16,652 | 269 | — | 1,760 |
| MainStay MacKay Total Return Bond Fund Class R6 | 71,122 | 877 | (12,029) | (2,756) | 8,660 | 65,874 | 877 | — | 7,253 |
| MainStay Mackay U.S. Infrastructure Bond Fund Class R6 | — | 17,918 | — | — | 481 | 18,399 | 127 | — | 2,418 |
| MainStay PineStone International Equity Fund Class R6 | 3,635 | 20 | (525) | 25 | 559 | 3,714 | 19 | — | 235 |
| MainStay PineStone U.S. Equity Fund Class R6 | 7,317 | 1,577 | — | — | 925 | 9,819 | 22 | 7 | 562 |
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| MainStay S&P 500 Index Fund Class I | $ 5,599 | $ 255 | $ (4,104) | $ 1,604 | $ (1,033) | $ 2,321 | $ 79 | $ 176 | 42 |
| MainStay Short Term Bond Fund Class I | 7,526 | 215 | (31) | —(a) | 153 | 7,863 | 99 | — | 861 |
| MainStay U.S. Government Liquidity Fund | 40,309 | 22,569 | (22,410) | — | — | 40,468 | 517 | — | 40,468 |
| MainStay Winslow Large Cap Growth Fund Class R6 | 9,730 | 926 | (1,770) | 194 | 1,141 | 10,221 | — | 926 | 898 |
| MainStay WMC Enduring Capital Fund Class R6 | 7,009 | 1,021 | (1,071) | 17 | 1,093 | 8,069 | 74 | — | 231 |
| MainStay WMC Growth Fund Class R6 | 10,237 | 8 | (863) | (73) | 2,143 | 11,452 | — | — | 263 |
| MainStay WMC International Research Equity Fund Class I | 3,641 | 87 | (87) | (1) | 303 | 3,943 | 83 | — | 554 |
| MainStay WMC Small Companies Fund Class I | 4,133 | 259 | (88) | 4 | 780 | 5,088 | 17 | — | 229 |
| MainStay WMC Value Fund Class R6 | 6,971 | 1,280 | (935) | 3 | 398 | 7,717 | 122 | 216 | 260 |
| $370,052 | $59,466 | $(67,307) | $580 | $29,662 | $392,453 | $4,519 | $1,766 |
| (a) | Less than $500. |
Swap Contracts
Open OTC total return equity swap
contracts as of January 31, 2024 were as follows1:
| Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
| Citibank NA | Citi Leveraged Loan Basket | 1 day FEDF minus 0.20% | 12/3/24 | Daily | (5,159) | $ — |
| Citibank NA | Citi Zombie Company Basket | 1 day FEDF minus 0.50% | 12/3/24 | Daily | (6,375) | — |
| JPMorgan Chase Bank NA | Global X Uranium ETF | 1 day FEDF plus 0.50% | 10/8/24 - 11/12/24 | Daily | 10,882 | — |
| Citibank NA | Invesco S&P 500 Low Volatility ETF | 1 day FEDF plus 0.55% | 12/3/24 | Daily | 8,800 | — |
| Citibank NA | iShares 20+ Year Treasury Bond ETF | 1 day FEDF plus 0.60% | 12/3/24 | Daily | 13,840 | — |
| Citibank NA | iShares MSCI China ETF | 1 day FEDF minus 0.56% | 12/3/24 | Daily | (1,736) | — |
| Citibank NA | iShares MSCI EAFE ETF | 1 day FEDF minus 1.25% | 12/3/24 | Daily | (19,971) | — |
| Citibank NA | iShares MSCI Emerging Markets ex China ETF | 1 day FEDF plus 0.55% | 12/3/24 | Daily | 4,019 | — |
| Citibank NA | iShares MSCI India ETF | 1 day FEDF | 12/3/24 | Daily | 3,987 | — |
| JPMorgan Chase Bank NA | iShares MSCI Japan ETF | 1 day FEDF plus 0.15% | 4/24/24 - 5/7/24 | Daily | 12,229 | — |
| JPMorgan Chase Bank NA | Russell 2000 Total Return Index | 1 day FEDF minus 0.15% - plus 0.05% | 4/9/24 - 5/7/24 | Daily | (16,835) | — |
| JPMorgan Chase Bank NA | S&P 500 Equal Weight | 1 day FEDF plus 0.30% - 0.51% | 5/7/24 | Daily | 13,803 | — |
| Citibank NA | S&P 500 Total Return Index | 1 day FEDF plus 0.05% | 12/3/24 | Daily | (10,438) | — |
| Citibank NA | S&P 600 Total Return | 1 day FEDF plus 0.45% | 12/3/24 | Daily | 19,395 | — |
| Citibank NA | S&P Midcap 400 Total Return Index | 1 day FEDF plus 0.35% | 12/3/24 | Daily | 2,631 | — |
| JPMorgan Chase Bank NA | VanEck Oil Services ETF | 1 day FEDF plus 0.15% | 11/5/24 | Daily | 3,873 | — |
| Citibank NA | Vanguard FTSE Europe ETF | 1 day FEDF minus 0.50% | 12/3/24 | Daily | (3,993) | — |
| $ — |
The following table represents the
basket holdings underlying the total return swap with Citi Leveraged Loan Basket as of January 31, 2024.
| Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
| AerCap Holdings NV | (1,786) | (227,320) | — | 4.41 |
| Apollo Commercial Real Estate Finance, Inc. | (314) | (39,915) | — | 0.77 |
| Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
| Atlantica Sustainable Infrastructure plc | (186) | (23,618) | — | 0.46 |
| Brandywine Realty Trust | (320) | (40,790) | — | 0.79 |
| Carnival Corp. | (5,259) | (669,340) | — | 12.97 |
| Chart Industries, Inc. | (1,403) | (178,582) | — | 3.46 |
| Coherent Corp. | (934) | (118,809) | — | 2.30 |
| CommScope Holding Co, Inc. | (84) | (10,746) | — | 0.21 |
| Crane NXT Co | (1,207) | (153,627) | — | 2.98 |
| Cushman & Wakefield plc | (390) | (49,603) | — | 0.96 |
| Delta Air Lines, Inc. | (3,622) | (461,017) | — | 8.94 |
| Designer Brands, Inc. | (257) | (32,745) | — | 0.63 |
| DigitalBridge Group, Inc. | (590) | (75,117) | — | 1.46 |
| Elanco Animal Health, Inc. | (1,990) | (253,315) | — | 4.91 |
| Entegris, Inc. | (2,529) | (321,926) | — | 6.24 |
| Fidelity National Information Services, Inc. | (3,640) | (463,326) | — | 8.98 |
| Hanesbrands, Inc. | (828) | (105,395) | — | 2.04 |
| JetBlue Airways Corp. | (574) | (73,099) | — | 1.42 |
| Lumen Technologies, Inc. | (700) | (89,048) | — | 1.73 |
| MKS Instruments, Inc. | (907) | (115,373) | — | 2.24 |
| Oatly Group AB | (79) | (9,998) | — | 0.19 |
| Opendoor Technologies, Inc. | (1,042) | (132,670) | — | 2.57 |
| Par Pacific Holdings, Inc. | (494) | (62,823) | — | 1.22 |
| PureCycle Technologies, Inc. | (154) | (19,654) | — | 0.38 |
| Scorpio Tankers, Inc. | (1,273) | (162,031) | — | 3.14 |
| Topgolf Callaway Brands Corp. | (316) | (40,217) | — | 0.78 |
| Uber Technologies, Inc. | (6,679) | (850,100) | — | 16.48 |
| United Airlines Holdings, Inc. | (2,973) | (378,431) | — | 7.34 |
The following table represents the
basket holdings underlying the total return swap with Citi Zombie Company Basket as of January 31, 2024.
| Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
| Alteryx Inc. | (815) | (90,027) | — | 1.41 |
| AppLovin Corp. | (1,728) | (191,017) | — | 3.00 |
| Array Technologies Inc. | (1,133) | (125,175) | — | 1.96 |
| Asana Inc. | (711) | (78,626) | — | 1.23 |
| BILL Holdings Inc. | (2,676) | (295,730) | — | 4.64 |
| BioCryst Pharmaceuticals Inc. | (215) | (23,711) | — | 0.37 |
| Bloom Energy Corp. | (525) | (58,007) | — | 0.91 |
| Bridgebio Pharma Inc. | (2,064) | (228,160) | — | 3.58 |
| Carnival Corp. | (4,371) | (483,049) | — | 7.58 |
| Children's Place Inc./The | (261) | (28,896) | — | 0.45 |
| Cinemark Holdings Inc. | (635) | (70,174) | — | 1.10 |
| Coeur Mining Inc. | (254) | (28,032) | — | 0.44 |
| Cytokinetics Inc. | (1,571) | (173,637) | — | 2.72 |
| DigitalBridge Group, Inc. | (693) | (76,578) | — | 1.20 |
| Emergent BioSolutions Inc. | (61) | (6,715) | — | 0.11 |
| Enviva Inc. | (8) | (885) | — | 0.01 |
| Exact Sciences Corp. | (1,978) | (218,630) | — | 3.43 |
| Fastly Inc. | (1,254) | (138,613) | — | 2.17 |
| Gap Inc./The | (2,894) | (319,868) | — | 5.02 |
| Guardant Health Inc. | (731) | (80,792) | — | 1.27 |
| IAC Inc. | (611) | (67,535) | — | 1.06 |
| Infinera Corp. | (211) | (23,284) | — | 0.36 |
| Insmed Inc. | (597) | (65,941) | — | 1.03 |
| JetBlue Airways Corp. | (674) | (74,520) | — | 1.17 |
| Kyndryl Holdings Inc. | (504) | (55,750) | — | 0.87 |
| Lyft Inc. | (3,194) | (352,990) | — | 5.54 |
| NeoGenomics Inc. | (409) | (45,227) | — | 0.71 |
| Oscar Health Inc. | (1,489) | (164,610) | — | 2.58 |
| Pacific Biosciences of California Inc. | (419) | (46,275) | — | 0.73 |
| Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
| Peloton Interactive Inc. | (754) | (83,314) | — | 1.31 |
| Q2 Holdings Inc. | (627) | (69,304) | — | 1.09 |
| Redfin Corp. | (382) | (42,242) | — | 0.66 |
| Revance Therapeutics Inc. | (99) | (10,918) | — | 0.17 |
| RingCentral Inc. | (1,249) | (138,059) | — | 2.17 |
| Rivian Automotive Inc. | (2,749) | (303,821) | — | 4.77 |
| Royal Caribbean Cruises Ltd. | (5,319) | (587,878) | — | 9.22 |
| Scotts Miracle-Gro Co/The | (726) | (80,230) | — | 1.26 |
| Spirit AeroSystems Holdings Inc. | (667) | (73,679) | — | 1.16 |
| Spirit Airlines Inc. | (154) | (16,993) | — | 0.27 |
| Sweetgreen Inc. | (405) | (44,752) | — | 0.70 |
| TG Therapeutics Inc. | (949) | (104,885) | — | 1.65 |
| Twist Bioscience Corp. | (882) | (97,489) | — | 1.53 |
| Vistra Corp. | (2,533) | (279,894) | — | 4.39 |
| Warner Bros Discovery Inc. | (1,776) | (196,313) | — | 3.08 |
| Wix.com Ltd. | (1,337) | (147,729) | — | 2.32 |
| Wolfspeed Inc. | (1,209) | (133,663) | — | 2.10 |
| WW International Inc. | (377) | (41,643) | — | 0.65 |
| Wynn Resorts Ltd. | (2,333) | (257,812) | — | 4.04 |
| Xerox Holdings Corp. | (469) | (51,832) | — | 0.81 |
| 1. | As of January 31, 2024, cash in the amount $450,000 was pledged to brokers for OTC swap contracts. |
| 2. | Fund pays the floating rate and receives the total return of the reference entity. |
| 3. | Notional amounts reflected as a positive value indicate a long position held by the Fund or Index and a negative value indicates a short position. |
| 4. | Reflects the value at reset date as of January 31, 2024. |
| Abbreviation(s): |
| EAFE—Europe, Australasia and Far East |
| ETF—Exchange-Traded Fund |
| FEDF—Federal Funds Rate |
| FTSE—Financial Times Stock Exchange |
| MSCI—Morgan Stanley Capital International |
The following is a summary of the
fair valuations according to the inputs used as of January 31, 2024, 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) | |||||||
| Affiliated Investment Companies | |||||||
| Equity Funds | $ 143,470,771 | $ — | $ — | $ 143,470,771 | |||
| Fixed Income Funds | 208,514,080 | — | — | 208,514,080 | |||
| Total Affiliated Investment Companies | 351,984,851 | — | — | 351,984,851 | |||
| Short-Term Investment | |||||||
| Affiliated Investment Company | 40,468,457 | — | — | 40,468,457 | |||
| Total Investments in Securities | $ 392,453,308 | $ — | $ — | $ 392,453,308 |
| (a) | For a complete listing of investments, see the Portfolio of Investments. |
MainStay Epoch Capital Growth Fund
Portfolio of Investments January 31, 2024†^(Unaudited)
| Shares | Value | |
| Common Stocks 98.8% | ||
| Australia 1.1% | ||
| Aristocrat Leisure Ltd. (Hotels, Restaurants & Leisure) | 63,144 | $ 1,819,912 |
| Canada 2.4% | ||
| Alimentation Couche-Tard, Inc. (Consumer Staples Distribution & Retail) | 43,105 | 2,525,800 |
| Constellation Software, Inc. (Software) | 492 | 1,359,815 |
| 3,885,615 | ||
| China 1.9% | ||
| BYD Co. Ltd., Class H (Automobiles) | 36,500 | 813,539 |
| Chongqing Brewery Co. Ltd., Class A (Beverages) | 88,474 | 683,915 |
| SITC International Holdings Co. Ltd. (Marine Transportation) | 562,000 | 853,642 |
| Yadea Group Holdings Ltd. (Automobiles) (a) | 476,000 | 649,713 |
| 3,000,809 | ||
| Denmark 1.6% | ||
| Coloplast A/S, Class B (Health Care Equipment & Supplies) | 6,596 | 761,245 |
| Novo Nordisk A/S, Class B (Pharmaceuticals) | 14,993 | 1,712,354 |
| 2,473,599 | ||
| France 2.0% | ||
| Edenred SE (Financial Services) | 21,160 | 1,267,020 |
| Hermes International SCA (Textiles, Apparel & Luxury Goods) | 230 | 485,506 |
| Sartorius Stedim Biotech (Life Sciences Tools & Services) | 5,622 | 1,515,435 |
| 3,267,961 | ||
| Germany 1.1% | ||
| Merck KGaA (Pharmaceuticals) | 10,753 | 1,771,003 |
| Indonesia 0.4% | ||
| Bank Central Asia Tbk. PT (Banks) | 1,135,100 | 686,047 |
| Italy 0.7% | ||
| Recordati Industria Chimica e Farmaceutica SpA (Pharmaceuticals) | 20,741 | 1,144,390 |
| Japan 1.2% | ||
| Goldwin, Inc. (Textiles, Apparel & Luxury Goods) | 11,800 | 795,652 |
| Hoya Corp. (Health Care Equipment & Supplies) | 8,700 | 1,103,568 |
| 1,899,220 | ||
| Jordan 1.0% | ||
| Hikma Pharmaceuticals plc (Pharmaceuticals) | 62,851 | 1,533,859 |
| Malta 0.9% | ||
| Kindred Group plc, SDR (Hotels, Restaurants & Leisure) | 129,251 | 1,509,689 |
| Mexico 0.5% | ||
| Grupo Aeroportuario del Pacifico SAB de CV, Class B (Transportation Infrastructure) | 51,040 | 794,595 |
| Shares | Value | |
| Common Stocks | ||
| Netherlands 2.8% | ||
| ASML Holding NV (Semiconductors & Semiconductor Equipment) | 1,581 | $ 1,354,992 |
| BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment) | 21,076 | 3,183,669 |
| 4,538,661 | ||
| Singapore 0.7% | ||
| Singapore Exchange Ltd. (Capital Markets) | 148,900 | 1,037,141 |
| South Africa 0.6% | ||
| FirstRand Ltd. (Financial Services) | 277,736 | 1,006,786 |
| Spain 2.2% | ||
| Amadeus IT Group SA (Hotels, Restaurants & Leisure) | 11,925 | 833,595 |
| Industria de Diseno Textil SA (Specialty Retail) | 62,390 | 2,666,839 |
| 3,500,434 | ||
| Sweden 1.8% | ||
| Atlas Copco AB, Class B (Machinery) | 61,877 | 855,733 |
| Epiroc AB, Class B (Machinery) | 46,748 | 727,900 |
| Evolution AB (Hotels, Restaurants & Leisure) | 10,836 | 1,268,130 |
| 2,851,763 | ||
| Switzerland 4.1% | ||
| EMS-Chemie Holding AG (Registered) (Chemicals) | 1,288 | 972,533 |
| Kuehne + Nagel International AG (Registered) (Marine Transportation) | 5,895 | 2,013,129 |
| Logitech International SA (Registered) (Technology Hardware, Storage & Peripherals) | 17,275 | 1,447,648 |
| Partners Group Holding AG (Capital Markets) | 1,612 | 2,190,487 |
| 6,623,797 | ||
| Taiwan 1.3% | ||
| Eclat Textile Co. Ltd. (Textiles, Apparel & Luxury Goods) | 84,000 | 1,458,770 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 27,000 | 540,891 |
| 1,999,661 | ||
| United Kingdom 3.1% | ||
| Auto Trader Group plc (Interactive Media & Services) (a) | 181,716 | 1,677,849 |
| Diageo plc (Beverages) | 27,253 | 980,203 |
| Games Workshop Group plc (Leisure Products) | 5,779 | 722,265 |
| Howden Joinery Group plc (Trading Companies & Distributors) | 154,442 | 1,570,897 |
| 4,951,214 | ||
| United States 67.4% | ||
| Accenture plc, Class A (IT Services) | 4,062 | 1,478,081 |
| Adobe, Inc. (Software) (b) | 2,638 | 1,629,704 |
| Alphabet, Inc., Class A (Interactive Media & Services) (b) | 18,082 | 2,533,288 |
| Ameriprise Financial, Inc. (Capital Markets) | 7,224 | 2,794,460 |
| Apple, Inc. (Technology Hardware, Storage & Peripherals) | 7,936 | 1,463,398 |
| Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | 10,156 | 1,668,631 |
| Arista Networks, Inc. (Communications Equipment) (b) | 9,653 | 2,497,038 |
| Automatic Data Processing, Inc. (Professional Services) | 5,633 | 1,384,479 |
| Shares | Value | |
| Common Stocks | ||
| United States | ||
| Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | 1,372 | $ 1,618,960 |
| Chemed Corp. (Health Care Providers & Services) | 3,329 | 1,973,398 |
| Costco Wholesale Corp. (Consumer Staples Distribution & Retail) | 4,146 | 2,880,972 |
| CSL Ltd. (Biotechnology) | 9,768 | 1,918,927 |
| Deckers Outdoor Corp. (Textiles, Apparel & Luxury Goods) (b) | 3,874 | 2,919,950 |
| Domino's Pizza, Inc. (Hotels, Restaurants & Leisure) | 5,423 | 2,311,391 |
| Donaldson Co., Inc. (Machinery) | 20,249 | 1,307,883 |
| Eagle Materials, Inc. (Construction Materials) | 10,428 | 2,359,648 |
| Edwards Lifesciences Corp. (Health Care Equipment & Supplies) (b) | 11,590 | 909,467 |
| Electronic Arts, Inc. (Entertainment) | 6,617 | 910,367 |
| Eli Lilly & Co. (Pharmaceuticals) | 4,115 | 2,656,685 |
| Encompass Health Corp. (Health Care Providers & Services) | 21,903 | 1,555,989 |
| Etsy, Inc. (Broadline Retail) (b) | 11,150 | 742,144 |
| Expeditors International of Washington, Inc. (Air Freight & Logistics) | 8,899 | 1,124,211 |
| Fastenal Co. (Trading Companies & Distributors) | 35,357 | 2,412,408 |
| Ferguson plc (Trading Companies & Distributors) | 8,920 | 1,667,184 |
| Gentex Corp. (Automobile Components) | 43,597 | 1,444,369 |
| Graco, Inc. (Machinery) | 12,648 | 1,078,874 |
| Hamilton Lane, Inc., Class A (Capital Markets) | 11,904 | 1,380,150 |
| HCA Healthcare, Inc. (Health Care Providers & Services) | 4,146 | 1,264,115 |
| Hess Midstream LP, Class A (Oil, Gas & Consumable Fuels) | 36,917 | 1,248,164 |
| Home Depot, Inc. (The) (Specialty Retail) | 4,418 | 1,559,377 |
| IDEXX Laboratories, Inc. (Health Care Equipment & Supplies) (b) | 2,199 | 1,132,661 |
| KLA Corp. (Semiconductors & Semiconductor Equipment) | 2,953 | 1,754,200 |
| Lam Research Corp. (Semiconductors & Semiconductor Equipment) | 2,837 | 2,341,007 |
| LPL Financial Holdings, Inc. (Capital Markets) | 8,386 | 2,005,847 |
| Manhattan Associates, Inc. (Software) (b) | 5,308 | 1,287,508 |
| Mastercard, Inc., Class A (Financial Services) | 5,235 | 2,351,719 |
| Medpace Holdings, Inc. (Life Sciences Tools & Services) (b) | 6,931 | 2,020,941 |
| Meta Platforms, Inc., Class A (Interactive Media & Services) (b) | 6,565 | 2,561,269 |
| Mettler-Toledo International, Inc. (Life Sciences Tools & Services) (b) | 1,057 | 1,265,430 |
| Microsoft Corp. (Software) | 6,010 | 2,389,456 |
| Monster Beverage Corp. (Beverages) (b) | 40,288 | 2,216,646 |
| NetApp, Inc. (Technology Hardware, Storage & Peripherals) | 15,003 | 1,308,262 |
| PACCAR, Inc. (Machinery) | 11,601 | 1,164,624 |
| Paychex, Inc. (Professional Services) | 17,045 | 2,074,888 |
| Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels) | 4,806 | 1,104,563 |
| Pool Corp. (Distributors) | 2,104 | 781,110 |
| QUALCOMM, Inc. (Semiconductors & Semiconductor Equipment) | 10,784 | 1,601,532 |
| Rollins, Inc. (Commercial Services & Supplies) | 26,405 | 1,143,601 |
| Starbucks Corp. (Hotels, Restaurants & Leisure) | 12,983 | 1,207,808 |
| Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 8,271 | 1,324,353 |
| Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services) | 1,895 | 1,021,367 |
| TJX Cos., Inc. (The) (Specialty Retail) | 17,527 | 1,663,488 |
| TKO Group Holdings, Inc. (Entertainment) | 13,956 | 1,167,978 |
| Ulta Beauty, Inc. (Specialty Retail) (b) | 3,654 | 1,834,491 |
| Union Pacific Corp. (Ground Transportation) | 5,444 | 1,327,955 |
| UnitedHealth Group, Inc. (Health Care Providers & Services) | 4,638 | 2,373,450 |
| Shares | Value | ||
| Common Stocks | |||
| United States | |||
| Veeva Systems, Inc., Class A (Health Care Technology) (b) | 7,025 | $ 1,457,055 | |
| VeriSign, Inc. (IT Services) (b) | 6,722 | 1,336,871 | |
| Vertex Pharmaceuticals, Inc. (Biotechnology) (b) | 2,921 | 1,265,903 | |
| Visa, Inc., Class A (Financial Services) | 8,428 | 2,303,035 | |
| Waters Corp. (Life Sciences Tools & Services) (b) | 3,528 | 1,120,881 | |
| West Pharmaceutical Services, Inc. (Life Sciences Tools & Services) | 3,581 | 1,335,820 | |
| Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | 14,155 | 1,832,931 | |
| Zoetis, Inc. (Pharmaceuticals) | 11,810 | 2,218,036 | |
| 107,990,398 | |||
| Total Common Stocks (Cost $121,649,206) | 158,286,554 | ||
| Number of Warrants | |||
| Warrants 0.0% ‡ | |||
| Canada 0.0% ‡ | |||
| Constellation Software, Inc. (Software) | |||
| Expires 3/31/40 (b)(c)(d) | 721 | — | |
| Total Warrants (Cost $0) | — | ||
| Shares | |||
| Short-Term Investment 0.6% | |||
| Affiliated Investment Company 0.6% | |||
| United States 0.6% | |||
| MainStay U.S. Government Liquidity Fund, 5.25% (e) | 1,064,083 | 1,064,083 | |
| Total Short-Term Investment (Cost $1,064,083) | 1,064,083 | ||
| Total Investments (Cost $122,713,289) | 99.4% | 159,350,637 | |
| Other Assets, Less Liabilities | 0.6 | 910,040 | |
| Net Assets | 100.0% | $ 160,260,677 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry and country classifications may be different than those used for compliance monitoring purposes. |
| ‡ | 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) | Non-income producing security. |
| (c) | Illiquid security—As of January 31, 2024, the total market value deemed illiquid under procedures approved by the Board of Trustees was $0, which represented less than one-tenth of a percent of the Fund’s net assets. |
| (d) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (e) | Current yield as of January 31, 2024. |
Investments in Affiliates (in
000's)
Investments in issuers considered to
be affiliate(s) of the Fund during the period ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| MainStay U.S. Government Liquidity Fund | $ 1,119 | $ 16,170 | $ (16,225) | $ — | $ — | $ 1,064 | $ 26 | $ — | 1,064 |
| Abbreviation(s): |
| SDR—Special Drawing Right |
The following is a summary of the
fair valuations according to the inputs used as of January 31, 2024, 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 | |||||||
| Australia | $ — | $ 1,819,912 | $ — | $ 1,819,912 | |||
| China | — | 3,000,809 | — | 3,000,809 | |||
| Denmark | — | 2,473,599 | — | 2,473,599 | |||
| France | — | 3,267,961 | — | 3,267,961 | |||
| Germany | — | 1,771,003 | — | 1,771,003 | |||
| Indonesia | — | 686,047 | — | 686,047 | |||
| Italy | — | 1,144,390 | — | 1,144,390 | |||
| Japan | — | 1,899,220 | — | 1,899,220 | |||
| Jordan | — | 1,533,859 | — | 1,533,859 | |||
| Malta | — | 1,509,689 | — | 1,509,689 | |||
| Netherlands | — | 4,538,661 | — | 4,538,661 | |||
| Singapore | — | 1,037,141 | — | 1,037,141 | |||
| South Africa | — | 1,006,786 | — | 1,006,786 | |||
| Spain | — | 3,500,434 | — | 3,500,434 | |||
| Sweden | — | 2,851,763 | — | 2,851,763 | |||
| Switzerland | — | 6,623,797 | — | 6,623,797 | |||
| Taiwan | — | 1,999,661 | — | 1,999,661 | |||
| United Kingdom | — | 4,951,214 | — | 4,951,214 | |||
| United States | 104,404,287 | 3,586,111 | — | 107,990,398 | |||
| All Other Countries | 4,680,210 | — | — | 4,680,210 | |||
| Total Common Stocks | 109,084,497 | 49,202,057 | — | 158,286,554 | |||
| Warrants | — | — | — | — | |||
| Short-Term Investment | |||||||
| Affiliated Investment Company | 1,064,083 | — | — | 1,064,083 | |||
| Total Investments in Securities | $ 110,148,580 | $ 49,202,057 | $ — | $ 159,350,637 |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
MainStay Epoch Global Equity Yield Fund
Portfolio of Investments January 31, 2024†^(Unaudited)
| Shares | Value | |
| Common Stocks 98.5% | ||
| Austria 0.6% | ||
| BAWAG Group AG (Banks) (a) | 82,138 | $ 4,218,729 |
| Canada 5.4% | ||
| BCE, Inc. (Diversified Telecommunication Services) | 103,168 | 4,162,939 |
| Manulife Financial Corp. (Insurance) | 362,905 | 8,022,267 |
| Nutrien Ltd. (Chemicals) | 83,680 | 4,173,122 |
| Restaurant Brands International, Inc. (Hotels, Restaurants & Leisure) | 153,882 | 12,015,107 |
| Rogers Communications, Inc., Class B (Wireless Telecommunication Services) | 98,345 | 4,593,749 |
| Royal Bank of Canada (Banks) | 41,796 | 4,079,031 |
| TELUS Corp. (Diversified Telecommunication Services) | 219,787 | 3,936,532 |
| 40,982,747 | ||
| France 4.1% | ||
| AXA SA (Insurance) | 172,090 | 5,793,667 |
| Cie Generale des Etablissements Michelin SCA (Automobile Components) | 128,367 | 4,275,303 |
| Orange SA (Diversified Telecommunication Services) | 456,602 | 5,427,981 |
| TotalEnergies SE (Oil, Gas & Consumable Fuels) | 173,275 | 11,285,060 |
| Vinci SA (Construction & Engineering) | 35,707 | 4,517,501 |
| 31,299,512 | ||
| Germany 5.0% | ||
| Allianz SE (Registered) (Insurance) | 17,695 | 4,737,956 |
| Deutsche Post AG (Air Freight & Logistics) | 166,674 | 8,020,358 |
| Deutsche Telekom AG (Registered) (Diversified Telecommunication Services) | 478,265 | 11,755,791 |
| Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Insurance) | 12,138 | 5,168,270 |
| Siemens AG (Registered) (Industrial Conglomerates) | 42,497 | 7,657,855 |
| 37,340,230 | ||
| Italy 0.7% | ||
| Snam SpA (Gas Utilities) | 1,156,957 | 5,645,540 |
| Japan 1.2% | ||
| Astellas Pharma, Inc. (Pharmaceuticals) | 412,900 | 4,829,805 |
| Toyota Motor Corp. (Automobiles) | 227,700 | 4,526,380 |
| 9,356,185 | ||
| Norway 0.6% | ||
| Orkla ASA (Food Products) | 538,490 | 4,217,945 |
| Republic of Korea 2.2% | ||
| Hyundai Glovis Co. Ltd. (Air Freight & Logistics) (b) | 33,397 | 4,338,760 |
| Samsung Electronics Co. Ltd., GDR (Technology Hardware, Storage & Peripherals) | 5,550 | 7,570,086 |
| SK Telecom Co. Ltd. (Wireless Telecommunication Services) | 119,900 | 4,491,648 |
| 16,400,494 | ||
| Switzerland 1.4% | ||
| Novartis AG (Registered) (Pharmaceuticals) | 105,114 | 10,886,553 |
| Shares | Value | |
| Common Stocks | ||
| Taiwan 1.4% | ||
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR (Semiconductors & Semiconductor Equipment) | 92,740 | $ 10,475,910 |
| United Kingdom 6.7% | ||
| AstraZeneca plc, Sponsored ADR (Pharmaceuticals) | 163,474 | 10,893,907 |
| BAE Systems plc (Aerospace & Defense) | 479,767 | 7,147,024 |
| British American Tobacco plc (Tobacco) | 177,882 | 5,252,736 |
| Coca-Cola Europacific Partners plc (Beverages) | 205,257 | 14,142,207 |
| Imperial Brands plc (Tobacco) | 232,214 | 5,571,616 |
| Schroders plc (Capital Markets) | 767,202 | 3,916,847 |
| Unilever plc (Personal Care Products) | 76,540 | 3,726,527 |
| 50,650,864 | ||
| United States 69.2% | ||
| AbbVie, Inc. (Biotechnology) | 61,944 | 10,183,594 |
| Air Products and Chemicals, Inc. (Chemicals) | 18,524 | 4,736,772 |
| American Electric Power Co., Inc. (Electric Utilities) | 79,228 | 6,190,876 |
| Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | 72,081 | 13,865,501 |
| Apple, Inc. (Technology Hardware, Storage & Peripherals) | 62,744 | 11,569,994 |
| AT&T, Inc. (Diversified Telecommunication Services) | 267,622 | 4,734,233 |
| Bank of America Corp. (Banks) | 239,072 | 8,130,839 |
| Best Buy Co., Inc. (Specialty Retail) | 54,177 | 3,927,291 |
| BlackRock, Inc. (Capital Markets) | 5,315 | 4,115,458 |
| Bristol-Myers Squibb Co. (Pharmaceuticals) | 75,207 | 3,675,366 |
| Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | 15,320 | 18,077,600 |
| Chevron Corp. (Oil, Gas & Consumable Fuels) | 28,149 | 4,150,007 |
| Cisco Systems, Inc. (Communications Equipment) | 250,038 | 12,546,907 |
| Coca-Cola Co. (The) (Beverages) | 91,777 | 5,459,814 |
| Columbia Banking System, Inc. (Banks) | 193,820 | 3,907,411 |
| Comcast Corp., Class A (Media) | 133,385 | 6,207,738 |
| Cummins, Inc. (Machinery) | 35,828 | 8,573,640 |
| CVS Health Corp. (Health Care Providers & Services) | 56,272 | 4,184,949 |
| Dell Technologies, Inc., Class C (Technology Hardware, Storage & Peripherals) | 79,868 | 6,619,460 |
| Dow, Inc. (Chemicals) | 90,928 | 4,873,741 |
| Duke Energy Corp. (Electric Utilities) | 42,409 | 4,064,054 |
| Eaton Corp. plc (Electrical Equipment) | 33,909 | 8,344,327 |
| Eli Lilly & Co. (Pharmaceuticals) | 15,163 | 9,789,384 |
| Emerson Electric Co. (Electrical Equipment) | 58,198 | 5,338,503 |
| Entergy Corp. (Electric Utilities) | 42,652 | 4,254,964 |
| Enterprise Products Partners LP (Oil, Gas & Consumable Fuels) | 136,315 | 3,647,789 |
| Evergy, Inc. (Electric Utilities) | 75,537 | 3,835,013 |
| Garmin Ltd. (Household Durables) | 35,202 | 4,206,287 |
| General Dynamics Corp. (Aerospace & Defense) | 18,174 | 4,815,928 |
| GSK plc (Pharmaceuticals) | 211,421 | 4,186,969 |
| Hasbro, Inc. (Leisure Products) | 84,253 | 4,124,184 |
| Hewlett Packard Enterprise Co. (Technology Hardware, Storage & Peripherals) | 249,081 | 3,808,448 |
| Home Depot, Inc. (The) (Specialty Retail) | 16,968 | 5,989,025 |
| Honeywell International, Inc. (Industrial Conglomerates) | 19,090 | 3,861,143 |
| International Business Machines Corp. (IT Services) | 92,080 | 16,911,413 |
| Shares | Value | |
| Common Stocks | ||
| United States | ||
| Iron Mountain, Inc. (Specialized REITs) | 154,886 | $ 10,457,903 |
| Johnson & Johnson (Pharmaceuticals) | 32,090 | 5,099,101 |
| JPMorgan Chase & Co. (Banks) | 60,906 | 10,619,570 |
| KLA Corp. (Semiconductors & Semiconductor Equipment) | 20,706 | 12,300,192 |
| Lazard, Inc. (Capital Markets) | 139,036 | 5,419,623 |
| Linde plc (Chemicals) | 20,383 | 8,251,650 |
| Lockheed Martin Corp. (Aerospace & Defense) | 11,727 | 5,035,691 |
| LyondellBasell Industries NV, Class A (Chemicals) | 55,565 | 5,229,778 |
| McDonald's Corp. (Hotels, Restaurants & Leisure) | 19,608 | 5,739,654 |
| Medtronic plc (Health Care Equipment & Supplies) | 93,091 | 8,149,186 |
| Merck & Co., Inc. (Pharmaceuticals) | 67,346 | 8,134,050 |
| MetLife, Inc. (Insurance) | 126,528 | 8,770,921 |
| Microsoft Corp. (Software) | 46,606 | 18,529,613 |
| Mondelez International, Inc., Class A (Food Products) | 70,925 | 5,338,525 |
| MPLX LP (Oil, Gas & Consumable Fuels) | 100,918 | 3,890,389 |
| MSC Industrial Direct Co., Inc., Class A (Trading Companies & Distributors) | 102,561 | 10,120,719 |
| Nestle SA (Registered) (Food Products) | 44,302 | 5,051,252 |
| NetApp, Inc. (Technology Hardware, Storage & Peripherals) | 71,131 | 6,202,623 |
| NextEra Energy, Inc. (Electric Utilities) | 105,693 | 6,196,781 |
| NiSource, Inc. (Multi-Utilities) | 169,429 | 4,400,071 |
| Omnicom Group, Inc. (Media) | 59,862 | 5,410,328 |
| Paychex, Inc. (Professional Services) | 39,796 | 4,844,367 |
| PepsiCo, Inc. (Beverages) | 31,039 | 5,231,003 |
| Pfizer, Inc. (Pharmaceuticals) | 138,011 | 3,737,338 |
| Philip Morris International, Inc. (Tobacco) | 93,549 | 8,498,927 |
| Pinnacle West Capital Corp. (Electric Utilities) | 58,549 | 4,034,026 |
| PNC Financial Services Group, Inc. (The) (Banks) | 30,891 | 4,671,028 |
| Realty Income Corp. (Retail REITs) | 95,589 | 5,199,086 |
| Regions Financial Corp. (Banks) | 246,825 | 4,608,223 |
| Roche Holding AG (Pharmaceuticals) | 13,762 | 3,932,047 |
| RTX Corp. (Aerospace & Defense) | 67,575 | 6,157,434 |
| Sanofi SA (Pharmaceuticals) | 100,978 | 10,139,360 |
| Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 48,344 | 7,740,841 |
| Travelers Cos., Inc. (The) (Insurance) | 20,814 | 4,399,247 |
| Truist Financial Corp. (Banks) | 122,655 | 4,545,594 |
| U.S. Bancorp (Banks) | 115,609 | 4,802,398 |
| United Parcel Service, Inc., Class B (Air Freight & Logistics) | 26,250 | 3,724,875 |
| UnitedHealth Group, Inc. (Health Care Providers & Services) | 18,254 | 9,341,302 |
| Vail Resorts, Inc. (Hotels, Restaurants & Leisure) | 29,631 | 6,578,082 |
| Verizon Communications, Inc. (Diversified Telecommunication Services) | 116,317 | 4,926,025 |
| VICI Properties, Inc. (Specialized REITs) | 163,717 | 4,931,156 |
| Walmart, Inc. (Consumer Staples Distribution & Retail) | 61,768 | 10,207,162 |
| WEC Energy Group, Inc. (Multi-Utilities) | 49,290 | 3,980,660 |
| Williams Cos., Inc. (The) (Oil, Gas & Consumable Fuels) | 112,962 | 3,915,263 |
| 521,401,686 | ||
| Total Common Stocks (Cost $546,537,668) | 742,876,395 | |
| Shares | Value | ||
| Short-Term Investment 1.1% | |||
| Affiliated Investment Company 1.1% | |||
| United States 1.1% | |||
| MainStay U.S. Government Liquidity Fund, 5.25% (c) | 8,134,353 | $ 8,134,353 | |
| Total Short-Term Investment (Cost $8,134,353) | 8,134,353 | ||
| Total Investments (Cost $554,672,021) | 99.6% | 751,010,748 | |
| Other Assets, Less Liabilities | 0.4 | 2,750,310 | |
| Net Assets | 100.0% | $ 753,761,058 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry and country classifications may be different than those used for compliance monitoring purposes. |
| (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) | Non-income producing security. |
| (c) | Current yield as of January 31, 2024. |
Investments in Affiliates (in
000's)
Investments in issuers considered to
be affiliate(s) of the Fund during the period ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| MainStay U.S. Government Liquidity Fund | $ 3,960 | $ 42,717 | $ (38,543) | $ — | $ — | $ 8,134 | $ 90 | $ — | 8,134 |
| Abbreviation(s): |
| ADR—American Depositary Receipt |
| GDR—Global Depositary Receipt |
| REIT—Real Estate Investment Trust |
The following is a summary of the
fair valuations according to the inputs used as of January 31, 2024, 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 | |||||||
| Austria | $ — | $ 4,218,729 | $ — | $ 4,218,729 | |||
| France | — | 31,299,512 | — | 31,299,512 | |||
| Germany | — | 37,340,230 | — | 37,340,230 | |||
| Italy | — | 5,645,540 | — | 5,645,540 | |||
| Japan | — | 9,356,185 | — | 9,356,185 | |||
| Norway | — | 4,217,945 | — | 4,217,945 | |||
| Republic of Korea | — | 16,400,494 | — | 16,400,494 | |||
| Switzerland | — | 10,886,553 | — | 10,886,553 | |||
| United Kingdom | 25,036,114 | 25,614,750 | — | 50,650,864 | |||
| United States | 498,092,058 | 23,309,628 | — | 521,401,686 | |||
| All Other Countries | 51,458,657 | — | — | 51,458,657 | |||
| Total Common Stocks | 574,586,829 | 168,289,566 | — | 742,876,395 | |||
| Short-Term Investment | |||||||
| Affiliated Investment Company | 8,134,353 | — | — | 8,134,353 | |||
| Total Investments in Securities | $ 582,721,182 | $ 168,289,566 | $ — | $ 751,010,748 |
| (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, 2024†^(Unaudited)
| Shares | Value | |
| Common Stocks 96.8% | ||
| Finland 2.5% | ||
| Nordea Bank Abp (Banks) | 438,639 | $ 5,392,944 |
| France 17.2% | ||
| Airbus SE (Aerospace & Defense) | 41,693 | 6,658,092 |
| AXA SA (Insurance) | 171,912 | 5,787,675 |
| BNP Paribas SA (Banks) | 90,716 | 6,099,816 |
| Edenred SE (Financial Services) | 56,940 | 3,409,458 |
| LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods) | 5,947 | 4,946,123 |
| Pernod Ricard SA (Beverages) | 27,274 | 4,488,822 |
| TotalEnergies SE (Oil, Gas & Consumable Fuels) | 86,691 | 5,646,014 |
| 37,036,000 | ||
| Germany 7.2% | ||
| Deutsche Post AG (Air Freight & Logistics) | 85,481 | 4,113,348 |
| Deutsche Telekom AG (Registered) (Diversified Telecommunication Services) | 299,826 | 7,369,747 |
| Vonovia SE (Real Estate Management & Development) | 126,368 | 3,956,234 |
| 15,439,329 | ||
| Japan 19.1% | ||
| Asahi Group Holdings Ltd. (Beverages) | 238,700 | 8,881,237 |
| Hoya Corp. (Health Care Equipment & Supplies) | 22,200 | 2,816,002 |
| Keyence Corp. (Electronic Equipment, Instruments & Components) | 19,900 | 8,926,686 |
| Nissan Chemical Corp. (Chemicals) | 143,100 | 5,733,583 |
| Sony Group Corp. (Household Durables) | 101,700 | 10,048,393 |
| Suzuki Motor Corp. (Automobiles) | 102,200 | 4,649,857 |
| 41,055,758 | ||
| Netherlands 5.9% | ||
| ASML Holding NV (Semiconductors & Semiconductor Equipment) | 6,864 | 5,882,773 |
| NN Group NV (Insurance) | 166,218 | 6,806,927 |
| 12,689,700 | ||
| Republic of Korea 1.9% | ||
| Samsung Electronics Co. Ltd., GDR (Technology Hardware, Storage & Peripherals) | 2,959 | 4,036,092 |
| Singapore 2.3% | ||
| STMicroelectronics NV (Semiconductors & Semiconductor Equipment) | 115,171 | 5,056,779 |
| Spain 2.3% | ||
| Amadeus IT Group SA (Hotels, Restaurants & Leisure) | 70,993 | 4,962,636 |
| Sweden 4.4% | ||
| Epiroc AB, Class A (Machinery) | 340,064 | 5,985,173 |
| Evolution AB (Hotels, Restaurants & Leisure) | 28,827 | 3,373,604 |
| 9,358,777 | ||
| United Kingdom 22.4% | ||
| AstraZeneca plc, Sponsored ADR (Pharmaceuticals) | 149,385 | 9,955,016 |
| Shares | Value | ||
| Common Stocks | |||
| United Kingdom | |||
| BP plc (Oil, Gas & Consumable Fuels) | 491,662 | $ 2,879,748 | |
| Coca-Cola Europacific Partners plc (Beverages) | 133,750 | 9,215,375 | |
| Compass Group plc (Hotels, Restaurants & Leisure) | 272,390 | 7,510,040 | |
| Lloyds Banking Group plc (Banks) | 13,100,307 | 7,008,826 | |
| RELX plc (Professional Services) | 136,934 | 5,663,465 | |
| Unilever plc (Personal Care Products) | 119,580 | 5,822,029 | |
| 48,054,499 | |||
| United States 11.6% | |||
| CSL Ltd. (Biotechnology) | 28,546 | 5,607,872 | |
| Linde plc (Chemicals) | 17,944 | 7,264,270 | |
| Roche Holding AG (Pharmaceuticals) | 28,524 | 8,149,812 | |
| Schneider Electric SE (Electrical Equipment) | 20,255 | 3,992,009 | |
| 25,013,963 | |||
| Total Common Stocks (Cost $190,670,488) | 208,096,477 | ||
| Short-Term Investment 1.6% | |||
| Affiliated Investment Company 1.6% | |||
| United States 1.6% | |||
| MainStay U.S. Government Liquidity Fund, 5.25% (a) | 3,399,057 | 3,399,057 | |
| Total Short-Term Investment (Cost $3,399,057) | 3,399,057 | ||
| Total Investments (Cost $194,069,545) | 98.4% | 211,495,534 | |
| Other Assets, Less Liabilities | 1.6 | 3,438,413 | |
| Net Assets | 100.0% | $ 214,933,947 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry and country classifications may be different than those used for compliance monitoring purposes. |
| (a) | Current yield as of January 31, 2024. |
Investments in Affiliates (in
000's)
Investments in issuers considered to
be affiliate(s) of the Fund during the period ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| MainStay U.S. Government Liquidity Fund | $ 2,332 | $ 15,313 | $ (14,246) | $ — | $ — | $ 3,399 | $ 28 | $ — | 3,399 |
| Abbreviation(s): |
| 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, 2024, 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 | |||||||
| Finland | $ — | $ 5,392,944 | $ — | $ 5,392,944 | |||
| France | — | 37,036,000 | — | 37,036,000 | |||
| Germany | — | 15,439,329 | — | 15,439,329 | |||
| Japan | — | 41,055,758 | — | 41,055,758 | |||
| Netherlands | — | 12,689,700 | — | 12,689,700 | |||
| Republic of Korea | — | 4,036,092 | — | 4,036,092 | |||
| Singapore | — | 5,056,779 | — | 5,056,779 | |||
| Spain | — | 4,962,636 | — | 4,962,636 | |||
| Sweden | — | 9,358,777 | — | 9,358,777 | |||
| United Kingdom | 19,170,391 | 28,884,108 | — | 48,054,499 | |||
| United States | 7,264,270 | 17,749,693 | — | 25,013,963 | |||
| Total Common Stocks | 26,434,661 | 181,661,816 | — | 208,096,477 | |||
| Short-Term Investment | |||||||
| Affiliated Investment Company | 3,399,057 | — | — | 3,399,057 | |||
| Total Investments in Securities | $ 29,833,718 | $ 181,661,816 | $ — | $ 211,495,534 |
| (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, 2024†^(Unaudited)
| Shares | Value | |
| Common Stocks 99.2% | ||
| Aerospace & Defense 2.8% | ||
| General Dynamics Corp. | 37,995 | $ 10,068,295 |
| Lockheed Martin Corp. | 18,928 | 8,127,873 |
| RTX Corp. | 95,987 | 8,746,335 |
| 26,942,503 | ||
| Air Freight & Logistics 0.8% | ||
| United Parcel Service, Inc., Class B | 51,868 | 7,360,069 |
| Banks 9.0% | ||
| Bank of America Corp. | 603,615 | 20,528,946 |
| Columbia Banking System, Inc. | 385,051 | 7,762,628 |
| JPMorgan Chase & Co. | 140,567 | 24,509,262 |
| PNC Financial Services Group, Inc. (The) | 48,211 | 7,289,985 |
| Regions Financial Corp. | 374,359 | 6,989,282 |
| Truist Financial Corp. | 165,276 | 6,125,129 |
| U.S. Bancorp | 317,940 | 13,207,228 |
| 86,412,460 | ||
| Beverages 2.4% | ||
| Coca-Cola Co. (The) | 123,785 | 7,363,970 |
| Coca-Cola Europacific Partners plc | 143,529 | 9,889,148 |
| PepsiCo, Inc. | 38,047 | 6,412,061 |
| 23,665,179 | ||
| Biotechnology 3.0% | ||
| AbbVie, Inc. | 119,615 | 19,664,706 |
| Amgen, Inc. | 28,698 | 9,018,633 |
| 28,683,339 | ||
| Capital Markets 3.0% | ||
| BlackRock, Inc. | 16,105 | 12,470,263 |
| CME Group, Inc. | 34,356 | 7,071,839 |
| Lazard, Inc. | 249,545 | 9,727,264 |
| 29,269,366 | ||
| Chemicals 4.4% | ||
| Air Products and Chemicals, Inc. | 26,043 | 6,659,455 |
| Dow, Inc. | 141,610 | 7,590,296 |
| Linde plc | 27,102 | 10,971,703 |
| LyondellBasell Industries NV, Class A | 76,147 | 7,166,955 |
| Nutrien Ltd. | 104,387 | 5,205,780 |
| PPG Industries, Inc. | 36,918 | 5,206,915 |
| 42,801,104 | ||
| Commercial Services & Supplies 1.2% | ||
| Republic Services, Inc. | 33,192 | 5,679,815 |
| Waste Management, Inc. | 31,906 | 5,922,711 |
| 11,602,526 | ||
| Shares | Value | |
| Common Stocks | ||
| Communications Equipment 1.3% | ||
| Cisco Systems, Inc. | 247,109 | $ 12,399,930 |
| Consumer Staples Distribution & Retail 1.6% | ||
| Walmart, Inc. | 96,595 | 15,962,324 |
| Containers & Packaging 0.5% | ||
| Amcor plc | 527,696 | 4,976,173 |
| Diversified Telecommunication Services 1.9% | ||
| AT&T, Inc. | 421,363 | 7,453,911 |
| Verizon Communications, Inc. | 250,940 | 10,627,309 |
| 18,081,220 | ||
| Electric Utilities 5.2% | ||
| Alliant Energy Corp. | 121,561 | 5,915,158 |
| American Electric Power Co., Inc. | 141,193 | 11,032,821 |
| Duke Energy Corp. | 56,978 | 5,460,202 |
| Entergy Corp. | 77,754 | 7,756,739 |
| Evergy, Inc. | 102,963 | 5,227,432 |
| NextEra Energy, Inc. | 163,483 | 9,585,008 |
| Pinnacle West Capital Corp. | 74,422 | 5,127,676 |
| 50,105,036 | ||
| Electrical Equipment 3.4% | ||
| Eaton Corp. plc | 54,040 | 13,298,163 |
| Emerson Electric Co. | 123,150 | 11,296,550 |
| Hubbell, Inc. | 24,653 | 8,272,807 |
| 32,867,520 | ||
| Food Products 0.6% | ||
| Mondelez International, Inc., Class A | 72,850 | 5,483,420 |
| Health Care Equipment & Supplies 1.7% | ||
| Medtronic plc | 185,321 | 16,223,000 |
| Health Care Providers & Services 3.1% | ||
| CVS Health Corp. | 155,204 | 11,542,522 |
| UnitedHealth Group, Inc. | 35,511 | 18,172,399 |
| 29,714,921 | ||
| Health Care REITs 0.5% | ||
| Welltower, Inc. | 59,912 | 5,182,987 |
| Hotels, Restaurants & Leisure 1.9% | ||
| McDonald's Corp. | 36,701 | 10,743,117 |
| Shares | Value | |
| Common Stocks | ||
| Hotels, Restaurants & Leisure | ||
| Vail Resorts, Inc. | 35,145 | $ 7,802,190 |
| 18,545,307 | ||
| Household Durables 0.6% | ||
| Garmin Ltd. | 45,153 | 5,395,332 |
| Household Products 1.8% | ||
| Colgate-Palmolive Co. | 77,433 | 6,519,859 |
| Procter & Gamble Co. (The) | 68,451 | 10,756,390 |
| 17,276,249 | ||
| Industrial Conglomerates 1.0% | ||
| Honeywell International, Inc. | 48,663 | 9,842,578 |
| Industrial REITs 0.6% | ||
| Prologis, Inc. | 45,865 | 5,810,637 |
| Insurance 5.3% | ||
| Arthur J. Gallagher & Co. | 23,702 | 5,502,656 |
| Marsh & McLennan Cos., Inc. | 53,075 | 10,288,058 |
| MetLife, Inc. | 299,272 | 20,745,535 |
| Travelers Cos., Inc. (The) | 69,174 | 14,620,617 |
| 51,156,866 | ||
| IT Services 1.5% | ||
| International Business Machines Corp. | 80,673 | 14,816,403 |
| Leisure Products 0.8% | ||
| Hasbro, Inc. | 159,461 | 7,805,616 |
| Machinery 1.8% | ||
| Cummins, Inc. | 74,035 | 17,716,576 |
| Media 2.6% | ||
| Comcast Corp., Class A | 337,207 | 15,693,614 |
| Omnicom Group, Inc. | 99,970 | 9,035,288 |
| 24,728,902 | ||
| Multi-Utilities 2.3% | ||
| Ameren Corp. | 62,909 | 4,376,579 |
| CMS Energy Corp. | 118,712 | 6,785,578 |
| NiSource, Inc. | 222,725 | 5,784,168 |
| WEC Energy Group, Inc. | 63,360 | 5,116,954 |
| 22,063,279 | ||
| Oil, Gas & Consumable Fuels 5.7% | ||
| Chevron Corp. | 108,983 | 16,067,364 |
| Shares | Value | |
| Common Stocks | ||
| Oil, Gas & Consumable Fuels | ||
| Enterprise Products Partners LP | 462,233 | $ 12,369,355 |
| MPLX LP | 281,143 | 10,838,063 |
| TotalEnergies SE, Sponsored ADR (a) | 103,736 | 6,761,512 |
| Williams Cos., Inc. (The) | 250,123 | 8,669,263 |
| 54,705,557 | ||
| Pharmaceuticals 7.5% | ||
| Bristol-Myers Squibb Co. | 101,651 | 4,967,685 |
| Eli Lilly & Co. | 35,702 | 23,049,568 |
| Johnson & Johnson | 110,709 | 17,591,660 |
| Merck & Co., Inc. | 163,694 | 19,770,961 |
| Pfizer, Inc. | 256,004 | 6,932,588 |
| 72,312,462 | ||
| Professional Services 1.1% | ||
| Automatic Data Processing, Inc. | 23,124 | 5,683,417 |
| Paychex, Inc. | 44,354 | 5,399,212 |
| 11,082,629 | ||
| Retail REITs 0.5% | ||
| Realty Income Corp. | 95,514 | 5,195,006 |
| Semiconductors & Semiconductor Equipment 6.1% | ||
| Analog Devices, Inc. | 77,528 | 14,913,286 |
| Broadcom, Inc. | 19,307 | 22,782,260 |
| KLA Corp. | 24,262 | 14,412,599 |
| Texas Instruments, Inc. | 41,053 | 6,573,406 |
| 58,681,551 | ||
| Software 1.7% | ||
| Microsoft Corp. | 40,975 | 16,290,841 |
| Specialized REITs 2.9% | ||
| American Tower Corp. | 29,135 | 5,700,263 |
| Iron Mountain, Inc. | 217,670 | 14,697,078 |
| VICI Properties, Inc. | 244,629 | 7,368,226 |
| 27,765,567 | ||
| Specialty Retail 1.6% | ||
| Best Buy Co., Inc. | 69,493 | 5,037,548 |
| Home Depot, Inc. (The) | 28,796 | 10,163,836 |
| 15,201,384 | ||
| Technology Hardware, Storage & Peripherals 3.1% | ||
| Apple, Inc. | 41,635 | 7,677,494 |
| Dell Technologies, Inc., Class C | 104,283 | 8,642,975 |
| Hewlett Packard Enterprise Co. | 325,127 | 4,971,192 |
| Shares | Value | ||
| Common Stocks | |||
| Technology Hardware, Storage & Peripherals | |||
| NetApp, Inc. | 96,213 | $ 8,389,773 | |
| 29,681,434 | |||
| Tobacco 1.2% | |||
| Philip Morris International, Inc. | 125,600 | 11,410,760 | |
| Trading Companies & Distributors 1.2% | |||
| MSC Industrial Direct Co., Inc., Class A | 114,794 | 11,327,872 | |
| Total Common Stocks (Cost $674,821,965) | 956,545,885 | ||
| Short-Term Investments 1.2% | |||
| Affiliated Investment Company 0.7% | |||
| MainStay U.S. Government Liquidity Fund, 5.25% (b) | 6,647,068 | 6,647,068 | |
| Unaffiliated Investment Company 0.5% | |||
| Invesco Government & Agency Portfolio, 5.315% (b)(c) | 5,175,630 | 5,175,630 | |
| Total Short-Term Investments (Cost $11,822,698) | 11,822,698 | ||
| Total Investments (Cost $686,644,663) | 100.4% | 968,368,583 | |
| Other Assets, Less Liabilities | (0.4) | (4,024,611) | |
| Net Assets | 100.0% | $ 964,343,972 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | All or a portion of this security was held on loan. As of January 31, 2024, the aggregate market value of securities on loan was $4,997,742. The Fund received cash collateral with a value of $5,175,630. |
| (b) | Current yield as of January 31, 2024. |
| (c) | Represents a security purchased with cash collateral received for securities on loan. |
Investments in Affiliates (in
000's)
Investments in issuers considered to
be affiliate(s) of the Fund during the period ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| MainStay U.S. Government Liquidity Fund | $ — | $ 50,765 | $ (44,118) | $ — | $ — | $ 6,647 | $ 104 | $ — | 6,647 |
| Abbreviation(s): |
| ADR—American Depositary Receipt |
| REIT—Real Estate Investment Trust |
The following is a summary of the
fair valuations according to the inputs used as of January 31, 2024, 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 | $ 956,545,885 | $ — | $ — | $ 956,545,885 | |||
| Short-Term Investments | |||||||
| Affiliated Investment Company | 6,647,068 | — | — | 6,647,068 | |||
| Unaffiliated Investment Company | 5,175,630 | — | — | 5,175,630 | |||
| Total Short-Term Investments | 11,822,698 | — | — | 11,822,698 | |||
| Total Investments in Securities | $ 968,368,583 | $ — | $ — | $ 968,368,583 |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
MainStay Equity Allocation Fund
Portfolio of Investments January 31, 2024†^(Unaudited)
| Shares | Value | ||
| Affiliated Investment Companies 95.6% | |||
| Equity Funds 95.6% | |||
| IQ 500 International ETF (a) | 547,634 | $ 17,806,977 | |
| IQ Candriam International Equity ETF (a) | 619,702 | 17,535,955 | |
| IQ Candriam U.S. Large Cap Equity ETF (a) | 772,639 | 32,489,470 | |
| IQ Candriam U.S. Mid Cap Equity ETF (a) | 839,267 | 24,946,372 | |
| IQ CBRE NextGen Real Estate ETF (a) | 492,362 | 9,477,919 | |
| IQ FTSE International Equity Currency Neutral ETF | 350,802 | 8,791,098 | |
| IQ U.S. Small Cap ETF (a) | 584,614 | 20,385,490 | |
| IQ Winslow Large Cap Growth ETF (a) | 99,932 | 3,803,552 | |
| MainStay Candriam Emerging Markets Equity Fund Class R6 (a) | 2,407,721 | 21,217,320 | |
| MainStay Epoch Capital Growth Fund Class I | 115,146 | 1,627,116 | |
| MainStay Epoch International Choice Fund Class I (a) | 365,100 | 14,452,073 | |
| MainStay Epoch U.S. Equity Yield Fund Class R6 (a) | 1,451,304 | 28,952,349 | |
| MainStay Fiera SMID Growth Fund Class R6 (a) | 1,511,588 | 25,054,275 | |
| MainStay PineStone International Equity Fund Class R6 (a) | 883,188 | 13,988,016 | |
| MainStay PineStone U.S. Equity Fund Class R6 (a) | 1,369,313 | 23,913,001 | |
| MainStay S&P 500 Index Fund Class I | 51,750 | 2,841,680 | |
| MainStay Winslow Large Cap Growth Fund Class R6 | 2,773,357 | 31,578,548 | |
| MainStay WMC Enduring Capital Fund Class R6 (a) | 808,476 | 28,297,554 | |
| MainStay WMC Growth Fund Class R6 (a) | 795,263 | 34,615,733 | |
| MainStay WMC International Research Equity Fund Class I (a) | 2,014,544 | 14,331,469 | |
| MainStay WMC Small Companies Fund Class I (a) | 975,109 | 21,689,163 | |
| MainStay WMC Value Fund Class R6 (a) | 915,635 | 27,194,995 | |
| Total Affiliated Investment Companies (Cost $355,753,395) | 424,990,125 | ||
| Short-Term Investment 4.0% | |||
| Affiliated Investment Company 4.0% | |||
| MainStay U.S. Government Liquidity Fund, 5.25% (b) | 17,565,097 | 17,565,097 | |
| Total Short-Term Investment (Cost $17,565,097) | 4.0% | 17,565,097 | |
| Total Investments (Cost $373,318,492) | 99.6% | 442,555,222 | |
| Other Assets, Less Liabilities | 0.4 | 1,799,779 | |
| Net Assets | 100.0% | $ 444,355,001 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | As of January 31, 2024, the Fund's ownership exceeds 5% of the outstanding shares of the Underlying Fund's share class. |
| (b) | Current yield as of January 31, 2024. |
Investments in Affiliates (in
000's)
Investments in issuers considered to
be affiliate(s) of the Fund during the period ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| 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 500 International ETF | $ 15,693 | $ 746 | $ (156) | $ (2) | $ 1,526 | $ 17,807 | $ 256 | $ — | 548 |
| IQ Candriam International Equity ETF | 15,466 | 10 | (30) | (1) | 2,091 | 17,536 | 85 | — | 620 |
| IQ Candriam U.S. Large Cap Equity ETF | 26,861 | 1,644 | — | — | 3,984 | 32,489 | 93 | — | 773 |
| IQ Candriam U.S. Mid Cap Equity ETF | 19,698 | 1,441 | (11) | —(a) | 3,818 | 24,946 | 85 | — | 839 |
| IQ CBRE NextGen Real Estate ETF | — | 9,458 | (9) | —(a) | 29 | 9,478 | 62 | — | 492 |
| IQ FTSE International Equity Currency Neutral ETF | 7,867 | 47 | (3) | —(a) | 880 | 8,791 | 68 | — | 351 |
| IQ U.S. Large Cap ETF | 26,543 | — | (28,274) | 7,397 | (5,666) | — | 51 | — | — |
| IQ U.S. Small Cap ETF | 19,193 | — | (2,281) | 206 | 3,267 | 20,385 | 89 | — | 585 |
| IQ Winslow Large Cap Growth ETF | 3,023 | 47 | — | — | 734 | 3,804 | —(a) | — | 100 |
| MainStay Candriam Emerging Markets Equity Fund Class R6 | 19,293 | 1,044 | — | — | 880 | 21,217 | 241 | — | 2,408 |
| MainStay Epoch Capital Growth Fund Class I | 1,408 | 8 | (33) | —(a) | 244 | 1,627 | 9 | —(a) | 115 |
| MainStay Epoch International Choice Fund Class I | 12,767 | 242 | (158) | (2) | 1,603 | 14,452 | 243 | — | 365 |
| MainStay Epoch U.S. Equity Yield Fund Class R6 | 26,822 | 1,570 | (1,548) | 86 | 2,022 | 28,952 | 227 | 886 | 1,451 |
| MainStay Fiera SMID Growth Fund Class R6 | 11,409 | 10,875 | — | — | 2,770 | 25,054 | — | 501 | 1,512 |
| MainStay PineStone International Equity Fund Class R6 | 12,787 | 68 | (964) | 56 | 2,041 | 13,988 | 68 | — | 883 |
| MainStay PineStone U.S. Equity Fund Class R6 | 7,799 | 14,700 | — | — | 1,414 | 23,913 | 41 | 13 | 1,369 |
| MainStay S&P 500 Index Fund Class I | 6,264 | 287 | (4,357) | 996 | (348) | 2,842 | 89 | 197 | 52 |
| MainStay U.S. Government Liquidity Fund | 14,633 | 24,245 | (21,313) | — | — | 17,565 | 229 | — | 17,565 |
| MainStay Winslow Large Cap Growth Fund Class R6 | 28,020 | 2,453 | (2,955) | 382 | 3,679 | 31,579 | — | 2,452 | 2,773 |
| MainStay WMC Enduring Capital Fund Class R6 | 25,298 | 681 | (1,733) | (36) | 4,088 | 28,298 | 270 | — | 808 |
| MainStay WMC Growth Fund Class R6 | 29,550 | — | (960) | (119) | 6,145 | 34,616 | — | — | 795 |
| MainStay WMC International Research Equity Fund Class I | 12,836 | 431 | — | — | 1,065 | 14,332 | 291 | — | 2,015 |
| MainStay WMC Small Companies Fund Class I | 19,174 | 78 | (1,118) | 13 | 3,542 | 21,689 | 79 | — | 975 |
| MainStay WMC Value Fund Class R6 | 25,333 | 1,599 | (1,269) | (54) | 1,586 | 27,195 | 442 | 780 | 916 |
| $387,737 | $71,674 | $(67,172) | $8,922 | $41,394 | $442,555 | $3,018 | $4,829 |
| (a) | Less than $500. |
Swap Contracts
Open OTC total return equity swap
contracts as of January 31, 2024 were as follows:
| Swap Counterparty | Reference Obligation | Floating Rate1 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)2 | Unrealized Appreciation/ (Depreciation)3 |
| Citibank NA | Citi Leveraged Loan Basket | 1 day FEDF minus 0.20% | 12/3/24 | Daily | (5,196) | $ — |
| Citibank NA | Citi Zombie Company Basket | 1 day FEDF minus 0.50% | 12/3/24 | Daily | (6,698) | — |
| JPMorgan Chase Bank NA | Global X Uranium ETF | 1 day FEDF plus 0.50% | 10/8/24 - 11/12/24 | Daily | 11,631 | — |
| Citibank NA | Invesco S&P 500 Low Volatility ETF | 1 day FEDF plus 0.55% | 12/3/24 | Daily | 9,780 | — |
| Citibank NA | iShares MSCI China ETF | 1 day FEDF minus 0.55% | 12/3/24 | Daily | (3,787) | — |
| Swap Counterparty | Reference Obligation | Floating Rate1 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)2 | Unrealized Appreciation/ (Depreciation)3 |
| Citibank NA | iShares MSCI EAFE ETF | 1 day FEDF minus 1.25% | 12/3/24 | Daily | (21,852) | $ — |
| Citibank NA | iShares MSCI Emerging Markets ex China ETF | 1 day FEDF plus 0.55% | 12/3/24 | Daily | 6,484 | — |
| Citibank NA | iShares MSCI India ETF | 1 day FEDF | 12/3/24 | Daily | 4,547 | — |
| JPMorgan Chase Bank NA | iShares MSCI Japan ETF | 1 day FEDF plus 0.15% | 4/24/24 - 5/7/24 | Daily | 13,335 | — |
| JPMorgan Chase Bank NA | J.P. Morgan IDEX Pure Size Short | 1 day FEDF | 6/20/2024 | Daily | (1,483) | — |
| JPMorgan Chase Bank NA | Russell 2000 Total Return Index | 1 day FEDF minus 0.15% - plus 0.05% | 4/9/24 - 5/7/24 | Daily | (18,134) | — |
| JPMorgan Chase Bank NA | S&P 500 Equal Weight | 1 day FEDF plus 0.30% - 0.51% | 5/7/24 | Daily | 15,231 | — |
| Citibank NA | S&P 500 Financials Index | 1 day FEDF plus 0.10% | 12/3/24 | Daily | (1,041) | — |
| Citibank NA | S&P 500 Industrial Sector | 1 day FEDF plus 0.10% | 12/3/24 | Daily | (1,256) | — |
| Citibank NA | S&P 500 Total Return Index | 1 day FEDF plus 0.05% | 12/3/24 | Daily | (8,989) | — |
| Citibank NA | S&P 600 Total Return | 1 day FEDF plus 0.45% | 12/3/24 | Daily | 21,559 | — |
| Citibank NA | S&P Midcap 400 Total Return Index | 1 day FEDF plus 0.35% | 12/3/24 | Daily | 3,509 | — |
| JPMorgan Chase Bank NA | VanEck Oil Services ETF | 1 day FEDF plus 0.15% | 11/5/24 | Daily | 4,221 | — |
| Citibank NA | Vanguard FTSE Europe ETF | 1 day FEDF minus 0.50% | 12/3/24 | Daily | (4,353) | — |
| $ — |
The following table represents the
basket holdings underlying the total return swap with Citi Leveraged Loan Basket as of January 31, 2024.
| Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
| AerCap Holdings NV | (1,799) | (228,980) | — | 4.41 |
| Apollo Commercial Real Estate Finance, Inc. | (316) | (40,207) | — | 0.77 |
| Atlantica Sustainable Infrastructure plc | (187) | (23,790) | — | 0.46 |
| Brandywine Realty Trust | (323) | (41,088) | — | 0.79 |
| Carnival Corp. | (5,298) | (674,228) | — | 12.97 |
| Chart Industries, Inc. | (1,413) | (179,886) | — | 3.46 |
| Coherent Corp. | (940) | (119,676) | — | 2.30 |
| CommScope Holding Co, Inc. | (85) | (10,825) | — | 0.21 |
| Crane NXT Co | (1,216) | (154,749) | — | 2.98 |
| Cushman & Wakefield plc | (393) | (49,965) | — | 0.96 |
| Delta Air Lines, Inc. | (3,649) | (464,384) | — | 8.94 |
| Designer Brands, Inc. | (259) | (32,984) | — | 0.63 |
| DigitalBridge Group, Inc. | (595) | (75,665) | — | 1.46 |
| Elanco Animal Health, Inc. | (2,005) | (255,165) | — | 4.91 |
| Entegris, Inc. | (2,548) | (324,277) | — | 6.24 |
| Fidelity National Information Services, Inc. | (3,667) | (466,710) | — | 8.98 |
| Hanesbrands, Inc. | (834) | (106,164) | — | 2.04 |
| JetBlue Airways Corp. | (579) | (73,632) | — | 1.42 |
| Lumen Technologies, Inc. | (705) | (89,699) | — | 1.73 |
| MKS Instruments, Inc. | (913) | (116,216) | — | 2.24 |
| Oatly Group AB | (79) | (10,071) | — | 0.19 |
| Opendoor Technologies, Inc. | (1,050) | (133,639) | — | 2.57 |
| Par Pacific Holdings, Inc. | (497) | (63,282) | — | 1.22 |
| PureCycle Technologies, Inc. | (156) | (19,797) | — | 0.38 |
| Scorpio Tankers, Inc. | (1,282) | (163,214) | — | 3.14 |
| Topgolf Callaway Brands Corp. | (318) | (40,510) | — | 0.78 |
| Uber Technologies, Inc. | (6,728) | (856,308) | — | 16.48 |
| United Airlines Holdings, Inc. | (2,995) | (381,195) | — | 7.34 |
The following table represents the
basket holdings underlying the total return swap with Citi Zombie Company Basket as of January 31, 2024.
| Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
| Alteryx Inc. | (856) | (94,588) | — | 1.41 |
| AppLovin Corp. | (1,816) | (200,694) | — | 3.00 |
| Array Technologies Inc. | (1,190) | (131,516) | — | 1.96 |
| Asana Inc. | (747) | (82,609) | — | 1.23 |
| BILL Holdings Inc. | (2,811) | (310,712) | — | 4.64 |
| BioCryst Pharmaceuticals Inc. | (225) | (24,912) | — | 0.37 |
| Bloom Energy Corp. | (551) | (60,946) | — | 0.91 |
| Bridgebio Pharma Inc. | (2,169) | (239,718) | — | 3.58 |
| Carnival Corp. | (4,592) | (507,519) | — | 7.58 |
| Children's Place Inc./The | (275) | (30,360) | — | 0.45 |
| Cinemark Holdings Inc. | (667) | (73,728) | — | 1.10 |
| Coeur Mining Inc. | (266) | (29,452) | — | 0.44 |
| Cytokinetics Inc. | (1,651) | (182,433) | — | 2.72 |
| DigitalBridge Group, Inc. | (728) | (80,457) | — | 1.20 |
| Emergent BioSolutions Inc. | (64) | (7,056) | — | 0.11 |
| Enviva Inc. | (8) | (930) | — | 0.01 |
| Exact Sciences Corp. | (2,078) | (229,706) | — | 3.43 |
| Fastly Inc. | (1,318) | (145,635) | — | 2.17 |
| Gap Inc./The | (3,041) | (336,072) | — | 5.02 |
| Guardant Health Inc. | (768) | (84,884) | — | 1.27 |
| IAC Inc. | (642) | (70,957) | — | 1.06 |
| Infinera Corp. | (221) | (24,463) | — | 0.36 |
| Insmed Inc. | (627) | (69,282) | — | 1.03 |
| JetBlue Airways Corp. | (708) | (78,295) | — | 1.17 |
| Kyndryl Holdings Inc. | (530) | (58,574) | — | 0.87 |
| Lyft Inc. | (3,356) | (370,872) | — | 5.54 |
| NeoGenomics Inc. | (430) | (47,518) | — | 0.71 |
| Oscar Health Inc. | (1,565) | (172,949) | — | 2.58 |
| Pacific Biosciences of California Inc. | (440) | (48,620) | — | 0.73 |
| Peloton Interactive Inc. | (792) | (87,534) | — | 1.31 |
| Q2 Holdings Inc. | (659) | (72,815) | — | 1.09 |
| Redfin Corp. | (402) | (44,381) | — | 0.66 |
| Revance Therapeutics Inc. | (104) | (11,471) | — | 0.17 |
| RingCentral Inc. | (1,312) | (145,053) | — | 2.17 |
| Rivian Automotive Inc. | (2,888) | (319,212) | — | 4.77 |
| Royal Caribbean Cruises Ltd. | (5,589) | (617,659) | — | 9.22 |
| Scotts Miracle-Gro Co/The | (763) | (84,294) | — | 1.26 |
| Spirit AeroSystems Holdings Inc. | (700) | (77,411) | — | 1.16 |
| Spirit Airlines Inc. | (162) | (17,854) | — | 0.27 |
| Sweetgreen Inc. | (425) | (47,020) | — | 0.70 |
| TG Therapeutics Inc. | (997) | (110,198) | — | 1.65 |
| Twist Bioscience Corp. | (927) | (102,427) | — | 1.53 |
| Vistra Corp. | (2,661) | (294,073) | — | 4.39 |
| Warner Bros Discovery Inc. | (1,866) | (206,257) | — | 3.08 |
| Wix.com Ltd. | (1,404) | (155,213) | — | 2.32 |
| Wolfspeed Inc. | (1,271) | (140,434) | — | 2.10 |
| WW International Inc. | (396) | (43,752) | — | 0.65 |
| Wynn Resorts Ltd. | (2,451) | (270,872) | — | 4.04 |
| Xerox Holdings Corp. | (493) | (54,457) | — | 0.81 |
| 1. | Fund pays the floating rate and receives the total return of the reference entity. |
| 2. | Notional amounts reflected as a positive value indicate a long position held by the Fund or Index and a negative value indicates a short position. |
| 3. | Reflects the value at reset date as of January 31, 2024. |
| Abbreviation(s): |
| EAFE—Europe, Australasia and Far East |
| ETF—Exchange-Traded Fund |
| FEDF—Federal Funds Rate |
| FTSE—Financial Times Stock Exchange |
| MSCI—Morgan Stanley Capital International |
The following is a summary of the
fair valuations according to the inputs used as of January 31, 2024, 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) | |||||||
| Affiliated Investment Companies | |||||||
| Equity Funds | $ 424,990,125 | $ — | $ — | $ 424,990,125 | |||
| Short-Term Investment | |||||||
| Affiliated Investment Company | 17,565,097 | — | — | 17,565,097 | |||
| Total Investments in Securities | $ 442,555,222 | $ — | $ — | $ 442,555,222 |
| (a) | For a complete listing of investments, see the Portfolio of Investments. |
MainStay Floating Rate Fund
Portfolio of Investments January 31, 2024†^(Unaudited)
| Principal Amount | Value | |
| Long-Term Bonds 96.1% | ||
| Asset-Backed Securities 5.2% | ||
| Other Asset-Backed Securities 5.2% | ||
| 720 East CLO IV Ltd. (a)(b) | ||
| Series 2024-1A, Class B | ||
| (zero coupon) (3 Month SOFR + 2.00%), due 4/15/37 | $ 787,500 | $ 787,500 |
| Series 2024-1A, Class D | ||
| (zero coupon) (3 Month SOFR + 3.85%), due 4/15/37 | 1,250,000 | 1,250,000 |
| AGL CLO 20 Ltd. (a)(b) | ||
| Series 2022-20A, Class B | ||
| 8.268% (3 Month SOFR + 2.95%), due 7/20/35 | 2,500,000 | 2,512,765 |
| Series 2022-20A, Class E | ||
| 13.678% (3 Month SOFR + 8.36%), due 7/20/35 | 2,500,000 | 2,511,942 |
| AIMCO CLO 16 Ltd. (a)(b) | ||
| Series 2021-16A, Class B | ||
| 7.228% (3 Month SOFR + 1.912%), due 1/17/35 | 2,500,000 | 2,500,270 |
| Series 2021-16A, Class E | ||
| 11.778% (3 Month SOFR + 6.462%), due 1/17/35 | 2,500,000 | 2,501,720 |
| AIMCO CLO 20 Ltd. (a)(b) | ||
| Series 2023-20A, Class B1 | ||
| 7.565% (3 Month SOFR + 2.20%), due 10/16/36 | 1,500,000 | 1,499,495 |
| Series 2023-20A, Class D | ||
| 9.365% (3 Month SOFR + 4.00%), due 10/16/36 | 1,276,785 | 1,276,823 |
| Ballyrock CLO 21 Ltd. (a)(b) | ||
| Series 2022-21A, Class A2A | ||
| 8.118% (3 Month SOFR + 2.80%), due 10/20/35 | 2,700,000 | 2,716,702 |
| Series 2022-21A, Class C | ||
| 10.638% (3 Month SOFR + 5.32%), due 10/20/35 | 2,500,000 | 2,533,657 |
| Carlyle U.S. CLO Ltd. (a)(b) | ||
| Series 2022-2A, Class A2 | ||
| 7.318% (3 Month SOFR + 2.00%), due 4/20/35 | 2,500,000 | 2,500,542 |
| Series 2022-2A, Class D | ||
| 12.718% (3 Month SOFR + 7.40%), due 4/20/35 | 2,500,000 | 2,501,442 |
| Danby Park CLO Ltd. (a)(b) | ||
| Series 2022-1A, Class B | ||
| 8.268% (3 Month SOFR + 2.95%), due 10/21/35 | 1,000,000 | 1,007,139 |
| Series 2022-1A, Class D | ||
| 10.648% (3 Month SOFR + 5.33%), due 10/21/35 | 1,000,000 | 1,011,546 |
| Elmwood CLO 16 Ltd. (a)(b) | ||
| Series 2022-3A, Class B | ||
| 7.268% (3 Month SOFR + 1.95%), due 4/20/34 | 2,500,000 | 2,500,542 |
| Series 2022-3A, Class E | ||
| 12.538% (3 Month SOFR + 7.22%), due 4/20/34 | 2,500,000 | 2,505,795 |
| Elmwood CLO XII Ltd. (a)(b) | ||
| Series 2021-5A, Class B | ||
| 7.279% (3 Month SOFR + 1.962%), due 1/20/35 | 2,500,000 | 2,501,620 |
| Series 2021-5A, Class E | ||
| 11.929% (3 Month SOFR + 6.612%), due 1/20/35 | 2,500,000 | 2,503,320 |
| Principal Amount | Value | |
| Asset-Backed Securities | ||
| Other Asset-Backed Securities | ||
| Empower CLO Ltd. (a)(b) | ||
| Series 2023-2A, Class B | ||
| 8.064% (3 Month SOFR + 2.75%), due 7/15/36 | $ 1,250,000 | $ 1,258,223 |
| Series 2023-2A, Class D | ||
| 10.714% (3 Month SOFR + 5.40%), due 7/15/36 | 1,250,000 | 1,253,420 |
| Galaxy 32 CLO Ltd. (a)(b) | ||
| Series 2023-32A, Class B | ||
| 7.644% (3 Month SOFR + 2.30%), due 10/20/36 | 1,500,000 | 1,509,212 |
| Series 2023-32A, Class D | ||
| 9.644% (3 Month SOFR + 4.30%), due 10/20/36 | 1,500,000 | 1,478,139 |
| Magnetite XXXI Ltd. (a)(b) | ||
| Series 2021-31A, Class B | ||
| 7.226% (3 Month SOFR + 1.912%), due 7/15/34 | 2,500,000 | 2,501,030 |
| Series 2021-31A, Class E | ||
| 11.576% (3 Month SOFR + 6.262%), due 7/15/34 | 2,500,000 | 2,463,328 |
| Neuberger Berman Loan Advisers CLO 43 Ltd. (a)(b) | ||
| Series 2021-43A, Class C | ||
| 7.528% (3 Month SOFR + 2.212%), due 7/17/35 | 2,500,000 | 2,493,353 |
| Series 2021-43A, Class E | ||
| 11.578% (3 Month SOFR + 6.262%), due 7/17/35 | 2,500,000 | 2,462,368 |
| Neuberger Berman Loan Advisers CLO 51 Ltd. (a)(b) | ||
| Series 2022-51A, Class B | ||
| 8.366% (3 Month SOFR + 3.05%), due 10/23/35 | 1,250,000 | 1,256,393 |
| Series 2022-51A, Class D | ||
| 11.016% (3 Month SOFR + 5.70%), due 10/23/35 | 1,250,000 | 1,262,114 |
| Octagon Investment Partners 51 Ltd. (a)(b) | ||
| Series 2021-1A, Class B | ||
| 7.279% (3 Month SOFR + 1.962%), due 7/20/34 | 2,500,000 | 2,500,552 |
| Series 2021-1A, Class E | ||
| 12.329% (3 Month SOFR + 7.012%), due 7/20/34 | 2,500,000 | 2,437,748 |
| OHA Credit Funding 16 Ltd. (a)(b) | ||
| Series 2023-16A, Class B | ||
| 7.606% (3 Month SOFR + 2.25%), due 10/20/36 | 1,500,000 | 1,513,224 |
| Series 2023-16A, Class D | ||
| 9.356% (3 Month SOFR + 4.00%), due 10/20/36 | 1,500,000 | 1,502,814 |
| Palmer Square CLO Ltd. (a)(b) | ||
| Series 2021-4A, Class B | ||
| 7.226% (3 Month SOFR + 1.912%), due 10/15/34 | 2,500,000 | 2,501,370 |
| Series 2022-2A, Class B | ||
| 7.518% (3 Month SOFR + 2.20%), due 7/20/34 | 2,500,000 | 2,503,085 |
| Series 2021-4A, Class D | ||
| 8.526% (3 Month SOFR + 3.212%), due 10/15/34 | 1,500,000 | 1,482,197 |
| Series 2021-4A, Class E | ||
| 11.626% (3 Month SOFR + 6.312%), due 10/15/34 | 2,500,000 | 2,475,698 |
| Series 2022-2A, Class E | ||
| 13.148% (3 Month SOFR + 7.83%), due 7/20/34 | 2,500,000 | 2,511,462 |
| Principal Amount | Value | |
| Asset-Backed Securities | ||
| Other Asset-Backed Securities | ||
| Rockland Park CLO Ltd. (a)(b) | ||
| Series 2021-1A, Class B | ||
| 7.229% (3 Month SOFR + 1.912%), due 4/20/34 | $ 2,500,000 | $ 2,500,273 |
| Series 2021-1A, Class E | ||
| 11.829% (3 Month SOFR + 6.512%), due 4/20/34 | 2,500,000 | 2,502,207 |
| Sixth Street CLO XXI Ltd. (a)(b) | ||
| Series 2022-21A, Class B | ||
| 8.314% (3 Month SOFR + 3.00%), due 10/15/35 | 2,500,000 | 2,517,767 |
| Series 2022-21A, Class D | ||
| 10.414% (3 Month SOFR + 5.10%), due 10/15/35 | 1,429,000 | 1,443,334 |
| Total Asset-Backed Securities (Cost $83,199,226) | 83,452,131 | |
| Corporate Bonds 4.5% | ||
| Aerospace & Defense 0.1% | ||
| Spirit AeroSystems, Inc. | ||
| 9.375%, due 11/30/29 (a) | 250,000 | 270,869 |
| TransDigm, Inc. | ||
| 7.125%, due 12/1/31 (a) | 1,000,000 | 1,042,276 |
| 1,313,145 | ||
| Airlines 0.0% ‡ | ||
| United Airlines, Inc. | ||
| 4.375%, due 4/15/26 (a) | 800,000 | 771,713 |
| Auto Manufacturers 0.3% | ||
| Ford Motor Co. | ||
| 6.10%, due 8/19/32 | 1,900,000 | 1,903,929 |
| Ford Motor Credit Co. LLC | ||
| 7.35%, due 11/4/27 | 2,000,000 | 2,103,759 |
| 4,007,688 | ||
| Building Materials 0.1% | ||
| JELD-WEN, Inc. (a) | ||
| 4.625%, due 12/15/25 | 294,000 | 285,034 |
| 4.875%, due 12/15/27 | 780,000 | 739,609 |
| 1,024,643 | ||
| Chemicals 0.6% | ||
| ASP Unifrax Holdings, Inc. | ||
| 5.25%, due 9/30/28 (a) | 730,000 | 484,574 |
| INEOS Finance plc | ||
| 7.50%, due 4/15/29 (a) | 1,250,000 | 1,241,562 |
| INEOS Quattro Finance 2 plc | ||
| 9.625%, due 3/15/29 (a) | 2,330,000 | 2,446,780 |
| Olympus Water US Holding Corp. | ||
| 9.75%, due 11/15/28 (a) | 3,500,000 | 3,702,911 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Chemicals | ||
| SCIL IV LLC | ||
| 5.375%, due 11/1/26 (a) | $ 660,000 | $ 641,578 |
| WR Grace Holdings LLC | ||
| 5.625%, due 8/15/29 (a) | 700,000 | 617,211 |
| 9,134,616 | ||
| Commercial Services 0.3% | ||
| Avis Budget Car Rental LLC | ||
| 8.00%, due 2/15/31 (a) | 2,500,000 | 2,494,750 |
| Prime Security Services Borrower LLC | ||
| 6.25%, due 1/15/28 (a) | 1,000,000 | 990,989 |
| Sotheby's | ||
| 5.875%, due 6/1/29 (a) | 2,100,000 | 1,812,791 |
| 5,298,530 | ||
| Distribution & Wholesale 0.0% ‡ | ||
| OPENLANE, Inc. | ||
| 5.125%, due 6/1/25 (a) | 400,000 | 394,109 |
| Diversified Financial Services 0.3% | ||
| GGAM Finance Ltd. (a) | ||
| 7.75%, due 5/15/26 | 2,625,000 | 2,670,547 |
| 8.00%, due 2/15/27 | 1,250,000 | 1,287,788 |
| NFP Corp. | ||
| 8.50%, due 10/1/31 (a) | 1,330,000 | 1,463,551 |
| 5,421,886 | ||
| Electric 0.1% | ||
| Vistra Operations Co. LLC | ||
| 5.00%, due 7/31/27 (a) | 1,500,000 | 1,453,190 |
| Engineering & Construction 0.1% | ||
| Brand Industrial Services, Inc. | ||
| 10.375%, due 8/1/30 (a) | 1,500,000 | 1,584,375 |
| Entertainment 0.2% | ||
| Caesars Entertainment, Inc. | ||
| 7.00%, due 2/15/30 (a) | 1,420,000 | 1,459,262 |
| Caesars Resort Collection LLC | ||
| 5.75%, due 7/1/25 (a) | 500,000 | 500,962 |
| Light & Wonder International, Inc. | ||
| 7.00%, due 5/15/28 (a) | 1,350,000 | 1,348,407 |
| 3,308,631 | ||
| Principal Amount | Value | |
| Corporate Bonds | ||
| Environmental Control 0.2% | ||
| GFL Environmental, Inc. (a) | ||
| 4.25%, due 6/1/25 | $ 1,200,000 | $ 1,178,940 |
| 4.75%, due 6/15/29 | 2,000,000 | 1,877,494 |
| 3,056,434 | ||
| Food 0.0% ‡ | ||
| Post Holdings, Inc. | ||
| 5.50%, due 12/15/29 (a) | 240,000 | 231,987 |
| US Foods, Inc. | ||
| 7.25%, due 1/15/32 (a) | 500,000 | 523,750 |
| 755,737 | ||
| Healthcare-Products 0.0% ‡ | ||
| Medline Borrower LP | ||
| 5.25%, due 10/1/29 (a) | 470,000 | 438,232 |
| Healthcare-Services 0.1% | ||
| Acadia Healthcare Co., Inc. | ||
| 5.00%, due 4/15/29 (a) | 240,000 | 228,900 |
| Fortrea Holdings, Inc. | ||
| 7.50%, due 7/1/30 (a) | 840,000 | 853,709 |
| 1,082,609 | ||
| Insurance 0.1% | ||
| Acrisure LLC | ||
| 8.25%, due 2/1/29 (a) | 1,110,000 | 1,112,845 |
| GTCR AP Finance, Inc. | ||
| 8.00%, due 5/15/27 (a) | 900,000 | 901,700 |
| 2,014,545 | ||
| Internet 0.1% | ||
| Gen Digital, Inc. | ||
| 6.75%, due 9/30/27 (a) | 1,320,000 | 1,340,030 |
| Iron & Steel 0.0% ‡ | ||
| Carpenter Technology Corp. | ||
| 6.375%, due 7/15/28 | 630,000 | 629,250 |
| Lodging 0.1% | ||
| Hilton Domestic Operating Co., Inc. | ||
| 5.375%, due 5/1/25 (a) | 1,000,000 | 996,239 |
| Machinery-Diversified 0.1% | ||
| GrafTech Finance, Inc. | ||
| 4.625%, due 12/15/28 (a) | 430,000 | 284,715 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Machinery-Diversified | ||
| GrafTech Global Enterprises, Inc. | ||
| 9.875%, due 12/15/28 (a) | $ 2,100,000 | $ 1,569,351 |
| 1,854,066 | ||
| Media 0.4% | ||
| Radiate Holdco LLC | ||
| 4.50%, due 9/15/26 (a) | 730,000 | 564,432 |
| Univision Communications, Inc. (a) | ||
| 6.625%, due 6/1/27 | 1,400,000 | 1,384,859 |
| 8.00%, due 8/15/28 | 4,456,000 | 4,534,292 |
| 6,483,583 | ||
| Oil & Gas 0.2% | ||
| Civitas Resources, Inc. | ||
| 8.625%, due 11/1/30 (a) | 2,270,000 | 2,421,090 |
| Oil & Gas Services 0.0% ‡ | ||
| USA Compression Partners LP | ||
| 6.875%, due 4/1/26 | 640,000 | 636,241 |
| Packaging & Containers 0.3% | ||
| Ardagh Metal Packaging Finance USA LLC | ||
| 4.00%, due 9/1/29 (a) | 600,000 | 486,283 |
| Ardagh Packaging Finance plc | ||
| 5.25%, due 4/30/25 (a) | 1,000,000 | 977,544 |
| Clydesdale Acquisition Holdings, Inc. | ||
| 8.75%, due 4/15/30 (a) | 900,000 | 854,956 |
| Mauser Packaging Solutions Holding Co. | ||
| 7.875%, due 8/15/26 (a) | 1,500,000 | 1,515,679 |
| Trident TPI Holdings, Inc. | ||
| 12.75%, due 12/31/28 (a) | 1,180,000 | 1,258,576 |
| 5,093,038 | ||
| Pharmaceuticals 0.1% | ||
| Bausch Health Cos., Inc. | ||
| 5.50%, due 11/1/25 (a) | 700,000 | 643,296 |
| Organon & Co. | ||
| 5.125%, due 4/30/31 (a) | 1,400,000 | 1,202,778 |
| 1,846,074 | ||
| Pipelines 0.1% | ||
| Global Partners LP | ||
| 8.25%, due 1/15/32 (a) | 1,000,000 | 1,025,742 |
| NGL Energy Operating LLC | ||
| 8.125%, due 2/15/29 (a) | 1,000,000 | 1,005,028 |
| 2,030,770 | ||
| Principal Amount | Value | |
| Corporate Bonds | ||
| Real Estate 0.1% | ||
| Realogy Group LLC | ||
| 5.75%, due 1/15/29 (a) | $ 1,670,000 | $ 1,240,426 |
| Real Estate Investment Trusts 0.2% | ||
| RHP Hotel Properties LP | ||
| 4.75%, due 10/15/27 | 300,000 | 287,984 |
| 7.25%, due 7/15/28 (a) | 2,100,000 | 2,164,690 |
| 2,452,674 | ||
| Retail 0.1% | ||
| IRB Holding Corp. | ||
| 7.00%, due 6/15/25 (a) | 580,000 | 576,416 |
| LBM Acquisition LLC | ||
| 6.25%, due 1/15/29 (a) | 2,000,000 | 1,815,000 |
| 2,391,416 | ||
| Software 0.1% | ||
| Clarivate Science Holdings Corp. (a) | ||
| 3.875%, due 7/1/28 | 700,000 | 645,058 |
| 4.875%, due 7/1/29 | 700,000 | 653,479 |
| 1,298,537 | ||
| Telecommunications 0.1% | ||
| Level 3 Financing, Inc. | ||
| 10.50%, due 5/15/30 (a) | 731,000 | 727,345 |
| Telesat Canada | ||
| 4.875%, due 6/1/27 (a) | 900,000 | 531,000 |
| 1,258,345 | ||
| Total Corporate Bonds (Cost $75,062,433) | 73,031,862 | |
| Loan Assignments 86.4% | ||
| Aerospace & Defense 2.9% | ||
| Amentum Government Services Holdings LLC (b) | ||
| First Lien Tranche 3 Term Loan | ||
| 9.337% (1 Month SOFR + 4.00%), due 2/15/29 | 4,022,083 | 4,013,705 |
| First Lien Tranche Term Loan 1 | ||
| 9.447% (1 Month SOFR + 4.00%), due 1/29/27 | 1,993,772 | 1,990,658 |
| Arcline FM Holdings LLC | ||
| First Lien Initial Term Loan | ||
| 10.36% (3 Month SOFR + 4.75%), due 6/23/28 (b) | 3,110,350 | 3,091,881 |
| Asplundh Tree Expert LLC | ||
| Amendment No. 1 Term Loan | ||
| 7.183% (1 Month SOFR + 1.75%), due 9/7/27 (b) | 3,758,338 | 3,754,312 |
| Barnes Group, Inc. | ||
| Initial Term Loan | ||
| 8.433% (1 Month SOFR + 3.00%), due 9/3/30 (b) | 1,197,000 | 1,195,504 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Aerospace & Defense | ||
| Cobham Ultra SeniorCo. SARL | ||
| USD Facility Term Loan B | ||
| 9.363% (6 Month SOFR + 3.50%), due 8/3/29 (b) | $ 3,352,762 | $ 3,306,661 |
| Dynasty Acquisition Co., Inc. (b) | ||
| 2023 Specified Refinancing Term Loan B1 | ||
| 9.333% (1 Month SOFR + 4.00%), due 8/24/28 | 3,979,542 | 3,982,626 |
| 2023 Specified Refinancing Term Loan B2 | ||
| 9.333% (1 Month SOFR + 4.00%), due 8/24/28 | 1,705,518 | 1,706,840 |
| KBR, Inc. | ||
| Incremental Term Loan B | ||
| 7.583% (1 Month SOFR + 2.25%), due 1/17/31 (b) | 1,300,000 | 1,298,375 |
| Russell Investments U.S. Institutional Holdco, Inc. | ||
| 2025 Term Loan | ||
| 8.933% (1 Month SOFR + 3.50%), due 5/30/25 (b) | 5,399,014 | 5,081,822 |
| SkyMiles IP Ltd. | ||
| Initial Term Loan | ||
| 9.068% (3 Month SOFR + 3.75%), due 10/20/27 (b) | 3,985,714 | 4,072,404 |
| TransDigm, Inc. (b) | ||
| Tranche Term Loan H | ||
| 8.598% (3 Month SOFR + 3.25%), due 2/22/27 | 1,954,873 | 1,955,076 |
| Tranche Term Loan I | ||
| 8.598% (3 Month SOFR + 3.25%), due 8/24/28 | 4,991,010 | 4,992,207 |
| United AirLines, Inc. | ||
| Term Loan B | ||
| 9.201% (1 Month SOFR + 3.75%), due 4/21/28 (b) | 3,250,929 | 3,251,381 |
| WestJet Airlines Ltd. | ||
| Term Loan | ||
| 8.437% (1 Month SOFR + 3.00%), due 12/11/26 (b) | 3,646,133 | 3,636,562 |
| 47,330,014 | ||
| Animal Food 0.2% | ||
| Alltech, Inc. | ||
| Term Loan B | ||
| 9.447% (1 Month SOFR + 4.00%), due 10/13/28 (b) | 3,058,262 | 3,023,856 |
| Automobile 1.7% | ||
| American Auto Auction Group LLC | ||
| First Lien Tranche Term Loan B | ||
| 10.498% (3 Month SOFR + 5.00%), due 12/30/27 (b) | 5,880,000 | 5,786,285 |
| Autokiniton U.S. Holdings, Inc. | ||
| Closing Date Term Loan B | ||
| 9.97% (1 Month SOFR + 4.50%), due 4/6/28 (b) | 4,033,450 | 4,030,090 |
| Belron Finance 2019 LLC | ||
| Dollar Second Incremental Term Loan | ||
| 7.829% (3 Month SOFR + 2.25%), due 10/30/26 (b) | 4,146,292 | 4,146,292 |
| Belron Finance U.S. LLC | ||
| 2029 Dollar Incremental Term Loan | ||
| 7.664% (3 Month SOFR + 2.25%), due 4/18/29 (b) | 497,500 | 496,967 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Automobile | ||
| Clarios Global LP | ||
| First Lien 2024 Refinancing Term Loan | ||
| 8.333% (1 Month SOFR + 3.00%), due 5/6/30 (b) | $ 6,412,500 | $ 6,410,499 |
| First Brand Group LLC | ||
| First Lien 2021 Term Loan | ||
| 10.574% (3 Month SOFR + 5.00%), due 3/30/27 (b) | 1,329,915 | 1,327,144 |
| Mavis Tire Express Services Topco Corp. | ||
| Term Loan | ||
| 9.076%, due 5/4/28 | 600,000 | 599,625 |
| Wand Newco 3, Inc. | ||
| First Lien 2024 Refinancing Term Loan | ||
| 9.086% (1 Month SOFR + 3.75%), due 1/17/31 (b) | 4,333,333 | 4,334,686 |
| 27,131,588 | ||
| Banking 0.8% | ||
| Apollo Commercial Real Estate Finance, Inc. | ||
| Term Loan B1 | ||
| 8.947% (1 Month SOFR + 3.50%), due 3/11/28 (b) | 82,283 | 80,842 |
| Edelman Financial Engines Center LLC (The) | ||
| First Lien 2021 Initial Term Loan | ||
| 8.947% (1 Month SOFR + 3.50%), due 4/7/28 (b) | 5,568,891 | 5,535,690 |
| Jane Street Group LLC | ||
| 2024 Repricing Term Loan | ||
| 7.951% (1 Month SOFR + 2.50%), due 1/26/28 (b) | 6,666,971 | 6,630,303 |
| 12,246,835 | ||
| Beverage, Food & Tobacco 1.5% | ||
| 8th Avenue Food & Provisions, Inc. | ||
| First Lien Term Loan | ||
| 9.197% (1 Month SOFR + 3.75%), due 10/1/25 (b) | 2,220,772 | 2,150,911 |
| CHG PPC Parent LLC | ||
| First Lien 2021-1 U.S. Term Loan | ||
| 8.447% (1 Month SOFR + 3.00%), due 12/8/28 (b) | 4,239,998 | 4,234,698 |
| Froneri International Ltd. | ||
| First Lien Facility Term Loan B2 | ||
| 7.683% (1 Month SOFR + 2.25%), due 1/29/27 (b) | 2,909,475 | 2,903,880 |
| H-Food Holdings LLC | ||
| Initial Term Loan | ||
| 9.337% (3 Month SOFR + 3.688%), due 5/23/25 (b) | 2,447,108 | 1,889,628 |
| Naked Juice LLC | ||
| First Lien Initial Term Loan | ||
| 8.698% (3 Month SOFR + 3.25%), due 1/24/29 (b) | 884,954 | 835,839 |
| Pegasus BidCo BV | ||
| Initial Dollar Term Loan | ||
| 9.63% (3 Month SOFR + 4.25%), due 7/12/29 (b) | 4,356,000 | 4,354,183 |
| Sotheby's | ||
| 2021 Second Refinancing Term Loan | ||
| 10.076% (3 Month SOFR + 4.50%), due 1/15/27 (b) | 2,233,880 | 2,209,865 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Beverage, Food & Tobacco | ||
| U.S. Foods, Inc. | ||
| Incremental 2021 Term Loan B | ||
| 7.947% (1 Month SOFR + 2.50%), due 11/22/28 (b) | $ 3,982,294 | $ 3,991,422 |
| United Natural Foods, Inc. | ||
| Initial Term Loan | ||
| 8.697% (1 Month SOFR + 3.25%), due 10/22/25 (b) | 1,093,784 | 1,090,925 |
| 23,661,351 | ||
| Broadcasting & Entertainment 1.5% | ||
| Altice France SA | ||
| USD Term Loan B14 | ||
| 10.814% (3 Month SOFR + 5.50%), due 8/15/28 (b) | 6,080,181 | 5,513,204 |
| Clear Channel Outdoor Holdings, Inc. | ||
| Term Loan B 9.074% - 9.145% | ||
| (3 Month SOFR + 3.50%), due 8/21/26 (b) | 4,134,249 | 4,080,223 |
| CMG Media Corp. | ||
| First Lien 2021 Term Loan B | ||
| 8.948% (3 Month SOFR + 3.50%), due 12/17/26 (b) | 5,173,450 | 4,791,908 |
| Gray Television, Inc. (b) | ||
| Term Loan E | ||
| 7.967% (1 Month SOFR + 2.50%), due 1/2/26 | 11,963 | 11,941 |
| Term Loan D | ||
| 8.467% (1 Month SOFR + 3.00%), due 12/1/28 | 2,329,646 | 2,310,093 |
| Nexstar Media, Inc. | ||
| Term Loan B4 | ||
| 7.951% (1 Month SOFR + 2.50%), due 9/18/26 (b) | 2,916,699 | 2,915,179 |
| Univision Communications, Inc. (b) | ||
| First Lien Initial Term Loan | ||
| 8.697% (1 Month SOFR + 3.25%), due 1/31/29 | 4,426,051 | 4,414,986 |
| First Lien 2022 Incremental Term Loan | ||
| 9.598% (3 Month SOFR + 4.25%), due 6/24/29 | 923,437 | 923,207 |
| 24,960,741 | ||
| Buildings & Real Estate 2.2% | ||
| Allspring Buyer LLC | ||
| Initial Term Loan | ||
| 8.887% (3 Month SOFR + 3.25%), due 11/1/28 (b) | 3,655,680 | 3,636,261 |
| Beacon Roofing Supply, Inc. | ||
| 2028 Term Loan | ||
| 7.947% (1 Month SOFR + 2.50%), due 5/19/28 (b) | 3,412,500 | 3,414,278 |
| Core & Main LP | ||
| Tranche Term Loan B 7.937% - 8.056% | ||
| (1 Month SOFR + 2.50%, 6 Month SOFR + 2.50%), due 7/27/28 (b) | 5,328,296 | 5,318,305 |
| Cornerstone Building Brands, Inc. | ||
| Tranche Term Loan B | ||
| 8.683% (1 Month SOFR + 3.25%), due 4/12/28 (b) | 6,409,578 | 6,346,482 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Buildings & Real Estate | ||
| Cushman & Wakefield U.S. Borrower LLC (b) | ||
| Replacement Term Loan | ||
| 8.197% (1 Month SOFR + 2.75%), due 8/21/25 | $ 32,501 | $ 32,420 |
| 2023-1 Refinancing Term Loan | ||
| 8.683% (1 Month SOFR + 3.25%), due 1/31/30 | 4,095,871 | 4,049,792 |
| 2023-2 Refinancing Term Loan | ||
| 9.333% (1 Month SOFR + 4.00%), due 1/31/30 | 208,333 | 206,510 |
| SRS Distribution, Inc. (b) | ||
| 2022 Refinancing Term Loan | ||
| 8.683% (1 Month SOFR + 3.25%), due 6/2/28 | 1,372,000 | 1,361,024 |
| 2021 Refinancing Term Loan | ||
| 8.947% (1 Month SOFR + 3.50%), due 6/2/28 | 2,964,331 | 2,946,628 |
| VC GB Holdings I Corp. | ||
| First Lien Initial Term Loan | ||
| 8.61% (3 Month SOFR + 3.00%), due 7/21/28 (b) | 3,172,595 | 3,138,886 |
| Wilsonart LLC | ||
| Tranche Term Loan E | ||
| 8.698% (3 Month SOFR + 3.25%), due 12/31/26 (b) | 5,672,996 | 5,660,584 |
| 36,111,170 | ||
| Capital Equipment 0.5% | ||
| AZZ, Inc. | ||
| Initial Term Loan | ||
| 9.083% (1 Month SOFR + 3.75%), due 5/13/29 (b) | 3,170,000 | 3,175,284 |
| CPM Holdings, Inc. | ||
| Initial Term Loan | ||
| 9.853% (1 Month SOFR + 4.50%), due 9/28/28 (b) | 3,000,000 | 2,999,376 |
| Discovery Energy Corp. | ||
| USD Term Loan | ||
| TBD, due 10/5/28 | 2,600,000 | 2,528,500 |
| 8,703,160 | ||
| Cargo Transport 0.2% | ||
| Genesee & Wyoming, Inc. | ||
| Initial Term Loan | ||
| 7.448% (3 Month SOFR + 2.00%), due 12/30/26 (b) | 3,829,693 | 3,824,393 |
| Chemicals 0.3% | ||
| ASP Unifrax Holdings, Inc. | ||
| First Lien USD Term Loan | ||
| 9.248% (3 Month SOFR + 3.75%), due 12/12/25 (b) | 2,938,144 | 2,792,339 |
| LSF11 A5 Holdco LLC (b) | ||
| Term Loan | ||
| 8.947% (1 Month SOFR + 3.50%), due 10/15/28 | 2,282,576 | 2,267,597 |
| Fourth Amendment Incremental Term Loan | ||
| 9.683% (1 Month SOFR + 4.25%), due 10/15/28 | 447,750 | 446,631 |
| 5,506,567 | ||
| Principal Amount | Value | |
| Loan Assignments | ||
| Chemicals, Plastics & Rubber 5.4% | ||
| Aruba Investments Holdings LLC (b) | ||
| First Lien Initial Dollar Term Loan | ||
| 9.433% (1 Month SOFR + 4.00%), due 11/24/27 | $ 1,281,816 | $ 1,265,794 |
| First Lien 2022 Incremental Term Loan | ||
| 10.083% (1 Month SOFR + 4.75%), due 11/24/27 (c)(d) | 1,485,000 | 1,455,300 |
| Bakelite UK Intermediate Ltd. | ||
| Term Loan | ||
| 9.498% (3 Month SOFR + 4.00%), due 5/29/29 (b) | 5,114,557 | 5,098,574 |
| Clydesdale Acquisition Holdings, Inc. | ||
| First Lien Term Loan B | ||
| 9.108% (1 Month SOFR + 3.675%), due 4/13/29 (b) | 4,910,163 | 4,874,564 |
| Entegris, Inc. | ||
| Tranche Term Loan B 7.833% - 7.848% | ||
| (1 Month SOFR + 2.50%, 3 Month SOFR + 2.50%), due 7/6/29 (b) | 3,483,652 | 3,480,750 |
| Herens Holdco SARL | ||
| USD Facility Term Loan B | ||
| 9.373% (3 Month SOFR + 3.925%), due 7/3/28 (b) | 1,808,121 | 1,673,157 |
| Ineos Quattro Holdings U.K. Ltd. (b) | ||
| 2030 Tranche Dollar Term Loan B | ||
| 9.183% (1 Month SOFR + 3.75%), due 3/14/30 | 1,492,500 | 1,487,836 |
| 2029 Tranche Dollar Term Loan B | ||
| 9.683% (1 Month SOFR + 4.25%), due 4/2/29 | 3,479,900 | 3,471,200 |
| Ineos U.S. Finance LLC (b) | ||
| 2030 Dollar Term Loan | ||
| 8.933% (1 Month SOFR + 3.50%), due 2/18/30 | 995,000 | 981,319 |
| 2027-II Dollar Term Loan | ||
| 9.183% (1 Month SOFR + 3.75%), due 11/8/27 | 2,345,441 | 2,326,384 |
| Innophos Holdings, Inc. | ||
| Initial Term Loan | ||
| 8.697% (1 Month SOFR + 3.25%), due 2/5/27 (b) | 5,322,907 | 5,247,056 |
| Jazz Pharmaceuticals plc | ||
| Additional Dollar Tranche Term Loan B1 | ||
| 8.447% (1 Month SOFR + 3.00%), due 5/5/28 (b) | 7,154,937 | 7,148,977 |
| Koppers, Inc. | ||
| Term Loan B | ||
| 8.94% (1 Month SOFR + 3.50%), due 4/10/30 (b) | 4,477,528 | 4,488,722 |
| Nouryon Finance BV (b) | ||
| 2023 Term Loan | ||
| 9.448% (1 Month SOFR + 4.00%), due 4/3/28 | 1,243,750 | 1,241,807 |
| Extended Dollar Term Loan | ||
| 9.467% (3 Month SOFR + 4.00%), due 4/3/28 | 6,413,914 | 6,397,880 |
| Olympus Water U.S. Holding Corp. | ||
| Initial Dollar Term Loan | ||
| 9.36% (3 Month SOFR + 3.75%), due 11/9/28 (b) | 2,670,290 | 2,659,184 |
| Oxea Holding Vier GmbH | ||
| Tranche Term Loan B2 | ||
| 8.93% (3 Month SOFR + 3.50%), due 10/14/24 (b) | 3,400,209 | 3,314,142 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Chemicals, Plastics & Rubber | ||
| PMHC II, Inc. | ||
| Initial Term Loan | ||
| 9.723% (3 Month SOFR + 4.25%), due 4/23/29 (b) | $ 5,925,000 | $ 5,638,627 |
| SCIH Salt Holdings, Inc. | ||
| First Lien Incremental Term Loan B1 9.447% - 9.451% | ||
| (1 Month SOFR + 4.00%), due 3/16/27 (b) | 6,228,104 | 6,209,612 |
| Sparta U.S. Holdco LLC | ||
| First Lien Initial Term Loan | ||
| 8.717% (1 Month SOFR + 3.25%), due 8/2/28 (b) | 2,058,000 | 2,051,141 |
| Tricorbraun Holdings, Inc. | ||
| First Lien Closing Date Initial Term Loan | ||
| 8.697% (1 Month SOFR + 3.25%), due 3/3/28 (b) | 5,806,232 | 5,682,124 |
| Tronox Finance LLC | ||
| First Lien 2022 Incremental Term Loan | ||
| 8.598% (3 Month SOFR + 3.25%), due 4/4/29 (b) | 2,534,181 | 2,529,430 |
| W. R. Grace Holdings LLC | ||
| Initial Term Loan | ||
| 9.36% (3 Month SOFR + 3.75%), due 9/22/28 (b) | 3,430,000 | 3,426,426 |
| Windsor Holdings III LLC | ||
| Dollar Term Loan B | ||
| 9.848% (1 Month SOFR + 4.50%), due 8/1/30 (b) | 4,990,000 | 4,988,613 |
| 87,138,619 | ||
| Commercial Services 0.3% | ||
| Prime Security Services Borrower LLC | ||
| First Lien 2023 Refinancing Term Loan B1 | ||
| 7.827% (3 Month SOFR + 2.50%), due 10/13/30 (b) | 5,000,000 | 4,998,610 |
| Consumer Durables 0.3% | ||
| SWF Holdings I Corp. | ||
| First Lien Initial Term Loan | ||
| 9.447% (1 Month SOFR + 4.00%), due 10/6/28 (b) | 4,799,401 | 4,265,468 |
| Containers, Packaging & Glass 3.0% | ||
| Alliance Laundry Systems LLC | ||
| Initial Term Loan B 8.926% - 8.934% | ||
| (1 Month SOFR + 3.50%, 3 Month SOFR + 3.50%), due 10/8/27 (b) | 4,729,383 | 4,722,487 |
| Altium Packaging LLC | ||
| First Lien 2021 Term Loan | ||
| 8.197% (1 Month SOFR + 2.75%), due 2/3/28 (b) | 3,000,266 | 2,988,079 |
| Anchor Glass Container Corp. | ||
| First Lien August 2023 Extended Term Loan 10.827% - 10.896% | ||
| (3 Month SOFR + 5.00%, 6 Month SOFR + 5.00%), due 12/7/25 (b) | 2,630,556 | 2,176,785 |
| Berlin Packaging LLC (b) | ||
| Tranche Initial Term Loan B4 8.604% - 8.728% | ||
| (1 Month SOFR + 3.25%, 3 Month SOFR + 3.25%), due 3/11/28 | 3,890,015 | 3,854,355 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Containers, Packaging & Glass | ||
| Berlin Packaging LLC (b) | ||
| Tranche Term Loan B5 9.217% - 9.36% | ||
| (1 Month SOFR + 3.75%, 3 Month SOFR + 3.75%), due 3/11/28 | $ 1,055,700 | $ 1,048,725 |
| Charter Next Generation, Inc. | ||
| First Lien 2021 Initial Term Loan | ||
| 9.22% (1 Month SOFR + 3.75%), due 12/1/27 (b) | 5,988,744 | 5,954,644 |
| Flint Group Packaging Inks North America Holdings LLC (b) | ||
| First Lien USD Facility Term Loan B | ||
| 5.677% (6.90% PIK) (3 Month SOFR + 0.10%), due 12/31/27 (e) | 425,823 | 311,561 |
| Second Lien USD Facility Term Loan B | ||
| 5.677% (6.90% PIK) (3 Month SOFR + 0.10%), due 12/31/27 (e) | 567,858 | 58,489 |
| USD Facility Term Loan B | ||
| 9.827% (3 Month SOFR + 4.25%), due 12/31/26 | 847,711 | 770,004 |
| Graham Packaging Co., Inc. | ||
| 2021 Initial Term Loan | ||
| 8.447% (1 Month SOFR + 3.00%), due 8/4/27 (b) | 4,314,429 | 4,306,132 |
| Mauser Packaging Solutions Holding Co. | ||
| Initial Term Loan | ||
| 9.355% (1 Month SOFR + 4.00%), due 8/14/26 (b) | 181,958 | 182,085 |
| Pactiv Evergreen, Inc. (b) | ||
| Tranche U.S. Term Loan B2 | ||
| 8.697% (1 Month SOFR + 3.25%), due 2/5/26 | 1,729,178 | 1,730,043 |
| Tranche U.S. Term Loan B3 | ||
| 8.697% (1 Month SOFR + 3.25%), due 9/24/28 | 975,000 | 974,797 |
| Pretium PKG Holdings, Inc. (b) | ||
| First Lien Initial Third Amendment Term Loan A1 | ||
| 9.953% (1 Month SOFR + 4.60%), due 10/2/28 | 3,396,335 | 2,768,013 |
| First Lien Third Amendment Tranche Term Loan A | ||
| 10.353% (1 Month SOFR + 5.00%), due 10/2/28 | 2,086,351 | 2,072,441 |
| Second Lien Initial Term Loan | ||
| 12.208% (1 Month SOFR + 6.75%), due 10/1/29 (c) | 1,750,000 | 739,375 |
| ProAmpac PG Borrower LLC | ||
| 2023-1 Term Loan 9.798% - 9.868% | ||
| (3 Month SOFR + 4.50%), due 9/15/28 (b) | 3,166,667 | 3,166,667 |
| Reynolds Consumer Products LLC | ||
| Initial Term Loan | ||
| 7.183% (1 Month SOFR + 1.75%), due 2/4/27 (b) | 117,380 | 117,130 |
| RLG Holdings LLC | ||
| First Lien Closing Date Initial Term Loan | ||
| 9.697% (1 Month SOFR + 4.25%), due 7/7/28 (b) | 4,900,000 | 4,699,100 |
| Trident TPI Holdings, Inc. (b) | ||
| Tranche Initial Term Loan B3 | ||
| 9.61% (3 Month SOFR + 4.00%), due 9/15/28 | 3,689,045 | 3,675,724 |
| Tranche Initial Term Loan B5 | ||
| 9.848% (3 Month SOFR + 4.50%), due 9/15/28 | 968,123 | 965,184 |
| Tranche Incremental Term Loan B4 | ||
| 10.598% (3 Month SOFR + 5.25%), due 9/15/28 | 396,000 | 396,330 |
| 47,678,150 | ||
| Principal Amount | Value | |
| Loan Assignments | ||
| Diversified/Conglomerate Manufacturing 2.1% | ||
| Allied Universal Holdco LLC (b) | ||
| Initial U.S. Dollar Term Loan | ||
| 9.183% (1 Month SOFR + 3.75%), due 5/12/28 | $ 5,961,361 | $ 5,884,984 |
| Amendment No. 3 Term Loan | ||
| 10.083% (1 Month SOFR + 4.75%), due 5/12/28 | 2,992,500 | 2,974,731 |
| Filtration Group Corp. (b) | ||
| 2021 Incremental Term Loan | ||
| 8.947% (1 Month SOFR + 3.50%), due 10/21/28 | 2,947,236 | 2,942,079 |
| 2023 Extended Dollar Term Loan | ||
| 9.697% (1 Month SOFR + 4.25%), due 10/21/28 | 2,750,032 | 2,750,320 |
| Gardner Denver, Inc. | ||
| 2020 GDI Tranche Dollar Term Loan B2 | ||
| 7.183% (1 Month SOFR + 1.75%), due 3/1/27 (b) | 3,300,225 | 3,300,974 |
| GYP Holdings III Corp. | ||
| First Lien 2023 Refinancing Term Loan | ||
| 8.333% (1 Month SOFR + 3.00%), due 5/12/30 (b) | 569,360 | 570,072 |
| Ingersoll-Rand Services Co. | ||
| 2020 Spinco Tranche Dollar Term Loan B1 | ||
| 7.183% (1 Month SOFR + 1.75%), due 3/1/27 (b) | 159,843 | 159,879 |
| Iron Mountain Information Management LLC | ||
| Incremental Term Loan B | ||
| 7.197% (1 Month LIBOR + 1.75%), due 1/2/26 (b) | 3,169,007 | 3,156,464 |
| LTI Holdings, Inc. (b) | ||
| First Lien Initial Term Loan | ||
| 8.947% (1 Month SOFR + 3.50%), due 9/6/25 | 1,279,090 | 1,245,514 |
| First Lien First Amendment Additional Term Loan | ||
| 10.197% (1 Month SOFR + 4.75%), due 7/24/26 | 1,714,734 | 1,665,970 |
| QUIKRETE Holdings, Inc. | ||
| First Lien Fourth Amendment Term Loan | ||
| 8.197% (1 Month SOFR + 2.75%), due 3/19/29 (b) | 5,403,750 | 5,398,687 |
| Red Ventures LLC | ||
| First Lien Term Loan B4 | ||
| 8.333% (1 Month SOFR + 3.00%), due 3/3/30 (b) | 4,126,354 | 4,102,285 |
| 34,151,959 | ||
| Diversified/Conglomerate Service 2.2% | ||
| Applied Systems, Inc. (b) | ||
| First Lien 2026 Term Loan | ||
| 9.848% (3 Month SOFR + 4.50%), due 9/18/26 | 3,437,819 | 3,445,342 |
| Second Lien 2021 Term Loan | ||
| 12.098% (3 Month SOFR + 6.75%), due 9/17/27 | 1,982,109 | 1,987,064 |
| Blackhawk Network Holdings, Inc. | ||
| First Lien Term Loan | ||
| 8.138% (3 Month SOFR + 2.75%), due 6/15/25 (b) | 3,768,657 | 3,758,764 |
| Brightview Landscapes LLC | ||
| 2022 Initial Term Loan | ||
| 8.313% (3 Month SOFR + 3.00%), due 4/20/29 (b) | 880,595 | 879,494 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Diversified/Conglomerate Service | ||
| Element Materials Technology Group U.S. Holdings, Inc. (b) | ||
| Initial USD Term Loan B | ||
| 9.698% (3 Month SOFR + 4.25%), due 7/6/29 | $ 1,896,632 | $ 1,879,245 |
| First Lien Delayed Draw Term Loan B | ||
| 9.698% (3 Month SOFR + 4.25%), due 7/6/29 | 875,368 | 867,344 |
| Genesys Cloud Services Holdings I LLC | ||
| 2020 Initial Dollar Term Loan | ||
| 9.447% (1 Month SOFR + 4.00%), due 12/1/27 (b) | 5,754,408 | 5,755,305 |
| MKS Instruments, Inc. | ||
| 2023-1 Dollar Term Loan B | ||
| 7.848% (1 Month SOFR + 2.50%), due 8/17/29 (b) | 6,774,095 | 6,753,393 |
| TruGreen LP | ||
| First Lien Second Refinancing Term Loan | ||
| 9.433% (1 Month SOFR + 4.00%), due 11/2/27 (b) | 6,301,447 | 6,078,269 |
| Verscend Holding Corp. | ||
| Term Loan B1 | ||
| 9.447% (1 Month SOFR + 4.00%), due 8/27/25 (b) | 4,025,954 | 4,023,438 |
| 35,427,658 | ||
| Ecological 0.2% | ||
| GFL Environmental, Inc. | ||
| 2023 Refinancing Term Loan A | ||
| 7.816% (3 Month SOFR + 2.50%), due 5/31/27 (b) | 3,012,118 | 3,010,235 |
| Electronics 6.0% | ||
| Camelot U.S. Acquisition LLC | ||
| Initial Term Loan 8.447% - 8.47% | ||
| (1 Month SOFR + 3.00%), due 10/30/26 (b) | 2,475,189 | 2,472,095 |
| Term Loan B | ||
| 8.076%, due 1/25/31 | 966,816 | 963,190 |
| Amendment No. 2 Incremental Term Loan | ||
| 8.447% (1 Month SOFR + 3.00%), due 10/30/26 (b) | 2,634,854 | 2,631,012 |
| Castle U.S. Holding Corp. (b) | ||
| Initial Dollar Term Loan | ||
| 9.40% (3 Month SOFR + 3.75%), due 1/29/27 | 218,576 | 153,049 |
| Dollar Term Loan B2 | ||
| 9.65% (3 Month SOFR + 4.00%), due 1/29/27 | 4,885,417 | 3,419,792 |
| Commscope, Inc. | ||
| Initial Term Loan | ||
| 8.697% (1 Month SOFR + 3.25%), due 4/6/26 (b) | 6,107,205 | 5,323,956 |
| CoreLogic, Inc. | ||
| First Lien Initial Term Loan | ||
| 8.947% (1 Month SOFR + 3.50%), due 6/2/28 (b) | 6,398,162 | 6,128,237 |
| DCert Buyer, Inc. | ||
| First Lien Initial Term Loan | ||
| 9.333% (1 Month SOFR + 4.00%), due 10/16/26 (b) | 5,333,975 | 5,294,845 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Electronics | ||
| ECi Macola/MAX Holding LLC | ||
| First Lien Initial Term Loan | ||
| 9.36% (3 Month SOFR + 3.75%), due 11/9/27 (b) | $ 3,395,000 | $ 3,386,513 |
| Epicor Software Corp. (b) | ||
| Term Loan C | ||
| 8.697% (1 Month SOFR + 3.25%), due 7/30/27 | 6,091,637 | 6,093,714 |
| Term Loan D | ||
| 9.083% (1 Month SOFR + 3.75%), due 7/30/27 | 1,250,000 | 1,256,250 |
| Flexera Software LLC | ||
| First Lien Term Loan B1 | ||
| 9.197% (1 Month SOFR + 3.75%), due 3/3/28 (b) | 3,643,549 | 3,633,788 |
| Gainwell Acquisition Corp. | ||
| First Lien Term Loan B | ||
| 9.448% (3 Month SOFR + 4.00%), due 10/1/27 (b) | 5,518,570 | 5,354,734 |
| Helios Software Holdings, Inc. | ||
| 2021 Initial Dollar Term Loan | ||
| 9.248% (3 Month SOFR + 3.75%), due 3/11/28 (b) | 1,403,008 | 1,384,155 |
| ION Trading Finance Ltd. | ||
| 2021 Initial Dollar Term Loan | ||
| 10.198% (3 Month SOFR + 4.75%), due 4/1/28 (b) | 3,900,000 | 3,826,875 |
| MH Sub I LLC | ||
| First Lien 2023 May Incremental Term Loan | ||
| 9.583% (1 Month SOFR + 4.25%), due 5/3/28 (b) | 6,734,431 | 6,588,799 |
| Project Alpha Intermediate Holding, Inc. | ||
| Initial Term Loan | ||
| 10.063% (3 Month SOFR + 4.75%), due 10/28/30 (b) | 6,500,000 | 6,507,222 |
| Proofpoint, Inc. | ||
| First Lien Initial Term Loan | ||
| 8.697% (1 Month SOFR + 3.25%), due 8/31/28 (b) | 5,458,378 | 5,420,475 |
| Rocket Software, Inc. | ||
| Extended Dollar Term Loan | ||
| 10.083% (1 Month SOFR + 4.75%), due 11/28/28 (b) | 5,158,535 | 5,086,800 |
| Sharp Services LLC (b) | ||
| First Lien Initial Term Loan | ||
| 9.448% (3 Month SOFR + 4.00%), due 12/31/28 | 4,106,651 | 4,106,652 |
| First Lien Tranche Term Loan B | ||
| 9.848% (3 Month SOFR + 4.50%), due 12/31/28 | 1,000,000 | 999,375 |
| Sophos Holdings SARL | ||
| First Lien Dollar Tranche Term Loan | ||
| 8.948% (1 Month SOFR + 3.50%), due 3/5/27 (b) | 2,949,610 | 2,944,693 |
| SS&C Technologies Holdings, Inc. (b) | ||
| Term Loan B6 | ||
| 7.683% (1 Month SOFR + 2.25%), due 3/22/29 | 1,629,698 | 1,629,229 |
| Term Loan B7 | ||
| 7.683% (1 Month SOFR + 2.25%), due 3/22/29 | 3,167,583 | 3,166,670 |
| Ultimate Software Group, Inc. | ||
| Term Loan B | ||
| TBD, due 1/1/38 | 1,519,141 | 1,517,242 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Electronics | ||
| Vertiv Group Corp. | ||
| Term Loan B1 | ||
| 7.967% (1 Month SOFR + 2.50%), due 3/2/27 (b) | $ 5,778,589 | $ 5,782,200 |
| VS Buyer LLC | ||
| Initial Term Loan | ||
| 8.683% (1 Month SOFR + 3.25%), due 2/28/27 (b) | 1,443,750 | 1,440,141 |
| 96,511,703 | ||
| Energy (Electricity) 0.3% | ||
| Covanta Holding Corp. (b) | ||
| Initial Term Loan B | ||
| 7.833% (1 Month SOFR + 2.50%), due 11/30/28 | 4,021,746 | 4,003,793 |
| Initial Term Loan C | ||
| 7.833% (1 Month SOFR + 2.50%), due 11/30/28 | 306,620 | 305,251 |
| 4,309,044 | ||
| Entertainment 1.0% | ||
| Alterra Mountain Co. (b) | ||
| Term Loan B2 | ||
| 8.947% (1 Month SOFR + 3.50%), due 8/17/28 | 4,730,730 | 4,730,730 |
| Term Loan B3 | ||
| 9.183% (1 Month SOFR + 3.75%), due 5/31/30 | 497,500 | 498,122 |
| Fertitta Entertainment LLC | ||
| Initial Term Loan B | ||
| 9.333% (1 Month SOFR + 4.00%), due 1/27/29 (b) | 4,138,615 | 4,126,041 |
| Formula One Management Ltd. | ||
| First Lien Facility Term Loan B | ||
| 7.598% (3 Month SOFR + 2.25%), due 1/15/30 (b) | 984,615 | 983,385 |
| J&J Ventures Gaming LLC | ||
| Initial Term Loan | ||
| 9.61% (3 Month SOFR + 4.00%), due 4/26/28 (b) | 5,356,502 | 5,245,355 |
| 15,583,633 | ||
| Finance 6.9% | ||
| AAdvantage Loyality IP Ltd. | ||
| Initial Term Loan | ||
| 10.329% (3 Month SOFR + 4.75%), due 4/20/28 (b) | 5,270,000 | 5,392,169 |
| Acuris Finance U.S., Inc. | ||
| Initial Dollar Term Loan | ||
| 9.498% (3 Month SOFR + 4.00%), due 2/16/28 (b) | 5,647,135 | 5,528,308 |
| ADMI Corp. (b) | ||
| Amendment No.4 Refinancing Term Loan | ||
| 8.822% (1 Month SOFR + 3.375%), due 12/23/27 | 2,431,250 | 2,308,929 |
| Amendment No. 5 Incremental Term Loan | ||
| 9.197% (1 Month SOFR + 3.75%), due 12/23/27 | 3,665,625 | 3,507,545 |
| Ahlstrom-Munksjo Holding 3 Oy | ||
| USD Facility Term Loan B | ||
| 9.61% (3 Month SOFR + 4.00%), due 2/4/28 (b) | 3,113,092 | 3,094,933 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Finance | ||
| AlixPartners LLP | ||
| Initial Dollar Term Loan | ||
| 8.197% (1 Month SOFR + 2.75%), due 2/4/28 (b) | $ 3,349,356 | $ 3,346,566 |
| Blackstone Mortgage Trust, Inc. | ||
| Term Loan B4 | ||
| 8.833% (1 Month SOFR + 3.50%), due 5/9/29 (b) | 201,390 | 196,859 |
| Blue Tree Holdings, Inc. | ||
| Term Loan | ||
| 8.11% (3 Month SOFR + 2.50%), due 3/4/28 (b) | 1,458,750 | 1,447,809 |
| Boxer Parent Co., Inc. | ||
| 2028 Extended Dollar Term Loan | ||
| 9.583% (1 Month SOFR + 4.25%), due 12/29/28 (b) | 6,352,448 | 6,355,161 |
| Covia Holdings LLC | ||
| Initial Term Loan | ||
| 9.592% (3 Month SOFR + 4.00%), due 7/31/26 (b) | 837,917 | 833,030 |
| CPC Acquisition Corp. | ||
| First Lien Initial Term Loan | ||
| 9.36% (3 Month SOFR + 3.75%), due 12/29/27 (b) | 3,770,462 | 3,049,361 |
| Deerfield Dakota Holding LLC | ||
| First Lien Initial Dollar Term Loan | ||
| 9.098% (3 Month SOFR + 3.75%), due 4/9/27 (b) | 5,282,726 | 5,182,027 |
| Endurance International Group Holdings, Inc. | ||
| Initial Term Loan | ||
| 9.422% (6 Month SOFR + 3.50%), due 2/10/28 (b) | 5,603,245 | 5,418,803 |
| GTCR W. Merger Sub LLC | ||
| USD Term Loan B | ||
| 8.326%, due 9/20/30 | 5,000,000 | 4,991,965 |
| LBM Acquisition LLC | ||
| First Lien Initial Term Loan | ||
| 9.183% (1 Month SOFR + 3.75%), due 12/17/27 (b) | 4,459,323 | 4,417,824 |
| LSF11 Trinity Bidco, Inc. | ||
| Initial Term Loan | ||
| 9.332% (1 Month SOFR + 4.00%), due 6/14/30 (b) | 3,677,836 | 3,682,433 |
| Minimax Viking GmbH | ||
| Facility Term Loan B1D | ||
| 8.197% (1 Month SOFR + 2.75%), due 7/31/28 (b) | 4,022,789 | 4,017,761 |
| Onex TSG Intermediate Corp. | ||
| Initial Term Loan | ||
| 10.324% (3 Month SOFR + 4.75%), due 2/28/28 (b) | 2,905,102 | 2,872,420 |
| Park River Holdings, Inc. | ||
| First Lien Initial Term Loan | ||
| 8.843% (3 Month SOFR + 3.25%), due 12/28/27 (b) | 4,518,288 | 4,379,603 |
| Peraton Corp. | ||
| First Lien Term Loan B | ||
| 9.183% (1 Month SOFR + 3.75%), due 2/1/28 (b) | 4,955,840 | 4,944,139 |
| Pluto Acquisition I, Inc. | ||
| First Lien 2021 Term Loan | ||
| 9.65% (3 Month SOFR + 4.00%), due 6/22/26 (b) | 3,737,920 | 3,009,026 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Finance | ||
| Potters Industries LLC | ||
| Initial Term Loan | ||
| 9.448% (3 Month SOFR + 4.00%), due 12/14/27 (b) | $ 1,167,000 | $ 1,169,431 |
| RealPage, Inc. | ||
| First Lien Initial Term Loan | ||
| 8.447% (1 Month SOFR + 3.00%), due 4/24/28 (b) | 4,777,205 | 4,667,545 |
| RealTruck Group, Inc. | ||
| Initial Term Loan | ||
| 8.947% (1 Month SOFR + 3.50%), due 1/31/28 (b) | 5,869,148 | 5,771,943 |
| Triton Water Holdings, Inc. | ||
| First Lien Initial Term Loan | ||
| 8.86% (3 Month SOFR + 3.25%), due 3/31/28 (b) | 3,791,901 | 3,726,490 |
| WCG Purchaser Corp. | ||
| First Lien Initial Term Loan | ||
| 9.447% (1 Month SOFR + 4.00%), due 1/8/27 (b) | 6,401,212 | 6,377,207 |
| WildBrain Ltd. | ||
| Initial Term Loan | ||
| 9.697% (1 Month SOFR + 4.25%), due 3/24/28 (b) | 5,455,281 | 5,305,261 |
| WIN Waste Innovations Holdings, Inc. | ||
| Initial Term Loan | ||
| 8.197% (1 Month SOFR + 2.75%), due 3/24/28 (b) | 6,268,653 | 5,751,489 |
| 110,746,037 | ||
| Healthcare 2.1% | ||
| AHP Health Partners, Inc. | ||
| Initial Term Loan | ||
| 8.947% (1 Month SOFR + 3.50%), due 8/24/28 (b) | 1,955,000 | 1,956,466 |
| Chariot Buyer LLC (b) | ||
| First Lien Initial Term Loan | ||
| 8.683% (1 Month SOFR + 3.25%), due 11/3/28 | 5,056,529 | 4,991,916 |
| First Lien Amendment No. 2 Term Loan | ||
| 9.087% (1 Month SOFR + 3.75%), due 11/3/28 | 3,000,000 | 2,970,624 |
| CHG Healthcare Services, Inc. | ||
| First Lien Initial Term Loan | ||
| 8.697% (1 Month SOFR + 3.25%), due 9/29/28 (b) | 6,067,850 | 6,041,843 |
| ICU Medical, Inc. | ||
| Tranche Term Loan B | ||
| 7.998% (3 Month SOFR + 2.50%), due 1/8/29 (b) | 4,293,227 | 4,281,601 |
| LSCS Holdings, Inc. | ||
| First Lien Initial Term Loan | ||
| 9.947% (1 Month SOFR + 4.50%), due 12/16/28 (b) | 4,704,000 | 4,604,040 |
| Medical Solutions Holdings, Inc. | ||
| First Lien Initial Term Loan | ||
| 8.683% (1 Month SOFR + 3.25%), due 11/1/28 (b) | 2,022,796 | 1,815,459 |
| Medline Borrower LP | ||
| Initial Dollar Term Loan | ||
| 8.451% (1 Month SOFR + 3.00%), due 10/23/28 (b) | 5,270,827 | 5,261,493 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Healthcare | ||
| U.S. Anesthesia Partners, Inc. | ||
| First Lien Initial Term Loan | ||
| 9.717% (1 Month SOFR + 4.25%), due 10/1/28 (b) | $ 1,895,455 | $ 1,787,521 |
| 33,710,963 | ||
| Healthcare & Pharmaceuticals 1.4% | ||
| Bausch & Lomb Corp. | ||
| Initial Term Loan | ||
| 8.683% (1 Month SOFR + 3.25%), due 5/10/27 (b) | 4,907,594 | 4,791,721 |
| Bausch Health Cos., Inc. | ||
| Second Amendment Term Loan | ||
| 10.687% (1 Month SOFR + 5.25%), due 2/1/27 (b) | 2,631,756 | 2,068,560 |
| Embecta Corp. | ||
| First Lien Initial Term Loan | ||
| 8.333% (1 Month SOFR + 3.00%), due 3/30/29 (b) | 6,311,495 | 6,085,859 |
| Owens & Minor, Inc. | ||
| Term Loan B1 9.183% - 9.198% | ||
| (1 Month SOFR + 3.75%, 3 Month SOFR + 3.75%), due 3/29/29 (b) | 3,446,667 | 3,446,667 |
| Pediatric Associates Holding Co. LLC | ||
| Amendment No. 1 Incremental Term Loan | ||
| 8.697% (1 Month SOFR + 3.25%), due 12/29/28 (b) | 3,316,842 | 3,065,316 |
| Physician Partners LLC | ||
| Initial Term Loan | ||
| 9.463% (3 Month SOFR + 4.00%), due 12/23/28 (b) | 2,564,251 | 2,421,935 |
| Surgery Center Holdings, Inc. | ||
| Initial Term Loan | ||
| 8.835% (1 Month SOFR + 3.50%), due 12/19/30 (b) | 537,500 | 537,933 |
| 22,417,991 | ||
| Healthcare, Education & Childcare 4.5% | ||
| Agiliti Health, Inc. | ||
| Term Loan | ||
| 8.33% (3 Month SOFR + 3.00%), due 5/1/30 (b) | 7,859,581 | 7,820,283 |
| Amneal Pharmaceuticals LLC | ||
| Initial Term Loan | ||
| 10.833% (1 Month SOFR + 5.50%), due 5/4/28 (b) | 6,888,268 | 6,817,663 |
| athenahealth Group, Inc. | ||
| Initial Term Loan | ||
| 8.583% (1 Month SOFR + 3.25%), due 2/15/29 (b) | 4,810,606 | 4,735,440 |
| Carestream Dental Technology Parent Ltd. (b) | ||
| First Lien Initial Term Loan | ||
| 8.86% (3 Month LIBOR + 3.25%), due 9/1/24 | 1,382,762 | 1,054,356 |
| First Lien Tranche Term Loan B | ||
| 9.948% (3 Month SOFR + 4.50%), due 9/1/24 | 1,834,678 | 1,400,089 |
| Carestream Health, Inc. | ||
| Term Loan | ||
| 12.948% (3 Month SOFR + 7.50%), due 9/30/27 (b) | 2,498,325 | 1,998,660 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Healthcare, Education & Childcare | ||
| Ecovyst Catalyst Technologies LLC | ||
| Initial Term Loan | ||
| 7.913% (3 Month SOFR + 2.50%), due 6/9/28 (b) | $ 3,441,403 | $ 3,437,717 |
| Elanco Animal Health, Inc. | ||
| Term Loan | ||
| 7.203% (1 Month SOFR + 1.75%), due 8/1/27 (b) | 2,603,577 | 2,553,947 |
| FC Compassus LLC | ||
| Term Loan B1 | ||
| 9.697% (1 Month SOFR + 4.25%), due 12/31/26 (b)(c) | 5,253,159 | 5,078,055 |
| Grifols Worldwide Operations Ltd. | ||
| Dollar Tranche Term Loan B | ||
| 7.538% (3 Month SOFR + 2.00%), due 11/15/27 (b) | 3,720,581 | 3,621,223 |
| Insulet Corp. | ||
| Term Loan B | ||
| 8.333% (1 Month SOFR + 3.25%), due 5/4/28 (b) | 4,447,598 | 4,444,262 |
| Journey Personal Care Corp. | ||
| Initial Term Loan | ||
| 9.701% (1 Month SOFR + 4.25%), due 3/1/28 (b) | 3,880,102 | 3,792,800 |
| Mallinckrodt International Finance SA | ||
| Second Out Term Loan | ||
| 14.833% (1 Month SOFR + 9.50%), due 11/14/28 (b) | 918,508 | 983,952 |
| National Mentor Holdings, Inc. (b) | ||
| First Lien Initial Term Loan 9.183% - 9.198% | ||
| (1 Month SOFR + 3.75%, 3 Month SOFR + 3.75%), due 3/2/28 | 2,136,895 | 1,943,506 |
| First Lien Initial Term Loan C | ||
| 9.198% (3 Month SOFR + 3.75%), due 3/2/28 | 79,651 | 72,443 |
| Organon & Co. | ||
| Dollar Term Loan | ||
| 8.45% (1 Month SOFR + 3.00%), due 6/2/28 (b) | 5,594,676 | 5,580,689 |
| Petco Health and Wellness Co., Inc. | ||
| First Lien Initial Term Loan | ||
| 8.86% (3 Month SOFR + 3.25%), due 3/3/28 (b) | 5,034,215 | 4,716,430 |
| Raptor Acquisition Corp. | ||
| First Lien Term Loan B | ||
| 9.633% (3 Month SOFR + 4.00%), due 11/1/26 (b) | 4,186,250 | 4,182,323 |
| Select Medical Corp. | ||
| Tranche Term Loan B1 | ||
| 8.333% (1 Month SOFR + 3.00%), due 3/6/27 (b) | 2,343,071 | 2,338,678 |
| Sound Inpatient Physicians, Inc. | ||
| First Lien Initial Term Loan | ||
| 8.447% (1 Month SOFR + 3.00%), due 6/27/25 (b)(c) | 1,890,000 | 573,615 |
| Sunshine Luxembourg VII SARL | ||
| Facility Term Loan B3 | ||
| 8.948% (3 Month SOFR + 3.50%), due 10/1/26 (b) | 5,614,407 | 5,612,847 |
| 72,758,978 | ||
| Principal Amount | Value | |
| Loan Assignments | ||
| High Tech Industries 2.3% | ||
| Altar BidCo, Inc. | ||
| First Lien Initial Term Loan | ||
| 7.947% (1 Year SOFR + 3.10%), due 2/1/29 (b) | $ 4,051,960 | $ 4,040,987 |
| AP Gaming I LLC | ||
| Term Loan B | ||
| 9.433% (1 Month SOFR + 4.00%), due 2/15/29 (b) | 5,731,250 | 5,725,519 |
| Central Parent LLC | ||
| First Lien 2023 Refinancing Term Loan | ||
| 9.348% (3 Month SOFR + 4.00%), due 7/6/29 (b) | 2,000,000 | 2,002,084 |
| Hanesbands, Inc. | ||
| Tranche Initial Term Loan B | ||
| 9.083% (1 Month SOFR + 3.75%), due 3/8/30 (b) | 3,473,750 | 3,445,526 |
| NAB Holdings LLC | ||
| Initial Term Loan | ||
| 8.248% (3 Month SOFR + 2.75%), due 11/23/28 (b) | 1,423,073 | 1,421,294 |
| Nielsen Consumer, Inc. | ||
| Fifth Amendment Dollar Incremental Term Loan | ||
| 11.583% (1 Month SOFR + 6.25%), due 3/6/28 (b) | 1,824,167 | 1,791,483 |
| Open Text Corp. | ||
| 2023 Replacement Term Loan | ||
| 8.183% (1 Month SOFR + 2.75%), due 1/31/30 (b) | 4,206,926 | 4,206,926 |
| Plusgrade LP | ||
| Term Loan | ||
| 9.841%, due 1/29/31 | 3,900,000 | 3,885,375 |
| Scientific Games Holdings LP | ||
| First Lien Initial Dollar Term Loan | ||
| 8.58% (3 Month SOFR + 3.25%), due 4/4/29 (b) | 4,291,827 | 4,253,677 |
| Star Parent, Inc. | ||
| Term Loan | ||
| 9.348% (3 Month SOFR + 4.00%), due 9/27/30 (b) | 4,500,000 | 4,391,924 |
| Trans Union LLC | ||
| 2021 Incremental Term Loan B6 | ||
| 7.701% (1 Month SOFR + 2.25%), due 12/1/28 (b) | 1,691,353 | 1,689,474 |
| 36,854,269 | ||
| Hotel, Gaming & Leisure 0.4% | ||
| Flutter Entertainment plc | ||
| 2028 Third Amendment Term Loan B | ||
| 8.863% (3 Month SOFR + 3.25%), due 7/22/28 (b) | 3,028,324 | 3,027,243 |
| Hilton Domestic Operating Co., Inc. | ||
| Term Loan B4 | ||
| 7.436% (1 Month SOFR + 2.00%), due 11/8/30 (b) | 1,720,157 | 1,720,372 |
| Ontario Gaming GTA LP | ||
| First Lien Term Loan B | ||
| 9.598% (3 Month SOFR + 4.25%), due 8/1/30 (b) | 1,000,000 | 1,000,781 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Hotel, Gaming & Leisure | ||
| Tacala Investment Corp. | ||
| Term Loan | ||
| 9.326%, due 1/26/31 | $ 600,000 | $ 599,063 |
| 6,347,459 | ||
| Hotels, Motels, Inns & Gaming 3.5% | ||
| Aimbridge Acquisition Co., Inc. | ||
| First Lien 2019 Initial Term Loan | ||
| 9.197% (1 Month SOFR + 3.75%), due 2/2/26 (b) | 3,298,821 | 3,139,380 |
| Caesars Entertainment, Inc. | ||
| Term Loan B1 | ||
| 8.04%, due 1/24/31 | 2,100,000 | 2,093,874 |
| 2023 Incremental Term Loan B | ||
| 8.663% (3 Month SOFR + 3.25%), due 2/6/30 (b) | 2,084,250 | 2,079,619 |
| Entain plc (b) | ||
| USD Facility Term Loan B | ||
| 7.948% (3 Month SOFR + 2.50%), due 3/29/27 | 4,700,981 | 4,695,105 |
| USD Facility Term Loan B2 | ||
| 8.948% (3 Month SOFR + 3.50%), due 10/31/29 | 1,584,009 | 1,583,679 |
| Everi Holdings, Inc. | ||
| Term Loan B | ||
| 7.947% (1 Month SOFR + 2.50%), due 8/3/28 (b) | 3,997,413 | 3,995,190 |
| Four Seasons Holdings, Inc. | ||
| First Lien 2023 Repricing Term Loan | ||
| 7.933% (1 Month SOFR + 2.50%), due 11/30/29 (b) | 1,423,398 | 1,422,508 |
| Golden Entertainment, Inc. | ||
| First Lien 2023 Refinancing Facility Term Loan B1 | ||
| 8.187% (1 Month SOFR + 2.75%), due 5/28/30 (b) | 870,625 | 869,174 |
| Light & Wonder International, Inc. | ||
| Term Loan B1 | ||
| 8.083% (1 Month SOFR + 2.75%), due 4/14/29 (b) | 5,902,594 | 5,870,130 |
| Oceankey U.S. II Corp. | ||
| Initial Term Loan | ||
| 8.933% (1 Month SOFR + 3.50%), due 12/15/28 (b) | 3,542,427 | 3,472,684 |
| PCI Gaming Authority | ||
| Facility Term Loan B | ||
| 7.947% (1 Month SOFR + 2.50%), due 5/29/26 (b) | 1,370,300 | 1,368,587 |
| Penn Entertainment, Inc. | ||
| Facility Term Loan B | ||
| 8.183% (1 Month SOFR + 2.75%), due 5/3/29 (b) | 1,970,000 | 1,963,160 |
| Station Casinos LLC | ||
| Facility Term Loan B1 | ||
| 7.683% (1 Month SOFR + 2.25%), due 2/8/27 (b) | 1,870,293 | 1,865,477 |
| Travel + Leisure Co. (b) | ||
| Term Loan B | ||
| 7.697% (1 Month SOFR + 2.25%), due 5/30/25 | 3,790,000 | 3,781,707 |
| 2023 Incremental Term Loan | ||
| 8.687% (1 Month SOFR + 3.25%), due 12/14/29 | 1,500,000 | 1,499,375 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Hotels, Motels, Inns & Gaming | ||
| UFC Holdings LLC | ||
| First Lien Term Loan B3 | ||
| 8.336% (3 Month SOFR + 2.75%), due 4/29/26 (b) | $ 7,392,793 | $ 7,384,476 |
| Whatabrands LLC | ||
| Initial Term Loan B | ||
| 8.447% (1 Month SOFR + 3.00%), due 8/3/28 (b) | 6,520,175 | 6,497,537 |
| Wyndham Hotels & Resorts, Inc. | ||
| 2023 Term Loan B | ||
| 7.683% (1 Month SOFR + 2.25%), due 5/24/30 (b) | 2,489,988 | 2,489,729 |
| 56,071,391 | ||
| Insurance 4.0% | ||
| Acrisure LLC | ||
| First Lien 2021-2 Additional Term Loan | ||
| 9.90% (3 Month LIBOR + 4.25%), due 2/15/27 (b) | 4,851,000 | 4,846,450 |
| Alliant Holdings Intermediate LLC | ||
| New Term Loan B6 | ||
| 8.833% (1 Month SOFR + 3.50%), due 11/6/30 (b) | 3,212,177 | 3,216,340 |
| AmWINS Group, Inc. | ||
| Term Loan | ||
| 7.697% (1 Month SOFR + 2.25%), due 2/19/28 (b) | 7,281,780 | 7,243,100 |
| AssuredPartners, Inc. (b) | ||
| 2022 Term Loan | ||
| 8.833% (1 Month SOFR + 3.50%), due 2/12/27 | 2,947,500 | 2,935,834 |
| 2020 February Refinancing Term Loan | ||
| 8.947% (1 Month SOFR + 3.50%), due 2/12/27 | 3,876,310 | 3,862,378 |
| Asurion LLC (b) | ||
| New Term Loan B8 | ||
| 8.697% (1 Month SOFR + 3.25%), due 12/23/26 | 2,992,288 | 2,979,197 |
| New Term Loan B11 | ||
| 9.683% (1 Month SOFR + 4.25%), due 8/19/28 | 3,269,285 | 3,229,782 |
| Second Lien New Term Loan B3 | ||
| 10.697% (1 Month SOFR + 5.25%), due 1/31/28 | 4,200,000 | 4,014,498 |
| Second Lien New Term Loan B4 | ||
| 10.697% (1 Month SOFR + 5.25%), due 1/20/29 | 4,500,000 | 4,256,721 |
| Broadstreet Partners, Inc. (b) | ||
| 2020 Initial Term Loan | ||
| 8.447% (1 Month SOFR + 3.00%), due 1/27/27 | 4,197,116 | 4,183,345 |
| Tranche Term Loan B2 | ||
| 8.697% (1 Month SOFR + 3.25%), due 1/27/27 | 1,140,417 | 1,137,177 |
| 2023 Term Loan B | ||
| 9.083% (1 Month SOFR + 3.75%), due 1/27/29 | 498,750 | 497,893 |
| Hub International Ltd. (b) | ||
| 2022 Incremental Term Loan | ||
| 9.369% (3 Month SOFR + 4.00%), due 11/10/29 | 356,400 | 356,307 |
| 2023 Refinancing Term Loan | ||
| 9.587% (1 Month SOFR + 4.25%), due 6/20/30 | 3,591,000 | 3,591,000 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Insurance | ||
| NFP Corp. | ||
| Closing Date Term Loan | ||
| 8.697% (1 Month SOFR + 3.25%), due 2/16/27 (b) | $ 3,303,836 | $ 3,305,488 |
| Ryan Specialty Group LLC | ||
| Initial Term Loan | ||
| 8.083% (1 Month SOFR + 2.75%), due 9/1/27 (b) | 3,906,740 | 3,900,880 |
| Sedgwick Claims Management Services, Inc. | ||
| 2023 Term Loan | ||
| 9.083% (1 Month SOFR + 3.75%), due 2/24/28 (b) | 6,169,785 | 6,168,070 |
| USI, Inc. | ||
| 2023 Term Loan B | ||
| 8.348% (3 Month SOFR + 3.00%), due 11/22/29 (b) | 5,186,757 | 5,172,862 |
| 64,897,322 | ||
| Leisure, Amusement, Motion Pictures & Entertainment 0.9% | ||
| Bombardier Recreational Products, Inc. | ||
| 2020 Replacement Term Loan | ||
| 7.433% (1 Month SOFR + 2.00%), due 5/24/27 (b) | 1,327,124 | 1,323,569 |
| Creative Artists Agency LLC | ||
| Term Loan B | ||
| 8.833% (1 Month SOFR + 3.50%), due 11/27/28 (b) | 5,784,873 | 5,783,838 |
| Lions Gate Capital Holdings LLC | ||
| Term Loan B | ||
| 7.683% (1 Month SOFR + 2.25%), due 3/24/25 (b) | 1,317,417 | 1,314,359 |
| Marriott Ownership Resorts, Inc. | ||
| 2019 Refinancing Term Loan | ||
| 7.183% (1 Month SOFR + 1.75%), due 8/29/25 (b) | 2,910,432 | 2,902,550 |
| William Morris Endeavor Entertainment LLC | ||
| First Lien Term Loan B1 | ||
| 8.197% (1 Month SOFR + 2.75%), due 5/18/25 (b) | 3,631,884 | 3,628,859 |
| 14,953,175 | ||
| Machinery (Non-Agriculture, Non-Construct & Non-Electronic) 0.6% | ||
| Advanced Drainage Systems, Inc. | ||
| Initial Term Loan | ||
| 7.703% (1 Month SOFR + 2.25%), due 7/31/26 (b) | 450,268 | 452,069 |
| Columbus McKinnon Corp. | ||
| Initial Term Loan | ||
| 8.389% (3 Month SOFR + 2.75%), due 5/14/28 (b) | 5,404,415 | 5,397,659 |
| Husky Injection Molding Systems Ltd. | ||
| Initial Term Loan | ||
| 8.447% (1 Month SOFR + 3.00%), due 3/28/25 (b) | 3,388,615 | 3,383,533 |
| 9,233,261 | ||
| Manufacturing 2.9% | ||
| ASP Blade Holdings, Inc. | ||
| Initial Term Loan | ||
| 9.61% (3 Month SOFR + 4.00%), due 10/13/28 (b) | 4,397,590 | 3,843,766 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Manufacturing | ||
| Chart Industries, Inc. | ||
| Amendment No. 5 Term Loan | ||
| 8.698% (1 Month SOFR + 3.25%), due 3/15/30 (b) | $ 2,866,054 | $ 2,866,054 |
| Clark Equipment Co. | ||
| Tranche Term Loan B | ||
| 7.948% (3 Month SOFR + 2.50%), due 4/20/29 (b) | 432,426 | 432,156 |
| Coherent Corp. | ||
| Initial Term Loan B | ||
| 8.197% (1 Month SOFR + 2.75%), due 7/2/29 (b) | 5,570,779 | 5,535,962 |
| CP Atlas Buyer, Inc. | ||
| Term Loan B | ||
| 9.183% (1 Month SOFR + 3.75%), due 11/23/27 (b) | 5,332,625 | 5,165,372 |
| CPG International LLC | ||
| Closing Date Term Loan | ||
| 7.933% (1 Month SOFR + 2.50%), due 4/28/29 (b) | 3,703,125 | 3,692,941 |
| EMRLD Borrower LP | ||
| Initial Term Loan B | ||
| 8.313% (3 Month SOFR + 3.00%), due 5/31/30 (b) | 6,193,766 | 6,192,657 |
| FCG Acquisitions, Inc. | ||
| First Lien Initial Term Loan | ||
| 9.197% (1 Month SOFR + 3.75%), due 3/31/28 (b) | 3,375,887 | 3,365,760 |
| LSF12 Badger Bidco LLC | ||
| Initial Term Loan | ||
| 11.333% (1 Month SOFR + 6.00%), due 8/30/30 (b) | 1,250,000 | 1,244,531 |
| Madison IAQ LLC | ||
| Term Loan | ||
| 8.701% (1 Month LIBOR + 3.25%), due 6/21/28 (b) | 2,742,552 | 2,719,241 |
| Pro Mach Group, Inc. | ||
| First Lien Amendment No. 3 Refinancing Term Loan | ||
| 9.083% (1 Month SOFR + 3.75%), due 8/31/28 (b) | 6,279,914 | 6,285,623 |
| Standard Building Solutions, Inc. | ||
| Initial Term Loan | ||
| 7.701% (1 Month SOFR + 2.25%), due 9/22/28 (b) | 2,418,975 | 2,415,518 |
| Summit Materials LLC | ||
| Incremental Cov-Lite Term Loan B | ||
| 7.826%, due 11/30/28 | 1,500,000 | 1,502,250 |
| Zurn LLC | ||
| First Lien Term Loan B | ||
| 7.447% (1 Month SOFR + 2.00%), due 10/4/28 (b) | 1,877,830 | 1,883,110 |
| 47,144,941 | ||
| Media 1.4% | ||
| Apple Bidco LLC (b) | ||
| First Lien Initial Term Loan | ||
| 8.197% (1 Month SOFR + 2.75%), due 9/22/28 | 5,394,590 | 5,357,502 |
| First Lien Amendment No. 3 Term Loan | ||
| 8.833% (1 Month SOFR + 3.50%), due 9/22/28 | 1,732,533 | 1,729,438 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Media | ||
| Cogeco Communications Finance LP | ||
| Incremental Term Loan | ||
| 7.947% (1 Month SOFR + 2.50%), due 9/1/28 (b) | $ 4,113,655 | $ 3,986,818 |
| Diamond Sports Group LLC | ||
| Second Lien Term Loan | ||
| 10.67% (1 Month SOFR + 5.25%), due 8/24/26 (b)(f)(g) | 2,898,312 | 188,993 |
| DIRECTV Financing LLC | ||
| Closing Date Term Loan | ||
| 10.65% (3 Month SOFR + 5.00%), due 8/2/27 (b) | 1,185,830 | 1,184,348 |
| Mission Broadcasting, Inc. | ||
| Term Loan B4 | ||
| 7.951% (1 Month SOFR + 2.50%), due 6/2/28 (b) | 1,365,000 | 1,363,578 |
| Radiate Holdco LLC | ||
| Amendment No. 6 Term Loan B | ||
| 8.697% (1 Month SOFR + 3.25%), due 9/25/26 (b) | 2,534,595 | 2,045,365 |
| Sinclair Television Group, Inc. | ||
| Term Loan B4 | ||
| 9.183% (1 Month SOFR + 3.75%), due 4/21/29 (b) | 2,936,410 | 2,649,194 |
| Virgin Media Bristol LLC | ||
| Facility Term Loan Y | ||
| 8.79% (6 Month SOFR + 3.25%), due 3/31/31 (b) | 3,666,666 | 3,615,594 |
| 22,120,830 | ||
| Mining, Steel, Iron & Non-Precious Metals 0.7% | ||
| American Rock Salt Co. LLC | ||
| First Lien Initial Term Loan | ||
| 9.447% (1 Month SOFR + 4.00%), due 6/9/28 (b) | 3,406,144 | 3,250,030 |
| Arsenal AIC Parent LLC | ||
| Term Loan B | ||
| 9.833% (1 Month SOFR + 4.50%), due 8/18/30 (b) | 2,565,000 | 2,564,200 |
| Gates Global LLC | ||
| Initial Dollar Term Loan B3 | ||
| 7.933% (1 Month SOFR + 2.50%), due 3/31/27 (b) | 3,786,506 | 3,779,951 |
| MRC Global U.S., Inc. | ||
| 2018 Refinancing Term Loan | ||
| 8.447% (1 Month LIBOR + 3.00%), due 9/20/24 (b) | 2,277,059 | 2,276,110 |
| 11,870,291 | ||
| Oil & Gas 2.2% | ||
| Buckeye Partners LP | ||
| 2021 Tranche Term Loan B1 | ||
| 7.683% (1 Month SOFR + 2.25%), due 11/1/26 (b) | 203,919 | 203,593 |
| ChampionX Corp. | ||
| Term Loan B2 | ||
| 8.187% (1 Month SOFR + 2.75%), due 6/7/29 (b) | 4,443,863 | 4,452,195 |
| DT Midstream, Inc. | ||
| Initial Term Loan | ||
| 7.447% (1 Month SOFR + 2.00%), due 6/26/28 (b) | 1,277,850 | 1,280,132 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Oil & Gas | ||
| Fleet Midco I Ltd. | ||
| Facility Term Loan B | ||
| 8.447% (1 Month LIBOR + 3.00%), due 10/7/26 (b) | $ 3,155,954 | $ 3,140,174 |
| GIP III Stetson I LP | ||
| 2023 Initial Term Loan | ||
| 9.683% (1 Month SOFR + 4.25%), due 10/31/28 (b) | 1,727,080 | 1,732,261 |
| GIP Pilot Acquisition Partners LP | ||
| Initial Term Loan | ||
| 8.327% (3 Month SOFR + 3.00%), due 10/4/30 (b) | 1,363,636 | 1,363,068 |
| Medallion Midland Acquisition LP | ||
| 2023 Repricing Term Loan | ||
| 8.864% (3 Month SOFR + 3.50%), due 10/18/28 (b) | 3,751,237 | 3,744,203 |
| Murphy Oil USA, Inc. | ||
| Tranche Term Loan B | ||
| 7.217% (1 Month SOFR + 1.75%), due 1/31/28 (b) | 778,000 | 778,972 |
| NGL Energy Operating LLC | ||
| Term Loan | ||
| 9.826%, due 1/27/31 | 800,000 | 798,000 |
| NorthRiver Midstream Finance LP | ||
| First Lien Initial Term Loan B | ||
| 8.33% (3 Month SOFR + 3.00%), due 8/16/30 (b) | 1,558,486 | 1,556,343 |
| Oryx Midstream Services Permian Basin LLC | ||
| 2023 Incremental Term Loan | ||
| 8.708% (1 Month SOFR + 3.25%), due 10/5/28 (b) | 3,881,758 | 3,874,480 |
| Prairie ECI Acquiror LP | ||
| Initial Term Loan | ||
| 10.183% (1 Month SOFR + 4.75%), due 3/11/26 (b) | 3,241,934 | 3,236,423 |
| TransMontaigne Operating Co. LP | ||
| Tranche Term Loan B | ||
| 8.947% (1 Month SOFR + 3.50%), due 11/17/28 (b) | 4,900,000 | 4,843,998 |
| Traverse Midstream Partners LLC | ||
| Advance Term Loan 8.817% - 9.24% | ||
| (3 Month SOFR + 3.50%, 3 Month SOFR + 3.75%), due 2/16/28 (b) | 2,890,791 | 2,889,889 |
| Veritas U.S., Inc. | ||
| 2021 Dollar Term Loan B | ||
| 10.447% (1 Month SOFR + 5.00%), due 9/1/25 (b) | 2,729,648 | 2,349,203 |
| 36,242,934 | ||
| Packaging 0.3% | ||
| LABL, Inc. | ||
| Initial Dollar Term Loan | ||
| 10.433% (1 Month SOFR + 5.00%), due 10/29/28 (b) | 2,646,000 | 2,513,700 |
| Plastipak Holdings, Inc. | ||
| 2021 Tranche Term Loan B 7.933% - 10.00% | ||
| (1 Month SOFR + 2.50%, 3 Month SOFR + 1.50%), due 12/1/28 (b) | 1,901,176 | 1,896,764 |
| 4,410,464 | ||
| Principal Amount | Value | |
| Loan Assignments | ||
| Personal & Nondurable Consumer Products 1.8% | ||
| ABG Intermediate Holdings 2 LLC | ||
| First Lien Tranche Term Loan B1 | ||
| 8.933% (1 Month SOFR + 3.50%), due 12/21/28 (b) | $ 6,998,363 | $ 7,011,485 |
| Foundation Building Materials, Inc. | ||
| First Lien Initial Term Loan 8.697% - 8.824% | ||
| (1 Month SOFR + 3.25%, 3 Month SOFR + 3.25%), due 1/31/28 (b) | 5,111,182 | 5,046,020 |
| 2024 Incremental Term Loan | ||
| 9.313%, due 1/24/31 | 2,250,000 | 2,236,406 |
| Hunter Douglas Holding BV | ||
| Tranche Term Loan B1 | ||
| 8.88% (3 Month SOFR + 3.50%), due 2/26/29 (b) | 3,432,576 | 3,370,055 |
| Leslie's Poolmart, Inc. | ||
| Initial Term Loan | ||
| 8.197% (1 Month SOFR + 2.75%), due 3/9/28 (b) | 4,321,710 | 4,264,689 |
| Michaels Cos., Inc. (The) | ||
| Term Loan B | ||
| 9.86% (3 Month SOFR + 4.25%), due 4/15/28 (b) | 1,708,176 | 1,406,872 |
| Perrigo Co. plc | ||
| Initial Term Loan B | ||
| 7.683% (1 Month SOFR + 2.25%), due 4/20/29 (b) | 4,937,500 | 4,914,353 |
| Prestige Brands, Inc. | ||
| Term Loan B5 | ||
| 7.447% (1 Month SOFR + 2.00%), due 7/3/28 (b) | 647,500 | 648,984 |
| 28,898,864 | ||
| Personal & Nondurable Consumer Products (Manufacturing Only) 0.7% | ||
| American Builders & Contractors Supply Co., Inc. | ||
| Restatement Effective Date Term Loan | ||
| 7.433% (1 Month SOFR + 2.00%), due 1/15/27 (b) | 2,633,125 | 2,626,176 |
| Hercules Achievement LLC | ||
| First Lien Third Amendment Extended Term Loan | ||
| 10.447% (1 Month SOFR + 5.00%), due 12/15/26 (b) | 4,232,448 | 4,210,405 |
| SRAM LLC | ||
| Initial Term Loan | ||
| 8.197% (1 Month SOFR + 2.75%), due 5/18/28 (b) | 4,422,727 | 4,397,850 |
| 11,234,431 | ||
| Personal Transportation 0.1% | ||
| Uber Technologies, Inc. | ||
| 2023 Refinancing Term Loan | ||
| 8.135% (3 Month SOFR + 2.75%), due 3/3/30 (b) | 1,992,131 | 1,991,135 |
| Personal, Food & Miscellaneous Services 1.3% | ||
| 1011778 B.C. Unlimited Liability Co. | ||
| Term Loan B5 | ||
| 7.583% (1 Month SOFR + 2.25%), due 9/20/30 (b) | 5,004,160 | 4,974,445 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Personal, Food & Miscellaneous Services | ||
| Aramark Intermediate HoldCo Corp. | ||
| U.S. Term Loan B5 | ||
| 7.947% (1 Month SOFR + 2.50%), due 4/6/28 (b) | $ 6,051,889 | $ 6,033,733 |
| Hayward Industries, Inc. | ||
| First Lien Refinancing Term Loan | ||
| 8.197% (1 Month SOFR + 2.75%), due 5/30/28 (b) | 1,590,540 | 1,585,371 |
| Hillman Group, Inc. (The) | ||
| Initial Term Loan | ||
| 8.197% (1 Month SOFR + 2.75%), due 7/14/28 (b) | 1,480,441 | 1,476,122 |
| IRB Holding Corp. | ||
| 2024 Replacement Term Loan B | ||
| 8.183% (1 Month SOFR + 2.75%), due 12/15/27 (b) | 4,092,099 | 4,075,048 |
| KFC Holding Co. | ||
| 2021 Term Loan B | ||
| 7.196% (1 Month SOFR + 1.75%), due 3/15/28 (b) | 2,156,116 | 2,153,121 |
| 20,297,840 | ||
| Pharmaceuticals 0.2% | ||
| Padagis LLC | ||
| Term Loan B | ||
| 10.341% (3 Month SOFR + 4.75%), due 7/6/28 (b) | 4,011,765 | 3,871,353 |
| Printing & Publishing 0.4% | ||
| Getty Images, Inc. | ||
| Initial Dollar Term Loan | ||
| 9.948% (3 Month SOFR + 4.50%), due 2/19/26 (b) | 2,549,206 | 2,543,896 |
| Severin Acquisition LLC | ||
| First Lien Initial Term Loan | ||
| 8.563% (3 Month SOFR + 3.25%), due 8/1/27 (b) | 4,318,042 | 4,320,741 |
| 6,864,637 | ||
| Real Estate 0.2% | ||
| RHP Hotel Properties LP | ||
| Tranche Term Loan B | ||
| 8.083% (1 Month SOFR + 2.75%), due 5/18/30 (b) | 2,646,667 | 2,642,808 |
| Retail 0.4% | ||
| Great Outdoors Group LLC | ||
| Term Loan B2 | ||
| 9.197% (1 Month SOFR + 3.75%), due 3/6/28 (b) | 6,031,621 | 6,011,264 |
| Retail Store 0.9% | ||
| EG Group Ltd. | ||
| USD Additional Facility Term Loan | ||
| 9.99% (1 Month SOFR + 4.25%), due 3/31/26 (b) | 1,469,772 | 1,465,485 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Retail Store | ||
| Harbor Freight Tools USA, Inc. | ||
| 2021 Initial Term Loan | ||
| 8.197% (1 Month SOFR + 2.75%), due 10/19/27 (b) | $ 2,814,039 | $ 2,779,302 |
| PetSmart LLC | ||
| Initial Term Loan | ||
| 9.183% (1 Month SOFR + 3.75%), due 2/11/28 (b) | 4,899,198 | 4,870,621 |
| White Cap Supply Holdings LLC | ||
| Initial Closing Date Term Loan | ||
| 9.083% (1 Month SOFR + 3.75%), due 10/19/27 (b) | 5,797,715 | 5,791,071 |
| 14,906,479 | ||
| Services: Business 5.6% | ||
| Ascensus Group Holdings, Inc. | ||
| First Lien Initial Term Loan | ||
| 8.947% (1 Month SOFR + 3.50%), due 8/2/28 (b) | 5,394,179 | 5,367,208 |
| Avis Budget Car Rental LLC | ||
| New Tranche Term Loan C | ||
| 8.433% (1 Month SOFR + 3.00%), due 3/16/29 (b) | 3,591,667 | 3,591,667 |
| Brown Group Holdings LLC (b) | ||
| Facility Incremental Term Loan B2 8.356% - 8.388% | ||
| (1 Month SOFR + 3.00%, 3 Month SOFR + 3.00%), due 7/2/29 | 1,197,571 | 1,192,438 |
| Initial Term Loan | ||
| 8.183% (1 Month SOFR + 2.75%), due 6/7/28 | 4,840,704 | 4,803,532 |
| Charlotte Buyer, Inc. | ||
| First Lien Initial Term Loan B | ||
| 10.586% (1 Month SOFR + 5.25%), due 2/11/28 (b) | 2,517,975 | 2,519,722 |
| ConnectWise LLC | ||
| Initial Term Loan | ||
| 8.97% (1 Month SOFR + 3.50%), due 9/29/28 (b) | 3,528,000 | 3,520,281 |
| Corporation Service Co. | ||
| Initial USD Tranche Term Loan B | ||
| 8.183% (1 Month SOFR + 2.75%), due 11/2/29 (b) | 1,179,000 | 1,179,295 |
| Dun & Bradstreet Corp. (The) (b) | ||
| Refinancing Term Loan | ||
| 8.187% (1 Month SOFR + 2.75%), due 2/6/26 | 4,847,011 | 4,844,989 |
| 2022 Incremental Term Loan B2 | ||
| 8.337% (1 Month SOFR + 3.00%), due 1/18/29 | 687,750 | 686,890 |
| Electron Bidco, Inc. | ||
| First Lien Initial Term Loan | ||
| 8.447% (1 Month SOFR + 3.00%), due 11/1/28 (b) | 7,014,039 | 7,000,888 |
| Fortrea Holdings, Inc. | ||
| Initial Term Loan B | ||
| 9.083% (1 Month SOFR + 3.75%), due 7/1/30 (b) | 1,243,750 | 1,243,231 |
| GIP II Blue Holding LP | ||
| Initial Term Loan | ||
| 9.941%, due 9/29/28 | 4,029,860 | 4,029,139 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Services: Business | ||
| Hunter Holdco 3 Ltd. | ||
| First Lien Initial Dollar Term Loan | ||
| 9.698% (3 Month SOFR + 4.25%), due 8/19/28 (b) | $ 7,077,000 | $ 7,023,922 |
| Icon plc (b) | ||
| Lux Term Loan | ||
| 7.86% (3 Month SOFR + 2.25%), due 7/3/28 | 2,709,306 | 2,709,645 |
| U.S. Term Loan | ||
| 7.86% (3 Month SOFR + 2.25%), due 7/3/28 | 675,025 | 675,110 |
| Mitchell International, Inc. (b) | ||
| First Lien Initial Term Loan | ||
| 9.40% (3 Month SOFR + 3.75%), due 10/15/28 | 3,275,000 | 3,245,888 |
| Second Lien Initial Term Loan | ||
| 12.15% (3 Month SOFR + 6.50%), due 10/15/29 | 1,800,000 | 1,758,001 |
| MPH Acquisition Holdings LLC | ||
| Initial Term Loan | ||
| 9.90% (3 Month SOFR + 4.25%), due 9/1/28 (b) | 4,887,500 | 4,660,691 |
| Nielsen Consumer, Inc. | ||
| 2021 Refinancing Dollar Term Loan | ||
| 9.083% (1 Month SOFR + 3.75%), due 3/6/28 (b) | 4,337,360 | 4,198,565 |
| Orbit Private Holdings I Ltd. | ||
| First Lien Initial Dollar Term Loan | ||
| 9.934% (6 Month SOFR + 4.50%), due 12/11/28 (b) | 3,598,246 | 3,605,741 |
| Parexel International, Inc. | ||
| First Lien Initial Term Loan | ||
| 8.697% (1 Month SOFR + 3.25%), due 11/15/28 (b) | 5,875,189 | 5,856,094 |
| PECF USS Intermediate Holding III Corp. | ||
| Initial Term Loan 9.697% - 9.824% | ||
| (1 Month SOFR + 4.25%, 3 Month SOFR + 4.25%), due 12/15/28 (b) | 2,890,518 | 2,136,920 |
| Polaris Newco LLC | ||
| First Lien Dollar Term Loan | ||
| 9.574% (3 Month SOFR + 4.00%), due 6/2/28 (b) | 4,396,188 | 4,282,986 |
| Project Boost Purchaser LLC | ||
| 2021 Tranche Term Loan 2 | ||
| 8.947% (1 Month SOFR + 3.50%), due 5/30/26 (b) | 4,244,963 | 4,240,540 |
| Prometric Holdings, Inc. | ||
| First Lien Initial Term Loan | ||
| 10.697% (1 Month SOFR + 5.25%), due 1/31/28 (b) | 1,617,647 | 1,616,300 |
| Ryan LLC | ||
| Closing Date Initial Term Loan | ||
| 9.833% (1 Month SOFR + 4.50%), due 11/14/30 (b) | 1,900,000 | 1,903,562 |
| Vizient, Inc. | ||
| Term Loan B7 | ||
| 7.683% (1 Month SOFR + 2.25%), due 5/16/29 (b) | 2,216,250 | 2,215,558 |
| 90,108,803 | ||
| Principal Amount | Value | |
| Loan Assignments | ||
| Services: Consumer 0.1% | ||
| Planet US Buyer LLC | ||
| Term Loan | ||
| 8.814% (3 Month SOFR + 3.50%), due 2/7/31 | 1,500,000 | $ 1,496,250 |
| West Technology Group LLC | ||
| Term Loan B3 | ||
| 9.563% (3 Month SOFR + 4.00%), due 4/10/27 (b) | $ 914,010 | 873,069 |
| 2,369,319 | ||
| Software 3.3% | ||
| AppLovin Corp. | ||
| Amendment No. 6 New Term Loan | ||
| 8.433% (1 Month SOFR + 3.10%), due 10/25/28 (b) | 4,720,925 | 4,709,123 |
| Cloud Software Group, Inc. | ||
| First Lien Dollar Term Loan B | ||
| 9.948% (3 Month SOFR + 4.50%), due 3/30/29 (b) | 4,875,669 | 4,777,688 |
| Cloudera, Inc. | ||
| First Lien Initial Term Loan | ||
| 9.183% (1 Month SOFR + 3.75%), due 10/8/28 (b) | 2,493,639 | 2,465,585 |
| Cornerstone OnDemand, Inc. | ||
| First Lien Initial Term Loan | ||
| 9.197% (1 Month SOFR + 3.75%), due 10/16/28 (b) | 2,571,638 | 2,496,096 |
| Gen Digital, Inc. | ||
| Tranche Initial Term Loan B | ||
| 7.433% (1 Month SOFR + 2.00%), due 9/12/29 (b) | 4,209,607 | 4,197,581 |
| Informatica LLC | ||
| Initial Term Loan | ||
| 8.197% (1 Month SOFR + 2.75%), due 10/27/28 (b) | 3,718,366 | 3,708,141 |
| ISolved, Inc. | ||
| Closing Date Term Loan | ||
| 9.484% (6 Month SOFR + 4.00%), due 10/15/30 (b) | 588,235 | 589,216 |
| Magenta Buyer LLC | ||
| First Lien Initial Term Loan | ||
| 10.574% (3 Month SOFR + 5.00%), due 7/27/28 (b) | 3,191,117 | 2,068,906 |
| McAfee Corp. | ||
| Tranche Term Loan B1 | ||
| 9.203% (1 Month SOFR + 3.75%), due 3/1/29 (b) | 2,922,808 | 2,886,273 |
| Mitnick Corp. Purchaser, Inc. | ||
| Initial Term Loan | ||
| 9.913% (3 Month SOFR + 4.50%), due 5/2/29 (b) | 3,456,250 | 3,280,558 |
| Precisely Software, Inc. | ||
| First Lien Third Incremental Term Loan | ||
| 9.586% (3 Month SOFR + 4.00%), due 4/24/28 (b) | 2,738,687 | 2,689,618 |
| Quartz AcquireCo LLC | ||
| Term Loan | ||
| 8.833% (1 Month SOFR + 3.50%), due 6/28/30 (b) | 1,246,875 | 1,243,758 |
| Quest Software U.S. Holdings, Inc. | ||
| First Lien Initial Term Loan | ||
| 9.713% (3 Month SOFR + 4.25%), due 2/1/29 (b) | 4,484,163 | 3,518,198 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Software | ||
| Sophia LP | ||
| First Lien Term Loan B | ||
| 8.937% (1 Month SOFR + 3.50%), due 10/7/27 (b) | $ 2,816,311 | $ 2,809,270 |
| Sovos Compliance LLC | ||
| First Lien Initial Term Loan | ||
| 9.947% (1 Month SOFR + 4.50%), due 8/11/28 (b) | 2,924,697 | 2,874,559 |
| UKG, Inc. (b) | ||
| First Lien 2021-2 Incremental Term Loan | ||
| 8.68% (3 Month SOFR + 3.25%), due 5/4/26 | 2,094,970 | 2,092,827 |
| First Lien Initial Term Loan | ||
| 9.163% (3 Month SOFR + 3.75%), due 5/4/26 | 4,861,154 | 4,857,104 |
| Second Lien 2021 Incremental Term Loan | ||
| 10.68% (3 Month SOFR + 5.25%), due 5/3/27 | 1,300,000 | 1,298,375 |
| 52,562,876 | ||
| Telecommunications 3.1% | ||
| Avaya, Inc. | ||
| Initial Term Loan | ||
| 13.837% (7.00% PIK) (1 Month SOFR + 8.50%), due 8/1/28 (b)(e) | 416,998 | 364,873 |
| Azalea TopCo, Inc. (b) | ||
| First Lien Initial Term Loan | ||
| 8.947% (1 Month SOFR + 3.50%), due 7/24/26 | 905,408 | 896,542 |
| First Lien 2022 Incremental Term Loan | ||
| 9.183% (1 Month SOFR + 3.75%), due 7/24/26 | 2,947,500 | 2,924,474 |
| First Lien 2021 Term Loan | ||
| 9.197% (1 Month SOFR + 3.75%), due 7/24/26 | 1,950,000 | 1,933,751 |
| Cablevision Lightpath LLC | ||
| Initial Term Loan | ||
| 8.698% (1 Month SOFR + 3.25%), due 11/30/27 (b) | 4,001,541 | 3,983,202 |
| Ciena Corp. | ||
| 2020 Refinancing Term Loan | ||
| 7.337% (1 Month SOFR + 2.00%), due 10/24/30 (b) | 992,513 | 994,285 |
| Connect Finco SARL | ||
| Amendement No.1 Refinancing Term Loan | ||
| 8.833% (1 Month SOFR + 3.50%), due 12/11/26 (b) | 7,502,758 | 7,487,752 |
| CSC Holdings LLC | ||
| September 2019 Initial Term Loan | ||
| 7.948% (1 Month LIBOR + 2.50%), due 4/15/27 (b) | 6,411,920 | 6,091,324 |
| Cyxtera DC Holdings, Inc. | ||
| First Lien Initial Term Loan | ||
| 10.50% (3 Month SOFR + 2.00%), due 5/1/24 (b)(c)(f) | 492,462 | 312,714 |
| Frontier Communications Holdings LLC | ||
| Term Loan B | ||
| 9.197% (1 Month SOFR + 3.75%), due 10/8/27 (b) | 4,202,745 | 4,144,957 |
| Gogo Intermediate Holdings LLC | ||
| Initial Term Loan | ||
| 9.197% (1 Month SOFR + 3.75%), due 4/30/28 (b) | 5,417,467 | 5,398,841 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Telecommunications | ||
| Iridium Satellite LLC | ||
| Term Loan B3 | ||
| 7.833% (1 Month SOFR + 2.50%), due 9/20/30 (b) | $ 500,000 | $ 498,572 |
| Lumen Technologies, Inc. | ||
| Term Loan B | ||
| 7.697% (1 Month SOFR + 2.25%), due 3/15/27 (b) | 3,468,374 | 2,385,746 |
| Redstone HoldCo 2 LP | ||
| First Lien Initial Term Loan | ||
| 10.201% (1 Month SOFR + 4.75%), due 4/27/28 (b) | 1,525,765 | 1,257,994 |
| SBA Senior Finance II LLC | ||
| Initial Term Loan | ||
| 7.34%, due 1/31/31 | 6,168,470 | 6,153,049 |
| Telesat Canada | ||
| Term Loan B5 | ||
| 8.40% (3 Month SOFR + 2.75%), due 12/7/26 (b) | 2,034,078 | 1,231,252 |
| Zayo Group Holdings, Inc. | ||
| Initial Dollar Term Loan | ||
| 8.447% (1 Month SOFR + 3.00%), due 3/9/27 (b) | 5,075,110 | 4,289,046 |
| 50,348,374 | ||
| Utilities 1.3% | ||
| Astoria Energy LLC | ||
| 2020 Advance Term Loan B | ||
| 8.947% (1 Month SOFR + 3.50%), due 12/10/27 (b) | 856,028 | 855,790 |
| Brookfield WEC Holdings, Inc. (b) | ||
| First Lien 2021 Initial Term Loan | ||
| 8.22% (1 Month SOFR + 2.75%), due 8/1/25 | 2,235,698 | 2,223,402 |
| Initial Term Loan | ||
| 9.106% (1 Month SOFR + 3.75%), due 8/1/25 | 1,728,125 | 1,729,565 |
| Compass Power Generation LLC | ||
| Tranche Term Loan B2 | ||
| 9.697% (1 Month SOFR + 4.25%), due 4/14/29 (b) | 1,676,766 | 1,682,005 |
| Constellation Renewables LLC | ||
| Term Loan | ||
| 8.15% (3 Month SOFR + 2.50%), due 12/15/27 (b) | 2,348,856 | 2,338,091 |
| Edgewater Generation LLC | ||
| Term Loan | ||
| 9.197% (1 Month SOFR + 3.75%), due 12/13/25 (b) | 4,495,843 | 4,438,840 |
| Granite Generation LLC | ||
| Term Loan | ||
| 9.197% (1 Month SOFR + 3.75%), due 11/9/26 (b) | 5,898,555 | 5,869,882 |
| Hamilton Projects Acquiror LLC | ||
| Term Loan | ||
| 9.947% (1 Month SOFR + 4.50%), due 6/17/27 (b) | 1,926,860 | 1,926,259 |
| 21,063,834 | ||
| Principal Amount | Value | |
| Loan Assignments | ||
| Water 0.3% | ||
| Osmosis Buyer Ltd. (b) | ||
| 2022 Refinanciang Term Loan B | ||
| 9.105% (1 Month SOFR + 3.75%), due 7/31/28 | $ 3,995,834 | $ 3,967,112 |
| 2023 Incremental Delayed Draw Term Loan | ||
| 9.587% (1 Month SOFR + 4.25%), due 7/31/28 | 1,032,609 | 1,027,446 |
| 4,994,558 | ||
| Total Loan Assignments (Cost $1,419,655,800) | 1,393,521,635 | |
| Total Long-Term Bonds (Cost $1,577,917,459) | 1,550,005,628 | |
| Shares | ||
| Affiliated Investment Company 0.4% | ||
| Fixed Income Fund 0.4% | ||
| MainStay MacKay High Yield Corporate Bond Fund Class I | 1,299,065 | 6,684,860 |
| Total Affiliated Investment Company (Cost $7,308,298) | 6,684,860 | |
| Common Stocks 0.1% | ||
| Automobile Components 0.0% ‡ | ||
| Millennium Corporate Trust (c)(d)(h) | 4,973 | — |
| Millennium Lender Trust (c)(d)(h) | 5,298 | — |
| — | ||
| Communications Equipment 0.0% ‡ | ||
| Avaya, Inc. (c)(d)(h) | 40,688 | 233,956 |
| Financial Services 0.0% ‡ | ||
| New Topco Shares, Class A (c)(d)(h) | 482,014 | — |
| Health Care Equipment & Supplies 0.0% ‡ | ||
| Carestream Equity (c)(d)(h) | 5,387 | 54 |
| Health Care Providers & Services 0.0% ‡ | ||
| Mallinckrodt International Corp. (c)(d)(h) | 11,784 | 424,224 |
| Household Durables 0.0% ‡ | ||
| SSB Equipment Co., Inc. (c)(d)(h) | 1,277 | — |
| Independent Power and Renewable Electricity Producers 0.0% ‡ | ||
| Sempra Texas Holdings Corp. (c)(d)(h) | 175,418 | — |
| Shares | Value | |
| Common Stocks | ||
| Machinery 0.0% ‡ | ||
| Ameriforge Group, Inc. (c)(d)(h) | 60,753 | $ 59,538 |
| Software 0.1% | ||
| Envision Financial Technologies, Inc. (c)(d)(h) | 62,402 | 624,020 |
| Specialty Retail 0.0% ‡ | ||
| Serta Simmons Bedding, Inc. (c)(d)(h) | 1,277 | 10,216 |
| Technology Hardware, Storage & Peripherals 0.0% ‡ | ||
| Diebold Nixdorf, Inc. (h) | 11,878 | 361,091 |
| Total Common Stocks (Cost $4,061,050) | 1,713,099 | |
| Number of Rights | ||
| Rights 0.0% ‡ | ||
| Independent Power and Renewable Electricity Producers 0.0% ‡ | ||
| Vistra Corp. Expires 12/31/46 (c)(d)(h) | 107,130 | 160,374 |
| Total Rights (Cost $87,847) | 160,374 | |
| Number of Warrants | ||
| Warrants 0.0% ‡ | ||
| Capital Markets 0.0% ‡ | ||
| THAIHOT Investment Co. Ltd. | ||
| Expires 10/13/27 (c)(d)(h)(i) | 26 | 0 |
| Total Warrants (Cost $0) | 0 | |
| Principal Amount | ||
| Short-Term Investments 5.0% | ||
| U.S. Treasury Debt 5.0% | ||
| U.S. Treasury Bills (j) | ||
| 5.286%, due 2/20/24 | $ 8,011,000 | 7,988,752 |
| 5.294%, due 2/6/24 | 7,003,000 | 6,997,893 |
| 5.294%, due 3/19/24 | 1,927,000 | 1,913,731 |
| 5.30%, due 2/13/24 | 18,638,000 | 18,605,337 |
| Principal Amount | Value | ||
| Short-Term Investments | |||
| U.S. Treasury Debt | |||
| U.S. Treasury Bills (j) | |||
| 5.303%, due 3/12/24 | $ 6,269,000 | $ 6,232,317 | |
| 9.772%, due 2/27/24 | 39,558,000 | 39,407,652 | |
| Total Short-Term Investments (Cost $81,145,685) | 81,145,682 | ||
| Total Investments (Cost $1,670,520,339) | 101.6% | 1,639,709,643 | |
| Other Assets, Less Liabilities | (1.6) | (25,603,490) | |
| Net Assets | 100.0% | $ 1,614,106,153 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| ‡ | 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, 2024. |
| (c) | Illiquid security—As of January 31, 2024, the total market value deemed illiquid under procedures approved by the Board of Trustees was $9,671,441, which represented 0.6% of the Fund’s net assets. |
| (d) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (e) | PIK ("Payment-in-Kind")—issuer may pay interest or dividends with additional securities and/or in cash. |
| (f) | Issue in default. |
| (g) | Issue in non-accrual status. |
| (h) | Non-income producing security. |
| (i) | Less than $1. |
| (j) | Interest rate shown represents yield to maturity. |
Investments in Affiliates (in
000's)
Investments in issuers considered to
be affiliate(s) of the Fund during the period ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| MainStay MacKay High Yield Corporate Bond Fund Class I | $ 6,377 | $ — | $ — | $ — | $ 308 | $ 6,685 | $ 107 | $ — | 1,299 |
| Abbreviation(s): |
| CLO—Collateralized Loan Obligation |
| LIBOR—London Interbank Offered Rate |
| SOFR—Secured Overnight Financing Rate |
| TBD—To Be Determined |
| USD—United States Dollar |
The following is a summary of the
fair valuations according to the inputs used as of January 31, 2024, 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 | |||||||
| Asset-Backed Securities | $ — | $ 83,452,131 | $ — | $ 83,452,131 | |||
| Corporate Bonds | — | 73,031,862 | — | 73,031,862 | |||
| Loan Assignments | — | 1,392,066,335 | 1,455,300 | 1,393,521,635 | |||
| Total Long-Term Bonds | — | 1,548,550,328 | 1,455,300 | 1,550,005,628 | |||
| Affiliated Investment Company | |||||||
| Fixed Income Fund | 6,684,860 | — | — | 6,684,860 | |||
| Common Stocks | 361,091 | — | 1,352,008 | 1,713,099 | |||
| Rights | — | — | 160,374 | 160,374 | |||
| Warrants (b) | — | — | 0 | 0 | |||
| Short-Term Investments | |||||||
| U.S. Treasury Debt | — | 81,145,682 | — | 81,145,682 | |||
| Total Investments in Securities | $ 7,045,951 | $ 1,629,696,010 | $ 2,967,682 | $ 1,639,709,643 |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
| (b) | Less than $1. |
MainStay Growth Allocation Fund
Portfolio of Investments January 31, 2024†^(Unaudited)
| Shares | Value | |
| Affiliated Investment Companies 89.0% | ||
| Equity Funds 76.1% | ||
| IQ 500 International ETF (a) | 834,454 | $ 27,133,273 |
| IQ Candriam International Equity ETF (a) | 948,719 | 26,846,281 |
| IQ Candriam U.S. Large Cap Equity ETF (a) | 1,123,137 | 47,227,911 |
| IQ Candriam U.S. Mid Cap Equity ETF (a) | 1,196,467 | 35,563,785 |
| IQ CBRE NextGen Real Estate ETF (a) | 921,828 | 17,745,097 |
| IQ FTSE International Equity Currency Neutral ETF | 653,438 | 16,375,156 |
| IQ U.S. Small Cap ETF (a) | 786,804 | 27,435,855 |
| IQ Winslow Large Cap Growth ETF (a) | 169,801 | 6,462,864 |
| MainStay Candriam Emerging Markets Equity Fund Class R6 (a) | 3,134,760 | 27,624,135 |
| MainStay Epoch Capital Growth Fund Class I | 207,787 | 2,936,216 |
| MainStay Epoch International Choice Fund Class I (a) | 532,748 | 21,088,256 |
| MainStay Epoch U.S. Equity Yield Fund Class R6 (a) | 2,046,620 | 40,828,437 |
| MainStay Fiera SMID Growth Fund Class R6 (a) | 2,193,814 | 36,362,021 |
| MainStay PineStone International Equity Fund Class R6 (a) | 1,281,188 | 20,291,589 |
| MainStay PineStone U.S. Equity Fund Class R6 (a) | 2,518,988 | 43,990,342 |
| MainStay S&P 500 Index Fund Class I | 94,469 | 5,187,487 |
| MainStay Winslow Large Cap Growth Fund Class R6 | 3,857,901 | 43,927,604 |
| MainStay WMC Enduring Capital Fund Class R6 (a) | 1,135,955 | 39,759,677 |
| MainStay WMC Growth Fund Class R6 (a) | 1,135,180 | 49,411,414 |
| MainStay WMC International Research Equity Fund Class I (a) | 2,955,376 | 21,024,543 |
| MainStay WMC Small Companies Fund Class I (a) | 1,321,337 | 29,390,228 |
| MainStay WMC Value Fund Class R6 (a) | 1,285,869 | 38,191,218 |
| Total Equity Funds (Cost $513,831,375) | 624,803,389 | |
| Fixed Income Funds 12.9% | ||
| IQ MacKay ESG Core Plus Bond ETF | 324,328 | 6,843,321 |
| IQ Mackay ESG High Income ETF (a) | 397,181 | 10,555,085 |
| MainStay Floating Rate Fund Class R6 (a) | 2,735,438 | 24,261,697 |
| MainStay MacKay High Yield Corporate Bond Fund Class R6 | 2,059,812 | 10,565,394 |
| MainStay MacKay Short Duration High Yield Fund Class I | 2,052,310 | 19,420,602 |
| MainStay MacKay Total Return Bond Fund Class R6 | 761,821 | 6,919,314 |
| MainStay Mackay U.S. Infrastructure Bond Fund Class R6 | 1,403,698 | 10,681,580 |
| MainStay Short Term Bond Fund Class I (a) | 1,775,715 | 16,219,910 |
| Total Fixed Income Funds (Cost $102,960,553) | 105,466,903 | |
| Total Affiliated Investment Companies (Cost $616,791,928) | 730,270,292 | |
| Shares | Value | ||
| Short-Term Investment 10.6% | |||
| Affiliated Investment Company 10.6% | |||
| MainStay U.S. Government Liquidity Fund, 5.25% (a)(b) | 87,063,458 | $ 87,063,458 | |
| Total Short-Term Investment (Cost $87,063,458) | 10.6% | 87,063,458 | |
| Total Investments (Cost $703,855,386) | 99.6% | 817,333,750 | |
| Other Assets, Less Liabilities | 0.4 | 3,473,093 | |
| Net Assets | 100.0% | $ 820,806,843 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | As of January 31, 2024, the Fund's ownership exceeds 5% of the outstanding shares of the Underlying Fund's share class. |
| (b) | Current yield as of January 31, 2024. |
Investments in Affiliates (in
000's)
Investments in issuers considered to
be affiliate(s) of the Fund during the period ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| 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 500 International ETF | $ 24,172 | $ 1,143 | $ (535) | $ 10 | $ 2,343 | $ 27,133 | $ 395 | $ — | 834 |
| IQ Candriam International Equity ETF | 23,825 | 40 | (236) | (4) | 3,221 | 26,846 | 130 | — | 949 |
| IQ Candriam U.S. Large Cap Equity ETF | 40,244 | 1,209 | (184) | 5 | 5,954 | 47,228 | 137 | — | 1,123 |
| IQ Candriam U.S. Mid Cap Equity ETF | 28,690 | 2,231 | (869) | 21 | 5,491 | 35,564 | 124 | — | 1,196 |
| IQ CBRE NextGen Real Estate ETF | — | 17,714 | (24) | —(a) | 55 | 17,745 | 116 | — | 922 |
| IQ FTSE International Equity Currency Neutral ETF | 14,704 | 44 | (18) | —(a) | 1,645 | 16,375 | 127 | — | 653 |
| IQ MacKay ESG Core Plus Bond ETF | 11,197 | — | (5,032) | (34) | 712 | 6,843 | 125 | — | 324 |
| IQ Mackay ESG High Income ETF | 9,763 | 222 | (35) | —(a) | 605 | 10,555 | 191 | 8 | 397 |
| IQ U.S. Large Cap ETF | 37,807 | — | (40,215) | 12,295 | (9,887) | — | 59 | — | — |
| IQ U.S. Small Cap ETF | 26,114 | — | (3,413) | 927 | 3,808 | 27,436 | 123 | — | 787 |
| IQ Winslow Large Cap Growth ETF | 5,203 | — | — | — | 1,260 | 6,463 | 1 | — | 170 |
| MainStay Candriam Emerging Markets Equity Fund Class R6 | 25,269 | 1,200 | — | — | 1,155 | 27,624 | 316 | — | 3,135 |
| MainStay Epoch Capital Growth Fund Class I | 2,556 | 17 | (79) | 1 | 441 | 2,936 | 16 | 1 | 208 |
| MainStay Epoch International Choice Fund Class I | 18,814 | 361 | (445) | 6 | 2,352 | 21,088 | 358 | — | 533 |
| MainStay Epoch U.S. Equity Yield Fund Class R6 | 38,235 | 2,800 | (3,179) | 293 | 2,680 | 40,829 | 327 | 1,277 | 2,047 |
| MainStay Fiera SMID Growth Fund Class R6 | 21,332 | 11,750 | (1,307) | 47 | 4,540 | 36,362 | — | 828 | 2,194 |
| MainStay Floating Rate Fund Class R6 | 22,559 | 1,404 | — | — | 299 | 24,262 | 517 | — | 2,735 |
| MainStay MacKay High Yield Corporate Bond Fund Class R6 | 9,793 | 378 | (80) | (1) | 475 | 10,565 | 170 | — | 2,060 |
| MainStay MacKay Short Duration High Yield Fund Class I | 18,093 | 778 | (12) | —(a) | 562 | 19,421 | 312 | — | 2,052 |
| MainStay MacKay Total Return Bond Fund Class R6 | 11,214 | 98 | (5,179) | 43 | 743 | 6,919 | 98 | — | 762 |
| MainStay Mackay U.S. Infrastructure Bond Fund Class R6 | — | 10,371 | — | — | 311 | 10,682 | 81 | — | 1,404 |
| MainStay PineStone International Equity Fund Class R6 | 18,957 | 102 | (1,862) | 106 | 2,989 | 20,292 | 101 | — | 1,281 |
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| MainStay PineStone U.S. Equity Fund Class R6 | $ 14,617 | $ 26,736 | $ — | $ — | $ 2,637 | $ 43,990 | $ 77 | $ 24 | 2,519 |
| MainStay S&P 500 Index Fund Class I | 11,602 | 531 | (8,144) | 3,014 | (1,815) | 5,188 | 165 | 365 | 94 |
| MainStay Short Term Bond Fund Class I | 15,030 | 882 | — | — | 308 | 16,220 | 203 | — | 1,776 |
| MainStay U.S. Government Liquidity Fund | 82,409 | 36,749 | (32,095) | — | — | 87,063 | 1,117 | — | 87,063 |
| MainStay Winslow Large Cap Growth Fund Class R6 | 40,662 | 3,754 | (6,190) | 477 | 5,225 | 43,928 | — | 3,755 | 3,858 |
| MainStay WMC Enduring Capital Fund Class R6 | 35,969 | 1,626 | (3,562) | 58 | 5,669 | 39,760 | 385 | — | 1,136 |
| MainStay WMC Growth Fund Class R6 | 43,185 | — | (2,568) | (216) | 9,010 | 49,411 | — | — | 1,135 |
| MainStay WMC International Research Equity Fund Class I | 18,918 | 543 | (7) | —(a) | 1,571 | 21,025 | 430 | — | 2,955 |
| MainStay WMC Small Companies Fund Class I | 26,347 | 123 | (1,961) | 134 | 4,747 | 29,390 | 108 | — | 1,321 |
| MainStay WMC Value Fund Class R6 | 35,945 | 2,850 | (2,750) | (118) | 2,264 | 38,191 | 629 | 1,110 | 1,286 |
| $733,225 | $125,656 | $(119,981) | $17,064 | $61,370 | $817,334 | $6,938 | $7,368 |
| (a) | Less than $500. |
Swap Contracts
Open OTC total return equity swap
contracts as of January 31, 2024 were as follows1:
| Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
| Citibank NA | Citi Leveraged Loan Basket | 1 day FEDF minus 0.20% | 12/3/24 | Daily | (9,933) | $ — |
| Citibank NA | Citi Zombie Company Basket | 1 day FEDF minus 0.50% | 12/3/24 | Daily | (12,652) | — |
| JPMorgan Chase Bank NA | Global X Uranium ETF | 1 day FEDF plus 0.50% | 10/8/24 - 11/12/24 | Daily | 21,852 | — |
| Citibank NA | Invesco S&P 500 Low Volatility ETF | 1 day FEDF plus 0.55% | 12/3/24 | Daily | 18,150 | — |
| Citibank NA | iShares 20+ Year Treasury Bond ETF | 1 day FEDF plus 0.60% | 12/3/24 | Daily | 28,199 | — |
| Citibank NA | iShares MSCI China ETF | 1 day FEDF minus 0.56% | 12/3/24 | Daily | (7,082) | — |
| Citibank NA | iShares MSCI EAFE ETF | 1 day FEDF minus 1.25% | 12/3/24 | Daily | (40,816) | — |
| Citibank NA | iShares MSCI Emerging Markets ex China ETF | 1 day FEDF plus 0.55% | 12/3/24 | Daily | 12,133 | — |
| Citibank NA | iShares MSCI India ETF | 1 day FEDF | 12/3/24 | Daily | 8,363 | — |
| JPMorgan Chase Bank NA | iShares MSCI Japan ETF | 1 day FEDF plus 0.15% | 4/24/24 - 5/7/24 | Daily | 24,941 | — |
| JPMorgan Chase Bank NA | Russell 2000 Total Return Index | 1 day FEDF minus 0.15% - plus 0.05% | 4/9/24 - 5/7/24 | Daily | (34,730) | — |
| JPMorgan Chase Bank NA | S&P 500 Equal Weight | 1 day FEDF plus 0.30% - 0.51% | 5/7/24 | Daily | 28,339 | — |
| Citibank NA | S&P 500 Financials Index | 1 day FEDF plus 0.10% | 12/3/24 | Daily | (4,046) | — |
| Citibank NA | S&P 500 Total Return Index | 1 day FEDF plus 0.05% | 12/3/24 | Daily | (20,320) | — |
| Citibank NA | S&P 600 Total Return | 1 day FEDF plus 0.45% | 12/3/24 | Daily | 40,006 | — |
| Citibank NA | S&P Midcap 400 Total Return Index | 1 day FEDF plus 0.35% | 12/3/24 | Daily | 8,144 | — |
| JPMorgan Chase Bank NA | VanEck Oil Services ETF | 1 day FEDF plus 0.15% | 11/5/24 | Daily | 7,895 | — |
| Citibank NA | Vanguard FTSE Europe ETF | 1 day FEDF minus 0.50% | 12/3/24 | Daily | (8,142) | — |
| $ — |
The following table represents the
basket holdings underlying the total return swap with Citi Leveraged Loan Basket as of January 31, 2024.
| Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
| AerCap Holdings NV | (3,439) | (437,720) | — | 4.41 |
| Apollo Commercial Real Estate Finance, Inc. | (604) | (76,860) | — | 0.77 |
| Atlantica Sustainable Infrastructure plc | (357) | (45,478) | — | 0.46 |
| Brandywine Realty Trust | (617) | (78,544) | — | 0.79 |
| Carnival Corp. | (10,127) | (1,288,859) | — | 12.97 |
| Chart Industries, Inc. | (2,702) | (343,872) | — | 3.46 |
| Coherent Corp. | (1,798) | (228,774) | — | 2.30 |
| CommScope Holding Co, Inc. | (163) | (20,693) | — | 0.21 |
| Crane NXT Co | (2,324) | (295,820) | — | 2.98 |
| Cushman & Wakefield plc | (750) | (95,514) | — | 0.96 |
| Delta Air Lines, Inc. | (6,975) | (887,719) | — | 8.94 |
| Designer Brands, Inc. | (495) | (63,052) | — | 0.63 |
| DigitalBridge Group, Inc. | (1,136) | (144,642) | — | 1.46 |
| Elanco Animal Health, Inc. | (3,833) | (487,776) | — | 4.91 |
| Entegris, Inc. | (4,871) | (619,890) | — | 6.24 |
| Fidelity National Information Services, Inc. | (7,010) | (892,166) | — | 8.98 |
| Hanesbrands, Inc. | (1,595) | (202,944) | — | 2.04 |
| JetBlue Airways Corp. | (1,106) | (140,756) | — | 1.42 |
| Lumen Technologies, Inc. | (1,347) | (171,468) | — | 1.73 |
| MKS Instruments, Inc. | (1,746) | (222,158) | — | 2.24 |
| Oatly Group AB | (151) | (19,252) | — | 0.19 |
| Opendoor Technologies, Inc. | (2,007) | (255,466) | — | 2.57 |
| Par Pacific Holdings, Inc. | (950) | (120,970) | — | 1.22 |
| PureCycle Technologies, Inc. | (297) | (37,845) | — | 0.38 |
| Scorpio Tankers, Inc. | (2,451) | (312,001) | — | 3.14 |
| Topgolf Callaway Brands Corp. | (608) | (77,440) | — | 0.78 |
| Uber Technologies, Inc. | (12,862) | (1,636,924) | — | 16.48 |
| United Airlines Holdings, Inc. | (5,726) | (728,694) | — | 7.34 |
The following table represents the
basket holdings underlying the total return swap with Citi Zombie Company Basket as of January 31, 2024.
| Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
| Alteryx Inc. | (1,617) | (178,670) | — | 1.41 |
| AppLovin Corp. | (3,430) | (379,097) | — | 3.00 |
| Array Technologies Inc. | (2,248) | (248,425) | — | 1.96 |
| Asana Inc. | (1,412) | (156,042) | — | 1.23 |
| BILL Holdings Inc. | (5,310) | (586,913) | — | 4.64 |
| BioCryst Pharmaceuticals Inc. | (426) | (47,056) | — | 0.37 |
| Bloom Energy Corp. | (1,042) | (115,123) | — | 0.91 |
| Bridgebio Pharma Inc. | (4,097) | (452,812) | — | 3.58 |
| Carnival Corp. | (8,674) | (958,670) | — | 7.58 |
| Children's Place Inc./The | (519) | (57,348) | — | 0.45 |
| Cinemark Holdings Inc. | (1,260) | (139,268) | — | 1.10 |
| Coeur Mining Inc. | (503) | (55,632) | — | 0.44 |
| Cytokinetics Inc. | (3,118) | (344,604) | — | 2.72 |
| DigitalBridge Group, Inc. | (1,375) | (151,978) | — | 1.20 |
| Emergent BioSolutions Inc. | (121) | (13,328) | — | 0.11 |
| Enviva Inc. | (16) | (1,757) | — | 0.01 |
| Exact Sciences Corp. | (3,926) | (433,898) | — | 3.43 |
| Fastly Inc. | (2,489) | (275,094) | — | 2.17 |
| Gap Inc./The | (5,744) | (634,817) | — | 5.02 |
| Guardant Health Inc. | (1,451) | (160,341) | — | 1.27 |
| IAC Inc. | (1,213) | (134,032) | — | 1.06 |
| Infinera Corp. | (418) | (46,210) | — | 0.36 |
| Insmed Inc. | (1,184) | (130,868) | — | 1.03 |
| JetBlue Airways Corp. | (1,338) | (147,895) | — | 1.17 |
| Kyndryl Holdings Inc. | (1,001) | (110,643) | — | 0.87 |
| Lyft Inc. | (6,339) | (700,552) | — | 5.54 |
| Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
| NeoGenomics Inc. | (812) | (89,758) | — | 0.71 |
| Oscar Health Inc. | (2,956) | (326,689) | — | 2.58 |
| Pacific Biosciences of California Inc. | (831) | (91,839) | — | 0.73 |
| Peloton Interactive Inc. | (1,496) | (165,346) | — | 1.31 |
| Q2 Holdings Inc. | (1,244) | (137,542) | — | 1.09 |
| Redfin Corp. | (759) | (83,833) | — | 0.66 |
| Revance Therapeutics Inc. | (196) | (21,668) | — | 0.17 |
| RingCentral Inc. | (2,479) | (273,995) | — | 2.17 |
| Rivian Automotive Inc. | (5,456) | (602,970) | — | 4.77 |
| Royal Caribbean Cruises Ltd. | (10,557) | (1,166,717) | — | 9.22 |
| Scotts Miracle-Gro Co/The | (1,441) | (159,226) | — | 1.26 |
| Spirit AeroSystems Holdings Inc. | (1,323) | (146,225) | — | 1.16 |
| Spirit Airlines Inc. | (305) | (33,724) | — | 0.27 |
| Sweetgreen Inc. | (804) | (88,817) | — | 0.70 |
| TG Therapeutics Inc. | (1,883) | (208,157) | — | 1.65 |
| Twist Bioscience Corp. | (1,751) | (193,479) | — | 1.53 |
| Vistra Corp. | (5,026) | (555,484) | — | 4.39 |
| Warner Bros Discovery Inc. | (3,525) | (389,607) | — | 3.08 |
| Wix.com Ltd. | (2,653) | (293,186) | — | 2.32 |
| Wolfspeed Inc. | (2,400) | (265,271) | — | 2.10 |
| WW International Inc. | (748) | (82,645) | — | 0.65 |
| Wynn Resorts Ltd. | (4,630) | (511,659) | — | 4.04 |
| Xerox Holdings Corp. | (931) | (102,866) | — | 0.81 |
| 1. | As of January 31, 2024, cash in the amount $1,250,000 was pledged to brokers for OTC swap contracts. |
| 2. | Fund pays the floating rate and receives the total return of the reference entity. |
| 3. | Notional amounts reflected as a positive value indicate a long position held by the Fund or Index and a negative value indicates a short position. |
| 4. | Reflects the value at reset date as of January 31, 2024. |
| Abbreviation(s): |
| EAFE—Europe, Australasia and Far East |
| ETF—Exchange-Traded Fund |
| FEDF—Federal Funds Rate |
| FTSE—Financial Times Stock Exchange |
| MSCI—Morgan Stanley Capital International |
The following is a summary of the
fair valuations according to the inputs used as of January 31, 2024, 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) | |||||||
| Affiliated Investment Companies | |||||||
| Equity Funds | $ 624,803,389 | $ — | $ — | $ 624,803,389 | |||
| Fixed Income Funds | 105,466,903 | — | — | 105,466,903 | |||
| Total Affiliated Investment Companies | 730,270,292 | — | — | 730,270,292 | |||
| Short-Term Investment | |||||||
| Affiliated Investment Company | 87,063,458 | — | — | 87,063,458 | |||
| Total Investments in Securities | $ 817,333,750 | $ — | $ — | $ 817,333,750 |
| (a) | For a complete listing of investments, see the Portfolio of Investments. |
MainStay MacKay California Tax Free Opportunities
Fund
Portfolio of Investments January 31, 2024†^(Unaudited)
| Principal Amount | Value | |
| Municipal Bonds 97.9% | ||
| Long-Term Municipal Bonds 93.5% | ||
| Certificate of Participation/Lease 1.4% | ||
| California Municipal Finance Authority, Palomar Health Obligated Group, Certificate of Participation | ||
| Series A, Insured: AGM | ||
| 5.25%, due 11/1/52 | $ 6,380,000 | $ 7,201,915 |
| Hayward Unified School District, Certificate of Participation | ||
| 5.25%, due 8/1/47 | 6,900,000 | 7,225,946 |
| Oxnard School District, Property Acquisition and Improvement Project, Certificate of Participation | ||
| Insured: BAM | ||
| 5.00%, due 8/1/45 (a) | 950,000 | 987,936 |
| 15,415,797 | ||
| Education 4.3% | ||
| California Infrastructure & Economic Development Bank, Equitable School Revolving Fund LLC Obligated Group, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 11/1/44 | 350,000 | 363,974 |
| Series B | ||
| 5.00%, due 11/1/49 | 500,000 | 515,177 |
| California Infrastructure & Economic Development Bank, WFCS Portfolio Projects, Revenue Bonds (b) | ||
| Series A-1 | ||
| 5.00%, due 1/1/55 | 2,540,000 | 2,049,082 |
| Series A-1 | ||
| 5.00%, due 1/1/56 | 840,000 | 661,952 |
| California Municipal Finance Authority, Charter School, King Chavez Academy, Revenue Bonds (b) | ||
| Series A | ||
| 5.00%, due 5/1/36 | 1,275,000 | 1,278,392 |
| Series A | ||
| 5.00%, due 5/1/46 | 1,325,000 | 1,297,036 |
| California Municipal Finance Authority, Charter School, Palmdale Aerospace Academy Projects (The), Revenue Bonds (b) | ||
| Series A | ||
| 5.00%, due 7/1/36 | 1,300,000 | 1,302,870 |
| Series A | ||
| 5.00%, due 7/1/46 | 795,000 | 746,055 |
| California Municipal Finance Authority, Claremont Graduate University, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 10/1/54 (b) | 1,380,000 | 1,291,755 |
| California Municipal Finance Authority, Creative Center Los Altos Project (The), Revenue Bonds (b) | ||
| Series B | ||
| 4.00%, due 11/1/36 | 400,000 | 357,369 |
| Series B | ||
| 4.50%, due 11/1/46 | 1,600,000 | 1,365,906 |
| California Municipal Finance Authority, University of San Diego, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/44 | 3,065,000 | 3,265,922 |
| Series A | ||
| 5.00%, due 10/1/49 | 4,440,000 | 4,686,989 |
| California Public Finance Authority, California University of Science & Medicine Obligated Group, Revenue Bonds | ||
| Series A | ||
| 6.25%, due 7/1/54 (b) | 1,000,000 | 1,040,337 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Education | ||
| California School Finance Authority, Aspire Public Schools Obligated Group, Revenue Bonds (b) | ||
| 5.00%, due 8/1/27 | $ 475,000 | $ 483,328 |
| 5.00%, due 8/1/28 | 650,000 | 661,787 |
| 5.00%, due 8/1/36 | 550,000 | 557,774 |
| 5.00%, due 8/1/41 | 700,000 | 705,483 |
| 5.00%, due 8/1/46 | 1,695,000 | 1,702,332 |
| California School Finance Authority, Classical Academies Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/37 (b) | 1,485,000 | 1,503,416 |
| California School Finance Authority, Grimmway Schools Obligated Group, Revenue Bonds (b) | ||
| Series A | ||
| 4.25%, due 7/1/28 | 1,240,000 | 1,237,541 |
| Series A | ||
| 5.00%, due 7/1/46 | 750,000 | 741,992 |
| California School Finance Authority, High Tech High Learning Project, Revenue Bonds (b) | ||
| Series A | ||
| 5.00%, due 7/1/37 | 500,000 | 491,352 |
| Series A | ||
| 5.00%, due 7/1/49 | 500,000 | 469,873 |
| California School Finance Authority, Kipp Social Public Schools Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/34 (b) | 600,000 | 602,570 |
| California School Finance Authority, Partnerships to Uplift Communities, Revenue Bonds | ||
| 5.50%, due 8/1/47 (b) | 525,000 | 532,364 |
| California School Finance Authority, Teach Public Schools, Revenue Bonds (b) | ||
| Series A | ||
| 5.00%, due 6/1/39 | 740,000 | 729,049 |
| Series A | ||
| 5.00%, due 6/1/58 | 600,000 | 547,866 |
| California School Finance Authority, Vista Charter Public Schools, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 6/1/51 (b) | 1,790,000 | 1,410,396 |
| California Statewide Communities Development Authority, Lancer Plaza Project, Revenue Bonds | ||
| 5.875%, due 11/1/43 | 1,000,000 | 1,000,480 |
| Irvine Unified School District, Community Facilities District No. 9, Special Tax | ||
| Series A | ||
| 5.00%, due 9/1/36 | 545,000 | 594,237 |
| University of California, Revenue Bonds | ||
| Series BH | ||
| 4.00%, due 5/15/46 | 2,775,000 | 2,786,737 |
| Series AV | ||
| 5.25%, due 5/15/42 | 5,000,000 | 5,378,689 |
| Series BN | ||
| 5.50%, due 5/15/40 | 5,700,000 | 6,916,287 |
| 49,276,369 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General 2.3% | ||
| California Municipal Finance Authority, Special Tax | ||
| Series B | ||
| 4.00%, due 9/1/43 | $ 1,070,000 | $ 944,231 |
| California Statewide Communities Development Authority, Special Assessment | ||
| Series A | ||
| 4.00%, due 9/2/50 | 1,000,000 | 867,956 |
| Series D | ||
| 5.50%, due 9/2/53 | 1,000,000 | 1,027,873 |
| California Statewide Communities Development Authority, Community Facilities District No. 2021-02, Special Tax | ||
| 5.00%, due 9/1/53 | 1,000,000 | 1,047,448 |
| City of Irvine, Community Facilities District No. 2013-3, Special Tax | ||
| 5.00%, due 9/1/49 | 1,385,000 | 1,391,281 |
| City of Irvine, Community Facilities District No. 2013-3 Improvement Area No. 1, Special Tax | ||
| Insured: BAM | ||
| 4.00%, due 9/1/58 | 700,000 | 706,293 |
| City of Palm Desert, University Park, Special Tax | ||
| 3.00%, due 9/1/31 | 315,000 | 296,073 |
| 4.00%, due 9/1/41 | 450,000 | 424,249 |
| City of San Mateo, Community Facilities District No. 2008-1, Special Tax | ||
| Series 1, Insured: BAM | ||
| 5.25%, due 9/1/40 | 4,000,000 | 4,394,777 |
| City of South San Francisco, Community Facilities District No. 2021-01, Special Tax | ||
| 4.00%, due 9/1/44 | 400,000 | 374,081 |
| Mountain View Shoreline Regional Park Community, Tax Allocation | ||
| Series A, Insured: AGM | ||
| 5.00%, due 8/1/36 | 1,645,000 | 1,796,002 |
| River Islands Public Financing Authority, Community Facilities District No. 2003-1, Special Tax | ||
| Series A-1, Insured: AGM | ||
| 5.00%, due 9/1/42 | 1,500,000 | 1,643,534 |
| Series A-1, Insured: AGM | ||
| 5.25%, due 9/1/52 | 1,000,000 | 1,093,488 |
| Romoland School District, Community Facilities District No. 2017-1 Improvement Area 2, Special Tax | ||
| 5.00%, due 9/1/54 | 1,600,000 | 1,645,780 |
| Sacramento Area Flood Control Agency, Consolidated Capital Assessment District No. 2, Special Assessment | ||
| 4.00%, due 10/1/47 | 3,700,000 | 3,750,900 |
| San Francisco City & County Redevelopment Agency Successor Agency, Transbay Infrastructure Project, Tax Allocation, Third Lien | ||
| Series B, Insured: AGM | ||
| 5.00%, due 8/1/48 | 1,500,000 | 1,653,870 |
| Series B, Insured: AGM | ||
| 5.25%, due 8/1/53 | 1,400,000 | 1,559,748 |
| Tracy Community Facilities District, Community Facilities District No. 2016-01 Improvement Area No. 2, Special Tax | ||
| 5.75%, due 9/1/48 | 1,000,000 | 1,069,594 |
| 25,687,178 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General Obligation 32.9% | ||
| Alhambra Unified School District, Unlimited General Obligation | ||
| Series B | ||
| 4.25%, due 8/1/43 | $ 2,000,000 | $ 2,102,223 |
| Series B | ||
| 5.25%, due 8/1/48 | 3,000,000 | 3,441,409 |
| Belmont-Redwood Shores School District, Unlimited General Obligation | ||
| Series B | ||
| 4.00%, due 8/1/42 | 9,950,000 | 9,986,017 |
| Cabrillo Unified School District, Election of 2018, Unlimited General Obligation | ||
| Series B, Insured: AGM-CR | ||
| 5.00%, due 8/1/50 | 3,150,000 | 3,331,045 |
| Carlsbad Unified School District, Election of 2018, Unlimited General Obligation | ||
| Series B | ||
| 3.00%, due 8/1/46 | 1,000,000 | 817,136 |
| Ceres Unified School District, Unlimited General Obligation | ||
| Insured: BAM | ||
| (zero coupon), due 8/1/37 | 500,000 | 298,734 |
| Chabot-Las Positas Community College District, Unlimited General Obligation | ||
| 4.00%, due 8/1/37 | 3,000,000 | 3,026,120 |
| Series C | ||
| 5.25%, due 8/1/48 | 1,250,000 | 1,432,829 |
| Chaffey Joint Union High School District, Unlimited General Obligation | ||
| Series C | ||
| 5.25%, due 8/1/47 | 3,500,000 | 3,674,386 |
| City of Berkeley, Unlimited General Obligation | ||
| 2.00%, due 9/1/39 | 1,560,000 | 1,175,221 |
| 2.00%, due 9/1/40 | 1,590,000 | 1,171,039 |
| Clovis Unified School District, Unlimited General Obligation | ||
| Series B | ||
| 5.25%, due 8/1/41 | 1,100,000 | 1,240,869 |
| Series B | ||
| 5.25%, due 8/1/42 | 1,000,000 | 1,122,733 |
| Commonwealth of Puerto Rico, Unlimited General Obligation | ||
| Series A-1 | ||
| 4.00%, due 7/1/33 | 10,000,000 | 9,724,150 |
| Series A-1 | ||
| 4.00%, due 7/1/35 | 3,350,000 | 3,204,540 |
| Series A-1 | ||
| 5.625%, due 7/1/27 | 8,000,000 | 8,455,164 |
| Series A-1 | ||
| 5.625%, due 7/1/29 | 2,000,000 | 2,168,875 |
| Series A-1 | ||
| 5.75%, due 7/1/31 | 1,800,000 | 2,008,862 |
| Denair Unified School District, Election of 2007, Unlimited General Obligation | ||
| Insured: AGM | ||
| (zero coupon), due 8/1/41 | 4,260,000 | 1,983,665 |
| Desert Community College District, Unlimited General Obligation (c) | ||
| 4.00%, due 8/1/42 | 2,815,000 | 2,951,512 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General Obligation | ||
| Desert Community College District, Unlimited General Obligation (c) | ||
| 4.00%, due 8/1/43 | $ 2,000,000 | $ 2,086,611 |
| 4.00%, due 8/1/51 | 2,500,000 | 2,497,873 |
| El Rancho Unified School District, Election of 2016, Unlimited General Obligation | ||
| Series A, Insured: BAM | ||
| 5.25%, due 8/1/46 | 2,745,000 | 2,877,642 |
| El Segundo Unified School District, Election of 2018, Unlimited General Obligation | ||
| Series C | ||
| 4.00%, due 8/1/50 | 500,000 | 506,549 |
| Elk Grove Unified School District, Unlimited General Obligation | ||
| 2.00%, due 8/1/40 | 3,740,000 | 2,726,056 |
| Etiwanda School District, Unlimited General Obligation | ||
| Series C | ||
| 5.25%, due 8/1/52 | 5,675,000 | 6,401,192 |
| Foothill-De Anza Community College District, Unlimited General Obligation | ||
| 4.00%, due 8/1/40 | 3,470,000 | 3,493,801 |
| Fort Bragg Unified School District, Election of 2020, Unlimited General Obligation | ||
| Series B | ||
| 5.50%, due 8/1/52 | 1,000,000 | 1,107,599 |
| Fremont Union High School District, Unlimited General Obligation | ||
| Series B | ||
| 5.00%, due 8/1/32 | 3,260,000 | 3,565,228 |
| Glendale Community College District, Election of 2016, Unlimited General Obligation | ||
| Series B | ||
| 3.00%, due 8/1/47 | 4,500,000 | 3,625,729 |
| Hartnell Community College District, Unlimited General Obligation | ||
| Series A | ||
| (zero coupon), due 8/1/37 | 2,500,000 | 1,405,966 |
| Healdsburg Unified School District, Unlimited General Obligation | ||
| Series A | ||
| 4.60%, due 8/1/37 (a) | 4,405,000 | 4,623,577 |
| Inglewood Unified School District, Election of 2012, Unlimited General Obligation | ||
| Series B, Insured: BAM | ||
| 5.00%, due 8/1/35 | 800,000 | 837,721 |
| Inglewood Unified School District, Election of 2020, Unlimited General Obligation | ||
| Series A, Insured: AGM | ||
| 4.00%, due 8/1/51 | 2,750,000 | 2,752,328 |
| Jurupa Unified School District, Unlimited General Obligation | ||
| Series B | ||
| 5.00%, due 8/1/37 | 1,000,000 | 1,073,772 |
| Kern Community College District, Election of 2016, Unlimited General Obligation | ||
| Series C | ||
| 3.00%, due 8/1/46 | 5,000,000 | 4,129,932 |
| Series D | ||
| 5.25%, due 8/1/33 | 1,000,000 | 1,235,451 |
| Series D | ||
| 5.25%, due 8/1/34 | 700,000 | 861,626 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General Obligation | ||
| Kern Community College District, Election of 2016, Unlimited General Obligation | ||
| Series D | ||
| 5.25%, due 8/1/38 | $ 2,000,000 | $ 2,388,806 |
| Series D | ||
| 5.25%, due 8/1/39 | 1,400,000 | 1,659,807 |
| Series D | ||
| 5.25%, due 8/1/40 | 2,200,000 | 2,591,464 |
| La Mesa-Spring Valley School District, Unlimited General Obligation | ||
| Series B | ||
| 5.00%, due 8/1/47 | 1,100,000 | 1,204,575 |
| Long Beach Unified School District, Unlimited General Obligation | ||
| Series C | ||
| 4.00%, due 8/1/50 | 12,550,000 | 12,644,686 |
| Los Angeles Community College District, Election of 2022, Unlimited General Obligation | ||
| Series A-2 | ||
| 5.50%, due 8/1/24 | 3,000,000 | 3,006,218 |
| Los Angeles Unified School District, Unlimited General Obligation | ||
| Series A | ||
| 5.00%, due 7/1/25 | 1,000,000 | 1,032,577 |
| Series QRR | ||
| 5.25%, due 7/1/40 | 3,500,000 | 4,222,312 |
| Series QRR | ||
| 5.25%, due 7/1/47 | 7,500,000 | 8,670,179 |
| Los Banos Unified School District, Election of 2018, Unlimited General Obligation | ||
| 5.25%, due 8/1/49 | 2,500,000 | 2,832,559 |
| Manteca Unified School District, Unlimited General Obligation | ||
| Series B | ||
| 5.25%, due 8/1/53 | 2,000,000 | 2,265,600 |
| Marysville Joint Unified School District, Election 2008, Unlimited General Obligation | ||
| Insured: AGM | ||
| (zero coupon), due 8/1/35 | 1,500,000 | 948,688 |
| Insured: AGM | ||
| (zero coupon), due 8/1/36 | 2,000,000 | 1,200,940 |
| Insured: AGM | ||
| (zero coupon), due 8/1/37 | 2,000,000 | 1,141,774 |
| Montebello Unified School District, Unlimited General Obligation | ||
| Series B, Insured: AGM | ||
| 5.50%, due 8/1/47 | 1,500,000 | 1,659,699 |
| Monterey Peninsula Community College District, Unlimited General Obligation | ||
| Series B | ||
| 4.00%, due 8/1/41 | 475,000 | 496,817 |
| Series B | ||
| 4.00%, due 8/1/51 | 4,000,000 | 3,996,560 |
| Mount San Antonio Community College District, Unlimited General Obligation | ||
| Series A | ||
| 4.00%, due 8/1/49 | 2,000,000 | 2,030,187 |
| Series A | ||
| 5.00%, due 8/1/41 | 305,000 | 335,679 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General Obligation | ||
| Mount San Jacinto Community College District, Election 2014, Unlimited General Obligation | ||
| Series B | ||
| 4.00%, due 8/1/38 | $ 1,985,000 | $ 2,039,126 |
| Needles Unified School District, Capital Appreciation, Election 2008, Unlimited General Obligation | ||
| Series B, Insured: AGM | ||
| (zero coupon), due 8/1/45 (a) | 1,250,000 | 1,094,050 |
| North Orange County Community College District, Election of 2014, Unlimited General Obligation | ||
| Series C | ||
| 4.00%, due 8/1/47 | 4,750,000 | 4,839,254 |
| Oakland Unified School District, Alameda County, Unlimited General Obligation | ||
| Series A, Insured: AGM | ||
| 5.25%, due 8/1/39 | 2,240,000 | 2,671,685 |
| Series A, Insured: AGM | ||
| 5.25%, due 8/1/40 | 1,600,000 | 1,893,446 |
| Series A, Insured: AGM | ||
| 5.25%, due 8/1/43 | 3,000,000 | 3,496,382 |
| Ocean View School District of Orange County, Unlimited General Obligation | ||
| Series C, Insured: AGM | ||
| 3.00%, due 8/1/47 | 3,040,000 | 2,418,551 |
| Ojai Unified School District, Unlimited General Obligation | ||
| Series B, Insured: AGM | ||
| 5.25%, due 8/1/48 | 1,100,000 | 1,240,316 |
| Series B, Insured: AGM | ||
| 5.50%, due 8/1/53 | 1,750,000 | 1,991,759 |
| Ontario Montclair School District, Election of 2016, Unlimited General Obligation | ||
| Series C | ||
| 5.25%, due 8/1/52 | 3,000,000 | 3,404,256 |
| Oxnard Union High School District, Unlimited General Obligation | ||
| Series C | ||
| 3.50%, due 8/1/45 | 1,250,000 | 1,173,270 |
| Palo Alto Unified School District, Unlimited General Obligation | ||
| 3.25%, due 7/1/35 | 3,700,000 | 3,665,596 |
| Palomar Community College District, Election of 2006, Unlimited General Obligation | ||
| Series B | ||
| (zero coupon), due 8/1/39 (a) | 2,000,000 | 2,354,350 |
| Ravenswood City School District, Election 2018, Unlimited General Obligation | ||
| Insured: AGM | ||
| 5.25%, due 8/1/45 | 3,500,000 | 3,888,543 |
| Rio Hondo Community College District, Election 2004, Unlimited General Obligation | ||
| Series C | ||
| (zero coupon), due 8/1/42 (a) | 2,000,000 | 2,596,515 |
| Sacramento City Unified School District, Election of 2020, Unlimited General Obligation | ||
| Series A, Insured: BAM | ||
| 5.00%, due 8/1/40 | 1,960,000 | 2,177,042 |
| Series A, Insured: BAM | ||
| 5.50%, due 8/1/52 | 4,500,000 | 4,992,438 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General Obligation | ||
| Salinas Union High School District, Unlimited General Obligation | ||
| Series A | ||
| 4.00%, due 8/1/47 | $ 4,300,000 | $ 4,374,524 |
| San Bernardino Community College District, Election of 2018, Unlimited General Obligation | ||
| Series B | ||
| 4.125%, due 8/1/49 | 5,000,000 | 5,048,509 |
| San Diego Unified School District, Election of 2012, Unlimited General Obligation | ||
| Series R-2 | ||
| (zero coupon), due 7/1/41 (a) | 4,360,000 | 4,358,881 |
| Series B-4 | ||
| 5.00%, due 7/1/40 | 2,690,000 | 3,177,703 |
| San Diego Unified School District, Election of 2018, Unlimited General Obligation | ||
| Series F-2 | ||
| 5.00%, due 7/1/40 | 3,020,000 | 3,490,816 |
| San Diego Unified School District, Election of 2022, Unlimited General Obligation | ||
| Series A-3 | ||
| 4.00%, due 7/1/53 | 6,640,000 | 6,662,898 |
| Series A-3 | ||
| 5.00%, due 7/1/48 | 2,665,000 | 3,028,458 |
| San Francisco Bay Area Rapid Transit District, Election of 2016, Unlimited General Obligation | ||
| Series C-1 | ||
| 2.00%, due 8/1/41 | 3,585,000 | 2,559,773 |
| Series D-1 | ||
| 5.25%, due 8/1/47 | 6,750,000 | 7,727,330 |
| San Jose Evergreen Community College District, Election of 2016, Unlimited General Obligation | ||
| Series C-1 | ||
| 4.997%, due 9/1/25 | 1,250,000 | 1,259,175 |
| Series C | ||
| 5.00%, due 9/1/39 | 3,000,000 | 3,465,230 |
| Series C | ||
| 5.00%, due 9/1/40 | 2,575,000 | 2,951,253 |
| San Juan Unified School District, Election 2016, Unlimited General Obligation | ||
| 5.00%, due 8/1/36 | 1,500,000 | 1,740,894 |
| 5.00%, due 8/1/38 | 1,800,000 | 2,062,298 |
| San Luis Obispo County Community College District, Unlimited General Obligation | ||
| Series B | ||
| 4.00%, due 8/1/43 | 2,250,000 | 2,268,485 |
| San Mateo Foster City School District, Unlimited General Obligation | ||
| Series B | ||
| 5.00%, due 8/1/40 | 1,000,000 | 1,162,076 |
| Series B | ||
| 5.00%, due 8/1/41 | 1,150,000 | 1,327,788 |
| San Rafael City Elementary School District, Election of 2022, Unlimited General Obligation | ||
| Series A | ||
| 5.25%, due 8/1/52 | 1,250,000 | 1,381,016 |
| San Rafael City High School District, Election of 2022, Unlimited General Obligation | ||
| Series A | ||
| 5.25%, due 8/1/52 | 4,250,000 | 4,739,968 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General Obligation | ||
| San Ysidro School District, Unlimited General Obligation | ||
| Insured: AGM | ||
| (zero coupon), due 8/1/47 | $ 3,000,000 | $ 865,230 |
| Santa Barbara Unified School District, Election of 2010, Unlimited General Obligation | ||
| Series A | ||
| 7.00%, due 8/1/36 (a) | 1,000,000 | 1,384,714 |
| Santa Clarita Community College District, Election of 2016, Unlimited General Obligation | ||
| 5.25%, due 8/1/48 | 2,000,000 | 2,233,742 |
| Savanna School District, Unlimited General Obligation | ||
| Series B, Insured: AGM | ||
| (zero coupon), due 2/1/52 (a) | 3,080,000 | 2,544,118 |
| South San Francisco Unified School District, Unlimited General Obligation | ||
| 4.00%, due 9/1/52 | 10,000,000 | 10,039,938 |
| State of California, Various Purpose, Unlimited General Obligation | ||
| 4.00%, due 3/1/36 | 3,395,000 | 3,625,886 |
| 4.00%, due 10/1/36 | 4,150,000 | 4,457,665 |
| 4.00%, due 11/1/36 | 2,500,000 | 2,673,919 |
| 4.00%, due 10/1/37 | 4,000,000 | 4,264,980 |
| 4.00%, due 10/1/37 | 4,445,000 | 4,739,459 |
| 4.00%, due 11/1/38 | 4,775,000 | 5,038,276 |
| 4.00%, due 10/1/39 | 3,500,000 | 3,644,124 |
| 4.00%, due 3/1/40 | 5,000,000 | 5,214,863 |
| 4.00%, due 9/1/42 | 6,250,000 | 6,503,677 |
| 4.00%, due 4/1/49 | 1,895,000 | 1,925,975 |
| 5.00%, due 11/1/28 | 5,000,000 | 5,573,046 |
| 5.00%, due 11/1/30 | 4,500,000 | 5,228,836 |
| 5.00%, due 9/1/32 | 1,840,000 | 2,169,909 |
| 5.00%, due 4/1/38 | 5,000,000 | 5,009,047 |
| 5.00%, due 9/1/41 | 3,550,000 | 4,037,596 |
| 5.25%, due 9/1/47 | 4,000,000 | 4,585,918 |
| Sunnyvale School District, Unlimited General Obligation | ||
| Series B | ||
| 5.00%, due 9/1/48 | 2,820,000 | 3,138,858 |
| Ukiah Unified School District, Election of 2020, Unlimited General Obligation | ||
| Series B, Insured: AGM | ||
| 5.50%, due 8/1/53 | 2,500,000 | 2,867,348 |
| Vista Unified School District, Election of 2018, Unlimited General Obligation | ||
| Series B, Insured: BAM | ||
| 5.25%, due 8/1/48 | 1,385,000 | 1,570,680 |
| Washington Township Health Care District, Unlimited General Obligation | ||
| Series B | ||
| 5.25%, due 8/1/36 | 500,000 | 589,758 |
| Series B | ||
| 5.25%, due 8/1/40 | 880,000 | 1,011,593 |
| Series B | ||
| 5.25%, due 8/1/48 | 500,000 | 564,208 |
| Series B | ||
| 5.50%, due 8/1/53 | 2,000,000 | 2,272,873 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General Obligation | ||
| West Contra Costa Unified School District, Unlimited General Obligation | ||
| Series A-1, Insured: AGM | ||
| 3.00%, due 8/1/51 | $ 2,000,000 | $ 1,600,237 |
| 371,554,436 | ||
| Hospital 5.4% | ||
| California Health Facilities Financing Authority, Cedars-Sinai Health System, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 8/15/40 | 5,000,000 | 5,133,135 |
| Series A | ||
| 4.00%, due 8/15/48 | 5,750,000 | 5,732,125 |
| Series A, Insured: BAM | ||
| 4.00%, due 8/15/48 | 4,145,000 | 4,144,954 |
| California Health Facilities Financing Authority, Children's Hospital Los Angeles Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 8/15/47 | 1,500,000 | 1,519,476 |
| California Health Facilities Financing Authority, El Camino Hospital, Revenue Bonds | ||
| 5.00%, due 2/1/47 | 6,500,000 | 6,686,059 |
| California Health Facilities Financing Authority, Kaiser Foundation Hospitals, Revenue Bonds | ||
| Series A-2 | ||
| 4.00%, due 11/1/44 | 5,000,000 | 4,970,849 |
| California Health Facilities Financing Authority, Scripps Health System, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/15/37 | 5,550,000 | 6,571,329 |
| California Municipal Finance Authority, Community Medical Centers, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 2/1/37 | 1,000,000 | 1,036,295 |
| California Municipal Finance Authority, Healthright 360, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/1/39 (b) | 1,000,000 | 1,007,936 |
| California Public Finance Authority, Hoag Memorial Hospital Presbyterian, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/15/51 | 6,925,000 | 6,977,220 |
| Series A | ||
| 5.00%, due 7/15/46 | 1,515,000 | 1,676,481 |
| California Statewide Communities Development Authority, Adventist Health System/West Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 3/1/35 | 600,000 | 618,453 |
| California Statewide Communities Development Authority, Enloe Medical Center Obligated Group, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 5.00%, due 8/15/42 | 1,000,000 | 1,108,356 |
| Series A, Insured: AGM | ||
| 5.25%, due 8/15/52 | 3,000,000 | 3,304,219 |
| Regents of the University of California Medical Center, Pooled, Revenue Bonds | ||
| Series P | ||
| 5.00%, due 5/15/47 | 7,400,000 | 8,199,045 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Hospital | ||
| Washington Township Health Care District, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 7/1/36 | $ 1,380,000 | $ 1,319,000 |
| Series A | ||
| 5.00%, due 7/1/41 | 400,000 | 412,305 |
| Series A | ||
| 5.00%, due 7/1/42 | 380,000 | 389,764 |
| Series A | ||
| 5.00%, due 7/1/43 | 300,000 | 306,231 |
| Series A | ||
| 5.75%, due 7/1/48 | 300,000 | 335,041 |
| 61,448,273 | ||
| Housing 1.7% | ||
| California Community College Financing Authority, Orange Coast College Project, Revenue Bonds | ||
| 5.00%, due 5/1/27 | 280,000 | 291,287 |
| 5.00%, due 5/1/28 | 250,000 | 263,154 |
| 5.00%, due 5/1/29 | 1,470,000 | 1,545,571 |
| California Municipal Finance Authority, Mobile Home Park Caritas Project, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 4.00%, due 8/15/42 | 1,540,000 | 1,500,744 |
| California Municipal Finance Authority, P3 Claremont Holdings LLC, Claremont Colleges Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/40 (b) | 1,000,000 | 958,871 |
| California Municipal Finance Authority, Windsor Mobile Country Club, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/15/37 | 1,320,000 | 1,328,672 |
| California School Finance Authority, Sonoma County Junior College Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/1/36 (b) | 2,000,000 | 1,896,230 |
| California Statewide Communities Development Authority, CHF-Irvine LLC, Student Housing, Revenue Bonds | ||
| 5.00%, due 5/15/40 | 1,000,000 | 1,009,470 |
| California Statewide Communities Development Authority, Irvine Campus Apartments, Revenue Bonds | ||
| 5.00%, due 5/15/50 | 3,500,000 | 3,523,641 |
| California Statewide Communities Development Authority, Provident Group Pomona Properties LLC Project, Revenue Bonds | ||
| Series A | ||
| 5.75%, due 1/15/45 (b) | 400,000 | 399,978 |
| Hastings Campus Housing Finance Authority, Green Bond, Revenue Bonds, Senior Lien (b) | ||
| Series A | ||
| 5.00%, due 7/1/45 | 3,150,000 | 2,861,011 |
| Series A | ||
| 5.00%, due 7/1/61 | 3,850,000 | 3,303,638 |
| 18,882,267 | ||
| Other Revenue 22.1% | ||
| Alameda County Transportation Commission, Measure BB, Revenue Bonds, Senior Lien | ||
| Series BB | ||
| 5.00%, due 3/1/45 | 2,500,000 | 2,826,277 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| California Community Choice Financing Authority, Clean Energy Project, Revenue Bonds | ||
| Series B-1 | ||
| 4.00%, due 2/1/52 (d) | $ 4,725,000 | $ 4,769,262 |
| Series A | ||
| 5.00%, due 5/1/54 (d) | 16,900,000 | 18,244,664 |
| Series E-2 | ||
| 5.234%, due 2/1/54 | 4,250,000 | 4,229,838 |
| Series C | ||
| 5.25%, due 1/1/54 (d) | 12,325,000 | 13,037,047 |
| Series F | ||
| 5.50%, due 10/1/54 (d) | 7,245,000 | 7,981,596 |
| California Community Housing Agency, Essential Housing, Revenue Bonds, Senior Lien | ||
| Series A-1 | ||
| 4.00%, due 2/1/56 (b) | 6,285,000 | 5,225,825 |
| California Community Housing Agency, Fountains at Emerald, Revenue Bonds, Senior Lien | ||
| Series A-1 | ||
| 3.00%, due 8/1/56 (b) | 2,700,000 | 1,866,821 |
| California Community Housing Agency, Summit at Sausalito Apartments, Revenue Bonds | ||
| Series A-1 | ||
| 3.00%, due 2/1/57 (b) | 500,000 | 333,195 |
| California County Tobacco Securitization Agency, Golden Gate Tobacco Funding Corp., Asset-Backed, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/47 | 1,275,000 | 1,224,035 |
| California County Tobacco Securitization Agency, Tobacco Settlement, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 4.00%, due 6/1/34 | 300,000 | 313,207 |
| Series A | ||
| 4.00%, due 6/1/36 | 300,000 | 309,866 |
| Series A | ||
| 4.00%, due 6/1/37 | 275,000 | 281,783 |
| Series A | ||
| 4.00%, due 6/1/38 | 275,000 | 278,983 |
| Series A | ||
| 4.00%, due 6/1/39 | 350,000 | 353,385 |
| Series A | ||
| 4.00%, due 6/1/49 | 2,500,000 | 2,387,078 |
| California Health Facilities Financing Authority, Lundquist Institute For Biomedical Innovation, Revenue Bonds | ||
| 5.00%, due 9/1/30 | 1,300,000 | 1,358,598 |
| 5.00%, due 9/1/32 | 1,435,000 | 1,498,822 |
| 5.00%, due 9/1/34 | 1,590,000 | 1,658,073 |
| California Infrastructure & Economic Development Bank, DesertXpress Enterprises LLC, Revenue Bonds | ||
| Series A | ||
| 3.95%, due 1/1/50 (b)(d)(e) | 5,650,000 | 5,650,530 |
| California Infrastructure & Economic Development Bank, Infrastructure State Revolving Fund, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/47 | 5,000,000 | 5,675,826 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| California Infrastructure & Economic Development Bank, Los Angeles County Museum of Natural History Foundation, Revenue Bonds | ||
| 3.00%, due 7/1/50 | $ 3,735,000 | $ 2,917,371 |
| California Municipal Finance Authority, Orange County Civic Center Infrastructure Program, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/37 | 2,085,000 | 2,253,864 |
| California Municipal Finance Authority, Rancho Colus LP, Revenue Bonds | ||
| Series A, Insured: HUD Sector 8 | ||
| 5.00%, due 8/1/26 (d) | 3,360,000 | 3,422,523 |
| California Municipal Finance Authority, Republic Services, Inc., Revenue Bonds | ||
| Series A | ||
| 4.375%, due 9/1/53 (d)(e) | 7,500,000 | 7,841,784 |
| California Municipal Finance Authority, United Airlines, Inc. Project, Revenue Bonds | ||
| 4.00%, due 7/15/29 (e) | 8,500,000 | 8,498,700 |
| California State Public Works Board, Various Capital Projects, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 11/1/44 | 3,735,000 | 4,067,754 |
| Series D | ||
| 5.00%, due 11/1/46 | 7,025,000 | 8,027,439 |
| California Statewide Communities Development Authority, California Baptist University, Revenue Bonds | ||
| Series A | ||
| 6.375%, due 11/1/43 (b) | 500,000 | 500,682 |
| California Statewide Communities Development Authority, Front Porch Communities & Services Obligated Group, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 4/1/42 | 2,000,000 | 1,989,896 |
| California Statewide Financing Authority, TSR Multi-County Special Purpose Trust, Revenue Bonds | ||
| Series A | ||
| 6.00%, due 5/1/43 | 1,230,000 | 1,258,513 |
| Children's Trust Fund, Asset-Backed, Revenue Bonds | ||
| Series A | ||
| (zero coupon), due 5/15/50 | 1,500,000 | 280,791 |
| City of Victorville, Electric, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 5/1/38 | 1,115,000 | 1,250,118 |
| CMFA Special Finance Agency VIII, Elan Huntington Beach, Revenue Bonds, Senior Lien | ||
| Series A-1 | ||
| 3.00%, due 8/1/56 (b) | 2,000,000 | 1,329,675 |
| CSCDA Community Improvement Authority, 1818 Platinum Triangle-Anaheim, Revenue Bonds, Senior Lien | ||
| Series A-2 | ||
| 3.25%, due 4/1/57 (b) | 3,500,000 | 2,445,502 |
| CSCDA Community Improvement Authority, Acacia on Santa Rosa Creek, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 4.00%, due 10/1/56 (b) | 2,000,000 | 1,688,079 |
| CSCDA Community Improvement Authority, Dublin, Revenue Bonds, Senior Lien | ||
| Series A-2 | ||
| 3.00%, due 2/1/57 (b) | 1,250,000 | 857,206 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| CSCDA Community Improvement Authority, Oceanaire Long Beach, Revenue Bonds | ||
| Series A-2 | ||
| 4.00%, due 9/1/56 (b) | $ 7,000,000 | $ 5,205,301 |
| CSCDA Community Improvement Authority, Pasadena Portfolio, Revenue Bonds, Senior Lien | ||
| Series A-1 | ||
| 2.65%, due 12/1/46 (b) | 1,230,000 | 939,665 |
| CSCDA Community Improvement Authority, Theo Pasadena, Revenue Bonds, Senior Lien | ||
| Series A-2 | ||
| 3.25%, due 5/1/57 (b) | 4,500,000 | 3,118,466 |
| Del Mar Race Track Authority, Revenue Bonds | ||
| 5.00%, due 10/1/30 | 1,000,000 | 1,000,939 |
| Golden State Tobacco Securitization Corp., Tobacco Settlement, Revenue Bonds | ||
| Series A-1 | ||
| 5.00%, due 6/1/51 | 7,165,000 | 7,504,663 |
| Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed, Revenue Bonds | ||
| Series A | ||
| 5.625%, due 6/1/47 | 1,025,000 | 1,024,313 |
| Imperial Irrigation District, Electric System, Revenue Bonds | ||
| 5.00%, due 11/1/41 | 1,655,000 | 1,808,605 |
| Indio Finance Authority, Revenue Bonds | ||
| Series A, Insured: BAM | ||
| 4.50%, due 11/1/52 | 2,000,000 | 2,066,830 |
| Series A, Insured: BAM | ||
| 5.25%, due 11/1/42 | 1,500,000 | 1,716,285 |
| Lodi Public Financing Authority, Electric System, Revenue Bonds | ||
| Insured: AGM | ||
| 5.00%, due 9/1/32 | 1,650,000 | 1,815,398 |
| Los Angeles County Metropolitan Transportation Authority, Sales Tax, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 6/1/38 | 6,245,000 | 6,599,795 |
| Matching Fund Special Purpose Securitization Corp., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/30 | 3,140,000 | 3,298,058 |
| Series A | ||
| 5.00%, due 10/1/32 | 3,140,000 | 3,321,007 |
| Series A | ||
| 5.00%, due 10/1/39 | 11,915,000 | 12,242,835 |
| Modesto Irrigation District, Electric System, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 10/1/48 | 7,905,000 | 8,937,746 |
| Municipal Improvement Corp. of Los Angeles, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 5/1/42 | 350,000 | 408,470 |
| Series A | ||
| 5.00%, due 5/1/43 | 1,000,000 | 1,159,323 |
| Peninsula Corridor Joint Powers Board, Green Bond, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/47 | 4,750,000 | 5,210,481 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds | ||
| Series A-1 | ||
| (zero coupon), due 7/1/46 | $ 12,530,000 | $ 3,908,627 |
| Series A-1 | ||
| (zero coupon), due 7/1/51 | 5,390,000 | 1,243,157 |
| Series A-2 | ||
| 4.329%, due 7/1/40 | 4,659,000 | 4,641,541 |
| Series A-1 | ||
| 4.50%, due 7/1/34 | 1,500,000 | 1,510,163 |
| Series A-2B | ||
| 4.55%, due 7/1/40 | 1,871,000 | 1,877,762 |
| Series A-1 | ||
| 4.75%, due 7/1/53 | 5,866,000 | 5,761,994 |
| Series A-2 | ||
| 4.784%, due 7/1/58 | 4,707,000 | 4,620,278 |
| Series A-1 | ||
| 5.00%, due 7/1/58 | 2,991,078 | 3,000,766 |
| Riverside County Transportation Commission, Sales Tax, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 6/1/36 | 3,500,000 | 3,656,983 |
| San Bernardino County Financing Authority, Court House Facilities Project, Revenue Bonds | ||
| Series C, Insured: NATL-RE | ||
| 5.50%, due 6/1/37 | 950,000 | 986,859 |
| San Joaquin County Transportation Authority, Sales Tax Revenue, Revenue Bonds | ||
| Series K | ||
| 5.00%, due 3/1/37 | 1,705,000 | 1,815,987 |
| South Bayside Waste Management Authority, Green Bond, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 5.00%, due 9/1/40 | 2,435,000 | 2,623,595 |
| South San Francisco Public Facilities Financing Authority, Multiple Capital Projects at Orange Memorial Park, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/40 | 1,150,000 | 1,271,061 |
| Southern California Public Power Authority, Southern Transmissional System Renewal Project, Revenue Bonds | ||
| Series A | ||
| 5.248%, due 11/1/38 | 2,500,000 | 2,317,223 |
| Stockton Public Financing Authority, Water Revenue, Green Bonds, Revenue Bonds | ||
| Series A, Insured: BAM | ||
| 4.00%, due 10/1/37 | 2,500,000 | 2,561,236 |
| Series A, Insured: BAM | ||
| 5.00%, due 10/1/32 | 1,275,000 | 1,409,582 |
| Series A, Insured: BAM | ||
| 5.00%, due 10/1/34 | 1,500,000 | 1,650,331 |
| Territory of Guam, Business Privilege Tax, Revenue Bonds | ||
| Series D | ||
| 5.00%, due 11/15/27 | 2,000,000 | 2,046,311 |
| Series D | ||
| 5.00%, due 11/15/33 | 2,495,000 | 2,545,161 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| Tobacco Securitization Authority of Northern California, Sacramento County Tobacco Securitization Corp., Revenue Bonds, Senior Lien | ||
| Series A | ||
| 4.00%, due 6/1/49 | $ 3,000,000 | $ 2,830,823 |
| Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/29 (b) | 1,500,000 | 1,427,164 |
| Series A | ||
| 5.00%, due 10/1/32 | 1,150,000 | 1,065,611 |
| 250,285,003 | ||
| Transportation 12.5% | ||
| Alameda Corridor Transportation Authority, Revenue Bonds | ||
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 10/1/36 | 3,000,000 | 1,861,112 |
| Series C, Insured: AGM | ||
| 5.00%, due 10/1/52 | 3,500,000 | 3,791,271 |
| Bay Area Toll Authority, Revenue Bonds | ||
| Series S-7 | ||
| 4.00%, due 4/1/35 | 3,500,000 | 3,610,854 |
| California Municipal Finance Authority, LINXS APM Project, Revenue Bonds, Senior Lien (e) | ||
| Series A, Insured: AGM | ||
| 3.50%, due 12/31/35 | 2,310,000 | 2,195,397 |
| Series A | ||
| 5.00%, due 12/31/33 | 3,800,000 | 3,968,818 |
| City of Long Beach, Airport System, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 5.00%, due 6/1/33 | 550,000 | 658,076 |
| Series A, Insured: AGM | ||
| 5.00%, due 6/1/34 | 410,000 | 489,774 |
| Series B, Insured: AGM | ||
| 5.00%, due 6/1/35 | 310,000 | 368,930 |
| Series A, Insured: AGM | ||
| 5.00%, due 6/1/36 | 800,000 | 945,766 |
| Series A, Insured: AGM | ||
| 5.00%, due 6/1/37 | 750,000 | 879,253 |
| Series A, Insured: AGM | ||
| 5.00%, due 6/1/38 | 750,000 | 871,648 |
| Series A, Insured: AGM | ||
| 5.00%, due 6/1/39 | 500,000 | 576,847 |
| Series B, Insured: AGM | ||
| 5.00%, due 6/1/40 | 750,000 | 860,057 |
| City of Long Beach, Harbor, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 5/15/37 | 3,475,000 | 3,890,545 |
| Series A | ||
| 5.00%, due 5/15/40 (e) | 4,915,000 | 5,134,177 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Transportation | ||
| City of Los Angeles, Department of Airports, Revenue Bonds (e) | ||
| Series D | ||
| 3.00%, due 5/15/39 | $ 105,000 | $ 104,310 |
| Series D | ||
| 5.00%, due 5/15/30 | 3,000,000 | 3,252,661 |
| Series B | ||
| 5.00%, due 5/15/34 | 4,625,000 | 4,935,457 |
| Series D | ||
| 5.00%, due 5/15/35 | 2,000,000 | 2,122,152 |
| Series F | ||
| 5.00%, due 5/15/38 | 1,000,000 | 1,059,914 |
| City of Los Angeles, Department of Airports, Revenue Bonds, Senior Lien (e) | ||
| Series G | ||
| 4.00%, due 5/15/47 | 2,000,000 | 1,950,316 |
| Series C | ||
| 5.00%, due 5/15/29 | 5,000,000 | 5,447,496 |
| Series G | ||
| 5.50%, due 5/15/38 | 1,000,000 | 1,143,341 |
| Series G | ||
| 5.50%, due 5/15/39 | 1,375,000 | 1,563,072 |
| Series G | ||
| 5.50%, due 5/15/40 | 4,000,000 | 4,527,524 |
| Series H | ||
| 5.50%, due 5/15/47 | 4,100,000 | 4,540,271 |
| Foothill-Eastern Transportation Corridor Agency, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 5.50%, due 1/15/31 (a) | 2,000,000 | 2,355,827 |
| Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 4.00%, due 1/15/46 | 5,270,000 | 5,166,192 |
| Norman Y Mineta San Jose International Airport SJC, Revenue Bonds (e) | ||
| Series A | ||
| 5.00%, due 3/1/30 | 1,855,000 | 2,026,329 |
| Series A | ||
| 5.00%, due 3/1/47 | 6,890,000 | 6,974,496 |
| Oklahoma Turnpike Authority, Revenue Bonds | ||
| 5.50%, due 1/1/53 | 10,000,000 | 11,140,837 |
| Ontario International Airport Authority, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 4.00%, due 5/15/51 | 2,000,000 | 2,009,304 |
| Port of Oakland, Revenue Bonds | ||
| Series H | ||
| 5.00%, due 5/1/29 (e) | 1,900,000 | 2,057,211 |
| San Diego County Regional Airport Authority, Revenue Bonds, Senior Lien (e) | ||
| Series B | ||
| 5.25%, due 7/1/36 | 3,370,000 | 3,883,982 |
| Series B | ||
| 5.25%, due 7/1/58 | 6,000,000 | 6,448,583 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Transportation | ||
| San Francisco City & County Airport Commission, San Francisco International Airport, Revenue Bonds, Second Series (e) | ||
| Series E | ||
| 5.00%, due 5/1/36 | $ 1,195,000 | $ 1,280,365 |
| Series A | ||
| 5.00%, due 5/1/44 | 2,500,000 | 2,500,138 |
| Series E | ||
| 5.00%, due 5/1/50 | 3,460,000 | 3,573,602 |
| Series C | ||
| 5.75%, due 5/1/48 | 14,300,000 | 16,120,603 |
| San Joaquin Hills Transportation Corridor Agency, Revenue Bonds, Junior Lien | ||
| Series B | ||
| 5.25%, due 1/15/44 | 9,750,000 | 9,883,126 |
| Series B | ||
| 5.25%, due 1/15/49 | 1,915,000 | 1,939,179 |
| San Joaquin Hills Transportation Corridor Agency, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 4.00%, due 1/15/50 | 2,948,000 | 2,953,319 |
| 141,062,132 | ||
| Utilities 3.0% | ||
| City of Riverside, Electric, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/41 | 550,000 | 638,996 |
| Series A | ||
| 5.00%, due 10/1/42 | 515,000 | 592,938 |
| Guam Power Authority, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/27 | 1,230,000 | 1,290,115 |
| Series A | ||
| 5.00%, due 10/1/33 | 1,000,000 | 1,049,723 |
| Series A | ||
| 5.00%, due 10/1/40 | 1,000,000 | 1,028,359 |
| Modesto Irrigation District, Electric System, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/40 | 1,690,000 | 1,739,179 |
| Puerto Rico Electric Power Authority, Revenue Bonds | ||
| Series UU, Insured: AGC | ||
| 4.25%, due 7/1/27 | 460,000 | 449,576 |
| Series UU, Insured: AGM | ||
| 5.00%, due 7/1/24 | 225,000 | 225,015 |
| Series XX | ||
| 5.25%, due 7/1/40 (f)(g) | 1,000,000 | 310,000 |
| Sacramento Municipal Utility District, Revenue Bonds | ||
| Series H | ||
| 5.00%, due 8/15/38 | 4,340,000 | 4,943,976 |
| San Francisco City & County Public Utilities Commission, Power, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/1/45 | 1,920,000 | 1,964,042 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Utilities | ||
| Southern California Public Power Authority, Southern Transmissional System Renewal Project, Revenue Bonds | ||
| Series A-1 | ||
| 5.25%, due 7/1/53 | $ 17,500,000 | $ 20,077,437 |
| 34,309,356 | ||
| Water & Sewer 7.9% | ||
| California Infrastructure & Economic Development Bank, Clean Water and Drinking Water, Revenue Bonds | ||
| 4.00%, due 10/1/40 | 3,500,000 | 3,664,067 |
| 4.00%, due 10/1/45 | 5,250,000 | 5,395,954 |
| City of Oxnard, Wastewater, Revenue Bonds | ||
| Insured: BAM | ||
| 4.00%, due 6/1/32 | 1,920,000 | 2,016,362 |
| Insured: BAM | ||
| 4.00%, due 6/1/34 | 2,080,000 | 2,169,149 |
| Insured: BAM | ||
| 5.00%, due 6/1/30 | 1,340,000 | 1,478,048 |
| City of San Francisco, Public Utilities Commission Water, Revenue Bonds | ||
| Series B | ||
| 5.25%, due 11/1/48 | 3,945,000 | 4,605,806 |
| Series B | ||
| 5.25%, due 11/1/52 | 2,500,000 | 2,888,735 |
| East Bay Municipal Utility District, Water System, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/37 | 3,000,000 | 3,573,761 |
| Series A | ||
| 5.00%, due 6/1/38 | 1,800,000 | 2,131,588 |
| Series A | ||
| 5.00%, due 6/1/49 | 3,500,000 | 3,810,936 |
| Guam Government Waterworks Authority, Water and Wastewater System, Revenue Bonds | ||
| 5.00%, due 1/1/46 | 5,500,000 | 5,590,041 |
| Series A | ||
| 5.00%, due 1/1/50 | 2,500,000 | 2,590,988 |
| Los Angeles Department of Water & Power, Water System, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 7/1/40 | 2,000,000 | 2,259,657 |
| Series C | ||
| 5.00%, due 7/1/41 | 1,035,000 | 1,196,779 |
| Series B | ||
| 5.00%, due 7/1/46 | 1,575,000 | 1,741,597 |
| Series A | ||
| 5.00%, due 7/1/47 | 1,250,000 | 1,369,828 |
| Series A | ||
| 5.00%, due 7/1/49 | 1,000,000 | 1,128,377 |
| Metropolitan Water District of Southern California, Waterworks, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/45 | 510,000 | 560,440 |
| Series A | ||
| 5.00%, due 10/1/46 | 3,500,000 | 3,921,561 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Water & Sewer | ||
| Oxnard Financing Authority, Waste Water, Revenue Bonds | ||
| Insured: AGM | ||
| 5.00%, due 6/1/34 | $ 1,000,000 | $ 1,004,983 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/33 (b) | 1,330,000 | 1,379,115 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Senior Lien (b) | ||
| Series 2020A | ||
| 5.00%, due 7/1/35 | 8,000,000 | 8,215,915 |
| Series A | ||
| 5.00%, due 7/1/37 | 4,800,000 | 4,912,331 |
| Series A | ||
| 5.00%, due 7/1/47 | 16,295,000 | 16,374,158 |
| San Diego County Water Authority, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 5/1/52 | 2,065,000 | 2,311,717 |
| Santa Margarita-Dana Point Authority, Water District Improvement, Revenue Bonds | ||
| 4.00%, due 8/1/36 | 2,025,000 | 2,094,971 |
| Watereuse Finance Authority, Vallejo Sanitation And Flood Control District Refunding Program, Revenue Bonds | ||
| Series A | ||
| 5.50%, due 5/1/36 | 500,000 | 502,379 |
| 88,889,243 | ||
| Total Long-Term Municipal Bonds (Cost $1,020,314,240) | 1,056,810,054 | |
| Short-Term Municipal Notes 4.4% | ||
| Other Revenue 0.6% | ||
| San Mateo County Transit District Sales Tax, Revenue Bonds | ||
| Series B | ||
| 2.55%, due 6/1/49 (h) | 7,300,000 | 7,300,000 |
| Utilities 3.8% | ||
| Los Angeles Department of Water & Power, Power System, Revenue Bonds | ||
| Series B-3 | ||
| 2.75%, due 7/1/34 (h) | 22,000,000 | 22,000,000 |
| Sacramento Municipal Utility District, Revenue Bonds | ||
| Series C | ||
| 2.85%, due 8/15/41 (h) | 20,700,000 | 20,700,000 |
| 42,700,000 | ||
| Total Short-Term Municipal Notes (Cost $50,000,000) | 50,000,000 | |
| Total Municipal Bonds (Cost $1,070,314,240) | 1,106,810,054 | |
| Shares | Value | ||
| Short-Term Investment 4.0% | |||
| Unaffiliated Investment Company 4.0% | |||
| BlackRock Liquidity Funds MuniCash, 3.974% (i) | 45,110,322 | $ 45,114,833 | |
| Total Short-Term Investment (Cost $45,114,833) | 45,114,833 | ||
| Total Investments (Cost $1,115,429,073) | 101.9% | 1,151,924,887 | |
| Other Assets, Less Liabilities | (1.9) | (21,440,916) | |
| Net Assets | 100.0% | $ 1,130,483,971 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | Step coupon—Rate shown was the rate in effect as of January 31, 2024. |
| (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) | Delayed delivery security. |
| (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, 2024. |
| (e) | Interest on these securities was subject to alternative minimum tax. |
| (f) | Issue in default. |
| (g) | Issue in non-accrual status. |
| (h) | 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. |
| (i) | Current yield as of January 31, 2024. |
Futures Contracts
As of January 31, 2024, the Fund
held the following futures contracts1:
| Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
| Short Contracts | |||||
| U.S. Treasury 10 Year Notes | (315) | March 2024 | $ (34,592,758) | $ (35,383,359) | $ (790,601) |
| 1. | As of January 31, 2024, cash in the amount of $669,375 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, 2024. |
| Abbreviation(s): |
| AGC—Assured Guaranty Corp. |
| AGM—Assured Guaranty Municipal Corp. |
| BAM—Build America Mutual Assurance Co. |
| CHF—Collegiate Housing Foundation |
| CR—Custodial Receipts |
| HUD—Housing and Urban Development |
| 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, 2024, 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 | $ — | $ 1,056,810,054 | $ — | $ 1,056,810,054 | |||
| Short-Term Municipal Notes | — | 50,000,000 | — | 50,000,000 | |||
| Total Municipal Bonds | — | 1,106,810,054 | — | 1,106,810,054 | |||
| Short-Term Investment | |||||||
| Unaffiliated Investment Company | 45,114,833 | — | — | 45,114,833 | |||
| Total Investments in Securities | $ 45,114,833 | $ 1,106,810,054 | $ — | $ 1,151,924,887 | |||
| Liability Valuation Inputs | |||||||
| Other Financial Instruments | |||||||
| Futures Contracts (b) | $ (790,601) | $ — | $ — | $ (790,601) |
| (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 WMC Growth Fund
Portfolio of Investments January 31, 2024†^(Unaudited)
| Shares | Value | |
| Common Stocks 98.5% | ||
| Aerospace & Defense 1.5% | ||
| Airbus SE, ADR | 145,968 | $ 5,794,930 |
| General Dynamics Corp. | 26,765 | 7,092,457 |
| 12,887,387 | ||
| Biotechnology 1.1% | ||
| Vertex Pharmaceuticals, Inc. (a) | 21,334 | 9,245,729 |
| Broadline Retail 4.6% | ||
| Amazon.com, Inc. (a) | 250,116 | 38,818,003 |
| Capital Markets 6.3% | ||
| Ares Management Corp. | 87,205 | 10,593,664 |
| KKR & Co., Inc. | 110,428 | 9,560,856 |
| Morgan Stanley | 97,305 | 8,488,888 |
| MSCI, Inc. | 16,505 | 9,880,223 |
| S&P Global, Inc. | 32,518 | 14,579,445 |
| 53,103,076 | ||
| Commercial Services & Supplies 1.6% | ||
| Copart, Inc. (a) | 182,074 | 8,746,835 |
| Waste Connections, Inc. | 31,309 | 4,861,035 |
| 13,607,870 | ||
| Consumer Finance 1.2% | ||
| American Express Co. | 49,927 | 10,022,346 |
| Entertainment 1.6% | ||
| Netflix, Inc. (a) | 24,225 | 13,665,565 |
| Financial Services 7.2% | ||
| FleetCor Technologies, Inc. (a) | 50,318 | 14,588,698 |
| Global Payments, Inc. | 44,093 | 5,874,510 |
| Mastercard, Inc., Class A | 72,258 | 32,460,461 |
| Visa, Inc., Class A | 27,956 | 7,639,257 |
| 60,562,926 | ||
| Ground Transportation 1.6% | ||
| Uber Technologies, Inc. (a) | 205,535 | 13,415,269 |
| Health Care Equipment & Supplies 1.2% | ||
| Boston Scientific Corp. (a) | 83,637 | 5,290,877 |
| Stryker Corp. | 13,251 | 4,445,445 |
| 9,736,322 | ||
| Health Care Providers & Services 2.0% | ||
| UnitedHealth Group, Inc. | 32,762 | 16,765,626 |
| Shares | Value | |
| Common Stocks | ||
| Health Care REITs 1.0% | ||
| Welltower, Inc. | 99,888 | $ 8,641,311 |
| Hotels, Restaurants & Leisure 2.7% | ||
| Airbnb, Inc., Class A (a) | 82,804 | 11,935,369 |
| Hilton Worldwide Holdings, Inc. | 57,650 | 11,008,844 |
| 22,944,213 | ||
| Industrial REITs 0.9% | ||
| Prologis, Inc. | 59,248 | 7,506,129 |
| Insurance 2.7% | ||
| Marsh & McLennan Cos., Inc. | 39,784 | 7,711,731 |
| Progressive Corp. (The) | 85,790 | 15,292,067 |
| 23,003,798 | ||
| Interactive Media & Services 10.4% | ||
| Alphabet, Inc., Class C (a) | 345,660 | 49,014,588 |
| Meta Platforms, Inc., Class A (a) | 90,056 | 35,134,448 |
| ZoomInfo Technologies, Inc. (a) | 187,200 | 3,002,688 |
| 87,151,724 | ||
| IT Services 2.4% | ||
| Gartner, Inc. (a) | 16,044 | 7,339,167 |
| MongoDB, Inc. (a) | 12,877 | 5,157,496 |
| Shopify, Inc., Class A (a) | 91,835 | 7,353,229 |
| 19,849,892 | ||
| Life Sciences Tools & Services 1.9% | ||
| Danaher Corp. | 55,102 | 13,219,521 |
| Mettler-Toledo International, Inc. (a) | 2,172 | 2,600,296 |
| 15,819,817 | ||
| Machinery 0.2% | ||
| IDEX Corp. | 9,553 | 2,020,459 |
| Pharmaceuticals 4.3% | ||
| Eli Lilly & Co. | 37,212 | 24,024,440 |
| Zoetis, Inc. | 65,446 | 12,291,413 |
| 36,315,853 | ||
| Professional Services 1.3% | ||
| TransUnion | 161,840 | 11,197,710 |
| Semiconductors & Semiconductor Equipment 10.3% | ||
| Advanced Micro Devices, Inc. (a) | 80,652 | 13,524,534 |
| ARM Holdings plc, ADR (a)(b) | 19,725 | 1,393,966 |
| ASML Holding NV (Registered) | 12,488 | 10,862,312 |
| Microchip Technology, Inc. | 83,179 | 7,085,187 |
| Shares | Value | ||
| Common Stocks | |||
| Semiconductors & Semiconductor Equipment | |||
| Monolithic Power Systems, Inc. | 21,207 | $ 12,781,883 | |
| NVIDIA Corp. | 67,043 | 41,249,547 | |
| 86,897,429 | |||
| Software 19.4% | |||
| Atlassian Corp., Class A (a) | 46,181 | 11,534,628 | |
| Cadence Design Systems, Inc. (a) | 25,036 | 7,221,885 | |
| HubSpot, Inc. (a) | 16,257 | 9,933,027 | |
| Intuit, Inc. | 22,776 | 14,379,172 | |
| Microsoft Corp. | 227,090 | 90,286,442 | |
| Salesforce, Inc. (a) | 42,523 | 11,952,790 | |
| ServiceNow, Inc. (a) | 17,303 | 13,243,716 | |
| Workday, Inc., Class A (a) | 16,463 | 4,791,886 | |
| 163,343,546 | |||
| Specialized REITs 2.4% | |||
| American Tower Corp. | 60,897 | 11,914,498 | |
| Equinix, Inc. | 10,274 | 8,525,057 | |
| 20,439,555 | |||
| Specialty Retail 1.5% | |||
| TJX Cos., Inc. (The) | 128,188 | 12,166,323 | |
| Technology Hardware, Storage & Peripherals 6.7% | |||
| Apple, Inc. | 307,845 | 56,766,618 | |
| Textiles, Apparel & Luxury Goods 0.5% | |||
| Lululemon Athletica, Inc. (a) | 9,398 | 4,265,000 | |
| Total Common Stocks (Cost $477,572,349) | 830,159,496 | ||
| Short-Term Investments 1.7% | |||
| Affiliated Investment Company 1.5% | |||
| MainStay U.S. Government Liquidity Fund, 5.25% (c) | 12,615,818 | 12,615,818 | |
| Unaffiliated Investment Company 0.2% | |||
| Invesco Government & Agency Portfolio, 5.315% (c)(d) | 1,449,265 | 1,449,265 | |
| Total Short-Term Investments (Cost $14,065,083) | 14,065,083 | ||
| Total Investments (Cost $491,637,432) | 100.2% | 844,224,579 | |
| Other Assets, Less Liabilities | (0.2) | (1,416,148) | |
| Net Assets | 100.0% | $ 842,808,431 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security was held on loan. As of January 31, 2024, the aggregate market value of securities on loan was $1,393,895. The Fund received cash collateral with a value of $1,449,265. |
| (c) | Current yield as of January 31, 2024. |
| (d) | Represents a security purchased with cash collateral received for securities on loan. |
Investments in Affiliates (in
000's)
Investments in issuers considered to
be affiliate(s) of the Fund during the period ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| MainStay U.S. Government Liquidity Fund | $ 24,211 | $ 37,381 | $ (48,976) | $ — | $ — | $ 12,616 | $ 118 | $ — | 12,616 |
| Abbreviation(s): |
| ADR—American Depositary Receipt |
| REIT—Real Estate Investment Trust |
The following is a summary of the
fair valuations according to the inputs used as of January 31, 2024, 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 | $ 830,159,496 | $ — | $ — | $ 830,159,496 | |||
| Short-Term Investments | |||||||
| Affiliated Investment Company | 12,615,818 | — | — | 12,615,818 | |||
| Unaffiliated Investment Company | 1,449,265 | — | — | 1,449,265 | |||
| Total Short-Term Investments | 14,065,083 | — | — | 14,065,083 | |||
| Total Investments in Securities | $ 844,224,579 | $ — | $ — | $ 844,224,579 |
| (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, 2024†^(Unaudited)
| Principal Amount | Value | |
| Municipal Bonds 97.1% | ||
| Long-Term Municipal Bonds 92.4% | ||
| Alabama 2.3% | ||
| Alabama Special Care Facilities Financing Authority, Methodist Home for the Aging, Revenue Bonds | ||
| Series 1 | ||
| 5.75%, due 6/1/45 | $ 1,250,000 | $ 1,091,803 |
| Black Belt Energy Gas District, Gas Project No.7, Revenue Bonds | ||
| Series C-2 | ||
| 4.90%, due 10/1/52 | 27,720,000 | 26,916,250 |
| Cooper Green Mercy Health Services Authority, County of Jefferson Indigent Care Fund, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 9/1/42 | 4,950,000 | 5,390,719 |
| County of Jefferson, Sewer, Revenue Bonds | ||
| 5.25%, due 10/1/40 | 5,000,000 | 5,640,736 |
| 5.25%, due 10/1/41 | 5,000,000 | 5,596,687 |
| 5.25%, due 10/1/42 | 6,250,000 | 6,955,990 |
| 5.25%, due 10/1/43 | 6,250,000 | 6,927,023 |
| 5.25%, due 10/1/45 | 8,000,000 | 8,794,264 |
| 5.25%, due 10/1/49 | 22,300,000 | 24,216,743 |
| 5.50%, due 10/1/53 | 2,100,000 | 2,329,408 |
| Hoover Industrial Development Board, United States Steel Corp., Green Bond, Revenue Bonds | ||
| 6.375%, due 11/1/50 (a)(b) | 3,140,000 | 3,469,459 |
| Lower Alabama Gas District (The), Revenue Bonds | ||
| Series A | ||
| 5.00%, due 9/1/46 | 17,360,000 | 18,899,988 |
| Montgomery Educational Building Authority, Faulkner University, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/43 | 4,780,000 | 4,800,727 |
| Prichard Water Works & Sewer Board, Revenue Bonds | ||
| 4.00%, due 11/1/49 | 6,000,000 | 3,986,692 |
| Southeast Energy Authority, A Cooperative District, Project No. 2, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 12/1/51 (b) | 8,400,000 | 8,324,298 |
| Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Revenue Bonds (c) | ||
| Series A | ||
| 4.50%, due 5/1/32 | 11,736,585 | 11,467,081 |
| Series A | ||
| 5.25%, due 5/1/44 | 44,390,000 | 43,093,670 |
| 187,901,538 | ||
| Alaska 0.2% | ||
| Alaska Industrial Development & Export Authority, Dena' Nena' Henash, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 10/1/49 | 15,440,000 | 14,396,560 |
| Alaska Industrial Development & Export Authority, Interior Gas Utility Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/40 | 1,795,000 | 1,777,910 |
| Series A | ||
| 5.00%, due 6/1/50 | 3,485,000 | 3,331,018 |
| 19,505,488 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Arizona 1.5% | ||
| Arizona Industrial Development Authority, GreatHearts Arizona Project, Revenue Bonds | ||
| Series A, Insured: SD CRED PROG | ||
| 3.00%, due 7/1/46 | $ 4,265,000 | $ 3,368,957 |
| Series A, Insured: SD CRED PROG | ||
| 3.00%, due 7/1/52 | 9,525,000 | 7,115,616 |
| Arizona Industrial Development Authority, Provident Group, NCCU Properties LLC, Central University Project, Revenue Bonds | ||
| Series A, Insured: BAM | ||
| 4.00%, due 6/1/44 | 2,500,000 | 2,458,383 |
| Arizona Industrial Development Authority, Equitable School Revolving Fund LLC, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/1/45 | 5,470,000 | 5,162,955 |
| Series A | ||
| 4.00%, due 11/1/46 | 1,000,000 | 937,709 |
| Series A | ||
| 4.00%, due 11/1/51 | 3,405,000 | 3,078,888 |
| Series A | ||
| 4.25%, due 11/1/52 | 2,000,000 | 1,878,277 |
| Arizona Industrial Development Authority, University of Indianapolis, Health Pavilion Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 10/1/49 | 1,000,000 | 863,399 |
| Series A | ||
| 5.00%, due 10/1/45 | 1,875,000 | 1,902,255 |
| Arizona Industrial Development Authority, Equitable School Revolving Fund LLC Obligated Group, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/1/49 | 4,865,000 | 4,450,963 |
| Arizona Industrial Development Authority, Macombs Facility Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/51 | 3,000,000 | 2,642,273 |
| Series A | ||
| 4.00%, due 7/1/61 | 1,830,000 | 1,555,273 |
| Arizona Industrial Development Authority, Jerome Facility Project, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 7/1/51 | 1,420,000 | 1,250,676 |
| Series B | ||
| 4.00%, due 7/1/61 | 1,000,000 | 849,876 |
| Arizona Industrial Development Authority, Odyssey Preparatory Academy, Inc. (The), Revenue Bonds (c) | ||
| Series A | ||
| 4.75%, due 7/1/29 | 2,565,000 | 2,560,055 |
| 5.00%, due 7/1/54 | 2,000,000 | 1,736,757 |
| Arizona Industrial Development Authority, Idaho State Tax Commission, Linder Village Project, Revenue Bonds | ||
| 5.00%, due 6/1/31 (c) | 3,700,000 | 3,769,849 |
| Arizona Industrial Development Authority, Arizona Agribusiness and Equine Center, Inc., Revenue Bonds (c) | ||
| Series B | ||
| 5.00%, due 3/1/37 | 3,030,000 | 2,953,242 |
| Series B | ||
| 5.00%, due 3/1/42 | 3,185,000 | 2,986,526 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Arizona | ||
| Arizona Industrial Development Authority, Provident Group-NCCU Properties LLC, Revenue Bonds | ||
| Series A, Insured: BAM | ||
| 5.00%, due 6/1/49 | $ 2,650,000 | $ 2,751,735 |
| Series A, Insured: BAM | ||
| 5.00%, due 6/1/54 | 2,850,000 | 2,944,473 |
| Arizona Industrial Development Authority, Somerset Academy of Las Vegas Lone Mountain Campus, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/15/49 (c) | 1,200,000 | 1,100,624 |
| Arizona Industrial Development Authority, Mater Academy of Nevada, Bonanza Campus Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/15/50 (c) | 1,500,000 | 1,411,291 |
| Arizona Industrial Development Authority, Provident Group, Eastern Michigan University Parking Project, Revenue Bonds | ||
| 5.00%, due 5/1/51 (d)(e) | 1,000,000 | 550,000 |
| Arizona Industrial Development Authority, American Charter Schools Foundation, Revenue Bonds (c) | ||
| 6.00%, due 7/1/37 | 2,910,000 | 2,990,043 |
| 6.00%, due 7/1/47 | 7,010,000 | 7,112,998 |
| City of Phoenix, Downtown Phoenix Student Housing LLC, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/37 | 1,000,000 | 1,026,324 |
| City of Phoenix, Basis Schools Project, Revenue Bonds (c) | ||
| Series A | ||
| 5.00%, due 7/1/45 | 1,000,000 | 958,124 |
| Series A | ||
| 5.00%, due 7/1/46 | 3,820,000 | 3,631,660 |
| City of Phoenix, Downtown Phoenix Student Housing II LLC, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/59 | 2,200,000 | 2,161,750 |
| City of Phoenix, Espiritu Community Development Corp., Revenue Bonds | ||
| Series A | ||
| 6.25%, due 7/1/36 | 820,000 | 782,533 |
| Glendale Industrial Development Authority, Midwestern University Foundation, Revenue Bonds | ||
| Series A | ||
| 2.125%, due 7/1/33 (a) | 2,000,000 | 1,686,891 |
| Glendale Industrial Development Authority, People of Faith, Inc. Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 5/15/56 | 8,150,000 | 6,890,774 |
| Industrial Development Authority of the County of Pima (The), American Leadership Academy Project, Revenue Bonds (c) | ||
| 4.00%, due 6/15/51 | 8,400,000 | 6,459,043 |
| 4.00%, due 6/15/57 | 1,000,000 | 738,930 |
| 5.625%, due 6/15/45 | 3,685,000 | 3,693,613 |
| Industrial Development Authority of the County of Pima (The), Charter Schools Project, Revenue Bonds | ||
| Series Q | ||
| 5.375%, due 7/1/31 | 1,045,000 | 1,032,082 |
| Maricopa County Industrial Development Authority, Legacy Traditional School Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/51 (c) | 530,000 | 418,726 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Arizona | ||
| Maricopa County Industrial Development Authority, Legacy Traditional Schools Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/56 (c) | $ 1,220,000 | $ 938,509 |
| Maricopa County Industrial Development Authority, Horizon Community Learning Center, Revenue Bonds | ||
| 5.00%, due 7/1/35 | 3,000,000 | 3,012,040 |
| Maricopa County Pollution Control Corp., El Paso Electric Co. Project, Revenue Bonds | ||
| Series B | ||
| 3.60%, due 4/1/40 | 8,650,000 | 7,830,986 |
| Pinal County Industrial Development Authority, WOF SW GGP 1 LLC, Revenue Bonds (a)(f) | ||
| Series A | ||
| 5.50%, due 10/1/33 (c) | 7,673,000 | 7,410,377 |
| Series B | ||
| 5.50%, due 10/1/33 | 2,000,000 | 1,931,546 |
| 120,987,001 | ||
| Arkansas 1.0% | ||
| Arkansas Development Finance Authority, Washington Regional Medical Center, Revenue Bonds | ||
| 4.00%, due 2/1/42 | 4,390,000 | 4,065,569 |
| Arkansas Development Finance Authority, Baptist Health, Revenue Bonds | ||
| 4.00%, due 12/1/44 | 650,000 | 635,093 |
| Arkansas Development Finance Authority, Big River Steel Project, Revenue Bonds (a)(c) | ||
| 4.50%, due 9/1/49 | 55,600,000 | 54,439,383 |
| Series A | ||
| 4.75%, due 9/1/49 | 16,950,000 | 16,825,265 |
| Arkansas Development Finance Authority, United States Steel Corp., Revenue Bonds | ||
| 5.70%, due 5/1/53 (a) | 7,900,000 | 8,149,701 |
| 84,115,011 | ||
| California 6.9% | ||
| Alameda Corridor Transportation Authority, Revenue Bonds | ||
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 10/1/35 | 3,440,000 | 2,247,033 |
| Bassett Unified School District, Capital Appreciation, Election 2004, Unlimited General Obligation | ||
| Series C, Insured: NATL-RE | ||
| (zero coupon), due 8/1/41 | 2,050,000 | 961,859 |
| Series C, Insured: NATL-RE | ||
| (zero coupon), due 8/1/42 | 2,000,000 | 890,208 |
| California Community Choice Financing Authority, Clean Energy Project, Revenue Bonds | ||
| Series C | ||
| 5.25%, due 1/1/54 (b) | 5,350,000 | 5,659,083 |
| California Community Housing Agency, Summit at Sausalito Apartments, Revenue Bonds | ||
| Series A-1 | ||
| 3.00%, due 2/1/57 (c) | 3,500,000 | 2,332,362 |
| California Community Housing Agency, Essential Housing, Revenue Bonds, Senior Lien | ||
| Series A-1 | ||
| 4.00%, due 2/1/56 (c) | 28,300,000 | 23,530,765 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| California | ||
| California Community Housing Agency, Annadel Apartments, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 4/1/49 (c) | $ 10,875,000 | $ 9,041,585 |
| California Community Housing Agency, Essential Housing, Serenity at Larkspur Apartments, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 2/1/50 (c) | 3,895,000 | 3,031,629 |
| California Health Facilities Financing Authority, CommonSpirit Health, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 4/1/49 | 7,255,000 | 7,041,913 |
| California Health Facilities Financing Authority, Children's Hospital Los Angeles Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 8/15/47 | 5,215,000 | 5,282,712 |
| California Infrastructure & Economic Development Bank, Equitable School Revolving Fund LLC Obligated Group, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 11/1/46 | 3,060,000 | 2,911,530 |
| California Infrastructure & Economic Development Bank, WFCS Portfolio Projects, Revenue Bonds | ||
| Series A-1 | ||
| 5.00%, due 1/1/55 (c) | 3,225,000 | 2,601,689 |
| California Municipal Finance Authority, Ochard Park Student Housing Project, Revenue Bonds | ||
| Insured: BAM | ||
| 3.00%, due 5/15/51 | 3,095,000 | 2,347,365 |
| Insured: BAM | ||
| 3.00%, due 5/15/54 | 1,500,000 | 1,106,561 |
| California Municipal Finance Authority, LINXS APM Project, Revenue Bonds, Senior Lien (a) | ||
| Series A, Insured: AGM | ||
| 3.25%, due 12/31/32 | 3,910,000 | 3,712,287 |
| Series A, Insured: AGM | ||
| 3.50%, due 12/31/35 | 2,055,000 | 1,953,048 |
| Series A, Insured: AGM | ||
| 4.00%, due 12/31/47 | 9,380,000 | 8,992,531 |
| Series A | ||
| 5.00%, due 12/31/43 | 5,745,000 | 5,832,460 |
| California Municipal Finance Authority, United Airlines, Inc. Project, Revenue Bonds | ||
| 4.00%, due 7/15/29 (a) | 18,575,000 | 18,572,160 |
| California Municipal Finance Authority, HumanGood California Obligated Group, Revenue Bonds | ||
| 4.00%, due 10/1/49 | 1,785,000 | 1,684,939 |
| California Municipal Finance Authority, Republic Services, Inc., Revenue Bonds | ||
| Series A | ||
| 4.375%, due 9/1/53 (a)(b) | 3,750,000 | 3,920,892 |
| California Municipal Finance Authority, William Jessup University, Revenue Bonds (c) | ||
| 5.00%, due 8/1/28 | 1,000,000 | 999,739 |
| 5.00%, due 8/1/48 | 2,675,000 | 2,374,621 |
| California Municipal Finance Authority, Charter School, Palmdale Aerospace Academy Projects (The), Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/46 (c) | 2,665,000 | 2,500,928 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| California | ||
| California Municipal Finance Authority, CHF-Davis I LLC, West Village Student Housing Project, Revenue Bonds | ||
| Insured: BAM | ||
| 5.00%, due 5/15/48 | $ 19,250,000 | $ 19,849,389 |
| Insured: BAM | ||
| 5.00%, due 5/15/51 | 19,275,000 | 19,805,469 |
| California Municipal Finance Authority, Healthright 360, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/1/49 (c) | 2,000,000 | 1,880,007 |
| California Municipal Finance Authority, Baptist University, Revenue Bonds | ||
| Series A | ||
| 5.375%, due 11/1/40 (c) | 3,000,000 | 3,021,345 |
| California Pollution Control Financing Authority, Republic Services, Inc., Revenue Bonds | ||
| 4.25%, due 7/1/43 (a)(b)(c) | 15,000,000 | 14,996,422 |
| California Public Finance Authority, Enso Village Project, Revenue Bonds (c) | ||
| Series B-2 | ||
| 2.375%, due 11/15/28 | 1,500,000 | 1,461,732 |
| Series A | ||
| 5.00%, due 11/15/46 | 750,000 | 619,460 |
| California Public Finance Authority, California University of Science & Medicine Obligated Group, Revenue Bonds | ||
| Series A | ||
| 6.25%, due 7/1/54 (c) | 5,265,000 | 5,477,372 |
| California Public Finance Authority, California University of Science & Medicine, Revenue Bonds | ||
| Series B | ||
| 7.50%, due 7/1/36 (c) | 8,840,000 | 8,963,991 |
| California School Finance Authority, Granada Hills Charter High School Obligated Group, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/48 (c) | 675,000 | 574,290 |
| California School Finance Authority, Vista Charter Public Schools, Revenue Bonds (c) | ||
| Series A | ||
| 4.00%, due 6/1/51 | 2,910,000 | 2,292,878 |
| Series A | ||
| 4.00%, due 6/1/61 | 1,840,000 | 1,379,043 |
| California School Finance Authority, Hawking STEAM Charter Schools, Inc., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/42 (c) | 1,360,000 | 1,370,198 |
| California School Finance Authority, High Tech High Learning Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/49 (c) | 3,000,000 | 2,819,236 |
| California School Finance Authority, Teach Public Schools, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/58 (c) | 2,000,000 | 1,826,220 |
| California School Finance Authority, Aspire Public Schools, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 8/1/59 (c) | 1,800,000 | 1,804,564 |
| California Statewide Communities Development Authority, Southern California Edison Co., Revenue Bonds | ||
| Series A | ||
| 1.75%, due 9/1/29 | 7,200,000 | 6,336,415 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| California | ||
| California Statewide Communities Development Authority, Community Infrastructure Program, Special Assessment | ||
| Series 2021A | ||
| 4.00%, due 9/2/41 | $ 1,000,000 | $ 907,534 |
| Series A | ||
| 4.00%, due 9/2/51 | 995,000 | 831,895 |
| California Statewide Communities Development Authority, Methodist Hospital of Southern California, Revenue Bonds | ||
| 4.375%, due 1/1/48 | 2,185,000 | 2,116,458 |
| 5.00%, due 1/1/48 | 7,150,000 | 7,258,190 |
| California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Revenue Bonds (c) | ||
| Series A | ||
| 5.00%, due 6/1/36 | 2,250,000 | 2,262,125 |
| Series A | ||
| 5.00%, due 6/1/46 | 2,000,000 | 1,911,766 |
| California Statewide Communities Development Authority, Loma Linda University Medical Center, Revenue Bonds (c) | ||
| Series A | ||
| 5.00%, due 12/1/46 | 18,170,000 | 18,150,809 |
| Series A | ||
| 5.25%, due 12/1/56 | 3,970,000 | 3,995,942 |
| California Statewide Communities Development Authority, Irvine Campus Apartments, Revenue Bonds | ||
| 5.00%, due 5/15/50 | 2,000,000 | 2,013,509 |
| California Statewide Communities Development Authority, Lancer Plaza Project, Revenue Bonds | ||
| 5.625%, due 11/1/33 | 680,000 | 680,691 |
| 5.875%, due 11/1/43 | 435,000 | 435,209 |
| California Statewide Communities Development Authority, California Baptist University, Revenue Bonds | ||
| Series A | ||
| 6.375%, due 11/1/43 (c) | 3,185,000 | 3,189,343 |
| Cathedral City Public Financing Authority, Capital Appreciation, Tax Allocation | ||
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 8/1/26 | 1,085,000 | 991,959 |
| City of Los Angeles, Department of Airports, Revenue Bonds, Senior Lien | ||
| Series G | ||
| 5.00%, due 5/15/47 (a) | 6,000,000 | 6,378,118 |
| City of South San Francisco, Community Facilities District No. 2021-01, Special Tax | ||
| 5.00%, due 9/1/52 | 1,500,000 | 1,545,850 |
| CMFA Special Finance Agency VIII, Elan Huntington Beach, Revenue Bonds, Senior Lien | ||
| Series A-1 | ||
| 3.00%, due 8/1/56 (c) | 1,500,000 | 997,257 |
| CMFA Special Finance Agency XII, Allure Apartments, Revenue Bonds, Senior Lien | ||
| Series A-1 | ||
| 3.25%, due 2/1/57 (c) | 5,500,000 | 3,966,281 |
| CSCDA Community Improvement Authority, Pasadena Portfolio, Revenue Bonds, Senior Lien | ||
| Series A-2 | ||
| 3.00%, due 12/1/56 (c) | 2,750,000 | 1,894,317 |
| CSCDA Community Improvement Authority, Theo Pasadena, Revenue Bonds, Senior Lien | ||
| Series A-2 | ||
| 3.25%, due 5/1/57 (c) | 11,100,000 | 7,692,217 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| California | ||
| CSCDA Community Improvement Authority, Oceanaire Long Beach, Revenue Bonds | ||
| Series A-2 | ||
| 4.00%, due 9/1/56 (c) | $ 10,060,000 | $ 7,480,761 |
| CSCDA Community Improvement Authority, Altana Glendale, Revenue Bonds | ||
| Series A-2 | ||
| 4.00%, due 10/1/56 (c) | 9,100,000 | 6,818,249 |
| CSCDA Community Improvement Authority, Escondido Portfolio, Revenue Bonds, Senior Lien | ||
| Series A-2 | ||
| 4.00%, due 6/1/58 (c) | 4,750,000 | 3,543,778 |
| Foothill-Eastern Transportation Corridor Agency, Revenue Bonds | ||
| Series B-2, Insured: AGM-CR | ||
| 3.50%, due 1/15/53 | 13,265,000 | 11,783,654 |
| Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Junior Lien | ||
| Series C, Insured: AGM-CR | ||
| 4.00%, due 1/15/43 | 16,904,000 | 17,146,239 |
| Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 4.00%, due 1/15/46 | 27,304,000 | 26,766,169 |
| Series A, Insured: AGM-CR | ||
| 4.00%, due 1/15/46 | 27,795,000 | 27,950,090 |
| Golden State Tobacco Securitization Corp., Asset-Backed, Revenue Bonds | ||
| Series B-2 | ||
| (zero coupon), due 6/1/66 (g) | 507,885,000 | 59,017,050 |
| Golden State Tobacco Securitization Corp., Tobacco Settlement, Revenue Bonds | ||
| Series B-1 | ||
| 3.85%, due 6/1/50 | 1,335,000 | 1,232,273 |
| Hastings Campus Housing Finance Authority, Green Bond, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 5.00%, due 7/1/61 (c) | 51,500,000 | 44,191,527 |
| Inland Empire Tobacco Securitization Corp., Revenue Bonds | ||
| Series D | ||
| (zero coupon), due 6/1/57 | 246,450,000 | 20,977,725 |
| Northern California Gas Authority No. 1, Gas Project, Revenue Bonds | ||
| Series B | ||
| 4.466%, due 7/1/27 | 21,900,000 | 21,534,143 |
| Riverside County Transportation Commission, Revenue Bonds, Senior Lien | ||
| Series B-1 | ||
| 3.00%, due 6/1/49 | 1,945,000 | 1,510,320 |
| Rohnerville School District, Election 2010, Unlimited General Obligation | ||
| Series B, Insured: AGM | ||
| (zero coupon), due 8/1/42 | 1,000,000 | 459,182 |
| Series B, Insured: AGM | ||
| (zero coupon), due 8/1/47 | 1,000,000 | 355,985 |
| San Diego County Regional Airport Authority, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 7/1/56 (a) | 11,160,000 | 10,272,668 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| California | ||
| San Francisco City & County Redevelopment Agency, Community Facilities District No. 6 Bay Public, Special Tax | ||
| Series C | ||
| (zero coupon), due 8/1/37 | $ 5,015,000 | $ 2,315,805 |
| Series C | ||
| (zero coupon), due 8/1/38 | 2,000,000 | 864,757 |
| San Joaquin Hills Transportation Corridor Agency, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 4.00%, due 1/15/50 | 7,300,000 | 7,313,171 |
| Santa Ana Unified School District, Capital Appreciation, Election 2008, Unlimited General Obligation | ||
| Series B, Insured: AGC | ||
| (zero coupon), due 8/1/47 | 24,400,000 | 7,690,685 |
| Sierra Kings Health Care District, Unlimited General Obligation | ||
| 5.00%, due 8/1/37 | 2,465,000 | 2,498,437 |
| Stockton Unified School District, Capital Appreciation, Election 2008, Unlimited General Obligation | ||
| Series D, Insured: AGM | ||
| (zero coupon), due 8/1/42 | 8,780,000 | 4,103,839 |
| Sutter Union High School District, Election 2008, Unlimited General Obligation | ||
| Series B | ||
| (zero coupon), due 6/1/50 | 16,010,000 | 2,518,941 |
| Tobacco Securitization Authority of Southern California, San Diego County Tobacco Asset Securitization Corp., Asset-Backed, Revenue Bonds | ||
| Series B-2 | ||
| (zero coupon), due 6/1/54 | 18,500,000 | 3,569,954 |
| West Contra Costa Healthcare District, Special Tax | ||
| 3.00%, due 7/1/42 | 5,620,000 | 4,806,764 |
| 577,949,566 | ||
| Colorado 2.5% | ||
| 3rd and Havana Metropolitan District, Tax Supported, Limited General Obligation | ||
| Series A | ||
| 5.25%, due 12/1/49 | 2,250,000 | 1,930,371 |
| Allison Valley Metropolitan District No. 2, Limited General Obligation | ||
| 4.70%, due 12/1/47 | 2,500,000 | 2,113,888 |
| Arkansas River Power Authority, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/38 | 6,900,000 | 7,136,874 |
| Series A | ||
| 5.00%, due 10/1/43 | 7,025,000 | 7,208,440 |
| Broadway Park North Metropolitan District No. 2, Limited General Obligation (c) | ||
| 5.00%, due 12/1/40 | 1,000,000 | 968,892 |
| 5.00%, due 12/1/49 | 1,000,000 | 943,439 |
| Broadway Station Metropolitan District No. 2, Limited General Obligation | ||
| Series A | ||
| 5.125%, due 12/1/48 | 3,000,000 | 2,450,563 |
| Citadel on Colfax Business Improvement District, Revenue Bonds | ||
| Series A | ||
| 5.35%, due 12/1/50 | 1,000,000 | 918,544 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Colorado | ||
| City & County of Denver, United Airlines, Inc., Project, Revenue Bonds | ||
| 5.00%, due 10/1/32 (a) | $ 6,800,000 | $ 6,799,816 |
| City of Fruita Healthcare, Canyons Hospital & Medical Center Project, Revenue Bonds | ||
| Series A | ||
| 5.50%, due 1/1/48 (c) | 9,650,000 | 8,923,273 |
| Colorado Educational & Cultural Facilities Authority, Northeast Campus Project, Revenue Bonds | ||
| Insured: Moral Obligation State Intercept | ||
| 3.00%, due 8/1/51 | 3,420,000 | 2,409,740 |
| Colorado Educational & Cultural Facilities Authority, New Summit Academy, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/41 (c) | 2,600,000 | 2,166,465 |
| Colorado Educational & Cultural Facilities Authority, New Vision Chater School, Revenue Bonds | ||
| Series A, Insured: BAM Moral Obligation | ||
| 4.00%, due 6/1/42 | 2,635,000 | 2,571,537 |
| Series A, Insured: BAM Moral Obligation | ||
| 4.00%, due 6/1/52 | 4,700,000 | 4,329,155 |
| Series A, Insured: BAM Moral Obligation | ||
| 4.00%, due 6/1/56 | 6,255,000 | 5,649,299 |
| Colorado Health Facilities Authority, CommonSpirit Health, Revenue Bonds | ||
| Series A-2, Insured: BAM | ||
| 3.25%, due 8/1/49 | 11,600,000 | 9,175,937 |
| Series A-1 | ||
| 4.00%, due 8/1/44 | 4,750,000 | 4,563,797 |
| Series A-2 | ||
| 4.00%, due 8/1/49 | 21,105,000 | 19,914,509 |
| Series A-2 | ||
| 5.00%, due 8/1/44 | 11,425,000 | 11,821,649 |
| Colorado Health Facilities Authority, Covenant Retirement Communities, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/35 | 3,500,000 | 3,524,278 |
| Series A | ||
| 5.00%, due 12/1/48 | 6,715,000 | 6,745,344 |
| Colorado Health Facilities Authority, Mental Health Center of Denver Project, Revenue Bonds | ||
| Series A | ||
| 5.75%, due 2/1/44 | 5,330,000 | 5,331,927 |
| Copper Ridge Metropolitan District, Revenue Bonds | ||
| 5.00%, due 12/1/39 | 3,750,000 | 3,579,309 |
| Denver Health & Hospital Authority, 550 Acoma, Inc., Certificate of Participation | ||
| 5.00%, due 12/1/48 | 1,755,000 | 1,749,374 |
| Denver Health & Hospital Authority, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 12/1/45 | 4,250,000 | 4,252,684 |
| E-470 Public Highway Authority, Revenue Bonds | ||
| Series B, Insured: NATL-RE | ||
| (zero coupon), due 9/1/25 | 245,000 | 233,062 |
| Series B, Insured: NATL-RE | ||
| (zero coupon), due 9/1/29 | 4,510,000 | 3,796,102 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Colorado | ||
| E-470 Public Highway Authority, Revenue Bonds | ||
| Series B, Insured: NATL-RE | ||
| (zero coupon), due 9/1/30 | $ 500,000 | $ 407,189 |
| Series B, Insured: NATL-RE | ||
| (zero coupon), due 9/1/35 | 2,245,000 | 1,309,152 |
| Series B, Insured: NATL-RE | ||
| (zero coupon), due 9/1/37 | 1,170,000 | 612,757 |
| Series A | ||
| (zero coupon), due 9/1/39 | 1,800,000 | 987,802 |
| Series B, Insured: NATL-RE | ||
| (zero coupon), due 9/1/39 | 515,000 | 241,975 |
| Series A | ||
| (zero coupon), due 9/1/40 | 3,450,000 | 1,793,181 |
| Series A | ||
| (zero coupon), due 9/1/41 | 3,925,000 | 1,941,815 |
| Eagle County Airport Terminal Corp., Revenue Bonds | ||
| Series B | ||
| 5.00%, due 5/1/33 (a) | 1,450,000 | 1,506,940 |
| Evan's Place Metropolitan District, Limited General Obligation | ||
| Series A(3) | ||
| 5.00%, due 12/1/50 | 2,660,000 | 2,445,931 |
| Green Gables Metropolitan District No. 2, Limited General Obligation | ||
| Series A, Insured: BAM | ||
| 5.125%, due 12/1/53 | 675,000 | 717,687 |
| Series A, Insured: BAM | ||
| 5.25%, due 12/1/58 | 575,000 | 612,382 |
| Jefferson Center Metropolitan District No. 1, Revenue Bonds | ||
| Series B | ||
| 5.75%, due 12/15/50 | 4,115,000 | 4,074,251 |
| Johnstown Plaza Metropolitan District, Limited General Obligation | ||
| 4.25%, due 12/1/46 | 9,078,000 | 7,571,573 |
| Jones District Community Authority Board, Revenue Bonds | ||
| Series A | ||
| (zero coupon), due 12/1/50 (f) | 4,550,000 | 4,106,768 |
| Karl's Farm Metropolitan District No. 2, Limited General Obligation | ||
| Series A(3) | ||
| 5.625%, due 12/1/50 (c) | 1,485,000 | 1,416,461 |
| Mirabelle Metropolitan District No. 2, Limited General Obligation, Senior Lien | ||
| Series A | ||
| 5.00%, due 12/1/39 | 700,000 | 687,074 |
| Series A | ||
| 5.00%, due 12/1/49 | 1,250,000 | 1,161,258 |
| North Range Metropolitan District No. 3, Limited General Obligation | ||
| Series 2020A-3 | ||
| 5.25%, due 12/1/50 | 1,000,000 | 982,755 |
| Park Creek Metropolitan District, Revenue Bonds, Senior Lien | ||
| Series A, Insured: AGM | ||
| 4.00%, due 12/1/37 | 2,790,000 | 2,873,194 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Colorado | ||
| Park Creek Metropolitan District, Revenue Bonds, Senior Lien | ||
| Series A, Insured: AGM | ||
| 4.00%, due 12/1/46 | $ 20,600,000 | $ 20,479,679 |
| Park Creek Metropolitan District, Senior Ltd., Property, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 5.00%, due 12/1/45 | 4,000,000 | 4,039,112 |
| Raindance Metropolitan District No. 2, Limited General Obligation | ||
| Series A | ||
| 5.00%, due 12/1/49 | 2,500,000 | 2,329,017 |
| Southglenn Metropolitan District, Special Revenue, Limited General Obligation | ||
| 5.00%, due 12/1/46 | 2,100,000 | 1,980,100 |
| Sterling Ranch Community Authority Board, Colorado Limited Tax Supported and Special Revenue Senior Bonds, Revenue Bonds | ||
| Series A | ||
| 4.25%, due 12/1/50 | 1,250,000 | 1,091,981 |
| Village Metropolitan District (The), Special Revenue and Limited Property Tax, Limited General Obligation | ||
| 5.00%, due 12/1/40 | 750,000 | 744,840 |
| Villages at Castle Rock Metropolitan District No. 6, Limited General Obligation | ||
| Series A | ||
| 4.125%, due 12/1/51 (c) | 17,949,000 | 13,857,567 |
| 211,180,709 | ||
| Connecticut 0.4% | ||
| City of New Haven, Unlimited General Obligation | ||
| Series A | ||
| 4.00%, due 8/1/40 | 2,000,000 | 1,962,129 |
| City of West Haven, Unlimited General Obligation | ||
| Insured: BAM | ||
| 4.00%, due 9/15/41 | 1,130,000 | 1,136,026 |
| Connecticut State Health & Educational Facilities Authority, Yale University, Revenue Bonds | ||
| Series A | ||
| 0.375%, due 7/1/35 (b) | 100,000 | 98,173 |
| Connecticut State Health & Educational Facilities Authority, University of Hartford (The), Revenue Bonds | ||
| Series N | ||
| 4.00%, due 7/1/39 | 5,550,000 | 4,689,011 |
| Series N | ||
| 4.00%, due 7/1/49 | 4,000,000 | 2,986,917 |
| Series N | ||
| 5.00%, due 7/1/31 | 575,000 | 580,402 |
| Series N | ||
| 5.00%, due 7/1/32 | 575,000 | 579,584 |
| Series N | ||
| 5.00%, due 7/1/33 | 475,000 | 477,887 |
| Series N | ||
| 5.00%, due 7/1/34 | 700,000 | 702,603 |
| Connecticut State Health & Educational Facilities Authority, Jerome Home, Revenue Bonds | ||
| Series E | ||
| 4.00%, due 7/1/51 | 1,250,000 | 938,774 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Connecticut | ||
| Connecticut State Health & Educational Facilities Authority, Mary Wade Home Obligated Group, Revenue Bonds (c) | ||
| Series A-1 | ||
| 4.50%, due 10/1/34 | $ 2,350,000 | $ 2,054,841 |
| Series A-1 | ||
| 5.00%, due 10/1/39 | 1,000,000 | 859,159 |
| Connecticut State Health & Educational Facilities Authority, McLean Issue, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/30 (c) | 500,000 | 489,718 |
| Connecticut State Health & Educational Facilities Authority, University of New Haven, Inc., Revenue Bonds | ||
| Series K-3 | ||
| 5.00%, due 7/1/48 | 3,445,000 | 3,344,504 |
| Connecticut State Health & Educational Facilities Authority, Griffin Health Obligated Group, Revenue Bonds | ||
| Series G-1 | ||
| 5.00%, due 7/1/50 (c) | 1,750,000 | 1,603,067 |
| Connecticut State Health & Educational Facilities Authority, Church Home of Hartford Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 9/1/53 (c) | 2,235,000 | 1,826,874 |
| Connecticut State Higher Education Supplement Loan Authority, Chesla Loan Program, Revenue Bonds | ||
| Series B, Insured: BAM | ||
| 3.25%, due 11/15/35 (a) | 5,300,000 | 4,910,668 |
| Hartford Stadium Authority, Stadium Authority Lease, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 2/1/36 | 1,475,000 | 1,480,399 |
| Steel Point Infrastructure Improvement District, Steelpointe Harbor Project, Tax Allocation (c) | ||
| 4.00%, due 4/1/31 | 700,000 | 669,007 |
| 4.00%, due 4/1/36 | 1,090,000 | 975,993 |
| 4.00%, due 4/1/41 | 1,785,000 | 1,524,965 |
| 4.00%, due 4/1/51 | 1,250,000 | 974,119 |
| 34,864,820 | ||
| Delaware 0.6% | ||
| County of Kent, Student Housing & Dining Facility, CHF-Dover LLC, Delaware State University Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/40 | 1,050,000 | 1,054,395 |
| Series A | ||
| 5.00%, due 7/1/48 | 2,735,000 | 2,712,727 |
| Series A | ||
| 5.00%, due 7/1/53 | 4,040,000 | 3,968,282 |
| Series A | ||
| 5.00%, due 7/1/58 | 8,100,000 | 7,844,990 |
| Delaware State Economic Development Authority, Newark Charter School, Inc., Revenue Bonds | ||
| 4.00%, due 9/1/51 | 1,600,000 | 1,415,359 |
| Delaware State Economic Development Authority, ACTS Retirement-Life Communities, Inc. Obligated Group, Revenue Bonds | ||
| Series B | ||
| 5.25%, due 11/15/53 | 4,790,000 | 4,955,273 |
| Delaware State Health Facilities Authority, Beebe Medical Center, Revenue Bonds | ||
| 4.25%, due 6/1/38 | 2,235,000 | 2,175,698 |
| 4.375%, due 6/1/48 | 9,300,000 | 8,874,126 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Delaware | ||
| Delaware State Health Facilities Authority, Beebe Medical Center, Revenue Bonds | ||
| 5.00%, due 6/1/37 | $ 1,000,000 | $ 1,021,095 |
| Delaware State Health Facilities Authority, Christiana Care Health System, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/45 | 7,950,000 | 8,376,650 |
| Delaware State Health Facilities Authority, Beebe Medical Center, Inc., Revenue Bonds | ||
| 5.00%, due 6/1/48 | 4,700,000 | 4,721,239 |
| 47,119,834 | ||
| District of Columbia 2.1% | ||
| District of Columbia, Tobacco Settlement Financing Corp., Asset Backed, Revenue Bonds | ||
| Series A | ||
| (zero coupon), due 6/15/46 | 82,000,000 | 20,035,462 |
| District of Columbia, KIPP DC Project, Revenue Bonds | ||
| 4.00%, due 7/1/49 | 1,750,000 | 1,568,150 |
| District of Columbia, Provident Group-Howard Properties LLC, Revenue Bonds | ||
| 5.00%, due 10/1/30 | 1,500,000 | 1,500,016 |
| 5.00%, due 10/1/45 | 5,055,000 | 4,848,065 |
| District of Columbia, Friendship Public Charter School, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/46 | 1,400,000 | 1,376,364 |
| District of Columbia, International School Obligated Group, Revenue Bonds | ||
| 5.00%, due 7/1/54 | 2,550,000 | 2,504,355 |
| District of Columbia, Revenue Bonds | ||
| 5.00%, due 6/1/55 | 4,110,000 | 3,783,436 |
| District of Columbia, Methodist Home, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 1/1/39 | 1,015,000 | 886,152 |
| Metropolitan Washington Airports Authority, Dulles Toll Road, Revenue Bonds, Senior Lien | ||
| Series B | ||
| (zero coupon), due 10/1/39 | 5,005,000 | 2,547,303 |
| Metropolitan Washington Airports Authority, Dulles Toll Road, Revenue Bonds, Sub. Lien | ||
| Series B | ||
| 4.00%, due 10/1/49 | 98,895,000 | 92,337,263 |
| Metropolitan Washington Airports Authority, Dulles Toll Road, Metrorail & Capital Improvement Project, Revenue Bonds, Senior Lien | ||
| Series A, Insured: AGM | ||
| 4.00%, due 10/1/52 | 4,000,000 | 3,854,261 |
| Metropolitan Washington Airports Authority, Dulles Toll Road, Metrorail & Capital Improvement Project, Revenue Bonds, Sub. Lien | ||
| Series B, Insured: AGM | ||
| 4.00%, due 10/1/53 | 12,950,000 | 12,406,184 |
| Metropolitan Washington Airports Authority, Revenue Bonds (a) | ||
| Series A | ||
| 5.00%, due 10/1/32 | 15,750,000 | 16,272,594 |
| Series A | ||
| 5.00%, due 10/1/46 | 7,795,000 | 8,300,874 |
| 172,220,479 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Florida 3.2% | ||
| Capital Projects Finance Authority, Provident Group - Continuum Properties LLC, Revenue Bonds, Senior Lien | ||
| Series A-1 | ||
| 5.00%, due 11/1/53 | $ 3,125,000 | $ 3,156,581 |
| Capital Trust Agency, Inc., Wonderful Foundations Charter School, Revenue Bonds | ||
| Series B | ||
| (zero coupon), due 1/1/60 | 16,000,000 | 892,634 |
| Series A-1 | ||
| 5.00%, due 1/1/55 (c) | 1,750,000 | 1,388,397 |
| Capital Trust Agency, Inc., Odyssey Charter School, Inc., Revenue Bonds | ||
| Series A | ||
| 5.50%, due 7/1/47 (c) | 2,000,000 | 1,971,413 |
| Celebration Community Development District, Assessment Area 1 Project, Special Assessment | ||
| 3.125%, due 5/1/41 | 590,000 | 474,339 |
| 4.00%, due 5/1/51 | 845,000 | 698,864 |
| CFM Community Development District, Capital Improvement, Special Assessment | ||
| 3.35%, due 5/1/41 | 200,000 | 159,365 |
| 4.00%, due 5/1/51 | 290,000 | 234,460 |
| City of Atlantic Beach, Fleet Landing Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/15/48 | 3,000,000 | 2,904,526 |
| Series B | ||
| 5.625%, due 11/15/43 | 1,500,000 | 1,500,938 |
| City of Fort Myers, Utility System, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 10/1/49 | 10,155,000 | 9,899,074 |
| City of Pompano Beach, John Knox Village Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 9/1/51 | 650,000 | 503,235 |
| Series A | ||
| 4.00%, due 9/1/56 | 4,915,000 | 3,672,195 |
| City of Tallahassee, Tallahassee Memorial HealthCare, Inc., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/40 | 6,835,000 | 6,878,598 |
| Collier County Health Facilities Authority, Moorings, Inc. Obligated Group (The), Revenue Bonds | ||
| 4.00%, due 5/1/52 | 7,900,000 | 7,289,418 |
| Cordova Palms Community Development District, Special Assessment | ||
| 3.00%, due 5/1/41 | 1,110,000 | 846,781 |
| County of Osceola, Transportation, Revenue Bonds | ||
| Series A-1, Insured: AGM-CR | ||
| 4.00%, due 10/1/54 | 4,345,000 | 3,892,293 |
| Series A-1 | ||
| 5.00%, due 10/1/44 | 11,000,000 | 11,348,199 |
| Cypress Ridge Community Development District, Assessment Area One Project, Special Assessment | ||
| 5.625%, due 5/1/43 | 1,250,000 | 1,271,048 |
| 5.875%, due 5/1/53 | 1,000,000 | 1,018,812 |
| Elevation Pointe Community Development District, Special Assessment | ||
| Series A-1 | ||
| 4.60%, due 5/1/52 | 1,090,000 | 969,260 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Florida | ||
| Epperson North Community Development District, Assessment Area 3, Special Assessment | ||
| Series A | ||
| 3.40%, due 11/1/41 | $ 1,955,000 | $ 1,517,444 |
| Epperson North Community Development District, Assessment Area 2, Special Assessment | ||
| 3.50%, due 5/1/41 | 1,430,000 | 1,138,503 |
| Escambia County Health Facilities Authority, Baptist Health Care Corp. Obligated Group, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 8/15/50 | 4,865,000 | 4,255,903 |
| Florida Development Finance Corp., UF Health Jacksonville Project, Revenue Bonds | ||
| Series A, Insured: AGM-CR | ||
| 4.00%, due 2/1/52 | 14,005,000 | 13,055,023 |
| Series A | ||
| 5.00%, due 2/1/40 | 2,600,000 | 2,570,145 |
| Series A | ||
| 5.00%, due 2/1/52 | 6,350,000 | 5,852,451 |
| Florida Development Finance Corp., River City Education Obligated Group, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/55 | 1,000,000 | 838,697 |
| Florida Development Finance Corp., Florida Charter Foundation, Inc. Project, Revenue Bonds | ||
| Series A | ||
| 4.75%, due 7/15/36 (c) | 4,255,000 | 4,107,441 |
| Florida Development Finance Corp., Mater Academy Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/15/47 | 1,700,000 | 1,702,646 |
| Series A | ||
| 5.00%, due 6/15/50 | 3,000,000 | 2,981,089 |
| Series A | ||
| 5.00%, due 6/15/52 | 1,275,000 | 1,258,754 |
| Series A | ||
| 5.00%, due 6/15/55 | 5,550,000 | 5,432,311 |
| Florida Higher Educational Facilities Financial Authority, Ringling College Project, Revenue Bonds | ||
| 4.00%, due 3/1/47 | 6,515,000 | 5,679,159 |
| 5.00%, due 3/1/47 | 4,750,000 | 4,771,672 |
| Florida Higher Educational Facilities Financial Authority, Saint Leo University Project, Revenue Bonds | ||
| 5.00%, due 3/1/44 | 1,370,000 | 1,062,100 |
| 5.00%, due 3/1/49 | 1,630,000 | 1,213,324 |
| Hillsborough County Industrial Development Authority, Tampa General Hospital Project, Revenue Bonds | ||
| Series A, Insured: BAM | ||
| 4.00%, due 8/1/50 | 40,340,000 | 38,295,920 |
| Series A | ||
| 4.00%, due 8/1/55 | 52,185,000 | 47,435,346 |
| Lakewood Ranch Stewardship District, Star Farms at Lakewood Ranch Project Phase 1 and 2, Special Assessment | ||
| 3.00%, due 5/1/41 | 430,000 | 329,694 |
| 4.00%, due 5/1/52 | 670,000 | 537,284 |
| Lee Memorial Health System, Revenue Bonds | ||
| Series A-1 | ||
| 4.00%, due 4/1/49 | 4,015,000 | 3,836,864 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Florida | ||
| Miami Beach Health Facilities Authority, Mt Sinai Medical Center, Revenue Bonds | ||
| Series B | ||
| 3.00%, due 11/15/51 | $ 4,190,000 | $ 3,209,338 |
| 5.00%, due 11/15/39 | 2,230,000 | 2,244,224 |
| Mid-Bay Bridge Authority, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/35 | 1,500,000 | 1,525,071 |
| Series C | ||
| 5.00%, due 10/1/40 | 1,000,000 | 1,009,692 |
| Mirada II Community Development District, Capital Improvement, Special Assessment | ||
| 3.125%, due 5/1/31 | 495,000 | 437,465 |
| 3.50%, due 5/1/41 | 990,000 | 802,164 |
| 4.00%, due 5/1/51 | 1,885,000 | 1,505,378 |
| New Port Tampa Bay Community Development District, Special Assessment | ||
| 3.50%, due 5/1/31 | 310,000 | 288,081 |
| 4.125%, due 5/1/52 | 365,000 | 299,162 |
| North Powerline Road Community Development District, Special Assessment | ||
| 3.625%, due 5/1/40 | 500,000 | 420,150 |
| 4.00%, due 5/1/51 | 1,075,000 | 867,802 |
| Osceola County Expressway Authority, Poinciana Parkway Project, Revenue Bonds, Senior Lien | ||
| Series B-2 | ||
| (zero coupon), due 10/1/36 (f) | 3,700,000 | 4,331,315 |
| Palm Beach County Health Facilities Authority, Toby & Leon Cooperman Sinai residencies of Boca Raton, Revenue Bonds | ||
| 4.00%, due 6/1/36 | 4,000,000 | 3,628,040 |
| Pinellas County Educational Facilities Authority, Pinellas Academy Math & Science Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/15/48 (c) | 3,030,000 | 3,038,614 |
| Polk County Industrial Development Authority, Carpenter's Home Estates, Inc., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/39 | 1,750,000 | 1,710,365 |
| Polk County Industrial Development Authority, Carpenter's Home Estates, Inc. Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/55 | 800,000 | 714,756 |
| Preston Cove Community Development District, Special Assessment | ||
| 4.00%, due 5/1/42 | 1,825,000 | 1,582,252 |
| Sawyers Landing Community Development District, Special Assessment | ||
| 3.75%, due 5/1/31 | 1,550,000 | 1,411,246 |
| 4.25%, due 5/1/53 | 3,000,000 | 2,333,978 |
| Shingle Creek at Bronson Community Development District, Special Assessment | ||
| 3.50%, due 6/15/41 | 1,000,000 | 861,293 |
| South Broward Hospital District, Revenue Bonds | ||
| Series A | ||
| 3.00%, due 5/1/51 | 17,550,000 | 12,882,470 |
| Stillwater Community Development District, 2021 Project, Special Assessment (c) | ||
| 3.00%, due 6/15/31 | 410,000 | 368,921 |
| 3.50%, due 6/15/41 | 1,000,000 | 817,047 |
| Tradition Community Development District No. 9, Special Assessment | ||
| 3.00%, due 5/1/41 | 1,800,000 | 1,364,524 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Florida | ||
| Two Rivers North Community Development District, Special Assessment | ||
| 5.25%, due 5/1/52 | $ 1,500,000 | $ 1,471,714 |
| V-Dana Community Development District, Special Assessment | ||
| 3.625%, due 5/1/41 | 1,040,000 | 872,513 |
| Veranda Community Development District II, Special Assessment | ||
| 3.60%, due 5/1/41 (c) | 235,000 | 195,105 |
| Viera Stewardship District, Village 2 Project, Special Assessment | ||
| Series 2 | ||
| 5.30%, due 5/1/43 | 2,340,000 | 2,370,525 |
| Series 2 | ||
| 5.50%, due 5/1/54 | 3,000,000 | 3,032,219 |
| Village Community Development District No. 15, Special Assessment (c) | ||
| 5.00%, due 5/1/43 | 1,000,000 | 1,014,731 |
| 5.25%, due 5/1/54 | 1,800,000 | 1,829,119 |
| Windward at Lakewood Ranch Community Development District, Phase 2 Project, Special Assessment | ||
| 4.00%, due 5/1/42 | 1,055,000 | 914,761 |
| 4.25%, due 5/1/52 | 1,350,000 | 1,132,140 |
| 269,328,375 | ||
| Georgia 1.4% | ||
| Atlanta Urban Redevelopment Agency, Atlanta BeltLine Special Service District, Revenue Bonds | ||
| Insured: BAM | ||
| 3.625%, due 7/1/42 (c) | 5,355,000 | 5,002,493 |
| Brookhaven Development Authority, Children's Healthcare of Atlanta, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/49 | 9,600,000 | 9,403,137 |
| Columbia County Hospital Authority, WellStar Health System, Revenue Bonds | ||
| Series A | ||
| 5.75%, due 4/1/53 | 10,500,000 | 11,966,099 |
| Development Authority of Cobb County (The), Kennesaw State University, Revenue Bonds, Junior Lien | ||
| Series C | ||
| 5.00%, due 7/15/38 | 85,000 | 87,476 |
| Series C | ||
| 5.00%, due 7/15/38 | 2,305,000 | 2,313,159 |
| Fulton County Residential Care Facilities for the Elderly Authority, Lenbrook Square Foundation, Inc., Revenue Bonds | ||
| 5.00%, due 7/1/36 | 3,500,000 | 3,490,237 |
| Gainesville & Hall County Development Authority, Riverside Military Academy, Inc., Revenue Bonds | ||
| 5.125%, due 3/1/52 | 1,500,000 | 1,097,310 |
| George L Smith II Congress Center Authority, Convention Centre Hotel, Revenue Bonds, First Tier | ||
| Series A | ||
| 4.00%, due 1/1/54 | 4,750,000 | 4,179,593 |
| George L Smith II Congress Center Authority, Convention Centre Hotel, Revenue Bonds, Second Tier | ||
| Series B | ||
| 5.00%, due 1/1/54 (c) | 4,000,000 | 3,498,608 |
| Main Street Natural Gas, Inc., Revenue Bonds | ||
| Series A | ||
| 4.00%, due 5/15/39 | 6,550,000 | 6,339,260 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Georgia | ||
| Main Street Natural Gas, Inc., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 5/15/38 | $ 3,500,000 | $ 3,767,368 |
| Municipal Electric Authority of Georgia, Project One Subordinated Bonds, Revenue Bonds | ||
| Series A, Insured: BAM | ||
| 4.00%, due 1/1/49 | 14,150,000 | 13,704,402 |
| Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project, Revenue Bonds | ||
| Series B, Insured: BAM | ||
| 4.00%, due 1/1/49 | 56,515,000 | 54,735,286 |
| 119,584,428 | ||
| Guam 0.4% | ||
| Guam Department of Education, John F. Kennedy High School Refunding & Energy Efficiency Project, Certificate of Participation | ||
| Series A | ||
| 4.25%, due 2/1/30 | 1,190,000 | 1,181,961 |
| Series A | ||
| 5.00%, due 2/1/40 | 4,825,000 | 4,878,302 |
| Guam Government Waterworks Authority, Water and Wastewater System, Revenue Bonds | ||
| 5.00%, due 7/1/40 | 230,000 | 236,776 |
| Series A | ||
| 5.00%, due 1/1/50 | 5,890,000 | 6,104,368 |
| Port Authority of Guam, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/48 | 4,850,000 | 4,955,210 |
| Territory of Guam, Business Privilege Tax, Revenue Bonds | ||
| Series F | ||
| 4.00%, due 1/1/36 | 5,820,000 | 5,890,296 |
| Series D | ||
| 5.00%, due 11/15/32 | 2,000,000 | 2,044,105 |
| Series D | ||
| 5.00%, due 11/15/34 | 4,580,000 | 4,668,533 |
| Series D | ||
| 5.00%, due 11/15/35 | 5,600,000 | 5,701,173 |
| 35,660,724 | ||
| Hawaii 0.5% | ||
| Kauai County Community Facilities District, Kukui'ula Development Project, Special Tax | ||
| 4.375%, due 5/15/42 | 2,300,000 | 2,106,139 |
| 5.00%, due 5/15/49 | 4,250,000 | 4,268,649 |
| 5.00%, due 5/15/51 | 5,585,000 | 5,644,644 |
| State of Hawaii Department of Budget & Finance, Hawaiian Electric Co., Inc., Revenue Bonds (a) | ||
| Insured: AGM-CR | ||
| 3.50%, due 10/1/49 | 25,800,000 | 21,566,744 |
| Series B | ||
| 4.00%, due 3/1/37 | 5,000,000 | 3,485,330 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Hawaii | ||
| State of Hawaii Department of Budget & Finance, Chaminade University of Honolulu, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/45 (c) | $ 1,500,000 | $ 1,298,452 |
| State of Hawaii Department of Budget & Finance, Hawaii Pacific University, Revenue Bonds (c) | ||
| Series A | ||
| 6.625%, due 7/1/33 | 2,085,000 | 2,087,359 |
| Series A | ||
| 6.875%, due 7/1/43 | 4,240,000 | 4,242,653 |
| 44,699,970 | ||
| Idaho 0.1% | ||
| Idaho Health Facilities Authority, St Luke's Health System Project, Revenue Bonds | ||
| Series A | ||
| 3.00%, due 3/1/51 | 8,750,000 | 6,369,456 |
| Idaho Health Facilities Authority, Madison Memorial Hospital, Revenue Bonds | ||
| 5.00%, due 9/1/37 | 1,000,000 | 1,009,189 |
| Idaho Housing & Finance Association, Gem Prep: Meridian Project, Revenue Bonds | ||
| Series A, Insured: School Bond Guaranty | ||
| 4.00%, due 5/1/57 | 4,315,000 | 3,645,606 |
| 11,024,251 | ||
| Illinois 10.5% | ||
| Bridgeview Finance Corp., Sales Tax, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/42 | 7,150,000 | 7,012,208 |
| Chicago Board of Education, Capital Appreciation, School Reform, Unlimited General Obligation | ||
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 12/1/27 | 5,125,000 | 4,431,264 |
| Series B-1, Insured: NATL-RE | ||
| (zero coupon), due 12/1/30 | 12,900,000 | 9,831,193 |
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 12/1/31 | 170,000 | 123,945 |
| Series B-1, Insured: NATL-RE | ||
| (zero coupon), due 12/1/31 | 1,095,000 | 798,351 |
| Chicago Board of Education, Unlimited General Obligation | ||
| Series B | ||
| 4.00%, due 12/1/38 | 3,750,000 | 3,585,531 |
| Series A | ||
| 4.00%, due 12/1/42 | 2,965,000 | 2,723,301 |
| Series A | ||
| 4.00%, due 12/1/43 | 4,000,000 | 3,629,790 |
| Series A | ||
| 4.00%, due 12/1/47 | 43,945,000 | 38,364,684 |
| Series A | ||
| 5.00%, due 12/1/30 | 3,500,000 | 3,669,689 |
| Series B | ||
| 5.00%, due 12/1/31 | 4,650,000 | 4,929,756 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Illinois | ||
| Chicago Board of Education, Unlimited General Obligation | ||
| Series A | ||
| 5.00%, due 12/1/37 | $ 13,405,000 | $ 13,895,096 |
| Series A | ||
| 5.00%, due 12/1/38 | 5,150,000 | 5,310,769 |
| Series G | ||
| 5.00%, due 12/1/44 | 2,785,000 | 2,798,736 |
| Series D | ||
| 5.00%, due 12/1/46 | 11,100,000 | 11,127,555 |
| Series A | ||
| 5.00%, due 12/1/47 | 30,695,000 | 30,831,298 |
| Series C | ||
| 5.25%, due 12/1/39 | 1,405,000 | 1,399,960 |
| Series A | ||
| 7.00%, due 12/1/44 | 10,975,000 | 11,462,834 |
| Chicago Board of Education, Dedicated Capital Improvement, Unlimited General Obligation | ||
| Series C | ||
| 5.00%, due 12/1/34 | 2,270,000 | 2,314,990 |
| Series H | ||
| 5.00%, due 12/1/36 | 1,915,000 | 1,938,278 |
| Series B | ||
| 7.00%, due 12/1/42 (c) | 9,600,000 | 10,493,782 |
| Series A | ||
| 7.00%, due 12/1/46 (c) | 3,650,000 | 3,962,320 |
| Chicago Board of Education, Dedicated Capital Improvement, Revenue Bonds | ||
| 5.00%, due 4/1/35 | 1,615,000 | 1,693,772 |
| 5.00%, due 4/1/36 | 1,270,000 | 1,326,331 |
| 5.00%, due 4/1/46 | 4,650,000 | 4,731,207 |
| 5.75%, due 4/1/48 | 5,750,000 | 6,366,430 |
| 6.00%, due 4/1/46 | 41,400,000 | 43,254,819 |
| Chicago Board of Education Dedicated Capital Improvement Tax, Dedicated Capital Improvement, Revenue Bonds | ||
| Insured: BAM | ||
| 5.00%, due 4/1/42 | 3,500,000 | 3,613,590 |
| Chicago O'Hare International Airport, TRIPS Obligated Group, Revenue Bonds | ||
| 5.00%, due 7/1/38 (a) | 1,500,000 | 1,539,337 |
| Chicago O'Hare International Airport, General, Revenue Bonds, Senior Lien | ||
| Series A, Insured: AGM | ||
| 5.50%, due 1/1/53 (a) | 4,690,000 | 5,044,361 |
| City of Chicago, City Colleges Capital Improvement Project, Unlimited General Obligation | ||
| Insured: NATL-RE | ||
| (zero coupon), due 1/1/34 | 300,000 | 199,393 |
| City of Chicago, Waterworks, Revenue Bonds, Second Lien | ||
| 4.00%, due 11/1/37 | 3,145,000 | 3,145,554 |
| City of Chicago, Unlimited General Obligation | ||
| Series A | ||
| 5.00%, due 1/1/39 | 5,650,000 | 5,868,141 |
| Series A | ||
| 5.00%, due 1/1/40 | 3,900,000 | 4,038,463 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Illinois | ||
| City of Chicago, Unlimited General Obligation | ||
| Series A | ||
| 5.00%, due 1/1/44 | $ 11,150,000 | $ 11,417,579 |
| Series A | ||
| 5.50%, due 1/1/49 | 17,950,000 | 18,517,767 |
| Series A | ||
| 6.00%, due 1/1/38 | 38,545,000 | 40,383,716 |
| City of Chicago, Taxable Project, Unlimited General Obligation | ||
| Series B | ||
| 5.50%, due 1/1/31 | 2,360,000 | 2,390,818 |
| Series D | ||
| 5.50%, due 1/1/37 | 3,500,000 | 3,533,579 |
| Series A | ||
| 5.75%, due 1/1/34 | 3,550,000 | 3,724,281 |
| City of Galesburg, Knox College Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 10/1/46 | 6,700,000 | 5,638,615 |
| Illinois Finance Authority, Midwestern University Foundation, Revenue Bonds | ||
| Series A | ||
| 2.25%, due 7/1/33 (a) | 500,000 | 427,369 |
| Illinois Finance Authority, University of Illinois Health Services, Revenue Bonds | ||
| 4.00%, due 10/1/50 | 13,850,000 | 12,554,222 |
| 4.00%, due 10/1/55 | 5,365,000 | 4,712,079 |
| Illinois Finance Authority, Bradley University, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 8/1/51 | 3,225,000 | 2,894,534 |
| Illinois Finance Authority, Learn Charter School Project, Revenue Bonds | ||
| 4.00%, due 11/1/51 | 1,600,000 | 1,379,421 |
| 4.00%, due 11/1/56 | 750,000 | 632,224 |
| Illinois Finance Authority, Rosalind Franklin University of Medicine & Science, Revenue Bonds | ||
| Series C | ||
| 4.25%, due 8/1/42 | 2,900,000 | 2,767,812 |
| Illinois Finance Authority, Noble Network Charter Schools, Revenue Bonds | ||
| 5.00%, due 9/1/32 | 1,830,000 | 1,831,388 |
| Illinois Finance Authority, Friendship Village Schaumburg, Revenue Bonds (d)(e)(f) | ||
| 5.00%, due 2/15/37 | 7,375,000 | 1,991,250 |
| 5.125%, due 2/15/45 | 5,715,000 | 1,543,050 |
| Illinois Finance Authority, Columbia College Chicago, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/37 | 9,650,000 | 9,750,944 |
| Illinois Finance Authority, Christian Homes, Inc., Revenue Bonds | ||
| 5.00%, due 5/15/40 | 1,265,000 | 572,413 |
| Illinois Finance Authority, Franciscan Communities, Inc., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 5/15/47 | 1,155,000 | 1,086,804 |
| Illinois Finance Authority, Chicago International School Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/47 | 3,000,000 | 2,988,460 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Illinois | ||
| Illinois Finance Authority, Rosalind Franklin University of Medicine and Science, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 8/1/49 | $ 1,300,000 | $ 1,308,486 |
| 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 | 7,985,000 | 7,703,233 |
| Illinois Finance Authority, Roosevelt University Project, Revenue Bonds | ||
| 5.50%, due 4/1/32 | 2,000,000 | 1,946,058 |
| Illinois Finance Authority, Roosevelt University, Revenue Bonds (c) | ||
| Series A | ||
| 6.00%, due 4/1/38 | 3,130,000 | 3,028,328 |
| Series A | ||
| 6.125%, due 4/1/49 | 2,355,000 | 2,234,898 |
| Macon County School District No. 61 Decatur, Unlimited General Obligation | ||
| Series C, Insured: AGM | ||
| 4.00%, due 1/1/40 | 2,500,000 | 2,509,734 |
| Series C, Insured: AGM | ||
| 4.00%, due 1/1/45 | 2,875,000 | 2,819,182 |
| Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Revenue Bonds | ||
| Series A, Insured: AGM-CR | ||
| (zero coupon), due 6/15/30 | 5,675,000 | 4,580,380 |
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 12/15/32 | 37,700,000 | 27,426,324 |
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 6/15/33 | 1,165,000 | 830,481 |
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 12/15/33 | 2,250,000 | 1,574,104 |
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 6/15/34 | 45,315,000 | 31,080,444 |
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 12/15/36 | 33,795,000 | 20,496,488 |
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 6/15/37 | 6,000,000 | 3,541,505 |
| Series A | ||
| (zero coupon), due 6/15/37 | 3,000,000 | 1,752,283 |
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 12/15/37 | 29,910,000 | 17,174,516 |
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 6/15/38 | 14,365,000 | 8,032,833 |
| Series A | ||
| (zero coupon), due 12/15/39 | 3,500,000 | 1,798,837 |
| Series A, Insured: AGM-CR NATL-RE | ||
| (zero coupon), due 12/15/40 | 27,700,000 | 13,931,504 |
| Series B-1, Insured: AGM | ||
| (zero coupon), due 6/15/44 | 13,660,000 | 5,690,761 |
| Series B-1, Insured: AGM | ||
| (zero coupon), due 6/15/47 | 6,270,000 | 2,187,363 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Illinois | ||
| Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Revenue Bonds | ||
| Series B | ||
| (zero coupon), due 12/15/50 | $ 37,865,000 | $ 10,196,041 |
| Series B | ||
| (zero coupon), due 12/15/51 | 57,100,000 | 14,554,853 |
| Series A, Insured: AGM | ||
| (zero coupon), due 12/15/52 | 6,180,000 | 1,582,529 |
| Series B, Insured: BAM | ||
| (zero coupon), due 12/15/54 | 56,510,000 | 13,003,827 |
| Series A, Insured: BAM | ||
| (zero coupon), due 12/15/56 | 51,050,000 | 10,646,549 |
| Series A, Insured: AGM-CR | ||
| (zero coupon), due 12/15/56 | 22,250,000 | 4,640,269 |
| Series B, Insured: AGM | ||
| (zero coupon), due 12/15/56 | 10,000,000 | 2,085,514 |
| Series A, Insured: BAM | ||
| 4.00%, due 12/15/42 | 2,500,000 | 2,490,329 |
| Series A | ||
| 4.00%, due 6/15/50 | 23,900,000 | 22,139,806 |
| Series A | ||
| 4.00%, due 6/15/52 | 27,500,000 | 25,226,099 |
| Series B | ||
| 5.00%, due 6/15/42 | 1,430,000 | 1,513,398 |
| Series A | ||
| 5.00%, due 6/15/50 | 1,000,000 | 1,032,618 |
| Metropolitan Pier & Exposition Authority, Mccormick Place Expansion Project, Revenue Bonds | ||
| Series A | ||
| (zero coupon), due 12/15/38 | 3,750,000 | 2,012,930 |
| Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Capital Appreciation, Revenue Bonds | ||
| Series B-1, Insured: AGM | ||
| (zero coupon), due 6/15/43 | 32,130,000 | 14,084,224 |
| Northern Illinois University, Revenue Bonds | ||
| Insured: BAM | ||
| 4.00%, due 10/1/40 | 1,245,000 | 1,241,284 |
| Insured: BAM | ||
| 4.00%, due 10/1/41 | 1,660,000 | 1,639,050 |
| Sangamon County Water Reclamation District, Alternative Revenue Source, Unlimited General Obligation | ||
| Series A, Insured: BAM | ||
| 4.00%, due 1/1/49 | 13,600,000 | 13,467,660 |
| State of Illinois, Unlimited General Obligation | ||
| Series A | ||
| 4.00%, due 3/1/40 | 1,360,000 | 1,351,690 |
| Series C | ||
| 4.00%, due 10/1/40 | 1,500,000 | 1,490,576 |
| Insured: BAM | ||
| 4.00%, due 6/1/41 | 27,720,000 | 27,309,788 |
| Series C | ||
| 4.00%, due 10/1/41 | 7,550,000 | 7,436,758 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Illinois | ||
| State of Illinois, Unlimited General Obligation | ||
| Series C | ||
| 4.00%, due 10/1/42 | $ 8,650,000 | $ 8,455,168 |
| Series C | ||
| 4.25%, due 10/1/45 | 23,200,000 | 22,944,700 |
| Series A | ||
| 4.50%, due 12/1/41 | 6,425,000 | 6,510,616 |
| Series A | ||
| 5.00%, due 12/1/27 | 2,315,000 | 2,472,339 |
| Series B | ||
| 5.00%, due 12/1/27 | 8,915,000 | 9,520,907 |
| 5.00%, due 2/1/28 | 2,700,000 | 2,844,605 |
| Series C | ||
| 5.00%, due 11/1/29 | 14,135,000 | 15,096,839 |
| Series A | ||
| 5.00%, due 12/1/31 | 1,485,000 | 1,580,808 |
| Series A | ||
| 5.00%, due 12/1/39 | 2,400,000 | 2,491,706 |
| Series A | ||
| 5.00%, due 5/1/40 | 2,000,000 | 2,085,841 |
| 5.75%, due 5/1/45 | 16,820,000 | 18,540,405 |
| State of Illinois, Rebuild Illinois Program, Unlimited General Obligation | ||
| Series C | ||
| 4.00%, due 11/1/41 | 19,300,000 | 19,012,009 |
| Upper Illinois River Valley Development Authority, Morris Hospital Obligated Group, Revenue Bonds | ||
| 5.00%, due 12/1/43 | 1,600,000 | 1,629,867 |
| 5.00%, due 12/1/48 | 13,055,000 | 13,181,075 |
| Village of Bridgeview, Unlimited General Obligation | ||
| Series A | ||
| 5.125%, due 12/1/44 | 100,000 | 93,783 |
| Series A | ||
| 5.50%, due 12/1/43 | 1,545,000 | 1,527,680 |
| Series A | ||
| 5.50%, due 12/1/43 | 1,260,000 | 1,245,875 |
| Series A | ||
| 5.625%, due 12/1/41 | 3,940,000 | 3,949,944 |
| Series A | ||
| 5.75%, due 12/1/35 | 2,705,000 | 2,740,684 |
| Village of Oak Lawn, Corporate Purpose, Unlimited General Obligation | ||
| Insured: NATL-RE | ||
| 4.40%, due 12/1/26 | 400,000 | 393,334 |
| Insured: NATL-RE | ||
| 4.45%, due 12/1/28 | 430,000 | 420,376 |
| Insured: NATL-RE | ||
| 4.50%, due 12/1/30 | 475,000 | 475,197 |
| Insured: NATL-RE | ||
| 4.50%, due 12/1/32 | 520,000 | 507,246 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Illinois | ||
| Village of Oak Lawn, Corporate Purpose, Unlimited General Obligation | ||
| Insured: NATL-RE | ||
| 4.50%, due 12/1/34 | $ 575,000 | $ 575,350 |
| Village of Riverdale, Unlimited General Obligation | ||
| 8.00%, due 10/1/36 | 1,610,000 | 1,614,328 |
| Village of Romeoville, Lewis University, Revenue Bonds | ||
| Series B | ||
| 4.125%, due 10/1/46 | 3,600,000 | 3,154,523 |
| Series B | ||
| 5.00%, due 10/1/36 | 1,000,000 | 1,007,827 |
| Series B | ||
| 5.00%, due 10/1/39 | 1,275,000 | 1,280,225 |
| 872,341,844 | ||
| Indiana 0.7% | ||
| City of Mount Vernon, Southern Indiana Gas & Electric Co., Revenue Bonds | ||
| 4.25%, due 9/1/55 (a)(b) | 7,750,000 | 7,902,238 |
| City of Valparaiso, Pratt Paper LLC Project, Revenue Bonds | ||
| 7.00%, due 1/1/44 (a) | 5,200,000 | 5,212,141 |
| County of Warrick, Southern Indiana Gas & Electric Co., Revenue Bonds | ||
| 4.25%, due 9/1/55 (a)(b) | 7,350,000 | 7,494,380 |
| Gary Chicago International Airport Authority, Revenue Bonds (a) | ||
| 5.00%, due 2/1/29 | 1,170,000 | 1,174,639 |
| 5.25%, due 2/1/34 | 750,000 | 753,409 |
| Indiana Finance Authority, Marian University, Inc., Revenue Bonds | ||
| Series A | ||
| 4.00%, due 9/15/44 | 1,090,000 | 950,025 |
| Indiana Finance Authority, University of Indianapolis Education Facilities Project, Revenue Bonds | ||
| 5.00%, due 10/1/43 | 2,000,000 | 2,022,386 |
| Indiana Finance Authority, BHI Senior Living, Inc., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/15/48 | 4,650,000 | 4,539,884 |
| Series A | ||
| 5.00%, due 11/15/53 | 4,100,000 | 3,922,366 |
| Indiana Finance Authority, United States Steel Corp., Revenue Bonds | ||
| Series A | ||
| 6.75%, due 5/1/39 (a) | 1,250,000 | 1,398,115 |
| Terre Haute Sanitary District, Revenue Bonds | ||
| 5.25%, due 9/28/28 | 20,250,000 | 20,303,928 |
| Town of Upland, Taylor University Project, Revenue Bonds | ||
| 4.00%, due 9/1/46 | 3,000,000 | 2,805,111 |
| 58,478,622 | ||
| Iowa 1.1% | ||
| City of Coralville, Annual Appropriation, Revenue Bonds | ||
| Series B | ||
| 4.25%, due 5/1/37 | 890,000 | 828,454 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Iowa | ||
| City of Coralville, Annual Appropriation, Tax Allocation | ||
| Series C | ||
| 4.50%, due 5/1/47 | $ 2,930,000 | $ 2,712,245 |
| City of Coralville, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 5/1/42 | 6,900,000 | 6,834,970 |
| Iowa Finance Authority, Iowa Fertilizer Co. Project, Revenue Bonds | ||
| 5.00%, due 12/1/50 | 15,235,000 | 15,953,789 |
| Iowa Higher Education Loan Authority, Des Moines University Project, Revenue Bonds | ||
| 4.00%, due 10/1/45 | 13,850,000 | 12,675,657 |
| Iowa Tobacco Settlement Authority, Capital Appreciation, Revenue Bonds | ||
| Series B-2, Class 2 | ||
| (zero coupon), due 6/1/65 | 230,200,000 | 31,129,693 |
| Iowa Tobacco Settlement Authority, Revenue Bonds | ||
| Series A-2, Class 1 | ||
| 4.00%, due 6/1/49 | 8,905,000 | 8,363,833 |
| Series B-1, Class 2 | ||
| 4.00%, due 6/1/49 | 3,820,000 | 3,857,179 |
| State of Iowa Board of Regents, University of Iowa Hospitals & Clinics, Revenue Bonds | ||
| Series B | ||
| 3.00%, due 9/1/61 | 8,700,000 | 6,130,041 |
| 88,485,861 | ||
| Kansas 0.3% | ||
| City of Manhattan, Meadowlark Hills Retirement Community, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 6/1/46 | 1,000,000 | 792,060 |
| Wyandotte County-Kansas City Unified Government, Vacation Village Project Area 4 - Major Multi-Sport Athletic Complex Project, Revenue Bonds | ||
| (zero coupon), due 9/1/34 (c) | 51,985,000 | 21,472,602 |
| 22,264,662 | ||
| Kentucky 0.9% | ||
| City of Campbellsville, Campbellsville University Project, Revenue Bonds | ||
| 5.00%, due 3/1/39 | 4,430,000 | 4,244,168 |
| City of Columbia, Lindsey Wilson College Project, Revenue Bonds | ||
| 5.00%, due 12/1/33 | 3,555,000 | 3,624,581 |
| City of Henderson, Pratt Paper LLC Project, Revenue Bonds (a)(c) | ||
| Series A | ||
| 4.45%, due 1/1/42 | 7,950,000 | 7,738,997 |
| Series B | ||
| 4.45%, due 1/1/42 | 8,950,000 | 8,712,455 |
| Series A | ||
| 4.70%, due 1/1/52 | 12,155,000 | 11,750,945 |
| Series B | ||
| 4.70%, due 1/1/52 | 4,350,000 | 4,205,398 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Kentucky | ||
| Kentucky Economic Development Finance Authority, Owensboro Health, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/45 | $ 13,500,000 | $ 13,617,114 |
| Kentucky Municipal Power Agency, Prairie State Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 9/1/45 | 20,335,000 | 18,606,502 |
| 72,500,160 | ||
| Louisiana 0.1% | ||
| Calcasieu Parish Memorial Hospital Service District, Lake Charles Memorial Hospital Project, Revenue Bonds | ||
| 5.00%, due 12/1/39 | 1,475,000 | 1,342,522 |
| Louisiana Local Government Environmental Facilities & Community Development Authority, Peoples of Bastrop LLC Project, Revenue Bonds | ||
| 5.625%, due 6/15/51 (c) | 2,500,000 | 2,108,368 |
| Louisiana Public Facilities Authority, Ochsner Clinic Foundation Obligated Group, Revenue Bonds | ||
| 5.00%, due 5/15/47 | 4,700,000 | 4,745,859 |
| 8,196,749 | ||
| Maine 0.0% ‡ | ||
| City of Portland, General Airport, Green Bond, Revenue Bonds | ||
| 4.00%, due 1/1/40 | 1,150,000 | 1,145,156 |
| Maryland 1.1% | ||
| County of Baltimore, Oak Crest Village, Inc. Facility, Revenue Bonds | ||
| 4.00%, due 1/1/45 | 4,000,000 | 3,744,401 |
| County of Frederick, Oakdale Lake Linganore Project, Tax Allocation | ||
| 3.75%, due 7/1/39 | 1,410,000 | 1,269,170 |
| County of Frederick, Technology Park Project TIF Development District, Tax Allocation | ||
| Series B | ||
| 4.625%, due 7/1/43 (c) | 10,830,000 | 10,638,650 |
| County of Frederick, Mount St Mary's University, Inc., Revenue Bonds (c) | ||
| Series A | ||
| 5.00%, due 9/1/37 | 3,000,000 | 2,982,347 |
| Series A | ||
| 5.00%, due 9/1/45 | 4,145,000 | 3,899,795 |
| Maryland Economic Development Corp., Port Convington Project, Tax Allocation | ||
| 4.00%, due 9/1/50 | 6,750,000 | 5,757,764 |
| Maryland Economic Development Corp., Purple Line Light Project, Green Bond, Revenue Bonds | ||
| Series B | ||
| 5.25%, due 6/30/47 (a) | 34,650,000 | 35,820,397 |
| Maryland Health & Higher Educational Facilities Authority, Stevenson University, Inc., Revenue Bonds | ||
| Series A | ||
| 4.00%, due 6/1/46 | 750,000 | 660,117 |
| Maryland Health & Higher Educational Facilities Authority, Adventist Healthcare, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 1/1/51 | 20,110,000 | 17,405,292 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Maryland | ||
| Maryland Health & Higher Educational Facilities Authority, Stevenson University, Inc. Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 6/1/55 | $ 900,000 | $ 756,213 |
| Maryland Health & Higher Educational Facilities Authority, Broadmead Issue, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/38 | 1,000,000 | 1,031,484 |
| Series A | ||
| 5.00%, due 7/1/48 | 3,000,000 | 3,022,300 |
| Maryland Health & Higher Educational Facilities Authority, Meritus Medical Center Issue, Revenue Bonds | ||
| 5.00%, due 7/1/45 | 4,000,000 | 4,029,030 |
| Maryland Health & Higher Educational Facilities Authority, Green Street Academy Inc., Revenue Bonds (c) | ||
| Series A | ||
| 5.125%, due 7/1/37 | 1,260,000 | 1,243,718 |
| Series A | ||
| 5.375%, due 7/1/52 | 1,530,000 | 1,458,282 |
| Maryland Health & Higher Educational Facilities Authority, Edenwald Issue, Revenue Bonds | ||
| 5.25%, due 1/1/37 | 1,000,000 | 1,005,494 |
| 94,724,454 | ||
| Massachusetts 0.9% | ||
| Massachusetts Development Finance Agency, Wellforce Obligated Group, Revenue Bonds | ||
| Series C, Insured: AGM | ||
| 4.00%, due 10/1/45 | 2,150,000 | 2,070,528 |
| Massachusetts Development Finance Agency, Equitable School Revolving Fund LLC, Revenue Bonds | ||
| Series C | ||
| 4.00%, due 11/1/46 | 1,500,000 | 1,427,221 |
| Series C | ||
| 4.00%, due 11/1/51 | 20,000 | 18,378 |
| Massachusetts Development Finance Agency, Linden Ponds, Inc., Revenue Bonds (c) | ||
| 5.00%, due 11/15/33 | 3,000,000 | 3,155,157 |
| 5.125%, due 11/15/46 | 5,600,000 | 5,788,436 |
| Massachusetts Development Finance Agency, Milford Regional Medical Center, Revenue Bonds (c) | ||
| Series G | ||
| 5.00%, due 7/15/35 | 270,000 | 277,912 |
| Series G | ||
| 5.00%, due 7/15/36 | 235,000 | 240,555 |
| Series G | ||
| 5.00%, due 7/15/46 | 1,100,000 | 1,067,153 |
| Massachusetts Development Finance Agency, Provident Commonwealth Education Resources II, Inc., Revenue Bonds | ||
| 5.00%, due 10/1/38 | 1,215,000 | 1,216,419 |
| Massachusetts Development Finance Agency, Dexter Southfield, Revenue Bonds | ||
| 5.00%, due 5/1/41 | 2,700,000 | 2,732,257 |
| Massachusetts Development Finance Agency, Ascentria Care Alliance Project, Revenue Bonds | ||
| 5.00%, due 7/1/41 (c) | 3,875,000 | 3,395,022 |
| Massachusetts Development Finance Agency, UMass Dartmouth Student Housing Project, Revenue Bonds | ||
| 5.00%, due 10/1/43 | 2,000,000 | 1,963,040 |
| 5.00%, due 10/1/48 | 7,650,000 | 7,417,501 |
| 5.00%, due 10/1/54 | 15,400,000 | 14,657,728 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Massachusetts | ||
| Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group, Revenue Bonds | ||
| Series L | ||
| 5.00%, due 7/1/44 | $ 8,105,000 | $ 8,237,951 |
| Series I | ||
| 5.00%, due 7/1/46 | 2,000,000 | 2,026,330 |
| Massachusetts Development Finance Agency, Western New England University, Revenue Bonds | ||
| 5.00%, due 9/1/45 | 1,175,000 | 1,154,647 |
| Massachusetts Development Finance Agency, UMass Boston Student Housing Project, Revenue Bonds | ||
| 5.00%, due 10/1/48 | 10,040,000 | 10,041,793 |
| Massachusetts Educational Financing Authority, Educational Loan, Revenue Bonds (a) | ||
| Series B | ||
| 2.00%, due 7/1/37 | 3,140,000 | 2,743,195 |
| Series C | ||
| 3.00%, due 7/1/51 | 7,305,000 | 5,115,982 |
| Massachusetts Educational Financing Authority, Revenue Bonds, Senior Lien | ||
| Series B | ||
| 3.00%, due 7/1/35 (a) | 490,000 | 485,392 |
| Town of Stoneham, Limited General Obligation | ||
| 2.25%, due 1/15/40 | 4,030,000 | 3,097,716 |
| 78,330,313 | ||
| Michigan 2.9% | ||
| Calhoun County Hospital Finance Authority, Oaklawn Hospital, Revenue Bonds | ||
| 5.00%, due 2/15/41 | 3,260,000 | 3,258,689 |
| 5.00%, due 2/15/47 | 3,000,000 | 2,885,885 |
| Chandler Park Academy, Revenue Bonds | ||
| 5.125%, due 11/1/30 | 940,000 | 940,169 |
| 5.125%, due 11/1/35 | 605,000 | 605,114 |
| City of Detroit, Unlimited General Obligation | ||
| Insured: AMBAC | ||
| 4.60%, due 4/1/24 | 20,150 | 20,086 |
| 5.00%, due 4/1/27 | 850,000 | 881,750 |
| 5.00%, due 4/1/31 | 1,000,000 | 1,043,018 |
| 5.00%, due 4/1/33 | 1,200,000 | 1,251,050 |
| 5.00%, due 4/1/35 | 1,000,000 | 1,039,973 |
| 5.00%, due 4/1/37 | 1,100,000 | 1,134,999 |
| 5.00%, due 4/1/38 | 850,000 | 873,434 |
| Insured: AMBAC | ||
| 5.25%, due 4/1/24 | 45,725 | 45,627 |
| 5.50%, due 4/1/45 | 1,100,000 | 1,158,364 |
| 5.50%, due 4/1/50 | 6,240,000 | 6,506,381 |
| City of Detroit, Water Supply System, Revenue Bonds, Second Lien | ||
| Series B, Insured: NATL-RE | ||
| 5.00%, due 7/1/34 | 10,000 | 10,017 |
| Detroit Service Learning Academy, Revenue Bonds | ||
| 4.00%, due 7/1/31 | 1,745,000 | 1,663,326 |
| 4.00%, due 7/1/41 | 3,600,000 | 2,985,536 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Michigan | ||
| Great Lakes Water Authority, Water Supply System, Revenue Bonds, Second Lien | ||
| Series B | ||
| 5.00%, due 7/1/46 | $ 3,000,000 | $ 3,071,869 |
| Kentwood Economic Development Corp., Holland Home Obligated Group, Revenue Bonds | ||
| 5.00%, due 11/15/41 | 2,085,000 | 1,951,767 |
| Michigan Finance Authority, Tobacco Settlement Asset-Backed, Capital Appreciation, Revenue Bonds, Senior Lien | ||
| Series B | ||
| (zero coupon), due 6/1/45 | 48,300,000 | 11,810,321 |
| Michigan Finance Authority, Tobacco Settlement Asset-Backed, Revenue Bonds, Senior Lien | ||
| Series B-2, Class 2 | ||
| (zero coupon), due 6/1/65 | 287,185,000 | 31,877,478 |
| Michigan Finance Authority, Calvin University Obligated Group, Revenue Bonds | ||
| 4.00%, due 9/1/46 | 4,470,000 | 4,151,975 |
| Michigan Finance Authority, Wayne County Criminal Justice Center Project, Revenue Bonds, Senior Lien | ||
| 4.00%, due 11/1/48 | 6,650,000 | 6,449,361 |
| Michigan Finance Authority, Henry Ford Health System, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/15/50 | 4,945,000 | 4,561,667 |
| Michigan Finance Authority, Great Lakes Water Authority Sewage Disposal System, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 7/1/34 | 1,000,000 | 1,015,874 |
| Series C | ||
| 5.00%, due 7/1/35 | 2,000,000 | 2,029,267 |
| Michigan Finance Authority, Local Government Loan Program, Revenue Bonds | ||
| Series D-4 | ||
| 5.00%, due 7/1/34 | 1,000,000 | 1,006,377 |
| Michigan Finance Authority, College for Creative Studies, Revenue Bonds | ||
| 5.00%, due 12/1/36 | 1,000,000 | 1,000,593 |
| 5.00%, due 12/1/40 | 1,700,000 | 1,700,363 |
| 5.00%, due 12/1/45 | 4,400,000 | 4,400,129 |
| Michigan Finance Authority, Lawrence Technological University, Revenue Bonds | ||
| 5.00%, due 2/1/37 | 1,550,000 | 1,561,602 |
| 5.25%, due 2/1/32 | 3,350,000 | 3,422,781 |
| Michigan Finance Authority, Local Government Loan Program, Public Lightning Local Project, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/44 | 4,000,000 | 4,008,052 |
| Michigan Finance Authority, Landmark Academy, Revenue Bonds | ||
| 5.00%, due 6/1/45 | 2,920,000 | 2,609,707 |
| Michigan Finance Authority, Presbyterian Villages of Michigan Obligated Group, Revenue Bonds | ||
| 5.50%, due 11/15/45 | 1,025,000 | 923,951 |
| Michigan Finance Authority, Universal Learning Academy, Revenue Bonds | ||
| 5.75%, due 11/1/40 | 2,630,000 | 2,560,854 |
| Michigan Finance Authority, Public School Academy-Voyageur, Revenue Bonds | ||
| 5.90%, due 7/15/46 (c) | 1,955,000 | 1,514,865 |
| Michigan Municipal Bond Authority, Local Government Loan Program, Revenue Bonds | ||
| Series A, Insured: AMBAC | ||
| 4.50%, due 5/1/31 | 305,000 | 297,430 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Michigan | ||
| Michigan Strategic Fund, Holland Home Obligated Group, Revenue Bonds | ||
| 5.00%, due 11/15/42 | $ 1,765,000 | $ 1,636,942 |
| 5.00%, due 11/15/43 | 2,220,000 | 2,041,782 |
| Michigan Strategic Fund, State of Michigan Department of Transportation, Revenue Bonds | ||
| 5.00%, due 6/30/48 (a) | 18,680,000 | 19,085,081 |
| Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed, Capital Appreciation, Revenue Bonds | ||
| Series B | ||
| (zero coupon), due 6/1/46 | 281,605,000 | 36,839,988 |
| Series B | ||
| (zero coupon), due 6/1/52 | 23,170,000 | 2,957,224 |
| Series C | ||
| (zero coupon), due 6/1/58 | 407,380,000 | 17,659,149 |
| Richfield Public School Academy, Revenue Bonds | ||
| 4.00%, due 9/1/30 | 750,000 | 717,902 |
| State of Michigan, Trunk Line, Revenue Bonds | ||
| 5.50%, due 11/15/49 | 31,180,000 | 36,125,825 |
| Summit Academy North, Michigan Public School Academy, Revenue Bonds | ||
| 4.00%, due 11/1/41 | 2,875,000 | 2,421,848 |
| 237,715,442 | ||
| Minnesota 1.0% | ||
| City of Crookston, Riverview Healthcare Project, Revenue Bonds | ||
| 5.00%, due 5/1/51 | 4,000,000 | 2,779,354 |
| City of Forest Lake, Lakes International Language Academy Project, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 8/1/43 | 300,000 | 296,753 |
| Series A | ||
| 5.375%, due 8/1/50 | 1,250,000 | 1,216,443 |
| City of Ham Lake, Parnassus Preparatory School Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/1/47 | 3,250,000 | 3,014,656 |
| City of Independence, Global Academy Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/51 | 1,400,000 | 1,068,669 |
| Series A | ||
| 4.00%, due 7/1/56 | 1,080,000 | 802,331 |
| City of Minneapolis, Twin Cities International School Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/47 (c) | 3,785,000 | 3,558,965 |
| City of Rochester, Samaritan Bethany, Inc. Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 8/1/48 | 925,000 | 744,548 |
| Duluth Economic Development Authority, Essentia Health Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 2/15/53 | 15,350,000 | 15,557,517 |
| Series A | ||
| 5.25%, due 2/15/53 | 22,465,000 | 23,123,202 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Minnesota | ||
| Duluth Economic Development Authority, Essentia Health Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 2/15/58 | $ 16,165,000 | $ 16,633,851 |
| Duluth Economic Development Authority, St. Luke's Hospital of Duluth, Revenue Bonds | ||
| Series B | ||
| 5.25%, due 6/15/42 | 4,000,000 | 4,147,983 |
| Series B | ||
| 5.25%, due 6/15/47 | 3,000,000 | 3,082,112 |
| Series B | ||
| 5.25%, due 6/15/52 | 4,750,000 | 4,825,265 |
| Duluth Economic Development Authority, Cambia Hills of Bethel Project, Revenue Bonds | ||
| 5.625%, due 12/1/55 (d)(e)(g) | 3,550,837 | 3,551 |
| 80,855,200 | ||
| Mississippi 0.1% | ||
| Mississippi Business Finance Corp., System Energy Resources, Inc. Project, Revenue Bonds | ||
| 2.375%, due 6/1/44 | 6,700,000 | 4,287,938 |
| Missouri 0.7% | ||
| Branson Industrial Development Authority, Tax Increment, Branson Landing-Retail Project, Tax Allocation | ||
| 5.50%, due 6/1/29 | 2,690,000 | 2,566,786 |
| Cape Girardeau County Industrial Development Authority, Southeast Health, Revenue Bonds | ||
| 4.00%, due 3/1/41 | 530,000 | 528,865 |
| 4.00%, due 3/1/46 | 1,695,000 | 1,631,921 |
| City of Lees Summit, Department of Airports, Summit Fair Project, Tax Allocation | ||
| 4.875%, due 11/1/37 (c) | 3,045,000 | 2,838,920 |
| Health & Educational Facilities Authority of the State of Missouri, Maryville University of St. Louis, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 6/15/41 | 3,300,000 | 3,131,762 |
| Series A | ||
| 5.00%, due 6/15/45 | 3,270,000 | 3,337,263 |
| Health & Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Project, Revenue Bonds | ||
| 4.00%, due 2/1/42 | 3,750,000 | 3,224,196 |
| Health & Educational Facilities Authority of the State of Missouri, AT Still University of Health Sciences, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 10/1/43 | 1,125,000 | 1,117,159 |
| Health & Educational Facilities Authority of the State of Missouri, Lake Regional Health System, Revenue Bonds | ||
| 4.00%, due 2/15/51 | 2,125,000 | 1,832,902 |
| Health & Educational Facilities Authority of the State of Missouri, Mercy Health, Revenue Bonds | ||
| 4.00%, due 6/1/53 | 6,915,000 | 6,644,511 |
| 5.00%, due 12/1/52 | 4,400,000 | 4,745,665 |
| Health & Educational Facilities Authority of the State of Missouri, Capital Region Medical Center, Revenue Bonds | ||
| 5.00%, due 11/1/40 | 1,850,000 | 2,084,481 |
| Kansas City Industrial Development Authority, Airport, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 4.00%, due 3/1/57 (a) | 2,400,000 | 2,207,442 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Missouri | ||
| Kansas City Land Clearance Redevelopment Authority, Convention Center Hotel Project, Tax Allocation | ||
| Series B | ||
| 5.00%, due 2/1/40 (c) | $ 4,700,000 | $ 4,368,823 |
| Lees Summit Industrial Development Authority, Fair Community Improvement District, Special Assessment | ||
| 5.00%, due 5/1/35 | 720,000 | 670,159 |
| 6.00%, due 5/1/42 | 2,800,000 | 2,607,411 |
| Maryland Heights Industrial Development Authority, St. Louis Community Ice Center Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 3/15/49 | 7,500,000 | 6,270,254 |
| Springfield School District No. R-12, Unlimited General Obligation | ||
| 2.25%, due 3/1/40 | 2,000,000 | 1,511,654 |
| St. Louis County Industrial Development Authority, Nazareth Living Center Project, Revenue Bonds | ||
| Series A | ||
| 5.125%, due 8/15/45 | 1,900,000 | 1,629,557 |
| St. Louis Land Clearance for Redevelopment Authority, Scottrade Center Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 4/1/48 | 2,000,000 | 2,043,396 |
| 54,993,127 | ||
| Montana 0.2% | ||
| City of Forsyth, NorthWestern Corp., Revenue Bonds | ||
| 3.875%, due 7/1/28 | 9,750,000 | 9,894,986 |
| County of Gallatin, Bozeman Fiber Project, Revenue Bonds (c) | ||
| Series A | ||
| 4.00%, due 10/15/41 | 500,000 | 417,624 |
| Series A | ||
| 4.00%, due 10/15/46 | 2,500,000 | 1,960,409 |
| Series A | ||
| 4.00%, due 10/15/51 | 3,750,000 | 2,814,198 |
| Montana Facility Finance Authority, Kalispell Regional Medical Center, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/48 | 5,465,000 | 5,539,028 |
| 20,626,245 | ||
| Nebraska 0.0% ‡ | ||
| County of Douglas, Creighton University, Revenue Bonds | ||
| Series A | ||
| 3.00%, due 7/1/51 | 2,500,000 | 1,809,859 |
| Nevada 0.3% | ||
| City of Reno, Sales Tax, Transportation Rail Access Corridor Project, Revenue Bonds | ||
| Series C | ||
| (zero coupon), due 7/1/58 (c) | 14,000,000 | 1,864,601 |
| City of Reno, Sales Tax, Transportation Rail Access Corridor Project, Revenue Bonds, First Lien | ||
| Series A | ||
| 4.00%, due 6/1/43 | 2,500,000 | 2,402,880 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Nevada | ||
| City of Reno, Sales Tax, Revenue Bonds | ||
| Series D | ||
| (zero coupon), due 7/1/58 (c) | $ 9,000,000 | $ 938,423 |
| Las Vegas Redevelopment Agency, Tax Allocation | ||
| 5.00%, due 6/15/45 | 2,750,000 | 2,790,721 |
| State of Nevada Department of Business & Industry, Somerset Academy of Las Vegas, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/15/48 (c) | 4,215,000 | 3,888,022 |
| Tahoe-Douglas Visitors Authority, Revenue Bonds | ||
| 5.00%, due 7/1/30 | 2,755,000 | 2,924,908 |
| 5.00%, due 7/1/34 | 2,000,000 | 2,117,758 |
| 5.00%, due 7/1/45 | 5,050,000 | 5,120,743 |
| 22,048,056 | ||
| New Hampshire 0.2% | ||
| Manchester Housing and Redevelopment Authority, Inc., Revenue Bonds | ||
| Series B, Insured: BAM | ||
| (zero coupon), due 1/1/26 | 1,995,000 | 1,814,091 |
| Series B, Insured: BAM | ||
| (zero coupon), due 1/1/27 | 2,380,000 | 2,053,471 |
| New Hampshire Business Finance Authority, Springpoint Senior Living Project, Revenue Bonds | ||
| 4.00%, due 1/1/41 | 3,175,000 | 2,639,446 |
| 4.00%, due 1/1/51 | 4,600,000 | 3,463,399 |
| New Hampshire Business Finance Authority, Ascentria Care Alliance Project, Revenue Bonds (c) | ||
| 5.00%, due 7/1/51 | 2,000,000 | 1,594,668 |
| 5.00%, due 7/1/56 | 910,000 | 709,270 |
| New Hampshire Business Finance Authority, The Vista Project, Revenue Bonds | ||
| Series A | ||
| 5.75%, due 7/1/54 (c) | 1,500,000 | 1,360,724 |
| New Hampshire Health and Education Facilities Authority Act, Kendal at Hanover, Revenue Bonds | ||
| 5.00%, due 10/1/46 | 1,800,000 | 1,795,037 |
| 15,430,106 | ||
| New Jersey 3.6% | ||
| Camden County Improvement Authority (The), Camden School Prep Project, Revenue Bonds | ||
| 5.00%, due 7/15/52 (c) | 2,000,000 | 2,004,876 |
| Essex County Improvement Authority, North Star Academy Charter School of Newark, Inc., Revenue Bonds | ||
| 4.00%, due 7/15/50 (c) | 2,450,000 | 2,150,364 |
| 4.00%, due 6/15/51 | 1,100,000 | 990,640 |
| 4.00%, due 7/15/60 (c) | 8,155,000 | 6,869,391 |
| Series A | ||
| 4.00%, due 8/1/60 (c) | 3,755,000 | 3,162,849 |
| New Jersey Economic Development Authority, School Facilities Construction, Revenue Bonds | ||
| Series LLL | ||
| 5.00%, due 6/15/36 | 5,200,000 | 5,710,989 |
| Series LLL | ||
| 5.00%, due 6/15/44 | 1,000,000 | 1,060,652 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| New Jersey | ||
| New Jersey Economic Development Authority, School Facilities Construction, Revenue Bonds | ||
| Series LLL | ||
| 5.00%, due 6/15/49 | $ 6,790,000 | $ 7,111,019 |
| New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/1/36 | 3,500,000 | 3,828,475 |
| New Jersey Economic Development Authority, Provident Group-Kean Properties LLC, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/37 | 2,650,000 | 2,624,363 |
| Series A | ||
| 5.00%, due 7/1/47 | 3,095,000 | 2,888,617 |
| New Jersey Economic Development Authority, State Government Buildings Project, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 6/15/42 | 8,860,000 | 9,242,357 |
| New Jersey Economic Development Authority, Port Newark Container Terminal LLC, Revenue Bonds | ||
| 5.00%, due 10/1/47 (a) | 15,905,000 | 16,041,572 |
| New Jersey Economic Development Authority, Provident Group-Rowan Properties LLC, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/48 | 11,985,000 | 11,237,959 |
| New Jersey Economic Development Authority, The Goethals Bridge Replacement Project, Revenue Bonds (a) | ||
| 5.125%, due 1/1/34 | 3,000,000 | 3,001,496 |
| Insured: AGM | ||
| 5.125%, due 7/1/42 | 1,705,000 | 1,705,105 |
| 5.375%, due 1/1/43 | 12,105,000 | 12,141,326 |
| New Jersey Economic Development Authority, Continental Airlines, Inc. Project, Revenue Bonds | ||
| Series B | ||
| 5.625%, due 11/15/30 (a) | 10,335,000 | 10,443,842 |
| New Jersey Economic Development Authority, NYNJ Link Borrower LLC, Revenue Bonds | ||
| 5.625%, due 1/1/52 (a) | 16,695,000 | 16,715,253 |
| New Jersey Economic Development Authority, Team Academy Charter School Project, Revenue Bonds | ||
| 6.00%, due 10/1/43 | 2,055,000 | 2,057,168 |
| New Jersey Educational Facilities Authority, St Elizabeth University, Revenue Bonds | ||
| Series D | ||
| 5.00%, due 7/1/46 | 2,190,000 | 1,981,853 |
| New Jersey Transportation Trust Fund Authority, Transportation Program, Revenue Bonds | ||
| Series AA | ||
| 4.00%, due 6/15/38 | 10,350,000 | 10,608,326 |
| Series AA | ||
| 4.00%, due 6/15/40 | 11,250,000 | 11,394,101 |
| Series A | ||
| 4.00%, due 6/15/41 | 3,000,000 | 3,024,704 |
| Series BB | ||
| 4.00%, due 6/15/41 | 3,750,000 | 3,779,294 |
| Series BB | ||
| 4.00%, due 6/15/44 | 14,890,000 | 14,816,976 |
| Series AA | ||
| 4.00%, due 6/15/45 | 40,170,000 | 39,920,777 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| New Jersey | ||
| New Jersey Transportation Trust Fund Authority, Transportation Program, Revenue Bonds | ||
| Series BB | ||
| 4.00%, due 6/15/46 | $ 6,140,000 | $ 6,061,662 |
| Series AA | ||
| 4.00%, due 6/15/50 | 7,110,000 | 6,891,938 |
| Series BB | ||
| 4.00%, due 6/15/50 | 20,805,000 | 20,134,636 |
| Series AA | ||
| 4.25%, due 6/15/44 | 2,055,000 | 2,089,062 |
| Series AA | ||
| 5.00%, due 6/15/50 | 6,910,000 | 7,332,632 |
| South Jersey Port Corp., Marine Terminal, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 1/1/48 (a) | 24,010,000 | 24,459,431 |
| South Jersey Transportation Authority, Revenue Bonds | ||
| Series A, Insured: AGM-CR | ||
| 4.00%, due 11/1/50 | 10,900,000 | 10,631,499 |
| Series A | ||
| 5.00%, due 11/1/39 | 500,000 | 502,445 |
| Series A, Insured: BAM | ||
| 5.00%, due 11/1/45 | 10,150,000 | 10,779,339 |
| Tobacco Settlement Financing Corp., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/46 | 5,125,000 | 5,224,495 |
| 300,621,483 | ||
| New York 8.9% | ||
| Brooklyn Arena Local Development Corp., Barclays Center Project, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 3.00%, due 7/15/43 | 2,135,000 | 1,678,305 |
| Build NYC Resource Corp., Pratt Paper, Inc. Project, Revenue Bonds | ||
| 5.00%, due 1/1/35 (a)(c) | 1,500,000 | 1,507,384 |
| Build NYC Resource Corp., Metropolitan Lighthouse Charter School Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/47 (c) | 1,225,000 | 1,220,401 |
| Build NYC Resource Corp., Hellenic Classical Charter Schools, Revenue Bonds (c) | ||
| Series A | ||
| 5.00%, due 12/1/51 | 1,000,000 | 854,487 |
| Series A | ||
| 5.00%, due 12/1/55 | 1,080,000 | 908,494 |
| Dutchess County Local Development Corp., Bard College Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/45 | 6,600,000 | 6,769,495 |
| Erie Tobacco Asset Securitization Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds | ||
| Series B | ||
| (zero coupon), due 6/1/47 | 37,500,000 | 7,888,552 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| New York | ||
| Genesee County Funding Corp. (The), Rochester Regional Health Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 12/1/52 | $ 6,750,000 | $ 7,107,627 |
| Huntington Local Development Corp., Fountaingate Gardens Project, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 7/1/27 | 4,370,000 | 4,211,690 |
| Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/1/42 | 2,075,000 | 1,612,217 |
| Series A | ||
| 4.00%, due 11/1/47 | 1,530,000 | 1,112,130 |
| Metropolitan Transportation Authority, Green Bond, Revenue Bonds | ||
| Series A-1 | ||
| 4.00%, due 11/15/45 | 31,350,000 | 30,404,051 |
| Series E | ||
| 4.00%, due 11/15/45 | 23,375,000 | 22,678,259 |
| Series A-1 | ||
| 4.00%, due 11/15/46 | 21,195,000 | 20,459,413 |
| Series A-1 | ||
| 4.00%, due 11/15/46 | 11,050,000 | 10,666,502 |
| Series A-3, Insured: AGM | ||
| 4.00%, due 11/15/46 | 2,930,000 | 2,911,575 |
| Series A-1 | ||
| 4.00%, due 11/15/48 | 6,440,000 | 6,149,229 |
| Series A-1 | ||
| 4.00%, due 11/15/49 | 35,565,000 | 33,792,636 |
| Series A-1, Insured: AGM | ||
| 4.00%, due 11/15/50 | 8,550,000 | 8,416,811 |
| Series A-1 | ||
| 4.00%, due 11/15/50 | 800,000 | 757,128 |
| Series D | ||
| 4.00%, due 11/15/50 | 7,730,000 | 7,312,281 |
| Series A-1 | ||
| 4.00%, due 11/15/51 | 10,290,000 | 9,711,960 |
| Series A-1 | ||
| 4.00%, due 11/15/52 | 3,340,000 | 3,142,904 |
| Series A-2 | ||
| 5.00%, due 11/15/27 | 3,150,000 | 3,293,770 |
| Series B | ||
| 5.00%, due 11/15/28 | 1,190,000 | 1,298,907 |
| Metropolitan Transportation Authority, Climate Certified Green Bond, Revenue Bonds | ||
| Series C, Insured: AGM | ||
| 4.00%, due 11/15/47 | 2,000,000 | 1,983,387 |
| Metropolitan Transportation Authority, Revenue Bonds | ||
| Series D | ||
| 5.00%, due 11/15/27 | 2,055,000 | 2,148,793 |
| Monroe County Industrial Development Corp., St. Ann's Community Project, Revenue Bonds | ||
| 5.00%, due 1/1/50 | 1,000,000 | 825,037 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| New York | ||
| Nassau County Tobacco Settlement Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds | ||
| Series A-3 | ||
| 5.00%, due 6/1/35 | $ 2,075,000 | $ 1,968,087 |
| Series A-3 | ||
| 5.125%, due 6/1/46 | 12,605,000 | 11,969,404 |
| New York City Industrial Development Agency, Queens Baseball Stadium Project, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 3.00%, due 1/1/46 | 12,365,000 | 9,763,321 |
| New York City Industrial Development Agency, Yankee Stadium Project, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 3.00%, due 3/1/49 | 1,750,000 | 1,351,668 |
| Series A, Insured: AGM-CR | ||
| 3.00%, due 3/1/49 | 17,600,000 | 13,593,918 |
| New York City Transitional Finance Authority, Future Tax Secured, Revenue Bonds | ||
| Series E-1 | ||
| 4.00%, due 2/1/49 | 49,060,000 | 48,562,375 |
| New York Convention Center Development Corp., Hotel Unit Fee, Revenue Bonds, Senior Lien | ||
| Series A | ||
| (zero coupon), due 11/15/47 | 10,000,000 | 3,222,965 |
| New York Counties Tobacco Trust V, Pass Through, Capital Appreciation, Revenue Bonds | ||
| Series S-1 | ||
| (zero coupon), due 6/1/38 | 2,500,000 | 1,071,541 |
| New York Liberty Development Corp., 1 World Trade Center, Revenue Bonds | ||
| Insured: BAM | ||
| 2.75%, due 2/15/44 | 14,600,000 | 11,325,528 |
| New York Liberty Development Corp., Green Bond, Revenue Bonds | ||
| Series A, Insured: BAM | ||
| 3.00%, due 11/15/51 | 3,750,000 | 2,868,790 |
| New York Liberty Development Corp., 7 World Trade Center Project, Revenue Bonds | ||
| Series A | ||
| 3.125%, due 9/15/50 | 21,530,000 | 16,949,460 |
| New York Liberty Development Corp., 3 World Trade Center LLC, Revenue Bonds | ||
| Class 1 | ||
| 5.00%, due 11/15/44 (c) | 72,180,000 | 72,262,762 |
| New York State Dormitory Authority, Montefiore Obligated Group, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 8/1/37 | 3,250,000 | 3,230,899 |
| Series A | ||
| 4.00%, due 8/1/38 | 1,750,000 | 1,712,877 |
| Series A | ||
| 4.00%, due 9/1/50 | 6,700,000 | 5,952,066 |
| New York State Dormitory Authority, NYU Langone Hospitals Obligated Group, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/50 | 4,240,000 | 4,090,678 |
| Series A | ||
| 4.00%, due 7/1/53 | 4,310,000 | 4,196,761 |
| New York State Dormitory Authority, Orange Regional Medical Center Obligated Group, Revenue Bonds | ||
| 5.00%, due 12/1/30 (c) | 2,200,000 | 2,151,709 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| New York | ||
| New York State Thruway Authority, State Personal Income Tax, Revenue Bonds | ||
| Series A-1 | ||
| 3.00%, due 3/15/48 | $ 8,500,000 | $ 6,877,758 |
| Series A-1 | ||
| 3.00%, due 3/15/51 | 33,195,000 | 26,023,629 |
| Series A-1 | ||
| 4.00%, due 3/15/53 | 14,875,000 | 14,748,208 |
| New York State Thruway Authority, General Revenue Junior Indebtedness Obligation, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 1/1/50 | 10,135,000 | 9,830,871 |
| New York State Urban Development Corp., Sales Tax, Revenue Bonds | ||
| Series A | ||
| 3.00%, due 3/15/50 | 9,700,000 | 7,740,763 |
| New York State Urban Development Corp., Personal Income Tax, Revenue Bonds | ||
| Series E | ||
| 4.00%, due 3/15/43 | 6,150,000 | 6,176,302 |
| New York Transportation Development Corp., New York State Thruway Service Areas Project, Revenue Bonds | ||
| 4.00%, due 4/30/53 (a) | 4,870,000 | 4,087,683 |
| New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Revenue Bonds (a) | ||
| 4.375%, due 10/1/45 | 75,465,000 | 73,830,904 |
| 5.00%, due 10/1/35 | 6,110,000 | 6,413,885 |
| New York Transportation Development Corp., Terminal 4 JFK International Airport Project, Revenue Bonds (a) | ||
| 5.00%, due 12/1/34 | 9,750,000 | 10,714,066 |
| 5.00%, due 12/1/36 | 5,000,000 | 5,419,470 |
| 5.00%, due 12/1/38 | 9,750,000 | 10,412,818 |
| 5.00%, due 12/1/39 | 13,805,000 | 14,707,844 |
| 5.00%, due 12/1/40 | 4,135,000 | 4,371,763 |
| New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Revenue Bonds (a) | ||
| Insured: AGM-CR | ||
| 5.00%, due 12/1/40 | 17,260,000 | 18,752,115 |
| 5.00%, due 12/1/42 | 3,375,000 | 3,536,964 |
| New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Revenue Bonds (a) | ||
| Series A | ||
| 5.00%, due 7/1/41 | 17,960,000 | 17,969,900 |
| Series A | ||
| 5.00%, due 7/1/46 | 12,125,000 | 12,126,543 |
| New York Transportation Development Corp., JFK NTO LLC, Revenue Bonds (a) | ||
| Insured: AGM | ||
| 5.125%, due 6/30/60 | 12,000,000 | 12,562,894 |
| 5.375%, due 6/30/60 | 10,000,000 | 10,471,133 |
| New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project, Revenue Bonds (a) | ||
| 5.25%, due 8/1/31 | 3,750,000 | 3,945,606 |
| 5.375%, due 8/1/36 | 3,445,000 | 3,589,902 |
| 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 | 3,144,000 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| New York | ||
| Oneida County Local Development Corp., Mohawk Valley Health System Project, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 3.00%, due 12/1/44 | $ 6,450,000 | $ 5,094,496 |
| Orange County Funding Corp., Mount St. Mary College, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/42 | 1,430,000 | 1,430,071 |
| Port Authority of New York & New Jersey, Revenue Bonds (a) | ||
| Series 223 | ||
| 4.00%, due 7/15/46 | 9,520,000 | 9,177,303 |
| Series 236 | ||
| 5.00%, due 1/15/52 | 4,285,000 | 4,507,505 |
| Port Authority of New York & New Jersey, Consolidated 218th, Revenue Bonds | ||
| Series 218 | ||
| 4.00%, due 11/1/47 (a) | 2,455,000 | 2,391,063 |
| Riverhead Industrial Development Agency, Riverhead Charter School, Revenue Bonds | ||
| Series A | ||
| 7.00%, due 8/1/43 | 1,500,000 | 1,503,536 |
| Rockland Tobacco Asset Securitization Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds | ||
| Series B | ||
| (zero coupon), due 8/15/50 (c) | 13,000,000 | 2,306,485 |
| Southold Local Development Corp., Peconic Landing, Inc. Project, Revenue Bonds | ||
| 4.00%, due 12/1/45 | 815,000 | 658,003 |
| Suffolk Tobacco Asset Securitization Corp., Tobacco Settlement, Asset Backed, Revenue Bonds | ||
| Series B-2 | ||
| (zero coupon), due 6/1/66 | 60,995,000 | 7,029,460 |
| Tompkins County Development Corp., Kendal at Ithaca Project, Revenue Bonds | ||
| Series 2014A | ||
| 5.00%, due 7/1/44 | 915,000 | 901,154 |
| Westchester County Local Development Corp., Pace University, Revenue Bonds | ||
| Series A | ||
| 5.50%, due 5/1/42 | 5,205,000 | 5,212,935 |
| 744,735,266 | ||
| North Carolina 0.6% | ||
| North Carolina Medical Care Commission, The Forest at Duke Project, Revenue Bonds | ||
| 4.00%, due 9/1/41 | 2,300,000 | 1,955,972 |
| 4.00%, due 9/1/51 | 1,405,000 | 1,100,910 |
| North Carolina Medical Care Commission, Plantation Village, Inc., Revenue Bonds | ||
| Series A | ||
| 4.00%, due 1/1/52 | 3,040,000 | 2,336,023 |
| North Carolina Medical Care Commission, Pines at Davidson Project (The), Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/49 | 3,350,000 | 3,353,389 |
| North Carolina Turnpike Authority, Triangle Expressway System, Revenue Bonds, Senior Lien | ||
| Insured: AGM | ||
| 3.00%, due 1/1/42 | 2,320,000 | 1,976,363 |
| Insured: AGM | ||
| 5.00%, due 1/1/49 | 4,750,000 | 5,014,445 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| North Carolina | ||
| North Carolina Turnpike Authority, Triangle Expressway System, Revenue Bonds, Senior Lien | ||
| Insured: AGM-CR | ||
| 5.00%, due 1/1/49 | $ 23,700,000 | $ 25,019,441 |
| North Carolina Turnpike Authority, Monroe Expressway Toll, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/51 | 2,745,000 | 2,787,552 |
| Series A | ||
| 5.00%, due 7/1/54 | 6,755,000 | 6,850,250 |
| 50,394,345 | ||
| North Dakota 0.5% | ||
| City of Grand Forks, Altru Health System, Revenue Bonds | ||
| Insured: AGM-CR | ||
| 4.00%, due 12/1/46 | 3,955,000 | 3,675,897 |
| Series A, Insured: AGM | ||
| 5.00%, due 12/1/48 | 2,950,000 | 3,145,102 |
| Series A, Insured: AGM | ||
| 5.00%, due 12/1/53 | 2,800,000 | 2,960,789 |
| County of Cass, Essentia Health Obligated Group, Revenue Bonds | ||
| Series B | ||
| 5.25%, due 2/15/53 | 9,100,000 | 9,366,621 |
| County of Ward, Trinity Health, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 6/1/48 | 26,890,000 | 22,647,210 |
| Series C | ||
| 5.00%, due 6/1/53 | 725,000 | 589,090 |
| 42,384,709 | ||
| Ohio 4.4% | ||
| Akron Bath Copley Joint Township Hospital District, Summa Health System Obligated Group, Revenue Bonds | ||
| 5.25%, due 11/15/46 | 29,875,000 | 30,275,952 |
| Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Senior Lien | ||
| Series A-2, Class 1 | ||
| 4.00%, due 6/1/48 | 5,185,000 | 4,796,509 |
| Series B-2, Class 2 | ||
| 5.00%, due 6/1/55 | 180,425,000 | 170,604,124 |
| Cleveland-Cuyahoga County Port Authority, Euclid Avenue Development Corp. Project, Revenue Bonds | ||
| 4.00%, due 8/1/44 | 12,270,000 | 12,092,157 |
| Series A | ||
| 5.50%, due 8/1/52 | 1,000,000 | 1,060,191 |
| Cleveland-Cuyahoga County Port Authority, Centers for Dialysis Care Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/42 | 4,905,000 | 4,959,288 |
| Series A | ||
| 5.00%, due 12/1/47 | 1,435,000 | 1,438,997 |
| Cleveland-Cuyahoga County Port Authority, Starwood Wasserman University Heights Holding LLC, Revenue Bonds (d)(e)(g) | ||
| Series A | ||
| 7.00%, due 12/1/18 | 710,000 | 184,600 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Ohio | ||
| Cleveland-Cuyahoga County Port Authority, Starwood Wasserman University Heights Holding LLC, Revenue Bonds (d)(e)(g) | ||
| Series A | ||
| 7.35%, due 12/1/31 | $ 6,000,000 | $ 1,560,000 |
| County of Cuyahoga, MetroHealth System (The), Revenue Bonds | ||
| 4.75%, due 2/15/47 | 1,440,000 | 1,410,855 |
| 5.00%, due 2/15/37 | 5,050,000 | 5,124,497 |
| 5.00%, due 2/15/52 | 7,785,000 | 7,788,109 |
| 5.25%, due 2/15/47 | 3,715,000 | 3,748,338 |
| 5.50%, due 2/15/57 | 32,555,000 | 32,956,035 |
| County of Cuyahoga, MetroHealth System, Revenue Bonds | ||
| 5.50%, due 2/15/52 | 4,660,000 | 4,734,619 |
| County of Hamilton, Life Enriching Communities Project, Revenue Bonds | ||
| 5.00%, due 1/1/42 | 1,080,000 | 1,035,534 |
| 5.00%, due 1/1/46 | 2,090,000 | 1,957,760 |
| County of Montgomery, Kettering Health Network Obligated Group, Revenue Bonds | ||
| 4.00%, due 8/1/51 | 3,265,000 | 2,996,836 |
| Franklin County Convention Facilities Authority, Greater Columbus Convention Center Hotel Expansion Project, Revenue Bonds | ||
| 5.00%, due 12/1/51 | 4,250,000 | 3,934,320 |
| Ohio Air Quality Development Authority, Pratt Paper LLC Project, Revenue Bonds | ||
| 4.50%, due 1/15/48 (a)(c) | 2,450,000 | 2,335,918 |
| Ohio Higher Educational Facility Commission, Tiffin University Project, Revenue Bonds | ||
| 4.00%, due 11/1/49 | 4,700,000 | 3,492,265 |
| 5.00%, due 11/1/44 | 750,000 | 691,217 |
| Ohio Higher Educational Facility Commission, University of Findlay (The), Revenue Bonds | ||
| 5.00%, due 3/1/39 | 1,675,000 | 1,599,972 |
| 5.00%, due 3/1/44 | 9,260,000 | 8,536,758 |
| Ohio Higher Educational Facility Commission, Cleveland Institute of Art (The), Revenue Bonds | ||
| 5.25%, due 12/1/48 | 1,000,000 | 913,323 |
| 5.50%, due 12/1/53 | 1,215,000 | 1,129,411 |
| State of Ohio, University Hospitals Health System, Inc., Revenue Bonds | ||
| Series A | ||
| 4.00%, due 1/15/46 | 8,000,000 | 7,654,587 |
| Series A, Insured: BAM | ||
| 4.00%, due 1/15/50 | 33,060,000 | 31,911,595 |
| Toledo-Lucas County Port Authority, University of Toledo Parking Project, Revenue Bonds | ||
| 4.00%, due 1/1/57 | 6,150,000 | 4,855,020 |
| Toledo-Lucas County Port Authority, University of Toledo Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/34 | 1,400,000 | 1,389,719 |
| Series A | ||
| 5.00%, due 7/1/39 | 2,000,000 | 1,962,286 |
| Series A | ||
| 5.00%, due 7/1/46 | 9,440,000 | 8,978,826 |
| 368,109,618 | ||
| Oklahoma 0.1% | ||
| Norman Regional Hospital Authority, Norman Regional Hospital Authority Obligated Group, Revenue Bonds | ||
| 4.00%, due 9/1/45 | 2,500,000 | 2,138,659 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Oklahoma | ||
| Norman Regional Hospital Authority, Norman Regional Hospital Authority Obligated Group, Revenue Bonds | ||
| 5.00%, due 9/1/37 | $ 3,500,000 | $ 3,523,698 |
| Oklahoma Development Finance Authority, Provident Oklahoma Education Resources, Inc. Cross Village Student Housing Project, Revenue Bonds (d)(e) | ||
| Series A | ||
| 5.00%, due 8/1/47 | 6,525,171 | 10,440 |
| Series A | ||
| 5.25%, due 8/1/57 | 8,192,966 | 13,109 |
| Tulsa Authority for Economic Opportunity, Sante FE Square Project, Tax Allocation | ||
| 4.375%, due 12/1/41 (c) | 1,500,000 | 1,439,746 |
| Tulsa County Industrial Authority, Montereau, Inc., Project, Revenue Bonds | ||
| 5.25%, due 11/15/45 | 1,250,000 | 1,233,926 |
| 8,359,578 | ||
| Oregon 0.1% | ||
| Astoria Hospital Facilities Authority, Columbia Memorial Hospital Obligated Group, Revenue Bonds | ||
| 3.50%, due 8/1/42 | 845,000 | 736,888 |
| County of Yamhill, George Fox University Project, Revenue Bonds | ||
| 4.00%, due 12/1/51 | 3,150,000 | 2,893,034 |
| Oregon State Facilities Authority, Samaritan Health, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/46 | 2,280,000 | 2,300,356 |
| Oregon State Facilities Authority, College Housing Northwest Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/48 (c) | 1,560,000 | 1,433,592 |
| 7,363,870 | ||
| Pennsylvania 3.8% | ||
| Allegheny County Airport Authority, Revenue Bonds (a) | ||
| Series A, Insured: AGM | ||
| 4.00%, due 1/1/46 | 7,970,000 | 7,723,646 |
| Series A | ||
| 4.00%, due 1/1/56 | 7,500,000 | 6,836,605 |
| Allegheny County Hospital Development Authority, Allegheny Health Network, Revenue Bonds | ||
| Series A, Insured: AGM-CR | ||
| 4.00%, due 4/1/44 | 15,900,000 | 15,632,476 |
| Allegheny County Industrial Development Authority, Urban Academy of Greater Pittsburgh Charter School, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 6/15/41 (c) | 1,895,000 | 1,548,098 |
| Allegheny County Industrial Development Authority, Propel Charter School - Sunrise, Revenue Bonds | ||
| 6.00%, due 7/15/38 | 2,850,000 | 2,852,702 |
| Allentown Neighborhood Improvement Zone Development Authority, City Center Project, Revenue Bonds (c) | ||
| 5.00%, due 5/1/42 | 14,750,000 | 14,807,397 |
| 5.00%, due 5/1/42 | 6,465,000 | 6,486,508 |
| 5.125%, due 5/1/32 | 4,250,000 | 4,280,994 |
| 5.25%, due 5/1/42 | 1,110,000 | 1,124,329 |
| 5.375%, due 5/1/42 | 4,225,000 | 4,185,661 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Pennsylvania | ||
| Allentown Neighborhood Improvement Zone Development Authority, Revenue Bonds | ||
| 5.00%, due 5/1/42 | $ 3,500,000 | $ 3,597,559 |
| 6.00%, due 5/1/42 (c) | 4,350,000 | 4,558,718 |
| Bucks County Industrial Development Authority, Grand View Hospital Project, Revenue Bonds | ||
| 4.00%, due 7/1/46 | 2,900,000 | 2,278,118 |
| 4.00%, due 7/1/51 | 7,200,000 | 5,403,188 |
| 5.00%, due 7/1/40 | 655,000 | 573,140 |
| 5.00%, due 7/1/41 | 2,500,000 | 2,160,746 |
| Cambria County General Financing Authority, St. Francis University, Revenue Bonds | ||
| Series TT5 | ||
| 4.00%, due 4/1/46 | 2,035,000 | 1,679,039 |
| Chambersburg Area Municipal Authority, Wilson College, Revenue Bonds | ||
| 5.50%, due 10/1/33 | 1,230,000 | 1,230,454 |
| 5.75%, due 10/1/38 | 3,200,000 | 3,190,304 |
| 5.75%, due 10/1/43 | 2,290,000 | 2,229,357 |
| Chester County Industrial Development Authority, Renaissance Academy Charter School, Revenue Bonds | ||
| 5.00%, due 10/1/39 | 1,575,000 | 1,533,413 |
| Chester County Industrial Development Authority, Woodlands at Greystone Project, Special Assessment | ||
| 5.125%, due 3/1/48 (c) | 760,000 | 730,505 |
| City of Erie Higher Education Building Authority, Mercyhurst University Project, Revenue Bonds (c) | ||
| 5.00%, due 9/15/27 | 705,000 | 700,770 |
| 5.00%, due 9/15/28 | 740,000 | 734,182 |
| 5.00%, due 9/15/29 | 150,000 | 148,330 |
| 5.00%, due 9/15/37 | 640,000 | 671,238 |
| 5.00%, due 9/15/37 | 2,755,000 | 2,603,793 |
| Commonwealth Financing Authority, Tobacco Master Settlement Payment, Revenue Bonds | ||
| Insured: AGM | ||
| 4.00%, due 6/1/39 | 150,000 | 151,130 |
| County of Lehigh, Lehigh Valley Health Network, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/49 | 1,660,000 | 1,576,839 |
| Cumberland County Municipal Authority, Diakon Lutheran Social Ministries, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/39 | 195,000 | 215,329 |
| Series A | ||
| 5.00%, due 1/1/39 | 290,000 | 292,879 |
| Dauphin County General Authority, Harrisburg University Science Technology Project (The), Revenue Bonds (c) | ||
| 5.00%, due 10/15/34 | 5,535,000 | 4,812,241 |
| 5.125%, due 10/15/41 | 4,650,000 | 3,634,064 |
| 5.875%, due 10/15/40 | 3,700,000 | 3,195,338 |
| 6.25%, due 10/15/53 | 9,150,000 | 7,576,408 |
| Delaware County Authority, Cabrini University, Revenue Bonds | ||
| 5.00%, due 7/1/42 | 1,215,000 | 1,234,396 |
| Franklin County Industrial Development Authority, Menno-Haven, Inc. Project, Revenue Bonds | ||
| 5.00%, due 12/1/39 | 375,000 | 333,466 |
| 5.00%, due 12/1/49 | 1,020,000 | 832,903 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Pennsylvania | ||
| General Authority of Southcentral Pennsylvania, York Academy Regional Charter School Project, Revenue Bonds (c) | ||
| Series A | ||
| 6.00%, due 7/15/38 | $ 2,795,000 | $ 2,861,608 |
| Series A | ||
| 6.50%, due 7/15/48 | 4,150,000 | 4,257,511 |
| Huntingdon County General Authority, AICUP Financing Program, Revenue Bonds | ||
| Series OO2 | ||
| 5.00%, due 5/1/46 | 3,955,000 | 3,935,087 |
| Lancaster Higher Education Authority, Elizabethtown College Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/51 | 3,000,000 | 2,914,340 |
| Lancaster Industrial Development Authority, Willow Valley Communities Project, Revenue Bonds | ||
| 4.00%, due 12/1/44 | 1,550,000 | 1,421,219 |
| 4.00%, due 12/1/49 | 1,900,000 | 1,672,399 |
| 5.00%, due 12/1/49 | 3,940,000 | 3,979,278 |
| Lancaster Industrial Development Authority, Landis Homes Retirement Community, Revenue Bonds | ||
| 4.00%, due 7/1/51 | 2,750,000 | 2,056,204 |
| Montgomery County Higher Education and Health Authority, Thomas Jefferson University Project, Revenue Bonds | ||
| 4.00%, due 9/1/44 | 3,000,000 | 2,908,367 |
| 4.00%, due 9/1/49 | 4,750,000 | 4,500,844 |
| Insured: AGM-CR | ||
| 4.00%, due 9/1/49 | 15,610,000 | 15,225,218 |
| Montgomery County Higher Education and Health Authority, Philadelphia Presbyterian Homes Project, Revenue Bonds | ||
| 4.00%, due 12/1/48 | 3,995,000 | 3,188,447 |
| Montgomery County Industrial Development Authority, ACTS Retirement-Life Communities, Inc. Obligated Group, Revenue Bonds | ||
| 5.00%, due 11/15/36 | 4,530,000 | 4,664,917 |
| New Wilmington Municipal Authority, Westminster College Project, Revenue Bonds | ||
| Series PP-1 | ||
| 5.25%, due 5/1/46 | 940,000 | 930,514 |
| Northeastern Pennsylvania Hospital and Education Authority, King's College Project, Revenue Bonds | ||
| 5.00%, due 5/1/44 | 1,000,000 | 974,418 |
| 5.00%, due 5/1/49 | 1,350,000 | 1,276,826 |
| Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project, Revenue Bonds | ||
| 0.95%, due 12/1/33 (b) | 9,250,000 | 8,462,381 |
| Pennsylvania Economic Development Financing Authority, Rapid Bridge Replacement Project, Revenue Bonds | ||
| 4.125%, due 12/31/38 | 4,000,000 | 3,905,362 |
| Pennsylvania Economic Development Financing Authority, Penndot Major Bridges Project, Revenue Bonds (a) | ||
| Insured: AGM | ||
| 5.00%, due 12/31/57 | 7,900,000 | 8,377,368 |
| 5.25%, due 6/30/53 | 8,395,000 | 8,922,517 |
| 5.75%, due 6/30/48 | 6,560,000 | 7,304,126 |
| Pennsylvania Turnpike Commission, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 12/1/46 | 6,770,000 | 6,690,626 |
| Series A | ||
| 4.00%, due 12/1/50 | 7,650,000 | 7,426,956 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Pennsylvania | ||
| Pennsylvania Turnpike Commission, Revenue Bonds | ||
| Series A, Insured: BAM | ||
| 4.00%, due 12/1/50 | $ 46,265,000 | $ 46,100,394 |
| Philadelphia Authority for Industrial Development, Mariana Bracetti Academy Charter School, Revenue Bonds | ||
| Series B | ||
| 4.875%, due 12/15/35 (c) | 6,215,000 | 5,923,715 |
| Philadelphia Authority for Industrial Development, Russell Byers Charter School, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 5/1/40 | 1,105,000 | 1,113,609 |
| Series A | ||
| 5.00%, due 5/1/50 | 3,130,000 | 3,061,233 |
| Philadelphia Authority for Industrial Development, MaST Charter School Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 8/1/40 | 600,000 | 608,773 |
| Series A | ||
| 5.00%, due 8/1/50 | 1,050,000 | 1,034,370 |
| Philadelphia Authority for Industrial Development, University of the Arts (The), Revenue Bonds (c) | ||
| 5.00%, due 3/15/45 | 300,000 | 327,728 |
| 5.00%, due 3/15/45 | 4,875,000 | 4,060,572 |
| Philadelphia Authority for Industrial Development, Philadelphia Performing Arts Charter School, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/15/50 (c) | 1,700,000 | 1,649,026 |
| Philadelphia Authority for Industrial Development, International Education & Community Initiatives Project, Revenue Bonds (c) | ||
| Series A | ||
| 5.125%, due 6/1/38 | 2,000,000 | 1,929,988 |
| Series A | ||
| 5.25%, due 6/1/48 | 3,085,000 | 2,884,020 |
| Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc., Revenue Bonds | ||
| Series A | ||
| 6.50%, due 6/1/45 | 2,200,000 | 2,200,574 |
| Philadelphia Authority for Industrial Development, First Philadelphia Preparatory Charter School, Revenue Bonds | ||
| Series A | ||
| 7.25%, due 6/15/43 | 4,150,000 | 4,195,140 |
| Scranton Redevelopment Authority, Revenue Bonds | ||
| Series A, Insured: MUN GOVT GTD | ||
| 5.00%, due 11/15/28 | 6,425,000 | 6,433,936 |
| Scranton-Lackawanna Health and Welfare Authority, Marywood University Project, Revenue Bonds | ||
| 5.00%, due 6/1/36 | 1,000,000 | 954,718 |
| 5.00%, due 6/1/46 | 4,625,000 | 4,070,003 |
| Wilkes-Barre Finance Authority, Wilkes University Project, Revenue Bonds | ||
| 4.00%, due 3/1/42 | 2,500,000 | 2,063,900 |
| 319,824,495 | ||
| Puerto Rico 9.3% | ||
| Children's Trust Fund, Asset-Backed, Revenue Bonds | ||
| Series A | ||
| (zero coupon), due 5/15/50 | 43,900,000 | 8,217,803 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Puerto Rico | ||
| Children's Trust Fund, Asset-Backed, Revenue Bonds | ||
| Series B | ||
| (zero coupon), due 5/15/57 | $ 97,900,000 | $ 6,218,128 |
| 5.50%, due 5/15/39 | 1,270,000 | 1,273,946 |
| 5.625%, due 5/15/43 | 36,560,000 | 37,032,582 |
| Commonwealth of Puerto Rico, Unlimited General Obligation | ||
| Series A-1 | ||
| (zero coupon), due 7/1/33 | 26,422,270 | 16,839,121 |
| Series A-1 | ||
| 4.00%, due 7/1/33 | 9,350,206 | 9,092,281 |
| Series A-1 | ||
| 4.00%, due 7/1/35 | 53,687,833 | 51,356,654 |
| Series A-1 | ||
| 4.00%, due 7/1/37 | 33,727,084 | 31,716,990 |
| Series A-1 | ||
| 4.00%, due 7/1/41 | 19,323,126 | 17,683,025 |
| Commonwealth of Puerto Rico | ||
| (zero coupon), due 11/1/43 | 91,567,582 | 50,820,008 |
| GDB Debt Recovery Authority of Puerto Rico, Revenue Bonds | ||
| 7.50%, due 8/20/40 | 98,693,447 | 92,771,840 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Senior Lien (c) | ||
| Series C | ||
| 3.50%, due 7/1/26 | 14,625,000 | 14,022,563 |
| Series A | ||
| 5.00%, due 7/1/27 | 345,000 | 353,130 |
| Series 2020A | ||
| 5.00%, due 7/1/30 | 4,135,000 | 4,269,850 |
| Series 2020A | ||
| 5.00%, due 7/1/35 | 15,960,000 | 16,390,751 |
| Series A | ||
| 5.00%, due 7/1/37 | 5,750,000 | 5,884,563 |
| Series A | ||
| 5.00%, due 7/1/47 | 123,655,000 | 124,255,691 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds (c) | ||
| Series B | ||
| 5.00%, due 7/1/33 | 5,300,000 | 5,495,722 |
| Series B | ||
| 5.00%, due 7/1/37 | 20,695,000 | 21,130,998 |
| Puerto Rico Electric Power Authority, Revenue Bonds | ||
| Series DDD | ||
| 3.30%, due 7/1/19 (d)(e)(g) | 1,015,000 | 312,113 |
| Series ZZ | ||
| 4.25%, due 7/1/20 (d)(e)(g) | 1,355,000 | 416,662 |
| Series CCC | ||
| 4.25%, due 7/1/23 (d)(e) | 1,150,000 | 353,625 |
| Series UU, Insured: AGM | ||
| 4.266%, due 7/1/29 | 4,640,000 | 4,344,663 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Puerto Rico | ||
| Puerto Rico Electric Power Authority, Revenue Bonds | ||
| Series CCC | ||
| 4.375%, due 7/1/22 (d)(e)(g) | $ 115,000 | $ 35,363 |
| Series CCC | ||
| 4.60%, due 7/1/24 (d)(e) | 200,000 | 62,000 |
| Series CCC | ||
| 4.625%, due 7/1/25 (d)(e) | 1,085,000 | 336,350 |
| Series XX | ||
| 4.75%, due 7/1/26 (d)(e) | 320,000 | 99,200 |
| Series ZZ | ||
| 4.75%, due 7/1/27 (d)(e) | 405,000 | 125,550 |
| Series A | ||
| 4.80%, due 7/1/29 (d)(e) | 690,000 | 213,900 |
| Series DDD | ||
| 5.00%, due 7/1/20 (d)(e)(g) | 3,250,000 | 999,375 |
| Series TT | ||
| 5.00%, due 7/1/20 (d)(e)(g) | 2,195,000 | 674,962 |
| Series CCC | ||
| 5.00%, due 7/1/21 (d)(e)(g) | 470,000 | 144,525 |
| Series DDD | ||
| 5.00%, due 7/1/21 (d)(e)(g) | 275,000 | 84,563 |
| Series TT | ||
| 5.00%, due 7/1/21 (d)(e)(g) | 1,215,000 | 373,613 |
| Series TT | ||
| 5.00%, due 7/1/23 (d)(e) | 365,000 | 112,238 |
| Series CCC | ||
| 5.00%, due 7/1/24 (d)(e) | 1,845,000 | 571,950 |
| Series RR, Insured: NATL-RE | ||
| 5.00%, due 7/1/24 | 115,000 | 115,029 |
| Series TT | ||
| 5.00%, due 7/1/24 (d)(e) | 450,000 | 139,500 |
| Series CCC | ||
| 5.00%, due 7/1/25 (d)(e) | 575,000 | 178,250 |
| Series SS, Insured: NATL-RE | ||
| 5.00%, due 7/1/25 | 770,000 | 766,929 |
| Series TT | ||
| 5.00%, due 7/1/25 (d)(e) | 1,030,000 | 319,300 |
| Series TT | ||
| 5.00%, due 7/1/26 (d)(e) | 1,050,000 | 325,500 |
| Series TT, Insured: AGM-CR | ||
| 5.00%, due 7/1/27 | 150,000 | 149,988 |
| Series TT | ||
| 5.00%, due 7/1/27 (d)(e) | 1,250,000 | 387,500 |
| Series WW | ||
| 5.00%, due 7/1/28 (d)(e) | 380,000 | 117,800 |
| Series TT | ||
| 5.00%, due 7/1/32 (d)(e) | 9,320,000 | 2,889,200 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Puerto Rico | ||
| Puerto Rico Electric Power Authority, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/42 (d)(e) | $ 8,755,000 | $ 2,714,050 |
| Series A | ||
| 5.05%, due 7/1/42 (d)(e) | 825,000 | 255,750 |
| Series ZZ | ||
| 5.25%, due 7/1/20 (d)(e)(g) | 225,000 | 69,188 |
| Series ZZ | ||
| 5.25%, due 7/1/23 (d)(e) | 620,000 | 190,650 |
| Series AAA | ||
| 5.25%, due 7/1/24 (d)(e) | 3,000,000 | 930,000 |
| Series WW | ||
| 5.25%, due 7/1/25 (d)(e) | 1,605,000 | 497,550 |
| Series AAA | ||
| 5.25%, due 7/1/26 (d)(e) | 110,000 | 34,100 |
| Series ZZ | ||
| 5.25%, due 7/1/26 (d)(e) | 3,520,000 | 1,091,200 |
| Series VV, Insured: NATL-RE | ||
| 5.25%, due 7/1/29 | 630,000 | 622,992 |
| Series AAA | ||
| 5.25%, due 7/1/30 (d)(e) | 985,000 | 305,350 |
| Series VV, Insured: NATL-RE | ||
| 5.25%, due 7/1/30 | 3,850,000 | 3,804,502 |
| Series VV, Insured: NATL-RE | ||
| 5.25%, due 7/1/32 | 345,000 | 341,429 |
| Series WW | ||
| 5.25%, due 7/1/33 (d)(e) | 8,310,000 | 2,576,100 |
| Series XX | ||
| 5.25%, due 7/1/35 (d)(e) | 2,265,000 | 702,150 |
| Series XX | ||
| 5.25%, due 7/1/40 (d)(e) | 18,055,000 | 5,597,050 |
| Series BBB | ||
| 5.40%, due 7/1/28 (d)(e) | 9,615,000 | 2,812,387 |
| Series WW | ||
| 5.50%, due 7/1/38 (d)(e) | 11,595,000 | 3,492,994 |
| Series XX | ||
| 5.75%, due 7/1/36 (d)(e) | 4,055,000 | 1,257,050 |
| Series A | ||
| 6.75%, due 7/1/36 (d)(e) | 11,550,000 | 3,580,500 |
| Series A | ||
| 7.00%, due 7/1/33 (d)(e) | 1,500,000 | 465,000 |
| Series A | ||
| 7.00%, due 7/1/43 (d)(e) | 4,750,000 | 1,472,500 |
| Puerto Rico Electric Power Authority, Build America Bonds, Revenue Bonds (d)(e) | ||
| Series EEE | ||
| 5.95%, due 7/1/30 | 25,585,000 | 7,483,612 |
| Series EEE | ||
| 6.05%, due 7/1/32 | 12,265,000 | 3,587,512 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Puerto Rico | ||
| Puerto Rico Electric Power Authority, Build America Bonds, Revenue Bonds (d)(e) | ||
| Series YY | ||
| 6.125%, due 7/1/40 | $ 44,950,000 | $ 13,147,875 |
| Series EEE | ||
| 6.25%, due 7/1/40 | 10,165,000 | 2,973,262 |
| Puerto Rico Municipal Finance Agency, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 5.00%, due 8/1/27 | 1,705,000 | 1,716,833 |
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds | ||
| Series A-1 | ||
| (zero coupon), due 7/1/31 | 1,842,000 | 1,380,627 |
| Series A-1 | ||
| (zero coupon), due 7/1/46 | 150,656,000 | 46,995,859 |
| Series A-1 | ||
| (zero coupon), due 7/1/51 | 40,375,000 | 9,312,147 |
| (zero coupon), due 8/1/54 | 516,302 | 101,063 |
| Series A-2 | ||
| 4.329%, due 7/1/40 | 20,500,000 | 20,423,180 |
| Series A-1 | ||
| 4.50%, due 7/1/34 | 725,000 | 729,912 |
| Series A-1 | ||
| 4.75%, due 7/1/53 | 8,900,000 | 8,742,200 |
| Series A-2 | ||
| 4.784%, due 7/1/58 | 19,809,000 | 19,444,037 |
| Series A-1 | ||
| 5.00%, due 7/1/58 | 74,079,000 | 74,318,927 |
| 772,644,832 | ||
| Rhode Island 0.3% | ||
| Providence Redevelopment Agency, Port Providence Lease, Certificate of Participation | ||
| Series A, Insured: AGC | ||
| (zero coupon), due 9/1/24 | 1,735,000 | 1,696,575 |
| Series A, Insured: AGC | ||
| (zero coupon), due 9/1/26 | 685,000 | 624,021 |
| Series A, Insured: AGC | ||
| (zero coupon), due 9/1/29 | 1,835,000 | 1,513,476 |
| Series A, Insured: AGC | ||
| (zero coupon), due 9/1/30 | 1,835,000 | 1,459,021 |
| Series A, Insured: AGC | ||
| (zero coupon), due 9/1/32 | 1,500,000 | 1,106,387 |
| Series A, Insured: AGC | ||
| (zero coupon), due 9/1/34 | 1,000,000 | 687,148 |
| Series A, Insured: AGC | ||
| (zero coupon), due 9/1/35 | 360,000 | 237,285 |
| Series A, Insured: AGC | ||
| (zero coupon), due 9/1/36 | 470,000 | 294,955 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Rhode Island | ||
| Tobacco Settlement Financing Corp., Revenue Bonds | ||
| Series A | ||
| (zero coupon), due 6/1/52 | $ 78,620,000 | $ 14,086,974 |
| 21,705,842 | ||
| South Carolina 0.7% | ||
| South Carolina Jobs-Economic Development Authority, Bishop Gadsden Episcopal Retirement Community, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 4/1/54 | 1,160,000 | 868,072 |
| Series A | ||
| 5.00%, due 4/1/54 | 3,000,000 | 2,771,851 |
| South Carolina Jobs-Economic Development Authority, Green Charter School Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 6/1/56 (c) | 3,530,000 | 2,333,374 |
| South Carolina Jobs-Economic Development Authority, Woodlands at Furman Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/15/54 | 1,000,000 | 863,994 |
| 5.25%, due 11/15/47 | 5,025,000 | 4,688,726 |
| 5.25%, due 11/15/52 | 1,625,000 | 1,481,483 |
| South Carolina Public Service Authority, Santee Cooper Project, Revenue Bonds | ||
| Series B, Insured: BAM | ||
| 4.00%, due 12/1/46 | 5,710,000 | 5,652,938 |
| Series B, Insured: BAM | ||
| 4.00%, due 12/1/48 | 20,839,000 | 20,444,443 |
| Series B, Insured: BAM | ||
| 4.00%, due 12/1/50 | 4,805,000 | 4,663,738 |
| Series B, Insured: BAM | ||
| 4.00%, due 12/1/54 | 4,932,000 | 4,707,612 |
| Series B, Insured: BAM | ||
| 4.00%, due 12/1/55 | 14,546,000 | 13,873,995 |
| 62,350,226 | ||
| Tennessee 0.6% | ||
| Chattanooga Health Educational & Housing Facility Board, CommonSpirit Health, Revenue Bonds | ||
| Series A-2 | ||
| 5.00%, due 8/1/44 | 2,640,000 | 2,731,654 |
| Chattanooga-Hamilton County Hospital Authority, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/44 | 6,200,000 | 6,209,400 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Belmont University, Revenue Bonds | ||
| 4.00%, due 5/1/46 | 2,500,000 | 2,509,271 |
| 4.00%, due 5/1/51 | 13,900,000 | 13,694,615 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Trevecca Nazarene University Project, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 10/1/51 | 4,580,000 | 3,734,789 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Tennessee | ||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Revenue Bonds | ||
| 5.00%, due 10/1/48 | $ 2,800,000 | $ 2,759,891 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Lipscomb University Project, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 10/1/58 | 8,650,000 | 8,863,555 |
| Tennessee Energy Acquisition Corp., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 5/1/52 (b) | 6,550,000 | 6,989,045 |
| 47,492,220 | ||
| Texas 4.8% | ||
| Bastrop Independent School District, Unlimited General Obligation | ||
| Insured: PSF-GTD | ||
| 5.00%, due 2/15/53 | 4,750,000 | 5,194,438 |
| Bexar County Health Facilities Development Corp., Army Retirement Residence Foundation Project, Revenue Bonds | ||
| 5.00%, due 7/15/41 | 3,300,000 | 2,955,772 |
| Calhoun County Navigation Industrial Development Authority, Max Midstream Texas LLC Project, Revenue Bonds, Senior Lien (c) | ||
| Series A | ||
| 3.625%, due 7/1/26 (a) | 14,805,000 | 13,814,383 |
| Series B | ||
| 6.50%, due 7/1/26 | 13,700,000 | 13,101,058 |
| Central Texas Regional Mobility Authority, Capital Appreciation, Revenue Bonds | ||
| (zero coupon), due 1/1/33 | 315,000 | 230,199 |
| (zero coupon), due 1/1/34 | 3,275,000 | 2,300,775 |
| (zero coupon), due 1/1/35 | 3,700,000 | 2,490,242 |
| (zero coupon), due 1/1/36 | 2,000,000 | 1,275,812 |
| (zero coupon), due 1/1/39 | 3,500,000 | 1,864,212 |
| Central Texas Regional Mobility Authority, Revenue Bonds | ||
| 4.00%, due 1/1/41 | 6,000,000 | 5,953,700 |
| City of Arlington, Tax Increment Reinvestment Zone No. 5, Tax Allocation | ||
| 4.00%, due 8/15/50 | 2,355,000 | 2,044,307 |
| City of Houston, Airport System, United Airlines Inc. Project, Revenue Bonds (a) | ||
| Series B-1 | ||
| 4.00%, due 7/15/41 | 4,100,000 | 3,715,195 |
| Series B-1 | ||
| 5.00%, due 7/15/30 | 2,000,000 | 2,004,109 |
| City of Houston, Airport System, Revenue Bonds, Sub. Lien (a) | ||
| Series A | ||
| 4.00%, due 7/1/48 | 6,810,000 | 6,431,692 |
| Series A, Insured: AGM | ||
| 5.25%, due 7/1/53 | 3,500,000 | 3,761,341 |
| City of Lago Vista, Tessera on Lake Travis Public Improvement District Project, Special Assessment | ||
| Series B | ||
| 4.875%, due 9/1/50 (c) | 1,250,000 | 1,137,267 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Texas | ||
| Clifton Higher Education Finance Corp., IDEA Public Schools, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 8/15/47 | $ 4,030,000 | $ 3,558,808 |
| 6.00%, due 8/15/43 | 3,250,000 | 3,254,122 |
| Danbury Higher Education Authority, Inc., Golden Rule School, Inc., Revenue Bonds | ||
| Series A | ||
| 4.00%, due 8/15/49 | 1,725,000 | 1,344,302 |
| Decatur Hospital Authority, Wise Regional Health System, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 9/1/44 | 3,250,000 | 3,284,270 |
| Denton Independent School District, Unlimited General Obligation | ||
| Insured: PSF-GTD | ||
| 5.00%, due 8/15/48 | 13,565,000 | 14,968,396 |
| Grand Parkway Transportation Corp., Revenue Bonds, First Tier | ||
| Series C, Insured: AGM-CR | ||
| 4.00%, due 10/1/49 | 72,540,000 | 71,500,480 |
| Harris County Cultural Education Facilities Finance Corp., YMCA Greater Houston Area, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/33 | 900,000 | 863,624 |
| Series A | ||
| 5.00%, due 6/1/38 | 1,960,000 | 1,759,253 |
| Harris County-Houston Sports Authority, Revenue Bonds, Junior Lien | ||
| Series H, Insured: NATL-RE | ||
| (zero coupon), due 11/15/26 | 65,000 | 59,169 |
| Series H, Insured: NATL-RE | ||
| (zero coupon), due 11/15/26 | 535,000 | 483,370 |
| Series H, Insured: NATL-RE | ||
| (zero coupon), due 11/15/29 | 10,000 | 8,302 |
| Series H, Insured: NATL-RE | ||
| (zero coupon), due 11/15/29 | 725,000 | 587,407 |
| Series H, Insured: NATL-RE | ||
| (zero coupon), due 11/15/32 | 250,000 | 174,999 |
| Series H, Insured: NATL-RE | ||
| (zero coupon), due 11/15/33 | 185,000 | 121,193 |
| Series H, Insured: NATL-RE | ||
| (zero coupon), due 11/15/38 | 1,395,000 | 642,716 |
| Series H, Insured: NATL-RE | ||
| (zero coupon), due 11/15/39 | 1,525,000 | 653,666 |
| Series H, Insured: NATL-RE | ||
| (zero coupon), due 11/15/40 | 1,855,000 | 741,281 |
| Series H, Insured: NATL-RE | ||
| (zero coupon), due 11/15/41 | 700,000 | 261,531 |
| Harris County-Houston Sports Authority, Revenue Bonds, Third Lien | ||
| Series A-3, Insured: NATL-RE | ||
| (zero coupon), due 11/15/32 | 1,670,000 | 1,013,597 |
| Series A-3, Insured: NATL-RE | ||
| (zero coupon), due 11/15/33 | 890,000 | 508,879 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Texas | ||
| Harris County-Houston Sports Authority, Revenue Bonds, Third Lien | ||
| Series A-3, Insured: NATL-RE | ||
| (zero coupon), due 11/15/34 | $ 220,000 | $ 119,217 |
| Series A-3, Insured: NATL-RE | ||
| (zero coupon), due 11/15/34 | 2,320,000 | 1,249,382 |
| Harris County-Houston Sports Authority, Revenue Bonds, Senior Lien | ||
| Series A, Insured: AGM NATL-RE | ||
| (zero coupon), due 11/15/34 | 2,035,000 | 1,272,473 |
| Series A, Insured: AGM NATL-RE | ||
| (zero coupon), due 11/15/38 | 35,615,000 | 16,838,288 |
| Series A, Insured: AGM NATL-RE | ||
| (zero coupon), due 11/15/40 | 1,310,000 | 539,081 |
| Hemphill County Hospital District, Limited General Obligation | ||
| 4.625%, due 2/1/39 | 2,765,000 | 2,620,516 |
| Montgomery County Toll Road Authority, Revenue Bonds, Senior Lien | ||
| 5.00%, due 9/15/48 | 2,500,000 | 2,516,771 |
| New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Inc., Revenue Bonds (c) | ||
| 4.00%, due 8/15/36 | 1,000,000 | 921,724 |
| 4.00%, due 8/15/41 | 6,315,000 | 5,391,340 |
| 4.00%, due 8/15/46 | 880,000 | 714,564 |
| 4.00%, due 8/15/56 | 6,900,000 | 5,238,591 |
| New Hope Cultural Education Facilities Finance Corp., CHF-Collegiate Housing Denton LLC, Revenue Bonds | ||
| Series B-1, Insured: AGM | ||
| 4.00%, due 7/1/48 | 1,000,000 | 926,858 |
| New Hope Cultural Education Facilities Finance Corp., Westminster Project, Revenue Bonds | ||
| 4.00%, due 11/1/49 | 1,600,000 | 1,390,526 |
| New Hope Cultural Education Facilities Finance Corp., Quality Senior Housing Foundation of East Texas, Inc., Revenue Bonds | ||
| Series A-1 | ||
| 4.00%, due 12/1/54 | 555,000 | 405,376 |
| Series A-1 | ||
| 5.00%, due 12/1/54 | 3,770,000 | 3,309,657 |
| New Hope Cultural Education Facilities Finance Corp., Cumberland Academy, Inc., Revenue Bonds (c) | ||
| Series A | ||
| 5.00%, due 8/15/40 | 3,950,000 | 3,837,407 |
| Series A | ||
| 5.00%, due 8/15/50 | 750,000 | 687,217 |
| New Hope Cultural Education Facilities Finance Corp., Southwest Preparatory School, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 8/15/50 (c) | 3,880,000 | 3,304,257 |
| New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc., Project, Revenue Bonds | ||
| 5.00%, due 1/1/55 | 1,500,000 | 1,083,047 |
| New Hope Cultural Education Facilities Finance Corp., Legacy at Midtown Park Project, Revenue Bonds | ||
| Series A | ||
| 5.50%, due 7/1/54 | 2,500,000 | 1,948,048 |
| North Texas Tollway Authority, Revenue Bonds, Second Tier | ||
| Series B, Insured: BAM | ||
| 3.00%, due 1/1/46 | 17,800,000 | 14,030,405 |
| 5.00%, due 1/1/50 | 1,750,000 | 1,821,722 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Texas | ||
| Port Freeport, Revenue Bonds, Senior Lien | ||
| 4.00%, due 6/1/51 (a) | $ 4,035,000 | $ 3,499,430 |
| Port of Port Arthur Navigation District, Port Improvement, Unlimited General Obligation | ||
| 4.00%, due 3/1/47 (a) | 4,200,000 | 3,732,217 |
| Reagan Hospital District of Reagan County, Limited General Obligation | ||
| Series A | ||
| 5.125%, due 2/1/39 | 1,400,000 | 1,372,221 |
| Red River Education Finance Corp., Houston Baptist University Project, Revenue Bonds | ||
| 5.50%, due 10/1/46 | 5,950,000 | 5,967,417 |
| San Antonio Education Facilities Corp., University of the Incarnate Word, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 4/1/51 | 4,000,000 | 3,354,011 |
| Tarrant County Cultural Education Facilities Finance Corp., Barton Creek Senior Living Center Project, Revenue Bonds | ||
| 5.00%, due 11/15/40 | 1,350,000 | 1,263,873 |
| Tarrant County Cultural Education Facilities Finance Corp., Buckner Retirement Services, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 11/15/40 | 1,250,000 | 1,257,785 |
| Tarrant County Cultural Education Facilities Finance Corp., Buckner Retirement Services, Inc. Project, Revenue Bonds | ||
| 5.00%, due 11/15/46 | 3,025,000 | 3,026,082 |
| Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds | ||
| Series C | ||
| 4.417%, due 9/15/27 | 35,655,000 | 35,003,833 |
| Texas Private Activity Bond Surface Transportation Corp., North Tarrant Express Managed Lanes Project, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 4.00%, due 12/31/37 | 2,120,000 | 2,140,515 |
| Series A | ||
| 4.00%, due 12/31/38 | 2,745,000 | 2,759,027 |
| Series A | ||
| 4.00%, due 12/31/39 | 4,385,000 | 4,389,766 |
| 5.50%, due 12/31/58 (a) | 23,935,000 | 25,938,139 |
| Texas Private Activity Bond Surface Transportation Corp., Blueridge Transportation Group LLC, Revenue Bonds, Senior Lien | ||
| 5.00%, due 12/31/55 (a) | 9,990,000 | 9,963,628 |
| Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners Segments 3 LLC, Revenue Bonds, Senior Lien | ||
| 5.00%, due 6/30/58 (a) | 25,855,000 | 26,183,516 |
| Texas Transportation Commission, State Highway 249, Revenue Bonds, First Tier | ||
| Series A | ||
| (zero coupon), due 8/1/43 | 3,750,000 | 1,482,560 |
| Series A | ||
| (zero coupon), due 8/1/44 | 4,200,000 | 1,569,511 |
| Texas Water Development Board, State Water Implementation Fund, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/15/58 | 11,000,000 | 12,028,226 |
| Tomball Independent School District, Unlimited General Obligation | ||
| Insured: PSF-GTD | ||
| 5.00%, due 2/15/48 | 6,185,000 | 6,810,852 |
| 395,972,943 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| U.S. Virgin Islands 2.6% | ||
| Matching Fund Special Purpose Securitization Corp., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/30 | $ 23,765,000 | $ 24,961,261 |
| Series A | ||
| 5.00%, due 10/1/32 | 37,995,000 | 40,185,241 |
| Series A | ||
| 5.00%, due 10/1/39 | 104,875,000 | 107,760,583 |
| Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 10/1/30 (c) | 16,670,000 | 15,843,781 |
| Series A | ||
| 5.00%, due 10/1/32 | 14,100,000 | 13,065,315 |
| Series A | ||
| 5.00%, due 10/1/34 (c) | 2,600,000 | 2,374,149 |
| Series C | ||
| 5.00%, due 10/1/39 (c) | 9,310,000 | 8,250,975 |
| 212,441,305 | ||
| Utah 1.6% | ||
| Black Desert Public Infrastructure District, Limited General Obligation (c) | ||
| Series A | ||
| 3.75%, due 3/1/41 | 410,000 | 334,807 |
| Series A | ||
| 4.00%, due 3/1/51 | 2,725,000 | 2,081,299 |
| City of Salt Lake City, Airport, Revenue Bonds (a) | ||
| Series A | ||
| 5.00%, due 7/1/51 | 8,450,000 | 8,780,891 |
| Series A | ||
| 5.25%, due 7/1/48 | 25,750,000 | 27,725,126 |
| Series A | ||
| 5.25%, due 7/1/53 | 1,750,000 | 1,866,693 |
| Series A | ||
| 5.50%, due 7/1/53 | 1,760,000 | 1,925,218 |
| Mida Golf and Equestrian Center Public Infrastructure District, Limited General Obligation (c) | ||
| 4.50%, due 6/1/51 | 8,500,000 | 6,217,890 |
| 4.625%, due 6/1/57 | 2,000,000 | 1,447,995 |
| Mida Mountain Village Public Infrastructure District, Assessment Area No. 2, Special Assessment | ||
| 4.00%, due 8/1/50 (c) | 2,000,000 | 1,608,659 |
| Mida Mountain Village Public Infrastructure District, Special Assessment (c) | ||
| Series A | ||
| 4.50%, due 8/1/40 | 1,500,000 | 1,362,900 |
| Series A | ||
| 5.00%, due 8/1/50 | 5,000,000 | 4,586,373 |
| Military Installation Development Authority, Revenue Bonds | ||
| Series A-1 | ||
| 4.00%, due 6/1/36 | 4,000,000 | 3,500,136 |
| Series A-1 | ||
| 4.00%, due 6/1/41 | 2,430,000 | 1,980,589 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Utah | ||
| Military Installation Development Authority, Revenue Bonds | ||
| Series A-1 | ||
| 4.00%, due 6/1/52 | $ 14,425,000 | $ 10,878,188 |
| UIPA Crossroads Public Infrastructure District, Tax Allocation | ||
| 4.375%, due 6/1/52 (c) | 7,500,000 | 6,656,026 |
| Utah Charter School Finance Authority, Spectrum Academy Project, Revenue Bonds | ||
| Insured: BAM UT CSCE | ||
| 4.00%, due 4/15/45 | 2,975,000 | 2,886,432 |
| Insured: BAM UT CSCE | ||
| 4.00%, due 4/15/50 | 3,395,000 | 3,198,424 |
| Utah Charter School Finance Authority, North Star Academy Project, Revenue Bonds | ||
| Series A, Insured: UT CSCE | ||
| 4.00%, due 4/15/45 | 2,020,000 | 1,863,729 |
| Utah Charter School Finance Authority, Vista School, Revenue Bonds | ||
| Series 2020A, Insured: UT CSCE | ||
| 4.00%, due 10/15/45 | 1,870,000 | 1,772,686 |
| Series 2020A, Insured: UT CSCE | ||
| 4.00%, due 10/15/54 | 4,700,000 | 4,241,006 |
| Utah Charter School Finance Authority, Providence Hall Project, Revenue Bonds | ||
| Series A, Insured: BAM UT CSCE | ||
| 4.00%, due 10/15/51 | 3,000,000 | 2,820,136 |
| Utah Infrastructure Agency, Telecommunication, Revenue Bonds | ||
| 3.00%, due 10/15/45 | 4,425,000 | 3,120,045 |
| 4.00%, due 10/15/42 | 3,970,000 | 3,526,882 |
| Series A | ||
| 5.00%, due 10/15/32 | 1,615,000 | 1,671,715 |
| Series A | ||
| 5.00%, due 10/15/34 | 3,085,000 | 3,185,433 |
| Series A | ||
| 5.00%, due 10/15/37 | 1,100,000 | 1,119,586 |
| Series A | ||
| 5.00%, due 10/15/40 | 3,780,000 | 3,822,232 |
| 5.00%, due 10/15/46 | 3,400,000 | 3,402,480 |
| Series A | ||
| 5.375%, due 10/15/40 | 5,910,000 | 6,068,762 |
| 5.625%, due 10/15/38 | 2,530,000 | 2,773,651 |
| 6.00%, due 10/15/47 | 6,350,000 | 6,972,562 |
| 133,398,551 | ||
| Vermont 0.1% | ||
| Vermont Economic Development Authority, Wake Robin Corp. Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 5/1/45 | 2,350,000 | 1,942,167 |
| Vermont Student Assistance Corp., Education Loan, Revenue Bonds | ||
| Series B | ||
| 4.50%, due 6/15/45 (a) | 3,500,000 | 3,061,691 |
| 5,003,858 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Virginia 2.0% | ||
| Farmville Industrial Development Authority, Longwood University Student Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/48 | $ 6,700,000 | $ 6,488,780 |
| Series A | ||
| 5.00%, due 1/1/55 | 16,100,000 | 15,283,575 |
| Farmville Industrial Development Authority, Longwood University Student Housing Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/59 | 7,255,000 | 6,815,584 |
| Henrico County Economic Development Authority, LifeSpire of Virginia, Residential Care Facility, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 12/1/47 | 2,200,000 | 2,172,688 |
| James City County Economic Development Authority, Williamsburg Landing, Inc., Revenue Bonds | ||
| Series A | ||
| 4.00%, due 12/1/50 | 3,235,000 | 2,465,351 |
| Lynchburg Economic Development Authority, Randolph College Project, Revenue Bonds | ||
| 5.00%, due 9/1/48 | 3,455,000 | 3,484,070 |
| Newport News Economic Development Authority, LifeSpire of Virginia Obligated Group, Revenue Bonds | ||
| 5.00%, due 12/1/38 | 2,575,000 | 2,595,422 |
| Roanoke Economic Development Authority, Lynchburg College, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 9/1/48 | 4,590,000 | 3,954,869 |
| Salem Economic Development Authority, Educational Facilities, Roanoke College, Revenue Bonds | ||
| 4.00%, due 4/1/45 | 865,000 | 778,587 |
| 5.00%, due 4/1/49 | 1,000,000 | 1,012,361 |
| Tobacco Settlement Financing Corp., Tobacco Settlement Asset-Backed, Revenue Bonds | ||
| Series 2007A-1 | ||
| 6.706%, due 6/1/46 | 30,880,000 | 26,731,785 |
| Virginia College Building Authority, Regent University Project, Revenue Bonds | ||
| 3.00%, due 6/1/41 | 4,275,000 | 3,435,929 |
| Virginia College Building Authority, Marymount University Project, Green Bond, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/45 (c) | 1,945,000 | 1,809,519 |
| Virginia Small Business Financing Authority, Elizabeth River Crossings OpCo LLC, Revenue Bonds, Senior Lien | ||
| 3.00%, due 1/1/41 (a) | 4,000,000 | 3,231,480 |
| Virginia Small Business Financing Authority, 95 Express Lanes LLC, Revenue Bonds, Senior Lien (a) | ||
| 4.00%, due 7/1/39 | 1,380,000 | 1,358,314 |
| 4.00%, due 1/1/48 | 20,170,000 | 19,062,578 |
| 5.00%, due 1/1/36 | 1,345,000 | 1,472,732 |
| 5.00%, due 1/1/38 | 3,000,000 | 3,232,245 |
| Virginia Small Business Financing Authority, National Senior Campuses, Inc., Revenue Bonds | ||
| Series A | ||
| 4.00%, due 1/1/45 | 2,510,000 | 2,323,847 |
| Virginia Small Business Financing Authority, National Senior Campuses Inc. Obligated Group, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 1/1/51 | 11,840,000 | 10,539,459 |
| Virginia Small Business Financing Authority, Capital Beltway Express LLC, Revenue Bonds, Senior Lien | ||
| 5.00%, due 12/31/47 (a) | 3,000,000 | 3,134,273 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Virginia | ||
| Virginia Small Business Financing Authority, Transform 66 P3 Project, Revenue Bonds, Senior Lien (a) | ||
| 5.00%, due 12/31/52 | $ 9,750,000 | $ 9,807,222 |
| 5.00%, due 12/31/56 | 18,375,000 | 18,459,900 |
| Virginia Small Business Financing Authority, I-495 Hot Lanes Project, Revenue Bonds, Senior Lien | ||
| 5.00%, due 12/31/52 (a) | 15,415,000 | 15,764,987 |
| 165,415,557 | ||
| Washington 1.4% | ||
| Grant County Public Hospital District No. 1, Unlimited General Obligation | ||
| 5.125%, due 12/1/48 | 3,945,000 | 4,087,396 |
| 5.125%, due 12/1/52 | 2,550,000 | 2,621,235 |
| Pend Oreille County Public Utility District No. 1 Box Canyon, Revenue Bonds | ||
| 4.00%, due 1/1/41 | 3,000,000 | 2,873,957 |
| Pend Oreille County Public Utility District No. 1 Box Canyon, Green Bond, Revenue Bonds | ||
| 5.00%, due 1/1/48 | 5,130,000 | 5,231,562 |
| Port of Seattle, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 8/1/47 (a) | 5,800,000 | 6,126,664 |
| Port of Seattle Industrial Development Corp., Delta Air Lines, Inc., Revenue Bonds | ||
| 5.00%, due 4/1/30 (a) | 1,825,000 | 1,825,138 |
| Washington Economic Development Finance Authority, North Pacific Paper Co. Recycling Project, Green Bond, Revenue Bonds | ||
| Series A | ||
| 5.625%, due 12/1/40 (a)(c) | 4,000,000 | 3,980,290 |
| Washington Health Care Facilities Authority, CommonSpirit Health, Revenue Bonds | ||
| Series A-2 | ||
| 5.00%, due 8/1/44 | 8,685,000 | 8,986,522 |
| Washington Higher Education Facilities Authority, Whitworth University Project, Revenue Bonds | ||
| 4.00%, due 10/1/38 | 1,665,000 | 1,619,696 |
| Series A | ||
| 5.00%, due 10/1/40 | 3,000,000 | 3,050,951 |
| Washington Higher Education Facilities Authority, Seattle Pacific University Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/45 | 3,130,000 | 3,008,340 |
| Washington State Convention Center Public Facilities District, Lodging Tax, Revenue Bonds | ||
| Series B | ||
| 3.00%, due 7/1/43 | 5,565,000 | 4,558,934 |
| Series B | ||
| 3.00%, due 7/1/48 | 2,465,000 | 1,901,459 |
| Series B | ||
| 3.00%, due 7/1/58 | 8,875,000 | 5,988,427 |
| Series B, Insured: BAM | ||
| 3.00%, due 7/1/58 | 13,510,000 | 9,855,272 |
| Series B, Insured: AGM-CR | ||
| 3.00%, due 7/1/58 | 4,000,000 | 2,885,102 |
| Insured: AGM-CR | ||
| 4.00%, due 7/1/58 | 8,810,000 | 8,105,434 |
| Series B, Insured: AGM-CR | ||
| 4.00%, due 7/1/58 | 1,750,000 | 1,621,643 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Washington | ||
| Washington State Convention Center Public Facilities District, Lodging Tax, Revenue Bonds | ||
| 5.00%, due 7/1/58 | $ 9,750,000 | $ 9,999,148 |
| Series A | ||
| 5.00%, due 7/1/58 | 5,615,000 | 5,841,664 |
| Washington State Housing Finance Commission, Eliseo Project, Revenue Bonds (c) | ||
| Series A | ||
| 4.00%, due 1/1/41 | 3,820,000 | 3,025,362 |
| Series A | ||
| 4.00%, due 1/1/51 | 1,700,000 | 1,204,714 |
| Series A | ||
| 4.00%, due 1/1/57 | 7,785,000 | 5,295,516 |
| Washington State Housing Finance Commission, Riverview Retirement Community, Revenue Bonds | ||
| 5.00%, due 1/1/48 | 3,000,000 | 2,642,191 |
| Whidbey Island Public Hospital District, Whidbey General Hospital, Limited General Obligation | ||
| 3.75%, due 12/1/32 | 100,000 | 81,928 |
| 4.00%, due 12/1/37 | 290,000 | 223,130 |
| Whidbey Island Public Hospital District, Unlimited General Obligation | ||
| 5.375%, due 12/1/39 | 9,520,000 | 8,556,839 |
| 5.50%, due 12/1/33 | 2,070,000 | 1,993,782 |
| 117,192,296 | ||
| West Virginia 0.4% | ||
| County of Monongalia, Development District No. 4 University Town Center, Tax Allocation | ||
| Series A | ||
| 6.00%, due 6/1/53 (c) | 3,000,000 | 3,229,662 |
| County of Ohio, Special District Excise Tax, The Highlands Project, Revenue Bonds | ||
| Series B | ||
| 4.25%, due 3/1/35 | 4,000,000 | 3,957,618 |
| Glenville State College, Board of Governors, Revenue Bonds | ||
| 5.25%, due 6/1/47 | 3,750,000 | 3,351,465 |
| Monongalia County Commission Excise Tax District, University Town Centre, Revenue Bonds | ||
| Series A | ||
| 4.125%, due 6/1/43 (c) | 950,000 | 869,658 |
| Monongalia County Commission Excise Tax District, University Town Center, Revenue Bonds | ||
| Series A | ||
| 5.50%, due 6/1/37 (c) | 4,000,000 | 4,116,223 |
| West Virginia Hospital Finance Authority, Cabell Huntington Hospital Obligated Group, Revenue Bonds | ||
| Series A, Insured: AGM-CR | ||
| 4.00%, due 1/1/37 | 4,825,000 | 4,748,842 |
| Series A, Insured: AGM-CR | ||
| 4.00%, due 1/1/38 | 2,500,000 | 2,405,470 |
| Series A, Insured: AGM-CR | ||
| 4.125%, due 1/1/47 | 13,200,000 | 12,021,340 |
| 34,700,278 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Wisconsin 2.4% | ||
| Public Finance Authority, Wonderful Foundations Charter School, Revenue Bonds (c) | ||
| Series B | ||
| (zero coupon), due 1/1/60 | $ 70,900,000 | $ 3,955,483 |
| Series A-1 | ||
| 5.00%, due 1/1/55 | 18,765,000 | 14,887,586 |
| Public Finance Authority, Methodist University, Inc. (The), Revenue Bonds (c) | ||
| 4.00%, due 3/1/26 | 755,000 | 732,417 |
| 4.00%, due 3/1/30 | 950,000 | 876,693 |
| Public Finance Authority, North Carolina Leadership Charter Academy, Inc., Revenue Bonds | ||
| Series A | ||
| 4.00%, due 6/15/29 (c) | 235,000 | 225,860 |
| Public Finance Authority, National Gypsum Co., Revenue Bonds | ||
| 4.00%, due 8/1/35 (a) | 4,000,000 | 3,575,677 |
| Public Finance Authority, Roseman University of Health Sciences, Revenue Bonds | ||
| 4.00%, due 4/1/42 (c) | 900,000 | 748,836 |
| 4.00%, due 4/1/42 (c) | 100,000 | 110,796 |
| 4.00%, due 4/1/52 (c) | 3,000,000 | 2,264,953 |
| 5.00%, due 4/1/30 (c) | 100,000 | 108,806 |
| 5.00%, due 4/1/30 (c) | 600,000 | 608,222 |
| 5.00%, due 4/1/40 (c) | 300,000 | 291,875 |
| 5.00%, due 4/1/50 (c) | 100,000 | 113,518 |
| 5.00%, due 4/1/50 (c) | 1,400,000 | 1,281,669 |
| 5.875%, due 4/1/45 | 6,250,000 | 6,280,421 |
| Public Finance Authority, Fellowship Senior Living Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 1/1/46 | 11,260,000 | 8,977,252 |
| Series A | ||
| 4.00%, due 1/1/52 | 3,130,000 | 2,394,386 |
| Public Finance Authority, Appalachian State University Project, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 4.00%, due 7/1/50 | 1,000,000 | 958,512 |
| Series A, Insured: AGM | ||
| 4.00%, due 7/1/55 | 1,250,000 | 1,180,238 |
| Series A, Insured: AGM | ||
| 4.00%, due 7/1/59 | 775,000 | 725,355 |
| Public Finance Authority, UNC Health Southeastern, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 2/1/51 | 3,970,000 | 2,887,573 |
| Public Finance Authority, Fargo-Moorhead Metropolitan Area Flood Risk Management Project, Revenue Bonds (a) | ||
| 4.00%, due 9/30/51 | 13,995,000 | 11,807,188 |
| 4.00%, due 3/31/56 | 8,965,000 | 7,369,198 |
| Public Finance Authority, College Achieve Paterson Charter School Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 6/15/52 (c) | 1,565,000 | 1,183,986 |
| Public Finance Authority, Appalachian Regional Healthcare System Obligated Group, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/56 | 2,250,000 | 1,723,571 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Wisconsin | ||
| Public Finance Authority, Givens Estates, Revenue Bonds | ||
| 4.00%, due 12/1/56 | $ 4,500,000 | $ 3,735,826 |
| Public Finance Authority, Ultimate Medical Academy Project, Revenue Bonds (c) | ||
| Series A | ||
| 5.00%, due 10/1/24 | 2,200,000 | 2,206,695 |
| Series A | ||
| 5.00%, due 10/1/28 | 1,000,000 | 1,031,372 |
| Series A | ||
| 5.00%, due 10/1/29 | 2,000,000 | 2,068,584 |
| Series A | ||
| 5.00%, due 10/1/34 | 1,090,000 | 1,117,464 |
| Series A | ||
| 5.00%, due 10/1/39 | 16,300,000 | 16,322,781 |
| Public Finance Authority, Bancroft NeuroHealth Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/36 (c) | 750,000 | 705,795 |
| Public Finance Authority, Carmelite System, Inc. Obligated Group (The), Revenue Bonds | ||
| 5.00%, due 1/1/40 | 6,535,000 | 6,547,973 |
| 5.00%, due 1/1/45 | 560,000 | 545,101 |
| Public Finance Authority, NC A&T Real Estate Foundation LLC Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/44 | 1,350,000 | 1,351,709 |
| Series A | ||
| 5.00%, due 6/1/49 | 6,775,000 | 6,603,074 |
| Series B | ||
| 5.00%, due 6/1/49 | 2,720,000 | 2,650,976 |
| Public Finance Authority, Guilford College, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/48 | 1,950,000 | 1,755,923 |
| 5.50%, due 1/1/47 | 5,860,000 | 5,611,606 |
| Public Finance Authority, Coral Academy of Science Las Vegas, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/48 | 2,000,000 | 1,894,109 |
| Public Finance Authority, Wilson Preparatory Academy, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/15/49 (c) | 1,100,000 | 1,006,931 |
| Public Finance Authority, College Achieve Central Charter School, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/15/51 (c) | 2,145,000 | 1,916,245 |
| Public Finance Authority, Grand Hyatt San Antonio Hotel Acquisition Project, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 5.00%, due 2/1/52 | 4,000,000 | 4,048,654 |
| Public Finance Authority, The Franklin School Of Innovation, Inc., Revenue Bonds | ||
| 5.00%, due 1/1/57 (c) | 3,200,000 | 2,586,255 |
| Public Finance Authority, Nevada State College, Revenue Bonds (c) | ||
| Series A | ||
| 5.00%, due 5/1/60 | 6,500,000 | 4,924,211 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Wisconsin | ||
| Public Finance Authority, Nevada State College, Revenue Bonds (c) | ||
| Series B | ||
| 9.00%, due 5/1/71 | $ 2,985,000 | $ 2,659,545 |
| Public Finance Authority, Wingate University, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 10/1/38 | 3,250,000 | 3,273,682 |
| Public Finance Authority, CHF-Cullowhee, LLC - Western Carolina University Project, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 7/1/47 | 2,000,000 | 1,966,203 |
| Public Finance Authority, CHF - Manoa LLC, Revenue Bonds, Senior Lien (c) | ||
| Series A | ||
| 5.75%, due 7/1/53 | 3,950,000 | 4,192,157 |
| Series A | ||
| 5.75%, due 7/1/63 | 20,150,000 | 21,231,932 |
| Public Finance Authority, Lake Erie College Project, Revenue Bonds | ||
| Series A | ||
| 5.875%, due 10/1/54 (c) | 2,000,000 | 1,435,125 |
| Public Finance Authority, Irving Convention Center Hotel Project, Revenue Bonds | ||
| Series A-2 | ||
| 7.00%, due 1/1/50 (c) | 12,440,000 | 13,554,388 |
| Wisconsin Health & Educational Facilities Authority, HOPE Christian Schools, Revenue Bonds | ||
| 3.00%, due 12/1/31 | 505,000 | 427,831 |
| Wisconsin Health & Educational Facilities Authority, Children's Hospital of Wisconsin Obligated Group, Revenue Bonds | ||
| 3.00%, due 8/15/52 | 2,000,000 | 1,492,476 |
| Wisconsin Health & Educational Facilities Authority, Sauk-Prairie Memorial Hospital Inc. Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.375%, due 2/1/48 | 3,200,000 | 2,941,709 |
| 197,076,403 | ||
| Wyoming 0.1% | ||
| Sublette County Hospital District, Hospital Construction Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/15/26 | 11,933,000 | 11,965,818 |
| Total Long-Term Municipal Bonds (Cost $7,813,982,207) | 7,689,529,481 | |
| Short-Term Municipal Notes 4.7% | ||
| California 2.7% | ||
| California Health Facilities Financing Authority, Adventist Health System, Revenue Bonds | ||
| Series B | ||
| 2.85%, due 3/1/41 (h) | 52,750,000 | 52,750,000 |
| Los Angeles Department of Water & Power, Power System, Revenue Bonds | ||
| Series C-1 | ||
| 2.85%, due 7/1/57 (h) | 50,000,000 | 50,000,000 |
| Nuveen California AMT-Free Quality Municipal Income Fund | ||
| Series A | ||
| 5.00%, due 10/1/47 (c)(h) | 43,000,000 | 43,000,000 |
| Principal Amount | Value | |
| Short-Term Municipal Notes | ||
| California | ||
| San Francisco City & County Airport Commission, San Francisco International Airport, Revenue Bonds, Second Series | ||
| Series B | ||
| 3.05%, due 5/1/58 (h) | $ 26,900,000 | $ 26,900,000 |
| Tender Option Bond Trust Receipts, Revenue Bonds (c)(h) | ||
| 4.15%, due 4/1/43 | 5,540,000 | 5,540,000 |
| 4.15%, due 4/1/43 | 4,777,000 | 4,777,000 |
| 4.15%, due 4/1/43 | 3,700,000 | 3,700,000 |
| University of California, Revenue Bonds | ||
| Series BP-2 | ||
| 3.45%, due 5/15/48 (h) | 35,000,000 | 35,000,000 |
| 221,667,000 | ||
| Connecticut 0.4% | ||
| Connecticut State Health & Educational Facilities Authority, Yale University, Revenue Bonds | ||
| Series A-1 | ||
| 2.65%, due 7/1/42 (h) | 30,420,000 | 30,420,000 |
| Florida 0.1% | ||
| Rib Floater Trust Various States, Revenue Bonds | ||
| Series 26 | ||
| 4.85%, due 10/1/44 (c)(h) | 5,415,000 | 5,415,000 |
| Illinois 0.5% | ||
| Illinois Finance Authority, Northwestern Memorial Healthcare, Revenue Bonds | ||
| Series C | ||
| 3.15%, due 7/15/55 (h) | 46,785,000 | 46,785,000 |
| Maryland 0.0% ‡ | ||
| Rib Floater Trust Various States, Revenue Bonds | ||
| Series 29 | ||
| 4.90%, due 1/1/45 (c)(h) | 5,150,000 | 5,150,000 |
| Michigan 0.5% | ||
| Michigan State Building Authority, Revenue Bonds | ||
| Series I | ||
| 4.65%, due 4/15/58 (h) | 40,000,000 | 40,000,000 |
| New York 0.0% ‡ | ||
| Nuveen New York AMT-Free Quality Municipal Income Fund | ||
| 5.00%, due 5/1/47 (c)(h) | 5,000,000 | 5,000,000 |
| South Carolina 0.1% | ||
| Rib Floater Trust Various States, Revenue Bonds | ||
| Series 19 | ||
| 4.90%, due 7/1/47 (c)(h) | 6,840,000 | 6,840,000 |
| Principal Amount | Value | |
| Short-Term Municipal Notes | ||
| Texas 0.2% | ||
| Harris County Cultural Education Facilities Finance Corp., Methodist Hospital, Revenue Bonds | ||
| Series B | ||
| 3.10%, due 12/1/59 (h) | $ 17,040,000 | $ 17,040,000 |
| Wisconsin 0.2% | ||
| Nuveen AMT-Free Municipal Credit Income Fund | ||
| Series B | ||
| 5.00%, due 3/1/29 (h) | 7,990,000 | 7,990,000 |
| Nuveen AMT-Free Quality Municipal Income Fund | ||
| Series D | ||
| 5.00%, due 3/1/29 (h) | 7,550,000 | 7,550,000 |
| 15,540,000 | ||
| Total Short-Term Municipal Notes (Cost $393,857,000) | 393,857,000 | |
| Total Municipal Bonds (Cost $8,207,839,207) | 8,083,386,481 | |
| Long-Term Bonds 0.2% | ||
| Corporate Bonds 0.2% | ||
| Commercial Services 0.1% | ||
| Howard University | ||
| Series 21A | ||
| 4.756%, due 10/1/51 | 5,200,000 | 4,404,778 |
| Wildflower Improvement Association | ||
| 6.625%, due 3/1/31 (c) | 2,593,506 | 2,508,734 |
| 6,913,512 | ||
| Healthcare-Services 0.1% | ||
| Toledo Hospital (The) | ||
| 6.015%, due 11/15/48 | 9,350,000 | 7,328,062 |
| Total Corporate Bonds (Cost $14,076,832) | 14,241,574 | |
| Total Long-Term Bonds (Cost $14,076,832) | 14,241,574 | |
| Shares | Value | |
| Closed-End Funds 0.7% | ||
| California 0.0% ‡ | ||
| BlackRock MuniHoldings California Quality Fund, Inc. | 73,110 | 814,445 |
| Delaware 0.0% ‡ | ||
| BlackRock MuniYield Fund, Inc. | 171,992 | 1,840,314 |
| Shares | Value | |
| Closed-End Funds | ||
| Illinois 0.0% ‡ | ||
| BlackRock Municipal Income Trust II | 74,692 | $ 796,217 |
| Nuveen Municipal Credit Income Fund | 238,186 | 2,832,031 |
| 3,628,248 | ||
| Massachusetts 0.1% | ||
| BlackRock Municipal Income Fund, Inc. | 149,705 | 1,744,063 |
| DWS Municipal Income Trust | 131,002 | 1,179,018 |
| Eaton Vance Municipal Bond Fund | 62,420 | 633,563 |
| Pioneer Municipal High Income Advantage Fund, Inc. | 200,399 | 1,591,168 |
| Pioneer Municipal High Income Fund Trust | 200,954 | 1,732,224 |
| 6,880,036 | ||
| Michigan 0.0% ‡ | ||
| BlackRock MuniYield Michigan Quality Fund, Inc. | 245,271 | 2,788,731 |
| Multi-State 0.3% | ||
| BlackRock Municipal 2030 Target Term Trust | 427,334 | 9,127,854 |
| BlackRock Municipal Income Quality Trust | 18,136 | 204,756 |
| BlackRock MuniHoldings Fund, Inc. | 296,364 | 3,529,695 |
| BlackRock MuniYield Quality Fund II, Inc. | 588,091 | 6,045,576 |
| BlackRock MuniYield Quality Fund, Inc. | 287,227 | 3,492,680 |
| 22,400,561 | ||
| New Jersey 0.1% | ||
| BlackRock MuniHoldings New Jersey Quality Fund, Inc. | 384,935 | 4,449,849 |
| New York 0.2% | ||
| BlackRock Municipal Income Trust | 82,166 | 830,698 |
| BlackRock MuniHoldings New York Quality Fund, Inc. | 525,108 | 5,571,396 |
| BlackRock MuniVest Fund, Inc. | 168,483 | 1,174,327 |
| BlackRock MuniYield New York Quality Fund, Inc. | 543,595 | 5,560,977 |
| BlackRock New York Municipal Income Trust | 26,795 | 282,419 |
| Nuveen Municipal Credit Income Fund | 177,681 | 2,114,404 |
| 15,534,221 | ||
| Pennsylvania 0.0% ‡ | ||
| Invesco Pennsylvania Value Municipal Income Trust | 18,699 | 189,234 |
| Total Closed-End Funds (Cost $69,181,380) | 58,525,639 | |
| Shares | Value | ||
| Short-Term Investment 0.8% | |||
| Unaffiliated Investment Company 0.8% | |||
| BlackRock Liquidity Funds MuniCash, 3.974% (i) | 70,544,439 | $ 70,551,132 | |
| Total Short-Term Investment (Cost $70,551,132) | 70,551,132 | ||
| Total Investments (Cost $8,361,648,551) | 98.8% | 8,226,704,826 | |
| Other Assets, Less Liabilities | 1.2 | 99,487,786 | |
| Net Assets | 100.0% | $ 8,326,192,612 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| ‡ | Less than one-tenth of a percent. |
| (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. Rate shown was the rate in effect as of January 31, 2024. |
| (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) | Issue in default. |
| (e) | Issue in non-accrual status. |
| (f) | Step coupon—Rate shown was the rate in effect as of January 31, 2024. |
| (g) | Illiquid security—As of January 31, 2024, the total market value deemed illiquid under procedures approved by the Board of Trustees was $63,875,565, which represented 0.8% of the Fund’s net assets. |
| (h) | 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. |
| (i) | Current yield as of January 31, 2024. |
Futures Contracts
As of January 31, 2024, the Fund
held the following futures contracts1:
| Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
| Short Contracts | |||||
| U.S. Treasury 10 Year Notes | (5,000) | March 2024 | $ (546,310,530) | $ (561,640,625) | $ (15,330,095) |
| U.S. Treasury Long Bonds | (1,510) | March 2024 | (175,309,888) | (184,739,063) | (9,429,175) |
| Net Unrealized Depreciation | $ (24,759,270) |
| 1. | As of January 31, 2024, cash in the amount of $16,967,000 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, 2024. |
| Abbreviation(s): |
| AGC—Assured Guaranty Corp. |
| AGM—Assured Guaranty Municipal Corp. |
| AMBAC—Ambac Assurance Corp. |
| BAM—Build America Mutual Assurance Co. |
| CHF—Collegiate Housing Foundation |
| CR—Custodial Receipts |
| MUN GOVT GTD—Municipal Government Guaranteed |
| NATL-RE—National Public Finance Guarantee Corp. |
| PSF-GTD—Permanent School Fund Guaranteed |
| SD CRED PROG—School District Credit Enhancement Program |
| UT CSCE—Utah Charter School Credit Enhancement Program |
The following is a summary of the
fair valuations according to the inputs used as of January 31, 2024, 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 | $ — | $ 7,689,529,481 | $ — | $ 7,689,529,481 | |||
| Short-Term Municipal Notes | — | 393,857,000 | — | 393,857,000 | |||
| Total Municipal Bonds | — | 8,083,386,481 | — | 8,083,386,481 | |||
| Long-Term Bonds | |||||||
| Corporate Bonds | — | 14,241,574 | — | 14,241,574 | |||
| Total Corporate Bonds | — | 14,241,574 | — | 14,241,574 | |||
| Closed-End Funds | 58,525,639 | — | — | 58,525,639 | |||
| Short-Term Investment | |||||||
| Unaffiliated Investment Company | 70,551,132 | — | — | 70,551,132 | |||
| Total Investments in Securities | $ 129,076,771 | $ 8,097,628,055 | $ — | $ 8,226,704,826 | |||
| Liability Valuation Inputs | |||||||
| Other Financial Instruments | |||||||
| Futures Contracts (b) | $ (24,759,270) | $ — | $ — | $ (24,759,270) |
| (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 WMC International Research Equity Fund
Portfolio of Investments January 31, 2024†^(Unaudited)
| Shares | Value | |
| Common Stocks 97.4% | ||
| Australia 3.7% | ||
| ANZ Group Holdings Ltd. (Banks) | 78,623 | $ 1,395,396 |
| Glencore plc (Metals & Mining) | 219,158 | 1,166,138 |
| Goodman Group (Industrial REITs) | 59,079 | 978,585 |
| Orora Ltd. (Containers & Packaging) | 105,979 | 194,131 |
| Rio Tinto plc (Metals & Mining) | 19,383 | 1,351,516 |
| Stockland (Diversified REITs) | 222,745 | 664,263 |
| 5,750,029 | ||
| Austria 0.6% | ||
| BAWAG Group AG (Banks) (a) | 12,895 | 662,306 |
| Erste Group Bank AG (Banks) | 7,276 | 314,832 |
| 977,138 | ||
| Belgium 1.0% | ||
| KBC Group NV (Banks) | 19,362 | 1,261,927 |
| UCB SA (Pharmaceuticals) | 4,176 | 391,755 |
| 1,653,682 | ||
| Brazil 2.4% | ||
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP (Water Utilities) | 56,500 | 899,320 |
| Petroleo Brasileiro SA (Oil, Gas & Consumable Fuels) | 49,000 | 416,971 |
| Rumo SA (Ground Transportation) | 79,450 | 369,796 |
| Vale SA (Metals & Mining) | 158,495 | 2,167,693 |
| 3,853,780 | ||
| Canada 4.4% | ||
| Alimentation Couche-Tard, Inc. (Consumer Staples Distribution & Retail) | 33,600 | 1,968,841 |
| Barrick Gold Corp. (Metals & Mining) | 57,410 | 896,731 |
| Boat Rocker Media, Inc. (Entertainment) (b) | 42,890 | 35,092 |
| Cenovus Energy, Inc. (Oil, Gas & Consumable Fuels) | 47,841 | 775,021 |
| Constellation Software, Inc. (Software) | 378 | 1,044,736 |
| Hydro One Ltd. (Electric Utilities) (a) | 7,525 | 223,323 |
| Intact Financial Corp. (Insurance) | 2,062 | 322,463 |
| Lightspeed Commerce, Inc. (Software) (b) | 15,741 | 290,264 |
| Methanex Corp. (Chemicals) | 9,815 | 435,249 |
| Shopify, Inc., Class A (IT Services) (b) | 12,116 | 969,947 |
| 6,961,667 | ||
| China 5.1% | ||
| Anhui Conch Cement Co. Ltd., Class H (Construction Materials) | 63,000 | 126,343 |
| BYD Co. Ltd., Class H (Automobiles) | 20,553 | 458,100 |
| China Merchants Bank Co. Ltd., Class H (Banks) | 251,097 | 915,067 |
| ENN Energy Holdings Ltd. (Gas Utilities) | 88,300 | 652,713 |
| KE Holdings, Inc., ADR (Real Estate Management & Development) | 76,915 | 1,089,885 |
| Minth Group Ltd. (Automobile Components) | 156,000 | 252,583 |
| PICC Property & Casualty Co. Ltd., Class H (Insurance) | 708,000 | 880,173 |
| Tencent Holdings Ltd. (Interactive Media & Services) | 75,690 | 2,632,504 |
| Trip.com Group Ltd. (Hotels, Restaurants & Leisure) (b) | 27,123 | 985,344 |
| Shares | Value | |
| Common Stocks | ||
| China | ||
| WuXi AppTec Co. Ltd., Class H (Life Sciences Tools & Services) (a)(c) | 17,000 | $ 117,409 |
| 8,110,121 | ||
| Denmark 2.0% | ||
| Genmab A/S (Biotechnology) (b) | 2,177 | 602,495 |
| Novo Nordisk A/S, Class B (Pharmaceuticals) | 21,986 | 2,511,026 |
| 3,113,521 | ||
| Finland 0.2% | ||
| Nokian Renkaat OYJ (Automobile Components) | 27,417 | 247,059 |
| France 12.3% | ||
| Air France-KLM (Passenger Airlines) (b) | 74,740 | 955,716 |
| Airbus SE (Aerospace & Defense) | 6,477 | 1,034,333 |
| ALD SA (Ground Transportation) (a) | 31,521 | 209,445 |
| Arkema SA (Chemicals) | 3,764 | 408,884 |
| AXA SA (Insurance) | 56,226 | 1,892,932 |
| BNP Paribas SA (Banks) | 22,779 | 1,531,678 |
| Bureau Veritas SA (Professional Services) | 33,438 | 886,278 |
| Capgemini SE (IT Services) | 2,484 | 556,065 |
| Edenred SE (Financial Services) | 4,611 | 276,098 |
| Engie SA (Multi-Utilities) | 73,612 | 1,175,108 |
| Hermes International SCA (Textiles, Apparel & Luxury Goods) | 702 | 1,481,848 |
| JCDecaux SE (Media) (b) | 25,284 | 524,285 |
| Klepierre SA (Retail REITs) | 28,670 | 740,543 |
| Legrand SA (Electrical Equipment) | 8,742 | 850,068 |
| LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods) | 1,377 | 1,145,252 |
| Pernod Ricard SA (Beverages) | 12,110 | 1,993,093 |
| Renault SA (Automobiles) | 15,350 | 575,557 |
| TotalEnergies SE (Oil, Gas & Consumable Fuels) | 30,382 | 1,978,720 |
| Valeo SE (Automobile Components) | 26,082 | 341,078 |
| Vinci SA (Construction & Engineering) | 6,801 | 860,434 |
| 19,417,415 | ||
| Germany 8.0% | ||
| adidas AG (Textiles, Apparel & Luxury Goods) | 7,710 | 1,467,070 |
| Beiersdorf AG (Personal Care Products) | 11,081 | 1,627,903 |
| Brenntag SE (Trading Companies & Distributors) | 7,154 | 635,893 |
| Commerzbank AG (Banks) | 47,687 | 551,112 |
| Daimler Truck Holding AG (Machinery) | 35,753 | 1,285,110 |
| Deutsche Post AG (Air Freight & Logistics) | 12,556 | 604,195 |
| Deutsche Telekom AG (Registered) (Diversified Telecommunication Services) | 38,419 | 944,342 |
| Infineon Technologies AG (Semiconductors & Semiconductor Equipment) | 10,768 | 392,652 |
| Rheinmetall AG (Aerospace & Defense) | 1,819 | 637,973 |
| RWE AG (Independent Power and Renewable Electricity Producers) | 21,384 | 793,343 |
| Siemens AG (Registered) (Industrial Conglomerates) | 10,637 | 1,916,761 |
| Siemens Healthineers AG (Health Care Equipment & Supplies) (a) | 5,182 | 290,419 |
| Talanx AG (Insurance) | 10,386 | 731,156 |
| Shares | Value | |
| Common Stocks | ||
| Germany | ||
| United Internet AG (Registered), Class G (Diversified Telecommunication Services) | 25,002 | $ 657,353 |
| 12,535,282 | ||
| Hong Kong 2.2% | ||
| AIA Group Ltd. (Insurance) | 266,229 | 2,070,078 |
| Hong Kong Exchanges & Clearing Ltd. (Capital Markets) | 26,992 | 818,716 |
| Techtronic Industries Co. Ltd. (Machinery) | 55,000 | 587,567 |
| 3,476,361 | ||
| India 2.3% | ||
| Axis Bank Ltd. (Banks) | 56,000 | 719,519 |
| Bharti Airtel Ltd. (Wireless Telecommunication Services) | 75,796 | 1,067,723 |
| HDFC Bank Ltd., ADR (Banks) | 19,894 | 1,103,918 |
| SBI Life Insurance Co. Ltd. (Insurance) (a) | 41,399 | 697,085 |
| 3,588,245 | ||
| Indonesia 0.4% | ||
| Bank Rakyat Indonesia Persero Tbk. PT (Banks) | 1,723,010 | 618,492 |
| Ireland 0.3% | ||
| AIB Group plc (Banks) | 104,435 | 457,881 |
| Israel 0.3% | ||
| Wix.com Ltd. (IT Services) (b) | 3,849 | 488,361 |
| Italy 2.5% | ||
| DiaSorin SpA (Health Care Equipment & Supplies) | 3,277 | 301,256 |
| Enel SpA (Electric Utilities) | 111,974 | 763,745 |
| Eurogroup Laminations SpA (Electrical Equipment) (b)(c) | 59,591 | 193,218 |
| FinecoBank Banca Fineco SpA (Banks) | 72,349 | 1,045,635 |
| Stevanato Group SpA (Life Sciences Tools & Services) (c) | 10,489 | 332,921 |
| UniCredit SpA (Banks) | 42,060 | 1,234,473 |
| 3,871,248 | ||
| Japan 15.7% | ||
| Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals) | 23,526 | 848,749 |
| Daiichi Sankyo Co. Ltd. (Pharmaceuticals) | 36,376 | 1,096,866 |
| Daikin Industries Ltd. (Building Products) | 6,608 | 1,062,147 |
| Eisai Co. Ltd. (Pharmaceuticals) | 7,800 | 368,981 |
| Hakuhodo DY Holdings, Inc. (Media) | 20,900 | 160,948 |
| Ibiden Co. Ltd. (Electronic Equipment, Instruments & Components) | 20,928 | 1,053,376 |
| Isuzu Motors Ltd. (Automobiles) | 48,870 | 668,484 |
| ITOCHU Corp. (Trading Companies & Distributors) | 16,300 | 740,722 |
| Kansai Electric Power Co., Inc. (The) (Electric Utilities) | 54,465 | 745,735 |
| KDDI Corp. (Wireless Telecommunication Services) | 37,865 | 1,252,932 |
| Keyence Corp. (Electronic Equipment, Instruments & Components) | 1,873 | 840,185 |
| Koito Manufacturing Co. Ltd. (Automobile Components) | 12,170 | 186,903 |
| Makita Corp. (Machinery) | 26,788 | 722,122 |
| Shares | Value | |
| Common Stocks | ||
| Japan | ||
| Mitsubishi Corp. (Trading Companies & Distributors) | 45,075 | $ 778,365 |
| Mitsubishi Electric Corp. (Electrical Equipment) | 14,300 | 210,591 |
| Mitsubishi UFJ Financial Group, Inc. (Banks) | 86,292 | 809,098 |
| Mitsui & Co. Ltd. (Trading Companies & Distributors) | 17,800 | 721,074 |
| Mitsui Fudosan Co. Ltd. (Real Estate Management & Development) | 48,000 | 1,203,858 |
| Musashi Seimitsu Industry Co. Ltd. (Automobile Components) | 19,000 | 215,992 |
| Oriental Land Co. Ltd. (Hotels, Restaurants & Leisure) | 29,457 | 1,093,432 |
| Otsuka Holdings Co. Ltd. (Pharmaceuticals) | 14,500 | 570,652 |
| Rakuten Bank Ltd. (Banks) (b) | 27,400 | 427,591 |
| Recruit Holdings Co. Ltd. (Professional Services) | 19,893 | 787,959 |
| Renesas Electronics Corp. (Semiconductors & Semiconductor Equipment) (b) | 39,331 | 647,675 |
| Sansan, Inc. (Software) (b) | 46,002 | 428,317 |
| Sony Group Corp. (Household Durables) | 18,145 | 1,792,803 |
| Sumitomo Mitsui Trust Holdings, Inc. (Banks) | 38,748 | 796,682 |
| T&D Holdings, Inc. (Insurance) | 77,869 | 1,300,446 |
| Terumo Corp. (Health Care Equipment & Supplies) | 16,500 | 556,989 |
| Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment) | 9,332 | 1,730,133 |
| Yamaha Motor Co. Ltd. (Automobiles) | 100,804 | 954,243 |
| 24,774,050 | ||
| Mexico 0.4% | ||
| Corp. Inmobiliaria Vesta SAB de CV (Real Estate Management & Development) | 187,200 | 711,864 |
| Netherlands 5.7% | ||
| Adyen NV (Financial Services) (a)(b) | 430 | 538,291 |
| Akzo Nobel NV (Chemicals) | 3,724 | 285,019 |
| Argenx SE (Biotechnology) (b) | 1,405 | 532,570 |
| ASML Holding NV (Semiconductors & Semiconductor Equipment) | 3,862 | 3,309,917 |
| IMCD NV (Trading Companies & Distributors) | 2,624 | 399,405 |
| Shell plc (Oil, Gas & Consumable Fuels) | 103,055 | 3,199,544 |
| Wolters Kluwer NV (Professional Services) | 4,372 | 644,865 |
| 8,909,611 | ||
| Nigeria 0.2% | ||
| Airtel Africa plc (Wireless Telecommunication Services) (a) | 235,441 | 334,727 |
| Republic of Korea 2.0% | ||
| KT Corp. (Diversified Telecommunication Services) (b) | 23,028 | 607,704 |
| LG Chem Ltd. (Chemicals) | 1,244 | 399,816 |
| Samsung Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals) | 19,244 | 1,043,501 |
| Samsung SDI Co. Ltd. (Electronic Equipment, Instruments & Components) | 1,560 | 426,849 |
| Shinhan Financial Group Co. Ltd. (Banks) | 23,759 | 726,966 |
| 3,204,836 | ||
| Russia 0.0% ‡ | ||
| LUKOIL PJSC, Sponsored ADR (Oil, Gas & Consumable Fuels) (b)(d)(e) | 11,171 | 27,760 |
| Mobile TeleSystems PJSC (Wireless Telecommunication Services) (d)(e) | 80,528 | — |
| 27,760 | ||
| Shares | Value | |
| Common Stocks | ||
| Singapore 0.8% | ||
| Grab Holdings Ltd., Class A (Ground Transportation) (b) | 155,831 | $ 478,401 |
| United Overseas Bank Ltd. (Banks) | 37,375 | 786,455 |
| 1,264,856 | ||
| South Africa 0.6% | ||
| Anglo American plc (Metals & Mining) | 40,626 | 964,283 |
| Spain 0.2% | ||
| Aena SME SA (Transportation Infrastructure) | 1,382 | 244,605 |
| Sweden 0.6% | ||
| Assa Abloy AB, Class B (Building Products) | 20,546 | 563,709 |
| Investor AB, Class B (Financial Services) | 16,472 | 387,983 |
| 951,692 | ||
| Switzerland 2.7% | ||
| Alcon, Inc. (Health Care Equipment & Supplies) | 13,706 | 1,027,916 |
| DSM-Firmenich AG (Chemicals) | 1,893 | 199,528 |
| Novartis AG (Registered) (Pharmaceuticals) | 22,411 | 2,321,085 |
| Tecan Group AG (Registered) (Life Sciences Tools & Services) | 1,759 | 672,458 |
| 4,220,987 | ||
| Taiwan 3.7% | ||
| ASPEED Technology, Inc. (Semiconductors & Semiconductor Equipment) | 4,625 | 449,776 |
| E Ink Holdings, Inc. (Electronic Equipment, Instruments & Components) | 105,548 | 696,281 |
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR (Semiconductors & Semiconductor Equipment) | 40,889 | 4,618,821 |
| 5,764,878 | ||
| Thailand 0.4% | ||
| Kasikornbank PCL | ||
| (Banks) | 79,700 | 267,223 |
| NVDR (Banks) | 76,620 | 258,954 |
| PTT Global Chemical PCL (Chemicals) | 45,700 | 42,798 |
| 568,975 | ||
| United Kingdom 13.4% | ||
| Admiral Group plc (Insurance) | 20,409 | 651,198 |
| Allfunds Group plc (Capital Markets) | 38,737 | 276,974 |
| AstraZeneca plc (Pharmaceuticals) | 16,064 | 2,138,016 |
| BAE Systems plc (Aerospace & Defense) | 47,345 | 705,292 |
| Beazley plc (Insurance) | 189,398 | 1,306,593 |
| BP plc (Oil, Gas & Consumable Fuels) | 194,369 | 1,138,453 |
| BT Group plc (Diversified Telecommunication Services) | 216,365 | 306,560 |
| ConvaTec Group plc (Health Care Equipment & Supplies) (a) | 166,435 | 504,877 |
| Croda International plc (Chemicals) | 4,157 | 253,067 |
| HSBC Holdings plc (Banks) | 283,945 | 2,215,434 |
| IMI plc (Machinery) | 23,827 | 508,580 |
| InterContinental Hotels Group plc (Hotels, Restaurants & Leisure) | 8,967 | 850,338 |
| Shares | Value | |
| Common Stocks | ||
| United Kingdom | ||
| Intermediate Capital Group plc (Capital Markets) | 4,404 | $ 99,652 |
| London Stock Exchange Group plc (Capital Markets) | 10,265 | 1,161,802 |
| National Grid plc (Multi-Utilities) | 57,654 | 767,439 |
| Reckitt Benckiser Group plc (Household Products) | 30,939 | 2,234,173 |
| Rotork plc (Machinery) | 116,473 | 460,898 |
| Sage Group plc (The) (Software) | 5,396 | 80,404 |
| Smith & Nephew plc (Health Care Equipment & Supplies) | 26,771 | 375,830 |
| Standard Chartered plc (Banks) | 118,565 | 893,767 |
| Trainline plc (Hotels, Restaurants & Leisure) (a)(b) | 76,799 | 319,530 |
| Unilever plc (Personal Care Products) | 63,116 | 3,072,949 |
| Wise plc, Class A (Financial Services) (b) | 40,197 | 407,300 |
| WPP plc (Media) | 30,701 | 297,708 |
| 21,026,834 | ||
| United States 3.3% | ||
| CRH plc (Construction Materials) | 5,956 | 420,646 |
| CyberArk Software Ltd. (Software) (b) | 286 | 66,775 |
| Experian plc (Professional Services) | 10,098 | 420,994 |
| GSK plc (Pharmaceuticals) | 53,889 | 1,067,215 |
| Haleon plc (Personal Care Products) | 546,394 | 2,225,450 |
| QIAGEN NV (Life Sciences Tools & Services) (b) | 14,569 | 634,749 |
| Schneider Electric SE (Electrical Equipment) | 1,910 | 376,437 |
| 5,212,266 | ||
| Total Common Stocks (Cost $151,124,575) | 153,302,506 | |
| Preferred Stocks 1.8% | ||
| Brazil 0.6% | ||
| Banco Bradesco SA (Banks) | 335,600 | 1,039,775 |
| Germany 0.1% | ||
| Volkswagen AG (Automobiles) 2.91% | 922 | 119,370 |
| Republic of Korea 1.1% | ||
| Samsung Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals) 1.88% | 38,372 | 1,670,539 |
| Total Preferred Stocks (Cost $3,391,511) | 2,829,684 | |
| Number of Warrants | Value | ||
| Warrants 0.0% ‡ | |||
| Canada 0.0% ‡ | |||
| Constellation Software, Inc. (Software) | |||
| Expires 3/31/40 (b)(d)(e) | 442 | $ — | |
| Total Warrants (Cost $0) | — | ||
| Shares | |||
| Short-Term Investments 0.6% | |||
| Affiliated Investment Company 0.3% | |||
| United States 0.3% | |||
| MainStay U.S. Government Liquidity Fund, 5.25% (f) | 429,919 | 429,919 | |
| Unaffiliated Investment Company 0.3% | |||
| United States 0.3% | |||
| Invesco Government & Agency Portfolio, 5.315% (f)(g) | 448,257 | 448,257 | |
| Total Short-Term Investments (Cost $878,176) | 878,176 | ||
| Total Investments, Before Investments Sold Short (Cost $155,394,262) | 99.8% | 157,010,366 | |
| Investments Sold Short (0.0)% ‡ | |||
| Common Stock Sold Short (0.0)% ‡ | |||
| Australia (0.0)% ‡ | |||
| Virgin Australia Airlines Holdings Pty. Ltd. (Passenger Airlines) (b)(d)(e) | (444,108) | (29) | |
| Total Common Stock Sold Short (Proceeds $0) | (29) | ||
| Number of Rights | |||
| Rights Sold Short (0.0)% ‡ | |||
| United States (0.0)% ‡ | |||
| Intercell (Biotechnology) Expires 12/31/49 (b)(d)(e) | (19,159) | (2) | |
| Total Rights Sold Short (Proceeds $0) | (2) | ||
| Total Investments Sold Short (Proceeds $0) | (31) | ||
| Total Investments, Net of Investments Sold Short (Cost $155,394,262) | 99.8% | 157,010,335 | |
| Other Assets, Less Liabilities | 0.2 | 341,850 | |
| Net Assets | 100.0% | $ 157,352,185 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry and country classifications may be different than those used for compliance monitoring purposes. |
| ‡ | 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) | Non-income producing security. |
| (c) | All or a portion of this security was held on loan. As of January 31, 2024, the aggregate market value of securities on loan was $341,708; the total market value of collateral held by the Fund was $571,711. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $123,454. The Fund received cash collateral with a value of $448,257. |
| (d) | Illiquid security—As of January 31, 2024, the total market value deemed illiquid under procedures approved by the Board of Trustees was $27,729, which represented less than one-tenth of a percent of the Fund’s net assets. |
| (e) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (f) | Current yield as of January 31, 2024. |
| (g) | Represents a security purchased with cash collateral received for securities on loan. |
Investments in Affiliates (in
000's)
Investments in issuers considered to
be affiliate(s) of the Fund during the period ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| MainStay U.S. Government Liquidity Fund | $ 1,288 | $ 4,070 | $ (4,928) | $ — | $ — | $ 430 | $ 13 | $ — | 430 |
| Abbreviation(s): |
| ADR—American Depositary Receipt |
| NVDR—Non-Voting Depositary Receipt |
| PCL—Provision for Credit Losses |
| REIT—Real Estate Investment Trust |
The following is a summary of the
fair valuations according to the inputs used as of January 31, 2024, 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 | |||||||
| Australia | $ — | $ 5,750,029 | $ — | $ 5,750,029 | |||
| Austria | — | 977,138 | — | 977,138 | |||
| Belgium | — | 1,653,682 | — | 1,653,682 | |||
| China | 1,089,885 | 7,020,236 | — | 8,110,121 | |||
| Denmark | — | 3,113,521 | — | 3,113,521 | |||
| Finland | — | 247,059 | — | 247,059 | |||
| France | — | 19,417,415 | — | 19,417,415 | |||
| Germany | — | 12,535,282 | — | 12,535,282 | |||
| Hong Kong | — | 3,476,361 | — | 3,476,361 | |||
| India | 1,103,918 | 2,484,327 | — | 3,588,245 | |||
| Indonesia | — | 618,492 | — | 618,492 | |||
| Ireland | — | 457,881 | — | 457,881 | |||
| Italy | 332,921 | 3,538,327 | — | 3,871,248 | |||
| Japan | — | 24,774,050 | — | 24,774,050 | |||
| Netherlands | — | 8,909,611 | — | 8,909,611 | |||
| Nigeria | — | 334,727 | — | 334,727 | |||
| Republic of Korea | — | 3,204,836 | — | 3,204,836 | |||
| Singapore | 478,401 | 786,455 | — | 1,264,856 | |||
| South Africa | — | 964,283 | — | 964,283 | |||
| Spain | — | 244,605 | — | 244,605 | |||
| Sweden | — | 951,692 | — | 951,692 | |||
| Switzerland | — | 4,220,987 | — | 4,220,987 | |||
| Taiwan | 4,618,821 | 1,146,057 | — | 5,764,878 | |||
| Thailand | — | 568,975 | — | 568,975 | |||
| United Kingdom | — | 21,026,834 | — | 21,026,834 | |||
| United States | 66,775 | 5,145,491 | — | 5,212,266 | |||
| All Other Countries | 12,015,672 | — | 27,760 | 12,043,432 | |||
| Total Common Stocks | 19,706,393 | 133,568,353 | 27,760 | 153,302,506 | |||
| Preferred Stocks | 1,039,775 | 1,789,909 | — | 2,829,684 | |||
| Warrants | — | — | — | — | |||
| Short-Term Investments | |||||||
| Affiliated Investment Company | 429,919 | — | — | 429,919 | |||
| Unaffiliated Investment Company | 448,257 | — | — | 448,257 | |||
| Total Short-Term Investments | 878,176 | — | — | 878,176 | |||
| Total Investments in Securities | $ 21,624,344 | $ 135,358,262 | $ 27,760 | $ 157,010,366 | |||
| Liability Valuation Inputs | |||||||
| Common Stock Sold Short | $ — | $ — | $ (29) | $ (29) | |||
| Rights Sold Short | — | — | (2) | (2) | |||
| Total Investments in Securities Sold Short | $ — | $ — | $ (31) | $ (31) |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
MainStay MacKay New York Tax Free Opportunities
Fund
Portfolio of Investments January 31, 2024†^(Unaudited)
| Principal Amount | Value | |
| Municipal Bonds 96.4% | ||
| Long-Term Municipal Bonds 93.3% | ||
| Certificate of Participation/Lease 0.1% | ||
| Rensselaer City School District, Certificate of Participation | ||
| Insured: AGM State Aid Withholding | ||
| 4.00%, due 6/1/34 | $ 650,000 | $ 655,477 |
| Insured: AGM State Aid Withholding | ||
| 4.00%, due 6/1/35 | 850,000 | 857,847 |
| 1,513,324 | ||
| Education 13.4% | ||
| Albany Capital Resource Corp., Albany College of Pharmacy and Health Sciences, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/33 | 150,000 | 151,435 |
| Albany Capital Resource Corp., Albany Leadership Charter High School For Girls Project, Revenue Bonds | ||
| 5.00%, due 6/1/49 | 2,380,000 | 2,190,777 |
| Albany Capital Resource Corp., Brighter Choice Elementary Charter Schools, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 4/1/37 | 2,065,000 | 1,807,419 |
| Albany Capital Resource Corp., Equitable School Revolving Fund LLC, Revenue Bonds | ||
| Series D | ||
| 4.00%, due 11/1/46 | 3,000,000 | 2,854,441 |
| Amherst Development Corp., Daemen College Project, Revenue Bonds | ||
| 4.00%, due 10/1/37 | 1,000,000 | 932,233 |
| 5.00%, due 10/1/43 | 2,000,000 | 2,006,167 |
| 5.00%, due 10/1/48 | 2,000,000 | 1,963,093 |
| Buffalo & Erie County Industrial Land Development Corp., D'Youville College Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/1/40 | 1,785,000 | 1,605,450 |
| Series A | ||
| 4.00%, due 11/1/45 | 6,300,000 | 5,377,986 |
| Series A | ||
| 4.00%, due 11/1/50 | 1,000,000 | 825,986 |
| Buffalo & Erie County Industrial Land Development Corp., Tapestry Charter School Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 8/1/47 | 1,500,000 | 1,399,758 |
| Series A | ||
| 5.00%, due 8/1/52 | 3,995,000 | 3,676,933 |
| Build NYC Resource Corp., Brilla College Preparatory Charter Schools, Revenue Bonds (a) | ||
| Series A | ||
| 4.00%, due 11/1/41 | 1,000,000 | 836,242 |
| Series A | ||
| 4.00%, due 11/1/51 | 1,000,000 | 766,689 |
| Build NYC Resource Corp., Children's Aid Society Project, Revenue Bonds | ||
| 5.00%, due 7/1/45 | 1,120,000 | 1,129,351 |
| Build NYC Resource Corp., Grand Concourse Academy Charter School Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/42 | 600,000 | 616,894 |
| Series A | ||
| 5.00%, due 7/1/56 | 550,000 | 553,382 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Education | ||
| Build NYC Resource Corp., Inwood Academy Leadership Charter School Project, Revenue Bonds (a) | ||
| Series A | ||
| 5.125%, due 5/1/38 | $ 1,150,000 | $ 1,137,882 |
| Series A | ||
| 5.50%, due 5/1/48 | 1,500,000 | 1,500,984 |
| Build NYC Resource Corp., Kipp NYC Public Charter Schools, Revenue Bonds | ||
| 5.00%, due 7/1/42 | 1,000,000 | 1,049,726 |
| 5.25%, due 7/1/52 | 10,000,000 | 10,431,188 |
| Build NYC Resource Corp., Manhattan College Project, Revenue Bonds | ||
| 4.00%, due 8/1/42 | 1,500,000 | 1,413,856 |
| Build NYC Resource Corp., Metropolitan College of New York, Revenue Bonds | ||
| 5.50%, due 11/1/44 | 2,500,000 | 1,500,000 |
| Build NYC Resource Corp., Metropolitan Lighthouse Charter School Project, Revenue Bonds (a) | ||
| Series A | ||
| 5.00%, due 6/1/32 | 1,000,000 | 1,029,267 |
| Series A | ||
| 5.00%, due 6/1/37 | 1,500,000 | 1,521,475 |
| Series A | ||
| 5.00%, due 6/1/47 | 3,100,000 | 3,088,363 |
| Build NYC Resource Corp., New World Preparatory Charter School Project, Revenue Bonds (a) | ||
| Series A | ||
| 4.00%, due 6/15/51 | 1,200,000 | 874,151 |
| Series A | ||
| 4.00%, due 6/15/56 | 1,640,000 | 1,156,042 |
| Build NYC Resource Corp., New York Law School Project, Revenue Bonds | ||
| 5.00%, due 7/1/30 | 3,865,000 | 3,928,042 |
| 5.00%, due 7/1/33 | 1,520,000 | 1,542,197 |
| Build NYC Resource Corp., Shefa School Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/15/51 (a) | 2,500,000 | 2,199,195 |
| Build NYC Resource Corp., Unity Preparatory Charter School of Brooklyn, Revenue Bonds | ||
| Series A | ||
| 5.50%, due 6/15/63 (a) | 1,375,000 | 1,370,503 |
| City of New Rochelle, IONA College Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/45 | 3,810,000 | 3,823,062 |
| County of Cattaraugus, St. Bonaventure University Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 5/1/44 | 1,200,000 | 1,203,161 |
| Dutchess County Local Development Corp., Bard College Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/40 | 1,100,000 | 1,142,355 |
| Series A | ||
| 5.00%, due 7/1/45 | 3,500,000 | 3,589,883 |
| Dutchess County Local Development Corp., Culinary Institute of America Project (The), Revenue Bonds | ||
| Series A-1 | ||
| 5.00%, due 7/1/31 | 375,000 | 387,178 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Education | ||
| Dutchess County Local Development Corp., Culinary Institute of America Project (The), Revenue Bonds | ||
| Series A-1 | ||
| 5.00%, due 7/1/33 | $ 700,000 | $ 719,895 |
| Dutchess County Local Development Corp., Marist College Project, Revenue Bonds | ||
| 5.00%, due 7/1/48 | 6,000,000 | 6,258,646 |
| Dutchess County Local Development Corp., Vassar College Project, Revenue Bonds | ||
| 5.00%, due 7/1/45 | 1,200,000 | 1,278,312 |
| Hempstead Town Local Development Corp., Evergreen Charter School, Inc., Revenue Bonds | ||
| Series A | ||
| 5.25%, due 6/15/52 | 5,000,000 | 4,891,406 |
| Hempstead Town Local Development Corp., Molloy College Project, Revenue Bonds | ||
| 5.00%, due 7/1/38 | 870,000 | 892,464 |
| 5.00%, due 7/1/43 | 1,020,000 | 1,036,760 |
| 5.00%, due 7/1/48 | 1,100,000 | 1,108,949 |
| Monroe County Industrial Development Corp., Nazareth College of Rochester, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 10/1/47 | 1,695,000 | 1,518,208 |
| Monroe County Industrial Development Corp., St. John Fisher College, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/24 | 330,000 | 330,401 |
| Monroe County Industrial Development Corp., University of Rochester Project, Revenue Bonds | ||
| Series C | ||
| 4.00%, due 7/1/43 | 3,000,000 | 3,016,553 |
| Nassau County Local Economic Assistance Corp., Roosevelt Children's Academy Charter School, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/55 | 2,750,000 | 2,758,815 |
| New York State Dormitory Authority, Brooklyn Law School, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/33 | 1,650,000 | 1,743,042 |
| New York State Dormitory Authority, Cornell University, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/50 | 3,245,000 | 3,475,561 |
| New York State Dormitory Authority, Fordham University, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/41 | 1,075,000 | 1,110,050 |
| New York State Dormitory Authority, Friends of The Bay Shore-Brightwaters Public Library, Inc., Revenue Bonds | ||
| Insured: AMBAC | ||
| 4.625%, due 7/1/36 | 200,000 | 200,103 |
| New York State Dormitory Authority, Iona College, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/51 | 1,850,000 | 1,858,427 |
| New York State Dormitory Authority, New School (The), Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/35 | 15,000 | 15,427 |
| Series A | ||
| 5.00%, due 7/1/35 | 195,000 | 198,209 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Education | ||
| New York State Dormitory Authority, New York University, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/46 | $ 4,370,000 | $ 4,378,716 |
| Series A | ||
| 5.00%, due 7/1/38 | 4,580,000 | 4,943,344 |
| New York State Dormitory Authority, Pace University, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 5/1/33 | 400,000 | 392,894 |
| Series A | ||
| 4.25%, due 5/1/42 | 450,000 | 414,486 |
| New York State Dormitory Authority, Rockefeller University, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/50 | 4,000,000 | 4,240,176 |
| New York State Dormitory Authority, School Districts Financing Program, Revenue Bonds | ||
| Series A, Insured: AGM State Aid Withholding | ||
| 5.00%, due 10/1/43 | 500,000 | 552,082 |
| Series A, Insured: AGM State Aid Withholding | ||
| 5.25%, due 10/1/50 | 5,000,000 | 5,499,556 |
| New York State Dormitory Authority, St. John's University, Revenue Bonds | ||
| 5.00%, due 7/1/38 | 5,740,000 | 6,512,013 |
| New York State Dormitory Authority, St. Joseph's College, Revenue Bonds | ||
| 4.00%, due 7/1/40 | 200,000 | 172,995 |
| Oneida County Local Development Corp., Utica College Project, Revenue Bonds | ||
| 5.00%, due 7/1/49 | 3,250,000 | 3,255,204 |
| Onondaga County Trust for Cultural Resources, Syracuse University Project, Revenue Bonds | ||
| 4.00%, due 12/1/49 | 3,080,000 | 3,042,312 |
| Orange County Funding Corp., Mount St. Mary College, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/42 | 1,010,000 | 1,010,050 |
| Riverhead Industrial Development Agency, Riverhead Charter School, Revenue Bonds | ||
| Series A | ||
| 7.00%, due 8/1/43 | 925,000 | 927,181 |
| Series 2013A | ||
| 7.00%, due 8/1/48 | 730,000 | 731,640 |
| Saratoga County Capital Resource Corp., Skidmore College, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/45 | 1,220,000 | 1,315,434 |
| Schenectady County Capital Resource Corp., Union College Project, Revenue Bonds | ||
| 5.25%, due 7/1/52 | 1,000,000 | 1,105,497 |
| St. Lawrence County Industrial Development Agency, Clarkson University Project, Revenue Bonds | ||
| 5.00%, due 9/1/47 | 2,975,000 | 2,995,340 |
| Syracuse Industrial Development Agency, Syracuse City School District Project, Revenue Bonds | ||
| Series A, Insured: State Aid Withholding | ||
| 3.25%, due 5/1/34 | 1,000,000 | 972,728 |
| Troy Capital Resource Corp., Rensselaer Polytechnic Institute, Revenue Bonds | ||
| 5.00%, due 8/1/32 | 1,000,000 | 1,030,376 |
| Series A | ||
| 5.00%, due 9/1/39 | 2,000,000 | 2,155,438 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Education | ||
| Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 10/15/29 | $ 200,000 | $ 195,796 |
| Series A | ||
| 5.00%, due 10/15/39 | 1,330,000 | 1,334,482 |
| Series A | ||
| 5.00%, due 10/15/49 | 990,000 | 947,153 |
| Series A | ||
| 5.00%, due 10/15/50 | 2,650,000 | 2,522,371 |
| Yonkers Industrial Development Agency, New Community School Project, Revenue Bonds | ||
| Insured: State Aid Withholding | ||
| 4.00%, due 5/1/51 | 3,500,000 | 3,364,786 |
| 159,006,024 | ||
| General Obligation 10.0% | ||
| City of Glens Falls, Public Improvement, Limited General Obligation | ||
| Insured: AGM | ||
| 4.00%, due 1/15/31 | 500,000 | 509,727 |
| Insured: AGM | ||
| 4.00%, due 1/15/32 | 315,000 | 320,777 |
| Insured: AGM | ||
| 4.00%, due 1/15/33 | 250,000 | 254,285 |
| City of Middletown, Limited General Obligation | ||
| 4.50%, due 8/23/24 | 5,000,000 | 5,033,047 |
| City of New York, Unlimited General Obligation | ||
| Series E-1 | ||
| 4.00%, due 4/1/45 | 5,000,000 | 5,006,117 |
| Series F-1 | ||
| 5.00%, due 4/1/39 | 5,000,000 | 5,350,324 |
| Series B-1 | ||
| 5.25%, due 10/1/41 | 2,500,000 | 2,872,096 |
| Series D-1 | ||
| 5.25%, due 5/1/42 | 9,000,000 | 10,223,438 |
| Series B-1 | ||
| 5.25%, due 10/1/43 | 3,000,000 | 3,407,653 |
| Series E-1 | ||
| 5.25%, due 4/1/47 | 4,750,000 | 5,338,233 |
| City of Newburgh, Limited General Obligation | ||
| Series A, Insured: AGM | ||
| 3.50%, due 7/15/36 | 725,000 | 675,128 |
| City of Ogdensburg, Public Improvement, Limited General Obligation | ||
| 5.50%, due 4/15/24 | 45,000 | 44,998 |
| 5.50%, due 4/15/26 | 50,000 | 49,935 |
| 5.50%, due 4/15/28 | 55,000 | 54,382 |
| City of Poughkeepsie, Public Improvement, Limited General Obligation | ||
| 5.00%, due 6/1/31 | 600,000 | 613,574 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General Obligation | ||
| City of Yonkers, Limited General Obligation | ||
| Series A, Insured: BAM | ||
| 4.00%, due 9/1/31 | $ 1,500,000 | $ 1,551,196 |
| Series A, Insured: BAM | ||
| 4.00%, due 5/1/35 | 1,550,000 | 1,619,332 |
| Series A, Insured: BAM | ||
| 4.00%, due 5/1/37 | 2,000,000 | 2,064,652 |
| Commonwealth of Puerto Rico, Unlimited General Obligation | ||
| Series A-1 | ||
| (zero coupon), due 7/1/33 | 1,351,801 | 861,514 |
| Series A-1 | ||
| 4.00%, due 7/1/33 | 2,000,000 | 1,944,830 |
| Series A-1 | ||
| 4.00%, due 7/1/35 | 5,029,180 | 4,810,808 |
| Series A-1 | ||
| 5.625%, due 7/1/27 | 1,170,000 | 1,236,568 |
| County of Clinton, Limited General Obligation | ||
| Insured: AGM | ||
| 4.00%, due 6/1/38 (b) | 1,500,000 | 1,501,273 |
| County of Nassau, Limited General Obligation | ||
| Series B, Insured: AGM | ||
| 5.00%, due 4/1/44 | 4,870,000 | 5,338,020 |
| County of Onondaga, Limited General Obligation | ||
| 3.00%, due 6/1/39 | 2,150,000 | 1,828,508 |
| 3.25%, due 4/15/34 | 1,250,000 | 1,250,172 |
| County of Rockland, Various Purpose, Limited General Obligation | ||
| Insured: AGM | ||
| 4.00%, due 5/1/44 | 915,000 | 916,762 |
| County of Suffolk, Public Improvement, Limited General Obligation | ||
| Series B, Insured: AGM | ||
| 3.00%, due 10/15/32 | 5,480,000 | 5,407,066 |
| Series A, Insured: AGM | ||
| 3.25%, due 6/1/36 | 715,000 | 692,271 |
| Series A, Insured: AGM | ||
| 3.25%, due 6/1/37 | 725,000 | 683,353 |
| Series A, Insured: BAM | ||
| 4.00%, due 4/1/33 | 2,190,000 | 2,248,956 |
| Harrison Central School District, Unlimited General Obligation | ||
| Insured: State Aid Withholding | ||
| 3.50%, due 3/15/44 | 1,015,000 | 949,869 |
| Insured: State Aid Withholding | ||
| 3.50%, due 3/15/45 | 1,055,000 | 978,155 |
| Insured: State Aid Withholding | ||
| 3.55%, due 3/15/47 | 1,130,000 | 1,029,003 |
| Lackawanna City School District, Unlimited General Obligation | ||
| Insured: BAM State Aid Withholding | ||
| 4.00%, due 6/15/32 | 745,000 | 754,667 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| General Obligation | ||
| Oswego City School District, Unlimited General Obligation | ||
| Insured: State Aid Withholding | ||
| 4.75%, due 7/19/24 | $ 12,500,000 | $ 12,566,631 |
| Poughkeepsie School District, New York School District Refunding, Unlimited General Obligation | ||
| Insured: AGM State Aid Withholding | ||
| 3.00%, due 5/1/33 | 400,000 | 393,906 |
| Three Village Central School District, Brookhaven & Smithtown, Limited General Obligation | ||
| Insured: State Aid Withholding | ||
| 4.50%, due 6/24/24 | 3,005,000 | 3,019,293 |
| Town of Hempstead, Limited General Obligation | ||
| 2.125%, due 6/15/39 | 3,715,000 | 2,791,661 |
| Town of Wallkill, Limited General Obligation | ||
| 5.00%, due 7/25/24 | 10,000,000 | 10,073,414 |
| Uniondale Union Free School District, Unlimited General Obligation | ||
| Insured: State Aid Withholding | ||
| 2.00%, due 5/1/38 | 3,115,000 | 2,298,061 |
| Insured: State Aid Withholding | ||
| 2.00%, due 5/1/39 | 3,195,000 | 2,289,330 |
| Insured: State Aid Withholding | ||
| 2.00%, due 5/1/40 | 3,500,000 | 2,450,021 |
| Insured: State Aid Withholding | ||
| 2.00%, due 5/1/41 | 3,500,000 | 2,395,086 |
| Village of Valley Stream, Various Purpose, Limited General Obligation | ||
| Insured: BAM | ||
| 4.00%, due 4/1/33 | 490,000 | 498,417 |
| Insured: BAM | ||
| 4.00%, due 4/1/34 | 510,000 | 518,700 |
| Insured: BAM | ||
| 4.00%, due 4/1/35 | 530,000 | 537,854 |
| Insured: BAM | ||
| 4.00%, due 4/1/36 | 550,000 | 556,903 |
| Insured: BAM | ||
| 4.00%, due 4/1/37 | 570,000 | 574,523 |
| 118,384,489 | ||
| Hospital 6.2% | ||
| Brookhaven Local Development Corp., Long Island Community Hospital Health Care Services Foundation, Revenue Bonds | ||
| Series A, Insured: AGM-CR | ||
| 3.375%, due 10/1/40 | 7,990,000 | 7,404,039 |
| Brookhaven Local Development Corp., Long Island Community Hospital Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/35 | 1,000,000 | 1,103,489 |
| Series A | ||
| 5.00%, due 10/1/50 | 6,250,000 | 6,601,689 |
| Broome County Local Development Corp., United Health Services Hospitals Obligated Group, Revenue Bonds | ||
| Insured: AGM | ||
| 3.00%, due 4/1/50 | 6,835,000 | 5,140,697 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Hospital | ||
| Build NYC Resource Corp., Children's Aid Society Project (The), Revenue Bonds | ||
| 4.00%, due 7/1/49 | $ 1,300,000 | $ 1,244,546 |
| Genesee County Funding Corp. (The), Rochester Regional Health Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/24 | 200,000 | 201,785 |
| Series A | ||
| 5.00%, due 12/1/25 | 215,000 | 219,739 |
| Series A | ||
| 5.00%, due 12/1/26 | 340,000 | 352,871 |
| Series A | ||
| 5.00%, due 12/1/27 | 400,000 | 417,619 |
| Series A | ||
| 5.00%, due 12/1/28 | 600,000 | 634,360 |
| Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/1/31 | 2,705,000 | 2,594,069 |
| Monroe County Industrial Development Corp., Highland Hospital, Revenue Bonds | ||
| 4.00%, due 7/1/40 | 2,500,000 | 2,502,153 |
| Monroe County Industrial Development Corp., Rochester General Hospital (The), Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/32 | 540,000 | 541,049 |
| Series A | ||
| 5.00%, due 12/1/42 | 1,000,000 | 1,000,321 |
| Nassau County Local Economic Assistance Corp., Catholic Health Services of Long Island Obligated Group, Revenue Bonds | ||
| 5.00%, due 7/1/34 | 250,000 | 251,030 |
| New York State Dormitory Authority, Garnet Health Medical Center Obligated Group, Revenue Bonds (a) | ||
| 5.00%, due 12/1/31 | 1,000,000 | 971,801 |
| 5.00%, due 12/1/32 | 3,000,000 | 2,906,267 |
| New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center, Revenue Bonds | ||
| Series 1 | ||
| 4.00%, due 7/1/37 | 470,000 | 488,071 |
| New York State Dormitory Authority, NYU Langone Hospitals Obligated Group, Revenue Bonds | ||
| Series A | ||
| 3.00%, due 7/1/48 | 2,375,000 | 1,860,554 |
| Series A | ||
| 4.00%, due 7/1/40 | 1,000,000 | 1,006,976 |
| Series A | ||
| 4.00%, due 7/1/50 | 3,005,000 | 2,899,172 |
| Series A | ||
| 4.00%, due 7/1/53 | 8,450,000 | 8,227,988 |
| New York State Dormitory Authority, Orange Regional Medical Center Obligated Group, Revenue Bonds | ||
| 5.00%, due 12/1/35 (a) | 100,000 | 100,117 |
| Oneida County Local Development Corp., Mohawk Valley Health System Project, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 3.00%, due 12/1/44 | 11,560,000 | 9,130,600 |
| Series A, Insured: AGM | ||
| 4.00%, due 12/1/34 | 1,585,000 | 1,615,692 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Hospital | ||
| Oneida County Local Development Corp., Mohawk Valley Health System Project, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 4.00%, due 12/1/49 | $ 7,940,000 | $ 7,469,870 |
| Suffolk County Economic Development Corp., Catholic Health Services of Long Island Obligated Group, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 7/1/33 | 250,000 | 251,076 |
| Westchester County Local Development Corp., Westchester Medical Centre, Revenue Bonds | ||
| Insured: AGM | ||
| 5.75%, due 11/1/48 | 6,200,000 | 7,072,428 |
| 74,210,068 | ||
| Housing 0.9% | ||
| Albany Capital Resource Corp., Empire Commons Student Housing, Inc., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 5/1/29 | 600,000 | 617,682 |
| Series A | ||
| 5.00%, due 5/1/30 | 350,000 | 360,456 |
| Amherst Development Corp., UBF Faculty-Student Housing Corp., Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 5.00%, due 10/1/45 | 2,000,000 | 2,099,885 |
| New York City Housing Development Corp., College of Staten Island Residences, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 3.25%, due 7/1/27 | 2,115,000 | 2,115,975 |
| New York State Dormitory Authority, University Facilities, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/43 | 1,500,000 | 1,577,381 |
| Onondaga Civic Development Corp., Onondaga Community College Housing Development Corp., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/24 | 400,000 | 397,632 |
| Series A | ||
| 5.00%, due 10/1/25 | 250,000 | 246,735 |
| Westchester County Local Development Corp., Purchase Housing Corp. II Project, Revenue Bonds | ||
| 5.00%, due 6/1/29 | 185,000 | 190,440 |
| 5.00%, due 6/1/30 | 330,000 | 339,944 |
| 5.00%, due 6/1/31 | 320,000 | 329,551 |
| 5.00%, due 6/1/37 | 1,000,000 | 1,014,388 |
| 5.00%, due 6/1/42 | 1,000,000 | 1,005,742 |
| 10,295,811 | ||
| Other Revenue 38.7% | ||
| Battery Park City Authority, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 4.00%, due 11/1/44 | 10,635,000 | 10,748,095 |
| Series A | ||
| 5.00%, due 11/1/44 | 9,630,000 | 10,997,289 |
| Series A | ||
| 5.00%, due 11/1/53 | 12,500,000 | 13,886,417 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| Brookhaven Local Development Corp., Jefferson's Ferry Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/1/55 | $ 3,565,000 | $ 2,819,826 |
| 5.25%, due 11/1/36 | 1,130,000 | 1,151,005 |
| Broome County Local Development Corp., Good Shepherd Village at Endwell, Revenue Bonds | ||
| 4.00%, due 7/1/31 | 1,565,000 | 1,427,152 |
| 4.00%, due 7/1/36 | 2,100,000 | 1,781,991 |
| 4.00%, due 7/1/47 | 1,160,000 | 843,461 |
| Build NYC Resource Corp., Pratt Paper, Inc. Project, Revenue Bonds | ||
| 5.00%, due 1/1/35 (a)(b) | 4,305,000 | 4,326,191 |
| Build NYC Resource Corp., Royal Charter Properties, Inc., Revenue Bonds | ||
| Insured: AGM | ||
| 4.75%, due 12/15/32 | 2,000,000 | 2,000,997 |
| Chautauqua Tobacco Asset Securitization Corp., Revenue Bonds | ||
| 5.00%, due 6/1/34 | 750,000 | 750,093 |
| Children's Trust Fund, Asset-Backed, Revenue Bonds | ||
| Series A | ||
| (zero coupon), due 5/15/50 | 2,500,000 | 467,984 |
| 5.625%, due 5/15/43 | 2,300,000 | 2,329,730 |
| City of New York, Lincoln Center for the Performing Arts, Inc., Revenue Bonds | ||
| Series A | ||
| 4.00%, due 12/1/33 | 5,350,000 | 5,612,608 |
| Development Authority of the North Country, Solid Waste Management System, Revenue Bonds | ||
| Insured: AGM | ||
| 3.25%, due 9/1/39 | 550,000 | 496,276 |
| Insured: AGM | ||
| 3.25%, due 9/1/40 | 570,000 | 505,628 |
| Dutchess County Local Development Corp., Health Quest Systems, Inc., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/34 | 500,000 | 503,519 |
| Dutchess County Resource Recovery Agency, Solid Waste System, Revenue Bonds (b) | ||
| 5.00%, due 1/1/25 | 1,000,000 | 1,009,962 |
| 5.00%, due 1/1/26 | 1,000,000 | 1,022,757 |
| Erie Tobacco Asset Securitization Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds | ||
| Series B | ||
| (zero coupon), due 6/1/47 | 18,000,000 | 3,786,505 |
| Hudson Yards Infrastructure Corp., Second Indenture, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 2/15/40 | 3,250,000 | 3,310,431 |
| Series A | ||
| 5.00%, due 2/15/30 | 1,600,000 | 1,701,769 |
| Series A | ||
| 5.00%, due 2/15/33 | 1,500,000 | 1,590,880 |
| Series A | ||
| 5.00%, due 2/15/35 | 3,470,000 | 3,675,290 |
| Series A | ||
| 5.00%, due 2/15/36 | 5,165,000 | 5,457,735 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| Hudson Yards Infrastructure Corp., Second Indenture, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 2/15/42 | $ 4,000,000 | $ 4,170,271 |
| Series A, Insured: BAM | ||
| 5.00%, due 2/15/42 | 7,500,000 | 7,830,253 |
| Huntington Local Development Corp., Fountaingate Gardens Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/36 | 900,000 | 802,364 |
| Series A | ||
| 5.25%, due 7/1/56 | 1,745,000 | 1,388,876 |
| Long Island Power Authority, Electric System, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 9/1/33 | 4,440,000 | 4,672,336 |
| Series B | ||
| 5.00%, due 9/1/35 | 2,500,000 | 2,618,111 |
| 5.00%, due 9/1/37 | 2,000,000 | 2,176,353 |
| 5.00%, due 9/1/38 | 2,500,000 | 2,710,247 |
| Series C | ||
| 5.00%, due 9/1/38 | 1,000,000 | 989,148 |
| Series A | ||
| 5.00%, due 9/1/44 | 6,025,000 | 6,052,744 |
| Series B | ||
| 5.00%, due 9/1/45 | 2,000,000 | 2,030,585 |
| Matching Fund Special Purpose Securitization Corp., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/30 | 3,140,000 | 3,298,058 |
| Series A | ||
| 5.00%, due 10/1/32 | 3,140,000 | 3,321,007 |
| Series A | ||
| 5.00%, due 10/1/39 | 11,915,000 | 12,242,835 |
| Metropolitan Transportation Authority, Dedicated Tax Fund, Revenue Bonds | ||
| Series B-2 | ||
| 4.00%, due 11/15/34 | 4,000,000 | 4,101,600 |
| Series B-1 | ||
| 5.00%, due 11/15/36 | 3,355,000 | 3,510,205 |
| Monroe County Industrial Development Corp., St. Ann's Community Project, Revenue Bonds | ||
| 5.00%, due 1/1/50 | 1,630,000 | 1,344,810 |
| Nassau County Tobacco Settlement Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds | ||
| Series A-3 | ||
| 5.00%, due 6/1/35 | 750,000 | 711,357 |
| New York City Housing Development Corp., Multi-Family Housing, Sustainable Neighborhood, Revenue Bonds | ||
| Series F-2A, Insured: FHA 542(C) | ||
| 3.40%, due 11/1/62 (c) | 4,500,000 | 4,487,122 |
| Series G | ||
| 3.85%, due 11/1/45 | 595,000 | 556,265 |
| Series I-1-A | ||
| 4.05%, due 11/1/41 | 1,000,000 | 1,002,958 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| New York City Housing Development Corp., Multi-Family Housing, Sustainable Neighborhood, Revenue Bonds | ||
| Series F-1, Insured: FHA 542(C) | ||
| 4.30%, due 11/1/37 | $ 1,500,000 | $ 1,546,354 |
| New York City Housing Development Corp., Multi-Family Housing, Sustainable Neighborhood, Green Bond, Revenue Bonds | ||
| Series G-1 | ||
| 3.70%, due 11/1/47 | 1,000,000 | 907,515 |
| New York City Industrial Development Agency, Queens Baseball Stadium Project, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 3.00%, due 1/1/39 | 6,955,000 | 6,106,187 |
| Series A, Insured: AGM | ||
| 3.00%, due 1/1/40 | 8,315,000 | 7,166,051 |
| Series A, Insured: AGM | ||
| 3.00%, due 1/1/46 | 10,000,000 | 7,895,933 |
| New York City Industrial Development Agency, TrIPs Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/28 | 1,295,000 | 1,295,406 |
| New York City Industrial Development Agency, Yankee Stadium Project, Revenue Bonds | ||
| Series A, Insured: AGC | ||
| (zero coupon), due 3/1/40 | 380,000 | 195,504 |
| Series A, Insured: AGC | ||
| (zero coupon), due 3/1/44 | 1,065,000 | 445,706 |
| Series A, Insured: AGC | ||
| (zero coupon), due 3/1/45 | 200,000 | 79,356 |
| Series A, Insured: AGC | ||
| (zero coupon), due 3/1/46 | 4,080,000 | 1,534,780 |
| Series A, Insured: AGC | ||
| (zero coupon), due 3/1/47 | 1,115,000 | 397,651 |
| Series A, Insured: AGM-CR | ||
| 3.00%, due 3/1/49 | 10,980,000 | 8,480,751 |
| New York City Transitional Finance Authority, Building Aid, Revenue Bonds | ||
| Series S-1B, Insured: State Aid Withholding | ||
| 4.00%, due 7/15/40 | 6,000,000 | 6,047,886 |
| Series S-3, Insured: State Aid Withholding | ||
| 5.00%, due 7/15/43 | 2,500,000 | 2,654,109 |
| New York City Transitional Finance Authority, Future Tax Secured, Revenue Bonds | ||
| Series C-2 | ||
| 1.58%, due 5/1/24 | 345,000 | 341,848 |
| Series C-1 | ||
| 4.00%, due 5/1/44 | 4,000,000 | 4,000,419 |
| Series E-1 | ||
| 4.00%, due 2/1/46 | 5,440,000 | 5,410,532 |
| Series B-1 | ||
| 5.00%, due 11/1/36 | 19,585,000 | 21,639,539 |
| Series F-1 | ||
| 5.00%, due 2/1/47 | 5,000,000 | 5,483,641 |
| Series D-1 | ||
| 5.50%, due 11/1/45 | 2,500,000 | 2,909,977 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| New York City Transitional Finance Authority, Future Tax Secured, Revenue Bonds | ||
| Series B | ||
| 5.50%, due 5/1/47 | $ 2,830,000 | $ 3,312,391 |
| New York Convention Center Development Corp., Hotel Unit Fee, Revenue Bonds | ||
| 5.00%, due 11/15/26 | 6,000,000 | 6,131,329 |
| 5.00%, due 11/15/40 | 1,620,000 | 1,645,398 |
| New York Convention Center Development Corp., Hotel Unit Fee, Revenue Bonds, Senior Lien | ||
| Series A | ||
| (zero coupon), due 11/15/47 | 6,500,000 | 2,094,927 |
| New York Convention Center Development Corp., Hotel Unit Fee, Revenue Bonds, Sub. Lien | ||
| Series B, Insured: BAM | ||
| (zero coupon), due 11/15/41 | 2,320,000 | 1,074,775 |
| Series B, Insured: BAM | ||
| (zero coupon), due 11/15/43 | 4,800,000 | 1,969,434 |
| New York Counties Tobacco Trust, Revenue Bonds | ||
| Series A-2B | ||
| 5.00%, due 6/1/45 | 3,885,000 | 3,736,863 |
| New York Counties Tobacco Trust IV, Settlement Pass Through, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/42 | 1,000,000 | 968,439 |
| Series A | ||
| 5.00%, due 6/1/45 | 245,000 | 232,064 |
| Series A | ||
| 6.25%, due 6/1/41 (a) | 4,700,000 | 4,701,088 |
| New York Counties Tobacco Trust V, Pass Through, Capital Appreciation, Revenue Bonds | ||
| Series S-1 | ||
| (zero coupon), due 6/1/38 | 1,600,000 | 685,787 |
| New York Counties Tobacco Trust VI, Tobacco Settlement Pass Through, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 6/1/30 | 135,000 | 139,590 |
| New York Liberty Development Corp., 1 World Trade Center, Revenue Bonds | ||
| Insured: BAM | ||
| 2.75%, due 2/15/44 | 8,000,000 | 6,205,769 |
| Insured: AGM-CR | ||
| 4.00%, due 2/15/43 | 6,665,000 | 6,719,746 |
| New York Liberty Development Corp., 3 World Trade Center LLC, Revenue Bonds | ||
| Class 1 | ||
| 5.00%, due 11/15/44 (a) | 5,660,000 | 5,666,490 |
| New York Liberty Development Corp., 4 World Trade Center LLC, Revenue Bonds | ||
| Series A | ||
| 2.75%, due 11/15/41 | 3,515,000 | 2,846,349 |
| New York Liberty Development Corp., 7 World Trade Center Project, Revenue Bonds | ||
| Series A | ||
| 3.00%, due 9/15/43 | 1,250,000 | 1,040,046 |
| Series A | ||
| 3.125%, due 9/15/50 | 700,000 | 551,074 |
| New York Liberty Development Corp., Goldman Sachs Headquarters LLC, Revenue Bonds | ||
| 5.50%, due 10/1/37 | 700,000 | 829,488 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| New York State Dormitory Authority, Personal Income Tax, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 2/15/41 | $ 2,050,000 | $ 2,115,453 |
| New York State Dormitory Authority, Sales Tax, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 3/15/35 | 3,000,000 | 3,005,032 |
| New York State Dormitory Authority, State Personal Income Tax, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 3/15/39 | 8,000,000 | 8,237,658 |
| Series E | ||
| 4.00%, due 3/15/45 | 2,000,000 | 1,988,953 |
| New York State Energy Research & Development Authority, New York State Electric & Gas Corp., Revenue Bonds | ||
| Series D | ||
| 3.50%, due 10/1/29 | 2,500,000 | 2,466,109 |
| Series C | ||
| 4.00%, due 4/1/34 | 3,000,000 | 3,092,308 |
| New York State Energy Research & Development Authority, Revolving Loan Fund, Revenue Bonds | ||
| Series A | ||
| 6.096%, due 4/1/27 | 1,755,000 | 1,756,533 |
| Series A | ||
| 6.146%, due 4/1/28 | 1,350,000 | 1,351,222 |
| Series A | ||
| 6.205%, due 4/1/29 | 1,105,000 | 1,105,979 |
| Series A | ||
| 6.255%, due 4/1/30 | 1,050,000 | 1,050,886 |
| Series A | ||
| 6.308%, due 4/1/31 | 1,000,000 | 1,000,815 |
| New York State Housing Finance Agency, Revenue Bonds | ||
| Series G-2, Insured: SONYMA HUD Sector 8 | ||
| 3.45%, due 5/1/62 (c) | 5,750,000 | 5,751,221 |
| Series C, Insured: FHA 542(C) | ||
| 4.15%, due 5/1/47 | 10,000,000 | 9,861,989 |
| Series E-1, Insured: SONYMA HUD Sector 8 | ||
| 4.95%, due 11/1/58 | 1,410,000 | 1,461,441 |
| New York State Urban Development Corp., Personal Income Tax, Revenue Bonds | ||
| Series E | ||
| 4.00%, due 3/15/43 | 2,885,000 | 2,897,338 |
| New York State Urban Development Corp., Sales Tax, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 3/15/37 | 4,000,000 | 4,162,911 |
| New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project, Revenue Bonds | ||
| 5.25%, due 8/1/31 (b) | 1,290,000 | 1,357,288 |
| New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Revenue Bonds (b) | ||
| 4.375%, due 10/1/45 | 6,200,000 | 6,065,747 |
| 5.00%, due 10/1/35 | 3,000,000 | 3,149,207 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| New York Transportation Development Corp., New York State Thruway Service Areas Project, Revenue Bonds (b) | ||
| 4.00%, due 10/31/46 | $ 2,595,000 | $ 2,290,562 |
| 4.00%, due 4/30/53 | 2,505,000 | 2,102,597 |
| Niagara Tobacco Asset Securitization Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds | ||
| 5.25%, due 5/15/40 | 500,000 | 500,459 |
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds | ||
| Series A-1 | ||
| 4.75%, due 7/1/53 | 1,000,000 | 982,270 |
| Series A-2 | ||
| 4.784%, due 7/1/58 | 15,807,000 | 15,515,770 |
| Series A-1 | ||
| 5.00%, due 7/1/58 | 1,189,000 | 1,192,851 |
| Rockland Tobacco Asset Securitization Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds | ||
| Series B | ||
| (zero coupon), due 8/15/50 (a) | 13,000,000 | 2,306,485 |
| Southold Local Development Corp., Peconic Landing, Inc. Project, Revenue Bonds | ||
| 5.00%, due 12/1/45 | 1,625,000 | 1,536,150 |
| State of New York, Mortgage Agency, Revenue Bonds | ||
| Series 223 | ||
| 2.00%, due 10/1/27 | 775,000 | 726,315 |
| Series 221 | ||
| 3.50%, due 10/1/32 (b) | 4,240,000 | 4,161,573 |
| Series 213 | ||
| 4.25%, due 10/1/47 | 455,000 | 455,580 |
| Suffolk County Economic Development Corp., Peconic Landing at Southold, Inc., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/29 | 150,000 | 152,952 |
| Series A | ||
| 5.00%, due 12/1/34 | 165,000 | 167,488 |
| Series A | ||
| 5.00%, due 12/1/40 | 175,000 | 171,863 |
| Suffolk Tobacco Asset Securitization Corp., Tobacco Settlement, Asset Backed, Revenue Bonds | ||
| Series A-1 | ||
| 1.015%, due 6/1/24 | 1,000,000 | 987,230 |
| Territory of Guam, Business Privilege Tax, Revenue Bonds | ||
| Series F | ||
| 4.00%, due 1/1/36 | 2,000,000 | 2,024,157 |
| Series D | ||
| 4.00%, due 11/15/39 | 1,005,000 | 971,923 |
| Series D | ||
| 5.00%, due 11/15/27 | 2,825,000 | 2,890,415 |
| Territory of Guam, Section 30, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/36 | 1,020,000 | 1,042,362 |
| Tompkins County Development Corp., Kendal at Ithaca Project, Revenue Bonds | ||
| Series 2014A | ||
| 5.00%, due 7/1/44 | 690,000 | 679,559 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Other Revenue | ||
| Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 5/15/48 | $ 5,000,000 | $ 5,505,701 |
| Series A | ||
| 5.50%, due 5/15/63 | 10,450,000 | 11,735,927 |
| Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds, Senior Lien | ||
| Series A-2 | ||
| 2.00%, due 5/15/45 (c) | 5,000,000 | 4,965,641 |
| Series C | ||
| 5.25%, due 11/15/40 | 9,500,000 | 11,207,113 |
| Series C | ||
| 5.25%, due 11/15/42 | 4,000,000 | 4,666,114 |
| Series C | ||
| 5.25%, due 5/15/52 | 4,885,000 | 5,422,704 |
| Series D-2 | ||
| 5.50%, due 5/15/52 | 5,000,000 | 5,691,700 |
| TSASC, Inc., Tobacco Settlement Bonds, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/41 | 2,000,000 | 2,031,093 |
| Series B | ||
| 5.00%, due 6/1/48 | 9,890,000 | 9,008,156 |
| Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/29 (a) | 1,000,000 | 951,442 |
| Series A | ||
| 5.00%, due 10/1/32 | 1,000,000 | 926,618 |
| Series A, Insured: AGM-CR | ||
| 5.00%, due 10/1/32 | 1,265,000 | 1,266,104 |
| Westchester County Local Development Corp., Kendal on Hudson Project, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 1/1/51 | 2,500,000 | 2,477,969 |
| Westchester County Local Development Corp., Miriam Osborn Memorial Home Association Project, Revenue Bonds | ||
| 5.00%, due 7/1/27 | 270,000 | 281,066 |
| 5.00%, due 7/1/28 | 270,000 | 282,122 |
| 5.00%, due 7/1/29 | 100,000 | 104,518 |
| 5.00%, due 7/1/34 | 200,000 | 209,045 |
| Westchester Tobacco Asset Securitization Corp., Tobacco Settlement, Asset-Backed, Revenue Bonds, Senior Lien | ||
| Series B | ||
| 5.00%, due 6/1/41 | 250,000 | 256,431 |
| Yonkers Industrial Development Agency, New Community School Project, Revenue Bonds | ||
| Insured: State Aid Withholding | ||
| 5.25%, due 5/1/51 | 1,280,000 | 1,404,079 |
| 458,441,482 | ||
| Transportation 12.4% | ||
| Albany County Airport Authority, Revenue Bonds | ||
| 4.00%, due 12/15/44 | 835,000 | 828,512 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Transportation | ||
| Albany County Airport Authority, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/15/43 | $ 1,750,000 | $ 1,839,811 |
| Series A | ||
| 5.00%, due 12/15/48 | 2,585,000 | 2,693,322 |
| Buffalo & Fort Erie Public Bridge Authority, Revenue Bonds | ||
| 5.00%, due 1/1/47 | 2,095,000 | 2,152,745 |
| Metropolitan Transportation Authority, Revenue Bonds | ||
| Series D | ||
| 5.00%, due 11/15/29 | 550,000 | 594,355 |
| Series A-2, Insured: AGM | ||
| 5.00%, due 11/15/44 | 9,000,000 | 9,444,989 |
| Series B, Insured: BAM | ||
| 5.00%, due 11/15/52 | 8,425,000 | 8,786,501 |
| Metropolitan Transportation Authority, Green Bond, Revenue Bonds | ||
| Series C-2, Insured: BAM | ||
| (zero coupon), due 11/15/40 | 9,325,000 | 4,783,948 |
| Series A-1, Insured: AGM | ||
| 4.00%, due 11/15/42 | 2,180,000 | 2,187,117 |
| Series C, Insured: AGM | ||
| 4.00%, due 11/15/46 | 1,600,000 | 1,589,938 |
| Series D | ||
| 4.00%, due 11/15/48 | 300,000 | 286,455 |
| New York State Thruway Authority, Revenue Bonds | ||
| Series L | ||
| 4.00%, due 1/1/36 | 2,500,000 | 2,562,147 |
| Series O | ||
| 4.00%, due 1/1/39 | 6,000,000 | 6,111,300 |
| Series B, Insured: AGM | ||
| 4.00%, due 1/1/45 | 4,450,000 | 4,459,311 |
| Series P | ||
| 5.00%, due 1/1/49 | 4,500,000 | 4,928,535 |
| Series P | ||
| 5.25%, due 1/1/54 | 5,000,000 | 5,564,000 |
| New York State Thruway Authority, General Revenue Junior Indebtedness Obligation, Revenue Bonds, Junior Lien | ||
| Series B, Insured: BAM | ||
| 4.00%, due 1/1/45 | 9,050,000 | 9,068,936 |
| New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/41 (b) | 3,000,000 | 3,001,654 |
| New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Revenue Bonds (b) | ||
| Series A | ||
| 4.00%, due 12/1/41 | 1,300,000 | 1,237,182 |
| Series A | ||
| 5.00%, due 12/1/29 | 1,250,000 | 1,350,233 |
| Series A | ||
| 5.00%, due 12/1/36 | 1,600,000 | 1,697,797 |
| 5.00%, due 12/1/37 | 4,000,000 | 4,299,366 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Transportation | ||
| New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Revenue Bonds (b) | ||
| 6.00%, due 6/30/54 | $ 8,500,000 | $ 9,387,726 |
| Niagara Frontier Transportation Authority, Buffalo Niagara International Airport, Revenue Bonds (b) | ||
| Series A | ||
| 5.00%, due 4/1/24 | 490,000 | 490,692 |
| Series A | ||
| 5.00%, due 4/1/27 | 610,000 | 610,496 |
| Series A | ||
| 5.00%, due 4/1/29 | 325,000 | 325,157 |
| Series A | ||
| 5.00%, due 4/1/29 | 600,000 | 642,310 |
| Series A | ||
| 5.00%, due 4/1/30 | 375,000 | 400,234 |
| Series A | ||
| 5.00%, due 4/1/31 | 1,350,000 | 1,440,238 |
| Series A | ||
| 5.00%, due 4/1/32 | 400,000 | 426,587 |
| Series A | ||
| 5.00%, due 4/1/34 | 450,000 | 479,398 |
| Series A | ||
| 5.00%, due 4/1/35 | 400,000 | 424,256 |
| Series A | ||
| 5.00%, due 4/1/36 | 600,000 | 628,662 |
| Series A | ||
| 5.00%, due 4/1/38 | 375,000 | 391,452 |
| Ogdensburg Bridge and Port Authority, Revenue Bonds | ||
| 5.75%, due 7/1/47 (a)(b) | 1,985,000 | 1,836,767 |
| Port Authority of Guam, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/36 (b) | 625,000 | 659,941 |
| Series B | ||
| 5.00%, due 7/1/37 (b) | 200,000 | 210,099 |
| Series A | ||
| 5.00%, due 7/1/48 | 1,235,000 | 1,261,791 |
| Port Authority of New York & New Jersey, Revenue Bonds (b) | ||
| Series 221 | ||
| 4.00%, due 7/15/37 | 1,900,000 | 1,933,973 |
| Series 214 | ||
| 4.00%, due 9/1/43 | 3,000,000 | 2,946,387 |
| Series 223 | ||
| 4.00%, due 7/15/46 | 3,000,000 | 2,892,007 |
| Series 186 | ||
| 5.00%, due 10/15/30 | 9,745,000 | 9,807,066 |
| Series 231 | ||
| 5.50%, due 8/1/42 | 3,770,000 | 4,264,094 |
| Port Authority of New York & New Jersey, Revenue Bonds, Third Series | ||
| Series 193 | ||
| 5.00%, due 10/15/34 (b) | 5,775,000 | 5,854,448 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Transportation | ||
| Syracuse Regional Airport Authority, Revenue Bonds (b) | ||
| 5.00%, due 7/1/26 | $ 1,000,000 | $ 1,029,031 |
| 5.00%, due 7/1/31 | 1,000,000 | 1,090,883 |
| 5.00%, due 7/1/34 | 775,000 | 837,633 |
| Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/15/54 | 5,000,000 | 4,881,673 |
| Series B | ||
| 5.00%, due 11/15/37 | 1,500,000 | 1,583,960 |
| Series A | ||
| 5.50%, due 11/15/57 | 10,000,000 | 11,262,062 |
| 147,467,177 | ||
| Utilities 3.3% | ||
| Guam Power Authority, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/33 | 1,055,000 | 1,107,458 |
| Series A | ||
| 5.00%, due 10/1/40 | 3,600,000 | 3,702,091 |
| New York Power Authority, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/15/50 | 3,500,000 | 3,488,070 |
| New York Power Authority, Green Transmission Project, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 4.00%, due 11/15/47 | 2,620,000 | 2,605,113 |
| Series A, Insured: AGM | ||
| 4.00%, due 11/15/52 | 8,175,000 | 8,046,896 |
| Puerto Rico Electric Power Authority, Revenue Bonds | ||
| Series UU, Insured: AGM | ||
| 4.266%, due 7/1/29 | 5,000,000 | 4,681,749 |
| Series TT, Insured: NATL-RE | ||
| 5.00%, due 7/1/26 | 215,000 | 215,137 |
| Series XX | ||
| 5.25%, due 7/1/40 (d)(e) | 5,630,000 | 1,745,300 |
| Utility Debt Securitization Authority, Revenue Bonds | ||
| 5.00%, due 12/15/38 | 10,210,000 | 10,939,505 |
| 5.00%, due 12/15/39 | 2,250,000 | 2,402,246 |
| 38,933,565 | ||
| Water & Sewer 8.3% | ||
| Albany Municipal Water Finance Authority, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 12/1/50 | 5,670,000 | 5,613,057 |
| Buffalo Municipal Water Finance Authority, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 5.00%, due 7/1/44 | 1,500,000 | 1,677,176 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Water & Sewer | ||
| Guam Government Waterworks Authority, Water and Wastewater System, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/35 | $ 4,000,000 | $ 4,024,588 |
| 5.00%, due 1/1/46 | 4,055,000 | 4,121,385 |
| Series A | ||
| 5.00%, due 1/1/50 | 9,975,000 | 10,338,042 |
| Monroe County Water Authority, Water System, Revenue Bonds | ||
| 3.50%, due 3/1/45 | 2,000,000 | 1,827,759 |
| 5.00%, due 8/1/37 | 750,000 | 751,368 |
| New York City Municipal Water Finance Authority, Water & Sewer System Second General Resolution, Revenue Bonds | ||
| Series EE | ||
| 4.00%, due 6/15/45 | 2,000,000 | 2,011,261 |
| Series AA | ||
| 5.00%, due 6/15/38 | 3,500,000 | 3,718,432 |
| Series HH | ||
| 5.00%, due 6/15/39 | 3,500,000 | 3,560,158 |
| Series AA | ||
| 5.00%, due 6/15/40 | 2,200,000 | 2,408,339 |
| Series DD-2 | ||
| 5.25%, due 6/15/47 | 6,435,000 | 7,329,153 |
| Series AA-1 | ||
| 5.25%, due 6/15/52 | 18,280,000 | 20,500,515 |
| New York State Environmental Facilities Corp., State Revolving Fund, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 9/15/47 | 7,650,000 | 8,468,759 |
| Series A | ||
| 5.00%, due 2/15/49 | 6,500,000 | 6,934,505 |
| Series B | ||
| 5.25%, due 9/15/52 | 4,850,000 | 5,413,583 |
| Niagara Falls Public Water Authority, Water & Sewer System, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/15/34 | 770,000 | 807,195 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/37 (a) | 545,000 | 556,482 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Senior Lien (a) | ||
| Series 2020A | ||
| 5.00%, due 7/1/35 | 5,455,000 | 5,602,227 |
| Series A | ||
| 5.00%, due 7/1/47 | 2,500,000 | 2,512,144 |
| 98,176,128 | ||
| Total Long-Term Municipal Bonds (Cost $1,093,324,543) | 1,106,428,068 | |
| Principal Amount | Value | ||
| Short-Term Municipal Notes 3.1% | |||
| Education 0.4% | |||
| Nassau County Industrial Development Agency, Cold Spring Harbor Laboratory, Revenue Bonds | |||
| 2.80%, due 1/1/34 (f) | $ 4,330,000 | $ 4,330,000 | |
| General 1.3% | |||
| Nuveen New York AMT-Free Quality Municipal Income Fund | |||
| 5.00%, due 5/1/47 (a)(f) | 15,000,000 | 15,000,000 | |
| Transportation 0.3% | |||
| Metropolitan Transportation Authority, Revenue Bonds | |||
| Series G-1 | |||
| 3.20%, due 11/1/32 (f) | 4,000,000 | 4,000,000 | |
| Water & Sewer 1.1% | |||
| New York City Municipal Water Finance Authority, Water & Sewer System Second General Resolution, Revenue Bonds | |||
| Series DD | |||
| 4.50%, due 6/15/33 (f) | 13,250,000 | 13,250,000 | |
| Total Short-Term Municipal Notes (Cost $36,580,000) | 36,580,000 | ||
| Total Municipal Bonds (Cost $1,129,904,543) | 1,143,008,068 | ||
| Shares | |||
| Closed-End Funds 0.2% | |||
| New York 0.2% | |||
| BlackRock New York Municipal Income Trust | 12,602 | 132,825 | |
| Eaton Vance New York Municipal Bond Fund | 12,636 | 123,706 | |
| Nuveen New York AMT-Free Quality Municipal Income Fund | 171,267 | 1,832,557 | |
| Total Closed-End Funds (Cost $2,679,436) | 2,089,088 | ||
| Short-Term Investment 3.2% | |||
| Unaffiliated Investment Company 3.2% | |||
| BlackRock Liquidity Funds MuniCash, 3.974% (g) | 37,860,139 | 37,863,473 | |
| Total Short-Term Investment (Cost $37,863,473) | 37,863,473 | ||
| Total Investments (Cost $1,170,447,452) | 99.8% | 1,182,960,629 | |
| Other Assets, Less Liabilities | 0.2 | 1,997,449 | |
| Net Assets | 100.0% | $ 1,184,958,078 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (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) | 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, 2024. |
| (d) | Issue in default. |
| (e) | Issue in non-accrual status. |
| (f) | 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. |
| (g) | Current yield as of January 31, 2024. |
Futures Contracts
As of January 31, 2024, the Fund
held the following futures contracts1:
| Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
| Short Contracts | |||||
| U.S. Treasury Long Bonds | (300) | March 2024 | $ (37,203,998) | $ (36,703,125) | $ 500,873 |
| 1. | As of January 31, 2024, cash in the amount of $1,260,000 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, 2024. |
| Abbreviation(s): |
| AGC—Assured Guaranty Corp. |
| AGM—Assured Guaranty Municipal Corp. |
| AMBAC—Ambac Assurance Corp. |
| BAM—Build America Mutual Assurance Co. |
| CR—Custodial Receipts |
| FHA—Federal Housing Administration |
| HUD—Housing and Urban Development |
| MTA—Metropolitan Transportation Authority |
| NATL-RE—National Public Finance Guarantee Corp. |
| SONYMA—State of New York Mortgage Agency |
The following is a summary of the
fair valuations according to the inputs used as of January 31, 2024, 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 | |||||||
| Long-Term Municipal Bonds | $ — | $ 1,106,428,068 | $ — | $ 1,106,428,068 | |||
| Short-Term Municipal Notes | — | 36,580,000 | — | 36,580,000 | |||
| Total Municipal Bonds | — | 1,143,008,068 | — | 1,143,008,068 | |||
| Closed-End Funds | 2,089,088 | — | — | 2,089,088 | |||
| Short-Term Investment | |||||||
| Unaffiliated Investment Company | 37,863,473 | — | — | 37,863,473 | |||
| Total Investments in Securities | 39,952,561 | 1,143,008,068 | — | 1,182,960,629 | |||
| Other Financial Instruments | |||||||
| Futures Contracts (b) | 500,873 | — | — | 500,873 | |||
| Total Investments in Securities and Other Financial Instruments | $ 40,453,434 | $ 1,143,008,068 | $ — | $ 1,183,461,502 |
| (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 S&P 500 Index Fund
Portfolio of Investments January 31, 2024†^(Unaudited)
| Shares | Value | |
| Common Stocks 98.7% | ||
| Aerospace & Defense 1.5% | ||
| Axon Enterprise, Inc. (a) | 2,179 | $ 542,702 |
| Boeing Co. (The) (a) | 17,592 | 3,712,616 |
| General Dynamics Corp. | 7,007 | 1,856,785 |
| Howmet Aerospace, Inc. | 12,101 | 680,802 |
| Huntington Ingalls Industries, Inc. | 1,229 | 318,213 |
| L3Harris Technologies, Inc. | 5,864 | 1,222,175 |
| Lockheed Martin Corp. | 6,831 | 2,933,300 |
| Northrop Grumman Corp. | 4,385 | 1,959,042 |
| RTX Corp. | 44,482 | 4,053,200 |
| Textron, Inc. | 6,064 | 513,681 |
| TransDigm Group, Inc. | 1,711 | 1,869,575 |
| 19,662,091 | ||
| Air Freight & Logistics 0.5% | ||
| CH Robinson Worldwide, Inc. | 3,609 | 303,481 |
| Expeditors International of Washington, Inc. | 4,498 | 568,232 |
| FedEx Corp. | 7,156 | 1,726,671 |
| United Parcel Service, Inc., Class B | 22,374 | 3,174,871 |
| 5,773,255 | ||
| Automobile Components 0.1% | ||
| Aptiv plc (a) | 8,751 | 711,719 |
| BorgWarner, Inc. | 7,272 | 246,521 |
| 958,240 | ||
| Automobiles 1.5% | ||
| Ford Motor Co. | 121,642 | 1,425,644 |
| General Motors Co. | 42,366 | 1,643,801 |
| Tesla, Inc. (a) | 85,558 | 16,024,158 |
| 19,093,603 | ||
| Banks 3.2% | ||
| Bank of America Corp. | 212,991 | 7,243,824 |
| Citigroup, Inc. | 59,207 | 3,325,657 |
| Citizens Financial Group, Inc. | 14,423 | 471,632 |
| Comerica, Inc. | 4,080 | 214,526 |
| Fifth Third Bancorp | 21,068 | 721,368 |
| Huntington Bancshares, Inc. | 44,797 | 570,266 |
| JPMorgan Chase & Co. | 89,435 | 15,593,887 |
| KeyCorp | 28,964 | 420,847 |
| M&T Bank Corp. | 5,134 | 709,005 |
| PNC Financial Services Group, Inc. (The) | 12,323 | 1,863,361 |
| Regions Financial Corp. | 28,772 | 537,173 |
| Truist Financial Corp. | 41,258 | 1,529,022 |
| U.S. Bancorp | 48,167 | 2,000,857 |
| Wells Fargo & Co. | 112,347 | 5,637,573 |
| Zions Bancorp NA | 4,583 | 192,028 |
| 41,031,026 | ||
| Shares | Value | |
| Common Stocks | ||
| Beverages 1.4% | ||
| Brown-Forman Corp., Class B | 5,661 | $ 310,789 |
| Coca-Cola Co. (The) | 120,373 | 7,160,990 |
| Constellation Brands, Inc., Class A | 5,000 | 1,225,400 |
| Keurig Dr Pepper, Inc. | 31,146 | 979,230 |
| Molson Coors Beverage Co., Class B | 5,728 | 353,933 |
| Monster Beverage Corp. (a) | 22,853 | 1,257,372 |
| PepsiCo, Inc. | 42,532 | 7,167,918 |
| 18,455,632 | ||
| Biotechnology 2.1% | ||
| AbbVie, Inc. | 54,618 | 8,979,199 |
| Amgen, Inc. | 16,556 | 5,202,889 |
| Biogen, Inc. (a) | 4,483 | 1,105,777 |
| Gilead Sciences, Inc. | 38,547 | 3,016,688 |
| Incyte Corp. (a) | 5,754 | 338,163 |
| Moderna, Inc. (a) | 10,262 | 1,036,975 |
| Regeneron Pharmaceuticals, Inc. (a) | 3,314 | 3,124,373 |
| Vertex Pharmaceuticals, Inc. (a) | 7,972 | 3,454,905 |
| 26,258,969 | ||
| Broadline Retail 3.5% | ||
| Amazon.com, Inc. (a) | 281,328 | 43,662,106 |
| eBay, Inc. | 16,056 | 659,420 |
| Etsy, Inc. (a) | 3,704 | 246,538 |
| 44,568,064 | ||
| Building Products 0.5% | ||
| A O Smith Corp. | 3,800 | 294,918 |
| Allegion plc | 2,716 | 336,485 |
| Builders FirstSource, Inc. (a) | 3,817 | 663,127 |
| Carrier Global Corp. | 25,957 | 1,420,108 |
| Johnson Controls International plc | 21,046 | 1,108,914 |
| Masco Corp. | 6,945 | 467,329 |
| Trane Technologies plc | 7,066 | 1,780,985 |
| 6,071,866 | ||
| Capital Markets 2.8% | ||
| Ameriprise Financial, Inc. | 3,131 | 1,211,165 |
| Bank of New York Mellon Corp. (The) | 23,792 | 1,319,504 |
| BlackRock, Inc. | 4,326 | 3,349,665 |
| Blackstone, Inc. | 21,981 | 2,735,536 |
| Cboe Global Markets, Inc. | 3,265 | 600,270 |
| Charles Schwab Corp. (The) | 46,039 | 2,896,774 |
| CME Group, Inc. | 11,137 | 2,292,440 |
| FactSet Research Systems, Inc. | 1,175 | 559,206 |
| Franklin Resources, Inc. | 8,721 | 232,240 |
| Goldman Sachs Group, Inc. (The) | 10,089 | 3,874,277 |
| Intercontinental Exchange, Inc. | 17,706 | 2,254,505 |
| Invesco Ltd. | 13,907 | 220,148 |
| Shares | Value | |
| Common Stocks | ||
| Capital Markets | ||
| MarketAxess Holdings, Inc. | 1,173 | $ 264,523 |
| Moody's Corp. | 4,869 | 1,908,843 |
| Morgan Stanley | 39,097 | 3,410,822 |
| MSCI, Inc. | 2,447 | 1,464,823 |
| Nasdaq, Inc. | 10,531 | 608,376 |
| Northern Trust Corp. | 6,405 | 510,094 |
| Raymond James Financial, Inc. | 5,813 | 640,476 |
| S&P Global, Inc. | 10,023 | 4,493,812 |
| State Street Corp. | 9,546 | 705,163 |
| T. Rowe Price Group, Inc. | 6,913 | 749,715 |
| 36,302,377 | ||
| Chemicals 1.5% | ||
| Air Products and Chemicals, Inc. | 6,872 | 1,757,239 |
| Albemarle Corp. | 3,630 | 416,506 |
| Celanese Corp. | 3,098 | 453,207 |
| CF Industries Holdings, Inc. | 5,910 | 446,264 |
| Corteva, Inc. | 21,801 | 991,510 |
| Dow, Inc. | 21,698 | 1,163,013 |
| DuPont de Nemours, Inc. | 13,304 | 822,187 |
| Eastman Chemical Co. | 3,668 | 306,461 |
| Ecolab, Inc. | 7,851 | 1,556,225 |
| FMC Corp. | 3,860 | 216,932 |
| International Flavors & Fragrances, Inc. | 7,897 | 637,130 |
| Linde plc | 15,000 | 6,072,450 |
| LyondellBasell Industries NV, Class A | 7,927 | 746,089 |
| Mosaic Co. (The) | 10,111 | 310,509 |
| PPG Industries, Inc. | 7,295 | 1,028,887 |
| Sherwin-Williams Co. (The) | 7,285 | 2,217,408 |
| 19,142,017 | ||
| Commercial Services & Supplies 0.6% | ||
| Cintas Corp. | 2,678 | 1,619,038 |
| Copart, Inc. (a) | 27,031 | 1,298,569 |
| Republic Services, Inc. | 6,327 | 1,082,676 |
| Rollins, Inc. | 8,685 | 376,147 |
| Veralto Corp. | 6,782 | 520,112 |
| Waste Management, Inc. | 11,339 | 2,104,859 |
| 7,001,401 | ||
| Communications Equipment 0.8% | ||
| Arista Networks, Inc. (a) | 7,796 | 2,016,669 |
| Cisco Systems, Inc. | 125,306 | 6,287,855 |
| F5, Inc. (a) | 1,847 | 339,294 |
| Juniper Networks, Inc. | 9,864 | 364,574 |
| Motorola Solutions, Inc. | 5,134 | 1,640,313 |
| 10,648,705 | ||
| Shares | Value | |
| Common Stocks | ||
| Construction & Engineering 0.1% | ||
| Quanta Services, Inc. | 4,494 | $ 872,061 |
| Construction Materials 0.1% | ||
| Martin Marietta Materials, Inc. | 1,912 | 972,099 |
| Vulcan Materials Co. | 4,111 | 929,127 |
| 1,901,226 | ||
| Consumer Finance 0.5% | ||
| American Express Co. | 17,810 | 3,575,179 |
| Capital One Financial Corp. | 11,782 | 1,594,340 |
| Discover Financial Services | 7,736 | 816,303 |
| Synchrony Financial | 12,801 | 497,575 |
| 6,483,397 | ||
| Consumer Staples Distribution & Retail 1.8% | ||
| Costco Wholesale Corp. | 13,697 | 9,517,771 |
| Dollar General Corp. | 6,790 | 896,755 |
| Dollar Tree, Inc. (a) | 6,466 | 844,589 |
| Kroger Co. (The) | 20,472 | 944,578 |
| Sysco Corp. | 15,598 | 1,262,346 |
| Target Corp. | 14,280 | 1,986,063 |
| Walgreens Boots Alliance, Inc. | 22,182 | 500,648 |
| Walmart, Inc. | 44,131 | 7,292,648 |
| 23,245,398 | ||
| Containers & Packaging 0.2% | ||
| Amcor plc | 44,713 | 421,644 |
| Avery Dennison Corp. | 2,491 | 496,830 |
| Ball Corp. | 9,754 | 540,859 |
| International Paper Co. | 10,704 | 383,525 |
| Packaging Corp. of America | 2,773 | 459,985 |
| Westrock Co. | 7,932 | 319,342 |
| 2,622,185 | ||
| Distributors 0.1% | ||
| Genuine Parts Co. | 4,337 | 608,178 |
| LKQ Corp. | 8,278 | 386,334 |
| Pool Corp. | 1,197 | 444,386 |
| 1,438,898 | ||
| Diversified Telecommunication Services 0.7% | ||
| AT&T, Inc. | 221,191 | 3,912,869 |
| Verizon Communications, Inc. | 130,057 | 5,507,914 |
| 9,420,783 | ||
| Electric Utilities 1.5% | ||
| Alliant Energy Corp. | 7,894 | 384,122 |
| American Electric Power Co., Inc. | 16,268 | 1,271,181 |
| Constellation Energy Corp. | 9,880 | 1,205,360 |
| Shares | Value | |
| Common Stocks | ||
| Electric Utilities | ||
| Duke Energy Corp. | 23,843 | $ 2,284,875 |
| Edison International | 11,857 | 800,110 |
| Entergy Corp. | 6,542 | 652,630 |
| Evergy, Inc. | 7,107 | 360,822 |
| Eversource Energy | 10,807 | 585,956 |
| Exelon Corp. | 30,795 | 1,071,974 |
| FirstEnergy Corp. | 15,976 | 586,000 |
| NextEra Energy, Inc. | 63,471 | 3,721,305 |
| NRG Energy, Inc. | 6,984 | 370,431 |
| PG&E Corp. | 66,002 | 1,113,454 |
| Pinnacle West Capital Corp. | 3,508 | 241,701 |
| PPL Corp. | 22,803 | 597,439 |
| Southern Co. (The) | 33,739 | 2,345,535 |
| Xcel Energy, Inc. | 17,071 | 1,022,041 |
| 18,614,936 | ||
| Electrical Equipment 0.6% | ||
| AMETEK, Inc. | 7,140 | 1,157,037 |
| Eaton Corp. plc | 12,353 | 3,039,826 |
| Emerson Electric Co. | 17,636 | 1,617,750 |
| Generac Holdings, Inc. (a) | 1,900 | 215,973 |
| Hubbell, Inc. | 1,659 | 556,711 |
| Rockwell Automation, Inc. | 3,547 | 898,384 |
| 7,485,681 | ||
| Electronic Equipment, Instruments & Components 0.6% | ||
| Amphenol Corp., Class A | 18,509 | 1,871,260 |
| CDW Corp. | 4,144 | 939,528 |
| Corning, Inc. | 23,754 | 771,767 |
| Jabil, Inc. | 3,958 | 495,898 |
| Keysight Technologies, Inc. (a) | 5,493 | 841,857 |
| TE Connectivity Ltd. | 9,614 | 1,367,015 |
| Teledyne Technologies, Inc. (a) | 1,460 | 610,966 |
| Trimble, Inc. (a) | 7,696 | 391,418 |
| Zebra Technologies Corp., Class A (a) | 1,589 | 380,645 |
| 7,670,354 | ||
| Energy Equipment & Services 0.3% | ||
| Baker Hughes Co. | 31,129 | 887,176 |
| Halliburton Co. | 27,689 | 987,113 |
| Schlumberger Ltd. | 44,190 | 2,152,053 |
| 4,026,342 | ||
| Entertainment 1.3% | ||
| Electronic Arts, Inc. | 7,572 | 1,041,756 |
| Live Nation Entertainment, Inc. (a) | 4,389 | 389,963 |
| Netflix, Inc. (a) | 13,540 | 7,638,049 |
| Take-Two Interactive Software, Inc. (a) | 4,893 | 807,003 |
| Walt Disney Co. (The) | 56,606 | 5,437,006 |
| Shares | Value | |
| Common Stocks | ||
| Entertainment | ||
| Warner Bros Discovery, Inc. (a) | 68,649 | $ 687,863 |
| 16,001,640 | ||
| Financial Services 4.3% | ||
| Berkshire Hathaway, Inc., Class B (a) | 56,286 | 21,599,190 |
| Fidelity National Information Services, Inc. | 18,329 | 1,141,163 |
| Fiserv, Inc. (a) | 18,567 | 2,634,100 |
| FleetCor Technologies, Inc. (a) | 2,234 | 647,704 |
| Global Payments, Inc. | 8,055 | 1,073,168 |
| Jack Henry & Associates, Inc. | 2,253 | 373,615 |
| Mastercard, Inc., Class A | 25,618 | 11,508,374 |
| PayPal Holdings, Inc. (a) | 33,353 | 2,046,207 |
| Visa, Inc., Class A | 49,312 | 13,474,997 |
| 54,498,518 | ||
| Food Products 0.8% | ||
| Archer-Daniels-Midland Co. | 16,501 | 917,126 |
| Bunge Global SA | 4,495 | 395,965 |
| Campbell Soup Co. | 6,077 | 271,216 |
| Conagra Brands, Inc. | 14,786 | 431,012 |
| General Mills, Inc. | 17,982 | 1,167,212 |
| Hershey Co. (The) | 4,637 | 897,445 |
| Hormel Foods Corp. | 8,960 | 272,115 |
| J M Smucker Co. (The) | 3,283 | 431,879 |
| Kellanova | 8,159 | 446,787 |
| Kraft Heinz Co. (The) | 24,664 | 915,774 |
| Lamb Weston Holdings, Inc. | 4,483 | 459,238 |
| McCormick & Co., Inc. (Non-Voting) | 7,774 | 529,876 |
| Mondelez International, Inc., Class A | 42,085 | 3,167,738 |
| Tyson Foods, Inc., Class A | 8,824 | 483,202 |
| 10,786,585 | ||
| Gas Utilities 0.0% ‡ | ||
| Atmos Energy Corp. | 4,594 | 523,440 |
| Ground Transportation 1.1% | ||
| CSX Corp. | 61,133 | 2,182,448 |
| JB Hunt Transport Services, Inc. | 2,521 | 506,671 |
| Norfolk Southern Corp. | 6,996 | 1,645,739 |
| Old Dominion Freight Line, Inc. | 2,768 | 1,082,343 |
| Uber Technologies, Inc. (a) | 63,661 | 4,155,153 |
| Union Pacific Corp. | 18,858 | 4,600,032 |
| 14,172,386 | ||
| Health Care Equipment & Supplies 2.6% | ||
| Abbott Laboratories | 53,685 | 6,074,458 |
| Align Technology, Inc. (a) | 2,203 | 588,906 |
| Baxter International, Inc. | 15,694 | 607,201 |
| Shares | Value | |
| Common Stocks | ||
| Health Care Equipment & Supplies | ||
| Becton Dickinson & Co. | 8,975 | $ 2,143,320 |
| Boston Scientific Corp. (a) | 45,297 | 2,865,488 |
| Cooper Cos., Inc. (The) | 1,532 | 571,482 |
| Dentsply Sirona, Inc. | 6,554 | 227,751 |
| DexCom, Inc. (a) | 11,953 | 1,450,496 |
| Edwards Lifesciences Corp. (a) | 18,763 | 1,472,333 |
| GE HealthCare Technologies, Inc. | 12,112 | 888,536 |
| Hologic, Inc. (a) | 7,577 | 564,032 |
| IDEXX Laboratories, Inc. (a) | 2,571 | 1,324,271 |
| Insulet Corp. (a) | 2,160 | 412,279 |
| Intuitive Surgical, Inc. (a) | 10,892 | 4,119,572 |
| Medtronic plc | 41,161 | 3,603,234 |
| ResMed, Inc. | 4,550 | 865,410 |
| STERIS plc | 3,056 | 669,111 |
| Stryker Corp. | 10,460 | 3,509,121 |
| Teleflex, Inc. | 1,454 | 353,075 |
| Zimmer Biomet Holdings, Inc. | 6,465 | 812,004 |
| 33,122,080 | ||
| Health Care Providers & Services 2.7% | ||
| Cardinal Health, Inc. | 7,625 | 832,574 |
| Cencora, Inc. | 5,157 | 1,199,931 |
| Centene Corp. (a) | 16,526 | 1,244,573 |
| Cigna Group (The) | 9,052 | 2,724,199 |
| CVS Health Corp. | 39,734 | 2,955,018 |
| DaVita, Inc. (a) | 1,666 | 180,195 |
| Elevance Health, Inc. | 7,269 | 3,586,815 |
| HCA Healthcare, Inc. | 6,127 | 1,868,122 |
| Henry Schein, Inc. (a) | 4,040 | 302,354 |
| Humana, Inc. | 3,809 | 1,440,030 |
| Laboratory Corp. of America Holdings | 2,626 | 583,760 |
| McKesson Corp. | 4,116 | 2,057,547 |
| Molina Healthcare, Inc. (a) | 1,804 | 643,018 |
| Quest Diagnostics, Inc. | 3,478 | 446,679 |
| UnitedHealth Group, Inc. | 28,613 | 14,642,417 |
| Universal Health Services, Inc., Class B | 1,887 | 299,674 |
| 35,006,906 | ||
| Health Care REITs 0.2% | ||
| Healthpeak Properties, Inc. | 16,924 | 313,094 |
| Ventas, Inc. | 12,448 | 577,463 |
| Welltower, Inc. | 17,122 | 1,481,224 |
| 2,371,781 | ||
| Hotel & Resort REITs 0.0% ‡ | ||
| Host Hotels & Resorts, Inc. | 21,823 | 419,438 |
| Shares | Value | |
| Common Stocks | ||
| Hotels, Restaurants & Leisure 2.1% | ||
| Airbnb, Inc., Class A (a) | 13,449 | $ 1,938,539 |
| Booking Holdings, Inc. (a) | 1,079 | 3,784,560 |
| Caesars Entertainment, Inc. (a) | 6,673 | 292,745 |
| Carnival Corp. (a) | 31,168 | 516,766 |
| Chipotle Mexican Grill, Inc. (a) | 849 | 2,045,046 |
| Darden Restaurants, Inc. | 3,722 | 605,123 |
| Domino's Pizza, Inc. | 1,079 | 459,891 |
| Expedia Group, Inc. (a) | 4,125 | 611,861 |
| Hilton Worldwide Holdings, Inc. | 7,933 | 1,514,886 |
| Las Vegas Sands Corp. | 11,420 | 558,666 |
| Marriott International, Inc., Class A | 7,632 | 1,829,619 |
| McDonald's Corp. | 22,439 | 6,568,344 |
| MGM Resorts International (a) | 8,454 | 366,650 |
| Norwegian Cruise Line Holdings Ltd. (a) | 13,161 | 234,266 |
| Royal Caribbean Cruises Ltd. (a) | 7,293 | 929,858 |
| Starbucks Corp. | 35,347 | 3,288,331 |
| Wynn Resorts Ltd. | 2,970 | 280,457 |
| Yum! Brands, Inc. | 8,672 | 1,122,937 |
| 26,948,545 | ||
| Household Durables 0.4% | ||
| DR Horton, Inc. | 9,323 | 1,332,350 |
| Garmin Ltd. | 4,735 | 565,785 |
| Lennar Corp., Class A | 7,739 | 1,159,689 |
| Mohawk Industries, Inc. (a) | 1,635 | 170,449 |
| NVR, Inc. (a) | 98 | 693,378 |
| PulteGroup, Inc. | 6,670 | 697,415 |
| Whirlpool Corp. | 1,697 | 185,856 |
| 4,804,922 | ||
| Household Products 1.3% | ||
| Church & Dwight Co., Inc. | 7,622 | 761,057 |
| Clorox Co. (The) | 3,836 | 557,179 |
| Colgate-Palmolive Co. | 25,472 | 2,144,742 |
| Kimberly-Clark Corp. | 10,454 | 1,264,620 |
| Procter & Gamble Co. (The) | 72,912 | 11,457,392 |
| 16,184,990 | ||
| Independent Power and Renewable Electricity Producers 0.0% ‡ | ||
| AES Corp. (The) | 20,715 | 345,526 |
| Industrial Conglomerates 0.8% | ||
| 3M Co. | 17,086 | 1,612,064 |
| General Electric Co. | 33,670 | 4,458,581 |
| Honeywell International, Inc. | 20,394 | 4,124,891 |
| 10,195,536 | ||
| Shares | Value | |
| Common Stocks | ||
| Industrial REITs 0.3% | ||
| Prologis, Inc. | 28,584 | $ 3,621,307 |
| Insurance 2.1% | ||
| Aflac, Inc. | 16,451 | 1,387,477 |
| Allstate Corp. (The) | 8,095 | 1,256,749 |
| American International Group, Inc. | 21,718 | 1,509,618 |
| Aon plc, Class A | 6,194 | 1,848,475 |
| Arch Capital Group Ltd. (a) | 11,544 | 951,572 |
| Arthur J. Gallagher & Co. | 6,679 | 1,550,597 |
| Assurant, Inc. | 1,627 | 273,255 |
| Brown & Brown, Inc. | 7,308 | 566,808 |
| Chubb Ltd. | 12,621 | 3,092,145 |
| Cincinnati Financial Corp. | 4,854 | 537,823 |
| Everest Group Ltd. | 1,343 | 517,015 |
| Globe Life, Inc. | 2,650 | 325,473 |
| Hartford Financial Services Group, Inc. (The) | 9,305 | 809,163 |
| Loews Corp. | 5,663 | 412,606 |
| Marsh & McLennan Cos., Inc. | 15,254 | 2,956,835 |
| MetLife, Inc. | 19,235 | 1,333,370 |
| Principal Financial Group, Inc. | 6,785 | 536,694 |
| Progressive Corp. (The) | 18,099 | 3,226,147 |
| Prudential Financial, Inc. | 11,168 | 1,171,858 |
| Travelers Cos., Inc. (The) | 7,066 | 1,493,470 |
| W R Berkley Corp. | 6,302 | 516,008 |
| Willis Towers Watson plc | 3,194 | 786,682 |
| 27,059,840 | ||
| Interactive Media & Services 5.9% | ||
| Alphabet, Inc. (a) | ||
| Class A | 183,078 | 25,649,228 |
| Class C | 154,083 | 21,848,969 |
| Match Group, Inc. (a) | 8,409 | 322,738 |
| Meta Platforms, Inc., Class A (a) | 68,665 | 26,788,963 |
| 74,609,898 | ||
| IT Services 1.3% | ||
| Accenture plc, Class A | 19,416 | 7,065,094 |
| Akamai Technologies, Inc. (a) | 4,666 | 574,991 |
| Cognizant Technology Solutions Corp., Class A | 15,512 | 1,196,286 |
| EPAM Systems, Inc. (a) | 1,785 | 496,426 |
| Gartner, Inc. (a) | 2,411 | 1,102,888 |
| International Business Machines Corp. | 28,248 | 5,188,028 |
| VeriSign, Inc. (a) | 2,748 | 546,522 |
| 16,170,235 | ||
| Leisure Products 0.0% ‡ | ||
| Hasbro, Inc. | 4,035 | 197,513 |
| Shares | Value | |
| Common Stocks | ||
| Life Sciences Tools & Services 1.4% | ||
| Agilent Technologies, Inc. | 9,051 | $ 1,177,535 |
| Bio-Rad Laboratories, Inc., Class A (a) | 648 | 207,937 |
| Bio-Techne Corp. | 4,892 | 344,005 |
| Charles River Laboratories International, Inc. (a) | 1,587 | 343,236 |
| Danaher Corp. | 20,345 | 4,880,969 |
| Illumina, Inc. (a) | 4,913 | 702,608 |
| IQVIA Holdings, Inc. (a) | 5,665 | 1,179,623 |
| Mettler-Toledo International, Inc. (a) | 671 | 803,315 |
| Revvity, Inc. | 3,818 | 409,213 |
| Thermo Fisher Scientific, Inc. | 11,953 | 6,442,428 |
| Waters Corp. (a) | 1,829 | 581,092 |
| West Pharmaceutical Services, Inc. | 2,289 | 853,866 |
| 17,925,827 | ||
| Machinery 1.7% | ||
| Caterpillar, Inc. | 15,782 | 4,739,492 |
| Cummins, Inc. | 4,385 | 1,049,330 |
| Deere & Co. | 8,286 | 3,261,204 |
| Dover Corp. | 4,328 | 648,248 |
| Fortive Corp. | 10,872 | 849,973 |
| IDEX Corp. | 2,340 | 494,910 |
| Illinois Tool Works, Inc. | 8,470 | 2,209,823 |
| Ingersoll Rand, Inc. | 12,523 | 1,000,087 |
| Nordson Corp. | 1,676 | 421,883 |
| Otis Worldwide Corp. | 12,661 | 1,119,739 |
| PACCAR, Inc. | 16,182 | 1,624,511 |
| Parker-Hannifin Corp. | 3,974 | 1,845,923 |
| Pentair plc | 5,114 | 374,191 |
| Snap-on, Inc. | 1,633 | 473,456 |
| Stanley Black & Decker, Inc. | 4,743 | 442,522 |
| Westinghouse Air Brake Technologies Corp. | 5,542 | 729,161 |
| Xylem, Inc. | 7,458 | 838,577 |
| 22,123,030 | ||
| Media 0.7% | ||
| Charter Communications, Inc., Class A (a) | 3,112 | 1,153,649 |
| Comcast Corp., Class A | 124,227 | 5,781,525 |
| Fox Corp. | ||
| Class A | 7,648 | 247,030 |
| Class B | 4,081 | 122,471 |
| Interpublic Group of Cos., Inc. (The) | 11,848 | 390,865 |
| News Corp. | ||
| Class A | 11,773 | 290,087 |
| Class B | 3,552 | 90,825 |
| Omnicom Group, Inc. | 6,123 | 553,397 |
| Paramount Global, Class B | 14,925 | 217,756 |
| 8,847,605 | ||
| Shares | Value | |
| Common Stocks | ||
| Metals & Mining 0.4% | ||
| Freeport-McMoRan, Inc. | 44,361 | $ 1,760,688 |
| Newmont Corp. | 35,653 | 1,230,385 |
| Nucor Corp. | 7,605 | 1,421,603 |
| Steel Dynamics, Inc. | 4,706 | 567,967 |
| 4,980,643 | ||
| Multi-Utilities 0.6% | ||
| Ameren Corp. | 8,134 | 565,882 |
| CenterPoint Energy, Inc. | 19,527 | 545,584 |
| CMS Energy Corp. | 9,026 | 515,926 |
| Consolidated Edison, Inc. | 10,680 | 970,812 |
| Dominion Energy, Inc. | 25,887 | 1,183,554 |
| DTE Energy Co. | 6,378 | 672,369 |
| NiSource, Inc. | 12,784 | 332,000 |
| Public Service Enterprise Group, Inc. | 15,416 | 893,974 |
| Sempra | 19,469 | 1,393,202 |
| WEC Energy Group, Inc. | 9,758 | 788,056 |
| 7,861,359 | ||
| Office REITs 0.1% | ||
| Alexandria Real Estate Equities, Inc. | 4,838 | 584,914 |
| Boston Properties, Inc. | 4,467 | 297,056 |
| 881,970 | ||
| Oil, Gas & Consumable Fuels 3.4% | ||
| APA Corp. | 9,489 | 297,290 |
| Chevron Corp. | 54,311 | 8,007,071 |
| ConocoPhillips | 36,733 | 4,109,321 |
| Coterra Energy, Inc. | 23,270 | 578,958 |
| Devon Energy Corp. | 19,821 | 832,878 |
| Diamondback Energy, Inc. | 5,537 | 851,258 |
| EOG Resources, Inc. | 18,040 | 2,052,772 |
| EQT Corp. | 12,725 | 450,465 |
| Exxon Mobil Corp. | 123,918 | 12,740,010 |
| Hess Corp. | 8,552 | 1,201,812 |
| Kinder Morgan, Inc. | 59,824 | 1,012,222 |
| Marathon Oil Corp. | 18,105 | 413,699 |
| Marathon Petroleum Corp. | 11,746 | 1,945,138 |
| Occidental Petroleum Corp. | 20,426 | 1,175,925 |
| ONEOK, Inc. | 18,022 | 1,230,001 |
| Phillips 66 | 13,610 | 1,964,059 |
| Pioneer Natural Resources Co. | 7,218 | 1,658,913 |
| Targa Resources Corp. | 6,898 | 586,054 |
| Valero Energy Corp. | 10,532 | 1,462,895 |
| Williams Cos., Inc. (The) | 37,633 | 1,304,360 |
| 43,875,101 | ||
| Passenger Airlines 0.2% | ||
| American Airlines Group, Inc. (a) | 20,218 | 287,702 |
| Shares | Value | |
| Common Stocks | ||
| Passenger Airlines | ||
| Delta Air Lines, Inc. | 19,906 | $ 779,121 |
| Southwest Airlines Co. | 18,441 | 551,202 |
| United Airlines Holdings, Inc. (a) | 10,146 | 419,841 |
| 2,037,866 | ||
| Personal Care Products 0.2% | ||
| Estee Lauder Cos., Inc. (The), Class A | 7,187 | 948,612 |
| Kenvue, Inc. | 53,318 | 1,106,882 |
| 2,055,494 | ||
| Pharmaceuticals 3.8% | ||
| Bristol-Myers Squibb Co. | 62,947 | 3,076,220 |
| Catalent, Inc. (a) | 5,577 | 287,996 |
| Eli Lilly & Co. | 24,669 | 15,926,553 |
| Johnson & Johnson | 74,471 | 11,833,442 |
| Merck & Co., Inc. | 78,392 | 9,468,186 |
| Pfizer, Inc. | 174,676 | 4,730,226 |
| Viatris, Inc. | 37,113 | 436,820 |
| Zoetis, Inc. | 14,203 | 2,667,465 |
| 48,426,908 | ||
| Professional Services 0.7% | ||
| Automatic Data Processing, Inc. | 12,724 | 3,127,305 |
| Broadridge Financial Solutions, Inc. | 3,639 | 743,084 |
| Ceridian HCM Holding, Inc. (a) | 4,825 | 335,434 |
| Equifax, Inc. | 3,812 | 931,424 |
| Jacobs Solutions, Inc. | 3,895 | 524,929 |
| Leidos Holdings, Inc. | 4,254 | 469,939 |
| Paychex, Inc. | 9,946 | 1,210,727 |
| Paycom Software, Inc. | 1,517 | 288,594 |
| Robert Half, Inc. | 3,276 | 260,573 |
| Verisk Analytics, Inc. | 4,487 | 1,083,745 |
| 8,975,754 | ||
| Real Estate Management & Development 0.1% | ||
| CBRE Group, Inc., Class A (a) | 9,429 | 813,817 |
| CoStar Group, Inc. (a) | 12,633 | 1,054,603 |
| 1,868,420 | ||
| Residential REITs 0.3% | ||
| AvalonBay Communities, Inc. | 4,393 | 786,391 |
| Camden Property Trust | 3,303 | 309,954 |
| Equity Residential | 10,690 | 643,431 |
| Essex Property Trust, Inc. | 1,986 | 463,274 |
| Invitation Homes, Inc. | 17,795 | 585,989 |
| Mid-America Apartment Communities, Inc. | 3,610 | 456,232 |
| UDR, Inc. | 9,362 | 337,219 |
| 3,582,490 | ||
| Shares | Value | |
| Common Stocks | ||
| Retail REITs 0.3% | ||
| Federal Realty Investment Trust | 2,273 | $ 231,232 |
| Kimco Realty Corp. | 20,572 | 415,555 |
| Realty Income Corp. | 22,395 | 1,218,064 |
| Regency Centers Corp. | 5,082 | 318,489 |
| Simon Property Group, Inc. | 10,092 | 1,398,852 |
| 3,582,192 | ||
| Semiconductors & Semiconductor Equipment 8.6% | ||
| Advanced Micro Devices, Inc. (a) | 49,982 | 8,381,482 |
| Analog Devices, Inc. | 15,416 | 2,965,422 |
| Applied Materials, Inc. | 25,879 | 4,251,920 |
| Broadcom, Inc. | 13,579 | 16,023,220 |
| Enphase Energy, Inc. (a) | 4,224 | 439,845 |
| First Solar, Inc. (a) | 3,305 | 483,521 |
| Intel Corp. | 130,425 | 5,618,709 |
| KLA Corp. | 4,205 | 2,497,938 |
| Lam Research Corp. | 4,077 | 3,364,218 |
| Microchip Technology, Inc. | 16,738 | 1,425,743 |
| Micron Technology, Inc. | 33,968 | 2,912,756 |
| Monolithic Power Systems, Inc. | 1,482 | 893,231 |
| NVIDIA Corp. | 76,411 | 47,013,396 |
| NXP Semiconductors NV | 7,974 | 1,679,085 |
| ON Semiconductor Corp. (a) | 13,324 | 947,736 |
| Qorvo, Inc. (a) | 3,011 | 300,317 |
| QUALCOMM, Inc. | 34,431 | 5,113,348 |
| Skyworks Solutions, Inc. | 4,931 | 515,092 |
| Teradyne, Inc. | 4,729 | 456,774 |
| Texas Instruments, Inc. | 28,096 | 4,498,732 |
| 109,782,485 | ||
| Software 11.0% | ||
| Adobe, Inc. (a) | 14,085 | 8,701,431 |
| ANSYS, Inc. (a) | 2,685 | 880,224 |
| Autodesk, Inc. (a) | 6,613 | 1,678,446 |
| Cadence Design Systems, Inc. (a) | 8,416 | 2,427,679 |
| Fair Isaac Corp. (a) | 765 | 917,105 |
| Fortinet, Inc. (a) | 19,717 | 1,271,549 |
| Gen Digital, Inc. | 17,442 | 409,538 |
| Intuit, Inc. | 8,670 | 5,473,631 |
| Microsoft Corp. | 229,922 | 91,412,389 |
| Oracle Corp. | 49,152 | 5,490,278 |
| Palo Alto Networks, Inc. (a)(b) | 9,615 | 3,254,774 |
| PTC, Inc. (a) | 3,676 | 664,069 |
| Roper Technologies, Inc. | 3,305 | 1,774,785 |
| Salesforce, Inc. (a) | 30,100 | 8,460,809 |
| ServiceNow, Inc. (a) | 6,342 | 4,854,167 |
| Synopsys, Inc. (a) | 4,705 | 2,509,412 |
| Shares | Value | |
| Common Stocks | ||
| Software | ||
| Tyler Technologies, Inc. (a) | 1,302 | $ 550,420 |
| 140,730,706 | ||
| Specialized REITs 1.1% | ||
| American Tower Corp. | 14,421 | 2,821,469 |
| Crown Castle, Inc. | 13,426 | 1,453,364 |
| Digital Realty Trust, Inc. | 9,369 | 1,315,970 |
| Equinix, Inc. | 2,904 | 2,409,652 |
| Extra Space Storage, Inc. | 6,536 | 944,060 |
| Iron Mountain, Inc. | 9,033 | 609,908 |
| Public Storage | 4,896 | 1,386,498 |
| SBA Communications Corp. | 3,338 | 747,245 |
| VICI Properties, Inc. | 32,004 | 963,960 |
| Weyerhaeuser Co. | 22,583 | 740,045 |
| 13,392,171 | ||
| Specialty Retail 2.0% | ||
| AutoZone, Inc. (a) | 546 | 1,508,123 |
| Bath & Body Works, Inc. | 7,034 | 300,070 |
| Best Buy Co., Inc. | 5,992 | 434,360 |
| CarMax, Inc. (a) | 4,909 | 349,423 |
| Home Depot, Inc. (The) | 30,938 | 10,919,876 |
| Lowe's Cos., Inc. | 17,853 | 3,799,833 |
| O'Reilly Automotive, Inc. (a) | 1,830 | 1,872,182 |
| Ross Stores, Inc. | 10,476 | 1,469,573 |
| TJX Cos., Inc. (The) | 35,393 | 3,359,150 |
| Tractor Supply Co. | 3,345 | 751,287 |
| Ulta Beauty, Inc. (a) | 1,523 | 764,622 |
| 25,528,499 | ||
| Technology Hardware, Storage & Peripherals 6.8% | ||
| Apple, Inc. (c) | 452,267 | 83,398,035 |
| Hewlett Packard Enterprise Co. | 39,686 | 606,799 |
| HP, Inc. | 26,904 | 772,414 |
| NetApp, Inc. | 6,459 | 563,225 |
| Seagate Technology Holdings plc | 6,018 | 515,622 |
| Western Digital Corp. (a) | 10,031 | 574,274 |
| 86,430,369 | ||
| Textiles, Apparel & Luxury Goods 0.5% | ||
| Lululemon Athletica, Inc. (a) | 3,562 | 1,616,507 |
| NIKE, Inc., Class B | 37,866 | 3,844,535 |
| Ralph Lauren Corp. | 1,230 | 176,714 |
| Tapestry, Inc. | 7,090 | 275,021 |
| VF Corp. | 10,226 | 168,320 |
| 6,081,097 | ||
| Tobacco 0.5% | ||
| Altria Group, Inc. | 54,714 | 2,195,126 |
| Shares | Value | ||
| Common Stocks | |||
| Tobacco | |||
| Philip Morris International, Inc. | 48,025 | $ 4,363,071 | |
| 6,558,197 | |||
| Trading Companies & Distributors 0.3% | |||
| Fastenal Co. | 17,677 | 1,206,101 | |
| United Rentals, Inc. | 2,097 | 1,311,464 | |
| WW Grainger, Inc. | 1,367 | 1,224,340 | |
| 3,741,905 | |||
| Water Utilities 0.1% | |||
| American Water Works Co., Inc. | 6,023 | 746,972 | |
| Wireless Telecommunication Services 0.2% | |||
| T-Mobile USA, Inc. | 15,742 | 2,538,083 | |
| Total Common Stocks (d) (Cost $243,348,422) | 1,258,344,736 | ||
| Number of Rights | |||
| Rights 0.0% ‡ | |||
| Health Care Equipment & Supplies 0.0% ‡ | |||
| ABIOMED, Inc., CVR (a)(e)(f) | 1,477 | 1,507 | |
| Total Rights (Cost $1,507) | 1,507 | ||
| Shares | |||
| Short-Term Investments 1.3% | |||
| Affiliated Investment Company 0.0% ‡ | |||
| MainStay U.S. Government Liquidity Fund, 5.25% (g) | 92,265 | 92,265 | |
| Unaffiliated Investment Company 0.0% ‡ | |||
| Invesco Government & Agency Portfolio, 5.315% (g)(h) | 161,674 | 161,674 | |
| Principal Amount | |||
| U.S. Treasury Debt 1.3% | |||
| U.S. Treasury Bills | |||
| 5.284%, due 3/19/24 (c)(i) | $ 16,300,000 | 16,187,764 | |
| Total Short-Term Investments (Cost $16,442,876) | 16,441,703 | ||
| Total Investments (Cost $259,792,805) | 100.0% | 1,274,787,946 | |
| Other Assets, Less Liabilities | (0.0)‡ | (145,243) | |
| Net Assets | 100.0% | $ 1,274,642,703 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| ‡ | 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, 2024, the aggregate market value of securities on loan was $155,038. The Fund received cash collateral with a value of $161,674. |
| (c) | Represents a security, or portion thereof, which was maintained at the broker as collateral for futures contracts. |
| (d) | The combined market value of common stocks and notional value of Standard & Poor’s 500 Index futures contracts represents 100.0% of the Fund’s net assets. |
| (e) | Illiquid security—As of January 31, 2024, the total market value deemed illiquid under procedures approved by the Board of Trustees was $1,507, which represented less than one-tenth of a percent of the Fund’s net assets. |
| (f) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (g) | Current yield as of January 31, 2024. |
| (h) | Represents a security purchased with cash collateral received for securities on loan. |
| (i) | Interest rate shown represents yield to maturity. |
Investments in Affiliates (in
000's)
Investments in issuers considered to
be affiliate(s) of the Fund during the period ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| MainStay U.S. Government Liquidity Fund | $ 43 | $ 1,326 | $ (1,277) | $ — | $ — | $ 92 | $ 1 | $ — | 92 |
Futures Contracts
As of January 31, 2024, the Fund
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 E-Mini Index | 65 | March 2024 | $ 15,559,128 | $ 15,829,125 | $ 269,997 |
| 1. | Represents the difference between the value of the contracts at the time they were opened and the value as of January 31, 2024. |
| Abbreviation(s): |
| REIT—Real Estate Investment Trust |
The following is a summary of the
fair valuations according to the inputs used as of January 31, 2024, 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 | $ 1,258,344,736 | $ — | $ — | $ 1,258,344,736 | |||
| Rights | — | — | 1,507 | 1,507 | |||
| Short-Term Investments | |||||||
| Affiliated Investment Company | 92,265 | — | — | 92,265 | |||
| Unaffiliated Investment Company | 161,674 | — | — | 161,674 | |||
| U.S. Treasury Debt | — | 16,187,764 | — | 16,187,764 | |||
| Total Short-Term Investments | 253,939 | 16,187,764 | — | 16,441,703 | |||
| Total Investments in Securities | 1,258,598,675 | 16,187,764 | 1,507 | 1,274,787,946 | |||
| Other Financial Instruments | |||||||
| Futures Contracts (b) | 269,997 | — | — | 269,997 | |||
| Total Investments in Securities and Other Financial Instruments | $ 1,258,868,672 | $ 16,187,764 | $ 1,507 | $ 1,275,057,943 |
| (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, 2024†^(Unaudited)
| Principal Amount | Value | |
| Long-Term Bonds 95.0% | ||
| Convertible Bonds 1.8% | ||
| Energy-Alternate Sources 0.3% | ||
| NextEra Energy Partners LP (a) | ||
| (zero coupon), due 6/15/24 | $ 1,700,000 | $ 1,656,650 |
| (zero coupon), due 11/15/25 | 1,000,000 | 888,500 |
| 2.50%, due 6/15/26 | 5,000,000 | 4,512,500 |
| 7,057,650 | ||
| Investment Companies 0.1% | ||
| Ares Capital Corp. | ||
| 4.625%, due 3/1/24 | 1,500,000 | 1,569,375 |
| Media 1.3% | ||
| Cable One, Inc. | ||
| (zero coupon), due 3/15/26 | 5,000,000 | 4,297,500 |
| 1.125%, due 3/15/28 | 2,775,000 | 2,129,813 |
| DISH Network Corp. | ||
| 2.375%, due 3/15/24 | 19,650,000 | 19,269,772 |
| 25,697,085 | ||
| Oil & Gas 0.1% | ||
| Gulfport Energy Operating Corp. | ||
| 10.00% (10.00% Cash or 15.00% PIK), due 12/29/49 (b)(c) | 269,000 | 2,438,294 |
| Total Convertible Bonds (Cost $34,667,573) | 36,762,404 | |
| Corporate Bonds 76.5% | ||
| Advertising 0.4% | ||
| Lamar Media Corp. | ||
| 3.75%, due 2/15/28 | 5,500,000 | 5,115,000 |
| 4.875%, due 1/15/29 | 3,500,000 | 3,387,037 |
| 8,502,037 | ||
| Aerospace & Defense 2.8% | ||
| F-Brasile SpA | ||
| Series XR | ||
| 7.375%, due 8/15/26 (a) | 3,400,000 | 3,361,750 |
| TransDigm, Inc. | ||
| 5.50%, due 11/15/27 | 10,545,000 | 10,259,322 |
| 6.25%, due 3/15/26 (a) | 15,585,000 | 15,479,003 |
| 6.75%, due 8/15/28 (a) | 18,085,000 | 18,380,925 |
| 7.50%, due 3/15/27 | 10,000,000 | 10,026,000 |
| 57,507,000 | ||
| Airlines 0.5% | ||
| American Airlines, Inc. | ||
| 5.50%, due 4/20/26 (a) | 1,125,000 | 1,112,638 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Airlines | ||
| Delta Air Lines, Inc. | ||
| 4.50%, due 10/20/25 (a) | $ 1,167,250 | $ 1,153,463 |
| 7.00%, due 5/1/25 (a) | 4,375,000 | 4,455,313 |
| 7.375%, due 1/15/26 | 1,500,000 | 1,552,995 |
| Mileage Plus Holdings LLC | ||
| 6.50%, due 6/20/27 (a) | 1,365,000 | 1,367,043 |
| Spirit Loyalty Cayman Ltd. | ||
| 8.00%, due 9/20/25 (a) | 2,000,000 | 1,305,000 |
| 10,946,452 | ||
| Auto Manufacturers 1.2% | ||
| Ford Motor Credit Co. LLC | ||
| 2.30%, due 2/10/25 | 5,000,000 | 4,826,514 |
| 3.375%, due 11/13/25 | 1,000,000 | 959,736 |
| 3.664%, due 9/8/24 | 1,150,000 | 1,134,610 |
| 4.389%, due 1/8/26 | 3,000,000 | 2,923,687 |
| 5.125%, due 6/16/25 | 2,000,000 | 1,982,609 |
| 5.584%, due 3/18/24 | 840,000 | 839,709 |
| 6.80%, due 5/12/28 | 2,010,000 | 2,088,610 |
| 6.95%, due 3/6/26 | 5,000,000 | 5,112,256 |
| 6.95%, due 6/10/26 | 1,500,000 | 1,539,078 |
| 7.35%, due 11/4/27 | 2,000,000 | 2,103,759 |
| PM General Purchaser LLC | ||
| 9.50%, due 10/1/28 (a) | 1,930,000 | 1,951,886 |
| 25,462,454 | ||
| Auto Parts & Equipment 2.4% | ||
| Adient Global Holdings Ltd. (a) | ||
| 4.875%, due 8/15/26 | 4,000,000 | 3,901,177 |
| 7.00%, due 4/15/28 | 650,000 | 664,548 |
| IHO Verwaltungs GmbH (a)(c) | ||
| 4.75% (4.75% Cash or 5.50% PIK), due 9/15/26 | 10,660,000 | 10,421,429 |
| 6.00% (6.00% Cash or 6.75% PIK), due 5/15/27 | 19,680,000 | 19,485,168 |
| Tenneco, Inc. | ||
| 8.00%, due 11/17/28 (a) | 6,000,000 | 5,226,780 |
| ZF North America Capital, Inc. | ||
| 6.875%, due 4/14/28 (a) | 8,350,000 | 8,601,319 |
| 48,300,421 | ||
| Building Materials 0.9% | ||
| James Hardie International Finance DAC | ||
| 5.00%, due 1/15/28 (a) | 8,987,000 | 8,706,157 |
| Summit Materials LLC (a) | ||
| 5.25%, due 1/15/29 | 5,045,000 | 4,885,830 |
| 6.50%, due 3/15/27 | 5,705,000 | 5,676,866 |
| 19,268,853 | ||
| Principal Amount | Value | |
| Corporate Bonds | ||
| Chemicals 2.4% | ||
| ASP Unifrax Holdings, Inc. | ||
| 5.25%, due 9/30/28 (a) | $ 2,400,000 | $ 1,593,120 |
| Avient Corp. | ||
| 5.75%, due 5/15/25 (a) | 8,600,000 | 8,566,185 |
| GPD Cos., Inc. | ||
| 10.125%, due 4/1/26 (a) | 8,900,000 | 8,308,461 |
| NOVA Chemicals Corp. (a) | ||
| 4.875%, due 6/1/24 | 2,490,000 | 2,477,523 |
| 5.25%, due 6/1/27 | 6,125,000 | 5,695,967 |
| 8.50%, due 11/15/28 | 4,935,000 | 5,164,379 |
| Olympus Water US Holding Corp. (a) | ||
| 7.125%, due 10/1/27 | 2,356,000 | 2,364,469 |
| 9.75%, due 11/15/28 | 6,800,000 | 7,194,226 |
| SCIH Salt Holdings, Inc. | ||
| 4.875%, due 5/1/28 (a) | 1,500,000 | 1,392,870 |
| SCIL IV LLC | ||
| 5.375%, due 11/1/26 (a) | 6,500,000 | 6,318,574 |
| 49,075,774 | ||
| Coal 0.1% | ||
| Coronado Finance Pty. Ltd. | ||
| 10.75%, due 5/15/26 (a) | 2,486,000 | 2,611,990 |
| Commercial Services 2.4% | ||
| Alta Equipment Group, Inc. | ||
| 5.625%, due 4/15/26 (a) | 5,000,000 | 4,798,835 |
| Gartner, Inc. | ||
| 4.50%, due 7/1/28 (a) | 5,500,000 | 5,248,744 |
| Graham Holdings Co. | ||
| 5.75%, due 6/1/26 (a) | 11,022,000 | 10,884,225 |
| Herc Holdings, Inc. | ||
| 5.50%, due 7/15/27 (a) | 2,000,000 | 1,963,860 |
| Korn Ferry | ||
| 4.625%, due 12/15/27 (a) | 4,740,000 | 4,532,957 |
| Service Corp. International | ||
| 7.50%, due 4/1/27 | 3,150,000 | 3,291,908 |
| United Rentals North America, Inc. | ||
| 3.875%, due 11/15/27 | 875,000 | 833,556 |
| 4.875%, due 1/15/28 | 1,450,000 | 1,415,181 |
| Williams Scotsman, Inc. (a) | ||
| 4.625%, due 8/15/28 | 8,250,000 | 7,809,244 |
| 6.125%, due 6/15/25 | 8,219,000 | 8,198,452 |
| 48,976,962 | ||
| Cosmetics & Personal Care 0.6% | ||
| Edgewell Personal Care Co. | ||
| 5.50%, due 6/1/28 (a) | 12,700,000 | 12,431,014 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Distribution & Wholesale 0.4% | ||
| G-III Apparel Group Ltd. | ||
| 7.875%, due 8/15/25 (a) | $ 4,765,000 | $ 4,777,669 |
| Ritchie Bros Holdings, Inc. | ||
| 6.75%, due 3/15/28 (a) | 2,500,000 | 2,550,175 |
| 7,327,844 | ||
| Diversified Financial Services 1.3% | ||
| AG TTMT Escrow Issuer LLC | ||
| 8.625%, due 9/30/27 (a) | 7,950,000 | 8,253,195 |
| Cantor Fitzgerald LP | ||
| 7.20%, due 12/12/28 (a) | 2,000,000 | 2,067,195 |
| Enact Holdings, Inc. | ||
| 6.50%, due 8/15/25 (a) | 7,665,000 | 7,647,907 |
| Jefferies Finance LLC | ||
| 5.00%, due 8/15/28 (a) | 3,690,000 | 3,331,345 |
| LPL Holdings, Inc. | ||
| 4.625%, due 11/15/27 (a) | 1,350,000 | 1,299,936 |
| StoneX Group, Inc. | ||
| 8.625%, due 6/15/25 (a) | 3,500,000 | 3,536,820 |
| 26,136,398 | ||
| Electric 1.4% | ||
| Clearway Energy Operating LLC | ||
| 4.75%, due 3/15/28 (a) | 6,000,000 | 5,712,616 |
| DPL, Inc. | ||
| 4.125%, due 7/1/25 | 3,650,000 | 3,554,542 |
| NextEra Energy Operating Partners LP (a) | ||
| 3.875%, due 10/15/26 | 3,500,000 | 3,309,196 |
| 4.25%, due 7/15/24 | 4,030,000 | 3,987,490 |
| 4.50%, due 9/15/27 | 4,200,000 | 3,943,954 |
| NRG Energy, Inc. | ||
| 6.625%, due 1/15/27 | 2,500,000 | 2,506,573 |
| PG&E Corp. | ||
| 5.00%, due 7/1/28 | 1,000,000 | 966,313 |
| Vistra Corp. | ||
| 8.00% (5 Year Treasury Constant Maturity Rate + 6.93%), due 10/15/26 (a)(d)(e) | 4,100,000 | 4,088,301 |
| 28,068,985 | ||
| Electrical Components & Equipment 0.5% | ||
| EnerSys | ||
| 4.375%, due 12/15/27 (a) | 2,585,000 | 2,431,012 |
| WESCO Distribution, Inc. | ||
| 7.125%, due 6/15/25 (a) | 7,650,000 | 7,690,622 |
| 10,121,634 | ||
| Entertainment 4.3% | ||
| Affinity Interactive | ||
| 6.875%, due 12/15/27 (a) | 1,350,000 | 1,221,678 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Entertainment | ||
| Churchill Downs, Inc. (a) | ||
| 4.75%, due 1/15/28 | $ 8,995,000 | $ 8,567,165 |
| 5.50%, due 4/1/27 | 21,465,000 | 21,205,321 |
| International Game Technology plc (a) | ||
| 4.125%, due 4/15/26 | 9,950,000 | 9,636,667 |
| 6.25%, due 1/15/27 | 1,630,000 | 1,639,635 |
| 6.50%, due 2/15/25 | 963,000 | 964,408 |
| Jacobs Entertainment, Inc. (a) | ||
| 6.75%, due 2/15/29 | 500,000 | 474,410 |
| 6.75%, due 2/15/29 | 1,485,000 | 1,370,150 |
| Light & Wonder International, Inc. | ||
| 7.00%, due 5/15/28 (a) | 6,500,000 | 6,492,330 |
| Live Nation Entertainment, Inc. (a) | ||
| 4.75%, due 10/15/27 | 4,150,000 | 3,953,165 |
| 6.50%, due 5/15/27 | 15,150,000 | 15,305,575 |
| Merlin Entertainments Ltd. | ||
| 5.75%, due 6/15/26 (a) | 1,500,000 | 1,481,250 |
| Vail Resorts, Inc. | ||
| 6.25%, due 5/15/25 (a) | 15,582,000 | 15,604,516 |
| 87,916,270 | ||
| Food 0.7% | ||
| B&G Foods, Inc. | ||
| 5.25%, due 4/1/25 | 1,754,000 | 1,723,730 |
| 8.00%, due 9/15/28 (a) | 2,325,000 | 2,423,557 |
| Land O'Lakes Capital Trust I | ||
| 7.45%, due 3/15/28 (a) | 2,605,000 | 2,514,189 |
| Simmons Foods, Inc. | ||
| 4.625%, due 3/1/29 (a) | 4,000,000 | 3,439,089 |
| United Natural Foods, Inc. | ||
| 6.75%, due 10/15/28 (a) | 5,000,000 | 4,200,000 |
| 14,300,565 | ||
| Forest Products & Paper 1.1% | ||
| Mercer International, Inc. | ||
| 5.50%, due 1/15/26 | 15,100,000 | 14,548,714 |
| 12.875%, due 10/1/28 (a) | 6,325,000 | 6,784,056 |
| Smurfit Kappa Treasury Funding DAC | ||
| 7.50%, due 11/20/25 | 1,000,000 | 1,031,701 |
| 22,364,471 | ||
| Hand & Machine Tools 0.5% | ||
| Regal Rexnord Corp. (a) | ||
| 6.05%, due 2/15/26 | 2,875,000 | 2,905,600 |
| 6.05%, due 4/15/28 | 3,720,000 | 3,774,490 |
| Werner FinCo. LP | ||
| 11.50%, due 6/15/28 (a) | 3,000,000 | 3,157,500 |
| 9,837,590 | ||
| Principal Amount | Value | |
| Corporate Bonds | ||
| Healthcare-Products 1.2% | ||
| Bausch & Lomb Escrow Corp. | ||
| 8.375%, due 10/1/28 (a) | $ 6,720,000 | $ 6,972,470 |
| Hologic, Inc. | ||
| 4.625%, due 2/1/28 (a) | 5,800,000 | 5,596,964 |
| Teleflex, Inc. | ||
| 4.25%, due 6/1/28 (a) | 2,850,000 | 2,703,710 |
| 4.625%, due 11/15/27 | 2,000,000 | 1,940,260 |
| Varex Imaging Corp. | ||
| 7.875%, due 10/15/27 (a) | 7,500,000 | 7,620,825 |
| 24,834,229 | ||
| Healthcare-Services 3.1% | ||
| Acadia Healthcare Co., Inc. | ||
| 5.50%, due 7/1/28 (a) | 6,000,000 | 5,865,553 |
| Catalent Pharma Solutions, Inc. | ||
| 5.00%, due 7/15/27 (a) | 5,216,000 | 5,018,382 |
| Encompass Health Corp. | ||
| 4.50%, due 2/1/28 | 6,000,000 | 5,731,191 |
| 5.75%, due 9/15/25 | 4,335,000 | 4,307,391 |
| HCA, Inc. | ||
| 5.375%, due 2/1/25 | 13,100,000 | 13,087,941 |
| 5.875%, due 2/15/26 | 2,000,000 | 2,018,918 |
| 7.58%, due 9/15/25 | 5,623,000 | 5,799,432 |
| 8.36%, due 4/15/24 | 10,000,000 | 10,044,387 |
| IQVIA, Inc. (a) | ||
| 5.00%, due 10/15/26 | 5,515,000 | 5,393,695 |
| 5.70%, due 5/15/28 | 3,000,000 | 3,055,186 |
| ModivCare, Inc. | ||
| 5.875%, due 11/15/25 (a) | 4,000,000 | 3,950,280 |
| 64,272,356 | ||
| Holding Companies-Diversified 1.2% | ||
| Benteler International AG | ||
| 10.50%, due 5/15/28 (a) | 11,500,000 | 12,272,706 |
| Stena International SA | ||
| 6.125%, due 2/1/25 (a) | 13,250,000 | 13,250,000 |
| 25,522,706 | ||
| Home Builders 1.2% | ||
| Adams Homes, Inc. | ||
| 7.50%, due 2/15/25 (a) | 2,234,000 | 2,219,145 |
| Century Communities, Inc. | ||
| 6.75%, due 6/1/27 | 5,000,000 | 5,037,205 |
| Installed Building Products, Inc. | ||
| 5.75%, due 2/1/28 (a) | 4,000,000 | 3,920,000 |
| Meritage Homes Corp. | ||
| 5.125%, due 6/6/27 | 1,500,000 | 1,470,237 |
| 6.00%, due 6/1/25 | 624,000 | 622,527 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Home Builders | ||
| Shea Homes LP | ||
| 4.75%, due 2/15/28 | $ 1,150,000 | $ 1,091,898 |
| STL Holding Co. LLC (a) | ||
| 7.50%, due 2/15/26 | 1,645,000 | 1,672,981 |
| 8.75%, due 2/15/29 | 1,590,000 | 1,617,189 |
| Winnebago Industries, Inc. | ||
| 6.25%, due 7/15/28 (a) | 6,865,000 | 6,751,027 |
| 24,402,209 | ||
| Household Products & Wares 0.3% | ||
| Central Garden & Pet Co. | ||
| 5.125%, due 2/1/28 | 6,500,000 | 6,291,260 |
| Housewares 0.2% | ||
| Newell Brands, Inc. | ||
| 4.875%, due 6/1/25 | 1,750,000 | 1,716,797 |
| Scotts Miracle-Gro Co. (The) | ||
| 5.25%, due 12/15/26 | 1,650,000 | 1,594,112 |
| 3,310,909 | ||
| Insurance 0.6% | ||
| MGIC Investment Corp. | ||
| 5.25%, due 8/15/28 | 2,000,000 | 1,947,965 |
| NMI Holdings, Inc. | ||
| 7.375%, due 6/1/25 (a) | 10,245,000 | 10,347,450 |
| 12,295,415 | ||
| Internet 1.5% | ||
| Cars.com, Inc. | ||
| 6.375%, due 11/1/28 (a) | 5,100,000 | 4,979,232 |
| Gen Digital, Inc. (a) | ||
| 5.00%, due 4/15/25 | 7,175,000 | 7,136,470 |
| 6.75%, due 9/30/27 | 2,000,000 | 2,030,348 |
| Go Daddy Operating Co. LLC | ||
| 5.25%, due 12/1/27 (a) | 4,500,000 | 4,418,100 |
| Match Group Holdings II LLC | ||
| 5.00%, due 12/15/27 (a) | 1,500,000 | 1,451,227 |
| Netflix, Inc. | ||
| 5.75%, due 3/1/24 | 4,980,000 | 4,979,797 |
| 5.875%, due 2/15/25 | 665,000 | 669,788 |
| Uber Technologies, Inc. (a) | ||
| 6.25%, due 1/15/28 | 1,800,000 | 1,810,080 |
| 7.50%, due 9/15/27 | 3,500,000 | 3,575,992 |
| 31,051,034 | ||
| Investment Companies 0.6% | ||
| Icahn Enterprises LP | ||
| 4.75%, due 9/15/24 | 12,500,000 | 12,428,485 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Iron & Steel 1.6% | ||
| Allegheny Ludlum LLC | ||
| 6.95%, due 12/15/25 | $ 2,430,000 | $ 2,467,036 |
| Big River Steel LLC | ||
| 6.625%, due 1/31/29 (a) | 8,260,000 | 8,374,153 |
| Mineral Resources Ltd. (a) | ||
| 8.00%, due 11/1/27 | 3,010,000 | 3,078,217 |
| 8.125%, due 5/1/27 | 11,400,000 | 11,514,000 |
| 9.25%, due 10/1/28 | 6,490,000 | 6,855,062 |
| 32,288,468 | ||
| Leisure Time 2.4% | ||
| Carnival Corp. (a) | ||
| 4.00%, due 8/1/28 | 6,000,000 | 5,550,073 |
| 5.75%, due 3/1/27 | 10,560,000 | 10,403,734 |
| 7.625%, due 3/1/26 | 9,660,000 | 9,812,425 |
| Carnival Holdings Bermuda Ltd. | ||
| 10.375%, due 5/1/28 (a) | 15,185,000 | 16,611,785 |
| Royal Caribbean Cruises Ltd. | ||
| 9.25%, due 1/15/29 (a) | 6,025,000 | 6,471,597 |
| 48,849,614 | ||
| Lodging 1.6% | ||
| Boyd Gaming Corp. | ||
| 4.75%, due 12/1/27 | 15,770,000 | 15,233,820 |
| Genting New York LLC | ||
| 3.30%, due 2/15/26 (a) | 1,000,000 | 927,354 |
| Hilton Domestic Operating Co., Inc. (a) | ||
| 5.375%, due 5/1/25 | 5,590,000 | 5,568,977 |
| 5.75%, due 5/1/28 | 2,000,000 | 2,002,438 |
| Hilton Worldwide Finance LLC | ||
| 4.875%, due 4/1/27 | 3,035,000 | 2,978,378 |
| Marriott International, Inc. | ||
| Series EE | ||
| 5.75%, due 5/1/25 | 932,000 | 938,842 |
| Station Casinos LLC | ||
| 4.50%, due 2/15/28 (a) | 5,000,000 | 4,700,131 |
| 32,349,940 | ||
| Machinery—Construction & Mining 0.2% | ||
| Vertiv Group Corp. | ||
| 4.125%, due 11/15/28 (a) | 4,500,000 | 4,175,751 |
| Machinery-Diversified 0.8% | ||
| Briggs & Stratton Corp. Escrow Claim Shares | ||
| 6.875%, due 12/15/20 (f)(g)(h) | 3,425,000 | — |
| Maxim Crane Works Holdings Capital LLC | ||
| 11.50%, due 9/1/28 (a) | 2,000,000 | 2,090,000 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Machinery-Diversified | ||
| TK Elevator U.S. Newco, Inc. | ||
| 5.25%, due 7/15/27 (a) | $ 14,163,000 | $ 13,656,156 |
| 15,746,156 | ||
| Media 4.1% | ||
| Block Communications, Inc. | ||
| 4.875%, due 3/1/28 (a) | 1,500,000 | 1,347,735 |
| CCO Holdings LLC (a) | ||
| 5.00%, due 2/1/28 | 17,295,000 | 16,254,440 |
| 5.125%, due 5/1/27 | 1,500,000 | 1,446,774 |
| 5.50%, due 5/1/26 | 13,485,000 | 13,361,171 |
| CSC Holdings LLC | ||
| 5.25%, due 6/1/24 | 9,250,000 | 9,238,011 |
| 6.50%, due 2/1/29 (a) | 1,000,000 | 850,064 |
| 11.25%, due 5/15/28 (a) | 4,020,000 | 4,073,369 |
| 11.75%, due 1/31/29 (a) | 3,095,000 | 3,143,685 |
| DIRECTV Financing LLC | ||
| 5.875%, due 8/15/27 (a) | 13,000,000 | 12,358,979 |
| LCPR Senior Secured Financing DAC | ||
| 6.75%, due 10/15/27 (a) | 14,275,000 | 13,750,560 |
| Scripps Escrow II, Inc. | ||
| 3.875%, due 1/15/29 (a) | 1,670,000 | 1,436,200 |
| Sterling Entertainment Enterprises LLC | ||
| 10.25%, due 1/15/25 (b)(f)(h) | 3,000,000 | 2,772,600 |
| Videotron Ltd. | ||
| 5.125%, due 4/15/27 (a) | 3,500,000 | 3,447,500 |
| Virgin Media Secured Finance plc | ||
| 5.50%, due 5/15/29 (a) | 700,000 | 673,265 |
| Virgin Media Vendor Financing Notes IV DAC | ||
| 5.00%, due 7/15/28 (a) | 1,000,000 | 941,353 |
| 85,095,706 | ||
| Metal Fabricate & Hardware 0.1% | ||
| Advanced Drainage Systems, Inc. | ||
| 5.00%, due 9/30/27 (a) | 1,500,000 | 1,444,559 |
| Mining 1.2% | ||
| Century Aluminum Co. | ||
| 7.50%, due 4/1/28 (a) | 8,115,000 | 7,835,109 |
| Compass Minerals International, Inc. | ||
| 6.75%, due 12/1/27 (a) | 2,000,000 | 1,972,640 |
| First Quantum Minerals Ltd. (a) | ||
| 6.875%, due 3/1/26 | 1,050,000 | 1,000,171 |
| 6.875%, due 10/15/27 | 4,500,000 | 4,074,705 |
| 7.50%, due 4/1/25 | 3,880,000 | 3,831,771 |
| IAMGOLD Corp. | ||
| 5.75%, due 10/15/28 (a) | 5,816,000 | 5,118,080 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Mining | ||
| Novelis Corp. | ||
| 3.25%, due 11/15/26 (a) | $ 1,000,000 | $ 936,324 |
| 24,768,800 | ||
| Miscellaneous—Manufacturing 2.1% | ||
| Amsted Industries, Inc. | ||
| 5.625%, due 7/1/27 (a) | 6,550,000 | 6,460,658 |
| Calderys Financing LLC | ||
| 11.25%, due 6/1/28 (a) | 2,985,000 | 3,172,826 |
| EnPro, Inc. | ||
| 5.75%, due 10/15/26 | 9,334,000 | 9,257,088 |
| Gates Global LLC | ||
| 6.25%, due 1/15/26 (a) | 8,385,000 | 8,385,838 |
| Hillenbrand, Inc. | ||
| 5.00%, due 9/15/26 (i) | 6,080,000 | 5,943,202 |
| 5.75%, due 6/15/25 | 3,515,000 | 3,497,146 |
| LSB Industries, Inc. | ||
| 6.25%, due 10/15/28 (a) | 4,500,000 | 4,273,170 |
| Trinity Industries, Inc. | ||
| 7.75%, due 7/15/28 (a) | 2,825,000 | 2,934,413 |
| 43,924,341 | ||
| Oil & Gas 6.7% | ||
| Ascent Resources Utica Holdings LLC (a) | ||
| 7.00%, due 11/1/26 | 3,900,000 | 3,897,717 |
| 9.00%, due 11/1/27 | 1,556,000 | 1,972,230 |
| California Resources Corp. | ||
| 7.125%, due 2/1/26 (a) | 4,520,000 | 4,572,044 |
| Chevron USA, Inc. | ||
| 3.90%, due 11/15/24 | 4,550,000 | 4,511,910 |
| Chord Energy Corp. | ||
| 6.375%, due 6/1/26 (a) | 3,280,000 | 3,279,796 |
| Civitas Resources, Inc. | ||
| 5.00%, due 10/15/26 (a) | 1,900,000 | 1,850,497 |
| Comstock Resources, Inc. | ||
| 6.75%, due 3/1/29 (a) | 1,000,000 | 918,249 |
| Encino Acquisition Partners Holdings LLC | ||
| 8.50%, due 5/1/28 (a) | 7,800,000 | 7,741,500 |
| Gulfport Energy Corp. | ||
| 8.00%, due 5/17/26 | 94,221 | 94,692 |
| 8.00%, due 5/17/26 (a) | 4,510,560 | 4,533,113 |
| Hess Corp. | ||
| 3.50%, due 7/15/24 | 910,000 | 901,122 |
| HF Sinclair Corp. | ||
| 6.375%, due 4/15/27 (a) | 3,538,000 | 3,552,777 |
| Matador Resources Co. | ||
| 5.875%, due 9/15/26 | 9,120,000 | 9,038,023 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Oil & Gas | ||
| Moss Creek Resources Holdings, Inc. | ||
| 7.50%, due 1/15/26 (a) | $ 1,111,000 | $ 1,106,869 |
| Occidental Petroleum Corp. | ||
| 5.50%, due 12/1/25 | 2,000,000 | 2,007,310 |
| 5.55%, due 3/15/26 | 1,000,000 | 1,006,359 |
| 5.875%, due 9/1/25 | 3,160,000 | 3,181,392 |
| Parkland Corp. | ||
| 5.875%, due 7/15/27 (a) | 9,915,000 | 9,837,275 |
| PDC Energy, Inc. | ||
| 5.75%, due 5/15/26 | 2,775,000 | 2,769,034 |
| Permian Resources Operating LLC (a) | ||
| 5.375%, due 1/15/26 | 6,100,000 | 6,020,233 |
| 7.75%, due 2/15/26 | 3,000,000 | 3,047,993 |
| Range Resources Corp. | ||
| 4.875%, due 5/15/25 | 3,900,000 | 3,851,250 |
| SM Energy Co. | ||
| 6.75%, due 9/15/26 | 3,670,000 | 3,665,046 |
| Southwestern Energy Co. | ||
| 5.70%, due 1/23/25 (i) | 2,199,000 | 2,185,707 |
| Talos Production, Inc. | ||
| 9.00%, due 2/1/29 (a) | 8,250,000 | 8,360,072 |
| 12.00%, due 1/15/26 | 11,410,000 | 11,763,710 |
| Transocean Aquila Ltd. | ||
| 8.00%, due 9/30/28 (a) | 5,200,000 | 5,322,720 |
| Transocean Poseidon Ltd. | ||
| 6.875%, due 2/1/27 (a) | 9,033,750 | 9,034,382 |
| Transocean Titan Financing Ltd. | ||
| 8.375%, due 2/1/28 (a) | 7,445,000 | 7,695,003 |
| Viper Energy, Inc. | ||
| 5.375%, due 11/1/27 (a) | 1,500,000 | 1,476,015 |
| Vital Energy, Inc. | ||
| 10.125%, due 1/15/28 | 7,410,000 | 7,760,582 |
| 136,954,622 | ||
| Oil & Gas Services 0.8% | ||
| Bristow Group, Inc. | ||
| 6.875%, due 3/1/28 (a) | 9,500,000 | 9,299,265 |
| Nine Energy Service, Inc. | ||
| 13.00%, due 2/1/28 | 4,500,000 | 3,871,170 |
| Oceaneering International, Inc. | ||
| 6.00%, due 2/1/28 | 3,000,000 | 2,930,730 |
| Weatherford International Ltd. | ||
| 6.50%, due 9/15/28 (a) | 832,000 | 849,414 |
| 16,950,579 | ||
| Packaging & Containers 0.3% | ||
| Cascades USA, Inc. | ||
| 5.125%, due 1/15/26 (a) | 4,831,000 | 4,746,458 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Packaging & Containers | ||
| Owens-Brockway Glass Container, Inc. | ||
| 6.625%, due 5/13/27 (a) | $ 1,000,000 | $ 995,702 |
| Sealed Air Corp. | ||
| 6.125%, due 2/1/28 (a) | 935,000 | 938,314 |
| 6,680,474 | ||
| Pharmaceuticals 2.0% | ||
| 1375209 BC Ltd. | ||
| 9.00%, due 1/30/28 (a) | 3,400,000 | 3,298,000 |
| Bausch Health Cos., Inc. | ||
| 11.00%, due 9/30/28 (a) | 6,250,000 | 4,251,875 |
| Endo DAC | ||
| 5.875%, due 10/15/24 (a)(g)(j) | 13,150,000 | 8,643,009 |
| Organon & Co. | ||
| 4.125%, due 4/30/28 (a) | 11,500,000 | 10,521,920 |
| Par Pharmaceutical, Inc. | ||
| 8.50%, due 4/1/27 (a)(g)(j) | 1,990,000 | 1,312,958 |
| Prestige Brands, Inc. | ||
| 5.125%, due 1/15/28 (a) | 13,000,000 | 12,724,660 |
| 40,752,422 | ||
| Pipelines 5.6% | ||
| Antero Midstream Partners LP | ||
| 5.75%, due 3/1/27 (a) | 7,690,000 | 7,632,846 |
| EnLink Midstream LLC | ||
| 5.625%, due 1/15/28 (a) | 3,700,000 | 3,657,138 |
| EQM Midstream Partners LP | ||
| 4.125%, due 12/1/26 | 1,000,000 | 962,947 |
| 6.00%, due 7/1/25 (a) | 2,195,000 | 2,190,284 |
| FTAI Infra Escrow Holdings LLC | ||
| 10.50%, due 6/1/27 (a) | 7,110,000 | 7,448,009 |
| Genesis Energy LP | ||
| 6.25%, due 5/15/26 | 7,000,000 | 6,967,636 |
| 8.00%, due 1/15/27 | 9,300,000 | 9,409,480 |
| 8.25%, due 1/15/29 | 1,950,000 | 2,004,629 |
| Hess Midstream Operations LP | ||
| 5.625%, due 2/15/26 (a) | 7,224,000 | 7,178,489 |
| New Fortress Energy, Inc. (a) | ||
| 6.50%, due 9/30/26 | 4,000,000 | 3,875,310 |
| 6.75%, due 9/15/25 | 1,000,000 | 988,051 |
| NuStar Logistics LP | ||
| 5.75%, due 10/1/25 | 1,500,000 | 1,496,250 |
| 6.00%, due 6/1/26 | 1,525,000 | 1,521,493 |
| Plains All American Pipeline LP | ||
| Series B | ||
| 9.751% (3 Month SOFR + 4.372%), due 3/1/24 (d)(e) | 18,663,000 | 18,453,566 |
| Rockies Express Pipeline LLC | ||
| 3.60%, due 5/15/25 (a) | 3,805,000 | 3,692,361 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Pipelines | ||
| Summit Midstream Holdings LLC | ||
| 9.00%, due 10/15/26 (a)(i) | $ 5,165,000 | $ 5,165,517 |
| Tallgrass Energy Partners LP (a) | ||
| 5.50%, due 1/15/28 | 1,500,000 | 1,444,005 |
| 6.00%, due 3/1/27 | 6,000,000 | 5,902,500 |
| 7.375%, due 2/15/29 | 3,730,000 | 3,720,725 |
| TransMontaigne Partners LP | ||
| 6.125%, due 2/15/26 | 4,600,000 | 4,232,573 |
| Venture Global LNG, Inc. (a) | ||
| 8.125%, due 6/1/28 | 9,580,000 | 9,682,397 |
| 9.50%, due 2/1/29 | 3,000,000 | 3,186,117 |
| Western Midstream Operating LP | ||
| 4.65%, due 7/1/26 | 4,315,000 | 4,249,937 |
| 115,062,260 | ||
| Real Estate Investment Trusts 3.4% | ||
| GLP Capital LP | ||
| 5.25%, due 6/1/25 | 2,500,000 | 2,488,776 |
| 5.375%, due 4/15/26 | 700,000 | 697,624 |
| Iron Mountain, Inc. | ||
| 4.875%, due 9/15/27 (a) | 5,000,000 | 4,831,548 |
| MPT Operating Partnership LP | ||
| 5.00%, due 10/15/27 | 9,440,000 | 7,145,028 |
| 5.25%, due 8/1/26 | 8,700,000 | 7,359,970 |
| RHP Hotel Properties LP | ||
| 4.50%, due 2/15/29 (a) | 500,000 | 464,805 |
| 4.75%, due 10/15/27 | 9,375,000 | 8,999,488 |
| 7.25%, due 7/15/28 (a) | 2,220,000 | 2,288,387 |
| SBA Communications Corp. | ||
| 3.875%, due 2/15/27 | 2,000,000 | 1,908,642 |
| VICI Properties LP (a) | ||
| 3.50%, due 2/15/25 | 9,615,000 | 9,380,394 |
| 4.625%, due 6/15/25 | 2,985,000 | 2,940,867 |
| 5.625%, due 5/1/24 | 19,681,000 | 19,650,357 |
| Vornado Realty LP | ||
| 3.50%, due 1/15/25 | 2,500,000 | 2,437,203 |
| 70,593,089 | ||
| Retail 3.7% | ||
| 1011778 B.C. Unlimited Liability Co. | ||
| 3.875%, due 1/15/28 (a) | 11,500,000 | 10,822,490 |
| Asbury Automotive Group, Inc. | ||
| 4.50%, due 3/1/28 | 12,105,000 | 11,380,545 |
| CEC Entertainment LLC | ||
| 6.75%, due 5/1/26 (a) | 2,830,000 | 2,811,375 |
| Dave & Buster's, Inc. | ||
| 7.625%, due 11/1/25 (a) | 2,160,000 | 2,184,451 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Retail | ||
| Group 1 Automotive, Inc. | ||
| 4.00%, due 8/15/28 (a) | $ 2,000,000 | $ 1,843,816 |
| Ken Garff Automotive LLC | ||
| 4.875%, due 9/15/28 (a) | 6,300,000 | 5,890,941 |
| KFC Holding Co. | ||
| 4.75%, due 6/1/27 (a) | 9,157,000 | 8,960,216 |
| Murphy Oil USA, Inc. | ||
| 5.625%, due 5/1/27 | 5,670,000 | 5,663,310 |
| NMG Holding Co., Inc. | ||
| 7.125%, due 4/1/26 (a) | 21,478,000 | 20,941,365 |
| Patrick Industries, Inc. | ||
| 7.50%, due 10/15/27 (a) | 3,547,000 | 3,564,735 |
| PetSmart, Inc. | ||
| 4.75%, due 2/15/28 (a) | 3,000,000 | 2,802,491 |
| 76,865,735 | ||
| Software 2.6% | ||
| ACI Worldwide, Inc. | ||
| 5.75%, due 8/15/26 (a) | 2,500,000 | 2,471,220 |
| Camelot Finance SA | ||
| 4.50%, due 11/1/26 (a) | 16,420,000 | 15,831,724 |
| Open Text Corp. (a) | ||
| 3.875%, due 2/15/28 | 3,725,000 | 3,459,965 |
| 6.90%, due 12/1/27 | 2,850,000 | 2,956,533 |
| PTC, Inc. (a) | ||
| 3.625%, due 2/15/25 | 10,320,000 | 10,130,613 |
| 4.00%, due 2/15/28 | 4,600,000 | 4,341,250 |
| SS&C Technologies, Inc. | ||
| 5.50%, due 9/30/27 (a) | 11,000,000 | 10,798,020 |
| Veritas US, Inc. | ||
| 7.50%, due 9/1/25 (a) | 4,740,000 | 4,050,532 |
| 54,039,857 | ||
| Telecommunications 2.4% | ||
| Connect Finco SARL | ||
| 6.75%, due 10/1/26 (a) | 7,170,000 | 7,007,475 |
| Frontier Communications Holdings LLC (a) | ||
| 5.00%, due 5/1/28 | 3,250,000 | 2,999,347 |
| 5.875%, due 10/15/27 | 5,150,000 | 4,953,427 |
| Sprint LLC | ||
| 7.625%, due 2/15/25 | 1,400,000 | 1,424,078 |
| T-Mobile USA, Inc. | ||
| 2.25%, due 2/15/26 | 24,000,000 | 22,754,146 |
| 4.75%, due 2/1/28 | 7,555,000 | 7,514,806 |
| 5.375%, due 4/15/27 | 570,000 | 572,862 |
| Viasat, Inc. | ||
| 5.625%, due 9/15/25 (a) | 1,525,000 | 1,473,531 |
| 48,699,672 | ||
| Principal Amount | Value | |
| Corporate Bonds | ||
| Toys, Games & Hobbies 0.5% | ||
| Mattel, Inc. (a) | ||
| 3.375%, due 4/1/26 | $ 5,469,000 | $ 5,218,096 |
| 5.875%, due 12/15/27 | 4,265,000 | 4,280,648 |
| 9,498,744 | ||
| Transportation 0.6% | ||
| RXO, Inc. | ||
| 7.50%, due 11/15/27 (a) | 1,500,000 | 1,545,007 |
| Watco Cos. LLC | ||
| 6.50%, due 6/15/27 (a) | 10,000,000 | 9,938,200 |
| 11,483,207 | ||
| Total Corporate Bonds (Cost $1,569,155,361) | 1,569,789,313 | |
| Loan Assignments 16.7% | ||
| Aerospace & Defense 0.4% | ||
| SkyMiles IP Ltd. | ||
| Initial Term Loan | ||
| 9.068% (3 Month SOFR + 3.75%), due 10/20/27 (d) | 3,375,000 | 3,448,406 |
| TransDigm, Inc. | ||
| Tranche Term Loan J | ||
| 8.598% (1 Month SOFR + 3.25%), due 2/28/31 (d) | 4,500,000 | 4,503,578 |
| 7,951,984 | ||
| Automobile 0.3% | ||
| Dealer Tire Financial LLC | ||
| Term Loan B3 | ||
| 9.083% (1 Month SOFR + 3.75%), due 12/14/27 (d) | 3,465,000 | 3,456,337 |
| Tenneco, Inc. | ||
| First Lien Term Loan B 10.448% - 10.469% | ||
| (3 Month SOFR + 5.00%), due 11/17/28 (d) | 3,850,000 | 3,480,639 |
| 6,936,976 | ||
| Banking 0.3% | ||
| Jane Street Group LLC | ||
| 2024 Repricing Term Loan | ||
| 7.951% (1 Month SOFR + 2.50%), due 1/26/28 (d) | 6,543,325 | 6,507,337 |
| Beverage, Food & Tobacco 0.3% | ||
| B&G Foods, Inc. | ||
| Tranche Term Loan B4 | ||
| 7.833% (1 Month SOFR + 2.50%), due 10/10/26 (d) | 2,599,999 | 2,587,405 |
| United Natural Foods, Inc. | ||
| Initial Term Loan | ||
| 8.697% (1 Month SOFR + 3.25%), due 10/22/25 (d) | 3,530,054 | 3,520,826 |
| 6,108,231 | ||
| Principal Amount | Value | |
| Loan Assignments | ||
| Capital Equipment 0.1% | ||
| DexKo Global, Inc. | ||
| First Lien 2023 Incremental Term Loan | ||
| 9.598% (3 Month SOFR + 4.25%), due 10/4/28 (d) | $ 2,500,000 | $ 2,491,875 |
| Cargo Transport 0.3% | ||
| GN Loanco LLC | ||
| Term Loan B | ||
| 9.833% (1 Month SOFR + 4.50%), due 12/19/30 (d) | 5,600,000 | 5,470,500 |
| Chemicals 0.2% | ||
| ASP Unifrax Holdings, Inc. | ||
| First Lien USD Term Loan | ||
| 9.248% (3 Month SOFR + 3.75%), due 12/12/25 (d) | 3,937,930 | 3,742,510 |
| Chemicals, Plastics & Rubber 1.6% | ||
| Innophos Holdings, Inc. | ||
| Initial Term Loan | ||
| 8.697% (1 Month SOFR + 3.25%), due 2/5/27 (d) | 8,102,720 | 7,987,257 |
| Jazz Pharmaceuticals plc | ||
| Additional Dollar Tranche Term Loan B1 | ||
| 8.447% (1 Month SOFR + 3.00%), due 5/5/28 (d) | 16,378,825 | 16,365,181 |
| SCIH Salt Holdings, Inc. | ||
| First Lien Incremental Term Loan B1 9.447% - 9.451% | ||
| (1 Month SOFR + 4.00%), due 3/16/27 (d) | 7,432,655 | 7,410,587 |
| 31,763,025 | ||
| Electronics 0.9% | ||
| Camelot U.S. Acquisition LLC (d) | ||
| Initial Term Loan 8.447% - 8.47% | ||
| (1 Month SOFR + 3.00%), due 10/30/26 | 7,035,709 | 7,026,914 |
| Amendment No. 2 Incremental Term Loan | ||
| 8.447% (1 Month SOFR + 3.00%), due 10/30/26 | 4,074,976 | 4,069,035 |
| Vertiv Group Corp. | ||
| Term Loan B1 | ||
| 7.967% (1 Month SOFR + 2.50%), due 3/2/27 (d) | 2,493,750 | 2,495,309 |
| WEX, Inc. | ||
| Term Loan B1 | ||
| 7.47% (1 Month SOFR + 2.25%), due 3/31/28 (d) | 4,945,015 | 4,924,409 |
| 18,515,667 | ||
| Energy (Electricity) 0.5% | ||
| Talen Energy Supply LLC (d) | ||
| Initial Term Loan B | ||
| 9.869% (3 Month SOFR + 4.50%), due 5/17/30 | 6,583,347 | 6,589,522 |
| Initial Term Loan C | ||
| 9.869% (3 Month SOFR + 4.50%), due 5/17/30 | 4,028,571 | 4,032,350 |
| 10,621,872 | ||
| Principal Amount | Value | |
| Loan Assignments | ||
| Entertainment 0.3% | ||
| ECL Entertainment LLC | ||
| Term Loan B | ||
| 10.083% (1 Month SOFR + 4.75%), due 9/3/30 (d) | $ 2,493,750 | $ 2,493,750 |
| NAI Entertainment Holdings LLC | ||
| Tranche Term Loan B | ||
| 8.446% (1 Month SOFR + 3.00%), due 5/8/25 (d) | 2,902,758 | 2,883,711 |
| 5,377,461 | ||
| Finance 1.0% | ||
| Aretec Group, Inc. | ||
| Term Loan B1 | ||
| 9.933% (1 Month SOFR + 4.50%), due 8/9/30 (d) | 1,994,987 | 1,994,710 |
| Mativ Holdings, Inc. | ||
| Term Loan B | ||
| 9.197% (1 Month SOFR + 3.75%), due 4/20/28 (d) | 1,448,926 | 1,445,304 |
| Mileage Plus Holdings LLC | ||
| Initial Term Loan | ||
| 10.77% (3 Month SOFR + 5.25%), due 6/21/27 (d) | 1,750,000 | 1,801,704 |
| Osaic Holdings, Inc. | ||
| Term Loan B2 | ||
| 9.833% (1 Month SOFR + 4.50%), due 8/17/28 (d) | 2,400,000 | 2,395,351 |
| RealTruck Group, Inc. (d) | ||
| Initial Term Loan | ||
| 8.947% (1 Month SOFR + 3.50%), due 1/31/28 | 8,701,880 | 8,557,759 |
| Second Amendment Incremental Term Loan | ||
| 10.447% (1 Month SOFR + 5.00%), due 1/31/28 | 5,000,000 | 4,918,750 |
| 21,113,578 | ||
| Healthcare & Pharmaceuticals 0.3% | ||
| Bausch & Lomb Corp. | ||
| First Incremental Term Loan | ||
| 9.333% (1 Month SOFR + 4.00%), due 9/29/28 (d) | 2,693,250 | 2,639,385 |
| Owens & Minor, Inc. | ||
| Term Loan B1 9.183% - 9.198% | ||
| (1 Month SOFR + 3.75%, 3 Month SOFR + 3.75%), due 3/29/29 (d) | 3,188,167 | 3,188,167 |
| 5,827,552 | ||
| Healthcare, Education & Childcare 1.2% | ||
| Endo Luxembourg Finance Co. I SARL | ||
| 2021 Term Loan | ||
| 14.50% (1 Month PRIME + 6.00%), due 3/27/28 (d) | 3,000,000 | 2,047,500 |
| LifePoint Health, Inc. | ||
| 2023 Refinancing Term Loan | ||
| 11.087% (3 Month SOFR + 5.50%), due 11/16/28 (d) | 16,000,000 | 15,953,328 |
| Organon & Co. | ||
| Dollar Term Loan | ||
| 8.45% (1 Month SOFR + 3.00%), due 6/2/28 (d) | 7,627,500 | 7,608,431 |
| 25,609,259 | ||
| Principal Amount | Value | |
| Loan Assignments | ||
| High Tech Industries 0.6% | ||
| Central Parent LLC | ||
| First Lien 2023 Refinancing Term Loan | ||
| 9.348% (3 Month SOFR + 4.00%), due 7/6/29 (d) | $ 1,989,975 | $ 1,992,048 |
| Open Text Corp. | ||
| 2023 Replacement Term Loan | ||
| 8.183% (1 Month SOFR + 2.75%), due 1/31/30 (d) | 9,340,690 | 9,340,690 |
| 11,332,738 | ||
| Hotel, Gaming & Leisure 0.1% | ||
| Merlin Buyer, Inc. | ||
| USD Dollar Denominated Term Loan | ||
| 9.11%, due 11/12/29 | 2,900,000 | 2,880,062 |
| Hotels, Motels, Inns & Gaming 0.6% | ||
| Caesars Entertainment, Inc. | ||
| Term Loan B1 | ||
| 8.04%, due 1/24/31 | 6,200,000 | 6,181,915 |
| Four Seasons Holdings, Inc. | ||
| First Lien 2023 Repricing Term Loan | ||
| 7.933% (1 Month SOFR + 2.50%), due 11/30/29 (d) | 5,275,535 | 5,272,238 |
| 11,454,153 | ||
| Insurance 0.2% | ||
| USI, Inc. | ||
| 2023 Term Loan B | ||
| 8.348% (3 Month SOFR + 3.00%), due 11/22/29 (d) | 4,629,308 | 4,616,906 |
| Leisure, Amusement, Motion Pictures & Entertainment 0.3% | ||
| Carnival Corp. | ||
| Initial Advance Term Loan | ||
| 8.336% (1 Month SOFR + 3.00%), due 8/9/27 (d) | 5,572,000 | 5,568,517 |
| NASCAR Holdings LLC | ||
| Initial Term Loan | ||
| 7.947% (1 Month SOFR + 2.50%), due 10/19/26 (d) | 930,612 | 933,229 |
| 6,501,746 | ||
| Manufacturing 0.8% | ||
| Adient U.S. LLC | ||
| Term Loan B1 | ||
| 8.72% (1 Month SOFR + 3.25%), due 4/10/28 (d) | 6,032,500 | 6,034,654 |
| Chart Industries, Inc. | ||
| Amendment No. 5 Term Loan | ||
| 8.698% (1 Month SOFR + 3.25%), due 3/15/30 (d) | 5,467,197 | 5,467,197 |
| Summit Materials LLC | ||
| Incremental Cov-Lite Term Loan B | ||
| 7.826%, due 11/30/28 | 4,250,000 | 4,256,375 |
| 15,758,226 | ||
| Principal Amount | Value | |
| Loan Assignments | ||
| Media 1.4% | ||
| Block Communications, Inc. | ||
| Term Loan | ||
| 7.86% (3 Month SOFR + 2.25%), due 2/25/27 (d) | $ 11,309,375 | $ 10,932,400 |
| DIRECTV Financing LLC | ||
| 2024 Refinancing Term Loan B | ||
| 10.83% (3 Month SOFR + 5.25%), due 8/2/29 (d) | 12,934,802 | 12,929,408 |
| Lamar Media Corp. | ||
| Term Loan B | ||
| 6.933% (1 Month SOFR + 1.50%), due 2/5/27 (d) | 5,000,000 | 4,984,820 |
| 28,846,628 | ||
| Mining, Steel, Iron & Non-Precious Metals 0.3% | ||
| American Rock Salt Co. LLC | ||
| First Lien Initial Term Loan | ||
| 9.447% (1 Month SOFR + 4.00%), due 6/9/28 (d) | 4,308,951 | 4,111,459 |
| Gates Global LLC | ||
| Initial Dollar Term Loan B3 | ||
| 7.933% (1 Month SOFR + 2.50%), due 3/31/27 (d) | 2,961,832 | 2,956,705 |
| 7,068,164 | ||
| Oil & Gas 1.1% | ||
| GIP III Stetson I LP | ||
| 2023 Initial Term Loan | ||
| 9.683% (1 Month SOFR + 4.25%), due 10/31/28 (d) | 4,376,227 | 4,389,355 |
| GIP Pilot Acquisition Partners LP | ||
| Initial Term Loan | ||
| 8.327% (3 Month SOFR + 3.00%), due 10/4/30 (d) | 5,150,000 | 5,147,852 |
| New Fortress Energy, Inc. | ||
| Initial Term Loan | ||
| 10.317% (3 Month SOFR + 5.00%), due 10/30/28 (d) | 4,700,000 | 4,697,063 |
| NGL Energy Operating LLC | ||
| Term Loan | ||
| 9.826%, due 1/27/31 | 2,850,000 | 2,842,875 |
| PetroQuest Energy LLC (b)(f) | ||
| Term Loan | ||
| 15.00%, due 11/8/25 | 4,338,627 | 2,082,541 |
| 2020 Term Loan | ||
| 15.00% (15.00% PIK) (1 Month LIBOR + 6.50%), due 9/19/26 (c)(d) | 282,527 | 282,527 |
| Term Loan | ||
| 15.00% (1 Month LIBOR + 6.50%), due 1/1/28 (d) | 367,680 | 367,680 |
| TransMontaigne Operating Co. LP | ||
| Tranche Term Loan B | ||
| 8.947% (1 Month SOFR + 3.50%), due 11/17/28 (d) | 2,940,000 | 2,906,399 |
| 22,716,292 | ||
| Personal, Food & Miscellaneous Services 0.4% | ||
| 1011778 B.C. Unlimited Liability Co. | ||
| Term Loan B5 | ||
| 7.583% (1 Month SOFR + 2.25%), due 9/20/30 (d) | 3,500,000 | 3,479,217 |
| Principal Amount | Value | |
| Loan Assignments | ||
| Personal, Food & Miscellaneous Services | ||
| KFC Holding Co. | ||
| 2021 Term Loan B | ||
| 7.196% (1 Month SOFR + 1.75%), due 3/15/28 (d) | $ 2,565,641 | $ 2,562,077 |
| WW International, Inc. | ||
| Initial Term Loan | ||
| 8.947% (1 Month SOFR + 3.50%), due 4/13/28 (d) | 5,043,625 | 2,929,504 |
| 8,970,798 | ||
| Retail 1.6% | ||
| Great Outdoors Group LLC | ||
| Term Loan B2 | ||
| 9.197% (1 Month SOFR + 3.75%), due 3/6/28 (d) | 32,017,726 | 31,909,666 |
| Services: Business 0.5% | ||
| Brown Group Holdings LLC | ||
| Facility Incremental Term Loan B2 8.356% - 8.388% | ||
| (1 Month SOFR + 3.00%, 3 Month SOFR + 3.00%), due 7/2/29 (d) | 2,000,000 | 1,991,428 |
| Dun & Bradstreet Corp. (The) | ||
| Refinancing Term Loan | ||
| 8.187% (1 Month SOFR + 2.75%), due 2/6/26 (d) | 2,785,237 | 2,784,076 |
| GIP II Blue Holding LP | ||
| Initial Term Loan | ||
| 9.941%, due 9/29/28 | 5,254,206 | 5,253,265 |
| 10,028,769 | ||
| Software 0.4% | ||
| Cloud Software Group, Inc. | ||
| First Lien Dollar Term Loan B | ||
| 9.948% (3 Month SOFR + 4.50%), due 3/30/29 (d) | 7,883,535 | 7,725,108 |
| Telecommunications 0.4% | ||
| Connect Finco SARL | ||
| Amendement No.1 Refinancing Term Loan | ||
| 8.833% (1 Month SOFR + 3.50%), due 12/11/26 (d) | 8,566,250 | 8,549,117 |
| Utilities 0.3% | ||
| Constellation Renewables LLC | ||
| Term Loan | ||
| 8.15% (3 Month SOFR + 2.50%), due 12/15/27 (d) | 2,609,840 | 2,597,879 |
| Principal Amount | Value | ||
| Loan Assignments | |||
| Utilities | |||
| PG&E Corp. | |||
| Term Loan | |||
| 7.833% (1 Month SOFR + 2.50%), due 6/23/27 (d) | $ 3,250,000 | $ 3,248,375 | |
| 5,846,254 | |||
| Total Loan Assignments (Cost $342,758,563) | 342,242,454 | ||
| Total Long-Term Bonds (Cost $1,946,581,497) | 1,948,794,171 | ||
| Shares | |||
| Common Stocks 0.5% | |||
| Electrical Equipment 0.0% ‡ | |||
| Energy Technologies, Inc. (b)(f)(k) | 2,021 | 555,775 | |
| Energy Equipment & Services 0.0% ‡ | |||
| Nine Energy Service, Inc. (k) | 20,186 | 48,648 | |
| Independent Power and Renewable Electricity Producers 0.1% | |||
| GenOn Energy, Inc. (h) | 20,915 | 888,888 | |
| Oil, Gas & Consumable Fuels 0.4% | |||
| Gulfport Energy Corp. (k) | 56,790 | 7,206,651 | |
| PetroQuest Energy, Inc. (b)(f)(k) | 11,867 | — | |
| Talos Energy, Inc. (k) | 71,517 | 927,575 | |
| 8,134,226 | |||
| Total Common Stocks (Cost $10,087,982) | 9,627,537 | ||
| Preferred Stock 0.2% | |||
| Electrical Equipment 0.2% | |||
| Energy Technologies Ltd. (b)(f)(k) | 4,501 | 4,050,900 | |
| Total Preferred Stock (Cost $4,295,472) | 4,050,900 | ||
| Total Investments (Cost $1,960,964,951) | 95.7% | 1,962,472,608 | |
| Other Assets, Less Liabilities | 4.3 | 88,365,630 | |
| Net Assets | 100.0% | $ 2,050,838,238 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| ‡ | 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) | Illiquid security—As of January 31, 2024, the total market value deemed illiquid under procedures approved by the Board of Trustees was $12,550,317, which represented 0.6% of the Fund’s net assets. |
| (c) | PIK ("Payment-in-Kind")—issuer may pay interest or dividends with additional securities and/or in cash. |
| (d) | Floating rate—Rate shown was the rate in effect as of January 31, 2024. |
| (e) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
| (f) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (g) | Issue in non-accrual status. |
| (h) | Restricted security. |
| (i) | Step coupon—Rate shown was the rate in effect as of January 31, 2024. |
| (j) | Issue in default. |
| (k) | Non-income producing security. |
| Abbreviation(s): |
| LIBOR—London Interbank Offered Rate |
| SOFR—Secured Overnight Financing Rate |
| USD—United States Dollar |
The following is a summary of the
fair valuations according to the inputs used as of January 31, 2024, 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 | $ — | $ 36,762,404 | $ — | $ 36,762,404 | |||
| Corporate Bonds | — | 1,567,016,713 | 2,772,600 | 1,569,789,313 | |||
| Loan Assignments | — | 339,509,706 | 2,732,748 | 342,242,454 | |||
| Total Long-Term Bonds | — | 1,943,288,823 | 5,505,348 | 1,948,794,171 | |||
| Common Stocks | 8,182,874 | 888,888 | 555,775 | 9,627,537 | |||
| Preferred Stock | — | — | 4,050,900 | 4,050,900 | |||
| Total Investments in Securities | $ 8,182,874 | $ 1,944,177,711 | $ 10,112,023 | $ 1,962,472,608 |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
MainStay WMC Small Companies Fund
Portfolio of Investments January 31, 2024†^(Unaudited)
| Shares | Value | |
| Common Stocks 97.5% | ||
| Aerospace & Defense 1.9% | ||
| BWX Technologies, Inc. | 59,559 | $ 4,852,867 |
| Automobile Components 3.6% | ||
| Dana, Inc. | 155,621 | 2,110,221 |
| Goodyear Tire & Rubber Co. (The) (a) | 280,806 | 3,914,436 |
| XPEL, Inc. (a) | 59,578 | 3,184,444 |
| 9,209,101 | ||
| Banks 7.8% | ||
| Banner Corp. | 41,620 | 1,938,660 |
| OFG Bancorp | 78,531 | 2,887,585 |
| Old National Bancorp | 229,158 | 3,774,232 |
| Stellar Bancorp, Inc. | 120,217 | 3,009,031 |
| United Community Banks, Inc. | 106,894 | 2,922,482 |
| Veritex Holdings, Inc. | 130,708 | 2,746,175 |
| WSFS Financial Corp. | 59,227 | 2,636,194 |
| 19,914,359 | ||
| Biotechnology 7.8% | ||
| 4D Molecular Therapeutics, Inc. (a) | 5,670 | 97,807 |
| 89bio, Inc. (a) | 13,122 | 129,908 |
| ACADIA Pharmaceuticals, Inc. (a) | 20,432 | 529,393 |
| Agios Pharmaceuticals, Inc. (a) | 13,473 | 304,759 |
| Akero Therapeutics, Inc. (a) | 8,742 | 188,915 |
| Alpine Immune Sciences, Inc. (a) | 8,467 | 225,307 |
| ALX Oncology Holdings, Inc. (a)(b) | 5,461 | 78,693 |
| Amicus Therapeutics, Inc. (a) | 46,354 | 576,180 |
| Apogee Therapeutics, Inc. (a)(b) | 4,049 | 135,641 |
| Arcellx, Inc. (a) | 4,949 | 306,046 |
| Arcturus Therapeutics Holdings, Inc. (a) | 4,049 | 133,495 |
| Arcutis Biotherapeutics, Inc. (a)(b) | 17,123 | 100,512 |
| Ardelyx, Inc. (a) | 34,730 | 303,193 |
| Arrowhead Pharmaceuticals, Inc. (a) | 15,530 | 498,513 |
| Avidity Biosciences, Inc. (a) | 10,847 | 132,659 |
| Beam Therapeutics, Inc. (a) | 9,832 | 239,901 |
| Biohaven Ltd. (a) | 9,557 | 425,095 |
| Biomea Fusion, Inc. (a)(b) | 4,608 | 83,313 |
| Blueprint Medicines Corp. (a) | 8,258 | 656,759 |
| Cabaletta Bio, Inc. (a) | 5,774 | 118,251 |
| Caribou Biosciences, Inc. (a) | 17,446 | 106,944 |
| Celldex Therapeutics, Inc. (a) | 21,323 | 750,996 |
| Crinetics Pharmaceuticals, Inc. (a) | 11,728 | 427,837 |
| Cytokinetics, Inc. (a) | 11,823 | 923,731 |
| Day One Biopharmaceuticals, Inc. (a) | 10,818 | 162,811 |
| Denali Therapeutics, Inc. (a) | 14,554 | 233,010 |
| Disc Medicine, Inc. (a) | 3,148 | 206,981 |
| Dyne Therapeutics, Inc. (a) | 8,069 | 172,677 |
| Geron Corp. (a) | 74,949 | 137,906 |
| Shares | Value | |
| Common Stocks | ||
| Biotechnology | ||
| Halozyme Therapeutics, Inc. (a) | 17,683 | $ 598,570 |
| Immunovant, Inc. (a) | 9,510 | 346,259 |
| Inhibrx, Inc. (a) | 5,196 | 200,202 |
| Intellia Therapeutics, Inc. (a) | 12,411 | 295,630 |
| Iovance Biotherapeutics, Inc. (a) | 36,019 | 278,427 |
| Ironwood Pharmaceuticals, Inc. (a) | 32,540 | 461,743 |
| Krystal Biotech, Inc. (a) | 3,404 | 378,695 |
| Kura Oncology, Inc. (a) | 9,955 | 200,494 |
| Kymera Therapeutics, Inc. (a) | 15,521 | 508,778 |
| MacroGenics, Inc. (a) | 12,060 | 172,458 |
| Madrigal Pharmaceuticals, Inc. (a)(b) | 2,048 | 443,822 |
| Mersana Therapeutics, Inc. (a) | 18,612 | 58,814 |
| Morphic Holding, Inc. (a) | 7,158 | 226,837 |
| Myriad Genetics, Inc. (a) | 11,567 | 247,418 |
| Nkarta, Inc. (a) | 7,016 | 63,425 |
| Nurix Therapeutics, Inc. (a) | 9,330 | 73,707 |
| Nuvalent, Inc., Class A (a) | 7,253 | 545,208 |
| Olema Pharmaceuticals, Inc. (a) | 7,699 | 100,395 |
| Prothena Corp. plc (a) | 6,580 | 186,806 |
| PTC Therapeutics, Inc. (a) | 10,629 | 277,311 |
| REGENXBIO, Inc. (a) | 9,377 | 115,525 |
| Relay Therapeutics, Inc. (a) | 15,578 | 144,096 |
| Replimune Group, Inc. (a) | 12,610 | 97,854 |
| REVOLUTION Medicines, Inc. (a) | 27,344 | 758,796 |
| Rhythm Pharmaceuticals, Inc. (a)(b) | 5,840 | 257,602 |
| Rocket Pharmaceuticals, Inc. (a) | 11,017 | 316,518 |
| Sage Therapeutics, Inc. (a) | 10,287 | 263,759 |
| Savara, Inc. (a) | 27,790 | 137,283 |
| SpringWorks Therapeutics, Inc. (a) | 9,216 | 406,702 |
| Syndax Pharmaceuticals, Inc. (a) | 15,303 | 313,558 |
| TG Therapeutics, Inc. (a)(b) | 19,911 | 323,355 |
| Travere Therapeutics, Inc. (a) | 15,047 | 134,370 |
| Twist Bioscience Corp. (a) | 8,097 | 262,343 |
| UroGen Pharma Ltd. (a)(b) | 7,604 | 119,383 |
| Vaxcyte, Inc. (a) | 15,293 | 1,092,226 |
| Vera Therapeutics, Inc. (a) | 5,878 | 214,077 |
| Veracyte, Inc. (a) | 9,917 | 248,123 |
| Verve Therapeutics, Inc. (a) | 8,116 | 87,815 |
| Viridian Therapeutics, Inc. (a) | 7,718 | 148,571 |
| Voyager Therapeutics, Inc. (a) | 9,623 | 69,959 |
| Xencor, Inc. (a) | 12,506 | 233,862 |
| Y-mAbs Therapeutics, Inc. (a)(b) | 7,026 | 89,863 |
| Zymeworks, Inc. (a) | 12,563 | 136,183 |
| 20,024,055 | ||
| Building Products 1.3% | ||
| Masonite International Corp. (a) | 37,498 | 3,451,691 |
| Shares | Value | |
| Common Stocks | ||
| Chemicals 3.1% | ||
| Minerals Technologies, Inc. | 66,079 | $ 4,318,263 |
| Quaker Chemical Corp. | 18,564 | 3,526,046 |
| 7,844,309 | ||
| Commercial Services & Supplies 3.6% | ||
| Brady Corp., Class A | 77,394 | 4,661,441 |
| Interface, Inc. | 370,299 | 4,595,410 |
| 9,256,851 | ||
| Consumer Finance 1.5% | ||
| Enova International, Inc. (a) | 72,963 | 3,971,376 |
| Diversified Consumer Services 1.6% | ||
| Laureate Education, Inc. | 318,984 | 4,025,578 |
| Electric Utilities 1.1% | ||
| Portland General Electric Co. | 70,201 | 2,873,327 |
| Electronic Equipment, Instruments & Components 4.4% | ||
| CTS Corp. | 87,249 | 3,582,444 |
| Napco Security Technologies, Inc. | 114,494 | 3,978,666 |
| TTM Technologies, Inc. (a) | 266,713 | 3,709,978 |
| 11,271,088 | ||
| Energy Equipment & Services 5.3% | ||
| Helix Energy Solutions Group, Inc. (a) | 337,340 | 3,170,996 |
| Liberty Energy, Inc. (b) | 201,790 | 4,195,214 |
| Patterson-UTI Energy, Inc. | 212,394 | 2,355,450 |
| Tidewater, Inc. (a) | 56,111 | 3,770,098 |
| 13,491,758 | ||
| Financial Services 5.8% | ||
| Federal Agricultural Mortgage Corp., Class C | 21,218 | 3,952,701 |
| NMI Holdings, Inc., Class A (a) | 118,938 | 3,796,501 |
| Remitly Global, Inc. (a) | 199,658 | 3,422,138 |
| Shift4 Payments, Inc., Class A (a) | 52,603 | 3,777,422 |
| 14,948,762 | ||
| Food Products 2.4% | ||
| Freshpet, Inc. (a) | 70,277 | 6,050,850 |
| Gas Utilities 1.6% | ||
| New Jersey Resources Corp. | 98,090 | 4,005,015 |
| Ground Transportation 2.9% | ||
| Marten Transport Ltd. | 172,337 | 3,188,235 |
| Shares | Value | |
| Common Stocks | ||
| Ground Transportation | ||
| Ryder System, Inc. | 36,730 | $ 4,171,426 |
| 7,359,661 | ||
| Health Care Equipment & Supplies 2.7% | ||
| Artivion, Inc. (a) | 221,744 | 3,707,560 |
| SI-BONE, Inc. (a) | 159,440 | 3,222,282 |
| 6,929,842 | ||
| Health Care Providers & Services 3.1% | ||
| Hims & Hers Health, Inc. (a) | 449,694 | 3,858,374 |
| Progyny, Inc. (a) | 107,244 | 4,084,924 |
| 7,943,298 | ||
| Health Care REITs 1.6% | ||
| CareTrust REIT, Inc. | 194,597 | 4,070,969 |
| Hotels, Restaurants & Leisure 1.8% | ||
| Hilton Grand Vacations, Inc. (a) | 111,196 | 4,636,873 |
| Household Durables 2.1% | ||
| Skyline Champion Corp. (a) | 79,355 | 5,434,230 |
| Interactive Media & Services 2.1% | ||
| Taboola.com Ltd. (a) | 1,133,163 | 5,348,529 |
| Machinery 3.7% | ||
| Blue Bird Corp. (a) | 169,656 | 4,942,079 |
| Greenbrier Cos., Inc. (The) | 96,962 | 4,407,893 |
| 9,349,972 | ||
| Media 1.6% | ||
| Magnite, Inc. (a) | 457,918 | 4,052,574 |
| Metals & Mining 2.4% | ||
| Carpenter Technology Corp. | 73,906 | 4,551,870 |
| MP Materials Corp. (a)(b) | 105,728 | 1,671,560 |
| 6,223,430 | ||
| Mortgage Real Estate Investment Trusts 1.5% | ||
| Redwood Trust, Inc. | 566,612 | 3,801,967 |
| Oil, Gas & Consumable Fuels 1.8% | ||
| PBF Energy, Inc., Class A | 90,035 | 4,547,668 |
| Pharmaceuticals 1.7% | ||
| Amylyx Pharmaceuticals, Inc. (a) | 9,690 | 155,040 |
| Shares | Value | |
| Common Stocks | ||
| Pharmaceuticals | ||
| Arvinas, Inc. (a) | 6,665 | $ 276,598 |
| Axsome Therapeutics, Inc. (a) | 4,636 | 417,379 |
| Corcept Therapeutics, Inc. (a) | 15,255 | 321,880 |
| Harmony Biosciences Holdings, Inc. (a) | 6,561 | 206,934 |
| Innoviva, Inc. (a) | 27,211 | 440,818 |
| Intra-Cellular Therapies, Inc. (a) | 12,942 | 871,514 |
| Ligand Pharmaceuticals, Inc. (a) | 3,660 | 267,546 |
| Longboard Pharmaceuticals, Inc. (a)(b) | 3,328 | 70,687 |
| Marinus Pharmaceuticals, Inc. (a) | 11,965 | 116,539 |
| Neumora Therapeutics, Inc. (a)(b) | 4,219 | 62,863 |
| Pacira BioSciences, Inc. (a) | 11,055 | 360,282 |
| Phathom Pharmaceuticals, Inc. (a) | 9,187 | 61,553 |
| Phibro Animal Health Corp., Class A | 9,785 | 105,776 |
| Revance Therapeutics, Inc. (a) | 15,322 | 77,070 |
| Supernus Pharmaceuticals, Inc. (a) | 11,159 | 308,881 |
| Theravance Biopharma, Inc. (a) | 22,812 | 216,258 |
| WaVe Life Sciences Ltd. (a) | 16,147 | 69,755 |
| 4,407,373 | ||
| Real Estate Management & Development 1.6% | ||
| Marcus & Millichap, Inc. | 105,358 | 4,013,086 |
| Semiconductors & Semiconductor Equipment 2.7% | ||
| Semtech Corp. (a) | 156,616 | 3,107,262 |
| Tower Semiconductor Ltd. (a) | 131,485 | 3,793,342 |
| 6,900,604 | ||
| Software 4.7% | ||
| Agilysys, Inc. (a) | 48,121 | 4,028,209 |
| SolarWinds Corp. (a) | 302,874 | 3,579,971 |
| Verint Systems, Inc. (a) | 144,956 | 4,303,743 |
| 11,911,923 | ||
| Specialized REITs 1.5% | ||
| Uniti Group, Inc. | 715,031 | 3,761,063 |
| Textiles, Apparel & Luxury Goods 1.1% | ||
| Figs, Inc., Class A (a)(b) | 500,059 | 2,880,340 |
| Trading Companies & Distributors 4.1% | ||
| MRC Global, Inc. (a) | 508,796 | 5,423,766 |
| Xometry, Inc., Class A (a) | 160,890 | 5,177,440 |
| 10,601,206 | ||
| Total Common Stocks (Cost $240,124,663) | 249,365,595 | |
| Shares | Value | ||
| Exchange-Traded Fund 1.7% | |||
| iShares Russell 2000 ETF | 22,850 | $ 4,407,308 | |
| Total Exchange-Traded Fund (Cost $4,479,169) | 4,407,308 | ||
| Short-Term Investments 4.8% | |||
| Affiliated Investment Company 2.2% | |||
| MainStay U.S. Government Liquidity Fund, 5.25% (c) | 5,511,865 | 5,511,865 | |
| Unaffiliated Investment Company 2.6% | |||
| Invesco Government & Agency Portfolio, 5.315% (c)(d) | 6,709,486 | 6,709,486 | |
| Total Short-Term Investments (Cost $12,221,351) | 12,221,351 | ||
| Total Investments (Cost $256,825,183) | 104.0% | 265,994,254 | |
| Other Assets, Less Liabilities | (4.0) | (10,237,499) | |
| Net Assets | 100.0% | $ 255,756,755 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security was held on loan. As of January 31, 2024, the aggregate market value of securities on loan was $6,346,638. The Fund received cash collateral with a value of $6,709,486. |
| (c) | Current yield as of January 31, 2024. |
| (d) | Represents a security purchased with cash collateral received for securities on loan. |
Investments in Affiliates (in
000's)
Investments in issuers considered to
be affiliate(s) of the Fund during the period ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| MainStay U.S. Government Liquidity Fund | $ — | $ 17,960 | $ (12,448) | $ — | $ — | $ 5,512 | $ 18 | $ — | 5,512 |
| Abbreviation(s): |
| 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, 2024, 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 | $ 249,365,595 | $ — | $ — | $ 249,365,595 | |||
| Exchange-Traded Fund | 4,407,308 | — | — | 4,407,308 | |||
| Short-Term Investments | |||||||
| Affiliated Investment Company | 5,511,865 | — | — | 5,511,865 | |||
| Unaffiliated Investment Company | 6,709,486 | — | — | 6,709,486 | |||
| Total Short-Term Investments | 12,221,351 | — | — | 12,221,351 | |||
| Total Investments in Securities | $ 265,994,254 | $ — | $ — | $ 265,994,254 |
| (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, 2024†^(Unaudited)
| Principal Amount | Value | |
| Long-Term Bonds 98.0% | ||
| Asset-Backed Securities 11.2% | ||
| Automobile Asset-Backed Securities 6.3% | ||
| American Credit Acceptance Receivables Trust | ||
| Series 2022-1, Class D | ||
| 2.46%, due 3/13/28 (a) | $ 2,265,000 | $ 2,188,048 |
| CPS Auto Receivables Trust | ||
| Series 2021-C, Class E | ||
| 3.21%, due 9/15/28 (a) | 830,000 | 783,849 |
| Exeter Automobile Receivables Trust | ||
| Series 2021-3A, Class D | ||
| 1.55%, due 6/15/27 | 1,565,000 | 1,472,231 |
| Series 2021-2A, Class E | ||
| 2.90%, due 7/17/28 (a) | 1,040,000 | 977,710 |
| Series 2021-3A, Class E | ||
| 3.04%, due 12/15/28 (a) | 2,090,000 | 1,919,224 |
| Flagship Credit Auto Trust (a) | ||
| Series 2020-1, Class E | ||
| 3.52%, due 6/15/27 | 1,950,000 | 1,841,761 |
| Series 2019-2, Class E | ||
| 4.52%, due 12/15/26 | 1,910,000 | 1,870,820 |
| Series 2022-2, Class D | ||
| 5.80%, due 4/17/28 | 1,050,000 | 980,324 |
| Ford Credit Auto Owner Trust (a) | ||
| Series 2021-2, Class D | ||
| 2.60%, due 5/15/34 | 230,000 | 210,186 |
| Series 2023-2, Class B | ||
| 5.92%, due 2/15/36 | 500,000 | 511,621 |
| Series 2023-1, Class D | ||
| 6.26%, due 8/15/35 | 755,000 | 752,497 |
| GLS Auto Receivables Issuer Trust (a) | ||
| Series 2021-2A, Class E | ||
| 2.87%, due 5/15/28 | 1,895,000 | 1,775,299 |
| Series 2021-3A, Class E | ||
| 3.20%, due 10/16/28 | 1,685,000 | 1,562,764 |
| Series 2020-1A, Class D | ||
| 3.68%, due 11/16/26 | 440,000 | 433,569 |
| Hertz Vehicle Financing III LLC | ||
| Series 2023-1A, Class C | ||
| 6.91%, due 6/25/27 (a) | 235,000 | 238,053 |
| Hertz Vehicle Financing III LP (a) | ||
| Series 2021-2A, Class B | ||
| 2.12%, due 12/27/27 | 1,215,000 | 1,109,240 |
| Series 2021-2A, Class D | ||
| 4.34%, due 12/27/27 | 1,660,000 | 1,506,282 |
| Hertz Vehicle Financing LLC (a) | ||
| Series 2021-1A, Class B | ||
| 1.56%, due 12/26/25 | 870,000 | 842,380 |
| Series 2021-1A, Class C | ||
| 2.05%, due 12/26/25 | 890,000 | 862,452 |
| Principal Amount | Value | |
| Asset-Backed Securities | ||
| Automobile Asset-Backed Securities | ||
| Santander Drive Auto Receivables Trust | ||
| Series 2021-3, Class D | ||
| 1.33%, due 9/15/27 | $ 705,000 | $ 676,565 |
| 22,514,875 | ||
| Other Asset-Backed Securities 4.9% | ||
| American Airlines Pass-Through Trust | ||
| Series 2019-1, Class AA | ||
| 3.15%, due 2/15/32 | 1,093,692 | 966,474 |
| Series 2016-2, Class A | ||
| 3.65%, due 6/15/28 | 1,349,000 | 1,221,625 |
| Series 2019-1, Class B | ||
| 3.85%, due 2/15/28 | 849,283 | 766,825 |
| British Airways Pass-Through Trust | ||
| Series 2021-1, Class A | ||
| 2.90%, due 3/15/35 (a) | 1,724,859 | 1,489,973 |
| CF Hippolyta Issuer LLC (a) | ||
| Series 2020-1, Class A1 | ||
| 1.69%, due 7/15/60 | 1,401,346 | 1,306,478 |
| Series 2021-1A, Class B1 | ||
| 1.98%, due 3/15/61 | 2,012,125 | 1,717,545 |
| CVS Pass-Through Trust | ||
| 5.789%, due 1/10/26 (a) | 16,213 | 16,072 |
| DB Master Finance LLC | ||
| Series 2021-1A, Class A23 | ||
| 2.791%, due 11/20/51 (a) | 935,900 | 781,160 |
| FORA Financial Asset Securitization LLC | ||
| Series 2021-1A, Class A | ||
| 2.62%, due 5/15/27 (a) | 845,000 | 805,338 |
| JetBlue Pass-Through Trust | ||
| Series 2019-1, Class AA | ||
| 2.75%, due 5/15/32 | 2,128,564 | 1,802,775 |
| Navient Private Education Refi Loan Trust | ||
| Series 2020-HA, Class B | ||
| 2.78%, due 1/15/69 (a) | 2,580,000 | 2,130,218 |
| New Economy Assets Phase 1 Sponsor LLC (a) | ||
| Series 2021-1, Class A1 | ||
| 1.91%, due 10/20/61 | 1,460,000 | 1,284,390 |
| Series 2021-1, Class B1 | ||
| 2.41%, due 10/20/61 | 1,345,000 | 1,096,991 |
| Taco Bell Funding LLC | ||
| Series 2021-1A, Class A23 | ||
| 2.542%, due 8/25/51 (a) | 977,587 | 799,285 |
| Principal Amount | Value | |
| Asset-Backed Securities | ||
| Other Asset-Backed Securities | ||
| United Airlines Pass-Through Trust | ||
| Series 2020-1, Class A | ||
| 5.875%, due 10/15/27 | $ 1,193,749 | $ 1,204,063 |
| 17,389,212 | ||
| Total Asset-Backed Securities (Cost $42,580,693) | 39,904,087 | |
| Corporate Bonds 31.2% | ||
| Agriculture 0.6% | ||
| Altria Group, Inc. | ||
| 2.45%, due 2/4/32 | 1,850,000 | 1,512,598 |
| BAT Capital Corp. | ||
| 3.734%, due 9/25/40 | 720,000 | 530,913 |
| 2,043,511 | ||
| Airlines 1.6% | ||
| American Airlines, Inc. (a) | ||
| 5.50%, due 4/20/26 | 1,083,750 | 1,071,841 |
| 5.75%, due 4/20/29 | 860,000 | 844,546 |
| Delta Air Lines, Inc. (a) | ||
| 4.50%, due 10/20/25 | 650,132 | 642,453 |
| 4.75%, due 10/20/28 | 1,855,000 | 1,826,708 |
| Mileage Plus Holdings LLC | ||
| 6.50%, due 6/20/27 (a) | 1,260,000 | 1,261,886 |
| 5,647,434 | ||
| Apparel 0.2% | ||
| Tapestry, Inc. | ||
| 7.85%, due 11/27/33 | 585,000 | 625,211 |
| Auto Manufacturers 2.6% | ||
| Ford Motor Credit Co. LLC | ||
| 2.30%, due 2/10/25 | 755,000 | 728,804 |
| 4.125%, due 8/17/27 | 610,000 | 579,396 |
| 6.80%, due 5/12/28 | 700,000 | 727,376 |
| 6.95%, due 3/6/26 | 670,000 | 685,042 |
| 7.20%, due 6/10/30 | 555,000 | 590,158 |
| General Motors Financial Co., Inc. | ||
| 2.70%, due 6/10/31 | 1,335,000 | 1,115,745 |
| 4.30%, due 4/6/29 | 940,000 | 903,136 |
| Nissan Motor Acceptance Co. LLC (a) | ||
| 1.125%, due 9/16/24 | 1,015,000 | 984,734 |
| 1.85%, due 9/16/26 | 2,670,000 | 2,415,967 |
| Volkswagen Group of America Finance LLC | ||
| 4.60%, due 6/8/29 (a) | 440,000 | 433,736 |
| 9,164,094 | ||
| Principal Amount | Value | |
| Corporate Bonds | ||
| Banks 11.2% | ||
| Banco Santander SA | ||
| 5.294%, due 8/18/27 | $ 1,200,000 | $ 1,202,394 |
| Bank of America Corp. (b) | ||
| 2.087%, due 6/14/29 | 540,000 | 478,606 |
| 2.496%, due 2/13/31 | 755,000 | 652,743 |
| 3.593%, due 7/21/28 | 935,000 | 892,069 |
| Series MM | ||
| 4.30%, due 1/28/25 (c) | 910,000 | 877,109 |
| Barclays plc (c)(d) | ||
| 4.375% (5 Year Treasury Constant Maturity Rate + 3.41%), due 3/15/28 | 2,135,000 | 1,666,086 |
| 8.00% (5 Year Treasury Constant Maturity Rate + 5.431%), due 3/15/29 | 370,000 | 357,905 |
| BNP Paribas SA | ||
| 4.625% (5 Year Treasury Constant Maturity Rate + 3.34%), due 2/25/31 (a)(c)(d) | 1,825,000 | 1,482,086 |
| BPCE SA (a) | ||
| 5.125%, due 1/18/28 | 345,000 | 346,692 |
| 6.714%, due 10/19/29 (b) | 410,000 | 431,219 |
| Citigroup, Inc. | ||
| Series Y | ||
| 4.15% (5 Year Treasury Constant Maturity Rate + 3.00%), due 11/15/26 (c)(d) | 765,000 | 681,789 |
| 5.30%, due 5/6/44 (e) | 774,000 | 753,251 |
| Citizens Bank NA | ||
| 6.064%, due 10/24/25 (b) | 860,000 | 857,368 |
| Comerica, Inc. | ||
| 5.982%, due 1/30/30 (b) | 770,000 | 767,691 |
| Credit Agricole SA | ||
| 4.75% (5 Year Treasury Constant Maturity Rate + 3.237%), due 3/23/29 (a)(c)(d) | 1,780,000 | 1,521,482 |
| Deutsche Bank AG | ||
| 3.035%, due 5/28/32 (b) | 890,000 | 744,979 |
| 6.589% (SOFR + 1.219%), due 11/16/27 (d) | 1,325,000 | 1,296,030 |
| First Horizon Bank | ||
| 5.75%, due 5/1/30 | 1,606,000 | 1,555,606 |
| First Horizon Corp. | ||
| 4.00%, due 5/26/25 | 2,115,000 | 2,083,398 |
| Goldman Sachs Group, Inc. (The) | ||
| 1.948%, due 10/21/27 (b) | 730,000 | 671,368 |
| 1.992%, due 1/27/32 (b) | 740,000 | 602,257 |
| 6.75%, due 10/1/37 | 405,000 | 450,493 |
| Huntington Bancshares, Inc. | ||
| 5.709%, due 2/2/35 (b) | 895,000 | 901,403 |
| Intesa Sanpaolo SpA | ||
| 7.00%, due 11/21/25 (a) | 435,000 | 445,518 |
| KeyBank NA | ||
| 4.90%, due 8/8/32 | 715,000 | 640,832 |
| Lloyds Banking Group plc | ||
| 4.582%, due 12/10/25 | 2,643,000 | 2,599,983 |
| 4.976% (1 Year Treasury Constant Maturity Rate + 2.30%), due 8/11/33 (d) | 680,000 | 659,987 |
| Macquarie Group Ltd. | ||
| 2.871%, due 1/14/33 (a)(b) | 1,770,000 | 1,463,573 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Banks | ||
| Mizuho Financial Group, Inc. | ||
| 3.261% (1 Year Treasury Constant Maturity Rate + 1.25%), due 5/22/30 (d) | $ 610,000 | $ 554,733 |
| Morgan Stanley (b) | ||
| 2.484%, due 9/16/36 | 1,945,000 | 1,554,328 |
| 2.511%, due 10/20/32 | 510,000 | 424,766 |
| NatWest Group plc | ||
| 3.073% (1 Year Treasury Constant Maturity Rate + 2.55%), due 5/22/28 (d) | 1,040,000 | 971,793 |
| Santander Holdings USA, Inc. | ||
| 6.499%, due 3/9/29 (b) | 630,000 | 652,001 |
| Societe Generale SA (a)(d) | ||
| 4.75% (5 Year Treasury Constant Maturity Rate + 3.931%), due 5/26/26 (c) | 395,000 | 348,859 |
| 5.375% (5 Year Treasury Constant Maturity Rate + 4.514%), due 11/18/30 (c) | 1,515,000 | 1,237,818 |
| 7.132% (1 Year Treasury Constant Maturity Rate + 2.95%), due 1/19/55 | 445,000 | 443,094 |
| UBS Group AG (a) | ||
| 3.091%, due 5/14/32 (b) | 1,070,000 | 918,712 |
| 4.375% (5 Year Treasury Constant Maturity Rate + 3.313%), due 2/10/31 (c)(d) | 1,520,000 | 1,205,198 |
| 4.751% (1 Year Treasury Constant Maturity Rate + 1.75%), due 5/12/28 (d) | 340,000 | 335,133 |
| Wells Fargo & Co. (b) | ||
| 3.35%, due 3/2/33 | 700,000 | 614,418 |
| 3.526%, due 3/24/28 | 1,230,000 | 1,178,833 |
| 5.499%, due 1/23/35 | 415,000 | 423,249 |
| Westpac Banking Corp. | ||
| 3.02% (5 Year Treasury Constant Maturity Rate + 1.53%), due 11/18/36 (d) | 2,013,000 | 1,665,512 |
| 39,612,364 | ||
| Biotechnology 0.1% | ||
| Amgen, Inc. | ||
| 5.75%, due 3/2/63 | 450,000 | 463,705 |
| Chemicals 0.8% | ||
| Braskem Netherlands Finance BV | ||
| 4.50%, due 1/10/28 (a) | 1,135,000 | 984,948 |
| Huntsman International LLC | ||
| 4.50%, due 5/1/29 | 1,759,000 | 1,690,552 |
| 2,675,500 | ||
| Commercial Services 0.3% | ||
| Ashtead Capital, Inc. | ||
| 4.00%, due 5/1/28 (a) | 640,000 | 605,939 |
| California Institute of Technology | ||
| 3.65%, due 9/1/2119 | 772,000 | 560,090 |
| 1,166,029 | ||
| Computers 0.3% | ||
| Dell International LLC | ||
| 3.375%, due 12/15/41 | 1,145,000 | 869,346 |
| 8.10%, due 7/15/36 | 215,000 | 265,031 |
| 1,134,377 | ||
| Principal Amount | Value | |
| Corporate Bonds | ||
| Diversified Financial Services 3.3% | ||
| AerCap Ireland Capital DAC | ||
| 2.45%, due 10/29/26 | $ 2,300,000 | $ 2,133,289 |
| Aircastle Ltd. | ||
| 5.25% (5 Year Treasury Constant Maturity Rate + 4.41%), due 6/15/26 (a)(c)(d) | 965,000 | 845,586 |
| Ally Financial, Inc. | ||
| 6.992%, due 6/13/29 (b) | 270,000 | 279,648 |
| 8.00%, due 11/1/31 | 1,205,000 | 1,333,288 |
| American Express Co. | ||
| 5.625%, due 7/28/34 (b) | 480,000 | 493,007 |
| Aviation Capital Group LLC | ||
| 1.95%, due 1/30/26 (a) | 1,330,000 | 1,241,485 |
| Avolon Holdings Funding Ltd. (a) | ||
| 2.125%, due 2/21/26 | 1,385,000 | 1,287,622 |
| 3.25%, due 2/15/27 | 1,740,000 | 1,615,930 |
| Cantor Fitzgerald LP | ||
| 7.20%, due 12/12/28 (a) | 635,000 | 656,335 |
| Capital One Financial Corp. (b) | ||
| 6.051%, due 2/1/35 | 330,000 | 335,348 |
| 6.312%, due 6/8/29 | 905,000 | 932,968 |
| OneMain Finance Corp. | ||
| 3.50%, due 1/15/27 | 575,000 | 526,084 |
| 11,680,590 | ||
| Electric 2.6% | ||
| Alabama Power Co. | ||
| 3.00%, due 3/15/52 | 1,015,000 | 699,326 |
| Arizona Public Service Co. | ||
| 2.20%, due 12/15/31 | 1,500,000 | 1,224,414 |
| 3.35%, due 5/15/50 (e) | 1,320,000 | 935,153 |
| Calpine Corp. | ||
| 5.125%, due 3/15/28 (a) | 495,000 | 472,337 |
| Duquesne Light Holdings, Inc. | ||
| 3.616%, due 8/1/27 (a) | 990,000 | 927,237 |
| Ohio Power Co. | ||
| Series R | ||
| 2.90%, due 10/1/51 | 585,000 | 385,232 |
| Pacific Gas and Electric Co. | ||
| 3.50%, due 8/1/50 | 2,235,000 | 1,560,510 |
| Public Service Co. of Oklahoma | ||
| 5.25%, due 1/15/33 | 340,000 | 342,908 |
| Southern California Edison Co. | ||
| 4.00%, due 4/1/47 | 975,000 | 792,280 |
| 5.70%, due 3/1/53 | 280,000 | 287,902 |
| Southwestern Electric Power Co. | ||
| 3.25%, due 11/1/51 | 1,060,000 | 717,360 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Electric | ||
| Virginia Electric and Power Co. | ||
| 5.45%, due 4/1/53 | $ 415,000 | $ 422,282 |
| 5.70%, due 8/15/53 | 545,000 | 569,529 |
| 9,336,470 | ||
| Entertainment 0.2% | ||
| Warnermedia Holdings, Inc. | ||
| 4.279%, due 3/15/32 | 810,000 | 741,644 |
| Food 1.1% | ||
| JBS USA LUX SA | ||
| 5.75%, due 4/1/33 | 1,395,000 | 1,381,132 |
| MARB BondCo plc | ||
| 3.95%, due 1/29/31 (a) | 1,240,000 | 992,271 |
| Smithfield Foods, Inc. (a) | ||
| 4.25%, due 2/1/27 | 965,000 | 931,341 |
| 5.20%, due 4/1/29 | 580,000 | 560,142 |
| 3,864,886 | ||
| Gas 0.8% | ||
| Brooklyn Union Gas Co. (The) | ||
| 6.388%, due 9/15/33 (a) | 725,000 | 752,425 |
| National Fuel Gas Co. | ||
| 2.95%, due 3/1/31 | 1,820,000 | 1,534,442 |
| Piedmont Natural Gas Co., Inc. | ||
| 5.05%, due 5/15/52 | 620,000 | 571,871 |
| 2,858,738 | ||
| Insurance 0.4% | ||
| Liberty Mutual Group, Inc. | ||
| 3.951%, due 10/15/50 (a) | 1,610,000 | 1,248,320 |
| Nippon Life Insurance Co. | ||
| 3.40% (5 Year Treasury Constant Maturity Rate + 2.612%), due 1/23/50 (a)(d) | 290,000 | 254,643 |
| 1,502,963 | ||
| Media 0.1% | ||
| DISH DBS Corp. | ||
| 5.75%, due 12/1/28 (a) | 635,000 | 427,180 |
| Miscellaneous—Manufacturing 0.4% | ||
| Textron Financial Corp. | ||
| 7.376% (3 Month SOFR + 1.997%), due 2/15/42 (a)(d) | 1,685,000 | 1,423,587 |
| Oil & Gas 0.3% | ||
| Gazprom PJSC Via Gaz Capital SA | ||
| 4.95%, due 2/6/28 (a)(f) | 1,521,000 | 1,034,280 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Packaging & Containers 0.2% | ||
| Owens-Brockway Glass Container, Inc. | ||
| 6.625%, due 5/13/27 (a) | $ 571,000 | $ 568,546 |
| Pharmaceuticals 0.4% | ||
| Teva Pharmaceutical Finance Netherlands III BV | ||
| 3.15%, due 10/1/26 | 1,653,000 | 1,537,772 |
| Pipelines 2.7% | ||
| Cheniere Corpus Christi Holdings LLC | ||
| 2.742%, due 12/31/39 | 1,135,000 | 906,095 |
| Columbia Pipelines Operating Co. LLC | ||
| 6.544%, due 11/15/53 (a) | 625,000 | 686,352 |
| DT Midstream, Inc. | ||
| 4.30%, due 4/15/32 (a) | 1,125,000 | 1,009,800 |
| Enbridge, Inc. | ||
| 5.70%, due 3/8/33 | 535,000 | 551,928 |
| Energy Transfer LP | ||
| 5.35%, due 5/15/45 | 940,000 | 874,154 |
| EnLink Midstream LLC | ||
| 5.625%, due 1/15/28 (a) | 475,000 | 469,497 |
| Flex Intermediate Holdco LLC | ||
| 3.363%, due 6/30/31 (a) | 2,120,000 | 1,740,418 |
| MPLX LP | ||
| 5.65%, due 3/1/53 | 460,000 | 453,876 |
| Targa Resources Corp. | ||
| 4.20%, due 2/1/33 | 425,000 | 389,051 |
| Venture Global LNG, Inc. | ||
| 9.875%, due 2/1/32 (a) | 535,000 | 562,620 |
| Western Midstream Operating LP | ||
| 5.25%, due 2/1/50 (g) | 1,240,000 | 1,108,220 |
| Williams Cos., Inc. (The) | ||
| 3.50%, due 10/15/51 | 1,095,000 | 793,833 |
| 9,545,844 | ||
| Real Estate Investment Trusts 0.3% | ||
| Alexandria Real Estate Equities, Inc. | ||
| 3.375%, due 8/15/31 | 415,000 | 371,374 |
| Invitation Homes Operating Partnership LP | ||
| 2.00%, due 8/15/31 | 990,000 | 783,125 |
| 1,154,499 | ||
| Retail 0.3% | ||
| AutoNation, Inc. | ||
| 4.75%, due 6/1/30 | 491,000 | 472,137 |
| Nordstrom, Inc. | ||
| 4.25%, due 8/1/31 | 495,000 | 411,046 |
| 883,183 | ||
| Principal Amount | Value | |
| Corporate Bonds | ||
| Telecommunications 0.2% | ||
| Altice France SA | ||
| 5.125%, due 7/15/29 (a) | $ 1,060,000 | $ 774,960 |
| Trucking & Leasing 0.2% | ||
| Penske Truck Leasing Co. LP | ||
| 6.05%, due 8/1/28 (a) | 710,000 | 736,927 |
| Total Corporate Bonds (Cost $123,005,308) | 110,604,294 | |
| Foreign Government Bonds 2.2% | ||
| Chile 0.4% | ||
| Empresa Nacional del Petroleo | ||
| 3.45%, due 9/16/31 (a) | 1,615,000 | 1,358,546 |
| Colombia 0.3% | ||
| Colombia Government Bond | ||
| 3.25%, due 4/22/32 | 1,485,000 | 1,162,360 |
| Mexico 1.5% | ||
| Comision Federal de Electricidad | ||
| 3.875%, due 7/26/33 (a) | 2,445,000 | 1,980,985 |
| Petroleos Mexicanos | ||
| 6.50%, due 3/13/27 | 2,730,000 | 2,560,026 |
| 6.75%, due 9/21/47 | 1,080,000 | 688,883 |
| 5,229,894 | ||
| Total Foreign Government Bonds (Cost $9,386,682) | 7,750,800 | |
| Loan Assignments 0.2% | ||
| Diversified/Conglomerate Service 0.2% | ||
| TruGreen LP | ||
| First Lien Second Refinancing Term Loan | ||
| 9.433% (1 Month SOFR + 4.00%), due 11/2/27 (d) | 594,769 | 573,705 |
| Total Loan Assignments (Cost $591,482) | 573,705 | |
| Mortgage-Backed Securities 44.8% | ||
| Agency (Collateralized Mortgage Obligations) 19.6% | ||
| FHLMC | ||
| REMIC, Series 5326, Class QO | ||
| (zero coupon), due 9/25/50 | 1,389,358 | 978,937 |
| REMIC, Series 5021, Class SA | ||
| (zero coupon) (SOFR 30A + 3.55%), due 10/25/50 (d)(h) | 2,259,368 | 63,801 |
| Principal Amount | Value | |
| Mortgage-Backed Securities | ||
| Agency (Collateralized Mortgage Obligations) | ||
| FHLMC | ||
| REMIC, Series 5200, Class SA | ||
| (zero coupon) (SOFR 30A + 3.50%), due 2/25/52 (d)(h) | $ 327,606 | $ 9,480 |
| REMIC, Series 5326 | ||
| (zero coupon), due 8/25/53 | 428,312 | 340,932 |
| REMIC, Series 5351, Class DO | ||
| (zero coupon), due 9/25/53 | 826,451 | 676,757 |
| REMIC, Series 5357, Class OE | ||
| (zero coupon), due 11/25/53 | 744,351 | 597,392 |
| REMIC, Series 5363 | ||
| (zero coupon), due 12/25/53 | 797,264 | 669,319 |
| REMIC, Series 5315, Class OQ | ||
| (zero coupon), due 1/25/55 | 679,429 | 549,894 |
| REMIC, Series 5328, Class JY | ||
| 0.25%, due 9/25/50 | 1,290,544 | 864,853 |
| REMIC, Series 4993, Class KS | ||
| 0.591% (SOFR 30A + 5.936%), due 7/25/50 (d)(h) | 3,053,910 | 443,107 |
| REMIC, Series 4994, Class TS | ||
| 0.641% (SOFR 30A + 5.986%), due 7/25/50 (d)(h) | 1,533,713 | 207,292 |
| REMIC, Series 5092, Class XA | ||
| 1.00%, due 1/15/41 | 965,367 | 809,717 |
| REMIC, Series 4988, Class BA | ||
| 1.50%, due 6/25/50 | 347,299 | 248,933 |
| REMIC, Series 4120, Class ZA | ||
| 3.00%, due 10/15/42 | 700,425 | 628,621 |
| REMIC, Series 5070, Class PI | ||
| 3.00%, due 8/25/50 (h) | 1,460,087 | 253,765 |
| REMIC, Series 5011, Class MI | ||
| 3.00%, due 9/25/50 (h) | 1,301,935 | 202,663 |
| REMIC, Series 5094, Class IP | ||
| 3.00%, due 4/25/51 (h) | 1,150,962 | 178,999 |
| REMIC, Series 5160 | ||
| 3.00%, due 10/25/51 (h) | 1,243,421 | 142,957 |
| REMIC, Series 4710, Class WZ | ||
| 3.50%, due 8/15/47 | 869,717 | 784,802 |
| REMIC, Series 4725, Class WZ | ||
| 3.50%, due 11/15/47 | 1,561,376 | 1,405,307 |
| REMIC, Series 5304, Class UB | ||
| 4.00%, due 2/25/52 | 1,153,845 | 1,078,522 |
| REMIC, Series 5268, Class B | ||
| 4.50%, due 10/25/52 | 799,414 | 773,303 |
| FHLMC, Strips | ||
| Series 272 | ||
| (zero coupon), due 8/15/42 | 927,176 | 710,655 |
| Series 311 | ||
| (zero coupon), due 8/15/43 | 521,005 | 396,279 |
| Series 402 | ||
| (zero coupon), due 9/25/53 | 975,454 | 793,146 |
| Principal Amount | Value | |
| Mortgage-Backed Securities | ||
| Agency (Collateralized Mortgage Obligations) | ||
| FHLMC, Strips | ||
| Series 311, Class S1 | ||
| 0.49% (SOFR 30A + 5.836%), due 8/15/43 (d)(h) | $ 1,442,846 | $ 168,700 |
| Series 389, Class C35 | ||
| 2.00%, due 6/15/52 (h) | 2,294,873 | 280,491 |
| FNMA | ||
| REMIC, Series 2022-3, Class YS | ||
| (zero coupon) (SOFR 30A + 2.55%), due 2/25/52 (d)(h) | 7,924,665 | 57,988 |
| REMIC, Series 2022-5, Class SN | ||
| (zero coupon) (SOFR 30A + 1.80%), due 2/25/52 (d)(h) | 998,899 | 1,641 |
| REMIC, Series 2023-45 | ||
| (zero coupon), due 10/25/53 | 813,573 | 622,660 |
| REMIC, Series 2023-24, Class OQ | ||
| (zero coupon), due 7/25/54 | 877,031 | 715,416 |
| REMIC, Series 2022-10, Class SA | ||
| 0.405% (SOFR 30A + 5.75%), due 2/25/52 (d)(h) | 2,171,789 | 298,466 |
| REMIC, Series 2021-40, Class SI | ||
| 0.491% (SOFR 30A + 5.836%), due 9/25/47 (d)(h) | 1,721,209 | 189,709 |
| REMIC, Series 2016-57, Class SN | ||
| 0.591% (SOFR 30A + 5.936%), due 6/25/46 (d)(h) | 1,421,372 | 162,500 |
| REMIC, Series 2020-70, Class SD | ||
| 0.791% (SOFR 30A + 6.136%), due 10/25/50 (d)(h) | 1,529,061 | 212,428 |
| REMIC, Series 2020-47, Class BD | ||
| 1.50%, due 7/25/50 | 300,534 | 214,077 |
| REMIC, Series 2020-70, Class AD | ||
| 1.50%, due 10/25/50 | 1,765,346 | 1,407,631 |
| REMIC, Series 2020-49, Class PB | ||
| 1.75%, due 7/25/50 | 401,162 | 311,025 |
| REMIC, Series 2021-10, Class LI | ||
| 2.50%, due 3/25/51 (h) | 674,450 | 95,359 |
| REMIC, Series 2021-12, Class JI | ||
| 2.50%, due 3/25/51 (h) | 992,436 | 156,150 |
| REMIC, Series 2021-34, Class MI | ||
| 2.50%, due 3/25/51 (h) | 6,068,700 | 672,208 |
| REMIC, Series 2021-54, Class HI | ||
| 2.50%, due 6/25/51 (h) | 462,143 | 60,536 |
| REMIC, Series 2013-77, Class CY | ||
| 3.00%, due 7/25/43 | 1,938,180 | 1,687,981 |
| REMIC, Series 2021-53, Class GI | ||
| 3.00%, due 7/25/48 (h) | 7,506,472 | 1,106,785 |
| REMIC, Series 2019-13, Class PE | ||
| 3.00%, due 3/25/49 | 1,071,829 | 965,709 |
| REMIC, Series 2021-85, Class BI | ||
| 3.00%, due 12/25/51 (h) | 2,694,814 | 439,018 |
| REMIC, Series 2021-12, Class GC | ||
| 3.50%, due 7/25/50 | 1,455,021 | 1,325,663 |
| REMIC, Series 2021-8, Class ID | ||
| 3.50%, due 3/25/51 (h) | 1,755,522 | 347,453 |
| Principal Amount | Value | |
| Mortgage-Backed Securities | ||
| Agency (Collateralized Mortgage Obligations) | ||
| FNMA, Strips (h) | ||
| REMIC, Series 426, Class C32 | ||
| 1.50%, due 2/25/52 | $ 3,479,920 | $ 326,624 |
| REMIC, Series 427, Class C77 | ||
| 2.50%, due 9/25/51 | 2,774,768 | 398,098 |
| REMIC, Series 429, Class C5 | ||
| 3.00%, due 10/25/52 | 3,693,284 | 638,572 |
| GNMA | ||
| Series 2019-136, Class YS | ||
| (zero coupon) (1 Month SOFR + 2.716%), due 11/20/49 (d)(h) | 759,077 | 9,908 |
| Series 2020-1, Class YS | ||
| (zero coupon) (1 Month SOFR + 2.716%), due 1/20/50 (d)(h) | 2,390,909 | 31,933 |
| Series 2020-129, Class SB | ||
| (zero coupon) (1 Month SOFR + 3.086%), due 9/20/50 (d)(h) | 3,314,766 | 54,007 |
| Series 2023-101, Class KO | ||
| (zero coupon), due 1/20/51 | 1,986,159 | 1,352,681 |
| Series 2021-77, Class SN | ||
| (zero coupon) (1 Month SOFR + 2.486%), due 5/20/51 (d)(h) | 5,608,555 | 70,744 |
| Series 2021-97, Class SA | ||
| (zero coupon) (SOFR 30A + 2.60%), due 6/20/51 (d)(h) | 4,570,452 | 30,367 |
| Series 2021-158, Class SB | ||
| (zero coupon) (SOFR 30A + 3.70%), due 9/20/51 (d)(h) | 2,755,931 | 81,477 |
| Series 2021-205, Class DS | ||
| (zero coupon) (SOFR 30A + 3.20%), due 11/20/51 (d)(h) | 5,511,433 | 86,327 |
| Series 2021-213, Class ES | ||
| (zero coupon) (SOFR 30A + 1.70%), due 12/20/51 (d)(h) | 12,693,535 | 17,256 |
| Series 2022-19, Class SG | ||
| (zero coupon) (SOFR 30A + 2.45%), due 1/20/52 (d)(h) | 4,278,303 | 31,765 |
| Series 2022-24, Class SC | ||
| (zero coupon) (SOFR 30A + 2.37%), due 2/20/52 (d)(h) | 22,075,351 | 131,088 |
| Series 2022-34, Class HS | ||
| (zero coupon) (SOFR 30A + 4.10%), due 2/20/52 (d)(h) | 4,326,693 | 171,686 |
| Series 2023-66, Class OQ | ||
| (zero coupon), due 7/20/52 | 1,211,271 | 936,487 |
| Series 2023-53 | ||
| (zero coupon), due 4/20/53 | 565,366 | 414,276 |
| Series 2023-80, Class SA | ||
| (zero coupon) (SOFR 30A + 5.25%), due 6/20/53 (d)(h) | 5,049,102 | 204,096 |
| Series 2023-60, Class ES | ||
| 0.509% (SOFR 30A + 11.20%), due 4/20/53 (d) | 1,304,207 | 1,186,242 |
| Series 2020-146, Class SA | ||
| 0.849% (1 Month SOFR + 6.186%), due 10/20/50 (d)(h) | 1,704,527 | 252,718 |
| Series 2020-167, Class SN | ||
| 0.849% (1 Month SOFR + 6.186%), due 11/20/50 (d)(h) | 854,129 | 117,945 |
| Series 2021-179, Class SA | ||
| 0.849% (1 Month SOFR + 6.186%), due 11/20/50 (d)(h) | 2,522,106 | 343,716 |
| Series 2020-189, Class SU | ||
| 0.849% (1 Month SOFR + 6.186%), due 12/20/50 (d)(h) | 566,167 | 80,584 |
| Principal Amount | Value | |
| Mortgage-Backed Securities | ||
| Agency (Collateralized Mortgage Obligations) | ||
| GNMA | ||
| Series 2021-46, Class QS | ||
| 0.849% (1 Month SOFR + 6.186%), due 3/20/51 (d)(h) | $ 1,015,407 | $ 138,375 |
| Series 2021-46, Class TS | ||
| 0.849% (1 Month SOFR + 6.186%), due 3/20/51 (d)(h) | 1,226,446 | 168,515 |
| Series 2021-57, Class SA | ||
| 0.849% (1 Month SOFR + 6.186%), due 3/20/51 (d)(h) | 1,999,156 | 279,845 |
| Series 2021-57, Class SD | ||
| 0.849% (1 Month SOFR + 6.186%), due 3/20/51 (d)(h) | 5,915,140 | 773,444 |
| Series 2021-96, Class NS | ||
| 0.849% (1 Month SOFR + 6.186%), due 6/20/51 (d)(h) | 3,276,745 | 441,209 |
| Series 2021-96, Class SN | ||
| 0.849% (1 Month SOFR + 6.186%), due 6/20/51 (d)(h) | 2,261,382 | 285,401 |
| Series 2021-97, Class SM | ||
| 0.849% (1 Month SOFR + 6.186%), due 6/20/51 (d)(h) | 2,420,512 | 341,847 |
| Series 2021-122, Class HS | ||
| 0.849% (1 Month SOFR + 6.186%), due 7/20/51 (d)(h) | 2,033,898 | 292,461 |
| Series 2022-137, Class S | ||
| 0.849% (1 Month SOFR + 6.186%), due 7/20/51 (d)(h) | 2,285,073 | 331,802 |
| Series 2021-96, Class JS | ||
| 0.899% (1 Month SOFR + 6.236%), due 6/20/51 (d)(h) | 1,781,217 | 208,770 |
| Series 2020-97, Class HB | ||
| 1.00%, due 7/20/50 | 543,970 | 402,653 |
| Series 2020-146, Class YK | ||
| 1.00%, due 10/20/50 | 1,114,176 | 852,511 |
| Series 2020-166, Class CA | ||
| 1.00%, due 11/20/50 | 1,280,720 | 952,610 |
| Series 2023-86, Class SE | ||
| 1.305% (SOFR 30A + 6.65%), due 9/20/50 (d)(h) | 1,553,993 | 220,062 |
| Series 2020-165, Class UD | ||
| 1.50%, due 11/20/50 | 476,324 | 368,565 |
| Series 2023-66, Class MP | ||
| 1.609% (SOFR 30A + 12.30%), due 5/20/53 (d) | 1,281,996 | 1,246,179 |
| Series 2021-41, Class FS | ||
| 2.00% (SOFR 30A + 0.20%), due 10/20/50 (d)(h) | 2,652,569 | 282,619 |
| Series 2020-166, Class IC | ||
| 2.00%, due 11/20/50 (h) | 1,224,270 | 123,401 |
| Series 2020-185, Class BI | ||
| 2.00%, due 12/20/50 (h) | 1,329,005 | 146,947 |
| Series 2022-10, Class IC | ||
| 2.00%, due 11/20/51 (h) | 1,924,634 | 228,403 |
| Series 2021-97, Class IN | ||
| 2.50%, due 8/20/49 (h) | 2,979,700 | 308,403 |
| Series 2022-1, Class IA | ||
| 2.50%, due 6/20/50 (h) | 463,973 | 61,856 |
| Series 2020-122, Class IW | ||
| 2.50%, due 7/20/50 (h) | 1,573,210 | 205,422 |
| Principal Amount | Value | |
| Mortgage-Backed Securities | ||
| Agency (Collateralized Mortgage Obligations) | ||
| GNMA | ||
| Series 2020-151, Class TI | ||
| 2.50%, due 10/20/50 (h) | $ 1,486,041 | $ 192,321 |
| Series 2020-173, Class EI | ||
| 2.50%, due 11/20/50 (h) | 1,669,128 | 225,622 |
| Series 2021-1, Class PI | ||
| 2.50%, due 12/20/50 (h) | 791,248 | 100,909 |
| Series 2021-83, Class FM | ||
| 2.50% (SOFR 30A + 0.51%), due 5/20/51 (d) | 2,363,034 | 1,942,027 |
| Series 2021-140, Class GF | ||
| 2.50% (1 Month SOFR + 0.764%), due 8/20/51 (d) | 894,957 | 736,686 |
| Series 2021-177, Class CI | ||
| 2.50%, due 10/20/51 (h) | 1,717,057 | 223,828 |
| Series 2021-188 | ||
| 2.50%, due 10/20/51 (h) | 2,887,632 | 418,428 |
| Series 2022-83 | ||
| 2.50%, due 11/20/51 (h) | 2,087,345 | 274,154 |
| Series 2022-1, Class CF | ||
| 2.50% (SOFR 30A + 0.80%), due 1/20/52 (d) | 1,773,785 | 1,452,447 |
| Series 2021-1, Class IT | ||
| 3.00%, due 1/20/51 (h) | 1,830,237 | 291,849 |
| Series 2021-44, Class IQ | ||
| 3.00%, due 3/20/51 (h) | 2,680,420 | 425,089 |
| Series 2021-74, Class HI | ||
| 3.00%, due 4/20/51 (h) | 326,588 | 46,805 |
| Series 2021-97, Class FA | ||
| 3.00% (SOFR 30A + 0.40%), due 6/20/51 (d) | 3,222,943 | 2,778,616 |
| Series 2021-98, Class IN | ||
| 3.00%, due 6/20/51 (h) | 1,084,736 | 188,192 |
| Series 2021-98, Class KI | ||
| 3.00%, due 6/20/51 (h) | 5,808,159 | 922,495 |
| Series 2022-189, Class AT | ||
| 3.00%, due 7/20/51 | 1,351,225 | 1,174,405 |
| Series 2021-139, Class IA | ||
| 3.00%, due 8/20/51 (h) | 7,594,651 | 1,173,430 |
| Series 2022-207 | ||
| 3.00%, due 8/20/51 (h) | 1,695,541 | 268,404 |
| Series 2023-19, Class CI | ||
| 3.00%, due 11/20/51 (h) | 2,200,016 | 337,310 |
| Series 2022-207, Class NA | ||
| 3.00%, due 1/20/52 | 2,157,503 | 1,882,321 |
| Series 2022-206, Class CN | ||
| 3.00%, due 2/20/52 | 730,733 | 631,825 |
| Series 2019-92, Class GF | ||
| 3.50% (1 Month SOFR + 0.804%), due 7/20/49 (d) | 576,351 | 512,440 |
| Series 2019-97, Class FG | ||
| 3.50% (1 Month SOFR + 0.804%), due 8/20/49 (d) | 1,207,726 | 1,073,944 |
| Principal Amount | Value | |
| Mortgage-Backed Securities | ||
| Agency (Collateralized Mortgage Obligations) | ||
| GNMA | ||
| Series 2019-110, Class FG | ||
| 3.50% (1 Month SOFR + 0.764%), due 9/20/49 (d) | $ 419,472 | $ 370,923 |
| Series 2019-128, Class KF | ||
| 3.50% (1 Month SOFR + 0.764%), due 10/20/49 (d) | 647,451 | 574,474 |
| Series 2019-128, Class YF | ||
| 3.50% (1 Month SOFR + 0.764%), due 10/20/49 (d) | 829,269 | 736,692 |
| Series 2020-5, Class FA | ||
| 3.50% (1 Month SOFR + 0.814%), due 1/20/50 (d) | 1,098,044 | 974,000 |
| Series 2021-96, Class FG | ||
| 3.50% (SOFR 30A + 0.30%), due 6/20/51 (d) | 307,194 | 268,902 |
| Series 2021-125, Class AF | ||
| 3.50% (SOFR 30A + 0.25%), due 7/20/51 (d) | 1,281,735 | 1,141,677 |
| Series 2021-146, Class IN | ||
| 3.50%, due 8/20/51 (h) | 1,939,435 | 335,723 |
| Series 2022-69, Class FA | ||
| 4.50% (SOFR 30A + 0.75%), due 4/20/52 (d) | 708,000 | 665,842 |
| Series 2023-81, Class LA | ||
| 5.00%, due 6/20/52 | 822,830 | 825,968 |
| Series 2023-38, Class WT | ||
| 6.705%, due 12/20/51 (i) | 544,308 | 582,295 |
| Series 2023-59, Class YC | ||
| 6.96%, due 9/20/51 (i) | 1,371,399 | 1,502,218 |
| Series 2023-55, Class CG | ||
| 7.474%, due 7/20/51 (i) | 1,332,699 | 1,471,743 |
| Series 2023-55, Class LB | ||
| 7.796%, due 11/20/51 (i) | 1,596,371 | 1,846,339 |
| 69,509,267 | ||
| Commercial Mortgage Loans (Collateralized Mortgage Obligations) 9.2% | ||
| BAMLL Commercial Mortgage Securities Trust (a)(d) | ||
| Series 2022-DKLX, Class D | ||
| 8.334% (1 Month SOFR + 3.00%), due 1/15/39 | 400,000 | 389,221 |
| Series 2022-DKLX, Class F | ||
| 10.291% (1 Month SOFR + 4.957%), due 1/15/39 | 800,000 | 770,413 |
| Bayview Commercial Asset Trust | ||
| Series 2006-4A, Class A1 | ||
| 5.795% (1 Month SOFR + 0.459%), due 12/25/36 (a)(d) | 19,801 | 18,451 |
| BBCMS Mortgage Trust (a)(d) | ||
| Series 2018-TALL, Class A | ||
| 6.253% (1 Month SOFR + 0.919%), due 3/15/37 | 600,000 | 571,632 |
| Series 2018-TALL, Class B | ||
| 6.502% (1 Month SOFR + 1.168%), due 3/15/37 | 355,000 | 324,825 |
| Series 2018-TALL, Class C | ||
| 6.652% (1 Month SOFR + 1.318%), due 3/15/37 | 1,180,000 | 1,032,800 |
| Series 2018-TALL, Class D | ||
| 6.98% (1 Month SOFR + 1.646%), due 3/15/37 | 1,025,000 | 855,875 |
| Principal Amount | Value | |
| Mortgage-Backed Securities | ||
| Commercial Mortgage Loans (Collateralized Mortgage Obligations) | ||
| BX Commercial Mortgage Trust (a) | ||
| Series 2020-VIVA, Class D | ||
| 3.667%, due 3/11/44 (j) | $ 805,000 | $ 684,837 |
| Series 2021-VOLT, Class C | ||
| 6.548% (1 Month SOFR + 1.214%), due 9/15/36 (d) | 1,100,000 | 1,080,659 |
| BX Trust (a) | ||
| Series 2019-OC11, Class C | ||
| 3.856%, due 12/9/41 | 764,000 | 687,314 |
| Series 2019-OC11, Class E | ||
| 4.075%, due 12/9/41 (j) | 1,409,000 | 1,212,046 |
| Series 2023-LIFE, Class A | ||
| 5.045%, due 2/15/28 | 450,000 | 443,822 |
| Series 2023-LIFE, Class B | ||
| 5.391%, due 2/15/28 | 535,000 | 526,392 |
| Series 2021-ARIA, Class E | ||
| 7.692% (1 Month SOFR + 2.359%), due 10/15/36 (d) | 1,385,000 | 1,349,509 |
| Series 2022-PSB, Class B | ||
| 8.282% (1 Month SOFR + 2.949%), due 8/15/39 (d) | 324,250 | 325,883 |
| Series 2022-PSB, Class C | ||
| 9.03% (1 Month SOFR + 3.697%), due 8/15/39 (d) | 578,393 | 581,592 |
| BXHPP Trust | ||
| Series 2021-FILM, Class C | ||
| 6.547% (1 Month SOFR + 1.214%), due 8/15/36 (a)(d) | 720,000 | 672,389 |
| CSMC WEST Trust | ||
| Series 2020-WEST, Class A | ||
| 3.04%, due 2/15/35 (a) | 1,685,000 | 1,282,358 |
| DROP Mortgage Trust | ||
| Series 2021-FILE, Class A | ||
| 6.597% (1 Month SOFR + 1.264%), due 10/15/43 (a)(d) | 985,000 | 939,444 |
| FS Commercial Mortgage Trust | ||
| Series 2023-4SZN, Class D | ||
| 9.383%, due 11/10/39 (a)(i) | 730,000 | 763,588 |
| GNMA | ||
| Series 2020-177 | ||
| 0.818%, due 6/16/62 (h)(j) | 4,210,667 | 244,843 |
| Series 2021-164 | ||
| 0.949%, due 10/16/63 (h)(j) | 3,275,689 | 227,236 |
| Series 2021-108 | ||
| 0.967%, due 6/16/61 (h)(j) | 6,985,509 | 485,896 |
| Series 2020-168, Class IA | ||
| 0.978%, due 12/16/62 (h)(j) | 2,460,990 | 172,069 |
| Series 2021-47 | ||
| 0.992%, due 3/16/61 (h)(j) | 5,759,424 | 397,553 |
| Series 2024-29, Class B | ||
| 2.50%, due 8/16/64 (k) | 990,000 | 753,868 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust | ||
| Series 2021-2NU, Class A | ||
| 1.974%, due 1/5/40 (a) | 1,500,000 | 1,276,094 |
| Principal Amount | Value | |
| Mortgage-Backed Securities | ||
| Commercial Mortgage Loans (Collateralized Mortgage Obligations) | ||
| Manhattan West Mortgage Trust | ||
| Series 2020-1MW, Class A | ||
| 2.13%, due 9/10/39 (a) | $ 280,000 | $ 251,096 |
| MSWF Commercial Mortgage Trust | ||
| Series 2023-2, Class AS | ||
| 6.491%, due 12/15/56 (i) | 635,000 | 686,475 |
| Multifamily Connecticut Avenue Securities Trust (a)(d) | ||
| Series 2019-01, Class M10 | ||
| 8.709% (SOFR 30A + 3.364%), due 10/25/49 | 1,609,406 | 1,577,234 |
| Series 2020-01, Class M10 | ||
| 9.209% (SOFR 30A + 3.864%), due 3/25/50 | 1,668,146 | 1,638,964 |
| Series 2023-01, Class M10 | ||
| 11.845% (SOFR 30A + 6.50%), due 11/25/53 | 1,655,000 | 1,705,629 |
| Series 2020-01, Class CE | ||
| 12.959% (SOFR 30A + 7.614%), due 3/25/50 | 835,000 | 825,726 |
| One Bryant Park Trust | ||
| Series 2019-OBP, Class A | ||
| 2.516%, due 9/15/54 (a) | 1,505,000 | 1,298,535 |
| One Market Plaza Trust | ||
| Series 2017-1MKT, Class A | ||
| 3.614%, due 2/10/32 (a) | 1,290,000 | 1,180,350 |
| ORL Trust | ||
| Series 2023-GLKS, Class D | ||
| 9.634% (1 Month SOFR + 4.301%), due 10/19/36 (a)(d) | 865,000 | 866,351 |
| SLG Office Trust (a) | ||
| Series 2021-OVA, Class A | ||
| 2.585%, due 7/15/41 | 1,065,000 | 894,131 |
| Series 2021-OVA, Class F | ||
| 2.851%, due 7/15/41 | 660,000 | 469,199 |
| SMRT | ||
| Series 2022-MINI, Class D | ||
| 7.284% (1 Month SOFR + 1.95%), due 1/15/39 (a)(d) | 1,430,000 | 1,387,100 |
| Wells Fargo Commercial Mortgage Trust | ||
| Series 2018-AUS, Class A | ||
| 4.194%, due 8/17/36 (a)(j) | 1,250,000 | 1,171,782 |
| WFRBS Commercial Mortgage Trust | ||
| Series 2014-C21, Class AS | ||
| 3.891%, due 8/15/47 | 815,000 | 778,544 |
| 32,801,725 | ||
| Whole Loan (Collateralized Mortgage Obligations) 16.0% | ||
| American Home Mortgage Investment Trust | ||
| Series 2005-4, Class 3A1 | ||
| 6.05% (1 Month SOFR + 0.714%), due 11/25/45 (d) | 630,136 | 433,641 |
| CIM Trust | ||
| Series 2021-J2, Class AS | ||
| 0.21%, due 4/25/51 (a)(h)(i) | 30,933,219 | 340,810 |
| Principal Amount | Value | |
| Mortgage-Backed Securities | ||
| Whole Loan (Collateralized Mortgage Obligations) | ||
| Connecticut Avenue Securities Trust (a)(d) | ||
| Series 2020-R02, Class 2M2 | ||
| 7.459% (SOFR 30A + 2.114%), due 1/25/40 | $ 210,074 | $ 212,437 |
| Series 2024-R01, Class 1B1 | ||
| 8.045% (SOFR 30A + 2.70%), due 1/25/44 | 1,925,000 | 1,929,212 |
| Series 2021-R03, Class 1B1 | ||
| 8.095% (SOFR 30A + 2.75%), due 12/25/41 | 1,725,000 | 1,757,203 |
| Series 2021-R01, Class 1B1 | ||
| 8.445% (SOFR 30A + 3.10%), due 10/25/41 | 2,285,000 | 2,341,417 |
| Series 2022-R01, Class 1B1 | ||
| 8.495% (SOFR 30A + 3.15%), due 12/25/41 | 980,000 | 1,003,871 |
| Series 2022-R02, Class 2B1 | ||
| 9.845% (SOFR 30A + 4.50%), due 1/25/42 | 1,720,000 | 1,815,661 |
| Series 2021-R03, Class 1B2 | ||
| 10.845% (SOFR 30A + 5.50%), due 12/25/41 | 1,515,000 | 1,558,371 |
| Series 2022-R08, Class 1B1 | ||
| 10.945% (SOFR 30A + 5.60%), due 7/25/42 | 650,000 | 708,500 |
| Series 2021-R01, Class 1B2 | ||
| 11.345% (SOFR 30A + 6.00%), due 10/25/41 | 1,765,000 | 1,837,740 |
| Series 2022-R01, Class 1B2 | ||
| 11.345% (SOFR 30A + 6.00%), due 12/25/41 | 2,075,000 | 2,163,188 |
| Series 2022-R02, Class 2B2 | ||
| 12.995% (SOFR 30A + 7.65%), due 1/25/42 | 650,000 | 700,300 |
| Series 2019-HRP1, Class B1 | ||
| 14.709% (SOFR 30A + 9.364%), due 11/25/39 | 2,134,000 | 2,395,415 |
| Series 2022-R03, Class 1B2 | ||
| 15.195% (SOFR 30A + 9.85%), due 3/25/42 | 615,000 | 703,196 |
| CSMC Trust | ||
| Series 2021-NQM5, Class A1 | ||
| 0.938%, due 5/25/66 (a)(i) | 960,032 | 771,012 |
| FHLMC STACR REMIC Trust (a)(d) | ||
| Series 2021-HQA2, Class M2 | ||
| 7.395% (SOFR 30A + 2.05%), due 12/25/33 | 2,048,000 | 2,074,832 |
| Series 2021-HQA4, Class M2 | ||
| 7.695% (SOFR 30A + 2.35%), due 12/25/41 | 2,075,000 | 2,082,138 |
| Series 2022-DNA1, Class M2 | ||
| 7.845% (SOFR 30A + 2.50%), due 1/25/42 | 730,000 | 736,777 |
| Series 2020-DNA6, Class B1 | ||
| 8.345% (SOFR 30A + 3.00%), due 12/25/50 | 440,000 | 461,177 |
| Series 2021-DNA5, Class B1 | ||
| 8.395% (SOFR 30A + 3.05%), due 1/25/34 | 2,010,000 | 2,117,958 |
| Series 2021-HQA2, Class B1 | ||
| 8.495% (SOFR 30A + 3.15%), due 12/25/33 | 1,200,000 | 1,284,756 |
| Series 2022-DNA1, Class B1 | ||
| 8.745% (SOFR 30A + 3.40%), due 1/25/42 | 2,250,000 | 2,276,730 |
| Series 2021-DNA7, Class B1 | ||
| 8.995% (SOFR 30A + 3.65%), due 11/25/41 | 1,610,000 | 1,666,299 |
| Principal Amount | Value | |
| Mortgage-Backed Securities | ||
| Whole Loan (Collateralized Mortgage Obligations) | ||
| FHLMC STACR REMIC Trust (a)(d) | ||
| Series 2021-HQA4, Class B1 | ||
| 9.095% (SOFR 30A + 3.75%), due 12/25/41 | $ 600,000 | $ 618,720 |
| Series 2020-HQA5, Class B1 | ||
| 9.345% (SOFR 30A + 4.00%), due 11/25/50 | 495,000 | 547,203 |
| Series 2021-DNA1, Class B2 | ||
| 10.095% (SOFR 30A + 4.75%), due 1/25/51 | 1,755,000 | 1,806,754 |
| Series 2020-DNA2, Class B2 | ||
| 10.259% (SOFR 30A + 4.914%), due 2/25/50 | 575,000 | 609,624 |
| Series 2021-HQA1, Class B2 | ||
| 10.345% (SOFR 30A + 5.00%), due 8/25/33 | 580,000 | 609,346 |
| Series 2020-HQA1, Class B2 | ||
| 10.559% (SOFR 30A + 5.214%), due 1/25/50 | 1,357,000 | 1,417,096 |
| Series 2022-HQA1, Class M2 | ||
| 10.595% (SOFR 30A + 5.25%), due 3/25/42 | 335,000 | 360,658 |
| Series 2021-HQA2, Class B2 | ||
| 10.795% (SOFR 30A + 5.45%), due 12/25/33 | 830,000 | 897,882 |
| Series 2021-DNA5, Class B2 | ||
| 10.845% (SOFR 30A + 5.50%), due 1/25/34 | 1,745,000 | 1,884,476 |
| Series 2022-DNA6, Class M2 | ||
| 11.095% (SOFR 30A + 5.75%), due 9/25/42 | 865,000 | 958,961 |
| Series 2021-DNA2, Class B2 | ||
| 11.345% (SOFR 30A + 6.00%), due 8/25/33 | 700,000 | 784,816 |
| Series 2022-HQA2, Class M2 | ||
| 11.345% (SOFR 30A + 6.00%), due 7/25/42 | 1,430,000 | 1,578,260 |
| Series 2021-DNA3, Class B2 | ||
| 11.595% (SOFR 30A + 6.25%), due 10/25/33 | 730,000 | 827,578 |
| Series 2021-HQA4, Class B2 | ||
| 12.345% (SOFR 30A + 7.00%), due 12/25/41 | 425,000 | 444,542 |
| FHLMC STACR Trust (a)(d) | ||
| Series 2019-HQA3, Class B2 | ||
| 12.959% (SOFR 30A + 7.614%), due 9/25/49 | 755,000 | 845,239 |
| Series 2018-HQA2, Class B2 | ||
| 16.459% (SOFR 30A + 11.114%), due 10/25/48 | 1,395,000 | 1,755,956 |
| FNMA Connecticut Avenue Securities | ||
| Series 2021-R02, Class 2B2 | ||
| 11.545% (SOFR 30A + 6.20%), due 11/25/41 (a)(d) | 1,450,000 | 1,514,009 |
| HarborView Mortgage Loan Trust | ||
| Series 2007-3, Class 2A1A | ||
| 5.849% (1 Month SOFR + 0.514%), due 5/19/37 (d) | 685,290 | 634,697 |
| J.P. Morgan Mortgage Trust | ||
| Series 2021-LTV2, Class A1 | ||
| 2.519%, due 5/25/52 (a)(i) | 742,159 | 610,534 |
| New Residential Mortgage Loan Trust | ||
| Series 2019-4A, Class B6 | ||
| 4.606%, due 12/25/58 (a)(i) | 2,185,799 | 1,171,005 |
| Principal Amount | Value | |
| Mortgage-Backed Securities | ||
| Whole Loan (Collateralized Mortgage Obligations) | ||
| OBX Trust | ||
| Series 2022-NQM1, Class A1 | ||
| 2.305%, due 11/25/61 (a)(i) | $ 529,290 | $ 457,569 |
| Onslow Bay Mortgage Loan Trust | ||
| Series 2021-NQM4, Class A1 | ||
| 1.957%, due 10/25/61 (a)(i) | 681,012 | 560,474 |
| Sequoia Mortgage Trust | ||
| Series 2021-4, Class A1 | ||
| 0.167%, due 6/25/51 (a)(h)(j) | 25,673,993 | 212,373 |
| STACR Trust | ||
| Series 2018-HRP2, Class B1 | ||
| 9.659% (SOFR 30A + 4.314%), due 2/25/47 (a)(d) | 1,975,000 | 2,157,688 |
| 56,638,101 | ||
| Total Mortgage-Backed Securities (Cost $159,005,201) | 158,949,093 | |
| U.S. Government & Federal Agencies 8.4% | ||
| Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 3.1% | ||
| FHLMC Gold Pools, Other | ||
| 4.00%, due 6/1/42 | 862,731 | 832,406 |
| UMBS Pool, 30 Year | ||
| 3.50%, due 4/1/52 | 706,784 | 646,722 |
| 5.50%, due 7/1/53 | 3,820,388 | 3,830,953 |
| 5.50%, due 7/1/53 | 750,806 | 754,589 |
| 6.00%, due 10/1/53 | 407,189 | 413,487 |
| 6.00%, due 11/1/53 | 925,458 | 941,995 |
| 6.50%, due 10/1/53 | 1,888,873 | 1,933,468 |
| 6.50%, due 12/1/53 | 1,614,143 | 1,657,790 |
| 11,011,410 | ||
| Federal National Mortgage Association (Mortgage Pass-Through Securities) 4.3% | ||
| FNMA, Other | ||
| 4.00%, due 3/1/42 | 489,136 | 469,467 |
| 4.00%, due 1/1/43 | 898,067 | 865,278 |
| 4.38%, due 7/1/28 | 1,000,000 | 996,994 |
| 6.00%, due 4/1/37 | 3,693 | 3,781 |
| UMBS, 30 Year | ||
| 3.50%, due 12/1/44 | 644,727 | 601,989 |
| 3.50%, due 11/1/50 | 86,637 | 79,121 |
| 3.50%, due 7/1/52 | 773,772 | 704,584 |
| 5.00%, due 3/1/53 | 4,224,533 | 4,172,559 |
| 5.00%, due 5/1/53 | 1,097,241 | 1,082,922 |
| 5.50%, due 8/1/53 | 934,366 | 941,781 |
| 6.00%, due 8/1/53 | 836,441 | 848,449 |
| 6.00%, due 9/1/53 | 559,066 | 568,191 |
| 6.00%, due 9/1/53 | 1,282,352 | 1,299,954 |
| Principal Amount | Value | |
| U.S. Government & Federal Agencies | ||
| Federal National Mortgage Association (Mortgage Pass-Through Securities) | ||
| UMBS, 30 Year | ||
| 6.00%, due 11/1/53 | $ 1,360,294 | $ 1,384,954 |
| 6.50%, due 12/1/53 | 1,089,104 | 1,118,980 |
| 15,139,004 | ||
| United States Treasury Bonds 0.6% | ||
| U.S. Treasury Bonds | ||
| 4.75%, due 11/15/53 | 1,960,000 | 2,140,075 |
| United States Treasury Inflation - Indexed Notes 0.2% | ||
| U.S. Treasury Inflation Linked Notes (l) | ||
| 0.125%, due 1/15/30 | 161,113 | 147,261 |
| 0.875%, due 1/15/29 | 383,050 | 368,475 |
| 515,736 | ||
| United States Treasury Note 0.2% | ||
| U.S. Treasury Notes | ||
| 4.00%, due 1/31/29 | 815,000 | 819,903 |
| Total U.S. Government & Federal Agencies (Cost $29,540,663) | 29,626,128 | |
| Total Long-Term Bonds (Cost $364,110,029) | 347,408,107 | |
| Shares | ||
| Common Stocks 0.0% ‡ | ||
| Commercial Services & Supplies 0.0% ‡ | ||
| Quad/Graphics, Inc. (m) | 1 | 6 |
| Total Common Stocks (Cost $0) | 6 | |
| Short-Term Investments 1.8% | ||
| Affiliated Investment Company 1.2% | ||
| MainStay U.S. Government Liquidity Fund, 5.25% (n) | 4,316,300 | 4,316,300 |
| Unaffiliated Investment Company 0.3% | ||
| Invesco Government & Agency Portfolio, 5.315% (n)(o) | 972,320 | 972,320 |
| Principal Amount | Value | ||
| U.S. Treasury Debt 0.3% | |||
| U.S. Treasury Bills | |||
| 6.406%, due 3/14/24 (p) | $ 1,140,000 | $ 1,132,981 | |
| Total Short-Term Investments (Cost $6,421,635) | 6,421,601 | ||
| Total Investments (Cost $370,531,664) | 99.8% | 353,829,714 | |
| Other Assets, Less Liabilities | 0.2 | 718,008 | |
| Net Assets | 100.0% | $ 354,547,722 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| ‡ | 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, 2024. |
| (c) | Security is perpetual and, thus, does 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, 2024. |
| (e) | All or a portion of this security was held on loan. As of January 31, 2024, the aggregate market value of securities on loan was $956,445. The Fund received cash collateral with a value of $972,320. |
| (f) | Illiquid security—As of January 31, 2024, the total market value deemed illiquid under procedures approved by the Board of Trustees was $1,034,280, which represented 0.3% of the Fund’s net assets. |
| (g) | Step coupon—Rate shown was the rate in effect as of January 31, 2024. |
| (h) | Collateralized Mortgage Obligation Interest Only Strip—Pays a fixed or variable rate of interest based on mortgage loans or mortgage pass-through securities. The principal amount of the underlying pool represents the notional amount on which the current interest was calculated. The value of these stripped securities may be particularly sensitive to changes in prevailing interest rates and are typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities. |
| (i) | 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, 2024. |
| (j) | 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, 2024. |
| (k) | Delayed delivery security. |
| (l) | 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. |
| (m) | Non-income producing security. |
| (n) | Current yield as of January 31, 2024. |
| (o) | Represents a security purchased with cash collateral received for securities on loan. |
| (p) | Interest rate shown represents yield to maturity. |
Investments in Affiliates (in
000's)
Investments in issuers considered to
be affiliate(s) of the Fund during the period ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| MainStay U.S. Government Liquidity Fund | $ 3,806 | $ 62,022 | $ (61,512) | $ — | $ — | $ 4,316 | $ 82 | $ — | 4,316 |
Futures Contracts
As of January 31, 2024, the Fund
held the following futures contracts1:
| Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
| Long Contracts | |||||
| U.S. Treasury 5 Year Notes | 108 | March 2024 | $ 11,650,535 | $ 11,706,188 | $ 55,653 |
| U.S. Treasury 10 Year Notes | 194 | March 2024 | 21,552,109 | 21,791,656 | 239,547 |
| U.S. Treasury 10 Year Ultra Bonds | 72 | March 2024 | 8,223,695 | 8,415,000 | 191,305 |
| U.S. Treasury Long Bonds | 173 | March 2024 | 20,076,238 | 21,165,469 | 1,089,231 |
| U.S. Treasury Ultra Bonds | 126 | March 2024 | 15,490,351 | 16,281,562 | 791,211 |
| Net Unrealized Appreciation | $ 2,366,947 |
| 1. | As of January 31, 2024, cash in the amount of $2,312,450 was on deposit with a broker or futures commission merchant for futures transactions. |
| 2. | Represents the difference between the value of the contracts at the time they were opened and the value as of January 31, 2024. |
| Abbreviation(s): |
| FHLMC—Federal Home Loan Mortgage Corp. |
| FNMA—Federal National Mortgage Association |
| GNMA—Government National Mortgage Association |
| REMIC—Real Estate Mortgage Investment Conduit |
| SOFR—Secured Overnight Financing Rate |
| STACR—Structured Agency Credit Risk |
| UMBS—Uniform Mortgage Backed Securities |
The following is a summary of the
fair valuations according to the inputs used as of January 31, 2024, 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 | |||||||
| Asset-Backed Securities | $ — | $ 39,904,087 | $ — | $ 39,904,087 | |||
| Corporate Bonds | — | 110,604,294 | — | 110,604,294 | |||
| Foreign Government Bonds | — | 7,750,800 | — | 7,750,800 | |||
| Loan Assignments | — | 573,705 | — | 573,705 | |||
| Mortgage-Backed Securities | — | 158,949,093 | — | 158,949,093 | |||
| U.S. Government & Federal Agencies | — | 29,626,128 | — | 29,626,128 | |||
| Total Long-Term Bonds | — | 347,408,107 | — | 347,408,107 | |||
| Common Stocks | 6 | — | — | 6 | |||
| Short-Term Investments | |||||||
| Affiliated Investment Company | 4,316,300 | — | — | 4,316,300 | |||
| Unaffiliated Investment Company | 972,320 | — | — | 972,320 | |||
| U.S. Treasury Debt | — | 1,132,981 | — | 1,132,981 | |||
| Total Short-Term Investments | 5,288,620 | 1,132,981 | — | 6,421,601 | |||
| Total Investments in Securities | 5,288,626 | 348,541,088 | — | 353,829,714 | |||
| Other Financial Instruments | |||||||
| Futures Contracts (b) | 2,366,947 | — | — | 2,366,947 | |||
| Total Investments in Securities and Other Financial Instruments | $ 7,655,573 | $ 348,541,088 | $ — | $ 356,196,661 |
| (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 Allocation Fund
Portfolio of Investments January 31, 2024†^(Unaudited)
| Shares | Value | |
| Affiliated Investment Companies 89.2% | ||
| Equity Funds 56.4% | ||
| IQ 500 International ETF (a) | 601,555 | $ 19,560,283 |
| IQ Candriam International Equity ETF (a) | 691,961 | 19,580,697 |
| IQ Candriam U.S. Large Cap Equity ETF (a) | 917,524 | 38,581,884 |
| IQ Candriam U.S. Mid Cap Equity ETF (a) | 694,879 | 20,654,583 |
| IQ CBRE NextGen Real Estate ETF (a) | 887,726 | 17,088,637 |
| IQ FTSE International Equity Currency Neutral ETF | 630,539 | 15,801,307 |
| IQ U.S. Small Cap ETF (a) | 281,277 | 9,808,129 |
| IQ Winslow Large Cap Growth ETF (a) | 127,854 | 4,866,302 |
| MainStay Candriam Emerging Markets Equity Fund Class R6 (a) | 2,141,758 | 18,873,602 |
| MainStay Epoch Capital Growth Fund Class I | 201,583 | 2,848,548 |
| MainStay Epoch International Choice Fund Class I (a) | 356,988 | 14,130,978 |
| MainStay Epoch U.S. Equity Yield Fund Class R6 (a) | 1,548,248 | 30,886,308 |
| MainStay Fiera SMID Growth Fund Class R6 (a) | 1,286,826 | 21,328,879 |
| MainStay PineStone International Equity Fund Class R6 (a) | 859,274 | 13,609,274 |
| MainStay PineStone U.S. Equity Fund Class R6 (a) | 1,823,448 | 31,843,779 |
| MainStay S&P 500 Index Fund Class I | 88,782 | 4,875,223 |
| MainStay Winslow Large Cap Growth Fund Class R6 | 3,226,401 | 36,737,090 |
| MainStay WMC Enduring Capital Fund Class R6 (a) | 825,314 | 28,886,887 |
| MainStay WMC Growth Fund Class R6 (a) | 929,837 | 40,473,378 |
| MainStay WMC International Research Equity Fund Class I (a) | 1,974,783 | 14,048,604 |
| MainStay WMC Small Companies Fund Class I (a) | 545,003 | 12,122,386 |
| MainStay WMC Value Fund Class R6 (a) | 927,364 | 27,543,350 |
| Total Equity Funds (Cost $363,295,929) | 444,150,108 | |
| Fixed Income Funds 32.8% | ||
| IQ MacKay ESG Core Plus Bond ETF (a) | 3,344,048 | 70,559,413 |
| IQ Mackay ESG High Income ETF (a) | 338,585 | 8,997,896 |
| MainStay Floating Rate Fund Class R6 (a) | 2,636,039 | 23,380,080 |
| MainStay MacKay High Yield Corporate Bond Fund Class R6 | 1,755,927 | 9,006,674 |
| MainStay MacKay Short Duration High Yield Fund Class I | 2,232,224 | 21,123,091 |
| MainStay MacKay Total Return Bond Fund Class R6 (a) | 7,851,905 | 71,315,711 |
| MainStay Mackay U.S. Infrastructure Bond Fund Class R6 (a) | 5,007,102 | 38,102,045 |
| MainStay Short Term Bond Fund Class I (a) | 1,711,188 | 15,630,507 |
| Total Fixed Income Funds (Cost $264,919,091) | 258,115,417 | |
| Total Affiliated Investment Companies (Cost $628,215,020) | 702,265,525 | |
| Shares | Value | ||
| Short-Term Investment 10.5% | |||
| Affiliated Investment Company 10.5% | |||
| MainStay U.S. Government Liquidity Fund, 5.25% (a)(b) | 82,710,379 | $ 82,710,379 | |
| Total Short-Term Investment (Cost $82,710,379) | 10.5% | 82,710,379 | |
| Total Investments (Cost $710,925,399) | 99.7% | 784,975,904 | |
| Other Assets, Less Liabilities | 0.3 | 2,703,929 | |
| Net Assets | 100.0% | $ 787,679,833 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | As of January 31, 2024, the Fund's ownership exceeds 5% of the outstanding shares of the Underlying Fund's share class. |
| (b) | Current yield as of January 31, 2024. |
Investments in Affiliates (in
000's)
Investments in issuers considered to
be affiliate(s) of the Fund during the period ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| 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 500 International ETF | $ 17,696 | $ 442 | $ (298) | $ 7 | $ 1,713 | $ 19,560 | $ 288 | $ — | 602 |
| IQ Candriam International Equity ETF | 17,443 | 26 | (240) | 6 | 2,346 | 19,581 | 95 | — | 692 |
| IQ Candriam U.S. Large Cap Equity ETF | 33,555 | 525 | (429) | 89 | 4,842 | 38,582 | 112 | — | 918 |
| IQ Candriam U.S. Mid Cap Equity ETF | 17,169 | 669 | (448) | 2 | 3,263 | 20,655 | 72 | — | 695 |
| IQ CBRE NextGen Real Estate ETF | — | 17,102 | (67) | 1 | 53 | 17,089 | 112 | — | 888 |
| IQ FTSE International Equity Currency Neutral ETF | 14,258 | 7 | (57) | 9 | 1,584 | 15,801 | 123 | — | 631 |
| IQ MacKay ESG Core Plus Bond ETF | 83,245 | — | (18,500) | (2,758) | 8,572 | 70,559 | 1,086 | — | 3,344 |
| IQ Mackay ESG High Income ETF | 8,375 | 148 | (42) | —(a) | 517 | 8,998 | 163 | 7 | 339 |
| IQ U.S. Large Cap ETF | 27,017 | — | (28,862) | 9,292 | (7,447) | — | 72 | — | — |
| IQ U.S. Small Cap ETF | 8,903 | 93 | (817) | 229 | 1,400 | 9,808 | 43 | — | 281 |
| IQ Winslow Large Cap Growth ETF | 3,918 | — | — | — | 948 | 4,866 | 1 | — | 128 |
| MainStay Candriam Emerging Markets Equity Fund Class R6 | 17,503 | 567 | — | — | 804 | 18,874 | 214 | — | 2,142 |
| MainStay Epoch Capital Growth Fund Class I | 2,474 | 16 | (70) | 1 | 428 | 2,849 | 16 | 1 | 202 |
| MainStay Epoch International Choice Fund Class I | 12,628 | 241 | (319) | 3 | 1,578 | 14,131 | 240 | — | 357 |
| MainStay Epoch U.S. Equity Yield Fund Class R6 | 27,672 | 2,369 | (1,342) | 6 | 2,181 | 30,886 | 237 | 924 | 1,548 |
| MainStay Fiera SMID Growth Fund Class R6 | 16,919 | 2,435 | (1,069) | 35 | 3,009 | 21,329 | — | 496 | 1,287 |
| MainStay Floating Rate Fund Class R6 | 21,876 | 1,215 | — | — | 289 | 23,380 | 499 | — | 2,636 |
| MainStay MacKay High Yield Corporate Bond Fund Class R6 | 8,401 | 284 | (84) | (2) | 408 | 9,007 | 145 | — | 1,756 |
| MainStay MacKay Short Duration High Yield Fund Class I | 19,738 | 853 | (80) | (4) | 616 | 21,123 | 340 | — | 2,232 |
| MainStay MacKay Total Return Bond Fund Class R6 | 83,367 | 959 | (19,684) | (4,591) | 11,265 | 71,316 | 958 | — | 7,852 |
| MainStay Mackay U.S. Infrastructure Bond Fund Class R6 | — | 37,090 | — | — | 1,012 | 38,102 | 265 | — | 5,007 |
| MainStay PineStone International Equity Fund Class R6 | 12,717 | 68 | (1,251) | 70 | 2,005 | 13,609 | 68 | — | 859 |
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| MainStay PineStone U.S. Equity Fund Class R6 | $ 14,166 | $ 15,636 | $ — | $ — | $ 2,042 | $ 31,844 | $ 44 | $ 14 | 1,823 |
| MainStay S&P 500 Index Fund Class I | 11,074 | 506 | (7,848) | 3,013 | (1,870) | 4,875 | 157 | 349 | 89 |
| MainStay Short Term Bond Fund Class I | 14,574 | 759 | — | — | 298 | 15,631 | 196 | — | 1,711 |
| MainStay U.S. Government Liquidity Fund | 79,197 | 43,147 | (39,634) | — | — | 82,710 | 1,081 | — | 82,710 |
| MainStay Winslow Large Cap Growth Fund Class R6 | 33,864 | 3,228 | (5,099) | 440 | 4,304 | 36,737 | — | 3,229 | 3,226 |
| MainStay WMC Enduring Capital Fund Class R6 | 24,667 | 1,568 | (1,336) | 20 | 3,968 | 28,887 | 265 | — | 825 |
| MainStay WMC Growth Fund Class R6 | 34,826 | — | (1,507) | (126) | 7,280 | 40,473 | — | — | 930 |
| MainStay WMC International Research Equity Fund Class I | 12,698 | 327 | (29) | —(a) | 1,053 | 14,049 | 288 | — | 1,975 |
| MainStay WMC Small Companies Fund Class I | 10,382 | 429 | (638) | 38 | 1,911 | 12,122 | 43 | — | 545 |
| MainStay WMC Value Fund Class R6 | 24,549 | 2,467 | (955) | (41) | 1,523 | 27,543 | 429 | 758 | 927 |
| $714,871 | $133,176 | $(130,705) | $5,739 | $61,895 | $784,976 | $7,652 | $5,778 |
| (a) | Less than $500. |
Swap Contracts
Open OTC total return equity swap
contracts as of January 31, 2024 were as follows1:
| Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
| Citibank NA | Citi Leveraged Loan Basket | 1 day FEDF minus 0.20% | 12/3/24 | Daily | (9,721) | $ — |
| Citibank NA | Citi Zombie Company Basket | 1 day FEDF minus 0.50% | 12/3/24 | Daily | (12,286) | — |
| JPMorgan Chase Bank NA | Global X Uranium ETF | 1 day FEDF plus 0.50% | 10/8/24 - 11/12/24 | Daily | 21,172 | — |
| Citibank NA | Invesco S&P 500 Low Volatility ETF | 1 day FEDF plus 0.55% | 12/3/24 | Daily | 17,491 | — |
| Citibank NA | iShares 20+ Year Treasury Bond ETF | 1 day FEDF plus 0.60% | 12/3/24 | Daily | 27,181 | — |
| Citibank NA | iShares MSCI China ETF | 1 day FEDF minus 0.56% | 12/3/24 | Daily | (6,823) | — |
| Citibank NA | iShares MSCI EAFE ETF | 1 day FEDF minus 1.25% | 12/3/24 | Daily | (39,295) | — |
| Citibank NA | iShares MSCI Emerging Markets ex China ETF | 1 day FEDF plus 0.55% | 12/3/24 | Daily | 11,732 | — |
| Citibank NA | iShares MSCI India ETF | 1 day FEDF | 12/3/24 | Daily | 7,997 | — |
| JPMorgan Chase Bank NA | iShares MSCI Japan ETF | 1 day FEDF plus 0.15% | 4/24/24 - 5/7/24 | Daily | 24,028 | — |
| JPMorgan Chase Bank NA | Russell 2000 Total Return Index | 1 day FEDF minus 0.15% - plus 0.05% | 4/9/24 - 5/7/24 | Daily | (35,187) | — |
| JPMorgan Chase Bank NA | S&P 500 Equal Weight | 1 day FEDF plus 0.30% - 0.51% | 5/7/24 | Daily | 27,371 | — |
| Citibank NA | S&P 500 Total Return Index | 1 day FEDF plus 0.05% | 12/3/24 | Daily | (20,740) | — |
| Citibank NA | S&P 600 Total Return | 1 day FEDF plus 0.45% | 12/3/24 | Daily | 38,553 | — |
| Citibank NA | S&P Midcap 400 Total Return Index | 1 day FEDF plus 0.35% | 12/3/24 | Daily | 6,977 | — |
| JPMorgan Chase Bank NA | VanEck Oil Services ETF | 1 day FEDF plus 0.15% | 11/5/24 | Daily | 7,607 | — |
| Citibank NA | Vanguard FTSE Europe ETF | 1 day FEDF minus 0.50% | 12/3/24 | Daily | (7,844) | — |
| $ — |
The following table represents the
basket holdings underlying the total return swap with Citi Leveraged Loan Basket as of January 31, 2024.
| Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
| AerCap Holdings NV | (3,366) | (428,355) | — | 4.41 |
| Apollo Commercial Real Estate Finance, Inc. | (591) | (75,215) | — | 0.77 |
| Atlantica Sustainable Infrastructure plc | (350) | (44,505) | — | 0.46 |
| Brandywine Realty Trust | (604) | (76,863) | — | 0.79 |
| Carnival Corp. | (9,910) | (1,261,282) | — | 12.97 |
| Chart Industries, Inc. | (2,644) | (336,514) | — | 3.46 |
| Coherent Corp. | (1,759) | (223,879) | — | 2.30 |
| CommScope Holding Co, Inc. | (159) | (20,250) | — | 0.21 |
| Crane NXT Co | (2,275) | (289,490) | — | 2.98 |
| Cushman & Wakefield plc | (734) | (93,470) | — | 0.96 |
| Delta Air Lines, Inc. | (6,826) | (868,724) | — | 8.94 |
| Designer Brands, Inc. | (485) | (61,703) | — | 0.63 |
| DigitalBridge Group, Inc. | (1,112) | (141,547) | — | 1.46 |
| Elanco Animal Health, Inc. | (3,751) | (477,339) | — | 4.91 |
| Entegris, Inc. | (4,766) | (606,627) | — | 6.24 |
| Fidelity National Information Services, Inc. | (6,860) | (873,076) | — | 8.98 |
| Hanesbrands, Inc. | (1,560) | (198,602) | — | 2.04 |
| JetBlue Airways Corp. | (1,082) | (137,745) | — | 1.42 |
| Lumen Technologies, Inc. | (1,318) | (167,799) | — | 1.73 |
| MKS Instruments, Inc. | (1,708) | (217,405) | — | 2.24 |
| Oatly Group AB | (148) | (18,840) | — | 0.19 |
| Opendoor Technologies, Inc. | (1,964) | (250,000) | — | 2.57 |
| Par Pacific Holdings, Inc. | (930) | (118,381) | — | 1.22 |
| PureCycle Technologies, Inc. | (291) | (37,035) | — | 0.38 |
| Scorpio Tankers, Inc. | (2,399) | (305,325) | — | 3.14 |
| Topgolf Callaway Brands Corp. | (595) | (75,783) | — | 0.78 |
| Uber Technologies, Inc. | (12,587) | (1,601,899) | — | 16.48 |
| United Airlines Holdings, Inc. | (5,603) | (713,102) | — | 7.34 |
The following table represents the
basket holdings underlying the total return swap with Citi Zombie Company Basket as of January 31, 2024.
| Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
| Alteryx Inc. | (1,570) | (173,507) | — | 1.41 |
| AppLovin Corp. | (3,331) | (368,143) | — | 3.00 |
| Array Technologies Inc. | (2,183) | (241,246) | — | 1.96 |
| Asana Inc. | (1,371) | (151,533) | — | 1.23 |
| BILL Holdings Inc. | (5,157) | (569,953) | — | 4.64 |
| BioCryst Pharmaceuticals Inc. | (413) | (45,697) | — | 0.37 |
| Bloom Energy Corp. | (1,012) | (111,796) | — | 0.91 |
| Bridgebio Pharma Inc. | (3,979) | (439,727) | — | 3.58 |
| Carnival Corp. | (8,424) | (930,967) | — | 7.58 |
| Children's Place Inc./The | (504) | (55,691) | — | 0.45 |
| Cinemark Holdings Inc. | (1,224) | (135,243) | — | 1.10 |
| Coeur Mining Inc. | (489) | (54,025) | — | 0.44 |
| Cytokinetics Inc. | (3,028) | (334,646) | — | 2.72 |
| DigitalBridge Group, Inc. | (1,335) | (147,586) | — | 1.20 |
| Emergent BioSolutions Inc. | (117) | (12,942) | — | 0.11 |
| Enviva Inc. | (15) | (1,706) | — | 0.01 |
| Exact Sciences Corp. | (3,813) | (421,360) | — | 3.43 |
| Fastly Inc. | (2,417) | (267,145) | — | 2.17 |
| Gap Inc./The | (5,578) | (616,472) | — | 5.02 |
| Guardant Health Inc. | (1,409) | (155,708) | — | 1.27 |
| IAC Inc. | (1,178) | (130,159) | — | 1.06 |
| Infinera Corp. | (406) | (44,875) | — | 0.36 |
| Insmed Inc. | (1,150) | (127,086) | — | 1.03 |
| JetBlue Airways Corp. | (1,300) | (143,621) | — | 1.17 |
| Kyndryl Holdings Inc. | (972) | (107,446) | — | 0.87 |
| Lyft Inc. | (6,156) | (680,308) | — | 5.54 |
| Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
| NeoGenomics Inc. | (789) | (87,164) | — | 0.71 |
| Oscar Health Inc. | (2,871) | (317,249) | — | 2.58 |
| Pacific Biosciences of California Inc. | (807) | (89,185) | — | 0.73 |
| Peloton Interactive Inc. | (1,453) | (160,568) | — | 1.31 |
| Q2 Holdings Inc. | (1,209) | (133,567) | — | 1.09 |
| Redfin Corp. | (737) | (81,411) | — | 0.66 |
| Revance Therapeutics Inc. | (190) | (21,042) | — | 0.17 |
| RingCentral Inc. | (2,408) | (266,077) | — | 2.17 |
| Rivian Automotive Inc. | (5,298) | (585,546) | — | 4.77 |
| Royal Caribbean Cruises Ltd. | (10,252) | (1,133,002) | — | 9.22 |
| Scotts Miracle-Gro Co/The | (1,399) | (154,624) | — | 1.26 |
| Spirit AeroSystems Holdings Inc. | (1,285) | (141,999) | — | 1.16 |
| Spirit Airlines Inc. | (296) | (32,750) | — | 0.27 |
| Sweetgreen Inc. | (780) | (86,250) | — | 0.70 |
| TG Therapeutics Inc. | (1,829) | (202,142) | — | 1.65 |
| Twist Bioscience Corp. | (1,700) | (187,888) | — | 1.53 |
| Vistra Corp. | (4,881) | (539,433) | — | 4.39 |
| Warner Bros Discovery Inc. | (3,423) | (378,348) | — | 3.08 |
| Wix.com Ltd. | (2,576) | (284,714) | — | 2.32 |
| Wolfspeed Inc. | (2,331) | (257,606) | — | 2.10 |
| WW International Inc. | (726) | (80,257) | — | 0.65 |
| Wynn Resorts Ltd. | (4,496) | (496,874) | — | 4.04 |
| Xerox Holdings Corp. | (904) | (99,893) | — | 0.81 |
| 1. | As of January 31, 2024, cash in the amount $850,000 was pledged to brokers for OTC swap contracts. |
| 2. | Fund pays the floating rate and receives the total return of the reference entity. |
| 3. | Notional amounts reflected as a positive value indicate a long position held by the Fund or Index and a negative value indicates a short position. |
| 4. | Reflects the value at reset date as of January 31, 2024. |
| Abbreviation(s): |
| EAFE—Europe, Australasia and Far East |
| ETF—Exchange-Traded Fund |
| FEDF—Federal Funds Rate |
| FTSE—Financial Times Stock Exchange |
| MSCI—Morgan Stanley Capital International |
The following is a summary of the
fair valuations according to the inputs used as of January 31, 2024, 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) | |||||||
| Affiliated Investment Companies | |||||||
| Equity Funds | $ 444,150,108 | $ — | $ — | $ 444,150,108 | |||
| Fixed Income Funds | 258,115,417 | — | — | 258,115,417 | |||
| Total Affiliated Investment Companies | 702,265,525 | — | — | 702,265,525 | |||
| Short-Term Investment | |||||||
| Affiliated Investment Company | 82,710,379 | — | — | 82,710,379 | |||
| Total Investments in Securities | $ 784,975,904 | $ — | $ — | $ 784,975,904 |
| (a) | For a complete listing of investments, see the Portfolio of Investments. |
MainStay Short Term Bond Fund
Portfolio of Investments January 31, 2024†^(Unaudited)
| Principal Amount | Value | |
| Long-Term Bonds 96.0% | ||
| Asset-Backed Securities 12.2% | ||
| Automobile Asset-Backed Securities 1.3% | ||
| BOF VII AL Funding Trust I | ||
| Series 2023-CAR3, Class A2 | ||
| 6.291%, due 7/26/32 (a) | $ 782,798 | $ 789,235 |
| Carvana Auto Receivables Trust | ||
| Series 2022-P3, Class A3 | ||
| 4.61%, due 11/10/27 | 500,000 | 495,269 |
| GM Financial Automobile Leasing Trust | ||
| Series 2023-1, Class A2A | ||
| 5.27%, due 6/20/25 | 1,033,065 | 1,032,368 |
| 2,316,872 | ||
| Other Asset-Backed Securities 10.9% | ||
| AGL CLO 29 Ltd. | ||
| Series 2024-29A, Class B | ||
| 7.383% (3 Month SOFR + 2.05%), due 4/21/37 (a)(b)(c) | 750,000 | 750,000 |
| ALLO Issuer LLC | ||
| Series 2023-1A, Class A2 | ||
| 6.20%, due 6/20/53 (a) | 800,000 | 788,654 |
| Apidos CLO XXX | ||
| Series XXXA, Class A2 | ||
| 7.16% (3 Month SOFR + 1.862%), due 10/18/31 (a)(c) | 500,000 | 500,036 |
| Ballyrock CLO 23 Ltd. | ||
| Series 2023-23A, Class A1 | ||
| 7.305% (3 Month SOFR + 1.98%), due 4/25/36 (a)(c) | 500,000 | 503,992 |
| Barings CLO Ltd. (a)(b)(c) | ||
| Series 2024-1A, Class A | ||
| 6.899% (3 Month SOFR + 1.63%), due 1/20/37 | 750,000 | 750,075 |
| Series 2024-1A, Class B | ||
| 7.369% (3 Month SOFR + 2.10%), due 1/20/37 | 450,000 | 450,045 |
| Barings Loan Partners CLO Ltd. 3 | ||
| Series LP-3A, Class BR | ||
| 7.418% (3 Month SOFR + 2.10%), due 7/20/33 (a)(c) | 750,000 | 749,977 |
| Benefit Street Partners CLO XXX Ltd. | ||
| Series 2023-30A, Class A | ||
| 7.425% (3 Month SOFR + 2.10%), due 4/25/36 (a)(c) | 400,000 | 403,142 |
| Cars Net Lease Mortgage Notes | ||
| Series 2020-1A, Class A3 | ||
| 3.10%, due 12/15/50 (a) | 689,208 | 593,898 |
| CyrusOne Data Centers Issuer I LLC (a) | ||
| Series 2023-1A, Class A2 | ||
| 4.30%, due 4/20/48 | 500,000 | 457,151 |
| Series 2023-2A, Class A2 | ||
| 5.56%, due 11/20/48 | 675,000 | 645,558 |
| EDvestinU Private Education Loan Issue No. 3 LLC | ||
| Series 2021-A, Class A | ||
| 1.80%, due 11/25/45 (a) | 290,982 | 259,555 |
| Principal Amount | Value | |
| Asset-Backed Securities | ||
| Other Asset-Backed Securities | ||
| Empower CLO Ltd. | ||
| Series 2023-2A, Class A1 | ||
| 7.514% (3 Month SOFR + 2.20%), due 7/15/36 (a)(c) | $ 1,000,000 | $ 1,008,091 |
| Invesco US CLO Ltd. (a)(c) | ||
| Series 2023-2A, Class A | ||
| 7.118% (3 Month SOFR + 1.80%), due 4/21/36 | 1,000,000 | 1,005,895 |
| Series 2023-1A, Class A1 | ||
| 7.318% (3 Month SOFR + 2.00%), due 4/22/35 | 750,000 | 751,377 |
| Jimmy Johns Funding LLC | ||
| Series 2022-1A, Class A2I | ||
| 4.077%, due 4/30/52 (a) | 736,875 | 693,982 |
| Juniper Valley Park CLO LLC | ||
| Series 2023-1A, Class B | ||
| 7.868% (3 Month SOFR + 2.55%), due 7/20/35 (a)(c) | 750,000 | 752,608 |
| MetroNet Infrastructure Issuer LLC (a) | ||
| Series 2022-1A, Class A2 | ||
| 6.35%, due 10/20/52 | 800,000 | 792,928 |
| Series 2023-1A, Class A2 | ||
| 6.56%, due 4/20/53 | 500,000 | 499,363 |
| Oak Street Investment Grade Net Lease Fund (a) | ||
| Series 2021-1A, Class A1 | ||
| 1.48%, due 1/20/51 | 697,732 | 632,117 |
| Series 2021-2A, Class A1 | ||
| 2.38%, due 11/20/51 | 962,886 | 861,345 |
| Oaktree CLO Ltd. | ||
| Series 2022-2A, Class BR | ||
| 7.464% (3 Month SOFR + 2.15%), due 7/15/33 (a)(c) | 1,000,000 | 1,000,178 |
| OCP CLO Ltd. | ||
| Series 2024-31A, Class A1 | ||
| 6.923% (3 Month SOFR + 1.63%), due 4/20/37 (a)(b)(c) | 750,000 | 750,000 |
| Octagon 67 Ltd. | ||
| Series 2023-1A, Class A1 | ||
| 7.125% (3 Month SOFR + 1.80%), due 4/25/36 (a)(c) | 1,000,000 | 1,002,962 |
| SMB Private Education Loan Trust | ||
| Series 2021-A, Class B | ||
| 2.31%, due 1/15/53 (a) | 748,146 | 699,692 |
| SVC ABS LLC | ||
| Series 2023-1A, Class A | ||
| 5.15%, due 2/20/53 (a) | 781,402 | 752,322 |
| Texas Debt Capital CLO Ltd. | ||
| Series 2023-2A, Class A | ||
| 7.268% (3 Month SOFR + 1.95%), due 7/21/35 (a)(c) | 750,000 | 752,481 |
| Vibrant CLO X Ltd. | ||
| Series 2018-10A, Class A1 | ||
| 6.779% (3 Month SOFR + 1.462%), due 10/20/31 (a)(c) | 472,661 | 472,661 |
| Voya CLO Ltd. (a)(c) | ||
| Series 2022-4A, Class A | ||
| 7.468% (3 Month SOFR + 2.15%), due 10/20/33 | 250,000 | 250,341 |
| Principal Amount | Value | |
| Asset-Backed Securities | ||
| Other Asset-Backed Securities | ||
| Voya CLO Ltd. (a)(c) | ||
| Series 2022-4A, Class B | ||
| 8.618% (3 Month SOFR + 3.30%), due 10/20/33 | $ 250,000 | $ 250,562 |
| 19,780,988 | ||
| Total Asset-Backed Securities (Cost $21,876,614) | 22,097,860 | |
| Corporate Bonds 30.5% | ||
| Auto Manufacturers 1.8% | ||
| American Honda Finance Corp. | ||
| 0.55%, due 7/12/24 | 825,000 | 807,103 |
| Ford Motor Credit Co. LLC | ||
| 4.542%, due 8/1/26 | 505,000 | 490,750 |
| 6.80%, due 5/12/28 | 455,000 | 472,795 |
| General Motors Financial Co., Inc. | ||
| 6.05%, due 10/10/25 | 735,000 | 745,702 |
| Hyundai Capital America | ||
| 5.65%, due 6/26/26 (a) | 565,000 | 570,538 |
| Nissan Motor Acceptance Co. LLC (a) | ||
| 6.95%, due 9/15/26 | 60,000 | 62,006 |
| 7.05%, due 9/15/28 | 140,000 | 146,916 |
| 3,295,810 | ||
| Banks 16.5% | ||
| ABN AMRO Bank NV | ||
| 6.339% (1 Year Treasury Constant Maturity Rate + 1.65%), due 9/18/27 (a)(c) | 455,000 | 465,243 |
| Bank of America Corp. | ||
| 4.20%, due 8/26/24 | 1,240,000 | 1,229,869 |
| 5.08%, due 1/20/27 (d) | 1,535,000 | 1,535,246 |
| 5.202%, due 4/25/29 (d) | 380,000 | 383,108 |
| Bank of New York Mellon Corp. (The) (d) | ||
| 4.543%, due 2/1/29 | 590,000 | 586,774 |
| 4.947%, due 4/26/27 | 435,000 | 435,752 |
| Barclays plc | ||
| 3.65%, due 3/16/25 | 400,000 | 392,432 |
| 5.829%, due 5/9/27 (d) | 210,000 | 211,785 |
| 7.385% (1 Year Treasury Constant Maturity Rate + 3.30%), due 11/2/28 (c) | 1,330,000 | 1,421,521 |
| Citigroup, Inc. | ||
| 5.61%, due 9/29/26 (d) | 1,040,000 | 1,048,006 |
| Citizens Bank NA | ||
| 6.064%, due 10/24/25 (d) | 1,055,000 | 1,051,771 |
| Credit Suisse AG | ||
| 7.95%, due 1/9/25 | 1,010,000 | 1,033,463 |
| Deutsche Bank AG | ||
| 6.119%, due 7/14/26 (d) | 2,090,000 | 2,105,048 |
| Fifth Third Bank NA | ||
| 5.852%, due 10/27/25 (d) | 1,040,000 | 1,041,338 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Banks | ||
| Goldman Sachs Group, Inc. (The) | ||
| 5.70%, due 11/1/24 | $ 280,000 | $ 280,803 |
| HSBC Holdings plc | ||
| 7.336%, due 11/3/26 (d) | 840,000 | 871,840 |
| HSBC USA, Inc. | ||
| 5.625%, due 3/17/25 | 1,165,000 | 1,172,276 |
| Huntington National Bank (The) (d) | ||
| 4.008%, due 5/16/25 | 580,000 | 574,729 |
| 5.699%, due 11/18/25 | 295,000 | 293,410 |
| JPMorgan Chase & Co. (d) | ||
| 5.04%, due 1/23/28 | 715,000 | 718,058 |
| 5.546%, due 12/15/25 | 525,000 | 525,294 |
| KeyBank NA | ||
| 3.30%, due 6/1/25 | 526,000 | 509,376 |
| 4.15%, due 8/8/25 | 540,000 | 528,024 |
| Lloyds Banking Group plc | ||
| 3.75%, due 1/11/27 | 835,000 | 806,536 |
| Mitsubishi UFJ Financial Group, Inc. | ||
| 5.354% (1 Year Treasury Constant Maturity Rate + 1.90%), due 9/13/28 (c) | 205,000 | 207,677 |
| Morgan Stanley (d) | ||
| 4.679%, due 7/17/26 | 450,000 | 446,963 |
| 5.173%, due 1/16/30 | 920,000 | 927,913 |
| 6.138%, due 10/16/26 | 1,000,000 | 1,018,839 |
| Morgan Stanley Bank NA | ||
| 4.754%, due 4/21/26 | 620,000 | 620,666 |
| National Securities Clearing Corp. | ||
| 5.15%, due 5/30/25 (a) | 250,000 | 251,355 |
| PNC Financial Services Group, Inc. (The) (d) | ||
| 4.758%, due 1/26/27 | 125,000 | 124,215 |
| 5.812%, due 6/12/26 | 230,000 | 231,282 |
| 6.615%, due 10/20/27 | 295,000 | 306,638 |
| Royal Bank of Canada | ||
| 5.66%, due 10/25/24 | 430,000 | 431,047 |
| Societe Generale SA | ||
| 6.446% (1 Year Treasury Constant Maturity Rate + 2.55%), due 1/10/29 (a)(c) | 745,000 | 768,992 |
| State Street Corp. | ||
| 4.857%, due 1/26/26 (d) | 180,000 | 179,215 |
| Toronto-Dominion Bank (The) | ||
| 4.285%, due 9/13/24 | 350,000 | 347,662 |
| Truist Bank | ||
| 2.636% (5 Year Treasury Constant Maturity Rate + 1.15%), due 9/17/29 (c) | 285,000 | 269,800 |
| Truist Financial Corp. | ||
| 5.435%, due 1/24/30 (d) | 675,000 | 680,753 |
| U.S. Bancorp (d) | ||
| 4.653%, due 2/1/29 | 1,010,000 | 995,041 |
| 6.787%, due 10/26/27 | 440,000 | 459,024 |
| UBS Group AG | ||
| 6.327% (1 Year Treasury Constant Maturity Rate + 1.60%), due 12/22/27 (a)(c) | 625,000 | 643,661 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Banks | ||
| Wells Fargo & Co. (d) | ||
| 4.54%, due 8/15/26 | $ 1,045,000 | $ 1,034,482 |
| 5.198%, due 1/23/30 | 695,000 | 700,404 |
| 29,867,331 | ||
| Biotechnology 0.4% | ||
| Amgen, Inc. | ||
| 5.15%, due 3/2/28 | 665,000 | 677,038 |
| Chemicals 0.4% | ||
| Celanese US Holdings LLC | ||
| 6.33%, due 7/15/29 | 395,000 | 411,632 |
| 6.55%, due 11/15/30 | 260,000 | 275,031 |
| 686,663 | ||
| Diversified Financial Services 3.6% | ||
| AerCap Ireland Capital DAC | ||
| 1.65%, due 10/29/24 | 312,000 | 302,968 |
| 6.45%, due 4/15/27 (a) | 792,000 | 819,460 |
| Air Lease Corp. | ||
| 0.80%, due 8/18/24 | 1,005,000 | 978,372 |
| American Express Co. | ||
| 6.489%, due 10/30/31 (d) | 440,000 | 476,683 |
| Antares Holdings LP (a) | ||
| 3.75%, due 7/15/27 | 250,000 | 227,207 |
| 3.95%, due 7/15/26 | 250,000 | 233,363 |
| 7.95%, due 8/11/28 | 500,000 | 525,080 |
| Ares Management Corp. | ||
| 6.375%, due 11/10/28 | 485,000 | 512,354 |
| Blackstone Holdings Finance Co. LLC | ||
| 5.90%, due 11/3/27 (a) | 475,000 | 491,790 |
| Capital One Financial Corp. | ||
| 4.985%, due 7/24/26 (d) | 345,000 | 342,987 |
| Charles Schwab Corp. (The) | ||
| 6.196%, due 11/17/29 (d) | 525,000 | 549,089 |
| Intercontinental Exchange, Inc. | ||
| 3.65%, due 5/23/25 | 1,040,000 | 1,021,421 |
| 6,480,774 | ||
| Electric 2.2% | ||
| Duke Energy Corp. | ||
| 2.45%, due 6/1/30 | 320,000 | 278,786 |
| Enel Finance America LLC | ||
| 7.10%, due 10/14/27 (a) | 200,000 | 213,731 |
| Florida Power & Light Co. | ||
| 5.05%, due 4/1/28 | 595,000 | 609,300 |
| National Rural Utilities Cooperative Finance Corp. | ||
| 5.05%, due 9/15/28 | 375,000 | 382,775 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Electric | ||
| NextEra Energy Capital Holdings, Inc. | ||
| 6.051%, due 3/1/25 | $ 360,000 | $ 363,035 |
| Pacific Gas and Electric Co. | ||
| 4.55%, due 7/1/30 | 205,000 | 195,910 |
| 5.45%, due 6/15/27 | 290,000 | 291,719 |
| 6.10%, due 1/15/29 | 395,000 | 409,239 |
| Southern California Edison Co. | ||
| 5.30%, due 3/1/28 | 355,000 | 364,303 |
| 5.85%, due 11/1/27 | 555,000 | 577,341 |
| Southern Co. (The) | ||
| 5.15%, due 10/6/25 | 370,000 | 371,345 |
| 4,057,484 | ||
| Entertainment 0.2% | ||
| Warnermedia Holdings, Inc. | ||
| 3.755%, due 3/15/27 | 305,000 | 292,994 |
| Healthcare-Products 0.1% | ||
| Baxter International, Inc. | ||
| 2.272%, due 12/1/28 | 170,000 | 151,542 |
| Healthcare-Services 0.2% | ||
| HCA, Inc. | ||
| 5.20%, due 6/1/28 | 435,000 | 439,382 |
| Insurance 0.5% | ||
| Corebridge Financial, Inc. | ||
| 3.50%, due 4/4/25 | 240,000 | 234,823 |
| Corebridge Global Funding | ||
| 5.20%, due 1/12/29 (a) | 625,000 | 627,392 |
| 862,215 | ||
| Internet 0.2% | ||
| Meta Platforms, Inc. | ||
| 3.50%, due 8/15/27 | 450,000 | 436,602 |
| Investment Companies 0.1% | ||
| Blackstone Private Credit Fund | ||
| 7.05%, due 9/29/25 | 275,000 | 279,905 |
| Media 0.2% | ||
| Charter Communications Operating LLC | ||
| 4.908%, due 7/23/25 | 305,000 | 302,296 |
| Principal Amount | Value | |
| Corporate Bonds | ||
| Packaging & Containers 0.1% | ||
| Berry Global, Inc. | ||
| 5.50%, due 4/15/28 (a) | $ 155,000 | $ 156,577 |
| Pharmaceuticals 0.2% | ||
| Becton Dickinson & Co. | ||
| 4.693%, due 2/13/28 | 185,000 | 184,998 |
| CVS Health Corp. | ||
| 4.30%, due 3/25/28 | 115,000 | 112,993 |
| 297,991 | ||
| Pipelines 1.5% | ||
| Cheniere Energy, Inc. | ||
| 4.625%, due 10/15/28 | 655,000 | 633,722 |
| Energy Transfer LP | ||
| 5.55%, due 2/15/28 | 385,000 | 391,775 |
| Kinder Morgan Energy Partners LP | ||
| 4.15%, due 2/1/24 | 745,000 | 745,000 |
| ONEOK, Inc. | ||
| 5.55%, due 11/1/26 | 265,000 | 269,468 |
| 5.85%, due 1/15/26 | 275,000 | 278,928 |
| Plains All American Pipeline LP | ||
| 4.50%, due 12/15/26 | 390,000 | 386,373 |
| 2,705,266 | ||
| Semiconductors 0.7% | ||
| Broadcom Corp. | ||
| 3.875%, due 1/15/27 | 500,000 | 487,043 |
| Intel Corp. | ||
| 4.875%, due 2/10/28 | 425,000 | 430,737 |
| Micron Technology, Inc. | ||
| 4.975%, due 2/6/26 | 265,000 | 265,398 |
| 1,183,178 | ||
| Software 0.6% | ||
| Oracle Corp. | ||
| 1.65%, due 3/25/26 | 1,140,000 | 1,065,401 |
| Telecommunications 0.7% | ||
| AT&T, Inc. | ||
| 1.70%, due 3/25/26 | 780,000 | 730,865 |
| T-Mobile USA, Inc. | ||
| 2.625%, due 4/15/26 | 500,000 | 476,002 |
| 1,206,867 | ||
| Principal Amount | Value | |
| Corporate Bonds | ||
| Trucking & Leasing 0.3% | ||
| Penske Truck Leasing Co. LP (a) | ||
| 5.75%, due 5/24/26 | $ 330,000 | $ 333,152 |
| 6.05%, due 8/1/28 | 185,000 | 192,016 |
| 525,168 | ||
| Total Corporate Bonds (Cost $54,226,399) | 54,970,484 | |
| Mortgage-Backed Securities 7.5% | ||
| Agency (Collateralized Mortgage Obligations) 2.0% | ||
| FHLMC, Strips (e) | ||
| Series 390, Class C22 | ||
| 2.00%, due 4/15/37 | 4,556,942 | 352,160 |
| Series 390, Class C5 | ||
| 2.00%, due 4/15/42 | 4,640,378 | 416,699 |
| FNMA (e) | ||
| REMIC, Series 2023-2, Class DI | ||
| 2.00%, due 5/25/51 | 4,266,905 | 560,423 |
| REMIC, Series 2021-3, Class TI | ||
| 2.50%, due 2/25/51 | 4,259,803 | 682,331 |
| REMIC, Series 2023-2, Class EI | ||
| 2.50%, due 4/25/51 | 4,720,809 | 759,748 |
| FNMA, Strips | ||
| REMIC, Series 432, Class C2 | ||
| 2.00%, due 7/25/37 (e) | 12,598,484 | 915,500 |
| 3,686,861 | ||
| Commercial Mortgage Loans (Collateralized Mortgage Obligations) 2.7% | ||
| BWAY Mortgage Trust | ||
| Series 2013-1515, Class A2 | ||
| 3.454%, due 3/10/33 (a) | 875,000 | 827,428 |
| CENT Trust | ||
| Series 2023-CITY, Class A | ||
| 7.953% (1 Month SOFR + 2.62%), due 9/15/38 (a)(c) | 750,000 | 755,625 |
| FNMA, ACES | ||
| REMIC, Series 2019-M12, Class X3 | ||
| 0.717%, due 6/25/29 (e)(f) | 13,000,000 | 367,669 |
| GNMA (e)(f) | ||
| Series 2023-179 | ||
| 0.612%, due 9/16/63 | 14,939,865 | 611,858 |
| Series 2023-108 | ||
| 0.699%, due 8/16/59 | 16,274,434 | 583,281 |
| Series 2021-106 | ||
| 0.859%, due 4/16/63 | 8,062,566 | 527,155 |
| Houston Galleria Mall Trust | ||
| Series 2015-HGLR, Class A1A2 | ||
| 3.087%, due 3/5/37 (a) | 500,000 | 482,275 |
| Principal Amount | Value | |
| Mortgage-Backed Securities | ||
| Commercial Mortgage Loans (Collateralized Mortgage Obligations) | ||
| OPEN Trust | ||
| Series 2023-AIR, Class A | ||
| 8.422% (1 Month SOFR + 3.089%), due 10/15/28 (a)(c) | $ 707,269 | $ 710,805 |
| 4,866,096 | ||
| Whole Loan (Collateralized Mortgage Obligations) 2.8% | ||
| A&D Mortgage Trust (a)(g) | ||
| Series 2024-NQM1, Class A1 | ||
| 6.195%, due 2/25/69 | 600,000 | 602,243 |
| Series 2023-NQM4, Class A1 | ||
| 7.472%, due 9/25/68 | 722,608 | 740,355 |
| BRAVO Residential Funding Trust | ||
| Series 2023-NQM8, Class A1 | ||
| 6.394%, due 10/25/63 (a)(g) | 496,688 | 501,235 |
| COLT Mortgage Loan Trust (a)(g) | ||
| Series 2023-4, Class A1 | ||
| 7.163%, due 10/25/68 | 743,166 | 759,456 |
| Series 2023-3, Class A1 | ||
| 7.18%, due 9/25/68 | 734,098 | 751,601 |
| GCAT Trust | ||
| Series 2023-NQM3, Class A1 | ||
| 6.889%, due 8/25/68 (a)(g) | 730,253 | 746,445 |
| HOMES Trust | ||
| Series 2023-NQM2, Class A1 | ||
| 6.456%, due 2/25/68 (a)(g) | 912,035 | 917,928 |
| 5,019,263 | ||
| Total Mortgage-Backed Securities (Cost $13,445,467) | 13,572,220 | |
| U.S. Government & Federal Agencies 45.8% | ||
| Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 0.9% | ||
| FHLB | ||
| 5.75%, due 3/9/28 | 525,000 | 523,771 |
| UMBS Pool, 30 Year | ||
| 5.50%, due 10/1/52 | 491,196 | 494,008 |
| 6.00%, due 7/1/53 | 575,458 | 589,946 |
| 1,607,725 | ||
| Federal National Mortgage Association (Mortgage Pass-Through Securities) 1.2% | ||
| UMBS, 30 Year | ||
| 6.00%, due 11/1/52 (b) | 693,882 | 704,945 |
| 6.00%, due 9/1/53 | 523,926 | 540,361 |
| 6.50%, due 11/1/53 | 793,558 | 814,962 |
| 2,060,268 | ||
| Principal Amount | Value | ||
| U.S. Government & Federal Agencies | |||
| United States Treasury Notes 43.7% | |||
| U.S. Treasury Notes | |||
| 0.25%, due 5/15/24 | $ 4,550,000 | $ 4,485,305 | |
| 2.25%, due 4/30/24 | 1,000,000 | 992,500 | |
| 2.50%, due 5/15/24 | 21,550,000 | 21,377,432 | |
| 4.00%, due 1/15/27 | 4,900,000 | 4,898,851 | |
| 4.00%, due 1/31/29 | 2,150,000 | 2,162,934 | |
| 4.25%, due 9/30/24 | 4,000,000 | 3,980,312 | |
| 4.25%, due 1/31/26 | 38,250,000 | 38,267,930 | |
| 4.50%, due 11/15/33 | 2,650,000 | 2,767,180 | |
| 78,932,444 | |||
| Total U.S. Government & Federal Agencies (Cost $82,304,848) | 82,600,437 | ||
| Total Long-Term Bonds (Cost $171,853,328) | 173,241,001 | ||
| Shares | |||
| Exchange-Traded Fund 2.3% | |||
| iShares 1-5 Year Investment Grade Corporate Bond ETF | 80,301 | 4,133,895 | |
| Total Exchange-Traded Fund (Cost $4,041,019) | 4,133,895 | ||
| Short-Term Investment 2.2% | |||
| Unaffiliated Investment Company 2.2% | |||
| JPMorgan U.S. Government Money Market Fund, IM Class, 5.263% (h) | 3,960,675 | 3,960,675 | |
| Total Short-Term Investment (Cost $3,960,675) | 3,960,675 | ||
| Total Investments (Cost $179,855,022) | 100.5% | 181,335,571 | |
| Other Assets, Less Liabilities | (0.5) | (812,606) | |
| Net Assets | 100.0% | $ 180,522,965 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (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) | Delayed delivery security. |
| (c) | Floating rate—Rate shown was the rate in effect as of January 31, 2024. |
| (d) | Fixed to floating rate—Rate shown was the rate in effect as of January 31, 2024. |
| (e) | Collateralized Mortgage Obligation Interest Only Strip—Pays a fixed or variable rate of interest based on mortgage loans or mortgage pass-through securities. The principal amount of the underlying pool represents the notional amount on which the current interest was calculated. The value of these stripped securities may be particularly sensitive to changes in prevailing interest rates and are typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities. |
| (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, 2024. |
| (g) | Step coupon—Rate shown was the rate in effect as of January 31, 2024. |
| (h) | Current yield as of January 31, 2024. |
Futures Contracts
As of January 31, 2024, the Fund
held the following futures contracts1:
| Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
| Long Contracts | |||||
| U.S. Treasury 2 Year Notes | 246 | March 2024 | $ 50,242,380 | $ 50,591,438 | $ 349,058 |
| Short Contracts | |||||
| U.S. Treasury 5 Year Notes | (98) | March 2024 | (10,448,649) | (10,622,281) | (173,632) |
| U.S. Treasury 10 Year Notes | (16) | March 2024 | (1,756,632) | (1,797,250) | (40,618) |
| U.S. Treasury 10 Year Ultra Bonds | (31) | March 2024 | (3,516,538) | (3,623,125) | (106,587) |
| U.S. Treasury Long Bonds | (1) | March 2024 | (116,248) | (122,344) | (6,096) |
| Total Short Contracts | (326,933) | ||||
| Net Unrealized Appreciation | $ 22,125 |
| 1. | As of January 31, 2024, cash in the amount of $282,713 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, 2024. |
| Abbreviation(s): |
| ACES—Alternative Credit Enhancement Securities |
| CLO—Collateralized Loan Obligation |
| ETF—Exchange-Traded Fund |
| FHLB—Federal Home Loan Bank |
| FHLMC—Federal Home Loan Mortgage Corp. |
| FNMA—Federal National Mortgage Association |
| GNMA—Government National Mortgage Association |
| REMIC—Real Estate Mortgage Investment Conduit |
| SOFR—Secured Overnight Financing Rate |
| SVC—El Salvador Colon |
| UMBS—Uniform Mortgage Backed Securities |
The following is a summary of the
fair valuations according to the inputs used as of January 31, 2024, 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 | $ — | $ 22,097,860 | $ — | $ 22,097,860 | |||
| Corporate Bonds | — | 54,970,484 | — | 54,970,484 | |||
| Mortgage-Backed Securities | — | 13,572,220 | — | 13,572,220 | |||
| U.S. Government & Federal Agencies | — | 82,600,437 | — | 82,600,437 | |||
| Total Long-Term Bonds | — | 173,241,001 | — | 173,241,001 | |||
| Exchange-Traded Fund | 4,133,895 | — | — | 4,133,895 | |||
| Short-Term Investment | |||||||
| Unaffiliated Investment Company | 3,960,675 | — | — | 3,960,675 | |||
| Total Investments in Securities | 8,094,570 | 173,241,001 | — | 181,335,571 | |||
| Other Financial Instruments | |||||||
| Futures Contracts (b) | 349,058 | — | — | 349,058 | |||
| Total Investments in Securities and Other Financial Instruments | $ 8,443,628 | $ 173,241,001 | $ — | $ 181,684,629 | |||
| Liability Valuation Inputs | |||||||
| Other Financial Instruments | |||||||
| Futures Contracts (b) | $ (326,933) | $ — | $ — | $ (326,933) |
| (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 Strategic Municipal Allocation
Fund
Portfolio of Investments January 31, 2024†^(Unaudited)
| Principal Amount | Value | |
| Municipal Bonds 97.4% | ||
| Long-Term Municipal Bonds 94.2% | ||
| Alabama 2.0% | ||
| Alabama Housing Finance Authority, ECG Dry Creek LP, Revenue Bonds | ||
| Series H | ||
| 5.00%, due 6/1/26 (a) | $ 500,000 | $ 506,965 |
| Black Belt Energy Gas District, Gas Project No.4, Revenue Bonds | ||
| Series A-1 | ||
| 4.00%, due 12/1/49 (a) | 1,480,000 | 1,483,436 |
| Black Belt Energy Gas District, Gas Project No.6, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 10/1/52 (a) | 1,760,000 | 1,763,193 |
| Black Belt Energy Gas District, Gas Project, Revenue Bonds | ||
| Series B-1 | ||
| 4.00%, due 4/1/53 (a) | 640,000 | 639,592 |
| Series B | ||
| 5.20%, due 4/1/53 | 700,000 | 680,884 |
| Series C-1 | ||
| 5.25%, due 12/1/26 | 1,850,000 | 1,929,335 |
| Series B-2 | ||
| 5.25%, due 12/1/53 (a) | 3,800,000 | 4,112,084 |
| Series F | ||
| 5.50%, due 11/1/53 (a) | 1,600,000 | 1,703,599 |
| Prichard Water Works & Sewer Board, Revenue Bonds | ||
| 2.375%, due 11/1/28 | 205,000 | 157,983 |
| Southeast Energy Authority, A Cooperative District, Project No. 4, Revenue Bonds | ||
| Series B-1 | ||
| 5.00%, due 5/1/53 (a) | 760,000 | 792,346 |
| Southeast Energy Authority, A Cooperative District, Project No. 3, Revenue Bonds | ||
| Series A-1 | ||
| 5.50%, due 1/1/53 (a) | 1,600,000 | 1,735,405 |
| State of Alabama, Unlimited General Obligation | ||
| Series A | ||
| 3.00%, due 8/1/26 | 1,000,000 | 993,901 |
| Town of Pike Road, Limited General Obligation | ||
| 5.00%, due 3/1/40 | 845,000 | 956,482 |
| Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 5/1/44 (b) | 1,500,000 | 1,456,195 |
| 18,911,400 | ||
| Alaska 0.6% | ||
| Alaska Industrial Development & Export Authority, Interior Gas Utility Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/1/28 | 250,000 | 254,725 |
| Alaska Municipal Bond Bank Authority, Unlimited General Obligation (c) | ||
| Series 3 | ||
| 5.25%, due 12/1/39 | 1,085,000 | 1,208,289 |
| Series 3 | ||
| 5.25%, due 12/1/41 | 1,205,000 | 1,327,401 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Alaska | ||
| Alaska Municipal Bond Bank Authority, Unlimited General Obligation (c) | ||
| Series 3 | ||
| 5.25%, due 12/1/42 | $ 1,270,000 | $ 1,393,441 |
| Series 3 | ||
| 5.25%, due 12/1/43 | 1,340,000 | 1,462,624 |
| 5,646,480 | ||
| Arizona 1.5% | ||
| Arizona Industrial Development Authority, Ball Charter Schools Project, Revenue Bonds | ||
| 2.65%, due 7/1/26 | 65,000 | 62,723 |
| Arizona Industrial Development Authority, Equitable School Revolving Fund LLC Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/1/41 | 1,700,000 | 1,816,140 |
| Series A | ||
| 5.00%, due 11/1/43 | 1,800,000 | 1,906,614 |
| Arizona Industrial Development Authority, Cottonwood Ranch Apartments LP, Revenue Bonds | ||
| 5.00%, due 1/1/42 (a) | 3,000,000 | 3,112,118 |
| Arizona Industrial Development Authority, Glendale Senior Project, Revenue Bonds | ||
| Series A, Insured: HUD Sector 8 | ||
| 5.00%, due 10/1/44 (a) | 2,000,000 | 2,062,006 |
| City of Lake Havasu City, Wastewater System, Revenue Bonds | ||
| Series B, Insured: AGM | ||
| 5.00%, due 7/1/40 | 1,250,000 | 1,266,101 |
| City of Mesa, Utility System, Revenue Bonds, Junior Lien | ||
| Series A, Insured: BAM | ||
| 5.00%, due 7/1/30 | 1,050,000 | 1,190,458 |
| City of Phoenix Civic Improvement Corp., Water System, Revenue Bonds, Junior Lien | ||
| 5.00%, due 7/1/39 | 1,000,000 | 1,038,042 |
| Glendale Industrial Development Authority, Royal Oaks Life Care Community, Revenue Bonds | ||
| 4.00%, due 5/15/28 | 620,000 | 593,310 |
| University of Arizona (The), Revenue Bonds | ||
| Series B | ||
| 5.00%, due 6/1/46 | 1,000,000 | 1,027,754 |
| 14,075,266 | ||
| Arkansas 0.5% | ||
| Arkansas Development Finance Authority, Big River Steel Project, Revenue Bonds | ||
| 4.50%, due 9/1/49 (b)(c) | 1,135,000 | 1,111,308 |
| Bentonville School District No. 6, Unlimited General Obligation | ||
| Series D, Insured: State Aid Withholding | ||
| 2.00%, due 6/1/35 | 1,340,000 | 1,099,594 |
| City of Batesville, Sales & Use Tax, Revenue Bonds | ||
| Series B, Insured: BAM | ||
| 5.00%, due 2/1/39 (d) | 500,000 | 537,579 |
| Little Rock School District, Limited General Obligation | ||
| Series A, Insured: AGM State Aid Withholding | ||
| 2.00%, due 2/1/36 | 2,000,000 | 1,623,714 |
| 4,372,195 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| California 7.2% | ||
| California Community Choice Financing Authority, Clean Energy Project, Revenue Bonds (a) | ||
| Series C | ||
| 5.25%, due 1/1/54 | $ 8,555,000 | $ 9,049,245 |
| Series G-1 | ||
| 5.25%, due 11/1/54 | 2,000,000 | 2,146,845 |
| California Infrastructure & Economic Development Bank, J Paul Getty Trust (The), Revenue Bonds | ||
| Series B-2 | ||
| 3.00%, due 10/1/47 (a) | 1,035,000 | 1,035,101 |
| California Infrastructure & Economic Development Bank, DesertXpress Enterprises LLC, Revenue Bonds | ||
| Series A | ||
| 3.95%, due 1/1/50 (a)(b)(c) | 5,365,000 | 5,365,503 |
| California Municipal Finance Authority, United Airlines, Inc. Project, Revenue Bonds | ||
| 4.00%, due 7/15/29 (c) | 2,500,000 | 2,499,618 |
| California Municipal Finance Authority, Waste Management, Inc., Revenue Bonds | ||
| Series A | ||
| 4.125%, due 10/1/41 (a)(c) | 1,500,000 | 1,498,858 |
| California Municipal Finance Authority, LINXS APM Project, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 5.00%, due 12/31/31 (c) | 1,240,000 | 1,295,936 |
| California Municipal Finance Authority, Palomar Health Obligated Group, Certificate of Participation | ||
| Series A, Insured: AGM | ||
| 5.25%, due 11/1/36 | 1,300,000 | 1,526,965 |
| California Municipal Finance Authority, Aldersly Project, Revenue Bonds | ||
| Series C, Insured: California Mortgage Insurance | ||
| 5.50%, due 11/15/27 | 500,000 | 499,989 |
| California Public Finance Authority, Enso Village Project, Revenue Bonds | ||
| Series B-3 | ||
| 2.125%, due 11/15/27 (b) | 100,000 | 99,999 |
| California School Finance Authority, Classical Academies Oceanside Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 10/1/27 (b) | 910,000 | 899,464 |
| California School Finance Authority, Sonoma County Junior College District Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/1/41 (b) | 240,000 | 216,424 |
| California School Finance Authority, Classical Academies Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/32 (b) | 2,155,000 | 2,207,051 |
| California State Public Works Board, Various Capital Projects, Revenue Bonds | ||
| Series D | ||
| 5.00%, due 11/1/25 | 2,575,000 | 2,671,942 |
| California Statewide Communities Development Authority, Community Infrastructure Program, Special Assessment | ||
| Series A | ||
| 4.00%, due 9/2/26 | 260,000 | 259,456 |
| Series D | ||
| 4.75%, due 9/2/33 | 250,000 | 256,302 |
| California Statewide Financing Authority, TSR Multi-County Special Purpose Trust, Revenue Bonds | ||
| Series A | ||
| 6.00%, due 5/1/43 | 1,000,000 | 1,023,182 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| California | ||
| City of Beaumont, Community Facilities District No. 2021-1, Special Tax | ||
| Series 1 | ||
| 5.00%, due 9/1/39 | $ 400,000 | $ 427,662 |
| City of San Jose, Unlimited General Obligation | ||
| Series A-1 | ||
| 5.00%, due 9/1/41 | 1,500,000 | 1,642,748 |
| City of San Mateo, Community Facilities District No. 2008-1, Special Tax | ||
| Series 1, Insured: BAM | ||
| 5.25%, due 9/1/35 | 1,000,000 | 1,145,296 |
| Clovis Unified School District, Unlimited General Obligation | ||
| Series B, Insured: NATL-RE | ||
| (zero coupon), due 8/1/30 | 1,500,000 | 1,232,041 |
| Corona Community Facilities District, Community Facilities District No. 2018-2, Special Tax | ||
| Series A | ||
| 5.00%, due 9/1/29 | 100,000 | 108,375 |
| County of Los Angeles Community Facilities District No. 2021-01, Improvement Area No. 1, Special Tax | ||
| 5.00%, due 9/1/27 | 100,000 | 104,698 |
| 5.00%, due 9/1/30 | 175,000 | 188,125 |
| 5.00%, due 9/1/32 | 175,000 | 190,103 |
| County of Sacramento, Airport System, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/41 | 1,000,000 | 1,031,516 |
| Foothill-De Anza Community College District, Unlimited General Obligation | ||
| Series B, Insured: NATL-RE FGIC | ||
| (zero coupon), due 8/1/29 | 1,045,000 | 898,094 |
| Hercules Redevelopment Agency Successor Agency, Tax Allocation | ||
| Series A, Insured: AGM | ||
| 5.00%, due 8/1/37 | 500,000 | 566,216 |
| Kern Community College District, Election of 2016, Unlimited General Obligation | ||
| Series D | ||
| 5.25%, due 8/1/37 | 1,500,000 | 1,808,025 |
| Madera Unified School District, Unlimited General Obligation | ||
| 4.00%, due 8/1/44 | 100,000 | 100,326 |
| Metropolitan Water District of Southern California, Waterworks, Revenue Bonds | ||
| Series E | ||
| 4.69%, due 7/1/37 | 500,000 | 499,439 |
| Oakland Unified School District, Election of 2020, Unlimited General Obligation | ||
| Series A, Insured: BAM | ||
| 4.00%, due 8/1/46 | 500,000 | 502,498 |
| San Diego County Regional Airport Authority, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/33 (c) | 4,500,000 | 5,003,751 |
| San Diego County Regional Airport Authority, Revenue Bonds, Senior Lien | ||
| Series B | ||
| 5.25%, due 7/1/38 (c) | 1,000,000 | 1,133,308 |
| San Francisco City & County Airport Commission, San Francisco International Airport, Revenue Bonds, Second Series | ||
| Series C | ||
| 5.00%, due 5/1/33 (c) | 6,000,000 | 6,815,362 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| California | ||
| San Joaquin Hills Transportation Corridor Agency, Revenue Bonds, Junior Lien | ||
| Series B | ||
| 5.25%, due 1/15/44 | $ 5,000,000 | $ 5,068,270 |
| Series B | ||
| 5.25%, due 1/15/49 | 2,000,000 | 2,025,252 |
| Saratoga Union School District, Unlimited General Obligation | ||
| Insured: NATL-RE | ||
| (zero coupon), due 9/1/26 | 1,925,000 | 1,778,556 |
| State of California, Various Purpose, Unlimited General Obligation | ||
| 5.00%, due 4/1/38 | 2,455,000 | 2,459,442 |
| University of California, Revenue Bonds | ||
| Series BN | ||
| 5.50%, due 5/15/40 | 1,400,000 | 1,698,737 |
| 68,979,720 | ||
| Colorado 3.1% | ||
| Arapahoe County School District No. 5, Cherry Creek, Unlimited General Obligation | ||
| Series B, Insured: State Aid Withholding | ||
| 2.00%, due 12/15/26 | 500,000 | 479,821 |
| Arapahoe County School District No. 6 Littleton, Unlimited General Obligation | ||
| Series A, Insured: State Aid Withholding | ||
| 5.50%, due 12/1/43 | 750,000 | 822,087 |
| Arista Metropolitan District, Limited General Obligation | ||
| Series A, Insured: BAM | ||
| 5.00%, due 12/1/38 | 1,500,000 | 1,662,686 |
| Arkansas River Power Authority, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/38 | 2,000,000 | 2,068,659 |
| City & County of Denver, Airport System, Revenue Bonds (c) | ||
| Series A | ||
| 5.00%, due 12/1/31 | 7,000,000 | 7,451,086 |
| Series A | ||
| 5.00%, due 12/1/43 | 1,000,000 | 1,029,146 |
| Series D | ||
| 5.75%, due 11/15/41 | 1,715,000 | 1,976,104 |
| City & County of Denver, Pledged Excise Tax, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 8/1/44 | 1,000,000 | 1,023,207 |
| Colorado Health Facilities Authority, Aberdeen Ridge, Inc. Obligated Group, Revenue Bonds | ||
| Series B-3 | ||
| 2.125%, due 5/15/28 | 250,000 | 233,857 |
| Colorado Health Facilities Authority, CommonSpirit Health, Revenue Bonds | ||
| Series A-1 | ||
| 4.00%, due 8/1/44 | 250,000 | 240,200 |
| Series A-1, Insured: BAM | ||
| 5.00%, due 8/1/35 | 180,000 | 194,467 |
| Series A | ||
| 5.25%, due 11/1/37 | 1,450,000 | 1,615,304 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Colorado | ||
| Fiddlers Business Improvement District, Unlimited General Obligation | ||
| 5.00%, due 12/1/32 (b) | $ 200,000 | $ 206,170 |
| Ground Water Management Subdistrict of Central Colorado, Water Conservancy District, Limited General Obligation | ||
| Insured: BAM | ||
| 4.00%, due 12/1/40 | 250,000 | 250,340 |
| Jefferson Center Metropolitan District No. 1, Revenue Bonds | ||
| Series A-2 | ||
| 4.125%, due 12/1/40 | 575,000 | 496,262 |
| Midtown Clear Creek Metropolitan District, Limited General Obligation | ||
| Series A, Insured: BAM | ||
| 5.50%, due 12/1/43 | 1,200,000 | 1,350,917 |
| Park Creek Metropolitan District, Revenue Bonds, Senior Lien | ||
| Series A, Insured: NATL-RE | ||
| 5.00%, due 12/1/26 | 1,300,000 | 1,363,511 |
| Ravenna Metropolitan District, Limited General Obligation | ||
| Insured: AGM | ||
| 5.00%, due 12/1/38 | 1,400,000 | 1,545,758 |
| Insured: AGM | ||
| 5.00%, due 12/1/43 | 1,750,000 | 1,881,627 |
| Reata South Metropolitan District, Limited General Obligation | ||
| 5.375%, due 12/1/37 | 1,000,000 | 1,009,039 |
| Sterling Ranch Community Authority Board, Colorado Limited Tax Supported and Special Revenue Senior Bonds, Revenue Bonds | ||
| Series A | ||
| 3.375%, due 12/1/30 | 999,000 | 948,719 |
| VDW Metropolitan District No. 2, Limited General Obligation | ||
| Series A-2, Insured: BAM | ||
| 4.00%, due 12/1/45 | 580,000 | 556,283 |
| Weld County School District No. RE-2, Unlimited General Obligation | ||
| Insured: State Aid Withholding | ||
| 5.00%, due 12/1/36 | 1,425,000 | 1,583,031 |
| 29,988,281 | ||
| Connecticut 1.0% | ||
| City of Danbury, Unlimited General Obligation | ||
| 5.00%, due 9/24/24 (b) | 1,740,000 | 1,754,262 |
| City of New Haven, Unlimited General Obligation | ||
| Series A, Insured: BAM | ||
| 5.00%, due 8/1/31 | 1,200,000 | 1,340,866 |
| Hartford Stadium Authority, Stadium Authority Lease, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 2/1/36 | 230,000 | 230,842 |
| State of Connecticut, Transportation Infrastructure, Special Tax, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 5/1/36 | 1,040,000 | 1,095,960 |
| Series A | ||
| 5.25%, due 7/1/40 | 1,500,000 | 1,742,368 |
| Series A | ||
| 5.25%, due 7/1/40 | 2,500,000 | 2,942,631 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Connecticut | ||
| State of Connecticut, Unlimited General Obligation | ||
| Series A | ||
| 5.77%, due 3/15/25 | $ 500,000 | $ 504,674 |
| 9,611,603 | ||
| Delaware 0.6% | ||
| Delaware State Economic Development Authority, ACTS Retirement-Life Communities, Inc. Obligated Group, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 11/15/38 | 770,000 | 813,447 |
| Series B | ||
| 5.00%, due 11/15/43 | 3,010,000 | 3,120,127 |
| Delaware State Housing Authority, Revenue Bonds | ||
| Series A, Insured: GNMA / FNMA / FHLMC | ||
| 5.75%, due 1/1/55 | 1,645,000 | 1,794,415 |
| 5,727,989 | ||
| District of Columbia 0.7% | ||
| District of Columbia, Unlimited General Obligation | ||
| Series D | ||
| 5.00%, due 6/1/41 | 3,250,000 | 3,369,533 |
| District of Columbia Housing Finance Agency, Lisner Senior Independent Owner LP, Revenue Bonds | ||
| 5.00%, due 10/1/41 (a) | 3,000,000 | 3,091,486 |
| 6,461,019 | ||
| Florida 4.6% | ||
| Ave Maria Stewardship Community District, Phase 4 Master Improvement Project Area, Special Assessment | ||
| Series A | ||
| 4.00%, due 5/1/42 | 1,500,000 | 1,297,396 |
| 4.50%, due 5/1/33 (b) | 250,000 | 250,517 |
| Capital Trust Agency, Inc., Advantage Academy of Hillsborough, Inc., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/15/39 | 500,000 | 501,868 |
| CFM Community Development District, Capital Improvement, Special Assessment | ||
| 2.875%, due 5/1/31 | 100,000 | 89,164 |
| City of Gainesville, Utilities System, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/44 | 635,000 | 677,223 |
| City of Hallandale Beach, Unlimited General Obligation | ||
| 3.00%, due 7/1/35 | 2,150,000 | 2,048,088 |
| City of Palmetto, Renaissance Arts and Education, Inc., Revenue Bonds | ||
| Series A | ||
| 4.25%, due 6/1/27 | 130,000 | 131,082 |
| Series A | ||
| 5.00%, due 6/1/32 | 100,000 | 107,166 |
| City of Tampa, Centre & Lower Basis Storm Water, Special Assessment | ||
| 5.25%, due 5/1/46 | 2,730,000 | 2,901,374 |
| City of West Palm Beach, Utility System, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/42 | 2,500,000 | 2,625,244 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Florida | ||
| Cobblestone Community Development District, Assessment Area Two, Special Assessment | ||
| Series 2 | ||
| 3.40%, due 5/1/27 (b) | $ 160,000 | $ 155,738 |
| Collier County Educational Facilities Authority, Ave Maria University, Inc., Revenue Bonds | ||
| 5.00%, due 6/1/29 | 1,065,000 | 1,104,968 |
| County of Miami-Dade, Aviation, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/33 (c) | 6,500,000 | 6,521,911 |
| County of Miami-Dade, Transit System, Revenue Bonds | ||
| 5.00%, due 7/1/43 | 2,300,000 | 2,531,710 |
| County of Pasco, State of Florida Cigarette Tax Revenue, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 5.50%, due 9/1/37 | 2,040,000 | 2,384,663 |
| Florida Development Finance Corp., Mater Academy Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 6/15/31 | 515,000 | 532,342 |
| Florida Development Finance Corp., UF Health Jacksonville Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 2/1/33 | 1,300,000 | 1,346,802 |
| Fort Pierce Utilities Authority, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 5.00%, due 10/1/34 | 325,000 | 376,733 |
| Harbor Bay Community Development District, Special Assessment | ||
| Series A-1 | ||
| 3.10%, due 5/1/24 | 100,000 | 99,699 |
| Series A-2 | ||
| 3.10%, due 5/1/24 | 100,000 | 99,699 |
| Hilltop Point Community Development District, Assessment Area One, Special Assessment | ||
| Series 1 | ||
| 4.60%, due 5/1/27 | 100,000 | 99,844 |
| Hilltop Point Community Development District, Assessment Area Two, Special Assessment | ||
| Series 2 | ||
| 4.75%, due 5/1/27 | 200,000 | 200,160 |
| JEA Water & Sewer System, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 10/1/49 | 2,735,000 | 3,082,186 |
| Laurel Road Community Development District, Special Assessment | ||
| Series A-2 | ||
| 3.125%, due 5/1/31 | 235,000 | 209,667 |
| Miami Health Facilities Authority, Miami Jewish Health Systems Obligated Group, Revenue Bonds | ||
| 5.00%, due 7/1/31 | 1,605,000 | 1,498,145 |
| Mid-Bay Bridge Authority, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/40 | 500,000 | 505,326 |
| Palm Beach County Housing Finance Authority, Everglades Townhomes LP, Revenue Bonds | ||
| 5.00%, due 2/1/27 (a) | 994,000 | 1,020,785 |
| Palm Coast Park Community Development District, Spring Lake Tracts 2 and 3, Special Assessment | ||
| 2.40%, due 5/1/26 | 100,000 | 95,697 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Florida | ||
| Palm Coast Park Community Development District, Sawmill Branch Phase 2, Special Assessment | ||
| 4.15%, due 5/1/27 | $ 300,000 | $ 298,767 |
| Preston Cove Community Development District, Special Assessment | ||
| 3.25%, due 5/1/27 | 100,000 | 96,739 |
| Reunion East Community Development District, Series 2021 Project, Special Assessment | ||
| 2.85%, due 5/1/31 | 100,000 | 90,229 |
| Reunion West Community Development District, Special Assessment | ||
| 3.00%, due 5/1/36 | 100,000 | 86,076 |
| Rolling Hills Community Development District, Special Assessment | ||
| Series A-2 | ||
| 3.65%, due 5/1/32 | 200,000 | 185,509 |
| Seminole Improvement District, Revenue Bonds | ||
| 5.00%, due 10/1/32 | 250,000 | 253,272 |
| Southern Groves Community Development District No. 5, 2021 Assessment Area, Special Assessment | ||
| 2.80%, due 5/1/31 | 425,000 | 391,724 |
| Sunbridge Stewardship District, Weslyn Park Project Assessment, Special Assessment | ||
| 4.60%, due 5/1/32 | 460,000 | 457,165 |
| Tampa Bay Water, Revenue Bonds | ||
| 5.00%, due 10/1/40 | 1,580,000 | 1,776,125 |
| Two Lakes Community Development District, Expansion Area Project, Special Assessment | ||
| 3.375%, due 12/15/30 | 1,510,000 | 1,405,418 |
| 3.75%, due 12/15/39 | 2,990,000 | 2,578,606 |
| 4.00%, due 12/15/49 | 2,200,000 | 1,760,206 |
| Verano No. 3 Community Development District, Special Assessment | ||
| 2.375%, due 5/1/26 | 30,000 | 28,790 |
| Village Community Development District No. 13, Phase III, Special Assessment | ||
| 2.85%, due 5/1/36 | 1,495,000 | 1,264,619 |
| Village Community Development District No. 15, Special Assessment | ||
| 4.375%, due 5/1/33 (b) | 100,000 | 100,899 |
| Watergrass Community Development District II, Phase 2, Special Assessment | ||
| 2.50%, due 5/1/31 | 100,000 | 86,880 |
| Windward at Lakewood Ranch Community Development District, Phase 2 Project, Special Assessment | ||
| 3.625%, due 5/1/32 | 135,000 | 124,392 |
| Wiregrass II Community Development District, Assessment Area Two, Special Assessment | ||
| 4.80%, due 5/1/32 | 100,000 | 100,407 |
| 43,581,020 | ||
| Georgia 1.9% | ||
| Atlanta Urban Redevelopment Agency, Atlanta BeltLine Special Service District, Revenue Bonds | ||
| Insured: BAM | ||
| 2.875%, due 7/1/31 (b) | 665,000 | 624,651 |
| City of Atlanta, Department of Aviation, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/34 (c) | 450,000 | 507,159 |
| DeKalb Private Hospital Authority, Children's Healthcare of Atlanta, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 7/1/38 | 820,000 | 841,981 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Georgia | ||
| Main Street Natural Gas, Inc., Revenue Bonds | ||
| Series B | ||
| 4.00%, due 8/1/49 (a) | $ 2,000,000 | $ 2,003,400 |
| Series A | ||
| 4.00%, due 7/1/52 (a) | 5,000,000 | 5,023,916 |
| Series E-2 | ||
| 5.258%, due 12/1/53 | 5,000,000 | 5,024,703 |
| Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/39 | 2,000,000 | 2,077,772 |
| Walton County Water & Sewer Authority, Walton-Hard Labor Creek Reservoir Water Treatment Facility Project, Revenue Bonds | ||
| 5.25%, due 2/1/47 | 1,700,000 | 1,925,401 |
| 18,028,983 | ||
| Guam 0.9% | ||
| Guam Department of Education, John F. Kennedy High School Refunding & Energy Efficiency Project, Certificate of Participation | ||
| Series A | ||
| 4.25%, due 2/1/30 | 1,500,000 | 1,489,866 |
| Guam Government Waterworks Authority, Water and Wastewater System, Revenue Bonds | ||
| 5.25%, due 7/1/24 | 590,000 | 590,719 |
| Guam Power Authority, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/34 | 500,000 | 552,028 |
| Territory of Guam, Business Privilege Tax, Revenue Bonds | ||
| Series F | ||
| 4.00%, due 1/1/36 | 400,000 | 404,831 |
| Series D | ||
| 5.00%, due 11/15/27 | 365,000 | 373,452 |
| Territory of Guam, Revenue Bonds | ||
| Series F | ||
| 4.00%, due 1/1/42 | 2,335,000 | 2,262,476 |
| Territory of Guam, Section 30, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/32 | 1,000,000 | 1,032,153 |
| Series A | ||
| 5.00%, due 12/1/34 | 1,750,000 | 1,801,130 |
| 8,506,655 | ||
| Hawaii 0.3% | ||
| Kauai County Community Facilities District, Kukui'ula Development Project, Special Tax | ||
| 4.00%, due 5/15/26 | 80,000 | 79,831 |
| State of Hawaii, Airports System, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/45 (c) | 2,905,000 | 2,908,272 |
| 2,988,103 | ||
| Idaho 0.0% ‡ | ||
| Idaho Health Facilities Authority, Madison Memorial Hospital, Revenue Bonds | ||
| 5.00%, due 9/1/37 | 370,000 | 373,400 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Illinois 10.0% | ||
| Chicago Board of Education, Unlimited General Obligation | ||
| Series B | ||
| 4.00%, due 12/1/41 | $ 5,750,000 | $ 5,337,074 |
| Series B | ||
| 5.00%, due 12/1/31 | 1,000,000 | 1,060,163 |
| Series A | ||
| 5.00%, due 12/1/33 | 500,000 | 527,972 |
| Series B | ||
| 5.00%, due 12/1/33 | 1,500,000 | 1,500,026 |
| Series A | ||
| 5.00%, due 12/1/37 | 1,085,000 | 1,124,668 |
| Series C | ||
| 5.25%, due 12/1/39 | 1,000,000 | 996,413 |
| Chicago Board of Education, Dedicated Capital Improvement, Revenue Bonds | ||
| 6.00%, due 4/1/46 | 1,000,000 | 1,044,802 |
| Chicago Midway International Airport, Revenue Bonds, Second Lien | ||
| Series A | ||
| 5.00%, due 1/1/31 (c) | 700,000 | 701,983 |
| Chicago O'Hare International Airport, General, Revenue Bonds, Senior Lien | ||
| Series C | ||
| 5.00%, due 1/1/36 | 4,340,000 | 4,474,062 |
| Series D | ||
| 5.00%, due 1/1/36 | 1,000,000 | 1,158,304 |
| Series D | ||
| 5.00%, due 1/1/37 | 1,000,000 | 1,149,132 |
| Series A | ||
| 5.00%, due 1/1/39 (c) | 1,640,000 | 1,712,550 |
| Series B | ||
| 5.00%, due 1/1/39 | 1,350,000 | 1,456,546 |
| Chicago O'Hare International Airport, TRIPS Obligated Group, Revenue Bonds | ||
| 5.00%, due 7/1/48 (c) | 3,000,000 | 3,016,112 |
| Chicago O'Hare International Airport, Passenger Facility Charge, Revenue Bonds, Senior Lien | ||
| Insured: BAM | ||
| 5.25%, due 1/1/39 | 1,195,000 | 1,343,333 |
| Chicago Transit Authority Sales Tax Receipts Fund, Revenue Bonds | ||
| Insured: AGM | ||
| 5.00%, due 12/1/44 | 10,000,000 | 10,018,224 |
| 5.25%, due 12/1/49 | 1,000,000 | 1,004,779 |
| City of Chicago, Grace Manor LP, Revenue Bonds | ||
| Insured: HUD SECT 8 FHA 221(D4) | ||
| 5.00%, due 11/1/26 (a) | 5,000,000 | 5,107,425 |
| City of Chicago, Unlimited General Obligation | ||
| Series A | ||
| 5.00%, due 1/1/32 | 1,500,000 | 1,640,089 |
| Series A | ||
| 6.00%, due 1/1/38 | 2,500,000 | 2,619,258 |
| City of Chicago, Wastewater Transmission Project, Revenue Bonds, Second Lien | ||
| 5.00%, due 1/1/44 | 3,000,000 | 3,009,005 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Illinois | ||
| City of Chicago, Wastewater Transmission Project, Revenue Bonds, Second Lien | ||
| Series A, Insured: AGM | ||
| 5.25%, due 1/1/42 | $ 450,000 | $ 469,416 |
| City of Joliet, Rock Run Crossing Project, Unlimited General Obligation | ||
| Insured: BAM | ||
| 5.50%, due 12/15/42 | 2,000,000 | 2,254,788 |
| City of Joliet, Unlimited General Obligation | ||
| Insured: BAM | ||
| 5.50%, due 12/15/44 | 1,000,000 | 1,123,946 |
| Fox Lake Public Library District, Unlimited General Obligation | ||
| Insured: BAM | ||
| 3.00%, due 2/1/28 | 1,175,000 | 1,145,435 |
| Illinois Finance Authority, Washington and Jane Smith Home (The), Revenue Bonds | ||
| 4.00%, due 10/15/24 | 215,000 | 211,621 |
| Illinois Finance Authority, Acero Charter Schools, Inc., Revenue Bonds | ||
| 4.00%, due 10/1/33 (b) | 250,000 | 234,851 |
| Illinois Finance Authority, University of Chicago (The), Revenue Bonds | ||
| Series A | ||
| 4.00%, due 10/1/38 | 2,500,000 | 2,501,285 |
| Illinois Finance Authority, Carle Foundation, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 8/15/34 | 250,000 | 280,603 |
| Illinois Housing Development Authority, Island Terrace 4% Preservation Associates LP, Revenue Bonds | ||
| 5.00%, due 2/1/27 (a) | 6,000,000 | 6,138,412 |
| Illinois Municipal Electric Agency, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 2/1/34 | 1,500,000 | 1,503,356 |
| Series A | ||
| 5.00%, due 2/1/32 | 4,830,000 | 4,934,671 |
| Illinois Sports Facilities Authority (The), Revenue Bonds | ||
| 5.00%, due 6/15/30 | 1,000,000 | 1,051,105 |
| Illinois State Toll Highway Authority, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 5.00%, due 1/1/39 | 1,500,000 | 1,742,006 |
| Illinois State Toll Highway Authority, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/40 | 1,000,000 | 1,018,850 |
| Series B | ||
| 5.00%, due 1/1/40 | 1,000,000 | 1,026,234 |
| Lake County Consolidated High School District No. 120 Mundelein, Limited General Obligation | ||
| Series A | ||
| 5.50%, due 12/1/38 | 825,000 | 942,525 |
| Madison County Community Unit School District No. 7, Unlimited General Obligation | ||
| Series D, Insured: BAM | ||
| 5.00%, due 12/1/25 | 1,500,000 | 1,536,004 |
| Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/15/28 | 2,000,000 | 2,128,382 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Illinois | ||
| Metropolitan Water Reclamation District of Greater Chicago, Green Bond, Unlimited General Obligation | ||
| Series E | ||
| 5.00%, due 12/1/41 | $ 1,000,000 | $ 1,033,873 |
| Sales Tax Securitization Corp., Revenue Bonds, Second Lien | ||
| Series A, Insured: BAM | ||
| 5.00%, due 1/1/37 | 1,285,000 | 1,399,376 |
| Sales Tax Securitization Corp., Revenue Bonds | ||
| Series C | ||
| 5.50%, due 1/1/36 | 2,000,000 | 2,211,473 |
| Sangamon & Morgan Counties Community Unit School District No. 16 New Berlin, Unlimited General Obligation | ||
| Series A, Insured: AGM | ||
| 5.50%, due 12/1/36 | 350,000 | 402,335 |
| Southwestern Illinois Development Authority, Madison County Community Unit School District No. 7 Edwardsville, Revenue Bonds | ||
| Series A, Insured: BAM | ||
| 5.50%, due 12/1/35 | 1,500,000 | 1,765,728 |
| State of Illinois, Unlimited General Obligation | ||
| Series D | ||
| 5.00%, due 11/1/28 | 1,000,000 | 1,067,332 |
| 5.00%, due 2/1/39 | 1,370,000 | 1,370,688 |
| Insured: AGM-CR | ||
| 5.25%, due 2/1/34 | 1,975,000 | 1,977,590 |
| 5.50%, due 5/1/39 | 500,000 | 554,675 |
| Village of Bradley, Unlimited General Obligation | ||
| Insured: AGM | ||
| 5.00%, due 12/15/42 | 700,000 | 770,431 |
| Insured: AGM | ||
| 5.00%, due 12/15/43 | 800,000 | 877,422 |
| Will County School District No. 114, Manhattan, Unlimited General Obligation | ||
| Insured: BAM | ||
| 5.25%, due 1/1/39 | 175,000 | 197,126 |
| Insured: BAM | ||
| 5.50%, due 1/1/43 | 1,825,000 | 2,062,448 |
| 95,935,907 | ||
| Indiana 3.8% | ||
| Avon Community School Building Corp., First Mortgage Bonds, Revenue Bonds | ||
| Insured: State Intercept | ||
| 5.25%, due 7/15/37 | 1,000,000 | 1,181,094 |
| Brownsburg 1999 School Building Corp., Revenue Bonds | ||
| Insured: State Intercept | ||
| 5.50%, due 7/15/42 | 1,000,000 | 1,114,681 |
| City of Bloomington, Waterworks, Revenue Bonds | ||
| Insured: BAM | ||
| 5.00%, due 7/1/36 | 1,495,000 | 1,675,496 |
| City of Lafayette, Local Income Tax, Revenue Bonds | ||
| Insured: BAM State Intercept | ||
| 3.00%, due 12/31/33 | 1,195,000 | 1,096,869 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Indiana | ||
| Danville Community School Corp., Limited General Obligation | ||
| Insured: State Intercept | ||
| 5.00%, due 7/15/24 | $ 2,350,000 | $ 2,361,024 |
| Insured: State Intercept | ||
| 5.00%, due 1/15/25 | 1,455,000 | 1,470,488 |
| Greater Clark Building Corp., Revenue Bonds | ||
| Series B, Insured: State Intercept | ||
| 6.00%, due 7/15/38 | 1,000,000 | 1,236,658 |
| Series B, Insured: State Intercept | ||
| 6.00%, due 7/15/40 | 1,300,000 | 1,588,234 |
| Series B, Insured: State Intercept | ||
| 6.00%, due 1/15/43 | 1,170,000 | 1,410,613 |
| Indiana Finance Authority, Indiana University Health, Revenue Bonds | ||
| Series L | ||
| 0.70%, due 12/1/46 (a) | 655,000 | 611,376 |
| Series A | ||
| 5.00%, due 12/1/40 | 1,500,000 | 1,525,753 |
| Indiana Finance Authority, Indianapolis Power & Light Co. Project, Revenue Bonds (a) | ||
| Series B | ||
| 0.95%, due 12/1/38 (c) | 4,525,000 | 4,196,446 |
| Series A | ||
| 1.40%, due 8/1/29 | 250,000 | 215,948 |
| Indiana Finance Authority, Republic Services, Inc. Project, Revenue Bonds (a)(c) | ||
| Series A | ||
| 4.50%, due 5/1/34 | 4,500,000 | 4,500,052 |
| 4.50%, due 12/1/37 | 4,500,000 | 4,500,052 |
| Indiana Housing & Community Development Authority, Revenue Bonds | ||
| Insured: FHA 223(F) | ||
| 5.00%, due 10/1/26 (a) | 1,500,000 | 1,524,308 |
| IPS Multi-School Building Corp., Indianapolis Board of School Commissioners, Revenue Bonds | ||
| Insured: State Intercept | ||
| 5.25%, due 7/15/40 | 1,850,000 | 2,074,722 |
| Southwest Dubois County School Corp., Limited General Obligation | ||
| Insured: State Intercept | ||
| 5.00%, due 7/15/24 | 565,000 | 567,650 |
| Tippecanoe County School Building Corp., Revenue Bonds | ||
| Series B, Insured: State Intercept | ||
| 6.00%, due 1/15/43 | 500,000 | 603,724 |
| Tri-Creek 2002 High School Building Corp., Revenue Bonds | ||
| Insured: State Intercept | ||
| 5.50%, due 7/15/43 | 2,000,000 | 2,296,350 |
| Warsaw Community Schools, Limited General Obligation | ||
| Insured: State Intercept | ||
| 5.00%, due 7/15/24 | 1,000,000 | 1,004,915 |
| 36,756,453 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Iowa 1.0% | ||
| City of Des Moines, Unlimited General Obligation | ||
| Series D | ||
| 1.50%, due 6/1/34 | $ 1,200,000 | $ 929,465 |
| Series D | ||
| 1.75%, due 6/1/38 | 540,000 | 385,460 |
| Series F | ||
| 2.00%, due 6/1/35 | 2,375,000 | 1,931,407 |
| Series F | ||
| 2.00%, due 6/1/36 | 2,415,000 | 1,912,065 |
| County of Polk, Unlimited General Obligation | ||
| Series A | ||
| 3.00%, due 6/1/32 | 2,000,000 | 1,906,795 |
| Hampton-Dumont Community School District, Revenue Bonds | ||
| Insured: AGM | ||
| 6.00%, due 6/1/29 | 930,000 | 1,043,095 |
| Iowa City Community School District, Unlimited General Obligation | ||
| 2.50%, due 6/1/38 | 565,000 | 463,896 |
| 2.50%, due 6/1/39 | 1,035,000 | 828,324 |
| 9,400,507 | ||
| Kentucky 1.6% | ||
| City of Ashland, Ashland Hospital Corp., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 2/1/40 | 500,000 | 506,191 |
| City of Henderson, Pratt Paper LLC Project, Revenue Bonds | ||
| Series B | ||
| 3.70%, due 1/1/32 (b)(c) | 350,000 | 338,540 |
| Kentucky Bond Development Corp., Revenue Bonds | ||
| Insured: BAM | ||
| 5.00%, due 9/1/38 | 1,000,000 | 1,087,214 |
| Kentucky Economic Development Finance Authority, Next Generation Information Highway Project, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 5.00%, due 7/1/25 | 1,500,000 | 1,515,214 |
| Series A | ||
| 5.00%, due 7/1/40 | 2,145,000 | 2,151,791 |
| Series A | ||
| 5.00%, due 1/1/45 | 3,200,000 | 3,201,101 |
| Kentucky Municipal Power Agency, Prairie State Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 9/1/35 | 820,000 | 868,279 |
| Kentucky Public Energy Authority, Gas Supply, Revenue Bonds (a) | ||
| Series C | ||
| 4.00%, due 2/1/50 | 2,600,000 | 2,605,422 |
| Series A-1 | ||
| 5.25%, due 4/1/54 | 2,500,000 | 2,717,110 |
| 14,990,862 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Louisiana 2.0% | ||
| City of New Orleans, Unlimited General Obligation | ||
| Series A, Insured: BAM | ||
| 5.00%, due 12/1/33 | $ 1,250,000 | $ 1,405,883 |
| Greater New Orleans Expressway Commission, Revenue Bonds | ||
| Insured: AGM | ||
| 5.00%, due 11/1/42 | 1,500,000 | 1,529,971 |
| Jefferson Davis Parish Road Sales Tax District No. 1, Revenue Bonds | ||
| Insured: AGM | ||
| 4.00%, due 2/1/26 | 915,000 | 930,301 |
| Jefferson Parish Consolidated Sewerage District No. 1, Revenue Bonds | ||
| Insured: BAM | ||
| 4.00%, due 2/1/42 | 260,000 | 262,495 |
| Louisiana Housing Corp., Tivoli Place Project, Revenue Bonds | ||
| Series A, Insured: HUD SECT 8 FHA 221(D4) | ||
| 5.00%, due 7/1/26 | 6,000,000 | 6,168,595 |
| New Orleans Aviation Board, Louis Armstrong New Orleans International Airport, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 1/1/43 (c) | 2,000,000 | 2,031,665 |
| State of Louisiana, Gasoline & Fuels Tax, Revenue Bonds, Second Lien | ||
| Series C | ||
| 5.00%, due 5/1/40 | 6,250,000 | 6,570,524 |
| 18,899,434 | ||
| Maine 1.1% | ||
| Maine Health & Higher Educational Facilities Authority, MaineHealth Obligated Group, Revenue Bonds | ||
| Series B, Insured: AGM | ||
| 5.25%, due 7/1/41 | 5,155,000 | 5,795,288 |
| Series B, Insured: AGM | ||
| 5.25%, due 7/1/43 | 2,275,000 | 2,537,568 |
| Maine Health & Higher Educational Facilities Authority, Northern Light Health Obligated Group, Revenue Bonds | ||
| Series C, Insured: AGM State Aid Withholding | ||
| 5.50%, due 7/1/38 | 1,000,000 | 1,143,218 |
| Maine State Housing Authority, Revenue Bonds | ||
| Series G | ||
| 1.85%, due 11/15/30 | 1,000,000 | 857,627 |
| 10,333,701 | ||
| Maryland 0.6% | ||
| City of Baltimore, Harbor Point Project, Revenue Bonds | ||
| 4.50%, due 6/1/33 | 100,000 | 100,691 |
| County of Charles, Consolidated Public Improvement, Unlimited General Obligation | ||
| 1.75%, due 10/1/35 | 1,000,000 | 799,466 |
| Maryland Community Development Administration, Revenue Bonds | ||
| Series A, Insured: GNMA / FNMA / FHLMC | ||
| 5.00%, due 9/1/42 | 1,000,000 | 1,059,031 |
| Maryland Economic Development Corp., Morgan View & Thurgood Marshall Student Housing, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 7/1/32 | 465,000 | 518,169 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Maryland | ||
| Maryland Stadium Authority, Baltimore City Public School Construction Financing Fund, Revenue Bonds | ||
| Insured: State Intercept | ||
| 5.00%, due 5/1/36 | $ 1,000,000 | $ 1,039,854 |
| Series A, Insured: State Intercept | ||
| 5.00%, due 5/1/42 | 1,820,000 | 1,923,158 |
| 5,440,369 | ||
| Massachusetts 0.5% | ||
| Commonwealth of Massachusetts, Consolidated Loan, Limited General Obligation | ||
| Series A | ||
| 5.00%, due 5/1/48 | 1,000,000 | 1,104,081 |
| Massachusetts Bay Transportation Authority, Sales Tax, Revenue Bonds | ||
| Series A | ||
| (zero coupon), due 7/1/31 | 1,000,000 | 757,452 |
| Massachusetts Development Finance Agency, Provident Commonwealth Education Resources, Inc., Revenue Bonds | ||
| 5.00%, due 10/1/30 | 1,200,000 | 1,232,111 |
| 5.00%, due 10/1/34 | 1,500,000 | 1,532,518 |
| Massachusetts Development Finance Agency, UMass Dartmouth Student Housing Project, Revenue Bonds | ||
| 5.00%, due 10/1/34 | 500,000 | 507,649 |
| 5,133,811 | ||
| Michigan 2.4% | ||
| Calhoun County Hospital Finance Authority, Oaklawn Hospital, Revenue Bonds | ||
| 5.00%, due 2/15/28 | 240,000 | 245,277 |
| Charter Township of Emmett, Unlimited General Obligation | ||
| Insured: AGM | ||
| 3.00%, due 4/1/34 | 1,045,000 | 958,343 |
| City of Detroit, Unlimited General Obligation | ||
| Series A | ||
| 5.00%, due 4/1/34 | 275,000 | 295,134 |
| 5.50%, due 4/1/40 | 430,000 | 458,231 |
| Ferndale Public Schools, Unlimited General Obligation | ||
| Insured: Q-SBLF | ||
| 5.00%, due 5/1/42 | 1,090,000 | 1,192,086 |
| Grand Blanc Community Schools, Unlimited General Obligation | ||
| Insured: Q-SBLF | ||
| 2.375%, due 11/1/42 | 1,475,000 | 1,082,921 |
| Great Lakes Water Authority, Sewage Disposal System, Revenue Bonds, Second Lien | ||
| Series C | ||
| 5.00%, due 7/1/36 | 1,000,000 | 1,036,849 |
| Great Lakes Water Authority, Water Supply System, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 5.00%, due 7/1/46 | 1,000,000 | 1,023,725 |
| Series C | ||
| 5.25%, due 7/1/33 | 1,500,000 | 1,575,326 |
| Michigan Finance Authority, Tobacco Settlement Asset-Backed, Revenue Bonds, Senior Lien | ||
| Series A, Class 1 | ||
| 4.00%, due 6/1/34 | 500,000 | 518,131 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Michigan | ||
| Michigan Finance Authority, BHSH System Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 4/15/29 | $ 1,000,000 | $ 1,110,782 |
| Michigan Finance Authority, Beaumont Health Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/1/44 | 1,000,000 | 1,006,548 |
| Michigan Finance Authority, Universal Learning Academy, Revenue Bonds | ||
| 6.00%, due 11/1/32 | 1,250,000 | 1,274,110 |
| Michigan State Housing Development Authority, New Baltimore Place Apartments Project, Revenue Bonds | ||
| Insured: HUD Sector 8 | ||
| 5.00%, due 12/1/25 (a) | 1,097,000 | 1,105,450 |
| Michigan State Housing Development Authority, Traditions of Holland Apartments Ltd. Dividend Housing Association LLC, Revenue Bonds | ||
| Insured: FHA 221(D4) | ||
| 5.00%, due 11/1/26 (a) | 2,000,000 | 2,060,089 |
| Richmond Community Schools, School Building and Site, Unlimited General Obligation | ||
| Series I, Insured: Q-SBLF | ||
| 4.00%, due 5/1/36 | 750,000 | 784,482 |
| State of Michigan, Unlimited General Obligation | ||
| Series A | ||
| 3.625%, due 5/15/24 | 1,000,000 | 996,375 |
| State of Michigan, Trunk Line, Revenue Bonds | ||
| 5.50%, due 11/15/44 | 2,000,000 | 2,358,854 |
| Summit Academy North, Michigan Public School Academy, Revenue Bonds | ||
| 2.25%, due 11/1/26 | 160,000 | 149,688 |
| Wayne County Airport Authority, Detroit Metropolitan Wayne County Airport, Revenue Bonds (c) | ||
| Series C | ||
| 5.00%, due 12/1/39 | 1,475,000 | 1,477,530 |
| Series B, Insured: AGM | ||
| 5.50%, due 12/1/40 | 1,595,000 | 1,830,300 |
| Wyoming Public Schools, Unlimited General Obligation | ||
| Series III, Insured: AGM | ||
| 4.00%, due 5/1/41 | 500,000 | 511,807 |
| 23,052,038 | ||
| Minnesota 0.5% | ||
| City of Independence, Global Academy Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/41 | 280,000 | 231,824 |
| City of Minneapolis, Unlimited General Obligation | ||
| 3.00%, due 12/1/33 | 1,290,000 | 1,244,069 |
| Minnesota Housing Finance Agency, Revenue Bonds | ||
| Series C, Insured: GNMA / FNMA / FHLMC | ||
| 3.80%, due 7/1/38 (c) | 2,280,000 | 2,280,002 |
| Worthington Independent School District No. 518, Unlimited General Obligation | ||
| Series A, Insured: SD CRED PROG | ||
| 3.00%, due 2/1/34 | 1,210,000 | 1,139,497 |
| 4,895,392 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Mississippi 0.1% | ||
| Mississippi Hospital Equipment & Facilities Authority, Forrest County General Hospital Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/34 | $ 810,000 | $ 879,291 |
| Missouri 2.4% | ||
| Health & Educational Facilities Authority of the State of Missouri, Mercy Health, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 11/15/47 | 3,070,000 | 3,152,248 |
| Hickman Mills C-1 School District, Unlimited General Obligation | ||
| Series C-1, Insured: BAM | ||
| 5.75%, due 3/1/42 | 2,000,000 | 2,251,213 |
| Missouri Housing Development Commission, Revenue Bonds | ||
| Series E, Insured: GNMA / FNMA / FHLMC | ||
| 6.50%, due 5/1/54 | 10,000,000 | 11,344,683 |
| Missouri Joint Municipal Electric Utility Commission, Iatan 2 Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/36 | 2,190,000 | 2,223,808 |
| Missouri Joint Municipal Electric Utility Commission, Prairie State Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/40 | 1,450,000 | 1,484,272 |
| Missouri State Environmental Improvement & Energy Resources Authority, Union Electric Co., Revenue Bonds | ||
| Series B | ||
| 2.90%, due 9/1/33 | 1,500,000 | 1,415,715 |
| Pattonville R-3 School District, Unlimited General Obligation | ||
| Insured: State Aid Direct Deposit | ||
| 5.50%, due 3/1/39 | 500,000 | 573,767 |
| 22,445,706 | ||
| Montana 0.1% | ||
| County of Gallatin, Bozeman Fiber Project, Revenue Bonds (b) | ||
| Series A | ||
| 4.00%, due 10/15/32 | 300,000 | 281,868 |
| Series A | ||
| 4.00%, due 10/15/36 | 300,000 | 271,678 |
| 553,546 | ||
| Nebraska 1.0% | ||
| Nebraska Investment Finance Authority, Revenue Bonds | ||
| Series A, Insured: GNMA / FNMA / FHLMC | ||
| 2.15%, due 3/1/31 | 1,150,000 | 1,005,412 |
| Nebraska Public Power District, Revenue Bonds | ||
| Series D | ||
| 5.00%, due 1/1/41 | 2,275,000 | 2,321,376 |
| Omaha Public Power District, Electric System, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 2/1/42 | 2,835,000 | 2,994,478 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Nebraska | ||
| Omaha Public Power District, Nebraska City Station Unit 2, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 2/1/46 | $ 700,000 | $ 716,538 |
| Series A | ||
| 5.25%, due 2/1/42 | 1,500,000 | 1,518,116 |
| Omaha School District, Unlimited General Obligation | ||
| 1.75%, due 12/15/35 | 1,500,000 | 1,202,186 |
| 9,758,106 | ||
| Nevada 0.1% | ||
| Henderson Local Improvement District No. T-22, Rainbow Canyon Phase II, Special Assessment | ||
| 5.00%, due 3/1/24 | 100,000 | 100,087 |
| 5.00%, due 3/1/25 | 200,000 | 202,458 |
| 5.00%, due 3/1/26 | 300,000 | 306,665 |
| Tahoe-Douglas Visitors Authority, Revenue Bonds | ||
| 5.00%, due 7/1/33 | 500,000 | 530,173 |
| 1,139,383 | ||
| New Hampshire 0.3% | ||
| New Hampshire Business Finance Authority, Pennichuck Water Works, Inc. Project, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 4/1/30 (c) | 495,000 | 501,270 |
| New Hampshire Health and Education Facilities Authority Act, Dartmouth-Hitchcock Obligated Group, Revenue Bonds | ||
| Series B, Insured: BAM | ||
| 4.00%, due 8/1/33 | 2,750,000 | 2,752,179 |
| 3,253,449 | ||
| New Jersey 2.9% | ||
| City of Atlantic City, Unlimited General Obligation | ||
| Series A, Insured: BAM State Aid Withholding | ||
| 5.00%, due 3/1/42 | 1,215,000 | 1,245,400 |
| Essex County Improvement Authority, North Star Academy Charter School of Newark, Inc., Revenue Bonds | ||
| 4.00%, due 7/15/30 (b) | 250,000 | 248,261 |
| New Jersey Economic Development Authority, Revenue Bonds | ||
| Series A | ||
| 4.914%, due 3/1/24 | 1,000,000 | 999,332 |
| New Jersey Economic Development Authority, Port Newark Container Terminal LLC, Revenue Bonds | ||
| 5.00%, due 10/1/37 (c) | 1,500,000 | 1,535,157 |
| New Jersey Economic Development Authority, School Facilities Construction, Revenue Bonds | ||
| Series UU | ||
| 5.00%, due 6/15/40 | 470,000 | 472,556 |
| Series WW | ||
| 5.25%, due 6/15/33 | 2,500,000 | 2,578,194 |
| New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 11/1/44 | 3,000,000 | 3,173,764 |
| New Jersey Economic Development Authority, Continental Airlines, Inc. Project, Revenue Bonds | ||
| Series B | ||
| 5.625%, due 11/15/30 (c) | 250,000 | 252,633 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| New Jersey | ||
| New Jersey Housing & Mortgage Finance Agency, Amity Heights Apartments, Revenue Bonds | ||
| Series A, Insured: HUD Sector 8 | ||
| 3.50%, due 7/1/25 (a) | $ 815,000 | $ 813,624 |
| New Jersey Transportation Trust Fund Authority, Transportation Program, Revenue Bonds | ||
| Series BB | ||
| 5.00%, due 6/15/42 | 10,000,000 | 11,207,553 |
| Series AA | ||
| 5.25%, due 6/15/43 | 2,790,000 | 2,966,442 |
| New Jersey Turnpike Authority, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 1/1/42 | 1,000,000 | 1,116,982 |
| State of New Jersey, Unlimited General Obligation | ||
| 5.00%, due 6/1/39 | 500,000 | 545,891 |
| Tobacco Settlement Financing Corp., Revenue Bonds | ||
| Series B | ||
| 5.00%, due 6/1/46 | 1,000,000 | 1,017,489 |
| 28,173,278 | ||
| New York 5.9% | ||
| Albany Capital Resource Corp., Albany Leadership Charter High School For Girls Project, Revenue Bonds | ||
| 4.00%, due 6/1/29 | 315,000 | 302,538 |
| Build NYC Resource Corp., Pratt Paper, Inc. Project, Revenue Bonds | ||
| 5.00%, due 1/1/35 (b)(c) | 1,000,000 | 1,004,923 |
| City of New York, Unlimited General Obligation | ||
| Series F-1 | ||
| 5.00%, due 6/1/35 | 1,000,000 | 1,024,207 |
| Series F-1 | ||
| 5.00%, due 8/1/38 | 500,000 | 580,459 |
| Series B-1 | ||
| 5.25%, due 10/1/47 | 1,500,000 | 1,677,127 |
| Hudson Yards Infrastructure Corp., Second Indenture, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 4.00%, due 2/15/47 | 540,000 | 540,621 |
| Long Island Power Authority, Electric System, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 9/1/39 | 1,000,000 | 1,005,748 |
| Metropolitan Transportation Authority, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 11/15/36 | 750,000 | 753,804 |
| Metropolitan Transportation Authority, Green Bond, Revenue Bonds | ||
| Series A-1 | ||
| 5.00%, due 11/15/29 | 500,000 | 518,584 |
| Series A-1 | ||
| 5.00%, due 11/15/32 | 1,295,000 | 1,340,043 |
| Nassau County Local Economic Assistance Corp., Roosevelt Children's Academy Charter School, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 7/1/33 | 750,000 | 760,219 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| New York | ||
| New York City Housing Development Corp., Revenue Bonds | ||
| Series C, Insured: HUD Sector 8 FNMA | ||
| 2.40%, due 8/1/40 | $ 1,500,000 | $ 1,174,600 |
| New York City Housing Development Corp., Multi-Family Housing, Sustainable Neighborhood, Revenue Bonds | ||
| Series F-2A, Insured: FHA 542(C) | ||
| 3.40%, due 11/1/62 (a) | 500,000 | 498,569 |
| New York City Municipal Water Finance Authority, Water & Sewer System Second General Resolution, Revenue Bonds | ||
| Series HH | ||
| 5.00%, due 6/15/37 | 2,000,000 | 2,041,093 |
| Series HH | ||
| 5.00%, due 6/15/39 | 1,000,000 | 1,017,188 |
| Series DD-2 | ||
| 5.00%, due 6/15/40 | 1,000,000 | 1,065,139 |
| Series DD-1 | ||
| 5.00%, due 6/15/49 | 305,000 | 321,992 |
| New York City Transitional Finance Authority, Future Tax Secured, Revenue Bonds | ||
| Series B-1 | ||
| 5.00%, due 11/1/38 | 3,000,000 | 3,080,669 |
| Series F-1 | ||
| 5.00%, due 5/1/42 | 750,000 | 786,108 |
| Series C | ||
| 5.50%, due 5/1/41 | 2,000,000 | 2,406,018 |
| Series D-1 | ||
| 5.50%, due 11/1/45 | 2,000,000 | 2,327,982 |
| New York City Transitional Finance Authority, Building Aid, Revenue Bonds | ||
| Series S-2, Insured: State Aid Withholding | ||
| 5.00%, due 7/15/40 | 1,500,000 | 1,527,011 |
| Series S-1, Insured: State Aid Withholding | ||
| 5.00%, due 7/15/43 | 1,555,000 | 1,590,706 |
| New York Liberty Development Corp., Bank of America Tower at One Bryant Park Project, Revenue Bonds | ||
| 2.45%, due 9/15/69 | 500,000 | 464,285 |
| New York Liberty Development Corp., Green Bond, Revenue Bonds | ||
| Series A, Insured: AGM-CR | ||
| 2.75%, due 11/15/41 | 370,000 | 303,035 |
| New York Liberty Development Corp., 1 World Trade Center, Revenue Bonds | ||
| Insured: BAM | ||
| 4.00%, due 2/15/43 | 1,500,000 | 1,513,126 |
| New York Liberty Development Corp., 3 World Trade Center LLC, Revenue Bonds | ||
| Class 1 | ||
| 5.00%, due 11/15/44 (b) | 1,250,000 | 1,251,433 |
| New York State Dormitory Authority, State Personal Income Tax, Revenue Bonds | ||
| Series E | ||
| 3.00%, due 3/15/41 | 250,000 | 219,307 |
| Series E | ||
| 4.00%, due 3/15/45 | 1,950,000 | 1,939,230 |
| Series B | ||
| 5.00%, due 2/15/40 | 1,300,000 | 1,372,024 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| New York | ||
| New York State Dormitory Authority, Sales tax, Revenue Bonds | ||
| Series E-3 | ||
| 5.00%, due 3/15/41 | $ 1,500,000 | $ 1,598,884 |
| New York State Thruway Authority, Revenue Bonds, Junior Lien | ||
| Series A | ||
| 5.00%, due 1/1/41 | 1,000,000 | 1,027,082 |
| New York State Thruway Authority, Revenue Bonds | ||
| Series P | ||
| 5.00%, due 1/1/41 | 1,200,000 | 1,363,464 |
| New York Transportation Development Corp., John F. kennedy International Airport Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/25 (c) | 1,400,000 | 1,431,607 |
| New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/46 (c) | 4,000,000 | 4,000,509 |
| New York Transportation Development Corp., JFK NTO LLC, Revenue Bonds | ||
| 5.50%, due 6/30/41 (c) | 1,700,000 | 1,868,575 |
| Port Authority of New York & New Jersey, Consolidated 234th, Revenue Bonds | ||
| Series 234 | ||
| 5.00%, due 8/1/38 (c) | 3,500,000 | 3,838,035 |
| Town of Colonie, Limited General Obligation | ||
| Insured: AGM | ||
| 2.00%, due 3/1/29 | 985,000 | 887,341 |
| Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds, Senior Lien | ||
| Series A-2, Insured: AGM-CR | ||
| 2.00%, due 5/15/45 (a) | 250,000 | 232,767 |
| Series C | ||
| 5.25%, due 11/15/40 | 1,000,000 | 1,179,696 |
| Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 11/15/37 | 1,000,000 | 1,077,922 |
| Series B-3 | ||
| 5.00%, due 11/15/38 | 640,000 | 656,935 |
| Series A | ||
| 5.00%, due 11/15/40 | 3,005,000 | 3,053,744 |
| 56,624,349 | ||
| North Carolina 2.5% | ||
| City of Fayetteville, Public Works Commission, Revenue Bonds | ||
| 2.25%, due 3/1/41 | 3,760,000 | 2,782,733 |
| County of Alamance, Unlimited General Obligation | ||
| 2.00%, due 5/1/35 | 1,500,000 | 1,234,929 |
| Greater Asheville Regional Airport Authority, Revenue Bonds (c) | ||
| Series A, Insured: AGM | ||
| 5.00%, due 7/1/30 | 1,500,000 | 1,654,196 |
| Insured: AGM | ||
| 5.25%, due 7/1/40 | 500,000 | 558,762 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| North Carolina | ||
| Greater Asheville Regional Airport Authority, Revenue Bonds (c) | ||
| Insured: AGM | ||
| 5.25%, due 7/1/43 | $ 500,000 | $ 550,111 |
| North Carolina Housing Finance Agency, Revenue Bonds | ||
| Series 38-B | ||
| 3.85%, due 7/1/37 | 2,510,000 | 2,512,970 |
| North Carolina State Education Assistance Authority, Revenue Bonds, Senior Lien (c) | ||
| Series A | ||
| 5.50%, due 6/1/30 | 4,875,000 | 5,347,962 |
| Series A | ||
| 5.50%, due 6/1/31 | 3,250,000 | 3,595,710 |
| Series A | ||
| 5.50%, due 6/1/32 | 3,000,000 | 3,343,367 |
| North Carolina Turnpike Authority, Triangle Expressway System, Revenue Bonds, Senior Lien | ||
| Insured: AGM | ||
| 5.00%, due 1/1/36 | 1,545,000 | 1,681,533 |
| Insured: AGM | ||
| 5.00%, due 1/1/49 | 1,000,000 | 1,055,673 |
| 24,317,946 | ||
| North Dakota 0.4% | ||
| City of Grand Forks, Altru Health System, Revenue Bonds | ||
| Insured: AGM-CR | ||
| 4.00%, due 12/1/37 | 310,000 | 302,720 |
| Series A, Insured: AGM | ||
| 5.00%, due 12/1/30 | 700,000 | 781,413 |
| Series A, Insured: AGM | ||
| 5.00%, due 12/1/31 | 650,000 | 734,002 |
| Series A, Insured: AGM | ||
| 5.00%, due 12/1/32 | 800,000 | 914,650 |
| Series A, Insured: AGM | ||
| 5.00%, due 12/1/33 | 1,000,000 | 1,156,044 |
| 3,888,829 | ||
| Ohio 1.7% | ||
| American Municipal Power, Inc., Hydroelectric Projects, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 2/15/41 | 3,000,000 | 3,062,394 |
| Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Senior Lien | ||
| Series A-2, Class 1 | ||
| 4.00%, due 6/1/48 | 1,000,000 | 925,074 |
| City of Toledo, Various Purpose Improvement, Limited General Obligation | ||
| Insured: AGM | ||
| 5.25%, due 12/1/35 | 1,000,000 | 1,165,842 |
| Insured: AGM | ||
| 5.25%, due 12/1/37 | 750,000 | 857,977 |
| City of Upper Arlington, Various Purpose, Limited General Obligation | ||
| 5.75%, due 12/1/38 | 700,000 | 729,348 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Ohio | ||
| Cloverleaf Local School District, Certificate of Participation | ||
| Insured: BAM | ||
| 5.375%, due 12/1/37 | $ 750,000 | $ 812,867 |
| Euclid City School District, Unlimited General Obligation | ||
| Series A, Insured: SD CRED PROG | ||
| 5.25%, due 1/15/44 | 2,000,000 | 2,055,631 |
| Forest Hills Local School District, Unlimited General Obligation | ||
| 5.00%, due 12/1/44 | 490,000 | 493,926 |
| Ohio Air Quality Development Authority, American Electric Power Co. Project, Revenue Bonds (a)(c) | ||
| Series D | ||
| 2.10%, due 10/1/28 | 3,000,000 | 2,933,727 |
| Series B | ||
| 2.50%, due 11/1/42 | 1,000,000 | 886,743 |
| Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Revenue Bonds | ||
| Series D | ||
| 2.875%, due 2/1/26 | 250,000 | 240,893 |
| Ohio Air Quality Development Authority, Pratt Paper LLC Project, Revenue Bonds | ||
| 4.50%, due 1/15/48 (b)(c) | 750,000 | 715,077 |
| State of Ohio, Portsmouth Bypass Project, Revenue Bonds | ||
| Insured: AGM | ||
| 5.00%, due 12/31/35 (c) | 1,000,000 | 1,005,896 |
| 15,885,395 | ||
| Oregon 0.2% | ||
| Multnomah County School District No. 1, Unlimited General Obligation | ||
| Insured: School Bond Guaranty | ||
| 3.00%, due 6/15/37 | 2,000,000 | 1,845,992 |
| Pennsylvania 2.9% | ||
| Allegheny County Airport Authority, Revenue Bonds (c) | ||
| Series A, Insured: AGM | ||
| 5.50%, due 1/1/42 | 2,000,000 | 2,255,109 |
| Series A, Insured: AGM | ||
| 5.50%, due 1/1/43 | 1,500,000 | 1,683,567 |
| Allentown Neighborhood Improvement Zone Development Authority, City Center Project, Revenue Bonds (b) | ||
| 5.00%, due 5/1/27 | 270,000 | 276,981 |
| 5.00%, due 5/1/42 | 1,175,000 | 1,187,448 |
| Allentown Neighborhood Improvement Zone Development Authority, Revenue Bonds | ||
| 6.00%, due 5/1/42 (b) | 500,000 | 523,991 |
| Bucks County Industrial Development Authority, Grand View Hospital Project, Revenue Bonds | ||
| 5.00%, due 7/1/34 | 300,000 | 280,058 |
| 5.00%, due 7/1/35 | 300,000 | 278,530 |
| Chester County Industrial Development Authority, Collegium Charter School, Revenue Bonds | ||
| 5.00%, due 10/15/32 (b) | 250,000 | 250,681 |
| Coatesville School District, Limited General Obligation | ||
| Insured: BAM State Aid Withholding | ||
| 5.25%, due 11/15/37 | 5,000,000 | 5,499,906 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Pennsylvania | ||
| Commonwealth Financing Authority, Tobacco Master Settlement Payment, Revenue Bonds | ||
| Insured: AGM | ||
| 4.00%, due 6/1/39 | $ 1,000,000 | $ 1,007,531 |
| Cumberland Valley School District, Limited General Obligation | ||
| Series A, Insured: AGM State Aid Withholding | ||
| 5.00%, due 11/15/44 | 1,275,000 | 1,386,978 |
| Dauphin County General Authority, Harrisburg University Science Technology Project (The), Revenue Bonds (b) | ||
| 4.25%, due 10/15/26 | 100,000 | 94,119 |
| 5.00%, due 10/15/30 | 1,000,000 | 913,846 |
| Indiana County Industrial Development Authority, Foundation for Indiana University of Pennsylvania (The), Revenue Bonds | ||
| Insured: BAM | ||
| 5.00%, due 5/1/29 | 250,000 | 269,186 |
| Lancaster Industrial Development Authority, Landis Homes Retirement Community, Revenue Bonds | ||
| 4.00%, due 7/1/37 | 100,000 | 88,599 |
| Pennsylvania Economic Development Financing Authority, Penndot Major Bridges Project, Revenue Bonds (c) | ||
| 5.25%, due 6/30/36 | 2,000,000 | 2,263,575 |
| 5.50%, due 6/30/37 | 250,000 | 285,997 |
| 5.50%, due 6/30/38 | 500,000 | 567,329 |
| Pennsylvania Higher Educational Facilities Authority, Bryn Mawr College, Revenue Bonds | ||
| 5.00%, due 12/1/38 | 1,000,000 | 1,009,318 |
| Pennsylvania Housing Finance Agency, Revenue Bonds | ||
| Series A-141 | ||
| 5.75%, due 10/1/53 | 650,000 | 691,555 |
| Pennsylvania Turnpike Commission, Revenue Bonds | ||
| Series A-1 | ||
| 5.00%, due 12/1/41 | 1,000,000 | 1,025,609 |
| Series B | ||
| 5.25%, due 12/1/39 | 785,000 | 793,984 |
| Series A | ||
| 5.50%, due 12/1/46 | 1,155,000 | 1,204,033 |
| Pennsylvania Turnpike Commission, Oil Franchise, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 12/1/44 | 500,000 | 535,902 |
| Philadelphia Authority for Industrial Development, Philadelphia Performing Arts Charter School Project, Revenue Bonds | ||
| 5.00%, due 6/15/30 (b) | 435,000 | 449,968 |
| Philadelphia Gas Works Co., Revenue Bonds | ||
| Series 14 | ||
| 5.00%, due 10/1/30 | 1,680,000 | 1,750,804 |
| Pittsburgh Water & Sewer Authority, Revenue Bonds, First Lien | ||
| Series A, Insured: AGM | ||
| 5.00%, due 9/1/35 | 1,200,000 | 1,399,725 |
| 27,974,329 | ||
| Puerto Rico 1.9% | ||
| Commonwealth of Puerto Rico | ||
| (zero coupon), due 11/1/43 | 91,837 | 50,969 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Puerto Rico | ||
| Commonwealth of Puerto Rico, Unlimited General Obligation | ||
| Series A-1 | ||
| 4.00%, due 7/1/35 | $ 563,717 | $ 539,240 |
| Series A-1 | ||
| 5.625%, due 7/1/27 | 625,000 | 660,560 |
| Series A-1 | ||
| 5.75%, due 7/1/31 | 265,000 | 295,749 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Senior Lien (b) | ||
| Series B | ||
| 4.50%, due 7/1/24 | 2,265,000 | 2,245,997 |
| Series A | ||
| 5.00%, due 7/1/33 | 1,000,000 | 1,040,809 |
| Series 2020A | ||
| 5.00%, due 7/1/35 | 3,000,000 | 3,080,968 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/28 (b) | 1,000,000 | 1,029,454 |
| Puerto Rico Sales Tax Financing Corp., Revenue Bonds | ||
| Series A-2 | ||
| 4.329%, due 7/1/40 | 2,800,000 | 2,789,508 |
| Series A-2 | ||
| 4.329%, due 7/1/40 | 2,000,000 | 1,992,505 |
| Series A-1 | ||
| 4.55%, due 7/1/40 | 4,230,000 | 4,245,287 |
| 17,971,046 | ||
| Rhode Island 0.2% | ||
| Rhode Island Health and Educational Building Corp., Public Schools Financing Program, Revenue Bonds | ||
| Series F | ||
| 5.50%, due 5/15/47 | 1,500,000 | 1,679,999 |
| Rhode Island Housing and Mortgage Finance Corp., Revenue Bonds | ||
| Series A-77, Insured: GNMA | ||
| 5.00%, due 4/1/27 | 555,000 | 587,804 |
| 2,267,803 | ||
| South Carolina 0.8% | ||
| Patriots Energy Group Financing Agency, Revenue Bonds | ||
| Series B-2 | ||
| 5.464%, due 2/1/54 | 6,000,000 | 6,035,393 |
| South Carolina State Housing Finance & Development Authority, Dillon School Senior LP, Revenue Bonds | ||
| Insured: HUD SECT 202 | ||
| 5.00%, due 10/1/26 (a) | 1,335,000 | 1,362,033 |
| 7,397,426 | ||
| South Dakota 0.1% | ||
| Baltic School District No. 49-1, Unlimited General Obligation | ||
| Insured: AGM | ||
| 4.50%, due 12/1/40 | 575,000 | 599,284 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Tennessee 1.0% | ||
| Health Educational and Housing Facility Board of the City of Memphis (The), Strategies LP, Revenue Bonds | ||
| Insured: HUD Sector 8 FHA 221(D4) | ||
| 5.00%, due 7/1/27 (a) | $ 500,000 | $ 513,817 |
| Health Educational and Housing Facility Board of the City of Memphis (The), Strategies II LP, Revenue Bonds | ||
| Insured: HUD Sector 8 FHA 221(D4) | ||
| 5.00%, due 7/1/27 (a) | 500,000 | 513,933 |
| Knox County Health Educational & Housing Facility Board, Revenue Bonds | ||
| 4.05%, due 12/1/27 (a) | 3,000,000 | 3,033,220 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, 619 at Old Stone Bridge Crossings LP, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 4/1/26 (a) | 1,511,000 | 1,515,347 |
| Metropolitan Nashville Airport Authority (The), Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/36 (c) | 3,500,000 | 3,795,527 |
| Tennessee Energy Acquisition Corp., Revenue Bonds | ||
| Series B | ||
| 5.625%, due 9/1/26 | 500,000 | 510,294 |
| 9,882,138 | ||
| Texas 11.2% | ||
| Alamito Public Facility Corp., EP WH Mesa Franklin LLC, Revenue Bonds | ||
| Insured: FHA 221(D4) | ||
| 3.50%, due 9/1/25 (a) | 1,003,000 | 1,000,154 |
| Alamito Public Facility Corp., EP WH Cien Palmas LLC, Revenue Bonds | ||
| Insured: HUD Sector 8 FHA 221(D4) | ||
| 3.50%, due 9/1/25 (a) | 1,008,000 | 1,007,146 |
| Alamito Public Facility Corp., EP Salazar LP, Revenue Bonds | ||
| Insured: HUD Sector 8 | ||
| 5.00%, due 8/1/44 (a) | 1,000,000 | 1,027,642 |
| Allen Independent School District, Unlimited General Obligation | ||
| Insured: PSF-GTD | ||
| 5.00%, due 2/15/35 | 2,000,000 | 2,083,046 |
| Arlington Higher Education Finance Corp., Trinity Basin Preparatory, Inc., Revenue Bonds | ||
| Insured: PSF-GTD | ||
| 5.00%, due 8/15/41 | 1,115,000 | 1,238,775 |
| Barbers Hill Independent School District, Unlimited General Obligation | ||
| Insured: PSF-GTD | ||
| 4.00%, due 2/15/41 | 1,000,000 | 1,027,203 |
| Central Texas Regional Mobility Authority, Revenue Bonds | ||
| (zero coupon), due 1/1/27 | 1,900,000 | 1,720,352 |
| Central Texas Regional Mobility Authority, Revenue Bonds, Sub. Lien | ||
| Series C | ||
| 5.00%, due 1/1/27 | 1,145,000 | 1,179,969 |
| Central Texas Turnpike System, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 8/15/31 | 2,500,000 | 2,516,483 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Texas | ||
| Central Texas Turnpike System, Revenue Bonds, First Tier | ||
| Series A | ||
| 5.00%, due 8/15/39 | $ 1,185,000 | $ 1,297,738 |
| City of Amarillo, Limited General Obligation | ||
| 2.00%, due 2/15/41 | 1,000,000 | 698,743 |
| City of Arlington, Special Tax, Special Tax, Senior Lien | ||
| Series A, Insured: AGM | ||
| 5.00%, due 2/15/43 | 250,000 | 261,548 |
| City of Bryan, Limited General Obligation | ||
| 2.00%, due 8/15/32 | 1,060,000 | 910,789 |
| City of College Station, Limited General Obligation | ||
| 2.00%, due 2/15/36 | 1,000,000 | 812,406 |
| City of Houston, Hotel Occupancy Tax & Special Tax, Revenue Bonds | ||
| 5.00%, due 9/1/28 | 365,000 | 396,044 |
| City of Houston, Combined Utility System, Revenue Bonds, First Lien | ||
| Series B | ||
| 5.00%, due 11/15/35 | 2,000,000 | 2,080,766 |
| Comal County Water Control & Improvement District No. 6, Unlimited General Obligation | ||
| Insured: AGM | ||
| 4.00%, due 9/1/43 | 1,615,000 | 1,594,738 |
| County of Parker, Unlimited General Obligation | ||
| 5.00%, due 2/15/42 | 6,000,000 | 6,232,076 |
| Cypress-Fairbanks Independent School District, Unlimited General Obligation | ||
| Series A, Insured: PSF-GTD | ||
| 2.25%, due 2/15/41 | 2,000,000 | 1,493,681 |
| Dallas College, Unlimited General Obligation | ||
| 3.00%, due 2/15/28 | 1,575,000 | 1,580,879 |
| Dallas Fort Worth International Airport, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 11/1/46 | 250,000 | 246,046 |
| Series B | ||
| 5.00%, due 11/1/36 | 1,000,000 | 1,166,352 |
| Dallas Independent School District, Unlimited General Obligation | ||
| Insured: PSF-GTD | ||
| 2.00%, due 2/15/42 | 1,500,000 | 1,055,292 |
| Insured: PSF-GTD | ||
| 5.00%, due 2/15/48 | 845,000 | 922,979 |
| Del Valle Independent School District, Unlimited General Obligation | ||
| Insured: PSF-GTD | ||
| 2.00%, due 6/15/39 | 2,000,000 | 1,454,901 |
| Denton Independent School District, Unlimited General Obligation | ||
| Insured: PSF-GTD | ||
| 5.00%, due 8/15/37 | 4,000,000 | 4,233,147 |
| Forney Independent School District, Unlimited General Obligation | ||
| Insured: BAM | ||
| (zero coupon), due 8/15/41 | 255,000 | 85,488 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Texas | ||
| Harris County Municipal Utility District No. 423, Unlimited General Obligation | ||
| Series A, Insured: BAM | ||
| 7.25%, due 4/1/26 | $ 300,000 | $ 324,169 |
| Series A, Insured: BAM | ||
| 7.25%, due 4/1/27 | 300,000 | 335,636 |
| Harris County Municipal Utility District No. 489, Unlimited General Obligation | ||
| Series A, Insured: AGM | ||
| 6.50%, due 9/1/29 | 1,000,000 | 1,132,422 |
| Harris County Toll Road, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 5.00%, due 8/15/43 | 2,290,000 | 2,413,264 |
| Harris County Water Control & Improvement District No. 159, Unlimited General Obligation | ||
| Insured: BAM | ||
| 6.375%, due 9/1/30 | 2,000,000 | 2,291,736 |
| Headwaters Municipal Utility District of Hays County, Unlimited General Obligation | ||
| Series A, Insured: AGM | ||
| 6.00%, due 8/15/29 | 3,885,000 | 4,321,616 |
| Houston Higher Education Finance Corp., KIPP, Inc., Revenue Bonds | ||
| Series A, Insured: PSF-GTD | ||
| 4.00%, due 2/15/39 | 1,000,000 | 999,988 |
| Leander Independent School District, Unlimited General Obligation | ||
| Insured: PSF-GTD | ||
| (zero coupon), due 8/16/30 | 2,560,000 | 2,050,305 |
| Lovejoy Independent School District, Unlimited General Obligation | ||
| Insured: PSF-GTD | ||
| 2.00%, due 2/15/39 | 1,000,000 | 754,604 |
| Matagorda County Navigation District No. 1, Central Power and Light Company Project, Revenue Bonds | ||
| Series A | ||
| 2.60%, due 11/1/29 | 1,500,000 | 1,370,396 |
| 4.25%, due 5/1/30 (c) | 1,000,000 | 996,600 |
| Mesquite Independent School District, Unlimited General Obligation | ||
| Series A, Insured: PSF-GTD | ||
| 4.00%, due 8/15/35 | 1,530,000 | 1,555,769 |
| Series A, Insured: PSF-GTD | ||
| 4.00%, due 8/15/37 | 1,655,000 | 1,682,874 |
| Midlothian Independent School District, Unlimited General Obligation | ||
| Insured: PSF-GTD | ||
| 5.00%, due 2/15/43 | 3,460,000 | 3,604,665 |
| New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Inc., Revenue Bonds | ||
| 4.00%, due 8/15/29 (b) | 1,240,000 | 1,214,057 |
| New Hope Cultural Education Facilities Finance Corp., Outlook at Windhaven Forefront Living, Revenue Bonds | ||
| Series B-3 | ||
| 4.25%, due 10/1/26 | 1,100,000 | 1,084,169 |
| New Hope Cultural Education Facilities Finance Corp., Quality Senior Housing Foundation of East Texas, Inc., Revenue Bonds | ||
| Series A-1 | ||
| 5.00%, due 12/1/49 | 250,000 | 223,678 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Texas | ||
| North East Texas Regional Mobility Authority, Revenue Bonds, Senior Lien | ||
| Series B | ||
| 5.00%, due 1/1/36 | $ 2,950,000 | $ 3,008,682 |
| North Texas Tollway Authority, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 1/1/45 | 1,000,000 | 1,009,932 |
| North Texas Tollway Authority, Revenue Bonds, First Tier | ||
| Series A | ||
| 5.25%, due 1/1/38 | 1,000,000 | 1,152,593 |
| Northwest Independent School District, Unlimited General Obligation | ||
| Insured: PSF-GTD | ||
| 5.00%, due 2/15/40 | 325,000 | 364,717 |
| Insured: PSF-GTD | ||
| 5.00%, due 2/15/41 | 350,000 | 391,017 |
| Pecos Barstow Toyah Independent School District, Unlimited General Obligation | ||
| Insured: PSF-GTD | ||
| 5.00%, due 2/15/37 | 1,000,000 | 1,066,458 |
| Insured: PSF-GTD | ||
| 5.00%, due 2/15/39 | 515,000 | 526,941 |
| Insured: PSF-GTD | ||
| 5.00%, due 2/15/40 | 2,500,000 | 2,555,998 |
| Insured: PSF-GTD | ||
| 5.00%, due 2/15/41 | 1,500,000 | 1,532,124 |
| Sabine-Neches Navigation District, Waterway Project, Limited General Obligation | ||
| 5.25%, due 2/15/39 | 1,500,000 | 1,667,008 |
| State of Texas, College Student Loan, Unlimited General Obligation (c) | ||
| 4.00%, due 8/1/30 | 5,000,000 | 4,942,543 |
| 4.00%, due 8/1/31 | 3,000,000 | 2,999,416 |
| State of Texas, Mobility Fund, Unlimited General Obligation | ||
| Series B | ||
| 5.00%, due 10/1/35 | 5,000,000 | 5,331,994 |
| Series B | ||
| 5.00%, due 10/1/36 | 5,000,000 | 5,124,753 |
| State of Texas, Transportation Commission, Highway Improvement, Unlimited General Obligation | ||
| Series A | ||
| 5.00%, due 4/1/37 | 750,000 | 776,884 |
| Texas Department of Housing & Community Affairs, Revenue Bonds | ||
| Series A, Insured: GNMA | ||
| 3.50%, due 7/1/52 | 620,000 | 607,221 |
| Texas Private Activity Bond Surface Transportation Corp., Blueridge Transportation Group LLC, Revenue Bonds, Senior Lien | ||
| 5.00%, due 12/31/45 (c) | 1,000,000 | 1,003,694 |
| Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners Segments 3 LLC, Revenue Bonds, Senior Lien (c) | ||
| 5.50%, due 6/30/40 | 2,400,000 | 2,578,217 |
| 5.50%, due 6/30/41 | 1,500,000 | 1,610,124 |
| Texas Public Finance Authority, Financing System-Texas Southern University, Revenue Bonds | ||
| Insured: BAM | ||
| 5.00%, due 5/1/32 | 1,000,000 | 1,117,380 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Texas | ||
| Trinity River Authority, Tarrant County Water System, Revenue Bonds | ||
| 5.00%, due 2/1/37 | $ 1,250,000 | $ 1,448,069 |
| 106,496,096 | ||
| U.S. Virgin Islands 0.4% | ||
| Matching Fund Special Purpose Securitization Corp., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/26 | 860,000 | 884,762 |
| Series A | ||
| 5.00%, due 10/1/30 | 2,460,000 | 2,583,829 |
| Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds | ||
| Series C, Insured: AGM-CR | ||
| 5.00%, due 10/1/30 | 100,000 | 100,075 |
| 3,568,666 | ||
| Utah 2.7% | ||
| Canyons School District, Unlimited General Obligation | ||
| Series A, Insured: School Bond Guaranty | ||
| 1.50%, due 6/15/34 | 2,000,000 | 1,541,288 |
| Central Utah Water Conservancy District, Revenue Bonds | ||
| Series B | ||
| 4.00%, due 10/1/39 | 1,000,000 | 1,015,162 |
| City of Salt Lake City, Airport, Revenue Bonds (c) | ||
| Series A | ||
| 5.25%, due 7/1/42 | 1,000,000 | 1,100,585 |
| Series A | ||
| 5.25%, due 7/1/43 | 1,000,000 | 1,095,284 |
| County of Utah, Intermountain Healthcare, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 5/15/46 | 1,390,000 | 1,422,381 |
| Intermountain Power Agency, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/41 | 880,000 | 983,472 |
| Series A | ||
| 5.25%, due 7/1/43 | 3,125,000 | 3,549,513 |
| State of Utah, Build America Bonds, Unlimited General Obligation | ||
| Series B | ||
| 3.539%, due 7/1/25 | 1,991,249 | 1,969,785 |
| UIPA Crossroads Public Infrastructure District, Tax Allocation | ||
| 4.125%, due 6/1/41 (b) | 500,000 | 452,779 |
| Utah Charter School Finance Authority, Mountain West Montessori Academy, Inc., Revenue Bonds | ||
| Series A | ||
| 3.125%, due 6/15/29 (b) | 1,085,000 | 986,361 |
| Utah Charter School Finance Authority, Spectrum Academy Project, Revenue Bonds | ||
| Insured: BAM UT CSCE | ||
| 4.00%, due 4/15/40 | 250,000 | 249,814 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Utah | ||
| Utah Charter School Finance Authority, Summit Academy, Inc. Project, Revenue Bonds | ||
| Series A, Insured: UT CSCE | ||
| 5.00%, due 4/15/29 | $ 185,000 | $ 200,444 |
| Utah Housing Corp., Barcelona Properties LLC, Revenue Bonds | ||
| Insured: FHLMC | ||
| 3.40%, due 7/1/30 | 2,900,000 | 2,822,218 |
| Utah Housing Corp., Revenue Bonds | ||
| Series A, Insured: GNMA / FNMA / FHLMC | ||
| 6.50%, due 1/1/54 | 2,750,000 | 3,042,579 |
| Utah Infrastructure Agency, Telecommunication, Revenue Bonds | ||
| 4.00%, due 10/15/31 | 500,000 | 497,523 |
| 4.00%, due 10/15/33 | 425,000 | 421,598 |
| 4.00%, due 10/15/33 | 500,000 | 494,814 |
| 4.00%, due 10/15/35 | 700,000 | 684,454 |
| 4.00%, due 10/15/36 | 1,000,000 | 965,769 |
| 4.00%, due 10/15/39 | 700,000 | 648,277 |
| 4.00%, due 10/15/42 | 475,000 | 421,982 |
| Series A | ||
| 5.00%, due 10/15/28 | 460,000 | 476,765 |
| 5.50%, due 10/15/33 | 1,000,000 | 1,127,283 |
| 26,170,130 | ||
| Virginia 1.5% | ||
| Chesapeake Bay Bridge & Tunnel District, First Tier General Resolution, Revenue Bonds, First Tier | ||
| Insured: AGM | ||
| 5.00%, due 7/1/41 | 1,000,000 | 1,032,217 |
| Chesapeake Redevelopment & Housing Authority, ENV-Mill Creek LP, Revenue Bonds | ||
| Insured: FHA 221(D4) | ||
| 5.00%, due 6/1/26 (a) | 1,001,000 | 1,017,287 |
| City of Harrisonburg, Unlimited General Obligation | ||
| Series A, Insured: State Aid Withholding | ||
| 1.75%, due 7/15/35 | 3,000,000 | 2,401,961 |
| City of Richmond, Public Utility, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/15/33 | 1,720,000 | 1,789,906 |
| Isle Wight County Industrial Development Authority, Riverside Healthcare Association Obligated Group, Revenue Bonds | ||
| Insured: AGM | ||
| 5.25%, due 7/1/43 | 950,000 | 1,062,838 |
| Insured: AGM | ||
| 5.25%, due 7/1/48 | 1,500,000 | 1,657,491 |
| James City County Economic Development Authority, Blaine Landing Phase II LP, Revenue Bonds | ||
| Insured: FHA 221(D4) | ||
| 5.00%, due 2/1/26 (a) | 1,000,000 | 1,010,150 |
| Virginia Port Authority, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/41 (c) | 500,000 | 506,361 |
| Virginia Small Business Financing Authority, 95 Express Lanes LLC, Revenue Bonds, Senior Lien | ||
| 5.00%, due 7/1/37 (c) | 1,000,000 | 1,081,513 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Virginia | ||
| Williamsburg Economic Development Authority, William & Mary Project, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 4.00%, due 7/1/42 | $ 1,000,000 | $ 1,002,374 |
| Wise County Industrial Development Authority, Virginia Electric and Power Co. Project, Revenue Bonds | ||
| Series A | ||
| 0.75%, due 10/1/40 (a) | 1,500,000 | 1,398,608 |
| 13,960,706 | ||
| Washington 2.7% | ||
| County of King, Sewer, Revenue Bonds, Junior Lien | ||
| Series A | ||
| 4.78%, due 1/1/40 | 655,000 | 641,418 |
| County of King, Sewer, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 5.00%, due 1/1/47 | 7,490,000 | 7,547,043 |
| Energy Northwest, Bonneville Power Administration, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/36 | 1,000,000 | 1,105,461 |
| Franklin County School District No. 1, Pasco, Unlimited General Obligation | ||
| Insured: School Bond Guaranty | ||
| 5.50%, due 12/1/40 | 2,000,000 | 2,351,513 |
| Port of Seattle, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 4/1/31 | 1,000,000 | 1,008,183 |
| Port of Tacoma, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 12/1/43 (c) | 925,000 | 942,868 |
| Skagit County Public Hospital District No. 1, Revenue Bonds | ||
| 5.50%, due 12/1/38 | 450,000 | 496,081 |
| Snohomish County Public Utility District No. 1, Electric System, Revenue Bonds | ||
| 5.00%, due 12/1/40 | 1,500,000 | 1,524,568 |
| Snohomish County School District No. 6, Unlimited General Obligation | ||
| Insured: School Bond Guaranty | ||
| 3.00%, due 12/1/37 | 1,000,000 | 903,279 |
| State of Washington, Various Purpose, Unlimited General Obligation | ||
| Series D | ||
| 5.00%, due 2/1/35 | 500,000 | 500,339 |
| Series D | ||
| 5.00%, due 2/1/40 | 5,000,000 | 5,230,896 |
| Series A | ||
| 5.00%, due 8/1/42 | 655,000 | 710,511 |
| State of Washington, Motor Vehicle Fuel Tax, Unlimited General Obligation | ||
| Series R-2021A | ||
| 5.00%, due 6/1/38 | 1,000,000 | 1,115,751 |
| Washington State Convention Center Public Facilities District, Lodging Tax, Revenue Bonds | ||
| Series B, Insured: AGM-CR | ||
| 4.00%, due 7/1/36 | 1,000,000 | 1,024,005 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Washington | ||
| Washington State Housing Finance Commission, Eliseo Project, Revenue Bonds | ||
| Series B-2 | ||
| 2.125%, due 7/1/27 (b) | $ 250,000 | $ 228,723 |
| 25,330,639 | ||
| West Virginia 0.4% | ||
| West Virginia Hospital Finance Authority, Charleston Area Medical Center, Inc. Obligated Group, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 9/1/39 | 1,125,000 | 1,161,486 |
| West Virginia Hospital Finance Authority, Vandalia Health, Inc., Revenue Bonds | ||
| Series B, Insured: AGM | ||
| 5.125%, due 9/1/42 | 1,250,000 | 1,376,736 |
| West Virginia Housing Development Fund, Revenue Bonds | ||
| Series A | ||
| 3.65%, due 11/1/33 | 1,095,000 | 1,094,860 |
| 3,633,082 | ||
| Wisconsin 2.1% | ||
| Hudson School District, Unlimited General Obligation | ||
| 2.25%, due 3/1/27 | 500,000 | 475,014 |
| Public Finance Authority, Roseman University of Health Sciences, Revenue Bonds | ||
| 4.00%, due 4/1/32 (b) | 1,260,000 | 1,196,598 |
| 5.875%, due 4/1/45 | 2,000,000 | 2,009,735 |
| Public Finance Authority, WFCS Holdings LLC, Revenue Bonds | ||
| Series A-1 | ||
| 4.50%, due 1/1/35 (b) | 2,330,000 | 2,149,602 |
| Public Finance Authority, Ultimate Medical Academy Project, Revenue Bonds (b) | ||
| Series A | ||
| 5.00%, due 10/1/25 | 555,000 | 560,342 |
| Series A | ||
| 5.00%, due 10/1/28 | 335,000 | 345,510 |
| Series A | ||
| 5.00%, due 10/1/34 | 250,000 | 256,299 |
| Public Finance Authority, University of Kansas, Revenue Bonds | ||
| 5.00%, due 3/1/41 | 3,400,000 | 3,454,789 |
| Wisconsin Health & Educational Facilities Authority, Milwaukee Science Education Consortium, Inc. (The), Revenue Bonds | ||
| Series A | ||
| 4.50%, due 3/15/33 | 400,000 | 410,575 |
| Wisconsin Health & Educational Facilities Authority, Milwaukee Regional Medical Center (The), Revenue Bonds | ||
| 5.00%, due 4/1/37 | 1,150,000 | 1,219,000 |
| Wisconsin Housing & Economic Development Authority, Revenue Bonds | ||
| Series A | ||
| 3.00%, due 3/1/52 | 4,100,000 | 3,962,219 |
| Wisconsin Housing & Economic Development Authority, New Hampton Apartment LLC, Revenue Bonds | ||
| Series A, Insured: HUD Sector 8 | ||
| 5.00%, due 12/1/27 (a) | 3,500,000 | 3,627,724 |
| 19,667,407 | ||
| Principal Amount | Value | ||
| Long-Term Municipal Bonds | |||
| Wyoming 0.3% | |||
| Sweetwater County 2023 Specific Purpose Tax Joint Powers Board, Revenue Bonds | |||
| Insured: AGM-CR | |||
| 5.00%, due 6/15/28 | $ 3,000,000 | $ 3,272,074 | |
| Total Long-Term Municipal Bonds (Cost $877,486,521) | 899,046,684 | ||
| Short-Term Municipal Notes 3.2% | |||
| Arizona 0.2% | |||
| Arizona Industrial Development Authority, Phoenix Children's Hospital, Revenue Bonds | |||
| Series A | |||
| 2.95%, due 2/1/48 (e) | 1,700,000 | 1,700,000 | |
| California 1.9% | |||
| Eastern Municipal Water District, Revenue Bonds | |||
| Series A | |||
| 2.87%, due 7/1/46 (e) | 4,000,000 | 4,000,000 | |
| Los Angeles Department of Water & Power, Power System, Revenue Bonds | |||
| Series C-1 | |||
| 2.85%, due 7/1/57 (e) | 4,250,000 | 4,250,000 | |
| Southern California Public Power Authority, Revenue Bonds | |||
| Series A | |||
| 2.85%, due 7/1/35 (e) | 10,000,000 | 10,000,000 | |
| 18,250,000 | |||
| Connecticut 1.1% | |||
| Connecticut State Health & Educational Facilities Authority, Yale University, Revenue Bonds | |||
| Series A | |||
| 2.75%, due 7/1/42 (e) | 11,000,000 | 11,000,000 | |
| Total Short-Term Municipal Notes (Cost $30,950,000) | 30,950,000 | ||
| Total Municipal Bonds (Cost $908,436,521) | 929,996,684 | ||
| Long-Term Bonds 0.2% | |||
| Corporate Bond 0.2% | |||
| Healthcare-Services 0.2% | |||
| Dignity Health | |||
| 3.812%, due 11/1/24 | 2,000,000 | 1,970,195 | |
| Total Long-Term Bonds (Cost $1,969,751) | 1,970,195 | ||
| Total Investments (Cost $910,406,272) | 97.6% | 931,966,879 | |
| Other Assets, Less Liabilities | 2.4 | 22,889,724 | |
| Net Assets | 100.0% | $ 954,856,603 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| ‡ | Less than one-tenth of a percent. |
| (a) | 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, 2024. |
| (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) | Interest on these securities was subject to alternative minimum tax. |
| (d) | Delayed delivery security. |
| (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. |
| Abbreviation(s): |
| AGM—Assured Guaranty Municipal Corp. |
| BAM—Build America Mutual Assurance Co. |
| CR—Custodial Receipts |
| FGIC—Financial Guaranty Insurance Company |
| FHA—Federal Housing Administration |
| FHLMC—Federal Home Loan Mortgage Corp. |
| FNMA—Federal National Mortgage Association |
| GNMA—Government National Mortgage Association |
| HUD—Housing and Urban Development |
| MTA—Metropolitan Transportation Authority |
| NATL-RE—National Public Finance Guarantee Corp. |
| PSF-GTD—Permanent School Fund Guaranteed |
| Q-SBLF—Qualified School Board Loan Fund |
| SD CRED PROG—School District Credit Enhancement Program |
| UT CSCE—Utah Charter School Credit Enhancement Program |
The following is a summary of the
fair valuations according to the inputs used as of January 31, 2024, 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 | |||||||
| Long-Term Municipal Bonds | $ — | $ 899,046,684 | $ — | $ 899,046,684 | |||
| Short-Term Municipal Notes | — | 30,950,000 | — | 30,950,000 | |||
| Total Municipal Bonds | — | 929,996,684 | — | 929,996,684 | |||
| Long-Term Bonds | |||||||
| Corporate Bond | — | 1,970,195 | — | 1,970,195 | |||
| Total Investments in Securities | $ — | $ 931,966,879 | $ — | $ 931,966,879 |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
MainStay MacKay Short Term Municipal Fund
Portfolio of Investments January 31, 2024†^(Unaudited)
| Principal Amount | Value | |
| Municipal Bonds 97.3% | ||
| Long-Term Municipal Bonds 96.5% | ||
| Alabama 6.8% | ||
| Alabama Community College System, Coastal Alabama Community College, Revenue Bonds | ||
| Insured: BAM | ||
| 4.00%, due 10/1/27 | $ 500,000 | $ 516,791 |
| Black Belt Energy Gas District, Gas Project, Revenue Bonds | ||
| Series B-1 | ||
| 4.00%, due 4/1/53 (a) | 3,920,000 | 3,917,502 |
| Series B | ||
| 5.20%, due 4/1/53 | 15,195,000 | 14,780,043 |
| Series C-1 | ||
| 5.25%, due 6/1/25 | 615,000 | 626,582 |
| Series C-1 | ||
| 5.25%, due 12/1/25 | 880,000 | 904,039 |
| Series F | ||
| 5.50%, due 11/1/53 (a) | 10,000,000 | 10,647,490 |
| Black Belt Energy Gas District, Gas Project No.7, Revenue Bonds | ||
| Series C-2 | ||
| 4.90%, due 10/1/52 | 1,305,000 | 1,267,161 |
| City of Decatur, Limited General Obligation | ||
| Series A | ||
| 2.00%, due 10/1/26 | 1,900,000 | 1,827,579 |
| Energy Southeast, A Cooperative District, Revenue Bonds | ||
| Series A-1 | ||
| 5.50%, due 11/1/53 (a) | 1,510,000 | 1,647,857 |
| Southeast Alabama Gas Supply District (The), Project No. 1, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 4/1/24 | 1,500,000 | 1,504,109 |
| Southeast Energy Authority, A Cooperative District, Project No. 4, Revenue Bonds | ||
| Series B-1 | ||
| 5.00%, due 5/1/53 (a) | 1,870,000 | 1,949,588 |
| Southeast Energy Authority, A Cooperative District, Project No. 3, Revenue Bonds | ||
| Series A-1 | ||
| 5.50%, due 1/1/53 (a) | 10,000,000 | 10,846,283 |
| State of Alabama, Unlimited General Obligation | ||
| Series A | ||
| 3.00%, due 8/1/26 | 5,000,000 | 4,969,507 |
| 55,404,531 | ||
| Arizona 3.1% | ||
| Arizona Health Facilities Authority, Banner Health, Revenue Bonds | ||
| Series B | ||
| 4.80%, due 1/1/46 | 2,400,000 | 2,397,497 |
| Series B | ||
| 4.80%, due 1/1/46 | 12,600,000 | 12,406,897 |
| City of Phoenix Civic Improvement Corp., Airport, Revenue Bonds, Junior Lien | ||
| Series B | ||
| 5.00%, due 7/1/26 (b) | 3,500,000 | 3,635,237 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Arizona | ||
| City of Phoenix Civic Improvement Corp., Airport, Revenue Bonds, Senior Lien | ||
| 5.00%, due 7/1/29 (b) | $ 6,210,000 | $ 6,780,484 |
| 25,220,115 | ||
| Arkansas 0.2% | ||
| City of Fort Smith, Water & Sewer, Revenue Bonds | ||
| 3.00%, due 10/1/25 | 1,400,000 | 1,396,164 |
| California 7.8% | ||
| Anaheim Public Financing Authority, Convention Center Expansion, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 2.093%, due 7/1/27 | 1,135,000 | 1,040,095 |
| Antelope Valley Community College District, Unlimited General Obligation | ||
| (zero coupon), due 8/1/35 | 3,990,000 | 2,480,031 |
| California Community Choice Financing Authority, Clean Energy Project, Revenue Bonds | ||
| Series C | ||
| 5.25%, due 1/1/54 (a) | 4,500,000 | 4,759,977 |
| California Infrastructure & Economic Development Bank, DesertXpress Enterprises LLC, Revenue Bonds | ||
| Series A | ||
| 3.95%, due 1/1/50 (a)(b)(c) | 7,500,000 | 7,500,704 |
| California Municipal Finance Authority, Waste Management, Inc., Revenue Bonds | ||
| Series A | ||
| 4.125%, due 10/1/41 (a)(b) | 5,000,000 | 4,996,192 |
| California Statewide Communities Development Authority, Southern California Edison Co., Revenue Bonds | ||
| Series A | ||
| 1.75%, due 9/1/29 | 11,500,000 | 10,120,664 |
| City of Sacramento, North Natomas Community Facilities District No. 4, Special Tax | ||
| Series G, Insured: AGM | ||
| 5.00%, due 9/1/28 | 2,245,000 | 2,474,342 |
| Series G, Insured: AGM | ||
| 5.00%, due 9/1/29 | 2,215,000 | 2,487,989 |
| Clovis Unified School District, Unlimited General Obligation | ||
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 8/1/25 | 2,500,000 | 2,385,819 |
| Corona-Norco Unified School District, Unlimited General Obligation | ||
| Series A | ||
| 5.00%, due 8/1/44 | 960,000 | 991,174 |
| Eastern Municipal Water District, Revenue Bonds | ||
| Series A | ||
| 3.00%, due 7/1/25 | 4,095,000 | 4,110,970 |
| San Diego County Regional Airport Authority, Revenue Bonds, Senior Lien (b) | ||
| Series B | ||
| 5.00%, due 7/1/28 | 1,500,000 | 1,604,658 |
| Series B | ||
| 5.00%, due 7/1/29 | 1,750,000 | 1,902,588 |
| San Diego Public Facilities Financing Authority, Water Utility, Revenue Bonds | ||
| Series B | ||
| 1.903%, due 8/1/26 | 4,640,000 | 4,354,641 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| California | ||
| San Jose Evergreen Community College District, Unlimited General Obligation | ||
| Series B | ||
| 6.586%, due 7/1/43 | $ 5,000,000 | $ 4,938,306 |
| Saratoga Union School District, Unlimited General Obligation | ||
| Insured: NATL-RE | ||
| (zero coupon), due 9/1/26 | 6,500,000 | 6,005,513 |
| State of California, Various Purpose, Unlimited General Obligation | ||
| 1.75%, due 11/1/30 | 1,375,000 | 1,161,625 |
| 63,315,288 | ||
| Colorado 2.5% | ||
| Arapahoe County School District No. 5, Cherry Creek, Unlimited General Obligation | ||
| Series B, Insured: State Aid Withholding | ||
| 2.00%, due 12/15/26 | 5,000,000 | 4,798,207 |
| City & County of Denver, Airport System, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 12/1/25 (b) | 5,370,000 | 5,510,409 |
| Colorado Bridge Enterprise, Central 70 Project, Revenue Bonds | ||
| 4.00%, due 6/30/27 (b) | 4,475,000 | 4,523,304 |
| Colorado Health Facilities Authority, Liberty Heights, Revenue Bonds | ||
| Series B | ||
| (zero coupon), due 7/15/24 | 1,050,000 | 1,034,345 |
| E-470 Public Highway Authority, Revenue Bonds | ||
| Series B, Insured: NATL-RE | ||
| (zero coupon), due 9/1/25 | 4,500,000 | 4,280,735 |
| 20,147,000 | ||
| Connecticut 2.1% | ||
| City of Danbury, Unlimited General Obligation | ||
| 5.00%, due 9/24/24 (c) | 2,000,000 | 2,016,394 |
| Connecticut State Health & Educational Facilities Authority, Yale University, Revenue Bonds | ||
| Series A-3 | ||
| (zero coupon), due 7/1/49 (d) | 7,000,000 | 7,015,686 |
| Series A | ||
| 0.375%, due 7/1/35 (a) | 8,125,000 | 7,976,582 |
| 17,008,662 | ||
| District of Columbia 1.1% | ||
| District of Columbia, Gallery Place Project, Tax Allocation | ||
| 5.00%, due 6/1/27 | 1,090,000 | 1,091,330 |
| District of Columbia Housing Finance Agency, Cascade Park Apartments II Project, Revenue Bonds | ||
| 0.70%, due 8/1/42 (a) | 4,500,000 | 4,410,907 |
| Metropolitan Washington Airports Authority, Revenue Bonds (b) | ||
| Series A | ||
| 5.00%, due 10/1/27 | 2,160,000 | 2,293,795 |
| Series A | ||
| 5.00%, due 10/1/28 | 1,020,000 | 1,099,220 |
| 8,895,252 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Florida 2.9% | ||
| City of Tampa, Water & Wastewater System, Revenue Bonds | ||
| Series B | ||
| 1.141%, due 10/1/27 | $ 4,000,000 | $ 3,595,651 |
| County of Monroe, Airport, Revenue Bonds | ||
| Series 202 | ||
| 5.00%, due 10/1/27 (b) | 200,000 | 209,215 |
| County of Pasco, State of Florida Cigarette Tax Revenue, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 5.25%, due 9/1/26 | 1,875,000 | 1,975,818 |
| Series A, Insured: AGM | ||
| 5.25%, due 9/1/27 | 2,000,000 | 2,145,379 |
| Greater Orlando Aviation Authority, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/26 (b) | 4,225,000 | 4,408,319 |
| State of Florida, Unlimited General Obligation | ||
| Series B | ||
| 5.00%, due 7/1/25 | 9,665,000 | 9,955,354 |
| Village Community Development District No. 12, Special Assessment | ||
| 3.25%, due 5/1/26 | 1,430,000 | 1,416,894 |
| 23,706,630 | ||
| Georgia 2.4% | ||
| City of Atlanta, Department of Aviation, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/27 (b) | 2,185,000 | 2,310,477 |
| Development Authority of Monroe County (The), Georgia Power Co. Scherer, Revenue Bonds | ||
| Series 1 | ||
| 1.00%, due 7/1/49 (a) | 1,590,000 | 1,442,178 |
| Main Street Natural Gas, Inc., Revenue Bonds (a) | ||
| Series A | ||
| 4.00%, due 7/1/52 | 7,490,000 | 7,525,826 |
| Series B | ||
| 5.00%, due 12/1/52 | 3,500,000 | 3,676,787 |
| Municipal Electric Authority of Georgia, Project One Subordinated Bonds, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 1/1/26 | 970,000 | 1,005,893 |
| State of Georgia, Unlimited General Obligation | ||
| Series A | ||
| 5.00%, due 7/1/25 | 3,170,000 | 3,266,570 |
| 19,227,731 | ||
| Hawaii 0.6% | ||
| State of Hawaii, Airports System, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 7/1/28 (b) | 1,000,000 | 1,072,322 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Hawaii | ||
| State of Hawaii, Unlimited General Obligation | ||
| Series FH | ||
| 5.00%, due 10/1/28 | $ 3,620,000 | $ 3,811,963 |
| 4,884,285 | ||
| Illinois 4.8% | ||
| Chicago O'Hare International Airport, Passenger Facility Charge, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 1/1/25 (b) | 835,000 | 835,320 |
| City of Chicago, Unlimited General Obligation | ||
| Series A | ||
| 5.00%, due 1/1/30 | 1,000,000 | 1,082,463 |
| City of Country Club Hills, Unlimited General Obligation | ||
| Insured: BAM | ||
| 4.00%, due 12/1/25 | 1,230,000 | 1,240,548 |
| Cook County Township High School District No. 225, Unlimited General Obligation | ||
| 5.00%, due 12/1/26 | 1,230,000 | 1,303,104 |
| Illinois Finance Authority, American Water Capital Corp., Revenue Bonds | ||
| 2.45%, due 10/1/39 (a) | 2,250,000 | 2,100,980 |
| Illinois Finance Authority, Presbyterian Homes Obligated Group, Revenue Bonds | ||
| Series B | ||
| 5.25%, due 5/1/42 | 1,125,000 | 1,102,775 |
| Illinois Housing Development Authority, Revenue Bonds | ||
| Series G, Insured: GNMA / FNMA / FHLMC | ||
| 5.50%, due 10/1/26 | 275,000 | 291,855 |
| Series G, Insured: GNMA / FNMA / FHLMC | ||
| 5.50%, due 4/1/27 | 275,000 | 295,372 |
| Series G, Insured: GNMA / FNMA / FHLMC | ||
| 5.50%, due 10/1/27 | 285,000 | 309,599 |
| Kane & DeKalb Counties Community Unit School District No. 302, Unlimited General Obligation | ||
| Series B, Insured: AGC | ||
| (zero coupon), due 2/1/27 | 475,000 | 429,017 |
| State of Illinois, Unlimited General Obligation | ||
| 3.50%, due 6/1/31 | 1,700,000 | 1,691,039 |
| Series D | ||
| 5.00%, due 11/1/24 | 10,000,000 | 10,116,749 |
| Series D | ||
| 5.00%, due 11/1/25 | 5,100,000 | 5,253,208 |
| Series A | ||
| 5.00%, due 3/1/29 | 3,745,000 | 4,082,418 |
| Series B | ||
| 5.00%, due 10/1/29 | 800,000 | 879,954 |
| Series C | ||
| 5.00%, due 11/1/29 | 5,920,000 | 6,322,836 |
| Upper Illinois River Valley Development Authority, Morris Hospital Obligated Group, Revenue Bonds | ||
| 5.00%, due 12/1/27 | 1,145,000 | 1,193,773 |
| 38,531,010 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Indiana 1.7% | ||
| Center Grove Community School Corp., Limited General Obligation | ||
| Insured: State Intercept | ||
| 5.00%, due 1/1/25 | $ 1,240,000 | $ 1,254,804 |
| Insured: State Intercept | ||
| 5.00%, due 7/1/25 | 1,760,000 | 1,794,203 |
| Insured: State Intercept | ||
| 5.00%, due 1/1/26 | 1,805,000 | 1,854,484 |
| Indiana Finance Authority, Indianapolis Power & Light Co. Project, Revenue Bonds | ||
| Series B | ||
| 0.65%, due 8/1/25 | 1,500,000 | 1,412,146 |
| Series A | ||
| 0.75%, due 12/1/38 (a) | 2,000,000 | 1,842,506 |
| Indiana Finance Authority, BHI Senior Living, Inc., Revenue Bonds | ||
| Series B | ||
| 2.52%, due 11/15/26 | 515,000 | 477,623 |
| Series B | ||
| 2.92%, due 11/15/27 | 655,000 | 601,647 |
| Indiana Finance Authority, Deaconess Health System, Revenue Bonds | ||
| Series B | ||
| 4.85%, due 3/1/39 | 1,845,000 | 1,789,612 |
| Indianapolis Local Public Improvement Bond Bank, Revenue Bonds | ||
| Series D | ||
| 5.00%, due 1/1/26 (b) | 2,495,000 | 2,562,468 |
| 13,589,493 | ||
| Iowa 0.4% | ||
| City of West Des Moines, Urban Renewal, Unlimited General Obligation | ||
| Series D | ||
| 2.70%, due 6/1/28 | 1,145,000 | 1,114,315 |
| Iowa Finance Authority, Renewable Natural Gas Project, Green Bond, Revenue Bonds | ||
| 1.50%, due 1/1/42 (a)(b) | 2,000,000 | 1,986,998 |
| 3,101,313 | ||
| Kansas 0.5% | ||
| Pottawatomie County Unified School District No. 320, Wamego, Unlimited General Obligation | ||
| Series A | ||
| 5.00%, due 9/1/36 | 2,430,000 | 2,534,641 |
| Reno County Unified School District No. 309, Nickerson, Unlimited General Obligation | ||
| Insured: AGM | ||
| 5.00%, due 9/1/27 | 775,000 | 827,256 |
| Insured: AGM | ||
| 5.00%, due 9/1/28 | 840,000 | 913,695 |
| 4,275,592 | ||
| Kentucky 1.7% | ||
| County of Owen, American Water Capital Corp., Revenue Bonds | ||
| Series A | ||
| 2.45%, due 6/1/39 (a) | 3,000,000 | 2,811,546 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Kentucky | ||
| Kentucky Economic Development Finance Authority, Next Generation Information Highway Project, Revenue Bonds, Senior Lien | ||
| Series A | ||
| 5.00%, due 7/1/27 | $ 4,245,000 | $ 4,293,089 |
| Kentucky Public Energy Authority, Gas Supply, Revenue Bonds | ||
| Series A | ||
| 4.00%, due 4/1/48 (a) | 6,500,000 | 6,508,667 |
| 13,613,302 | ||
| Louisiana 1.8% | ||
| Jefferson Sales Tax District, Revenue Bonds | ||
| Series A, Insured: AGM | ||
| 5.00%, due 12/1/26 | 1,500,000 | 1,584,538 |
| Louisiana Local Government Environmental Facilities & Community Development Authority, Utilities Restoration Corp. Project, Revenue Bonds | ||
| Series A | ||
| 3.615%, due 2/1/29 | 3,347,853 | 3,275,634 |
| Louisiana Local Government Environmental Facilities & Community Development Authority | ||
| Series ELL, Class A1 | ||
| 5.081%, due 6/1/31 | 9,696,212 | 9,764,058 |
| 14,624,230 | ||
| Maine 0.2% | ||
| Finance Authority of Maine, Supplemental Education Loan Program, Revenue Bonds | ||
| Series A-1, Insured: AGM | ||
| 5.00%, due 12/1/28 (b) | 1,000,000 | 1,053,041 |
| Maine Health & Higher Educational Facilities Authority, Northern Light Health Obligated Group, Revenue Bonds | ||
| Series C, Insured: AGM State Aid Withholding | ||
| 5.00%, due 7/1/26 | 200,000 | 209,672 |
| Series C, Insured: AGM State Aid Withholding | ||
| 5.00%, due 7/1/27 | 200,000 | 213,891 |
| 1,476,604 | ||
| Maryland 0.5% | ||
| Maryland Economic Development Corp., Terminal Project, Revenue Bonds | ||
| Series B | ||
| 3.70%, due 6/1/25 | 1,000,000 | 976,591 |
| Washington Suburban Sanitary Commission, Revenue Bonds | ||
| Insured: County Guaranteed | ||
| 3.00%, due 6/1/28 | 3,305,000 | 3,304,115 |
| 4,280,706 | ||
| Massachusetts 0.5% | ||
| Commonwealth of Massachusetts, Revenue Bonds | ||
| Insured: NATL-RE | ||
| 5.50%, due 1/1/25 | 689,000 | 703,602 |
| Massachusetts Housing Finance Agency, Revenue Bonds | ||
| Series B-2 | ||
| 0.80%, due 12/1/25 | 1,820,000 | 1,696,895 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Massachusetts | ||
| Town of Sutton, Unlimited General Obligation | ||
| 2.05%, due 6/1/26 | $ 1,950,000 | $ 1,883,402 |
| 4,283,899 | ||
| Michigan 2.3% | ||
| City of Detroit, Water Sewage Disposal System, Revenue Bonds | ||
| Series D, Insured: AGM | ||
| 4.346%, due 7/1/32 | 13,500,000 | 12,860,583 |
| Michigan Finance Authority, Revenue Bonds, Senior Lien | ||
| Series A-1 | ||
| 2.326%, due 6/1/30 | 2,009,714 | 1,976,171 |
| Michigan State Housing Development Authority, Revenue Bonds | ||
| Series A | ||
| 3.25%, due 6/1/29 | 1,000,000 | 990,521 |
| Series A | ||
| 3.30%, due 12/1/29 | 1,000,000 | 993,767 |
| Series A | ||
| 3.35%, due 6/1/30 | 1,780,000 | 1,773,669 |
| 18,594,711 | ||
| Minnesota 3.2% | ||
| Brooklyn Center Independent School District No. 286, Unlimited General Obligation | ||
| Series C, Insured: SD CRED PROG | ||
| 5.00%, due 9/30/24 | 3,200,000 | 3,226,766 |
| City of Minneapolis, Unlimited General Obligation | ||
| 4.00%, due 12/1/25 | 5,500,000 | 5,625,714 |
| Shakopee Independent School District No. 720, Unlimited General Obligation | ||
| Series C, Insured: SD CRED PROG | ||
| (zero coupon), due 2/1/29 | 5,155,000 | 4,348,504 |
| South Washington County Independent School District No. 833, School Building, Unlimited General Obligation | ||
| Series B, Insured: SD CRED PROG | ||
| 3.00%, due 2/1/27 | 8,040,000 | 7,999,508 |
| Southern Minnesota Municipal Power Agency, Revenue Bonds | ||
| Series A, Insured: NATL-RE | ||
| (zero coupon), due 1/1/25 | 2,070,000 | 1,999,709 |
| State of Minnesota, Unlimited General Obligation | ||
| Series B | ||
| 3.25%, due 8/1/29 | 3,000,000 | 3,013,013 |
| 26,213,214 | ||
| Mississippi 0.6% | ||
| State of Mississippi, Unlimited General Obligation | ||
| Series C | ||
| 4.053%, due 10/1/27 | 4,470,000 | 4,454,243 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Missouri 0.2% | ||
| Kansas City Municipal Assistance Corp., Leasehold, Revenue Bonds | ||
| Series B-1, Insured: AMBAC | ||
| (zero coupon), due 4/15/26 | $ 2,000,000 | $ 1,864,522 |
| Montana 0.6% | ||
| City of Forsyth, NorthWestern Corp., Revenue Bonds | ||
| 3.875%, due 7/1/28 | 3,060,000 | 3,105,503 |
| Montana Facility Finance Authority, Kalispell Regional Medical Center, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 7/1/29 | 1,270,000 | 1,334,326 |
| 4,439,829 | ||
| Nebraska 0.3% | ||
| Central Plains Energy Project, Revenue Bonds | ||
| 2.50%, due 12/1/49 (a) | 2,050,000 | 2,003,560 |
| Nevada 3.2% | ||
| Clark County School District, Limited General Obligation | ||
| Series A, Insured: AGM | ||
| 5.00%, due 6/15/25 | 3,780,000 | 3,885,514 |
| County of Clark, Department of Aviation, Revenue Bonds, Sub. Lien | ||
| Series B | ||
| 5.00%, due 7/1/26 (b) | 3,000,000 | 3,115,917 |
| Las Vegas Convention & Visitors Authority, Convention Center Expansion, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 7/1/25 | 1,050,000 | 1,076,835 |
| State of Nevada, Limited General Obligation | ||
| Series A | ||
| 5.00%, due 5/1/25 | 10,000,000 | 10,271,567 |
| State of Nevada Highway Improvement, Motor Vehicle, Revenue Bonds | ||
| 3.00%, due 12/1/26 | 7,500,000 | 7,497,819 |
| 25,847,652 | ||
| New Jersey 4.1% | ||
| Essex County Improvement Authority, North Star Academy Charter School of Newark, Inc., Revenue Bonds | ||
| Series B | ||
| 3.00%, due 8/1/25 (c) | 700,000 | 663,712 |
| Maywood School District, Unlimited General Obligation | ||
| Insured: BAM SCH BD RES FD | ||
| 3.00%, due 7/15/25 | 660,000 | 658,890 |
| New Jersey Economic Development Authority, New Jersey-American Water Co., Inc., Revenue Bonds | ||
| Series A | ||
| 2.20%, due 10/1/39 (a)(b) | 3,500,000 | 3,124,117 |
| New Jersey Economic Development Authority, Liberty State Park Project, Revenue Bonds | ||
| Series A | ||
| 4.125%, due 6/15/27 | 2,900,000 | 2,933,148 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| New Jersey | ||
| New Jersey Higher Education Student Assistance Authority, Revenue Bonds, Senior Lien | ||
| Series B | ||
| 5.00%, due 12/1/24 (b) | $ 1,210,000 | $ 1,226,058 |
| New Jersey Housing & Mortgage Finance Agency, Amity Heights Apartments, Revenue Bonds | ||
| Series A, Insured: HUD Sector 8 | ||
| 3.50%, due 7/1/25 (a) | 4,117,000 | 4,110,050 |
| New Jersey Transportation Trust Fund Authority, Transportation System, Revenue Bonds | ||
| Series B | ||
| 2.631%, due 6/15/24 | 3,400,000 | 3,361,880 |
| Series A | ||
| 5.00%, due 6/15/24 | 1,100,000 | 1,107,189 |
| New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement, Revenue Bonds | ||
| Series A-1 | ||
| 5.00%, due 6/15/27 | 10,000,000 | 10,427,607 |
| State of New Jersey, COVID-19 General Obligation Emergency Bonds, Unlimited General Obligation | ||
| Series A | ||
| 5.00%, due 6/1/26 | 5,000,000 | 5,250,733 |
| Weehawken Township Board of Education, Unlimited General Obligation | ||
| Insured: AGM SCH BD RES FD | ||
| 3.00%, due 7/15/25 | 590,000 | 589,756 |
| 33,453,140 | ||
| New York 5.5% | ||
| City of New York, Unlimited General Obligation | ||
| Series B-2 | ||
| 2.90%, due 10/1/27 | 8,600,000 | 8,200,414 |
| Series D | ||
| 5.00%, due 8/1/25 | 3,000,000 | 3,095,188 |
| Marcellus Central School District, Unlimited General Obligation | ||
| Insured: State Aid Withholding | ||
| 4.75%, due 7/2/24 | 8,400,000 | 8,445,972 |
| New York City Industrial Development Agency, Yankee Stadium Project, Revenue Bonds | ||
| Insured: NATL-RE | ||
| 3.997%, due 3/1/24 (e) | 500,000 | 500,317 |
| New York State Dormitory Authority, State of New York Personal Income Tax, Revenue Bonds | ||
| Series C | ||
| 1.952%, due 3/15/29 | 4,525,000 | 4,020,832 |
| New York State Energy Research & Development Authority, New York State Electric & Gas Corp., Revenue Bonds | ||
| Series D | ||
| 3.50%, due 10/1/29 | 4,035,000 | 3,980,300 |
| New York State Housing Finance Agency, Revenue Bonds | ||
| Series A, Insured: SONYMA HUD Sector 8 | ||
| 0.75%, due 11/1/25 | 960,000 | 898,360 |
| Series E | ||
| 0.95%, due 5/1/25 | 5,050,000 | 4,822,402 |
| New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Revenue Bonds (b) | ||
| Insured: AGM-CR | ||
| 5.00%, due 12/1/26 | 5,000,000 | 5,262,297 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| New York | ||
| New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Revenue Bonds (b) | ||
| Insured: AGM-CR | ||
| 5.00%, due 12/1/29 | $ 4,000,000 | $ 4,362,642 |
| 5.00%, due 12/1/30 | 1,000,000 | 1,089,304 |
| 44,678,028 | ||
| North Carolina 1.2% | ||
| County of Wake, Unlimited General Obligation | ||
| Series A | ||
| 5.00%, due 5/1/25 | 4,010,000 | 4,116,408 |
| Greater Asheville Regional Airport Authority, Revenue Bonds (b) | ||
| Insured: AGM | ||
| 5.00%, due 7/1/28 | 1,000,000 | 1,069,348 |
| Insured: AGM | ||
| 5.00%, due 7/1/29 | 1,165,000 | 1,265,977 |
| Insured: AGM | ||
| 5.00%, due 7/1/30 | 1,100,000 | 1,213,077 |
| North Carolina State Education Assistance Authority, Revenue Bonds, Senior Lien (b) | ||
| Series A | ||
| 5.50%, due 6/1/28 | 750,000 | 800,951 |
| Series A | ||
| 5.50%, due 6/1/29 | 1,300,000 | 1,408,562 |
| 9,874,323 | ||
| Ohio 3.5% | ||
| County of Lorain, Limited General Obligation | ||
| 4.125%, due 5/2/24 | 4,450,000 | 4,453,124 |
| County of Lucas, Revenue Notes | ||
| 6.25%, due 10/11/24 | 3,500,000 | 3,519,518 |
| Ohio Air Quality Development Authority, American Electric Power Co. Project, Revenue Bonds (a)(b) | ||
| Series C | ||
| 2.10%, due 12/1/27 | 2,210,000 | 2,161,179 |
| Series B | ||
| 2.10%, due 7/1/28 | 5,000,000 | 4,889,545 |
| Ohio Higher Educational Facility Commission, Case Western Reserve University, Revenue Bonds | ||
| Series B | ||
| 4.78%, due 12/1/42 | 3,995,000 | 3,915,308 |
| Ohio Turnpike & Infrastructure Commission, Revenue Bonds, Junior Lien | ||
| Series A | ||
| 5.00%, due 2/15/26 | 2,000,000 | 2,089,574 |
| Springboro Community City School District, Unlimited General Obligation | ||
| Insured: AGM | ||
| 5.25%, due 12/1/25 | 2,000,000 | 2,079,125 |
| State of Ohio, Unlimited General Obligation | ||
| Series A | ||
| 5.00%, due 3/1/26 | 1,275,000 | 1,333,447 |
| Series U | ||
| 5.00%, due 5/1/27 | 2,580,000 | 2,775,670 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Ohio | ||
| State of Ohio, Portsmouth Bypass Project, Revenue Bonds | ||
| Insured: AGM | ||
| 5.00%, due 12/31/28 (b) | $ 1,275,000 | $ 1,289,993 |
| 28,506,483 | ||
| Oregon 1.0% | ||
| City of Portland, Sewer System, Revenue Bonds, First Lien | ||
| Series A | ||
| 3.00%, due 6/1/27 | 8,475,000 | 8,435,953 |
| Pennsylvania 7.2% | ||
| City of Philadelphia, Unlimited General Obligation | ||
| Series A | ||
| 5.00%, due 8/1/25 | 4,000,000 | 4,102,036 |
| Coatesville School District, Limited General Obligation | ||
| Insured: AGM State Aid Withholding | ||
| 5.00%, due 8/1/24 | 625,000 | 630,014 |
| Commonwealth of Pennsylvania, Unlimited General Obligation | ||
| 3.20%, due 3/1/29 | 5,000,000 | 5,042,478 |
| Lehigh County General Purpose Authority, Muhlenberg College Project, Revenue Bonds | ||
| 5.13%, due 11/1/37 | 11,750,000 | 11,747,950 |
| Montgomery County Industrial Development Authority, Albert Einstein Healthcare Network, Revenue Bonds | ||
| Series A | ||
| 5.25%, due 1/15/45 | 11,385,000 | 11,604,668 |
| Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project, Revenue Bonds | ||
| 0.95%, due 12/1/33 (a) | 8,000,000 | 7,318,816 |
| Series A | ||
| 4.95%, due 6/1/41 (b) | 9,000,000 | 8,982,790 |
| Pennsylvania Higher Educational Facilities Authority, Indiana University, Revenue Bonds | ||
| Series A, Insured: AGC | ||
| 4.346%, due 7/1/27 | 1,820,000 | 1,804,088 |
| Reading School District, Limited General Obligation | ||
| Series C, Insured: BAM State Aid Withholding | ||
| 5.00%, due 4/1/24 | 3,325,000 | 3,332,065 |
| Sports & Exhibition Authority of Pittsburgh & Allegheny County, Revenue Bonds | ||
| Insured: AGM | ||
| 4.00%, due 2/1/25 | 1,630,000 | 1,639,797 |
| University of Pittsburgh-of the Commonwealth System of Higher Education, Revenue Bonds | ||
| 4.91%, due 2/15/24 | 2,000,000 | 1,999,990 |
| 58,204,692 | ||
| Rhode Island 0.3% | ||
| State of Rhode Island, Unlimited General Obligation | ||
| Series A | ||
| 5.00%, due 5/1/25 | 2,435,000 | 2,499,614 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| South Carolina 1.2% | ||
| Richland County School District No. 1, Unlimited General Obligation | ||
| Series C, Insured: SCSDE | ||
| 3.00%, due 3/1/26 | $ 8,900,000 | $ 8,816,054 |
| South Carolina State Housing Finance & Development Authority, Dillon School Senior LP, Revenue Bonds | ||
| Insured: HUD SECT 202 | ||
| 5.00%, due 10/1/26 (a) | 1,000,000 | 1,020,249 |
| 9,836,303 | ||
| Tennessee 1.1% | ||
| County of Knox, Unlimited General Obligation | ||
| Series B | ||
| 2.375%, due 6/1/29 | 1,000,000 | 944,890 |
| Tennessee Energy Acquisition Corp., Revenue Bonds | ||
| 4.00%, due 11/1/49 (a) | 7,650,000 | 7,661,792 |
| 8,606,682 | ||
| Texas 8.8% | ||
| Capital Area Housing Finance Corp., Grand Avenue Flats Ltd., Revenue Bonds | ||
| 0.29%, due 8/1/39 (a) | 13,000,000 | 12,702,949 |
| Central Texas Turnpike System, Revenue Bonds, First Tier | ||
| Series A, Insured: AMBAC | ||
| (zero coupon), due 8/15/25 | 6,750,000 | 6,404,157 |
| Central Texas Turnpike System, Revenue Bonds | ||
| Series C | ||
| 5.00%, due 8/15/24 | 775,000 | 780,073 |
| City of Beeville, Limited General Obligation | ||
| Insured: BAM | ||
| 4.00%, due 8/15/27 | 2,215,000 | 2,275,328 |
| City of Georgetown, Utility System, Revenue Bonds | ||
| Insured: BAM | ||
| 5.00%, due 8/15/25 | 520,000 | 534,834 |
| Insured: BAM | ||
| 5.00%, due 8/15/26 | 400,000 | 420,472 |
| Insured: BAM | ||
| 5.00%, due 8/15/27 | 1,110,000 | 1,188,880 |
| City of Houston, Combined Utility System, Revenue Bonds, First Lien | ||
| Series B | ||
| 5.00%, due 11/15/26 | 2,000,000 | 2,125,026 |
| City of Mesquite, Waterworks & Sewer System, Revenue Bonds | ||
| 5.00%, due 3/1/26 | 1,035,000 | 1,076,685 |
| 5.00%, due 3/1/27 | 1,085,000 | 1,153,609 |
| Fort Bend County Municipal Utility District No. 134B, Unlimited General Obligation | ||
| Insured: AGM | ||
| 6.50%, due 3/1/27 | 390,000 | 427,808 |
| Harris County Cultural Education Facilities Finance Corp., Baylor College of Medicine, Revenue Bonds | ||
| Series A | ||
| 5.00%, due 5/15/29 | 2,000,000 | 2,205,783 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Texas | ||
| Harris County Municipal Utility District No. 171, Unlimited General Obligation | ||
| Insured: BAM | ||
| 7.00%, due 12/1/26 | $ 930,000 | $ 1,021,416 |
| Insured: BAM | ||
| 7.00%, due 12/1/27 | 800,000 | 905,543 |
| Harris County Municipal Utility District No. 489, Unlimited General Obligation | ||
| Insured: BAM | ||
| 6.00%, due 9/1/25 | 980,000 | 1,018,002 |
| Insured: BAM | ||
| 6.00%, due 9/1/26 | 980,000 | 1,047,523 |
| Harris County Municipal Utility District No. 490, Unlimited General Obligation | ||
| Insured: AGM | ||
| 7.50%, due 9/1/29 | 1,420,000 | 1,627,821 |
| Harris County Water Control & Improvement District No. 158, Unlimited General Obligation | ||
| Insured: BAM | ||
| 7.00%, due 9/1/25 | 310,000 | 326,503 |
| Insured: BAM | ||
| 7.00%, due 9/1/26 | 325,000 | 353,863 |
| Matagorda County Navigation District No. 1, Central Power and Light Company Project, Revenue Bonds | ||
| Series A | ||
| 2.60%, due 11/1/29 | 4,260,000 | 3,891,925 |
| Montgomery County Municipal Utility District No. 138, Unlimited General Obligation | ||
| Insured: AGM | ||
| 6.375%, due 9/1/30 | 1,850,000 | 2,095,862 |
| Port of Corpus Christi Authority of Nueces County, Revenue Bonds | ||
| 3.737%, due 12/1/26 | 3,000,000 | 2,932,862 |
| State of Texas, Public Finance Authority, Unlimited General Obligation | ||
| 2.326%, due 10/1/29 | 3,000,000 | 2,726,840 |
| State of Texas, College Student Loan, Unlimited General Obligation | ||
| Series A | ||
| 5.25%, due 8/1/28 (b) | 2,360,000 | 2,562,879 |
| Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds | ||
| Series C | ||
| 4.417%, due 9/15/27 | 13,330,000 | 13,086,554 |
| Texas Natural Gas Securitization Finance Corp., Revenue Bonds | ||
| Series A-1 | ||
| 5.102%, due 4/1/35 | 5,000,000 | 5,111,224 |
| Texas Public Finance Authority, Financing System-Texas Southern University, Revenue Bonds | ||
| Insured: BAM | ||
| 5.00%, due 5/1/25 | 480,000 | 489,298 |
| Insured: BAM | ||
| 5.00%, due 5/1/26 | 500,000 | 518,089 |
| Insured: BAM | ||
| 5.00%, due 5/1/27 | 620,000 | 653,537 |
| 71,665,345 | ||
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| U.S. Virgin Islands 2.5% | ||
| Matching Fund Special Purpose Securitization Corp., Revenue Bonds | ||
| Series A | ||
| 5.00%, due 10/1/25 | $ 4,200,000 | $ 4,278,879 |
| Series A | ||
| 5.00%, due 10/1/26 | 15,430,000 | 15,874,276 |
| Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds | ||
| Insured: NATL-RE | ||
| 5.00%, due 10/1/24 | 395,000 | 399,586 |
| 20,552,741 | ||
| Utah 1.2% | ||
| City of Salt Lake City, Airport, Revenue Bonds (b) | ||
| Series A | ||
| 5.00%, due 7/1/25 | 875,000 | 893,461 |
| Series A | ||
| 5.00%, due 7/1/26 | 1,290,000 | 1,337,415 |
| Series A | ||
| 5.00%, due 7/1/27 | 235,000 | 247,872 |
| County of Salt Lake, Convention Hotel, Unlimited General Obligation | ||
| Series B | ||
| 2.00%, due 12/15/25 | 2,000,000 | 1,945,929 |
| Series B | ||
| 2.30%, due 12/15/28 | 1,000,000 | 962,926 |
| Series B | ||
| 2.60%, due 12/15/30 | 1,425,000 | 1,373,729 |
| State of Utah, Build America Bonds, Unlimited General Obligation | ||
| Series B | ||
| 3.539%, due 7/1/25 | 1,811,921 | 1,792,389 |
| Utah Infrastructure Agency, Telecommunication, Revenue Bonds | ||
| 5.00%, due 10/15/26 | 1,265,000 | 1,294,811 |
| 9,848,532 | ||
| Virginia 1.4% | ||
| County of Loudoun, Public Improvement, Unlimited General Obligation | ||
| Series A, Insured: State Aid Withholding | ||
| 3.00%, due 12/1/28 | 5,475,000 | 5,469,866 |
| Virginia College Building Authority, 21st Century College & Equipment Programs, Revenue Bonds | ||
| Series D, Insured: State Intercept | ||
| 3.00%, due 2/1/26 | 3,000,000 | 2,978,098 |
| Wise County Industrial Development Authority, Virginia Electric and Power Co. Project, Revenue Bonds | ||
| Series A | ||
| 0.75%, due 10/1/40 (a) | 3,000,000 | 2,797,216 |
| 11,245,180 | ||
| Washington 2.6% | ||
| County of King, Sewer, Revenue Bonds, Junior Lien | ||
| Series A | ||
| 4.78%, due 1/1/40 | 10,000,000 | 9,792,646 |
| Principal Amount | Value | |
| Long-Term Municipal Bonds | ||
| Washington | ||
| King County School District No. 411, Issaquah, Unlimited General Obligation | ||
| Insured: School Bond Guaranty | ||
| 3.00%, due 12/1/30 | $ 2,050,000 | $ 2,055,737 |
| Port of Seattle, Revenue Bonds | ||
| Series B | ||
| 5.00%, due 3/1/25 | 1,500,000 | 1,516,696 |
| Seattle Housing Authority, Revenue Bonds | ||
| 1.00%, due 6/1/26 | 895,000 | 837,098 |
| State of Washington, Motor Vehicle Fuel Tax, Unlimited General Obligation | ||
| Series F, Insured: AMBAC | ||
| (zero coupon), due 12/1/26 | 2,000,000 | 1,836,294 |
| Series F, Insured: NATL-RE | ||
| (zero coupon), due 12/1/26 | 5,720,000 | 5,251,801 |
| 21,290,272 | ||
| Wisconsin 2.9% | ||
| City of Madison, Unlimited General Obligation | ||
| Series A | ||
| 2.10%, due 10/1/26 | 6,690,000 | 6,419,143 |
| Series A | ||
| 2.15%, due 10/1/27 | 6,690,000 | 6,358,046 |
| County of Dane, Unlimited General Obligation | ||
| Series A | ||
| 2.00%, due 6/1/26 | 3,000,000 | 2,878,146 |
| Public Finance Authority, Northwest Nazarene University, Revenue Bonds | ||
| 5.00%, due 10/1/25 | 500,000 | 507,136 |
| Racine Unified School District, Revenue Bonds | ||
| Series B | ||
| 4.125%, due 4/1/25 | 4,500,000 | 4,501,802 |
| State of Wisconsin, Unlimited General Obligation | ||
| Series 3 | ||
| 0.80%, due 5/1/26 | 2,375,000 | 2,197,696 |
| Wisconsin Housing & Economic Development Authority, Revenue Bonds | ||
| Series B, Insured: HUD Sector 8 | ||
| 0.50%, due 11/1/50 (a) | 750,000 | 726,544 |
| 23,588,513 | ||
| Total Long-Term Municipal Bonds (Cost $773,930,631) | 782,685,339 | |
| Short-Term Municipal Notes 0.8% | ||
| South Carolina 0.3% | ||
| Patriots Energy Group Financing Agency, Revenue Bonds | ||
| Series B | ||
| 4.523%, due 10/1/48 (f) | 2,180,000 | 2,180,000 |
| Principal Amount | Value | ||
| Short-Term Municipal Notes | |||
| Utah 0.5% | |||
| City of Murray, Intermountain Healthcare, Revenue Bonds | |||
| Series B | |||
| 2.95%, due 5/15/37 (f) | $ 4,000,000 | $ 4,000,000 | |
| Total Short-Term Municipal Notes (Cost $6,180,000) | 6,180,000 | ||
| Total Investments (Cost $780,110,631) | 97.3% | 788,865,339 | |
| Other Assets, Less Liabilities | 2.7 | 21,690,855 | |
| Net Assets | 100.0% | $ 810,556,194 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | 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, 2024. |
| (b) | Interest on these securities was subject to alternative minimum tax. |
| (c) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
| (d) | Delayed delivery security. |
| (e) | Floating rate—Rate shown was the rate in effect as of January 31, 2024. |
| (f) | 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. |
| Abbreviation(s): |
| AGC—Assured Guaranty Corp. |
| AGM—Assured Guaranty Municipal Corp. |
| AMBAC—Ambac Assurance Corp. |
| BAM—Build America Mutual Assurance Co. |
| CR—Custodial Receipts |
| FHLMC—Federal Home Loan Mortgage Corp. |
| FNMA—Federal National Mortgage Association |
| GNMA—Government National Mortgage Association |
| HUD—Housing and Urban Development |
| NATL-RE—National Public Finance Guarantee Corp. |
| SCSDE—South Carolina State Department of Education |
| SD CRED PROG—School District Credit Enhancement Program |
| SONYMA—State of New York Mortgage Agency |
The following is a summary of the
fair valuations according to the inputs used as of January 31, 2024, 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 | |||||||
| Long-Term Municipal Bonds | $ — | $ 782,685,339 | $ — | $ 782,685,339 | |||
| Short-Term Municipal Notes | — | 6,180,000 | — | 6,180,000 | |||
| Total Municipal Bonds | — | 788,865,339 | — | 788,865,339 | |||
| Total Investments in Securities | $ — | $ 788,865,339 | $ — | $ 788,865,339 |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
MainStay Fiera SMID Growth Fund
Portfolio of Investments January 31, 2024†^(Unaudited)
| Shares | Value | |
| Common Stocks 93.9% | ||
| Aerospace & Defense 3.4% | ||
| BWX Technologies, Inc. | 88,508 | $ 7,211,632 |
| Curtiss-Wright Corp. | 16,041 | 3,570,245 |
| 10,781,877 | ||
| Banks 2.4% | ||
| Western Alliance Bancorp | 60,291 | 3,856,212 |
| Wintrust Financial Corp. | 40,681 | 3,945,244 |
| 7,801,456 | ||
| Biotechnology 16.3% | ||
| Amicus Therapeutics, Inc. (a) | 483,835 | 6,014,069 |
| Apellis Pharmaceuticals, Inc. (a) | 88,632 | 5,609,519 |
| Argenx SE, ADR (a) | 15,833 | 6,024,615 |
| BioMarin Pharmaceutical, Inc. (a) | 62,930 | 5,542,875 |
| Crinetics Pharmaceuticals, Inc. (a) | 44,500 | 1,623,360 |
| Ideaya Biosciences, Inc. (a) | 73,093 | 3,181,738 |
| Immunocore Holdings plc, ADR (a) | 81,480 | 5,890,189 |
| Neurocrine Biosciences, Inc. (a) | 49,425 | 6,908,132 |
| Sarepta Therapeutics, Inc. (a) | 34,987 | 4,163,103 |
| SpringWorks Therapeutics, Inc. (a) | 80,597 | 3,556,746 |
| Veracyte, Inc. (a) | 55,214 | 1,381,454 |
| Xenon Pharmaceuticals, Inc. (a)(b) | 53,297 | 2,410,091 |
| 52,305,891 | ||
| Broadline Retail 1.4% | ||
| Etsy, Inc. (a) | 67,133 | 4,468,372 |
| Building Products 1.8% | ||
| A O Smith Corp. | 73,045 | 5,669,022 |
| Capital Markets 3.7% | ||
| Hamilton Lane, Inc., Class A | 20,905 | 2,423,726 |
| Raymond James Financial, Inc. | 43,076 | 4,746,113 |
| Stifel Financial Corp. | 65,205 | 4,756,705 |
| 11,926,544 | ||
| Chemicals 0.7% | ||
| Avient Corp. | 61,577 | 2,229,703 |
| Commercial Services & Supplies 0.6% | ||
| RB Global, Inc. | 28,417 | 1,817,835 |
| Construction & Engineering 1.9% | ||
| EMCOR Group, Inc. | 25,959 | 5,921,507 |
| Electrical Equipment 3.8% | ||
| Hubbell, Inc. | 13,686 | 4,592,611 |
| Shares | Value | |
| Common Stocks | ||
| Electrical Equipment | ||
| nVent Electric plc | 63,400 | $ 3,806,536 |
| Regal Rexnord Corp. | 28,275 | 3,773,582 |
| 12,172,729 | ||
| Energy Equipment & Services 1.1% | ||
| ChampionX Corp. | 125,530 | 3,440,777 |
| Entertainment 0.6% | ||
| Roku, Inc. (a) | 22,532 | 1,984,168 |
| Financial Services 1.2% | ||
| Corebridge Financial, Inc. | 161,871 | 3,912,422 |
| Ground Transportation 0.8% | ||
| Knight-Swift Transportation Holdings, Inc. | 41,949 | 2,407,034 |
| Health Care Equipment & Supplies 4.8% | ||
| AtriCure, Inc. (a) | 85,182 | 2,901,299 |
| Inari Medical, Inc. (a) | 53,549 | 3,049,616 |
| iRhythm Technologies, Inc. (a) | 34,844 | 4,173,614 |
| Shockwave Medical, Inc. (a) | 22,881 | 5,176,826 |
| 15,301,355 | ||
| Health Care Providers & Services 0.6% | ||
| Option Care Health, Inc. (a) | 64,454 | 2,013,543 |
| Hotels, Restaurants & Leisure 7.9% | ||
| Expedia Group, Inc. (a) | 31,418 | 4,660,232 |
| Hyatt Hotels Corp., Class A | 55,811 | 7,164,458 |
| Royal Caribbean Cruises Ltd. (a) | 52,474 | 6,690,435 |
| Wingstop, Inc. | 24,434 | 6,868,642 |
| 25,383,767 | ||
| Household Durables 2.7% | ||
| PulteGroup, Inc. | 38,075 | 3,981,122 |
| TopBuild Corp. (a) | 13,027 | 4,808,656 |
| 8,789,778 | ||
| Insurance 1.3% | ||
| RenaissanceRe Holdings Ltd. | 18,465 | 4,225,346 |
| IT Services 5.6% | ||
| GoDaddy, Inc., Class A (a) | 81,789 | 8,723,615 |
| MongoDB, Inc. (a) | 22,940 | 9,187,929 |
| 17,911,544 | ||
| Shares | Value | |
| Common Stocks | ||
| Machinery 4.2% | ||
| Graco, Inc. | 45,946 | $ 3,919,194 |
| Lincoln Electric Holdings, Inc. | 18,886 | 4,196,847 |
| Nordson Corp. | 21,160 | 5,326,395 |
| 13,442,436 | ||
| Media 2.8% | ||
| New York Times Co. (The), Class A | 123,117 | 5,978,562 |
| Nexstar Media Group, Inc. | 16,120 | 2,864,685 |
| 8,843,247 | ||
| Oil, Gas & Consumable Fuels 0.8% | ||
| EQT Corp. | 76,049 | 2,692,135 |
| Pharmaceuticals 0.2% | ||
| EyePoint Pharmaceuticals, Inc. (a) | 27,020 | 727,649 |
| Semiconductors & Semiconductor Equipment 5.7% | ||
| Entegris, Inc. | 84,947 | 9,998,262 |
| Lattice Semiconductor Corp. (a) | 79,796 | 4,856,385 |
| Power Integrations, Inc. | 46,516 | 3,486,839 |
| 18,341,486 | ||
| Software 12.9% | ||
| ACI Worldwide, Inc. (a) | 87,088 | 2,618,736 |
| Braze, Inc., Class A (a) | 55,865 | 3,019,503 |
| Dolby Laboratories, Inc., Class A | 54,088 | 4,499,040 |
| Gitlab, Inc., Class A (a) | 114,377 | 8,133,349 |
| HubSpot, Inc. (a) | 16,951 | 10,357,061 |
| JFrog Ltd. (a) | 147,631 | 4,802,436 |
| Tyler Technologies, Inc. (a) | 19,000 | 8,032,250 |
| 41,462,375 | ||
| Specialty Retail 1.7% | ||
| Lithia Motors, Inc. | 18,270 | 5,386,909 |
| Textiles, Apparel & Luxury Goods 3.0% | ||
| Deckers Outdoor Corp. (a) | 5,597 | 4,218,627 |
| Tapestry, Inc. | 134,496 | 5,217,100 |
| 9,435,727 | ||
| Total Common Stocks (Cost $259,923,669) | 300,796,634 | |
| Short-Term Investments 6.4% | ||
| Affiliated Investment Company 6.4% | ||
| MainStay U.S. Government Liquidity Fund, 5.25% (c) | 20,349,851 | 20,349,851 |
| Shares | Value | ||
| Short-Term Investments | |||
| Unaffiliated Investment Company 0.0% ‡ | |||
| Invesco Government & Agency Portfolio, 5.315% (c)(d) | 9,350 | $ 9,350 | |
| Total Short-Term Investments (Cost $20,359,201) | 20,359,201 | ||
| Total Investments (Cost $280,282,870) | 100.3% | 321,155,835 | |
| Other Assets, Less Liabilities | (0.3) | (887,751) | |
| Net Assets | 100.0% | $ 320,268,084 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| ‡ | 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, 2024, the aggregate market value of securities on loan was $9,044. The Fund received cash collateral with a value of $9,350. |
| (c) | Current yield as of January 31, 2024. |
| (d) | Represents a security purchased with cash collateral received for securities on loan. |
Investments in Affiliates (in
000's)
Investments in issuers considered to
be affiliate(s) of the Fund during the period ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| MainStay U.S. Government Liquidity Fund | $ 8,801 | $ 68,620 | $ (57,071) | $ — | $ — | $ 20,350 | $ 140 | $ — | 20,350 |
| Abbreviation(s): |
| ADR—American Depositary Receipt |
The following is a summary of the
fair valuations according to the inputs used as of January 31, 2024, 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 | $ 300,796,634 | $ — | $ — | $ 300,796,634 | |||
| Short-Term Investments | |||||||
| Affiliated Investment Company | 20,349,851 | — | — | 20,349,851 | |||
| Unaffiliated Investment Company | 9,350 | — | — | 9,350 | |||
| Total Short-Term Investments | 20,359,201 | — | — | 20,359,201 | |||
| Total Investments in Securities | $ 321,155,835 | $ — | $ — | $ 321,155,835 |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
MainStay PineStone Global Equity Fund
Portfolio of Investments January 31, 2024†^(Unaudited)
| Shares | Value | |
| Common Stocks 98.8% | ||
| Denmark 2.7% | ||
| Novo Nordisk A/S, Class B (Pharmaceuticals) | 6,668 | $ 761,554 |
| France 4.0% | ||
| LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods) | 1,357 | 1,128,618 |
| India 1.7% | ||
| HDFC Bank Ltd., ADR (Banks) | 8,485 | 470,833 |
| Japan 2.8% | ||
| Keyence Corp. (Electronic Equipment, Instruments & Components) | 1,767 | 792,636 |
| Switzerland 4.6% | ||
| Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods) | 4,934 | 736,647 |
| Geberit AG (Registered) (Building Products) | 925 | 533,945 |
| 1,270,592 | ||
| Taiwan 5.2% | ||
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR (Semiconductors & Semiconductor Equipment) | 12,791 | 1,444,871 |
| United Kingdom 7.6% | ||
| Diageo plc (Beverages) | 17,479 | 628,663 |
| InterContinental Hotels Group plc (Hotels, Restaurants & Leisure) | 8,671 | 822,268 |
| Intertek Group plc (Professional Services) | 5,656 | 320,892 |
| Spirax-Sarco Engineering plc (Machinery) | 2,880 | 362,487 |
| 2,134,310 | ||
| United States 70.2% | ||
| Alphabet, Inc., Class A (Interactive Media & Services) (a) | 11,886 | 1,665,229 |
| AutoZone, Inc. (Specialty Retail) (a) | 525 | 1,450,118 |
| Becton Dickinson & Co. (Health Care Equipment & Supplies) | 2,246 | 536,367 |
| Carrier Global Corp. (Building Products) | 10,568 | 578,175 |
| CME Group, Inc. (Capital Markets) | 3,969 | 816,979 |
| Graco, Inc. (Machinery) | 7,332 | 625,420 |
| Johnson & Johnson (Pharmaceuticals) | 4,554 | 723,631 |
| Kenvue, Inc. (Personal Care Products) | 8,405 | 174,488 |
| Mastercard, Inc., Class A (Financial Services) | 3,130 | 1,406,090 |
| Mettler-Toledo International, Inc. (Life Sciences Tools & Services) (a) | 472 | 565,074 |
| Microsoft Corp. (Software) | 5,481 | 2,179,136 |
| Moody's Corp. (Capital Markets) | 4,390 | 1,721,055 |
| MSCI, Inc. (Capital Markets) | 1,374 | 822,504 |
| Nestle SA (Registered) (Food Products) | 7,966 | 908,272 |
| NIKE, Inc., Class B (Textiles, Apparel & Luxury Goods) | 4,421 | 448,864 |
| Oracle Corp. (Software) | 6,477 | 723,481 |
| Otis Worldwide Corp. (Machinery) | 8,262 | 730,691 |
| PepsiCo, Inc. (Beverages) | 4,277 | 720,803 |
| Sherwin-Williams Co. (The) (Chemicals) | 2,830 | 861,395 |
| Shares | Value | ||
| Common Stocks | |||
| United States | |||
| TJX Cos., Inc. (The) (Specialty Retail) | 10,188 | $ 966,943 | |
| UnitedHealth Group, Inc. (Health Care Providers & Services) | 2,038 | 1,042,926 | |
| 19,667,641 | |||
| Total Common Stocks (Cost $17,376,393) | 27,671,055 | ||
| Short-Term Investment 0.7% | |||
| Affiliated Investment Company 0.7% | |||
| United States 0.7% | |||
| MainStay U.S. Government Liquidity Fund, 5.25% (b) | 185,929 | 185,929 | |
| Total Short-Term Investment (Cost $185,929) | 185,929 | ||
| Total Investments (Cost $17,562,322) | 99.5% | 27,856,984 | |
| Other Assets, Less Liabilities | 0.5 | 150,266 | |
| Net Assets | 100.0% | $ 28,007,250 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry and country classifications may be different than those used for compliance monitoring purposes. |
| (a) | Non-income producing security. |
| (b) | Current yield as of January 31, 2024. |
Investments in Affiliates (in
000's)
Investments in issuers considered to
be affiliate(s) of the Fund during the period ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| MainStay U.S. Government Liquidity Fund | $ 90 | $ 2,301 | $ (2,205) | $ — | $ — | $ 186 | $ 3 | $ — | 186 |
| Abbreviation(s): |
| ADR—American Depositary Receipt |
The following is a summary of the
fair valuations according to the inputs used as of January 31, 2024, 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 | |||||||
| Denmark | $ — | $ 761,554 | $ — | $ 761,554 | |||
| France | — | 1,128,618 | — | 1,128,618 | |||
| Japan | — | 792,636 | — | 792,636 | |||
| Switzerland | — | 1,270,592 | — | 1,270,592 | |||
| United Kingdom | — | 2,134,310 | — | 2,134,310 | |||
| United States | 18,759,369 | 908,272 | — | 19,667,641 | |||
| All Other Countries | 1,915,704 | — | — | 1,915,704 | |||
| Total Common Stocks | 20,675,073 | 6,995,982 | — | 27,671,055 | |||
| Short-Term Investment | |||||||
| Affiliated Investment Company | 185,929 | — | — | 185,929 | |||
| Total Investments in Securities | $ 20,861,002 | $ 6,995,982 | $ — | $ 27,856,984 |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
MainStay PineStone International Equity Fund
Portfolio of Investments January 31, 2024†^(Unaudited)
| Shares | Value | |
| Common Stocks 99.2% | ||
| Australia 1.8% | ||
| Commonwealth Bank of Australia (Banks) | 104,864 | $ 8,035,110 |
| Canada 3.2% | ||
| Canadian National Railway Co. (Ground Transportation) | 111,409 | 13,819,172 |
| Denmark 7.1% | ||
| Novo Nordisk A/S, Class B (Pharmaceuticals) | 272,480 | 31,120,009 |
| France 15.9% | ||
| Air Liquide SA (Chemicals) | 87,577 | 16,415,331 |
| EssilorLuxottica SA (Health Care Equipment & Supplies) | 83,746 | 16,465,062 |
| L'Oreal SA (Personal Care Products) | 33,630 | 16,126,594 |
| LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods) | 24,602 | 20,461,497 |
| 69,468,484 | ||
| Germany 4.8% | ||
| Rational AG (Machinery) | 8,140 | 6,280,809 |
| SAP SE (Software) | 83,610 | 14,550,628 |
| 20,831,437 | ||
| India 1.8% | ||
| HDFC Bank Ltd., ADR (Banks) | 141,518 | 7,852,834 |
| Japan 7.0% | ||
| Keyence Corp. (Electronic Equipment, Instruments & Components) | 35,520 | 15,933,462 |
| Shimano, Inc. (Leisure Products) | 59,321 | 8,541,527 |
| Unicharm Corp. (Household Products) | 178,511 | 6,163,131 |
| 30,638,120 | ||
| Netherlands 4.1% | ||
| ASML Holding NV (Semiconductors & Semiconductor Equipment) | 20,985 | 17,985,140 |
| Switzerland 10.5% | ||
| Alcon, Inc. (Health Care Equipment & Supplies) | 142,234 | 10,667,198 |
| Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods) | 101,565 | 15,163,676 |
| Geberit AG (Registered) (Building Products) | 14,783 | 8,533,303 |
| Schindler Holding AG (Machinery) | 45,332 | 11,344,214 |
| 45,708,391 | ||
| Taiwan 6.4% | ||
| Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR (Semiconductors & Semiconductor Equipment) | 246,834 | 27,882,369 |
| United Kingdom 24.1% | ||
| Ashtead Group plc (Trading Companies & Distributors) | 133,314 | 8,727,373 |
| Bunzl plc (Trading Companies & Distributors) | 221,028 | 8,987,531 |
| Diageo plc (Beverages) | 381,511 | 13,721,729 |
| Howden Joinery Group plc (Trading Companies & Distributors) | 1,062,213 | 10,804,228 |
| Shares | Value | ||
| Common Stocks | |||
| United Kingdom | |||
| InterContinental Hotels Group plc (Hotels, Restaurants & Leisure) | 198,882 | $ 18,859,911 | |
| Intertek Group plc (Professional Services) | 147,510 | 8,368,951 | |
| London Stock Exchange Group plc (Capital Markets) | 180,080 | 20,381,613 | |
| Spirax-Sarco Engineering plc (Machinery) | 66,341 | 8,349,908 | |
| Unilever plc (Personal Care Products) | 142,592 | 6,939,462 | |
| 105,140,706 | |||
| United States 12.5% | |||
| Aon plc, Class A (Insurance) | 26,787 | 7,994,045 | |
| Nestle SA (Registered) (Food Products) | 207,016 | 23,603,674 | |
| Roche Holding AG (Pharmaceuticals) | 24,576 | 7,021,798 | |
| S&P Global, Inc. (Capital Markets) | 36,183 | 16,222,648 | |
| 54,842,165 | |||
| Total Common Stocks (Cost $346,515,767) | 433,323,937 | ||
| Short-Term Investment 0.4% | |||
| Affiliated Investment Company 0.4% | |||
| United States 0.4% | |||
| MainStay U.S. Government Liquidity Fund, 5.25% (a) | 1,862,198 | 1,862,198 | |
| Total Short-Term Investment (Cost $1,862,198) | 1,862,198 | ||
| Total Investments (Cost $348,377,965) | 99.6% | 435,186,135 | |
| Other Assets, Less Liabilities | 0.4 | 1,758,086 | |
| Net Assets | 100.0% | $ 436,944,221 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry and country classifications may be different than those used for compliance monitoring purposes. |
| (a) | Current yield as of January 31, 2024. |
Investments in Affiliates (in
000's)
Investments in issuers considered to
be affiliate(s) of the Fund during the period ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| MainStay U.S. Government Liquidity Fund | $ 1,961 | $ 38,541 | $ (38,640) | $ — | $ — | $ 1,862 | $ 26 | $ — | 1,862 |
| Abbreviation(s): |
| ADR—American Depositary Receipt |
The following is a summary of the
fair valuations according to the inputs used as of January 31, 2024, 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 | |||||||
| Australia | $ — | $ 8,035,110 | $ — | $ 8,035,110 | |||
| Denmark | — | 31,120,009 | — | 31,120,009 | |||
| France | — | 69,468,484 | — | 69,468,484 | |||
| Germany | — | 20,831,437 | — | 20,831,437 | |||
| Japan | — | 30,638,120 | — | 30,638,120 | |||
| Netherlands | — | 17,985,140 | — | 17,985,140 | |||
| Switzerland | — | 45,708,391 | — | 45,708,391 | |||
| United Kingdom | — | 105,140,706 | — | 105,140,706 | |||
| United States | 24,216,693 | 30,625,472 | — | 54,842,165 | |||
| All Other Countries | 49,554,375 | — | — | 49,554,375 | |||
| Total Common Stocks | 73,771,068 | 359,552,869 | — | 433,323,937 | |||
| Short-Term Investment | |||||||
| Affiliated Investment Company | 1,862,198 | — | — | 1,862,198 | |||
| Total Investments in Securities | $ 75,633,266 | $ 359,552,869 | $ — | $ 435,186,135 |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
MainStay PineStone U.S. Equity Fund
Portfolio of Investments January 31, 2024†^(Unaudited)
| Shares | Value | |
| Common Stocks 98.6% | ||
| Beverages 3.8% | ||
| PepsiCo, Inc. | 81,509 | $ 13,736,712 |
| Building Products 2.5% | ||
| Carrier Global Corp. | 169,234 | 9,258,792 |
| Capital Markets 15.5% | ||
| CME Group, Inc. | 55,970 | 11,520,865 |
| FactSet Research Systems, Inc. | 20,397 | 9,707,340 |
| Moody's Corp. | 59,267 | 23,235,035 |
| MSCI, Inc. | 20,134 | 12,052,615 |
| 56,515,855 | ||
| Chemicals 7.4% | ||
| Linde plc | 34,488 | 13,961,777 |
| Sherwin-Williams Co. (The) | 42,842 | 13,040,248 |
| 27,002,025 | ||
| Financial Services 5.2% | ||
| Mastercard, Inc., Class A | 42,406 | 19,050,047 |
| Health Care Equipment & Supplies 2.2% | ||
| Becton Dickinson & Co. | 33,696 | 8,046,942 |
| Health Care Providers & Services 5.5% | ||
| UnitedHealth Group, Inc. | 39,133 | 20,025,921 |
| Household Products 1.5% | ||
| Colgate-Palmolive Co. | 63,353 | 5,334,323 |
| Interactive Media & Services 6.9% | ||
| Alphabet, Inc., Class A (a) | 180,319 | 25,262,692 |
| Life Sciences Tools & Services 2.4% | ||
| Mettler-Toledo International, Inc. (a) | 7,430 | 8,895,122 |
| Machinery 7.4% | ||
| Graco, Inc. | 113,802 | 9,707,311 |
| Middleby Corp. (The) (a) | 52,623 | 7,423,527 |
| Otis Worldwide Corp. | 108,958 | 9,636,245 |
| 26,767,083 | ||
| Personal Care Products 0.9% | ||
| Kenvue, Inc. | 160,014 | 3,321,891 |
| Shares | Value | ||
| Common Stocks | |||
| Pharmaceuticals 3.5% | |||
| Johnson & Johnson | 79,077 | $ 12,565,335 | |
| Semiconductors & Semiconductor Equipment 2.8% | |||
| Analog Devices, Inc. | 53,528 | 10,296,646 | |
| Software 15.4% | |||
| Adobe, Inc. (a) | 16,914 | 10,449,131 | |
| Microsoft Corp. | 87,777 | 34,898,380 | |
| Oracle Corp. | 95,643 | 10,683,323 | |
| 56,030,834 | |||
| Specialty Retail 13.7% | |||
| AutoZone, Inc. (a) | 8,301 | 22,928,441 | |
| Lowe's Cos., Inc. | 65,067 | 13,848,860 | |
| TJX Cos., Inc. (The) | 139,011 | 13,193,534 | |
| 49,970,835 | |||
| Textiles, Apparel & Luxury Goods 2.0% | |||
| NIKE, Inc., Class B | 71,636 | 7,273,203 | |
| Total Common Stocks (Cost $306,485,990) | 359,354,258 | ||
| Short-Term Investment 1.1% | |||
| Affiliated Investment Company 1.1% | |||
| MainStay U.S. Government Liquidity Fund, 5.25% (b) | 3,877,095 | 3,877,095 | |
| Total Short-Term Investment (Cost $3,877,095) | 3,877,095 | ||
| Total Investments (Cost $310,363,085) | 99.7% | 363,231,353 | |
| Other Assets, Less Liabilities | 0.3 | 1,124,996 | |
| Net Assets | 100.0% | $ 364,356,349 | |
| † | Percentages indicated are based on Fund net assets. |
| ^ | Industry classifications may be different than those used for compliance monitoring purposes. |
| (a) | Non-income producing security. |
| (b) | Current yield as of January 31, 2024. |
Investments in Affiliates (in
000's)
Investments in issuers considered to
be affiliate(s) of the Fund during the period ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
| MainStay U.S. Government Liquidity Fund | $ 881 | $ 130,417 | $ (127,421) | $ — | $ — | $ 3,877 | $ 58 | $ — | 3,877 |
The following is a summary of the
fair valuations according to the inputs used as of January 31, 2024, 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 | $ 359,354,258 | $ — | $ — | $ 359,354,258 | |||
| Short-Term Investment | |||||||
| Affiliated Investment Company | 3,877,095 | — | — | 3,877,095 | |||
| Total Investments in Securities | $ 363,231,353 | $ — | $ — | $ 363,231,353 |
| (a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
MainStay Funds Trust
Notes to Portfolios of Investments January 31, 2024 (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").
Pursuant to Rule 2a-5 under the 1940
Act, the Board of Trustees of the MainStay Funds Trust (the "Board") has designated New York Life Investment Management LLC ("New York Life Investments" or the "Manager") as its Valuation Designee (the "Valuation
Designee"). The Valuation Designee is responsible for performing fair valuations relating to all investments in the Fund’s portfolio for which market quotations are not readily available; periodically assessing
and managing material valuation risks; establishing and applying fair value methodologies; testing fair valuation methodologies; evaluating and overseeing pricing services; ensuring appropriate segregation of
valuation and portfolio management functions; providing quarterly, annual and prompt reporting to the Board, as appropriate; identifying potential conflicts of interest; and maintaining appropriate records. The
Valuation Designee has established a valuation committee ("Valuation Committee") to assist in carrying out the Valuation Designee’s responsibilities and establish prices of securities for which market quotations
are not readily available. The Fund’s and the Valuation Designee's policies and procedures ("Valuation Procedures") govern the Valuation Designee’s selection and application of methodologies for
determining and calculating the fair value of Fund investments. The Valuation Designee may value the Fund's portfolio securities for which market quotations are not readily available and other Fund assets utilizing
inputs from pricing services and other third-party sources. The Valuation Committee meets (in person, via electronic mail or via teleconference) on an ad-hoc basis to determine fair valuations and on a quarterly basis
to review fair value events with respect to certain securities for which market quotations are not readily available, including valuation risks and back-testing results, and preview reports to the Board.
The Valuation Committee establishes
prices of securities for which market quotations are not readily available based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant
by the Valuation Committee. The Board shall oversee the Valuation Designee and review fair valuation materials on a prompt, quarterly and annual basis and approve proposed revisions to the Valuation Procedures.
Investments for which market
quotations are not readily available are valued at fair value as determined in good faith pursuant to the Valuation Procedures. A market quotation is readily available only when that quotation is a quoted price
(unadjusted) in active markets for identical investments that each Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. "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 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 (unadjusted) 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. The aggregate value by input level of each
Fund’s assets and liabilities as of January 31, 2024, 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 a
market quotation is not readily available is valued by methods deemed reasonable in good faith by the Valuation Committee, following the Valuation Procedures to represent fair value. Under these procedures, the
Valuation Designee 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 Valuation
Designee 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 Valuation Procedures may differ from valuations for the same security determined for other funds using their own valuation procedures. Although the 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, 2024, 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 or otherwise does not have a readily available market quotation on a given day; (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 subject to trading collars for which no or limited trading takes place; and (vi) 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 2 or 3 in the hierarchy.
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 Valuation Designee conclude that such events may have affected the accuracy of the last price of such securities reported on the local foreign market, the
Valuation Designee may, pursuant to the Valuation Procedures, 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 the Valuation Procedures and are generally categorized as Level 2 in the hierarchy.
If the principal market of certain
foreign equity securities is closed in observance of a local foreign holiday, these securities are valued using the last closing price of regular trading on the relevant exchange and fair valued by applying factors
provided by a third-party vendor in accordance with the Valuation Procedures. These securities are generally categorized as Level 2 in the hierarchy.
Equity securities, rights and
warrants, if applicable, 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. These securities are generally categorized as Level 1 in the hierarchy.
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. These securities are generally categorized as Level 1 in the hierarchy.
Investments in mutual funds,
including money market funds, are valued at their respective NAVs at the close of business each day on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.
Futures contracts are valued at the
last posted settlement price on the market where such futures are primarily traded. These securities are generally categorized as Level 1 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.
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 broker selected by the Valuation Designee,
in consultation with the Subadvisor(s). The evaluations are market-based measurements processed through a pricing application and represents the pricing agent’s good faith determination as to what a holder may
receive in an orderly transaction under market conditions. The rules-based logic utilizes valuation techniques that reflect participants’ assumptions and vary by asset class and per methodology, maximizing the
use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Valuation Designee, 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 and 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.
Loan assignments, participations and
commitments are valued at the average of bid quotations obtained from the engaged independent pricing service and are generally categorized as Level 2 in the hierarchy. Certain loan assignments, participations and
commitments may be valued by utilizing significant unobservable inputs obtained from the pricing service and are generally categorized as Level 3 in the hierarchy.
Temporary cash investments acquired
in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and
ratings), both as furnished by independent pricing services. Temporary cash investments that 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.
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 fair valued in accordance with each Fund's procedures described above. The liquidity of each Fund's investments was determined as of January 31, 2024, and can change
at any time.