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N-CSR
NEW YORK LIFE INVESTMENTS FUNDS TRUST
2026-04-30
NYLI Conservative ETF Allocation Fund
Class A
MNEAX
This annual shareholder report contains important information about NYLI Conservative ETF Allocation Fund (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"> Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>86</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.80<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
86
0.0080
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">What factors influenced Fund performance during the reporting period?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">During the 12-month reporting period ended April 30, 2026, the Fund’s performance relative to the internally maintained blend of indices that are taken into account when managing the Fund, as well as the Conservative Allocation Composite Index, was affected by various allocation and selection factors. Most notably, relative returns benefited from effective asset class positioning, specifically tactical exposure to convertible bonds and emerging market debt alongside an overweight in emerging market equities. An internal skew toward quality small-cap U.S. equities acted as a modest headwind.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund’s performance during the reporting period.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 127pt; padding: 6pt 3pt 3pt 3pt;"><strong>Key Factor</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 337pt; padding: 6pt 3pt 3pt 3pt;"><strong>Summary</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; min-width: 70pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;"><strong>Impact</strong></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Internal benchmarking</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Benefited from granular management approach that included mid- and small-cap stocks, emerging-markets equities and high yield</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Overweight in emerging market equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Bolstered particularly by ex-China exposure, with noteworthy gains from chip manufacturers (TSMC, Samsung, SK Hynix)</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Off-benchmark exposure to convertible bonds</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Sensitivity to growth equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Stock/bond blend</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A modest but persistent tilt favoring stocks over bonds</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Quality</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">An emphasis on quality (positive and relatively stable earnings) within small caps during a period in which unprofitable tech with high growth expectations led the market higher</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Developed international exposure</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A brief tactical overweight in non-U.S. developed markets, across both large- and small-cap companies</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr> </table>
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g67257chartimages_5357149.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
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<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Year Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6/30/2020</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.61<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.68<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.22<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.06<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.31<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.77<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">(0.08<span>)</span>%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">17.27%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.41%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Conservative Allocation Composite Index<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.99%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.33%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Moderately Conservative Allocation Category Average<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">15.55%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">4.32%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">6.40%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">® </sup>Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Conservative Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Bloomberg U.S. Aggregate Bond Index, the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index and the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) weighted 60%, 30% and 10%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Moderately Conservative Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately conservative strategies prioritize the preservation of capital over appreciation. They typically expect volatility similar to a strategic equity exposure between 30% and 50%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class A Shares - Including sales charges
2020-06-30
0.1161
0.0368
0.0522
Class A Shares - Excluding sales charges
0.1506
0.0431
0.0577
Bloomberg U.S. Aggregate Bond Index
0.0406
0.0018
-0.0008
S&P 500®Index
0.3105
0.1314
0.1727
MSCI EAFE® Index (Net)
0.2460
0.0883
0.1241
Conservative Allocation Composite Index
0.1383
0.0499
0.0633
Morningstar Global Moderately Conservative Allocation Category Average
0.1555
0.0432
0.0640
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>61,635,173<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">16<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total advisory fees paid</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>96,173<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">55<span>%</span></td> </tr> </table>
61635173
16
96173
0.55
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fixed Income Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">54.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(1.9<span>)</span><span>%</span></td> </tr> </table>
0.543
0.425
0.051
-0.019
NYLI Conservative ETF Allocation Fund
Class C
MNEKX
This annual shareholder report contains important information about NYLI Conservative ETF Allocation Fund (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"> Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>166</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.55<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
166
0.0155
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">What factors influenced Fund performance during the reporting period?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">During the 12-month reporting period ended April 30, 2026, the Fund’s performance relative to the internally maintained blend of indices that are taken into account when managing the Fund, as well as the Conservative Allocation Composite Index, was affected by various allocation and selection factors. Most notably, relative returns benefited from effective asset class positioning, specifically tactical exposure to convertible bonds and emerging market debt alongside an overweight in emerging market equities. An internal skew toward quality small-cap U.S. equities acted as a modest headwind.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund’s performance during the reporting period.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 127pt; padding: 6pt 3pt 3pt 3pt;"><strong>Key Factor</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 337pt; padding: 6pt 3pt 3pt 3pt;"><strong>Summary</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; min-width: 70pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;"><strong>Impact</strong></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Internal benchmarking</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Benefited from granular management approach that included mid- and small-cap stocks, emerging-markets equities and high yield</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Overweight in emerging market equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Bolstered particularly by ex-China exposure, with noteworthy gains from chip manufacturers (TSMC, Samsung, SK Hynix)</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Off-benchmark exposure to convertible bonds</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Sensitivity to growth equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Stock/bond blend</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A modest but persistent tilt favoring stocks over bonds</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Quality</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">An emphasis on quality (positive and relatively stable earnings) within small caps during a period in which unprofitable tech with high growth expectations led the market higher</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Developed international exposure</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A brief tactical overweight in non-U.S. developed markets, across both large- and small-cap companies</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr> </table>
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g67257chartimages_5357150.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
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<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Year Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6/30/2020</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.13<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.52<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.95<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.13<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.52<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.95<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">(0.08<span>)</span>%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">17.27%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.41%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Conservative Allocation Composite Index<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.99%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.33%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Moderately Conservative Allocation Category Average<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">15.55%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">4.32%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">6.40%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">® </sup>Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Conservative Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Bloomberg U.S. Aggregate Bond Index, the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index and the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) weighted 60%, 30% and 10%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Moderately Conservative Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately conservative strategies prioritize the preservation of capital over appreciation. They typically expect volatility similar to a strategic equity exposure between 30% and 50%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class C Shares - Including sales charges
2020-06-30
0.1313
0.0352
0.0495
Class C Shares - Excluding sales charges
0.1413
0.0352
0.0495
Bloomberg U.S. Aggregate Bond Index
0.0406
0.0018
-0.0008
S&P 500®Index
0.3105
0.1314
0.1727
MSCI EAFE® Index (Net)
0.2460
0.0883
0.1241
Conservative Allocation Composite Index
0.1383
0.0499
0.0633
Morningstar Global Moderately Conservative Allocation Category Average
0.1555
0.0432
0.0640
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>61,635,173<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">16<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total advisory fees paid</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>96,173<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">55<span>%</span></td> </tr> </table>
61635173
16
96173
0.55
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fixed Income Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">54.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(1.9<span>)</span><span>%</span></td> </tr> </table>
0.543
0.425
0.051
-0.019
NYLI Conservative ETF Allocation Fund
Class I
MNELX
This annual shareholder report contains important information about NYLI Conservative ETF Allocation Fund (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"> Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>59</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.55<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
59
0.0055
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">What factors influenced Fund performance during the reporting period?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">During the 12-month reporting period ended April 30, 2026, the Fund’s performance relative to the internally maintained blend of indices that are taken into account when managing the Fund, as well as the Conservative Allocation Composite Index, was affected by various allocation and selection factors. Most notably, relative returns benefited from effective asset class positioning, specifically tactical exposure to convertible bonds and emerging market debt alongside an overweight in emerging market equities. An internal skew toward quality small-cap U.S. equities acted as a modest headwind.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund’s performance during the reporting period.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 127pt; padding: 6pt 3pt 3pt 3pt;"><strong>Key Factor</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 337pt; padding: 6pt 3pt 3pt 3pt;"><strong>Summary</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; min-width: 70pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;"><strong>Impact</strong></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Internal benchmarking</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Benefited from granular management approach that included mid- and small-cap stocks, emerging-markets equities and high yield</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Overweight in emerging market equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Bolstered particularly by ex-China exposure, with noteworthy gains from chip manufacturers (TSMC, Samsung, SK Hynix)</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Off-benchmark exposure to convertible bonds</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Sensitivity to growth equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Stock/bond blend</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A modest but persistent tilt favoring stocks over bonds</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Quality</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">An emphasis on quality (positive and relatively stable earnings) within small caps during a period in which unprofitable tech with high growth expectations led the market higher</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Developed international exposure</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A brief tactical overweight in non-U.S. developed markets, across both large- and small-cap companies</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr> </table>
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g67257chartimages_5357151.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Year Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class I Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6/30/2020</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.37<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.58<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.03<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond <span style="white-space: nowrap;">Index</span><sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">(0.08<span>)</span>%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup><span style="white-space: nowrap;">Index</span><sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">17.27%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index <span style="white-space: nowrap;">(Net)</span><sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.41%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Conservative Allocation Composite <span style="white-space: nowrap;">Index</span><sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.99%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.33%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Moderately Conservative Allocation Category <span style="white-space: nowrap;">Average</span><sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">15.55%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">4.32%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">6.40%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">® </sup>Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Conservative Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Bloomberg U.S. Aggregate Bond Index, the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index and the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) weighted 60%, 30% and 10%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Moderately Conservative Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately conservative strategies prioritize the preservation of capital over appreciation. They typically expect volatility similar to a strategic equity exposure between 30% and 50%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class I Shares
2020-06-30
0.1537
0.0458
0.0603
Bloomberg U.S. Aggregate Bond Index
0.0406
0.0018
-0.0008
S&P 500®Index
0.3105
0.1314
0.1727
MSCI EAFE® Index (Net)
0.2460
0.0883
0.1241
Conservative Allocation Composite Index
0.1383
0.0499
0.0633
Morningstar Global Moderately Conservative Allocation Category Average
0.1555
0.0432
0.0640
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>61,635,173<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">16<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total advisory fees paid</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>96,173<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">55<span>%</span></td> </tr> </table>
61635173
16
96173
0.55
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fixed Income Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">54.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(1.9<span>)</span><span>%</span></td> </tr> </table>
0.543
0.425
0.051
-0.019
NYLI Conservative ETF Allocation Fund
Class R3
MNERX
This annual shareholder report contains important information about NYLI Conservative ETF Allocation Fund (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"> Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class R3</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>124</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.15<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
124
0.0115
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">What factors influenced Fund performance during the reporting period?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">During the 12-month reporting period ended April 30, 2026, the Fund’s performance relative to the internally maintained blend of indices that are taken into account when managing the Fund, as well as the Conservative Allocation Composite Index, was affected by various allocation and selection factors. Most notably, relative returns benefited from effective asset class positioning, specifically tactical exposure to convertible bonds and emerging market debt alongside an overweight in emerging market equities. An internal skew toward quality small-cap U.S. equities acted as a modest headwind.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund’s performance during the reporting period.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 127pt; padding: 6pt 3pt 3pt 3pt;"><strong>Key Factor</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 337pt; padding: 6pt 3pt 3pt 3pt;"><strong>Summary</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; min-width: 70pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;"><strong>Impact</strong></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Internal benchmarking</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Benefited from granular management approach that included mid- and small-cap stocks, emerging-markets equities and high yield</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Overweight in emerging market equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Bolstered particularly by ex-China exposure, with noteworthy gains from chip manufacturers (TSMC, Samsung, SK Hynix)</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Off-benchmark exposure to convertible bonds</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Sensitivity to growth equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Stock/bond blend</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A modest but persistent tilt favoring stocks over bonds</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Quality</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">An emphasis on quality (positive and relatively stable earnings) within small caps during a period in which unprofitable tech with high growth expectations led the market higher</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Developed international exposure</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A brief tactical overweight in non-U.S. developed markets, across both large- and small-cap companies</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr> </table>
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g67257chartimages_5357152.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Year Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class R3 Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6/30/2020</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.61<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.93<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.38<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">(0.08<span>)</span>%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">17.27%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.41%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Conservative Allocation Composite Index<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.99%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.33%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Moderately Conservative Allocation Category Average<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">15.55%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">4.32%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">6.40%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">® </sup>Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Conservative Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Bloomberg U.S. Aggregate Bond Index, the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index and the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) weighted 60%, 30% and 10%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Moderately Conservative Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately conservative strategies prioritize the preservation of capital over appreciation. They typically expect volatility similar to a strategic equity exposure between 30% and 50%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class R3 Shares
2020-06-30
0.1461
0.0393
0.0538
Bloomberg U.S. Aggregate Bond Index
0.0406
0.0018
-0.0008
S&P 500®Index
0.3105
0.1314
0.1727
MSCI EAFE® Index (Net)
0.2460
0.0883
0.1241
Conservative Allocation Composite Index
0.1383
0.0499
0.0633
Morningstar Global Moderately Conservative Allocation Category Average
0.1555
0.0432
0.0640
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>61,635,173<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">16<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total advisory fees paid</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>96,173<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">55<span>%</span></td> </tr> </table>
61635173
16
96173
0.55
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fixed Income Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">54.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(1.9<span>)</span><span>%</span></td> </tr> </table>
0.543
0.425
0.051
-0.019
NYLI Conservative ETF Allocation Fund
SIMPLE Class
MNEVX
This annual shareholder report contains important information about NYLI Conservative ETF Allocation Fund (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"> Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1,2</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">SIMPLE Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>113</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.05<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">2.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
113
0.0105
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">What factors influenced Fund performance during the reporting period?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">During the 12-month reporting period ended April 30, 2026, the Fund’s performance relative to the internally maintained blend of indices that are taken into account when managing the Fund, as well as the Conservative Allocation Composite Index, was affected by various allocation and selection factors. Most notably, relative returns benefited from effective asset class positioning, specifically tactical exposure to convertible bonds and emerging market debt alongside an overweight in emerging market equities. An internal skew toward quality small-cap U.S. equities acted as a modest headwind.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund’s performance during the reporting period.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 127pt; padding: 6pt 3pt 3pt 3pt;"><strong>Key Factor</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 337pt; padding: 6pt 3pt 3pt 3pt;"><strong>Summary</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; min-width: 70pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;"><strong>Impact</strong></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Internal benchmarking</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Benefited from granular management approach that included mid- and small-cap stocks, emerging-markets equities and high yield</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Overweight in emerging market equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Bolstered particularly by ex-China exposure, with noteworthy gains from chip manufacturers (TSMC, Samsung, SK Hynix)</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Off-benchmark exposure to convertible bonds</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Sensitivity to growth equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Stock/bond blend</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A modest but persistent tilt favoring stocks over bonds</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Quality</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">An emphasis on quality (positive and relatively stable earnings) within small caps during a period in which unprofitable tech with high growth expectations led the market higher</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Developed international exposure</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A brief tactical overweight in non-U.S. developed markets, across both large- and small-cap companies</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr> </table>
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g67257chartimages_5357153.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
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<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Year Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">SIMPLE Class Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8/31/2020</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.72<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.04<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.83<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">(0.20<span>)</span>%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500®Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.27%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE® Index (Net)<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.35%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Conservative Allocation Composite Index<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.99%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.60%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Moderately Conservative Allocation Category Average<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">15.55%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">4.32%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.67%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">® </sup>Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Conservative Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Bloomberg U.S. Aggregate Bond Index, the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index and the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) weighted 60%, 30% and 10%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Moderately Conservative Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately conservative strategies prioritize the preservation of capital over appreciation. They typically expect volatility similar to a strategic equity exposure between 30% and 50%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
SIMPLE Class Shares
2020-08-31
0.1472
0.0404
0.0483
Bloomberg U.S. Aggregate Bond Index
0.0406
0.0018
-0.0020
S&P 500®Index
0.3105
0.1314
0.1527
MSCI EAFE® Index (Net)
0.2460
0.0883
0.1135
Conservative Allocation Composite Index
0.1383
0.0499
0.0560
Morningstar Global Moderately Conservative Allocation Category Average
0.1555
0.0432
0.0567
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>61,635,173<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">16<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total advisory fees paid</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>96,173<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">55<span>%</span></td> </tr> </table>
61635173
16
96173
0.55
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fixed Income Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">54.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">42.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.1<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(1.9<span>)</span><span>%</span></td> </tr> </table>
0.543
0.425
0.051
-0.019
NYLI CBRE Global Infrastructure Fund
Class A
VCRAX
This annual shareholder report contains important information about NYLI CBRE Global Infrastructure Fund (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"> Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>142</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.29<span>%</span></td> </tr> </table>
142
0.0129
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">What factors influenced Fund performance during the reporting period?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">During the 12-month reporting period ended April 30, 2026, the Fund’s performance relative to the FTSE Global Core Infrastructure 50/50 Index (Net) was affected by sector allocation and security selection. Market conditions reflected rising electricity demand driven by continued data center expansion, supporting the Fund’s positioning in utilities and other infrastructure assets that benefited from accelerating investment and earnings growth. Although geopolitical tensions and trade policy uncertainty contributed to market volatility, the Fund’s diversified exposure across utilities, transportation and midstream infrastructure, supported by inflation-linked and regulated revenue streams, further bolstered relative returns.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund’s performance during the reporting period.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 127pt; padding: 6pt 3pt 3pt 3pt;"><strong>Key Factor</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 337pt; padding: 6pt 3pt 3pt 3pt;"><strong>Summary</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; min-width: 70pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;"><strong>Impact</strong></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Communications: Americas</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Positive stock selection, including an out-of-index position in data center owner Equinix, Inc., and underweight exposure to tower companies</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Transportation: Continental Europe</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Strong selection among European toll road and airport stocks, particularly Ferrovial NV and Flughafen Zurich AG</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Utilities: Americas</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Positive stock selection, particularly Constellation Energy Corp., The AES Corporation and Entergy Corp.</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Midstream: Americas</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Positive stock selection undermined by underweight exposure to one of the best-performing sectors globally</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Transportation: Americas</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Positive stock selection partially offset by underweight exposure to North American railroads</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr> </table>
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective February 21, 2020, the Voya CBRE Global Infrastructure Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund’s historical performance. Therefore, the performance information shown below includes that of the Predecessor Fund, which had a different fee structure than the Fund.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g67257chartimages_5357134.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Year Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10/16/2013</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.02<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.11<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.61<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">19.59<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.32<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.25<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI World Index (Net)<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.16%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.65%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">FTSE Global Core Infrastructure 50/50 Index (Net)<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">20.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.79%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.98%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Infrastructure Category Average<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">28.63%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">9.66%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.96%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The FTSE Global Core Infrastructure 50/50 Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a market-capitalization-weighted index of worldwide infrastructure and infrastructure-related securities. Constituent weights are adjusted semi-annually according to three broad industry sectors: 50% utilities, 30% transportation, and a 20% mix of other sectors.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Infrastructure Category Average is representative of funds that invest more than 60% of their assets in stocks of companies engaged in infrastructure activities. Industries considered to be part of the infrastructure sector include: oil & gas midstream; waste management; airports; integrated shipping; railroads; shipping & ports; trucking; engineering & construction; infrastructure operations; and the utilities sector. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class A Shares - Including sales charges
2013-10-16
0.1302
0.0611
0.0761
Class A Shares - Excluding sales charges
0.1959
0.0732
0.0825
MSCI World Index (Net)
0.2916
0.1129
0.1265
FTSE Global Core Infrastructure 50/50 Index (Net)
0.2018
0.0779
0.0798
Morningstar Infrastructure Category Average
0.2863
0.0966
0.0896
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,712,810,084<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">54<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total advisory fees paid</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>10,488,990<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">79<span>%</span></td> </tr> </table>
1712810084
54
10488990
0.79
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Xcel Energy, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Canadian National Railway Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Enbridge, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Atmos Energy Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">WEC Energy Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PPL Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SSE plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Electric Power Co., Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Ferrovial SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Southern Co. (The)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Countries</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United States</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">58.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Canada</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United Kingdom</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Netherlands</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">France</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Germany</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Spain</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Japan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Mexico</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Zealand</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Xcel Energy, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Canadian National Railway Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Enbridge, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Atmos Energy Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">WEC Energy Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PPL Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SSE plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Electric Power Co., Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Ferrovial SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Southern Co. (The)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.045
0.045
0.044
0.041
0.040
0.038
0.037
0.037
0.036
0.034
0.586
0.121
0.066
0.036
0.033
0.032
0.031
0.030
0.026
0.020
0.019
NYLI CBRE Global Infrastructure Fund
Class C
VCRCX
This annual shareholder report contains important information about NYLI CBRE Global Infrastructure Fund (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"> Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>224</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">2.05<span>%</span></td> </tr> </table>
224
0.0205
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">What factors influenced Fund performance during the reporting period?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">During the 12-month reporting period ended April 30, 2026, the Fund’s performance relative to the FTSE Global Core Infrastructure 50/50 Index (Net) was affected by sector allocation and security selection. Market conditions reflected rising electricity demand driven by continued data center expansion, supporting the Fund’s positioning in utilities and other infrastructure assets that benefited from accelerating investment and earnings growth. Although geopolitical tensions and trade policy uncertainty contributed to market volatility, the Fund’s diversified exposure across utilities, transportation and midstream infrastructure, supported by inflation-linked and regulated revenue streams, further bolstered relative returns.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund’s performance during the reporting period.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 127pt; padding: 6pt 3pt 3pt 3pt;"><strong>Key Factor</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 337pt; padding: 6pt 3pt 3pt 3pt;"><strong>Summary</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; min-width: 70pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;"><strong>Impact</strong></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Communications: Americas</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Positive stock selection, including an out-of-index position in data center owner Equinix, Inc., and underweight exposure to tower companies</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Transportation: Continental Europe</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Strong selection among European toll road and airport stocks, particularly Ferrovial NV and Flughafen Zurich AG</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Utilities: Americas</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Positive stock selection, particularly Constellation Energy Corp., The AES Corporation and Entergy Corp.</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Midstream: Americas</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Positive stock selection undermined by underweight exposure to one of the best-performing sectors globally</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Transportation: Americas</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Positive stock selection partially offset by underweight exposure to North American railroads</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr> </table>
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable. Effective February 21, 2020, the Voya CBRE Global Infrastructure Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund’s historical performance. Therefore, the performance information shown below includes that of the Predecessor Fund, which had a different fee structure than the Fund.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g67257chartimages_5357135.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Year Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2/28/2019</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.69<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.47<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.58<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.69<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.47<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.58<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI World Index <span style="white-space: nowrap;">(Net)</span><sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.16%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.63%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">FTSE Global Core Infrastructure 50/50 Index <span style="white-space: nowrap;">(Net)</span><sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">20.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.79%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.73%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Infrastructure Category <span style="white-space: nowrap;">Average</span><sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">28.63%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">9.66%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">9.10%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The FTSE Global Core Infrastructure 50/50 Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a market-capitalization-weighted index of worldwide infrastructure and infrastructure-related securities. Constituent weights are adjusted semi-annually according to three broad industry sectors: 50% utilities, 30% transportation, and a 20% mix of other sectors.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Infrastructure Category Average is representative of funds that invest more than 60% of their assets in stocks of companies engaged in infrastructure activities. Industries considered to be part of the infrastructure sector include: oil & gas midstream; waste management; airports; integrated shipping; railroads; shipping & ports; trucking; engineering & construction; infrastructure operations; and the utilities sector. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class C Shares - Including sales charges
2019-02-28
0.1769
0.0647
0.0758
Class C Shares - Excluding sales charges
0.1869
0.0647
0.0758
MSCI World Index (Net)
0.2916
0.1129
0.1363
FTSE Global Core Infrastructure 50/50 Index (Net)
0.2018
0.0779
0.0773
Morningstar Infrastructure Category Average
0.2863
0.0966
0.0910
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,712,810,084<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">54<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total advisory fees paid</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>10,488,990<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">79<span>%</span></td> </tr> </table>
1712810084
54
10488990
0.79
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Xcel Energy, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Canadian National Railway Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Enbridge, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Atmos Energy Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">WEC Energy Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PPL Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SSE plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Electric Power Co., Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Ferrovial SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Southern Co. (The)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Countries</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United States</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">58.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Canada</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United Kingdom</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Netherlands</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">France</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Germany</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Spain</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Japan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Mexico</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Zealand</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Xcel Energy, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Canadian National Railway Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Enbridge, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Atmos Energy Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">WEC Energy Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PPL Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SSE plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Electric Power Co., Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Ferrovial SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Southern Co. (The)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.045
0.045
0.044
0.041
0.040
0.038
0.037
0.037
0.036
0.034
0.586
0.121
0.066
0.036
0.033
0.032
0.031
0.030
0.026
0.020
0.019
NYLI CBRE Global Infrastructure Fund
Class I
VCRIX
This annual shareholder report contains important information about NYLI CBRE Global Infrastructure Fund (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"> Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>107</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.97<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr> </table>
107
0.0097
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">What factors influenced Fund performance during the reporting period?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">During the 12-month reporting period ended April 30, 2026, the Fund’s performance relative to the FTSE Global Core Infrastructure 50/50 Index (Net) was affected by sector allocation and security selection. Market conditions reflected rising electricity demand driven by continued data center expansion, supporting the Fund’s positioning in utilities and other infrastructure assets that benefited from accelerating investment and earnings growth. Although geopolitical tensions and trade policy uncertainty contributed to market volatility, the Fund’s diversified exposure across utilities, transportation and midstream infrastructure, supported by inflation-linked and regulated revenue streams, further bolstered relative returns.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund’s performance during the reporting period.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 127pt; padding: 6pt 3pt 3pt 3pt;"><strong>Key Factor</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 337pt; padding: 6pt 3pt 3pt 3pt;"><strong>Summary</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; min-width: 70pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;"><strong>Impact</strong></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Communications: Americas</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Positive stock selection, including an out-of-index position in data center owner Equinix, Inc., and underweight exposure to tower companies</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Transportation: Continental Europe</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Strong selection among European toll road and airport stocks, particularly Ferrovial NV and Flughafen Zurich AG</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Utilities: Americas</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Positive stock selection, particularly Constellation Energy Corp., The AES Corporation and Entergy Corp.</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Midstream: Americas</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Positive stock selection undermined by underweight exposure to one of the best-performing sectors globally</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Transportation: Americas</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Positive stock selection partially offset by underweight exposure to North American railroads</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr> </table>
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective February 21, 2020, the Voya CBRE Global Infrastructure Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund’s historical performance. Therefore, the performance information shown below includes that of the Predecessor Fund, which had a different fee structure than the Fund.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g67257chartimages_5357133.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Year Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class I Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6/28/2013</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">20.01<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.64<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.57<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI World Index (Net)<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.16%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.65%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">FTSE Global Core Infrastructure 50/50 Index (Net)<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">20.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.79%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.98%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Infrastructure Category Average<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">28.63%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">9.66%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.96%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The FTSE Global Core Infrastructure 50/50 Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a market-capitalization-weighted index of worldwide infrastructure and infrastructure-related securities. Constituent weights are adjusted semi-annually according to three broad industry sectors: 50% utilities, 30% transportation, and a 20% mix of other sectors.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Infrastructure Category Average is representative of funds that invest more than 60% of their assets in stocks of companies engaged in infrastructure activities. Industries considered to be part of the infrastructure sector include: oil & gas midstream; waste management; airports; integrated shipping; railroads; shipping & ports; trucking; engineering & construction; infrastructure operations; and the utilities sector. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class I Shares
2013-06-28
0.2001
0.0764
0.0857
MSCI World Index (Net)
0.2916
0.1129
0.1265
FTSE Global Core Infrastructure 50/50 Index (Net)
0.2018
0.0779
0.0798
Morningstar Infrastructure Category Average
0.2863
0.0966
0.0896
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,712,810,084<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">54<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total advisory fees paid</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>10,488,990<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">79<span>%</span></td> </tr> </table>
1712810084
54
10488990
0.79
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Xcel Energy, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Canadian National Railway Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Enbridge, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Atmos Energy Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">WEC Energy Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PPL Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SSE plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Electric Power Co., Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Ferrovial SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Southern Co. (The)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Countries</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United States</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">58.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Canada</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United Kingdom</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Netherlands</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">France</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Germany</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Spain</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Japan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Mexico</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Zealand</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Xcel Energy, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Canadian National Railway Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Enbridge, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Atmos Energy Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">WEC Energy Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PPL Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SSE plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Electric Power Co., Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Ferrovial SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Southern Co. (The)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.045
0.045
0.044
0.041
0.040
0.038
0.037
0.037
0.036
0.034
0.586
0.121
0.066
0.036
0.033
0.032
0.031
0.030
0.026
0.020
0.019
NYLI CBRE Global Infrastructure Fund
Class R6
VCRQX
This annual shareholder report contains important information about NYLI CBRE Global Infrastructure Fund (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"> Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class R6</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>99</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.90<span>%</span></td> </tr> </table>
99
0.0090
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">What factors influenced Fund performance during the reporting period?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">During the 12-month reporting period ended April 30, 2026, the Fund’s performance relative to the FTSE Global Core Infrastructure 50/50 Index (Net) was affected by sector allocation and security selection. Market conditions reflected rising electricity demand driven by continued data center expansion, supporting the Fund’s positioning in utilities and other infrastructure assets that benefited from accelerating investment and earnings growth. Although geopolitical tensions and trade policy uncertainty contributed to market volatility, the Fund’s diversified exposure across utilities, transportation and midstream infrastructure, supported by inflation-linked and regulated revenue streams, further bolstered relative returns.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund’s performance during the reporting period.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 127pt; padding: 6pt 3pt 3pt 3pt;"><strong>Key Factor</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 337pt; padding: 6pt 3pt 3pt 3pt;"><strong>Summary</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; min-width: 70pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;"><strong>Impact</strong></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Communications: Americas</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Positive stock selection, including an out-of-index position in data center owner Equinix, Inc., and underweight exposure to tower companies</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Transportation: Continental Europe</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Strong selection among European toll road and airport stocks, particularly Ferrovial NV and Flughafen Zurich AG</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Utilities: Americas</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Positive stock selection, particularly Constellation Energy Corp., The AES Corporation and Entergy Corp.</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Midstream: Americas</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Positive stock selection undermined by underweight exposure to one of the best-performing sectors globally</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Transportation: Americas</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Positive stock selection partially offset by underweight exposure to North American railroads</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr> </table>
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g67257chartimages_5357125.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Year Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class R6 Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2/24/2020</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">20.10<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.71<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.96<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI World Index (Net)<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.16%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.98%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">FTSE Global Core Infrastructure 50/50 Index (Net)<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">20.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.79%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.12%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Infrastructure Category Average<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">28.63%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">9.66%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">7.40%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The FTSE Global Core Infrastructure 50/50 Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a market-capitalization-weighted index of worldwide infrastructure and infrastructure-related securities. Constituent weights are adjusted semi-annually according to three broad industry sectors: 50% utilities, 30% transportation, and a 20% mix of other sectors.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Infrastructure Category Average is representative of funds that invest more than 60% of their assets in stocks of companies engaged in infrastructure activities. Industries considered to be part of the infrastructure sector include: oil & gas midstream; waste management; airports; integrated shipping; railroads; shipping & ports; trucking; engineering & construction; infrastructure operations; and the utilities sector. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class R6 Shares
2020-02-24
0.2010
0.0771
0.0696
MSCI World Index (Net)
0.2916
0.1129
0.1298
FTSE Global Core Infrastructure 50/50 Index (Net)
0.2018
0.0779
0.0612
Morningstar Infrastructure Category Average
0.2863
0.0966
0.0740
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,712,810,084<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">54<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total advisory fees paid</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>10,488,990<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">79<span>%</span></td> </tr> </table>
1712810084
54
10488990
0.79
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Xcel Energy, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Canadian National Railway Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Enbridge, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Atmos Energy Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">WEC Energy Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PPL Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SSE plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Electric Power Co., Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Ferrovial SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Southern Co. (The)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Countries</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United States</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">58.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Canada</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United Kingdom</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Netherlands</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">France</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Germany</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Spain</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Japan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Mexico</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Zealand</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Xcel Energy, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Canadian National Railway Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Enbridge, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Atmos Energy Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">WEC Energy Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PPL Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SSE plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Electric Power Co., Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Ferrovial SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Southern Co. (The)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.045
0.045
0.044
0.041
0.040
0.038
0.037
0.037
0.036
0.034
0.586
0.121
0.066
0.036
0.033
0.032
0.031
0.030
0.026
0.020
0.019
NYLI CBRE Global Infrastructure Fund
Investor Class
VCRVX
This annual shareholder report contains important information about NYLI CBRE Global Infrastructure Fund (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"> Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investor Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>143</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.30<span>%</span></td> </tr> </table>
143
0.0130
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">What factors influenced Fund performance during the reporting period?</div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">During the 12-month reporting period ended April 30, 2026, the Fund’s performance relative to the FTSE Global Core Infrastructure 50/50 Index (Net) was affected by sector allocation and security selection. Market conditions reflected rising electricity demand driven by continued data center expansion, supporting the Fund’s positioning in utilities and other infrastructure assets that benefited from accelerating investment and earnings growth. Although geopolitical tensions and trade policy uncertainty contributed to market volatility, the Fund’s diversified exposure across utilities, transportation and midstream infrastructure, supported by inflation-linked and regulated revenue streams, further bolstered relative returns.</div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund’s performance during the reporting period.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 127pt; padding: 6pt 3pt 3pt 3pt;"><strong>Key Factor</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 337pt; padding: 6pt 3pt 3pt 3pt;"><strong>Summary</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; min-width: 70pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;"><strong>Impact</strong></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Communications: Americas</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Positive stock selection, including an out-of-index position in data center owner Equinix, Inc., and underweight exposure to tower companies</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Transportation: Continental Europe</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Strong selection among European toll road and airport stocks, particularly Ferrovial NV and Flughafen Zurich AG</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Utilities: Americas</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Positive stock selection, particularly Constellation Energy Corp., The AES Corporation and Entergy Corp.</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Midstream: Americas</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Positive stock selection undermined by underweight exposure to one of the best-performing sectors globally</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Transportation: Americas</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Positive stock selection partially offset by underweight exposure to North American railroads</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr> </table>
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g67257chartimages_5357126.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Year Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2/24/2020</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.66<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.17<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.54<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">19.64<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.27<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.51<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI World Index (Net)<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.16%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.29%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.98%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">FTSE Global Core Infrastructure 50/50 Index (Net)<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">20.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.79%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.12%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Infrastructure Category Average<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">28.63%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">9.66%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">7.40%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The FTSE Global Core Infrastructure 50/50 Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a market-capitalization-weighted index of worldwide infrastructure and infrastructure-related securities. Constituent weights are adjusted semi-annually according to three broad industry sectors: 50% utilities, 30% transportation, and a 20% mix of other sectors.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Infrastructure Category Average is representative of funds that invest more than 60% of their assets in stocks of companies engaged in infrastructure activities. Industries considered to be part of the infrastructure sector include: oil & gas midstream; waste management; airports; integrated shipping; railroads; shipping & ports; trucking; engineering & construction; infrastructure operations; and the utilities sector. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Investor Class Shares - Including sales charges
2020-02-24
0.1366
0.0617
0.0554
Investor Class Shares - Excluding sales charges
0.1964
0.0727
0.0651
MSCI World Index (Net)
0.2916
0.1129
0.1298
FTSE Global Core Infrastructure 50/50 Index (Net)
0.2018
0.0779
0.0612
Morningstar Infrastructure Category Average
0.2863
0.0966
0.0740
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,712,810,084<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">54<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total advisory fees paid</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>10,488,990<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">79<span>%</span></td> </tr> </table>
1712810084
54
10488990
0.79
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Xcel Energy, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Canadian National Railway Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Enbridge, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Atmos Energy Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">WEC Energy Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PPL Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SSE plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Electric Power Co., Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Ferrovial SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Southern Co. (The)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Countries</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United States</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">58.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Canada</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">United Kingdom</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Netherlands</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">France</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Germany</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Spain</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Japan</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Mexico</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New Zealand</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Xcel Energy, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Canadian National Railway Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Enbridge, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Atmos Energy Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">WEC Energy Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">PPL Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">SSE plc</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Electric Power Co., Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Ferrovial SE</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Southern Co. (The)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.045
0.045
0.044
0.041
0.040
0.038
0.037
0.037
0.036
0.034
0.586
0.121
0.066
0.036
0.033
0.032
0.031
0.030
0.026
0.020
0.019
NYLI CBRE Real Estate Fund
Class A
CLARX
This annual shareholder report contains important information about NYLI CBRE Real Estate Fund (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"> Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>126</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.18<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr> </table>
126
0.0118
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">What factors influenced Fund performance during the reporting period?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">During the 12-month reporting period ended April 30, 2026, the Fund’s performance relative to the FTSE Nareit All Equity REITs Index was driven by strong sector allocation offset by a drag from negative stock selection. Sector allocation benefited from overweight exposure to health care and data centers, as well as an underweight allocation to the underperforming residential sector. Stock selection detracted from relative performance, primarily due to an overweight position in net lease gaming company VICI Properties Inc., partially offset by overweight exposure to senior housing companies Welltower Inc., American Healthcare REIT, Inc., and Janus Living, Inc.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund’s performance during the reporting period.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 127pt; padding: 6pt 3pt 3pt 3pt;"><strong>Key Factor</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 337pt; padding: 6pt 3pt 3pt 3pt;"><strong>Summary</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; min-width: 70pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;"><strong>Impact</strong></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Health Care Sector</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Overweight exposure to an outperforming sector</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Welltower Inc.</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Overweight exposure to an outperforming security</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Residential Sector</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Underweight exposure to an underperforming sector</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Vornado Realty</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Overweight exposure to an underperforming security</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Hotel Sector</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Stock selection in the sector was a detractor</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">VICI Properties Inc.</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Overweight exposure to an underperforming security</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr> </table>
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter). It assumes a $15,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective February 21, 2020, the Voya Real Estate Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund’s historical performance. Therefore, the performance information shown below includes that of the Predecessor Fund, which had a different fee structure than the Fund.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g67257chartimages_5357136.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Year Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12/20/2002</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.83<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.17<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.56<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.10<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.33<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.18<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup><span style="white-space: nowrap;">Index</span><sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.75%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">FTSE Nareit All Equity REITs <span style="white-space: nowrap;">Index</span><sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.89%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.13%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">CBRE Real Estate Tiered <span style="white-space: nowrap;">Index</span><sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.89%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.13%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.76%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI U.S. REIT<sup style="font-size: 10px;">®</sup><span style="white-space: nowrap;">Index</span><sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">19.53%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.99%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.73%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Real Estate Category <span style="white-space: nowrap;">Average</span><sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">14.73%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">3.81%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.85%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The FTSE Nareit All Equity REITs Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a free-float adjusted, market capitalization-weighted index of U.S. equity REITs. Constituents of the index include all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The returns for the CBRE Real Estate Tiered Index, which is generally representative of the market sectors or types of investments in which the Fund invests, represent the returns of the MSCI U.S. REIT<sup style="font-size: 10px; vertical-align: top;">®</sup> Index prior to January 1, 2021 and the returns of the FTSE Nareit All Equity REITs Index thereafter.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI U.S. REIT<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float adjusted market capitalization weighted index that is comprised of Equity REITs. The MSCI U.S. REIT<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is based on the MSCI USA Investable Market Index, its parent index, which captures the large, mid and small cap segments of the U.S. market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Real Estate Category Average is representative of funds that invest primarily in real estate investment trusts of various types. REITs are companies that develop and manage real estate properties. There are several different types of REITs, including apartment, factory-outlet, healthcare, hotel, industrial, mortgage, office, and shopping center REITs. Some funds in this category also invest in real estate operating companies. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class A Shares - Including sales charges
2002-12-20
0.0783
0.0217
0.0456
Class A Shares - Excluding sales charges
0.1410
0.0333
0.0518
Russell 3000®Index
0.3101
0.1191
0.1475
FTSE Nareit All Equity REITs Index
0.1489
0.0413
0.0667
CBRE Real Estate Tiered Index
0.1489
0.0413
0.0576
MSCI U.S. REIT®Index
0.1953
0.0599
0.0673
Morningstar Real Estate Category Average
0.1473
0.0381
0.0585
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>224,576,923<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">44<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total advisory fees paid</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,008,772<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">79<span>%</span></td> </tr> </table>
224576923
44
1008772
0.79
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Welltower, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equinix, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Tower Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Prologis, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Simon Property Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Iron Mountain, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CubeSmart</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EastGroup Properties, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Brixmor Property Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Residential</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Sector Composition</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Healthcare Facilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Technology Datacenters</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrial Properties</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Residential</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Technology Towers</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Net Lease Properties</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Enclosed Malls</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Self Storage Property</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Community Shopping Centers</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hotels</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Welltower, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equinix, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Tower Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Prologis, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Simon Property Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Iron Mountain, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CubeSmart</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EastGroup Properties, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Brixmor Property Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Residential</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.124
0.101
0.078
0.067
0.054
0.035
0.032
0.031
0.030
0.029
0.166
0.156
0.150
0.104
0.102
0.102
0.064
0.049
0.044
0.022
0.041
NYLI CBRE Real Estate Fund
Class C
CRCRX
This annual shareholder report contains important information about NYLI CBRE Real Estate Fund (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"> Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>206</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.93<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr> </table>
206
0.0193
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">What factors influenced Fund performance during the reporting period?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">During the 12-month reporting period ended April 30, 2026, the Fund’s performance relative to the FTSE Nareit All Equity REITs Index was driven by strong sector allocation offset by a drag from negative stock selection. Sector allocation benefited from overweight exposure to health care and data centers, as well as an underweight allocation to the underperforming residential sector. Stock selection detracted from relative performance, primarily due to an overweight position in net lease gaming company VICI Properties Inc., partially offset by overweight exposure to senior housing companies Welltower Inc., American Healthcare REIT, Inc., and Janus Living, Inc.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund’s performance during the reporting period.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 127pt; padding: 6pt 3pt 3pt 3pt;"><strong>Key Factor</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 337pt; padding: 6pt 3pt 3pt 3pt;"><strong>Summary</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; min-width: 70pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;"><strong>Impact</strong></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Health Care Sector</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Overweight exposure to an outperforming sector</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Welltower Inc.</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Overweight exposure to an outperforming security</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Residential Sector</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Underweight exposure to an underperforming sector</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Vornado Realty</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Overweight exposure to an underperforming security</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Hotel Sector</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Stock selection in the sector was a detractor</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">VICI Properties Inc.</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Overweight exposure to an underperforming security</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr> </table>
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable. Effective February 21, 2020, the Voya Real Estate Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund’s historical performance. Therefore, the performance information shown below includes that of the Predecessor Fund, which had a different fee structure than the Fund.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g67257chartimages_5357127.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Year Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1/17/2003</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.38<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.58<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.40<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">2.58<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.40<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.75%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">FTSE Nareit All Equity REITs Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.89%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.13%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">CBRE Real Estate Tiered Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.89%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.13%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.76%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI U.S. REIT<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">19.53%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.99%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.73%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Real Estate Category Average<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">14.73%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">3.81%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.85%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The FTSE Nareit All Equity REITs Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a free-float adjusted, market capitalization-weighted index of U.S. equity REITs. Constituents of the index include all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The returns for the CBRE Real Estate Tiered Index, which is generally representative of the market sectors or types of investments in which the Fund invests, represent the returns of the MSCI U.S. REIT<sup style="font-size: 10px; vertical-align: top;">®</sup> Index prior to January 1, 2021 and the returns of the FTSE Nareit All Equity REITs Index thereafter.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI U.S. REIT<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float adjusted market capitalization weighted index that is comprised of Equity REITs. The MSCI U.S. REIT<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is based on the MSCI USA Investable Market Index, its parent index, which captures the large, mid and small cap segments of the U.S. market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Real Estate Category Average is representative of funds that invest primarily in real estate investment trusts of various types. REITs are companies that develop and manage real estate properties. There are several different types of REITs, including apartment, factory-outlet, healthcare, hotel, industrial, mortgage, office, and shopping center REITs. Some funds in this category also invest in real estate operating companies. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class C Shares - Including sales charges
2003-01-17
0.1238
0.0258
0.0440
Class C Shares - Excluding sales charges
0.1338
0.0258
0.0440
Russell 3000®Index
0.3101
0.1191
0.1475
FTSE Nareit All Equity REITs Index
0.1489
0.0413
0.0667
CBRE Real Estate Tiered Index
0.1489
0.0413
0.0576
MSCI U.S. REIT®Index
0.1953
0.0599
0.0673
Morningstar Real Estate Category Average
0.1473
0.0381
0.0585
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>224,576,923<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">44<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total advisory fees paid</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,008,772<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">79<span>%</span></td> </tr> </table>
224576923
44
1008772
0.79
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Welltower, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equinix, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Tower Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Prologis, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Simon Property Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Iron Mountain, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CubeSmart</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EastGroup Properties, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Brixmor Property Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Residential</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Sector Composition</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Healthcare Facilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Technology Datacenters</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrial Properties</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Residential</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Technology Towers</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Net Lease Properties</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Enclosed Malls</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Self Storage Property</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Community Shopping Centers</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hotels</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Welltower, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equinix, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Tower Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Prologis, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Simon Property Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Iron Mountain, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CubeSmart</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EastGroup Properties, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Brixmor Property Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Residential</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.124
0.101
0.078
0.067
0.054
0.035
0.032
0.031
0.030
0.029
0.166
0.156
0.150
0.104
0.102
0.102
0.064
0.049
0.044
0.022
0.041
NYLI CBRE Real Estate Fund
Class I
CRARX
This annual shareholder report contains important information about NYLI CBRE Real Estate Fund (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"> Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>89</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.83<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr> </table>
89
0.0083
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">What factors influenced Fund performance during the reporting period?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">During the 12-month reporting period ended April 30, 2026, the Fund’s performance relative to the FTSE Nareit All Equity REITs Index was driven by strong sector allocation offset by a drag from negative stock selection. Sector allocation benefited from overweight exposure to health care and data centers, as well as an underweight allocation to the underperforming residential sector. Stock selection detracted from relative performance, primarily due to an overweight position in net lease gaming company VICI Properties Inc., partially offset by overweight exposure to senior housing companies Welltower Inc., American Healthcare REIT, Inc., and Janus Living, Inc.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund’s performance during the reporting period.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 127pt; padding: 6pt 3pt 3pt 3pt;"><strong>Key Factor</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 337pt; padding: 6pt 3pt 3pt 3pt;"><strong>Summary</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; min-width: 70pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;"><strong>Impact</strong></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Health Care Sector</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Overweight exposure to an outperforming sector</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Welltower Inc.</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Overweight exposure to an outperforming security</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Residential Sector</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Underweight exposure to an underperforming sector</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Vornado Realty</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Overweight exposure to an underperforming security</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Hotel Sector</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Stock selection in the sector was a detractor</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">VICI Properties Inc.</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Overweight exposure to an underperforming security</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr> </table>
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective February 21, 2020, the Voya Real Estate Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund’s historical performance. Therefore, the performance information shown below includes that of the Predecessor Fund, which had a different fee structure than the Fund.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g67257chartimages_5357128.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Year Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class I Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12/31/1996</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.71<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.56<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.75%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">FTSE Nareit All Equity REITs Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.89%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.13%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">CBRE Real Estate Tiered Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.89%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.13%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.76%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI U.S. REIT<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">19.53%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.99%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.73%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Real Estate Category Average<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">14.73%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">3.81%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.85%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The FTSE Nareit All Equity REITs Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a free-float adjusted, market capitalization-weighted index of U.S. equity REITs. Constituents of the index include all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The returns for the CBRE Real Estate Tiered Index, which is generally representative of the market sectors or types of investments in which the Fund invests, represent the returns of the MSCI U.S. REIT<sup style="font-size: 10px; vertical-align: top;">®</sup> Index prior to January 1, 2021 and the returns of the FTSE Nareit All Equity REITs Index thereafter.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI U.S. REIT<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float adjusted market capitalization weighted index that is comprised of Equity REITs. The MSCI U.S. REIT<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is based on the MSCI USA Investable Market Index, its parent index, which captures the large, mid and small cap segments of the U.S. market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Real Estate Category Average is representative of funds that invest primarily in real estate investment trusts of various types. REITs are companies that develop and manage real estate properties. There are several different types of REITs, including apartment, factory-outlet, healthcare, hotel, industrial, mortgage, office, and shopping center REITs. Some funds in this category also invest in real estate operating companies. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class I Shares
1996-12-31
0.1453
0.0371
0.0556
Russell 3000®Index
0.3101
0.1191
0.1475
FTSE Nareit All Equity REITs Index
0.1489
0.0413
0.0667
CBRE Real Estate Tiered Index
0.1489
0.0413
0.0576
MSCI U.S. REIT®Index
0.1953
0.0599
0.0673
Morningstar Real Estate Category Average
0.1473
0.0381
0.0585
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>224,576,923<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">44<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total advisory fees paid</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,008,772<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">79<span>%</span></td> </tr> </table>
224576923
44
1008772
0.79
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Welltower, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equinix, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Tower Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Prologis, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Simon Property Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Iron Mountain, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CubeSmart</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EastGroup Properties, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Brixmor Property Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Residential</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Sector Composition</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Healthcare Facilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Technology Datacenters</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrial Properties</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Residential</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Technology Towers</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Net Lease Properties</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Enclosed Malls</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Self Storage Property</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Community Shopping Centers</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hotels</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Welltower, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equinix, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Tower Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Prologis, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Simon Property Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Iron Mountain, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CubeSmart</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EastGroup Properties, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Brixmor Property Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Residential</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.124
0.101
0.078
0.067
0.054
0.035
0.032
0.031
0.030
0.029
0.166
0.156
0.150
0.104
0.102
0.102
0.064
0.049
0.044
0.022
0.041
NYLI CBRE Real Estate Fund
Class R6
VREQX
This annual shareholder report contains important information about NYLI CBRE Real Estate Fund (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"> Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class R6</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>80</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.74<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr> </table>
80
0.0074
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">What factors influenced Fund performance during the reporting period?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">During the 12-month reporting period ended April 30, 2026, the Fund’s performance relative to the FTSE Nareit All Equity REITs Index was driven by strong sector allocation offset by a drag from negative stock selection. Sector allocation benefited from overweight exposure to health care and data centers, as well as an underweight allocation to the underperforming residential sector. Stock selection detracted from relative performance, primarily due to an overweight position in net lease gaming company VICI Properties Inc., partially offset by overweight exposure to senior housing companies Welltower Inc., American Healthcare REIT, Inc., and Janus Living, Inc.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund’s performance during the reporting period.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 127pt; padding: 6pt 3pt 3pt 3pt;"><strong>Key Factor</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 337pt; padding: 6pt 3pt 3pt 3pt;"><strong>Summary</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; min-width: 70pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;"><strong>Impact</strong></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Health Care Sector</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Overweight exposure to an outperforming sector</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Welltower Inc.</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Overweight exposure to an outperforming security</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Residential Sector</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Underweight exposure to an underperforming sector</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Vornado Realty</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Overweight exposure to an underperforming security</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Hotel Sector</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Stock selection in the sector was a detractor</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">VICI Properties Inc.</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Overweight exposure to an underperforming security</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr> </table>
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable. Effective February 21, 2020, the Voya Real Estate Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund’s historical performance. Therefore, the performance information shown below includes that of the Predecessor Fund, which had a different fee structure than the Fund.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g67257chartimages_5357129.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Year Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Ten<br/>Years</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class R6 Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7/3/2014</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.63<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.80<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.64<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup><span style="white-space: nowrap;">Index</span><sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.75%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">FTSE Nareit All Equity REITs <span style="white-space: nowrap;">Index</span><sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.89%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.13%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">CBRE Real Estate Tiered <span style="white-space: nowrap;">Index</span><sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.89%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.13%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.76%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI U.S. REIT<sup style="font-size: 10px;">®</sup><span style="white-space: nowrap;">Index</span><sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">19.53%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.99%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.73%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Real Estate Category <span style="white-space: nowrap;">Average</span><sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">14.73%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">3.81%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">5.85%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The FTSE Nareit All Equity REITs Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a free-float adjusted, market capitalization-weighted index of U.S. equity REITs. Constituents of the index include all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The returns for the CBRE Real Estate Tiered Index, which is generally representative of the market sectors or types of investments in which the Fund invests, represent the returns of the MSCI U.S. REIT<sup style="font-size: 10px; vertical-align: top;">®</sup> Index prior to January 1, 2021 and the returns of the FTSE Nareit All Equity REITs Index thereafter.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI U.S. REIT<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float adjusted market capitalization weighted index that is comprised of Equity REITs. The MSCI U.S. REIT<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is based on the MSCI USA Investable Market Index, its parent index, which captures the large, mid and small cap segments of the U.S. market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Real Estate Category Average is representative of funds that invest primarily in real estate investment trusts of various types. REITs are companies that develop and manage real estate properties. There are several different types of REITs, including apartment, factory-outlet, healthcare, hotel, industrial, mortgage, office, and shopping center REITs. Some funds in this category also invest in real estate operating companies. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class R6 Shares
2014-07-03
0.1463
0.0380
0.0564
Russell 3000®Index
0.3101
0.1191
0.1475
FTSE Nareit All Equity REITs Index
0.1489
0.0413
0.0667
CBRE Real Estate Tiered Index
0.1489
0.0413
0.0576
MSCI U.S. REIT®Index
0.1953
0.0599
0.0673
Morningstar Real Estate Category Average
0.1473
0.0381
0.0585
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>224,576,923<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">44<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total advisory fees paid</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,008,772<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">79<span>%</span></td> </tr> </table>
224576923
44
1008772
0.79
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Welltower, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equinix, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Tower Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Prologis, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Simon Property Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Iron Mountain, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CubeSmart</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EastGroup Properties, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Brixmor Property Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Residential</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Sector Composition</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Healthcare Facilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Technology Datacenters</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrial Properties</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Residential</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Technology Towers</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Net Lease Properties</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Enclosed Malls</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Self Storage Property</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Community Shopping Centers</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hotels</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Welltower, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equinix, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Tower Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Prologis, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Simon Property Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Iron Mountain, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CubeSmart</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EastGroup Properties, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Brixmor Property Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Residential</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.124
0.101
0.078
0.067
0.054
0.035
0.032
0.031
0.030
0.029
0.166
0.156
0.150
0.104
0.102
0.102
0.064
0.049
0.044
0.022
0.041
NYLI CBRE Real Estate Fund
Investor Class
CRVRX
This annual shareholder report contains important information about NYLI CBRE Real Estate Fund (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"> Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investor Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>126</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.18<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr> </table>
126
0.0118
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">What factors influenced Fund performance during the reporting period?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">During the 12-month reporting period ended April 30, 2026, the Fund’s performance relative to the FTSE Nareit All Equity REITs Index was driven by strong sector allocation offset by a drag from negative stock selection. Sector allocation benefited from overweight exposure to health care and data centers, as well as an underweight allocation to the underperforming residential sector. Stock selection detracted from relative performance, primarily due to an overweight position in net lease gaming company VICI Properties Inc., partially offset by overweight exposure to senior housing companies Welltower Inc., American Healthcare REIT, Inc., and Janus Living, Inc.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund’s performance during the reporting period.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 127pt; padding: 6pt 3pt 3pt 3pt;"><strong>Key Factor</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 337pt; padding: 6pt 3pt 3pt 3pt;"><strong>Summary</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; min-width: 70pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;"><strong>Impact</strong></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Health Care Sector</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Overweight exposure to an outperforming sector</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Welltower Inc.</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Overweight exposure to an outperforming security</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Residential Sector</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Underweight exposure to an underperforming sector</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Vornado Realty</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Overweight exposure to an underperforming security</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Hotel Sector</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Stock selection in the sector was a detractor</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">VICI Properties Inc.</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Overweight exposure to an underperforming security</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr> </table>
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g67257chartimages_5357130.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Year Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2/24/2020</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.54<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.28<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; border-bottom-color: rgb(255, 255, 255); border-bottom-style: initial; border-bottom-width: initial; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.68<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Investor Class Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.25<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.33<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.62<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.31%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">FTSE Nareit All Equity REITs Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.89%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.13%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.88%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">CBRE Real Estate Tiered Index<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.89%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.13%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">3.58%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI U.S. REIT<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">19.53%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.99%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.13%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Real Estate Category Average<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">14.73%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">3.81%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">3.42%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The FTSE Nareit All Equity REITs Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a free-float adjusted, market capitalization-weighted index of U.S. equity REITs. Constituents of the index include all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The returns for the CBRE Real Estate Tiered Index, which is generally representative of the market sectors or types of investments in which the Fund invests, represent the returns of the MSCI U.S. REIT<sup style="font-size: 10px; vertical-align: top;">®</sup> Index prior to January 1, 2021 and the returns of the FTSE Nareit All Equity REITs Index thereafter.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI U.S. REIT<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float adjusted market capitalization weighted index that is comprised of Equity REITs. The MSCI U.S. REIT<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is based on the MSCI USA Investable Market Index, its parent index, which captures the large, mid and small cap segments of the U.S. market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; width: 3%; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Real Estate Category Average is representative of funds that invest primarily in real estate investment trusts of various types. REITs are companies that develop and manage real estate properties. There are several different types of REITs, including apartment, factory-outlet, healthcare, hotel, industrial, mortgage, office, and shopping center REITs. Some funds in this category also invest in real estate operating companies. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Investor Class Shares - Including sales charges
2020-02-24
0.0854
0.0228
0.0268
Investor Class Shares - Excluding sales charges
0.1425
0.0333
0.0362
Russell 3000®Index
0.3101
0.1191
0.1431
FTSE Nareit All Equity REITs Index
0.1489
0.0413
0.0388
CBRE Real Estate Tiered Index
0.1489
0.0413
0.0358
MSCI U.S. REIT®Index
0.1953
0.0599
0.0513
Morningstar Real Estate Category Average
0.1473
0.0381
0.0342
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 12pt;">Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>224,576,923<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">44<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Total advisory fees paid</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>1,008,772<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; font-family: 'Arial'; width: 80%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">79<span>%</span></td> </tr> </table>
224576923
44
1008772
0.79
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 16pt;">The tables below show the investment makeup of the Fund; percentages indicated are based on the Fund's net assets.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Welltower, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equinix, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Tower Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Prologis, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Simon Property Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Iron Mountain, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CubeSmart</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EastGroup Properties, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Brixmor Property Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Residential</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Sector Composition</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Healthcare Facilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Technology Datacenters</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrial Properties</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Residential</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Technology Towers</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Net Lease Properties</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Enclosed Malls</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Self Storage Property</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.9<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Community Shopping Centers</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Hotels</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.1<span>%</span></td> </tr> </table>
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Top Ten Holdings and/or Issuers<sup style="font-size: 10px;">*</sup></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Welltower, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equinix, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">American Tower Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Prologis, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Simon Property Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Iron Mountain, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.5<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">CubeSmart</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">EastGroup Properties, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Brixmor Property Group, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Residential</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.9<span>%</span></td> </tr> </table>
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<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">* Excluding short-term investments</td> </tr> </table>
0.124
0.101
0.078
0.067
0.054
0.035
0.032
0.031
0.030
0.029
0.166
0.156
0.150
0.104
0.102
0.102
0.064
0.049
0.044
0.022
0.041
NYLI Moderate ETF Allocation Fund
Class A
MDAAX
This annual shareholder report contains important information about NYLI Moderate ETF Allocation Fund (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
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<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"> Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
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<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>68</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.62<span>%</span></td> </tr> </table>
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<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
68
0.0062
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">What factors influenced Fund performance during the reporting period?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">During the 12-month reporting period ended April 30, 2026, the Fund’s performance relative to the internally maintained blend of indices that are taken into account when managing the Fund, as well as the Moderate Allocation Composite Index, was affected by various allocation and selection factors. Most notably, relative returns benefited from effective asset class positioning, specifically tactical exposure to convertible bonds and emerging market debt alongside an overweight in emerging market equities. An internal skew toward quality small-cap U.S. equities acted as a modest headwind.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund’s performance during the reporting period.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 127pt; padding: 6pt 3pt 3pt 3pt;"><strong>Key Factor</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 337pt; padding: 6pt 3pt 3pt 3pt;"><strong>Summary</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; min-width: 70pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;"><strong>Impact</strong></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Internal benchmarking</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Benefited from granular management approach that included mid- and small-cap stocks, emerging-markets equities and high yield</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Overweight in emerging market equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Bolstered particularly by ex-China exposure, with noteworthy gains from chip manufacturers (TSMC, Samsung, SK Hynix)</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Off-benchmark exposure to convertible bonds</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Sensitivity to growth equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Stock/bond blend</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A modest but persistent tilt favoring stocks over bonds</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Quality</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">An emphasis on quality (positive and relatively stable earnings) within small caps during a period in which unprofitable tech with high growth expectations led the market higher</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Developed international exposure</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A brief tactical overweight in non-U.S. developed markets, across both large- and small-cap companies</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr> </table>
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g67257chartimages_5357154.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Year Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6/30/2020</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.65<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.60<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.03<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">20.25<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.25<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.60<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">16.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">17.27%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.41%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">(0.08<span>)</span>%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Moderate Allocation Composite Index<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.93%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.39%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.58%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Moderate Allocation Category Average<sup style="font-size: 10px;">6</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">21.73%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">6.49%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">9.41%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Moderate Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 45%, 15% and 40%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">6.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class A Shares - Including sales charges
2020-06-30
0.1665
0.0560
0.0803
Class A Shares - Excluding sales charges
0.2025
0.0625
0.0860
Russell 3000®Index
0.3101
0.1191
0.1667
S&P 500®Index
0.3105
0.1314
0.1727
MSCI EAFE® Index (Net)
0.2460
0.0883
0.1241
Bloomberg U.S. Aggregate Bond Index
0.0406
0.0018
-0.0008
Moderate Allocation Composite Index
0.1893
0.0739
0.0958
Morningstar Global Moderate Allocation Category Average
0.2173
0.0649
0.0941
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>207,107,383<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">16<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total advisory fees paid</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>366,960<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">51<span>%</span></td> </tr> </table>
207107383
16
366960
0.51
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">62.6<span>%</span></td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fixed Income Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">34.6<span>%</span></td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(1.0<span>)</span><span>%</span></td> </tr> </table>
0.626
0.346
0.038
-0.010
NYLI Moderate ETF Allocation Fund
Class C
MDAKX
This annual shareholder report contains important information about NYLI Moderate ETF Allocation Fund (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
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<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"> Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
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<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>153</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.39<span>%</span></td> </tr> </table>
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<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
153
0.0139
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">What factors influenced Fund performance during the reporting period?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">During the 12-month reporting period ended April 30, 2026, the Fund’s performance relative to the internally maintained blend of indices that are taken into account when managing the Fund, as well as the Moderate Allocation Composite Index, was affected by various allocation and selection factors. Most notably, relative returns benefited from effective asset class positioning, specifically tactical exposure to convertible bonds and emerging market debt alongside an overweight in emerging market equities. An internal skew toward quality small-cap U.S. equities acted as a modest headwind.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund’s performance during the reporting period.</div>
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<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 127pt; padding: 6pt 3pt 3pt 3pt;"><strong>Key Factor</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 337pt; padding: 6pt 3pt 3pt 3pt;"><strong>Summary</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; min-width: 70pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;"><strong>Impact</strong></td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Internal benchmarking</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Benefited from granular management approach that included mid- and small-cap stocks, emerging-markets equities and high yield</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Overweight in emerging market equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Bolstered particularly by ex-China exposure, with noteworthy gains from chip manufacturers (TSMC, Samsung, SK Hynix)</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Off-benchmark exposure to convertible bonds</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Sensitivity to growth equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Stock/bond blend</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A modest but persistent tilt favoring stocks over bonds</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Quality</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">An emphasis on quality (positive and relatively stable earnings) within small caps during a period in which unprofitable tech with high growth expectations led the market higher</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Developed international exposure</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A brief tactical overweight in non-U.S. developed markets, across both large- and small-cap companies</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr> </table>
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g67257chartimages_5357143.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
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<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Year Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6/30/2020</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.27<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.39<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.74<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">19.27<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.39<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.74<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">16.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">17.27%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.41%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">(0.08<span>)</span>%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Moderate Allocation Composite Index<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.93%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.39%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.58%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Moderate Allocation Category Average<sup style="font-size: 10px;">6</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">21.73%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">6.49%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">9.41%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Moderate Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 45%, 15% and 40%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">6.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class C Shares - Including sales charges
2020-06-30
0.1827
0.0539
0.0774
Class C Shares - Excluding sales charges
0.1927
0.0539
0.0774
Russell 3000®Index
0.3101
0.1191
0.1667
S&P 500®Index
0.3105
0.1314
0.1727
MSCI EAFE® Index (Net)
0.2460
0.0883
0.1241
Bloomberg U.S. Aggregate Bond Index
0.0406
0.0018
-0.0008
Moderate Allocation Composite Index
0.1893
0.0739
0.0958
Morningstar Global Moderate Allocation Category Average
0.2173
0.0649
0.0941
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>207,107,383<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">16<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total advisory fees paid</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>366,960<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">51<span>%</span></td> </tr> </table>
207107383
16
366960
0.51
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">62.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fixed Income Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">34.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(1.0<span>)</span><span>%</span></td> </tr> </table>
0.626
0.346
0.038
-0.010
NYLI Moderate ETF Allocation Fund
Class I
MDAIX
This annual shareholder report contains important information about NYLI Moderate ETF Allocation Fund (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"> Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>41</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.37<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
41
0.0037
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">What factors influenced Fund performance during the reporting period?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">During the 12-month reporting period ended April 30, 2026, the Fund’s performance relative to the internally maintained blend of indices that are taken into account when managing the Fund, as well as the Moderate Allocation Composite Index, was affected by various allocation and selection factors. Most notably, relative returns benefited from effective asset class positioning, specifically tactical exposure to convertible bonds and emerging market debt alongside an overweight in emerging market equities. An internal skew toward quality small-cap U.S. equities acted as a modest headwind.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund’s performance during the reporting period.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 127pt; padding: 6pt 3pt 3pt 3pt;"><strong>Key Factor</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 337pt; padding: 6pt 3pt 3pt 3pt;"><strong>Summary</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; min-width: 70pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;"><strong>Impact</strong></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Internal benchmarking</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Benefited from granular management approach that included mid- and small-cap stocks, emerging-markets equities and high yield</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Overweight in emerging market equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Bolstered particularly by ex-China exposure, with noteworthy gains from chip manufacturers (TSMC, Samsung, SK Hynix)</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Off-benchmark exposure to convertible bonds</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Sensitivity to growth equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Stock/bond blend</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A modest but persistent tilt favoring stocks over bonds</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Quality</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">An emphasis on quality (positive and relatively stable earnings) within small caps during a period in which unprofitable tech with high growth expectations led the market higher</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Developed international exposure</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A brief tactical overweight in non-U.S. developed markets, across both large- and small-cap companies</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr> </table>
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g67257chartimages_5357144.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Year Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class I Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6/30/2020</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">20.49<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6.52<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.88<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">16.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">17.27%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.41%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">(0.08<span>)</span>%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Moderate Allocation Composite Index<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.93%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.39%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.58%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Moderate Allocation Category Average<sup style="font-size: 10px;">6</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">21.73%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">6.49%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">9.41%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Moderate Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 45%, 15% and 40%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">6.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class I Shares
2020-06-30
0.2049
0.0652
0.0888
Russell 3000®Index
0.3101
0.1191
0.1667
S&P 500®Index
0.3105
0.1314
0.1727
MSCI EAFE® Index (Net)
0.2460
0.0883
0.1241
Bloomberg U.S. Aggregate Bond Index
0.0406
0.0018
-0.0008
Moderate Allocation Composite Index
0.1893
0.0739
0.0958
Morningstar Global Moderate Allocation Category Average
0.2173
0.0649
0.0941
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>207,107,383<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">16<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total advisory fees paid</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>366,960<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">51<span>%</span></td> </tr> </table>
207107383
16
366960
0.51
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">62.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fixed Income Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">34.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(1.0<span>)</span><span>%</span></td> </tr> </table>
0.626
0.346
0.038
-0.010
NYLI Moderate ETF Allocation Fund
Class R3
MDARX
This annual shareholder report contains important information about NYLI Moderate ETF Allocation Fund (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"> Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class R3</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>107</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.97<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
107
0.0097
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">What factors influenced Fund performance during the reporting period?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">During the 12-month reporting period ended April 30, 2026, the Fund’s performance relative to the internally maintained blend of indices that are taken into account when managing the Fund, as well as the Moderate Allocation Composite Index, was affected by various allocation and selection factors. Most notably, relative returns benefited from effective asset class positioning, specifically tactical exposure to convertible bonds and emerging market debt alongside an overweight in emerging market equities. An internal skew toward quality small-cap U.S. equities acted as a modest headwind.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund’s performance during the reporting period.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 127pt; padding: 6pt 3pt 3pt 3pt;"><strong>Key Factor</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 337pt; padding: 6pt 3pt 3pt 3pt;"><strong>Summary</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; min-width: 70pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;"><strong>Impact</strong></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Internal benchmarking</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Benefited from granular management approach that included mid- and small-cap stocks, emerging-markets equities and high yield</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Overweight in emerging market equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Bolstered particularly by ex-China exposure, with noteworthy gains from chip manufacturers (TSMC, Samsung, SK Hynix)</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Off-benchmark exposure to convertible bonds</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Sensitivity to growth equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Stock/bond blend</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A modest but persistent tilt favoring stocks over bonds</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Quality</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">An emphasis on quality (positive and relatively stable earnings) within small caps during a period in which unprofitable tech with high growth expectations led the market higher</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Developed international exposure</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A brief tactical overweight in non-U.S. developed markets, across both large- and small-cap companies</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr> </table>
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g67257chartimages_5357145.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Year Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class R3 Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6/30/2020</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">19.77<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.88<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.23<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">16.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">17.27%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.41%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">(0.08<span>)</span>%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Moderate Allocation Composite Index<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.93%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.39%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.58%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Moderate Allocation Category Average<sup style="font-size: 10px;">6</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">21.73%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">6.49%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">9.41%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Moderate Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 45%, 15% and 40%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">6.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class R3 Shares
2020-06-30
0.1977
0.0588
0.0823
Russell 3000®Index
0.3101
0.1191
0.1667
S&P 500®Index
0.3105
0.1314
0.1727
MSCI EAFE® Index (Net)
0.2460
0.0883
0.1241
Bloomberg U.S. Aggregate Bond Index
0.0406
0.0018
-0.0008
Moderate Allocation Composite Index
0.1893
0.0739
0.0958
Morningstar Global Moderate Allocation Category Average
0.2173
0.0649
0.0941
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>207,107,383<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">16<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total advisory fees paid</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>366,960<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">51<span>%</span></td> </tr> </table>
207107383
16
366960
0.51
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">62.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fixed Income Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">34.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(1.0<span>)</span><span>%</span></td> </tr> </table>
0.626
0.346
0.038
-0.010
NYLI Moderate ETF Allocation Fund
SIMPLE Class
MDAVX
This annual shareholder report contains important information about NYLI Moderate ETF Allocation Fund (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"> Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">SIMPLE Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>98</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.89<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
98
0.0089
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">What factors influenced Fund performance during the reporting period?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">During the 12-month reporting period ended April 30, 2026, the Fund’s performance relative to the internally maintained blend of indices that are taken into account when managing the Fund, as well as the Moderate Allocation Composite Index, was affected by various allocation and selection factors. Most notably, relative returns benefited from effective asset class positioning, specifically tactical exposure to convertible bonds and emerging market debt alongside an overweight in emerging market equities. An internal skew toward quality small-cap U.S. equities acted as a modest headwind.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund’s performance during the reporting period.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 127pt; padding: 6pt 3pt 3pt 3pt;"><strong>Key Factor</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 337pt; padding: 6pt 3pt 3pt 3pt;"><strong>Summary</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; min-width: 70pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;"><strong>Impact</strong></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Internal benchmarking</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Benefited from granular management approach that included mid- and small-cap stocks, emerging-markets equities and high yield</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Overweight in emerging market equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Bolstered particularly by ex-China exposure, with noteworthy gains from chip manufacturers (TSMC, Samsung, SK Hynix)</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Off-benchmark exposure to convertible bonds</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Sensitivity to growth equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Stock/bond blend</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A modest but persistent tilt favoring stocks over bonds</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Quality</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">An emphasis on quality (positive and relatively stable earnings) within small caps during a period in which unprofitable tech with high growth expectations led the market higher</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Developed international exposure</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A brief tactical overweight in non-U.S. developed markets, across both large- and small-cap companies</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr> </table>
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g67257chartimages_5357147.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Year Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">SIMPLE Class Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8/31/2020</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">19.83<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">5.92<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.29<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.64%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.27%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.35%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">(0.20<span>)</span>%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Moderate Allocation Composite Index<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">18.93%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.39%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.52%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Moderate Allocation Category Average<sup style="font-size: 10px;">6</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">21.73%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">6.49%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.44%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Moderate Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 45%, 15% and 40%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">6.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
SIMPLE Class Shares
2020-08-31
0.1983
0.0592
0.0729
Russell 3000®Index
0.3101
0.1191
0.1464
S&P 500®Index
0.3105
0.1314
0.1527
MSCI EAFE® Index (Net)
0.2460
0.0883
0.1135
Bloomberg U.S. Aggregate Bond Index
0.0406
0.0018
-0.0020
Moderate Allocation Composite Index
0.1893
0.0739
0.0852
Morningstar Global Moderate Allocation Category Average
0.2173
0.0649
0.0844
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>207,107,383<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">16<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total advisory fees paid</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>366,960<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">51<span>%</span></td> </tr> </table>
207107383
16
366960
0.51
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">62.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fixed Income Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">34.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(1.0<span>)</span><span>%</span></td> </tr> </table>
0.626
0.346
0.038
-0.010
NYLI Growth ETF Allocation Fund
Class A
MOEAX
This annual shareholder report contains important information about NYLI Growth ETF Allocation Fund (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"> Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>72</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.64<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
72
0.0064
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">What factors influenced Fund performance during the reporting period?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">During the 12-month reporting period ended April 30, 2026, the Fund’s performance relative to the internally maintained blend of indices that are taken into account when managing the Fund, as well as the Growth Allocation Composite Index, was affected by various allocation and selection factors. Most notably, relative returns benefited from effective asset class positioning, specifically tactical exposure to convertible bonds and emerging market debt alongside an overweight in emerging market equities. An internal skew toward quality small-cap U.S. equities acted as a modest headwind.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund’s performance during the reporting period.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 127pt; padding: 6pt 3pt 3pt 3pt;"><strong>Key Factor</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 337pt; padding: 6pt 3pt 3pt 3pt;"><strong>Summary</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; min-width: 70pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;"><strong>Impact</strong></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Internal benchmarking</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Benefited from granular management approach that included mid- and small-cap stocks, emerging-markets equities and high yield</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Overweight in emerging market equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Bolstered particularly by ex-China exposure, with noteworthy gains from chip manufacturers (TSMC, Samsung, SK Hynix)</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Off-benchmark exposure to convertible bonds</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Sensitivity to growth equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Stock/bond blend</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A modest but persistent tilt favoring stocks over bonds</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Quality</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">An emphasis on quality (positive and relatively stable earnings) within small caps during a period in which unprofitable tech with high growth expectations led the market higher</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Developed international exposure</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A brief tactical overweight in non-U.S. developed markets, across both large- and small-cap companies</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr> </table>
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g67257chartimages_5357148.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Year Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6/30/2020</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.31<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.23<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.83<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">26.09<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.88<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.41<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">16.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">17.27%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.41%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">(0.08<span>)</span>%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Growth Allocation Composite Index<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.17%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.78%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.85%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Moderately Aggressive Allocation Category Average<sup style="font-size: 10px;">6</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">26.19%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">7.89%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">11.82%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Growth Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%, 20% and 20%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">6.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Moderately Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately aggressive strategies prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure between 70% and 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class A Shares - Including sales charges
2020-06-30
0.2231
0.0723
0.1083
Class A Shares - Excluding sales charges
0.2609
0.0788
0.1141
Russell 3000®Index
0.3101
0.1191
0.1667
S&P 500®Index
0.3105
0.1314
0.1727
MSCI EAFE® Index (Net)
0.2460
0.0883
0.1241
Bloomberg U.S. Aggregate Bond Index
0.0406
0.0018
-0.0008
Growth Allocation Composite Index
0.2417
0.0978
0.1285
Morningstar Global Moderately Aggressive Allocation Category Average
0.2619
0.0789
0.1182
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>188,523,079<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">16<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total advisory fees paid</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>327,265<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">53<span>%</span></td> </tr> </table>
188523079
16
327265
0.53
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">82.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fixed Income Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(1.7<span>)</span><span>%</span></td> </tr> </table>
0.824
0.148
0.045
-0.017
NYLI Growth ETF Allocation Fund
Class C
MOECX
This annual shareholder report contains important information about NYLI Growth ETF Allocation Fund (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"> Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>157</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.39<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
157
0.0139
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">What factors influenced Fund performance during the reporting period?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">During the 12-month reporting period ended April 30, 2026, the Fund’s performance relative to the internally maintained blend of indices that are taken into account when managing the Fund, as well as the Growth Allocation Composite Index, was affected by various allocation and selection factors. Most notably, relative returns benefited from effective asset class positioning, specifically tactical exposure to convertible bonds and emerging market debt alongside an overweight in emerging market equities. An internal skew toward quality small-cap U.S. equities acted as a modest headwind.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund’s performance during the reporting period.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 127pt; padding: 6pt 3pt 3pt 3pt;"><strong>Key Factor</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 337pt; padding: 6pt 3pt 3pt 3pt;"><strong>Summary</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; min-width: 70pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;"><strong>Impact</strong></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Internal benchmarking</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Benefited from granular management approach that included mid- and small-cap stocks, emerging-markets equities and high yield</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Overweight in emerging market equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Bolstered particularly by ex-China exposure, with noteworthy gains from chip manufacturers (TSMC, Samsung, SK Hynix)</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Off-benchmark exposure to convertible bonds</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Sensitivity to growth equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Stock/bond blend</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A modest but persistent tilt favoring stocks over bonds</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Quality</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">An emphasis on quality (positive and relatively stable earnings) within small caps during a period in which unprofitable tech with high growth expectations led the market higher</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Developed international exposure</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A brief tactical overweight in non-U.S. developed markets, across both large- and small-cap companies</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr> </table>
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g67257chartimages_5357146.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Year Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6/30/2020</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.00<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.06<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.56<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">25.00<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.06<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">10.56<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">16.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">17.27%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.41%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">(0.08<span>)</span>%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Growth Allocation Composite Index<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.17%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.78%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.85%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Moderately Aggressive Allocation Category Average<sup style="font-size: 10px;">6</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">26.19%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">7.89%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">11.82%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Growth Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%, 20% and 20%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">6.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Moderately Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately aggressive strategies prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure between 70% and 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class C Shares - Including sales charges
2020-06-30
0.2400
0.0706
0.1056
Class C Shares - Excluding sales charges
0.2500
0.0706
0.1056
Russell 3000®Index
0.3101
0.1191
0.1667
S&P 500®Index
0.3105
0.1314
0.1727
MSCI EAFE® Index (Net)
0.2460
0.0883
0.1241
Bloomberg U.S. Aggregate Bond Index
0.0406
0.0018
-0.0008
Growth Allocation Composite Index
0.2417
0.0978
0.1285
Morningstar Global Moderately Aggressive Allocation Category Average
0.2619
0.0789
0.1182
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>188,523,079<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">16<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total advisory fees paid</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>327,265<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">53<span>%</span></td> </tr> </table>
188523079
16
327265
0.53
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">82.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fixed Income Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(1.7<span>)</span><span>%</span></td> </tr> </table>
0.824
0.148
0.045
-0.017
NYLI Growth ETF Allocation Fund
Class I
MOEIX
This annual shareholder report contains important information about NYLI Growth ETF Allocation Fund (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
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<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"> Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
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<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>44</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.39<span>%</span></td> </tr> </table>
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<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
44
0.0039
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">What factors influenced Fund performance during the reporting period?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">During the 12-month reporting period ended April 30, 2026, the Fund’s performance relative to the internally maintained blend of indices that are taken into account when managing the Fund, as well as the Growth Allocation Composite Index, was affected by various allocation and selection factors. Most notably, relative returns benefited from effective asset class positioning, specifically tactical exposure to convertible bonds and emerging market debt alongside an overweight in emerging market equities. An internal skew toward quality small-cap U.S. equities acted as a modest headwind.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund’s performance during the reporting period.</div>
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<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 127pt; padding: 6pt 3pt 3pt 3pt;"><strong>Key Factor</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 337pt; padding: 6pt 3pt 3pt 3pt;"><strong>Summary</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; min-width: 70pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;"><strong>Impact</strong></td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Internal benchmarking</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Benefited from granular management approach that included mid- and small-cap stocks, emerging-markets equities and high yield</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Overweight in emerging market equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Bolstered particularly by ex-China exposure, with noteworthy gains from chip manufacturers (TSMC, Samsung, SK Hynix)</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Off-benchmark exposure to convertible bonds</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Sensitivity to growth equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Stock/bond blend</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A modest but persistent tilt favoring stocks over bonds</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Quality</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">An emphasis on quality (positive and relatively stable earnings) within small caps during a period in which unprofitable tech with high growth expectations led the market higher</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Developed international exposure</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A brief tactical overweight in non-U.S. developed markets, across both large- and small-cap companies</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr> </table>
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g67257chartimages_5357138.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
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<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Year Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class I Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6/30/2020</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">26.28<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.14<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.68<span>%</span></td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">16.67%</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">17.27%</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.41%</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">(0.08<span>)</span>%</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Growth Allocation Composite Index<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.17%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.78%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.85%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Moderately Aggressive Allocation Category Average<sup style="font-size: 10px;">6</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">26.19%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">7.89%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">11.82%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Growth Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%, 20% and 20%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">6.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Moderately Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately aggressive strategies prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure between 70% and 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class I Shares
2020-06-30
0.2628
0.0814
0.1168
Russell 3000®Index
0.3101
0.1191
0.1667
S&P 500®Index
0.3105
0.1314
0.1727
MSCI EAFE® Index (Net)
0.2460
0.0883
0.1241
Bloomberg U.S. Aggregate Bond Index
0.0406
0.0018
-0.0008
Growth Allocation Composite Index
0.2417
0.0978
0.1285
Morningstar Global Moderately Aggressive Allocation Category Average
0.2619
0.0789
0.1182
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>188,523,079<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">16<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total advisory fees paid</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>327,265<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">53<span>%</span></td> </tr> </table>
188523079
16
327265
0.53
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">82.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fixed Income Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(1.7<span>)</span><span>%</span></td> </tr> </table>
0.824
0.148
0.045
-0.017
NYLI Growth ETF Allocation Fund
Class R3
MOERX
This annual shareholder report contains important information about NYLI Growth ETF Allocation Fund (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"> Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class R3</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>112</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.99<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
112
0.0099
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">What factors influenced Fund performance during the reporting period?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">During the 12-month reporting period ended April 30, 2026, the Fund’s performance relative to the internally maintained blend of indices that are taken into account when managing the Fund, as well as the Growth Allocation Composite Index, was affected by various allocation and selection factors. Most notably, relative returns benefited from effective asset class positioning, specifically tactical exposure to convertible bonds and emerging market debt alongside an overweight in emerging market equities. An internal skew toward quality small-cap U.S. equities acted as a modest headwind.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund’s performance during the reporting period.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 127pt; padding: 6pt 3pt 3pt 3pt;"><strong>Key Factor</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 337pt; padding: 6pt 3pt 3pt 3pt;"><strong>Summary</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; min-width: 70pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;"><strong>Impact</strong></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Internal benchmarking</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Benefited from granular management approach that included mid- and small-cap stocks, emerging-markets equities and high yield</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Overweight in emerging market equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Bolstered particularly by ex-China exposure, with noteworthy gains from chip manufacturers (TSMC, Samsung, SK Hynix)</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Off-benchmark exposure to convertible bonds</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Sensitivity to growth equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Stock/bond blend</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A modest but persistent tilt favoring stocks over bonds</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Quality</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">An emphasis on quality (positive and relatively stable earnings) within small caps during a period in which unprofitable tech with high growth expectations led the market higher</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Developed international exposure</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A brief tactical overweight in non-U.S. developed markets, across both large- and small-cap companies</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr> </table>
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g67257chartimages_5357139.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Year Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class R3 Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6/30/2020</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">25.58<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.50<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.02<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">16.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">17.27%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.41%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">(0.08<span>)</span>%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Growth Allocation Composite Index<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.17%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.78%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.85%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Moderately Aggressive Allocation Category Average<sup style="font-size: 10px;">6</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">26.19%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">7.89%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">11.82%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Growth Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%, 20% and 20%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">6.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Moderately Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately aggressive strategies prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure between 70% and 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class R3 Shares
2020-06-30
0.2558
0.0750
0.1102
Russell 3000®Index
0.3101
0.1191
0.1667
S&P 500®Index
0.3105
0.1314
0.1727
MSCI EAFE® Index (Net)
0.2460
0.0883
0.1241
Bloomberg U.S. Aggregate Bond Index
0.0406
0.0018
-0.0008
Growth Allocation Composite Index
0.2417
0.0978
0.1285
Morningstar Global Moderately Aggressive Allocation Category Average
0.2619
0.0789
0.1182
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>188,523,079<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">16<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total advisory fees paid</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>327,265<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">53<span>%</span></td> </tr> </table>
188523079
16
327265
0.53
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">82.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fixed Income Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(1.7<span>)</span><span>%</span></td> </tr> </table>
0.824
0.148
0.045
-0.017
NYLI Growth ETF Allocation Fund
SIMPLE Class
MOEVX
This annual shareholder report contains important information about NYLI Growth ETF Allocation Fund (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"> Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">SIMPLE Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>101</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.89<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
101
0.0089
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">What factors influenced Fund performance during the reporting period?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">During the 12-month reporting period ended April 30, 2026, the Fund’s performance relative to the internally maintained blend of indices that are taken into account when managing the Fund, as well as the Growth Allocation Composite Index, was affected by various allocation and selection factors. Most notably, relative returns benefited from effective asset class positioning, specifically tactical exposure to convertible bonds and emerging market debt alongside an overweight in emerging market equities. An internal skew toward quality small-cap U.S. equities acted as a modest headwind.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund’s performance during the reporting period.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 127pt; padding: 6pt 3pt 3pt 3pt;"><strong>Key Factor</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 337pt; padding: 6pt 3pt 3pt 3pt;"><strong>Summary</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; min-width: 70pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;"><strong>Impact</strong></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Internal benchmarking</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Benefited from granular management approach that included mid- and small-cap stocks, emerging-markets equities and high yield</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Overweight in emerging market equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Bolstered particularly by ex-China exposure, with noteworthy gains from chip manufacturers (TSMC, Samsung, SK Hynix)</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Off-benchmark exposure to convertible bonds</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Sensitivity to growth equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Stock/bond blend</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A modest but persistent tilt favoring stocks over bonds</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Quality</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">An emphasis on quality (positive and relatively stable earnings) within small caps during a period in which unprofitable tech with high growth expectations led the market higher</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Developed international exposure</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A brief tactical overweight in non-U.S. developed markets, across both large- and small-cap companies</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr> </table>
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g67257chartimages_5357137.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Year Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">SIMPLE Class Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8/31/2020</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">25.73<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.60<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.86<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.64%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.27%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.35%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">4.06%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">0.18%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">(0.20<span>)</span>%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Growth Allocation Composite Index<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.17%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">9.78%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.44%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Moderately Aggressive Allocation Category Average<sup style="font-size: 10px;">6</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">26.19%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">7.89%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">10.71%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Growth Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%, 20% and 20%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">6.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Moderately Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately aggressive strategies prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure between 70% and 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
SIMPLE Class Shares
2020-08-31
0.2573
0.0760
0.0986
Russell 3000®Index
0.3101
0.1191
0.1464
S&P 500®Index
0.3105
0.1314
0.1527
MSCI EAFE® Index (Net)
0.2460
0.0883
0.1135
Bloomberg U.S. Aggregate Bond Index
0.0406
0.0018
-0.0020
Growth Allocation Composite Index
0.2417
0.0978
0.1144
Morningstar Global Moderately Aggressive Allocation Category Average
0.2619
0.0789
0.1071
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>188,523,079<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">16<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total advisory fees paid</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>327,265<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">53<span>%</span></td> </tr> </table>
188523079
16
327265
0.53
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">82.4<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Fixed Income Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.8<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(1.7<span>)</span><span>%</span></td> </tr> </table>
0.824
0.148
0.045
-0.017
NYLI Equity ETF Allocation Fund
Class A
MWFAX
This annual shareholder report contains important information about NYLI Equity ETF Allocation Fund (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"> Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class A</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>77</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.67<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
77
0.0067
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">What factors influenced Fund performance during the reporting period?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">During the 12-month reporting period ended April 30, 2026, the Fund’s performance relative to the internally maintained blend of indices that are taken into account when managing the Fund, as well as the Equity Allocation Composite Index, was affected by various allocation and selection factors. Relative returns benefited from exposure to emerging-markets equities. A skew toward quality U.S. small-cap names and a brief tactical tilt favoring non-U.S. developed markets detracted.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund’s performance during the reporting period.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 127pt; padding: 6pt 3pt 3pt 3pt;"><strong>Key Factor</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 337pt; padding: 6pt 3pt 3pt 3pt;"><strong>Summary</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; min-width: 70pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;"><strong>Impact</strong></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Internal benchmarking</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Benefited from granular management approach that included mid- and small-cap stocks, as well as emerging-markets equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Overweight in emerging market equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Bolstered particularly by ex-China exposure, with noteworthy gains from chip manufacturers (TSMC, Samsung, SK Hynix)</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Quality</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">An emphasis on quality (positive and relatively stable earnings) within small caps during a period in which unprofitable tech with high growth expectations led the market higher</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Developed international exposure</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A brief tactical overweight in non-U.S. developed markets, across both large- and small-cap companies</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr> </table>
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g67257chartimages_5357140.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Year Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6/30/2020</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.36<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.04<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.79<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class A Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.30<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.70<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">16.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">17.27%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.41%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Equity Allocation Composite Index<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.56%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.15%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">16.14%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Aggressive Allocation Category Average<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">27.23%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.12%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">12.89%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Equity Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index and the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) weighted 75% and 25%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These aggressive strategies typically prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure of more than 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class A Shares - Including sales charges
2020-06-30
0.2736
0.0804
0.1279
Class A Shares - Excluding sales charges
0.3130
0.0870
0.1338
Russell 3000®Index
0.3101
0.1191
0.1667
S&P 500®Index
0.3105
0.1314
0.1727
MSCI EAFE® Index (Net)
0.2460
0.0883
0.1241
Equity Allocation Composite Index
0.2956
0.1215
0.1614
Morningstar Global Aggressive Allocation Category Average
0.2723
0.0812
0.1289
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>155,098,629<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">11<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total advisory fees paid</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>260,755<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">46<span>%</span></td> </tr> </table>
155098629
11
260755
0.46
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">99.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.1<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(8.7<span>)</span><span>%</span></td> </tr> </table>
0.996
0.091
-0.087
NYLI Equity ETF Allocation Fund
Class C
MWFCX
This annual shareholder report contains important information about NYLI Equity ETF Allocation Fund (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"> Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class C</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>164</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.42<span>%</span></td> </tr> </table>
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<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
164
0.0142
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">What factors influenced Fund performance during the reporting period?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">During the 12-month reporting period ended April 30, 2026, the Fund’s performance relative to the internally maintained blend of indices that are taken into account when managing the Fund, as well as the Equity Allocation Composite Index, was affected by various allocation and selection factors. Relative returns benefited from exposure to emerging-markets equities. A skew toward quality U.S. small-cap names and a brief tactical tilt favoring non-U.S. developed markets detracted.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund’s performance during the reporting period.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 127pt; padding: 6pt 3pt 3pt 3pt;"><strong>Key Factor</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 337pt; padding: 6pt 3pt 3pt 3pt;"><strong>Summary</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; min-width: 70pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;"><strong>Impact</strong></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Internal benchmarking</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Benefited from granular management approach that included mid- and small-cap stocks, as well as emerging-markets equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Overweight in emerging market equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Bolstered particularly by ex-China exposure, with noteworthy gains from chip manufacturers (TSMC, Samsung, SK Hynix)</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Quality</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">An emphasis on quality (positive and relatively stable earnings) within small caps during a period in which unprofitable tech with high growth expectations led the market higher</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Developed international exposure</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A brief tactical overweight in non-U.S. developed markets, across both large- and small-cap companies</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr> </table>
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g67257chartimages_5357141.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
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<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Year Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
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<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Including sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6/30/2020</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">29.26<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.88<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.52<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class C Shares - Excluding sales charges</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">30.26<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">7.88<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.52<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup><span style="white-space: nowrap;">Index</span><sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">16.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup><span style="white-space: nowrap;">Index</span><sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">17.27%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index <span style="white-space: nowrap;">(Net)</span><sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.41%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Equity Allocation Composite <span style="white-space: nowrap;">Index</span><sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.56%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.15%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">16.14%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Aggressive Allocation Category <span style="white-space: nowrap;">Average</span><sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">27.23%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.12%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">12.89%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Equity Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index and the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) weighted 75% and 25%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These aggressive strategies typically prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure of more than 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class C Shares - Including sales charges
2020-06-30
0.2926
0.0788
0.1252
Class C Shares - Excluding sales charges
0.3026
0.0788
0.1252
Russell 3000®Index
0.3101
0.1191
0.1667
S&P 500®Index
0.3105
0.1314
0.1727
MSCI EAFE® Index (Net)
0.2460
0.0883
0.1241
Equity Allocation Composite Index
0.2956
0.1215
0.1614
Morningstar Global Aggressive Allocation Category Average
0.2723
0.0812
0.1289
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>155,098,629<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">11<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total advisory fees paid</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>260,755<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">46<span>%</span></td> </tr> </table>
155098629
11
260755
0.46
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">99.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.1<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(8.7<span>)</span><span>%</span></td> </tr> </table>
0.996
0.091
-0.087
NYLI Equity ETF Allocation Fund
Class I
MWFIX
This annual shareholder report contains important information about NYLI Equity ETF Allocation Fund (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"> Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class I</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>48</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.42<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
48
0.0042
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">What factors influenced Fund performance during the reporting period?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">During the 12-month reporting period ended April 30, 2026, the Fund’s performance relative to the internally maintained blend of indices that are taken into account when managing the Fund, as well as the Equity Allocation Composite Index, was affected by various allocation and selection factors. Relative returns benefited from exposure to emerging-markets equities. A skew toward quality U.S. small-cap names and a brief tactical tilt favoring non-U.S. developed markets detracted.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund’s performance during the reporting period.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 127pt; padding: 6pt 3pt 3pt 3pt;"><strong>Key Factor</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 337pt; padding: 6pt 3pt 3pt 3pt;"><strong>Summary</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; min-width: 70pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;"><strong>Impact</strong></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Internal benchmarking</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Benefited from granular management approach that included mid- and small-cap stocks, as well as emerging-markets equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Overweight in emerging market equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Bolstered particularly by ex-China exposure, with noteworthy gains from chip manufacturers (TSMC, Samsung, SK Hynix)</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Quality</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">An emphasis on quality (positive and relatively stable earnings) within small caps during a period in which unprofitable tech with high growth expectations led the market higher</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Developed international exposure</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A brief tactical overweight in non-U.S. developed markets, across both large- and small-cap companies</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr> </table>
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g67257chartimages_5357142.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Year Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class I Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6/30/2020</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.61<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.97<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.66<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup><span style="white-space: nowrap;">Index</span><sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">16.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup><span style="white-space: nowrap;">Index</span><sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">17.27%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index <span style="white-space: nowrap;">(Net)</span><sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.41%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Equity Allocation Composite <span style="white-space: nowrap;">Index</span><sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.56%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.15%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">16.14%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Aggressive Allocation Category <span style="white-space: nowrap;">Average</span><sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">27.23%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.12%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">12.89%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Equity Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index and the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) weighted 75% and 25%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These aggressive strategies typically prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure of more than 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class I Shares
2020-06-30
0.3161
0.0897
0.1366
Russell 3000®Index
0.3101
0.1191
0.1667
S&P 500®Index
0.3105
0.1314
0.1727
MSCI EAFE® Index (Net)
0.2460
0.0883
0.1241
Equity Allocation Composite Index
0.2956
0.1215
0.1614
Morningstar Global Aggressive Allocation Category Average
0.2723
0.0812
0.1289
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>155,098,629<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">11<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total advisory fees paid</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>260,755<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">46<span>%</span></td> </tr> </table>
155098629
11
260755
0.46
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">99.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.1<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(8.7<span>)</span><span>%</span></td> </tr> </table>
0.996
0.091
-0.087
NYLI Equity ETF Allocation Fund
Class R3
MWFQX
This annual shareholder report contains important information about NYLI Equity ETF Allocation Fund (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
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<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"> Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class R3</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>118</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.02<span>%</span></td> </tr> </table>
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<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
118
0.0102
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">What factors influenced Fund performance during the reporting period?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">During the 12-month reporting period ended April 30, 2026, the Fund’s performance relative to the internally maintained blend of indices that are taken into account when managing the Fund, as well as the Equity Allocation Composite Index, was affected by various allocation and selection factors. Relative returns benefited from exposure to emerging-markets equities. A skew toward quality U.S. small-cap names and a brief tactical tilt favoring non-U.S. developed markets detracted.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund’s performance during the reporting period.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 127pt; padding: 6pt 3pt 3pt 3pt;"><strong>Key Factor</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 337pt; padding: 6pt 3pt 3pt 3pt;"><strong>Summary</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; min-width: 70pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;"><strong>Impact</strong></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Internal benchmarking</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Benefited from granular management approach that included mid- and small-cap stocks, as well as emerging-markets equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Overweight in emerging market equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Bolstered particularly by ex-China exposure, with noteworthy gains from chip manufacturers (TSMC, Samsung, SK Hynix)</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Quality</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">An emphasis on quality (positive and relatively stable earnings) within small caps during a period in which unprofitable tech with high growth expectations led the market higher</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Developed international exposure</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A brief tactical overweight in non-U.S. developed markets, across both large- and small-cap companies</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr> </table>
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g67257chartimages_5357131.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Year Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Class R3 Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">6/30/2020</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">30.79<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.33<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.99<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">16.67%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">17.27%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.41%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Equity Allocation Composite Index<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.56%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.15%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">16.14%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Aggressive Allocation Category Average<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">27.23%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.12%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">12.89%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Equity Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index and the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) weighted 75% and 25%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These aggressive strategies typically prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure of more than 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
Class R3 Shares
2020-06-30
0.3079
0.0833
0.1299
Russell 3000®Index
0.3101
0.1191
0.1667
S&P 500®Index
0.3105
0.1314
0.1727
MSCI EAFE® Index (Net)
0.2460
0.0883
0.1241
Equity Allocation Composite Index
0.2956
0.1215
0.1614
Morningstar Global Aggressive Allocation Category Average
0.2723
0.0812
0.1289
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>155,098,629<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">11<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total advisory fees paid</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>260,755<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">46<span>%</span></td> </tr> </table>
155098629
11
260755
0.46
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">99.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.1<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(8.7<span>)</span><span>%</span></td> </tr> </table>
0.996
0.091
-0.087
NYLI Equity ETF Allocation Fund
SIMPLE Class
MWFVX
This annual shareholder report contains important information about NYLI Equity ETF Allocation Fund (the "Fund") for the period May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">dfinview.com/NYLIM</span>. You can also request this information by contacting us at 800-624-6782.
dfinview.com/NYLIM
800-624-6782
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"> Share Class Name</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<sup style="font-size: 10px;">1</sup></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">SIMPLE Class</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>107</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.92<span>%</span></td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: italic; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;">1.</td>
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); vertical-align: top; text-align: left; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.</div> </td> </tr> </table>
107
0.0092
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">What factors influenced Fund performance during the reporting period?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">During the 12-month reporting period ended April 30, 2026, the Fund’s performance relative to the internally maintained blend of indices that are taken into account when managing the Fund, as well as the Equity Allocation Composite Index, was affected by various allocation and selection factors. Relative returns benefited from exposure to emerging-markets equities. A skew toward quality U.S. small-cap names and a brief tactical tilt favoring non-U.S. developed markets detracted.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following table outlines the key factors (securities, sectors, industries, market events and/or other characteristics) that materially affected the Fund’s performance during the reporting period.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 127pt; padding: 6pt 3pt 3pt 3pt;"><strong>Key Factor</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; text-align: center; width: 337pt; padding: 6pt 3pt 3pt 3pt;"><strong>Summary</strong></td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; min-width: 70pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;"><strong>Impact</strong></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Internal benchmarking</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Benefited from granular management approach that included mid- and small-cap stocks, as well as emerging-markets equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Overweight in emerging market equities</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Bolstered particularly by ex-China exposure, with noteworthy gains from chip manufacturers (TSMC, Samsung, SK Hynix)</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Contributed</td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Quality</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">An emphasis on quality (positive and relatively stable earnings) within small caps during a period in which unprofitable tech with high growth expectations led the market higher</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; width: 127pt; padding: 6pt 3pt 3pt 3pt;">Developed international exposure</td>
<td style="break-inside: avoid-page; vertical-align: middle; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 337pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">A brief tactical overweight in non-U.S. developed markets, across both large- and small-cap companies</td>
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; min-width: 70pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-right-color: initial; border-right-style: none; border-right-width: initial; width: 76pt; padding: 6pt 3pt 3pt 3pt;">Detracted</td> </tr> </table>
<div style="font-family: 'times new roman'; color: rgb(0, 46, 89); font-size: 11.52pt; font-weight: bold; margin-bottom: 0px; margin-top: 10pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index and other indexes, if applicable, for the same period<span style="white-space: nowrap;"> </span>and reflects the deduction of all sales charges, where applicable.</div> <div style="margin-bottom: 0px;">
<img alt="Fund Performance - Growth of 10K" src="g67257chartimages_5357132.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 524pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: left; width: 60%; padding: 6pt 3pt 3pt 3pt;">Average Annual Total Returns for the Year Ended April 30, 2026</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Inception<br/>Date</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">One<br/>Year</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Five<br/>Years</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 46, 89); font-size: 9pt; font-weight: bold; text-align: right; padding: 6pt 3pt 3pt 3pt;">Since<br/>Inception</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">SIMPLE Class Shares</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8/31/2020</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">30.94<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.44<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.45<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Russell 3000<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">1</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.01%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.91%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.64%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">S&P 500<sup style="font-size: 10px;">®</sup>Index<sup style="font-size: 10px;">2</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">31.05%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">13.14%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">15.27%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">MSCI EAFE<sup style="font-size: 10px;">®</sup> Index (Net)<sup style="font-size: 10px;">3</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">24.60%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">8.83%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">11.35%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">Equity Allocation Composite Index<sup style="font-size: 10px;">4</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">29.56%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">12.15%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; padding: 6pt 3pt 3pt 3pt;">14.38%</td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">Morningstar Global Aggressive Allocation Category Average<sup style="font-size: 10px;">5</sup></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;"></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">27.23%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">8.12%</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 6pt 3pt 3pt 3pt;">11.48%</td> </tr> </table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 12pt; break-before: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">1.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Fund has selected the Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index to represent a broad measure of market performance. The Russell 3000<sup style="font-size: 10px; vertical-align: top;">®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">2.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P<sup style="font-size: 10px; vertical-align: top;">®</sup> and S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">3.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">4.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Equity Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500<sup style="font-size: 10px; vertical-align: top;">®</sup> Index and the MSCI EAFE<sup style="font-size: 10px; vertical-align: top;">®</sup> Index (Net) weighted 75% and 25%, respectively.</div> </td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-style: normal; width: 18pt; font-family: 'Arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">5.</div> </td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: normal; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; vertical-align: top; margin-bottom: 4pt; padding: 0px;">The Morningstar Global Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These aggressive strategies typically prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure of more than 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.</div> </td> </tr> </table>
SIMPLE Class Shares
2020-08-31
0.3094
0.0844
0.1145
Russell 3000®Index
0.3101
0.1191
0.1464
S&P 500®Index
0.3105
0.1314
0.1527
MSCI EAFE® Index (Net)
0.2460
0.0883
0.1135
Equity Allocation Composite Index
0.2956
0.1215
0.1438
Morningstar Global Aggressive Allocation Category Average
0.2723
0.0812
0.1148
Keep in mind that the Fund ’s past performance is not a good predictor of how the Fund will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit <span style="text-decoration-line: underline; color: rgb(0, 46, 89); font-family: 'arial'; font-size: 9pt; font-kerning: none;">nylim.com/funds</span> for the most recent performance information.
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;"><br/>Key Fund Statistics</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fund's net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>155,098,629<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">11<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total advisory fees paid</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>260,755<span style="visibility: hidden; display: inline;">%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Portfolio turnover rate</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">46<span>%</span></td> </tr> </table>
155098629
11
260755
0.46
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: rgb(0, 46, 89); letter-spacing: 1.25px; font-size: 9pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; font-weight: bold; text-transform: none;">Asset Diversification <br/>(as a Percentage of Net Asset Value)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Equity Funds</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">99.6<span>%</span></td> </tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Short-Term Investments</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.1<span>%</span></td> </tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">Other Assets, Less Liabilities</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">(8.7<span>)</span><span>%</span></td> </tr> </table>
0.996
0.091
-0.087
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
The Equity Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index and the MSCI EAFE® Index (Net) weighted 75% and 25%, respectively.
The Morningstar Global Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These aggressive strategies typically prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure of more than 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
The Equity Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index and the MSCI EAFE® Index (Net) weighted 75% and 25%, respectively.
The Morningstar Global Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These aggressive strategies typically prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure of more than 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
The Conservative Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Bloomberg U.S. Aggregate Bond Index, the S&P 500® Index and the MSCI EAFE® Index (Net) weighted 60%, 30% and 10%, respectively.
The Morningstar Global Moderately Conservative Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately conservative strategies prioritize the preservation of capital over appreciation. They typically expect volatility similar to a strategic equity exposure between 30% and 50%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
The Conservative Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Bloomberg U.S. Aggregate Bond Index, the S&P 500® Index and the MSCI EAFE® Index (Net) weighted 60%, 30% and 10%, respectively.
The Morningstar Global Moderately Conservative Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately conservative strategies prioritize the preservation of capital over appreciation. They typically expect volatility similar to a strategic equity exposure between 30% and 50%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.
The FTSE Global Core Infrastructure 50/50 Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a market-capitalization-weighted index of worldwide infrastructure and infrastructure-related securities. Constituent weights are adjusted semi-annually according to three broad industry sectors: 50% utilities, 30% transportation, and a 20% mix of other sectors.
The Morningstar Infrastructure Category Average is representative of funds that invest more than 60% of their assets in stocks of companies engaged in infrastructure activities. Industries considered to be part of the infrastructure sector include: oil & gas midstream; waste management; airports; integrated shipping; railroads; shipping & ports; trucking; engineering & construction; infrastructure operations; and the utilities sector. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
The Conservative Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Bloomberg U.S. Aggregate Bond Index, the S&P 500® Index and the MSCI EAFE® Index (Net) weighted 60%, 30% and 10%, respectively.
The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.
The FTSE Global Core Infrastructure 50/50 Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a market-capitalization-weighted index of worldwide infrastructure and infrastructure-related securities. Constituent weights are adjusted semi-annually according to three broad industry sectors: 50% utilities, 30% transportation, and a 20% mix of other sectors.
The Morningstar Infrastructure Category Average is representative of funds that invest more than 60% of their assets in stocks of companies engaged in infrastructure activities. Industries considered to be part of the infrastructure sector include: oil & gas midstream; waste management; airports; integrated shipping; railroads; shipping & ports; trucking; engineering & construction; infrastructure operations; and the utilities sector. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
The Morningstar Global Moderately Conservative Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately conservative strategies prioritize the preservation of capital over appreciation. They typically expect volatility similar to a strategic equity exposure between 30% and 50%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.
The FTSE Global Core Infrastructure 50/50 Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a market-capitalization-weighted index of worldwide infrastructure and infrastructure-related securities. Constituent weights are adjusted semi-annually according to three broad industry sectors: 50% utilities, 30% transportation, and a 20% mix of other sectors.
The Morningstar Infrastructure Category Average is representative of funds that invest more than 60% of their assets in stocks of companies engaged in infrastructure activities. Industries considered to be part of the infrastructure sector include: oil & gas midstream; waste management; airports; integrated shipping; railroads; shipping & ports; trucking; engineering & construction; infrastructure operations; and the utilities sector. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.
The FTSE Global Core Infrastructure 50/50 Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a market-capitalization-weighted index of worldwide infrastructure and infrastructure-related securities. Constituent weights are adjusted semi-annually according to three broad industry sectors: 50% utilities, 30% transportation, and a 20% mix of other sectors.
The Morningstar Infrastructure Category Average is representative of funds that invest more than 60% of their assets in stocks of companies engaged in infrastructure activities. Industries considered to be part of the infrastructure sector include: oil & gas midstream; waste management; airports; integrated shipping; railroads; shipping & ports; trucking; engineering & construction; infrastructure operations; and the utilities sector. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The MSCI World Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.
The FTSE Global Core Infrastructure 50/50 Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, is a market-capitalization-weighted index of worldwide infrastructure and infrastructure-related securities. Constituent weights are adjusted semi-annually according to three broad industry sectors: 50% utilities, 30% transportation, and a 20% mix of other sectors.
The Morningstar Infrastructure Category Average is representative of funds that invest more than 60% of their assets in stocks of companies engaged in infrastructure activities. Industries considered to be part of the infrastructure sector include: oil & gas midstream; waste management; airports; integrated shipping; railroads; shipping & ports; trucking; engineering & construction; infrastructure operations; and the utilities sector. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.
Excluding short-term investments
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The FTSE Nareit All Equity REITs Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a free-float adjusted, market capitalization-weighted index of U.S. equity REITs. Constituents of the index include all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property.
The returns for the CBRE Real Estate Tiered Index, which is generally representative of the market sectors or types of investments in which the Fund invests, represent the returns of the MSCI U.S. REIT® Index prior to January 1, 2021 and the returns of the FTSE Nareit All Equity REITs Index thereafter.
The MSCI U.S. REIT® Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float adjusted market capitalization weighted index that is comprised of Equity REITs. The MSCI U.S. REIT® Index is based on the MSCI USA Investable Market Index, its parent index, which captures the large, mid and small cap segments of the U.S. market.
The Morningstar Real Estate Category Average is representative of funds that invest primarily in real estate investment trusts of various types. REITs are companies that develop and manage real estate properties. There are several different types of REITs, including apartment, factory-outlet, healthcare, hotel, industrial, mortgage, office, and shopping center REITs. Some funds in this category also invest in real estate operating companies. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The FTSE Nareit All Equity REITs Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a free-float adjusted, market capitalization-weighted index of U.S. equity REITs. Constituents of the index include all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property.
The returns for the CBRE Real Estate Tiered Index, which is generally representative of the market sectors or types of investments in which the Fund invests, represent the returns of the MSCI U.S. REIT® Index prior to January 1, 2021 and the returns of the FTSE Nareit All Equity REITs Index thereafter.
The MSCI U.S. REIT® Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float adjusted market capitalization weighted index that is comprised of Equity REITs. The MSCI U.S. REIT® Index is based on the MSCI USA Investable Market Index, its parent index, which captures the large, mid and small cap segments of the U.S. market.
The Morningstar Real Estate Category Average is representative of funds that invest primarily in real estate investment trusts of various types. REITs are companies that develop and manage real estate properties. There are several different types of REITs, including apartment, factory-outlet, healthcare, hotel, industrial, mortgage, office, and shopping center REITs. Some funds in this category also invest in real estate operating companies. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The FTSE Nareit All Equity REITs Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a free-float adjusted, market capitalization-weighted index of U.S. equity REITs. Constituents of the index include all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property.
The returns for the CBRE Real Estate Tiered Index, which is generally representative of the market sectors or types of investments in which the Fund invests, represent the returns of the MSCI U.S. REIT® Index prior to January 1, 2021 and the returns of the FTSE Nareit All Equity REITs Index thereafter.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
The MSCI U.S. REIT® Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float adjusted market capitalization weighted index that is comprised of Equity REITs. The MSCI U.S. REIT® Index is based on the MSCI USA Investable Market Index, its parent index, which captures the large, mid and small cap segments of the U.S. market.
The Morningstar Real Estate Category Average is representative of funds that invest primarily in real estate investment trusts of various types. REITs are companies that develop and manage real estate properties. There are several different types of REITs, including apartment, factory-outlet, healthcare, hotel, industrial, mortgage, office, and shopping center REITs. Some funds in this category also invest in real estate operating companies. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
The Conservative Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Bloomberg U.S. Aggregate Bond Index, the S&P 500® Index and the MSCI EAFE® Index (Net) weighted 60%, 30% and 10%, respectively.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The FTSE Nareit All Equity REITs Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a free-float adjusted, market capitalization-weighted index of U.S. equity REITs. Constituents of the index include all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property.
The returns for the CBRE Real Estate Tiered Index, which is generally representative of the market sectors or types of investments in which the Fund invests, represent the returns of the MSCI U.S. REIT® Index prior to January 1, 2021 and the returns of the FTSE Nareit All Equity REITs Index thereafter.
The MSCI U.S. REIT® Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float adjusted market capitalization weighted index that is comprised of Equity REITs. The MSCI U.S. REIT® Index is based on the MSCI USA Investable Market Index, its parent index, which captures the large, mid and small cap segments of the U.S. market.
The Morningstar Real Estate Category Average is representative of funds that invest primarily in real estate investment trusts of various types. REITs are companies that develop and manage real estate properties. There are several different types of REITs, including apartment, factory-outlet, healthcare, hotel, industrial, mortgage, office, and shopping center REITs. Some funds in this category also invest in real estate operating companies. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
The Morningstar Global Moderately Conservative Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately conservative strategies prioritize the preservation of capital over appreciation. They typically expect volatility similar to a strategic equity exposure between 30% and 50%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The FTSE Nareit All Equity REITs Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a free-float adjusted, market capitalization-weighted index of U.S. equity REITs. Constituents of the index include all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property.
The returns for the CBRE Real Estate Tiered Index, which is generally representative of the market sectors or types of investments in which the Fund invests, represent the returns of the MSCI U.S. REIT® Index prior to January 1, 2021 and the returns of the FTSE Nareit All Equity REITs Index thereafter.
The MSCI U.S. REIT® Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a free float adjusted market capitalization weighted index that is comprised of Equity REITs. The MSCI U.S. REIT® Index is based on the MSCI USA Investable Market Index, its parent index, which captures the large, mid and small cap segments of the U.S. market.
The Morningstar Real Estate Category Average is representative of funds that invest primarily in real estate investment trusts of various types. REITs are companies that develop and manage real estate properties. There are several different types of REITs, including apartment, factory-outlet, healthcare, hotel, industrial, mortgage, office, and shopping center REITs. Some funds in this category also invest in real estate operating companies. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excluding short-term investments
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.
The Moderate Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 45%, 15% and 40%, respectively.
The Morningstar Global Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.
The Moderate Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 45%, 15% and 40%, respectively.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.
The Morningstar Global Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.
The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.
The Moderate Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 45%, 15% and 40%, respectively.
The Moderate Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 45%, 15% and 40%, respectively.
The Morningstar Global Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
The Morningstar Global Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.
The Moderate Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 45%, 15% and 40%, respectively.
The Morningstar Global Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.
The Growth Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%, 20% and 20%, respectively.
The Morningstar Global Moderately Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately aggressive strategies prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure between 70% and 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
The Conservative Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the Bloomberg U.S. Aggregate Bond Index, the S&P 500® Index and the MSCI EAFE® Index (Net) weighted 60%, 30% and 10%, respectively.
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.
The Morningstar Global Moderately Conservative Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately conservative strategies prioritize the preservation of capital over appreciation. They typically expect volatility similar to a strategic equity exposure between 30% and 50%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
The Growth Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%, 20% and 20%, respectively.
The Morningstar Global Moderately Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately aggressive strategies prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure between 70% and 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.
The Growth Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%, 20% and 20%, respectively.
The Morningstar Global Moderately Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately aggressive strategies prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure between 70% and 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.
The Growth Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%, 20% and 20%, respectively.
The Morningstar Global Moderately Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately aggressive strategies prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure between 70% and 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
The Bloomberg U.S. Aggregate Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests, is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.
The Growth Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%, 20% and 20%, respectively.
The Morningstar Global Moderately Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately aggressive strategies prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure between 70% and 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
The Equity Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index and the MSCI EAFE® Index (Net) weighted 75% and 25%, respectively.
The Morningstar Global Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These aggressive strategies typically prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure of more than 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
The Equity Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index and the MSCI EAFE® Index (Net) weighted 75% and 25%, respectively.
The Morningstar Global Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These aggressive strategies typically prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure of more than 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.
The Fund has selected the Russell 3000® Index to represent a broad measure of market performance. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
The S&P 500® Index, which represents a broad measure of market performance, is generally representative of the market sectors or types of investments in which the Fund invests. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.
The MSCI EAFE® Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests, consists of international stocks representing the developed world outside of North America.
The Equity Allocation Composite Index, which is generally representative of the market sectors or types of investments in which the Fund invests, consists of the S&P 500® Index and the MSCI EAFE® Index (Net) weighted 75% and 25%, respectively.
The Morningstar Global Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These aggressive strategies typically prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure of more than 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.
Excludes the fees and expenses of the acquired (underlying) funds in which the Fund invested.