-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NYPWcvTwuBgzMYIM6ZBoVlDBt/sCsbm9OddcjmGTWiAlGyMNXnJFlOgeMSmHqpgO IbXXuTccvEcTefqs/pSPcg== 0000950123-05-011655.txt : 20050929 0000950123-05-011655.hdr.sgml : 20050929 20050929170501 ACCESSION NUMBER: 0000950123-05-011655 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050731 FILED AS OF DATE: 20050929 DATE AS OF CHANGE: 20050929 EFFECTIVENESS DATE: 20050929 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MAINSTAY FUNDS CENTRAL INDEX KEY: 0000787441 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-04550 FILM NUMBER: 051111976 BUSINESS ADDRESS: STREET 1: 51 MADISON AVE CITY: NEW YORK STATE: NY ZIP: 10010 BUSINESS PHONE: 2125767000 MAIL ADDRESS: STREET 1: 51 MADISON AVENUE CITY: NEW YORK STATE: NY ZIP: 10010 FORMER COMPANY: FORMER CONFORMED NAME: MACKAY SHIELDS MAINSTAY SERIES FUND /NY/ DATE OF NAME CHANGE: 19911126 FORMER COMPANY: FORMER CONFORMED NAME: MACKAY SHIELDS SERIES FUND DATE OF NAME CHANGE: 19860506 N-Q 1 y13006nvq.txt FORM N-Q OMB APPROVAL OMB Number: 3235-0578 Expires: February 28, 2006 Estimated average burden hours per response....20.00 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-04550 The MainStay Funds - -------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) 51 Madison Avenue, New York, New York 10010 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Marguerite E.H. Morrison, 169 Lackawanna Avenue, Parsippany, NJ 07054 - -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: 212-576-7000 Date of fiscal year end: October 31 Date of reporting period: July 31, 2005 ITEM 1. SCHEDULE OF INVESTMENTS. The schedule of investments for the period ended July 31, 2005 is filed herewith. MAINSTAY CAPITAL APPRECIATION FUND PORTFOLIO OF INVESTMENTS July 31, 2005 unaudited
SHARES VALUE -------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS (100.0%) + AEROSPACE & DEFENSE (3.7%) L-3 Communications Holdings, Inc. 310,700 $ 24,306,061 United Technologies Corp. 474,200 24,041,940 ---------------- 48,348,001 ---------------- AIR FREIGHT & LOGISTICS (1.8%) FedEx Corp. 279,600 23,511,564 ---------------- AUTOMOBILES (1.7%) Harley-Davidson, Inc. (a) 423,800 22,541,922 ---------------- BEVERAGES (0.8%) PepsiCo, Inc. 201,800 11,004,154 ---------------- BIOTECHNOLOGY (5.4%) & Amgen, Inc. (b) 378,000 30,145,500 Genentech, Inc. (b) 253,900 22,680,887 Gilead Sciences, Inc. (b) 410,600 18,398,986 ---------------- 71,225,373 ---------------- CAPITAL MARKETS (0.7%) Morgan Stanley & Co. 183,200 9,718,760 ---------------- CHEMICALS (2.1%) & Praxair, Inc. 552,800 27,302,792 ---------------- COMMERCIAL SERVICES & SUPPLIES (1.2%) Cendant Corp. 724,700 15,479,592 ---------------- COMMUNICATIONS EQUIPMENT (4.8%) Corning, Inc. (b) 1,330,300 25,342,215 Motorola, Inc. 855,000 18,108,900 Qualcomm, Inc. 246,700 9,742,183 Research In Motion, Ltd. (b) 137,000 9,680,420 ---------------- 62,873,718 ---------------- COMPUTERS & PERIPHERALS (4.9%) Apple Computer, Inc. (b) 434,500 18,531,425 & Dell, Inc. (b) 672,900 27,232,263 EMC Corp. (b) 662,500 9,069,625 International Business Machines Corp. 115,500 9,639,630 ---------------- 64,472,943 ---------------- CONSUMER FINANCE (3.6%) American Express Co. 429,300 23,611,500 Capital One Financial Corp. (a) 284,900 23,504,250 ---------------- 47,115,750 ---------------- ENERGY EQUIPMENT & SERVICES (8.3%)
Baker Hughes, Inc. 463,100 26,183,674 BJ Services Co. 416,600 25,408,434 ENSCO International, Inc. 332,500 13,426,350 Transocean, Inc. (b) 341,800 19,287,774 Weatherford International, Ltd. (b) 396,800 25,109,504 ---------------- 109,415,736 ---------------- FOOD & STAPLES RETAILING (1.7%) Walgreen Co. 479,700 22,958,442 ---------------- HEALTH CARE EQUIPMENT & SUPPLIES (1.9%) Fisher Scientific International, Inc. (b) 364,200 24,419,610 ---------------- HEALTH CARE PROVIDERS & SERVICES (10.2%) Caremark Rx, Inc. (b) 572,300 25,513,134 Coventry Health Care, Inc. (b) 165,300 11,691,669 Quest Diagnostics, Inc. 453,400 23,277,556 & UnitedHealth Group, Inc. 806,000 42,153,800 & WellPoint, Inc. (b) 448,800 31,748,112 ---------------- 134,384,271 ---------------- HOTELS, RESTAURANTS & LEISURE (1.1%) Carnival Corp. 274,900 14,404,760 ---------------- HOUSEHOLD DURABLES (8.0%) Centex Corp. (a) 360,000 26,632,800 & D.R. Horton, Inc. 769,133 31,595,984 Harman International Industries, Inc. 190,500 16,373,475 & Lennar Corp.-Class A 454,100 30,547,307 ---------------- 105,149,566 ---------------- INDUSTRIAL CONGLOMERATES (3.5%) 3M Co. 280,600 21,045,000 General Electric Co. 719,700 24,829,650 ---------------- 45,874,650 ---------------- INTERNET & CATALOG RETAIL (0.8%) eBay, Inc. (a)(b) 254,400 10,628,832 ---------------- LEISURE EQUIPMENT & PRODUCTS (1.1%) Brunswick Corp. 309,200 14,396,352 ---------------- MACHINERY (3.5%) Danaher Corp. 432,100 23,959,945 Illinois Tool Works, Inc. 256,500 21,969,225 ---------------- 45,929,170 ---------------- MEDIA (1.5%) Omnicom Group, Inc. 231,700 19,664,379 ---------------- MULTILINE RETAIL (4.0%) Kohl's Corp. (b) 466,600 26,292,910 Target Corp. 445,800 26,190,750 ---------------- 52,483,660 ---------------- OIL, GAS & CONSUMABLE FUELS (1.3%) Peabody Energy Corp. (a) 260,300 17,112,122 ---------------- PHARMACEUTICALS (2.2%)
Johnson & Johnson 405,600 25,942,176 Teva Pharmaceutical Industries, Ltd., Sponsored ADR (a)(c) 84,300 2,647,020 ---------------- 28,589,196 ---------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (6.1%) Analog Devices, Inc. 342,000 13,406,400 & Intel Corp. 1,179,900 32,022,486 Linear Technology Corp. (a) 303,500 11,794,010 Maxim Integrated Products, Inc. 238,500 9,985,995 Texas Instruments, Inc. 430,200 13,663,152 ---------------- 80,872,043 ---------------- SOFTWARE (3.6%) Microsoft Corp. 433,200 11,094,252 Oracle Corp. (b) 1,328,900 18,046,462 Symantec Corp. (b) 836,800 18,384,496 ---------------- 47,525,210 ---------------- SPECIALTY RETAIL (6.4%) & Bed Bath & Beyond, Inc. (b) 596,400 27,374,760 Best Buy Co., Inc. 342,500 26,235,500 Lowe's Cos., Inc. 396,300 26,242,986 TJX Cos., Inc. 161,900 3,806,269 ---------------- 83,659,515 ---------------- TEXTILES, APPAREL & LUXURY GOODS (4.1%) & Coach, Inc. (b) 862,600 30,285,886 Nike, Inc.-Class B 277,700 23,271,260 ---------------- 53,557,146 ---------------- Total Common Stocks (Cost $988,219,510) 1,314,619,229 ----------------
PRINCIPAL AMOUNT SHORT-TERM INVESTMENTS (4.9%) COMMERCIAL PAPER (0.3%) UBS Finance Delaware LLC 3.28%, due 8/1/05 $ 4,360,000 4,359,205 ---------------- INVESTMENT COMPANIES (2.2%) American Beacon Money Market Fund (d) 12,715,818 12,715,818 BGI Institutional Money Market Fund (d) 14,269,764 14,269,764 Merrimac Cash Series, Premium Class (d) 1,907,373 1,907,373 ---------------- Total Investment Companies (Cost $28,892,955) 28,892,955 ---------------- TIME DEPOSITS (2.4%) Keybank Eurodollar Overnight (d) 3.281%, due 8/1/05 19,073,727 19,073,727 Svenska Handlesbanken Eurodollar Overnight (d) 3.29%, due 8/1/05 12,715,818 12,715,818 ---------------- Total Time Deposits (Cost $31,789,545) 31,789,545 ----------------
Total Short-Term Investments (Cost $65,041,705) 65,041,705 ---------------- Total Investments (Cost $1,053,261,215) (e) 104.9% 1,379,660,934(f) Liabilities in Excess of Cash and Other Assets (4.9) (64,623,012) -------------- ---------------- Net Assets 100% $ 1,315,037,922 ============== ================
+ Percentages indicated are based on Fund net assets. & Among the Portfolio's 10 largest holdings, excluding short-term investments. May be subject to change daily . (a) Represents security, or a portion thereof, which is out on loan. (b) Non-income producing security. (c) ADR - American Depositary Receipt. (d) Represents security, or a portion thereof, purchased with cash collateral received for securities on loan. (e) The cost for federal income tax purposes is $1,055,682,962. (f) At July 31, 2005 net unrealized appreciation was $323,977,972, based on cost for federal income tax purposes. This consisted of aggregate gross unrealized appreciation for all investments on which there was an excess of market value over cost of $340,790,301 and aggregate gross unrealized depreciation for all investments on which there was an excess of cost over market value of $16,812,329. MAINSTAY COMMON STOCK FUND PORTFOLIO OF INVESTMENTS July 31, 2005 unaudited
SHARES VALUE - -------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS (99.3%) + AEROSPACE & DEFENSE (1.9%) Boeing Co. 18,825 $ 1,242,638 Goodrich Corp. 1,917 84,808 Honeywell International, Inc. 5,256 206,456 Lockheed Martin Corp. 6,096 380,390 Precision Castparts Corp. 2,692 242,226 Raytheon Co. 9,222 362,701 Rockwell Collins, Inc. 7,159 349,359 ----------------- 2,868,578 ----------------- AIR FREIGHT & LOGISTICS (0.3%) FedEx Corp. 2,537 213,336 Ryder System, Inc. 2,195 85,583 United Parcel Service, Inc.-Class B 1,909 139,300 ----------------- 438,219 ----------------- AIRLINES (0.0%) ++ Alaska Air Group, Inc. (a) 1,038 36,309 ----------------- AUTO COMPONENTS (0.2%) BorgWarner, Inc. 1,007 58,577 Cooper Tire & Rubber Co. 358 7,203 Dana Corp. 1,132 17,784 Delphi Corp. 11,050 58,565 Goodyear Tire & Rubber Co. (The) (a) (b) 7,085 123,350 Lear Corp. 417 17,835 Visteon Corp. 4,365 38,848 ----------------- 322,162 ----------------- AUTOMOBILES (0.9%) Ford Motor Co. 74,713 802,418 General Motors Corp. 13,699 504,397 Harley-Davidson, Inc. 2,154 114,571 ----------------- 1,421,386 ----------------- BEVERAGES (0.5%) Coca-Cola Co. (The) 8,339 364,915 Pepsi Bottling Group, Inc. 5,843 170,382 PepsiCo, Inc. 4,911 267,797 ----------------- 803,094 ----------------- BIOTECHNOLOGY (0.6%) Amgen, Inc. (a) 7,834 624,761 Applera Corp. - Applied Biosystems Group 1,953 40,661 Biogen Idec, Inc. (a) 1,107 43,494 Genzyme Corp. (a) 1,535 114,219 Invitrogen Corp. (a) 1,153 98,893 Techne Corp. (a) 288 14,132 Vertex Pharmaceuticals, Inc. (a) 1,177 18,773 ----------------- 954,933 -----------------
BUILDING PRODUCTS (1.8%) ConocoPhillips 35,203 2,203,356 Masco Corp. 17,823 604,378 ----------------- 2,807,734 ----------------- CAPITAL MARKETS (3.0%) AG Edwards, Inc. 3,116 138,039 Bank of New York Co. (The), Inc. 4,822 148,421 Bear Stearns Cos. (The), Inc. 1,329 135,704 E*Trade Financial Corp. (a) 14,825 229,936 Eaton Vance Corp. 3,311 81,351 Franklin Resources, Inc. 4,004 323,603 Investors Financial Services Corp. 543 18,690 Janus Capital Group, Inc. 3,619 54,357 LaBranche & Co., Inc. (a) 357 2,710 Legg Mason, Inc. 4,450 454,567 Lehman Brothers Holdings, Inc. 3,413 358,809 Merrill Lynch & Co., Inc. 10,249 602,436 Morgan Stanley & Co. 5,990 317,769 SPDR Trust Series 1 (b) 12,050 1,491,428 State Street Corp. 5,044 250,889 ----------------- 4,608,709 ----------------- CHEMICALS (2.0%) Chemtura Corp. 6,925 108,999 Dow Chemical Co. (The) 14,130 677,533 E.I. Du Pont de Nemours & Co. 32,142 1,371,821 Eastman Chemical Co. 2,547 141,078 FMC Corp. (a) 1,045 63,202 Monsanto Co. 8,821 594,271 PPG Industries, Inc. 1,999 129,995 Scotts Miracle-Gro Co. (The)-Class A (a) 176 13,798 Sensient Technologies Corp. 1,521 28,914 ----------------- 3,129,611 ----------------- COMMERCIAL BANKS (3.3%) AmSouth Bancorp 2,172 60,621 Bank of Hawaii Corp. 1,066 54,739 BB&T Corp. 14,218 594,597 Colonial BancGroup (The), Inc. 981 22,828 Comerica, Inc. 4,460 272,506 Commerce Bancorp, Inc., NJ (b) 980 33,251 Compass Bancshares, Inc. 1,647 79,402 First Horizon National Corp. 1,824 74,401 Hibernia Corp.-Class A 2,841 96,083 Huntington Bancshares, Inc. 1,353 33,744 KeyCorp 10,684 365,820 National City Corp. 16,928 624,812 PNC Financial Services Group, Inc. 3,124 171,258 Regions Financial Corp. 3,889 130,826 Unizan Financial Corp. 4,153 113,855 US Bancorp 12,312 370,099 Wachovia Corp. 2,457 123,784 Wells Fargo & Co. 26,717 1,638,821 Wilmington Trust Corp. 1,757 65,905 Zions Bancorporation 1,185 84,704 ----------------- 5,012,056 ----------------- COMMERCIAL SERVICES & SUPPLIES (1.2%) Adesa, Inc. 1,700 41,140
Allied Waste Industries, Inc. (a) 1,592 13,659 Brink's Co. (The) 1,024 37,028 Cendant Corp. 43,087 920,338 Dun & Bradstreet Corp. (a) 513 32,488 Equifax, Inc. 4,601 167,476 Herman Miller, Inc. 1,120 35,762 RR Donnelley & Sons Co. 2,700 97,335 Waste Management, Inc. 19,535 549,324 ----------------- 1,894,550 ----------------- COMMUNICATIONS EQUIPMENT (3.3%) Ciena Corp. (a) 2,677 5,996 Cisco Systems, Inc. (a) 121,258 2,322,091 Comverse Technology, Inc. (a) 2,391 60,468 Corning, Inc. (a) 41,551 791,547 Harris Corp. 1,300 48,191 Motorola, Inc. 87,034 1,843,380 Powerwave Technologies, Inc. (a)(b) 1,587 18,203 ----------------- 5,089,876 ----------------- COMPUTERS & PERIPHERALS (4.0%) Apple Computer, Inc. (a) 26,041 1,110,649 Dell, Inc. (a) 8,800 356,136 Hewlett-Packard Co. 38,122 938,564 Imation Corp. 533 23,106 & International Business Machines Corp. 32,452 2,708,444 NCR Corp. (a) 6,133 212,876 Network Appliance, Inc. (a) 4,465 113,902 QLogic Corp. (a) 1,057 32,820 Storage Technology Corp. (a) 4,362 160,216 Sun Microsystems, Inc. (a) 113,280 434,995 Western Digital Corp. (a) 3,396 50,906 ----------------- 6,142,614 ----------------- CONSTRUCTION & ENGINEERING (0.0%) ++ Granite Construction, Inc. 254 8,692 Quanta Services, Inc. (a) 2,871 30,203 ----------------- 38,895 ----------------- CONSTRUCTION MATERIALS (0.3%) Martin Marietta Materials, Inc. 1,908 138,693 Vulcan Materials Co. 3,708 260,450 ----------------- 399,143 ----------------- CONSUMER FINANCE (3.9%) American Express Co. 23,011 1,265,605 AmeriCredit Corp. (a) 5,966 159,412 Capital One Financial Corp. 4,547 375,127 & MBNA Corp. 136,997 3,446,845 Providian Financial Corp. (a) 41,474 783,859 ----------------- 6,030,848 ----------------- CONTAINERS & PACKAGING (0.1%) Ball Corp. 767 29,108 Longview Fibre Co. 2,022 45,252 Pactiv Corp. (a) 6,044 133,089 ----------------- 207,449 ----------------- DISTRIBUTORS (0.0%) ++ Genuine Parts Co. 1,039 47,576 -----------------
DIVERSIFIED CONSUMER SERVICES (0.2%) Career Education Corp. (a) 3,554 137,860 H&R Block, Inc. 3,640 207,334 ----------------- 345,194 ----------------- DIVERSIFIED FINANCIAL SERVICES (2.2%) CIT Group, Inc. (b) 7,306 322,487 Citigroup, Inc. 48,328 2,102,268 JPMorgan Chase & Co. 20,269 712,253 Principal Financial Group, Inc. 5,958 261,854 ----------------- 3,398,862 ----------------- DIVERSIFIED TELECOMMUNICATION SERVICES (3.1%) AT&T Corp. 119,309 2,362,318 CenturyTel, Inc. 2,899 99,639 Cincinnati Bell, Inc. (a) 9,868 44,801 Citizens Communications Co. 4,129 54,255 Qwest Communications International, Inc. (a) 10,376 39,636 Verizon Communications, Inc. 63,385 2,169,669 ----------------- 4,770,318 ----------------- ELECTRIC UTILITIES (2.8%) Allegheny Energy, Inc. (a) 4,799 136,771 Alliant Energy Corp. 707 20,574 American Electric Power Co., Inc. 15,733 608,867 Centerpoint Energy, Inc. 1,711 23,509 Cinergy Corp. 23,125 1,020,969 Consolidated Edison, Inc. 1,536 73,974 DPL, Inc. 4,201 115,948 DTE Energy Co. 1,105 51,935 Edison International 11,303 462,067 Entergy Corp. 6,017 468,965 FirstEnergy Corp. 4,507 224,358 FPL Group, Inc. 6,512 280,797 Northeast Utilities 1,520 32,802 Pepco Holdings, Inc. 1,167 27,856 PG&E Corp. 8,185 308,002 Pinnacle West Capital Corp. 2,238 102,500 PNM Resources, Inc. 366 10,757 Progress Energy, Inc. 1,528 68,164 Sierra Pacific Resources (a)(b) 4,693 60,915 TECO Energy, Inc. 4,057 76,921 Westar Energy, Inc. 1,056 25,692 Xcel Energy, Inc. 2,295 44,546 ----------------- 4,246,889 ----------------- ELECTRICAL EQUIPMENT (0.1%) Cooper Industries, Ltd.-Class A 572 36,940 Rockwell Automation, Inc. 1,618 83,343 Thomas & Betts Corp. (a) 165 5,572 ----------------- 125,855 ----------------- ELECTRONIC EQUIPMENT & INSTRUMENTS (0.2%) Amphenol Corp.-Class A 560 24,942 Arrow Electronics, Inc. (a) 889 26,688 Avnet, Inc. (a) 2,863 74,953 Solectron Corp. (a) 39,220 150,605 Vishay Intertechnology, Inc. (a) 995 13,950 ----------------- 291,138 -----------------
ENERGY EQUIPMENT & SERVICES (0.5%) Halliburton Co. (b) 2,762 154,810 Helmerich & Payne, Inc. 2,073 118,410 Patterson-UTI Energy, Inc. 1,429 46,914 Transocean, Inc. (a) 8,740 493,198 ----------------- 813,332 ----------------- FOOD & STAPLES RETAILING (1.8%) Albertson's, Inc. (b) 9,115 194,241 BJ's Wholesale Club, Inc. (a) 429 13,681 Costco Wholesale Corp. 2,834 130,279 Kroger Co. (The) (a) 20,242 401,804 Ruddick Corp. 273 7,524 Safeway, Inc. (b) 15,139 367,878 SUPERVALU, Inc. 5,521 195,443 Wal-Mart Stores, Inc. 26,901 1,327,564 Whole Foods Market, Inc. 407 55,560 ----------------- 2,693,974 ----------------- FOOD PRODUCTS (0.7%) Archer-Daniels-Midland Co. 20,327 466,301 ConAgra Foods, Inc. 6,478 147,115 Dean Foods Co. (a) 3,341 119,274 General Mills, Inc. 1,341 63,563 Sara Lee Corp. 9,642 192,165 Tyson Foods, Inc.-Class A 1,591 29,656 ----------------- 1,018,074 ----------------- GAS UTILITIES (0.2%) Nicor, Inc. 1,448 59,107 NiSource, Inc. 3,708 90,067 ONEOK, Inc. 616 21,529 Questar Corp. 1,045 73,338 ----------------- 244,041 ----------------- HEALTH CARE EQUIPMENT & SUPPLIES (0.8%) Bausch & Lomb, Inc. 1,135 96,078 Baxter International, Inc. 10,537 413,788 Beckman Coulter, Inc. 468 25,431 Becton Dickinson & Co. 1,513 83,775 CR Bard, Inc. 649 43,347 Edwards Lifesciences Corp. (a) 878 40,274 Guidant Corp. 2,737 188,306 Hospira, Inc. (a) 656 25,092 PerkinElmer, Inc. 764 16,029 Thermo Electron Corp. (a) 2,531 75,576 Varian Medical Systems, Inc. (a) 3,779 148,364 Varian, Inc. (a) 543 20,346 ----------------- 1,176,406 ----------------- HEALTH CARE PROVIDERS & SERVICES (5.6%) Aetna, Inc. 11,890 920,286 AmerisourceBergen Corp. 4,347 312,071 Apria Healthcare Group, Inc. (a) 1,376 46,412 Cardinal Health, Inc. 17,637 1,050,812 Caremark Rx, Inc. (a) 12,068 537,991 CIGNA Corp. 5,385 574,849 Community Health Systems, Inc. (a) 1,506 58,147 Coventry Health Care, Inc. (a) 1,468 103,832
HCA, Inc. 14,371 707,772 Health Net, Inc. (a) 2,294 89,007 Humana, Inc. (a) 4,572 182,194 Lincare Holdings, Inc. (a) 3,263 131,629 McKesson Corp. 12,086 543,870 Medco Health Solutions, Inc. (a) 11,236 544,272 PacifiCare Health Systems, Inc. (a) 1,940 147,828 Patterson Cos., Inc. (a) 1,723 76,846 Tenet Healthcare Corp. (a) 2,537 30,799 Triad Hospitals, Inc. (a) 2,763 137,238 UnitedHealth Group, Inc. 33,778 1,766,589 Universal Health Services, Inc.-Class B 1,653 86,022 WellPoint, Inc. (a) 8,344 590,255 ----------------- 8,638,721 ----------------- HOTELS, RESTAURANTS & LEISURE (1.4%) Brinker International, Inc. (a) 3,033 124,050 CBRL Group, Inc. 1,627 63,730 Darden Restaurants, Inc. 6,118 212,295 GTECH Holdings Corp. 2,567 76,907 Harrah's Entertainment, Inc. 3,384 266,456 Hilton Hotels Corp. 13,062 323,285 Krispy Kreme Doughnuts, Inc. (a)(b) 256 1,846 Marriott International, Inc.-Class A 1,242 85,040 McDonald's Corp. 13,831 431,112 Ruby Tuesday, Inc. 1,020 25,520 Starwood Hotels & Resorts Worldwide, Inc. 1,313 83,139 Wendy's International, Inc. 1,683 87,011 Yum! Brands, Inc. 5,729 299,913 ----------------- 2,080,304 ----------------- HOUSEHOLD DURABLES (0.6%) American Greetings Corp.-Class A 2,752 70,011 Black & Decker Corp. 469 42,355 Fortune Brands, Inc. 1,162 109,867 Furniture Brands International, Inc. 320 6,131 Harman International Industries, Inc. 412 35,411 Lennar Corp.-Class A 2,108 141,805 Maytag Corp. (b) 2,901 48,940 Newell Rubbermaid, Inc. 9,523 236,837 Ryland Group, Inc. 1,043 84,274 Toll Brothers, Inc. (a) 1,995 110,563 Tupperware Corp. 826 17,619 Whirlpool Corp. 921 73,662 ----------------- 977,475 ----------------- HOUSEHOLD PRODUCTS (0.8%) Clorox Co. 4,323 241,440 Energizer Holdings, Inc. (a) 2,899 185,246 Kimberly-Clark Corp. 12,089 770,795 ----------------- 1,197,481 ----------------- INDEPENDENT POWER PRODUCERS & ENERGY TRADERS (1.0%) AES Corp. (The) (a) 26,663 427,941 Constellation Energy Group, Inc. 3,258 196,164 TXU Corp. 9,826 851,325 ----------------- 1,475,430 ----------------- INDUSTRIAL CONGLOMERATES (3.0%) & General Electric Co. 120,978 4,173,741
Textron, Inc. 2,443 181,197 Tyco International, Ltd. 8,195 249,702 ----------------- 4,604,640 ----------------- INSURANCE (7.4%) ACE, Ltd. 11,584 535,297 AFLAC, Inc. 20,331 916,928 Allmerica Financial Corp. (a) 853 33,267 American Financial Group, Inc. 1,179 39,897 American International Group, Inc. 31,724 1,909,785 AmerUs Group Co. 1,592 82,115 Aon Corp. 10,988 279,535 Chubb Corp. 7,824 694,928 Everest Re Group, Ltd. 2,283 222,364 First American Corp. 548 24,085 Hartford Financial Services Group, Inc. 3,480 280,384 HCC Insurance Holdings, Inc. 4,189 116,119 Horace Mann Educators Corp. 1,067 21,319 Lincoln National Corp. 999 48,252 Loews Corp. 1,138 95,171 MBIA, Inc. 1,023 62,137 MetLife, Inc. 29,906 1,469,581 Ohio Casualty Corp. 367 9,377 Old Republic International Corp. 2,061 54,122 Progressive Corp. (The) 8,095 806,991 Protective Life Corp. 1,551 67,562 Prudential Financial, Inc. 21,289 1,424,234 SAFECO Corp. 4,086 224,485 St. Paul Travelers Cos., Inc. (The) 27,387 1,205,576 StanCorp Financial Group, Inc. 351 30,305 Torchmark Corp. 789 41,241 UnumProvident Corp. 8,364 160,171 WR Berkley Corp. 2,678 100,238 XL Capital, Ltd.-Class A 5,723 411,026 ----------------- 11,366,492 ----------------- INTERNET & CATALOG RETAIL (0.2%) eBay, Inc. (a) 5,965 249,218 ----------------- IT SERVICES (0.8%) Acxiom Corp. 3,466 69,875 BISYS Group (The), Inc. (a) 754 11,860 CheckFree Corp. (a) 1,047 35,451 Cognizant Technology Solutions Corp. (a) 1,653 81,129 Computer Sciences Corp. (a) 7,717 353,284 CSG Systems International, Inc. (a) 1,659 30,940 First Data Corp. 8,614 354,380 MoneyGram International, Inc. 1,078 22,681 Sabre Holdings Corp.-Class A 2,921 56,083 SunGard Data Systems, Inc. (a) 2,868 102,933 Unisys Corp. (a) 5,755 37,235 ----------------- 1,155,851 ----------------- LEISURE EQUIPMENT & PRODUCTS (0.2%) Eastman Kodak Co. 9,572 255,955 Hasbro, Inc. 1,267 27,798 Mattel, Inc. 2,575 48,024 ----------------- 331,777 ----------------- MACHINERY (0.2%)
Cummins, Inc. 287 24,521 Deere & Co. 1,565 115,074 Federal Signal Corp. 296 5,180 Harsco Corp. 760 45,790 Ingersoll-Rand Co.-Class A 1,359 106,233 Navistar International Corp. (a) 405 13,831 Pentair, Inc. 566 22,736 SPX Corp. 566 27,666 ----------------- 361,031 ----------------- MARINE (0.1%) Alexander & Baldwin, Inc. 1,473 78,776 ----------------- MEDIA (2.1%) Catalina Marketing Corp. 911 21,800 Comcast Corp.-Class A (a) 494 15,181 Emmis Communications Corp.-Class A (a) 537 11,025 Gannett Co., Inc. 1,707 124,543 Media General, Inc.-Class A 479 32,812 Omnicom Group, Inc. 2,921 247,905 Readers Digest Association (The), Inc. 2,816 45,732 Time Warner, Inc. (a) 30,532 519,655 Viacom, Inc. Class B 41,922 1,403,968 Walt Disney Co. 32,255 827,018 ----------------- 3,249,639 ----------------- METALS & MINING (0.7%) Alcoa, Inc. 3,196 89,648 Freeport-McMoRan Copper & Gold, Inc.-Class B (b) 5,112 205,911 Nucor Corp. 4,006 222,133 Phelps Dodge Corp. 3,902 415,368 Steel Dynamics, Inc. 300 9,648 United States Steel Corp. 2,825 120,486 ----------------- 1,063,194 ----------------- MULTILINE RETAIL (2.7%) Dillard's, Inc.-Class A 1,869 42,725 Dollar Tree Stores, Inc. (a) 915 22,866 Federated Department Stores, Inc. 5,881 446,191 JC Penney Co., Inc. Holding Co. 11,070 621,470 May Department Stores Co. (The) 12,074 495,638 Neiman-Marcus Group, Inc.-Class A 1,694 166,859 Nordstrom, Inc. 5,522 204,369 Saks, Inc. (a) 2,611 55,405 Sears Holdings Corp. (a) 2,134 329,127 Target Corp. 29,600 1,739,000 ----------------- 4,123,650 ----------------- MULTI-UTILITIES (1.5%) CMS Energy Corp. (a) 8,503 134,688 MDU Resources Group, Inc. 1,743 53,510 Public Service Enterprise Group, Inc. 31,784 2,043,711 Puget Energy, Inc. 755 17,652 Wisconsin Energy Corp. 884 35,493 ----------------- 2,285,054 ----------------- OFFICE ELECTRONICS (0.2%) Xerox Corp. (a) 23,706 313,156 ----------------- OIL, GAS & CONSUMABLE FUELS (8.9%)
Amerada Hess Corp. 1,183 139,428 Anadarko Petroleum Corp. 5,738 506,952 Arch Coal, Inc. 399 22,711 Burlington Resources, Inc. 15,793 1,012,489 Chevron Corp. 13,580 787,776 Devon Energy Corp. 19,504 1,093,979 El Paso Corp. 6,446 77,352 EOG Resources, Inc. 2,013 122,994 & ExxonMobil Corp. 83,779 4,922,016 Forest Oil Corp. (a) 1,588 71,079 Kerr-McGee Corp. 4,771 382,682 Marathon Oil Corp. 12,018 701,370 Newfield Exploration Co. (a) 3,598 152,879 Occidental Petroleum Corp. 16,199 1,332,854 Overseas Shipholding Group, Inc. 445 27,612 Peabody Energy Corp. 726 47,727 Pioneer Natural Resources Co. 917 39,734 Plains Exploration & Production Co. (a) 3,138 120,970 Pogo Producing Co. 459 25,259 Sunoco, Inc. 2,818 354,307 Unocal Corp. 6,629 429,891 Valero Energy Corp. 9,055 749,573 Williams Cos., Inc. 23,046 489,497 XTO Energy, Inc. 1,026 36,002 ----------------- 13,647,133 ----------------- PAPER & FOREST PRODUCTS (0.4%) Georgia-Pacific Corp. 10,331 352,804 Louisiana-Pacific Corp. (b) 703 18,854 MeadWestvaco Corp. 2,727 79,683 Potlatch Corp. 1,162 67,164 Weyerhaeuser Co. 429 29,592 ----------------- 548,097 ----------------- PERSONAL PRODUCTS (1.7%) & Gillette Co. (The) 49,503 2,656,826 ----------------- PHARMACEUTICALS (4.8%) Abbott Laboratories 744 34,693 Barr Pharmaceuticals, Inc. (a) 583 27,646 Eli Lilly & Co. 4,793 269,942 Forest Laboratories, Inc. (a) 5,431 216,806 & Johnson & Johnson 37,445 2,394,982 King Pharmaceuticals, Inc. (a) 1,329 14,818 Merck & Co., Inc. 47,213 1,466,436 Mylan Laboratories, Inc. 1,176 20,415 & Pfizer, Inc. 104,276 2,763,314 Watson Pharmaceuticals, Inc. (a) 692 23,113 Wyeth 3,289 150,472 ----------------- 7,382,637 ----------------- REAL ESTATE (0.4%) Apartment Investment & Management Co.-Class A 1,711 75,284 Archstone-Smith Trust 1,232 52,360 Plum Creek Timber Co., Inc. 1,085 41,067 Vornado Realty Trust 4,530 401,539 ----------------- 570,250 ----------------- ROAD & RAIL (1.1%) Burlington Northern Santa Fe Corp. 9,434 511,795
CNF, Inc. 2,108 108,752 CSX Corp. 6,091 277,384 JB Hunt Transport Services, Inc. 844 16,568 Norfolk Southern Corp. 10,223 380,398 Swift Transportation Co., Inc. (a) 2,196 48,290 Union Pacific Corp. 4,871 342,480 Yellow Roadway Corp. (a) 908 48,042 ----------------- 1,733,709 ----------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (3.7%) Advanced Micro Devices, Inc. (a) 12,304 247,064 Applied Materials, Inc. 2,445 45,135 Atmel Corp. (a 2,339 5,473 Cabot Microelectronics Corp. (a)(b) 140 4,210 Fairchild Semiconductor International, Inc. (a) 1,601 26,993 Freescale Semiconductor, Inc.-Class B (a) 13,923 358,517 & Intel Corp. 96,073 2,607,421 Lam Research Corp. (a) 4,610 131,155 LSI Logic Corp. (a) 6,182 60,336 Micron Technology, Inc. (a) 19,421 230,721 National Semiconductor Corp. 12,084 298,596 NVIDIA Corp. (a)(b) 2,312 62,563 Texas Instruments, Inc. 48,433 1,538,232 ----------------- 5,616,416 ----------------- SOFTWARE (2.8%) Activision, Inc. (a) 2,827 57,501 Autodesk, Inc. 8,474 289,726 BMC Software, Inc. (a) 8,935 170,569 Citrix Systems, Inc. (a) 4,084 97,322 Compuware Corp. (a) 9,561 80,599 Intuit, Inc. (a) 5,208 249,984 Macromedia, Inc. (a) 7,054 283,218 McAfee, Inc. (a) 5,414 170,000 Mercury Interactive Corp. (a) 1,576 62,047 & Microsoft Corp. 96,995 2,484,042 Novell, Inc. (a) 2,329 14,160 Parametric Technology Corp. (a) 4,367 30,132 Sybase, Inc. (a) 2,550 54,264 Symantec Corp. (a) 3,686 80,981 Synopsys, Inc. (a) 5,933 109,820 Wind River Systems, Inc. (a) 82 1,401 ----------------- 4,235,766 ----------------- SPECIALTY RETAIL (1.8%) Abercrombie & Fitch Co.-Class A 3,536 254,769 Advance Auto Parts, Inc. (a) 2,061 142,127 American Eagle Outfitters, Inc. 2,471 81,419 Autozone, Inc. (a) 1,052 102,507 Barnes & Noble, Inc. (a) 2,223 91,187 Borders Group, Inc. 1,865 46,271 Chico's FAS, Inc. (a) 2,705 108,498 Circuit City Stores, Inc. 3,669 66,959 Home Depot, Inc. 17,490 760,990 Limited Brands, Inc. 3,196 77,918 Michaels Stores, Inc. 5,503 225,623 Office Depot, Inc. (a) 8,736 247,928 O'Reilly Automotive, Inc. (a) 2,349 75,779 Payless ShoeSource, Inc. (a) 2,718 52,784
Rent-A-Center, Inc. (a) 1,122 23,663 Staples, Inc. 11,540 262,766 TJX Cos., Inc. 7,500 176,325 ----------------- 2,797,513 ----------------- TEXTILES, APPAREL & LUXURY GOODS (0.2%) Coach, Inc. (a) 6,013 211,116 Jones Apparel Group, Inc. 899 27,482 ----------------- 238,598 ----------------- THRIFTS & MORTGAGE FINANCE (1.8%) Countrywide Financial Corp. 23,491 845,676 Fannie Mae 23,804 1,329,691 Freddie Mac 7,271 460,109 Independence Community Bank Corp. 3,223 119,283 IndyMac Bancorp, Inc. 474 20,671 Radian Group, Inc. 651 33,579 Webster Financial Corp. 330 15,906 ----------------- 2,824,915 ----------------- TOBACCO (1.7%) & Altria Group, Inc. 36,114 2,418,193 UST, Inc. 4,711 216,800 ----------------- 2,634,993 ----------------- TRADING COMPANIES & DISTRIBUTORS (0.1%) GATX Corp. 1,994 75,373 United Rentals, Inc. (a) 2,969 55,223 ----------------- 130,596 ----------------- WIRELESS TELECOMMUNICATION SERVICES (1.5%) Nextel Communications, Inc.-Class A (a) 64,344 2,239,171 ----------------- Total Common Stocks (Cost $141,055,306) 152,186,334 ----------------- INVESTMENT COMPANIES (0.4%) CAPITAL MARKETS (0.4%) DIAMONDS Trust Series I (c) 5,693 606,589 ----------------- Total Investment Companies (Cost $595,509) 606,589 ----------------- SHORT-TERM INVESTMENTS (1.9%) INVESTMENT COMPANIES (0.9%) American Beacon Money Market Fund (d) 601,072 601,072 BGI Institutional Money Market Fund (d) 674,526 674,526 Merrimac Cash Series, Premium Class (d) 90,161 90,161 ----------------- Total Investment Companies (Cost $1,365,759) 1,365,759 -----------------
PRINCIPAL AMOUNT TIME DEPOSITS (1.0%) Keybank Eurodollar Overnight (d) 3.281%, due 8/1/05 $ 901,607 901,607 Svenska Handlesbanken Eurodollar Overnight (d) 3.29%, due 8/1/05 601,072 601,072 ----------------- Total Time Deposits (Cost $1,502,679) 1,502,679 -----------------
Total Short-Term Investments (Cost $2,868,438) 2,868,438 ------------------ Total Investments (Cost $144,519,253) (e) 101.6 % 155,661,361(f) Liabilities in Excess of Cash and Other Assets (1.6) (2,417,378) --------------- ------------------ Net Assets 100.0 % $ 153,243,983 =============== ==================
+ Percentages indicated are based on Fund net assets. ++ Less than one tenth of a percent. & Among the Fund's 10 largest holdings, excluding short-term investments. May be subject to change daily. (a) Non-income producing security. (b) Represents security, or a portion thereof, which is out on loan. (c) Exchange Traded Fund - represents a basket of securities that are traded on an exchange. (d) Represents security, or a portion thereof, purchased with cash collateral received for securities on loan. (e) The cost for federal income tax purposes is $144,912,634. (f) At July 31, 2005 net unrealized appreciation was $10,748,727, based on cost for federal income tax purposes. This consisted of aggregate gross unrealized appreciation for all investments on which there was an excess of market value over cost of $14,481,916 and aggregate gross unrealized depreciation for all investments on which there was an excess of cost over market value of $3,733,189. MAINSTAY CONVERTIBLE FUND PORTFOLIO OF INVESTMENTS July 31, 2005 unaudited
PRINCIPAL AMOUNT VALUE ------------ ------------ CONVERTIBLE SECURITIES (86.9%) + CONVERTIBLE BONDS (69.0%) ADVERTISING (0.8%) Lamar Advertising Co. 2.875%, due 12/31/10 $ 3,940,000 $ 4,146,850 ------------ AEROSPACE & DEFENSE (0.7%) L-3 Communications Corp. 3.00%, due 8/1/35 (a) 3,505,000 3,575,100 ------------ AGRICULTURE (0.3%) Bunge, Ltd. Finance Corp., Guaranteed Note 3.75%, due 11/15/22 840,000 1,607,550 ------------ APPAREL (1.0%) Reebok International, Ltd., Series B 2.00%, due 5/1/24 (b) (c) 4,965,000 5,225,662 ------------ BANKS (1.1%) Credit Suisse/New York NY, Senior Note 0.50%, due 3/21/11 6,600,000 6,055,500 ------------ BIOTECHNOLOGY (4.1%) Amgen, Inc. (Zero Coupon) 0.00%, due 3/1/32 6,720,000 5,283,600 Genzyme Corp., Senior Note 1.25%, due 12/1/23 5,410,000 10,073,712 Invitrogen Corp., Senior Note 1.50%, due 2/15/24 6,375,000 6,151,875 ------------ 21,509,187 ------------ COMPUTERS (0.7%) DST Systems, Inc. 4.125%, due 8/15/23 2,800,000 3,353,000 DST Systems, Inc., Series A, Senior Note 4.125%, due 8/15/23 (a) 345,000 413,137 ------------ 3,766,137 ------------ DISTRIBUTION & WHOLESALE (1.4%) Costco Wholesale Corp., Subordinated Note (Zero Coupon) 0.00%, due 8/19/17 7,130,000 7,486,500 ------------ DIVERSIFIED FINANCIAL SERVICES (12.2%) Affiliated Managers Group (Zero Coupon) 0.00%, due 5/7/21 (d) 4,140,000 5,190,525 American Express Co., Senior Note & 1.85%, due 12/1/33 (b)(c) 10,190,000 10,521,175 Lehman Brothers Holdings, Inc. & 1.25%, due 3/22/12 (e) 16,450,000 19,760,562 Merrill Lynch & Co., Inc. (Zero Coupon) 0.00%, due 3/13/32 (d) 7,710,000 7,767,825 SLM Corp., Senior Note 2.05%, due 7/25/35 (f) 10,265,000 10,464,860 Verizon Global Funding Corp. (Zero Coupon) 0.00%, due 5/15/21 16,765,000 10,478,125 ------------ 64,183,072 ------------ ELECTRIC (1.4%) PG&E Corp., Subordinated Note
9.50%, due 6/30/10 1,185,000 3,423,169 Reliant Energy, Inc., Senior Subordinated Note 5.00%, due 8/15/10 (a) 2,430,000 3,769,537 ---------- 7,192,706 ---------- ELECTRONICS (4.5%) Cymer, Inc., Subordinated Note 3.50%, due 2/15/09 2,625,000 2,559,375 Fisher Scientific International, Senior Note 2.50%, due 10/1/23 (a)(c) 3,315,000 5,018,081 Fisher Scientific International, Senior Subordinated Note 3.25%, due 3/1/24 (c) 4,635,000 4,930,481 Flextronics International, Ltd., Subordinated Note 1.00%, due 8/1/10 5,430,000 5,681,137 Vishay Intertechnology, Inc., Subordinated Note 3.625%, due 8/1/23 5,500,000 5,493,125 ---------- 23,682,199 ---------- ENTERTAINMENT (1.1%) International Game Technology (Zero Coupon) 0.00%, due 1/29/33 8,859,000 5,691,907 ---------- ENVIRONMENTAL CONTROL (0.6%) Waste Connections Inc., Subordinated Note 3.71%, due 5/1/22 (f) 2,765,000 3,235,326 ---------- FOOD (0.8%) Supervalu, Inc. (Zero Coupon) 0.00%, due 11/2/31 (c) 12,045,000 4,336,200 ---------- FOREST PRODUCTS & PAPER (0.7%) International Paper Co. (Zero Coupon) 0.00%, due 6/20/21 6,705,000 3,738,037 ---------- HEALTH CARE-PRODUCTS (1.3%) Medtronic, Inc., Series B 1.25%, due 9/15/21 (c) 6,935,000 6,978,344 ---------- HEALTH CARE-SERVICES (0.5%) Health Management Associates, Inc., Senior Subordinated Note 1.50%, due 8/1/23 2,455,000 2,577,750 ---------- INSURANCE (1.1%) AON Corp., Senior Note 3.50%, due 11/15/12 4,550,000 5,727,312 ---------- INTERNET (2.0%) Amazon.Com, Inc., Senior Subordinated Note 4.75%, due 2/1/09 5,415,000 5,252,550 At Home Corp., Subordinated Note 4.75%, due 12/15/06 (g)(h) 9,147,056 915 Yahoo!, Inc. (Zero Coupon) 0.00%, due 4/1/08 3,250,000 5,382,813 ---------- 10,636,278 ---------- LEISURE TIME (0.9%) Carnival Corp., Guaranteed Senior Note 1.132%, due 4/29/33 (b) 6,320,000 4,913,800 ---------- LODGING (2.2%) Hilton Hotels Corp., Senior Note & 3.375%, due 4/15/23 9,525,000 11,751,469 ---------- MEDIA (2.2%) Liberty Media Corp., Senior Note 0.75%, due 3/30/23 (a) 2,460,000 2,638,350 Sirius Satellite Radio, Inc., Senior Note 2.50%, due 2/15/09 2,440,000 4,016,850
Walt Disney Co., Senior Note 2.125%, due 4/15/23 (c) 4,835,000 5,004,225 ----------- 11,659,425 ----------- MINING (1.2%) Inco, Ltd. 1.00%, due 3/14/23 3,805,000 5,131,994 Placer Dome, Inc., Senior Note 2.75%, due 10/15/23 (c) 1,060,000 1,078,550 ----------- 6,210,544 ----------- MISCELLANEOUS - MANUFACTURING (2.7%) Tyco International Group SA, Series A, Senior Note & 2.75%, due 1/15/18 10,445,000 14,035,469 ----------- OIL & GAS (4.7%) Diamond Offshore Drilling, Inc. 1.50%, due 4/15/31 (c) 4,610,000 5,797,075 Pride International, Inc., Senior Note & 3.25%, due 5/1/33 (c) 15,870,000 19,103,513 ----------- 24,900,588 ----------- OIL & GAS SERVICES (7.8%) Cooper Cameron Corp., Senior Note & 1.50%, due 5/15/24 (c) 10,755,000 12,717,788 Halliburton Co., Senior Note & 3.125%, due 7/15/23 (a) 9,370,000 14,710,900 Schlumberger, Ltd. & 1.50%, due 6/1/23 11,305,000 13,820,363 ----------- 41,249,051 ----------- PHARMACEUTICALS (7.7%) Alza Corp., Subordinated Note (Zero Coupon) 0.00%, due 7/28/20 7,025,000 6,208,344 CV Therapeutics, Inc., Senior Subordinated Note 3.25%, due 8/16/13 1,585,000 1,983,231 IVAX Corp., Senior Note 1.875%, due 12/15/24 (a) 2,215,000 2,796,438 Teva Pharmaceutical Finance LLC, Series A 0.50%, due 2/1/24 (c) 4,300,000 4,214,000 Teva Pharmaceutical Finance NV, Senior Note & 0.375%, due 11/15/22 11,810,000 17,478,800 Wyeth, Senior Note 2.39%, due 1/15/24 (f) 7,580,000 7,830,822 ----------- 40,511,635 ----------- SEMICONDUCTORS (1.6%) ASM International NV 4.25%, due 12/6/11 (a) 1,395,000 1,328,738 Cypress Semiconductor Corp. 1.25%, due 6/15/08 4,905,000 5,561,044 Vitesse Semiconductor Corp., Subordinated Note 1.50%, due 10/1/24 (a) 1,675,000 1,425,844 ----------- 8,315,626 ----------- SOFTWARE (0.5%) Computer Associates International, Inc., Senior Note 1.625%, due 12/15/09 1,835,000 2,605,700 ----------- TELECOMMUNICATIONS (1.2%) AudioCodes, Ltd., Senior Note 2.00%, due 11/9/24 2,990,000 2,492,363 Ciena Corp. 3.75%, due 2/1/08 3,035,000 2,716,325 Lucent Technologies, Inc., Series B, Senior Note 2.75%, due 6/15/25 (c) 1,050,000 1,185,188 ----------- 6,393,876 ----------- Total Convertible Bonds (Cost $348,179,139) 363,898,800 -----------
SHARES ------- CONVERTIBLE PREFERRED STOCK (17.9%) AIRLINES (0.3%) Continental Airlines Finance Trust II 6.00% 62,800 1,562,150 ----------- AUTO MANUFACTURERS (1.0%) Ford Motor Co. Capital Trust II 6.50% 121,000 5,046,910 ----------- AUTOMOBILES (1.0%) General Motors Corp.-Class A 4.50% 224,487 5,535,849 ----------- BUILDING MATERIALS (0.2%) Owens Corning Capital LLC 6.50% (a)(i) 58,200 1,193,100 ----------- CAPITAL MARKETS (1.8%) Lehman Brothers Holdings, Inc. 6.25% 259,800 6,715,830 State Street Corp. 6.75% 13,000 2,886,000 ----------- 9,601,830 ----------- ELECTRIC UTILITIES (1.0%) FPL Group, Inc. 8.00% 78,800 5,148,004 ----------- INSURANCE (4.1%) Conseco, Inc. 5.50% 199,600 5,449,080 Hartford Financial Services Group, Inc. 7.00% (j) 121,400 8,885,266 Metlife, Inc. 6.375% 255,400 7,066,918 ----------- 21,401,264 ----------- METALS & MINING (0.5%) Freeport-McMoRan Copper & Gold, Inc. 5.50% 2,825 2,722,241 ----------- OFFICE ELECTRONICS (0.5%) Xerox Corp.-Class C 6.25% 21,600 2,492,640 ----------- OIL, GAS & CONSUMABLE FUELS (4.2%) & Amerada Hess Corp. 7.00% 134,800 13,717,248 Chesapeake Energy Corp. 5.00% (c) 40,400 6,625,600 El Paso Corp. 9.00% (k) 57,400 1,782,270 ----------- 22,125,118 ----------- TELECOMMUNICATIONS (1.7%) Lucent Technologies Capital Trust I 7.75% 9,117 9,086,230 ----------- THRIFTS & MORTGAGE FINANCE (1.6%) Fannie Mae 5.375% 86 8,199,595 ----------- Total Convertible Preferred Stock (Cost $89,427,839) 94,114,931 ----------- Total Convertible Securities (Cost $437,606,978) 458,013,731 -----------
COMMON STOCKS (8.0%) CAPITAL MARKETS (1.5%) Semiconductor HOLDRs Trust 53,900 2,012,087 SPDR Trust Series 1 (c)(l) 47,600 5,891,452 ---------- 7,903,539 ---------- DIVERSIFIED FINANCIAL SERVICES (0.7%) Citigroup, Inc. 87,670 3,813,645 ---------- ENERGY EQUIPMENT & SERVICES (2.4%) BJ Services Co. 26,100 1,591,839 Cooper Cameron Corp. (i) 17,900 1,270,542 Grant Prideco, Inc. (i) 45,900 1,473,390 Input/Output, Inc. (i) 84,700 613,228 Rowan Cos., Inc. 61,900 2,114,504 Tidewater, Inc. 88,600 3,576,782 Transocean, Inc. (i) 34,000 1,918,620 ---------- 12,558,905 ---------- HOTELS, RESTAURANTS & LEISURE (0.0%) ++ FHC Delaware, Inc. (i)(m) 54,216 542 ---------- INDEPENDENT POWER PRODUCERS & ENERGY TRADERS (0.6%) AES Corp. (The) (i) 199,300 3,198,766 ---------- MACHINERY (0.4%) Deere & Co. 29,000 2,132,370 ---------- MEDIA (0.8%) Sirius Satellite Radio, Inc. (c)(i) 442,900 3,020,578 Time Warner, Inc. (i) 58,700 999,074 ---------- 4,019,652 ---------- PHARMACEUTICALS (0.7%) Merck & Co., Inc. 122,700 3,811,062 ---------- SOFTWARE (0.6%) Microsoft Corp. 130,300 3,336,983 ---------- SPECIALTY RETAIL (0.3%) Bed Bath & Beyond, Inc. (i) 29,700 1,363,230 ---------- Total Common Stocks (Cost $37,755,577) 42,138,694 ----------
PRINCIPAL AMOUNT ----------- SHORT-TERM INVESTMENTS (13.9%) COMMERCIAL PAPER (3.3%) AIG Funding, Inc. 3.25%, due 8/9/05 $ 5,000,000 4,995,486 International Business Machines Corp. 3.17%, due 8/2/05 2,000,000 1,999,472 Toyota Motor Credit Corp. 3.24%, due 8/9/05 8,000,000 7,992,800 Rabobank USA Finance Corp. 3.28%, due 8/1/05 2,430,000 2,429,557 ---------- Total Commercial Paper (Cost $17,417,315) 17,417,315 ---------- FEDERAL AGENCIES (1.1%) Federal Home Loan Bank 3.19%, due 8/10/05 5,700,000 5,694,444 ---------- Total Federal Agencies (Cost $5,694,444) 5,694,444 ----------
SHARES ---------- INVESTMENT COMPANIES (4.9%) American Beacon Money Market Fund (n) 9,754,749 9,754,749 BGI Institutional Money Market Fund (n) 10,946,836 10,946,836 Merrimac Cash Series, Premium Class (n) 1,463,212 1,463,212 Merrill Lynch Funds For Institutions Series - Premier Institutional Fund 4,000,000 4,000,000 ---------- Total Investment Companies (Cost $26,164,797) 26,164,797 ----------
PRINCIPAL AMOUNT ------------ TIME DEPOSITS (4.6%) Keybank Eurodollar Overnight (n) 3.281%, due 8/1/05 $ 14,632,124 14,632,124 Svenska Handlesbanken Eurodollar Overnight (n) 3.29%, due 8/1/05 9,754,749 9,754,749 ------------ Total Time Deposits (Cost $24,386,873) 24,386,873 ------------ Total Short-Term Investments (Cost $73,663,429) 73,663,429 ------------ Total Investments (Cost $549,025,984) (o) 108.8% 573,815,854(p) Liabilities in Excess of Cash and Other Assets (8.8) (46,587,615) ------------ ------------ Net Assets 100% $527,228,239 ============ ============
+ Percentages indicated are based on Fund net assets. ++ Less than one tenth of a percent. & Among the Portfolio's 10 largest holdings, excluding short-term investments. May be subject to change daily. (a) May be sold to institutional investors only. (b) Step Bond. Coupon rate increases in increments to maturity. Rate shown is the rate in effect at July 31, 2005. (c) Represents security, or a portion thereof, which is out on loan. (d) LYON - Liquid Yield Option Note: callable, zero-coupon securities priced at a deep discount from par. They include a "put" feature that enables holders to redeem them at a specific date, at a specific price. Put prices reflect fixed interest rates, and therefore increase over time. (e) Synthetic Convertible - An equity-linked security issued by an entity other than the issuer of the underlying equity instrument. (f) Floating rate. Rate shown is the rate in effect at July 31, 2005. (g) Issue in default. (h) Issuer in bankruptcy (i) Non-income producing security. (j) Equity Units - each unit reflects 1 Senior Note plus 1 purchase contract to acquire shares of common stock at $50.00 by August 16, 2005. (k) Equity Units - each unit reflects 1 Senior Note plus 1 purchase contract to acquire shares of common stock at $50.00 by August 16, 2005. (l) Exchange Traded Fund - represents a basket of securities that are traded on an exchange. (m) Fair valued security. The total market value of these securities at July 31, 2005 is $542, less than 0.1% of the Fund's net assets. (n) Represents security, or a portion thereof, purchased with cash collateral received for securities on loan. (o) The cost for federal income tax purposes is $550,727,004. (p) At July 31, 2005 net unrealized appreciation was $23,088,850, based on cost for federal income tax purposes. This consisted of aggregate gross unrealized appreciation for all investments on which there was an excess of market value over cost of $36,043,229 and aggregate gross unrealized depreciation for all investments on which there was an excess of cost over market value of $12,954,379. MAINSTAY DIVERSIFIED INCOME FUND PORTFOLIO OF INVESTMENTS
PRINCIPAL AMOUNT VALUE --------- --------- LONG-TERM BONDS (90.3%) + ASSET-BACKED SECURITIES (0.9%) AIRLINES (0.0%) ++ Northwest Airlines, Inc. Series 1996-1, Class C 8.97%, due 7/2/16 $ 19,029 $ 11,399 --------- CONSUMER FINANCE (0.5%) BMW Vehicle Owner Trust Series 2003-A, Class A3 1.94%, due 2/25/07 36,723 36,602 Harley-Davidson Motorcycle Trust Series 2004-1, Class A2 2.53%, due 11/15/11 430,000 416,726 Volkswagen Auto Loan Enhanced Trust Series 2003-2, Class A3 2.27%, due 10/22/07 268,958 266,723 --------- 720,051 --------- CONSUMER LOANS (0.1%) Atlantic City Electric Transition Funding LLC Series 2002-1, Class A4 5.55%, due 10/20/23 75,000 79,510 --------- DIVERSIFIED FINANCIAL SERVICES (0.1%) Capital One Master Trust Series 2001-5, Class A 5.30%, due 6/15/09 70,000 70,730 --------- ELECTRIC (0.1%) Public Service of New Hampshire Funding LLC Series 2002-1, Class A 4.58%, due 2/1/10 140,213 140,655 --------- ENTERTAINMENT (0.1%) United Artists Theatre Circuit, Inc. Series 1995-A, Class A 9.30%, due 7/1/15 126,971 125,702 --------- THRIFTS & MORTGAGE FINANCE (0.0%) ++ Vanderbilt Mortgage Finance Series 1999-B, Class 1A4 6.545%, due 4/7/18 13,157 13,280 --------- Total Asset-Backed Securities (Cost $1,153,219) 1,161,327 ---------
CONVERTIBLE BONDS (0.9%) BIOTECHNOLOGY (0.1%) Amgen, Inc. (Zero Coupon) 0.00%, due 3/1/32 225,000 176,906 ------- DIVERSIFIED FINANCIAL SERVICES (0.1%) Lincare Holdings, Inc., Senior Note 3.00%, due 6/15/33 180,000 181,350 ------- HEALTH CARE-SERVICES (0.3%)
Laboratory Corp. of America Holdings (Zero Coupon) 0.00%, due 9/11/21 (a) 455,000 341,819 --------- INTERNET (0.1%) At Home Corp., Subordinated Note 4.75%, due 12/15/06 (b) (c) 504,238 50 Riverstone Networks, Inc., Senior Note 3.75%, due 12/1/06 (b) (d) 95,000 89,300 --------- 89,350 --------- MEDIA (0.1%) Adelphia Communications Corp., Subordinated Note 6.00%, due 2/15/06 (b) 80,000 4,200 UnitedGlobalCom, Inc. 1.75%, due 4/15/24 (d) 90,000 109,120 --------- 113,320 --------- TELECOMMUNICATIONS (0.2%) Lucent Technologies, Inc., Subordinated Note 8.00%, due 8/1/31 95,000 98,681 Nortel Networks Corp., Guaranteed Senior Note 4.25%, due 9/1/08 240,000 225,300 --------- 323,981 --------- Total Convertible Bonds (Cost $1,218,220) 1,226,726 ---------
CORPORATE BONDS (26.6%) ADVERTISING (0.1%) Bear Creek Corp., Senior Note 9.00%, due 3/1/13 (d) 40,000 39,600 Vertis, Inc., Senior Note 9.75%, due 4/1/09 120,000 125,400 ------- 165,000 ------- AEROSPACE & DEFENSE (0.2%) BE Aerospace, Inc., Senior Subordinated Note 8.00%, due 3/1/08 40,000 40,100 Sequa Corp. 8.875%, due 4/1/08 207,000 224,077 ------- 264,177 ------- AGRICULTURE (0.2%) Cargill, Inc. 4.375%, due 6/1/13 (d) 100,000 96,483 5.00%, due 11/15/13 (d) 135,000 135,080 ------- 231,563 ------- AIRLINES (0.4%) Delta Air Lines, Inc. 8.30%, due 12/15/29 (e) 671,000 150,975 9.75%, due 5/15/21 5,000 1,175 10.375%, due 12/15/22 10,000 2,350 Delta Air Lines, Inc., Senior Note 10.00%, due 8/15/08 (e) 35,000 10,150 Northwest Airlines Corp., Senior Note 10.00%, due 2/1/09 (e) 244,000 118,035 Northwest Airlines, Inc. 9.875%, due 3/15/07 (e) 175,000 92,750 Southwest Airlines Co. 5.125%, due 3/1/17 80,000 76,674 5.25%, due 10/1/14 40,000 39,454 ------- 491,563 ------- AUTO MANUFACTURERS (0.2%) DaimlerChrysler NA Holding Corp., Senior Note 6.50%, due 11/15/13 285,000 307,264 -------
AUTO PARTS & EQUIPMENT (0.3%) Collins & Aikman Products Co., Senior Note 10.75%, due 12/31/11 (b) (e) 50,000 13,750 Collins & Aikman Products Co., Senior Subordinated Note 12.875%, due 8/15/12 (d) 350,000 18,375 Goodyear Tire & Rubber Co. (The) 12.50%, due 3/1/11 360,000 407,700 --------- 439,825 --------- BANKS (0.3%) FleetBoston Financial Corp. 3.85%, due 2/15/08 60,000 58,941 Fremont General Corp., Series B, Senior Note 7.875%, due 3/17/09 255,000 260,100 Wachovia Corp., Senior Note 5.50%, due 8/1/35 110,000 109,839 --------- 428,880 --------- BUILDING MATERIALS (0.3%) Dayton Superior Corp., Senior Secured Note 10.75%, due 9/15/08 145,000 150,800 Goodman Global Holding Co., Inc., Senior Note 6.41%, due 6/15/12 (d) (f) 40,000 40,200 Interline Brands, Inc., Senior Subordinated Note 11.50%, due 5/15/11 121,000 134,310 MMI Products, Inc., Series B, Senior Subordinated Note 11.25%, due 4/15/07 70,000 68,425 --------- 393,735 --------- CHEMICALS (0.9%) Equistar Chemicals, LP/Equistar Funding Corp., Senior Note 10.625%, due 5/1/11 275,000 306,625 Lyondell Chemical Co., Senior Secured Note 10.50%, due 6/1/13 215,000 248,325 Millennium America, Inc., Senior Note 7.00%, due 11/15/06 80,000 82,000 7.625%, due 11/15/26 149,000 139,501 Terra Capital, Inc., Senior Secured Note 12.875%, due 10/15/08 372,000 440,820 --------- 1,217,271 --------- COMMERCIAL SERVICES (0.5%) Great Lakes Dredge & Dock Corp., Senior Subordinated Note 7.75%, due 12/15/13 100,000 85,500 Language Line, Inc., Senior Subordinated Note 11.125%, due 6/15/12 125,000 118,750 Phoenix Color Corp., Senior Subordinated Note 10.375%, due 2/1/09 113,000 105,372 Protection One Alarm Monitoring, Inc., Series B, Guaranteed Senior Subordinated Note 8.125%, due 1/15/09 65,000 63,050 Quintiles Transnational Corp., Senior Subordinated Note 10.00%, due 10/1/13 220,000 245,300 --------- 617,972 --------- COMPUTERS (0.4%) SunGard Data Systems, Inc., Senior Note 3.75%, due 1/15/09 140,000 129,500 3.967%, due 8/15/13 (d) (f) 50,000 51,812 4.875%, due 1/15/14 25,000 21,875 9.125%, due 8/15/13 (d) 155,000 161,006 SunGard Data Systems Inc., Senior Subordinated Note 10.25%, due 8/15/15 (d) 210,000 217,612 --------- 581,805 --------- CONTAINERS & PACKAGING (0.1%) Smurfit Capital Funding PLC, Guaranteed Note
7.50%, due 11/20/25 185,000 172,975 --------- DIVERSIFIED FINANCIAL SERVICES (4.9%) American Real Estate Partners, LP, Senior Note 8.125%, due 6/1/12 270,000 284,850 Bear Stearns Cos. (The), Inc., Global Note 4.00%, due 1/31/08 230,000 227,362 Caithness Coso Funding Corp., Series B, Senior Secured Note 9.05%, due 12/15/09 177,184 194,903 Citigroup, Inc., Note 0.80%, due 10/30/08 30,000,000 269,915 Dollar Financial Group, Inc., Senior Note 9.75%, due 11/15/11 80,000 83,000 FGIC Corp. 6.00%, due 1/15/34 (d) 160,000 170,489 General Electric Capital Corp. 5.25%, due 12/10/13 140,000 252,398 General Motors Acceptance Corp. 6.15%, due 4/5/07 175,000 174,883 8.00%, due 11/1/31 340,000 329,801 General Motors Acceptance Corp., Global Note 6.75%, due 12/1/14 280,000 263,728 General Motors Acceptance Corp., Senior Note 5.625%, due 5/15/09 90,000 86,292 Goldman Sachs Group, Inc. 5.125%, due 4/24/13 170,000 227,846 Goldman Sachs Group, Inc., Guaranteed Note 6.345%, due 2/15/34 95,000 100,452 HSBC Finance Corp. 4.75%, due 4/15/10 200,000 199,672 5.00%, due 6/30/15 305,000 302,027 6.375%, due 11/27/12 90,000 97,401 7.25%, due 5/15/06 400,000 409,109 IPC Acquisition Corp., Senior Subordinated Note 11.50%, due 12/15/09 285,000 308,883 J Paul Getty Trust, Series 2003 5.875%, due 10/1/33 90,000 95,713 JP Morgan Chase Capital XVII 8.85%, due 8/1/35 100,000 99,245 LaBranche & Co., Inc., Senior Note 9.50%, due 5/15/09 100,000 107,500 11.00%, due 5/15/12 160,000 177,600 Morgan Stanley 3.625%, due 4/1/08 265,000 258,874 Morgan Stanley & Co. 5.375%, due 11/14/13 390,000 700,659 OMX Timber Finance Investments LLC, Series 1 5.42%, due 1/29/20 (d) 100,000 101,150 Pharma Services Intermediate Holding Corp., Senior Note 0.00%, due 4/1/14 (g) 225,000 168,750 Rainbow National Services LLC, Guaranteed Senior Note 8.75%, due 9/1/12 (d) 90,000 98,775 10.375%, due 9/1/14 (d) 260,000 297,700 Residential Capital Corp. 6.375%, due 6/30/10 (d) 170,000 172,732 Ucar Finance, Inc., Guaranteed Senior Note 10.25%, due 2/15/12 205,000 219,862 --------- 6,481,571 --------- DIVERSIFIED TELECOMMUNICATION SERVICES (0.2%) Telcordia Technologies, Inc., Senior Subordinated Note 10.00%, due 3/15/13 (d) 200,000 194,000 --------- ELECTRIC (1.8%) AES Corp. (The), Senior Secured Note 9.00%, due 5/15/15 (d) 400,000 446,000 AES Eastern Energy, LP, Series 1999-A 9.00%, due 1/2/17 344,933 403,572
Calpine Corp. 9.875%, due 12/1/11 (d) 29,000 22,765 Calpine Corp., Senior Secured Note 8.50%, due 7/15/10 (d) (e) 361,000 277,970 Calpine Gilroy, LP 10.00%, due 9/30/14 (h) 239,335 239,335 Kiowa Power Partners LLC, Senior Secured Note 5.737%, due 3/30/21 (d) 215,000 213,306 Mirant Americas Generation LLC, Senior Note 8.30%, due 5/1/11 (b) 45,000 51,750 8.50%, due 10/1/21 (b) 165,000 189,750 9.125%, due 5/1/31 (b) (e) 45,000 53,325 PSEG Energy Holdings LLC, Senior Note 8.625%, due 2/15/08 50,000 53,375 PSEG Power LLC, Senior Note 6.875%, due 4/15/06 300,000 305,099 Tenaska Virginia Partners, LP, Senior Secured Note 6.119%, due 3/30/24 (d) 107,609 112,186 --------- 2,368,433 --------- ELECTRICAL COMPONENTS & EQUIPMENT (0.1%) Emerson Electric Co. 6.00%, due 8/15/32 50,000 55,305 Spectrum Brands Inc., Senior Subordinated Note 8.50%, due 10/1/13 50,000 52,750 --------- 108,055 --------- ENTERTAINMENT (0.2%) LCE Acquisition Corp., Senior Subordinated Note 9.00%, due 8/1/14 (d) 95,000 92,625 President Casinos, Inc. 12.00%, due 9/15/06 (b) (d) (p) 21,387 21,173 13.00%, due 9/15/06 (b) (p) 47,658 46,705 Warner Music Group, Senior Subordinated Note 7.375%, due 4/15/14 95,000 98,087 --------- 258,590 --------- ENVIRONMENTAL CONTROL (0.2%) Geo Sub Corp., Senior Note 11.00%, due 5/15/12 235,000 237,350 --------- FOOD (0.5%) Chiquita Brands International, Inc., Senior Note 7.50%, due 11/1/14 35,000 33,950 Pinnacle Foods Holding Corp., Senior Subordinated Note 8.25%, due 12/1/13 (e) 240,000 218,400 Safeway, Inc. 4.125%, due 11/1/08 70,000 68,398 6.15%, due 3/1/06 160,000 161,326 Swift & Co., Senior Note 10.125%, due 10/1/09 45,000 48,937 Swift & Co., Senior Subordinated Note 12.50%, due 1/1/10 165,000 184,387 --------- 715,398 --------- GAS UTILITIES (0.1%) Star Gas Partners, LP/Star Gas Finance Co., Senior Note 10.25%, due 2/15/13 (e) 140,000 129,500 --------- HAND & MACHINE TOOLS (0.1%) Thermadyne Holdings Corp., Senior Subordinated Note 9.25%, due 2/1/14 100,000 95,000 --------- HEALTH CARE PROVIDERS & SERVICES (0.2%) Vanguard Health Holding Co. II LLC, Senior Subordinated Note 9.00%, due 10/1/14 175,000 190,312 --------- HEALTH CARE-SERVICES (0.6%)
Ameripath, Inc., Senior Subordinated Note 10.50%, due 4/1/13 190,000 192,375 Highmark, Inc., Senior Note 6.80%, due 8/15/13 (d) 245,000 267,557 National Nephrology Associates, Inc., Senior Subordinated Note 9.00%, due 11/1/11 (d) 75,000 83,812 Quest Diagnostics, Inc. 6.75%, due 7/12/06 220,000 224,622 --------- 768,366 --------- HOME BUILDERS (0.1%) Beazer Homes USA, Inc., Senior Note 6.875%, due 7/15/15 (d) 170,000 171,700 --------- HOME FURNISHINGS (1.3%) Fedders North America, Inc., Senior Note 9.875%, due 3/1/14 95,000 67,450 & Whirlpool Corp. 5.50%, due 8/11/35 1,670,000 1,678,871 --------- 1,746,321 --------- HOTELS, RESTAURANTS & LEISURE (0.2%) Caesars Entertainment, Inc., Senior Subordinated Note 8.875%, due 9/15/08 35,000 38,937 Starwood Hotel & Resorts 7.375%, due 11/15/15 172,000 190,920 --------- 229,857 --------- HOUSEHOLD PRODUCTS & WARES (0.1%) Spectrum Brands, Inc., Senior Subordinated Note 7.375%, due 2/1/15 190,000 187,625 --------- INSURANCE (0.5%) Crum & Forster Holdings Corp. 10.375%, due 6/15/13 220,000 242,000 Fund American Cos., Inc., Guaranteed Senior Note 5.875%, due 5/15/13 190,000 193,854 Lumbermens Mutual Casualty, Senior Note 8.45%, due 12/1/97 (b) (d) 35,000 1,312 9.15%, due 7/1/26 (b) (d) 535,000 20,062 Phoenix Life Insurance Co., Senior Note 7.15%, due 12/15/34 (d) 175,000 176,268 --------- 633,496 --------- INTERNET (0.0%) ++ Globix Corp., Senior Secured Note 11.00%, due 5/1/08 (d) (i) 48,788 46,349 --------- IRON & STEEL (0.3%) Allegheny Ludlum Corp. 6.95%, due 12/15/25 20,000 18,712 Allegheny Technologies, Inc. 8.375%, due 12/15/11 185,000 194,250 United States Steel LLC, Senior Note 10.75%, due 8/1/08 150,000 168,562 --------- 381,524 --------- LODGING (0.0%) ++ Caesars Entertainment, Inc. 9.375%, due 2/15/07 45,000 47,813 --------- MACHINERY (0.3%) Mark IV Industries, Inc., Senior Subordinated Note 7.50%, due 9/1/07 414,000 399,510 --------- MEDIA (2.3%) Adelphia Communications Corp., Senior Note 10.25%, due 11/1/06 (b) (e) 155,000 132,138
10.25%, due 6/15/11 (b) (e) 165,000 148,706 Adelphia Communications Corp., Series B, Senior Note 9.25%, due 10/1/32 (b) 20,000 17,050 Clear Channel Communications, Inc. 5.50%, due 9/15/14 190,000 178,012 Frontiervision Operating PRT, Senior Subordinated Note 11.00%, due 10/15/06 (b) 389,000 527,095 Houghton Mifflin Co. 7.20%, due 3/15/11 470,000 478,225 Medianews Group, Inc., Senior Subordinated Note 6.875%, due 10/1/13 65,000 65,488 Morris Publishing Group LLC, Senior Subordinated Note 7.00%, due 8/1/13 220,000 218,075 Paxson Communications Corp., Senior Subordinated Note 12.25%, due 1/15/09 (g) 290,000 275,500 Reed Elsevier Capital, Inc. 4.625%, due 6/15/12 120,000 117,042 Time Warner Entertainment Co., LP, Senior Note 10.15%, due 5/1/12 415,000 527,721 Ziff Davis Media, Inc., Senior Secured Note 9.15%, due 5/1/12 (f) 135,000 130,613 Ziff Davis Media, Inc., Series B, Senior Note 13.00%, due 8/12/09 (i) 187,004 199,627 --------- 3,015,292 --------- METAL FABRICATE & HARDWARE (0.1%) Mueller Group, Inc., Senior Subordinated Note 10.00%, due 5/1/12 140,000 149,800 --------- OIL & GAS (0.8%) Enterprise Products Operating, LP, Series B, Senior Note 6.65%, due 10/15/34 155,000 167,208 Evergreen Resources, Inc., Senior Note 5.875%, due 3/15/12 50,000 50,365 Forest Oil Corp. 8.00%, due 6/15/08 210,000 224,700 Hilcorp Energy I, LP/Hilcorp Finance Co., Senior Note 10.50%, due 9/1/10 (d) 15,000 16,650 Mission Resources Corp., Senior Note 9.875%, due 4/1/11 150,000 162,000 Newfield Exploration Co., Senior Note 7.625%, due 3/1/11 15,000 16,425 Newfield Exploration Co., Senior Subordinated Note 8.375%, due 8/15/12 15,000 16,350 Parker Drilling Co., Senior Note 9.625%, due 10/1/13 (d) 80,000 90,800 10.125%, due 11/15/09 (e) 4,000 4,205 Plains Exploration & Production Co., Senior Subordinated Note 8.75%, due 7/1/12 100,000 109,250 Vintage Petroleum, Inc., Senior Note 8.25%, due 5/1/12 220,000 238,425 --------- 1,096,378 --------- OIL & GAS SERVICES (0.1%) Lone Star Technologies, Senior Subordinated Note 9.00%, due 6/1/11 125,000 133,438 --------- PACKAGING & CONTAINERS (0.8%) Consolidated Container Co. LLC, Senior Note 10.75%, due 6/15/09 (g) 245,000 188,650 Owens-Brockway, Senior Secured Note 8.875%, due 2/15/09 145,000 153,338 Owens-Illinois, Inc., Senior Note 7.80%, due 5/15/18 383,000 398,320 8.10%, due 5/15/07 (e) 270,000 281,475 --------- 1,021,783 ---------
PAPER & FOREST PRODUCTS (0.6%) Georgia-Pacific Corp. 8.875%, due 5/15/31 70,000 87,500 Georgia-Pacific Corp., Senior Note 8.875%, due 2/1/10 395,000 444,375 9.375%, due 2/1/13 45,000 50,850 Pope & Talbot, Inc. 8.375%, due 6/1/13 167,000 165,330 Pope & Talbot, Inc., Senior Note 8.375%, due 6/1/13 45,000 44,550 --------- 792,605 --------- PHARMACEUTICALS (0.3%) Medco Health Solutions, Inc., Senior Note 7.25%, due 8/15/13 240,000 267,136 Warner Chilcott Corp., Senior Subordinated Note 8.75%, due 2/1/15 (d) 85,000 83,938 --------- 351,074 --------- PIPELINES (1.2%) ANR Pipeline Co. 9.625%, due 11/1/21 130,000 165,394 Dynegy Holdings, Inc., Senior Note 9.875%, due 7/15/10 (d) 75,000 82,875 EI Paso Natural Gas Co. 7.50%, due 11/15/26 25,000 26,879 EI Paso Natural Gas Co., Senior Note 7.625%, due 8/1/10 205,000 215,805 EI Paso Production Holding Co., Senior Note 7.75%, due 6/1/13 485,000 514,706 Energy Transfer Partners, LP 5.95%, due 2/1/15 260,000 261,496 Kern River Funding Corp., Senior Note 4.893%, due 4/30/18 (d) 250,158 250,501 Pacific Energy Partners, LP / Pacific Energy Finance Corp., Senior Note 7.125%, due 6/15/14 60,000 63,450 --------- 1,581,106 --------- REAL ESTATE (1.0%) CB Richard Ellis Services, Inc., Senior Note 9.75%, due 5/15/10 73,000 81,213 CB Richard Ellis Services, Inc., Senior Subordinated Note 11.25%, due 6/15/11 244,000 271,450 Crescent Real Estate Equities, LP 7.50%, due 9/15/07 310,000 316,975 iStar Financial, Inc., Senior Note 6.50%, due 12/15/13 130,000 133,969 Omega Healthcare Investors, Inc., Senior Note 7.00%, due 4/1/14 255,000 258,825 Trustreet Properties, Inc., Senior Note 7.50%, due 4/1/15 (d) 250,000 256,875 --------- 1,319,307 --------- RETAIL (1.0%) Blockbuster, Inc., Senior Subordinated Note 9.00%, due 9/1/12 (d) (e) 150,000 136,125 CVS Corp. 5.298%, due 1/11/27 (d) 127,779 129,507 5.789%, due 1/10/26 (d) 106,251 111,932 Dayton Hudson Co. 8.60%, due 1/15/12 125,000 151,082 Duane Reade, Inc., Senior Secured Note 7.91%, due 12/15/10 (d) (f) 45,000 43,875 Kohl's Corp. 6.00%, due 1/15/33 285,000 300,051 Toys R US, Inc. 7.625%, due 8/1/11 (e) 395,000 356,488 Wal-Mart Stores, Inc.
4.50%, due 7/1/15 125,000 121,343 ---------- 1,350,403 ---------- SEMICONDUCTORS (0.3%) Amkor Technology, Inc., Senior Note 7.125%, due 3/15/11 (e) 190,000 165,775 7.75%, due 5/15/13 (e) 20,000 17,000 MagnaChip Semiconductor SA/MagnaChip Semiconductor Finance Co. 6.66%, due 12/15/11 (d) (f) 95,000 95,000 MagnaChip Semiconductor SA/MagnaChip Semiconductor Finance Co., Senior Subordinated Note 8.00%, due 12/15/14 (d) 125,000 120,938 ---------- 398,713 ---------- SOFTWARE (0.1%) Computer Associates International, Inc., Senior Note 4.75%, due 12/1/09 (d) 120,000 118,654 ---------- TELECOMMUNICATIONS (2.4%) AT&T Corp., Reg S 7.75%, due 11/21/06 120,000 153,453 Citizens Communications Co. 7.60%, due 6/1/06 100,000 101,500 9.25%, due 5/15/11 45,000 50,288 Dobson Cellular Systems, Senior Note 7.96%, due 11/1/11 (f) 40,000 41,700 8.375%, due 11/1/11 40,000 42,500 9.875%, due 11/1/12 75,000 82,969 Loral Cyberstar, Inc., Senior Note 10.00%, due 7/15/06 (b) 233,000 209,700 Lucent Technologies, Inc. 7.25%, due 7/15/06 (e) 172,000 176,085 MCI, Inc. 6.908%, due 5/1/07 21,000 21,263 New Cingular Wireless Services, Inc., Senior Note 8.75%, due 3/1/31 215,000 297,030 PanAmSat Corp., Senior Note 9.00%, due 8/15/14 92,000 101,660 Qwest Communications International, Inc., Senior Note 7.25%, due 2/15/11 250,000 243,750 7.50%, due 2/15/14 65,000 62,725 Qwest Communications International, Inc., Series B, Senior Note 7.50%, due 2/15/14 (d) 200,000 193,000 Qwest Corp. 5.625%, due 11/15/08 15,000 14,794 7.50%, due 6/15/23 195,000 178,425 8.875%, due 3/15/12 100,000 109,500 8.875%, due 6/1/31 180,000 184,500 Qwest Services Corp., Senior Subordinated Note 13.50%, due 12/15/10 159,000 182,850 14.00%, due 12/15/14 110,000 133,100 SBC Communications, Inc., Global Note 4.125%, due 9/15/09 115,000 112,563 Triton PCS, Inc., Guaranteed Senior Note 8.50%, due 6/1/13 (e) 235,000 216,200 TSI Telecommunications, Senior Subordinated Note 12.75%, due 2/1/09 240,000 266,400 ---------- 3,175,955 ---------- Total Corporate Bonds (Cost $34,398,041) 35,207,308 ----------
CORPORATE BONDS - FOREIGN (9.2%) ARGENTINA (0.2%) Argentine Beverages Financial Trust 7.375%, due 3/22/12 (d) 250,000 253,750 YPF SA 9.125%, due 2/24/09 60,000 65,550 --------- 319,300 --------- BERMUDA (0.4%) AES China Generating Co. 8.25%, due 6/26/10 230,000 235,352 Intelsat Bermuda, Ltd., Senior Note 8.25%, due 1/15/13 (d) 135,000 141,075 8.695%, due 1/15/12 (d) (f) 160,000 163,200 --------- 539,627 --------- BRAZIL (0.5%) CIA Brasileira de Bebidas, Guaranteed Note 10.50%, due 12/15/11 365,000 453,513 Caue Finance, Ltd., Guaranteed Note 8.875%, due 8/1/15 (d) 200,000 204,500 --------- 658,013 --------- CANADA (1.2%) Quebecor Media, Inc., Senior Note 11.125%, due 7/15/11 72,000 79,920 13.75%, due 7/15/11 (g) 301,000 304,386 CanWest Media, Inc., Senior Subordinated Note 8.00%, due 9/15/12 202,611 215,021 Hollinger, Inc. 11.875%, due 3/1/11 (d) 40,000 40,000 Hollinger, Inc., Senior Secured Note 12.875%, due 3/1/11 (d) 133,000 145,469 Rogers Cable, Inc., Senior Secured Note 7.875%, due 5/1/12 245,000 267,663 Shaw Communications, Inc., Senior Note 7.50%, due 11/20/13 225,000 201,920 Sun Media Corp., Senior Note 7.625%, due 2/15/13 210,000 221,025 Alcan, Inc., Senior Note 5.75%, due 6/1/35 145,000 145,813 --------- 1,621,217 --------- CAYMAN ISLANDS (0.2%) Votorantim Overseas III 7.875%, due 1/23/14 (d) 100,000 102,000 CSN Islands VIII Corp., Guaranteed Note 9.75%, due 12/16/13 (d) 200,000 213,000 --------- 315,000 --------- CHILE (0.4%) AES Gener SA, Senior Note 7.50%, due 3/25/14 250,000 256,605 Corp Nacional del Cobre de Chile - Codelco 5.50%, due 10/15/13 (d) 55,000 56,551 Empresa Nacional de Petroleo ENAP 6.75%, due 11/15/12 (d) 200,000 217,515 --------- 530,671 --------- COLOMBIA (0.2%) Bavaria SA, Senior Note 8.875%, due 11/1/10 (d) 215,000 239,188 --------- DENMARK (0.1%) Realkredit Danmark A/S 6.00%, due 10/1/29 1,147,637 193,780 --------- FRANCE (0.3%) Crown European Holdings SA, Senior Secured Note 9.50%, due 3/1/11 300,000 330,000 10.875%, due 3/1/13 60,000 70,350 ---------
400,350 --------- GERMANY (2.0%) Kreditanstalt fuer Wiederaufbau 4.75%, due 8/18/06 724,000 900,972 Landwirtschaftliche Rentenbank Series E 0.65%, due 9/30/08 50,000,000 450,745 Aries Vermoegensverwaltungs GmbH Series C 9.60%, due 10/25/14 (d) 250,000 321,000 Aries Vermoegensverwaltungs GmbH, Reg S 9.60%, due 10/25/14 250,000 320,925 Citibank Global Markets Deutschland for Severstal 9.25%, due 4/19/14 (d) 190,000 196,175 Dresdner Bank AG for Kyivstar GSM 10.375%, due 8/17/09 (d) 275,000 304,975 Ultrapetrol Bahamas, Ltd. 9.00%, due 11/24/14 100,000 88,750 --------- 2,583,542 --------- JAPAN (0.2%) Nippon Life Insurance, Global Note 4.875%, due 8/9/10 (d) 250,000 248,342 --------- LIBERIA (0.1%) Royal Caribbean Cruises, Ltd., Senior Note 6.875%, due 12/1/13 135,000 144,788 --------- LUXEMBOURG (0.7%) UBS Luxembourg SA for Wimm-Bill-Dann Foods OJSC, Guaranteed Note 8.50%, due 5/21/08 (d) 100,000 101,125 Gazprom International SA 7.201%, due 2/1/20 (d) 200,000 214,750 Tengizchevroil Finance Co., SARL, Guaranteed Note 6.124%, due 11/15/14 (d) 100,000 101,375 Millicom International Cellular SA, Senior Note 10.00%, due 12/1/13 300,000 310,500 Mobile Telesystems Finance SA 9.75%, due 1/30/08 (d) 150,000 161,250 --------- 889,000 --------- MEXICO (0.5%) Innova S de RL, Senior Note 9.375%, due 9/19/13 100,000 113,000 Telefonos de Mexico SA de CV, Senior Note 4.50%, due 11/19/08 180,000 177,403 5.50%, due 1/27/15 (d) 110,000 108,286 8.25%, due 1/26/06 200,000 203,825 Grupo Transportacion Ferroviaria Mexicana SA DE CV, Senior Note 12.50%, due 6/15/12 50,000 58,875 --------- 661,389 --------- NETHERLANDS (0.4%) Kazkommerts International BV, Guaranteed Note 8.50%, due 4/16/13 (d) 400,000 425,000 Coca-Cola HBC Finance BV 5.125%, due 9/17/13 50,000 50,945 Parmalat Finance Corp. BV 6.25%, due 2/7/25 (b) 300,000 90,934 --------- 566,879 --------- RUSSIA (0.4%) Morgan Stanley Bank AG for OAO Gazprom 9.625%, due 3/1/13 (d) 160,000 194,400 Salomon Brothers AG for OAO Siberian Oil Co., Reg S 10.75%, due 1/15/09 100,000 115,000
Salomon Brothers AG for Tyumen Oil Co. 11.00%, due 11/6/07 (d) 250,000 277,813 ---------- 587,213 ---------- SINGAPORE (0.3%) PSA Corp., Ltd. 7.125%, due 8/1/05 (d) 190,000 190,000 SP PowerAssets, Ltd. 5.00%, due 10/22/13 (d) 175,000 176,820 ---------- 366,820 ---------- SOUTH KOREA (0.1%) LG Electronics, Inc. 5.00%, due 6/17/10 (d) 100,000 98,275 ---------- SUPRANATIONAL (0.3%) INVISTA 9.25%, due 5/1/12 (d) 205,000 225,756 Jafra Cosmetics International, Inc./Distribuidora Comerical Jafra SA de CV, Senior Subordinated Note 10.75%, due 5/15/11 118,000 132,160 ---------- 357,916 ---------- SWEDEN (0.2%) Stena AB 9.625%, due 12/1/12 200,000 220,250 ---------- UNITED KINGDOM (0.5%) Ono Finance 10.50%, due 5/15/14 (d) 110,000 140,038 Inmarsat Finance PLC, Senior Note 0.00%, due 11/15/12 (g) 250,000 200,000 Navigator Gas Transport PLC 10.50%, due 6/30/07 (b)(d)(j) 362,000 333,040 ---------- 673,078 ---------- Total Corporate Bonds - Foreign (Cost $11,272,280) 12,214,638 ----------
FOREIGN GOVERNMENT BONDS (26.8%) AUSTRALIA (0.4%) Commonwealth of Australia 7.50%, due 9/15/09 570,000 469,128 --------- AUSTRIA (0.7%) Republic of Austria 4.65%, due 1/15/18 643,000 875,106 --------- BELGIUM (1.2%) Kingdom of Belgium 3.00%, due 9/28/08 825,000 1,018,139 5.00%, due 9/28/11 400,000 543,278 --------- 1,561,417 --------- BRAZIL (2.0%) Republic of Brazil 4.75%, due 4/10/07 25,000,000 231,843 11.00%, due 8/17/40 1,000,000 1,176,000 14.50%, due 10/15/09 1,000,000 1,287,500 --------- 2,695,343 --------- CANADA (1.4%) Canada Government 5.25%, due 6/1/12 344,000 306,909 5.50%, due 6/1/10 525,000 467,450 5.75%, due 6/1/33 (k) 550,000 556,717
Canada Housing Trust No 1 3.70%, due 9/15/08 (d) 575,000 475,544 Quebec Province 5.00%, due 7/17/09 80,000 81,474 --------- 1,888,094 --------- COLOMBIA (0.2%) Republic of Colombia 8.125%, due 5/21/24 300,000 299,250 --------- DENMARK (0.4%) Kingdom of Denmark 5.00%, due 11/15/13 2,985,000 554,022 --------- ECUADOR (0.3%) Republic of Ecuador Reg S 8.00%, due 8/15/30 495,000 428,175 --------- EL SALVADOR (0.2%) Republic of El Salvador 7.75%, due 1/24/23 (d) 250,000 280,625 --------- FRANCE (0.4%) French Republic 4.75%, due 7/12/07 400,000 507,675 --------- GERMANY (5.8%) Republic of Germany & 3.75%, due 1/4/09 (k) 2,610,000 3,299,160 4.50%, due 8/18/06 145,000 179,983 4.75%, due 7/4/08 125,000 161,546 & 5.00%, due 7/4/11 1,405,000 1,905,177 5.25%, due 1/4/08 704,000 911,406 5.375%, due 1/4/10 450,000 608,379 6.25%, due 1/4/30 350,000 595,531 --------- 7,661,182 --------- GREECE (1.7%) Hellenic Republic & 4.50%, due 5/20/14 1,200,000 1,584,006 5.90%, due 10/22/22 406,000 619,310 --------- 2,203,316 --------- INDONESIA (0.1%) Republic of Indonesia 7.25%, due 4/20/15 (d) 180,000 181,800 --------- ITALY (1.6%) Italian Republic 3.80%, due 3/27/08 30,000,000 291,889 5.25%, due 12/15/05 321,000 393,612 5.50%, due 11/1/10 600,000 822,286 6.50%, due 11/1/27 372,000 623,479 --------- 2,131,266 --------- JAPAN (2.2%) Development Bank of Japan 1.60%, due 6/20/14 140,000,000 1,292,457 Japan Finance Corp. for Municipal Enterprises 1.55%, due 2/21/12 120,000,000 1,119,404 Japan Government 1.05%, due 6/20/23 57,000,000 443,141 --------- 2,855,002 --------- MEXICO (1.2%) United Mexican States & 6.75%, due 9/27/34 1,300,000 1,370,200
8.125%, due 12/30/19 180,000 217,620 --------- 1,587,820 --------- NETHERLANDS (0.6%) Kingdom of the Netherlands 3.75%, due 7/15/09 634,000 803,956 --------- NORWAY (0.6%) Kingdom of Norway 6.75%, due 1/15/07 4,865,000 794,245 --------- PANAMA (0.3%) Republic of Panama 8.875%, due 9/30/27 325,000 390,000 --------- PERU (0.2%) Republic of Peru 7.50%, due 7/27/35 (d) 300,000 297,167 --------- PHILIPPINE ISLANDS (0.4%) Republic of the Philippines 9.50%, due 2/2/30 250,000 252,025 9.875%, due 1/15/19 200,000 215,000 --------- 467,025 --------- POLAND (0.6%) Republic of Poland 6.00%, due 5/24/09 2,500,000 771,915 --------- PORTUGAL (0.3%) Republic of Portugal 3.00%, due 7/17/06 335,000 409,398 --------- RUSSIA (1.1%) Russian Federation Reg S 5.00%, due 3/31/30 1,117,000 1,238,530 Reg S 8.25%, due 3/31/10 204,000 221,687 --------- 1,460,217 --------- SOUTH AFRICA (0.1%) Republic of South Africa 7.00%, due 4/10/08 100,000 134,327 --------- TURKEY (0.3%) Republic of Turkey 7.375%, due 2/5/25 470,000 459,143 --------- UKRAINE (0.1%) Ukraine Government 6.875%, due 3/4/11 (d) 175,000 183,531 --------- UNITED KINGDOM (2.1%) 4.00%, due 3/7/09 (k) 247,000 431,570 4.25%, due 6/7/32 300,000 522,045 5.00%, due 3/7/12 100,000 183,189 6.00%, due 12/7/28 175,000 383,535 6.25%, due 11/25/10 465,000 895,059 8.00%, due 6/7/21 140,000 348,408 --------- 2,763,806 --------- UNITED STATES (0.1%) Financement-Quebec 5.00%, due 10/25/12 190,000 193,749 --------- VENEZUELA (0.2%) Republic of Venezuela
13.625%, due 8/15/18 181,000 243,445 ---------- Total Foreign Government Bonds (Cost $32,784,281) 35,551,145 ----------
LOAN PARTICIPATIONS (0.9%) AUTO PARTS & EQUIPMENT (0.2%) Goodyear Tire & Rubber Co. (The) Loan Agreement 0.00%, due 4/30/10 (f) (h) 250,000 251,563 --------- IT SERVICES (0.1%) Riverdeep Group, Ltd. Loan Agreement 0.00%, due 10/30/11 (f) (h) 50,000 50,000 --------- MEDIA (0.3%) Fidelity National Information Solutions, Inc. Loan Agreement, Series B 0.00%, due 3/9/13 (f) (h) 444,050 444,724 --------- SOFTWARE (0.3%) SunGard Data Systems, Inc. Loan Agreement, Series B 0.00%, due 12/13/12 (f) (h) 170,000 172,125 Telcordia Technologies, Inc. Loan Agreement 0.00%, due 9/15/12 (f) (h) 249,375 248,284 --------- 420,409 --------- Total Loan Participations (Cost $1,163,084) 1,166,696 ---------
MORTGAGE-BACKED SECURITIES (1.2%) COMMERCIAL MORTGAGE LOANS (COLLATERALIZED MORTGAGE OBLIGATIONS) (1.2%) Banc of America Commercial Mortgage, Inc. Series 2001-PB1, Class A1 4.907%, due 5/11/35 123,027 123,533 Citigroup Commercial Mortgage Trust Series 2004-C2, Class A5 4.733%, due 10/15/41 220,000 217,285 LB-UBS Commercial Mortgage Trust Series 2004-C2, Class A2 3.246%, due 3/15/29 425,000 405,963 Series 2004-C7, Class A1 3.65%, due 10/15/29 264,567 259,307 Merrill Lynch Mortgage Trust Series 2004-MKB1, Class A1 3.563%, due 2/12/42 241,594 236,573 Morgan Stanley Capital I Series 2003-IQ5, Class A1 3.02%, due 4/15/38 191,251 185,986 Wachovia Bank Commercial Mortgage Trust Series 2004-C14, Class A1 3.477%, due 8/15/41 (f) 92,378 90,462 --------- 1,519,109 --------- Total Mortgage-Backed Securities (Cost $1,547,280) 1,519,109 ---------
MUNICIPAL BONDS (0.1%) TEXAS (0.1%) Harris County Texas Industrial Development Corp. Solid Waste Deer Park 5.683%, due 3/1/23 (f) 120,000 121,675 ------- Total Municipal Bonds (Cost $120,433) 121,675 -------
U.S. GOVERNMENT & FEDERAL AGENCIES (23.1%) FEDERAL HOME LOAN MORTGAGE CORPORATION (1.9%) 3.00%, due 8/1/10 107,154 102,303 4.347%, due 3/1/35 168,552 167,810 5.00%, due 6/1/33 - 8/1/33 1,223,973 1,207,560 5.00%, due 8/15/34 TBA (l) 805,000 792,170 5.50%, due 2/1/33 239,832 241,375 ---------- 2,511,218 ---------- FEDERAL NATIONAL MORTGAGE ASSOCIATION (5.1%) 4.00%, due 9/2/08 870,000 859,102 4.625%, due 5/1/13 135,000 133,498 4.75%, due 1/2/07 580,000 583,741 5.125%, due 1/2/14 150,000 153,024 5.25%, due 8/1/12 435,000 448,084 5.50%, due 5/2/06 635,000 641,513 & 5.50%, due 8/15/20 TBA (l) 2,725,000 2,779,500 6.25%, due 2/1/11 185,000 198,748 6.625%, due 9/15/09 825,000 893,897 ---------- 6,691,107 ---------- FEDERAL NATIONAL MORTGAGE ASSOCIATION (COLLATERALIZED MORTGAGE OBLIGATIONS) (0.1%) 6.32%, due 8/15/08 154,277 160,523 ---------- FEDERAL NATIONAL MORTGAGE ASSOCIATION (MORTGAGE PASS-THROUGH SECURITIES) (8.1%) 4.50%, due 4/1/18 - 11/1/18 1,114,469 1,097,724 5.00%, due 9/1/17 484,214 485,889 & 5.00%, due 8/1/35 TBA (l) 3,365,000 3,313,475 & 5.50%, due 8/1/33 TBA (l) 1,490,000 1,497,450 5.50%, due 11/1/33 533,342 536,438 5.50%, due 11/1/33 1,098,429 1,104,805 5.50%, due 12/1/33 681,860 685,818 & 6.00%, due 8/1/33 1,825,000 1,864,351 6.50%, due 6/1/31 - 6/1/32 202,526 209,804 7.00%, due 2/1/32 - 4/1/32 84,892 89,358 7.50%, due 8/1/31 84,050 89,596 ---------- 10,974,708 ---------- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (MORTGAGE PASS-THROUGH SECURITIES) (0.2%) 6.00%, due 4/15/29 - 8/15/32 235,820 242,739 7.50%, due 12/15/23 - 12/15/28 77,226 82,790 ---------- 325,529 ---------- U.S. TREASURY BOND (3.7%) 5.375%, due 2/15/31 1,150,000 1,306,777 6.00%, due 2/15/26 540,000 643,022 6.25%, due 8/15/23 1,075,000 1,296,257 6.875%, due 8/15/25 305,000 397,024 7.50%, due 11/15/16 905,000 1,153,910 ---------- 4,796,990 ---------- U.S. TREASURY NOTE (4.0%) 2.375%, due 8/31/06 1,170,000 1,150,942 & 3.00%, due 2/15/08 (e) (m) 1,575,000 1,535,686 3.375%, due 2/15/08 (e) 1,370,000 1,347,791 3.875%, due 2/15/13 215,000 210,339 4.00%, due 2/15/15 (e) 920,000 898,904 ---------- 5,143,662 ---------- Total U.S. Government & Federal Agencies (Cost $30,756,155) 30,603,737 ----------
YANKEE BONDS (0.6%) (n) ENERGY EQUIPMENT & SERVICES (0.3%) Petroleum Geo-Services ASA, Senior Note 8.00%, due 11/5/06 14,592 14,884 10.00%, due 11/5/10 350,123 395,639 ----------- 410,523 ----------- INSURANCE (0.3%) Fairfax Financial Holdings, Ltd. 7.375%, due 4/15/18 (e) 15,000 13,088 7.75%, due 7/15/37 35,000 28,438 8.25%, due 10/1/15 5,000 4,850 8.30%, due 4/15/26 (e) 15,000 13,238 Fairfax Financial Holdings, Ltd., Senior Note 7.75%, due 4/26/12 95,000 92,625 Montpelier Re Holdings, Ltd. 6.125%, due 8/15/13 255,000 263,726 ----------- 415,965 ----------- Total Yankee Bonds (Cost $754,251) 826,488 ----------- Total Long-Term Bonds (Cost $115,167,244) 119,598,849 -----------
SHARES COMMON STOCKS (0.7%) CAPITAL MARKETS (0.0%) ++ North Atlantic Trading Co., Inc. (p) 522 5 ------- HEALTH CARE PROVIDERS & SERVICES (0.5%) Quadramed Corp. 27,862 626,896 Skilled Healthcare Group, Inc. (p) 110 1,760 ------- 628,656 ------- INTERNET (0.0%) ++ Globix Corp. (o) (p) 43,415 76,888 ------- MACHINERY - DIVERSIFIED (0.0%) ++ MMH Holdings, Inc. (h) (j) (o) (p) 886 4,696 ------- MEDIA (0.1%) Viacom, Inc. Class B 3,300 110,517 ------- METAL FABRICATE & HARDWARE (0.1%) ACP Holding Co. (d) (o) 42,447 78,527 ------- Total Common Stocks (Cost $149,882) 899,289 -------
CONVERTIBLE PREFERRED STOCK (0.2%) AUTOMOBILES (0.0%) ++ General Motors Corp. 6.25% 300 6,747 ------- HEALTH CARE PROVIDERS & SERVICES (0.2%) Quadramed Corp. 5.50% (d) 9,500 213,750 ------- INTERNET (0.0%) ++ Globix Corp. (p) 0.00% 5,076 9,632 ------- Total Convertible Preferred Stock (Cost $257,718) 230,129 -------
PREFERRED STOCKS (0.6%) MEDIA (0.2%) Haights Cross Communications, Inc. 0.00% 3,700 210,900 Paxson Communications Corp. 14.25% (i) (o) 6 39,600 Ziff Davis Holdings, Inc. 10.00% (o) 48 28,800 ------- 279,300 ------- REAL ESTATE (0.4%) Sovereign Real Estate Investment Corp. 12.00% (d) 358 519,100 ------- TRANSPORTATION (0.0%) ++ Pacific & Atlantic Holdings, Inc. 0.00% 166 2 ------- Total Preferred Stocks (Cost $540,682) 798,402 -------
WARRANTS (0.0%) ++ DIVERSIFIED FINANCIAL SERVICES (0.0%) ++ ASAT Finance LLC Strike Price $18.60 Expire 11/01/06 (d) (j) (o) (p) 175 2 ------ MEDIA (0.0%) ++ Haights Cross Communications, Inc. Strike Price $0.00 Expire 12/10/11 (j) (o) (p) 3,350 34 Strike Price $0.00 Expire 12/10/11 (j) (o) (p) 6 0 Ono Finance PLC Strike Price $0.00 Expire 2/15/11 (d) (j) (o) 405 4 Ziff Davis Holdings Inc. Strike Price $0.00 Expire 8/12/12 (d) (o) 8,954 895 ------ 933 ------ METAL FABRICATE & HARDWARE (0.0%) ++ ACP Holding Co. Strike Price $0.01 Expire 9/13/13 (d) (j) (o) 42,051 77,794 ------ WIRELESS TELECOMMUNICATION SERVICES (0.0%) ++ Ubiquitel Operating Co., Inc. Strike Price $22.74 Expire 4/15/10 (d) (o) 225 2 ------ Total Warrants (Cost $60,947) 78,731 ------
PRINCIPAL AMOUNT ----------- SHORT-TERM INVESTMENTS (22.7%) COMMERCIAL PAPER (10.7%) AIG Funding, Inc. 3.25%, due 8/9/05 $ 2,300,000 2,297,924 General Electric Capital Corp. 3.23%, due 8/4/05 2,470,000 2,468,892 International Business Machines Corp. 3.17%, due 8/2/05 600,000 600,043
Toyota Motor Credit Corp. 3.24%, due 8/9/05 $ 1,200,000 $ 1,198,920 UBS Finance Delaware LLC 3.28%, due 8/1/05 4,015,000 4,014,268 USAA Capital Corp. 3.25%, due 8/1/05 1,120,000 1,119,798 Wells Fargo & Co. 3.23%, due 8/11/05 2,470,000 2,467,341 -------------- Total Commercial Paper (Cost $14,167,186) 14,167,186 -------------- FEDERAL AGENCIES (6.2%) Federal Home Loan Bank 3.17%, due 8/8/05 2,000,000 1,998,415 3.19%, due 8/10/05 2,465,000 2,462,597 -------------- 4,461,012 -------------- Federal National Mortgage Association 3.21%, due 8/10/05 440,000 439,568 3.22%, due 8/15/05 1,300,000 1,298,140 3.24%, due 8/17/05 2,000,000 1,996,760 -------------- 3,734,468 -------------- Total Federal Agencies (Cost $8,195,480) 8,195,480 --------------
SHARES -------------- INVESTMENT COMPANIES (2.8%) American Beacon Money Market Fund (q) 1,611,441 1,611,441 BGI Institutional Money Market Fund (q) 1,808,369 1,808,369 Merrimac Cash Series, Premium Class (q) 241,716 241,716 --------- Total Investment Companies (Cost $3,661,526) 3,661,526 ---------
PRINCIPAL AMOUNT -------------- TIME DEPOSITS (3.0%) Keybank Eurodollar Overnight (q) $ 2,417,162 2,417,162 Svenska Handlesbanken Eurodollar Overnight (q) 1,611,441 1,611,441 -------------- Total Time Deposits (Cost $4,028,603) 4,028,603 -------------- Total Short-Term Investments (Cost $30,052,795) 30,052,795 -------------- Total Investments (Cost $146,229,268) (s) 114.5 % 151,658,195 (t) Liabilities in Excess of Cash and Other Assets (14.5) (19,162,807) -------------- -------------- Net Assets 100% $ 132,495,388 ============== ==============
- -------------------- + Percentages indicated are based on Fund net assets. ++ Less than one tenth of a percent. & Among the Portfolio's 10 largest holdings, excluding short-term investments. May be subject to change daily. (a) LYON - Liquid Yield Option Note: callable, zero-coupon securities priced at a deep discount from par. They include a "put" feature that enables holders to redeem them at a specific date, at a specific price. Put prices reflect fixed interest rates, and therefore increase over time. (b) Issue in default. (c) Issuer in bankruptcy (d) May be sold to institutional investors only. (e) Represents security, or a portion thereof, which is out on loan. (f) Floating rate. Rate shown is the rate in effect at July 31, 2005. (g) Step Bond. Coupon rate increases in increments to maturity. Rate shown is the rate in effect at July 31, 2005. (h) Restricted security. (i) PIK ("Payment in Kind") - interest or dividend payment is made with additional securities. (j) Illiquid security. (k) Partially segregated for foreign currency forward contracts. (l) TBA: Securities purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement. The market value of these securities at July 31, 2005 is $10,246,946. (m) Segregated as collateral for TBA's. (n) Yankee Bond - Dollar-denominated bond issued in the United States by a foreign bank or corporation. (o) Non-income producing security. (p) Fair valued security. The total market value of these securities at July 31, 2005 is $156,199, which reflects 0.12% of the Fund's net assets. (q) Represents security, or a portion thereof, purchased with cash collateral received for securities on loan. (s) The cost for federal income tax purposes is $149,384,649. (t) At July 31, 2005, net unrealized appreciation was $2,273,546 based on cost for federal income tax purposes. This consisted of aggregate gross unrealized appreciation for all investments on which there was an excess of market value over cost of $4,107,928 and aggregate gross unrealized depreciation for all investments on which there was an excess of cost over market value of $1,834,382. Foreign currency forward contracts open at July 31, 2005:
CONTRACT CONTRACT UNREALIZED AMOUNT AMOUNT APPRECIATION/ Foreign Currency Sale Contracts SOLD PURCHASED (DEPRECIATION) Pound Sterling vs. U.S. Dollar, expiring 08/26/05 (pound) 841,469 $1,464,157 $ (13,752) Canadian Dollar vs. U.S. Dollar, expiring 08/25/05 C$ 567,765 $ 465,926 1,773 Euro vs. U.S. Dollar, expiring 10/06/05 (euro) 255,430 $ 307,043 (3,485) Euro vs. U.S. Dollar, expiring 08/19/05 (euro) 4,000,000 $4,835,000 (17,980) Net Unrealized depreciation on foreign currency forward contracts: $ (33,444)
MAINSTAY DIVERSIFIED INCOME FUND Restricted securities held at July 31, 2005:
PRINCIPAL DATE(S) OF AMOUNT/ 07/31/05 PERCENT OF SECURITY ACQUISITION SHARES COST VALUE NET ASSETS Calpine Gilroy, LP Corporate Bonds - Foreign 10.00%, due 9/30/14 11/26/03 $ 239,335 $ 239,335 $ 239,335 0.2 --------------- ----------- ---------- ----------- --- Fidelity National Information Solutions, Inc. Loan Agreement, Series B Loan Assignments & Participations 0.00%, due 3/9/13 3/16/05-4/25/05 444,050 444,050 444,724 0.3 --------------- ----------- ---------- ----------- --- Goodyear Tire & Rubber Co. (The) Loan Agreement Loan Assignments & Participations 0.00%, due 4/30/10 4/15/05 250,000 250,000 251,563 0.2 --------------- ----------- ---------- ----------- --- Riverdeep Group, Ltd. Loan Agreement Loan Assignments & Participations 0.00%, due 10/30/11 07/26/05 50,000 50,000 50,000 0.1 --------------- ----------- ---------- ----------- --- Sungard Data Systems, Inc. Loan Agreement, Series B Loan Assignments & Participations 0.00%, due 12/13/12 07/28/05 170,000 170,000 172,125 0.1 --------------- ----------- ---------- ----------- --- Telcordia Technologies, Inc. Loan Agreement Loan Assignments & Participations 0.00%, due 9/15/12 04/05/05 $ 249,375 249,034 248,284 0.2 --------------- ----------- ---------- ----------- --- $1,402,419 $ 1,406,031 1.1% ---------- ----------- ---
MAINSTAY EQUITY INDEX FUND PORTFOLIO OF INVESTMENTS July 31, 2005 unaudited
SHARES VALUE ------- ---------------- COMMON STOCKS (96.5%) + AEROSPACE & DEFENSE (2.1%) Boeing Co. 41,899 $ 2,765,753 General Dynamics Corp. 10,033 1,155,701 Goodrich Corp. 6,096 269,687 Honeywell International, Inc. 42,802 1,681,263 L-3 Communications Holdings, Inc. 5,794 453,265 Lockheed Martin Corp. 20,353 1,270,027 Northrop Grumman Corp. 18,129 1,005,253 Raytheon Co. 22,837 898,179 Rockwell Collins, Inc. 8,979 438,175 United Technologies Corp. 51,632 2,617,742 ---------------- 12,555,045 ---------------- AIR FREIGHT & LOGISTICS (0.9%) FedEx Corp. 15,153 1,274,216 Ryder System, Inc. 3,208 125,080 United Parcel Service, Inc.-Class B 56,192 4,100,330 ---------------- 5,499,626 ---------------- AIRLINES (0.1%) Delta Air Lines, Inc. (a) 7,064 20,909 Southwest Airlines Co. 37,088 526,279 ---------------- 547,188 ---------------- AUTO COMPONENTS (0.2%) Cooper Tire & Rubber Co. 3,190 64,183 Dana Corp. 7,518 118,108 Delphi Corp. 28,133 149,105 Goodyear Tire & Rubber Co. (The) (a) 8,852 154,113 Johnson Controls, Inc. 9,542 548,092 Visteon Corp. 6,529 58,108 ---------------- 1,091,709 ---------------- AUTOMOBILES (0.5%) Ford Motor Co. 92,036 988,467 General Motors Corp. 28,400 1,045,688 Harley-Davidson, Inc. 14,683 780,989 ---------------- 2,815,144 ---------------- BEVERAGES (2.1%) Anheuser-Busch Cos., Inc. 39,162 1,736,835 Brown-Forman Corp.-Class B 4,544 265,597 Coca-Cola Co. (The) (b) 114,110 4,993,454 Coca-Cola Enterprises, Inc. 17,749 417,101 Molson Coors Brewing Co.-Class B 3,949 247,602 Pepsi Bottling Group, Inc. 9,964 290,550 PepsiCo, Inc. 84,386 4,601,569 ---------------- 12,552,708 ---------------- BIOTECHNOLOGY (1.4%) Amgen, Inc. (a) 62,981 5,022,735 Applera Corp. - Applied Biosystems Group 9,859 205,264 Biogen Idec, Inc. (a) 17,410 684,039 Chiron Corp. (a) 7,387 267,631 Genzyme Corp. (a) 12,762 949,620 Gilead Sciences, Inc. (a) 22,781 1,020,817 MedImmune, Inc. (a) 12,512 355,466 ---------------- 8,505,572 ----------------
BUILDING PRODUCTS (0.9%) American Standard Cos., Inc. 9,051 400,778 ConocoPhillips 70,168 4,391,815 Masco Corp. 22,547 764,569 ---------- 5,557,162 ---------- CAPITAL MARKETS (2.7%) Bank of New York Co. (The), Inc. 39,148 1,204,975 Bear Stearns Cos. (The), Inc. 5,692 581,210 Charles Schwab Corp. (The) 57,797 791,819 E*Trade Financial Corp. (a) 18,525 287,323 Federated Investors, Inc.-Class B 4,841 154,622 Franklin Resources, Inc. 9,912 801,088 Goldman Sachs Group, Inc. 22,543 2,422,922 Janus Capital Group, Inc. 11,916 178,978 Lehman Brothers Holdings, Inc. 13,938 1,465,302 Mellon Financial Corp. 21,356 650,504 Merrill Lynch & Co., Inc. 47,621 2,799,162 Morgan Stanley & Co. 55,976 2,969,527 Northern Trust Corp. 10,276 522,021 State Street Corp. 16,771 834,190 T. Rowe Price Group, Inc. 6,219 412,631 ---------- 16,076,274 ---------- CHEMICALS (1.6%) Air Products & Chemicals, Inc. 11,539 689,571 Ashland, Inc. 3,355 206,165 Chemtura Corp. 5,635 88,695 Dow Chemical Co. (The) 48,499 2,325,527 Eastman Chemical Co. 3,932 217,793 Ecolab, Inc. 11,082 372,134 EI Du Pont de Nemours & Co. 50,254 2,144,841 Engelhard Corp. 6,178 177,247 Hercules, Inc. (a) 5,667 79,338 International Flavors & Fragrances, Inc. 4,441 168,403 Monsanto Co. 13,409 903,364 PPG Industries, Inc. 8,691 565,176 Praxair, Inc. 16,252 802,686 Rohm & Haas Co. 9,799 451,342 Sigma-Aldrich Corp. 3,434 220,325 ---------- 9,412,607 ---------- COMMERCIAL BANKS (5.4%) AmSouth Bancorp 17,933 500,510 & Bank of America Corp. 202,776 8,841,034 BB&T Corp. 27,626 1,155,319 Comerica, Inc. 8,592 524,971 Compass Bancshares, Inc. 6,155 296,733 Fifth Third Bancorp 26,237 1,130,815 First Horizon National Corp. 6,176 251,919 Huntington Bancshares, Inc. 11,576 288,705 KeyCorp 20,453 700,311 M&T Bank Corp. 4,907 532,459 Marshall & IIsley Corp. 10,434 479,129 National City Corp. 29,918 1,104,273 North Fork Bancorporation, Inc. 23,689 648,842 PNC Financial Services Group, Inc. 14,232 780,198 Regions Financial Corp. 23,350 785,494 SunTrust Banks, Inc. 17,035 1,238,785 Synovus Financial Corp. 15,572 460,464 US Bancorp 93,199 2,801,562 Wachovia Corp. 79,800 4,020,324 Wells Fargo & Co. 85,029 5,215,679 Zions Bancorporation 4,514 322,661 ---------- 32,080,187 ----------
COMMERCIAL SERVICES & SUPPLIES (0.7%) Allied Waste Industries, Inc. (a) 13,690 117,460 Avery Dennison Corp. 5,139 291,227 Cendant Corp. 53,159 1,135,476 Cintas Corp. 7,569 335,534 Equifax, Inc. 6,807 247,775 Monster Worldwide, Inc. (a) 6,025 182,979 Pitney Bowes, Inc. 11,575 516,013 Robert Half International, Inc. 8,075 273,662 RR Donnelley & Sons Co. 10,821 390,097 Waste Management, Inc. 28,599 804,204 ---------- 4,294,427 ---------- COMMUNICATIONS EQUIPMENT (2.7%) ADC Telecommunications, Inc. (a) 5,814 151,978 Andrew Corp. (a) 8,066 88,645 Avaya, Inc. (a) 24,199 249,976 Ciena Corp. (a) 28,685 64,254 Cisco Systems, Inc. (a) 325,201 6,227,599 Comverse Technology, Inc. (a) 9,911 250,649 Corning, Inc. (a) 73,017 1,390,974 JDS Uniphase Corp. (a) 72,662 109,720 Lucent Technologies, Inc. (a) 222,908 653,120 Motorola, Inc. 123,662 2,619,161 Qualcomm, Inc. 82,806 3,270,009 Scientific-Atlanta, Inc. 7,670 295,295 Tellabs, Inc. (a) 23,162 225,135 ---------- 15,596,515 ---------- COMPUTERS & PERIPHERALS (3.6%) Apple Computer, Inc. (a) 41,527 1,771,127 Dell, Inc. (a) 123,744 5,007,920 EMC Corp. (a) 120,982 1,656,244 Gateway, Inc. (a) 15,089 60,054 Hewlett-Packard Co. 145,477 3,581,644 International Business Machines Corp. 81,965 6,840,799 Lexmark International, Inc. (a) 6,329 396,828 NCR Corp. (a) 9,394 326,066 Network Appliance, Inc. (a) 18,470 471,170 QLogic Corp. (a) 4,619 143,420 Sun Microsystems, Inc. (a) 169,971 652,689 ---------- 20,907,961 ---------- CONSTRUCTION & ENGINEERING (0.1%) Fluor Corp. 4,257 271,597 ---------- CONSTRUCTION MATERIALS (0.1%) Vulcan Materials Co. 5,160 362,438 ---------- CONSUMER FINANCE (1.2%) American Express Co. 59,025 3,246,375 Capital One Financial Corp. 12,750 1,051,875 MBNA Corp. 64,341 1,618,820 Providian Financial Corp. (a) 14,800 279,720 SLM Corp. 21,627 1,113,574 ---------- 7,310,364 ---------- CONTAINERS & PACKAGING (0.2%) Ball Corp. 5,552 210,698 Bemis Co. 5,367 144,909 Pactiv Corp. (a) 7,496 165,062 Sealed Air Corp. (a) 4,232 224,550 Temple-Inland, Inc. 6,216 247,335 ---------- 992,554 ----------
DISTRIBUTORS (0.1%) Genuine Parts Co. 8,750 400,662 ---------- DIVERSIFIED CONSUMER SERVICES (0.2%) Apollo Group, Inc.-Class A (a) 8,394 630,809 H&R Block, Inc. 8,322 474,021 ---------- 1,104,830 ---------- DIVERSIFIED FINANCIAL SERVICES (3.3%) CIT Group, Inc. 10,545 465,456 & Citigroup, Inc. 262,289 11,409,572 JPMorgan Chase & Co. 178,426 6,269,890 Moody's Corp. 13,748 650,418 Principal Financial Group, Inc. 15,106 663,909 ---------- 19,459,245 ---------- DIVERSIFIED TELECOMMUNICATION SERVICES (2.5%) AT&T Corp. 40,294 797,821 BellSouth Corp. 92,176 2,544,058 CenturyTel, Inc. 6,752 232,066 Citizens Communications Co. 16,891 221,948 Qwest Communications International, Inc. (a) 84,069 321,144 SBC Communications, Inc. 166,502 4,070,974 Sprint Corp. 74,381 2,000,849 Verizon Communications, Inc. 139,481 4,774,435 ---------- 14,963,295 ---------- ELECTRIC UTILITIES (2.1%) Allegheny Energy, Inc. (a) 8,210 233,985 Ameren Corp. 9,803 545,243 American Electric Power Co., Inc. 19,343 748,574 Centerpoint Energy, Inc. 14,542 199,807 Cinergy Corp. 9,615 424,502 Consolidated Edison, Inc. 12,174 586,300 DTE Energy Co. 8,704 409,088 Edison International 16,419 671,209 Entergy Corp. 10,684 832,711 Exelon Corp. 33,754 1,806,514 FirstEnergy Corp. 16,641 828,389 FPL Group, Inc. 19,740 851,189 PG&E Corp. 18,612 700,370 Pinnacle West Capital Corp. 4,829 221,168 PPL Corp. 9,511 585,687 Progress Energy, Inc. 12,388 552,629 Southern Co. (The) 37,389 1,308,241 TECO Energy, Inc. 10,436 197,867 Xcel Energy, Inc. 20,086 389,869 ---------- 12,093,342 ---------- ELECTRICAL EQUIPMENT (0.4%) American Power Conversion Corp. 9,069 254,930 Cooper Industries, Ltd.-Class A 4,618 298,230 Emerson Electric Co. 21,144 1,391,275 Rockwell Automation, Inc. 8,830 454,833 ---------- 2,399,268 ---------- ELECTRONIC EQUIPMENT & INSTRUMENTS (0.3%) Agilent Technologies, Inc. (a) 21,762 571,035 Jabil Circuit, Inc. (a) 9,225 287,728 Molex, Inc. 8,429 238,035 Sanmina-SCI Corp. (a) 26,367 126,034 Solectron Corp. (a) 48,818 187,461 Symbol Technologies, Inc. 12,195 141,950 Tektronix, Inc. 4,464 111,868 ---------- 1,664,111 ----------
ENERGY EQUIPMENT & SERVICES (1.3%) Baker Hughes, Inc. 17,007 961,576 BJ Services Co. 8,148 496,947 Halliburton Co. 25,456 1,426,809 Nabors Industries, Ltd. (a) 7,455 487,930 National Oilwell Varco, Inc. (a) 8,462 442,986 Noble Corp. 6,835 459,175 Rowan Cos., Inc. 5,306 181,253 Schlumberger, Ltd. 29,728 2,489,423 Transocean, Inc. (a) 16,135 910,498 ---------- 7,856,597 ---------- FOOD & STAPLES RETAILING (2.8%) Albertson's, Inc. 18,454 393,255 Costco Wholesale Corp. 23,645 1,086,961 CVS Corp. 40,830 1,266,955 Kroger Co. (The) (a) 36,860 731,671 Safeway, Inc. 22,545 547,843 Supervalu, Inc. 6,785 240,189 Sysco Corp. 32,007 1,154,172 Walgreen Co. 51,488 2,464,216 & Wal-Mart Stores, Inc. 170,119 8,395,373 ---------- 16,280,635 ---------- FOOD PRODUCTS (1.1%) Archer-Daniels-Midland Co. 31,366 719,536 Campbell Soup Co. 16,405 506,094 ConAgra Foods, Inc. 25,971 589,801 General Mills, Inc. 18,371 870,785 Hershey Co. (The) 11,018 703,720 HJ Heinz Co. 17,591 646,997 Kellogg Co. 17,684 801,262 McCormick & Co., Inc. 6,839 237,860 Sara Lee Corp. 39,657 790,364 Wm Wrigley Jr. Co. 9,879 702,792 ---------- 6,569,211 ---------- GAS UTILITIES (0.2%) KeySpan Corp. 8,746 355,875 Nicor, Inc. 2,215 90,416 NiSource, Inc. 13,657 331,729 Peoples Energy Corp. 1,912 82,503 ---------- 860,523 ---------- HEALTH CARE EQUIPMENT & SUPPLIES (2.2%) Bausch & Lomb, Inc. 2,673 226,269 Baxter International, Inc. 31,164 1,223,810 Becton Dickinson & Co. 12,692 702,756 Biomet, Inc. 12,736 485,624 Boston Scientific Corp. (a) 38,295 1,108,640 CR Bard, Inc. 5,311 354,722 Fisher Scientific International, Inc. (a) 5,810 389,560 Guidant Corp. 16,242 1,117,450 Hospira, Inc. (a) 7,832 299,574 Medtronic, Inc. 60,991 3,289,855 Millipore Corp. (a) 2,458 150,602 PerkinElmer, Inc. 6,494 136,244 St. Jude Medical, Inc. (a) 18,222 863,905 Stryker Corp. 18,878 1,021,111 Thermo Electron Corp. (a) 8,056 240,552 Waters Corp. (a) 6,060 274,397 Zimmer Holdings, Inc. (a) 12,469 1,026,947 ---------- 12,912,018 ----------
HEALTH CARE PROVIDERS & SERVICES (2.6%) Aetna, Inc. 14,825 1,147,455 AmerisourceBergen Corp. 5,270 378,333 Cardinal Health, Inc. 21,825 1,300,334 Caremark Rx, Inc. (a) 22,991 1,024,939 CIGNA Corp. 6,642 709,033 Express Scripts, Inc. (a) 9,400 491,620 HCA, Inc. 21,156 1,041,933 Health Management Associates, Inc.-Class A 12,200 290,360 Humana, Inc. (a) 8,143 324,499 IMS Health, Inc. 11,671 317,801 Laboratory Corp. of America Holdings (a) 6,767 342,884 Manor Care, Inc. 4,364 165,657 McKesson Corp. 14,839 667,755 Medco Health Solutions, Inc. (a) 13,787 667,842 Quest Diagnostics, Inc. 9,102 467,297 Tenet Healthcare Corp. (a) 23,474 284,974 UnitedHealth Group, Inc. 64,376 3,366,865 WellPoint, Inc. (a) 30,900 2,185,866 ---------- 15,175,447 ---------- HOTELS, RESTAURANTS & LEISURE (1.5%) Carnival Corp. 26,520 1,389,648 Darden Restaurants, Inc. 7,422 257,543 Harrah's Entertainment, Inc. 9,123 718,345 Hilton Hotels Corp. 19,203 475,263 International Game Technology 17,303 473,410 Marriott International, Inc.-Class A 10,093 691,068 McDonald's Corp. 63,956 1,993,509 Starbucks Corp. (a) 20,103 1,056,413 Starwood Hotels & Resorts Worldwide, Inc. 10,691 676,954 Wendy's International, Inc. 5,743 296,913 Yum! Brands, Inc. 14,653 767,085 ---------- 8,796,151 ---------- HOUSEHOLD DURABLES (0.6%) Black & Decker Corp. 4,005 361,692 Centex Corp. 6,374 471,549 Fortune Brands, Inc. 7,280 688,324 KB HOME 4,182 342,548 Leggett & Platt, Inc. 9,611 243,062 Maytag Corp. 3,988 67,278 Newell Rubbermaid, Inc. 13,811 343,480 Pulte Homes, Inc. 5,952 557,226 Snap-On, Inc. 2,906 106,592 Stanley Works (The) 3,820 186,913 Whirlpool Corp. 3,389 271,052 ---------- 3,639,716 ---------- HOUSEHOLD PRODUCTS (1.8%) Clorox Co. 7,716 430,939 Colgate-Palmolive Co. 26,443 1,399,892 Kimberly-Clark Corp. 24,250 1,546,180 Procter & Gamble Co. 124,739 6,939,231 ---------- 10,316,242 ---------- INDEPENDENT POWER PRODUCERS & ENERGY TRADERS (0.6%) AES Corp. (The) (a) 32,597 523,182 Calpine Corp. (a) 26,778 88,903 Constellation Energy Group, Inc. 8,853 533,039 Duke Energy Corp. 47,232 1,395,233 Dynegy, Inc.-Class A (a) 16,680 92,741 TXU Corp. 12,095 1,047,911 ---------- 3,681,009 ---------- INDUSTRIAL CONGLOMERATES (4.2%) 3M Co. 38,842 2,913,150 & General Electric Co. (b) 534,615 18,444,217
Textron, Inc. 6,843 507,545 Tyco International, Ltd. 101,830 3,102,760 ---------- 24,967,672 ---------- INSURANCE (4.3%) ACE, Ltd. 14,267 659,278 AFLAC, Inc. 25,260 1,139,226 Allstate Corp. (The) 34,182 2,093,989 AMBAC Financial Group, Inc. 5,462 392,390 & American International Group, Inc. 130,820 7,875,364 AON Corp. 15,856 403,377 Chubb Corp. 9,821 872,301 Cincinnati Financial Corp. 8,354 344,352 Hartford Financial Services Group, Inc. 14,859 1,197,190 Jefferson-Pilot Corp. 6,867 344,517 Lincoln National Corp. 8,820 426,006 Loews Corp. 8,071 674,978 Marsh & McLennan Cos., Inc. 26,601 770,631 MBIA, Inc. 7,107 431,679 Metlife, Inc. 36,880 1,812,283 Progressive Corp. (The) 10,052 1,002,084 Prudential Financial, Inc. 26,436 1,768,568 SAFECO Corp. 6,450 354,363 St. Paul Travelers Cos., Inc. (The) 33,998 1,496,592 Torchmark Corp. 5,448 284,767 UnumProvident Corp. 14,932 285,948 XL Capital, Ltd.-Class A 6,986 501,735 ---------- 25,131,618 ---------- INTERNET & CATALOG RETAIL (0.4%) eBay, Inc. (a) 61,287 2,560,571 ---------- INTERNET SOFTWARE & SERVICES (0.4%) Yahoo!, Inc. (a) 66,151 2,205,474 ---------- IT SERVICES (1.0%) Affiliated Computer Services, Inc.-Class A (a) 6,422 320,907 Automatic Data Processing, Inc. 29,291 1,300,813 Computer Sciences Corp. (a) 9,539 436,695 Convergys Corp. (a) 7,147 103,989 Electronic Data Systems Corp. 25,916 533,092 First Data Corp. 39,237 1,614,210 Fiserv, Inc. (a) 9,729 431,676 Paychex, Inc. 17,903 624,994 Sabre Holdings Corp.-Class A 6,645 127,584 Sungard Data Systems, Inc. (a) 14,433 518,000 Unisys Corp. (a) 16,969 109,789 ---------- 6,121,749 ---------- LEISURE EQUIPMENT & PRODUCTS (0.2%) Brunswick Corp. 4,864 226,468 Eastman Kodak Co. 14,402 385,109 Hasbro, Inc. 8,410 184,515 Mattel, Inc. 20,844 388,741 ---------- 1,184,833 ---------- MACHINERY (1.4%) Caterpillar, Inc. 34,500 1,859,895 Cummins, Inc. 2,106 179,937 Danaher Corp. 13,856 768,315 Deere & Co. 12,427 913,757 Dover Corp. 10,197 420,728 Eaton Corp. 7,688 502,334 Illinois Tool Works, Inc. 13,811 1,182,912 Ingersoll-Rand Co.-Class A 8,713 681,095 ITT Industries, Inc. 4,618 491,355
Navistar International Corp. (a) 3,322 113,446 PACCAR, Inc. 8,721 629,831 Pall Corp. 6,242 193,315 Parker Hannifin Corp. 6,027 396,094 ---------- 8,333,014 ---------- MEDIA (3.5%) Clear Channel Communications, Inc. 26,553 866,690 Comcast Corp.-Class A (a) 111,158 3,415,885 Dow Jones & Co., Inc. 3,550 133,231 Gannett Co., Inc. 12,607 919,807 Interpublic Group of Cos., Inc. (a) 21,182 264,775 Knight-Ridder, Inc. 3,832 239,730 McGraw-Hill Cos. (The), Inc. 19,168 881,920 Meredith Corp. 2,311 114,394 New York Times Co.-Class A 7,331 231,073 News Corp.-Class A 145,371 2,381,177 Omnicom Group, Inc. 9,390 796,929 Time Warner, Inc. (a) 236,188 4,019,920 Tribune Co. 15,020 548,230 Univision Communications, Inc.-Class A (a) 14,687 415,348 Viacom, Inc. Class B 81,319 2,723,373 Walt Disney Co. 103,039 2,641,920 ---------- 20,594,402 ---------- METALS & MINING (0.6%) Alcoa, Inc. 43,891 1,231,143 Allegheny Technologies, Inc. 4,473 130,030 Freeport-McMoRan Copper & Gold, Inc.-Class B 8,954 360,667 Newmont Mining Corp. 22,342 838,942 Nucor Corp. 8,021 444,764 Phelps Dodge Corp. 4,814 512,450 United States Steel Corp. 5,704 243,276 ---------- 3,761,272 ---------- MULTILINE RETAIL (1.3%) Big Lots, Inc. (a) 5,645 73,216 Dillard's, Inc.-Class A 3,587 81,999 Dollar General Corp. 15,142 307,685 Family Dollar Stores, Inc. 8,409 216,952 Federated Department Stores, Inc. 8,547 648,461 JC Penney Co., Inc. Holding Co. 13,648 766,199 Kohl's Corp. (a) 16,374 922,675 May Department Stores Co. (The) 15,048 617,720 Nordstrom, Inc. 12,798 473,654 Sears Holdings Corp. (a) 5,135 791,971 Target Corp. 45,132 2,651,505 ---------- 7,552,037 ---------- MULTI-UTILITIES (0.5%) CMS Energy Corp. (a) 10,816 171,325 Dominion Resources, Inc. 17,181 1,268,967 Public Service Enterprise Group, Inc. 11,979 770,250 Sempra Energy 11,844 503,370 ---------- 2,713,912 ---------- OFFICE ELECTRONICS (0.1%) Xerox Corp. (a) 48,166 636,273 ---------- OIL, GAS & CONSUMABLE FUELS (6.6%) Amerada Hess Corp. 4,278 504,205 Anadarko Petroleum Corp. 11,926 1,053,662 Apache Corp. 16,426 1,123,538 Burlington Resources, Inc. 19,507 1,250,594 Chevron Corp. 105,818 6,138,502 Devon Energy Corp. 24,172 1,355,807
El Paso Corp. 32,261 387,132 EOG Resources, Inc. 11,992 732,711 & ExxonMobil Corp. 320,901 18,852,934 Kerr-McGee Corp. 5,827 467,384 Kinder Morgan, Inc. 5,496 488,375 Marathon Oil Corp. 18,202 1,062,269 Occidental Petroleum Corp. 20,002 1,645,765 Sunoco, Inc. 3,482 437,792 Unocal Corp. 13,615 882,933 Valero Energy Corp. 12,936 1,070,842 Williams Cos., Inc. 28,637 608,250 XTO Energy, Inc. 18,239 640,007 ---------- 38,702,702 ---------- PAPER & FOREST PRODUCTS (0.4%) Georgia-Pacific Corp. 13,096 447,228 International Paper Co. 24,567 776,317 Louisiana-Pacific Corp. 5,511 147,805 MeadWestvaco Corp. 9,283 271,249 Weyerhaeuser Co. 12,274 846,661 ---------- 2,489,260 ---------- PERSONAL PRODUCTS (0.6%) Alberto-Culver Co. 4,305 194,242 Avon Products, Inc. 23,762 777,255 Gillette Co. (The) 50,341 2,701,801 ---------- 3,673,298 ---------- PHARMACEUTICALS (6.6%) Abbott Laboratories 78,175 3,645,300 Allergan, Inc. 6,582 588,233 Bristol-Myers Squibb Co. 98,563 2,462,104 Eli Lilly & Co. 57,094 3,215,534 Forest Laboratories, Inc. (a) 17,654 704,748 & Johnson & Johnson 149,916 9,588,627 King Pharmaceuticals, Inc. (a) 12,121 135,149 Merck & Co., Inc. 111,069 3,449,803 Mylan Laboratories 13,488 234,152 & Pfizer, Inc. 374,806 9,932,359 Schering-Plough Corp. 74,198 1,544,802 Watson Pharmaceuticals, Inc. (a) 5,469 182,665 Wyeth 67,442 3,085,471 ---------- 38,768,947 ---------- REAL ESTATE (0.6%) Apartment Investment & Management Co.-Class A 4,813 211,772 Archstone-Smith Trust 10,031 426,317 Equity Office Properties Trust 20,202 716,161 Equity Residential 14,208 574,003 Plum Creek Timber Co., Inc. 9,248 350,037 ProLogis 9,161 417,375 Simon Property Group, Inc. 11,155 889,500 ---------- 3,585,165 ---------- ROAD & RAIL (0.5%) Burlington Northern Santa Fe Corp. 19,087 1,035,470 CSX Corp. 10,807 492,151 Norfolk Southern Corp. 20,061 746,470 Union Pacific Corp. 13,157 925,069 ---------- 3,199,160 ---------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (3.3%) Advanced Micro Devices, Inc. (a) 19,856 398,708 Altera Corp. (a) 18,776 410,631 Analog Devices, Inc. 18,725 734,020 Applied Materials, Inc. 83,884 1,548,499
Applied Micro Circuits Corp. (a) 15,478 46,589 Broadcom Corp.-Class A (a) 14,602 624,528 Freescale Semiconductor, Inc.-Class B (a) 20,243 521,257 & Intel Corp. 311,236 8,446,945 KLA-Tencor Corp. 9,858 509,659 Linear Technology Corp. 15,454 600,542 LSI Logic Corp. (a) 19,248 187,860 Maxim Integrated Products, Inc. 16,344 684,323 Micron Technology, Inc. (a) 30,741 365,203 National Semiconductor Corp. 17,847 440,999 Novellus Systems, Inc. 7,080 204,258 NVIDIA Corp. (a) 8,375 226,627 PMC-Sierra, Inc. (a) 9,069 89,148 Teradyne, Inc. (a) 9,645 149,787 Texas Instruments, Inc. 83,774 2,660,662 Xilinx, Inc. 17,454 494,821 ---------- 19,345,066 ---------- SOFTWARE (3.7%) Adobe Systems, Inc. 24,498 726,121 Autodesk, Inc. 11,478 392,433 BMC Software, Inc. (a) 11,151 212,873 Citrix Systems, Inc. (a) 8,437 201,054 Computer Associates International, Inc. 26,832 736,538 Compuware Corp. (a) 19,402 163,559 Electronic Arts, Inc. (a) 15,459 890,438 Intuit, Inc. (a) 9,309 446,832 Mercury Interactive Corp. (a) 4,231 166,574 & Microsoft Corp. 506,568 12,973,206 Novell, Inc. (a) 19,055 115,854 Oracle Corp. (a) 226,060 3,069,895 Parametric Technology Corp. (a) 13,589 93,764 Siebel Systems, Inc. 25,895 217,518 Symantec Corp. (a) 59,442 1,305,941 ---------- 21,712,600 ---------- SPECIALTY RETAIL (2.4%) AutoNation, Inc. (a) 11,397 246,061 Autozone, Inc. (a) 3,376 328,957 Bed Bath & Beyond, Inc. (a) 15,196 697,496 Best Buy Co., Inc. 15,034 1,151,604 Circuit City Stores, Inc. 9,642 175,966 Gap, Inc. (The) 38,199 806,381 Home Depot, Inc. 108,250 4,709,958 Lowe's Cos., Inc. 38,944 2,578,872 Ltd. Brands 19,258 469,510 Office Depot, Inc. (a) 15,657 444,346 OfficeMax, Inc. 3,492 103,712 RadioShack Corp. 8,010 187,995 Sherwin-Williams Co. (The) 6,394 304,418 Staples, Inc. 37,393 851,439 Tiffany & Co. 7,267 247,296 TJX Cos., Inc. 24,203 569,013 ---------- 13,873,024 ---------- TELECOMMUNICATIONS (0.2%) Alltel Corp. 16,434 1,092,861 ---------- TEXTILES, APPAREL & LUXURY GOODS (0.4%) Coach, Inc. (a) 19,242 675,587 Jones Apparel Group, Inc. 6,164 188,433 Liz Claiborne, Inc. 5,466 227,440 Nike, Inc.-Class B 11,590 971,242 Reebok International, Ltd. 2,796 118,271 VF Corp. 5,050 298,152 ---------- 2,479,125 ----------
THRIFTS & MORTGAGE FINANCE (1.6%) Countrywide Financial Corp. 29,656 1,067,616 Fannie Mae 48,784 2,725,074 Freddie Mac 34,855 2,205,624 Golden West Financial Corp. 14,179 923,336 MGIC Investment Corp. 4,859 333,230 Sovereign Bancorp, Inc. 18,887 453,099 Washington Mutual, Inc. 44,204 1,877,786 ----------- 9,585,765 ----------- TOBACCO (1.3%) Altria Group, Inc. 104,370 6,988,615 Reynolds American, Inc. 5,828 485,531 UST, Inc. 8,344 383,991 ----------- 7,858,137 ----------- TRADING COMPANIES & DISTRIBUTORS (0.0%) ++ WW Grainger, Inc. 4,209 262,305 ----------- WIRELESS TELECOMMUNICATION SERVICES (0.3%) Nextel Communications, Inc.-Class A (a) 56,774 1,975,735 ----------- Total Common Stocks (Cost $374,930,008) 568,967,357 (f) -----------
PRINCIPAL AMOUNT VALUE -------------- ------------------ SHORT-TERM INVESTMENTS (3.6%) COMMERCIAL PAPER (2.0%) McGraw-Hill Cos. (The), Inc. (b) 3.222%, due 8/3/05 $ 11,700,000 11,695,806 -------------- Total Commercial Paper (Cost $11,695,806) 11,695,806 -------------- U.S. GOVERNMENTS (1.6%) U.S. Treasury Bills 3.00%, due 10/6/05 (b) 3,000,000 2,982,288 3.01%, due 10/13/05 (b) 6,600,000 6,556,770 -------------- Total U.S. Governments (Cost $9,540,835) 9,539,058 -------------- Total Short-Term Investments (Cost $21,236,641) 21,234,864 -------------- Total Investments (Cost $396,166,649) (c) 100.1 % 590,202,221 (d) Liabilities in Excess of Cash and Other Assets (0.1) (440,044) ------------ -------------- Net Assets 100.0 % $ 589,762,177 ============ ==============
UNREALIZED CONTRACTS APPRECIATION/ LONG DEPRECIATION (e) --------- ---------------- FUTURES CONTRACT (0.1%) Standard & Poor's 500 Index September 2005 67 $ 480,323 Mini September 2005 1 (303) --------------- Total Futures Contract (Settlement Value $20,778,240) (f) $ 480,020 ===============
+ Percentages indicated are based on Fund net assets. ++ Less than one tenth of a percent. & Among the Portfolio's 10 largest holdings, excluding short-term investments. May be subject to change daily. (a) Non-income producing security. (b) Segregated as collateral for futures contracts. (c) The cost for federal income tax purposes is $405,202,545. (d) At July 31, 2005 net unrealized appreciation was $184,999,676, based on cost for federal income tax purposes. This consisted of aggregate gross unrealized appreciation for all investments on which there was an excess of market value over cost of $232,055,076 and aggregate gross unrealized depreciation for all investments on which there was an excess of cost over market value of $47,055,400. (e) Represents the difference between the value of the contracts at the time they were opened and the value at July 31, 2005. (f) The combined market value of common stocks and settlement value of Standard & Poor's 500 Index futures contracts represents 100.0% of net assets. MAINSTAY GLOBAL HIGH INCOME FUND PORTFOLIO OF INVESTMENTS July 31, 2005 unaudited
PRINCIPAL AMOUNT VALUE ---------- ---------- LONG-TERM BONDS (97.4%) + BRADY BONDS (3.4%) ALGERIA (0.1%) Republic of Algeria 0.938%, due 3/4/10 JPY 18,421,055 162,213 ---------- BRAZIL (0.5%) Republic of Brazil 4.313%, due 4/15/12 $ 732,951 $ 710,083 ---------- IVORY COAST (0.2%) Republic of Ivory Coast 2.00%, due 3/29/18 1,400,000 262,500 ---------- NIGERIA (0.8%) Republic of Nigeria 6.25%, due 11/15/20 1,250,000 1,237,500 ---------- PERU (1.8%) Republic of Peru 5.00%, due 3/7/17 2,861,100 2,732,350 ---------- Total Brady Bonds (Cost $4,334,301) 5,104,646 ---------- CORPORATE BONDS (20.0%) ARGENTINA (0.8%) Argentine Beverages Financial Trust 7.375%, due 3/22/12 (a) 250,000 253,750 YPF SA 9.125%, due 2/24/09 880,000 961,400 ---------- 1,215,150 ---------- BERMUDA (0.7%) AES China Generating Co. 8.25%, due 6/26/10 550,000 562,798 Asia Aluminum Holdings, Ltd., Senior Note 8.00%, due 12/23/11 (a) 500,000 497,500 ---------- 1,060,298 ---------- BRAZIL (0.7%) Braskem International, Ltd., Senior Note 9.375%, due 6/1/15 (a) 150,000 157,125 Caue Finance, Ltd., Guaranteed Note 8.875%, due 8/1/15 (a) 750,000 766,875 CIA Brasileira de Bebidas, Guaranteed Note 10.50%, due 12/15/11 125,000 155,312 ---------- 1,079,312 ----------
CAYMAN ISLANDS (0.9%) Banco Mercantil del Norte SA/Grand Cayman, Reg S 5.875%, due 2/17/14 400,000 408,800 CSN Islands VIII Corp., Guaranteed Note 9.75%, due 12/16/13 (a) 750,000 798,750 Votorantim Overseas III 7.875%, due 1/23/14 (a) 200,000 204,000 ---------- 1,411,550 ---------- CHILE (0.6%) AES Gener SA, Senior Note 7.50%, due 3/25/14 550,000 564,530 Empresa Nacional de Electricidad SA/Chile, Series B 8.50%, due 4/1/09 100,000 110,246 Empresa Nacional de Petroleo ENAP 6.75%, due 11/15/12 (a) 100,000 108,757 Transelec SA, Senior Note 7.875%, due 4/15/11 100,000 112,860 ---------- 896,393 ---------- COLOMBIA (1.2%) Bavaria SA, Senior Note 8.875%, due 11/1/10 (a) 1,085,000 1,207,062 Chivor SA, Senior Secured Note 9.75%, due 12/30/14 (a) 500,000 537,500 ---------- 1,744,562 ---------- GERMANY (3.4%) Aries Vermoegensverwaltungs GmbH Series C 9.60%, due 10/25/14 (a) 2,000,000 2,568,000 Aries Vermoegensverwaltungs GmbH, Reg S 9.60%, due 10/25/14 500,000 641,850 Citibank Global Markets Deutschland for Severstal 9.25%, due 4/19/14 (a) 460,000 474,950 Dresdner Bank AG for Kyivstar GSM 7.75%, due 4/27/12 (a) 400,000 407,040 10.375%, due 8/17/09 (a) 580,000 643,220 Ultrapetrol Bahamas, Ltd. 9.00%, due 11/24/14 450,000 399,375 ---------- 5,134,435 ---------- HONG KONG (0.4%) Panva Gas Holdings, Ltd. 8.25%, due 9/23/11 500,000 527,417 ---------- LUXEMBOURG (2.9%) Gazprom International SA 7.201%, due 2/1/20 (a) 1,695,000 1,820,006 Mobile Telesystems Finance SA 9.75%, due 1/30/08 (a) 750,000 806,250 Sistema Finance SA 10.25%, due 4/14/08 500,000 537,650 Tengizchevroil Finance Co., SARL, Guaranteed Note 6.124%, due 11/15/14 (a) 320,000 324,400 UBS Luxembourg SA for OJSC Vimpel Communications 8.375%, due 10/22/11 (a) 200,000 204,750 UBS Luxembourg SA for Wimm-Bill-Dann Foods OJSC, Guaranteed Note 8.50%, due 5/21/08 (a) 600,000 606,750 ---------- 4,299,806 ----------
MALAYSIA (0.3%) TNB Capital L, Ltd., Guaranteed Note 5.25%, due 5/5/15 (a) 485,000 486,281 ---------- MAURITIUS (0.2%) Antam Finance, Ltd. 7.375%, due 9/30/10 300,000 300,209 ---------- MEXICO (0.5%) Grupo Transportacion Ferroviaria Mexicana SA DE CV, Senior Note 12.50%, due 6/15/12 540,000 635,850 Innova S de RL, Senior Note 9.375%, due 9/19/13 100,000 113,000 ---------- 748,850 ---------- NETHERLANDS (1.1%) Intergas Finance BV 6.875%, due 11/4/11 (a) 570,000 584,962 Kazkommerts International BV 7.00%, due 11/3/09 (a) 500,000 508,750 Paiton Energy Funding BV, Senior Secured Note 9.34%, due 2/15/14 (a) 500,000 535,000 ---------- 1,628,712 ---------- PHILIPPINE ISLANDS (0.5%) Philippine Long Distance Telephone 8.35%, due 3/6/17 70,000 70,700 11.375%, due 5/15/12 550,000 660,000 ---------- 730,700 ---------- RUSSIA (3.2%) Morgan Stanley Bank AG for OAO Gazprom 9.625%, due 3/1/13 (a) 1,720,000 2,089,800 Salomon Brothers AG for OAO Siberian Oil Co., Reg S 10.75%, due 1/15/09 1,195,000 1,374,250 Salomon Brothers AG for Tyumen Oil Co. 11.00%, due 11/6/07 (a) 1,250,000 1,389,062 ---------- 4,853,112 ---------- SOUTH KOREA (0.1%) LG Electronics, Inc. 5.00%, due 6/17/10 (a) 150,000 147,412 ---------- UNITED STATES (2.3%) Indosat Tbk PT, Guaranteed Note 7.125%, due 6/22/12 (a) 250,000 252,500 PEMEX Project Funding Master Trust & 7.375%, due 12/15/14 2,960,000 3,270,800 ---------- 3,523,300 ---------- VENEZUELA (0.2%) Republic of Venezuela, Reg S 4.64%, due 4/20/11 250,000 231,875 ---------- Total Corporate Bonds (Cost $28,409,438) 30,019,374 ----------
GOVERNMENTS & FEDERAL AGENCIES (74.0%) ALGERIA (0.2%) Republic of Algeria 2.813%, due 9/4/06 57,692 57,115 4.0025%, due 3/4/10 166,667 165,417 ---------- 222,532 ---------- ARGENTINA (2.8%) Argentine Republic 3.01%, due 8/3/12 2,320,000 2,141,360 8.28%, due 12/31/33 2,159,993 2,087,633 ---------- 4,228,993 ---------- BRAZIL (18.3%) Republic of Brazil 4.313%, due 4/15/12 1,502,961 1,456,068 & 8.00%, due 4/15/14 4,501,665 4,566,489 & 8.25%, due 1/20/34 3,000,000 2,859,000 8.875%, due 4/15/24 1,475,000 1,497,125 9.25%, due 10/22/10 1,160,000 1,277,160 9.375%, due 4/7/08 2,425,000 2,635,975 10.125%, due 5/15/27 1,500,000 1,706,250 10.50%, due 7/14/14 1,230,000 1,428,030 & 11.00%, due 1/11/12 2,500,000 2,940,000 11.00%, due 8/17/40 2,365,000 2,781,240 11.50%, due 3/12/08 1,560,000 1,775,280 12.25%, due 3/6/30 1,140,000 1,482,000 14.50%, due 10/15/09 900,000 1,158,750 ---------- 27,563,367 ---------- COLOMBIA (2.8%) Republic of Colombia 8.125%, due 5/21/24 1,650,000 1,645,875 10.375%, due 1/28/33 500,000 592,500 10.50%, due 7/9/10 1,170,000 1,375,920 11.75%, due 2/25/20 430,000 554,700 ---------- 4,168,995 ---------- COSTA RICA (0.4%) Republic of Costa Rica, Reg S 8.11%, due 2/1/12 500,000 543,125 ---------- DOMINICAN REPUBLIC (0.4%) Dominican Republic 9.04%, due 1/23/18 (a) 604,546 634,774 ---------- ECUADOR (2.3%) Republic of Ecuador Reg S 8.00%, due 8/15/30 1,730,000 1,496,450 12.00%, due 11/15/12 1,055,000 1,036,537 Republic of Ecuador, Reg S 12.00%, due 11/15/12 (a) 960,000 943,200 ---------- 3,476,187 ---------- EGYPT (0.5%) Republic of Egypt, Reg S 8.75%, due 7/11/11 610,000 727,120 ----------
EL SALVADOR (0.3%) Republic of El Salvador 7.75%, due 1/24/23 (a) 100,000 112,250 8.25%, due 4/10/32 (a) 250,000 270,000 Republic of El Salvador, Reg S 7.75%, due 1/24/23 100,000 112,250 ---------- 494,500 ---------- INDONESIA (0.4%) Republic of Indonesia 7.25%, due 4/20/15 (a) 550,000 555,500 ---------- LEBANON (0.3%) Lebanese Republic, Reg S 11.625%, due 5/11/16 400,000 470,000 ---------- MEXICO (4.3%) United Mexican States 7.50%, due 1/14/12 800,000 893,600 & 8.125%, due 12/30/19 4,650,000 5,621,850 ---------- 6,515,450 ---------- MOROCCO (0.1%) Kingdom of Morocco 4.1115%, due 1/1/09 86,550 85,684 ---------- NETHERLANDS (1.4%) Republic of Colombia 10.00%, due 1/23/12 1,810,000 2,077,880 ---------- PANAMA (3.1%) Republic of Panama 8.125%, due 4/28/34 250,000 281,250 8.875%, due 9/30/27 810,000 972,000 9.375%, due 7/23/12 350,000 424,375 9.375%, due 4/1/29 1,635,000 2,049,473 9.625%, due 2/8/11 770,000 922,075 ---------- 4,649,173 ---------- PERU (3.2%) Republic of Peru 7.35%, due 7/21/25 250,000 248,375 7.50%, due 7/27/35 (a) 1,100,000 1,089,614 & 9.125%, due 2/21/12 3,000,000 3,538,500 ---------- 4,876,489 ---------- PHILIPPINE ISLANDS (5.0%) Republic of the Philippines 9.375%, due 1/18/17 830,000 883,950 & 9.50%, due 2/2/30 3,600,000 3,629,160 9.875%, due 1/15/19 1,470,000 1,580,250 10.625%, due 3/16/25 1,290,000 1,430,288 ---------- 7,523,648 ---------- RUSSIA (11.4%) Russian Federation & 5.00%, due 3/31/30 (a)(b) 28,205 31,237 Reg S & 5.00%, due 3/31/30 10,614,750 11,769,635 8.25%, due 3/31/10 (a) 843,289 916,486
Reg S 8.25%, due 3/31/10 816,251 887,020 Russian Federation, Reg S & 11.00%, due 7/24/18 2,410,000 3,569,692 ----------- 17,174,070 ----------- SOUTH AFRICA (0.7%) Republic of South Africa 7.375%, due 4/25/12 950,000 1,069,938 ----------- TURKEY (7.1%) Republic of Turkey 7.25%, due 3/15/15 1,210,000 1,240,976 7.375%, due 2/5/25 2,180,000 2,129,642 9.00%, due 6/30/11 1,000,000 1,135,000 9.875%, due 3/19/08 980,000 1,091,475 11.00%, due 1/14/13 550,000 694,375 11.75%, due 6/15/10 700,000 867,125 11.875%, due 1/15/30 1,160,000 1,648,650 12.375%, due 6/15/09 1,470,000 1,806,263 ----------- 10,613,506 ----------- UKRAINE (1.2%) Ukraine Government 6.875%, due 3/4/11 (a) 350,000 367,063 7.65%, due 6/11/13 (a) 900,000 990,000 Ukraine Government, Reg S 11.00%, due 3/15/07 408,072 428,883 ----------- 1,785,946 ----------- URUGUAY (1.3%) Republic of Uruguay 7.50%, due 3/15/15 960,000 945,600 7.875%, due 1/15/33 (c) 1,124,422 1,037,279 ----------- 1,982,879 ----------- VENEZUELA (6.3%) Republic of Venezuela 8.50%, due 10/8/14 2,170,000 2,251,375 & 9.25%, due 9/15/27 3,713,000 3,867,090 9.375%, due 1/13/34 2,215,000 2,311,353 10.75%, due 9/19/13 680,000 789,480 13.625%, due 8/15/18 200,000 269,000 ----------- 9,488,298 ----------- VIETNAM (0.2%) Republic of Vietnam 3.75%, due 3/12/28 500,000 365,000 ----------- Total Governments & Federal Agencies (Cost $97,596,747) 111,293,054 ----------- Total Long-Term Bonds (Cost $130,340,486) 146,417,074 -----------
SHORT-TERM INVESTMENTS (1.8%) COMMERCIAL PAPER (1.8%) UNITED STATES (1.8%) Rabobank USA Finance Corp. 3.28%, due 8/1/05 2,740,000 2,739,501 ------------ Total Commercial Paper (Cost $2,739,501) 2,739,501 ------------ Total Short-Term Investments 2,739,501 ------------ (Cost $2,739,501) Total Investments (Cost $133,079,987) (d) 99.2% 149,156,575(e) Cash and Other Assets Less Liabilities 0.8 1,206,508 --------- ------------ Net Assets 100% $150,363,083 ========= ============
+ Percentages indicated are based on Fund net assets. & Among the Portfolio's 10 largest holdings, excluding short-term investments. May be subject to change daily. (a) May be sold to institutional investors only. (b) Step Bond. Coupon rate increases in increments to maturity. Rate shown is the rate in effect at July 31, 2005. (c) CIK ("Cash in Kind") - Interest payment is made with cash or additional securities. (d) The cost for federal income tax purposes is $133,324,670. (e) At July 31, 2005 net unrealized appreciation for securities was $15,831,905, based on cost for federal income tax purposes. This consisted of aggregate gross unrealized appreciation for all investments on which there was an excess of market value over cost of $16,087,209 and aggregate gross unrealized depreciation for all investments on which there was an excess of cost over market value of $255,304. Foreign currency forward contracts open at July 31, 2005:
CONTRACT CONTRACT AMOUNT AMOUNT UNREALIZED FOREIGN CURRENCY SALE CONTRACTS SOLD PURCHASED APPRECIATION Yen vs. U.S. Dollar, expiring 08/19/05 (euro) 44,000,000.00 $ 395,328 $ 3,311 -------------------- --------- ------------ Net unrealized appreciation on foreign currency forward contracts: $ 3,311 ------------
MAINSTAY GOVERNMENT FUND PORTFOLIO OF INVESTMENTS July 31, 2005 unaudited
PRINCIPAL AMOUNT VALUE ----------------- ------------------ LONG-TERM INVESTMENTS (99.5%) + ASSET-BACKED SECURITIES (5.1%) CONSUMER FINANCE (1.9%) BMW Vehicle Owner Trust Series 2003-A, Class A3 1.94%, due 2/25/07 $ 794,295 $ 791,694 Harley-Davidson Motorcycle Trust Series 2002-1, Class A2 4.50%, due 1/15/10 4,289,182 4,300,082 MMCA Automobile Trust Series 2001-2, Class A4 3.47%, due 7/15/06 (b) 460,636 460,599 Volkswagen Auto Loan Enhanced Trust Series 2003-2, Class A3 2.27%, due 10/22/07 1,668,452 1,654,585 ------------------ 7,206,960 ------------------ CONSUMER LOANS (0.7%) Atlantic City Electric Transition Funding LLC Series 2002-1, Class A4 5.55%, due 10/20/23 2,275,000 2,411,790 ------------------ DIVERSIFIED FINANCIAL SERVICES (2.3%) Capital One Master Trust Series 2001-5, Class A 5.30%, due 6/15/09 1,620,000 1,636,894 Massachusetts RRB Special Purpose Trust Series 2001-1, Class A 6.53%, due 6/1/15 6,689,058 7,195,639 ------------------ 8,832,533 ------------------ THRIFTS & MORTGAGE FINANCE (0.2%) Vanderbilt Mortgage Finance Series 1999-B, Class 1A4 6.545%, due 4/7/18 765,256 772,394 ------------------ Total Asset-Backed Securities (Cost $18,661,896) 19,223,677 ------------------ CORPORATE BONDS (1.8%) CONSUMER FINANCE (0.5%) HSBC Finance Corp. 5.00%, due 6/30/15 1,500,000 1,485,380 6.375%, due 11/27/12 260,000 281,380 ------------------ 1,766,760 ------------------ ELECTRIC UTILITIES (0.5%) Kiowa Power Partners LLC, Senior Secured Note 5.737%, due 3/30/21 (f) 2,000,000 1,984,240 ------------------ INSURANCE (0.5%) Fund American Cos., Inc., Guaranteed Senior Note 5.875%, due 5/15/13 1,780,000 1,816,107 ------------------ MEDIA (0.3%)
TCI Communications, Inc., Senior Note 8.75%, due 8/1/15 $ 1,075,000 $ 1,352,252 ---------------- Total Corporate Bonds (Cost $6,954,545) 6,919,359 ---------------- MORTGAGE-BACKED SECURITIES (2.2%) COMMERCIAL MORTGAGE LOANS (COLLATERALIZED MORTGAGE OBLIGATIONS) (2.2%) Citigroup Commercial Mortgage Trust Series 2005-EMG, Class A1 (f) 4.154%, due 9/20/51 3,371,452 3,335,551 Series 2004-C2, Class A5 4.733%, due 10/15/41 2,000,000 1,975,322 GS Mortgage Securities Corp. II Series 2001-ROCK, Class A1 144A (f) 6.22%, due 5/3/18 2,825,400 2,953,217 ---------------- 8,264,090 ---------------- Total Mortgage-Backed Securities (Cost $8,336,334) 8,264,090 ---------------- MUNICIPAL BONDS (0.4%) TEXAS (0.4%) Harris County Texas Industrial Development Corp. Solid Waste Deer Park 5.683%, due 3/1/23 1,720,000 1,744,011 ---------------- Total Municipal Bonds (Cost $1,755,088) 1,744,011 ---------------- FEDERAL AGENCIES (90.0%) FEDERAL HOME LOAN MORTGAGE CORPORATION (9.1%) 3.00%, due 8/1/10 5,769,857 5,508,630 5.00%, due 6/1/33 - 8/1/33 12,478,360 12,311,408 5.00%, due 8/11/35 TBA (a) 5,645,000 5,555,030 & 5.25%, due 11/5/12 10,900,000 10,890,702 ---------------- 34,265,770 ---------------- FEDERAL HOME LOAN MORTGAGE CORPORATION (MORTGAGE PASS-THROUGH SECURITIES) (2.5%) 5.50%, due 8/11/35 TBA (a) 9,465,000 9,515,278 ---------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION (23.4%) 2.80% (step coupon), due 3/1/19 1,750,000 1,736,541 4.00%, due 9/2/08 8,840,000 8,729,261 4.375%, due 7/17/13 5,140,000 4,997,103 5.25%, due 1/15/09 - 8/1/12 9,505,000 9,788,294 5.50%, due 5/2/06 - 8/15/20 8,970,000 9,062,005 & 5.50%, due 8/16/20 TBA (a) 19,180,000 19,563,600 6.25%, due 2/1/11 1,875,000 2,014,341 & 6.625%, due 9/15/09 16,975,000 18,392,616 & 6.625%, due 11/15/30 11,895,000 14,931,139 ---------------- 89,214,900 ---------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION (COLLATERALIZED MORTGAGE OBLIGATIONS) (2.3%) 4.491%, due 11/25/12 3,865,000 3,824,472 6.32%, due 8/15/08 4,843,585 5,039,670 ---------------- 8,864,142 ---------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION (MORTGAGE PASS-THROUGH SECURITIES) (38.4%) 3.352%, due 4/1/34 (b) 6,088,042 6,026,362
& 4.50%, due 7/1/18 21,718,705 21,392,383 & 4.50%, due 11/1/18 12,669,308 12,478,952 5.00%, due 9/1/17 8,804,123 8,834,586 & 5.00%, due 7/14/35 TBA (a) 10,405,000 10,229,416 5.50%, due 1/1/17 - 12/1/33 29,794,386 30,191,840 & 5.50%, due 8/12/35 TBA (a) 14,035,000 14,105,175 6.00%, due 12/1/16 - 11/1/32 5,452,272 5,591,702 & 6.00%, due 8/12/35 TBA (a) 23,965,000 24,481,733 6.50%, due 10/1/31 2,022,150 2,095,597 7.00%, due 7/1/31 - 11/1/32 3,436,449 3,617,371 7.50%, due 1/1/30 - 8/1/31 5,328,880 5,692,618 ---------------- 144,737,735 ---------------- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (MORTGAGE PASS-THROUGH SECURITIES) (3.3%) 6.00%, due 8/15/32 - 12/15/32 6,209,902 6,389,230 6.50%, due 8/15/28 - 4/15/31 4,351,849 4,553,114 7.50%, due 12/15/28 - 2/15/32 1,790,661 1,916,859 ---------------- 12,859,203 ---------------- HVIDE VAN OMMEREN TANKERS (1.6%) Series I and Series II 7.54%, due 12/14/23 (c) 5,786,000 6,010,902 ---------------- TENNESSEE VALLEY AUTHORITY (1.4%) 4.65%, due 6/15/35 5,605,000 5,391,186 ---------------- U.S. TREASURY BOND (5.5%) 5.375%, due 2/15/31 (d) 1,385,000 1,573,814 6.00%, due 2/15/26 1,555,000 1,851,664 & 6.25%, due 8/15/23 9,465,000 11,413,086 6.875%, due 8/15/25 630,000 820,083 8.75%, due 8/15/20 3,695,000 5,394,988 ---------------- 21,053,635 ---------------- U.S. TREASURY INFLATION INDEXED NOTE (1.1%) 2.00%, due 7/15/14 4,126,360 4,170,846 ---------------- U.S. TREASURY NOTE (1.4%) 3.00%, due 2/15/08 (d) 1,680,000 1,638,066 3.875%, due 2/15/13 1,890,000 1,849,025 4.00%, due 2/15/15 (d) 1,435,000 1,402,095 6.00%, due 8/15/09 365,000 390,179 ---------------- 5,279,365 ---------------- Total Federal Agencies (Cost $340,284,215) 341,362,962 ---------------- Total Long-Term Bonds (Cost $375,992,078) 377,514,099 ---------------- SHORT-TERM INVESTMENTS (23.8%) FEDERAL AGENCIES (22.6%) Federal Home Loan Bank 3.15%, due 8/5/05 8,810,000 8,805,375 3.17%, due 8/8/05 10,000,000 9,992,075 3.23%, due 8/12/05 13,000,000 12,984,837 ---------------- 31,782,287 ---------------- Federal Home Loan Mortgage Corporation 3.08%, due 8/1/05 7,800,000 7,798,665 3.16%, due 8/1/05 10,000,000 9,992,075 ---------------- 17,790,740 ---------------- Federal National Mortgage Association 3.08%, due 8/10/05 10,000,000 9,990,589 3.16%, due 8/1/05 11,115,000 11,106,219 3.16%, due 8/8/05 10,000,000 9,998,244
3.24%, due 8/17/05 5,005,000 4,996,892 ------------- 36,091,944 ------------- Total Federal Agencies (Cost $85,664,971) 85,664,971 -------------
SHARES ------------- INVESTMENT COMPANIES (0.6%) American Beacon Money Market Fund (e) 992,159 992,159 BGI Institutional Money Market Fund (e) 1,113,407 1,113,407 Merrimac Cash Series, Premium Class (e) 148,824 148,824 ------------- Total Investment Companies (Cost $2,254,390) 2,254,390 -------------
PRINCIPAL AMOUNT ------------- TIME DEPOSITS (0.6%) Keybank Eurodollar Overnight (e) $ 1,488,239 1,488,239 Svenska Handlesbanken Eurodollar Overnight (e) 992,159 992,159 ------------- Total Time Deposits (Cost $2,480,398) 2,480,398 ------------- Total Short-Term Investments (Cost $90,399,759) 90,399,759 ------------- Total Investments (Cost $466,391,837) (g) 123.3% 467,913,858 (h) Liabilities in Excess of Cash and Other Assets (23.3) (88,457,519) ------------- ------------- Net Assets 100.0% $ 379,456,339 ============= =============
- ------------------- + Percentages indicated are based on Fund net assets. & Among the Portfolio's 10 largest holdings, excluding short-term investments. May be subject to change daily. (a) TBA: Securities purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement. The market value of these securities at July 31, 2005 is $83,450,232. (b) Adjustable Rate. Rate shown is the rate in effect at July 31, 2005. (c) United States Government Guaranteed Security. (d) Represents security, or a portion thereof, which is out on loan. (e) Represents security, or a portion thereof, purchased with cash collateral received for securities on loan. (f) May be sold to institutional investors only. (g) The cost for federal income tax purposes is $466,450,545. (h) At July 31, 2005, net unrealized appreciation was $1,463,313 based on cost for federal income tax purposes. This consisted of aggregate gross unrealized appreciation for all investments on which there was an excess of market value over cost of $4,584,151 and aggregate gross unrealized depreciation for all investments on which there was an excess of cost over market value of $3,120,838. MAINSTAY HIGH YIELD CORPORATE BOND FUND PORTFOLIO OF INVESTMENTS July 31, 2005 unaudited
PRINCIPAL AMOUNT VALUE ----------- ----------- LONG-TERM BONDS (83.8%) + ASSET-BACKED SECURITIES (0.1%) AIRLINES (0.0%) * Northwest Airlines, Inc. Series 1996-1, Class C 8.97%, due 7/2/16 $ 1,725,305 $ 1,033,475 ----------- ENTERTAINMENT (0.1%) United Artists Theatre Circuit, Inc. Series 1995-A, Class A 9.30%, due 7/1/15 3,031,320 3,001,007 ----------- Total Asset-Backed Securities (Cost $3,705,785) 4,034,482 ----------- CONVERTIBLE BONDS (4.8%) AIRLINES (0.1%) Delta Air Lines, Inc., Senior Note 8.00%, due 6/3/23 (a) 11,530,000 3,213,987 ----------- BIOTECHNOLOGY (0.4%) Amgen, Inc. (Zero Coupon), due 3/1/32 21,520,000 16,920,100 ----------- DIVERSIFIED FINANCIAL SERVICES (0.6%) Lincare Holdings, Inc., Senior Note 3.00%, due 6/15/33 18,790,000 18,930,925 Providian Financial Corp., Senior Note 3.25%, due 8/15/05 9,040,000 9,062,600 ----------- 27,993,525 HEALTH CARE-SERVICES (0.7%) Laboratory Corp. of America Holdings (Zero Coupon), due 9/11/21 43,980,000 33,039,975 ----------- INTERNET (0.1%) At Home Corp., Subordinated Note 4.75%, due 12/15/06 (b)(c) 61,533,853 6,153 Riverstone Networks, Inc., Senior Note 3.75%, due 12/1/06 (a)(b) 7,745,000 7,280,300 ----------- 7,286,453 ----------- MEDIA (0.6%) Adelphia Communications Corp., Subordinated Note 6.00%, due 2/15/06 (b) 12,365,000 649,162
UnitedGlobalCom, Inc. 1.75%, due 4/15/24 (a) 20,480,000 24,830,976 ----------- 25,480,138 ----------- SEMICONDUCTORS (0.5%) Amkor Technology, Inc., Subordinated Note 5.75%, due 6/1/06 (d) 16,500,000 15,840,000 LSI Logic Corp., Subordinated Note 4.00%, due 11/1/06 6,725,000 6,657,750 ----------- 22,497,750 ----------- TELECOMMUNICATIONS (1.8%) Ciena Corp. 3.75%, due 2/1/08 39,835,000 35,652,325 Lucent Technologies, Inc., Subordinated Note 8.00%, due 8/1/31 12,800,000 13,296,000 Nortel Networks Corp., Guaranteed Senior Note 4.25%, due 9/1/08 33,670,000 31,607,712 ----------- 80,556,037 ----------- Total Convertible Bonds (Cost $222,361,639) 216,987,965 ----------- CORPORATE BONDS (62.7%) ADVERTISING (0.5%) Bear Creek Corp., Senior Note 9.00%, due 3/1/13 (a) 7,160,000 7,088,400 Vertis, Inc., Senior Note 9.75%, due 4/1/09 15,035,000 15,711,575 ----------- 22,799,975 ----------- AEROSPACE & DEFENSE (0.8%) BE Aerospace, Inc., Senior Note 8.50%, due 10/1/10 1,965,000 2,166,412 BE Aerospace, Inc., Senior Subordinated Note 8.00%, due 3/1/08 10,660,000 10,686,650 8.875%, due 5/1/11 1,405,000 1,499,837 Sequa Corp. 8.875%, due 4/1/08 5,580,000 6,040,350 Sequa Corp., Senior Note 9.00%, due 8/1/09 14,815,000 16,444,650 ----------- 36,837,899 ----------- AGRICULTURE (0.4%) Commonwealth Brands, Inc., Senior Secured Note 9.75%, due 4/15/08 (a) 13,035,000 13,784,512 Commonwealth Brands, Inc., Senior Subordinated Note 10.625%, due 9/1/08 (a) 2,300,000 2,432,250 ----------- 16,216,762 ----------- AIRLINES (1.1%) Delta Air Lines, Inc. 8.30%, due 12/15/29 (d) 49,591,000 11,157,975 9.25%, due 3/15/22 9,000,000 2,115,000 9.75%, due 5/15/21 2,115,000 497,025
10.375%, due 2/1/11 - 12/15/22 17,855,000 4,312,775 Delta Air Lines, Inc., Senior Note 1(Zero Coupon), due 8/15/08 (d) 7,040,000 2,041,600 Delta Air Lines, Inc., Series A 9.25%, due 12/27/07 (e) 5,175,000 1,656,000 Northwest Airlines Corp., Senior Note 1(Zero Coupon), due 2/1/09 (d) 23,496,500 11,366,432 Northwest Airlines, Inc. 9.875%, due 3/15/07 (d) 29,140,000 15,444,200 ------------- 48,591,007 ------------- AUTO PARTS & EQUIPMENT (2.3%) Collins & Aikman Products Co., Senior Note 10.75%, due 12/31/11 (b)(d) 6,430,000 1,768,250 Collins & Aikman Products Co., Senior Subordinated Note 12.875%, due 8/15/12 (a)(d) 33,645,000 1,766,362 Cooper-Standard Automotive, Inc., Senior Note 7.00%, due 12/15/12 (d) 4,880,000 4,684,800 Dana Corp. 9.00%, due 8/15/11 8,355,000 8,993,665 Goodyear Tire & Rubber Co. (The) 6.375%, due 3/15/08 5,845,000 5,771,937 6.625%, due 12/1/06 7,469,000 7,562,362 8.50%, due 3/15/07 (d) 4,605,000 4,823,737 & 12.50%, due 3/1/11 40,235,000 45,566,137 Tenneco Automotive Inc, Senior Secured Note 10.25%, due 7/15/13 7,625,000 8,692,500 Tenneco Automotive, Inc., Senior Subordinated Note 8.625%, due 11/15/14 (d) 11,285,000 11,792,825 ------------- 101,422,575 ------------- BANKS (0.2%) Fremont General Corp., Series B, Senior Note 7.875%, due 3/17/09 8,630,000 8,802,600 ------------- BUILDING MATERIALS (0.8%) Dayton Superior Corp., Senior Secured Note 10.75%, due 9/15/08 18,355,000 19,089,200 Goodman Global Holding Co., Inc., Senior Note 6.41%, due 6/15/12 (a)(f) 3,710,000 3,728,550 Interline Brands, Inc., Senior Subordinated Note 11.50%, due 5/15/11 6,734,000 7,474,740 MMI Products, Inc., Series B, Senior Subordinated Note 11.25%, due 4/15/07 6,965,000 6,808,287 ------------- 37,100,777 ------------- CHEMICALS (2.7%) Crompton Corp., Senior Note 9.875%, due 8/1/12 12,740,000 14,682,850 Equistar Chemicals, LP 7.55%, due 2/15/26 11,985,000 11,250,919 Equistar Chemicals, LP/Equistar Funding Corp., Senior Note 10.125%, due 9/1/08 5,685,000 6,253,500 10.625%, due 5/1/11 12,905,000 14,389,075 Lyondell Chemical Co., Senior Secured Note 9.50%, due 12/15/08 7,965,000 8,452,856 10.50%, due 6/1/13 14,310,000 16,528,050
Millennium America, Inc., Senior Note 7.00%, due 11/15/06 7,395,000 7,579,875 7.625%, due 11/15/26 8,115,000 7,597,669 Terra Capital, Inc., Senior Secured Note 12.875%, due 10/15/08 28,715,000 34,027,275 Witco Corp. 7.75%, due 4/1/23 1,647,000 1,663,470 ------------- 122,425,539 ------------- COMMERCIAL SERVICES (2.8%) American Color Graphics, Inc., Senior Note 1(Zero Coupon), due 6/15/10 (d) 3,380,000 2,399,800 Chemed Corp., Senior Note 8.75%, due 2/24/11 11,290,000 12,108,525 EL Comandante Capital Corp. 11.75%, due 12/15/06 (b) 17,186,051 18,904,656 Great Lakes Dredge & Dock Corp., Senior Subordinated Note 7.75%, due 12/15/13 (d) 9,240,000 7,900,200 Language Line, Inc., Senior Subordinated Note 11.125%, due 6/15/12 8,695,000 8,260,250 Phoenix Color Corp., Senior Subordinated Note 10.375%, due 2/1/09 7,935,000 7,399,387 Protection One Alarm Monitoring, Inc., Series B, Guaranteed Senior Subordinated Note 8.125%, due 1/15/09 5,470,000 5,305,900 Quintiles Transnational Corp., Senior Subordinated Note 1(Zero Coupon), due 10/1/13 31,635,000 35,273,025 Rent-Way, Inc., Senior Secured Note 11.875%, due 6/15/10 11,630,000 13,112,825 Vertrue, Inc., Senior Note 9.25%, due 4/1/14 12,965,000 13,159,475 Williams Scotsman, Inc., Senior Secured Note 1(Zero Coupon), due 8/15/08 370,000 405,150 ------------- 124,229,193 ------------- COMPUTERS (1.7%) Activant Solutions, Inc., Senior Note 9.504%, due 4/1/10 (a)(f) 7,305,000 7,524,150 SunGard Data Systems Inc., Senior Note 9.125%, due 8/15/13 (a) 21,060,000 21,876,075 SunGard Data Systems Inc., Senior Subordinated Note 10.25%, due 8/15/15 (a) 29,075,000 30,128,969 SunGard Data Systems, Inc., Senior Note 3.967%, due 8/15/13 (a)(f) 7,020,000 7,274,475 4.875%, due 1/15/14 10,695,000 9,358,125 ------------- 76,161,794 ------------- CONSTRUCTION & ENGINEERING (0.1%) Amsted Industries, Inc., Senior Note 10.25%, due 10/15/11 (a) 3,200,000 3,456,000 ------------- CONTAINERS & PACKAGING (0.1%) Smurfit Capital Funding PLC, Guaranteed Note 7.50%, due 11/20/25 3,475,000 3,249,125 ------------- DIVERSIFIED FINANCIAL SERVICES (9.4%) American Real Estate Partners, LP, Senior Note 8.125%, due 6/1/12 23,940,000 25,256,700
American Real Estate Partners, LP/American Real Estate Finance Corp., Senior Note 7.125%, due 2/15/13 (a) 21,155,000 21,472,325 Caithness Coso Funding Corp., Series B, Senior Secured Note 9.05%, due 12/15/09 18,951,170 20,846,287 Cedar Brakes I LLC, Senior Secured Note & 9.875%, due 9/1/13 (a) 36,917,451 42,695,401 Dollar Financial Group, Inc., Senior Note 9.75%, due 11/15/11 (a) 14,200,000 14,732,499 ESI Tractebel Acquisition Corp., Series B 7.99%, due 12/30/11 13,612,000 14,248,647 General Motors Acceptance Corp. 6.15%, due 4/5/07 23,240,000 23,224,499 & 8.00%, due 11/1/31 59,140,000 57,365,918 General Motors Acceptance Corp., Global Note 6.75%, due 12/1/14 29,575,000 27,856,219 General Motors Acceptance Corp., Senior Note 5.625%, due 5/15/09 8,795,000 8,432,681 IPC Acquisition Corp., Senior Subordinated Note 11.50%, due 12/15/09 22,580,000 24,472,204 LaBranche & Co., Inc., Senior Note 9.50%, due 5/15/09 8,720,000 9,374,000 11.00%, due 5/15/12 15,820,000 17,560,200 Pharma Services Intermediate Holding Corp., Senior Note (Zero Coupon), due 4/1/14 (e) 27,335,000 20,501,250 Rainbow National Services LLC, Guaranteed Senior Note 8.75%, due 9/1/12 (a) 10,205,000 11,199,987 & 10.375%, due 9/1/14 (a) 35,590,000 40,750,550 Ucar Finance, Inc., Guaranteed Senior Note 10.25%, due 2/15/12 20,290,000 21,761,025 UGS Corp., Senior Subordinated Note 1(Zero Coupon), due 6/1/12 8,270,000 9,179,700 Venoco, Inc., Senior Note 8.75%, due 12/15/11 9,135,000 9,409,050 ------------- 420,339,142 ------------- DIVERSIFIED TELECOMMUNICATION SERVICES (0.4%) Telcordia Technologies, Inc., Senior Subordinated Note 1(Zero Coupon), due 3/15/13 (a) 19,310,000 18,730,700 ------------- ELECTRIC (5.0%) AES Corp. (The), Senior Secured Note 9.00%, due 5/15/15 (a) 28,070,000 31,298,050 AES Eastern Energy, LP, Series 1999-1, Class B 9.67%, due 1/2/29 16,820,000 21,361,400 AES Eastern Energy, LP, Series 1999-A 9.00%, due 1/2/17 17,861,376 20,897,810 Calpine Corp. 9.875%, due 12/1/11 (a) 10,730,000 8,423,050 Calpine Corp., Senior Secured Note & 8.50%, due 7/15/10 (a)(d) 70,400,000 54,208,000 Calpine Gilroy, LP 1(Zero Coupon), due 9/30/14 21,752,416 21,752,416 Mirant Americas Generation LLC, Senior Note 7.20%, due 10/1/08 (b)(d) 4,835,000 5,572,337
8.30%, due 5/1/11 (b) 1,395,000 1,604,250 8.50%, due 10/1/21 (b) 8,895,000 10,229,250 9.125%, due 5/1/31 (b)(d) 6,780,000 8,034,300 NRG Energy, Inc., Senior Note 8.00%, due 12/15/13 21,398,000 22,895,860 PSEG Energy Holdings LLC, Senior Note 8.625%, due 2/15/08 8,459,000 9,029,982 Reliant Energy, Inc., Senior Secured Note 9.25%, due 7/15/10 6,150,000 6,734,250 Westar Energy, Inc., Unsecured Senior Note 7.125%, due 8/1/09 50,000 53,291 ------------- 222,094,246 ------------- ELECTRICAL COMPONENTS & EQUIPMENT (0.1%) Spectrum Brands Inc., Senior Subordinated Note 8.50%, due 10/1/13 4,565,000 4,816,075 ------------- ELECTRONICS (0.5%) Dresser, Inc., Senior Note 9.375%, due 4/15/11 974,000 1,022,700 Fisher Scientific International, Inc., Senior Subordinated Note 6.125%, due 7/1/15 (a) 9,505,000 9,552,525 Knowles Electronics Holdings, Inc., Senior Subordinated Note 13.125%, due 10/15/09 12,365,000 12,674,125 ------------- 23,249,350 ------------- ENERGY - ALTERNATE SOURCES (0.0%) ++ Salton SEA Funding, Series E, Senior Note 8.30%, due 5/30/11 22,404 24,422 ------------- ENTERTAINMENT (1.8%) Gaylord Entertainment Co., Senior Note 8.00%, due 11/15/13 4,475,000 4,765,875 Isle of Capri Casinos, Inc., Senior Subordinated Note 9.00%, due 3/15/12 2,550,000 2,766,750 Jacobs Entertainment Co., Senior Secured Note 11.875%, due 2/1/09 (a) 15,620,000 16,869,600 LCE Acquisition Corp., Senior Subordinated Note 9.00%, due 8/1/14 (a) 12,955,000 12,631,125 Mohegan Tribal Gaming Authority, Senior Subordinated Note 6.375%, due 7/15/09 3,650,000 3,713,875 President Casinos, Inc. 12.00%, due 9/15/06 (a)(b)(m) 5,057,352 5,006,779 President Riverboat Casino-Missouri (The), Inc., Senior Note 13.00%, due 9/15/06 (b)(m) 10,771,312 10,555,886 Six Flags, Inc., Senior Note 9.625%, due 6/1/14 9,785,000 9,503,681 9.75%, due 4/15/13 (d) 9,805,000 9,572,131 Warner Music Group, Senior Subordinated Note 7.375%, due 4/15/14 5,620,000 5,802,650 ------------- 81,188,352 ------------- ENVIRONMENTAL CONTROL (0.4%) Geo Sub Corp., Senior Note 11.00%, due 5/15/12 16,855,000 17,023,550 ------------- FOOD (1.0%)
Chiquita Brands International, Inc., Senior Note 7.50%, due 11/1/14 1,750,000 1,697,500 Pinnacle Foods Holding Corp., Senior Subordinated Note 8.25%, due 12/1/13 (d) 24,525,000 22,317,750 Swift & Co., Senior Note 10.125%, due 10/1/09 3,655,000 3,974,812 Swift & Co., Senior Subordinated Note 12.50%, due 1/1/10 16,418,000 18,347,115 ------------- 46,337,177 ------------- GAS UTILITIES (0.4%) Star Gas Partners, LP/Star Gas Finance Co., Senior Note 10.25%, due 2/15/13 (d) 20,710,000 19,156,750 ------------- HAND & MACHINE TOOLS (0.2%) Thermadyne Holdings Corp., Senior Subordinated Note 9.25%, due 2/1/14 10,320,000 9,804,000 ------------- HEALTH CARE PROVIDERS & SERVICES (0.6%) Vanguard Health Holding Co. I LLC, Senior Note (Zero Coupon), due 10/1/15 (e) 11,070,000 8,025,750 Vanguard Health Holding Co. II LLC, Senior Subordinated Note 9.00%, due 10/1/14 15,350,000 16,693,125 ------------- 24,718,875 ------------- HEALTH CARE-SERVICES (1.5%) Ameripath, Inc., Senior Subordinated Note 10.50%, due 4/1/13 23,005,000 23,292,562 HCA, Inc. 7.50%, due 11/15/20 37,124,000 35,581,609 8.36%, due 4/15/24 100,000 110,987 National Nephrology Associates, Inc., Senior Subordinated Note 9.00%, due 11/1/11 (a) 6,455,000 7,213,462 ------------- 66,198,620 ------------- HOME FURNISHINGS (0.1%) Fedders North America, Inc., Senior Note 9.875%, due 3/1/14 8,810,000 6,255,100 ------------- HOTELS, RESTAURANTS & LEISURE (0.9%) Caesars Entertainment, Inc., Senior Subordinated Note 8.875%, due 9/15/08 70,000 77,875 MGM Mirage, Senior Note 6.75%, due 9/1/12 4,180,000 4,326,300 Park Place Entertainment, Senior Subordinated Note 8.125%, due 5/15/11 20,000 22,825 Starwood Hotel & Resorts 7.375%, due 11/15/15 18,475,000 20,507,250 7.75%, due 11/15/25 10,000 10,300 Trump Entertainment Resorts, Inc., Senior Secured Note 8.50%, due 6/1/15 15,225,460 15,453,842 ------------- 40,398,392 ------------- HOUSEHOLD PRODUCTS & WARES (0.3%) Spectrum Brands, Inc., Senior Subordinated Note 7.375%, due 2/1/15 15,525,000 15,330,937 -------------
INSURANCE (0.6%) Crum & Forster Holdings Corp. 10.375%, due 6/15/13 19,730,000 21,703,000 Lumbermens Mutual Casualty, Senior Note 8.30%, due 12/1/37 (a)(b) 8,525,000 319,687 8.45%, due 12/1/97 (a)(b) 2,575,000 96,562 9.15%, due 7/1/26 (a)(b) 42,123,000 1,579,612 UnumProvident Corp. 6.75%, due 12/15/28 2,915,000 2,695,165 ------------- 26,394,026 ------------- INTERNET (0.1%) Globix Corp., Senior Secured Note 11.00%, due 5/1/08 (a)(g) 5,600,314 5,320,298 ------------- IRON & STEEL (0.6%) Allegheny Ludlum Corp. 6.95%, due 12/15/25 14,390,000 13,463,471 Allegheny Technologies, Inc. 8.375%, due 12/15/11 3,510,000 3,685,500 United States Steel LLC, Senior Note 10.75%, due 8/1/08 9,425,000 10,591,344 ------------- 27,740,315 ------------- MACHINERY (0.8%) Mark IV Industries, Inc., Senior Subordinated Note 7.50%, due 9/1/07 36,245,000 34,976,425 ------------- MEDIA (3.8%) Adelphia Communications Corp., Senior Note 9.375%, due 11/15/09 (b)(d) 7,050,000 6,256,875 10.25%, due 11/1/06 - 6/15/11 (b) 36,035,000 32,022,681 Adelphia Communications Corp., Series B, Senior Note 9.25%, due 10/1/32 (b) 1,820,000 1,551,550 Frontiervision Holdings, LP, Series B, Senior Note 11.875%, due 9/15/07 (b)(e) 1,785,000 2,490,075 Frontiervision Operating PRT, Senior Subordinated Note 11.00%, due 10/15/06 (b) 25,590,000 34,674,450 Houghton Mifflin Co. 7.20%, due 3/15/11 9,530,000 9,696,775 Medianews Group, Inc., Senior Subordinated Note 6.875%, due 10/1/13 6,935,000 6,987,013 Morris Publishing Group LLC, Senior Subordinated Note 7.00%, due 8/1/13 19,795,000 19,621,794 Paxson Communications Corp., Senior Subordinated Note 10.75%, due 7/15/08 (d) 50,000 49,500 12.25%, due 1/15/09 (e) 29,860,000 28,367,000 Ziff Davis Media, Inc., Senior Secured Note 9.15%, due 5/1/12 (f) 12,615,000 12,205,013 Ziff Davis Media, Inc., Series B, Senior Note 13.00%, due 8/12/09 (g) 16,261,269 17,358,905
------------- 171,281,631 ------------- METAL FABRICATE & HARDWARE (0.3%) Mueller Group, Inc., Senior Subordinated Note 1(Zero Coupon), due 5/1/12 11,965,000 12,802,550 ------------- OIL & GAS (1.6%) Evergreen Resources, Inc., Senior Note 5.875%, due 3/15/12 4,260,000 4,291,115 Forest Oil Corp. 8.00%, due 6/15/08 5,833,000 6,241,310 Hilcorp Energy I, LP/Hilcorp Finance Co., Senior Note 10.50%, due 9/1/10 (a) 1,560,000 1,731,600 Newfield Exploration Co., Senior Note 7.625%, due 3/1/11 1,785,000 1,954,575 Newfield Exploration Co., Senior Subordinated Note 8.375%, due 8/15/12 1,665,000 1,814,850 Parker Drilling Co. 9.625%, due 10/1/13 (d) 6,745,000 7,655,575 Parker Drilling Co., Senior Note 9.625%, due 10/1/13 (a) 2,965,000 3,365,275 10.125%, due 11/15/09 (d) 1,777,000 1,868,071 Plains Exploration & Production Co., Senior Subordinated Note 8.75%, due 7/1/12 6,030,000 6,587,775 Vintage Petroleum, Inc., Senior Note 8.25%, due 5/1/12 25,580,000 27,722,325 Vintage Petroleum, Inc., Senior Subordinated Note 7.875%, due 5/15/11 25,000 26,313 Whiting Petroleum Corp., Senior Subordinated Note 7.25%, due 5/1/13 9,750,000 9,847,500 ------------- 73,106,284 ------------- OIL & GAS SERVICES (0.0%) ++ Lone Star Technologies, Senior Subordinated Note 9.00%, due 6/1/11 1,710,000 1,825,425 ------------- PACKAGING & CONTAINERS (2.0%) Constar International, Inc., Senior Secured Note 7.165%, due 2/15/12 (a)(f) 8,635,000 8,289,600 Owens-Brockway, Guaranteed Senior Secured Note 7.75%, due 5/15/11 45,000 47,700 8.25%, due 5/15/13 5,710,000 6,173,938 Owens-Brockway, Senior Secured Note 8.75%, due 11/15/12 8,710,000 9,504,788 8.875%, due 2/15/09 24,525,000 25,935,188 Owens-Illinois, Inc., Senior Note 7.80%, due 5/15/18 10,530,000 10,951,200 8.10%, due 5/15/07 (d) 26,405,000 27,527,213 ------------- 88,429,627 ------------- PAPER & FOREST PRODUCTS (1.3%)
Georgia-Pacific Corp. 8.875%, due 5/15/31 15,280,000 19,100,000 Georgia-Pacific Corp., Senior Note 8.00%, due 1/15/24 17,785,000 20,274,900 8.875%, due 2/1/10 4,420,000 4,972,500 9.375%, due 2/1/13 2,690,000 3,039,700 Pope & Talbot, Inc. 8.375%, due 6/1/13 5,340,000 5,286,600 Pope & Talbot, Inc., Senior Note 8.375%, due 6/1/13 4,010,000 3,969,900 ------------- 56,643,600 ------------- PHARMACEUTICALS (0.2%) Warner Chilcott Corp., Senior Subordinated Note 8.75%, due 2/1/15 (a) 8,330,000 8,225,875 ------------- PIPELINES (3.2%) ANR Pipeline Co. 7.375%, due 2/15/24 1,785,000 1,907,019 9.625%, due 11/1/21 20,721,000 26,362,520 Dynegy Holdings, Inc. 10.099%, due 7/15/08 (a)(f) 6,905,000 7,353,825 Dynegy Holdings, Inc., Senior Note 9.875%, due 7/15/10 (a) 20,715,000 22,890,075 Dynegy Holdings, Inc., Senior Secured Note 10.125%, due 7/15/13 (a) 2,440,000 2,781,600 El Paso Corp. 6.95%, due 12/15/07 (d)(f) 1,870,000 1,900,388 El Paso Natural Gas Co. 7.50%, due 11/15/26 1,910,000 2,053,550 8.375%, due 6/15/32 11,060,000 13,049,838 El Paso Natural Gas Co., Senior Note 7.625%, due 8/1/10 8,175,000 8,605,880 El Paso Production Holding Co., Senior Note & 7.75%, due 6/1/13 47,560,000 50,473,050 Pacific Energy Partners, LP / Pacific Energy Finance Corp., Senior Note 7.125%, due 6/15/14 5,940,000 6,281,550 Southern Natural Gas Co. 7.35%, due 2/15/31 1,665,000 1,780,674 ------------- 145,439,969 ------------- REAL ESTATE (2.5%) CB Richard Ellis Services, Inc., Senior Note 9.75%, due 5/15/10 7,982,000 8,879,975 CB Richard Ellis Services, Inc., Senior Subordinated Note 11.25%, due 6/15/11 25,215,000 28,051,688 Crescent Real Estate Equities, LP & 7.50%, due 9/15/07 41,047,000 41,970,558 Crescent Real Estate Equities, LP, Senior Subordinated Note 9.25%, due 4/15/09 25,000 26,625 Omega Healthcare Investors, Inc., Senior Note 7.00%, due 4/1/14 9,105,000 9,241,575 Trustreet Properties, Inc., Senior Note
7.50%, due 4/1/15 (a) 23,615,000 24,264,413 ------------- 112,434,834 ------------- RETAIL (1.7%) Blockbuster, Inc., Senior Subordinated Note 9.00%, due 9/1/12 (a)(d) 16,100,000 14,610,750 Duane Reade, Inc., Senior Secured Note 7.91%, due 12/15/10 (a)(f) 4,265,000 4,158,375 Toys R US, Inc. 7.625%, due 8/1/11 (d) 39,121,000 35,306,703 8.75%, due 9/1/21 20,751,000 20,751,000 ------------- 74,826,828 ------------- SEMICONDUCTORS (0.5%) Amkor Technology, Inc., Senior Note 7.125%, due 3/15/11 (d) 1,500,000 1,308,750 7.75%, due 5/15/13 (d) 1,870,000 1,589,500 MagnaChip Semiconductor SA/MagnaChip Semiconductor Finance Co. 6.66%, due 12/15/11 (a)(f) 8,975,000 8,975,000 MagnaChip Semiconductor SA/MagnaChip Semiconductor Finance Co., Senior Subordinated Note 8.00%, due 12/15/14 (a) 12,360,000 11,958,300 ------------- 23,831,550 ------------- TELECOMMUNICATIONS (7.2%) American Tower Escrow Corp., Senior Subordinated Note (Zero Coupon), due 8/1/08 5,250,000 4,029,375 Dobson Cellular Systems, Senior Note 7.96%, due 11/1/11 (f) 3,770,000 3,930,225 8.375%, due 11/1/11 3,775,000 4,010,938 9.875%, due 11/1/12 6,635,000 7,339,969 Intelsat Bermuda, Ltd., Senior Note 8.695%, due 1/15/12 (a)(f) 18,910,000 19,288,200 Loral Cyberstar, Inc., Senior Note 1(Zero Coupon), due 7/15/06 (b) 35,306,000 31,775,400 Lucent Technologies, Inc. 5.50%, due 11/15/08 (d) 8,959,000 8,981,398 6.45%, due 3/15/29 18,340,000 16,506,000 6.50%, due 1/15/28 5,485,000 4,922,788 7.25%, due 7/15/06 6,450,000 6,603,188 PanAmSat Corp., Senior Note 9.00%, due 8/15/14 8,833,000 9,760,465 Qwest Capital Funding, Inc., Guaranteed Note 7.75%, due 8/15/06 8,555,000 8,726,100 Qwest Communications International, Inc., Senior Note 7.25%, due 2/15/11 26,385,000 25,725,375 7.50%, due 2/15/14 4,100,000 3,956,500 Qwest Communications International, Inc., Series B, Senior Note 7.50%, due 11/1/08 - 2/15/14 (a) 37,353,000 36,023,565 Qwest Corp. 5.625%, due 11/15/08 1,420,000 1,400,475 7.50%, due 6/15/23 335,000 306,525 8.875%, due 3/15/12 - 6/1/31 17,355,000 18,751,725
Qwest Services Corp., Senior Subordinated Note 13.00%, due 12/15/07 (a) 11,631,000 12,823,178 13.50%, due 12/15/10 (a) 27,279,000 31,370,850 14.00%, due 12/15/14 12,881,000 15,586,010 Rogers Wireless, Inc., Senior Secured Note 9.75%, due 6/1/16 3,660,000 4,446,900 Triton PCS, Inc., Guaranteed Senior Note 8.50%, due 6/1/13 (d) 22,474,000 20,676,080 TSI Telecommunications, Senior Subordinated Note 12.75%, due 2/1/09 25,275,000 28,055,250 -------------- 324,996,479 -------------- TRUCKING & LEASING (0.2%) Interpool, Inc., Series A, Senior Note 6.00%, due 9/1/14 10,595,000 9,826,863 -------------- Total Corporate Bonds (Cost $2,712,343,534) 2,815,061,513 -------------- FOREIGN BONDS (9.3%) CHEMICALS (0.5%) Acetex Corp., Senior Note 10.875%, due 8/1/09 3,745,000 3,950,975 INVISTA 9.25%, due 5/1/12 (a) 16,650,000 18,335,813 -------------- 22,286,788 -------------- COMMERCIAL SERVICES & SUPPLIES (1.1%) Quebecor Media, Inc., Senior Note 11.125%, due 7/15/11 9,230,000 10,245,300 & 13.75%, due 7/15/11 (e) 37,195,000 37,613,444 -------------- 47,858,744 -------------- FOOD (0.2%) Parmalat Finance Corp. BV 6.25%, due 2/7/25 (b) 29,870,000 9,053,970 -------------- FOREST PRODUCTS & PAPER (0.4%) Norske Skog Canada, Ltd., Series D, Senior Note 8.625%, due 6/15/11 15,000 15,525 Tembec Industries, Inc., Guaranteed Senior Note 8.50%, due 2/1/11 6,355,000 5,084,000 8.625%, due 6/30/09 (d) 7,155,000 6,063,863 Tembec Industries, Inc., Senior Note 7.75%, due 3/15/12 11,635,000 8,929,863 -------------- 20,093,251 -------------- HOUSEHOLD PRODUCTS & WARES (0.3%) Jafra Cosmetics International, Inc./Distribuidora Comerical Jafra SA de CV, Senior Subordinated Note 10.75%, due 5/15/11 11,873,000 13,297,760 -------------- MEDIA (2.8%) CanWest Media, Inc., Senior Subordinated Note
& 8.00%, due 9/15/12 41,430,459 43,968,075 CanWest Media, Inc., Series B, Senior Note 7.625%, due 4/15/13 25,871,000 27,681,970 Hollinger, Inc. 11.875%, due 3/1/11 (a) 3,610,000 3,610,000 Hollinger, Inc., Senior Secured Note 12.875%, due 3/1/11 (a) 6,793,000 7,429,844 Ono Finance 10.50%, due 5/15/14 (a) 15,950,000 20,305,506 Shaw Communications, Inc., Senior Note 7.50%, due 11/20/13 22,825,000 20,483,668 Sun Media Corp., Senior Note 7.625%, due 2/15/13 40,000 42,100 -------------- 123,521,163 -------------- PACKAGING & CONTAINERS (1.4%) Crown European Holdings SA, Senior Secured Note 9.50%, due 3/1/11 26,110,000 28,721,000 10.875%, due 3/1/13 30,055,000 35,239,488 -------------- 63,960,488 -------------- TELECOMMUNICATIONS (1.7%) Inmarsat Finance PLC, Senior Note (Zero Coupon), due 11/15/12 (e) 22,335,000 17,868,000 Intelsat Bermuda, Ltd., Senior Note 8.25%, due 1/15/13 (a) 12,700,000 13,271,500 Millicom International Cellular SA, Senior Note 1(Zero Coupon), due 12/1/13 26,360,000 27,282,600 MobiFon Holdings BV, Senior Note 12.50%, due 7/31/10 13,425,000 16,244,250 -------------- 74,666,350 -------------- TRANSPORTATION (0.9%) Grupo Transportacion Ferroviaria Mexicana SA DE CV, Senior Note 12.50%, due 6/15/12 16,270,000 19,157,925 Navigator Gas Transport PLC 10.50%, due 6/30/07 (a)(b) 10,425,000 9,591,000 Stena AB 9.625%, due 12/1/12 10,205,000 11,238,256 -------------- 39,987,181 -------------- Total Foreign Bonds (Cost $381,713,033) 414,725,695 -------------- LOAN PARTICIPATIONS (4.7%) AUTO PARTS & EQUIPMENT (0.4%) Goodyear Tire & Rubber Co. (The) Loan Agreement (Zero Coupon), due 4/30/10 (f)(h) 20,350,000 20,477,188 -------------- CAPITAL MARKETS (0.4%) Sunshine Acquisition, Ltd. Loan Agreement (Zero Coupon), due 5/31/06 (h) 19,000,000 19,000,000 -------------- CONTAINERS & PACKAGING (0.0%) ++
Graham Packaging Holdings Co. Loan Agreement (Zero Coupon), due 10/7/12 (f)(h) 1,000,000 1,027,500 -------------- DIVERSIFIED FINANCIAL SERVICES (0.6%) Satbirds Capital Loan Agreement (Zero Coupon), due 5/1/14 (h) 20,185,000 25,329,869 -------------- ELECTRIC (0.3%) Mirant Corp. Loan Agreement (Zero Coupon), due 1/15/06 (f)(h) 7,020,000 5,926,052 (Zero Coupon), due 7/16/06 (f)(h) 7,868,335 6,779,884 -------------- 12,705,936 -------------- IT SERVICES (0.1%) Riverdeep Group, Ltd. Loan Agreement (Zero Coupon), due 10/30/11 (h) 6,080,000 6,080,000 -------------- MEDIA (0.4%) Fidelity National Information Solutions, Inc. Loan Agreement, Series B (Zero Coupon), due 3/9/13 (h) 17,510,375 17,536,956 Maxwell Communication Corp. Loan Agreement, Series A (Zero Coupon), due 1/1/09 (h) 9,973,584 29,921 Maxwell Communication Corp. Loan Agreement, Series B (Zero Coupon), due 1/1/09 (h) 1,131,066 5,964 -------------- 17,572,841 -------------- PHARMACEUTICALS (0.3%) Warner Chilcott Corp. Loan Agreement, Series D (Zero Coupon), due 1/18/12 (h) 12,145,110 12,264,388 -------------- REAL ESTATE (0.9%) LNR Property Corp. Loan Agreement, Series B (Zero Coupon), due 3/8/08 (f)(h) 22,764,703 22,955,767 Riley Mezzainine Corp. Loan Agreement (Zero Coupon), due 2/3/08 (h) 7,000,000 6,951,875 Riley Mezzainine Corp. Loan Agreement, Series 2 (Zero Coupon), due 2/3/08 (h) 9,000,000 8,938,125 -------------- 38,845,767 -------------- SOFTWARE (0.8%) SunGard Data Systems, Inc. Loan Agreement, Series B (Zero Coupon), due 12/13/12 (h) 24,610,000 24,917,625 Telcordia Technologies, Inc. Loan Agreement (Zero Coupon), due 9/15/12 (h) 10,224,375 10,179,643 -------------- 35,097,268 -------------- TELECOMMUNICATIONS (0.4%) Qwest Corp. Loan Agreement, Series B (Zero Coupon), due 6/30/10 (h) 18,000,000 17,928,000 -------------- TEXTILES, APPAREL & LUXURY GOODS (0.1%) Jostens IH Corp. Loan Agreement, Series B (Zero Coupon), due 10/4/11 (h) 3,800,000 3,854,150 --------------
Total Loan Participations (Cost $209,126,838) 210,182,907 -------------- YANKEE BONDS (2.2%) ENERGY EQUIPMENT & SERVICES (0.8%) Petroleum Geo-Services ASA, Senior Note 8.00%, due 11/5/06 1,939,701 1,978,495 1(Zero Coupon), due 11/5/10 28,651,136 32,375,784 -------------- 34,354,279 -------------- ENVIRONMENTAL CONTROL (0.1%) Marsulex, Inc., Senior Subordinated Note 9.625%, due 7/1/08 6,355,000 6,450,325 -------------- INSURANCE (0.5%) Fairfax Financial Holdings, Ltd. 7.375%, due 4/15/18 (d) 4,697,000 4,098,133 7.75%, due 7/15/37 4,810,000 3,908,125 8.25%, due 10/1/15 8,125,000 7,881,250 8.30%, due 4/15/26 (d) 3,000,000 2,647,500 Fairfax Financial Holdings, Ltd., Senior Note 7.75%, due 4/26/12 2,965,000 2,890,875 -------------- 21,425,883 -------------- MEDIA (0.2%) Rogers Cablesystems, Ltd., Guaranteed Senior Subordinated Note 11.00%, due 12/1/15 7,205,000 7,745,375 -------------- METALS & MINING (0.5%) Algoma Steel, Inc., Secured Note 11.00%, due 12/31/09 23,265,000 24,951,713 -------------- TELECOMMUNICATIONS (0.1%) Nortel Networks Corp. 6.875%, due 9/1/23 3,000,000 2,857,500 -------------- Total Yankee Bonds (Cost $84,470,227) 97,785,075 -------------- Total Long-Term Bonds (Cost $3,613,721,056) 3,758,777,637 --------------
SHARES VALUE COMMON STOCKS (2.8%) AUTO PARTS & EQUIPMENT (0.5%) Goodyear Tire & Rubber Co. (The) (d)(j) 1,427,400 24,851,034 -------------- CAPITAL MARKETS (0.0%) Atlantic Acquisition Corp. 2,156 22 -------------- FOREST PRODUCTS & PAPER (0.2%) ++
Abitibi-Consolidated, Inc. 1,465,965 6,992,653 -------------- HAND & MACHINE TOOLS (0.4%) Thermadyne Holdings Corp. (j) 1,237,712 18,070,595 HEALTH CARE PROVIDERS AND SERVICES (0.0%) ++ Skilled Healthcare Group, Inc. (m) 11,689 187,024 -------------- HOLDING COMPANIES - DIVERSIFIED (0.0%) ++ TLC Beatrice International Holdings (j)(m) 25,000 25,000 -------------- INTERNET (0.2%) Globix Corp. (j)(m) 5,331,771 9,442,566 -------------- MACHINERY - DIVERSIFIED (0.0%) ++ MMH Holdings, Inc. (j) 69,236 366,951 -------------- MEDIA (0.8%) Digital On-Demand (m) 1,095,395 10,954 Liberty Global, Inc.-Class A (j) 477,598 22,657,249 Viacom, Inc. Class B 450,200 15,077,198 -------------- 37,745,401 -------------- METAL FABRICATE & HARDWARE (0.2%) ACP Holding Co. (a)(j) 3,998,756 7,397,699 -------------- SOFTWARE (0.1%) Quadramed Corp. (j) 1,580,150 2,828,468 -------------- TELECOMMUNICATIONS (0.4%) ICO Global Communications Holdings, Ltd. (j) 3,283,325 16,465,875 Remote Dynamics, Inc. (j) 358,615 369,373 -------------- 16,835,248 -------------- Total Common Stocks (Cost $131,199,877) 124,742,661 -------------- CONVERTIBLE PREFERRED STOCK (0.7%) AUTO MANUFACTURERS (0.0%) ++ General Motors Corp. 6.25% 43,500 978,315 -------------- INSURANCE (0.3%) Conseco, Inc. 5.50% 420,050 11,467,365 -------------- INTERNET (0.0%) ++ Globix Corp. (m) (Zero Coupon) 572,843 1,086,970 -------------- SOFTWARE (0.4%) Quadramed Corp.
5.50% (a) $ 814,000 $ 18,315,000 -------------- Total Convertible Preferred Stock (Cost $33,551,030) 31,847,650 -------------- PREFERRED STOCKS (1.7%) COMMERCIAL SERVICES & SUPPLIES (0.0%) ++ Colorado Prime Corp. (m) (Zero Coupon) 7,232 72 Colorado Prime Corp. (m) (Zero Coupon) 15,000 0 -------------- 72 -------------- MEDIA (0.6%) Haights Cross Communications, Inc. (Zero Coupon) (j) 369,962 21,087,834 Paxson Communications Corp. 14.25% (g)(j) 750 4,949,208 Ziff Davis Holdings, Inc. 1(Zero Coupon) (j) 4,240 2,544,000 -------------- 28,581,042 -------------- REAL ESTATE (1.1%) & Sovereign Real Estate Investment Corp. 12.00% (a) 34,813 50,478,850 -------------- Total Preferred Stocks (Cost $77,642,501) 79,059,964 -------------- WARRANTS (0.2%) HAND & MACHINE TOOLS (0.0%) ++ Thermadyne Holdings - B Strike Price $0.00 Expire 5/23/06 (j)(k)(m) 2,198 0 -------------- MEDIA (0.0%) ++ Haights Cross Communications, Inc. Strike Price $0.00 Expire 12/10/11 (j)(k)(m) 374,921 3,749 Haights Cross Communications, Inc. Strike Price $0.00 Expire 12/10/11 (j)(k)(m) 388 4 Ono Finance PLC Strike Price $0.00 Expire 2/15/11 (a)(j)(k)(m) 40,495 405 Ziff Davis Holdings Inc. Strike Price $0.00 Expire 8/12/12 (a)(j) 777,370 77,737 -------------- 81,895 --------------
METAL FABRICATE & HARDWARE (0.2%) ACP Holding Co. Strike Price $0.00 Expire 9/13/13 (a)(j)(k) $ 3,938,309 $ 7,285,872 -------------- SEMICONDUCTORS (0.0%) ++ ASAT Finance LLC Strike Price $0.00 Expire 11/01/06 (a)(j)(k)(m) 8,680 87 -------------- TELECOMMUNICATIONS (0.0%) ++ Ubiquitel Operating Co., Inc. Strike Price $0.00 Expire 4/15/10 (a)(j) 14,230 142 -------------- Total Warrants (Total Cost $4,541,250) 7,367,996 --------------
PRINCIPAL AMOUNT SHORT-TERM INVESTMENTS (17.6%) INVESTMENT COMPANIES (5.0%) American Beacon Money Market Fund (l) $ 54,419,792 $ 54,419,792 BGI Institutional Money Market Fund (l) 61,070,201 61,070,201 Merrimac Cash Series, Premium Class (l) 8,162,969 8,162,969 Merrill Lynch Funds For Institutions Series - Premier Institutional Fund 100,563,473 100,481,568 -------------- Total Investment Companies (Cost $224,134,530) 224,134,530 -------------- COMMERCIAL PAPER (9.2%) ABN AMRO North American Finance, Inc. 3.29%, due 8/12/05 30,000,000 29,964,358 AIG Funding, Inc. 3.34%, due 8/18/05 30,000,000 29,947,116 Federal Home Loan Bank 3.17%, due 8/8/05 20,000,000 19,984,150 Federal National Mortgage Association 2.693%, due 8/1/05 8,290,000 8,288,760 International Business Machines Corp. 2.718%, due 8/2/05 55,000,000 54,987,542 International Business Machines Corp. 3.21%, due 8/9/05 50,000,000 49,955,417 Toyota Motor Credit Corp. 3.24%, due 8/9/05 53,720,000 53,671,652 Toyota Motor Credit Corp. 3.30%, due 8/17/05 50,000,000 49,917,500 UBS Finance Delaware LLC 3.28%, due 8/1/05 36,860,000 36,853,283 Wells Fargo & Co. 3.23%, due 8/11/05 42,510,000 42,464,231
Wells Fargo & Co. 3.24%, due 8/8/05 38,115,000 38,084,127 -------------- Total Commercial Paper (Cost $414,118,137) 414,118,136 -------------- FEDERAL AGENCIES (0.4%) Federal Home Loan Bank 3.23%, due 8/12/05 17,100,000 17,080,055 -------------- Total Federal Agencies 17,080,055 (Cost $17,080,055) -------------- TIME DEPOSITS (3.0%) Keybank Eurodollar Overnight (l) 3.281%, due 8/1/05 81,629,688 81,629,688 Svenska Handlesbanken Eurodollar Overnight (l) 3.29%, due 8/1/05 54,419,792 54,419,792 -------------- Total Time Deposits (Cost $136,049,480) 136,049,480 -------------- Total Short-Term Investments (Cost $791,382,202) 791,382,201 -------------- Total Investments (Cost $4,652,037,916) (n) 106.8% 4,793,178,109(o) Liabilities in Excess of Cash and Other Assets (6.8) (305,034,938) ------------ -------------- Net Assets 100% $4,488,143,171 ============ ==============
+ Percentages indicated are based on Fund net assets. ++ Less than one tenth of a percent. & Among the Portfolio's 10 largest holdings, excluding short-term investments. May be subject to change daily. (a) May be sold to institutional investors only. (b) Issue in default. (c) Issuer in bankruptcy. (d) Represents security, or a portion thereof, which is out on loan. (e) Step Bond. Coupon rate increase in increments to maturity. Rate shown is the rate in effect at July 31, 2005. (f) Floating rate. Rate shown is the rate in effect at July 31, 2005. (g) PIK ("Payment in Kind") - interest or dividend payment is made with additinal securities. (h) Restricted security. (i) Yankee Bond - Dollar-denominated bond issued in the United States by a foreign bank or corporation. (j) Non-Income producing security. (k) Illiquid security. (l) Represents security, or a portion thereof, purchased with cash collateral received for securities on loan. (m) Fair Value Security - The total market value of these securities at July 31, 2005 is $25,232,526, which reflects 0.5% of Fund's net assets. (n) The cost for federal income tax purposes is $4,730,978,686. (o) At July 31, 2005 net unrealized appreciation was $62,199,423, based on cost for federal income tax purposes. This consisted of aggregate gross unrealized appreciation for all investments which there was an excess of market value over cost of $289,229,618 and aggregate gross unrealized depreciation for all investments on which there was an excess of cost over market value of $224,030,195. MAINSTAY HIGH YIELD CORPORATE BOND FUND Restricted securities held at July 31, 2005:
PRINCIPAL DATE(S) OF AMOUNT/ 07/31/05 PERCENT OF SECURITY ACQUISITION SHARES COST VALUE NET ASSETS - ------------------------------------------------------ ---------------- ----------------- ------------ ------------ ---------- Calpine Gilroy, LP 10.0%, due 9/30/14 11/26/03 $ 21,752,416 $ 21,810,665 $ 21,752,416 0.5% ---------------- ----------------- ------------ ------------ --- Fidelity National Information Solutions, Loan Agreement, Series B 0.00% due 3/9/13 3/16/05 17,510,375 17,510,375 17,536,956 0.4% ---------------- ----------------- ------------ ------------ --- Goodyear Tire & Rubber Co. (The) Loan Agreement 0.00%, due 4/30/10 2/25/04-3/11/04 20,350,000 20,350,000 20,477,188 0.5% ---------------- ----------------- ------------ ------------ --- Graham Packaging Holdings Co. Loan Agreement 0.00%, due 10/7/12 10/1/04 1,000,000 1,000,000 1,027,500 0.0%++ ---------------- ----------------- ------------ ------------ --- Jostens IH Corp., Loan Agreement, Series B 0.00%, due 10/4/11 12/28/04 3,800,000 3,800,000 3,854,150 0.1% ---------------- ----------------- ------------ ------------ --- LNR Property Corp., Loan Agreement, Series B 0.00%, due 3/8/08 2/10/05 22,764,703 22,764,703 22,955,767 0.5% ---------------- ----------------- ------------ ------------ --- Maxwell Communication Corp., Loan Agreement, Series A 0.00%, due 1/1/09 4/29/94-11/22/94 9,973,584 0+ 29,921 0.0%++ Maxwell Communication Corp., Loan Agreement, Series B 0.00%, due 1/1/09 4/29/94-11/22/94 1,131,066 0+ 5,964 0.0%++ ---------------- ----------------- ------------ ------------ --- Mirant Corp., Loan Agreement 0.00%, due 1/15/06 4/21/03 7,020,000 5,742,396 5,926,052 0.1% 0.00%, due 7/17/06 12/19/03 $ 7,868,335 6,751,243 6,779,884 0.2% ---------------- ----------------- ------------ ------------ --- Qwest Corp., Loan Agreement, Series B 0.00%, due 6/30/10 6/12/03 18,000,000 17,504,316 17,928,000 0.4% ---------------- ----------------- ------------ ------------ --- Riley Mezzainine Corp., Loan Agreement, 0.00%, due 2/3/08 2/10/05 7,000,000 7,000,000 6,951,875 0.2% Riley Mezzainine Corp., Loan Agreement, Series Z 0.00%, due 2/3/08 2/10/05 9,000,000 9,000,000 8,938,125 0.2% ---------------- ----------------- ------------ ------------ --- Riverdeep Group, Ltd. Loan Agreement 0.00%, 10/30/11 8/5/05 6,080,000 6,080,000 6,080,000 0.1% ---------------- ----------------- ------------ ------------ --- Satbirds Capital, Loan Agreement 0.00%, due 5/1/14 4/8/05 20,185,000 25,651,470 25,329,869 0.6% ---------------- ----------------- ------------ ------------ --- Sungard Data Systems, Inc., Loan Agreement, Series B 0.00%, due 12/13/12 7/11/05 $24,610,000 24,610,000 24,917,625 0.6% ---------------- ----------------- ------------ ------------ --- Sunshine Acquisition, Ltd., Loan Agreement 0.00%, due 5/31/06 6/1/05 19,000,000 19,000,000 19,000,000 0.4% ---------------- ----------------- ------------ ------------ --- Telcordia Technologies, Inc., Loan Agreement 0.00%, due 9/15/12 4/05/05 10,224,375 10,210,439 10,179,643 0.2% ---------------- ----------------- ------------ ------------ --- Warner Chilcott Corp., Loan Agreement, Series D 0.00%, due 1/18/12 2/3/05 12,145,110 12,151,897 12,264,388 0.3% ---------------- ----------------- ------------ ------------ --- $230,937,504 $231,935,323 5.3% ------------ ------------ ---
++ Less than one tenth of a percent. + Less than one dollar. MAINSTAY INTERNATIONAL EQUITY FUND PORTFOLIO OF INVESTMENTS July 31, 2005 unaudited
SHARES VALUE COMMON STOCKS (87.2%) + AUSTRALIA (0.7%) Australian Gas Light Co., Ltd. (gas utilities) 192,300 $ 2,084,716 ----------------- BELGIUM (0.5%) Dexia PLC (commercial banks) 63,200 1,432,156 ----------------- CANADA (0.4%) Bank of Montreal (commercial banks) 24,700 1,232,932 ----------------- DENMARK (0.6%) Danske Bank A/S (commercial banks) 56,305 1,756,858 ----------------- FRANCE (7.4%) Air Liquide S.A. (chemicals) 16,400 2,913,032 BNP Paribas S.A. (commercial banks) 84,680 6,124,281 M6-Metropole Television (media) 112,651 3,110,011 Societe Generale-Class A (commercial banks) 5,000 547,118 Societe Television Francaise 1 (media) 80,400 2,244,012 Total S.A.-Class B (oil, gas & consumable fuels) 23,500 5,897,963 ----------------- 20,836,417 ----------------- GERMANY (8.7%) Altana AG (pharmaceuticals) 35,700 1,876,382 BASF AG (chemicals) 13,500 959,169 & Bayerische Motoren Werke AG (automobiles) 176,238 8,282,228 Deutsche Boerse AG (diversified financial services) 66,878 5,873,887 Hannover Rueckversicherung AG (insurance) 153,612 5,810,902 Muenchener Rueckversicherungs - Gesellschaft AG Registered (insurance) 15,609 1,817,380 ----------------- 24,619,948 ----------------- HONG KONG (1.7%) HongKong Electric Holdings, Ltd. (electric utilities) 1,003,100 4,768,033 ----------------- INDIA (0.6%) ITC, Ltd., Sponsored GDR (tobacco) (a) (b) 46,500 1,799,197 ----------------- IRELAND (2.1%) Bank of Ireland (commercial banks) 360,903 5,986,051 ----------------- ITALY (8.1%) Banco Popolare di Verona e Novara Scrl (commercial banks) 157,100 2,807,615 Enel S.p.A. (electric utilities) 822,700 7,047,215 ENI S.p.A. (oil, gas & consumable fuels) 167,900 4,769,653 ENI S.p.A., Sponsored ADR (oil, gas & consumable fuels) (c) 3,000 424,200 Mediaset S.p.A. (media) 51,900 631,779 Snam Rete Gas S.p.A. (gas utilities) 1,283,075 7,051,048
----------------- 22,731,510 ----------------- JAPAN (12.6%) & Canon, Inc. (office electronics) 106,000 5,242,250 & Canon, Inc., Sponsored ADR (office electronics) (c) 57,423 2,823,489 Credit Saison Co., Ltd. (consumer finance) 15,600 520,347 Denso Corp. (auto components) 56,800 1,371,688 East Japan Railway Co. (road & rail) 290 1,423,883 Fuji Photo Film Co., Ltd. (leisure equipment & products) 27,100 841,263 Keyence Corp. (electronic equipment & instruments) 3,000 719,947 Konica Minolta Holdings, Inc. (office electronics) 188,400 1,722,706 NTT DoCoMo, Inc. (wireless telecommunication services) 461 713,489 OBIC Co., Ltd. (it services) 18,100 3,112,057 RICOH Co., Ltd. (office electronics) 120,400 1,845,223 Secom Co., Ltd. (commercial services & supplies) 31,700 1,407,009 Seven-Eleven Japan Co., Ltd. (food & staples retailing) 34,100 949,371 Shin-Etsu Chemical Co., Ltd. (chemicals) 43,100 1,633,142 Takeda Pharmaceutical Co., Ltd. (pharmaceuticals) 111,700 5,712,920 Toyota Motor Corp., Sponsored ADR (automobiles) (c) 55,100 4,179,886 Uni-Charm Corp. (household products) 31,800 1,224,763 ----------------- 35,443,433 ----------------- MEXICO (0.6%) Wal-Mart de Mexico SA de CV-Class V (food & staples retailing) 358,300 1,603,152 ----------------- NETHERLANDS (5.7%) Euronext N.V. (diversified financial services) 14,785 580,805 & Reed Elsevier N.V. (media) 560,170 7,627,170 & TNT N.V. (air freight & logistics) 310,046 7,864,147 ----------------- 16,072,122 ----------------- SINGAPORE (0.1%) SembCorp Logistics, Ltd. (transportation infrastructure) 172,458 188,598 ----------------- SPAIN (5.0%) & Banco Popular Espanol S.A. (commercial banks) 706,570 8,438,306 Iberdrola S.A. (electric utilities) 78,848 2,010,452 Telefonica S.A. (diversified telecommunication services) 211,516 3,562,126 ----------------- 14,010,884 ----------------- SWEDEN (0.6%) Hennes & Mauritz AB B Shares (specialty retail) 47,900 1,708,346 ----------------- SWITZERLAND (13.1%) & Nestle S.A. Registered (food products) 36,660 10,057,281 Novartis AG Registered (pharmaceuticals) 45,548 2,216,336 Novartis AG, ADR (pharmaceuticals) (c) 61,400 2,990,794 Roche Holding AG Genusscheine (pharmaceuticals) 24,400 3,317,589 Serono S.A.-Class B (biotechnology) 6,612 4,441,183 Swiss Re Registered (insurance) 86,800 5,523,728
& UBS AG Registered (capital markets) (d) 83,494 6,861,988 & UBS AG Registered (capital markets) 18,608 1,525,112 ----------------- 36,934,011 ----------------- UNITED KINGDOM (18.7%) BP PLC, Sponsored ADR (oil, gas & consumable fuels) (c) 59,333 3,908,858 & Diageo PLC (beverages) 515,961 7,127,662 & Diageo PLC, Sponsored ADR (beverages) (c) (e) 29,940 1,666,760 GlaxoSmithKline PLC, ADR (pharmaceuticals) (c) 27,100 1,285,624 HSBC Holdings PLC, Sponsored ADR (commercial banks) (c) 33,000 2,672,670 Lloyds TSB Group PLC (commercial banks) 476,300 4,034,924 Lloyds TSB Group PLC, Sponsored ADR (commercial banks) (c) 9,910 338,327 & Man Group PLC (capital markets) 352,110 10,062,516 Reckitt Benckiser PLC (household products) 41,209 1,238,500 Royal Bank of Scotland Group PLC (commercial banks) 44,900 1,336,803 Royal Dutch Shell PLC A Shares, ADR (oil, gas & consumable fuels) (c) 45,800 2,806,624 Scottish & Southern Energy PLC (electric utilities) 108,930 1,874,295 Smith & Nephew PLC (health care equipment & supplies) 126,241 1,200,343 & Tesco PLC (food & staples retailing) 2,138,173 12,232,114 Vodafone Group PLC, Sponsored ADR (wireless telecommunication services) (c) 35,800 924,714 ----------------- 52,710,734 ----------------- Total Common Stocks (Cost $216,021,741) 245,919,098 -----------------
SHARES VALUE --------- ----------------- INVESTMENT COMPANIES (1.5%) UNITED STATES (1.5%) iShares MSCI EAFE Index Fund (capital markets) (g) 25,900 1,397,046 iShares MSCI United Kingdom Index Fund (capital markets) (g) 159,500 2,899,710 ----------------- Total Investment Companies (Cost $4,084,604) 4,296,756 -----------------
SHARES VALUE --------- ----------------- PREFERRED STOCKS (1.1%) GERMANY (1.1%) Henkel KGaA Preferred (household products) 7,100 667,495 Porsche AG (euro) 4.00 (automobiles) 3,207 2,543,005 ----------------- Total Preferred Stocks (Cost $2,539,495) 3,210,500 -----------------
NUMBER OF RIGHTS VALUE --------- ----------------- RIGHTS (0.3%) ITALY (0.3%) Terna S.p.A. (electric utilities) (f) 320,100 808,229 -----------------
Total Rights (Cost $838,349) 808,229 -----------------
NUMBER OF WARRANTS VALUE --------- ----------------- WARRANTS (2.2%) IRELAND (2.2%) Ryanair Holdings PLC Strike Price (euro) 0.000001 Expire 3/21/08 (airlines) (a) (f) (h) 731,356 6,058,157 ----------------- Total Warrants (Cost $4,317,064) 6,058,157 -----------------
PRINCIPAL AMOUNT VALUE ---------- ----------------- SHORT-TERM INVESTMENTS (1.3%) COMMERCIAL PAPER (0.4%) UNITED STATES (0.4%) AIG Funding, Inc. 3.25%, due 8/9/05 (capital markets) $1,000,000 998,647 Rabobank USA Finance Corp. 3.28%, due 8/1/05 (diversified financial services) 245,000 244,933 ----------------- Total Commercial Paper (Cost $1,243,580) 1,243,580 -----------------
SHARES VALUE --------- ----------------- INVESTMENT COMPANIES (0.6%) UNITED STATES (0.6%) American Beacon Money Market Fund (capital markets) (i) 357,608 $ 357,608 BGI Institutional Money Market Fund (capital markets) (i) 401,310 401,310 Merrill Lynch Funds For Institutions Series - Premier Institutional Fund (capital markets) 763,409 763,409 Merrill Lynch Funds For Institutions Series - Premier Institutional Fund (capital markets) 3,822 10 Merrimac Cash Series, Premium Class (capital markets) (i) 53,641 53,641 ----------------- Total Investment Companies (Cost $1,575,978) 1,575,978 -----------------
PRINCIPAL AMOUNT VALUE --------- ----------------- TIME DEPOSITS (0.3%) UNITED STATES (0.3%) Keybank Eurodollar Overnight 3.281%, due 8/1/05 (banks) (i) $ 536,412 536,412 Svenska Handlesbanken Eurodollar Overnight 3.29%, due 8/1/05 (banks) (i) 357,608 357,608 ------------------ Total Time Deposits (Cost $894,020) 894,020 ------------------ Total Short-Term Investments
(Cost $3,713,578) 3,713,578 ----------------- Total Investments (Cost $231,514,831) (j) 93.6% 264,006,318(k) Cash and Other Assets, Less Liabilities 6.4 18,188,671 --------- ----------------- Net Assets 100.0% $ 282,194,989 ========= =================
+ Percentages indicated are based on Fund net assets. & Among the Fund's 10 largest holdings, excluding short-term investments. One of the 10 largest holdings may be a security traded on more than one exchange. May be subject to change daily. (a) May be sold to institutional investors only. (b) GDR - Global Depositary Receipt. (c) ADR - American Depositary Receipt. (d) Security primarily trades on New York Stock Exchange. (e) Represents security, or a portion thereof, which is out on loan. (f) Non-income producing security. (g) Exchange Traded Fund - represents a basket of securities that are traded on an exchange. (h) The following abbreviation is used in the above portfolio: (euro)--Euro. (i) Represents security, or a portion thereof, purchased with cash collateral received for securities on loan. (j) The cost for federal income tax purposes is $231,743,533. (k) At July 31, 2005 net unrealized appreciation for securities was $32,262,785, based on cost for federal income tax purposes. This consisted of aggregate gross unrealized appreciation for all investments on which there was an excess of market value over cost of $34,340,512 and aggregate gross unrealized depreciation for all investments on which there was an excess of cost over market value of $2,077,727. Foreign currency forward contracts open at July 31, 2005:
CONTRACT CONTRACT AMOUNT AMOUNT UNREALIZED FOREIGN CURRENCY BUY CONTRACTS SOLD PURCHASED APPRECIATION - ----------------------------------------------------------------- -------------- ------------------ ------------ Swiss Francs vs. Japanese Yen, expiring 12/7/05 CF 13,391,344 JPY 1,185,000,000 $ 177,263 -------------- ------------------ ------------ Net unrealized appreciation on foreign currency forward contracts: $ 177,263
MAINSTAY LARGE CAP GROWTH FUND PORTFOLIO OF INVESTMENTS July 31, 2005 unaudited
SHARES VALUE ------ ---------------- COMMON STOCKS (97.7%) + BIOTECHNOLOGY (3.1%) Amgen, Inc. (a) 62,800 $ 5,008,300 Genentech, Inc. (a) 54,700 4,886,351 ---------------- 9,894,651 ---------------- CAPITAL MARKETS (4.9%) Franklin Resources, Inc. 69,800 5,641,236 Goldman Sachs Group, Inc. 64,100 6,889,468 Merrill Lynch & Co., Inc. 48,400 2,844,952 ---------------- 15,375,656 ---------------- CHEMICALS (0.3%) Ecolab, Inc. 28,200 946,956 ---------------- COMMERCIAL SERVICES & SUPPLIES (1.3%) Robert Half International, Inc. 120,500 4,083,745 ---------------- COMMUNICATIONS EQUIPMENT (9.9%) Cisco Systems, Inc. (a) 325,800 6,239,070 Comverse Technology, Inc. (a) 60,100 1,519,929 Corning, Inc. (a) 363,400 6,922,770 Juniper Networks, Inc. (a) 158,200 3,795,218 Motorola, Inc. 162,300 3,437,514 & Qualcomm, Inc. 237,900 9,394,671 ---------------- 31,309,172 ---------------- COMPUTERS & PERIPHERALS (5.4%) Apple Computer, Inc. (a) 77,000 3,284,050 & Dell, Inc. (a) 234,300 9,482,121 Network Appliance, Inc. (a) 163,400 4,168,334 ---------------- 16,934,505 ---------------- CONSUMER FINANCE (2.8%) & SLM Corp. 168,700 8,686,363 ---------------- DIVERSIFIED CONSUMER SERVICES (0.9%) Apollo Group, Inc.-Class A (a) 39,600 2,975,940 ---------------- ENERGY EQUIPMENT & SERVICES (2.9%) Baker Hughes, Inc. 78,400 4,432,736 Schlumberger, Ltd. 54,900 4,597,326 ---------------- 9,030,062 ---------------- FOOD & STAPLES RETAILING (2.5%) Walgreen Co. 103,300 4,943,938 Wal-Mart Stores, Inc. 61,400 3,030,090 ---------------- 7,974,028 ---------------- HEALTH CARE EQUIPMENT & SUPPLIES (10.0%) Alcon, Inc. 27,000 3,092,850
& Fisher Scientific International, Inc. (a) 143,800 9,641,790 Kinetic Concepts, Inc. (a) 53,700 3,220,389 Medtronic, Inc. 49,700 2,680,818 St. Jude Medical, Inc. (a) 130,700 6,196,487 Zimmer Holdings, Inc. (a) 79,300 6,531,148 ---------------- 31,363,482 ---------------- HEALTH CARE PROVIDERS & SERVICES (9.0%) & Caremark Rx, Inc. (a) 264,100 11,773,578 & UnitedHealth Group, Inc. 222,300 11,626,290 WellPoint, Inc. (a) 68,000 4,810,320 ---------------- 28,210,188 ---------------- HOTELS, RESTAURANTS & LEISURE (1.9%) Carnival Corp. 113,700 5,957,880 ---------------- HOUSEHOLD PRODUCTS (3.0%) & Procter & Gamble Co. 170,000 9,457,100 ---------------- INDUSTRIAL CONGLOMERATES (2.8%) & General Electric Co. 258,200 8,907,900 ---------------- INTERNET & CATALOG RETAIL (1.1%) eBay, Inc. (a) 85,000 3,551,300 ---------------- INTERNET SOFTWARE & SERVICES (3.2%) Google, Inc.-Class A (a) 26,900 7,740,744 Yahoo!, Inc. (a) 74,000 2,467,160 ---------------- 10,207,904 ---------------- IT SERVICES (1.0%) Paychex, Inc. 89,600 3,127,936 ---------------- MACHINERY (2.0%) Danaher Corp. 116,400 6,454,380 ---------------- MULTILINE RETAIL (2.7%) Kohl's Corp. (a) 73,700 4,152,995 Target Corp. 71,900 4,224,125 ---------------- 8,377,120 ---------------- OIL, GAS & CONSUMABLE FUELS (3.8%) Noble Energy, Inc. 40,500 3,341,655 & XTO Energy, Inc. 242,266 8,501,114 ---------------- 11,842,769 ---------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (5.1%) Broadcom Corp.-Class A (a) 83,700 3,579,849 Intel Corp. 110,100 2,988,114 Maxim Integrated Products, Inc. 150,100 6,284,687 Xilinx, Inc. 110,400 3,129,840 ---------------- 15,982,490 ---------------- SOFTWARE (6.1%) Amdocs, Ltd. (a) 112,400 3,337,156 & Microsoft Corp. 316,400 8,103,004 NAVTEQ Corp. (a) 40,500 1,780,785 Oracle Corp. (a) 220,300 2,991,674 SAP AG, Sponsored ADR (b) 69,300 2,967,426
---------------- 19,180,045 ---------------- SPECIALTY RETAIL (5.9%) Advance Auto Parts (a) 38,000 2,620,480 Bed Bath & Beyond, Inc. (a) 176,500 8,101,350 Lowe's Cos., Inc. 116,400 7,708,008 ---------------- 18,429,838 ---------------- TEXTILES, APPAREL & LUXURY GOODS (1.2%) Coach, Inc. (a) 104,600 3,672,506 ---------------- THRIFTS & MORTGAGE FINANCE (1.6%) Golden West Financial Corp. 79,200 5,157,504 ---------------- TRADING COMPANIES & DISTRIBUTORS (1.6%) Fastenal Co. 78,400 5,146,176 ---------------- WIRELESS TELECOMMUNICATION SERVICES (1.7%) America Movil SA de CV-Class L, ADR (b) 235,800 5,248,908 ---------------- Total Common Stocks (Cost $280,460,146) 307,486,504 ----------------
PRINCIPAL AMOUNT ---------- SHORT-TERM INVESTMENTS (1.7%) TIME DEPOSITS (1.7%) Cayman Bank of New York 2.25%, due 8/1/05 $5,369,000 5,369,000 ---------------- Total Time Deposits (Cost $5,369,000) 5,369,000 ---------------- Total Short-Term Investments (Cost $5,369,000) 5,369,000 ---------------- Total Investments (Cost $285,829,146) (c) 99.4% 312,855,504(d) Cash and Other Assets Less Liabilities 0.6 1,903,940 ---------- ---------------- Net Assets 100.0% $314,759,444 ========== ================
+ Percentages indicated are based on Fund net assets. & Among the Portfolio's 10 largest holdings, excluding short-term investments. May be subject to change daily. (a) Non-income producing security. (b) ADR - American Depositary Receipt. (c) The cost for federal income tax purposes is $287,002,011. (d) At July 31, 2005 net unrealized appreciation was $25,853,493, based on cost for federal income tax purposes. This consisted of aggregate gross unrealized appreciation for all investments on which there was an excess of market value over cost of $29,140,201 and aggregate gross unrealized depreciation for all investments on which there was an excess of cost over market value of $3,286,708. MAINSTAY MAP FUND PORTFOLIO OF INVESTMENTS July 31, 2005 unaudited
SHARES VALUE ------- ---------------- COMMON STOCKS (95.4%) + AEROSPACE & DEFENSE (3.0%) Boeing Co. (a) 77,800 $ 5,135,578 Empresa Brasileira de Aeronautica SA, ADR (b) 196,200 6,345,108 GenCorp, Inc. (c) 25,800 520,386 Honeywell International, Inc. 34,100 1,339,448 Lockheed Martin Corp. 25,800 1,609,920 Northrop Grumman Corp. 194,328 10,775,488 Orbital Sciences Corp. (c) 117,800 1,357,056 Raytheon Co. 173,600 6,827,688 Teledyne Technologies, Inc. (c) 108,550 4,119,472 ---------------- 38,030,144 ---------------- AIRLINES (0.4%) Southwest Airlines Co. 349,100 4,953,729 ---------------- AUTO COMPONENTS (0.1%) Goodyear Tire & Rubber Co. (The) (a) (c) 95,650 1,665,266 ---------------- BEVERAGES (0.2%) Coca-Cola Co. (The) 28,100 1,229,656 PepsiCo, Inc. 29,341 1,599,965 ---------------- 2,829,621 ---------------- BIOTECHNOLOGY (4.5%) Amgen, Inc. (c) 188,800 15,056,800 Amylin Pharmaceuticals, Inc. (a) (c) 169,188 3,157,048 Chiron Corp. (c) 93,900 3,401,997 Cubist Pharmaceuticals, Inc. (c) 33,200 567,388 Enzo Biochem, Inc. (c) 17,430 292,475 Enzon Pharmaceuticals, Inc. (c) 50,925 401,289 Eyetech Pharmaceuticals, Inc. (a) (c) 69,828 793,944 & Genentech, Inc. (c) 258,700 23,109,671 MedImmune, Inc. (c) 313,100 8,895,171 XOMA, Ltd. (c) 54,625 90,677 ---------------- 55,766,460 ---------------- BUILDING PRODUCTS (0.2%) ConocoPhillips 31,278 1,957,690 ---------------- CAPITAL MARKETS (6.2%) Bank of New York Co. (The), Inc. 282,800 8,704,584 Charles Schwab Corp. (The) 856,500 11,734,050 Jefferies Group, Inc. 68,800 2,843,504 Knight Capital Group, Inc.-Class A (c) 24,432 193,013 Lazard, Ltd.-Class A (a) (c) 412,700 9,847,022 Merrill Lynch & Co., Inc. 158,600 9,322,508 & Morgan Stanley & Co. 321,400 17,050,270 Northern Trust Corp. 25,955 1,318,514 Nuveen Investments, Inc.-Class A 306,700 11,654,600 State Street Corp. 76,200 3,790,188 Waddell & Reed Financial, Inc.-Class A 90,300 1,754,529
---------------- 78,212,782 ---------------- CHEMICALS (4.6%) & E.I. Du Pont de Nemours & Co. 656,600 28,023,688 Eastman Chemical Co. 13,250 733,917 Huntsman Corp. (c) 185,400 4,317,966 Lyondell Chemical Co. 101,000 2,821,940 & Monsanto Co. 301,707 20,326,001 Mosaic Co. (The) (c) 13,250 230,550 Olin Corp. 65,800 1,207,430 ---------------- 57,661,492 ---------------- COMMERCIAL BANKS (2.2%) Fifth Third Bancorp 169,000 7,283,900 Popular, Inc. 399,656 10,311,125 Royal Bank of Scotland Group PLC 195,603 5,823,668 Wachovia Corp. 79,200 3,990,096 ---------------- 27,408,789 ---------------- COMMERCIAL SERVICES & SUPPLIES (1.8%) Adesa, Inc. 39,800 963,160 Brink's Co. (The) 21,200 766,592 Cendant Corp. 110,400 2,358,144 Coinstar, Inc. (c) 25,887 532,625 Hewitt Association, Inc. -Class A (c) 119,700 3,321,675 Korn/Ferry International (c) 24,600 489,540 Manpower, Inc. 260,700 12,461,460 On Assignment, Inc. (c) 17,800 96,120 PHH Corp. (c) 54,020 1,528,226 Waste Management, Inc. 38,000 1,068,560 ---------------- 23,586,102 ---------------- COMMUNICATIONS EQUIPMENT (2.7%) ADC Telecommunications, Inc. (c) 48,568 1,269,568 Commscope, Inc. (c) 40,659 686,731 Enterasys Networks, Inc. (c) 99,250 109,175 Finisar Corp. (c) 421,389 459,314 & Harris Corp. 455,000 16,866,850 NETGEAR, Inc. (c) 16,368 338,981 NMS Communications Corp. (c) 167,936 565,944 Nokia OYJ, Sponsored ADR (b) 740,000 11,803,000 Nortel Networks Corp. (c) 5,472 14,391 Polycom, Inc. (c) 13,998 231,947 Stratex Networks, Inc. (c) 158,797 346,177 UTStarcom, Inc. (a)(c) 67,500 595,350 ---------------- 33,287,428 ---------------- COMPUTERS & PERIPHERALS (0.3%) ActivCard Corp. (c) 52,567 251,796 Advanced Digital Information Corp. (c) 58,549 467,221 Innovex, Inc., MN (c) 31,000 149,110 McData Corp.-Class A (c) 65,100 315,084 Pinnacle Systems, Inc. (c) 75,461 343,348 Sun Microsystems, Inc. (c) 561,797 2,157,300 ---------------- 3,683,859 ---------------- CONSTRUCTION & ENGINEERING (0.2%) Chicago Bridge & Iron Co. NV 28,400 793,780 Jacobs Engineering Group, Inc. (c) 20,000 1,177,600 ---------------- 1,971,380 ---------------- CONSTRUCTION MATERIALS (0.3%)
Vulcan Materials Co. 53,389 3,750,043 ---------------- CONSUMER FINANCE (2.0%) Alliance Data Systems Corp. (a)(c) 94,300 4,014,351 & American Express Co. 367,800 20,229,000 MBNA Corp. 27,400 689,384 Providian Financial Corp. (a)(c) 50,500 954,450 Rewards Network, Inc. (c) 15,000 79,350 ---------------- 25,966,535 ---------------- CONTAINERS & PACKAGING (0.0%) ++ Smurfit-Stone Container Corp. (c) 8,050 97,646 ---------------- DIVERSIFIED CONSUMER SERVICES (0.5%) Education Management Corp. (c) 187,300 6,508,675 Vertrue, Inc. (a)(c) 5,800 229,970 ---------------- 6,738,645 ---------------- DIVERSIFIED FINANCIAL SERVICES (2.1%) CIT Group, Inc. (a) 33,300 1,469,862 Citigroup, Inc. 256,300 11,149,050 Instinet Group, Inc. 418,583 2,046,871 JPMorgan Chase & Co. 253,380 8,903,773 Principal Financial Group, Inc. 68,700 3,019,365 ---------------- 26,588,921 ---------------- DIVERSIFIED TELECOMMUNICATION SERVICES (1.8%) CenturyTel, Inc. 21,100 725,207 Cincinnati Bell, Inc. (c) 236,350 1,073,029 Citizens Communications Co. 655,900 8,618,526 Global Crossing, Ltd. (a)(c) 38,365 694,023 IDT Corp.-Class B (c) 531,400 6,902,886 SBC Communications, Inc. 15,500 378,975 Sprint Corp. 140,108 3,768,905 ---------------- 22,161,551 ---------------- ELECTRIC UTILITIES (0.7%) ALLETE, Inc. 5,100 246,432 American Electric Power Co., Inc. 60,000 2,322,000 DTE Energy Co. 52,300 2,458,100 Duquesne Light Holdings, Inc. 61,800 1,198,920 Westar Energy, Inc. 127,000 3,089,910 ---------------- 9,315,362 ---------------- ELECTRICAL EQUIPMENT (0.1%) Rockwell Automation, Inc. 23,000 1,184,730 ---------------- ELECTRONIC EQUIPMENT & INSTRUMENTS (1.3%) Agilent Technologies, Inc. (c) 217,900 5,717,696 Frequency Electronics, Inc. 4,000 48,000 Itron, Inc. (c) 4,346 210,564 Sanmina-SCI Corp. (c) 384,039 1,835,706 Solectron Corp. (c) 186,100 714,624 Symbol Technologies, Inc. 701,700 8,167,788 ---------------- 16,694,378 ---------------- ENERGY EQUIPMENT & SERVICES (4.8%) BJ Services Co. 88,300 5,385,417 Cooper Cameron Corp. (c) 103,500 7,346,430 ENSCO International, Inc. 25,800 1,041,804 GlobalSantaFe Corp. 9,900 445,401 Key Energy Services, Inc. (c) 70,200 926,289
National Oilwell Varco, Inc. (c) 129,000 6,753,150 Newpark Resources, Inc. (c) 159,750 1,351,485 Parker Drilling Co. (c) 71,600 529,840 Rowan Cos., Inc. 198,100 6,767,096 Schlumberger, Ltd. (a) 166,125 13,911,307 Tidewater, Inc. 89,600 3,617,152 Todco-Class A (c) 207,200 6,363,112 Weatherford International, Ltd. (c) 96,300 6,093,864 ---------------- 60,532,347 ---------------- FOOD & STAPLES RETAILING (2.2%) Costco Wholesale Corp. 16,250 747,012 CVS Corp. 119,676 3,713,546 Kroger Co. (The) (c) 702,900 13,952,565 Longs Drug Stores Corp. 21,200 919,868 Pathmark Stores, Inc. (c) 98,317 1,095,251 Performance Food Group Co. (c) 220,600 6,624,618 Rite Aid Corp. (c) 83,850 376,486 ---------------- 27,429,346 ---------------- FOOD PRODUCTS (0.7%) Archer-Daniels-Midland Co. 233,340 5,352,820 Bunge, Ltd. 38,600 2,369,654 Hormel Foods Corp. 30,300 897,183 ---------------- 8,619,657 ---------------- GAS UTILITIES (0.3%) Nicor, Inc. 21,050 859,261 Peoples Energy Corp. 53,000 2,286,950 ---------------- 3,146,211 ---------------- HEALTH CARE EQUIPMENT & SUPPLIES (1.4%) ArthroCare Corp. (c) 19,910 728,109 Baxter International, Inc. 30,000 1,178,100 Boston Scientific Corp. (c) 440,350 12,748,133 Gen-Probe, Inc. (c) 25,068 1,105,248 Hospira, Inc. (c) 26,500 1,013,625 Regeneration Technologies, Inc. (c) 8,596 65,502 SurModics, Inc. (a)(c) 13,792 535,957 ---------------- 17,374,674 ---------------- HEALTH CARE PROVIDERS & SERVICES (3.5%) Cerner Corp. (a)(c) 126,442 9,536,256 CIGNA Corp. 45,100 4,814,425 Community Health Systems, Inc. (c) 170,000 6,563,700 Humana, Inc. (c) 29,200 1,163,620 IMS Health, Inc. 11,215 305,384 McKesson Corp. 8,000 360,000 Medco Health Solutions, Inc. (c) 170,400 8,254,176 SunLink Health Systems, Inc. (c) 42,000 352,800 Tenet Healthcare Corp. (c) 668,300 8,113,162 Universal Health Services, Inc.-Class B 3,000 156,120 WebMD Corp. (c) 352,754 3,742,720 ---------------- 43,362,363 ---------------- HOTELS, RESTAURANTS & LEISURE (1.1%) GTECH Holdings Corp. 220,500 6,606,180 Hilton Hotels Corp. 117,900 2,918,025 McDonald's Corp. 139,000 4,332,630 ---------------- 13,856,835 ----------------
HOUSEHOLD DURABLES (0.0%) ++ Newell Rubbermaid, Inc. 9,500 236,265 ---------------- HOUSEHOLD PRODUCTS (0.3%) Kimberly-Clark Corp. 60,500 3,857,480 ---------------- INDEPENDENT POWER PRODUCERS & ENERGY TRADERS (2.8%) AES Corp. (The) (c) 174,357 2,798,430 Black Hills Corp. 14,150 564,302 & Duke Energy Corp. (a) 1,047,600 30,946,104 Dynegy, Inc.-Class A (c) 220,500 1,225,980 ---------------- 35,534,816 ---------------- INDUSTRIAL CONGLOMERATES (1.7%) 3M Co. 16,390 1,229,250 & Tyco International, Ltd. 650,758 19,828,596 ---------------- 21,057,846 ---------------- INSURANCE (6.9%) Allstate Corp. (The) 123,400 7,559,484 American International Group, Inc. 215,600 12,979,120 Axis Capital Holdings, Ltd. 346,900 9,990,720 Danielson Holding Corp. (c) 261,073 3,367,842 Genworth Financial, Inc.-Class A 21,800 683,648 Marsh & McLennan Cos., Inc. 14,700 425,859 & MetLife, Inc. 410,600 20,176,884 Ohio Casualty Corp. 120,173 3,070,420 Phoenix Cos. (The), Inc. 11,700 147,420 St. Paul Travelers Cos., Inc. (The) 105,110 4,626,942 UnumProvident Corp. 675,700 12,939,655 USI Holdings Corp. (c) 48,271 619,076 WR Berkley Corp. 123,000 4,603,890 XL Capital, Ltd.-Class A 80,342 5,770,162 ---------------- 86,961,122 ---------------- INTERNET & CATALOG RETAIL (1.3%) IAC/InterActiveCorp (a)(c) 522,300 13,945,410 Priceline.com, Inc. (a)(c) 126,052 3,131,132 Stamps.com, Inc. (c) 38,674 693,038 ---------------- 17,769,580 ---------------- INTERNET SOFTWARE & SERVICES (0.6%) Blue Coat Systems, Inc. (c) 68,826 2,271,258 Internet Capital Group, Inc. (c) 18,400 125,672 S1 Corp. (c) 328,087 1,594,503 Vignette Corp. (c) 24,210 381,792 Yahoo!, Inc. (c) 131,554 4,386,010 ---------------- 8,759,235 ---------------- IT SERVICES (0.6%) BISYS Group (The), Inc. (c) 17,400 273,702 CheckFree Corp. (c) 9,300 314,898 Computer Sciences Corp. (c) 27,600 1,263,528 eFunds Corp. (c) 250,494 4,574,020 Electronic Data Systems Corp. 38,000 781,660 First Data Corp. 8,226 338,418 SunGard Data Systems, Inc. (c) 12,300 441,447 Titan Corp. (c) 11,300 260,917 ---------------- 8,248,590 ----------------
MACHINERY (1.7%) Deere & Co. 118,900 8,742,717 Dover Corp. 188,200 7,765,132 Navistar International Corp. (c) 126,300 4,313,145 ---------------- 20,820,994 ---------------- MEDIA (6.0%) Cablevision Systems NY Group-Class A (c) 96,200 2,979,314 Comcast Corp.-Class A (c) 64,800 1,991,304 DIRECTV Group (The), Inc. (c) 417,100 6,423,340 Discovery Holding Co.-Class A (c) 64,130 915,135 Gemstar-TV Guide International, Inc. (c) 1,894,738 5,835,793 Liberty Global, Inc.-Class A (c) 55,178 2,617,644 Liberty Media Corp.-Class A (c) 641,300 5,637,027 Pearson PLC, Sponsored ADR (a) 734,700 8,860,482 PRIMEDIA, Inc. (c) 122,378 521,330 Radio One, Inc.-Class D (c) 681,100 8,997,331 Time Warner, Inc. (c) 72,600 1,235,652 Viacom, Inc. Class B 407,316 13,641,013 VNU NV (a) 285,200 8,181,409 Westwood One, Inc. 370,300 7,543,011 ---------------- 75,379,785 ---------------- METALS & MINING (1.1%) Alcoa, Inc. 202,700 5,685,735 Harmony Gold Mining Co., Ltd., Sponsored ADR (a)(b) 822,600 6,745,320 United States Steel Corp. 44,000 1,876,600 ---------------- 14,307,655 ---------------- MULTILINE RETAIL (0.1%) Big Lots, Inc. (c) 97,400 1,263,278 ---------------- MULTI-UTILITIES (0.9%) Aquila, Inc. (c) 872,400 3,245,328 CMS Energy Corp. (c) 73,000 1,156,320 Sempra Energy 171,500 7,288,750 ---------------- 11,690,398 ---------------- OFFICE ELECTRONICS (0.0%) ++ Xerox Corp. (c) 30,100 397,621 ---------------- OIL, GAS & CONSUMABLE FUELS (5.4%) Amerada Hess Corp. (a) 18,500 2,180,410 Anadarko Petroleum Corp. 76,700 6,776,445 Arch Coal, Inc. 3,600 204,912 Chesapeake Energy Corp. 74,000 1,932,140 & Devon Energy Corp. 269,742 15,129,829 Foundation Coal Holdings, Inc. 12,900 428,925 James River Coal Co. (c) 25,434 1,197,687 Kerr-McGee Corp. 11,475 920,410 Kinder Morgan, Inc. 54,450 4,838,427 Marathon Oil Corp. 44,300 2,585,348 Massey Energy Co. 11,950 516,838 Murphy Oil Corp. 38,400 2,036,736 Noble Energy, Inc. 29,600 2,442,296 Pogo Producing Co. 163,500 8,997,405 Spinnaker Exploration Co. (c) 133,200 5,226,768 Unocal Corp. 166,200 10,778,070 Williams Cos., Inc. 55,300 1,174,572 ---------------- 67,367,218 ----------------
PAPER & FOREST PRODUCTS (1.6%) International Paper Co. 87,400 2,761,840 MeadWestvaco Corp. 514,149 15,023,434 Weyerhaeuser Co. 38,600 2,662,628 ---------------- 20,447,902 ---------------- PHARMACEUTICALS (4.7%) Andrx Corp. (c) 463,600 8,599,780 Eli Lilly & Co. 145,500 8,194,560 GlaxoSmithKline PLC, ADR (b) 116,700 5,536,248 IVAX Corp. (c) 386,575 9,849,931 Merck & Co., Inc. 202,900 6,302,074 Pfizer, Inc. 401,000 10,626,500 Watson Pharmaceuticals, Inc. (c) 293,200 9,792,880 ---------------- 58,901,973 ---------------- REAL ESTATE (0.9%) Boykin Lodging Co. (c) 103,400 1,549,966 Crescent Real Estate Equities Co. 20,100 392,352 Friedman Billings Ramsey Group, Inc.-Class A 23,100 324,786 Health Care Property Investors, Inc. 113,446 3,160,606 St. Joe Co. (The) 45,000 3,662,550 Trizec Properties, Inc. 26,500 582,205 United Dominion Realty Trust, Inc. 66,870 1,701,842 ---------------- 11,374,307 ---------------- ROAD & RAIL (2.4%) Celadon Group, Inc. (c) 69,626 1,387,646 CSX Corp. 218,600 9,955,044 Norfolk Southern Corp. 46,550 1,732,126 Swift Transportation Co., Inc. (c) 80,163 1,762,784 Union Pacific Corp. 201,300 14,153,403 Werner Enterprises, Inc. 39,895 756,808 ---------------- 29,747,811 ---------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (1.4%) Applied Micro Circuits Corp. (c) 317,050 954,321 MEMC Electronic Materials, Inc. (c) 457,300 7,769,527 Micron Technology, Inc. (c) 284,300 3,377,484 NVIDIA Corp. (a)(c) 87,065 2,355,979 ON Semiconductor Corp. (c) 49,489 284,562 PMC-Sierra, Inc. (c) 7,900 77,657 Skyworks Solutions, Inc. (c) 83,278 610,428 Three-Five Systems, Inc. (c) 91,500 32,483 Vitesse Semiconductor Corp. (c) 626,552 1,390,945 Zoran Corp. (c) 15,200 218,880 ---------------- 17,072,266 ---------------- SOFTWARE (4.6%) BEA Systems, Inc. (c) 846,000 7,664,760 Blackboard, Inc. (c) 25,339 624,226 BMC Software, Inc. (c) 12,500 238,625 Business Objects SA, Sponsored ADR (a)(b)(c) 218,800 7,222,588 Computer Associates International, Inc. 206,600 5,671,170 Compuware Corp. (c) 268,781 2,265,824 Liberate Technologies 112,900 22,298 Manhattan Associates, Inc. (c) 332,000 6,872,400 Microsoft Corp. 580,800 14,874,288 MSC.Software Corp. (a)(c) 41,800 617,595 NetIQ Corp. (c) 232,173 2,658,381
Novell, Inc. (c) 183,046 1,112,920 TIBCO Software, Inc. (c) 895,700 6,887,933 Visual Networks, Inc. (c) 37,612 63,940 WatchGuard Technologies, Inc. (c) 49,750 218,900 Wind River Systems, Inc. (c) 45,199 772,451 ---------------- 57,788,299 ---------------- SPECIALTY RETAIL (0.1%) Circuit City Stores, Inc. 17,400 317,550 Restoration Hardware, Inc. (c) 56,974 462,629 ---------------- 780,179 ---------------- THRIFTS & MORTGAGE FINANCE (0.1%) New York Community Bancorp, Inc. 11,200 205,632 Washington Mutual, Inc. 20,000 849,600 ---------------- 1,055,232 ---------------- TRANSPORTATION (0.6%) American Commercial Lines, Inc. (c) 81,847 7,018,380 ---------------- Total Common Stocks (Cost $987,725,430) 1,195,672,218 ----------------
NUMBER OF WARRANTS WARRANTS (0.1%) REAL ESTATE (0.1%) American Commercial Lines, Inc. Strike Price $12.00 Expire 1/12/09 (c) 6,765 449,264 ---------------- Total Warrants (Total Cost $3,173,826) 449,264 ----------------
PRINCIPAL AMOUNT LONG-TERM BONDS (0.6%) CONVERTIBLE BONDS (0.5%) INTERNET (0.4%) Akamai Technologies, Inc., Subordinated Note 5.50%, due 7/1/07 $ 4,650,000 4,713,938 i2 Technologies, Inc., Subordinated Note 5.25%, due 12/15/06 900,000 868,500 ---------------- 5,582,438 ---------------- PHARMACEUTICALS (0.0%) ++ NPS Pharmaceuticals, Inc. 3.00%, due 6/15/08 583,000 496,279 ---------------- TELECOMMUNICATIONS (0.1%) Natural Microsystems Corp., Subordinated Note 5.00%, due 10/15/05 916,000 910,275 ----------------
Total Convertible Bonds (Cost $5,567,320) 6,988,992 ----------------
CORPORATE BONDS (0.1%) TRANSPORTATION (0.1%) American Commercial Lines LLC, Senior Note 11.25%, due 12/31/08 (d) 5,511,870 1,047,255 ---------------- Total Corporate Bonds (Cost $162,098) 1,047,255 ---------------- Total Long-Term Bonds (Cost $5,729,418) 8,036,247 ---------------- SHORT-TERM INVESTMENTS (9.6%) COMMERCIAL PAPER (2.2%) Citigroup Funding, Inc. 3.251%, due 8/1/05 27,572,000 27,572,000 ---------------- Total Commercial Paper (Cost $27,572,000) 27,572,000 ---------------- INVESTMENT COMPANIES (2.6%) American Beacon Money Market Fund (e) 14,548,577 14,548,577 BGI Institutional Money Market Fund (e) 16,326,497 16,326,497 Merrimac Cash Series, Premium Class (e) 2,182,287 2,182,287 ---------------- Total Investment Companies (Cost $33,057,361) 33,057,361 ---------------- TIME DEPOSITS (4.8%) Investors Bank & Trust Overnight 2.25%, due 8/1/05 23,095,374 23,095,374 Keybank Eurodollar Overnight (e) 3.281%, due 8/1/05 21,822,867 21,822,867 Svenska Handlesbanken Eurodollar Overnight (e) 3.29%, due 8/1/05 14,548,578 14,548,578 ---------------- Total Time Deposits (Cost $59,466,819) 59,466,819 ---------------- Total Short-Term Investments (Cost $120,096,180) 120,096,180 ---------------- Total Investments (Cost $1,116,724,854) (f) 105.7 % 1,324,253,909(g) Liabilities in Excess of Cash and Other Assets (5.7) (71,260,735) --------------- ---------------- Net Assets 100.0 % $1,252,993,174 =============== ================
+ Percentages indicated are based on Fund net assets. ++ Less than one tenth of a percent. & Among the Fund's 10 largest holdings, excluding short-term investments. May be subject to change daily. (a) Represents security, or a portion thereof, which is out on loan. (b) ADR - American Depositary Receipt. (c) Non-income producing security. (d) Issue in default. (e) Represents security, or a portion thereof, purchased with cash collateral received for securities on loan. (f) The cost for federal income tax purposes is $1,120,581,365. (g) At July 31, 2005 net unrealized appreciation was $203,672,544, based on cost for federal income tax purposes. This consisted of aggregate gross unrealized appreciation for all investments on which there was an excess of market value over cost of $247,470,424 and aggregate gross unrealized depreciation for all investments on which there was an excess of cost over market value of $43,797,880. MAINSTAY MID CAP GROWTH FUND PORTFOLIO OF INVESTMENTS July 31, 2005 unaudited
SHARES VALUE ------ ----------- COMMON STOCKS (93.2%) + AEROSPACE & DEFENSE (2.5%) Alliant Techsystems, Inc. (a) 23,550 $ 1,719,150 L-3 Communications Holdings, Inc. 16,000 1,251,680 ----------- 2,970,830 ----------- AUTOMOBILES (0.7%) Winnebago Industries, Inc. 22,600 872,134 ----------- BIOTECHNOLOGY (1.5%) Invitrogen Corp. (a) 13,700 1,175,049 MannKind Corp. (a) 64,300 552,980 ----------- 1,728,029 ----------- BUILDING PRODUCTS (1.0%) Simpson Manufacturing Co., Inc. 30,400 1,164,928 ----------- CAPITAL MARKETS (1.2%) Affiliated Managers Group, Inc. (a) 19,900 1,418,870 ----------- CHEMICALS (1.2%) Scotts Miracle-Gro Co. (The)-Class A (a) 17,600 1,379,840 ----------- COMMERCIAL BANKS (1.6%) UCBH Holdings, Inc. 46,200 844,074 Westcorp 17,400 1,008,330 ----------- 1,852,404 ----------- COMMUNICATIONS EQUIPMENT (0.3%) Avocent Corp. (a) 11,300 393,918 ----------- COMPUTERS & PERIPHERALS (0.7%) QLogic Corp. (a) 26,300 816,615 ----------- CONSTRUCTION & ENGINEERING (1.2%) Fluor Corp. 21,400 1,365,320 ----------- CONSTRUCTION MATERIALS (1.6%) Eagle Materials, Inc. 18,829 1,933,738 ----------- CONSUMER FINANCE (1.5%) Capital One Financial Corp. 15,300 1,262,250 First Marblehead Corp. (The) (a) 14,900 517,775 ----------- 1,780,025 ----------- ELECTRONIC EQUIPMENT & INSTRUMENTS (0.8%) Amphenol Corp.-Class A 9,200 409,768 CDW Corp. 9,100 564,200 ----------- 973,968 -----------
ENERGY EQUIPMENT & SERVICES (5.4%) Atwood Oceanics, Inc. (a) 20,100 1,370,217 ENSCO International, Inc. 39,000 1,574,820 Maverick Tube Corp. (a) 46,100 1,529,137 National Oilwell Varco, Inc. (a) 37,100 1,942,185 ---------- 6,416,359 ---------- HEALTH CARE EQUIPMENT & SUPPLIES (4.2%) Cooper Cos. (The), Inc. 20,600 1,415,220 Cytyc Corp. (a) 52,000 1,297,920 Fisher Scientific International, Inc. (a) 15,700 1,052,685 Varian Medical Systems, Inc. (a) 30,600 1,201,356 ---------- 4,967,181 ---------- HEALTH CARE PROVIDERS & SERVICES (14.9%) Caremark Rx, Inc. (a) 27,300 1,217,034 & Coventry Health Care, Inc. (a) 32,200 2,277,506 Health Management Associates, Inc.-Class A 30,900 735,420 Health Net, Inc. (a) 33,500 1,299,800 Henry Schein, Inc. (a) 29,900 1,290,783 Omnicare, Inc. 38,600 1,779,460 & PacifiCare Health Systems, Inc. (a) 36,200 2,758,440 Pharmaceutical Product Development, Inc. (a) 22,600 1,293,398 Quest Diagnostics, Inc. 23,500 1,206,490 Sierra Health Services, Inc. (a) 26,500 1,787,160 WellChoice, Inc. (a) 29,700 1,960,200 ---------- 17,605,691 ---------- HOTELS, RESTAURANTS & LEISURE (3.5%) Boyd Gaming Corp. 36,500 1,914,060 Las Vegas Sands Corp. (a) 13,200 530,904 Penn National Gaming, Inc. (a) 47,800 1,708,850 ---------- 4,153,814 ---------- HOUSEHOLD DURABLES (16.9%) Centex Corp. 24,200 1,790,316 & D.R. Horton, Inc. 71,666 2,944,039 Garmin, Ltd. 26,000 1,427,140 Harman International Industries, Inc. 12,200 1,048,590 & Hovnanian Enterprises, Inc.-Class A (a) 29,000 2,049,720 & KB HOME 33,100 2,711,221 Lennar Corp.-Class A 25,200 1,695,204 MDC Holdings, Inc. 22,608 1,931,175 Mohawk Industries, Inc. (a) 16,200 1,422,684 Ryland Group, Inc. 21,200 1,712,960 Stanley Works (The) 25,400 1,242,822 ---------- 19,975,871 ---------- INSURANCE (1.2%) LandAmerica Financial Group, Inc. 21,900 1,372,692 ---------- INTERNET SOFTWARE & SERVICES (0.9%) VeriSign, Inc. (a) 42,200 1,110,282 ---------- IT SERVICES (0.4%) Affiliated Computer Services, Inc.-Class A (a) 9,500 474,715 ---------- MACHINERY (3.4%) Oshkosh Truck Corp. 18,100 1,534,880
Terex Corp. (a) 23,000 1,113,660 Toro Co. 34,000 1,368,160 ----------- 4,016,700 ----------- METALS & MINING (0.5%) Commercial Metals Co. 19,900 571,926 ----------- OIL, GAS & CONSUMABLE FUELS (8.8%) & Arch Coal, Inc. 42,000 2,390,640 Massey Energy Co. 43,200 1,868,400 Newfield Exploration Co. (a) 48,000 2,039,520 & Peabody Energy Corp. 38,300 2,517,842 Tesoro Corp. 31,300 1,509,286 ----------- 10,325,688 ----------- PHARMACEUTICALS (1.4%) Endo Pharmaceuticals Holdings, Inc. (a) 56,900 1,619,374 ----------- REAL ESTATE (1.9%) & St. Joe Co. (The) 27,400 2,230,086 ----------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (0.6%) Altera Corp. (a) 30,300 662,661 ----------- SOFTWARE (3.9%) Activision, Inc. (a) 70,966 1,443,449 Amdocs, Ltd. (a) 15,000 445,350 Autodesk, Inc. 40,600 1,388,114 FactSet Research Systems, Inc. 34,400 1,261,792 ----------- 4,538,705 ----------- SPECIALTY RETAIL (5.9%) American Eagle Outfitters, Inc. 52,000 1,713,400 & Chico's FAS, Inc. (a) 55,600 2,230,116 Michaels Stores, Inc. 40,500 1,660,500 Sherwin-Williams Co. (The) 28,800 1,371,168 ----------- 6,975,184 ----------- TEXTILES, APPAREL & LUXURY GOODS (1.8%) & Coach, Inc. (a) 59,500 2,089,045 ----------- THRIFTS & MORTGAGE FINANCE (1.8%) Fremont General Corp. 17,200 420,368 IndyMac Bancorp, Inc. 40,200 1,753,122 ----------- 2,173,490 ----------- Total Common Stocks (Cost $74,578,590) 109,930,083 -----------
PRINCIPAL AMOUNT ----------- SHORT-TERM INVESTMENTS (6.8%) FEDERAL AGENCIES (6.8%) Federal Home Loan Mortgage Corporation 3.08%, due 8/1/05 $ 7,980,000 7,978,635 ---------
Total Short-Term Investments 7,978,635 (Cost $7,978,635) ------------ Total Investments (Cost $82,557,225) (b) 100.0 % 117,908,718 (c) Liabilities in Excess of Cash and Other Assets 0.0 ++ (34,024) ----- ------------ Net Assets 100.0 % $117,874,694 ===== ============
+ Percentages indicated are based on Fund net assets. & Among the Fund's 10 largest holdings, excluding short-term investments. May be subject to change daily. ++ Less than one tenth of a percent. (a) Non-income producing security. (b) The cost for federal income tax purposes is $82,704,678. (c) At July 31, 2005 net unrealized appreciation was $35,204,040, based on cost for federal income tax purposes. This consisted of aggregate gross unrealized appreciation for all investments on which there was an excess of market value over cost of $36,381,344 and aggregate gross unrealized depreciation for all investments on which there was an excess of cost over market value of $1,177,304. MAINSTAY MID CAP VALUE FUND PORTFOLIO OF INVESTMENTS July 31, 2005 unaudited
SHARES VALUE --------- ------------ COMMON STOCKS (94.6%) + AEROSPACE & DEFENSE (1.3%) Raytheon Co. 139,842 $ 5,499,986 ------------ AUTO COMPONENTS (1.2%) TRW Automotive Holdings Corp. (a) 190,700 5,078,341 ------------ CHEMICALS (4.5%) Air Products & Chemicals, Inc. 86,203 5,151,491 Arch Chemicals, Inc. 222,282 5,723,761 Chemtura Corp. 195,800 3,081,892 Olin Corp. 266,525 4,890,734 ------------ 18,847,878 ------------ COMMERCIAL BANKS (3.2%) Compass Bancshares, Inc. 163,114 7,863,726 Hibernia Corp.-Class A 83,757 2,832,662 Marshall & IIsley Corp. 57,543 2,642,375 ------------ 13,338,763 ------------ COMMERCIAL SERVICES & SUPPLIES (1.8%) Pitney Bowes, Inc. 166,911 7,440,892 ------------ COMMUNICATIONS EQUIPMENT (1.0%) Lucent Technologies, Inc. (a) 1,413,600 4,141,848 ------------ CONSUMER FINANCE (1.1%) MBNA Corp. 182,000 4,579,120 ------------ CONTAINERS & PACKAGING (9.4%) & Owens-IIlinois, Inc. (a) 761,100 19,522,215 & Smurfit-Stone Container Corp. (a) 1,318,300 15,990,979 Temple-Inland, Inc. 110,900 4,412,711 ------------ 39,925,905 ------------ ELECTRIC UTILITIES (5.0%) Entergy Corp. 76,287 5,945,809 FirstEnergy Corp. 81,488 4,056,473 PG&E Corp. 79,225 2,981,237 PPL Corp. 135,400 8,337,932 ------------ 21,321,451 ------------ ELECTRONIC EQUIPMENT & INSTRUMENTS (1.1%) Molex, Inc.-Class A 184,100 4,736,893 ------------ ENERGY EQUIPMENT & SERVICES (28.2%) Diamond Offshore Drilling, Inc. 82,500 4,707,450 & ENSCO International, Inc. 596,422 24,083,520 & GlobalSantaFe Corp. 468,056 21,057,839 & Pride International, Inc. (a) 595,000 15,481,900 & Rowan Cos., Inc. 730,400 24,950,464
& Transocean, Inc. (a) 507,500 28,638,225 ----------- 118,919,398 ----------- FOOD & STAPLES RETAILING (2.4%) Kroger Co. (The) (a) 501,500 9,954,775 ----------- FOOD PRODUCTS (2.7%) & Cadbury Schweppes PLC, Sponsored ADR (b) 296,300 11,449,032 ----------- HEALTH CARE PROVIDERS & SERVICES (1.3%) Apria Healthcare Group, Inc. (a) 111,400 3,757,522 Universal Health Services, Inc.-Class B 34,700 1,805,788 ----------- 5,563,310 ----------- INSURANCE (3.3%) Hartford Financial Services Group, Inc. 122,147 9,841,384 St. Paul Travelers Cos., Inc. (The) 96,500 4,247,930 ----------- 14,089,314 ----------- IT SERVICES (1.2%) Computer Sciences Corp. (a) 109,052 4,992,401 ----------- LEISURE EQUIPMENT & PRODUCTS (1.0%) Mattel, Inc. 216,600 4,039,590 ----------- MACHINERY (4.1%) AGCO Corp. (a) 524,131 10,844,270 Navistar International Corp. (a) 185,102 6,321,233 ----------- 17,165,503 ----------- MEDIA (0.4%) Regal Entertainment Group-Class A 97,400 1,880,794 ----------- MULTI-UTILITIES (1.6%) Public Service Enterprise Group, Inc. 105,000 6,751,500 ----------- PAPER & FOREST PRODUCTS (7.1%) & Abitibi-Consolidated, Inc. 4,114,100 19,624,257 Bowater, Inc. 313,151 10,587,635 ----------- 30,211,892 ----------- REAL ESTATE (1.6%) General Growth Properties, Inc. 60,448 2,779,399 Highwoods Properties, Inc. 130,763 4,138,649 ----------- 6,918,048 ----------- ROAD & RAIL (1.9%) Burlington Northern Santa Fe Corp. 79,095 4,290,904 CSX Corp. 83,661 3,809,922 ----------- 8,100,826 ----------- SOFTWARE (0.3%) BMC Software, Inc. (a) 72,900 1,391,661 ----------- TELECOMMUNICATIONS (0.9%) Alltel Corp. 57,413 3,817,965 ----------- THRIFTS & MORTGAGE FINANCE (7.0%) & PMI Group, Inc. (The) 462,100 18,922,995
Sovereign Bancorp, Inc. 439,621 10,546,508 ----------- 29,469,503 ----------- Total Common Stocks (Cost $315,073,222) 399,626,589 -----------
NUMBER OF CONTRACTS (c) ------------- PURCHASED PUT OPTIONS (0.0%) ++ ENERGY EQUIPMENT & SERVICES (0.0%) ++ Transocean, Inc. Strike @ $45.00 Expire 8/20/05 (a) 1,269 6,345 ------------ Total Purchased Put Options (Premium $365,472) 6,345 ------------
PRINCIPAL AMOUNT ---------- LONG-TERM BONDS (0.1%) CORPORATE BONDS (0.1%) DIVERSIFIED FINANCIAL SERVICES (0.1%) Caithness Coso Funding Corp., Series B, Senior Secured Note 9.05%, due 12/15/09 $ 302,175 332,392 ------------ Total Corporate Bonds (Cost $276,200) 332,392 ------------ Total Long-Term Bonds 332,392 (Cost $276,200) ------------ SHORT-TERM INVESTMENTS (5.5%) COMMERCIAL PAPER (5.5%) ABN AMRO North American Finance, Inc. 3.181%, due 8/12/05 4,000,000 3,995,406 AIG Funding, Inc. 3.25%, due 8/9/05 3,000,000 2,997,292 Deutsche Bank Financial LLC 3.28%, due 8/8/05 5,000,000 4,995,900 International Business Machines Corp. 2.153%, due 8/2/05 2,000,000 1,999,641 Morgan Stanley & Co. 2.991%, due 8/11/05 4,920,000 4,915,095 Rabobank USA Finance Corp. 3.28%, due 8/1/05 4,320,000 4,319,213 ------------ Total Commercial Paper (Cost $23,222,547) 23,222,547 ------------ Total Short-Term Investments (Cost $23,222,547) 23,222,547 ------------ Total Investments (Cost $338,937,441) (d) 100.2 % 423,187,873 (e) Liabilities in Excess of Cash and Other Assets (0.2) (873,973) ---------- ------------ Net Assets 100.0 % $422,313,900 ========== ============
+ Percentages indicated are based on Fund net assets. ++ Less than one tenth of a percent. & Among the Portfolio's 10 largest holdings, excluding short-term investments. May be subject to change daily. (a) Non-income producing security. (b) ADR - American Depositary Receipt. (c) One contract relates to 100 shares. (d) The cost for federal income tax purposes is $338,679,714. (e) At July 31, 2005 net unrealized appreciation was $84,508,159, based on cost for federal income tax purposes. This consisted of aggregate gross unrealized appreciation for all investments on which there was an excess of market value over cost of $91,940,669 and aggregate gross unrealized depreciation for all investments on which there was an excess of cost over market value of $7,432,510. MAINSTAY MONEY MARKET FUND PORTFOLIO OF INVESTMENTS July 31, 2005 unaudited
PRINCIPAL AMORTIZED AMOUNT COST ----------- ------------ SHORT-TERM INVESTMENTS (100.2%) + CERTIFICATES OF DEPOSIT (4.8%) Barclays Bank PLC 3.275%, due 9/2/05 $ 4,550,000 $ 4,550,209 Deutsche Bank AG 3.27%, due 8/31/05 5,000,000 5,000,046 3.525%, due 10/13/05 5,000,000 5,000,050 HSBC Bank USA 3.415%, due 11/21/05 3,450,000 3,449,946 Lloyds TSB Bank PLC 3.69%, due 12/13/05 5,000,000 4,998,991 ------------ 22,999,242 ------------ COMMERCIAL PAPER (42.3%) Abbey National North America LLC 3.33%, due 9/19/05 5,000,000 4,976,412 ABN AMRO North American Finance, Inc. 3.28%, due 8/12/05 4,075,000 4,070,173 3.52%, due 10/20/05 4,500,000 4,463,920 Allianz Finance Corp. 3.42%, due 9/1/05 (a) 5,000,000 4,984,325 American General Finance Corp. 3.57%, due 11/14/05 2,875,000 2,844,494 ANZ (Delaware), Inc. 3.11%, due 8/8/05 5,000,000 4,996,112 3.40%, due 12/2/05 4,000,000 3,952,778 3.58%, due 10/28/05 5,000,000 4,955,250 Atlantis One Funding 3.14%, due 8/11/05 (a) 4,400,000 4,395,395 Bank of America Corp. 3.15%, due 8/12/05 3,725,000 3,720,763 Barclays U.S. Funding Corp. 3.27%, due 8/24/05 2,475,000 2,469,380 3.28%, due 8/24/05 2,775,000 2,768,679 Dexia Delaware LLC 3.27%, due 8/22/05 4,000,000 3,991,643 3.27%, due 9/6/05 2,800,000 2,790,335 3.28%, due 9/9/05 3,150,000 3,138,233 Goldman Sachs Group, Inc. 3.29%, due 11/2/05 5,000,000 4,956,590 3.41%, due 11/22/05 5,000,000 4,945,535 HBOS Treasury Services Plc 3.30%, due 9/8/05 4,000,000 3,985,333 ING (US) Funding LLC 3.20%, due 8/29/05 2,925,000 2,917,200 3.202%, due 8/16/05 4,075,000 4,068,838 3.41%, due 10/19/05 4,150,000 4,118,159 KFW International Finance, Inc. 3.19%, due 9/7/05 (a) 5,000,000 4,982,721 Lloyds TSB Bank PLC 3.09%, due 8/4/05 5,000,000 4,997,854 Metlife Funding, Inc.
3.56%, due 10/25/05 4,875,000 4,833,059 Morgan Stanley & Co. 3.38%, due 8/26/05 5,000,000 4,987,325 Nationwide Building Society 3.395%, due 9/12/05 4,325,000 4,307,054 Nestle Capital Corp. 3.35%, due 8/25/05 (a) 4,000,000 3,990,322 Private Export Funding Corp. 3.42%, due 10/20/05 (a) 5,000,000 4,961,050 3.52%, due 10/21/05 (a) 5,000,000 4,959,422 Prudential Funding LLC 2.85%, due 8/1/05 5,825,000 5,824,078 Rabobank USA Finance Corp. 3.48%, due 10/14/05 4,750,000 4,715,103 Ranger Funding Co. LLC 3.29%, due 9/12/05 (a) 4,000,000 3,983,916 3.34%, due 8/18/05 (a) 5,425,000 5,415,437 Royal Bank of Canada 3.29%, due 9/16/05 4,450,000 4,430,479 Shell Finance (UK) PLC 3.14%, due 8/15/05 5,000,000 4,993,022 3.33%, due 10/11/05 4,425,000 4,395,120 3.40%, due 9/29/05 5,000,000 4,971,194 Societe Generale North America, Inc. 3.12%, due 8/9/05 2,625,000 2,622,725 3.51%, due 10/13/05 5,000,000 4,963,437 Svenska Handelsbanken, Inc. 3.16%, due 8/3/05 4,000,000 3,998,596 3.46%, due 10/11/05 5,925,000 5,883,430 Swiss RE Financial Products 3.50%, due 11/1/05 (a) 3,500,000 3,468,014 Toyota Motor Credit Corp. 3.46%, due 9/15/05 5,000,000 4,977,414 UBS Finance Delaware LLC 3.20%, due 9/6/05 5,000,000 4,983,111 3.36%, due 9/26/05 5,125,000 5,097,257 Wal-Mart Stores, Inc. 3.40%, due 9/13/05 (a) 5,000,000 4,978,750 ----------- 201,229,437 ----------- CORPORATE BONDS (15.9%) American Express Credit Corp. 3.42%, due 4/5/06 6,000,000 6,000,000 American Express Credit Corp., Series B 3.50%, due 9/30/05 5,000,000 5,000,320 Bank One Corp. 6.50%, due 2/1/06 (b) 5,800,000 5,879,054 Citigroup, Inc., Senior Global Note 3.56%, due 3/20/06 4,500,000 4,504,828 HSBC Finance Corp., Senior Note 3.37%, due 8/18/05 6,000,000 6,000,359 Merrill Lynch & Co., Inc., Series B 3.67%, due 3/7/06 (b) (c) 4,500,000 4,509,607 Metropolitan Life Global Funding I 3.55%, due 6/28/06 (a) 6,000,000 6,000,000 Morgan Stanley & Co. 3.51%, due 8/15/05 6,000,000 6,000,342 Pharmacia Corp. 5.75%, due 12/1/05 5,500,000 5,537,824
SLM Corp. 3.85%, due 1/25/06 6,000,000 6,006,615 Unilever Capital Corp. 6.88%, due 11/1/05 5,000,000 5,037,085 Wal-Mart Stores, Inc. 3.27%, due 3/16/06 5,000,000 4,996,805 Wells Fargo & Co., Global Note 3.45%, due 3/3/06 4,500,000 4,503,732 7.25%, due 8/24/05 6,000,000 6,015,933 ----------- 75,992,504 ----------- FOREIGN GOVERNMENT BONDS (1.1%) Quebec Province 6.50%, due 1/17/06 5,000,000 5,062,766 ----------- FEDERAL AGENCIES (36.1%) Federal Home Loan Bank 3.41%, due 10/5/05 10,000,000 9,998,594 Federal Home Loan Bank (Discount Note) 3.12%, due 8/19/05 4,000,000 3,993,055 3.16%, due 8/17/05 4,000,000 3,993,680 3.32%, due 9/23/05 3,800,000 3,780,725 3.35%, due 9/28/05 6,000,000 5,966,500 Federal Home Loan Mortgage Corporation (Discount Note) 2.78%, due 8/8/05 4,325,000 4,321,994 2.95%, due 8/2/05 4,000,000 3,999,017 3.03%, due 8/1/05 2,275,000 2,274,617 3.06%, due 8/9/05 - 8/10/05 11,400,000 11,389,885 3.07%, due 8/8/05 3,150,000 3,147,582 3.14%, due 8/23/05 3,850,000 3,841,941 3.25%, due 10/18/05 - 10/19/05 8,850,000 8,785,677 3.29%, due 11/8/05 5,800,000 5,746,464 3.33%, due 9/20/05 5,000,000 4,975,950 3.34%, due 11/22/05 2,500,000 2,473,326 3.43%, due 11/1/05 6,000,000 5,946,263 3.49%, due 10/25/05 4,900,000 4,858,673 3.50%, due 10/31/05 5,000,000 4,954,792 3.53%, due 11/10/05 4,000,000 3,959,601 Federal National Mortgage Association (Discount Note) 2.83%, due 8/3/05 5,000,000 4,998,431 3.01%, due 8/5/05 4,100,000 4,097,943 3.04%, due 8/3/05 4,600,000 4,598,444 3.09%, due 8/10/05 3,300,000 3,296,880 3.21%, due 8/5/05 400,000 399,786 3.26%, due 8/24/05 6,325,000 6,310,681 3.30%, due 9/14/05 - 11/2/05 9,725,000 9,661,984 3.34%, due 9/21/05 10,248,000 10,197,657 3.45%, due 10/12/05 4,000,000 3,971,633 3.47%, due 10/12/05 3,575,000 3,549,500 Federal National Mortgage Association (Mortgage Pass-Through Securities) 3.54%, due 11/23/05 5,825,000 5,758,556 3.55%, due 11/16/05 5,700,000 5,638,733 Tennessee Valley Authority 3.20%, due 8/11/05 6,000,000 5,993,600 3.25%, due 8/25/05 4,900,000 4,888,516 ----------- 171,770,680 ----------- Total Short-Term Investments (Amortized Cost $477,054,629) (d) 100.2 % 477,054,629
Liabilities in Excess of Cash and Other Assets (0.2) (961,964) ----- ------------ Net Assets 100.0 % $476,092,665 ===== ============
+ Percentages indicated are based on Fund net assets. (a) May be sold to institutional investors only. (b) Coupon interest bearing security. (c) Floating rate. Rate shown is the rate in effect at July 31, 2005. (d) The cost stated also represents the cost for federal income tax purposes. MAINSTAY SMALL CAP GROWTH FUND PORTFOLIO OF INVESTMENTS July 31, 2005 unaudited
SHARES VALUE ------- ------------ COMMON STOCKS (99.9%) + AEROSPACE & DEFENSE (2.8%) Ceradyne, Inc. (a) 72,750 $ 2,318,542 DRS Technologies, Inc. 59,300 3,083,600 Innovative Solutions & Support, Inc. (a) 114,000 2,088,480 ------------ 7,490,622 ------------ BIOTECHNOLOGY (0.6%) CV Therapeutics, Inc. (a) 56,900 1,602,873 ------------ BUILDING PRODUCTS (1.7%) Builders FirstSource, Inc. (a) 76,600 1,532,000 Simpson Manufacturing Co., Inc. 36,700 1,406,344 Trex Co., Inc. (a) 48,900 1,437,660 ------------ 4,376,004 ------------ CAPITAL MARKETS (2.8%) Affiliated Managers Group, Inc. (a) 58,421 4,165,417 Jefferies Group, Inc. 79,500 3,285,735 ------------ 7,451,152 ------------ COMMERCIAL BANKS (4.6%) Hanmi Financial Corp. 131,200 2,492,800 UCBH Holdings, Inc. 158,000 2,886,660 Westcorp 63,700 3,691,415 Wintrust Financial Corp. 56,600 3,035,458 ------------ 12,106,333 ------------ COMMERCIAL SERVICES & SUPPLIES (1.1%) CRA International, Inc. (a) 56,600 3,011,120 ------------ COMMUNICATIONS EQUIPMENT (2.1%) Avocent Corp. (a) 65,900 2,297,274 Ixia (a) 169,300 3,341,982 ------------ 5,639,256 ------------ ELECTRICAL EQUIPMENT (1.2%) Genlyte Group, Inc. (a) 61,600 3,165,008 ------------ ELECTRONIC EQUIPMENT & INSTRUMENTS (5.1%) FARO Technologies, Inc. (a) 83,700 1,982,016 FLIR Systems, Inc. (a) 80,200 2,637,778 Global Imaging Systems, Inc. (a) 71,400 2,474,724 ScanSource, Inc. (a) 55,700 2,658,561 Trimble Navigation, Ltd. (a) 95,000 3,701,200 ------------ 13,454,279 ------------ ENERGY EQUIPMENT & SERVICES (7.7%) Atwood Oceanics, Inc. (a) 45,100 3,074,467 & Cal Dive International, Inc. (a) 83,600 4,950,792 Grant Prideco, Inc. (a) 108,900 3,495,690 Grey Wolf, Inc. (a) 258,000 1,978,860 Maverick Tube Corp. (a) 95,100 3,154,467 TETRA Technologies, Inc. (a) 88,700 3,536,469 ------------
20,190,745 ---------- FOOD PRODUCTS (0.2%) Diamond Foods, Inc. (a) 27,000 598,050 ---------- HEALTH CARE EQUIPMENT & SUPPLIES (6.8%) ArthroCare Corp. (a) 68,600 2,508,702 Cooper Cos. (The), Inc. 45,000 3,091,500 Dade Behring Holdings, Inc. 49,000 3,714,200 Immucor, Inc. (a) 86,900 2,387,143 Integra LifeSciences Holdings Corp. (a) 58,700 1,784,480 Nektar Therapeutics (a) 107,800 2,022,328 SurModics, Inc. (a) 63,100 2,452,066 ---------- 17,960,419 ---------- HEALTH CARE PROVIDERS & SERVICES (4.7%) American Healthways, Inc. (a) 80,800 3,601,256 Molina Healthcare, Inc. (a) 49,800 1,192,212 PRA International (a) 49,600 1,498,416 & Sierra Health Services, Inc. (a) 71,100 4,794,984 WellCare Health Plans, Inc. (a) 33,800 1,295,216 ---------- 12,382,084 ---------- HOTELS, RESTAURANTS & LEISURE (1.5%) Penn National Gaming, Inc. (a) 110,000 3,932,500 ---------- HOUSEHOLD DURABLES (14.6%) Beazer Homes USA, Inc. 63,000 4,122,720 & Hovnanian Enterprises, Inc.-Class A (a) 68,700 4,855,716 & Jarden Corp. (a) 123,750 4,747,050 M/I Homes, Inc. 36,800 2,194,016 MDC Holdings, Inc. 36,094 3,083,149 & Meritage Homes Corp. (a) 63,400 5,893,030 & Ryland Group, Inc. 62,400 5,041,920 & WCI Communities, Inc. (a) 159,300 5,409,828 Yankee Candle Co., Inc. 103,400 3,133,020 ---------- 38,480,449 ---------- INTERNET & CATALOG RETAIL (1.8%) & Coldwater Creek, Inc. (a) 170,175 4,712,146 ---------- INTERNET SOFTWARE & SERVICES (1.1%) Digitas, Inc. (a) 266,400 3,004,992 ---------- MACHINERY (6.7%) A.S.V., Inc. (a) 55,800 2,675,610 Actuant Corp.-Class A (a) 57,900 2,694,087 CLARCOR, Inc. 102,000 3,182,400 Terex Corp. (a) 81,600 3,951,072 Wabash National Corp. 79,800 1,716,498 Westinghouse Air Brake Technologies Corp. 135,800 3,317,594 ---------- 17,537,261 ---------- MARINE (1.6%) Genco Shipping & Trading, Ltd. (a) 58,800 1,124,256 Kirby Corp. (a) 65,400 3,149,010 ---------- 4,273,266 ---------- METALS & MINING (0.4%) Steel Technologies, Inc. 45,100 966,493 ---------- OIL, GAS & CONSUMABLE FUELS (8.6%) Alliance Resource Partners, LP 37,300 3,130,962
Alpha Natural Resources, Inc. (a) 18,700 523,600 Arch Coal, Inc. 59,300 3,375,356 InterOil Corp. (a) 74,100 1,822,860 James River Coal Co. (a) 79,800 3,757,782 Massey Energy Co. 93,700 4,052,525 OMI Corp. 133,400 2,405,202 Remington Oil & Gas Corp. (a) 94,100 3,708,481 ----------- 22,776,768 ----------- PERSONAL PRODUCTS (1.6%) & Chattem, Inc. (a) 94,900 4,323,644 ----------- PHARMACEUTICALS (0.0%) ++ Adams Respiratory Therapeutics, Inc. (a) 3,600 106,200 ----------- REAL ESTATE (0.9%) American Home Mortgage Investment Corp. 64,900 2,492,809 ----------- ROAD & RAIL (1.9%) Arkansas Best Corp. 19,000 651,700 Knight Transportation, Inc. 74,700 1,766,655 Old Dominion Freight Line, Inc. (a) 79,000 2,616,480 ----------- 5,034,835 ----------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (1.2%) Tessera Technologies, Inc. (a) 86,400 3,034,368 ----------- SOFTWARE (2.9%) Epicor Software Corp. (a) 159,100 2,359,453 FactSet Research Systems, Inc. 71,400 2,618,952 MICROS Systems, Inc. (a) 60,200 2,585,590 ----------- 7,563,995 ----------- SPECIALTY RETAIL (8.9%) A.C. Moore Arts & Crafts, Inc. (a) 75,300 2,163,369 Children's Place Retail Stores, Inc. (The) (a) 81,000 3,701,700 Electronics Boutique Holdings Corp. (a) 55,300 3,575,698 & Guitar Center, Inc. (a) 78,400 5,064,248 Hibbett Sporting Goods, Inc. (a) 76,750 3,072,303 Jos. A. Bank Clothiers, Inc. (a) 93,800 4,286,660 Maidenform Brands, Inc. (a) 7,200 131,400 PETCO Animal Supplies, Inc. (a) 56,400 1,571,868 ----------- 23,567,246 ----------- TEXTILES, APPAREL & LUXURY GOODS (1.0%) Fossil, Inc. (a) 105,050 2,499,140 ----------- THRIFTS & MORTGAGE FINANCE (1.0%) Commercial Capital Bancorp, Inc. 132,766 2,634,077 ----------- TRADING COMPANIES & DISTRIBUTORS (2.8%) Hughes Supply, Inc. 105,400 2,995,468 MSC Industrial Direct Co.-Class A 110,800 4,286,852 ----------- 7,282,320 ----------- Total Common Stocks (Cost $189,142,061) 263,650,454 -----------
PRINCIPAL AMOUNT --------- SHORT-TERM INVESTMENTS (0.1%) COMMERCIAL PAPER (0.1%) Rabobank USA Finance Corp. 3.28%, due 8/1/05 $ 210,000 209,962 ------------ Total Short-Term Investments 209,962 (Cost $209,962) ------------ Total Investments (Cost $189,352,023) (b) 100.0 % 263,860,416 (c) Liabilities in Excess of Cash and Other Assets 0.0 ++ (57,888) --------- ------------ Net Assets 100.0 % $263,802,528 ========= ============
+ Percentages indicated are based on Fund net assets. ++ Less than one tenth of a percent. & Among the Fund's 10 largest holdings, excluding short-term investments. May be subject to change daily. (a) Non-income producing security. (b) The cost for federal income tax purposes is $189,954,428. (c) At July 31, 2005 net unrealized appreciation was $73,905,988, based on cost for federal income tax purposes. This consisted of aggregate gross unrealized appreciation for all investments on which there was an excess of market value over cost of $78,813,929 and aggregate gross unrealized depreciation for all investments on which there was an excess of cost over market value of $4,907,941. MAINSTAY SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS July 31, 2005 unaudited
SHARES VALUE ------ ----- COMMON STOCKS (97.5%) + AEROSPACE & DEFENSE (1.0%) Herley Industries, Inc. (a) 84,400 $ 1,649,176 ----------- AUTO COMPONENTS (1.4%) American Axle & Manufacturing Holdings, Inc. 84,500 2,327,975 ----------- BIOTECHNOLOGY (1.7%) Cambrex Corp. 139,701 2,747,919 ----------- BUILDING PRODUCTS (0.8%) Apogee Enterprises, Inc. 85,535 1,352,308 ----------- CAPITAL MARKETS (1.4%) Waddell & Reed Financial, Inc.-Class A 119,500 2,321,885 ----------- CHEMICALS (2.5%) & Omnova Solutions, Inc. (a) 494,300 2,921,313 Spartech Corp. 65,000 1,217,450 ----------- 4,138,763 ----------- COMMERCIAL BANKS (4.4%) Chittenden Corp. 72,268 2,116,730 Cullen/Frost Bankers, Inc. 44,700 2,239,470 Mercantile Bank Corp. 25,620 1,163,148 S&T Bancorp, Inc. 31,642 1,258,402 Sandy Spring Bancorp, Inc. 15,000 517,950 ----------- 7,295,700 ----------- COMMERCIAL SERVICES & SUPPLIES (3.8%) & Banta Corp. 59,500 2,840,530 Imagistics International, Inc. (a) 92,900 2,798,148 Learning Tree International, Inc. (a) 55,255 687,925 ----------- 6,326,603 ----------- COMMUNICATIONS EQUIPMENT (3.4%) Belden CDT, Inc. 107,300 2,382,060 SafeNet, Inc. (a) 68,100 2,328,339 Seachange International, Inc. (a) 125,000 947,500 ----------- 5,657,899 ----------- COMPUTERS & PERIPHERALS (1.3%) Advanced Digital Information Corp. (a) 278,900 2,225,622 ----------- CONSTRUCTION & ENGINEERING (1.3%) Insituform Technologies, Inc.-Class A (a) 110,421 2,125,604 ----------- CONTAINERS & PACKAGING (0.3%) Packaging Dynamics Corp. 35,000 507,500 -----------
DIVERSIFIED CONSUMER SERVICES (0.5%) Stewart Enterprises, Inc.-Class A 110,000 826,100 --------- DIVERSIFIED TELECOMMUNICATION SERVICES (1.8%) Iowa Telecommunications Services, Inc. 58,300 1,106,534 Premiere Global Services, Inc. (a) 189,000 1,931,580 --------- 3,038,114 --------- ELECTRIC UTILITIES (2.7%) Cleco Corp. 70,300 1,580,344 Green Mountain Power Corp. 21,000 617,400 ITC Holdings Corp. (a) 20,000 560,000 Sierra Pacific Resources (a) 137,000 1,778,260 --------- 4,536,004 --------- ELECTRICAL EQUIPMENT (3.8%) Global Power Equipment Group, Inc. (a) 278,500 2,637,395 & GrafTech International, Ltd. (a) 706,643 3,667,477 --------- 6,304,872 --------- ELECTRONIC EQUIPMENT & INSTRUMENTS (2.2%) Applied Films Corp. (a) 61,000 1,602,470 Benchmark Electronics, Inc. (a) 61,600 1,971,200 --------- 3,573,670 --------- ENERGY EQUIPMENT & SERVICES (5.9%) Global Industries, Ltd. (a) 223,634 2,193,849 & Hanover Compressor Co. (a) 198,714 2,889,302 Offshore Logistics, Inc. (a) 28,800 1,036,800 Parker Drilling Co. (a) 195,200 1,444,480 Pride International, Inc. (a) 84,000 2,185,680 --------- 9,750,111 --------- FOOD & STAPLES RETAILING (1.3%) Ingles Markets, Inc.-Class A 32,600 515,080 Performance Food Group Co. (a) 34,900 1,048,047 Smart & Final, Inc. (a) 40,000 558,800 --------- 2,121,927 --------- GAS UTILITIES (1.8%) SEMCO Energy, Inc. (a) 29,900 201,227 & UGI Corp. 96,000 2,816,640 --------- 3,017,867 --------- HEALTH CARE EQUIPMENT & SUPPLIES (2.1%) Merit Medical Systems, Inc. (a) 60,100 1,035,523 Viasys Healthcare, Inc. (a) 96,800 2,404,512 --------- 3,440,035 --------- HEALTH CARE PROVIDERS & SERVICES (2.4%) Hooper Holmes, Inc. 516,775 2,170,455 Priority Healthcare Corp.-Class B (a) 63,800 1,753,862 --------- 3,924,317 --------- HOTELS, RESTAURANTS & LEISURE (3.3%) Bob Evans Farms, Inc. 83,000 2,104,880 La Quinta Corp. (a) 279,100 2,511,900 Navigant International, Inc. (a) 67,700 903,795 --------- 5,520,575 ---------
HOUSEHOLD DURABLES (1.5%) La-Z-Boy, Inc. 183,648 2,455,374 --------- INSURANCE (2.1%) Reinsurance Group of America, Inc. 32,000 1,349,440 Scottish Re Group, Ltd. 88,100 2,118,805 --------- 3,468,245 --------- IT SERVICES (2.1%) eFunds Corp. (a) 90,363 1,650,028 Keane, Inc. (a) 143,372 1,797,885 --------- 3,447,913 --------- LEISURE EQUIPMENT & PRODUCTS (1.8%) Arctic Cat, Inc. 87,300 1,904,886 Callaway Golf Co. 73,374 1,099,876 --------- 3,004,762 --------- MACHINERY (4.1%) Kadant, Inc. (a) 103,900 2,374,115 Lydall, Inc. (a) 194,700 1,859,385 Westinghouse Air Brake Technologies Corp. 104,900 2,562,707 --------- 6,796,207 --------- MEDIA (5.4%) Carmike Cinemas, Inc. 46,300 1,397,334 Journal Register Co. (a) 130,400 2,428,048 Nexstar Broadcasting Group, Inc. - Class A (a) 374,100 2,094,960 & ProQuest Co. (a) 87,824 3,043,102 --------- 8,963,444 --------- METALS & MINING (0.8%) Allegheny Technologies, Inc. 45,300 1,316,871 --------- OIL, GAS & CONSUMABLE FUELS (0.9%) Houston Exploration Co. (a) 25,618 1,480,464 --------- PAPER & FOREST PRODUCTS (2.1%) & Wausau Paper Corp. 270,667 3,404,991 --------- PERSONAL PRODUCTS (0.3%) Playtex Products, Inc. (a) 45,921 489,518 --------- REAL ESTATE (3.6%) Aames Investment Corp. 157,800 1,458,072 Sun Communities, Inc. 60,100 2,094,485 Trammell Crow Co. (a) 94,800 2,394,648 --------- 5,947,205 --------- ROAD & RAIL (1.6%) Quality Distribution, Inc. (a) 277,400 2,671,362 --------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (7.1%) & Actel Corp. (a) 216,121 3,345,553 Catalyst Semiconductor, Inc. (a) 90,800 412,232 Mattson Technology, Inc. (a) 220,000 1,870,000 MKS Instruments, Inc. (a) 90,400 1,727,544 Sigmatel, Inc. (a) 75,800 1,518,274
& Zoran Corp. (a) 197,700 2,846,880 ----------- 11,720,483 ----------- SOFTWARE (1.8%) Cimarex Energy Co. (a) 41,925 1,758,334 Mentor Graphics Corp. (a) 135,600 1,262,436 ----------- 3,020,770 ----------- SPECIALTY RETAIL (5.7%) Christopher & Banks Corp. 107,463 2,031,051 & Cost Plus, Inc. (a) 128,500 2,895,105 CSK Auto Corp. (a) 67,473 1,262,420 Jo-Ann Stores, Inc. (a) 46,300 1,274,176 Too, Inc. (a) 73,813 1,903,637 ----------- 9,366,389 ----------- TEXTILES, APPAREL & LUXURY GOODS (1.6%) Kellwood Co. 59,600 1,448,876 Russell Corp. 66,628 1,260,602 ----------- 2,709,478 ----------- THRIFTS & MORTGAGE FINANCE (3.9%) Brookline Bancorp, Inc. 100,200 1,604,202 First Niagara Financial Group, Inc. 70,900 1,044,357 Provident Financial Services, Inc. 76,500 1,350,990 W Holding Co., Inc. 236,700 2,530,323 ----------- 6,529,872 ----------- Total Common Stocks (Cost $138,813,831) 161,523,894 -----------
PRINCIPAL AMOUNT --------- SHORT-TERM INVESTMENTS (2.3%) COMMERCIAL PAPER (2.3%) Rabobank USA Finance Corp. 3.28%, due 8/1/05 $ 3,830,000 3,829,302 ------------ Total Short-Term Investments 3,829,302 ------------ (Cost $3,829,302) Total Investments (Cost $142,643,133) (b) 99.8% 165,353,196(c) Cash and Other Assets Less Liabilities 0.2 267,428 ----------- ------------ Net Assets 100% $165,620,624 =========== ============
+ Percentages indicated are based on Fund net assets. & Among the Portfolio's 10 largest holdings, excluding short-term investments. May be subject to change daily. (a) Non-income producing security. (b) The cost for federal income tax purposes is $143,027,593. (c) At July 31, 2005 net unrealized appreciation was $22,325,603, based on cost for federal income tax purposes. This consisted of aggregate gross unrealized appreciation for all investments on which there was an excess of market value over cost of $25,677,738 and aggregate gross unrealized depreciation for all investments on which there was an excess of cost over market value of $3,352,135. MAINSTAY TAX FREE BOND FUND PORTFOLIO OF INVESTMENTS July 31, 2005 unaudited
PRINCIPAL AMOUNT VALUE --------- ----- LONG-TERM MUNICIPAL BONDS (97.0%) + ALABAMA (4.2%) Huntsville, AL, Health Care Authority 5.00%, due 6/1/34 $ 1,000,000 $ 1,040,590 5.75%, due 6/1/31 2,500,000 2,658,275 Jefferson County, AL, Limited Obligation School Warrants 5.25%, due 1/1/14 1,345,000 1,472,224 University of Alabama 6.00%, due 10/1/16-10/1/27 5,995,000 6,647,921 ------------ 11,819,010 ------------ CALIFORNIA (7.4%) California State Economic Recovery 5.00%, due 7/1/17 2,000,000 2,139,940 5.25%, due 4/1/34 2,040,000 2,179,393 California Statewide Communities Development Authority, (Catholic Healthcare West) 6.50%, due 7/1/20 2,000,000 2,242,540 Golden State Tobacco Securitization Corp. 5.00%, due 6/1/45 5,000,000 5,138,200 Los Angeles, CA, Unified School District 5.625%, due 7/1/17 (b) 2,000,000 2,228,360 & 5.75%, due 7/1/16 6,000,000 7,011,420 ------------ 20,939,853 ------------ DELAWARE (0.8%) Delaware State Economic Development Authority, (Delmarva Power & Light Co.) 4.90%, due 5/1/26 2,250,000 2,392,042 ------------ FLORIDA (5.7%) Capital Trust Agency, (TCB Shadow Run LLC) 5.15%, due 11/1/30 2,190,000 2,312,749 Highlands County, FL, Health Facilities Authority, (Multiple Obligors) 5.375%, due 11/15/35 5,000,000 5,245,000 Meadow Pointe III Community Development District 5.25%, due 11/1/07 1,165,000 1,173,842 Miami-Dade County, FL, Solid Waste System Revenue 5.00%, due 10/1/19 1,735,000 1,873,470 Oakstead, FL, Community Development District 5.90%, due 5/1/07 380,000 383,819 Orange County, FL, Health Facilities Authority 5.625%, due 11/15/32 3,000,000 3,205,230 Tampa, FL, Utility Tax & Special Revenue Funding 6.00%, due 10/1/08 1,500,000 1,632,045 Waterchase Community Development District 5.90%, due 5/1/08 200,000 202,000 ------------ 16,028,155 ------------ ILLINOIS (8.6%) Chicago, IL, Board of Education 5.875%, due 12/1/14 (b) 3,130,000 3,524,349 Chicago, IL, Park District
5.50%, due 1/1/09 2,085,000 2,245,191 Chicago, IL, Water Revenue 6.50%, due 11/1/15 3,005,000 3,674,814 Illinois Health Facilities Authority, (Lake Forest Hospital) 5.75%, due 7/1/29 2,000,000 2,120,360 Illinois Health Facilities Authority, (OSF Healthcare System) 6.25%, due 11/15/29 4,000,000 4,289,720 Illinois State Sales Tax Revenue 5.50%, due 6/15/17 4,000,000 4,576,960 State of Illinois 5.75%, due 6/1/14 (b) 3,450,000 3,826,291 ---------- 24,257,685 ---------- LOUISIANA (1.5%) Louisiana State Offshore Terminal Authority, (Loop LLC) 5.25%, due 9/1/16 3,970,000 4,216,299 ---------- MASSACHUSETTS (1.0%) Massachusetts Bay Transportation Authority 5.75%, due 7/1/18 (b) 2,290,000 2,546,755 5.75%, due 7/1/18 210,000 230,939 ---------- 2,777,694 ---------- MICHIGAN (2.0%) South Redford, MI, School District 5.25%, due 5/1/16 (b) 5,500,000 5,724,015 ---------- NEBRASKA (0.3%) Nebraska Investment Finance Authority 6.30%, due 9/1/28 730,000 739,892 ---------- NEVADA (2.8%) Clark County, NV, (Nevada Power Co.) 6.60%, due 6/1/19 1,925,000 1,932,758 Clark County, NV, Bond Bank & 5.50%, due 7/1/14 5,460,000 5,952,219 ---------- 7,884,977 ---------- NEW JERSEY (4.7%) New Jersey Economic Development Authority & 5.875%, due 5/1/14 (b) 8,000,000 8,766,640 New Jersey State Transportation Trust Fund Authority 5.50%, due 12/15/17 3,810,000 4,389,653 ---------- 13,156,293 ---------- NEW MEXICO (1.0%) New Mexico Finance Authority 5.00%, due 6/15/22 2,750,000 2,937,770 ---------- NEW YORK (20.7%) Long Island Power Authority 5.50%, due 12/1/12 2,470,000 2,785,814 Metropolitan Transportation Authority, NY 5.00%, due 11/15/25 1,500,000 1,588,650 & 5.625%, due 7/1/27 (b) 9,500,000 10,246,795 Nassau County, NY, Interim Finance Authority 5.75%, due 11/15/12 (b) 1,000,000 1,120,130 New York State Dormitory Authority 5.75%, due 5/15/30 (b) 2,000,000 2,245,500
7.375%, due 5/15/10 4,720,000 5,209,086 7.50%, due 5/15/11 (b) 1,740,000 2,037,035 7.50%, due 5/15/11 2,325,000 2,664,962 New York State Dormitory Authority, (New York University) 6.00%, due 7/1/19 3,700,000 4,486,213 New York State Environmental Facilities Corp. 7.50%, due 3/15/11 (b) 30,000 30,122 7.50%, due 6/15/12 240,000 260,635 New York State Thruway Authority 5.75%, due 4/1/16 2,500,000 2,773,625 5.75%, due 4/1/16 (b) 100,000 104,030 New York, NY & 5.00%, due 8/1/26 8,500,000 8,926,700 5.875%, due 8/1/13 (b) 4,700,000 4,916,717 5.875%, due 8/1/13 5,300,000 5,529,967 Triborough Bridge & Tunnel Authority 5.00%, due 11/15/32 3,500,000 3,655,120 ---------- 58,581,101 ---------- NORTH CAROLINA (5.4%) North Carolina Eastern Municipal Power Agency 5.50%, due 1/1/12 2,000,000 2,173,680 6.75%, due 1/1/26 2,000,000 2,228,580 North Carolina Housing Finance Agency 4.25%, due 1/1/28 (c) 3,035,000 3,064,379 North Carolina Municipal Power Agency No. 1 Catawba, NC & 6.50%, due 1/1/20 7,000,000 7,786,940 ---------- 15,253,579 ---------- OHIO (0.9%) Lorain County, OH, (Catholic Healthcare) 5.375%, due 10/1/30 2,300,000 2,408,399 ----------- PENNSYLVANIA (6.5%) Allegheny County, PA, Port Authority 6.25%, due 3/1/16 (b) 3,750,000 4,179,713 6.375%, due 3/1/15 (b) 3,120,000 3,490,656 Allegheny County, PA, Sanitary Authority & 5.00%, due 12/1/23 7,000,000 7,492,660 Philadelphia, PA, School District 5.75%, due 2/1/11 3,000,000 3,341,700 ---------- 18,504,729 ---------- PUERTO RICO (5.3%) Puerto Rico Commonwealth Infrastructure Financing Authority 5.50%, due 10/1/17 1,500,000 1,663,410 Puerto Rico Electric Power Authority 5.25%, due 7/1/29 2,750,000 2,966,700 Puerto Rico Public Buildings Authority & 5.00%, due 7/1/36 10,000,000 10,419,700 ---------- 15,049,810 ---------- SOUTH CAROLINA (2.6%) Charleston County, SC 6.125%, due 9/1/11 2,425,000 2,702,517 South Carolina Jobs-Economic Development Authority 5.625%, due 11/15/30 4,500,000 4,775,895 ---------- 7,478,412 ----------
TEXAS (9.3%) Austin, TX, Water & Waste Water System 5.75%, due 5/15/15 (b) 2,900,000 3,220,131 Dallas-Fort Worth, TX, International Airport Facilities Improvement Corp. 6.00%, due 11/1/28 (c) 4,000,000 4,367,960 El Paso, TX 5.875%, due 8/15/11 (b) 1,000,000 1,058,930 Harris County, TX, Health Facilities Development Corp. (St. Luke's Episcopal Hospital) 5.375%, due 2/15/26 (b) 3,500,000 3,670,800 (Memorial Hermann Healthcare System) 6.375%, due 6/1/29 1,500,000 1,653,255 Jefferson County Health Facilities Development Corp. (Baptist Hospitals of Texas) 5.20%, due 8/15/21 1,095,000 1,157,382 Leander, TX, Independent School District 5.375%, due 8/15/19 (b) 1,000,000 1,067,840 San Antonio, TX, Electric & Gas 5.00%, due 2/1/17 5,040,000 5,488,006 Tarrant Regional Water District 5.25%, due 3/1/17 2,500,000 2,736,950 Texas State College Student Loan 5.50%, due 8/1/10 (c) 1,760,000 1,911,677 ----------- 26,332,931 ----------- WASHINGTON (2.6%) Seattle, WA, Municipal Light & Power & 6.00%, due 10/1/15 (b) 6,500,000 7,263,490 ----------- WEST VIRGINIA (0.5%) Kanawha Mercer Nicholas Counties (Zero Coupon), due 2/1/15 (b) 2,230,000 1,415,939 ----------- WISCONSIN (3.2%) Wisconsin Health & Educational Facilities Authority, (Wheaton Franciscan Services) 5.75%, due 8/15/25 2,500,000 2,696,875 Wisconsin State 5.50%, due 5/1/13 (b) 1,030,000 1,151,736 6.00%, due 5/1/12 (b) 4,590,000 5,141,534 ----------- 8,990,145 ----------- Total Long-Term Municipal Bonds (Cost $256,092,397) 274,152,220 ----------- CUMULATIVE PREFERRED STOCK (3.5%) UNITED STATES (3.5%) Charter Mac Equity Issuer Trust & 7.10%, due 6/30/09 (d) 9,000,000 9,974,610 ----------- Total Cumulative Preferred Stock (Cost $9,016,703) 9,974,610 ----------- SHORT-TERM INVESTMENTS (3.8%) CALIFORNIA (1.1%) California State Economic Recovery 2.95%, due 7/1/23 (a) 3,125,000 3,125,000 ----------- MASSACHUSETTS (0.2%) Massachusetts State Health & Educational Facilities Authority, (Amherst College)
1.59%, due 11/1/35 (a) 475,000 475,000 ------------ NEW YORK (2.5%) New York, NY, City Transitional Finance Authority 2.11%, due 8/1/31 (a) 7,025,000 7,025,000 ------------ Total Short-Term Investments (Cost $10,625,000) 10,625,000 ------------ Total Investments (Cost $275,734,100) (e) 104.3 % 294,751,830 (f) Liabilities in Excess of Cash and Other Assets (4.3) (12,160,606) ------------ ------------ Net Assets 100.0 $282,591,224 ============ ============
CONTRACTS UNREALIZED LONG DEPRECIATION (g) --------- ------------ FUTURES CONTRACT (0.0%) ++ United States Treasury Note September 2005 (10 Year) 200 (43,750) ------- Total Futures Contract (Settlement Value $22,196,875) (43,750) =======
+ Percentages indicated are based on Fund net assets. ++ Less than one tenth of a percent. & Among the Portfolio's 10 largest holdings, excluding short-term investments. May be subject to change daily. (a) Variable rate securities that may be tendered back to the issuer at any time prior to maturity at par. (b) Prerefunding Securities - issuer has or will issue new bonds and use the proceeds to purchase Treasury securities that mature at or near the same date as the original issues call date. (c) Interest on these securities is subject to alternative minimum tax. (d) May be sold to institutional investors only. (e) The cost for federal income tax purposes is $275,734,100. (f) At July 31, 2005 net unrealized appreciation for securities was $19,017,730, based on cost for federal income tax purposes. This consisted of aggregate gross unrealized appreciation for all investments on which there was an excess of market value over cost of $19,188,583 and aggregate gross unrealized depreciation for all investments on which there was an excess of cost over market value of $170,853. (g) Represents the difference between the value of the contracts at the time they were opened and the value at July 31, 2005. MAINSTAY TOTAL RETURN FUND PORTFOLIO OF INVESTMENTS July 31, 2005 unaudited
PRINCIPAL AMOUNT VALUE ------------- ------------ LONG-TERM BONDS (27.1%) + ASSET-BACKED SECURITIES (1.1%) CONSUMER FINANCE (0.6%) BMW Vehicle Owner Trust Series 2003-A, Class A3 1.94%, due 2/25/07 $ 347,451 $ 346,313 Harley-Davidson Motorcycle Trust Series 2004-1, Class A2 2.53%, due 11/15/11 2,675,000 2,592,425 Volkswagen Auto Loan Enhanced Trust Series 2003-2, Class A3 2.27%, due 10/22/07 2,201,810 2,183,509 ------------ 5,122,247 ------------ CONSUMER LOANS (0.2%) Atlantic City Electric Transition Funding LLC Series 2002-1, Class A4 5.55%, due 10/20/23 1,600,000 1,696,204 DIVERSIFIED FINANCIAL SERVICES (0.1%) Capital One Master Trust Series 2001-5, Class A 5.30%, due 6/15/09 910,000 919,490 ------------ ELECTRIC (0.2%) Public Service of New Hampshire Funding LLC Series 2002-1, Class A 4.58%, due 2/1/10 1,058,213 1,061,550 ------------ THRIFTS & MORTGAGE FINANCE (0.0%) ++ Vanderbilt Mortgage Finance Series 1999-B, Class 1A4 6.545%, due 4/7/18 216,923 218,946 ------------ Total Asset-Backed Securities (Cost $9,055,688) 9,018,437 ------------ CONVERTIBLE BONDS (0.0%) ++ BIOTECHNOLOGY (0.0%) ++ Amgen, Inc. (Zero Coupon), due 3/1/32 (i) 65,000 51,106 ------------ DIVERSIFIED FINANCIAL SERVICES (0.0%) ++ Lincare Holdings, Inc., Senior Note 3.00%, due 6/15/33 160,000 161,200 ------------ HEALTH CARE-SERVICES (0.0%) ++ Laboratory Corp. of America Holdings (Zero Coupon), due 9/11/21 (i) 100,000 75,125 ------------ Total Convertible Bonds
(Cost $283,153) 287,431 ------------ CORPORATE BONDS (5.0%) AEROSPACE & DEFENSE (0.1%) Sequa Corp. 8.875%, due 4/1/08 95,000 102,837 United Technologies Corp., Note 5.40%, due 5/1/35 655,000 666,910 ------------ 769,747 ------------ AGRICULTURE (0.2%) Cargill, Inc. 5.00%, due 11/15/13 (a) 1,630,000 1,630,971 ------------ AIRLINES (0.1%) Delta Air Lines, Inc. 8.30%, due 12/15/29 (b) 40,000 9,000 10.375%, due 12/15/22 100,000 23,500 Southwest Airlines Co. 5.125%, due 3/1/17 565,000 541,507 5.25%, due 10/1/14 305,000 300,839 ------------ 874,846 ------------ AUTO MANUFACTURERS (0.2%) DaimlerChrysler NA Holding Corp., Senior Note 6.50%, due 11/15/13 1,170,000 1,261,402 ------------ AUTO PARTS & EQUIPMENT (0.0%) ++ Collins & Aikman Products Co., Senior Subordinated Note 12.875%, due 8/15/12 (a) 90,000 4,725 Goodyear Tire & Rubber Co. (The) 12.50%, due 3/1/11 (a) 80,000 90,600 ------------ 95,325 ------------ BANKS (0.2%) BankBoston NA, Subordinated Note 7.00%, due 9/15/07 1,140,000 1,198,213 ------------ CHEMICALS (0.1%) Equistar Chemicals, LP 7.55%, due 2/15/26 90,000 84,487 INVISTA 9.25%, due 5/1/12 (a) 80,000 88,100 Lyondell Chemical Co., Senior Secured Note 9.50%, due 12/15/08 255,000 270,619 10.50%, due 6/1/13 260,000 300,300 Millennium America, Inc., Senior Note 7.625%, due 11/15/26 110,000 102,987 Terra Capital, Inc., Senior Secured Note 12.875%, due 10/15/08 60,000 71,100 ------------ 917,593 ------------ COMPUTERS (0.0%) ++ Sungard Data Systems, Inc., Senior Note 3.75%, due 1/15/09 55,000 50,875 3.967%, due 8/15/13 (a) (c) 10,000 10,362 9.125%, due 8/15/13 (a) 35,000 36,356 Sungard Data Systems, Inc., Senior Subordinated Note 10.25%, due 8/15/15 (a) 50,000 51,812 ------------ 149,405 ------------
COSMETICS & PERSONAL CARE (0.1%) Estee Lauder Cos. (The), Inc., Senior Note 5.75%, due 10/15/33 963,000 1,015,766 ------------ DIVERSIFIED FINANCIAL SERVICES (1.3%) American Real Estate Partners, LP, Senior Note 8.125%, due 6/1/12 95,000 100,225 Bear Stearns Cos. (The), Inc., Global Note 4.00%, due 1/31/08 1,080,000 1,067,612 Citigroup, Inc., Subordinated Note 5.00%, due 9/15/14 1,115,000 1,116,414 FGIC Corp. 6.00%, due 1/15/34 (a) 830,000 884,413 General Motors Acceptance Corp. 8.00%, due 11/1/31 115,000 111,550 General Motors Acceptance Corp., Global Note 6.75%, due 12/1/14 45,000 42,385 General Motors Acceptance Corp., Senior Note 5.625%, due 5/15/09 50,000 47,940 Goldman Sachs Group, Inc., Guaranteed Note 6.345%, due 2/15/34 40,000 42,296 Goldman Sachs Group, LP 5.00%, due 10/1/14 1,585,000 1,578,481 Household Finance Corp. 4.125%, due 11/16/09 1,165,000 1,137,641 HSBC Finance Corp. 4.75%, due 4/15/10 760,000 758,752 5.00%, due 6/30/15 1,325,000 1,312,085 J Paul Getty Trust, Series 2003 5.875%, due 10/1/33 755,000 802,924 Morgan Stanley 3.625%, due 4/1/08 740,000 722,893 OMX Timber Finance Investments LLC, Series 1 5.42%, due 1/29/20 (a) 350,000 354,025 Rainbow National Services LLC, Guaranteed Senior Note 8.75%, due 9/1/12 (a) 75,000 82,312 Residential Capital Corp. 6.375%, due 6/30/10 (a) 740,000 751,892 ------------ 10,913,840 ------------ ELECTRIC (0.4%) AES Corp. (The), Senior Secured Note 9.00%, due 5/15/15 (a) 255,000 284,325 AES Eastern Energy, LP, Series 1999-A 9.00%, due 1/2/17 125,196 146,479 Calpine Corp., Senior Secured Note 8.50%, due 7/15/10 (a) (b) 63,000 48,510 Kiowa Power Partners LLC, Senior Secured Note 5.737%, due 3/30/21 (a) 930,000 922,672 PSEG Power LLC, Senior Note 6.875%, due 4/15/06 890,000 905,127 Tenaska Virginia Partners, LP, Senior Secured Note 6.119%, due 3/30/24 (a) 596,739 622,124 ------------ 2,929,237 ------------ ELECTRICAL COMPONENTS & EQUIPMENT (0.1%) Emerson Electric Co. 6.00%, due 8/15/32 970,000 1,072,909 ------------
ELECTRONICS (0.0%) ++ Fisher Scientific International, Inc., Senior Subordinated Note 6.75%, due 8/15/14 125,000 131,562 ------------ ENVIRONMENTAL CONTROL (0.0%) ++ Geo Sub Corp., Senior Note 11.00%, due 5/15/12 50,000 50,500 ------------ HEALTH CARE-SERVICES (0.0%) ++ Ameripath, Inc., Senior Subordinated Note 10.50%, due 4/1/13 50,000 50,625 HCA, Inc. 8.75%, due 9/1/10 135,000 151,497 ------------ 202,122 ------------ HOME BUILDERS (0.1%) Beazer Homes USA, Inc., Senior Note 6.875%, due 7/15/15 (a) 450,000 454,500 ------------ HOTELS, RESTAURANTS & LEISURE (0.0%) ++ ITT Corp. 7.375%, due 11/15/15 60,000 66,600 ------------ INSURANCE (0.2%) Crum & Forster Holdings Corp. 10.375%, due 6/15/13 60,000 66,000 Fund American Cos., Inc., Guaranteed Senior Note 5.875%, due 5/15/13 960,000 979,474 Phoenix Life Insurance Co., Senior Note 7.15%, due 12/15/34 (a) 385,000 387,790 ------------ 1,433,264 ------------ IRON & STEEL (0.0%) ++ United States Steel Corp., Senior Note 9.75%, due 5/15/10 100,000 110,000 ------------ MEDIA (0.3%) Clear Channel Communications, Inc. 5.50%, due 9/15/14 1,145,000 1,072,759 Houghton Mifflin Co. 7.20%, due 3/15/11 75,000 76,312 Reed Elsevier Capital, Inc. 4.625%, due 6/15/12 540,000 526,691 Time Warner Entertainment Co., LP, Senior Note 8.375%, due 3/15/23 10,000 12,530 10.15%, due 5/1/12 765,000 972,786 Ziff Davis Media, Inc., Senior Secured Note 9.15%, due 5/1/12 (c) 70,000 67,725 ------------ 2,728,803 ------------ OIL & GAS (0.1%) Enterprise Products Operating, LP, Series B, Senior Note 6.65%, due 10/15/34 720,000 776,709 Pride International, Inc., Senior Note 7.375%, due 7/15/14 35,000 38,412 ------------ 815,121 ------------
PACKAGING & CONTAINERS (0.0%) ++ Owens-Brockway, Guaranteed Senior Secured Note 7.75%, due 5/15/11 65,000 68,900 Owens-Illinois, Inc., Senior Note 8.10%, due 5/15/07 (b) 65,000 67,763 ------------ 136,663 ------------ PAPER & FOREST PRODUCTS (0.1%) Georgia-Pacific Corp. 8.875%, due 5/15/31 580,000 725,000 Georgia-Pacific Corp., Senior Note 8.875%, due 2/1/10 35,000 39,375 9.375%, due 2/1/13 160,000 180,800 Pope & Talbot, Inc. 8.375%, due 6/1/13 65,000 64,350 ------------ 1,009,525 ------------ PHARMACEUTICALS (0.2%) Eli Lilly & Co. 6.77%, due 1/1/36 275,000 336,958 Medco Health Solutions, Inc., Senior Note 7.25%, due 8/15/13 1,180,000 1,313,420 ------------ 1,650,378 ------------ PIPELINES (0.2%) ANR Pipeline Co. 9.625%, due 11/1/21 55,000 69,974 El Paso Production Holding Co., Senior Note 7.75%, due 6/1/13 75,000 79,594 Energy Transfer Partners, LP 5.95%, due 2/1/15 805,000 809,633 Pacific Energy Partners, LP / Pacific Energy Finance Corp., Senior Note 7.125%, due 6/15/14 50,000 52,875 Williams Cos., Inc. 7.875%, due 9/1/21 95,000 109,963 ------------ 1,122,039 ------------ REAL ESTATE (0.1%) CB Richard Ellis Services, Inc., Senior Note 9.75%, due 5/15/10 134,000 149,075 iStar Financial, Inc., Senior Note 6.50%, due 12/15/13 700,000 721,374 Omega Healthcare Investors, Inc., Senior Note 7.00%, due 4/1/14 75,000 76,125 ------------ 946,574 ------------ RETAIL (0.5%) CVS Corp. 5.298%, due 1/11/27 (a) 646,134 654,870 5.789%, due 1/10/26 (a) 332,385 350,158 Duane Reade, Inc., Senior Secured Note 7.91%, due 12/15/10 (a) (c) 25,000 24,375 Kohl's Corp. 6.00%, due 1/15/33 1,690,000 1,779,251 Target Corp. 8.60%, due 1/15/12 675,000 815,845 Toys R US, Inc. 7.625%, due 8/1/11 (b) 60,000 54,150 Wal-Mart Stores, Inc. 4.50%, due 7/1/15 575,000 558,177 ------------ 4,236,826 ------------
SEMICONDUCTORS (0.1%) MagnaChip Semiconductor SA/MagnaChip Semiconductor Finance Co. 6.66%, due 12/15/11 (a) (c) 225,000 225,000 MagnaChip Semiconductor SA/MagnaChip Semiconductor Finance Co., Senior Subordinated Note 8.00%, due 12/15/14 (a) 180,000 174,150 ------------ 399,150 ------------ SOFTWARE (0.0%) ++ Computer Associates International, Inc., Senior Note 4.75%, due 12/1/09 (a) 225,000 222,476 ------------ TELECOMMUNICATIONS (0.3%) Ameritech Capital Funding Corp. 6.25%, due 5/18/09 320,000 335,104 Dobson Cellular Systems, Senior Note 7.96%, due 11/1/11 (c) 35,000 36,488 8.375%, due 11/1/11 35,000 37,188 MCI, Inc. 6.908%, due 5/1/07 401,000 406,013 New Cingular Wireless Services, Inc., Senior Note 8.75%, due 3/1/31 320,000 442,092 PanAmSat Corp., Senior Note 9.00%, due 8/15/14 37,000 40,885 Qwest Communications International, Inc., Senior Note 7.25%, due 2/15/11 70,000 68,250 Qwest Corp. 7.125%, due 11/15/43 20,000 17,000 7.25%, due 9/15/25 45,000 42,075 8.875%, due 3/15/12 30,000 32,850 Qwest Services Corp., Senior Subordinated Note 13.50%, due 12/15/10 60,000 69,000 SBC Communications, Inc., Global Note 4.125%, due 9/15/09 615,000 601,967 Triton PCS, Inc., Guaranteed Senior Note 8.50%, due 6/1/13 (b) 45,000 41,400 ------------ 2,170,312 ------------ TRANSPORTATION (0.0%) ++ Gulfmark Offshore, Inc., Senior Note 7.75%, due 7/15/14 50,000 53,063 ------------ Total Corporate Bonds (Cost $40,251,208) 40,768,732 ------------ FOREIGN BONDS (1.1%) BEVERAGES (0.1%) Coca-Cola HBC Finance BV 5.125%, due 9/17/13 430,000 438,126 ------------ COMMERCIAL SERVICES (0.2%) PSA Corp., Ltd. 7.125%, due 8/1/05 (a) 1,750,000 1,750,000 ------------ DIVERSIFIED FINANCIAL SERVICES (0.1%) Aries Vermoegensverwaltungs GmbH Series C 9.60%, due 10/25/14 (a) 250,000 321,000 TNB Capital L, Ltd., Guaranteed Note
5.25%, due 5/5/15 (a) 295,000 295,779 ------------ 616,779 ------------ ELECTRIC (0.1%) SP PowerAssets, Ltd. 5.00%, due 10/22/13 (a) 625,000 631,501 ------------ FOREST PRODUCTS & PAPER (0.0%) ++ Norske Skog Canada, Ltd., Series D, Senior Note 8.625%, due 6/15/11 40,000 41,400 ------------ INSURANCE (0.1%) Nippon Life Insurance, Global Note 4.875%, due 8/9/10 (a) 340,000 337,745 ------------ LEISURE TIME (0.1%) Royal Caribbean Cruises, Ltd., Senior Note 6.875%, due 12/1/13 650,000 697,125 ------------ MEDIA (0.0%) ++ CanWest Media, Inc., Senior Subordinated Note 8.00%, due 9/15/12 105,000 111,431 ------------ MINING (0.2%) Alcan, Inc. 5.00%, due 6/1/15 670,000 661,261 Corp Nacional del Cobre de Chile - Codelco 5.50%, due 10/15/13 (a) 1,000,000 1,028,205 ------------ 1,689,466 ------------ OIL & GAS (0.1%) Gazprom International SA 7.201%, due 2/1/20 (a) 625,000 671,094 Tengizchevroil Finance Co., SARL, Guaranteed Note 6.124%, due 11/15/14 (a) 350,000 354,813 ------------ 1,025,907 ------------ PACKAGING & CONTAINERS (0.0%) ++ Crown European Holdings SA, Senior Secured Note 10.875%, due 3/1/13 130,000 152,425 ------------ TELECOMMUNICATIONS (0.1%) Millicom International Cellular SA, Senior Note 10.00%, due 12/1/13 65,000 67,275 Telefonos de Mexico SA de CV, Senior Note 4.50%, due 11/19/08 750,000 739,180 5.50%, due 1/27/15 (a) 330,000 324,857 ------------ 1,131,312 ------------ TRANSPORTATION (0.0%) ++ Stena AB 9.625%, due 12/1/12 45,000 49,556 ------------ Total Foreign Bonds (Cost $8,499,774) 8,672,773 ------------ MORTGAGE-BACKED SECURITIES (0.9%) COMMERCIAL MORTGAGE LOANS (COLLATERALIZED MORTGAGE OBLIGATIONS) (0.9%) Banc of America Commercial Mortgage, Inc.
Series 2001-PB1, Class A1 4.907%, due 5/11/35 662,808 665,535 Citigroup Commercial Mortgage Trust Series 2004-C2, Class A5 4.733%, due 10/15/41 1,110,000 1,096,303 LB-UBS Commercial Mortgage Trust Series 2004-C2, Class A2 3.246%, due 3/15/29 1,070,000 1,022,072 Series 2004-C7, Class A1 3.65%, due 10/15/29 1,451,061 1,422,212 LB-UBS Commercial Mortgage Trust, Series 2004-C2, Class A2 3.246%, due 3/15/29 485,000 463,276 Merrill Lynch Mortgage Trust Series 2004-MKB1, Class A1 3.563%, due 2/12/42 1,286,772 1,260,031 Morgan Stanley Capital I Series 2003-IQ5, Class A1 3.02%, due 4/15/38 1,015,099 987,154 Wachovia Bank Commercial Mortgage Trust Series 2004-C14, Class A1 3.477%, due 8/15/41 (c) 508,077 497,543 ------------ 7,414,126 ------------ Total Mortgage-Backed Securities (Cost $7,557,800) 7,414,126 ------------ MUNICIPAL BONDS (0.1%) TEXAS (0.1%) Harris County Texas Industrial Development Corp. Solid Waste Deer Park 5.683%, due 3/1/23 (c) 660,000 669,214 ------------ Total Municipal Bonds (Cost $660,000) 669,214 ------------ U.S. GOVERNMENT & FEDERAL AGENCIES (18.1%) FEDERAL HOME LOAN MORTGAGE CORPORATION (0.7%) 3.00%, due 8/1/10 (l) 717,111 684,644 4.347%, due 3/1/35 2,191,180 2,181,525 5.00%, due 3/1/33 (l) 1,911,207 1,885,500 5.00%, due 8/15/34 TBA (d) 1,125,000 1,107,070 ------------ 5,858,739 ------------ FEDERAL HOME LOAN MORTGAGE CORPORATION (MORTGAGE PASS-THROUGH SECURITIES) (0.2%) 5.50%, due 8/1/34 TBA (d) 1,685,000 1,693,951 ------------ FEDERAL NATIONAL MORTGAGE ASSOCIATION (4.2%) 4.00%, due 9/2/08 3,500,000 3,456,156 4.625%, due 5/1/13 5,715,000 5,651,403 4.75%, due 1/2/07 5,760,000 5,797,152 5.125%, due 1/2/14 810,000 826,332 5.25%, due 8/1/12 1,715,000 1,766,582 5.50%, due 5/2/06 5,945,000 6,005,978 6.25%, due 2/1/11 7,165,000 7,697,467 6.625%, due 9/15/09 3,845,000 4,166,104 ------------ 35,367,174 ------------ FEDERAL NATIONAL MORTGAGE ASSOCIATION (COLLATERALIZED MORTGAGE OBLIGATIONS) (0.1%) 6.32%, due 8/15/08 814,440 847,411 ------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (MORTGAGE PASS-THROUGH SECURITIES) (9.0%) 4.50%, due 4/1/18 - 11/1/18 (l) 14,497,645 14,279,818 5.00%, due 8/1/35 TBA (d) 4,130,000 4,066,761 & 5.50%, due 8/1/20 TBA (d) 16,340,000 16,666,800 5.50%, due 11/1/33-12/1/33 (l) 4,253,862 4,278,551 & 5.50%, due 8/1/35 TBA (d) 12,930,000 12,994,650 & 6.00%, due 8/1/35 TBA (d) 15,700,000 16,038,523 6.50%, due 6/1/31 - 10/1/31 (l) 2,293,314 2,376,611 7.00%, due 2/1/32 (l) 1,082,342 1,139,312 7.50%, due 8/1/31 (l) 1,970,849 2,100,892 ------------ 73,941,918 ------------ GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (MORTGAGE PASS-THROUGH SECURITIES) (0.9%) 6.00%, due 4/15/29 - 8/15/32 5,009,599 5,156,746 7.50%, due 12/15/23 - 12/15/28 2,185,470 2,342,014 ------------ 7,498,760 ------------ U.S. TREASURY BONDS (1.8%) 5.375%, due 2/15/31 (b) 4,775,000 5,425,966 6.00%, due 2/15/26 3,300,000 3,929,577 6.25%, due 8/15/23 385,000 464,241 7.50%, due 11/15/16 (b) 3,000,000 3,825,117 8.75%, due 8/15/20 2,000 2,920 ------------ 13,647,821 ------------ U.S. TREASURY NOTES (1.2%) 3.375%, due 2/15/08 8,815,000 8,672,100 3.875%, due 2/15/13 850,000 831,572 4.00%, due 2/15/15 10,000 9,771 4.375%, due 5/15/07 1,000 1,007 ------------ 9,514,450 ------------ Total U.S. Government & Federal Agencies (Cost $148,564,229) 148,370,224 ------------ FOREIGN GOVERNMENT BONDS (0.5%) FOREIGN GOVERNMENTS (0.5%) Quebec Province 5.00%, due 7/17/09 1,720,000 1,751,681 Russian Federation Reg S 5.00%, due 3/31/30 960,000 1,064,448 United Mexican States 8.125%, due 12/30/19 995,000 1,202,955 ------------ 4,019,084 ------------ Total Foreign Government Bonds (Cost $3,718,688) 4,019,084 ------------ LOAN ASSIGNMENTS & PARTICIPATIONS (0.1%) AUTO PARTS & EQUIPMENT (0.0%) ++ Goodyear Tire & Rubber Co. (The) Loan Agreement 0.00%, due 4/30/10 (c) (e) 265,000 266,656 ------------ REAL ESTATE (0.1%) LNR Property Corp. Loan Agreement, Series B 0.00%, due 3/8/08 (c) (e) 979,970 988,195 ------------ Total Loan Assignments & Participations (Cost $1,244,970) 1,254,851 ------------ YANKEE BONDS (0.2%) (f)
ENERGY EQUIPMENT & SERVICES (0.0%) ++ Petroleum Geo-Services ASA, Senior Note 10.00%, due 11/5/10 90,000 101,700 ------------ INSURANCE (0.2%) Fairfax Financial Holdings, Ltd. 7.375%, due 4/15/18 (b) 25,000 21,813 8.30%, due 4/15/26 (b) 25,000 22,063 Fairfax Financial Holdings, Ltd., Senior Note 7.75%, due 4/26/12 65,000 63,375 Montpelier Re Holdings, Ltd. 6.125%, due 8/15/13 1,341,000 1,386,889 ------------ 1,494,140 ------------ Total Yankee Bonds (Cost $1,601,250) 1,595,840 ------------ Total Long-Term Bonds (Cost $221,436,760) 222,070,712 ------------
SHARES COMMON STOCKS (70.0%) ADVERTISING (0.5%) Omnicom Group, Inc. 47,700 4,048,299 ------------ AEROSPACE & DEFENSE (2.3%) L-3 Communications Holdings, Inc. 64,000 5,006,720 Northrop Grumman Corp. 96,900 5,373,105 Raytheon Co. 82,300 3,236,859 United Technologies Corp. 108,800 5,516,160 ------------ 19,132,844 ------------ APPAREL (1.4%) Coach, Inc. (g) 178,100 6,253,091 Nike, Inc.-Class B 60,900 5,103,420 ------------ 11,356,511 ------------ AUTO MANUFACTURERS (0.2%) Navistar International Corp. (g) 51,540 1,760,091 ------------ BANKS (3.1%) Bank of America Corp. 210,904 9,195,414 PNC Financial Services Group, Inc. 58,000 3,179,560 State Street Corp. 109,400 5,441,556 US Bancorp 109,500 3,291,570 Wachovia Corp. 91,400 4,604,732 ------------ 25,712,832 ------------ BEVERAGES (0.4%) PepsiCo, Inc. 55,500 3,026,415 ------------ BIOTECHNOLOGY (1.3%) Amgen, Inc. (g) 77,000 6,140,750 Genentech, Inc. (g) 52,200 4,663,026 ------------ 10,803,776 ------------ BUILDING MATERIALS (0.3%) American Standard Cos., Inc. 61,500 2,723,220 ------------
CHEMICALS (0.8%) Air Products & Chemicals, Inc. 16,500 986,040 Praxair, Inc. 115,400 5,699,606 ------------ 6,685,646 ------------ COAL (0.4%) Peabody Energy Corp. 52,700 3,464,498 ------------ COMMERCIAL SERVICES (0.4%) Cendant Corp. 153,500 3,278,760 ------------ COMPUTERS (3.6%) Apple Computer, Inc. (g) 88,600 3,778,790 Computer Sciences Corp. (g) 117,800 5,392,884 Dell, Inc. (g) 128,800 5,212,536 EMC Corp. (g) 135,800 1,859,102 Hewlett-Packard Co. 106,500 2,622,030 International Business Machines Corp. 99,900 8,337,654 Research In Motion, Ltd. (g) 28,200 1,992,612 ------------ 29,195,608 ------------ DIVERSIFIED FINANCIAL SERVICES (4.8%) American Express Co. 85,600 4,708,000 Capital One Financial Corp. 58,300 4,809,750 & Citigroup, Inc. 275,400 11,979,900 Goldman Sachs Group, Inc. 39,500 4,245,460 JPMorgan Chase & Co. 133,544 4,692,736 Merrill Lynch & Co., Inc. 76,200 4,479,036 Morgan Stanley & Co. 82,000 4,350,100 ------------ 39,264,982 ------------ ELECTRONICS (0.6%) Fisher Scientific International, Inc. (g) 76,400 5,122,620 ------------ FOOD (2.2%) Cadbury Schweppes PLC, Sponsored ADR (h) 118,200 4,567,248 General Mills, Inc. 134,700 6,384,780 Kraft Foods, Inc. Class A 46,800 1,429,740 Kroger Co. (The) (g) 264,600 5,252,310 ------------ 17,634,078 ------------ FOREST PRODUCTS & PAPER (0.3%) Bowater, Inc. 67,500 2,282,175 ------------ HEALTH CARE-PRODUCTS (0.7%) Boston Scientific Corp. (g) 29,400 851,130 Johnson & Johnson 79,000 5,052,840 ------------ 5,903,970 ------------ HEALTH CARE-SERVICES (3.3%) Coventry Health Care, Inc. (g) 34,800 2,461,404 HCA, Inc. 42,900 2,112,825 Quest Diagnostics, Inc. 91,600 4,702,744 UnitedHealth Group, Inc. 170,800 8,932,840 Universal Health Services, Inc.-Class B 24,500 1,274,980 WellPoint, Inc. (g) 102,100 7,222,554 ------------ 26,707,347 ------------ HOME BUILDERS (2.2%) Centex Corp. (b) 73,600 5,444,928
D.R. Horton, Inc. 159,133 6,537,184 Lennar Corp.-Class A 92,100 6,195,567 ------------ 18,177,679 ------------ HOME FURNISHINGS (0.4%) Harman International Industries, Inc. 37,100 3,188,745 ------------ HOUSEHOLD PRODUCTS & WARES (0.8%) Kimberly-Clark Corp. 97,900 6,242,104 ------------ INSURANCE (3.2%) AFLAC, Inc. 75,200 3,391,520 Allstate Corp. (The) 78,400 4,802,784 Hartford Financial Services Group, Inc. 58,000 4,673,060 PMI Group, Inc. (The) 99,600 4,078,620 Prudential Financial, Inc. 56,600 3,786,540 St. Paul Travelers Cos., Inc. (The) 127,561 5,615,235 ------------ 26,347,759 ------------ INTERNET (0.7%) eBay, Inc. (g) 50,100 2,093,178 Symantec Corp. (g) 175,000 3,844,750 ------------ 5,937,928 ------------ LEISURE TIME (1.3%) Brunswick Corp. 62,100 2,891,376 Carnival Corp. 57,800 3,028,720 Harley-Davidson, Inc. 88,500 4,707,315 ------------ 10,627,411 ------------ MEDIA (0.9%) Gannett Co., Inc. 20,400 1,488,384 Time Warner, Inc. 342,800 5,834,456 ------------ 7,322,840 ------------ MINING (1.1%) Alcoa, Inc. 165,800 4,650,690 Inco, Ltd. 101,100 4,143,078 ------------ 8,793,768 ------------ MISCELLANEOUS - MANUFACTURING (2.3%) 3M Co. 57,300 4,297,500 Danaher Corp. 89,100 4,940,595 General Electric Co. 148,200 5,112,900 Illinois Tool Works, Inc. 52,800 4,522,320 ------------ 18,873,315 ------------ OIL & GAS (7.7%) ConocoPhillips 71,400 4,468,926 & ENSCO International, Inc. 264,300 10,672,434 Kerr-McGee Corp. 29,595 2,373,815 & Pride International, Inc. (g) 609,300 15,853,986 & Rowan Cos., Inc. (g) 363,700 12,423,992 & Transocean, Inc. (g) 304,200 17,166,006 ------------ 62,959,159 ------------ OIL & GAS SERVICES (1.9%) Baker Hughes, Inc. 91,400 5,167,756 BJ Services Co. 82,100 5,007,279 Weatherford International, Ltd. (g) 82,200 5,201,616 ------------
15,376,651 ------------ PACKAGING & CONTAINERS (0.9%) Owens-IIlinois, Inc. (g) 275,500 7,066,575 ------------ PHARMACEUTICALS (3.2%) Bristol-Myers Squibb Co. 138,800 3,467,224 Caremark Rx, Inc. (g) 118,100 5,264,898 Gilead Sciences, Inc. (g) 92,300 4,135,963 Pfizer, Inc. 393,100 10,417,150 Teva Pharmaceutical Industries, Ltd., Sponsored ADR (b) (h) 22,200 697,080 Wyeth 50,600 2,314,950 ------------ 26,297,265 ------------ RETAIL (5.4%) Bed Bath & Beyond, Inc. (g) 123,900 5,687,010 Best Buy Co., Inc. 70,900 5,430,940 CVS Corp. 136,900 4,248,007 Gap, Inc. (The) 368,700 7,783,257 Kohl's Corp. (g) 96,600 5,443,410 Lowe's Cos., Inc. 81,500 5,396,930 Target Corp. 89,400 5,252,250 Walgreen Co. 107,200 5,130,592 ------------ 44,372,396 ------------ SAVINGS & LOANS (0.4%) Washington Mutual, Inc. 73,200 3,109,536 ------------ SEMICONDUCTORS (2.4%) Analog Devices, Inc. 74,700 2,928,240 Intel Corp. 243,100 6,597,734 Linear Technology Corp. (b) 63,900 2,483,154 Maxim Integrated Products, Inc. 47,400 1,984,638 Texas Instruments, Inc. 186,700 5,929,592 ------------ 19,923,358 ------------ SOFTWARE (1.0%) BMC Software, Inc. (g) 135,000 2,577,150 Microsoft Corp. 84,700 2,169,167 Oracle Corp. (g) 278,500 3,782,030 ------------ 8,528,347 ------------ SPECIALTY RETAIL (0.1%) TJX Cos., Inc. 33,900 796,989 ------------ TELECOMMUNICATIONS (6.6%) Alltel Corp. 80,800 5,373,200 BellSouth Corp. 97,200 2,682,720 Corning, Inc. (g) 274,200 5,223,510 Lucent Technologies, Inc. (g) 561,800 1,646,074 & Motorola, Inc. 527,000 11,161,860 Nokia OYJ, Sponsored ADR (h) 407,100 6,493,245 Qualcomm, Inc. 50,100 1,978,449 SBC Communications, Inc. 141,500 3,459,675 & Sprint Corp. 429,800 11,561,620 Verizon Communications, Inc. 143,400 4,908,582 ------------ 54,488,935 ------------ TOYS, GAMES & HOBBIES (0.3%) Mattel, Inc. 134,200 2,502,830 ------------
TRANSPORTATION (0.6%) FedEx Corp. 55,700 4,683,813 ------------ Total Common Stocks (Cost $473,653,431) 573,721,075 ------------ CONVERTIBLE PREFERRED STOCK (0.4%) DIVERSIFIED FINANCIAL SERVICES (0.4%) Goldman Sachs Group, Inc., Series BSKT 2.125% (i) 30,000 3,074,190 ------------ SOFTWARE (0.0%) ++ Quadramed Corp. 5.50% (a) 10,700 240,750 ------------ Total Convertible Preferred Stock (Cost $3,267,500) 3,314,940 ------------ PREFERRED STOCKS (0.0%) ++ RETAIL (0.0%) ++ Sovereign Real Estate Investment Corp. 12.00% (a) 100 145,000 ------------ Total Preferred Stocks (Cost $147,000) 145,000 ------------ INVESTMENT COMPANIES (0.2%) CAPITAL MARKETS (0.2%) iShares Russell 1000 Value Index Fund (j) 12,000 824,400 Materials Select Sector SPDR Fund (b) (j) 41,500 1,188,560 ------------ Total Investment Companies (Cost $1,927,286) 2,012,960 ------------
NUMBER OF CONTRACTS (O) PURCHASED CALL OPTION (0.0%) ++ PHARMACEUTICALS (0.0%) ++ Pfizer, Inc., Strike Price $25.00 Expire 9/17/05 (g) 3,751 112,530 ------------ Total Purchased Call Option (Premium $101,277) 112,530 ------------
PRINCIPAL AMOUNT SHORT-TERM INVESTMENTS (10.5%) COMMERCIAL PAPER (6.3%) AIG Funding, Inc. 3.25%, due 8/9/05 (l) $ 8,000,000 7,992,778 General Electric Capital Corp. 3.23%, due 8/4/05 10,000,000 9,995,514 Morgan Stanley & Co. 3.31%, due 8/11/05 2,650,000 2,647,076 Rabobank USA Finance Corp. 3.28%, due 8/1/05 21,005,000 21,001,172 Wells Fargo & Co. 3.23%, due 8/11/05 (l) 10,080,000 10,069,147 ------------ Total Commercial Paper (Cost $51,705,687) 51,705,687 ------------
FEDERAL AGENCIES (2.5%) Federal Home Loan Bank 3.15%, due 8/5/05 4,800,000 4,797,480 3.17%, due 8/8/05 10,000,000 9,992,075 ------------ 14,789,555 ------------ Federal National Mortgage Association 3.21%, due 8/10/05 100,000 99,902 3.24%, due 8/17/05 (l) 5,150,000 5,141,657 ------------ 5,241,559 ------------ Total Federal Agencies (Cost $20,031,114) 20,031,114 ------------
SHARES INVESTMENT COMPANIES (0.8%) American Beacon Money Market Fund (k) 2,987,134 2,987,134 BGI Institutional Money Market Fund (k) 3,352,179 3,352,179 Merrimac Cash Series, Premium Class (k) 448,070 448,070 ------------ Total Investment Companies (Cost $6,787,383) 6,787,383 ------------
PRINCIPAL AMOUNT TIME DEPOSITS (0.9%) Keybank Eurodollar Overnight (k) $ 4,480,701 4,480,701 Svenska Handlesbanken Eurodollar Overnight (k) 2,987,134 2,987,134 ------------ Total Time Deposits (Cost $7,467,835) 7,467,835 ------------ Total Short-Term Investments (Cost $85,992,019) 85,992,019 ------------ Total Investments (Cost $786,525,273) (m) 108.2 % 887,369,236 (n) Liabilities in Excess of Cash and Other Assets (8.2) (67,372,907) ------------- ------------ Net Assets 100.0 % $819,996,329 ============= ============
+ Percentages indicated are based on Fund net assets. ++ Less than one tenth of a percent. & Among the Portfolio's 10 largest holdings, excluding short-term investments. May be subject to change daily. (a) May be sold to institutional investors only. (b) Represents security, or a portion thereof, which is out on loan. (c) Floating rate. Rate shown is the rate in effect at July 31, 2005 (d) TBA: Securities purchased on a forward commitment basis with an aximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement. The market value of these securities at July 31, 2005 is $52,567,755. (e) Restricted security. (f) Yankee Bond - Dollar-denominated bond issued in the United Statesa foreign bank or corporation. (g) Non-income producing security. (h) ADR - American Depositary Receipt. (i) Synthetic Convertible - An equity-linked security issued by an en other than the issuer of the underlying equity instrument. (j) Exchange Traded Fund - represents a basket of securities that areded on an exchange. (k) Represents security, or a portion thereof, purchased with cash coeral received for securities on loan. (l) Segregated or partially segregated as collateral for TBAs. (m) The cost for federal income tax purposes is $781,641,202. (n) At July 31, 2005, net unrealized appreciation was $105,728,034 based on cost for federal income tax purposes. This consisted of aggregate gross unrealized appreciation for all investments on which there was an excess of market value over cost of $115,843,171 and aggregate gross unrealized depreciation for all investments on which there was an excess of cost over market value of $10,115,137. (o) One Contract relates to 100 shares. MAINSTAY TOTAL RETURN FUND Restricted securities held at July 31, 2005:
PRINCIPAL DATE(S) OF AMOUNT/ 07/31/05 PERCENT OF SECURITY ACQUISITION SHARES COST VALUE NET ASSETS - --------------------------------------------- ----------- --------- ---------- ---------- ---------- Goodyear Tire & Rubber Co. 2nd Lien Note 0.00%, due 4/30/10 6/24/04 $ 265,000 $ 265,000 $ 266,656 0.0% ++ LNR Property Corp., Loan Agreement, Series B Loan Assignments & Participations 0.00%, due 3/8/08 2/10/05 979,970 979,970 988,195 0.1% ------- --------- ---------- ---------- --- $1,244,970 $1,254,851 0.1% ---------- ---------- ---
++ Less than one tenth of a percent. MAINSTAY VALUE FUND PORTFOLIO OF INVESTMENTS JULY 31, 2005 UNAUDITED
SHARES VALUE --------- ----------- + COMMON STOCKS (94.8%) AEROSPACE & DEFENSE (2.9%) & Northrop Grumman Corp. 270,900 $15,021,405 Raytheon Co. 181,400 7,134,462 ----------- 22,155,867 ----------- BUILDING PRODUCTS (2.6%) American Standard Cos., Inc. 160,800 7,120,224 ConocoPhillips 201,400 12,605,626 ----------- 19,725,850 ----------- CAPITAL MARKETS (6.5%) Goldman Sachs Group, Inc. 111,100 11,941,028 iShares Russell 1000 Value Index Fund (a) 60,100 4,128,870 Merrill Lynch & Co., Inc. 202,600 11,908,828 Morgan Stanley & Co. 145,500 7,718,775 State Street Corp. 275,700 13,713,318 ----------- 49,410,819 ----------- COMMERCIAL BANKS (8.6%) & Bank of America Corp. 510,826 22,272,013 PNC Financial Services Group, Inc. 129,700 7,110,154 US Bancorp 442,300 13,295,538 Wachovia Corp. 225,200 11,345,576 Wells Fargo & Co. 177,100 10,863,314 ----------- 64,886,595 ----------- COMMUNICATIONS EQUIPMENT (5.0%) Lucent Technologies, Inc. (b) 1,353,100 3,964,583 & Motorola, Inc. 854,300 18,094,074 & Nokia OYJ, Sponsored ADR (c) 975,400 15,557,630 ----------- 37,616,287 ----------- COMPUTERS & PERIPHERALS (2.8%) Hewlett-Packard Co. 259,600 6,391,352 International Business Machines Corp. 175,800 14,672,268 ----------- 21,063,620 ----------- CONTAINERS & PACKAGING (1.9%) Materials Select Sector SPDR Fund (a) (d) 100,000 2,864,000 Owens-IIlinois, Inc. (b) 454,800 11,665,620 ----------- 14,529,620 ----------- DIVERSIFIED FINANCIAL SERVICES (5.3%) & Citigroup, Inc. 666,766 29,004,321 JPMorgan Chase & Co. 322,092 11,318,313 ----------- 40,322,634 ----------- DIVERSIFIED TELECOMMUNICATION SERVICES (7.0%) BellSouth Corp. 266,100 7,344,360
SBC Communications, Inc. 316,700 7,743,315 & Sprint Corp. 943,600 25,382,840 Verizon Communications, Inc. 365,500 12,511,065 ---------- 52,981,580 ---------- ENERGY EQUIPMENT & SERVICES (8.4%) ENSCO International, Inc. 321,100 12,966,018 Pride International, Inc. (b) 549,700 14,303,194 Rowan Cos., Inc. 417,200 14,251,552 & Transocean, Inc. (b) 383,600 21,646,548 ---------- 63,167,312 ---------- FOOD & STAPLES RETAILING (3.1%) CVS Corp. 329,900 10,236,797 Kroger Co. (The) (b) 660,400 13,108,940 ---------- 23,345,737 ---------- FOOD PRODUCTS (3.9%) Cadbury Schweppes PLC, Sponsored ADR (c) 287,300 11,101,272 General Mills, Inc. 252,300 11,959,020 Kraft Foods, Inc. Class A 208,200 6,360,510 ---------- 29,420,802 ---------- HEALTH CARE PROVIDERS & SERVICES (0.7%) HCA, Inc. 103,400 5,092,450 ---------- HOUSEHOLD PRODUCTS (2.1%) & Kimberly-Clark Corp. 248,000 15,812,480 ---------- INSURANCE (7.1%) AFLAC, Inc. 182,700 8,239,770 Allstate Corp. (The) 189,600 11,614,896 Hartford Financial Services Group, Inc. 139,900 11,271,743 Prudential Financial, Inc. 166,800 11,158,920 St. Paul Travelers Cos., Inc. (The) 251,011 11,049,504 ---------- 53,334,833 ---------- IT SERVICES (1.6%) Computer Sciences Corp. (b) 255,200 11,683,056 ---------- MACHINERY (0.6%) Navistar International Corp. (b) 125,200 4,275,580 ---------- MEDIA (2.5%) Gannett Co., Inc. 49,500 3,611,520 Time Warner, Inc. (b) 826,300 14,063,626 Viacom, Inc. Class B 41,800 1,399,882 ---------- 19,075,028 ---------- METALS & MINING (2.8%) Alcoa, Inc. 403,856 11,328,161 Inco, Ltd. 244,200 10,007,316 ---------- 21,335,477 ---------- OIL, GAS & CONSUMABLE FUELS (4.7%) Chevron Corp. 190,204 11,033,734 & ExxonMobil Corp. 313,300 18,406,375 Kerr-McGee Corp. 71,866 5,764,372 ----------- 35,204,481 ----------
PAPER & FOREST PRODUCTS (0.6%) Bowater, Inc. 132,300 4,473,063 ----------- PHARMACEUTICALS (6.3%) Abbott Laboratories 39,600 1,846,548 Bristol-Myers Squibb Co. 337,000 8,418,260 & Pfizer, Inc. 951,100 25,204,150 Pharmaceutical HOLDRs Trust (a) 89,700 6,526,572 Wyeth 122,700 5,613,525 ----------- 47,609,055 ----------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (1.0%) Texas Instruments, Inc. 239,800 7,616,048 ----------- SOFTWARE (0.8%) BMC Software, Inc. (b) 324,300 6,190,887 ----------- SPECIALTY RETAIL (1.9%) Gap, Inc. (The) 675,100 14,251,361 ----------- TELECOMMUNICATIONS (1.7%) Alltel Corp. 195,900 13,027,350 ----------- THRIFTS & MORTGAGE FINANCE (2.4%) PMI Group, Inc. (The) 240,500 9,848,475 Washington Mutual, Inc. (d) 186,750 7,933,140 ----------- 17,781,615 ----------- Total Common Stocks (Cost $597,791,875) 715,389,487 ----------- CONVERTIBLE PREFERRED STOCK (1.1%) CAPITAL MARKETS (1.1%) Goldman Sachs Group, Inc., 2.125%, Series BSKT (b)(e) 80,000 8,197,840 ----------- TOTAL CONVERTIBLE PREFERRED STOCK (Cost $8,000,000) 8,197,840 -----------
Number of Contracts (g) ------------- PURCHASED CALL OPTION (0.0%) ++ PHARMACEUTICALS (0.0%) ++ Pfizer, Inc., Strike Price $25.00 Expire 9/17/05 (b) 941,700 282,510 ------- Total Purchased Call Option (Premium $271,812) 282,510 -------
Principal Amount ---------- SHORT-TERM INVESTMENTS (5.5%) COMMERCIAL PAPER (4.2%) AIG Funding, Inc. 3.25%, due 8/9/05 $8,000,000 7,992,778 Deutsche Bank Financial LLC 3.28%, due 8/8/05 8,000,000 7,993,440 International Business Machines Corp. 3.17%, due 8/2/05 3,000,000 2,999,208 Morgan Stanley & Co. 3.31%, due 8/11/05 5,115,000 5,109,356 UBS Finance Delaware LLC 3.28%, due 8/1/05 7,520,000 7,518,630 ------------ Total Commercial Paper (Cost $31,613,412) 31,613,412 ------------ INVESTMENT COMPANIES (0.6%) American Beacon Money Market Fund (f) 2,011,648 2,011,648 BGI Institutional Money Market Fund (f) 2,257,483 2,257,483 Merrimac Cash Series, Premium Class (f) 301,747 301,747 ------------ Total Investment Companies (Cost $4,570,878) 4,570,878 ------------ TIME DEPOSITS (0.7%) Keybank Eurodollar Overnight (f) 3.281%, due 8/1/05 3,017,473 3,017,473 Svenska Handlesbanken Eurodollar Overnight (f) 3.29%, due 8/1/05 2,011,648 2,011,648 ------------ Total Time Deposits (Cost $5,029,121) 5,029,121 ------------ Total Short-Term Investments (Cost $41,213,411) 41,213,411 ------------ Total Investments (Cost $647,277,098) (h) 101.4% 765,083,248(i) Liabilities in Excess of Cash and Other Assets (1.4) (10,325,006) ---------- ------------ Net Assets 100% $754,758,242 ========== ============
- ---------------- + Percentages indicated are based on Fund net assets. ++ Less than one tenth of a percent. & Among the Portfolio's 10 largest holdings, excluding short-term investments. May be subject to change daily. (a) Exchange Traded Fund - represents a basket of securities that are traded on an exchange. (b) Non-income producing security. (c) ADR - American Depositary Receipt. (d) Represents security, or a portion thereof, which is out on loan. (e) Synthetic Convertible - An equity-linked security issued by an entity other than the issuer of the underlying equity instrument. (f) Represents security, or a portion thereof, purchased with cash collateral received for securities on loan. (g) One Contract relates to 100 shares. (h) The cost for federal income tax purposes is $649,626,611. (i) At July 31, 2005 net unrealized appreciation was $115,456,637, based on cost for federal income tax purposes. This consisted of aggregate gross unrealized appreciation for all investments on which there was an excess of market value over cost of $122,317,475 and aggregate gross unrealized depreciation for all investments on which there was an excess of cost over market value of $6,860,838. ITEM 2. CONTROLS AND PROCEDURES. (a) Based on an evaluation of the Disclosure Controls and Procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, the "Disclosure Controls") as of a date within 90 days prior to the filing date (the "Filing Date") of this Form N-Q (the "Report"), the Disclosure Controls are reasonably designed to ensure that information required to be disclosed by the Registrant in the Report is recorded, processed, summarized and reported by the Filing Date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the Registrant's management, including the Registrant's principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure. (b) There were no significant changes in the Registrant's internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, and there were no corrective actions with regard to significant deficiencies and material weaknesses. ITEM 3. EXHIBITS. (a) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)). SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized. THE MAINSTAY FUNDS By: /s/ Christopher O. Blunt ------------------------ CHRISTOPHER O. BLUNT President Date: September 29, 2005 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. By: /s/ Christopher O. Blunt ------------------------ CHRISTOPHER O. BLUNT President Date: September 29, 2005 By: /s/ JEFFREY J. GABOURY ---------------------- JEFFREY J. GABOURY Vice President, Treasurer and Chief Financial Officer Date: September 29, 2005 EX-99.CERT 2 y13006exv99wcert.txt CERTIFICATION [EX-99.CERT] CERTIFICATION I, Christopher O. Blunt, President of The MainStay Funds, certify that: 1. I have reviewed this report on Form N-Q of The MainStay Funds; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. By: /s/ Christopher O. Blunt ------------------------------ Christopher O. Blunt President Date: September 29, 2005 CERTIFICATION I, Jeffrey J. Gaboury, Vice President, Treasurer and Chief Financial Officer of The MainStay Funds, certify that: 1. I have reviewed this report on Form N-Q of The MainStay Funds; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. By: /s/ Jeffrey J. Gaboury ------------------------------ Jeffrey J. Gaboury Vice President, Treasurer and Chief Financial Officer Date: September 29, 2005 -----END PRIVACY-ENHANCED MESSAGE-----