NYLI MacKay DefinedTerm Muni Opportunities Fund
Portfolio of Investments February 28, 2026†(Unaudited)
  Principal
Amount 		Value
Municipal Bonds 152.2%
Alabama 0.3%  (0.2% of Managed Assets)
Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Revenue Bonds    
Series A                       
5.25%, due 5/1/44 (a) $    1,000,000 $   1,013,363
Arizona 0.5%  (0.3% of Managed Assets)
City of Phoenix, Espiritu Community Development Corp., Revenue Bonds    
Series A                       
6.25%, due 7/1/36   1,455,000   1,455,269
Arkansas 1.0%  (0.7% of Managed Assets)
City of Hot Springs, Wastewater, Revenue Bonds    
Series B, Insured: BAM    
4.375%, due 12/1/50 3,215,000 3,137,958
California 19.4%  (12.6% of Managed Assets)
California Statewide Communities Development Authority, Loma Linda University Medical Center Obligated Group, Revenue Bonds    
Series A    
5.50%, due 12/1/54 3,000,000 3,004,179
Hastings Campus Housing Finance Authority, Green Bond, Revenue Bonds, Senior Lien    
Series A    
5.00%, due 7/1/61 (a) 2,500,000 2,316,736
Los Angeles Department of Water & Power, Power System, Revenue Bonds    
Series D    
5.00%, due 7/1/39 115,000 119,423
Los Angeles Department of Water And Power, Water System, Revenue Bonds    
Series A    
5.00%, due 7/1/48 (b) 15,000,000 15,214,647
Norman Y Mineta San Jose International Airport SJC, Revenue Bonds    
Series A    
5.00%, due 3/1/47 (c) 3,055,000 3,067,784
San Diego County Regional Airport Authority, Revenue Bonds    
Series A    
5.00%, due 7/1/56 (b) 5,500,000 5,697,174
Series B    
5.00%, due 7/1/46 (c) 3,250,000 3,353,766
San Francisco City & County Airport Commission, San Francisco International Airport, Revenue Bonds, Second Series    
Series A    
5.50%, due 5/1/55 (b)(c) 6,000,000 6,460,951
Southern California Public Power Authority, Southern Transmission System Renewal Project, Revenue Bonds    
Series 1, Insured: BAM    
5.25%, due 7/1/50 (b) 10,000,000 10,741,411
Trustees of The California State University, Systemwide, Revenue Bonds    
Series A    
5.25%, due 11/1/53 (b) 8,780,000 9,461,703
  Principal
Amount 		Value
California  
Upland Community Facilities District No. 2016-1, Improvement Area No. 2, Special Tax    
Series B                       
3.25%, due 9/1/30 $      925,000 $     846,010
    60,283,784
Colorado 4.8%  (3.1% of Managed Assets)
City & County of Denver, School District No. 1, Revenue Bonds    
Series C, Insured: State Aid Withholding                       
5.50%, due 12/1/49 (b) 10,000,000   11,097,435
Copper Ridge Metropolitan District, Revenue Bonds    
5.00%, due 12/1/39 3,950,000 3,980,841
    15,078,276
Delaware 2.8%  (1.8% of Managed Assets)
Delaware Transportation Authority, U.S. 301 Project, Revenue Bonds    
5.00%, due 6/1/55 8,787,000 8,790,130
District of Columbia 0.8%  (0.5% of Managed Assets)
Metropolitan Washington Airports Authority, Dulles Toll Road, Metrorail & Capital Improvement Project, Revenue Bonds, Second Lien    
Series C, Insured: AG    
6.50%, due 10/1/41 (d) 2,400,000 2,459,165
Florida 5.3%  (3.4% of Managed Assets)
County of Broward, Airport System, Revenue Bonds    
5.00%, due 10/1/42 (c) 4,500,000 4,582,624
County of Lee, Airport, Revenue Bonds    
5.25%, due 10/1/49 (c) 10,200,000 10,754,888
Hillsborough County Port District, Tampa Port Authority Project, Revenue Bonds    
Series B    
5.00%, due 6/1/46 (c) 1,000,000 1,016,357
    16,353,869
Georgia 0.4%  (0.3% of Managed Assets)
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project, Revenue Bonds    
Series B    
5.00%, due 1/1/59 1,250,000 1,251,533
Guam 1.5%  (1.0% of Managed Assets)
Port Authority of Guam, Revenue Bonds    
Series A    
5.00%, due 7/1/48 4,725,000 4,770,084
Illinois 16.7%  (10.8% of Managed Assets)
Chicago Board of Education, Dedicated Capital Improvement, Revenue Bonds    
5.75%, due 4/1/34 8,000,000 8,171,616
  Principal
Amount 		Value
Illinois  
Chicago Board of Education, Dedicated Capital Improvement, Unlimited General Obligation (a)    
Series A                       
7.00%, due 12/1/46 $    4,000,000 $   4,112,727
Series B                       
7.00%, due 12/1/42   3,500,000    3,628,319
City of Chicago, Unlimited General Obligation    
Series A                       
5.50%, due 1/1/49   1,520,000    1,527,684
Series A                       
6.00%, due 1/1/38 6,215,000 6,307,140
Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Revenue Bonds    
Series A    
5.00%, due 6/15/57 4,665,000 4,664,277
Sales Tax Securitization Corp., Revenue Bonds    
Series C, Insured: BAM    
5.25%, due 1/1/48 (b) 11,000,000 11,222,408
Southwestern Illinois Development Authority, Traid Community Unit School District No. 2 Project, Revenue Bonds    
Series B, Insured: BAM    
5.50%, due 4/1/50 3,000,000 3,268,421
State of Illinois, Unlimited General Obligation    
5.50%, due 5/1/39 (b) 8,380,000 9,022,598
    51,925,190
Kentucky 2.0%  (1.3% of Managed Assets)
Kentucky Bond Development Corp., Kentucky Communications Network Authority, Revenue Bonds    
Insured: BAM    
5.00%, due 9/1/44 (b) 5,975,000 6,219,590
Massachusetts 1.2%  (0.8% of Managed Assets)
Commonwealth of Massachusetts Transportation Fund, Rail Enhancement Program, Revenue Bonds    
Series A    
5.00%, due 6/1/53 (b) 3,535,000 3,689,531
Michigan 4.7%  (3.1% of Managed Assets)
Michigan Finance Authority, Bronson Health Care Group, Inc., Revenue Bonds    
Series A    
5.00%, due 5/15/54 5,000,000 5,026,785
Michigan Strategic Fund, State of Michigan Department of Transportation, Revenue Bonds    
5.00%, due 12/31/43 (c) 1,875,000 1,903,511
State of Michigan, Trunk Line, Revenue Bonds    
5.50%, due 11/15/44 (b) 7,000,000 7,856,180
    14,786,476
Mississippi 0.4%  (0.3% of Managed Assets)
Mississippi Hospital Equipment & Facilities Authority, Baptist Memorial Health Corp., Revenue Bonds    
Series A    
5.00%, due 9/1/46 1,285,000 1,285,671
  Principal
Amount 		Value
Montana 0.7%  (0.4% of Managed Assets)
County of Gallatin, Bozeman Fiber Project, Revenue Bonds    
Series B                       
(zero coupon), due 10/15/55 (a)(d) $    2,865,000 $   2,033,004
Nebraska 3.4%  (2.2% of Managed Assets)
Airport Authority of the City of Omaha, Airport Facilities, Revenue Bonds    
Insured: AG                       
5.25%, due 12/15/49 (b) 10,000,000  10,531,878
Nevada 4.7%  (3.0% of Managed Assets)
Las Vegas Valley Water District, Water, Unlimited General Obligation    
Series A    
5.00%, due 6/1/53 (b) 11,000,000 11,472,146
Tahoe-Douglas Visitors Authority, Revenue Bonds    
5.00%, due 7/1/40 2,915,000 3,045,904
    14,518,050
New Hampshire 3.4%  (2.2% of Managed Assets)
New Hampshire Business Finance Authority, Wheeling Power Co., Revenue Bonds    
Series A    
6.89%, due 4/1/34 (a) 10,000,000 10,721,019
New Jersey 4.1%  (2.7% of Managed Assets)
New Jersey Economic Development Authority, Continental Airlines, Inc. Project, Revenue Bonds    
5.25%, due 9/15/29 3,530,000 3,536,927
New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Revenue Bonds    
Series A    
4.00%, due 11/1/39 3,400,000 3,445,806
New Jersey Transportation Trust Fund Authority, Transportation Program, Revenue Bonds    
Series AA    
5.25%, due 6/15/43 4,595,000 4,791,197
Series BB    
4.00%, due 6/15/44 1,000,000 995,105
    12,769,035
New York 18.3%  (11.9% of Managed Assets)
Dormitory Authority of the State of New York, White Plains Hospital Obligated Group, Revenue Bonds    
Insured: AG    
5.50%, due 10/1/54 (b) 9,535,000 10,210,750
Metropolitan Transportation Authority, Revenue Bonds    
Series C-1    
5.25%, due 11/15/56 7,100,000 7,118,829
MTA Hudson Rail Yards Trust Obligations, Revenue Bonds    
Series A    
5.00%, due 11/15/51 2,500,000 2,500,024
Series A    
5.00%, due 11/15/56 4,000,000 3,999,938
  Principal
Amount 		Value
New York  
New York Liberty Development Corp., 3 World Trade Center Project, Revenue Bonds    
Class 1                       
5.00%, due 11/15/44 (a) $    5,000,000 $   5,008,243
Port Authority of New York & New Jersey, Revenue Bonds    
Series 231                       
5.50%, due 8/1/52 (b) 10,000,000   10,577,248
State of New York Dormitory Authority, Personal Income Tax, General Purpose, Revenue Bonds    
Series A                       
5.00%, due 3/15/41 (b)   9,450,000   10,303,101
Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Revenue Bonds    
Series A    
5.00%, due 11/15/49 (b) 7,000,000 7,299,387
    57,017,520
Ohio 2.0%  (1.3% of Managed Assets)
Columbus Regional Airport Authority, John Glenn Columbus International Airport, Revenue Bonds    
Series A    
5.50%, due 1/1/55 (c) 5,000,000 5,301,531
Ohio Higher Educational Facility Commission, Ashtabula County Medical Center Obligated Group, Revenue Bonds    
5.25%, due 1/1/52 1,000,000 1,004,438
    6,305,969
Pennsylvania 9.4%  (6.1% of Managed Assets)
Allentown Neighborhood Improvement Zone Development Authority, City Center Project, Revenue Bonds    
5.00%, due 5/1/42 (a) 9,110,000 9,175,382
Pennsylvania Economic Development Financing Authority, Penndot Major Bridges Project, Revenue Bonds    
Insured: AG    
5.75%, due 12/31/62 (b)(c) 12,465,000 13,148,528
Southeastern Pennsylvania Transportation Authority, Asset Improvement Program, Revenue Bonds    
5.25%, due 6/1/43 (b) 6,500,000 7,069,997
    29,393,907
Puerto Rico 12.6%  (8.2% of Managed Assets)
Children's Trust Fund, Asset-Backed, Revenue Bonds    
5.50%, due 5/15/39 7,885,000 8,014,396
Commonwealth of Puerto Rico, Unlimited General Obligation    
Series A-1    
4.00%, due 7/1/33 8,500,000 8,705,521
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Senior Lien (a)    
Series A    
5.00%, due 7/1/33 1,500,000 1,600,886
Series A    
5.00%, due 7/1/47 5,000,000 5,011,212
Puerto Rico Municipal Finance Agency, Revenue Bonds    
Series A, Insured: AG    
5.00%, due 8/1/27 755,000 757,250
Series A, Insured: AG    
5.00%, due 8/1/30 1,685,000 1,690,293
  Principal
Amount 		Value
Puerto Rico  
Puerto Rico Sales Tax Financing Corp., Restructured, Revenue Bonds    
Series A-1                       
4.55%, due 7/1/40 $    2,500,000 $   2,516,752
Series A-2                       
4.329%, due 7/1/40 10,940,000  10,962,628
    39,258,938
South Carolina 4.8%  (3.1% of Managed Assets)
South Carolina Public Service Authority, Santee Cooper, Revenue Bonds    
Series E, Insured: AG                       
5.75%, due 12/1/52 (b) 8,500,000 9,229,432
Spartanburg Regional Health Services District Hospital, Revenue Bonds    
Series A    
5.00%, due 4/15/48 5,500,000 5,568,922
    14,798,354
Texas 11.2%  (7.3% of Managed Assets)
Central Texas Regional Mobility Authority, Revenue Bonds    
Series B, Insured: BAM    
4.00%, due 1/1/51 1,645,000 1,515,693
City of Georgetown, Utility System, Revenue Bonds    
Insured: AG    
5.25%, due 8/15/52 (b) 7,500,000 7,828,270
Horizon Regional Municipal Utility District, Unlimited General Obligation    
Insured: BAM    
2.00%, due 2/1/35 1,510,000 1,329,973
Tarrant County Cultural Education Facilities Finance Corp., Health Resources System, Revenue Bonds    
Series A    
5.50%, due 11/15/52 (b) 4,000,000 4,330,477
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC North Tarrant Express Project, Revenue Bonds, Senior Lien    
5.50%, due 12/31/58 (b)(c) 10,000,000 10,381,751
Texas Water Development Board, State Water Impementation, Revenue Bonds    
5.00%, due 10/15/60 (b) 7,500,000 7,817,638
West Harris County Regional Water Authority, Revenue Bonds    
Insured: AG    
5.50%, due 12/15/50 1,580,000 1,702,855
    34,906,657
U.S. Virgin Islands 5.0%  (3.2% of Managed Assets)
Matching Fund Special Purpose Securitization Corp., Revenue Bonds    
Series A    
5.00%, due 10/1/30 1,570,000 1,658,336
Series A    
5.00%, due 10/1/32 1,570,000 1,686,966
Series A    
5.00%, due 10/1/39 4,710,000 4,994,188
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds    
Series A    
5.00%, due 10/1/29 (a) 2,450,000 2,450,874
  Principal
Amount 		Value
U.S. Virgin Islands  
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan, Revenue Bonds    
Series A                       
5.00%, due 10/1/32 $    2,425,000 $   2,425,692
Series A, Insured: AG-CR                       
5.00%, due 10/1/32   2,200,000   2,207,073
    15,423,129
Utah 0.8%  (0.5% of Managed Assets)
City of Salt Lake City, Airport, Revenue Bonds    
Series A                       
5.50%, due 7/1/53 (c) 300,000 315,636
Military Installation Development Authority, Revenue Bonds    
Series A-1    
4.00%, due 6/1/52 2,750,000 2,303,462
    2,619,098
Virginia 3.8%  (2.4% of Managed Assets)
Hampton Roads Transportation Accountability Commission, Roads Transportation Fund, Revenue Bonds, Senior Lien    
Series A    
5.25%, due 7/1/60 (b) 10,000,000 10,363,667
Virginia College Building Authority, Regent University Project, Revenue Bonds    
6.00%, due 6/1/50 1,250,000 1,332,420
    11,696,087
West Virginia 2.9%  (1.9% of Managed Assets)
West Virginia Hospital Finance Authority, Vandalia Heath Group, Revenue Bonds    
Series B, Insured: AG    
5.375%, due 9/1/53 4,500,000 4,736,048
Series B    
6.00%, due 9/1/48 4,000,000 4,368,606
    9,104,654
Wisconsin 3.3%  (2.1% of Managed Assets)
Public Finance Authority, CHF - Wilmington LLC, Revenue Bonds    
Insured: AG    
5.00%, due 7/1/58 1,295,000 1,297,153
Public Finance Authority, Lindenwood Education System, Revenue Bonds    
Series B    
6.00%, due 6/1/27 (a) 3,000,000 3,018,331
Public Finance Authority, Ultimate Medical Academy Project, Revenue Bonds    
Series A    
5.00%, due 10/1/39 (a) 5,750,000 5,922,593
    10,238,077
Total Municipal Bonds
(Cost $462,176,275) 		  473,835,265
 
  Shares   Value
Short-Term Investment 0.1%
Unaffiliated Investment Company 0.1%  (0.1% of Managed Assets)      
Dreyfus Government Cash Management - Institutional Shares, 3.555% (e)    473,280   $     473,280
Total Short-Term Investment
(Cost $473,280) 		    473,280
Total Investments
(Cost $462,649,555) 		152.3%   474,308,545
Floating Rate Note Obligations (f) (53.5)   (166,660,000)
Other Assets, Less Liabilities 1.2   3,742,799
Net Assets Applicable to Common Shares 100.0%   $ 311,391,344
    
† Percentages indicated are based on Fund net assets applicable to Common shares.
(a) May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.
(b) All or portion of principal amount transferred to a Tender Option Bond (“TOB”) Issuer in exchange for TOB Residuals and cash.
(c) Interest on these securities is subject to alternative minimum tax.
(d) Step coupon—Rate shown was the rate in effect as of February 28, 2026.
(e) Current yield as of February 28, 2026.
(f) Face value of Floating Rate Notes issued in TOB transactions.
"Managed Assets" is defined as the Fund’s total assets minus the sum of its accrued liabilities (other than Fund liabilities incurred for the purpose of creating effective leverage (i.e. tender option bonds) or Fund liabilities related to liquidation preference of any preferred shares issued), which was $479,281,578 as of February 28, 2026.
Abbreviation(s):
AG—Assured Guaranty Ltd.
BAM—Build America Mutual Assurance Co.
CHF—Collegiate Housing Foundation
CR—Custodial Receipts
MTA—Metropolitan Transportation Authority
The following is a summary of the fair valuations according to the inputs used as of February 28, 2026, for valuing the Fund’s assets:
Description Quoted Prices in
Active Markets for
Identical Assets
(Level 1) 		  Significant Other
Observable
Inputs
(Level 2) 		  Significant
Unobservable
Inputs
(Level 3) 		  Total
Asset Valuation Inputs              
Investments in Securities (a)              
Municipal Bonds       $ —    $ 473,835,265   $ —    $ 473,835,265
Short-Term Investment              
Unaffiliated Investment Company  473,280             —   —        473,280
Total Investments in Securities $ 473,280   $ 473,835,265   $ —   $ 474,308,545
    
(a) For a complete listing of investments and their industries, see the Portfolio of Investments.
 
The Fund holds liabilities in floating rate note obligations, which are not reflected in the table above. The fair value of the Fund's liability for floating rate note obligations approximate their liquidation values and are generally classified as Level 2 in the hierarchy.
NYLI MacKay DefinedTerm Muni Opportunities Fund
Notes to Portfolio of Investments February 28, 2026 (Unaudited)
Securities Valuation.
Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the "Exchange") (usually 4:00 p.m. Eastern time) on each day the Fund is open for business ("valuation date").
Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the "Board") of the NYLI MacKay DefinedTerm Muni Opportunities Fund (the "Fund") has designated New York Life Investment Management LLC as its Valuation Designee (the "Valuation Designee"). The Valuation Designee is responsible for performing fair valuations relating to all investments in the Fund’s portfolio for which market quotations are not readily available; periodically assessing and managing material valuation risks; establishing and applying fair value methodologies; testing fair valuation methodologies; evaluating and overseeing pricing services; ensuring appropriate segregation of valuation and portfolio management functions; providing quarterly, annual and prompt reporting to the Board, as appropriate; identifying potential conflicts of interest; and maintaining appropriate records. The Valuation Designee has established a valuation committee ("Valuation Committee") to assist in carrying out the Valuation Designee’s responsibilities and establish prices of securities for which market quotations are not readily available. The Fund’s and the Valuation Designee's policies and procedures ("Valuation Procedures") govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value the Fund's portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services and other third-party sources. The Valuation Committee meets (in person, via electronic mail or via teleconference) on an ad-hoc basis to determine fair valuations and on a quarterly basis to review fair value events with respect to certain securities for which market quotations are not readily available, including valuation risks and back-testing results, and to preview reports to the Board.
The Valuation Committee establishes prices of securities for which market quotations are not readily available based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. The Board shall oversee the Valuation Designee and review fair valuation materials on a prompt, quarterly and annual basis and approve proposed revisions to the Valuation Procedures.
Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to the Valuation Procedures. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. "Fair value" is defined as the price the Fund would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy that maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. "Inputs" refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodologies used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.
• Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability
• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)
• Level 3—significant unobservable inputs (including the Fund's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)
The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. The aggregate value by input level of the Fund’s assets and liabilities as of February 28, 2026, is included at the end of the Portfolio of Investments.
The Fund may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:
• Benchmark yields • Reported trades
• Broker/dealer quotes • Issuer spreads
• Two-sided markets • Benchmark securities
• Bids/offers • Reference data (corporate actions or material event notices)
• Industry and economic events • Comparable bonds
• Monthly payment information  
An asset or liability for which a market quotation is not readily available is valued by methods deemed reasonable in good faith by the Valuation Committee, following the Valuation Procedures to represent fair value. Under these procedures, the Valuation Designee generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Valuation Designee may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined for other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a security at the price the Fund may reasonably expect to receive upon the security's sale on the valuation date in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the period ended February 28, 2026, there were no material changes to the fair value methodologies.
Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended or otherwise does not have a readily available market quotation on a given day; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security subject to trading collars for which no or limited trading takes place; and (vi) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 2 or 3 in the hierarchy.
Investments in mutual funds, including money market funds, are valued at their respective NAVs at the close of business each day on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.
Municipal debt securities are valued at the evaluated mean prices supplied by a pricing agent or broker selected by the Valuation Designee, in consultation with the Subadvisor. The evaluations are market-based measurements processed through a pricing application and represents the pricing agent’s good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules-based logic utilizes valuation techniques that reflect participants’ assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Valuation Designee, in consultation with the Subadvisor, to be representative of market values, at the regular close of trading of the Exchange on each valuation date. Municipal debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Municipal debt securities are generally categorized as Level 2 in the hierarchy.
Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Temporary cash investments that mature in 60 days or less at the time of purchase ("Short-Term Investments") are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the principal on maturity date. In such cases, amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.
The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The Valuation Procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.